AMD：“拿捏”了英特尔，还要给英伟达“上强度”？

Overall Performance - AMD reported Q1 2025 revenue of $7.44 billion, a year-over-year increase of 35.9%, exceeding market expectations of $7.1 billion. The growth was primarily driven by the client and data center businesses [1][14] - The company achieved a net profit of $710 million, with a core operating profit of $1.12 billion, reflecting a 170% year-over-year increase [1][23] - Gross profit reached $3.74 billion, up 45.9% year-over-year, with a gross margin of 50.2%, slightly below market expectations of 52.2% [1][16] Business Segments Client Business - The client business revenue grew to $2.29 billion, a 67.7% year-over-year increase, significantly outperforming the global PC market, which saw a 5% increase in shipments [2][35] - AMD's market share in the desktop segment has surpassed Intel, contributing to the strong growth in the client business [7][40] Data Center Business - Data center revenue reached $3.67 billion, a 57.2% year-over-year increase, driven by sales of AMD Instinct GPUs and EPYC CPUs [2][28] - AMD's CPU market share in the data center has increased from around 10% to over 20%, although GPU sales have seen a slight decline due to anticipation of new product launches [7][29] Future Guidance - For Q2 2025, AMD expects revenue between $7.1 billion and $7.7 billion, which includes a $700 million impact from export restrictions on the MI308 product [3][6] - The company anticipates a non-GAAP gross margin of approximately 43%, which could improve to around 54% if the impact of sales license restrictions is excluded [4][6] Market Dynamics - The overall cloud market capital expenditure from major cloud providers reached $78.3 billion, a 64.4% year-over-year increase, indicating strong demand but also highlighting AMD's need to capture more market share [32] - AMD's gaming business saw a revenue decline of 29.8% year-over-year, attributed to reduced sales of semi-custom products despite growth in Radeon graphics card sales [41] Long-term Outlook - AMD is gradually establishing a competitive advantage in the CPU market, continuously gaining market share from Intel, which is expected to contribute positively to future earnings [9] - The company is focusing on AI GPU products, with significant expectations for the upcoming MI350 and MI400 series, which could enhance its competitive position against NVIDIA [9][34]