Group 1 - Dow Jones futures rose slightly, along with S&P 500 futures, while Nasdaq futures edged higher [1] - Advanced Micro Devices (AMD) and Lumentum Holdings (LITE) were highlighted as key earnings movers after the market close [1] - The stock market rally saw major indexes retreat, with the Nasdaq breaking below key support levels [1] Group 2 - The Nasdaq experienced its fourth distribution day in five trading sessions, indicating a sell-off in software stocks [1] - Despite a beat-and-raise earnings report, AMD's stock dropped [1] - Lumentum reported strong earnings and revenue, exceeding expectations [1]

硬·AI 作者 | 李 丹 AMD Q4营收超百亿美元创新高、保持30%以上同比增速，EPS盈利增长放缓但较分析师预期高近16%，数据中心收入 增至创纪录的54亿美元，MI308芯片在华销售收入约3.9亿美元，美出口限制造成2025年约4.4亿美元的存货及相关费用 项影响；Q1营收指引中值98亿美元，略高于共识预期，但低于超过100亿美元的部分乐观预期。CEO：预计未来三到五 年数据中心收入每年增长60%。 编辑 | 硬 AI 英伟达的劲敌AMD公布，去年第四季度营收和EPS盈利继续两位数大增，且增长强于华尔街预期，但本季 度的营收指引不够炸裂，体现出AMD在AI芯片市场的突围仍需时日。 AMD预计，一季度营收在95亿至101亿美元，区间中值约98亿美元，略高于分析师共识预期93.9亿美元， 而部分更乐观的分析师预期超过100亿美元。公司指引令一些原本希望看到AI计算支出能带来更大回报的 投资者失望。 AMD的CEO苏姿丰在业绩电话会上说，服务器CPU需求"非常强劲"。AI业务正在加速。十大AI公司中有八 家使用AMD的Instinct芯片支持生产工作负载。预计未来三到五年数据中心收入每年增长60%，2027 ...

分组1 - The article promotes a subscription service called Beyond the Wall Investing, which provides high-quality analysis of Wall Street buying and selling ideas [1] - Daniel Sereda is highlighted as the chief investment analyst at a family office, emphasizing his expertise in navigating vast amounts of information to extract critical investment ideas [1] - The investing group offers access to information prioritized by institutional market participants, indicating a focus on professional-grade analysis [1]

Core Viewpoint - Nestle has expanded its infant formula recall to include an additional batch of Guigoz formula following France's decision to lower the maximum threshold for cereulide toxin [1] Company Summary - The recall involves a new batch of Guigoz formula, indicating a proactive response by Nestle to regulatory changes in France [1] - The action reflects Nestle's commitment to consumer safety and adherence to updated health standards [1] Industry Summary - The decision by France to lower the maximum cereulide toxin threshold may impact the infant formula industry, prompting other companies to reassess their product safety measures [1] - Regulatory changes in food safety standards can lead to increased scrutiny and potential recalls across the industry, affecting market dynamics [1]

我真是做梦都没想到，这辈子还能看到英特尔主动跑去当小弟的事情。 就在前几天的财报会议上，谈到公司持续简化服务器产品路线图的举措时，英特尔新掌门陈立武透露："我们在与英伟达紧密合作，打造一款完全集成其 NVLink技术的定制版至强处理器，为AI主机节点带来一流的x86性能。" 消息一出，让整个科技圈都炸锅了：英特尔要和英伟达联手，开发一款专门为AI设计的定制版至强Xeon处理器？ （图源：wccftech） 掐指一算，这也是英伟达去年投资50亿美元，收购英特尔的部分股份后，双方在硬件上的第一次实质性合作。 这事儿要是放在五年前，甚至三年前，绝对是天方夜谭。 但现在，陈立武这波操作，可以说英特尔已经不准备跟英伟达硬刚谁才是AI老大了，而是退了一步说：老黄，既然大家都要买你的显卡，那不如我专门做 个CPU来配合你，咱们搭伙过日子吧。 要知道，当年那颗E3-1230 v2可是被捧上神坛的垃圾佬神U，花着不到i3的钱就能享受i7的性能。再往后，那些从国外服务器机房淘汰下来的E5处理器漂洋 过海，配合着华强北魔改的X79、X99主板，让多少预算吃紧的学生党和图吧老哥望眼欲穿。 而这次陈立武狠心找英伟达借力，肯定是希望能够 ...

