在最近的CES 2026上，AMD首席执行官苏姿丰主持了一场聚焦AI在生物技术与制药领域前沿应用的专题讨论。 本次讨论邀请了三位行业高管：AI制药公司Absci首席执行官Sean McClain、测序巨头Illumina总裁Jacob Thaysen以及跨国药企阿斯利康的转化人工智能与 数据科学负责人Ola Engkvist。 以下是对话实录： 苏姿丰：非常感谢你们的到来。人们对医疗保健充满热情。Absci在使用生成模型和合成生物学从头设计新的药物。你能解释一下这个过程吗？ SeanMcClain：是的，非常感谢你们今天的邀请。生物学很难，它复杂又混乱。药物发现和开发的方式相当过时，本质上是一种反复试错的过程，你最终 是在大海捞针。 但借助生成式AI以及我们在Absci所做的工作，你实际上能够开始创造那根针，能够真正地工程化生物学，能够针对存在巨大未满足医疗需求的疾病进行 研究，同时确保药物具备良好的可制造性和可开发性。 AI与生物学的结合，让我们能够像Apple设计iPhone，或者像AMD设计GPU那样，对生物学进行精密工程化。 这究竟意味着什么？它让我们有能力攻克一些现存最棘手、最具挑战性的疾病，这些疾 ...

如果您希望可以时常见面，欢迎标星收藏哦~ 我 们 在 谈 到 AMD 的 时 候 ， 更 多 的 时 候 是 关 注 他 们 在 PC 和 数 据 中 心 市 场 的 表 现 。 诚 然 ， 凭 借 Ryzen、EPYC和Instinct系列等CPU和GPU产品的优越表现，AMD在这些市场已然获得了傲人的 成绩。 财务数据显示，AMD在2025年第三季度再次取得亮眼业绩，录得了超出华尔街预期的92亿美元 GAAP营收，这主要得益于市场对高性能计算产品的广泛需求。来到净利润方面，AMD在Q3同比 增长 61% 至 12 亿美元，毛利率因产品组合的丰富而提升至 52%。 然而，正如AMD自适应和嵌入式产品市场管理高级总监Sumit Shah所说，除了上述广为人知的产 品外，AMD的芯片还被广泛应用到多种终端。也正是得益于这些投入，催生了AMD的第三个支柱 ——嵌入式产品。 嵌入式需求变了 关于什么是嵌入式，按照维基百科的说法，所谓嵌入式系统（Embedded system），是一种嵌入机 械或电气系统内部、具有专一功能和实时计算性能的计算机系统。嵌入式系统常被用于高效控制许 多常见设备，被嵌入的系统通常是包含数字 ...

【导读】AMD大中华区市场营销副总裁纪朝晖以《共创人工智能+文化艺术新范式》为题发表演讲 12月20日，由中国基金报主办的"2025机器人产业和AI投资论坛"在中国香港举办，AMD大中华区市场 营销副总裁纪朝晖以《共创人工智能+文化艺术新范式》为题发表演讲。 纪朝晖在演讲中表示，"未来十几年到几十年，人类的科学进步与技术创新将在很大程度上围绕AI展 开。我们的工作、生活、生产、学习乃至艺术，都将被AI彻底改变。"AI时代的到来需要AI引擎无处不 在，这个引擎就是芯片，纪朝晖在演讲中对芯片的性能进行了详细阐述。 2025机器人产业和AI投资论坛为紫荆文化集团主办的首届"香港国际AI艺术节"系列活动之一。本届艺术 节以"预见未来：现实与无界"为主题，致力于打造亚洲首个聚焦技术与艺术深度融合的国际盛事，助力 香港建设国际创新科技中心与中外文化艺术交流中心，吸引了众多海内外顶尖科学家、艺术家、企业代 表及学界领袖参与。 AIAgent将AI从对话机器人变成真正生产力工具 以往AI设备由于成本较高，普及度有限。纪朝晖介绍，为了让学生有机会操作AI模型，AMD通过该产 品将成本降至原来的1/10后，可快速推动端侧AI在学 ...

