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July 26, 2005

Put a Heat Sync on AMD

A couple weeks ago I discussed why AMD may soon be taking substantial market share from Intel. Now let’s take a numerical look at how even a small shift in market share can be much more valuable to AMD’s stock return then it is damaging to Intel.

The benefit comes from a combination of leverage and having a smaller denominator. Let’s look at the 2004 year-end statements (grossly simplified) of our two beloved chip makers:


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