美股科技股观察|24Q3业绩跟踪：AMD数据中心延续强增势，Intel收入下滑、代工拖累致亏损扩大

Investment Rating - The report does not explicitly state an investment rating for the industry or companies discussed [2]. Core Insights - AMD has raised its GPU revenue guidance to over $5 billion for 2024, driven by strong growth in the data center segment, which saw a revenue increase of 122.1% year-over-year in Q3 2024 [3][4][44]. - Intel reported a revenue decline of 6.2% year-over-year in Q3 2024, with a significant net loss of $16.99 billion, primarily due to challenges in its foundry services and a decrease in client computing group revenue [4][5]. Summary by Sections AMD Performance - AMD's Q3 2024 revenue reached $6.82 billion, up 17.6% year-over-year, with a net profit of $770 million, reflecting a 157.9% increase [43][48]. - The data center segment contributed $3.549 billion in revenue, marking a 122.1% year-over-year increase, driven by strong demand for Instinct GPUs and EPYC CPUs [44][64]. - Client segment revenue grew by 29.5% year-over-year to $1.88 billion, supported by strong demand for the Ryzen 9000 series processors [71]. - The gaming segment saw a significant decline, with revenue dropping 69.3% year-over-year to $460 million, attributed to reduced channel inventory by Microsoft and Sony [75]. - Embedded business revenue was $930 million, down 25.4% year-over-year, but showed signs of recovery with a 7.7% quarter-over-quarter increase [80][81]. Intel Performance - Intel's Q3 2024 revenue was $12.19 billion, down 6.2% year-over-year, with a net loss of $16.99 billion [4][5]. - The client computing group (CCG) revenue decreased, while data center and AI segments showed signs of recovery with an 8.9% year-over-year increase [4][5]. - Intel's foundry services continued to face challenges, with a revenue decline of 8% year-over-year [4][5]. Future Outlook - AMD expects Q4 2024 revenue to grow by 22% year-over-year, driven by data center and client segments, despite headwinds in gaming and embedded businesses [43][44]. - Intel's guidance for Q4 2024 indicates a potential revenue decline of 13.7% to 7.2% year-over-year, reflecting ongoing challenges in its business segments [4][5].