【 导读 】 AMD大中华区市场营销副总裁纪朝晖以 《共创人工智能+文化艺术新范式》 为题发表演讲 中国基金报记者 江右 12月 20 日， 由 中国基金报主办的"2025 机器人产业和AI投资 论坛" 在中国香港举办，AMD大中华 区市场营销副总裁纪朝晖以 《共创人工智能+文化艺术新范式》 为题 发表 演讲 。 纪朝晖在演讲中表示， " 未来十几年到几十年，人类 的 科学进步与技术创新将在很大程度上围绕AI展 开。我们的工作、生活、生产、学习乃至艺术，都 将 被AI 彻底 改变。"AI时代的到来需要AI引擎无处 不在， 这个引擎就 是芯片， 纪朝晖在演讲中 对 芯片 的 性能进行了 详细 阐述。 2025 机器人产业和AI投资 论坛为紫荆文化集团主办的首届"香港国际AI艺术节"系列活动之一。本届艺 术节以"预见未来：现实与无界"为主题，致力于打造亚洲首个聚焦技术与艺术深度融合的国际盛事，助 力香港建设国际创新科技中心与中外文化艺术交流中心，吸引了众多海内外顶尖科学家、艺术家、企业 代表及学界领袖参与。 AI Agent 将AI从 对话机器人 变成 真正生产力工具 纪朝晖介绍， AMD作为高性能和AI计算的领 ...

Investment Rating - The report assigns a "Buy" rating with a target price of $300.00, indicating a potential upside of 17.04% from the current stock price of $256.33 [2][6][7]. Core Insights - The company has signed a 6GW agreement with OpenAI and plans to launch its first rack-mounted data center product next year, which is expected to enhance its market position in AI GPU sales [3][4]. - For Q3 2025, the company reported revenues of $9.25 billion, a year-over-year increase of 35.6%, slightly above Bloomberg consensus estimates [3]. - The company anticipates strong growth in AI GPU sales, with projected revenues of $7 billion for the year, driven by increased orders from major clients [4]. - The client product market share continues to grow, with record sales in the Ryzen series, and the gaming segment has exceeded expectations [5][6]. Financial Summary - For the fiscal year 2025, total revenue is projected to reach $34.146 billion, reflecting a year-over-year growth of 32.4% [8]. - Non-GAAP net profit is expected to be $7.362 billion in 2025, with a significant increase in earnings per share [8]. - The company forecasts a compound annual growth rate (CAGR) of 52.4% for revenue and 75.2% for Non-GAAP net profit from 2025 to 2027 [6][8]. Market Position and Growth Potential - The data center segment is expected to see a CAGR of 80.1% from 2025 to 2027, with significant contributions from AI GPU sales [10][11]. - The company is projected to capture an increasing share of the data center market, with AMD's share expected to rise from 18% to 24% over the next few years [11]. - The collaboration with OpenAI is anticipated to generate over $100 billion in revenue, enhancing the company's software adaptability for data centers [4][6].

Core Viewpoint - AMD reported better-than-expected Q3 2025 earnings, but concerns about the AI bubble persist in the market [1][6] Financial Performance - Q3 2025 revenue reached $9.246 billion, a 36% year-over-year increase, surpassing market expectations of $8.74 billion [1][5] - GAAP net income was $1.243 billion, up 61% from $771 million in the same period last year [1][5] - Non-GAAP diluted earnings per share were $1.20, exceeding the forecast of $1.16 [1] - AMD's gross margin improved to 54.5% for Q4 2025, slightly above previous market expectations [1] Business Segments - Data center revenue for Q3 2025 was $4.3 billion, a 22% increase year-over-year, driven by strong demand for EPYC CPUs and Instinct GPUs [6][8] - Client segment revenue grew 46% year-over-year to $2.8 billion, attributed to record sales of Ryzen processors [7] - Gaming segment revenue surged 181% to $1.3 billion, boosted by increased demand for semi-custom products and Radeon GPUs [7] - Embedded business revenue declined 8% year-over-year to $857 million [8] Strategic Partnerships - AMD signed agreements with OpenAI and Oracle, with OpenAI planning to deploy up to 6GW of AMD Instinct GPUs over the next few years [6][7] - AMD issued warrants to OpenAI linked to chip deployment and stock price milestones [6] Market Outlook - CEO Lisa Su projected that AI business could generate "hundreds of billions" in annual revenue by 2027, with expectations of significant growth in the AI chip market [7] - Despite strong quarterly performance, AMD's stock fell nearly 5% post-earnings due to profit-taking and cautious sentiment regarding Q4 margins [6][9] - Analysts express concerns about AMD's ability to compete with NVIDIA, particularly in the AI GPU market [9]

