I want AMD to do well as I live in Austin and used to work there. However, I still have trouble seeing them be able to monetize the hype that currently surrounds them. Their financials still look terrible.
The potential of their new products is great and appear to be getting solid performance reviews. They could absolutely come back and become a really profitable company with their current product pipeline. AMD gaining just a little share on Intel in the server space should have a significant impact on their financials. However, when you really look at the long term I have concerns. The lead architect (Jim Keller - a legend in the Semi-conductor industry) left over a year ago. His designs are in place for this architecture (which typically have 5 year life cycle), but what happens next go around? I still don't trust AMD to be able to battle Intel and Nvidia long term when those companies are so much healthier financially.
The margins of Intel and Nvidia dominate AMD's margins. Even if AMD's products were truly superior (which they aren't, they are just starting to catch up with this new technology), Intel and Nvidia could just get in a price war if needed and it would be tough for AMD to compete.
I want to be wrong, but I think it's unwise to think of AMD as anything other than a speculation stock with a high risk/high reward potential at these price points. I could see it doubling this year, but I could also easily see it dropping to single digits again.