Premium AI infrastructure multiples do not wait for ecosystem proof — they arrive when momentum is undeniable and leave when it disappoints. The investor logic applied to AMD is explicit: re-rate it from a cyclical semiconductor company to an AI infrastructure compounder the way the market re-rated Nvidia a year earlier [6]. The revenue supports the move. AMD's data center segment grew 57% year-over-year [3], and the surrounding supply chain — CoreWeave, Astera Labs, Samsung's HBM business — is growing faster, confirming that capital is concentrating in the infrastructure foundation…