In the packed 6-week calendar of earnings reports that comes from our tech universe, we like to note to our Members which ones we think are the strongest. To those who are new to our site, we don’t do news cycle-level earnings coverage as we are building positions rather than feeding a content machine. We think there is too much information coming at investors and it creates information overload. Therefore, this analysis is to say – “hey, you might want to take the time to look at AMD’s report because we think it was pretty special” – and we track dozens of earnings reports before we determine this.
AMD’s report was impressive on many accounts. Primarily, it’s because management is laying a solid foundation by leveraging general-purpose computing success for a workload specific product road map. AMD refers to this as compute differentiation and also adaptive computing in their decks, where the software defines the hardware’s workload rather than the other way around.
The company is optimizing CPUs and GPUs for cloud computing separately from technical computing workloads, for example. This means not only is AMD maximizing the large footprint of data centers right now but is looking at where data centers will be in the next 5-10 years, which will be optimized workloads, with CPUs and GPUs that are optimized to best serve cloud computing, high performance computing (HPC), gaming/Metaverse, and machine learning as unique workloads and by expanding AMD’s already strong product line in general-purpose CPUs and GPUs.
The $8 billion buyback is great news as it’s $4 billion higher than what the market had priced in. However, as Bradley discusses below, the Xilinx acquisition is a $35 billion all-stock transaction. He discusses what both mean for the stock in the near term and he also provides a health check on the financials.
I’m going to focus on how AMD continued to take server market share in this update as we haven’t revisited this for about six months and quite a bit has changed in favor of AMD investors. I’ll try to keep this analysis enjoyable as semis can sometimes be weighed down in technical jargon.
Regarding Xilinx, this company is a critical pillar to AMD’s future strategy so we will get to this in our next AMD update likely at the start of H2. Our goal with AMD is to figure out how big of a position the company can hold in our portfolio this year and in subsequent years. The Xilinx deal will play a big part in how we determine our allocation in future years as it has the potential to drive incremental gains in many segments, especially automotive/Embedded, plus perhaps 5G. Keep an eye out for that report in a few months. If you don’t want to wait that long, you can read what I wrote when the acquisition was first announced here.
A Trip Down Memory Lane …
How did AMD get here? I highly recommend every Member listen to our AMD webinar from July as we discuss the story of AMD’s “EPYC” comeback.
I’ll briefly summarize some of what was discussed in the webinar before we go into the current generation of the Zen architecture and the specific workloads that AMD plans to introduce to potentially take more market share from Intel and to also nibble at Nvidia’s near-monopoly in GPUs (I’m not worried about Nvidia, hence the word “nibble”).
The Zen architecture was introduced under Lisa Su in 2017. These processors are chipset free and fully integrated. Communication between CPUs is done through Infinity Fabric protocols. The result of the new architecture was more energy efficiency and the ability to execute more instructions per cycle. The Zen 1 architecture had 32 cores and 64 processing threads so more cores than Intel. There are 128 lanes of I/O for storage, networking and PCIe expansion. When you add two CPUs, Infinity Fabric is used as an interconnect to increase connectivity speed. In this case, there are 64 cores.
The first generation of the Zen architecture helped prove AMD still had a pulse and a heartbeat (however faint with 2% CPU market share) but it was between 2019-2020 when the company found its wings again and catapulted to 8% of the CPU market share. Today, it’s market share stands at an estimated 12%. The company is unlikely to 6X again but can it take the lead someday, is the question. We think it’s a possibility if management’s execution continues.
The company released the second generation of its Zen architecture and this is when AMD started to clearly outpace Intel in terms of computing power, memory and energy use – all at a lower cost. This was due to multi-chip modules that combine a 7nm with a 14nm to use the most advanced technology when and where it’s needed most by leveraging the more mature process node. The L1 cache and L2 cache locations in the core and across the core also helped the company beat Intel on memory bandwidth.
Intel was still producing a 14nm chip with a 10nm supposedly on the way. Essentially, AMD leapfrogged the incumbent with a product that is more power efficient and allows for more cores per chip. Because 7nm are twice as dense as 14nm, AMD was able to release a 64-core server chip and 128 threads rather than AMD’s previous 32-core server chip. Up until early 2019, Intel’s offering had been a 28-core server chip and 64 threads.
