Analysis indicates that AMD's Q2 data center revenue surged 107% year-over-year, yet its forward P/E ratio stands at a high 65x. In contrast, Google Cloud's business grew 82%, with a P/E ratio of only 14x and a backlog of $514 billion in cloud service orders. Despite AMD's stock price climbing 117.4% year-to-date compared to Google's 9.41% increase, analysts personally favor Google, believing it is undervalued.