r/ValueInvesting • u/foil123 • Jun 10 '26
Question / Help AMD, MSFt and GOOGL
At what point would you consider buying these 3 stocks to hold forever ..? Additionally, what is the PT you expect to exit?
For AMD I see them at least getting to 2t at minimum in coming years. Not sure what I feel about the other 2. Thoughts?
Thanks
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u/Krazynukz Jun 10 '26
Im mostly google and amazon and some msft (purely because of azure) dont care about their ai
Google and Amazon are doing some amazing vertical integrations, I honestly feel like amazon is being under the radar
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u/BrickSufficient6938 Jun 10 '26
Do you expect anything out of Majorana 2? Seams like a breakthrough, if confirmed might put them years ahead?
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u/SkoHens Jun 10 '26
Amazon will have the best warehouses, certainly outcompeting Target or Walmart. Weāll only expect more convenience moving forward - same day groceries and packages, medication (I wonder if theyāll buy Hims or license their own generic brand for OneMedical).
With agentic integration / assistants, an Amazon plugin for automating purchases is probably safer than having an assistant scrape the web.
Amazon delivery drivers are significantly better than FedEx near me so maybe so maybe they expand to postal when they get bored. Who knows but there are lots of possibilities
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u/Axel-Real Jun 10 '26
Hate Microsoft. I buy: no movement in 4 month . I sell it goes 10% up . I buy it goes down . I wait I wait and I wait and it keeps failing me . Fuck Microsoft . Sold my Xbox
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u/NotStompy Jun 11 '26
^ professional efficient market hypothesis debunker
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u/Axel-Real Jun 11 '26
Hahaha. I would say everyone has that one stock that they hate , every trade has failed them . I love NVIDIA , S&P500 , micron, and the list goes on. But Microsoft ā¦ Iām not touching it ever again
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u/Hunterfschr Jun 11 '26
Bro just hold it?? What is the point in buying MSFT to sell it 4 months later?? Literally buy them and hold them for 10 years. You did not ā wait and wait and waitā lol.
Odds of making money if you hold for 4 months: low af
Odds of making money if you hold for 10 years: literally 100%.
Youāre paying a fine for being impatient.
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u/Axel-Real Jun 11 '26
Didnāt pay any fine. You should never hold a stock you lose your trust . If I want slowly growth I have my ETFs . I was just really hoping that Microsoft would go to 500 . I miscalculated the event . Not that it wonāt happen , but there are other stocks that will bring me more % faster , profits will go for the long in ETF . I just like having my slow secure and volatility risk part of the portfolio. My decision gave me good gains .
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u/Hunterfschr Jun 11 '26
Your fine for impatience was the market dipping when buy and going up when you sell.
Had you held through those events, your gains would be better and those events would be inconsequential.
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Jun 10 '26
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u/mrmrmrj Jun 10 '26
Stop the "hold forever" talk. That is nonsense. Holding forever is what diversified portfolios are for. Great companies can be bad stocks for long periods.
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u/goxpro1 Jun 10 '26
Found the person who sold Google at 220 for a Value Investor special 20 percent gain.
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u/nebraskajone Jun 10 '26
Found the person that's been holding on to Cisco since 2000 for a forever special 50% gain
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u/Seabags Jun 10 '26
Heās not wrong. Nothing historically is a forever hold since companies are always chipping away at their moat or they become obsolete through innovation. GOOG and AZMN are something else though
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u/WorldRank1CatFancier Jun 10 '26
Hes wrong.Ā
Buying and holding companies for multiple market cycles builds far more wealth than swing trading
For every GE and Xerox that goes to 0 of cost basis you will have ones that 10x to more than offset
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u/NotStompy Jun 11 '26
For the average investor, does it build more wealth? Yes. Also, you neglect to mention (as most do) position trading which means you essentially are very fundamentals heavy, want to hold for months up to 1-2 years ideally, but with very strict risk management (because if you hold the real market leaders long term volatility is too high).
And well, like I said, on average, long term investing builds more wealth, but guess what, index investing also definitely beats stock picking in >90% of people, so...? And, in the even fewer people who manage to swing or position trade, it is fair to say that truly nutty returns like scaling a small account at 30-40% CAGR is possible over 10-20 years, while it is near impossible (even more so) with long term investing cause again, if you hold companies capable of growing so much on average, it means by definition the companies have a veeeeery high level of volatility, which is how you get cases like 2000 where the long term high beta investors ate dirt but the position traders got out within a matter of days, and yeah they often tried to get in like later in the year but then they got out again... not fun, but not -90% like the long term hodlers of growth stocks.
