Antonio Linares
"AMD Will be Bigger than Nvidia."
10/27/2025, 2:19:04 PM
Economic Summary
- AMD (AMD) demonstrated FPGA performance in an IBM use case that outperformed other compute devices, indicating a unique low-latency inference advantage with implications for edge and data-center AI adoption.
- The speaker argues that inference — not training or parameter counts — will drive real customer value and revenue, meaning low-latency, cheap inference hardware (FPGAs) could broaden AI's economic impact across industries.
- AMD's chiplet strategy combined with FPGA integration creates a compounding moat, enabling personalized chips at marginal cost and potentially unlocking a multi-hundred-billion-dollar market as physical AI scales.
- Short-term price moves are narrative-driven (pre-market mention of ~$260 for AMD); sustainable long-term gains require matching fundamental monetization over the next few years.
Bullish
- AMD's FPGA advantage enables superior low-latency inference at edge and data centers
- AMD chiplet platform compounds a durable moat by integrating diverse compute engines
- Physical AI demand could create a multi-hundred-billion-dollar market for AMD
Bearish
- Analysts re-rating AMD based on headlines, not underlying fundamentals
- Valuation risk if fundamentals don't scale to justify narrative-driven price
- Monetization uncertainty: integrating FPGAs across product lines may take years
Bullish tickers
AMD
AMD
4 price targets
260100020004.2
Bullish
Unique FPGA performance, combined with chiplet platform and edge/data-center deployment, positions AMD to capture large inference-driven market share.
Bearish
Valuation could be vulnerable if FPGA monetization and broader fundamental revenue growth lag market expectations.
NVDA
Bullish
Leading GPU position remains strong in data-center training workloads.
Bearish
Faces competition from AMD's FPGA-led inference claims.
IBM
Bullish
Used AMD FPGAs to run a quantum error-correcting algorithm, showcasing FPGA capabilities.
Bearish
No direct bearish points; acted as a demonstrator partner in the transcript.
ORCL
Bullish
Mentioned as leaning into AMD's roadmap for distributed inference solutions.
META
Bullish
Referenced as a company leaning into AMD's roadmap for AI compute.
OPENAI
Bullish
Mentioned as part of the ecosystem engaging with AMD's roadmap.
INTC
Bullish
Owns Altera IP historically, but hasn't driven the same market momentum as AMD's acquired FPGA lineage.
Bearish
Intel buried Altera after acquisition, implying integration or focus issues.
SYNELINKS
Bullish
Referenced (as the historical FPGA leader) to illustrate the lineage of AMD's FPGA strength.
ALTERA
Bullish
Cited as the other historical FPGA player that Intel acquired and deprioritized.
People mentioned
Lisa Su