Technology / Semiconductor / Internet Research

Nicolas Baratte

Nicolas Baratte has been a financial analyst since 2000, covering the Semiconductor sector and Global Technology. Nicolas has worked on the sell-side for JPMorgan, CLSA. On the buy-side for a Tiger fund and Prudential. Nicolas has covered semiconductors, Asian hardware and components, and the Global Tech supply chain. Nicolas lives mostly in Taiwan, sometimes in France and is in New York regularly.

AMD @ BOFA Global Tech Conference 2026. Executive Summary & Full Transcript

AMD Q2 2026. Onwards & Upwards With Beats, Raises, Data Centre Doublings & TAM Expansions

How Fabless Is Fabless Today? AMD Earnings Expose the Rising Cost of AI Compute

Giving Yourself Away: AMD’s Defensive AI Playbook Expands To Include Meta

AMD's Rome Will Rule An Empire. A Server Empire.

AMD: 2026 Will Be a Good Year, 2027 Will Be Better Still. Valuations Normalizing.

Equity Bottom-Up

Advanced Micro Devices / Equity Bottom-Up

<ul>
<li>Same story as Intel: Server CPU demand is accelerating on AI inference and agents. AMD is in a better position than Intel:  gaining share and inference specific roadmap.</li>
<li>That’s a dramatic change in narrative: the market was focused on GPU share gains – now we have a Server CPU story. We actually have both. </li>
<li>With higher Server CPU growth (2026 60-70% YoY, 2027 ~50%), Consensus is going to be 15-20% too low, implying that the stock trades at 23-25x ‘27EPS and ~18-20x ’28 EPS. </li>
</ul>


Same story as Intel: Server CPU demand is accelerating on AI inference and agents. AMD is in a better position than Intel:  gaining share and inference specific roadmap.
That’s a dramatic change in narrative: the market was focused on GPU share gains – now we have a Server CPU story. We actually have both. 
With higher Server CPU growth (2026 60-70% YoY, 2027 ~50%), Consensus is going to be 15-20% too low, implying that the stock trades at 23-25x ‘27EPS and ~18-20x ’28 EPS. 


AMD: Beyond a Strong Quarter, Higher Growth for Next 3-4 Years