"I’m betting on AMD being undervalued, and that the demand for AI has barely started."<p>I'd love to see AMD get a multiplatorm product so mature that I can pip install PyTorch on Windows or MacOS with an AMD card (<a href="https://pytorch.org/get-started/locally/" rel="nofollow">https://pytorch.org/get-started/locally/</a>). But I don't think that their market cap will change quickly even if this happens. Many people have been bought AMD cards in the past because they are cheaper and then died waiting for AMD to have a mature CUDA equivalent. Nobody is going to be quickly buying AMD cards as soon as the software is good- they will gradually change when they replace NVDA hardware, and not everyone is going to make that choice.<p>If I were making a bet (and I'm not), I'd bet that NVDA is overvalued right now and their growth will slow to correct this but it won't crash, and I'd bet that AMD will gradually increase in value to reward them for software investments, but it won't spike as soon as their software looks good. Neither of these things would I want to put a lot of money on, since they are long term bets, and if you're going long then you might as well just invest in the broader market. And even if I thought that NVDA was going to crash and AMD was going to spike, I still wouldn't bet because I have no idea whether it would happen in the next 6 months or 6 years.