Core Viewpoint - AMD is experiencing significant growth in both its data center and CPU businesses, with strong performance expected to continue into 2026, driven by increasing demand for AI and compute capabilities [2][4][5]. Group 1: Business Performance - AMD's data center business has shown remarkable strength, contributing to the company's overall success [2][4]. - The CPU business is described as "on fire," indicating robust demand and performance, which analysts have overlooked [5][6]. - The company anticipates a major inflection point in 2026, with new product launches expected to enhance growth [10][12]. Group 2: AI and Market Trends - There is an accelerating demand for AI capabilities from hyperscalers and enterprises, which is foundational for AMD's growth [9][15]. - The company is witnessing a surge in AI workloads, necessitating optimized compute solutions for both training and inference [12][16]. - AMD's upcoming MI450 series and Helios rack systems are positioned to capitalize on the growing AI market [13][10]. Group 3: Future Outlook - AMD's guidance for the second half of the year aligns with previous expectations, indicating confidence in continued growth [7][10]. - The company is focused on integrating AI tools with its hardware offerings to enhance product development and market responsiveness [18][19]. - There is a strong desire among customers to ramp up compute capabilities more quickly, reflecting the urgency in the market [15][16].

Core Insights - AMD's stock fell over 13% despite reporting fourth-quarter earnings that exceeded Wall Street estimates, with record revenue of $10.27 billion and adjusted earnings per share of $1.53 [1][1][1] - Analysts noted that a surprising sales boost from China may have masked weaker growth in other areas, raising concerns about AMD's overall AI sales performance [1][1][1] - The market's reaction was unexpected, as some analysts believed the results were strong enough to drive the stock higher, indicating that investors may be looking for more evidence of success from AMD's new products [1][1][1] Financial Performance - AMD reported fourth-quarter revenue of $10.27 billion, surpassing expectations [1][1] - Adjusted earnings per share were $1.53, also better than anticipated [1][1] Market Reaction - Following the earnings report, AMD shares experienced a significant drop, erasing gains for the year, although they remain up approximately 90% over the past 12 months due to strong sales and new partnerships [1][1][1] - Analysts from Morgan Stanley expressed surprise at the stock's decline, suggesting that the results should have been sufficient to boost the stock price [1][1]

Core Viewpoint - AMD's fourth-quarter performance and guidance were better than expected, but uncertainties remain, leading to a significant drop in stock price [1][2] Group 1: Financial Performance - AMD reported approximately $400 million in unexpected MI308 revenue from the Chinese market in Q4, which supported its performance [1] - The company expects only about $100 million in MI308 revenue from China in Q1, causing confusion in the market [1] - Despite a strong overall outlook, AMD's performance did not fully reflect expectations for higher sales and optimized product structure, contributing to stock sell-off [1] Group 2: Analyst Opinions - Wedbush Securities analyst Matt Bryson maintains an "outperform" rating with a target price of $290, citing the need for better performance metrics [1] - Morgan Stanley analyst Joseph Moore expressed surprise at the stock's decline post-earnings, noting that the performance numbers were solid and new product signals were positive [2] - Morgan Stanley's Moore also highlighted that AMD achieved double-digit growth in server business during a typically weak Q1, indicating strong demand [3] Group 3: Market Dynamics - AMD's CEO and CFO explained that the $400 million revenue from China was due to a license approved by the Trump administration, with orders formed in early 2025 [2] - The company is cautious about predicting additional revenue from China due to rapidly changing policy environments [2] - AMD's management emphasized that the development of MI455/Helios products is progressing smoothly, with ongoing customer testing [4]

