AMD stock is up nearly 200% this year, getting a recent bump from reports of a 10% price hike in Q4. The valuation is looking high right now. Even using 2027 earnings estimates, AMD's forward P/E is around 40. For comparison, Nvidia is trading at 14.6 and Broadcom at 18.8 times forward earnings. AMD's data center business grew 107% year over year in Q2. That is a solid number, but Nvidia grew 117% and Broadcom grew 221% in the same space. It seems tough to justify AMD trading at more than double the multiple of its peers when they are growing at a faster rate.