'Pause' in semi stocks after investors get nervous, says Bernstein's Stacy Rasgon

Core Insights - AMD is expected to perform well in its upcoming quarterly results, particularly in the core markets of PCs and servers, benefiting from Intel's supply constraints [1][4] - The focus on AI has been mixed, with near-term AI numbers being lackluster, but the significant story is the anticipated ramp-up with OpenAI, which is expected to materialize in about a year [2][3] - An analyst day is scheduled for November 11, where AMD is expected to provide more insights into its business fundamentals and future AI developments [3][4] Industry Context - The semiconductor industry is experiencing a pause after a strong run, with some investors feeling nervous about the AI trade due to the large numbers being reported [5][6] - There are concerns regarding the pricing of older generation chips, but demand for new products remains strong, with companies selling everything they can produce [7][8] - AMD's recent decision to give 10% of the company to OpenAI in exchange for selling parts was unexpected, but it positions AMD favorably within the AI ecosystem [9]