AMD(US:AMD) 智通财经网·2025-04-29 01:59Group 1 - AMD is expected to meet its Q1 financial targets, but an $800 million impairment loss due to U.S. AI chip export controls is negatively impacting its future performance outlook [1][2] - HSBC has significantly lowered AMD's target price from $90 to $70 and reiterated a "reduce" rating, citing concerns over revenue and gross margin [1] - AMD's Q2 revenue is projected to decline by 3% quarter-over-quarter, contrasting with the market's expectation of a 3% increase [1] Group 2 - HSBC forecasts AMD's Q2 gross margin to drop to 40.4%, well below the market consensus of 52.5%, marking the largest expected deviation in nearly two years [1] - Despite increased demand for low-cost AI chips following the release of the DeepSeek model, AMD's AI GPU business has not shown growth momentum in the past 3-4 months [1] - AMD's advanced packaging capacity is expected to remain stagnant at 35,000 wafers per year by the end of FY2025, raising concerns about the production schedule for the MI355 chip and the delivery of the MI400 server platform [1] Group 3 - Intel's aggressive pricing strategy for its CPU product line may further compress AMD's market share and profit margins [2] - NVIDIA, a key competitor, is also facing export control challenges, with potential costs related to its H20 chip export issues estimated at $5.5 billion [2] - AMD is set to release its Q1 earnings report on May 6, with market expectations for revenue at $7.12 billion and adjusted EPS at $0.94 [2]