（原标题：?AI算力需求持续井喷 花旗高呼AMD(AMD.US)为"山丘之王" 力压英伟达与博通） 智通财经APP获悉，尽管近期全球股市的芯片/半导体板块经历了一波回调，但华尔街金融巨头花旗集 团的半导体分析师团队表示，在与半导体业内资深工程师以及市场上的主流机构投资者们交流后，分析 师与投资者们对多家与AI算力基础设施密切相关的芯片公司依然持强力看涨态度，其中英伟达在PC与 数据中心芯片领域的最强劲竞争对手AMD(AMD.US)获评"最受青睐"的个股，被花旗视为"山丘之 王"(king of the hill)，力压另外两大AI芯片巨头——英伟达(NVDA.US)与博通(AVGO.US)。 据了解，在AMD上周举行的分析师日活动上，AMD首席执行官苏姿丰给出了非常乐观的人工智能(AI) 算力芯片市场预期，并预计未来五年AMD业绩将呈现更加强劲的增长轨迹。苏姿丰公布了AMD未来三 到五年的财务基本面目标，她表示，AMD的目标是在数据中心人工智能芯片市场中占据"两位数"份 额，预计AMD数据中心芯片年营收将在五年内达到1000亿美元(相比之下当前约160亿美元)，预计到 2030年利润增长两倍以上。 苏姿丰还预 ...

Core Viewpoint - Despite recent pullbacks in the global semiconductor sector, Citigroup's semiconductor analysts maintain a bullish outlook on several AI-related chip companies, particularly highlighting AMD as the "king of the hill" in competition with Nvidia and Broadcom [1][6]. Group 1: AMD's Market Position and Growth Projections - AMD is recognized as a key competitor to Nvidia in the AI computing infrastructure space, with expectations of significant market share growth in the AI data center chip market, aiming for a "double-digit" share and projected annual revenue of $100 billion within five years, up from approximately $16 billion currently [1][2]. - AMD's CEO, Lisa Su, forecasts that the total addressable market (TAM) for AI data centers will exceed $1 trillion by 2030, representing a compound annual growth rate (CAGR) of over 40% from around $200 billion this year [2]. - AMD's third-quarter revenue surged by 36% year-over-year to $9.25 billion, surpassing Wall Street's average expectation of $8.7 billion, primarily driven by its data center business [3]. Group 2: Strategic Partnerships and Competitive Landscape - AMD has secured a significant 6GW AI GPU power procurement agreement with OpenAI, enhancing market optimism regarding its fundamentals and future valuation [3]. - The company is also gaining market share from Intel in the PC and data center server GPU and CPU segments, driven by strong demand for innovative AI-enabled products [4]. - Recent price increases in high-performance DRAM and NAND products, along with robust earnings from major players like TSMC and Samsung, bolster the long-term bullish narrative for AI computing infrastructure [4]. Group 3: Investor Sentiment and Future Earnings - Analysts from Citigroup express strong buy sentiment for AMD, projecting a future earnings per share (EPS) of $20 within three to five years, reinforcing the company's revenue and profit margin targets [5]. - Nvidia, while historically a leader in AI computing, is experiencing reduced investor enthusiasm due to expectations of slower EPS growth compared to AMD and Broadcom [6]. - Intel's improving server CPU business and positive sentiment around its foundry operations suggest a potential resurgence, although concerns remain about its path to profitability in the foundry segment [7]. Group 4: Analog Devices and Market Trends - In the analog chip sector, investor sentiment remains pessimistic, but Analog Devices (ADI) is viewed as a notable exception, with expectations of a strong recovery despite the overall sluggishness in the segment [8]. - Texas Instruments is perceived as a primary short target within the analog chip space, as market consensus anticipates continued downward revisions of its EPS [8].