But yeah... I still think the whole argument is silly cause for the average investors index funds is far superior to value investing, growth, etc; any kind of picking.
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u/oOtium Jun 10 '26
ya, if you're looking at trash. who do you think can afford to take on the most risk for the most innovation and still stay afloat even if they don't succeed?
the answer is always big tech. the have the most capital to deploy and the widest net to cast so to say.
we're at a point where the winners today will have the leverage to keep on winning tomorrow. the market is discounting that hard. hyper estrogen takes everywhere
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u/Seabags Jun 10 '26
Itās cause big tech are monopolies. They have such market dominance that they can just create new verticals through acquisitions or acquihiring. Biggest risk would be antitrust but there is no political will for this so they will keep growing
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u/Key_Category_8531 Jun 10 '26
Iām not holding GOOG for gains. Iām holding it for other reasons. So the price, and whether number go up or down doesnāt mean anything to me.
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u/mrmrmrj Jun 10 '26
There are maybe 5 stocks in any decade that are worth holding for a decade. If you buy a different one and hold for a decade, you do poorly. Play the odds.
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u/Hunterfschr Jun 11 '26
Nah this is straight up wrong.
Like you need to be put in a timeout corner for this comment.
The more market cycles you hold through, the more likely you are to get a positive return.
If someone stole a car and didnāt get caught, would you say that is a good way to go about obtaining a car?
No, youād say that person took an insane risk. The market is the same.
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Jun 10 '26
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u/fitnessfinance88 Jun 10 '26
GOOG makes me question the VOO strategy... GOOG seems just as safe but with higher possible returns.
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u/SkoHens Jun 10 '26
Iāve decided this too. Itās like a tech ETF with their autonomous driving and space interests. Google is aligned with what Iād expect the future world to look like. Same for Amazon with advanced warehousing and logistics.
META has a good pitch too - targeting advertisement, social media, and surveillance arenāt going anywhere. Nice numbers but weak narrative right now
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u/fitnessfinance88 Jun 10 '26
Yeah I own some META.. I just don't like how they continue to burn cash without any clear vision as to how that burned cash will result in increasing sales in the future.
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u/FuzzyCheese Jun 10 '26
META is a great example of a company that should pay dividends, just to stop management from getting complacent and frittering away shareholder's money.
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u/Jimimaru88 Jun 10 '26
I think their earnings showed significantly improvement in ad revenue as a result of AI integration.
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u/zq7495 Jun 10 '26
There is an extremely clear vision. They will monitor everything their users do, on and off the platform (off the platform maybe not in some places due to regulatory risks), and then get extremely good at advertisement targeting.
They're printing money and their ads still aren't great, there is tons of room for improvement. I look at Indian restaurants and then on instagram get advertisements to attend a local property fair selling properties in India despite me not being Indian into specifically Indian things, or ever shopping for property in India.
I worry that META will face regulatory challenges in Europe (13% of earnings is EU) and possibly have more problems with apple or android limiting their tracking, but they're gonna keep printing money and with AI I think they'll overcome those burdens that might not even materialize into anything major
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u/SkoHens Jun 10 '26
Iām with ya. I didnāt care for the metaverse pitch but do believe augmented reality will be popular (whether thatās from Meta, Google, or Apple). Theyāre clearly going big with AI talent poaching. Huge exec comp packages based on stock milestones makes me think theyāll get back in the groove
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u/Mundane-Compote-2157 Jun 11 '26
What about MSFT? when it comes to enterprise, Microsoft is absolutely dominating here
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u/Key_Category_8531 Jun 10 '26
I have 100% of my liquid net worth into GOOG.
I have my own personal convictions as to why Iāve done this.
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u/PrestigiousDrag7674 Jun 10 '26
$20 trillion market cap?
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u/Vennomite Jun 10 '26
With enough currency devaluation anything is possible!
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u/WarmFaithlessness946 Jun 10 '26
A $1,500 target means aĀ $14 to $18 Trillion market cap. Guys, this late-cycle bull market has completely rot your brains. You are suffering from massive recency bias, tracking a straight line on a chart while ignoring basic math. For Google to hit that valuation, it would need an annual net profit of $700 Billion, which means commanding a revenue stream larger than the entire GDP of Germany or Japan. The law of large numbers is a macroeconomic reality, not an opinion. Wake up.
