AMD
Advanced Micro Devices, Inc.
AMD has the edge over GDS overall, supported by stronger fundamentals and stronger modeled upside.
GDS
GDS Holdings Limited
GDS's outlook is improving, though it still trails on the overall score.
AMD Fundamentals
| Metric | Status |
|---|---|
| Strong | |
| Strong | |
| Strong | |
| Strong |
AMD's revenue, profitability, cash flow and balance sheet are all currently strong.
GDS Fundamentals
| Metric | Status |
|---|---|
| Stable | |
| Healthy | |
| Weak | |
| Weak |
GDS's profitability is currently healthy, and its revenue is stable, but its cash flow and balance sheet are weak.
AMD PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Forward | 39x | $585 | — |
| Cheap | 40x | $182 | -69% |
| Fair | 112x | $514 | -12% |
| Current | 127x | $585 | — |
| Expensive | 206x | $947 | +62% |
Historical ranges are pointers, not guarantees.
AMD's PE is in its fair range at 127x. If earnings grow as analysts expect, today's price would be 39x next year's earnings, in its cheap range.
GDS PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Current | 9.8x | $20.05 | — |
| Cheap | 11x | $22.42 | +12% |
| Fair | 21x | $43.89 | +119% |
| Expensive | 52x | $106 | +430% |
Historical ranges are pointers, not guarantees.
GDS has the edge over AMD in the historical PE scenario, which offers more potential upside but is not a forecast.
AMD Forward outlook
| Metric | Outlook |
|---|---|
| Strongly improving | |
| Strong growth | |
| Strong growth | |
| Strongly improving | |
| Broad | |
| Low |
Analysts expect strong earnings and revenue growth for AMD, with profitability improving. However, they disagree widely on these estimates.
GDS Forward outlook
| Metric | Outlook |
|---|---|
| -- | |
| Returning to profit | |
| Growth | |
| Improving | |
| Limited | |
| High |
Analysts expect GDS to return to profit, with revenue growing.
AMD Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $15.05 | +227% |
| Q3 2026 | $4.60 | +127% |
| Q2 2026 | $3.89 | +122% |
| Q1 2026 | $3.05 | +123% |
| Q4 2025 | $2.65 | +165% |
| Q3 2025 | $2.03 | +81% |
| Q2 2025 | $1.75 | +111% |
| Q1 2025 | $1.37 | +99% |
| Q4 2024 | $1.00 | +89% |
AMD has the stronger earnings trend. Trailing diluted EPS is up 127% for AMD versus GDS down 40%.
GDS Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Q3 2024 | -$3.24 | -$2.14 |
| Q2 2024 | -$3.43 | -$2.40 |
| Q1 2024 | -$3.43 | -$2.27 |
| Q4 2023 | -$3.54 | -$2.30 |
| Q3 2023 | -$1.10 | +$0.27 |
| Q2 2023 | -$1.03 | +$0.33 |
| Q1 2023 | -$1.16 | +$0.14 |
| Q4 2022 | -$1.24 | -$0.16 |
GDS has returned to profit: it earned $2.05 per share over the past year, after losing money the year before.
AMD Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $13.4B | +45% |
| Q2 2026 | $11.5B | +50% |
| Q1 2026 | $10.3B | +38% |
| Q4 2025 | $10.3B | +34% |
| Q3 2025 | $9.2B | +36% |
| Q2 2025 | $7.7B | +32% |
| Q1 2025 | $7.4B | +36% |
| Q4 2024 | $7.7B | +24% |
AMD has the edge over GDS on sales, with more consistent year-over-year improvement.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | 21% | +7.4 points |
| Q2 2026 | 17% | +19 points |
| Q1 2026 | 14% | +3.6 points |
| Q4 2025 | 17% | +5.7 points |
| Q3 2025 | 14% | +3.1 points |
| Q2 2025 | -1.7% | -6.4 points |
| Q1 2025 | 11% | +10 points |
| Q4 2024 | 11% | +5.8 points |
AMD has the edge over GDS on profitability, with a higher operating margin.
GDS Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q2 2026 | $462.1M | +6.2% |
| Q1 2026 | $505.3M | +24% |
| Q4 2025 | $438.5M | +54% |
| Q3 2025 | $433.3M | +10% |
| Q2 2025 | $435.2M | +2.6% |
| Q1 2025 | $408.7M | +3.6% |
| Q4 2024 | $285.5M | -26% |
| Q3 2024 | $393.1M | +4% |
GDS's revenue has grown year over year for six quarters in a row: $462M last quarter, up 6.2% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q2 2026 | 14% | -0.1 points |
| Q1 2026 | 27% | +14 points |
| Q4 2025 | 13% | -3.5 points |
| Q3 2025 | 13% | +0.9 points |
| Q2 2025 | 14% | +3.1 points |
| Q1 2025 | 13% | +5.1 points |
| Q4 2024 | 17% | +132 points |
| Q3 2024 | 12% | +8.4 points |
GDS's operating margin was 14% last quarter, about level with the same quarter a year ago.
AMD Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | $554M | -71% |
| Q2 2026 | $1.6B | -9.9% |
| Q1 2026 | $2.6B | +253% |
| Q4 2025 | $2.4B | +118% |
| Q3 2025 | $1.9B | +283% |
| Q2 2025 | $1.7B | +294% |
| Q1 2025 | $727M | +92% |
| Q4 2024 | $1.1B | +351% |
AMD has the edge over GDS on cash generation, producing positive trailing cash flow while its opponent burns cash.
