> Your market cap today is what the market thinks your future cash flows are worth. The bubble and the bubble popping should in theory both be priced into inser

> Your market cap today is what the market thinks your future cash flows are worth. The bubble and the bubble popping should in theory both be priced into insert_financial_product_here This is a bit of a tired viewpoint, and is evidently proven not true time after time. The collective despair/euphoria of market participants is extremely powerful and well documented, at least as far back as dutch tulips. Stock valuations are relative, and they are relatively misvalued most of the time. That's why there are (albeit rare) funds that are capable of outperforming the market for decades - Berkshire, and Medallion for example. It's certainly possible that AMD is valued (almost) fairly. It's just as likely that it's relatively misvalued for no reason other than emotions (lack of hype).