Investment Rating - The report assigns a strong buy rating for AMD, expecting it to outperform the benchmark index by over 20% in the next six months [47]. Core Insights - AMD achieved record performance in FY25Q4 with total revenue reaching $10.3 billion, a year-over-year increase of 34% and a quarter-over-quarter increase of 11%. The gross margin significantly improved to 57%, up 290 basis points year-over-year, and diluted earnings per share were $1.53, reflecting a 40% increase year-over-year. Annual revenue also grew by 34% to $34.6 billion, with multiple key metrics hitting historical highs [2][7]. - The data center business generated $5.4 billion in revenue, marking a 39% year-over-year increase and a 24% quarter-over-quarter increase, driven by the penetration of the fifth-generation EPYC processors and the explosive growth of the Instinct GPU business. Eight out of the top ten AI companies utilize Instinct for production workloads [3][8]. - The client and gaming segment combined revenue was $3.9 billion, a 37% year-over-year increase but a 3% quarter-over-quarter decline. The client business alone reached $3.1 billion, a historical high, with over 40% year-over-year growth in commercial laptop and desktop Ryzen CPU sales [9]. - The embedded business reported $950 million in revenue, a 3% year-over-year increase and an 11% quarter-over-quarter increase, with a record $17 billion in design orders accumulated in 2025 [10]. Revenue Breakdown - **Data Center Business**: Revenue of $5.4 billion, up 39% year-over-year and 24% quarter-over-quarter, with significant contributions from the fifth-generation EPYC processors and MI350 series GPUs [3][8]. - **Client and Gaming Business**: Combined revenue of $3.9 billion, with the client segment at $3.1 billion and gaming at $843 million, reflecting strong demand for Ryzen CPUs and Radeon GPUs [9]. - **Embedded Business**: Revenue of $950 million, with a notable increase in design orders and strong performance in various markets [10]. Business Progress - AMD is advancing its product development with the successful mass production of the next-generation data center product MI355, and the upcoming MI400 series is on track for release in H2 2026 [4]. - The software ecosystem is expanding, with the ROCm ecosystem supporting AMD GPUs and new models in healthcare [4]. Performance Guidance - AMD provided non-GAAP guidance for FY26Q1, projecting revenue of approximately $9.8 billion (with a fluctuation of $300 million), a gross margin of about 55% (up 130 basis points year-over-year), and operating expenses of around $3.05 billion [11].

Investment Rating - The report assigns a strong buy rating for AMD, expecting it to outperform the benchmark index by more than 20% in the next six months [46]. Core Insights - AMD achieved record performance in FY25Q4 with total revenue reaching $10.3 billion, a year-over-year increase of 34% and a quarter-over-quarter increase of 11%. The gross margin significantly improved to 57%, up 290 basis points year-over-year, and diluted earnings per share were $1.53, reflecting a 40% increase year-over-year [2][7]. - The data center business generated $5.4 billion in revenue, marking a 39% year-over-year increase and a 24% quarter-over-quarter increase, driven by the penetration of the fifth-generation EPYC processors and the explosive growth of the Instinct GPU business [3][8]. - The client and gaming segment combined revenue was $3.9 billion, up 37% year-over-year but down 3% quarter-over-quarter, with the client business reaching a record high of $3.1 billion [3][9]. - The embedded business reported revenue of $950 million, a 3% year-over-year increase and an 11% quarter-over-quarter increase, with a total of $17 billion in design wins for 2025 [3][10]. - AMD provided guidance for FY26Q1, projecting revenue of approximately $9.8 billion (with a fluctuation of $300 million), a gross margin of about 55%, and operating expenses of around $3.05 billion [4][11]. Revenue Breakdown - **Data Center Business**: Revenue reached $5.4 billion, a 39% year-over-year increase and a 24% quarter-over-quarter increase, with significant contributions from the fifth-generation EPYC processors and the Instinct GPU business [3][8]. - **Client and Gaming Business**: Combined revenue was $3.9 billion, with the client segment at $3.1 billion (up 34% year-over-year) and gaming revenue at $843 million (up 50% year-over-year) [3][9]. - **Embedded Business**: Revenue was $950 million, with a 3% year-over-year increase and an 11% quarter-over-quarter increase, supported by strong demand in various markets [3][10]. Business Developments - AMD's new generation data center product MI355 has successfully entered mass production, contributing to the improvement in gross margin. The next-generation MI400 series and Helios platform are in development, with MI450 expected to launch in H2 2026 [4]. - The ROCm ecosystem continues to expand, supporting AMD GPUs and integrating into various applications, including healthcare [4].

