摩根士丹利：AMD 人工智能进展活动 -MI350 表现尚可，但 MI400 才是更具长期潜力的转折点

With 7/10 of the largest AI companies using instinct, AMD has clearly gotten a seat at the table, but their ability to expand within those customers will be key. We know that the 4 large CSPs will be buying at least 40% more Blackwells than they bought hoppers; AMD may not grow that much across their largest customers for Mi350 series even off the much lower base. It's hard to know how much revenue was China in 2024 for AMD but with consensus for something like 25% y/y growth in instinct in 2025, there's a ...