Agreed. However, at this point AMD is not yet offering anything that might put any type of dent in Intel's margins. We'll have to wait for BullDozer to see if that produces any real threat.
Not to incite antagonistic posts, this is also why I own some AMD.
Intel was simply too compelling at under 10 PE & 3% dividend and I believe that AMD (if it can find a CEO that doesn't scare away investors) is not necessarily undervalued, but, I believe that it's pipeline is more promising than it has been in a while.
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