AMD(US:AMD) 智通财经网·2025-08-14 07:00Core Viewpoint - AMD has agreed to pay 15% of its chip sales revenue from China to the U.S. government, but Citigroup believes this will have a minimal impact on AMD's profitability, maintaining a "neutral" rating with a target price of $180 [1] Group 1: Financial Impact - The 15% revenue payment is a condition for semiconductor export licenses approved by the Trump administration, but its effect on AMD's earnings is considered minor [1] - The agreement primarily affects low-margin products like the MI308X, which has a profit margin significantly lower than AMD's average company profit margin of nearly 54% [1] Group 2: Growth Drivers - The main growth drivers for AMD are its mainstream AI GPUs, the MI355 and MI400, which are expected to boost AI sales to $6.2 billion in 2025 (a 23% increase) and $9.9 billion in 2026 (a 58% increase) [1] - Key customers driving this growth include Amazon, Oracle, Meta Platforms, and OpenAI [1]