I think it’s because AMD has been the “if only…” company for decades. It used to be in relation to Intel’s x86 dominance, and now it’s relative to Nvidia. The x

I think it’s because AMD has been the “if only…” company for decades. It used to be in relation to Intel’s x86 dominance, and now it’s relative to Nvidia. The x86 fairy tale did eventually come true, which made a lot of money for investors who held on long enough or got in early in the Ryzen era. So now a lot of people are hoping the same will happen in GPUs, and that accounts for the valuation/speculation. And it does make a certain amount of sense. When you have basically a market duopoly but instead of two nearly equal sized competitors you have a 90/10 split, then there’s always a chance the smaller firm will somehow gain significant market share at some point. Waiting for that pop and selling high is a gamble a lot of investors are willing to make.