AMD’s products at the time were the EPYC Rome processors and the 7nm Radeon Instinct MI60 and MI50 accelerators that are built around the Zen-2 CPU microarchitecture. Here's the main thing about that point in time — Intel was expected to catch-up with a comparable 10nm release planned for Q2 or Q3 2020 called the Ice Lake Xeon Scalable. About four months before Intel’s expected release was when the I/O Fund covered AMD during the height of the pandemic sell-off. The company was “the one that got away” in 2019 and March of 2020 allowed us to revisit this.
If technical jargon around chips isn’t your thing, then this is probably the most important line from our original analysis in terms of AMD’s competitive prowess: “It’s estimated that for every $1.00 in Rome chip sales, Intel loses $2.25 on average in Intel Xeon SP sales. The savings are then deployed to buy more Rome chips, which can further depress Intel’s revenue.”$1.00 in Rome chip sales, Intel loses $2.25 on average in Intel Xeon SP sales. The savings are then deployed to buy more Rome chips, which can further depress Intel’s revenue.”
Going into July of 2020 earnings, we reminded our Members to watch for a AMD beat and an Intel miss, asthat would be the lynchpin that sets into motion the lead for AMD on product. This was not an earnings call, rather a “be alert” message as we were putting into place leading semiconductor allocations at that time. This was based off a few clues in Nokia’s earnings report that stated they were delayed due to a chip supplier. We knew they were referring to Intel. Two weeks later, we got exactly that –Intel stumbled by pushing out delivery on Ice Lake and AMD seized the moment by releasing Milan.
Image Source: 2021 Webinar, Guess Which Car is Intel? 🙂
The gains we have seen over the next past few years were put into motion with Intel and AMD’s Q2 2020 reports as it’s proven quite difficult for Intel to catchup from this delay as AMD answered by speeding up its product release cycle. The projections provided by management at AMD at the time we first covered the stock was for $14 billion in annual revenue by 2023. Instead, we will see $21.5 billion in revenue if we factor in the 31% revenue guide that was provided in the most recent earnings call – plus margins are expanding.
This is from product strength and that’s important to remember, there is nothing in the financials that could have predicted the nearly $6 billion beat on the top line over a four-year period. Arguably, Covid was a tailwind but we are likely to see the data center double on a quarterly basis this year for a much larger revenue contribution (in terms of dollar amount) than years prior.
Reviewing AMD in 2021
The Milan EPYC Series announced in August of 2020 was officially launched in March of 2021. The Milan is built on 7nm technology and has up to 64 cores and 128 threads with increased clocks compared to the Rome series. At the time of launch, Milan had a 100% advantage over Intel’s Sky Lake on server processor scores, according to Geekbench. The launch that was in question during the Milan release from Intel is called Ice Lake, and as the car race picture shows above, Intel drove into a brick wall as this release was two years delayed. Ice Lake would eventually launch with 40 cores up from 28 cores while AMD had 68 cores.
When it was finally released, here’s what an unbiased analyst stated:
“We won’t rehash the delay, denial, and begrudging admittance cycle that is Ice-SP’s gestation, just be aware that it was a 2019 CPU and is now a mid-2021 CPU. We know it launches today and Intel is officially claiming, “We have shipped over 200,000 Ice Lake CPUs for revenue” and the shipping parts are the D-2 stepping. Since volume production started in mid-January and the throughput is 4-5 months, these parts are likely wafers pulled mid-production and restarted, real production volume is set for May delivery. Don’t take our word for it though, the largest OEM out there thinks so too.the largest OEM out there thinks so too.
As an aside lets do the math and assume those 200K Ice-SPs shipped in three months or about 66K CPUs/month. If the server market is about 30M CPUs/year, lets call it 32M for the sake of round numbers, that would be 8M/quarter for normal production. 200,000/32,000,000 = .025 or about 2.28 days worth of production. This is not a figure I would be mentioning in public if I was aiming to boost confidence.”
In my world, that throwdown by SemiAccurate is like a good Hollywood roast session.
In terms of how third-generation EPYC performed against third-generation Xeon processors, there are debates there. I mentioned in the webinar that Intel likely has a very large marketing department that can help make sure headlines are in its favor — although it is true that Ice Lake does boost performance for AI, high-performance computing and cloud workloads with eight channels of DDR-3200 memory per socket and 64 lanes of PCIe, up from six channels of DDR4-2933 and 48 lanes PCI Gen3.
