Earlier quoted context omitted.
The market used to think AMD was hosed. About 5 years ago, the stock was worth less than 2$. Now its more than a 100$. ¯\_(ツ)_/¯
Right but the key difference is that post-recovery AMD is fabless, because they spun off their fab business. AMD's stock can jump like this, because its value is based more closely on its designs. Intel is not taking that approach. One amazing chip design isn't going to massively change their fortunes, and they are heavily sunk in x86, which is not the chip series the market is most interested in. One meaningful path…
When AMD was at 2$, the story was that their chips designs are shit, slow, overheating etc. And since they had just flogged off their foundry they didn´t have access to any useful process, thus the chips were more slow and hot and power hungry. They also tons of debt, and basically no assets, and no way to compete - while Intel had the best chip designs and the best foundries.
We'll see what the story will be going forward.