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Politics : Formerly About Advanced Micro Devices
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To: Duncan Baird who started this subject3/15/2001 1:03:56 PM
From: tejek  Read Replies (1) of 1579572
 
FWIW

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Valuing the SOX: Advanced Micro Devices

By James J. Cramer

3/15/01 12:06 PM ET


Editor's note: This is the fourth installment of a multipart series on semiconductor stocks. Please check out Part 1 , Part 2 and Part 3!

When we think about cheap, and low-risk, Advanced Micro (AMD:NYSE - news - boards) always comes up. Its multiple is perennially low because it is a perennial loser in a battle with Intel (INTC:Nasdaq - news - boards).

Except for the last year. In the last year AMD has done so much right and Intel has done so much wrong that I have to say AMD looks darn attractive to me.

Here's the problem, though. Intel has seen the abyss and it wants out. I think the window where AMD could prosper is about to close again. Intel has the ability to price its P3 through the floor once the P4 scales correctly and the yields go up. That's the worst time to be long AMD. So, while I am inclined to think that this is one cheap stock, as the statistics show, it is going to stay cheap. That's not why we buy stocks.

Pass.

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James J. Cramer is a director and co-founder of TheStreet.com.
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