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 Suppliers — Celestica +13%, Cadence +7%, Amkor +6%: the market finally pays for a beatMidday 10 · 27 Oct 2026Silicon leads, software follows at a distance: small-cap semis (XSD) +4.2%, SOXX +3.6%, SMH +2.8%, with AMD +5.3%, Broadcom +4.1%, Astera Labs +9.7% and the optics pair Lumentum +6.9% / Coherent +6.4% — while Nvidia lags at +0.9%.
• Chips — the open follows Seoul, then turns: chip index from −2.4% to +0.7%; small caps +1.6%Midday 10 · 20 Oct 2026At about noon the chip index trades at 11,393, up 0.7%; Micron +0.9%, AMD +0.9%, TSMC's US shares +1.8%.
• AI Trade — builders and runners sold, users bought: chips enter a bear market, Accenture +9.9% on the weekMorning 10 · 19 Oct 2026Chips — bear market: index 23.9% below its June record after eight losing days; AMD −5.9%, Micron −5.6%
• Chips — bounce 2.5% to break an eight-day losing run; QQQ back above 720, AI users still boughtMidday 10 · 19 Oct 2026Micron is up 3.3%, AMD 3.2%, Broadcom 2.6%, TSMC's US shares 2.5% and Nvidia 1.9%.
• AI Trade — Asia bounces, Kospi +3.3%; Nasdaq-100 holds its support line, Jakarta −10.8% on MSCIMorning 10 · 16 Oct 2026Companies that build AI hardware fell: Applied Materials −3.8%, Lam Research −3.5%, AMD −2.1%, TSMC's US shares −1.9%, Nvidia −1.3% to 218.34, and the chip fund SOXX −1.2% to 513.22.
• Tech — the whole complex sold: chip fund −2.1%, software −4.3%; Nasdaq −1.1% while the Dow is greenMidday 10 · 16 Oct 2026Chips — eighth losing day: SOXX −2.1% to $504.08, Micron −3.5%, AMD −3.4%, Intel −4.1%
• AI Trade — Kospi −8.5%, Nikkei −4.7% after hot US inflation; TSMC beats, Nasdaq-100 on supportMorning 10 · 15 Oct 2026The rest of the build-out followed: CoreWeave −15.5% to $65.78, Oracle −8.8% to $130.55, AMD −5.7%, Micron −4.1% to $914.13.
• AI Trade — Show-Me Quarter for 2027Daily Pulse · 15 Oct 2026The rest of the build-out went with them: CoreWeave −15.5%, Oracle −8.8%, AMD −5.7%.