营收指引不够炸裂致AMD盘后跌超8% 苏姿丰：全球内存芯片短缺不会影响公司供应

Core Insights - AMD reported record revenue of $10.27 billion for Q4 2025, a 34% year-over-year increase, with adjusted EPS of $1.53, up 40% year-over-year [1] - Despite strong performance exceeding Wall Street expectations, AMD's stock fell approximately 1.7% after hours due to disappointing revenue guidance for Q1 [1] - The company anticipates Q1 revenue between $9.5 billion and $10.1 billion, slightly above analyst consensus of $9.39 billion [1] Financial Performance - Q4 2025 revenue reached $10.27 billion, marking a record high [1] - Data center revenue hit a record $5.4 billion [1] - Adjusted EPS for Q4 was $1.53, reflecting a 40% increase year-over-year [1] Market Outlook - AMD's CEO, Lisa Su, indicated strong demand for server CPUs and accelerating AI business, with eight out of ten top AI companies using AMD's Instinct chips [2] - The company expects data center revenue to grow by 60% annually over the next three to five years, with AI revenue projected to reach "hundreds of billions" by 2027 [2] - New high-end AI servers for OpenAI and other clients are expected to drive sales growth in the second half of the year, unaffected by global memory chip shortages [3] Stock Performance - AMD's stock has doubled in the past year and has seen a cumulative increase of 13% since the beginning of 2026 [3] - The recent stock price surge may lead to profit-taking, as the market may perceive the latest news as not sufficiently explosive [3]