Don't disagree but equally don't think that this invalidates either of my points here - they have access to TSMC manufacturing which is ahead of Intel at the mo

Don't disagree but equally don't think that this invalidates either of my points here - they have access to TSMC manufacturing which is ahead of Intel at the moment. The volume they can put through TSMC's latest process is another matter and of course not every AMD chip will be able to take advantage. To be clear, I don't think that the investment case rests on AMD outperforming Intel everywhere. They just have to be competitive for long enough in enough segments to take material market share and I think there is a very credible case for that happening.