Advanced Micro Devices Inc (AMD)

[kpf]

Petz

I dont think Paris is an anticipation of Intels next step.

I would tend to an explanation following a "design for manufacturability" approach which allows to use dies with defects in the 64-bit registers as well.

On your post on SI about valuation of AMD as if it would have to pay taxes next year:
But when AMD is profitable they start have to start counting "diluted shares" differently
Could you elaborate on this please?

Deferred fiscal losses are well above 1 Billion USD today.
And there will be some taxes payable as soon as AMD is profitable (in some 10-15 percent range depending on in which tax legislative region profits are shown). Most probably there will be useable fiscal losses left over for some quarters in 2005.
In some two months time the earning forecasts will show 2005 for "next year". Valuation is done for future earnings, so
the taxation issue will likely be priced in gradually during the next two years.

As soon as AMD disclosed their 300mm plan and Capex for next year the street will have a much better visibility for Cash-Flow during the next two years, which is probably more important for the valuation of the common than fiscal earnings.

K.