AMD’s market value first crossed $1 trillion.
A few years ago, it was still counting money in Nvidia’s shadow—treated as the second-place finisher that could never catch up.
Now it has joined the club too. The driver isn’t gaming GPUs; it’s that most expensive piece of real estate in the data center.
What you should watch is a single line: the bottleneck for chips has shifted from design to power and capacity. Whoever gets the power has the right to talk about compute.
Once this step is taken, AI chips move from a one-rival dominance to a two-rival split.
At the beginning of the divergence, the pricing logic has to be rewritten.
This time it’s not a question of who is chasing whom—it’s that the ceiling of the entire track has been lifted one level higher.
If you focus on only one company, you’ll miss the fact that the whole supply chain is raising prices.
Next comes a threshold: the share of data center revenue in total revenue. As long as it continues to rise, this pursuit hasn’t reached the finish line yet.
A few years ago, it was still counting money in Nvidia’s shadow—treated as the second-place finisher that could never catch up.
Now it has joined the club too. The driver isn’t gaming GPUs; it’s that most expensive piece of real estate in the data center.
What you should watch is a single line: the bottleneck for chips has shifted from design to power and capacity. Whoever gets the power has the right to talk about compute.
Once this step is taken, AI chips move from a one-rival dominance to a two-rival split.
At the beginning of the divergence, the pricing logic has to be rewritten.
This time it’s not a question of who is chasing whom—it’s that the ceiling of the entire track has been lifted one level higher.
If you focus on only one company, you’ll miss the fact that the whole supply chain is raising prices.
Next comes a threshold: the share of data center revenue in total revenue. As long as it continues to rise, this pursuit hasn’t reached the finish line yet.