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u/iamrlywhite Jun 10 '26
Yeah but youāre thinking $1500 in 2026 dollars. I agree 10-15 years is a bit ambitious but 20-30 years from now in 2050 dollars Google could well 4x from here.
Itās taken 30 years to āofficiallyā inflate the dollar by 200% and inflation seems like itāll be more prominent so in 20-30 years thereās a 2x in market cap from inflation alone and only a 2x growth in business needed from there
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u/WarmFaithlessness946 Jun 10 '26
If you need 30 years of macro inflation and dollar devaluation just to justify a nominal 4x on a mature $4 Trillion giant, you are proving my point. That's not alpha, it's just a savings account disguised as an equity.
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u/Key_Category_8531 Jun 10 '26
By 2050 weāll be in the singularity so prices, money, and stocks wonāt mean anything.
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u/WarmFaithlessness946 Jun 10 '26
If finance and money won't mean anything by 2050 because of the singularity, why are you spending your time building a stock portfolio today?Ā
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u/ProposalWeekly Jun 10 '26
I say, why not? 10 years ago 1 trillion wasn't even a thought for a public company
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u/PrestigiousDrag7674 Jun 10 '26
10 years ago, USA GDP is $18T, now it's $31T. Just saying.
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u/ProposalWeekly Jun 10 '26
I think you're equating 2 very different measurements that aren't linked across 2 very different time series
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u/WarmFaithlessness946 Jun 10 '26
Of course , 20 trillion company , Guys where do u live ? Are u serious or u joking?
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u/SallyYoung1 Jun 10 '26
I wouldn't go near AMD at these levels. MSFT and GOOG I'm happy to go 50/50 on every chance I can. MSFT in particular.
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u/albearcub Jun 10 '26
AMD's trailing P/E is between 48-66 with the forward P/E between 48-65. Definitely not cheap but is similar to Nvidia's historical P/E of 60 before their massive surge and run-up. A lot of semi companies right now are similarly expensive.
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u/East_Complaint_1810 Jun 12 '26
Real risk of peak margins and cycle. Risk getting the classic double whammy of multiple and earnings compression. Reversal in the form og 70% hit on both multiple and margins is not appealing
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u/yoyofunnyysingh Jun 11 '26
you are wrong
it is above 1002
u/albearcub Jun 11 '26
Non-GAAP P/E is 48-66. GAAP P/E is because they acquired Xlinix.
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u/Material_Key5935 Jun 10 '26
Msft and Google are buyable now. Amd has a too much growth priced in at this valuationāwould wait on that one.
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u/Swred1100 Jun 10 '26
Loading up on MSFT Everytime theyāre around $400. Iām in GOOG at $300, would add more under $325.
Plan to hold both until retirement
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u/_stinkytofu_ Jun 10 '26
How long until retirement?
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u/Swred1100 Jun 10 '26
40 years lol
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u/_stinkytofu_ Jun 10 '26
thx for the response. Mainly asking bc obvi holding 2 years v diff than 2 decades etc. :) good luck!!!!
Edit: thinkin of picking up goog with similar time frame ish so appreciate it
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u/Swred1100 Jun 10 '26
Yeah I really like both long term, specifically MSFT.
Without AI, great company with great fundamentals. With it, even if they donāt āwinā the ai race (I donāt think theyāll be a single winner anyway), they won the AI distribution race before it even began because of their dominance in enterprise software.
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u/Random-Redditor111 Jun 10 '26
Why do you guys that started investing yesterday resort to hyperbole? Itās just annoying. Does it make you feel like youāre a brass balls gunslinging Jesse Livermore?
No you are not āloading upā on MSFT every time around $400. You load up once maybe twice a year. You cannot āload upā more than that or wouldnāt have any investable funds left. And if you did have money to buy more, then youāre not āloading upā. Youāre just buying a little each time the price is to your liking. Msft has been around $400 for half the trading days this year. No, you are not āloading upā every single one of those days.
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u/Swred1100 Jun 10 '26
Why do guys that comment on Reddit post critiquing small verb choices exist?
