Bryson: We’re finally seeing monetization of AI, not just model building

AMD's Performance and Potential - AMD has consistently met the numbers provided by Lisa Su [1] - AMD aims for double-digit market share growth, targeting a 35% growth rate [8] - AMD is trading at a multiple of 50 times forward earnings [7] - The industry views AMD as having the best chance to be a legitimate second source in the market [7][8] AI Market Dynamics and Concerns - AI inference is driving real revenue for cloud players and neo-clouds [4] - The industry is seeing monetization of AI with increasing applications [4] - There are concerns about the timing around execution of AI products [2] - Hyperscalers are potentially understating depreciation of AI chips, artificially boosting earnings [4] - Older chips are still valuable for inference and are being sold to smaller NeoClouds with high utilization rates [6][7] Debt Financing and Financial Health - Debt financing is a concern if revenue and profit cannot be driven [3] - Increased inference is observed over the last 3-4 months [3] Nvidia's Position - Nvidia's transition to Blackwell wasn't as smooth as desired [2] - Nvidia is trading at a multiple of 33 times forward earnings [7] - Nvidia is releasing new products on a two-to-three-year cadence [6]