AMD looks cheap relative to how fast it is growing, a bullish read for anyone holding the chipmaker.

• AMD trades at a high earnings multiple, but its projected growth rate is fast enough to justify a much higher price.
• On a growth-adjusted basis, fair value lands near $944 — roughly 50% above where the stock sits now.
• Weaker profit margins than Nvidia are the reason AMD does not deserve quite as rich a valuation.
• Nvidia has already doubled, and Meta is seen as the next easy double.

Outlook: AMD has strong momentum behind it and room to run if growth stays on track.