Financial Data and Key Metrics Changes - The company reported record revenue of $9.2 billion, a 36% year-over-year increase, with net income rising 31% and free cash flow more than tripling [5][24] - Gross margin was 54%, up 40 basis points year-over-year, while operating expenses increased 42% year-over-year to approximately $2.8 billion [24] - Diluted earnings per share were $1.20, compared to $0.92 a year ago, marking a 30% year-over-year increase [24] Business Segment Data and Key Metrics Changes - Data center segment revenue reached a record $4.3 billion, up 22% year-over-year, driven by strong demand for fifth-generation EPYC processors and Instinct MI350 series GPUs [6][24] - Client and gaming segment revenue increased 73% year-over-year to $4 billion, with PC processor business performing exceptionally well [18][25] - Embedded segment revenue decreased 8% year-over-year to $857 million, although it saw a 4% sequential increase [21][26] Market Data and Key Metrics Changes - Adoption of EPYC in the cloud by large businesses more than tripled year-over-year, with hyperscalers launching over 160 EPYC-powered instances [8] - The company noted significant growth in enterprise adoption, with over 170 fifth-generation EPYC platforms in the market [9] - The gaming segment saw revenue increase by 181% year-over-year to $1.3 billion, driven by strong demand for Radeon GPUs [19][25] Company Strategy and Development Direction - The company is focused on expanding its data center AI business, with plans to launch next-generation 2-nanometer Venice EPYC processors in 2026 [9][10] - A comprehensive multi-year agreement with OpenAI to deploy 6 gigawatts of Instinct GPUs was announced, positioning the company as a core compute provider for OpenAI [15][16] - The company aims to capitalize on expanding AI opportunities across all end markets, driving sustainable long-term revenue growth [30] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in strong demand for CPUs and GPUs, anticipating continued growth into 2026 [36][51] - The company expects fourth-quarter revenue to be approximately $9.6 billion, reflecting strong double-digit growth in data center and client segments [29] - Management highlighted the importance of collaboration with customers to ensure supply chain readiness for future growth [46][78] Other Important Information - The company completed the sale of the ZT Systems Manufacturing business to Sanmina, which will serve as the lead manufacturing partner for Helios [14][28] - The company is on track for a second consecutive year of record design wins, totaling over $14 billion year-to-date [21] Q&A Session Summary Question: CPU/GPU mix in Q3 and Q4 - Management indicated strong performance in both server and data center AI businesses, with expectations for continued demand into 2026 [34][36] Question: OpenAI's engagement and market influence - The relationship with OpenAI is significant, with plans for multi-gigawatt scale deployments and strong visibility into future demand [39][78] Question: Helios system sales versus discrete sales - There is considerable excitement around MI450 and Helios, with expectations for early customers to focus on rack scale solutions [42][44] Question: Supply constraints and deployment factors - Management emphasized the need for the entire ecosystem to plan together to address potential constraints in power and components [46] Question: CPU demand sustainability - Management noted a positive demand environment for CPUs, driven by AI workloads, with expectations for durable growth [51][52] Question: ROCm software stack development - The collaboration with OpenAI and other large customers is enhancing the ROCm software stack, with ongoing investments to improve developer experience [85][86]

Financial Data and Key Metrics Changes - The company reported record revenue of $9.2 billion, a 36% increase year-over-year, and a 20% sequential increase [5][23] - Net income rose by 31%, and free cash flow more than tripled [5] - Gross margin was 54%, up 40 basis points year-over-year [24] - Operating income was $2.2 billion, representing a 24% operating margin [24] Business Segment Data and Key Metrics Changes - Data center segment revenue increased 22% year-over-year to a record $4.3 billion, driven by strong demand for 5th Generation EPYC processors and Instinct MI350 series GPUs [6][24] - Client and gaming segment revenue rose 73% year-over-year to a record $4 billion, with desktop CPU sales reaching an all-time high [18][25] - Embedded segment revenue decreased 8% year-over-year to $857 million, but increased 4% sequentially [21][26] Market Data and Key Metrics Changes - Adoption of EPYC in the cloud by large businesses more than tripled year-over-year, with over 1,350 public EPYC cloud instances available globally, a nearly 50% increase from a year ago [8] - The company expects strong cloud demand to continue as hyperscalers increase their general-purpose compute capacity to support AI workloads [8] Company Strategy and Development Direction - The company is focused on expanding its data center AI business, with significant growth expected from the upcoming MI400 series accelerators and "Helios" rack scale solutions in 2026 [12][14] - A multi-year agreement with OpenAI to deploy 6 GW of Instinct GPUs positions the company as a core compute provider for OpenAI, with potential to generate over $100 billion in revenue over the next few years [15][16] - The company is investing aggressively in R&D to capitalize on AI opportunities and expand its product offerings [24][30] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the strong demand environment for CPUs and GPUs, anticipating continued growth into 2026 [51][52] - The company is well-positioned to grow significantly as it transitions into the second half of 2026 with the MI450 and "Helios" [47] - Management highlighted the importance of collaboration with customers to ensure power and supply chain readiness for upcoming deployments [46][49] Other Important Information - The company completed the sale of the ZT manufacturing business to Sanmina, which will serve as the lead manufacturing partner for "Helios" [14][28] - The company has a remaining share repurchase authorization of $9.4 billion [28] Q&A Session Summary Question: CPU/GPU mix in Q3 and Q4 - Management indicated strong performance in both server and data center AI businesses, with expectations for continued demand into 2026 [34][36] Question: OpenAI's engagement and market influence - The relationship with OpenAI is significant, with plans for multi-gigawatt scale deployments and strong visibility into future demand [39][40] Question: Discrete sales versus system sales for "Helios" - There is considerable excitement around "Helios," with early customers expected to focus on rack scale solutions [42][44] Question: Constraints on deployments - Management emphasized the need for the entire ecosystem to plan together to address potential constraints in power and components [46] Question: Sustainability of CPU demand - Management noted a positive demand environment for CPUs, driven by AI workloads, and expects this trend to continue [51][52] Question: Progress on ROCm - Significant progress has been made with ROCm, with ongoing investments to enhance the developer experience [56][57] Question: MI308 readiness - The situation with MI308 remains dynamic, with some licenses received, but no revenue included in the Q4 guidance [90][91]