GDS Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q2 2026 | $24.3M | +$78.4M |
| Q1 2026 | -$48.4M | -$14M |
| Q4 2025 | -$2M | -100% |
| Q3 2025 | -$102.8M | -$80.8M |
| Q2 2025 | -$54.1M | +$172M |
| Q1 2025 | -$34.4M | +$125.9M |
| Q4 2024 | $625.5M | +$680.8M |
| Q3 2024 | -$22M | +$123.3M |
GDS has burned cash in almost every quarter: −$129M over the past year, against $515M the year before.
AMD Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | +0.1% | +2M shares |
| 1 year | +1.2% | +20M shares |
| 3 years | +2% | +32M shares |
| 5 years | +35% | +431M shares |
| Available history | +40% | +473M shares |
AMD has the edge over GDS on shareholder dilution, with a more favorable share count trend.
| Quarter | Spent |
|---|---|
| Q3 2026 | — |
| Q2 2026 | — |
| Q1 2026 | $221M |
| Q4 2025 | — |
| Q3 2025 | $89M |
| Q2 2025 | $478M |
| Q1 2025 | $749M |
| Q4 2024 | $256M |
AMD has spent almost nothing on buybacks in the past year.
GDS Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | +2.2% | +5.5M shares |
| 1 year | +15% | +34.8M shares |
| 3 years | +41% | +76.1M shares |
| 5 years | +44% | +78.8M shares |
GDS has 259M diluted shares, up 15% from a year ago.
| Quarter | Spent |
|---|---|
| Q2 2026 | — |
| Q1 2026 | — |
| Q4 2025 | — |
| Q3 2025 | — |
| Q2 2025 | — |
| Q1 2025 | — |
| Q4 2024 | — |
| Q3 2024 | — |
GDS hasn't bought back shares in the past year.
AMD Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q2 2020 | -1.0x | Net Cash |
| Q1 2020 | -0.8x | Net Cash |
| Q4 2019 | -1.2x | Net Cash |
AMD has more cash than debt.
GDS Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q2 2026 | 5.8x | High |
| Q1 2026 | 5.7x | High |
| Q4 2025 | 5.5x | High |
| Q3 2025 | 4.6x | High |
| Q2 2025 | 5.9x | High |
| Q1 2025 | 6.3x | High |
| Q4 2024 | 8.0x | High |
| Q3 2024 | 25.7x | High |
GDS's net debt is about 5.8 years of its operating earnings (EBITDA), down from 5.9 years a year ago.
AMD Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 59.3 | Neutral |
| Stochastic | 41.4 | Neutral |
AMD's weekly RSI is 59 (neutral) and its Stochastic is 41 (neutral).
GDS Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 30.5 | Neutral |
| Stochastic | 7.0 | Oversold |
GDS's weekly RSI is 31 (neutral) and its Stochastic is 7 (oversold).
AMD PE vs Technology Sector
| Metric | AMD | Sector median | Relative |
|---|---|---|---|
| PE | 127x | 28x | 357% above |
| PE % | 61 | 35 | 26 pts above |
AMD is trading at 127x earnings, a 357% premium to the Technology sector's median of 28x.
GDS PE vs Technology Sector
| Metric | GDS | Sector median | Relative |
|---|---|---|---|
| PE | 9.8x | 28x | 65% below |
| PE % | 0 | 35 | 35 pts below |
GDS has the edge over AMD on valuation relative to its sector.
AMD Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $557.2 | 5.1% above |
| 20 week MA | $525.9 | 11% above |
| 50 week MA | $389.7 | 50% above |
| 100 week MA | $266.9 | 119% above |
| 200 week MA | $199.6 | 193% above |
AMD has the edge over GDS on trend strength, trading above more of its moving averages.
GDS Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $25.1 | 20% below |
| 20 week MA | $29.3 | 32% below |
| 50 week MA | $35.6 | 44% below |
| 100 week MA | $33.1 | 39% below |
| 200 week MA | $23.0 | 13% below |
GDS is in a downtrend: it's below all five of its weekly moving averages, and 13% below its 200-week average.
AMD Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $46.2 | $91.8 | +99% |
| 2021 | $91.8 | $146.1 | +59% |
| 2022 | $146.1 | $64.5 | -56% |
| 2023 | $64.5 | $147.4 | +128% |
| 2024 | $147.4 | $125.2 | -15% |
| 2025 | $125.2 | $215.0 | +72% |
| 2026 YTD | $215.0 | $585.3 | +172% |
AMD has the edge over GDS on returns for 2026, with the stronger performance.
GDS Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $51.7 | $91.3 | +77% |
| 2021 | $91.3 | $47.1 | -48% |
| 2022 | $47.1 | $19.4 | -59% |
| 2023 | $19.4 | $9.12 | -53% |
| 2024 | $9.12 | $22.3 | +144% |
| 2025 | $22.3 | $35.4 | +59% |
| 2026 YTD | $35.4 | $20.1 | -43% |
GDS's yearly returns have swung widely, from +144% in 2024 to −59% in 2022. It's down 43% so far in 2026.