存储芯片持续涨价态势正在对AI芯片市场带来普遍影响。 近日多家AI芯片大厂陆续发布财报，其中存储芯片涨价成为其中备受关注的话题，这尤其表现在与手机有高度关联的高通和联 发科。不仅如此，AMD和Arm也频繁被问及存储涨价对后续业绩的影响。 截至美东时间2月5日收盘，高通股价下跌8.46%、AMD下跌3.84%、Arm上涨5.7%。 面对短期内没有止涨态势的存储芯片影响，这些AI芯片大厂怎么预判后市？又准备如何应对？ AI芯片畅旺 不出意外，AI芯片大厂普遍收获了又一个再创新高的财报季。 Arm的收入包括两大部分，其一是特许权使用费（Royalty），期内实现收入7.37亿美元，同比增长 27%，这受益于每颗芯片更 高的特许权使用费率（比如采用Arm v9架构和Arm CSS计算子系统），以及数据中心中基于Arm架构芯片的使用量增加；其二 是授权许可（license）业务实现收入5.05亿美元，同比增长25%，这源于多项高价值许可协议的持续释放，以及积压订单的贡 献。 高通公司在截至2025年12月公历年份的2026财年第一财季，实现收入123亿美元，同比上涨5%。 AMD发布财报显示，2025财年第四季度营收创 ...

在第四季度达成一系列巨额交易之后，AMD本季度也面临着很高的业绩目标，这些交易包括与 OpenAI和Oracle的合作。 第四季度，随着人工智能工具所需的数据中心需求持续飙升，各公司也加大了投资力度。 如果您希望可以时常见面，欢迎标星收藏哦~ AMDCEO苏姿丰为公司疲软的业绩预测辩护，周三她告诉 CNBC，这家芯片制造商近几个月来需 求有所上升，但与此同时，该公司股价暴跌 17%，创下自 2017 年 5 月以来最糟糕的单日表现。 "作为业内人士，我可以告诉你，人工智能的发展速度是我之前无法想象的，"她告诉 CNBC ，并 补充说，需求持续超过计算需求。 苏姿丰表示，AMD的数据中心业务从第四季度到第一季度加速增长，随着企业快速增加人工智能 企业工作的计算能力，对其中央处理器的需求"呈爆炸式增长"。 该公司周二公布的第四季度业绩超出华尔街预期，但一些分析师认为其前景疲软，令业绩黯然失 色。 AMD表示，预计第一季度营收为98亿美元，上下浮动3亿美元。此前预期为93.8亿美元。 一些分析师预计，在人工智能支出增加和大规模数据中心建设的推动下，该公司前景将更加强劲。 苏姿丰告诉 CNBC，随着 AMD 开始交付 ...

Core Viewpoint - AMD's Q4 revenue growth remains above 30% year-over-year, with EPS growth slowing but exceeding analyst expectations by nearly 16% [1][3] Revenue and Earnings Performance - Q4 revenue reached $10.27 billion, a 34% year-over-year increase, slightly lower than the 36% growth in Q3 [6] - Adjusted EPS for Q4 was $1.53, a 40% year-over-year increase, surpassing analyst expectations of $1.32 by nearly 16% [7][8] - Operating profit for Q4 was $2.85 billion, a 41% year-over-year increase, exceeding analyst expectations of $2.47 billion by 15.4% [9] Business Segments - Data center revenue hit a record $5.4 billion in Q4, a 39% year-over-year increase, accelerating from 22% growth in Q3 [12] - Client and gaming business contributed approximately $3.9 billion in revenue, with a 37% year-over-year increase, slowing from 73% growth in Q3 [16] Guidance and Market Reaction - Q1 revenue guidance is set at $9.5 billion to $10.1 billion, with a midpoint of $9.8 billion, slightly above analyst consensus of $9.39 billion but below some optimistic forecasts exceeding $10 billion [3][5] - Following the earnings report, AMD's stock price fell, reflecting investor disappointment over the revenue guidance not meeting high expectations [3][5] Cost and Investment Considerations - AMD's adjusted gross margin guidance is approximately 55%, slightly above market expectations of 54.5% [5] - R&D expenses for Q4 were $2.33 billion, exceeding analyst expectations of $2.16 billion, indicating continued investment in next-generation CPU/GPU and AI platforms [9][10] Export Restrictions Impact - Sales of the MI308 chip in China amounted to approximately $390 million in Q4, with U.S. export restrictions expected to impact around $440 million in inventory and related costs by 2025 [17]

