AMD(US:AMD) 美股研究社·2025-03-28 12:01Core Viewpoint - AMD faces ongoing competition from Nvidia, leading to recent downgrades in expectations from multiple analysts, including Jefferies and HSBC. However, negative factors are being absorbed, presenting a more attractive entry point for investors [1][4]. Valuation and Market Performance - AMD's current expected price-to-earnings (P/E) ratio is 23, nearing historical lows compared to peers like Nvidia (25) and Intel (47). The company's PEG ratio stands at 0.8, indicating a favorable growth rate [4][6]. - Year-to-date, AMD's stock has declined approximately 9%, with the expected P/E and PEG ratios dropping by 8.4% and 7.8%, respectively. Despite this, analysts view the fundamentals as intact, particularly with the momentum of the MI300 AI chip [6][8]. Business Segments and Growth Prospects - AMD's data center revenue for Q4 was $3.86 billion, a 69% year-over-year increase, but fell short of the $4.09 billion expectation. The market anticipates revenue of $18.4 billion for the data center segment by 2025, a 46% increase from 2024 [9]. - The personal computer segment shows promise, with revenue of $2.3 billion exceeding the $1 billion market expectation. AMD continues to gain market share from Intel, despite facing challenges due to post-pandemic demand declines [12]. Competitive Landscape - Nvidia dominates the AI GPU market with over 89% market share, while AMD's MI300 chip holds only 10.3%. AMD's management projects strong double-digit growth in the data center business, but investor sentiment remains cautious due to Nvidia's rapid sales growth [8][9]. Market Sentiment and Future Outlook - Despite recent stock price declines, AMD's valuation appears attractive, with analysts suggesting that the stock is undervalued. The potential for improved retail confidence and Nvidia's price reductions could provide AMD with additional momentum [14].