#Gate股票畅聊季 AMD has seen major volatility this round: it fell 17% on November 5, then rose for five consecutive days, before dropping another 8.75% on November 13. Fundamentals are improving, but the stock price already reflects substantial high-growth expectations.
How the stock moved
· November 5 sell-off: The stock fell 17.26% the day after earnings, while the Philadelphia Semiconductor Index dropped 12.25%.
· Rebound: It rose for five consecutive days from November 9–12, closing at $585.30 on the 12th, up 5.86%.
· November 13 pullback: It closed at $534.06, down 8.75%, with a market cap of about $875.9 billion[1].
· High valuation: The TTM price-to-earnings ratio is about 116x, while the stock is still up about 149% year to date.
Reasons behind the rally
· Data center revenue doubled: Third-quarter revenue was $13.38B, including $8.55B from data centers, up 97% year over year.
· AI systems are starting to ship: Helios racks are now deployed at customers including Anthropic, Meta, Microsoft, and OpenAI.
· Major customer commitments: Anthropic plans to deploy up to 2GW of MI450 series GPUs, with the first 1GW expected to begin deployment in the first half of 2027.
· Management has an aggressive target: It expects total revenue to grow by more than 80% in 2027, with data centers accounting for more than 80%.
Main risks
· Expectations are too high: The 80% growth target for 2027 is more than double the target set at last year's Analyst Day.
· Market share is still small: AMD accounts for about 7.1% of the global AI accelerator market, far below Nvidia.
· The stock is prone to move with the sector: The declines on November 5 and 13 came as the entire chip sector fell.
· Delivery is only just beginning: MI455x and Helios only began volume shipments in the third quarter, and the ramp-up still depends on the fourth quarter and 2027.
The main things to watch next are whether fourth-quarter data center revenue can rise another roughly 50% quarter over quarter, and whether Helios racks can ramp up on schedule. If both deliver, the current valuation will have support; if growth slows, the stock will face significant correction pressure. $AMD

#Gate直通IPO第三期Anthropic Is Anthropic’s $1.4 trillion market cap worth it?
A $1.4 trillion market cap isn’t exactly outrageous, but it’s only justifiable on a stretch. It’s supported by fast revenue growth, not profits already earned at that scale.
Why it has some support
· Revenue is growing rapidly: Annualized revenue was about $81 billion at the end of October, up about 47% quarter over quarter in Q3.
· The revenue multiple isn’t high: $1.4 trillion divided by annualized revenue is about 17x, compared with about 60x for SpaceX.
· Institutional demand is strong: The IPO was about six times oversubscribed, with most shares bought by large institutions.
· Higher than its May private valuation: Its post-money valuation in May was about $965 billion; on a fully diluted basis, it rose about 46% in six months.
Where the case falls short
· Growth has slowed significantly: Quarter-over-quarter growth was about 144% in Q2, falling to about 47% in Q3[5].
· Compute bills are largely locked in: Purchase and lease commitments total about $895.4 billion, most of which must be paid “whether used or not.”
· Revenue could shrink at any time: 80% of revenue is usage-based, so customers can use less; compute costs, however, are contractually committed in advance.
· Profits are not yet stable: Q3 operating loss was $567 million, and the full-year net loss is about $23.3 billion.
· Shareholders have no say: The public will never hold majority voting rights, so the valuation deserves a governance discount.
What the market thinks
· Morningstar: Considers it undervalued, with a fair value of about $1.7 trillion, though its reasonable range spans from $500 billion to $3 trillion.
· HSBC: Considers around $1 trillion a more comfortable valuation.
· Huxiu: After discounting for profitability, revenue attribution, and voting rights, values it at $1.11 trillion–$1.48 trillion.
So, for $1.4 trillion to hold up, revenue must continue growing rapidly and gradually spread out the compute bills. If growth slows significantly, the valuation could easily be revised downward.

🔥 Share every day and claim rewards every day!
Post with trending topics to claim red packets worth up to 10 USDT!
🎁 Event Rewards
1️⃣ Post to claim a red packet: New users are guaranteed a reward, randomly receiving 0.01–10 USDT!
2️⃣ Weekly leaderboard rewards: Win up to 100 USDT for high-quality content!
📢 Today's Hot Topic | Jensen Huang Resigns as NVIDIA CEO—Will the AI Market Face a Turning Point?
NVIDIA announced that Jensen Huang has resigned as CEO and director. The news rattled the market, and $NVDA shares plunged at one point. Is Huang's departure just a short-term sentiment shock, or will it change NVIDIA's long-term valuation fundamentals? How much will AI stocks be affected?
📌 How to Participate
1️⃣ Sign up for the event: https://www.gate.com/campaigns/6244
2️⃣ Share your views with #每周来晒 and #黄仁勋辞职
👉 Share your views to win great rewards: https://www.gate.com/post/topic/JensenHuangResigns?topic_id=213890