AMD CEO苏姿丰，公开"怼"起了扎克伯格： 就在AI人才争夺战打得最激烈的当口，她明确表态不会像Meta的扎克伯格那样动辄开出1亿美元年薪挖人。 她的核心观点很直白——钱很重要，但不是最重要的。 AMD的成功依赖于整个团队的努力，而不是某一个"明星员工"，这种做法会摧毁公司文化。 这位带领AMD从濒临破产到市值千亿的传奇CEO，还特别强调了一点：不应该让员工觉得自己只是机器上的一个齿轮。 这番言论一出，立刻在硅谷引发热议。毕竟，当下AI领域的薪酬战已经疯狂到夸张的程度。 使命感比钞票更重要 苏姿丰的人才理念可以用一句话概括："你想成为我们使命的一部分吗？" 在她看来，薪酬当然要有竞争力，得在合理的"邮政编码"范围内（in the zip code），这是她用的一个有趣说法，可理解为公司提供的薪酬水平要处于与竞 争对手相近的大致范围，即达到市场上有竞争力的薪资水平区间。 但真正能打动顶尖人才的，是让他们对公司正在做的事情抱有信念。 金钱很重要，但坦率地说，在吸引人才方面，它不一定是最重要的。 苏姿丰在采访中反复强调这一点。她希望吸引的是那些渴望在技术领域做出重要贡献、能够推动公司未来发展蓝图的人才。 更关键 ...

Core Viewpoint - AMD CEO Lisa Su publicly criticized Meta's Mark Zuckerberg for offering exorbitant salaries to attract AI talent, emphasizing that while money is important, it is not the most crucial factor in attracting top talent [1][3][4] Group 1: Talent Acquisition Philosophy - Su's philosophy can be summarized as "Do you want to be part of our mission?" She believes that competitive salaries are necessary but that true motivation comes from a belief in the company's mission [3][4] - She argues that offering disproportionately high salaries to new hires is unfair to existing employees, as AMD's success relies on the collective effort of the entire team rather than individual "star" employees [4][10] - Data supports this philosophy, showing that Anthropic, which maintains a fair compensation system, has an employee retention rate of 80%, compared to Meta and OpenAI's 64% [4] Group 2: Current AI Talent Market - The AI talent market is extremely competitive, with projections estimating the AI industry will reach $4.8 trillion by 2033, prompting tech giants to aggressively pursue talent [8] - Zuckerberg has led this charge, offering salaries as high as $100 million, with some top AI researchers receiving offers up to $250 million [8][9] - Meta's spending on security for Zuckerberg is also notable, with a budget of $27 million for 2024, which exceeds the combined security budgets of several other tech CEOs [9] Group 3: AMD's Recovery and Strategy - Su's confidence stems from her successful turnaround of AMD, which was near bankruptcy when she took over in 2014, transforming it into a company with a market value of $100 billion and record revenues of $25.8 billion in fiscal 2024 [10][11] - AMD's approach to compensation ties executive pay to company performance, with Su's total compensation for fiscal 2024 reported at $31 million, reflecting a commitment to growth and fairness [10][11] - AMD is gaining traction in the AI chip market, with its latest MI300 series products being recognized by major clients like Microsoft and Meta, demonstrating that a focus on mission and growth opportunities can attract top talent without resorting to exorbitant salaries [11]

Core Viewpoint - AMD CEO Lisa Su emphasizes that while salary is important, it is not the most critical factor in attracting talent, contrasting her approach with that of Meta's Mark Zuckerberg, who offers exorbitant salaries to poach talent [2][5][10]. Group 1: Talent Acquisition Philosophy - Su believes that a sense of mission is more compelling than high salaries, stating, "Do you want to be part of our mission?" [6][10]. - Competitive salaries are necessary but should be within a reasonable range compared to competitors, referred to as being in the "zip code" [7]. - The focus should be on attracting individuals who are eager to make significant contributions in technology and drive the company's future [10][12]. Group 2: Company Culture and Fairness - Su argues that offering disproportionately high salaries to new hires is unfair to existing employees who work hard for lower pay [11][12]. - AMD's success is attributed to the collective effort of the team rather than individual "star employees," which helps maintain a positive company culture [12]. - The CEO of Anthropic supports this view, stating that Meta is trying to buy something that cannot be purchased: a sense of mission [13]. Group 3: Market Context and Competitive Landscape - The AI talent market is extremely competitive, with projections indicating the AI industry could reach $4.8 trillion by 2033 [21]. - Zuckerberg has led the charge in this salary war, offering packages up to $100 million, with some top AI researchers receiving offers as high as $250 million [21]. - Meta's spending on security for Zuckerberg is also notable, with a budget of $27 million for 2024, surpassing the combined security costs of several other tech CEOs [21]. Group 4: AMD's Journey and Current Position - Su's leadership has transformed AMD from near bankruptcy to a company with a market value of $100 billion, achieving record revenues of $25.8 billion in fiscal year 2024 [22][23]. - AMD's recent success in the AI chip market, particularly with the MI300 series, demonstrates that the company can attract top talent without resorting to exorbitant salaries [23]. - Su's compensation reflects her philosophy, with a total pay of $31 million for fiscal year 2024, aligning her rewards with company performance [23].

从财报核心数据来看，AMD的Q2表现呈现出总体光鲜、结构分化的特征。 Q2，AMD录得77亿美元的营收，同比增长32%，超越市场分析师一致预期的74.3亿美元。拆解增长动力，处理器销量的突破性表现成为关键引擎——基 于Zen架构的新一代CPU在服务器与消费级市场同步走俏，推动客户端业务收入同比增长67%；游戏部门则凭借RDNA 4架构显卡的大量铺货，实现同比增 长73%。 如果以第一种视角来看，那AMD无疑已经陷入超买的境地，总市值已经超过2600亿美元，PE（TTM）超过94倍，行业绝对龙头英伟达才只有57倍；如果 以后者的视角看，AMD显然还可以有进步的空间，毕竟其股价在去年初一度超过210美元/股，对比现在的163美元/股空间还是可观的。 在我们看来，现如今的美股仍然处于波动较大的阶段，且并不便宜。特朗普的诸多政策存在不确定性、关税对消费者信心和企业资产负债表的打击逐渐显 现，美股在三季度很难重现二季度的辉煌，很有可能出现调整。 在这种情况下，AMD二季报展示的基本面，尽管大幅超越预期，但在收入结构上的不足仍然明显，因此，财报很难说服投资者放宽心继续押注，前期积 累的涨势就开始动摇。 同时，作为全球AI ...