英特尔失手十年，AMD 迎来“复仇周期”

Core Insights - AMD is poised to capitalize on the AI wave and aims to gain a larger market share in traditional enterprise computing, leveraging its engineering capabilities and strategic acquisitions [2][3] - The Financial Analyst Day (FAD) held in New York highlighted AMD's progress and future plans, marking significant milestones in its revival in the data center market [3][4] Market Analysis - AMD's Total Addressable Market (TAM) for data center AI accelerators has been updated, with projections showing substantial growth from $30 billion in 2023 to $894 billion by 2028, reflecting a compound annual growth rate (CAGR) of 73% [5][6] - AMD's CEO Lisa Su emphasized the importance of data centers as the largest growth opportunity, with expectations of over 80% CAGR in data center AI revenue over the next three to five years [8][9] Revenue Projections - AMD anticipates achieving approximately $34 billion in total revenue by 2025, with around $16 billion coming from the data center segment, including $6.2 billion from AI GPU revenue [9][10] - The company expects to capture over 50% of the server CPU market and over 40% of the client CPU market by 2025, with significant growth in its data center revenue [8][9] Competitive Landscape - AMD is positioned as a reliable competitor to Intel in high-performance CPUs and GPUs, and as a credible alternative to Nvidia in the GPU and DPU markets [3][4] - The company is set to release new GPU models, including the MI400 series, which are expected to enhance its competitive edge in AI workloads [15][17] Future Outlook - AMD's strategic focus on data center leadership encompasses chips, software, and rack-level solutions, aiming for sustained growth in a rapidly evolving market [8][9] - The company is preparing for a significant increase in AI workload demands, which is expected to drive the need for advanced server CPUs and GPUs [14][15]