AMD Boasts a Compelling Product Portfolio Poised for Continued Market Share Gains

Advanced Micro Devices designs an array of chips for various computing applications, and in our view, is well positioned to prosper from a host of favorable trends in data center, artificial intelligence, and gaming. We think AMD benefits from intangible assets related to its x86 instruction set architecture license and chip design expertise, which gives us confidence that the firm will generate excess returns on capital to warrant a narrow economic moat rating.