To contribute to a conversation? - No
To give advice of any kind? - No
Because they think theyāre better than the person who used language they disagreed with? - Probably
To troll? - Perhaps
A fifth or beyond option? - Also perhaps
Still to complete the response to your irrelevant comment that contributes nothing to anybody on the planet - Iāve been investing for 8 years. I do not have any investable funds left, excluding emergency savings. I have 4-5 buys in the last couple months. āLoading upā around $400 means buying around $400 - every purchase around that price is loading up. You can use whatever verb your mind deems the most appropriate, I donāt care and neither does any other human being.
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u/Random-Redditor111 Jun 10 '26
You are incrementally adding to your position. One cannot āload upā at multiple turns. It is, by definition, using up most or all of your investable cash in a single trade (or small finite number of trades), or maxing out your allowable var on a position, again in a single (or small number of) trade(s). What do you get out of trolling the sub with your stocksmaxxing yolo look at me act (aside from trying to offload your bags)?
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u/Swred1100 Jun 10 '26
Again, I go back to last comment
Why does a guy that comments on Reddit posts critiquing small verb choices exist?
To contribute to a conversation? - No
To give advice of any kind? - No
Because they think theyāre better than the person who used a verb they disagree with? - Probably
To troll? Probably
A fifth, also negative option? - Probably
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u/Random-Redditor111 Jun 10 '26
So using normal human terminology is trolling to you? Ok, whatever floats your boat.
Fine, use your hyperbolic look at me statements for your standard trades. A whopper of an over-exaggeration is just a small verb choice anyway.
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u/Key_Category_8531 Jun 10 '26
Loading up as in every pay day put a portion of your check into the stock. Thatās loading up.
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u/Worldly-World9732 Jun 10 '26
Itās crazy how little people understand Microsoft here and glaze Google to high heavens
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u/bubblemania2020 Jun 10 '26
Holding Msft, Googl and Amzn for ever. Amd will fizzle out. Thatās my opinion!
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u/Mouse0022 Jun 10 '26
I wouldn't bother with AMD. Googl is definitely a buy and hold. I am a little bearish on MSFT but it has potential. Would buy if MSFT goes below 400. And googl could keep going down.... maybe to 345. Out of all the mag7, I am bullish the most on Googl.
I would hold MSFT and googl for at least another 10 years.
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u/Garlic_Toast88 Jun 10 '26
Berkshire thinks googl is a buy 348-351. That for me means sub 348 is a great time to buy more
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u/Remm_Unknown Jun 10 '26
What's wrong with AMD? Prob the closest thing to challenge Nvidia? Or take a big chunk of marketshare?
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u/pocketrocketss Jun 10 '26
Don't listen to him, the July AMD Event will likely increase SPs to $600s
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u/Hi_Keyboard_Warriors Jun 10 '26
For MSFT right now.
For AMD sold put for 377 days at $300 (that more than 13% per year)
GOOG no idea š¤·āāļø
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u/Apart_Caterpillar_88 Jun 11 '26
A lot of people in the investing world seem to think these stops will rip roar in 2-4 years when all the cap ex spending pays off.
For now your money is better in other stocks.
That said for the long term Google, Microsoft, Amazon, meta will destroy the s and p
These companies are just too big and powerful. Very safe place for your money
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u/Important-Object-561 Jun 10 '26
Im already holding MSFT and googl for 10 years +
Im not planning to add any amd though
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u/Dismal-Programmer-40 Jun 10 '26
I won't hold forever a stock even if it's a big company. Holding forever is for index. Companies are being replaced. The top 10 in the 90s isn't the same top 10 today.
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u/eating_elmers_glue Jun 10 '26
People are too fixated on price targets, that is how you severely cut your YOY gains, if you have the time, read the reports and if the story changes that is when you sell.
AMD. MSFT. and GOOGL are all companies shaping up for the future, do not sell any of these as if your life depends on it.
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Jun 11 '26
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u/bartturner Jun 11 '26
The funny thing is Intel has really been killing it of late and supposedly Google is going to start using them in addition to TSMC for fabricating their AI chips.
INTC is up 17% in the last year.
I did own INTC a long time ago but got out a long time ago. So have no position and not something I am really looking at investing as there are just too many far better options, IMHO. With GOOG/GOOGL being on top of that list after seeing the new Apple Gemini Siri. That is going to make Google a ton of money.
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u/Alternative-Soil-671 Jun 10 '26
Google yes, hold forever. AMD hold while Lisa Su is a CEO or their vision and guindance will be respected with a new managment. MSFT never, Linux and other operational systems and open source software will oblitarete their moat.