The core count of the Milan Series is higher despite any transistor density improvements that Intel may have had from Ice Lake. Hyperscale cloud customers likely prefer AMD for adding more capacity and also due to virtual CPUs from AMD helping to drive down costs for the hyperscalers. Technically, there is a performance imbalance between AMD and Intel skewed in AMD’s favor.
In this case we don’t have to wade through a public relations campaign to figure out where Ice Lake stands like we did in 2020 as we now have the benefit of hindsight. We can clearly see AMD taking market share in server CPUs although losing ground in desktops and laptops (our thesis is server market share so that’s less important to us). Notably, overall CPU market share for AMD is up.
Source: Tom Hardware and Mercury Research
Most importantly, look at where AMD was when it launched the second generation of Zen (roughly 2%) to today (roughly 11%) market share – or nearly 6X from this major design win. Moving forward, Intel will need to deliver a 7nm chip – but by then Lisa Su will already be releasing a 5nm design. As the analysis points out, Intel needs to make up for lost time, meanwhile, Lisa Su is unlikely to allow that now that AMD has clawed its way back from a near-zero.
Here was what the company said on the earnings call:
“Turning to our overall data center business. We made outstanding progress in the last year. We exited 2021 with data center revenue contributing a mid-20 percentage of overall revenue, and we expect 2022 to be another year of significant growth based on the strong customer demand signals for our current and next-generation products.”we expect 2022 to be another year of significant growth based on the strong customer demand signals for our current and next-generation products.”
The management also said this which pretty much sums up AMD’s level of confidence:
“Yes, Vivek. So look, we always expect the competitive environment to be very strong and very aggressive. And that's the way we plan our business. That being the case, I think we're very happy with the growth that we've seen in the business sort of last year.
And as we look forward, we see opportunities in both cloud and enterprise. On the cloud side, we're in 10 of the largest hyperscalers in the world are using AMD. As they get familiar with us over multiple generations, they're expanding the workloads that they're using AMD on. So we see that across internal and external workloads.On the cloud side, we're in 10 of the largest hyperscalers in the world are using AMD. As they get familiar with us over multiple generations, they're expanding the workloads that they're using AMD on. So we see that across internal and external workloads.
In the Enterprise segment, we doubled year-over-year here in 2021. We continue to add more field support to have more people get familiar with our architecture. We have very strong OEM relationships. So I feel very good about our server trajectory. And yes, it's very competitive out there. But we think the data center business is a secular growth business. And within that, we can grow significantly faster than the market.”And yes, it's very competitive out there. But we think the data center business is a secular growth business. And within that, we can grow significantly faster than the market.”
Notably, these comments are likely priced in at the moment as the 31% guide outpaces overall data center revenue growth in 2022, expected to be 11%. However, it helps to have context in terms of AMD’s confidence level right now.
Q4 Update and What to Look for in 2022
As discussed, AMD had a breakout year in terms of its position in the data center which helped drive top line growth in 2021 of 68% revenue growth for a record $16.4 billion. This was the company’s sixth consecutive quarter of 45%+ year-over-year growth. Mind you, this is not a $2 billion company putting up these growth numbers.
Q4 revenue grew 49% year-over-year and was up 12% sequentially to $4.8 billion.
With all the profitability concerns in the market, Lisa Su came out swinging on the bottom line, partially driven by higher average sales price (ASP) given the supply shortage. The company doubled operating income, net income and EPS over the past year and also recently announced $8 billion in buybacks. Operating cash flow was up 239% year-over-year. Cash flow was up 314% year-over-year for $3.2 billion. There is $3.6 billion on the balance sheet. One important caveat – as stated some of this is driven by higher average sales price (ASP) due to supply constraints which Bradley dissects below.
Q4 gross margin expanded 5% to a 50% GM and operating income doubled year-over-year. Operating income doubled to $1.3 billion, operating cash flow was up 48% year-over-year, and free cash flow was up 53% year-over-year. EPS was up 105% YoY on a GAAP basis and 77% on an adjusted basis to $0.92. (Again, big bottom line growth but will be tempered when supply shortages ease).
First quarter 2022 revenue is expected to be $5 billion, for an increase of 45% year-over-year. The sequential growth is expected to be driven by higher server and client revenue. Adjusted gross margin is expected to be 50.5%.
For FY2022, revenue is expected to be $21.5 billion, for an increase of 31% YoY with an adjusted gross margin of 51%. The company provided a statement at the Analyst Day that server will grow to contribute 30% of total revenue by 2023, implying increased market share.
