It has not escaped me that in the recent month, AMD's ( NASDAQ: AMD ) share price has rallied strongly. AMD shareholders, who commentate on my articles, persistently tell me that I'm wrong about AMD, and that rally in its share price is evidence that AMD is undervalued. I, on the other hand, could not disagree more. I simply see the rally in AMD's share price, as an increase in risk that shareholders are buying into. Simply put, AMD is too capital intensive, and its present market valuation is too high.