Finally, a glimmer of hope for AMD bulls. With a relatively cheap valuation in terms of free-cash-flow-to-equity versus its goliath competitors, AMD appears to be fairly stable in terms of cash flow. Investors should also take this number with a grain of salt since two of the three quarters that drive this number show a negative reading. This erratic cash flow isn't a recent trend, either. Intel is far from sainthood in regard to free-cash-flow -- it posted a negative free-cash-flow of $1.2 billion in the first quarter of 2009 before snapping back in the following two quarters. AMD has seen a great deal of price appreciation in the past few months, and much of that increase isn't justified by fundamental support. The stock seems more like a speculative bet than something to buy as part of a value-oriented portfolio. Even if AMD surprises with its earnings release, consider passing until performance supports the valuations. If you want to play the chipmakers, look at Intel over AMD. -- Reported by David MacDougall in Boston.