AMD

They've carved out real share in high-performance CPUs and GPUs, and are now becoming a bigger player in the AI accelerator market, which is key given the trajectory of data center and AI demand.

The main bull case here really depends on whether or not they can meaningfully compete with a company like Nvidia. They've struggled to do so over the last while but are finally starting to see some meaningful results.

My only difficulty here now lies in valuation. You are paying 30x expected earnings for AMD and you are paying 30x expected earnings for a company like NVDA. I do feel that NVDA is the better operator so when paying the same price, I'd tend to lean more towards NVDA. However, both are priced to perfection, and execution needs to be on point in order for them to maintain lofty valuations.