Jonah Lupton(@JonahLupton):$AMD and $INTC both look expensive... but not if you believe agentic ai is going to accelerate demand for CPUs. Right now $AMD is trading at 58x NTM EPS and $INTC is trading at 68x NTM EPS. Sell side has $AMD growing EPS at a 66% CAGR through CY2029 (including CY2026) Sell side has $INTC growing EPS at a 82% CAGR through CY2029 (including CY2026) How much of the CPU demand acceleration story is already in these EPS estimates? I'm guessing not all of it. Sell side has $AMD at $31.50 EPS in CY2029... can they beat that number by 30-40% and do $41-44 EPS... in which case $AMD will grow EPS at a 78% CAGR through CY2029 Sell side has $INTC at $4.75 EPS in CY2029... can they beat that number by 30-40% and do $6.20 to $6.70 which means they'd be growing EPS at a 97% CAGR through CY2029 Will be curious to see how this plays out in the coming years. For now, we do have positions in $AMD and $INTC despite the frothy multiples however it's hard to argue with that EPS growth.

2026.10.06 15:12

$AMD and $INTC both look expensive... but not if you believe agentic ai is going to accelerate demand for CPUs. Right now $AMD is trading at 58x NTM EPS and $INTC is trading at 68x NTM EPS. Sell side has $AMD growing EPS at a 66% CAGR through CY2029 (including CY2026) Sell side has $INTC growing EPS at a 82% CAGR through CY2029 (including CY2026) How much of the CPU demand acceleration story is already in these EPS estimates? I'm guessing not all of it. Sell side has $AMD at $31.50 EPS in CY2029... can they beat that number by 30-40% and do $41-44 EPS... in which case $AMD will grow EPS at a 78% CAGR through CY2029 Sell side has $INTC at $4.75 EPS in CY2029... can they beat that number by 30-40% and do $6.20 to $6.70 which means they'd be growing EPS at a 97% CAGR through CY2029 Will be curious to see how this plays out in the coming years. For now, we do have positions in $AMD and $INTC despite the frothy multiples however it's hard to argue with that EPS growth.