AMD (NasdaqGS:AMD) Q4 2025 Earnings call February 03, 2026 05:00 PM ET Company ParticipantsBen Reitzes - Managing Director and Head of Technology ResearchJean Hu - EVP, CFO, and TreasurerJoe Moore - Managing Director and Head of U.S. Semiconductors ResearchLisa Su - Chairman and CEOMatt Ramsay - VP of Financial Strategy and Investor RelationsConference Call ParticipantsAaron Rakers - Managing Director and Senior Equity Research AnalystC.J. Muse - Senior Managing Director and Senior Equity Research AnalystJi ...

Financial Data and Key Metrics Changes - In 2025, the company achieved record revenue of $34.6 billion, a 34% year-over-year increase, with net income rising 42% to $2.5 billion and free cash flow nearly doubling to $2.1 billion [5][6][23] - For Q4 2025, revenue reached $10.3 billion, up 34% year-over-year, with gross margin at 57%, an increase of 290 basis points year-over-year [5][24] Business Segment Data and Key Metrics Changes - Data center segment revenue grew 39% year-over-year to a record $5.4 billion, driven by strong demand for EPYC processors and MI350 products [7][25] - Client and gaming segment revenue increased 37% year-over-year to $3.9 billion, with client revenue at a record $3.1 billion, up 34% year-over-year [16][26] - Embedded segment revenue rose 3% year-over-year to $950 million, supported by demand in test and measurement and aerospace sectors [19][27] Market Data and Key Metrics Changes - In the cloud market, the number of EPYC cloud instances grew over 50% year-over-year to nearly 1,600, with significant adoption among hyperscalers [8][9] - The company noted a meaningful shift in EPYC adoption in the enterprise sector, with over 3,000 solutions now available optimized for major workloads [8] Company Strategy and Development Direction - The company is entering a multi-year demand supercycle for high-performance and AI computing, positioning itself to capture significant growth opportunities across all business segments [20] - The launch of the MI400 series and Helios platform is seen as a major inflection point for the AI business, with expectations of scaling AI revenue to tens of billions by 2027 [15][22] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the growth trajectory for 2026, anticipating strong demand for EPYC and Instinct products, with a target of over 60% annual growth in the data center segment [22][48] - The company is optimistic about the data center AI revenue potential, with significant customer engagements and a strong order book [33][41] Other Important Information - The company repurchased 12.4 million shares in 2025, returning $1.3 billion to shareholders, and ended the year with $9.4 billion remaining in its share repurchase program [29] - The company is actively working on multi-year agreements with suppliers to ensure adequate supply for future growth [84] Q&A Session Summary Question: Can you discuss customer engagements and demand for MI450 and Helios platforms? - Management confirmed strong customer engagement and progress on MI450 development, with expectations for a second-half launch and significant ramp-up in 2027 [34][35] Question: Can you provide details on March guidance and data center GPU ramp? - Management indicated a sequential decline in client revenue but strong growth in data center, with expectations for a solid ramp in GPU revenue throughout the year [38][40] Question: What is the outlook for data center revenue growth in 2026? - Management expressed bullishness on data center growth, citing strong demand for EPYC and MI450 products, with a long-term target of over 60% growth [45][48] Question: How is the company addressing supply chain challenges for server CPUs? - Management noted increased supply capacity for server CPUs and strong demand, indicating confidence in meeting growth targets [52][53] Question: What is the strategy regarding memory procurement and inflationary costs? - Management highlighted proactive planning for memory procurement, ensuring alignment with demand and ramp-up schedules [82][84] Question: How does the company view the competitive landscape with ARM and x86? - Management emphasized the importance of high-performance x86 CPUs for AI workloads, asserting that EPYC is optimized for current and future demands [79][80]

AMD (NasdaqGS:AMD) Q4 2025 Earnings call February 03, 2026 05:00 PM ET Speaker3Greetings, and welcome to the AMD fourth quarter and full year 2025 conference call. At this time, all participants are in a listen-only mode. A question-and-answer session will follow the formal presentation. If anyone should require operator assistance during the conference, please press star zero on your telephone keypad. Please note that this conference is being recorded. I will now turn the conference over to Matt Ramsay, VP ...

The chip maker data center segment sales jumped 39%, driven by strong demand for its EPYC processors and the ramp-up of its Instinct GPU shipments. ...

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 ...