Managing Partner, VRS (Valuation & Research Specialists)

VRS (Valuation & Research Specialists)

Managing Partner

Valuation & Research Specialists (VRS) is a boutique financial advisor with more than 17 years of experience in Corporate Valuation and Finance, and a diversified client base including some of the largest Companies in Greece.

Since 2002, VRS has completed more than 200 engagements in the areas of business valuation and financial analysis for more than 100 clients in a wide range of industries.

VRS has been honored to work with small and large private and publicly traded companies in Europe and overseas.

Boutique Financial Advisor

Equity Bottom-Up

Advanced Micro Devices / Equity Bottom-Up

<ul><li>Advanced Micro Devices, Inc. offers a growth-oriented semiconductor profile, supported by its increasing exposure to data center computing, artificial intelligence infrastructure and high-performance processing.</li><li>The company has expanded well beyond traditional client and gaming markets, with a broader portfolio covering server CPUs, AI accelerators, adaptive computing and embedded solutions.</li><li>This wider platform strengthens AMD’s ability to capture demand from cloud providers, enterprise customers and technology-driven end markets.</li></ul>

Advanced Micro Devices, Inc. offers a growth-oriented semiconductor profile, supported by its increasing exposure to data center computing, artificial intelligence infrastructure and high-performance processing.The company has expanded well beyond traditional client and gaming markets, with a broader portfolio covering server CPUs, AI accelerators, adaptive computing and embedded solutions.This wider platform strengthens AMD’s ability to capture demand from cloud providers, enterprise customers and technology-driven end markets.

Advanced Micro Devices Inc: Equity Research & Valuation Note

<ul><li>Advanced Micro Devices, Inc. (AMD) is a global semiconductor and high-performance computing company focused on CPUs, GPUs, AI accelerators, networking, adaptive computing and software.</li><li>The company serves a broad range of markets spanning cloud and AI infrastructure, enterprise computing, embedded systems, personal computers and gaming.</li><li>AMD currently operates through three reportable segments: Data Center, Client and Gaming, and Embedded.</li></ul>

Advanced Micro Devices, Inc. (AMD) is a global semiconductor and high-performance computing company focused on CPUs, GPUs, AI accelerators, networking, adaptive computing and software.The company serves a broad range of markets spanning cloud and AI infrastructure, enterprise computing, embedded systems, personal computers and gaming.AMD currently operates through three reportable segments: Data Center, Client and Gaming, and Embedded.

Advanced Micro Devices, Inc. (AMD): M&A ACTIVITY & STRATEGY REVIEW

Head of Research, Krungthai XSpring

Waraporn Wiboonkanarak

Head of Research

A full service Thai brokerage

Krungthai XSpring

Krungthai XSpring is a full service broker. The company provides a wide range of investment services such as Securities Brokerage, Derivative Agent Business, Securities Borrowing and Lending, Securities Trading, Underwriting, Financial Advisory, Wealth Advisory, Private Fund Management and International Markets Securities Trading. 

In terms of credibility, Fitch Ratings has assigned Krunghtai XSpring a long-term rating of AA- and a national short-term rating of F1+ with stable outlook.

Cross Asset Strategy

<ul>
<li>Thai electronics stocks continue to benefit from global technology gains, although prices increasingly reflect an Al valuation premium.</li>
<li>Oil supply tightness is easing, with September Middle East crude exports recovering to 81% of pre-war levels.</li>
<li>The World Bank raised its 2026 Thailand GDP growth forecast to 2.0% from 1.3%, driven by Al-related component exports.</li>
</ul>


Thai electronics stocks continue to benefit from global technology gains, although prices increasingly reflect an Al valuation premium.
Oil supply tightness is easing, with September Middle East crude exports recovering to 81% of pre-war levels.
The World Bank raised its 2026 Thailand GDP growth forecast to 2.0% from 1.3%, driven by Al-related component exports.


Semiconductor & Technology Specialist, Ingenuity

William Keating

Semiconductor & Technology Specialist

Ingenuity

Our focus is exclusively on in-depth research & consulting in the broader semiconductor industry. We focus on the key players, namely Intel, Micron, Qualcomm, Apple, Samsung, NVIDIA, AMD, TSMC & Global Foundries - as well as some of the lesser known, but nonetheless critical, companies such as ASML (for EUV), Mellanox, Cavium, Xilinx etc. We specialise in their products, roadmaps, process technologies, competitive advantages & threats etc. We also help our clients understand the implications of new and emerging technologies, e.g. 3D X-Point, 3D NAND, Carbon Nanotubes, Autonomous Driving, Graphene, Silicon Photonics, Wafer-Level Optics, Artificial Intelligence, FPGA, GPU, ASIC etc. 