We are primarily interested in the Data Center and this is bridged between two revenue segments – Computing and Graphics for GPUs, and Enterprise, Embedded and Semi-Custom for EPYC processors. Data center EPYC CPUs help drive AMD’s leading growth category, Enterprise, Embedded and Semi-Custom which was up 75% in revenue and up 17% sequentially. This segment’s operating income was up 213% YoY and up 40.5% sequentially.
GPUs helped drive the Computing and Graphics segment, which was up 32% YoY to $2.6 billion in revenue in Q4. This
includes more consumer facing products such as desktop and laptop processors. The company is focusing on more consumer-facing GPU products, such as the Radeon 6000 which grew double-digits sequentially, and will have the RDNA 2 to architecture powering gaming consoles and PCs. The company is also releasing a new mobile GPU and GPUs for lightweight gaming notebooks.
Regarding GPUs at the data center level, The Instinct MI200 accelerators power high-performance computing (HPC) and this helped drive data center graphics. The new Instinct accelerator outperforms the M100 with 383 TFLOPs compared to 185 TFLOPs. This is accomplished by coupling two CDNA2 dies with Infinity Fabric interconnects. AMD is starting to go more head-to-head with Nvidia on the A100 in terms of artificial intelligence applications and benchmarks.
Combined, data center EPYC CPUs and Instinct GPUs helped AMD cross the $1 billion revenue mark per quarter last year for data center revenue, and this could reach $1.5 billion per quarter by Q1 and may reach $2.3 billion per quarter by the end of this year. There are Trento EPYC CPUs and Aldebaran Instinct GPUs that are used in Frontier supercomputers but not as meaningful as the more commercial lines. Estimated revenue for HPC accelerators are in the $250 million range, per semiconductor analysts.
According to management, “revenue doubled year-over-year in this category and increased double-digits sequentially.” This is where AMD is gaining ground against Intel and is the primary growth we watch. The company was able to grow more than 100% year-over-year driven by cloud capex from companies such as AWS, Alibaba, Google, IBM and Microsoft Azure. Looking forward, Facebook is now a major customer for EPYC processors for their Metaverse workloads and new data center buildouts with Facebook also building data centers with Nvidia’s A100 GPUs.
Diversified Computing:
Milan-X EPYC with 3D V-Cache = Technical Computing
EPYC processors will get the boost that Ryzen gaming chips got last year from 3D stacked memory. The product is called “AMD 3D V-Cache” and will add cache capabilities in a vertical stack increasing the memory capacity from 256 MB to 768 MB by adding an additional 512 MB vertically. According to one report, the L3 cache (which boosts performance) can have up to four cache stacks per chip. According to AMD, this offers a "50 percent average uplift” across targeted workloads by offering 15X density increase, 200X interconnect density increase over 2D chiplets, and 3X energy efficiency. Ultimately, this means lower latency and improved performance.
Note: we covered 3D Stacking for Memory here in our Lam Reportcovered 3D Stacking for Memory here in our Lam Report
Microsoft published a report that showed 50% to 80% higher performance on complex simulations and workloads, such as electronic design automation (chip design), computational fluid dynamics and finite element analysis (FEA). The study also showed 42% to 51% lower memory latency compared to the previous generation of Milan with an amplification effect of up to 1.8X for effective memory bandwidth due to the workload performing as if it were being fed a higher bandwidth from DRAM.
Here's what AMD said on the call:
“Microsoft Azure previewed a new HPC instance, powered by our third-gen EPYC processors with 3D stack memory that delivers up to 80% more performance than currently available instances. Our differentiated 3D stacking technology further extends the leadership performance of EPYC processors and technical computing workloads like EDA, fluid dynamics, and complex simulations. We started volume production of EPYC processors with 3D stacked memory earlier this quarter in advance of OEM platform launches with all our major server partners.”
Genoa Series Shipping in 2022, Cloud-Native Specific Bergamo Close Behind in H1 2023
The fourth-generation of Zen architecture is the Genoa EPYC processors with 96 cores which will deliver the highest performing general-purpose compute. The Zen 4c core is made for cloud-native workloads due to its thread density and will be featured in the Bergamo server roadmap for the first half of 2023. This powerful combination of Zen 4 cores and power-efficient CPUs are tailored for cloud workloads. The Bergamo release will have up to 128 cores, an increase from the 96 cores in the 2022 Genoa series.
