Steve, if you listened to that Dan Niles clip about Intel and AMD, he says AMD is awarded a low P/E multiple because people expect they just might screw up royally again, just as they have over and over in the last 15 years. Intel, OTOH, he expects to be able to expand its multiple, now at a Microsoft, almost Sun-like lofty level. So, if you believe Niles at all, and he da man right now in semiconductors, AMD could far exceed Intel in new products (which I seriously doubt ever will happen) and still not reward its stockholders with a rich price.
Bleat all you want, Intel gets the stock appreciation, AMD doesn't.
Tony |
