Advanced Micro Devices Inc (AMD) — Quality & forensics

Long reads

• Where to Invest in the AI Chip Constraint ChainDossier · $29 · 3 Mar 2026The market is paying a massive premium for AI chip design (Nvidia, AMD) while underpricing the physical supply chain that makes those chips real.
• Agentic Infrastructure Software: The Orchestration LayerDossier · $39 · 24 Feb 2026
• Who Owns the AI Chip Buildout?Dossier · $39 · 12 Feb 2026Nvidia/AMD/Broadcom = AI chip architecture.
• Memory chips — the basket that more than doubled in three months, then went sideways for seven weeks while every maker inside it posted record profitsChart Pick · 2 Oct 2026Morgan Stanley estimates that Nvidia (37%), Alphabet (36%) and AMD (about 12%) will take 85% of all such memory made in 2027, leaving about 15% for every other AI chip program.
• This company makes every AI chip that matters and 73% of the world’s outsourced chips — sales are up 53% in a month, and the stock is coiled in a triangle whose apex is this weekChart Pick · 11 Sept 2026This company is the factory behind Nvidia, Apple, AMD, Broadcom and MediaTek: 73% of the pure-foundry market, more than nine-tenths of the leading edge, a 2-nanometre node in volume that no one else can sell at scale, and advanced…
• Two and a half months of lower highs, then a second low that held above the first — and on Friday the oscillator turned.Chart Pick · 4 Sept 2026All ten of the fund’s largest holdings are constituents of the Rubin Build-Out 100, our index of companies monetising the physical scarcity of AI compute: Nvidia, Broadcom, AMD and Qualcomm in our S2 accelerator cohort, Marvell and Astera…
• Situational Awareness — Crushed While CorrectReport · 2 Aug 2026The fund evidently distinguished between first-wave names it considered finished (Nvidia, ASML, Broadcom, AMD, Oracle, the SMH complex — puts without meaningful offsetting calls) and constraint-chain names caught in first-wave wrappers…
• Memory Chips — Memory Is the New Compute · Closelooknet Heresy VIIIHeresy · 25 Jun 2026SK hynix’s SAM is narrower but still very large: premium HBM4E/HBM5 and custom HBM for NVIDIA, hyperscaler ASICs, AMD, and next-gen platforms — the highest-value layer, not low-end memory.

101 and glossary

• AI Barbell Strategy: Long Infrastructure, Short Disrupted Incumbents101TSMC fabricates chips for NVIDIA, AMD, Google, and Amazon.
• ChipletGlossaryAMD pioneered the approach commercially, and Intel and increasingly NVIDIA have adopted it for high-end products.
• Cloudflare as Agentic Toll Booth: The Infrastructure Tax on Every Agent101The Relative Strength Signal While NVIDIA, AMD, and semiconductor names corrected 15-25% in the Q1 2026 rotation, Cloudflare held firm and outperformed the Nasdaq.
• CoWoS (Chip-on-Wafer-on-Substrate)GlossaryTSMC has been aggressively expanding CoWoS capacity, but demand from NVIDIA, AMD, and Broadcom continues to outstrip supply.
• Foundry Economics: Why TSMC Captures the Scarcity Premium101It manufactures the vast majority of advanced-node chips for NVIDIA, AMD, Broadcom, Apple, and the entire AI ecosystem.
• FPGA (Field-Programmable Gate Array)GlossaryAMD (via Xilinx) and Intel (via Altera) are the principal suppliers.
• ROCmGlossaryAMD's open-source GPU compute platform; the principal alternative to CUDA, but lagging in ecosystem maturity.
• Seasonal WindowGlossaryWhy it matters for the AI trade In September 2026 the fund Situational Awareness was reported to have bought calls on AMD, Bloom Energy, CoreWeave, SK Hynix, SanDisk and a memory ETF in the first days of the month — the thesis…

Dailies

• AI Build-Out — Spotting the 2027 SlowdownDaily Pulse · 7 Oct 2026Nvidia and AMD closed at records on Tuesday, but our Rubin Build-Out index , where 126 hardware companies count equally, is still 11.3% below its 22 June high, and the equal-weight chip fund XSD is 14.1% below its June high.
• Storage — Seagate −9.2%, Western Digital −6.9% on a record day for the S&P 500 and the NasdaqMorning 10 · 7 Oct 2026Constellation Energy jumped 12.2% on a long power deal with Google, Marvell rose 5.8% and AMD closed at a record; chip-equipment makers fell again.
• AI Hardware — Not One TradeDaily Pulse · 6 Oct 2026First, the chip designers are not Nvidia alone: Nvidia is up only 26.5% this year, AMD 182.7% and Global Unichip, TSMC's design partner, 293.6%.
• Nasdaq — record close at 27,477 while the chip funds sit 5–15% below their June peaksMorning 10 · 6 Oct 2026Memory and the rest lag — Micron 12.3% below its June high, Intel 17.6%; AMD slips from Friday's record
• S&P 500 — record high as Marvell jumps 7.6% on its investor day; chip-machine makers slideMidday 10 · 6 Oct 2026The custom-chip and networking names lead: Astera Labs +8.2%, Credo +5.0%, Broadcom +4.4%, AMD +3.9% to a record, Nvidia +1.2% to another.
• AI Trade — The Suppliers' Suppliers Move FirstDaily Pulse · 5 Oct 2026Micron and TSMC are the two numbers the AI trade watches most: Micron for memory, TSMC for every advanced chip Nvidia, AMD, Apple and Google sell.
• Jobs-day rally fades — weak payrolls lift stocks at the open, then yields turn up and the Dow goes flatMidday 10 · 2 Oct 2026Chips lead: chip funds SOXX +2.4% and SMH +2.00%, AMD +2.83%, Broadcom +2.32%, Nvidia +1.52%; optics Coherent +4.02%, Lumentum +3.16%; Oracle +2.38%; software fund IGV flat (+0.14%)
• Markets — Nasdaq +1.5% before the open even as TLT breaks 78; Tokyo +3.3% on Micron's record quarterMorning 10 · 1 Oct 2026Chips were mixed: the chip fund SOXX +0.21%, Intel +3.71%, AMD +0.69%, Nvidia +0.51%, but Arm -1.37% (-12.9% in five sessions), ASML -1.24% and Broadcom -1.10%.