Quick Read

• AMD is rated HOLD at $546 after a 156% YTD rally, with Helios the key swing factor to push shares toward $689.

• NVIDIA trades at 44x earnings despite 105% revenue growth, capping the valuation premium AMD can command at 137x trailing earnings.

• At 137x trailing earnings, AMD faces supply constraints on HBM and wafers, early Helios yield issues, and an $800M export control charge.

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Advanced Micro Devices (NASDAQ:AMD) shares are trading at $549.35…