Group 1: Market Overview - US stock futures are mixed following a tech-led sell-off, particularly affecting software stocks due to fears of AI disruption [1][5] - Nvidia's CEO Jensen Wong dismissed concerns about AI replacing software, calling such ideas illogical [1][6] - Investors are rotating out of risk assets, with Bitcoin briefly falling below $73,000, marking a 14% decline since the start of the year and a 40% drop from its record high in October [3][4] Group 2: Earnings Highlights - AMD reported fourth-quarter earnings that exceeded estimates, but its first-quarter forecast disappointed investors, leading to a decline in its stock [2][15] - Eli Lilly projected a significant sales increase of up to 27% this year, reaching $83 billion, driven by its diabetes and obesity drugs [8][9] - Uber announced a new CFO amid disappointing earnings forecasts, with adjusted earnings per share expected to be lower than analysts' expectations [10][11] Group 3: Company-Specific Insights - Chipotle's earnings report indicated flat comparable sales for the year, with plans to open 370 new stores to improve performance after a 39% stock decline last year [12][13] - Analysts noted that AMD's strong revenue included $390 million from China, but there are concerns about the sustainability of this revenue [17][19] - The upcoming launch of AMD's Helios system is anticipated to close the performance gap with Nvidia, with significant volumes expected in the fourth quarter [22][25] Group 4: Broader Industry Trends - The AI trade is experiencing reassessment, with concerns about the impact of AI on software businesses leading to significant stock declines [48][49] - Analysts suggest that the selling in the software sector may be overdone, indicating potential for recovery as companies adapt to AI technologies [49][50] - The semiconductor industry is under pressure, with high expectations for companies like Nvidia and Broadcom to meet market demands [27][28]

Market Analysis by covering: S&P 500, NVIDIA Corporation, Advanced Micro Devices Inc. Read 's Market Analysis on Investing.com ...

Earnings - AMD reported fourth-quarter revenue of $10.3 billion, which exceeded consensus estimates; however, this figure included $390 million in revenue from China that was not accounted for in Wall Street's projections [1][1][1] - The stock of AMD experienced a decline of over 13% following the earnings report, indicating market disappointment despite the revenue beat [1][1][1] Outlook - High operating expenditures are contributing to the negative sentiment surrounding AMD's earnings report, overshadowing what initially appeared to be a strong performance [1][1][1]

盛宝银行首席投资策略师Charu Chanana表示："市场并未放弃人工智能，但正在对其进行更为谨慎的定 价。"Quilter Cheviot的Ben Barringer指出，尽管AMD业绩并不差，但在此前市场盛传其上季度表现出色 的背景下，公司未能交出惊艳成绩单。XTB的Kathleen Brooks称，预计软件股短期内仍将承压，但人工 智能供应链并非全然利空，存储器和芯片制造商将成为支撑。她补充称："交易员不再整体押注一个板 块，而是开始挑选具体想要配置的公司。" 格隆汇2月4日｜在人工智能引发的软件股抛售冲击尚未消散之际，美股走低。纳指连续第二个交易日走 低，一度下跌1%。AMD(AMD.US)在发布逊于预期的业绩报告后股价大跌14%。资金继续从软件股撤 离，投资者担忧更先进的人工智能工具将给相关企业带来商业风险。 ...

AMD Earnings Beat Expectations. Why It's the S&P 500's Worst Performer Today. - Barron'sSkip to Main ContentThis copy is for your personal, non-commercial use only. Distribution and use of this material are governed by our Subscriber Agreement and by copyright law. For non-personal use or to order multiple copies, please contact Dow Jones Reprints at 1-800-843-0008 or visit www.djreprints.com.# AMD Earnings Beat Expectations. Why It's One of the S&P 500's Worst Stocks Today.By [Tae Kim]ShareResize--- Reprin ...

当地时间2月4日，美股芯片巨头AMD开盘大幅走低，截至发稿，跌超14%。 此前，AMD发布的最新财报显示，公司2025年第四季度实现营收102.7亿美元，同比增长34%，超 出市场预估的96.5亿美元。同期调整后每股收益达1.53美元，较上年同期的1.09美元显著提升，同 样超出市场预估的1.32美元。其核心部门——数据中心部门的营收在该季度增长了39%，达到53.8 亿美元，超过了50.7亿美元的市场预期。 公司预计，今年第一季度营收将达98亿美元（上下浮动3亿美元），这一营收预测的中值代表了约 32%的同比增长和约5%的环比下降，高于市场普遍预期为93.8亿美元。 业绩指引不及乐观预期引发芯片股连续回调。 不过，受人工智能（AI）所需处理器支出持续激增的推动，部分分析师此前曾预计，该芯片制造 商将给出更为强劲的一季度业绩指引。这或许也是引发公司股价大跌的一大诱因。 Creative Strategies首席执行官本·巴贾林猜测，这可能是因为AMD第一季度营收环比下降后，市场 预计其业绩未来还将出现连续下滑。 芯片股的疲软表现也拖累了科技股以及纳指表现，2月4日，纳指在盘初短暂翻红后，掉头直线向 下，一度跌 ...

瑞银集团：将AMD(AMD.US)目标价从330美元下调至310美元。 ...