苏妈豁出去了！AMD“股票换订单”吸引榜一大哥刷火箭，引发循环交易担忧

Core Viewpoint - The competition in the artificial intelligence (AI) chip sector intensifies as Meta Platforms Inc. partners with AMD, marking a significant shift in the landscape as Meta aims to diversify its supply chain away from Nvidia [4][5][12]. Group 1: Meta and AMD Partnership - Meta has signed a multi-billion dollar chip deal with AMD, acquiring 10% of AMD's shares, which led to an 8.77% increase in AMD's stock price, reaching $213.84 per share [2][3]. - The agreement involves Meta deploying 6 gigawatts of data center equipment based on AMD processors, indicating a substantial commitment to AMD as a key supplier [3][8]. - Meta's AI infrastructure spending is expected to nearly double this year to $135 billion, reflecting the company's aggressive investment in AI capabilities [6][10]. Group 2: AMD's Position and Strategy - AMD is positioning itself as a significant player in the AI chip market, with Meta potentially becoming its largest customer, enhancing AMD's growth prospects [12]. - AMD's revenue for the previous year was $34.6 billion, with a projected growth of 34% this year, indicating strong demand for its products [12]. - AMD's CEO expressed that the partnership with Meta will elevate their relationship to a new level, emphasizing the importance of this collaboration for AMD's future growth [12]. Group 3: Market Dynamics and Concerns - The partnership raises questions about "circular trading" in the industry, as Meta will purchase AMD shares in phases based on its chip orders, which some investors view with skepticism [12][15]. - Concerns have been raised regarding the sustainability of high growth in the AI sector, with AMD's stock having declined by 4.3% this year despite previous gains [12][16]. - The financing arrangements in the AI infrastructure sector are becoming increasingly creative, leading to worries about potential risks associated with circular financing [15][16].