The Market Is Buying Again! Strong Revaluation at Infineon Technologies, Advanced Micro Devices, and Antimony Resources

Advanced Micro Devices (AMD) – When the Valuation Simply Triples

Hard to believe, but it has become a reality. For the American chip manufacturer AMD, revenue is likely to jump from USD 34.6 billion in 2025 to over USD 100 billion by 2028. From the perspective of many market observers, the most recent quarter marked a turning point in the semiconductor industry's AI race. Revenue jumped 38% to around USD 10.3 billion, while the data center business exploded by as much as 57%, becoming the group's most important growth driver for the first time. Analysts were particularly impressed that AMD clearly exceeded expectations in both revenue and profit while also presenting an exceptionally strong outlook for Q2. The euphoria is based primarily on the assumption that hyperscalers, cloud providers, and tech-savvy companies are massively expanding their investments in AI data centers, and that AMD is benefiting disproportionately from this with its EPYC processors and Instinct accelerators.

Nevertheless, the question remains valid as to whether a valuation that has nearly tripled within a short period of time is fundamentally justifiable, as even optimistic analysts are now warning of a very ambitious valuation and extremely high market expectations. AMD must now prove that the current wave of demand is not just short-term AI hype but can be translated into lasting market share, margins, and large-scale long-term contracts. At the same time, many investors currently view AMD as one of the few companies that could take at least some market share away from Nvidia in the AI sector. Many investment banks, such as RBC, Goldman Sachs, and D.A. Davidson, subsequently raised their price targets significantly on the LSEG Refinitiv platform—from USD 228 at the start of the year to the current USD 443—driven by 43 "Buy" ratings. The catch: AMD already hit a high of USD 470 last week and then fell back to USD 400. This is super exciting for traders, but for fundamental investors, a 2026 P/S ratio of 12 paired with a P/E ratio of 56 might be a bit too much of a good thing.

Infineon Technologies – German Engineering in International Demand

Joining the ranks of international chip companies is the Munich-based high-tech group Infineon. The near-bankruptcy in 2008–2009 continues to serve as a reference point in the background, as it demonstrates how heavily Infineon once relied on semiconductor cycles and how quickly overcapacity can lead to crises. Currently, however, scarcity is likely the bigger issue. The current euphoria is therefore fueled less by short-term growth and more by a structural positioning as an enabler of electrification, energy efficiency, and, increasingly, AI infrastructure through patented power semiconductors. They have recently been in extremely high demand. Whether Infineon can ultimately keep pace with the US hyperscalers in terms of growth depends less on revenue momentum than on margins, pricing power, and the ability to gain a foothold in high-end silicon carbide and GaN technologies. At the same time, supply chain risks remain, particularly regarding critical substrates. Despite all the euphoria and a 100% stock price increase in 2026, geopolitical tensions between China, Europe, and the US remain a variable that continues to limit the predictability of the business cycle. The Munich-based company generated just EUR 14.7 billion in revenue in 2025; estimates suggest this will grow to EUR 16.2 billion in 2026. The same applies here: a 2026 P/E ratio of 37 after 18 last year—we have seen this before during the tech boom of the 2000s. Back then, however, valuations were over 70 times earnings. A wild ride that could go even further or turn into a frenzied rodeo!

Antimony Resources – The Train is Just Picking Up Speed

In the current environment, every opportunity regarding critical metals remains particularly important for the high-tech and defence industries. In a short time, antimony has evolved from a niche metal into a strategic bottleneck, fueled by geopolitical tensions and an increasingly tight supply situation. China continues to dominate the market, accounting for around 70% of global production, while prices have risen from about USD 15,000 to over USD 60,000 per ton. With the Bald Hill project, Antimony Resources possesses a promising deposit of this sought-after metal. What is next?

For a young company, the latest drilling results remain extremely important. The focus is primarily on the new high-grade assay results from the ongoing 2026 drilling program, which suggest a significant upgrade of the project. For instance, exceptionally high grades of up to 26.9% antimony and 13.9% in stibnite-bearing zones were identified in several drill holes. At the same time, the results show not only isolated high grades but also significant thicknesses of up to 15 m, indicating a robust mineralized system. It is particularly noteworthy that these high-grade sections are located at depths ranging from over 350 to just under 500 m, further confirming the vertical extension potential.

CEO James R. Atkinson discusses current developments in an interview with IIF host Lyndsay Malchuk.

https://youtu.be/AcaRJnRlx_8

With a planned total drilling program of approximately 18,000 m, the potential of newly identified zones such as Marcus, Central, and South will also be systematically tested for the first time. In addition, exploration will be expanded to the entire project area, which covers approximately 37 km², to define additional target structures. As a result, Bald Hill is increasingly moving toward a robust resource definition. However, the investment case is coming into the spotlight due to the military demand component, which accounts for about one-third of the thesis. Antimony is used in armour-piercing ammunition, in hardened alloys, and in flame-retardant systems for military platforms. Of course, the focus remains on applications in batteries and electronics for drones, communication systems, and modern combat operations. While the US aims to gradually increase its defence budget to USD 1.5 trillion (up from USD 919 billion in 2025), NATO countries are now also investing 3.5 to 5% of their GDP in defence and armaments. Antimony Resources has already managed to reach a market capitalization of CAD 77 million in 2026. Investors are now awaiting an initial NI 43-101 resource estimate, after which the doors should open for further financing. GBC Research envisions a share price of CAD 3.00 within 12 months. Given continued scarcity and strained supply chains, this is an achievable target. Highly interesting!

The rally in the tech sector is driven by shortages and geopolitical uncertainty. AI technology and the demand for data centers are increasingly becoming a self-sustaining trend. Climate targets and CO₂ discussions have quickly faded under this regime, and global energy demand is set to grow by 5-7% per year. This requires critical metals in excess quantities that are difficult to scale. The investment case for metal resources, therefore, remains bullish despite temporary setbacks!