公众号记得加星标⭐️，第一时间看推送不会错过。 如果时光倒流十年，当时的AMD并非如今的AMD。彼时，Zen架构尚未出货，EPYC仍在研发路线图 上，而AMD能够同时在CPU、GPU和AI基础设施领域占据高端市场，这在当时还远非主流观点。过 去十年见证了半导体行业最激进的技术革新之一，涵盖核心架构、芯片策略、封装、代工厂合作，以 及如今的机架级系统设计。这一转型并非一蹴而就，而是需要长期的基础设施投入、多代产品的执行 力，以及在成果显现前数年就勇于承担风险的魄力。 Ian Cutress：我们显然进行过很多讨论。我和架构师们交流过，每次我们谈到芯片设计时，都会有 一个两到三年的周期，但之后还需要五到七年的时间进行探索，并与代工厂合作伙伴合作等等。回过 头来看，你认为Zen架构前两代产品的成功，相对于公司未来的发展方向而言，究竟有多少"烟幕 弹"（smoke screen）效应？ Mark Papermaster： 想想我们第一代Zen架构的开发历程——我们在2017年发布了Zen，它被应用 在EPYC服务器和Ryzen PC上。你称之为"烟幕弹"，但我并不认同这种说法。我认为那是我们前两代 Zen架构的试验期 ...

Core Viewpoint - AMD reported solid Q2 performance with moderate revenue growth and strong profitability, but market optimism regarding its short-term growth potential may be overstated due to signs of slowing data center sales and underperformance in gaming [1][2]. Group 1: Data Center Performance - The data center segment remains the main growth driver for AMD, generating $3.2 billion in revenue in Q2, a 14% year-over-year increase, although this is a slowdown from the previous year's 80% growth rate [2]. - Competition from NVIDIA and Intel, along with supply constraints, may limit near-term growth, as cloud providers show more selective spending, prioritizing AI GPUs over general-purpose processors [2][4]. Group 2: R&D and Cash Flow - AMD's R&D spending reached $2 billion in Q2, accounting for 21% of revenue, reflecting significant investment in new architectures and technology nodes, which may negatively impact short-term cash flow [3]. - Free cash flow for Q2 was $1.1 billion, down from $1.5 billion in the same period last year, indicating potential challenges in balancing shareholder returns and innovation funding [3]. Group 3: Market Challenges and Opportunities - AMD faces strong competitive pressure from NVIDIA in AI accelerators and Intel in server processors, making it difficult to expand profit margins [4]. - However, potential factors that could mitigate analyst pessimism include faster-than-expected MI300 shipments and strong adoption of Zen 5-based EPYC processors, which may accelerate data center market growth in upcoming quarters [3][4]. - AMD's diversified product portfolio across desktop, mobile, and cloud computing markets may help offset macroeconomic fluctuations, allowing the company to leverage strengths in certain segments to compensate for weaknesses in others [4].

Core Viewpoint - The semiconductor industry is witnessing a significant shift towards 2nm technology, with major companies like MediaTek, AMD, and Nvidia announcing their plans to develop and produce 2nm chips, indicating a competitive landscape and technological advancements in the sector [1][3][9]. Group 1: MediaTek's 2nm Plans - MediaTek plans to launch its first 2nm chip in September 2025, potentially becoming the first company to reach this milestone, ahead of Apple and Qualcomm [3]. - The upcoming 2nm chip is expected to deliver a 15% performance improvement and a 25% reduction in power consumption compared to current 3nm chips, which is significant for Android devices [3][4]. - MediaTek will continue its partnership with TSMC, which is set to begin mass production of its 2nm process in 2026, aligning with MediaTek's timeline [3][4]. Group 2: AMD's Strategy - AMD has confirmed it will be the first customer for TSMC's 2nm process, with its next-generation EPYC server processor, codenamed Venice, expected to launch in 2026 [6][8]. - The company reported a 57% growth in its data center segment in Q1 2025, reflecting its focus on scalable server solutions [7]. - AMD is exploring partnerships beyond TSMC, considering Samsung as a potential second supplier, although it currently relies heavily on TSMC for its 2nm technology [8]. Group 3: Nvidia's Interest - Nvidia is reportedly interested in TSMC's 2nm technology, with CEO Jensen Huang acknowledging the high cost but potential value of the process [9][10]. - There are indications that Nvidia may collaborate with Samsung for an unnamed GPU using the 2nm process, although details remain unclear [10][11]. - The success of Samsung's 2nm process will be crucial for its future contracts, as Nvidia and Qualcomm are evaluating their options in light of Samsung's performance [12]. Group 4: Competitive Landscape - The competition in the semiconductor industry is intensifying, with companies like Broadcom and Intel also eyeing 2nm technology [13]. - The advancements in 2nm technology are expected to drive significant changes in the market, as companies strive to enhance performance and efficiency in their products [1][9].

Group 1 - TSMC's Arizona plant has secured a significant order from AMD, which will shift its EPYC server production from Samsung to TSMC's 4nm process [1] - Major tech companies like Apple and NVIDIA have also announced plans to utilize TSMC's Arizona facility for chip production [1] - AMD's upcoming sixth-generation EPYC processors will be produced using TSMC's 2nm technology, making AMD the first high-performance computing (HPC) client for TSMC's 2nm process [1] Group 2 - AMD had previously collaborated closely with Samsung on the SF4X process for various products, including EPYC CPUs, Ryzen APUs, and Radeon GPUs, but it is unclear if this partnership has ended entirely [2] - Samsung's need to establish a reputation in the semiconductor industry makes AMD's withdrawal a significant setback for the South Korean company [2] - AMD is also working with TSMC to produce the "Venice" server CPU using 2nm technology and is focused on the Ryzen 9000 series consumer CPUs [2]