As we stated during Intel’s stumble, it’s likely we see a 5nm chip come from AMD in this time frame, and that’s exactly what the company plans to do with the Zen 4 and Zen 4c platform. The “c” stands for cloud computing. The Ryzen desktop processors will also leverage a 5nm Zen 4 core with the new AM5 socket; this was discussed at the CES 2022 presentation with expected launch in H2 2022.
Here is what the company said in the call about the upcoming lineup of Milan-X and Bergamo:
Chris CasoChris Caso
Yes. Thank you. Good evening. First question is, if you could give some indication of the strategy behind some of the processor variants that have come out, most recently Milan-X and Bergamo coming up. Do those variants represent incremental revenue to AMD? What's the strategy behind it? How does that help you, help the product line?First question is, if you could give some indication of the strategy behind some of the processor variants that have come out, most recently Milan-X and Bergamo coming up. Do those variants represent incremental revenue to AMD? What's the strategy behind it? How does that help you, help the product line?
Lisa SuLisa Su
Sure, Chris. Well, I think the strategy is, as we have gotten more scale in the business, we can invest more and we see ways to further differentiate our product portfolio. So I mean, I think Milan-X is really sort of the highest of the highest end. And we see that for technical computing and some of these EDA workloads that, that does give us a very differentiated product. And then we have the regular Milan product line. We'll have Genoa. And Bergamo is really optimized for cloud.
So I do believe it gives us more opportunity to expand from a market share and a footprint standpoint. And I think the broader statement, Chris, is that, the data center is so large. There are so many different workloads that you can optimize. Like, by doing these variants, we will actually get a better solution for the customer, give them better total cost of ownership and, hopefully, give us a larger footprint in that workload as well.So I do believe it gives us more opportunity to expand from a market share and a footprint standpoint. And I think the broader statement, Chris, is that, the data center is so large. There are so many different workloads that you can optimize. Like, by doing these variants, we will actually get a better solution for the customer, give them better total cost of ownership and, hopefully, give us a larger footprint in that workload as well.
Discussion on Average Selling Prices, Supply and Dilution Impact of Xilinx Acquisiton
By Bradley Cipriano
As mentioned above, Q4 sales increased 49% YoY to $4.8 billion while FY2021 sales increased 68% YoY to $16.4 billion. During the year, AMD’s largest segment, Compute and Graphics (57% of 2021 sales) increased 45% YoY to $9.4 billion. The rise in Compute sales was driven by a 57% YoY surge in average selling prices (ASP), offset with an 8% decline in volumes. AMD explained in its 10K that the rise in ASP was driven by the company’s focus on higher-end products, and a greater mix of its Ryzen, Radeon and AMD Instinct products. AMD further explained that the lower volumes were driven by its focus on premium products and a tight supply environment. The tight supply market also likely contributed to the ramp in selling prices.
It is noteworthy that 2021 was a unique year, and investors should expect that ASPs will likely normalize in the future. While we do not believe that ASPs will rise by 50%+ again in 2022, we do believe that volumes will rebound and supply chain constraints will ease. As shown in the chart below, AMD’s raw materials inventory balance is at multi-year lows, highlighting the limited supply of input materials in the current environment. On an absolute basis, Q4 raw materials declined 12% YoY to $82 million, a three-year low and inventory balances relative to sales were also at a five-year low in the most recent quarter. The low inventory levels highlight the strong demand for AMD's products, but may be a near term headwind to growth if raw materials inventories do not rebound.
Fab capacity is also constrained, and multiple companies such as TSMC, Texas Instruments and Intel have announced new fab constructions recently. To address this capacity issue, AMD has prepaid nearly $1 billion for long-term supply agreements (shown below). Lisu Su explained on the Q4 call that the firm’s focus is on securing long-term supply, rather than raising prices. However, she explained that prices will likely continue to rise given the strong demand in the current environment. This trend could lead to strong earnings and cash flows in the near future.
Picture 1. AMD Secures Long-Term Supply Capacity
While Computing volumes declined, Enterprise, Embedded and Semi-Custom sales surged 113% YoY to $7.1 billion, primarily due to higher volumes of EPYC server processors. As mentioned above, the growth in EPYC server processors is a secular tailwind that we expect will continue as AMD captures more data center market share.
