Stock price is a bet on the future: - intel: uncertain future for their X86 business lines. AMD caught up and even overtook Intel in desktop, laptop and SERVER. Extremely high Capex on Fab business with uncertain outcome. Can they really compete with TSMC, Samsung, etc? No real AI growth story to tell, (yet).

- AMD: took the X86 crown from Intel in some areas. Also suffers from big threat of ARM processors. The bet with AMD is that they will be able to compete with NVIDIA to become a major GPU provider in the AI boom.

Market cap isn't a claim its a calculated figure, same as the data in nabla9's comment. This also doesn't contrast that as the market cap vs actual revenue is reflected in the high P/E ratio AMD has in that comment.