Semiconductor Analysis & Research

<ul>
<li>On the CPU side, after a supply constraint, we have been increasing supply. We expect the second‑half CPU business to expand more than 80 % year‑over‑year, </li>
<li>CPU will continue expanding more than 70 % next year though it will still remain supply‑constrained</li>
<li>We just updated our TAM opportunities to more than $220 billion from $25 billion in 2025. That is how significant the expansion has been. </li>
</ul>


On the CPU side, after a supply constraint, we have been increasing supply. We expect the second‑half CPU business to expand more than 80 % year‑over‑year, 
CPU will continue expanding more than 70 % next year though it will still remain supply‑constrained
We just updated our TAM opportunities to more than $220 billion from $25 billion in 2025. That is how significant the expansion has been. 


AMD @ Citi Global TMT Conference. Key Takeaways & Full Transcript

<ul><li>We recommend selling DUOL06 at a 5.0% loss and opening a position in AMD80, a DR linked to a leading processor-chip company.</li><li>The expected transition from AI to AGI following the launch of GPT-6 Astra should support demand for processor chips over the medium to long term.</li><li>Our KTX Tactical DR Portfolio's average return declined by 0.74% as US equities, particularly the Dow Jones, retreated amid renewed tensions with Iran and a rotation out of value stocks into AI semiconductor stocks, which benefited from the launch of a new AI model.</li></ul>

We recommend selling DUOL06 at a 5.0% loss and opening a position in AMD80, a DR linked to a leading processor-chip company.The expected transition from AI to AGI following the launch of GPT-6 Astra should support demand for processor chips over the medium to long term.Our KTX Tactical DR Portfolio's average return declined by 0.74% as US equities, particularly the Dow Jones, retreated amid renewed tensions with Iran and a rotation out of value stocks into AI semiconductor stocks, which benefited from the launch of a new AI model.

KTX Tactical DR Picks - September 9, 2026 (Eng.)

United States

Advanced Micro Devices, Inc. (AMD) produces semiconductor products and devices. The Company offers products such as microprocessors, embedded microprocessors, chipsets, graphics, video and multimedia products and supplies it to third-party foundries, as well as provides assembling, testing, and packaging services. AMD serves customers worldwide.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Advanced Micro Devices (AMD US)

Advanced Micro Devices Inc: Equity Research & Valuation Note

The company has expanded well beyond traditional client and gaming markets, with a broader portfolio covering server CPUs, AI accelerators,...

VRS (Valuation & Research Specialists)

Advanced Micro Devices, Inc. (AMD): M&A ACTIVITY & STRATEGY REVIEW

The company serves a broad range of markets spanning cloud and AI infrastructure, enterprise computing, embedded systems, personal computers and...

VRS (Valuation & Research Specialists)

SET Index Outlook

Thai electronics stocks continue to benefit from global technology gains, although prices increasingly reflect an Al valuation premium. Oil supply...

Krungthai XSpring

AMD @ Citi Global TMT Conference. Key Takeaways & Full Transcript

We just updated our TAM opportunities to more than $220 billion from $25 billion in 2025. That is how significant the expansion has been. We see...

William Keating

KTX Tactical DR Picks - September 9, 2026 (Eng.)

We recommend selling DUOL06 at a 5.0% loss and opening a position in AMD80, a DR linked to a leading processor-chip company. The expected...

Krungthai XSpring

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Advanced Micro Devices Inc: Equity Research & Valuation Note

The company has expanded well beyond traditional client and gaming markets, with a broader portfolio covering server CPUs, AI accelerators,...

VRS (Valuation & Research Specialists)

Advanced Micro Devices, Inc. (AMD): M&A ACTIVITY & STRATEGY REVIEW

The company serves a broad range of markets spanning cloud and AI infrastructure, enterprise computing, embedded systems, personal computers and...

VRS (Valuation & Research Specialists)

SET Index Outlook

Thai electronics stocks continue to benefit from global technology gains, although prices increasingly reflect an Al valuation premium. Oil supply...

Krungthai XSpring

AMD @ Citi Global TMT Conference. Key Takeaways & Full Transcript

We just updated our TAM opportunities to more than $220 billion from $25 billion in 2025. That is how significant the expansion has been. We see...

William Keating

KTX Tactical DR Picks - September 9, 2026 (Eng.)

We recommend selling DUOL06 at a 5.0% loss and opening a position in AMD80, a DR linked to a leading processor-chip company. The expected...

Krungthai XSpring

We just updated our TAM opportunities to more than $220 billion from $25 billion in 2025. That is how significant the expansion has been. We see...