Some real misunderstanding of Accounting 101 going on w.r.t what physically is in AMD's inventory assets.
Notice that FASB rules mandate that inventories are carried on the books at the LOWER of cost or market value.
Thus, if you have a pile of 2001 playboy calendars sitting on the shelves its likely that their inventory value is about 10c even if your cost was $1 UNLESS they include Dick Cheney's bit-on-the-side.
For high markup items like chips nearly all of the inventory will have lower cost than market value, then the pieces in inventory will (99% probably) be at the cost of wafer+fab costs+packaging (if finished parts). For Athlon64 parts this may be $50ea. Then a $50m inventory will represent 1m parts.
AMD had a stated inventory of $726m last quarter, compared to $692 in the 1st qtr and $697m at the end of 2003. A lot of that must be wafers and unpackaged die. The rise of $34m in inventory in the last qtr I take as very good news and an indication that yields were substantially up.
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