Core Insights - AMD's CEO Lisa Su outlined a long-term vision for the company's AI business, targeting "tens of billions" in annual revenue by 2027, driven by data center AI operations [1][2] - Despite exceeding analyst expectations for Q4 revenue guidance, AMD's stock fell over 3% in after-hours trading, indicating investor concerns about the pace of AI growth [1][3] - The traditional server business outperformed the AI chip segment in Q3, raising questions about AMD's ability to capitalize on the AI boom as anticipated [1][5] AI Revenue Goals - AMD aims to achieve "tens of billions" in annual AI revenue by 2027, marking a new growth phase for its AI business [2] - The company plans to deploy the first 1 GW of MI450 series accelerators in collaboration with OpenAI in the second half of 2026 [2][8] OpenAI Collaboration - AMD's partnership with OpenAI involves deploying 6 GW of Instinct GPUs, with the first 1 GW of MI450 series accelerators set to launch in late 2026 [8][21] - OpenAI's decision to use AMD's platform for complex AI workloads signals confidence in AMD's hardware and software capabilities [8][21] Product Roadmap - The next-generation AI chips, MI400 series, and Helios rack-level solutions are scheduled for release in 2026, with significant commitments from major clients like OpenAI and Oracle [2][9] - AMD's ROCm software ecosystem has seen substantial improvements, with ROCm 7 offering significant performance enhancements and gaining support from developers [2][19] Growth Concerns - Analysts expressed concerns about the short-term growth catalysts for AMD's AI business, especially as traditional server CPU growth slightly outpaced AI GPU growth in Q3 [2][5] - The anticipated transition period before the MI400 series launch raises questions about potential slowdowns in customer procurement of existing products [6][41] Financial Performance - AMD reported record revenue of $9.2 billion in Q3, a 36% year-over-year increase, driven by strong demand across data center, server, and PC segments [14][28] - The data center segment achieved record revenue of $4.3 billion, up 22% year-over-year, primarily due to the strong demand for the MI350 series GPUs [15][29] Market Outlook - AMD expects Q4 revenue to be around $9.6 billion, reflecting a 25% year-over-year growth, driven by strong performance in data center and client segments [32][33] - The company anticipates continued strong demand for its EPYC processors and Instinct GPUs, particularly as cloud providers expand their AI workloads [16][29]

Group 1 - The Shanghai Stock Exchange Sci-Tech Innovation Board 100 Index decreased by 1.46% as of November 5, 2025, with mixed performance among constituent stocks [3] - Jinpan Technology led the gains with an increase of 6.89%, while Sangfor Technologies saw a decline of 9.04% [3] - The Sci-Tech 100 Index ETF (588030) fell by 1.44%, with a latest price of 1.3 yuan, but has seen a cumulative increase of 18.88% over the past three months [3] Group 2 - The number of companies listed on the Sci-Tech Innovation Board has surpassed 590, raising over 900 billion yuan in IPO funds [3] - The first three new registered companies in the Sci-Tech Growth Layer have been introduced, bringing the total to 35, with a year-on-year revenue growth of 35.1% and a net profit reduction of 45.4% for these companies in the first three quarters of the year [3] Group 3 - AMD reported third-quarter revenue of $9.25 billion, a 36% year-on-year increase, with adjusted earnings per share of $1.20, exceeding Wall Street expectations [4] - The company anticipates fourth-quarter revenue of approximately $9.6 billion, indicating a 25% year-on-year growth [4] - AI business growth remains strong, with OpenAI planning to deploy a total of 6 gigawatts of AMD Instinct series GPUs in the coming years [4] Group 4 - The latest scale of the Sci-Tech 100 Index ETF reached 5.731 billion yuan, ranking second among comparable funds [4] - The Sci-Tech 100 Index closely tracks the performance of 100 selected securities from the Sci-Tech Innovation Board, reflecting the overall performance of companies with medium market capitalization and good liquidity [5] - As of October 31, 2025, the top ten weighted stocks in the Sci-Tech 100 Index accounted for 25.77% of the index [5]

