加利福尼亚州圣克拉拉市—2026年2月3日—AMD(NASDAQ: AMD)今日公布2025年第四季度及年度财 报。2025年第四季度营业额达到创纪录的103亿美元，毛利率为54%，经营收入18亿美元，净收入15亿 美元，摊薄后每股收益为0.92美元。基于非GAAP标准，毛利率为57%，经营收入创新高，达到29亿美 元，净收入为创纪录的25亿美元，摊薄后每股收益为创纪录的1.53美元。 2025年全年，AMD年度营业额达到创纪录的346亿美元，毛利率50%，经营收入37亿美元，净收入43亿 美元，摊薄后每股收益为2.65美元。基于非GAAP标准，毛利率为52%，经营收入创新高，达到78亿美 元，净收入为创纪录的68亿美元，摊薄后每股收益为创纪录的4.17美元。 AMD 董事会主席及首席执行官Lisa Su 博士表示："2025 年是 AMD 具有决定性意义的一年，我们凭借 卓越的执行力以及市场对AMD高性能与AI平台的广泛需求，实现了创纪录的营业额和利润。进入2026 年，我们各项业务都展现出强劲势头，这主要得益于高性能的EPYC(霄龙)和Ryzen(锐龙)CPU被市场加 速采用，以及我们数据中心AI业务的快 ...

Core Viewpoint - AMD's latest financial report indicates that its profit performance fell short of market expectations despite a year-over-year revenue increase of 32% in Q2 2025, highlighting challenges in the AI chip market due to U.S. export restrictions [1][4]. Financial Performance - AMD reported Q2 2025 revenue of $7.69 billion, slightly exceeding market expectations of $7.42 billion [1]. - Adjusted earnings per share were $0.48, slightly below the expected $0.49 [1]. - Non-GAAP net profit was $781 million, a 31% year-over-year decline and a 50% decrease quarter-over-quarter [1]. Business Segment Performance - Data center business revenue, which includes server CPUs and GPUs, grew 14% year-over-year to $3.24 billion, slightly below the expected $3.25 billion, accounting for 42% of total revenue [1]. - The growth in the data center segment was primarily driven by strong demand for the EPYC CPU, partially offsetting the impact of export restrictions on the MI308 chip [1][4]. - Client business revenue increased 57% year-over-year to $2.5 billion, in line with expectations, driven by strong demand for the latest "Zen 5" architecture AMD Ryzen desktop processors [5]. - Gaming business revenue rose 73% year-over-year to $1.1 billion, benefiting from increased demand for semi-custom products and AMD Radeon GPUs [5]. - Embedded business revenue was $824 million, a 4% year-over-year decline, attributed to mixed demand in the end market [5]. Future Outlook - For Q3 2025, AMD expects revenue to be approximately $8.7 billion, with a year-over-year growth of about 28% and a quarter-over-quarter increase of about 13% [5]. - The gross margin is projected to be around 54%, with the outlook not including any revenue from the MI308 chip due to ongoing U.S. government review of export licenses [5].

Core Viewpoint - The article discusses the evolution and significance of integrated circuit (IC) packaging in the semiconductor manufacturing process, highlighting the transition from 2D to 2.5D and 3D IC architectures as essential innovations to meet the increasing demands for performance and efficiency in modern electronic devices [2][11][29]. Summary by Sections IC Packaging Overview - IC packaging is a critical step in semiconductor manufacturing, providing protection and functionality to semiconductor chips [2][4]. - The packaging process involves placing fragile semiconductor chips into protective casings, similar to placing a cake in a sturdy box for transport [4][6]. Transition from 2D to 2.5D and 3D IC - The semiconductor industry is moving towards innovative packaging technologies like 2.5D and 3D IC to overcome limitations posed by traditional 2D packaging, especially as Moore's Law slows down [11][27]. - 2.5D IC involves placing chips side by side on an interposer, while 3D IC stacks chips vertically, enhancing integration density and performance [13][25]. Advantages and Challenges of 2.5D and 3D IC - 2.5D IC allows for moderate design complexity and easier thermal management, making it suitable for applications like GPUs and FPGAs [19][28]. - 3D IC offers very high integration density and reduced signal transmission distance, but faces challenges in cooling and design complexity [25][28]. - Both architectures aim to improve performance, reduce power consumption, and minimize space, essential for mobile and edge devices [27][29]. Market Outlook - The advanced chip packaging market is projected to grow from $3.5 billion in 2023 to over $10 billion by 2030, driven by demand in AI, 5G, high-performance computing (HPC), and automotive sectors [27][29].