AMD发布2025年Q4财报，数据中心业务创新高但股价波动显著

Core Viewpoint - AMD reported strong Q4 2025 earnings with revenue of $10.27 billion, a 34% year-over-year increase, and adjusted EPS of $1.53, exceeding market expectations [1] Financial Performance - Data center revenue reached a record high of $5.38 billion, growing 39% year-over-year [1] - Q1 2026 revenue guidance is set at $9.8 billion, indicating a 5% quarter-over-quarter decline, with a projected gross margin of approximately 55% [1] Recent Stock Performance - AMD's stock experienced significant volatility, rising 8.28% to $208.44 on February 6, 2026, with a trading volume exceeding $11.2 billion [2] - The stock continued to rise by 3.63% to $216.00 on February 9, 2026, but faced slight pullbacks of 1.13% and 0.24% on February 10 and 11, respectively, closing at $213.05 [2] - The stock's price fluctuation reached 12.06%, reflecting market divergence regarding earnings and AI business prospects [2] Recent Events - On February 9, 2026, the tech sector saw a broad rally, with AMD's stock rising 3.63%, driven by Google's plan to issue $20 billion in bonds to boost AI spending [3] - Concerns arose regarding AMD's partnership with OpenAI, particularly about OpenAI's financial health potentially impacting AMD's long-term order stability [3] Institutional Perspectives - Guojin Securities reported on February 4, 2026, that AMD's data center business remains robust, with expectations for AI GPU deployment in the second half of 2026 to drive growth, maintaining a "buy" rating [4] - Huachuang Securities noted on the same date that the MI400 series is progressing well, but cautioned about potential risks related to AI chip production capacity and market competition [4]