AMD has rallied 135% in the past 6 months, but the move is described as being driven more by multiple expansion than by earnings growth. The article argues current semiconductor strength in names like AMD and Micron is being fueled by FOMO, institutional risk-taking, and crowded positioning rather than fundamentals. The message is a cautionary read on stretched sentiment and flow-driven momentum.
AMD has rallied 135% in the past 6 months, but the move is described as being driven more by multiple expansion than by earnings growth. The article argues current semiconductor strength in names like AMD and Micron is being fueled by FOMO, institutional risk-taking, and crowded positioning rather than fundamentals. The message is a cautionary read on stretched sentiment and flow-driven momentum.
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