[AMD's post-earnings slide](https://www.marketwatch.com/story/3-reasons-amds-stock-is-falling-in-the-face-of-its-latest-earnings-report-c2e16c71?mod=mw_rss_topstories) masks a deeper structural challenge: chipmakers face diverging cash generation profiles as capex demands intensify. NVDA converts net margin into free cash flow against in assets; AMD's 13.5% margin on $10.3B revenue yields only $2.6B FCF, forcing asset-light positioning just to service its capital base.

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