Summary of Advanced Micro Devices Inc. (AMD) Conference Call Company Overview - **Company**: Advanced Micro Devices Inc. (AMD) - **Industry**: Semiconductors Key Financial Results - **3Q Revenue**: $9.2 billion, exceeding Goldman Sachs (GS) estimate of $8.92 billion and Street estimate of $8.76 billion [2] - **Gross Margin**: 54.0%, in line with GS at 54.2% and Street at 53.9% [2] - **Operating Margin**: 24.2%, below GS at 25.7% and Street at 24.8% [2] - **Operating EPS**: $1.20, slightly below GS at $1.23 but in line with Street at $1.19 [2] - **Datacenter Revenue**: $4.34 billion, matching GS at $4.31 billion and exceeding Street at $4.19 billion [2] - **Gaming Revenue**: $1.30 billion, significantly above GS at $1.12 billion and Street at $1.09 billion [2] - **Embedded Revenue**: $857 million, below GS at $882 million and Street at $895 million [2] Guidance and Future Outlook - **4Q Guidance**: Revenue expected at $9.60 billion, above GS at $9.20 billion and Street at $9.17 billion [3] - **Gross Margin Guidance**: Non-GAAP gross margin projected at 54.5%, below GS at 55.7% but in line with Street at 54.4% [3] Market Insights - **Datacenter Revenue**: Better-than-expected performance in 3Q indicates a strong AI spending environment, positively impacting AI-related companies like Nvidia and Broadcom [4] - **Investor Sentiment**: Investors were positively positioned ahead of the report due to AMD's partnership with OpenAI and the upcoming Analyst Day on November 11 [1] Risks and Price Target - **Price Target**: Neutral rating with a 12-month target price of $210, based on a 30X P/E multiple applied to a normalized EPS estimate of $7.00 [5] - **Upside Risks**: Increased traction for AMD GPUs, better-than-expected share trends for x86 architecture in servers, and stronger operating expense leverage [5] - **Downside Risks**: Lower-than-expected traction for AMD GPUs and Server CPUs [5] Additional Notes - **Quarterly Performance**: Year-over-year revenue growth of 35.6% and quarter-over-quarter growth of 20.3% [8] - **Market Capitalization**: $423.2 billion with an enterprise value of $418.8 billion [9] - **Analyst Ratings**: The company is rated Neutral, with a significant downside potential of 19.1% from the current price of $259.65 [9]

Key Points Third-quarter revenue and adjusted earnings per share (EPS) exceeded Wall Street's estimates, with the top-line beat a sizable one. Free cash flow was a record $1.53 billion, up 208% year over year. Fourth-quarter guidance for revenue of $9.6 billion sprinted by the analyst consensus estimate of $9.2 billion. 10 stocks we like better than Advanced Micro Devices › Shares of Advanced Micro Devices (NASDAQ: AMD) are down 3.9% as of 7:42 p.m. ET in Tuesday's after-hours trading, following ...

Market Overview - The U.S. stock market experienced a downturn, with major indices like the S&P 500 and Nasdaq showing negative futures [1] - The Dow Jones Industrial Average fell 0.5% to 47,085.24, the S&P 500 dropped 1.2% to 6,771.55, and the Nasdaq decreased 2.04% to 23,348.63 [2] Company Performance Advanced Micro Devices Inc. (AMD) - AMD reported third-quarter revenue of $9.25 billion, exceeding analyst expectations of $8.74 billion [3] - Adjusted earnings per share were $1.20, surpassing estimates of $1.16, driven by growth in the AI data center business [3] - AMD shares fell 3.70% to close at $250.05, with after-hours trading showing a further decline of 4.7% to $238.20 [2] Super Micro Computer, Inc. (SMCI) - Super Micro Computer reported earnings of 35 cents per share, missing the expected 40 cents, leading to a stock decline [4] - Quarterly revenue was $5.01 billion, below analyst estimates of $5.99 billion and down from $5.93 billion a year earlier [4] - The stock dropped 6.40% to $47.50, with after-hours trading showing a decline of 9.5% to $42.99 [3] Upstart Holdings, Inc. (UPST) - Upstart reported earnings of 52 cents per share, beating the estimate of 42 cents, but revenue fell short of expectations [6] - The company projected fourth-quarter revenue of $288 million, below the $303.61 million analyst estimate, and cut its fiscal 2025 revenue outlook to $1.03 billion from $1.05 billion [6] - Shares slid 2.73% to $46.24, plummeting 15.3% to $39.15 in extended trading [5] Pinterest Inc. (PINS) - Pinterest reported third-quarter revenue of $1.05 billion, aligning with analyst estimates, but adjusted earnings of 38 cents per share missed the expected 42 cents [8] - The company forecasted fourth-quarter revenue between $1.31 billion and $1.34 billion, slightly below estimates of $1.34 billion [8] - Shares decreased by 2.39% to $32.91, dropping sharply by 20.09% to $26.30 in after-hours trading [7] Rivian Automotive (RIVN) - Rivian reported third-quarter revenue of $1.56 billion, up 78% year-over-year and above the $1.50 billion estimate [11] - Automotive revenue rose 47% to $1.14 billion, while software and services revenue surged 324% to $416 million [11] - The stock fell 5.23% to $12.50, but gained 3.2% to $12.90 in extended trading [10]

are down after our suspected company topping Wall Street estimates on both the top and the bottom lines. So, Chipmaker's conference call is underway. CNBC's Mackenzie Sagalas has got the latest.Mackenzie, >> hey Mel. So, that earnings beat is being powered by stronger than expected data center revenue. CEO Lisa Sue on the earnings call just now talking about momentum and that business accelerating.Part of why they guided to Q4 revenue that's above street estimates. And that's what investors have been waitin ...