AMD’s focus on premium products and its ramp in ASP and volumes led to strong growth in margins. Gross margins increased 300 bps YoY in 2021 to 48%, driven by a richer mix of EPYC, Radeon and Ryzen processor sales. However, margins may come under pressure going forward as ASPs ease following a normalization in supply chain constraints. Fortunately, this will likely be offset with a rise in volumes as inventories increase. AMD has secured long-term supply capacity which will help it meet the robust demand for its products, allowing it to continue to capture market share and grow earnings going forward. However, we will be closely monitoring the supply situation as semiconductors have historically been a cyclical industry (but that trend may be changing as well).
Near-term Impact of Xilinx Acquisition
In October 2020, AMD announced its intention to purchase Xilinx for $35 billion in an all-stock deal. Xilinx had 252 million in diluted shares before the acquisition closed on 2/14/22 and AMD issued 1.7234 shares per Xilinx shares, which resulted in ~430 million shares of AMD being issued. On the closing date of the transaction, AMD shares traded at $114.27, giving the transaction a value of about $50 billion. There may be some near term headwinds to AMD's stock price as holders of Xilinx sell AMD shares, however we do not expect a material impact to dilution for a couple of reasons. For one, outside of a few independent instances for non-employee Board of Director members, there was not an acceleration in the vesting of shares, so insider selling should not be expected to accelerate following the close of the transaction. AMD disclosed that “the [Xilinx share] awards generally remain subject to the same vesting and other terms and conditions that applied to the awards immediately prior to the [acquisition date]”. Importantly, insiders will not be selling 100% of their newly acquired AMD shares either. For example, Former Xilinx CEO Victor Peng will join AMD as president of the newly formed Adaptive and Embedded Computing Group. Mr. Peng owned 192,000 Xilinx shares, or about 1% of XLNX's float.
Further helping to offset the dilution is the announcement of an $8 billion share buyback on 2/24/22. This is on top of $1.2 billion of remaining buyback capacity after the close of the year. AMD will be able to purchase around 88 million shares at current prices, which reduces the potential dilution by ~20%. So long as insider selling is not above 20% over the next year, then we shouldn’t expect a material impact on the shares from the stock deal. Finally, AMD has capacity to ramp share repurchase going forward. The combined company should be producing north of $4 billion in annual FCF, with close to $6B in cash on the balance sheet, net of debt. AMD expects about $300 million in cost synergies as well following the deal, which should improve the capacity for share repurchases even further.
Conclusion:
By Beth Kindig
During the height of the high beta bubble (SPACs) and also when hypergrowth was in favor, it was counterintuitive to build a position in a semiconductor company. It can also be tough to rely on product over financials with semis, which is why we see fund managers still pushing Intel and analysts here.
However, from this stance on product, it will be easier for AMD to take market share from its current position than when it was at a 2% penetration. This is partly because Intel’s stumble came during *maybe* the most critical time for hyperscalers to expand due to “digital transformation.”
For the conclusion, I’m going to take a direct quote from CEO Lisa Su on the earnings call as to why I believe AMD can continue its lead in the data center and across other segments as she says it better than I can:
“And I think what you're seeing is growth in the model from the standpoint that we've always kind of said we're underrepresented in the business. When you look even today with all of our growth, we're still underrepresented in the business, whether you're talking about the server business or the PC business. And so we believe that our product strength and our customer engagements are such that we can grow significantly in this environment.”
The “underrepresented” she refers to in her comment is why I’ve called AMD “The Dark Horse” – which means an unexpected contender. We will need to rename AMD someday after the market is fully onto the product story as it was more fitting at 2% than at 11% market share and it certainly won’t apply if AMD continues on this trajectory.
Additional Reading:
AMD-Xilinx acquisition Analysis
Semiconductors H2 2020 Premium PDF
AI Accelerator and 5G Chips: Connecting the Dots
Disclosure: The I/O Fund owns shares in AMD and has no plans to change their respective position within the next 72 hours. You can access the I/O Fund’s positions here. The above article expresses the opinions of the author, and the author did not receive compensation from any of the discussed companies.Disclosure: The I/O Fund owns shares in AMD and has no plans to change their respective position within the next 72 hours. You can access the I/O Fund’s positions herehere. The above article expresses the opinions of the author, and the author did not receive compensation from any of the discussed companies.
*Note: This article was last updated 03/10/22