DanielRomero

Bernstein’s price targets, from a research note led by analyst Gautam Chhugani
$WULF TeraWulf: $36
$CIFR Cipher Mining: $32
$CORZ Core Scientific: $32
$CLSK CleanSpark: $24
$RIOT Riot Platforms: $30
$MARA MARA Holdings: $17
$IREN IREN: $100
Bernstein rates all of them Outperform, except MARA, which is rated Market Perform

Short Thoughts on $LPK
I've been following this company for some time and had the pleasure of speaking with the CEO
Still, I only traded the stock. I never took a long-term position
I don't think focusing too much on the latest earnings is useful. These numbers are largely irrelevant
The key theme for this company is glass substrates, and it will take a couple more years for them to penetrate the semiconductor industry meaningfully
However, I believe the most concerning issue is management credibility
1. Consecutive Overpromising
> The company missed its 2024 guidance.
> Then its 2025 guidan

$AMD Helios networking explained:
Scale-up: inside the rack
- 72 MI455X GPUs
- 12 Broadcom Tomahawk 6 ASICs
- 36 parallel network planes
- 3.6 TB/s bidirectional per GPU
- 260 TB/s aggregate
The network is based on two standards:
> UALoE defines how GPUs communicate, including memory reads and writes, transaction ordering, and how traffic is distributed across the 36 network planes
> ESUN provides the Ethernet fabric underneath, handling forwarding, flow control, congestion management, link-level retries, and lower-overhead transmission for small messages
The path is:
MI455X → UALoE → ES

$INTC went from +12% to -4%
Turning semiconductor momentum around won’t be that easy

Baird doubled its $AMD price target from $625 to $1,250
The target reflects AMD’s long-term AI opportunity:
- $147 billion in AI GPU revenue by 2030
- 15% share of a projected $1.4 trillion AI accelerator market
- Strong growth across AI GPUs and server CPUs
- A data center CPU market potentially reaching $220 billion by 2030
- Helios entering full production, with Helios 500 supporting higher estimates

From October 2025
This is what happens when you analyze a company in depth
While everyone was high on $NVDA, despite its saturated market share, nobody trusted $AMD to be competitive
Up 230% since then

DeepSeek’s CEO believes Huawei is only 2 years behind $NVDA
Liang Wenfeng claims Huawei’s Atlas 950 SuperPoD can run essentially the same workloads as NVIDIA’s GB200 and GB300 systems, with comparable latency
However, the underlying efficiency gap remains enormous:
Four Huawei Ascend 950 accelerators are required to replace one NVIDIA GB300.
Liang estimates that NVIDIA accelerators can remain economically useful for around five years, while Huawei’s chips may last closer to three years before their weaker energy efficiency makes them unattractive
Huawei’s strategy is to compensate for weaker

$AMD believes it can capture over 50% of the $220 billion CPU market expected by 2030
AMD’s TTM revenue is currently $37 billion
That means AMD believes it can nearly triple its total revenue through CPU sales alone

$NVDA is feeling the heat!
- $AMD Helios: The leader in performance and memory capacity
- $CBRS wafer-scale engine: The leader in SRAM capacity and memory bandwidth
The result: the highest throughput and fastest inference in a single system

Agentic AI is exploding server CPU demand
$AMD now predicts a 50% CAGR through 2030 for server CPUs
> Up from 35% just two months ago
> And up from 18% in November 2025
The projections keep rising
Lisa Su said: “Nobody predicted AI agents would grow this fast.”

Just so you know:
The data center business model remains one of the most misunderstood
> Wall Street has mostly figured it out, but remains skeptical
> Retail remains largely clueless
This type of ignorance is what keeps prices attractive for longer

Is Anthropic the largest $AMD deal?
The answer is no
> OpenAI: 6GW
> Meta: 6GW
> Anthropic: Up to 2GW
OpenAI and Meta have the largest overall commitments by far, with 1GW each committed to MI450 and the rest covering future generations
Anthropic has the largest explicit MI450-only commitment and receives an AMD investment instead of a warrant, which is much more favorable for AMD
It is not necessarily a smaller deal, just one covering a shorter time frame, while the others represent longer-term relationships

JUST IN
$AMD and Anthropic announced a strategic partnership to deploy up to 2GW of AMD Instinct MI450-series GPUs through AMD’s Helios rack-scale platform
The first gigawatt is expected to begin deployment in the first half of 2027, building on Anthropic’s existing use of MI355X GPUs
The companies will also collaborate on software, using Claude to optimize workloads for AMD hardware and accelerate ROCm development. AMD will adopt Claude across its engineering and product teams
AMD also committed to make a strategic equity investment of up to $5 billion in Anthropic

Remember when Google released Gemini 3 Pro last year and everyone thought they were actually going to win the LLM race?

> Leopold Aschenbrenner’s fund owns 5.6% of $NBIS
> $NVDA owns 9.3%
Smart money is clearly seeing something special here
On top of that, CEO Arkady Volozh owns 11.3% of the shares, giving him huge skin in the game as well

$AMD MI455X is now confirmed to be selected by:
> OpenAI
> Meta
> Microsoft
> Oracle
Plus possibly Anthropic, which seems to be an open secret
Clearly, it brings something to the table, because these companies could use ASICs or $NVDA, yet they still want to bet on $AMD

$NVDA is an investor in Revolut
Interesting that they’d go as far as investing in neobanks rather than simply buying back stock
That being said, Revolut is the best bank in Europe