Core Insights - AMD reported earnings that exceeded Wall Street estimates, driven by stronger-than-expected data center revenue, indicating positive momentum in this segment [1][2] - The company has guided for Q4 revenue above street estimates, suggesting that its investments in AI are beginning to yield results [2] - Despite the positive earnings report, AMD's stock experienced a decline after hours, potentially due to gross margins being in line but not exceeding expectations [3] Company Developments - Amazon has liquidated its entire stake in AMD, valued at approximately $117 million, which contributed to a sell-off in AMD shares following the 13F filing [3][5] - The reason for Amazon's initial stake in AMD was linked to its investment in ZT Systems, a server manufacturer that AMD acquired, leading to the conversion of that stake into AMD shares [4][5] - The liquidation of AMD shares by Amazon should not be interpreted as a strategic exit from AMD, but rather a consequence of the previous investment structure [5]

美国主要芯片制造商超威半导体周二（4日）盘后发布的2025财年三季度财报显示，公司当季营收、每 股收益等主要指标都优于预期，但投资者仍担忧AI行业泡沫破裂风险，并未跟进财报利好，超威半导 体股价周二收跌3.7%，当天盘后时段一度跌超3%。 受芯片股与科技股抛售潮影响，美国另一芯片巨头英伟达股价周二收跌3.96%。（总台央视记者 高岩） 编辑：王一帆 ...

Core Insights - AMD is positioned as a significant competitor to Nvidia in the AI GPU market, with expectations of capturing a substantial share of Nvidia's market dominance [1][10] - Recent partnerships with OpenAI and Oracle have heightened market optimism regarding AMD's growth potential and valuation [2][11] - Despite strong Q3 performance, AMD's forward guidance has not met market expectations, leading to a decline in stock price post-earnings report [3][6] Financial Performance - AMD's Q3 revenue increased by 36% year-over-year to $9.25 billion, surpassing Wall Street's average expectation of $8.7 billion [6] - The company reported a significant operating profit increase of 75% to $1.27 billion, with adjusted earnings per share of $1.20, exceeding analyst expectations [6][7] - Q4 revenue guidance is set at $9.6 billion, with a gross margin expectation of 54.5%, aligning with analyst forecasts but falling short of some higher predictions [2][3] Market Position and Strategy - AMD's data center business, which competes directly with Nvidia's offerings, saw a 22% revenue increase to $4.3 billion, outperforming analyst expectations [6][8] - The company is also gaining market share in the PC and gaming sectors, with a 73% revenue increase in related business segments [6][7] - AMD's strategic partnerships are aimed at enhancing its AI GPU offerings and expanding its market presence against competitors like Nvidia and Intel [8][11] Future Outlook - AMD's CEO expressed optimism about significant revenue growth from AI-related businesses, projecting "hundreds of billions" in annual revenue by 2027 [7] - The collaboration with OpenAI includes a multi-year supply agreement for 6GW of AI GPU capacity, indicating strong future demand for AMD's products [11][12] - The performance leap of the MI450 GPU, featuring advanced specifications, positions AMD to compete effectively in the high-performance AI market [12]

Market Overview - Major indexes experienced a decline, with the Dow down 251 points (-0.53%), S&P 500 down 80 points (-1.17%), Nasdaq down 486 points (-2.04%), and Russell 2000 down 43 points (-1.78%) [2] - The trading week has shown a downward trend after reaching all-time closing highs, indicating a potential slide in the market [1][2] AI and Crypto Market Sentiment - AI valuations have become increasingly cautious among investors, following significant investments in AI by major tech players and OpenAI, leading to a more wary outlook on future developments [3] - Bitcoin briefly dipped below $100K, reflecting a similar cautious sentiment in the crypto market [3] Q3 Earnings Reports - **Advanced Micro Devices (AMD)** reported Q3 earnings of $1.20 per share, exceeding expectations, with revenues of $9.25 billion, surpassing the consensus of $8.72 billion. The company raised its revenue guidance for Q4, although shares fell by 2% after a year-to-date gain of over 100% [4] - **Amgen (AMGN)** significantly outperformed expectations with Q3 earnings of $5.64 per share and revenues of $9.56 billion, both exceeding analyst forecasts. The company raised its full-year guidance on both top and bottom lines, with product sales growing by 12% year over year [5] - **Rivian (RIVN)** reported a smaller-than-expected loss of -$0.65 per share against an anticipated -$0.72, with revenues of $1.56 billion exceeding the consensus of $1.46 billion. Positive gross profit in three of the last four quarters contributed to a 3.5% increase in shares during late trading [6] - **Super Micro Computer (SMCI)** had mixed results, beating earnings expectations with 35 cents per share but falling short on revenues at $5.0 billion compared to the predicted $5.05 billion. Despite a rapidly expanding order book, shares dropped by 9% in after-hours trading [7] - **Pinterest (PINS)** missed earnings expectations for the fourth consecutive quarter, reporting 38 cents per share against a consensus of 40 cents, with revenues meeting expectations at $1.05 billion. Despite having 600 million global active users, the company struggled to convert this into higher sales, leading to an 18% drop in shares after the close [8]