Core Viewpoint - Adeia has filed two patent infringement lawsuits against AMD, claiming that AMD's chips utilize its patented hybrid bonding technology, which is central to AMD's 3D V-Cache design, enhancing gaming performance and cache density [2][3]. Group 1: Patent Infringement Lawsuit - The lawsuits involve ten patents, including seven related to hybrid bonding technology and three concerning advanced logic and memory manufacturing processes [2]. - Adeia's claims arise after failed licensing negotiations over several years, with the lawsuits announced on November 3 [2]. - AMD has not commented on the lawsuits as of now [2]. Group 2: Hybrid Bonding Technology - Hybrid bonding technology is crucial for AMD's Ryzen X3D processors, allowing for a near-monolithic connection between chips, which enables stacking of 64MB SRAM without exceeding thermal or electrical limits [2]. - This technology utilizes TSMC's SoIC process series, which facilitates ultra-high-density 3D integration [2]. Group 3: Implications of the Lawsuit - The outcome of the lawsuit could redefine the boundaries between proprietary bonding methods and specific implementations by foundries, impacting the ownership of connection aspects in 3D chip designs [4]. - If Adeia's claims withstand early procedural challenges, the case may influence the valuation of all hybrid bonding processors in future licensing transactions [4]. - Historically, injunctions in such patent cases are rarely granted, leading to expectations that AMD's products will not be immediately affected [3].

Core Viewpoint - AMD continues to gain market share in the desktop and server CPU markets from Intel, but its position in the mobile CPU market has weakened compared to the second half of last year. Despite this, AMD's revenue share has seen significant growth in Q2 2025 compared to the same period last year [2][6]. Summary by Category Desktop CPU Market - AMD's desktop CPU market share reached 32.2% in Q2 2025, a quarter-over-quarter increase of 4.2% and a year-over-year increase of 9.2%. Intel's share was 67.8%, showing a decline in both quarter-over-quarter and year-over-year comparisons [6][8]. - AMD's desktop CPU revenue share rose to 39.3%, with a quarter-over-quarter growth of 4.9% and a year-over-year growth of 20.5%, indicating strong demand for high-end models like Ryzen 7 and Ryzen 9 [9][16]. Server CPU Market - AMD's server CPU market share was 27.3% in Q2 2025, with a slight quarter-over-quarter increase of 0.1% and a year-over-year increase of 3.2%. This reflects a growing demand for its EPYC processors [11][15]. - In terms of revenue, AMD's share in the server CPU market reached 41% in Q2 2025, with a quarter-over-quarter increase of 1.5% and a year-over-year increase of 7.2%, indicating a strong position in the high-end server market [11][15]. Mobile CPU Market - AMD's mobile CPU market share was 20.6% in Q2 2025, showing a quarter-over-quarter decline of 1.9% but a year-over-year increase of 0.3%. Intel maintained a dominant position with a share of 79.4% [9][11]. - AMD's mobile CPU revenue share was 21.5%, down 0.7% from the previous quarter but up 3.9% year-over-year, suggesting that while unit sales have decreased, the company remains competitive in the mid-to-high-end segment [11][16]. Overall Market Trends - AMD has made significant gains in the desktop and server markets, narrowing the gap with Intel, which still leads in overall unit sales. However, AMD's position in the mobile CPU market has weakened over the last two quarters [15][16]. - The overall trend indicates a shift towards AMD in high-performance segments, despite Intel's continued dominance in volume sales across all categories [8][16].