Fyi, Amazon's P/e was even 1.100 at a time. P/e is not the best indicator for a company investing/researching and selling in lower prices. The AMD product line-up proves that they are investing a lot.
What I see lately is that AMD is raising prices. This seems like a good indicator of how they are positioning themselves versus the market.
Lots of room if they break Intel's monopoly though.
Intel had 16 billion revenue in 2018 and AMD "profits" from TSMC and their clients ( eg. Apple, Nvidia,... )
In the server market, it seems that they are partially breaking Intel's monopoly. Today's news in Intel won't change that perspective. P/e is also a bad ratio if a company invests a lot.
But yeah, a lot of hype on the stock.
Intel is keep getting hit hard though. Benchmarks, security issues, delays, failing at 7-10nm. They are currently still holding the monopoly though.