As AI becomes more fractured, one names stands out: AMD

As Anthropic rushes to takes its shares public, the AI trade is showing cracks, and they are not confined to fringe players. We recently wrote about CoreWeave, which fell 15.5% on Oct. 14 as yields on its 2032 notes touched 15%, and its default-swap spreads nearly doubled in October. IREN is down more than 20% this year. Last Thursday, the contagion reached chipmakers, which makes sense since much of CRWV and IREN's spending is going there. AMD dropped 8.1% as Meta's financing plans and a supply warning from Lam Research exacerbated data-center fears about the pace of AI spending. Because when you screen for factors that demonstrably generate outperformance over time, the list narrows quickly.