Should You Buy AMD Stock as the AI-Agent Chip Race Heats Up?

Advanced Micro Devices (NASDAQ: AMD) is gaining traction in the AI-agent chip race, but the article frames a key investor dilemma: whether the technology’s market impact justifies the stock’s valuation. It describes “agent computers” as always-on systems powered by AMD’s Ryzen AI Max+ processors, using high-performance x86 architecture and large unified memory pools. The company hasn’t broken out revenue specifically from AI agent computers, but AMD says its client business accounted for about 27% of revenue in the first half of 2026 and grew 24% year over year. Total first-half 2026 revenue was nearly $22 billion (+44%), while net income rose 133% to about $3.7 billion. Still, valuation is the headwind: the stock trades at about 156 times earnings, with a forward P/E of 80, far above Nvidia’s 29.