AMD最新发布的2025年第四季度财报虽在营收上超出市场预期，但其背后亮眼的数字并未能完全打消华尔街的疑虑。核心在于，公司运营支出超 出预期，持续限制着盈利能力的释放，市场正将关注焦点转向其能否在下半年凭借机架规模AI产品实现关键性突破。 据摩根士丹利、高盛等多家华尔街投行分析，AMD第四季度实现营收103亿美元，同比增长34%，环比增长11%，显著超越市场普遍预期的96.7亿 美元。然而，市场认为这一业绩中包含了约3.9亿美元的一次性特殊销售收入，剔除此因素后，其营收增长实质仅略高于业绩指引的上限。 业绩增长的核心驱动力仍是数据中心业务，该部门四季度收入达53.8亿美元，环比增长24%。值得注意的是，若剔除前述一次性收入，其环比增 速将降至约15%。其中，服务器CPU业务受AI需求推动，环比增长约10%，创下历史新高；数据中心GPU收入则环比劲增约40%至27.5亿美元，主 要得益于新一代MI355X产品的产能持续提升。 尽管业务表现强劲，但高于预期的运营支出成为多家机构研报中的共同关注点，市场担忧这将继续限制其运营杠杆的改善空间。目前，投资者正 期待公司管理层承诺的、将于下半年放量的机架规模AI产品，能成 ...

Core Viewpoint - Dow Jones futures experienced a slight rise, influenced by earnings reports from Advanced Micro Devices (AMD) and Lumentum Holdings, while the Nasdaq futures remained relatively unchanged [1] Group 1: Market Overview - The stock market rally saw major indexes retreat on Tuesday, with the Nasdaq suffering its fourth distribution day in five trading sessions due to a sell-off in software stocks [1] - The Dow Jones and S&P 500 futures rose slightly, indicating a potential shift in market sentiment [1] Group 2: Company Earnings - Advanced Micro Devices (AMD) reported earnings that beat expectations, yet its stock dropped following the announcement [1] - Lumentum Holdings (LTE) also reported strong earnings and revenue that exceeded forecasts, contributing to its positive momentum [1] - Eli Lilly (LLY) is set to report earnings before the market opens, while Alphabet (GOOGL) is scheduled to report after the market closes [1]

格隆汇2月4日｜瑞穗银行：将AMD目标价从285美元下调至275美元。 ...

AMD's data center sales boost quarter above expectations, Fed governor Miran gives up White House post, PepsiCo is accelerating affordability initiatives, and more news to start your day. ...

Core Viewpoint - Advanced Micro Devices (AMD) experienced a 9% drop in premarket trading due to a first-quarter revenue forecast that did not meet some analyst expectations [1][2] Group 1: Financial Performance - AMD reported fourth-quarter revenue of $10.27 billion, exceeding LSEG consensus estimates of $9.67 billion [1] - The company anticipates first-quarter revenue of $9.8 billion, with a variance of plus or minus $300 million, compared to expectations of $9.38 billion [2] Group 2: Market Context - Analysts had expected AMD to provide stronger guidance for the first quarter, driven by a surge in spending on processors for AI applications [2] - AMD, alongside Nvidia, is a key manufacturer of AI chips and has seen its stock price increase by over 100% in the past year due to rising demand [2]

JD and Kyle Shoot Stock/iStock Editorial via Getty Images Listen below or on the go via Apple Podcasts and Spotify Darden (DRI) decides to pull the plug on the Bahama Breeze chain. (00:14) AMD slides even as Q4 results, guidance surge past Wall Street estimates. (01:13) Walmart (WMT) reaches $1 trillion market value. (02:33) This is an abridged transcript. Darden Restaurants (DRI) announced that it will permanently close 14 of the company's 28 Bahama Breeze restaurants and convert the remaining 14 lo ...