Group 1 - A-shares experienced a collective rise on November 19, with the Shanghai Composite Index increasing by 0.19%, led by gains in the communication, non-ferrous metals, and electronics sectors, while the comprehensive and real estate sectors saw declines [1] - The chip technology sector showed strong fluctuations, with the chip ETF (159995.SZ) rising by 0.53% as of 9:44 AM, and notable increases in component stocks such as Rockchip (5.12%), Amlogic (3.89%), Haiguang Information (1.37%), Zhaoyi Innovation (1.25%), and Cambricon (1.08%) [1] Group 2 - Nvidia's Blackwell is expected to achieve a total lifecycle shipment of 20 million units, contributing $500 billion in revenue over the next five quarters with the upcoming Rubin launch in 2026 [3] - AMD reported a record high revenue for Q3 2025, with an estimated 4% quarter-over-quarter growth for Q4 2025, and anticipates a CAGR of over 60% for its data center business [3] - Intel has indicated strong quarter-over-quarter growth in DC AI revenue for Q4 [3] - Domestic AI chip companies in China are maintaining a high growth trend in Q3 2025, although the SoC sector is experiencing a slowdown in growth due to subsidy reductions and rising storage chip prices [3] - The chip ETF (159995) tracks the National Chip Index, comprising 30 leading companies in the A-share chip industry, including SMIC, Cambricon, Changdian Technology, and Northern Huachuang [3]

Core Insights - GlobalFoundries has acquired Singapore-based silicon photonics manufacturer AMF, becoming a leading player in the silicon photonics sector [2] - Silicon photonics technology uses light instead of electrical pulses for data transmission, which is crucial for communication within chips, between components, and across servers [2] - NVIDIA plans to implement silicon photonics technology in its next-generation AI servers to reduce power consumption while increasing data transfer speeds, which is essential for managing millions of GPUs in data centers [2][3] - AMD is also investing heavily in this technology, having established a dedicated R&D center in Taiwan with an investment of nearly $300 million and previously acquiring Enosemi to enhance its competitive edge against NVIDIA [2][3] Industry Trends - The demand for silicon photonics technology is driven by the rapid expansion of AI data centers, which are experiencing significant increases in power consumption and placing pressure on electrical grids [3] - Tim Breen, CEO of GlobalFoundries, emphasized the importance of high-speed, precise, and energy-efficient data transmission for AI data centers and advanced telecommunications networks [3] - Silicon photonics is also a key technology for quantum computing, allowing for systems that do not require low-temperature cooling, making quantum computers more practical and cost-effective [3] Competitive Landscape - Major companies like AMD, NVIDIA, and GlobalFoundries are investing in silicon photonics, but several startups such as Ayar Labs, Celestial AI, and Lightmatter are also developing their own photonic technologies, indicating a competitive landscape [3] - While consumer-grade CPUs, GPUs, and motherboards are not expected to adopt this technology in the short term, it is already being utilized in large servers capable of processing terabytes of data per second [4] - Continued investment in AI data centers is anticipated to drive further research and development in this promising technology [4]

Core Viewpoint - The United States plans to approve the first sale of advanced AI chips to the Saudi Arabian company Humain, marking a significant development amid discussions between Saudi Crown Prince Mohammed bin Salman and U.S. President Donald Trump [1]. Group 1: AI Chip Sales and Agreements - The approval is expected to be part of a broader AI agreement between the U.S. and Saudi Arabia, potentially finalized within the week, allowing for a positive stance on a certain number of chip export applications to Saudi Arabia [1]. - The approved chip quantity is anticipated to reach tens of thousands of semiconductors, although specific details were not disclosed [1][2]. - The agreement follows months of negotiations aimed at alleviating U.S. concerns that semiconductor shipments to Saudi Arabia could ultimately benefit China [2]. Group 2: Humain's Role and Investments - Humain, established by Saudi Arabia's $1 trillion Public Investment Fund, has become central to the country's efforts in leveraging the AI investment boom [3]. - The company has plans to deploy up to 400,000 AI chips by 2030 and has already introduced an Arabic chatbot and other AI tools [3]. - Saudi Arabia's Crown Prince emphasized the importance of AI for economic growth, stating a short-term investment of approximately $50 billion in the semiconductor sector [3]. Group 3: Market Implications - The approval signifies a victory for major semiconductor companies like Nvidia and AMD, which have been seeking to supply the Middle Eastern market [1]. - The U.S. maintains export restrictions on AI chips to China, which adds complexity to the negotiations and agreements with Saudi Arabia [2]. - Humain's competitive advantage includes low energy costs for data centers, which is a significant factor in its appeal to Silicon Valley [3].

