深夜暴跌！芯片股，再传黑天鹅！

Core Viewpoint - The performance guidance from AMD fell short of optimistic expectations, leading to a consecutive decline in chip stocks [1] Group 1: AMD Financial Performance - AMD reported a revenue of $10.27 billion for Q4 2025, a 34% year-over-year increase, surpassing market expectations of $9.65 billion [4] - The adjusted earnings per share reached $1.53, significantly up from $1.09 in the same period last year, also exceeding the market forecast of $1.32 [4] - The data center segment revenue grew by 39% to $5.38 billion, exceeding the market expectation of $5.07 billion [4] - For Q1, AMD expects revenue to be around $9.8 billion (with a fluctuation of $300 million), representing approximately 32% year-over-year growth and a 5% quarter-over-quarter decline, which is higher than the market consensus of $9.38 billion [4] Group 2: Market Reactions and Analyst Insights - The decline in AMD's stock price was attributed to the market's high expectations for a stronger Q1 performance, driven by increased spending on processors for artificial intelligence [4][6] - AMD's revenue from the sale of Instinct MI308 chips to China was approximately $390 million in Q4, which exceeded market expectations and was not included in Wall Street's consensus [5] - Analyst Chris Rolland noted that the market's prior expectations were excessively high, contributing to the stock's post-earnings drop [6] Group 3: Broader Market Impact - Following AMD's significant drop, the Philadelphia Semiconductor Index fell nearly 2% [8] - On the previous trading day, the index had already dropped over 2%, with NXP Semiconductors reporting Q4 revenue of $3.34 billion, a 7% year-over-year increase, which was above analyst expectations [9] - Despite the positive earnings from NXP, the automotive business revenue of $1.876 billion fell short of the expected $1.89 billion, contributing to the overall weakness in chip stocks [9]