AMD新款AI芯片有望提前量产

Core Viewpoint - Advanced Micro Devices (AMD) reported optimistic second-quarter earnings, exceeding revenue expectations but slightly missing profit forecasts due to export restrictions on chips, leading to a post-earnings stock decline of approximately 6.34% [1][3]. Financial Performance - AMD's Q2 results included: - Adjusted earnings per share of $0.48, a 30% year-over-year decline, compared to the expected $0.49 [3]. - Revenue of $7.69 billion, a 32% year-over-year increase, surpassing the forecast of $7.42 billion [3]. - Operating income of $899 million, down 29% year-over-year, against an analyst expectation of $902.8 million [3]. - Adjusted gross margin of 43%, which could reach 54% without considering export control costs [3]. Future Guidance - For the current quarter, AMD projects revenue of $8.7 billion, with a variance of $300 million, compared to an expected revenue of $8.3 billion [4]. AI Chip Development - AMD, the second-largest GPU manufacturer globally, is gaining traction among major AI clients like Meta and OpenAI, who are looking for alternatives to NVIDIA chips, particularly in inference [5]. - The company announced the new AI chip, Instinct MI400, expected to launch next year, and anticipates early production of the Instinct MI350 chip, which competes with NVIDIA's GB200 [5]. Export Control Challenges - AMD faces uncertainties due to U.S. export controls on certain AI chips, particularly the MI308, which resulted in a loss of $800 million in Q2 [6]. - The company is awaiting approval for a license to resume shipments of the MI308, with expectations of AI revenue growth in the upcoming quarter [7]. Other Business Segments - AMD's data center segment, which includes CPU and GPU sales, generated $3.2 billion in revenue, a 14% year-over-year increase, driven by rising demand for CPUs in AI servers [9]. - The client and gaming segment saw a 69% year-over-year revenue increase to $3.6 billion, with client revenue growing 57% to $2.5 billion and gaming revenue rising 73% to $1.1 billion, both exceeding market expectations [9].