Core Viewpoint - Nvidia's stock performance is influenced by Advanced Micro Devices' (AMD) earnings report, particularly regarding AMD's comments on sales in China [1] Group 1: Company Performance - Nvidia's stock reaction indicates market sensitivity to competitor performance and commentary, especially in key markets like China [1] Group 2: Industry Insights - The semiconductor industry is experiencing fluctuations based on earnings reports from major players, highlighting the interconnectedness of company performances [1]

业绩简评 AI 芯片导入客户不及预期；AI 芯片产能不及预期；产品研发不及 预期；市场竞争加剧风险；商誉减值风险；存货减值风险。 2026 年 2 月 4 日公司披露 25Q4 业绩。25Q4 公司实现营收 102.7 亿美元，同比+34%，GAAP 毛利率为 54%，GAAP 净利润为 15.11 亿 美元，同比+213%。25Q4 公司 Non-GAAP 毛利率为 57%，Non-GAAP 净利润为 25.19 亿美元，同比+42%。 公司预计 26Q1 营收为 98±3 亿美元（其中包括 1 亿美元 MI308 对 华销售），同比+32%，环比-5%，Non-GAAP 毛利率预计为 55%。 经营分析 公司数据中心业务维持高景气度，25Q4 公司数据中心收入达到 53.8 亿美元，同比+39%。数据中心收入 26Q1 预计实现环比增长， 相比过去 Q1 季节性的环比下滑体现数据中心 CPU 的强大需求。公 司预计 26Q1 数据中心 GPU、CPU 都将实现环比增长。长期来看， 公司预计 3~5 年以内数据中心部门的年收入增长率将超过 60%， 2027 年有望成为公司 AI 业务规模化的重要节点，27 ...

智通财经APP获悉，近日，AMD(AMD.US)召开了2025年四季度财报电话会。MI450系列开发进展非常 顺利，下半年推出并开始生产的计划正按部就班进行。客户合作持续推进顺利，与 OpenAI 的合作关系 稳固，相关产能提升计划将从下半年持续至 2027 年，目前一切按计划进行。 同时，AMD还与众多其他客户密切合作，鉴于产品优势，他们也对快速提升 MI450 用量非常感兴趣。 公司看到这在推理和训练领域都存在机会。因此，公司对 2026 年整体数据中心增长感到非常满意，并 且对于2027 年实现数百亿美元的数据中心 AI 营收也充满信心。 Q&A 问答 Q：关于 2027 年 AI 营收预期，以及 MI455 和 Helios 平台下半年的需求情况，能否谈谈客户合作进 展？ A：MI450 系列开发进展非常顺利，下半年推出并开始生产的计划正按部就班进行。客户合作持续推进 顺利，与 OpenAI 的合作关系稳固，相关产能提升计划将从下半年持续至 2027 年，目前一切按计划进 行。 同时，我们还与众多其他客户密切合作，鉴于产品优势，他们也对快速提升 MI450 用量非常感兴趣。 我们看到这在推理和训练领域 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for future performance [4]. Core Insights - The company reported a revenue of $10.27 billion for Q4 2025, representing a year-on-year increase of 34%, with a GAAP net profit of $1.511 billion, up 213% year-on-year [2]. - The data center business remains robust, with Q4 2025 revenue reaching $5.38 billion, a 39% increase year-on-year. The company anticipates continued growth in this segment, projecting a revenue growth rate exceeding 60% over the next 3-5 years [3]. - The company expects Q1 2026 revenue to be around $9.8 billion, reflecting a 32% year-on-year increase but a 5% decrease quarter-on-quarter, primarily due to seasonal factors in consumer electronics [3]. Summary by Relevant Sections Performance Review - For Q4 2025, the company achieved a GAAP gross margin of 54% and a Non-GAAP gross margin of 57%. The Non-GAAP net profit for the same quarter was $2.519 billion, a 42% increase year-on-year [2]. Business Analysis - The company forecasts that both data center GPU and CPU revenues will grow quarter-on-quarter in Q1 2026, driven by strong demand for data center CPUs. The company is optimistic about the CPU market, expecting high double-digit growth in 2026 [3]. - The company anticipates significant revenue from the MI400 series products in the second half of 2026, with the MI500 series expected to launch in 2027 [3]. Profit Forecast and Valuation - The company is projected to achieve GAAP net profits of $7.715 billion in 2026, $10.970 billion in 2027, and $14.377 billion in 2028, reflecting substantial growth rates [4][9].

该股在周二常规交易时段收盘下跌1.7%，年内累计涨幅达13.1%。 AMD股价周三在法兰克福早盘交易中下跌超6%，此前该公司预计季度营收小幅下滑，市场担忧其能否 在蓬勃发展的人工智能市场中有效挑战英伟达。 来源：环球市场播报 ...