The primary reason behind the absence of a dividend is the high growth of AMD, which makes it much more profitable to invest cash flow back in the business instead of distributing it to the shareholders. As AMD seems to have many years of double-digit earnings growth ahead, it is not likely to initiate a dividend anytime soon. Instead, it is likely to remain focused on its growth initiatives. Shareholders of AMD presumably are completely satisfied as long as the company keeps growing at a fast pace, without initiating a dividend.