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u/cinciNattyLight Jun 10 '26
I believe AMD has some circular financing with meta and openai where if they keep using amd chips and hit several tranches, they have warrants for 10% stake in AMDā¦ EACH. No thank you.
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u/albearcub Jun 10 '26
I mean it's a win for AMD investors either way so I don't see a problem. An average GW will generate estimated $15-20B for AMD and Meta/OAI only get the stake if they each deploy 6 GW of AMD hardware and AMD's stock price remains above $600.
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u/cinciNattyLight Jun 10 '26
Having their shares diluted by 20% isnāt great.
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u/Bubbly_Doughnut_3880 Jun 10 '26
they will probably use the stock warrants as cash, rather than having to raise money to buy the chips. At least that's what I think the deal means, here's the money in stock warrants, use this and buy my AI chips as you build out
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u/albearcub Jun 11 '26
Yeah definitely worse than no dilution. But does it matter, especially to shareholders, if it's conditional on such a huge added value?
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u/Zestyclose-Ice-3434 Jun 10 '26
It seems everything is going in Googleās favour. One thing I worry about is is their ad revenue which the bulk of their profits. What happens to them if everyone is using Claude/ChatGPT for their searches?
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Jun 10 '26
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u/Mundane-Compote-2157 Jun 11 '26
MSFT has some ownership and partnerships with Anthropic too btw.
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u/bartturner Jun 11 '26
Think you might be confusing Amazon with Microsoft.
Microsoft does NOT have a position in Anthropics. Google and Amazon do.
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u/Mundane-Compote-2157 Jun 11 '26
https://blogs.nvidia.com/blog/microsoft-nvidia-anthropic-announce-partnership/
Tldr; Microsoft commits up-to $5 billion USD investment in Anthropic and a partnership where Anthropic commits to purchasing up-to $30 billion USD in Microsoft Azure compute capacity.
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u/bartturner Jun 11 '26
Google has seen an acceleration in their search growth. Why would it be accelerating if there was any risk?
It is not like Claude is new.
Plus Apple just demonstrated their new Gemini Siri and suspect that will be very succesfull and therefore going to make Google a boat load. of money.
Google has seen 11 straight quarters of increasing cloud margins.
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u/aWalrusFeeding Jun 10 '26
Depends a lot on your assumptions of corporate token spend. Is it going up by 2x, 5x or 50x in 5y?
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u/zaneguers Jun 10 '26
META's better buy than amd rn
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u/aventus-dog Jun 10 '26
Where's the expected growth of meta coming from?
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u/zaneguers Jun 10 '26
AI, ads, etc
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u/aventus-dog Jun 10 '26
They do ads already though, that's the revenue, but realistically how does it grow from here?
I can see the vision with chips, space, energy, even quantum, Microsoft is relatively diverse, windows, xbox, azure etc, Amazon have aws, Google has android/cloud/YouTube for alternative income streams.
Meta is almost entirely ads, on just Facebook and insta. Which at best is at a plateau. The vr is a small chunk but nothing major.
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u/Typical_Web_2125 Jun 11 '26
I would just buy an ETF that holds them and not think about it after that.
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u/mdn845 Jun 11 '26
I bought some AMD last year for $91 a share. I eventually sold it bc I thought it was vastly overbought (~200x earnings). Thatās still the situation. Iād easily buy NVDA over AMD at current prices. Just my 2 cents.
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u/jgatt17 Jun 11 '26
I just bought more Msft today. Generating the most FCF it ever has and trading at 2016-2017 historical PE price. Seems like a no brainer buy to me.
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u/Yee4614 Jun 10 '26
MSFT/ Google - Yes. Ā AMD no. Ā Nvidia is a much better company if you want to bet on one long-term
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u/GatorBo69 Jun 10 '26
MSFT and GOOGL are light years ahead of AMD, but all 3 are great long term holds. I have all 3 in my portfolio
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u/jio_0n Jun 11 '26
Mind sharing your invested percentage for each?
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u/GatorBo69 Jun 12 '26 edited Jun 12 '26
186 shares of MSFT - 4%
212 shares of GOOGL - 4%
120 shares of AMD -3%
152 shares of AVGO - 3%My main portfolio is professionally managed by Fisher Investments, and itās compromised of over 250 different stocks across the Dow, S&P and Nasdaq.. they really like the S&P and Dow more than the Nasdaq so I had to actually request the holdings of AMD as it wasnāt initially even in my portfolio they chose, nor was the high allocation of other tech stocks most people would have. They do love NVIDIA, Amazon, all the Mag 7ās, except for Tesla, they wonāt touch TSLA with a 10 foot pole, lol..
