AMD: the accessory line is compounding faster than the core

Attach on the adjacent silicon has risen for four consecutive quarters off a much smaller base. Mix alone carries the gross margin without a single extra unit shipped.

Maren Vos@maren_vos

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Discussion · 7

Omri ShakedJUL 6

Reading this against my own model. The margin bridge is doing more work here than is acknowledged. Where does this break if rates back up another 50bp?

Noa BergmanJUL 6

Thanks for showing the workings. The lag between intake and revisions is the whole trade. Has anything in the last print changed the entry you would take?

Maren VosAuthorJUL 4

Good question. The sell side has the direction and not the magnitude, and the magnitude is the entire trade here.

Ines FerreiraJUL 4

Strong piece, one objection. The exclusivity window is the part the market keeps mispricing. Would you underwrite this without the catalyst date?

Maren VosAuthorJUL 5

Honestly, that is the weakest part of the piece. That is the objection in the steelman card. My answer is that the supply response is slower this time, which changes the timing rather than the direction.

Ines FerreiraJUL 4

Useful framing. Splitting volume from price is what makes this legible. What would you need to see to add rather than hold?

Omri ShakedJUL 4

Not convinced, but well argued. The lag between intake and revisions is the whole trade. What does the bear actually have to be right about?