JD and Kyle Shoot Stock/iStock Editorial via Getty Images Listen below or on the go via Apple Podcasts and Spotify Darden (DRI) decides to pull the plug on the Bahama Breeze chain. (00:14) AMD slides even as Q4 results, guidance surge past Wall Street estimates. (01:13) Walmart (WMT) reaches $1 trillion market value. (02:33) This is an abridged transcript. Darden Restaurants (DRI) announced that it will permanently close 14 of the company's 28 Bahama Breeze restaurants and convert the remaining 14 lo ...

为 何 分 析 师 持 这 一 观 点 ？ 作者 Danil Sereda ，内容为转载编译，仅为呈现不同市场观点与研究视角，并不意味着本公众号对文中观点结论认可。 市 场 似 乎 在 无 端 打 压 超 威 半 导 体 （ A M D ） 分析师能理解市场对 AMD 四季度财报的初步反应，至少对反应的方向有所预期，但分析师认为这并不完全公平。抛开表面的业绩数据和利润 增厚的构成项深入分析，会发现 AMD 的 收入结构发生了重大变化 ，这意味着未来高毛利业务占比将持续提升。在分析师看来，AMD 在 2026 年下半年的业绩前景已显著改善，基于此，分析师依旧对该股保持看多。 分析师认为，待四季度财报引发的市场波动尘埃落定后，AMD将在 2026 年自然年内逐步修复，原因如下： AMD 正成为英伟达（NVDA）在系统级芯片领域的核心竞争对手，其 2纳米工艺进程 有望领先英伟达率先落地。 据悉，AMD 即将推出的 Instinct MI450 系列显卡、威尼斯霄龙服务器 CPU，将采用台积电 2 纳米（N2）环绕栅极（GAA）晶体管工艺，该工艺可实现 10%-15% 的性能提升，或 25%-30% 的功耗降低，对所 ...

Market Analysis by covering: Nasdaq 100, Gold Spot US Dollar, S&P 500, Microsoft Corporation. Read 's Market Analysis on Investing.com ...

Core Insights - The Bitcoin Rainbow Chart projects Bitcoin's price to range from approximately $40,000 to just under $460,000 by February 28, 2026, depending on the valuation band [1] Valuation Bands - The lowest band, 'Basically a Fire Sale,' indicates extreme undervaluation between roughly $41,800 and $54,700, driven by panic and capitulation [2] - The 'BUY!' band ranges from about $54,700 to $73,700, reflecting levels historically supportive of long-term accumulation as downside risk diminishes [2] - The 'Accumulate' band, from approximately $73,700 to $95,100, signals a market that is still cheap on a long-term basis but no longer distressed [3] - The 'Still cheap' band is projected between about $95,100 and $122,800, indicating continued undervaluation relative to Bitcoin's long-term trend despite improving sentiment [3] - The 'HODL!' band, from roughly $122,800 to $160,800, represents fair value where long-term holders are incentivized to hold rather than trade aggressively [4] - The 'Is this a bubble?' band spans about $160,800 to $204,800, indicating rising speculation and increasing overheating risk [4] - The 'FOMO intensifies' band ranges from approximately $204,800 to $262,300, marked by fear-driven inflows and higher volatility [5] - The 'Sell. Seriously, SELL!' band is between roughly $262,300 and $341,400, historically linked to late-cycle excess and elevated downside risk [5] - The 'Maximum Bubble Territory' is projected from about $341,400 to $459,000, coinciding with unsustainable rallies and major market peaks [5] Current Market Position - As of February 4, Bitcoin was trading near $75,900, close to the lower edge of the 'Accumulate' band relative to the February 28, 2026 projection [6] - The model suggests Bitcoin could deliver substantial upside from today's level near $76,000 without entering bubble territory, with prices below $95,000 in early 2026 remaining within historically associated long-term value ranges [7] - Bitcoin was trading at $76,027, having dropped over 2% in the past 24 hours and down nearly 15% on a weekly basis [8] - The current price indicates a stressed market, firmly below its 50-day SMA near $89,000 and the 200-day SMA around $103,500, pointing to a strong bearish trend [12] - The 14-day RSI at roughly 26 signals deeply oversold conditions, suggesting selling pressure may be nearing exhaustion and setting the stage for a potential short-term rebound [12]