$Taiwan Semiconductor Manufacturing(TSM)$ For years, AMD has shown that an asset-light model can scale. By outsourcing manufacturing to TSM, it kept capex low while converting strong operating cash flow into free cash flow. That discipline generated $6.7B in FCF during 2025 on just $1B of annual capex. Q2 2026 capex of $808M stands out, but given Lisa Su's capital allocation track record, it feels more like a long-term bet on AI growth than anything concerning.
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