AI狂热烧向CPU，明晨大考来临

Core Viewpoint - The demand for AI hardware is shifting from storage chips to CPUs, making Intel and AMD's performance a focal point in the current earnings season for US stocks. Both companies are experiencing significant stock price increases due to optimistic market sentiment regarding their AI server CPU businesses [2][5]. Group 1: Intel's Performance - Intel's stock rose by 11.7% before its earnings report, reaching a closing price of $54.25, the highest since January 18, 2022, driven by strong growth expectations for its CPU business and signs of recovery in its manufacturing operations [5]. - Analysts expect Intel's Q4 adjusted earnings to be $0.08 per share, with revenues projected at $13.4 billion, including $8.4 billion from its client computing segment and $4.4 billion from its data center and AI segment [10]. - HSBC recently raised Intel's target price from $26 to $50 and upgraded its rating from "underweight" to "hold," citing increased demand for general computing capabilities as AI evolves [9]. Group 2: AMD's Performance - AMD's stock has seen a nearly 8% increase, marking its longest winning streak since February 19, 2025, driven by strong demand for its server CPUs, particularly the latest Turin data center CPUs [4][12]. - Analysts predict that AMD's server CPU inventory will soon be sold out, with average prices expected to rise by 10% to 15% due to high demand from large-scale enterprises [11]. - Bernstein analysts have raised their revenue expectations for AMD's Q4, driven by optimism regarding the company's server business momentum, with projected sales growth of 30% for its EPYC series products [12].