$AMD landed a new AI customer this week. Scaleway, a major European cloud provider, picked AMD’s Instinct MI355X GPUs for a new supercomputer in Sweden, which will be the first commercial $AMD AI supercomputer in Europe. This is the part of my thesis that matters most. Scaleway’s flagship AI system runs on Nvidia, so choosing AMD for its first supercomputer outside France shows big buyers are willing to diversify, and that AMD’s chips are good enough to win those deals. There’s more coming. AMD’s Helios rack, a ready-to-deploy server system built for AI agents, is set to ship in November. Lisa Su expects the AI chip market to reach about $1.4 trillion by 2030, driven mostly by inference, which is the work of actually running AI models. So why is the stock down? Chip stocks have fallen six days straight, AMD trades at a high valuation, and today’s hot inflation report hit growth names across the board. That’s the market moving, not the business changing. AMD is still one of my core positions even after trims. I’m thinking in years, not weeks, and nothing about this news changes that. Long $AMD
