An AMD share gives you ownership of circa $2 worth of hard assets (net tangible assets), an extra $1 of soft assets (rest of balance sheet: IP, goodwill, etc),

An AMD share gives you ownership of circa $2 worth of hard assets (net tangible assets), an extra $1 of soft assets (rest of balance sheet: IP, goodwill, etc), and $102 worth of... other things. How much of that is hopium and how much is fair value of future prospects?