Why AMD Makes More Money Per Chip Than Intel Does

Intel spent decades building some of the most advanced semiconductor factories on earth. It designed chips, manufactured them, packaged them, and shipped them. The company employed more than 100,000 people at its peak. It won the PC era and the server era, and it spent accordingly on both. AMD, for most of that same period, was losing money. Then something changed. By the early 2020s, AMD was…