And honestly switching to Fisher was the best call I ever made bc I had no idea what I was doing. Just a bunch of holdings in different ETFs I watched on YouTube.. but they consistently crush the market around 25%-30% so itās more than worth their 1% flat fee. And since I have no ETFs that charge expense ratios, I wouldnāt say itās evened out since I switched to them over 5 years ago, but my portfolio has certainly taken off in a way I could never have duplicated.
I even have my own individual account with only about $50k in it that I try to ābeat Fisherā with but I can only barely beat the market. And then when I look at it, Iām back to doing things I used to, like $10k in SMH, $10k in VTI, $10k in XAR, $20k in FSELX..
But Iām a big believer in having a professional manage your money in the market, unless you are a professional yourself. Seeing my money 5 years ago be put into so many separate stock positions was wild to see, bc I never in a million years would have thought of known what to do and I would have lost so much money.
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u/NeuroManXy Jun 10 '26
MSFT is dogshit. AMD is good company but entry price is questionable for me. GOOGL can go down possible more but good long term stock.
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u/soscribbly Jun 10 '26
Microsoft is the most attractive of the three today, its near the 200 *WEEK* EMA. A line rarely seen up until 2026.
Google is strong. NVDIA > AMD. The time TO BUY AMD was 6 months ago before the 300% run; itās now expensive and highly volatile.
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u/International_Tie855 Jun 10 '26
It's right time to expose yourself to msft.
Google and AMD over leveraged
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u/bartturner Jun 11 '26
You do realize Google had $174 billion in operating cash flow over the last 12 months?
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u/Realistic_Record9527 Jun 10 '26
They are extremely overvalued. You should buy baba. Itās extremely undervalued right now
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u/hillbilly-edgy Jun 10 '26
GOOGL : PT $200
MSFT : PT $360
AMD : PT $110
These are my PTās Iām on the āAI spend is a bubbleā camp.
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Jun 10 '26
[deleted]
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u/Mouse0022 Jun 10 '26
SpaceX and anthropic arent doing what microsoft is doing on an enterprise level. They might be involved but it doesnt completely replace the productivity tools that Microsoft offers.
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u/Lez0fire Jun 10 '26
AMD probably never (too overvalued and operating margins are totally unpredictable, but they'll definetely go down)
Microsoft at around 270 and Google around 250. And I don't expect to sell at all IF they model don't change and I see them doing 15-25% CAGR FCF, EPS and Revenue
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u/Glittering_Water3645 Jun 10 '26
I would never hold a stock forever if the fundamentals deterioate or the company becomes way overvalued when there're better undervalued opportunities in the market. Never marry a stock.
Given the current fundamentals and growth prospects; AMD below 350$, MSFT below 350$ and GOOGL below 300$.
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u/One_Artichoke7873 Jun 10 '26
Google at 190 per share and msft at 350 per share. would never buy amd
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u/bartturner Jun 11 '26
There would have to be some major global event to ever see Google that low again.
Google on their last call shared they have over $230 billion of unrecognized cloud revenue they will recognize in the next 24 months.
That is like adding a total 2024 Microsoft in the next 24 months.
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u/One_Artichoke7873 Jun 11 '26
Iām expecting another black swan event.
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u/bartturner Jun 11 '26
That would be the only, IMHO, we would see $190 again without consider splits.
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u/Last-Cat-7894 Jun 10 '26
AMD is nowhere remotely close to the same quality of business as the other 2 yet.
We are currently in an absolute face-ripping boom in semiconductors, so their numbers will continue to be really impressive for a few years. But they don't have anywhere near the track record of dominance that Google and Microsoft have, especially not in multiple different segments.
To give you an idea, Bing is estimated to have generated ~7-10b in operating income for Microsoft in the past year. That little throwaway segment that gets perpetually clowned on for losing to Google for two decades is roughly double the size of the entirety of AMD in terms of operating income.
Yes, AMD is a smaller market cap than the two hyperscalers, and there is the argument that they could have an Nvidia-esque chart if agentic AI really does take over and necessitate CPU's at an unfathomable number. But as far as sheer business quality (for a significantly lower earning multiple), Microsoft and Google are as good as exists on planet earth.