▌AMD公布乐观预期 不过，鉴于AMD部分产品的出口前景仍面临不确定性，且AMD今年年初以来已经累计上涨超44%，高估值压力下，公司股价盘后仍然走低。截至发稿， 该股在盘后交易中下跌约6.34%。 美东时间周二盘后，美芯片巨头Advanced Micro Devices（AMD）公布了第二财季财报。 财报显示，AMD第二季度的营收和对本季度指引仍超出预期，不过在芯片出口限制下，其季度盈利略低于预期。 财报显示，在截至6月的第二财季中，AMD实现业绩与LSEG收集的分析师预期分别为： 每股收益：调整后48美分，同比下降30%，预期49美分 营收：76.9亿美元，同比增长32%，预期为74.2亿美元 营业利润：8.97亿美元，同比下降29%，分析师预期9.028亿美元 AMD本季度调整后的毛利率为43%。公司声称，如果不考虑出口管制带来的成本，这一比例将达到54%。 对于当前季度，AMD预计营收为87亿美元，上下浮动3亿美元，而预期收益为83亿美元。 新款AI芯片有望提前量产 目前，AMD是全球GPU的第二大制造商，仅次于英伟达。尽管目前市场大部分份额仍然由英伟达占据，但Meta和OpenAI等大型人工智能客户正 ...

Core Viewpoint - AMD's quarterly performance fell short of market expectations, particularly in data center chip revenue, leading to a significant drop in stock price after the earnings announcement [1][3]. Financial Performance - For the quarter ending in June, AMD reported revenue of $7.69 billion and a net profit of $872 million [1]. - Data center revenue grew by 14% year-over-year to $3.2 billion, but this was below analyst expectations [1]. - AMD anticipates future quarterly sales to reach $8.7 billion [1]. Impact of Export Restrictions - AMD attributed its weak performance partly to the impact of export restrictions, reporting an adjusted gross margin of 43%, which would have been 54% without these costs [3]. - The company faced a loss of $800 million in the June quarter due to the ban on exporting its AI chip MI308 to China [3]. - AMD expects these restrictions to result in a total revenue loss of $1.5 billion for the year, primarily affecting the second and third quarters [3]. AI Chip Developments - AMD has begun mass production of the next-generation AI chip, Instinct MI350, which is expected to significantly increase output in the second half of the year [3][4]. - The company also announced the upcoming release of the Instinct MI400 AI chip, set to launch next year, with commitments from OpenAI to utilize it [5]. Market Position and Competition - AMD's MI350 competes with NVIDIA's GB200 chip, with seven out of the top ten model builders and AI companies using AMD's Instinct series products [4]. - Despite AMD being the second-largest AI chip manufacturer after NVIDIA, it has not benefited as much from the surge in AI spending compared to its competitor [1][6]. - Major tech companies have reported optimistic capital spending data, with significant increases in forecasts for capital expenditures, indicating a robust demand for AI infrastructure [6].

Core Insights - AMD and OpenAI jointly launched powerful AI chips, the Instinct MI400 and MI350 series, at the 2025 Global AI Development Conference [1] - The MI350 features 288GB of HBM3E memory and offers a 4x increase in AI computing capability and a 35x improvement in inference performance compared to the previous generation [1] - The MI355X chip provides 40% more tokens per dollar than NVIDIA chips due to its lower power consumption [1] Company Developments - AMD introduced its latest AI chips and cloud infrastructure hardware at the conference [1] - OpenAI's CEO Sam Altman attended the event and provided technical feedback during the chip development process [1] - The MI400 chip is equipped with 432GB of HBM4 memory, which surprised Altman during the presentation [1] Industry Impact - The advancements in AMD's AI chips signify a competitive edge in the AI hardware market, particularly against NVIDIA [1] - The significant improvements in memory bandwidth and computing power highlight the ongoing innovation in AI technology [1]