半导体行业（美股）：美劳动力市场降温，关注PC市场回暖

Investment Rating - The semiconductor industry is currently experiencing a cyclical adjustment, with a slight rebound in major indices observed last week. The Philadelphia Semiconductor Index saw a weekly increase of -0.26% [2][16]. Core Insights - AMD reported Q1 2024 revenue of $5.5 billion, a year-on-year increase of 2.2%, driven primarily by growth in the Data Center and Client segments, which saw revenue increases of 80.5% and 85.1% respectively. The management anticipates Q2 revenue to be $5.7 billion, mainly supported by the Data Center segment [9][16]. - The labor market in the U.S. is showing signs of cooling, with initial jobless claims reaching 231,000, the highest since August 2023, indicating a potential shift in economic conditions [10][16]. - TSMC's stock price increased by 4.50% last week, while Intel's stock decreased by 3.62%. Other notable performances include Broadcom with a 1.72% increase and Nvidia with a 2.45% decrease [6][8]. Summary by Sections Market Review - The U.S. stock market experienced a slight rebound last week, with the Dow Jones, S&P 500, and Nasdaq showing weekly increases of 1.70%, 0.81%, and -0.05% respectively. The Philadelphia Semiconductor Index had a weekly change of -0.26% [2][6]. Company Performance - AMD's Q1 2024 revenue was $5.5 billion, with a gross margin of 46.8% and an operating profit of $1.13 billion. The company’s client market share increased to 16.3%, reflecting a 3.6 percentage point year-on-year growth [9][16]. - TSMC's market capitalization is approximately $774 billion, with a PE ratio of 27.94, while Intel's market capitalization is around $127 billion with a PE ratio of 31.25 [17]. Events/Policy Analysis - AMD's growth is attributed to a recovery in the PC market and significant contributions from the Data Center segment. The management noted that the Data Center gross margin remains low but is expected to improve in the second half of the year [9][16]. - The labor market's cooling trend may influence the Federal Reserve's monetary policy, with expectations of potential interest rate cuts later in the year [10][16]. News Summary - The latest data indicates that initial jobless claims in the U.S. have reached a new high, suggesting a cooling labor market, which may impact economic forecasts [10][16]. - SMIC reported a Q1 2024 revenue of $1.75 billion, showing a year-on-year increase of 19.7%, indicating a positive trend in the semiconductor sector [13][16].