Group 1 - The Ministry of Industry and Information Technology aims to establish around 200 high-standard digital parks by 2027, with effective deployment and application of computing infrastructure [1] - The Ministry of Finance has not released any policy documents regarding the implementation of "offshore wallets" and "Hong Kong HSBC" for the distribution of policy benefits in the Guangdong-Hong Kong-Macao Greater Bay Area [1] - The unemployment rate for Chinese youth aged 16-24, excluding students, fell to 17.3% in October [2] - Chongqing plans to achieve an artificial intelligence terminal industry scale of over 300 billion yuan by 2030 [2] - Pinduoduo's latest financial report shows a continuous investment of "100 billion support" for two consecutive quarters, with Q3 net profit declining quarter-on-quarter [2] - Baidu reported Q3 total revenue of 31.2 billion yuan, disclosing AI business revenue for the first time, with a growth rate of 50%, exceeding expectations [2] - Xiaomi Group's Q3 adjusted net profit reached 11.3 billion yuan, a year-on-year increase of 80.9%, surpassing expectations [2] - Xiaomi's Q3 smart electric vehicle and AI innovation business segment achieved operational profitability for the first time in a single quarter [2] - Suining's 38 companies plan to restructure, with a draft stating that Zhang Jindong and his wife must commit to injecting all personal assets into a trust [2] - Saiwei Electronics plans to purchase a portion of equity in Chipone, which focuses on the whole machine field of lithography [2] - Southbound funds significantly net bought Alibaba for 3.3 billion Hong Kong dollars, marking the fourth consecutive day of net buying [2] - Xiamen Tungsten New Energy plans to invest 600 million yuan to establish a wholly-owned subsidiary for a project with an annual production capacity of 50,000 tons of high-performance battery materials [2]

大家早上好！这里是今天的早报，每天早上，我都会在这里跟你聊聊昨夜今晨发生了哪些大事儿。 昨夜今晨 【美股连跌四天，英伟达跌近3%】 当地时间11月18日，美股三大指数集体收跌，道琼斯指数下跌498.500点，跌幅1.07%；标普500指数跌0.83%； 纳斯达克综合指数跌1.21%。 大型科技股多数下挫，亚马逊、AMD跌超4%，微软、英伟达跌超2%，特斯拉跌超1%。 【普京：中国公民赴俄免签政策将于近期生效】 据环球网援引今日俄罗斯（RT）、俄罗斯卫星网报道，当地时间11月18日，俄罗斯总统普京表示，针对中国 公民赴俄免签政策将于近期生效。 报道称，目前，俄罗斯公民可以免签前往中国。 中国外交部发言人郭嘉昆9月2日在例行记者会上表示，为进一步便利中外人员往来，中方决定扩大免签国家范 围，自2025年9月15日至2026年9月14日，对俄罗斯持普通护照人员试行免签政策。俄罗斯持普通护照人员来华 经商、旅游观光、探亲访友、交流访问、过境不超过30天，可免办签证入境。 这项交易体现出云计算和芯片供应商与领先AI开发商之间日益紧密的联系——后者再将资金花回在前者的服 务上。投资者对这类所谓的循环式AI交易愈发担忧，一 ...

This is literally a giant room of creatives all bumping into each other. And I think these types of events inspire so much amazing energy in the world. And that's where the greatest projects come from.We are at Adobe Max. We're actually sitting at the AMD booth. So for the last six months, I've had the ProArt laptop.This thing is amazing. It's just like hitting all the marks for me in terms of my workflow. And I'm just stoked to be talking about it face to face with the people that are also creators here.No ...

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Product Highlight - Lenovo Yoga features adaptive flexibility and AI-driven speed, powered by AMD Ryzen™ A [1] - The product is positioned as an ultra-slim and stylish laptop, emphasizing mobility, intelligence, and power [1] Legal and Trademark Information - The report clarifies AMD's trademark ownership and usage, including the AMD Arrow Logo [1] - Mentions that other names used are for informational purposes and may be trademarks of their respective owners [1] Community Engagement - AMD encourages users to subscribe to their YouTube channel [1] - AMD encourages users to join the AMD Gaming Discord Server and visit the AMD Gaming Community Website [1] - AMD encourages users to follow AMD on various social media platforms, including Facebook, Twitter, Twitch, LinkedIn, and Instagram [1]