Core Viewpoint - Nvidia's CEO Jensen Huang criticizes the U.S. chip export restrictions to China, warning that if these continue, Huawei will dominate the Chinese market and expand globally [1][3]. Group 1: Impact on Nvidia - Nvidia's sales to China have been severely impacted by U.S. export restrictions, leading the company to exclude the Chinese market from its revenue and profit forecasts [3][5]. - In the fiscal year ending January 26, Nvidia generated $17 billion from the Chinese market, accounting for 13% of its total sales [5]. - Nvidia has faced significant financial losses due to these restrictions, with a projected loss of $8 billion in the second quarter following a $2.5 billion loss in the first quarter [5][6]. Group 2: Market Dynamics - Huang emphasizes the importance of maintaining a global presence in AI development, suggesting that abandoning the Chinese market could lead to a dominance of Chinese technology [1][3]. - The U.S. government's restrictions have prompted Nvidia to seek alternative strategies, including the development of customized chips for compliance with export regulations [5][6]. - Analysts warn that these restrictions could lead to a loss of market momentum for Nvidia in China, with Chinese companies likely turning to Huawei for their AI chip needs [7]. Group 3: Broader Industry Implications - The ongoing U.S. export controls are seen as a strategic misstep that could push allies away from the U.S. and towards China, potentially benefiting China's AI industry [7]. - The Chinese government has expressed strong opposition to U.S. actions, arguing that such measures hinder global semiconductor development and ultimately harm the U.S. itself [7].

Key Takeaways NVDA expects a $8B Q2 revenue loss due to U.S. export bans on its China-focused H20 AI chips. A $4.5B write-down highlights NVDA's heavy reliance on China for AI chip sales. NVDA targets growth in Saudi Arabia, Taiwan and the EU, but China remains irreplaceable.NVIDIA Corporation (NVDA) is expected to lose around $8 billion in revenues in the second quarter of fiscal 2026 due to new U.S. government export rules. These rules block shipments of its H20 AI chips to China. This will have a big i ...

作者 | Star Investments 编译 | 华尔街大事件 AMD （NASDAQ： AMD ）2025 年第一季度营收同比增长 36% 至 74 亿美元。 | $ in millions | Q1.25 | Q1'24 | YIY | Q4'24 | QIQ | | --- | --- | --- | --- | --- | --- | | Data Center | | | | | | | Net Revenue | $3,674 | $2,337 | Up 57% | $3,859 | Down 5% | | Operating Income | $932 | $541 | Up 72% | $1,157 | Down 19% | | Client & Gaming | | | | | | | Net Revenue | $2,941 | $2,290 | Up 28% | $2,876 | Up 2% | | Operating Income | $496 | $237 | Up 109% | $496 | Flat | | Embedded | | | | | | | Net Revenue ...

Core Viewpoint - A new bill proposed by Senator Tom Cotton aims to implement "geolocation tracking" features in high-end GPUs from companies like Nvidia and AMD to prevent these technologies from falling into the hands of competing nations [1][3]. Group 1: Bill Details - The bill targets not only AI chips but also high-performance gaming graphics cards [3]. - If passed, the measures will take effect six months after the bill's approval [3]. - Manufacturers of high-performance AI processors and graphics cards, such as Nvidia, Intel, and AMD, will be required to embed geolocation technology in their products to monitor the physical location of the hardware [5][10]. Group 2: Technical and Compliance Challenges - The implementation of geolocation tracking technology is not straightforward, especially for already designed high-end processors and graphics cards [12]. - Companies like Nvidia and AMD will face increased R&D costs and time due to the need to adjust production processes to incorporate tracking mechanisms [12][14]. - Exporting chip manufacturers will bear additional responsibilities, including tracking the location and usage of their products post-sale and reporting any unauthorized transfers [14]. Group 3: Impact on the Industry - Since 2022, the U.S. government has imposed strict export controls on advanced chips, particularly targeting AI and high-performance computing sectors [15]. - The recent export controls have significantly impacted companies, with AMD estimated to lose around $800 million in potential revenue and Nvidia facing losses of up to $5.5 billion [15]. - The bill also sets the stage for future regulatory upgrades, requiring annual assessments and potential new requirements based on technological advancements [18].

Group 1: Stock Performance and Agreements - Advanced Micro Devices (AMD) stock increased by over 4% in a single trading session and has risen nearly 20% over the past month, driven by a new $10 billion agreement with Saudi Arabian startup Humain for CPUs, GPUs, and software to enhance AI infrastructure [1] - Humain plans to construct data centers with approximately 1.9 gigawatts of power capacity by 2030, indicating a strategic move to diversify suppliers away from Nvidia, which presents an opportunity for AMD in the expanding AI market [1] - AMD's Q1 earnings surpassed expectations with a revenue growth of 36% to $7.44 billion, driven by a 57% increase in data center sales to $3.7 billion, highlighting the company's competitive position against Intel in the data center segment [2] Group 2: Regulatory Environment and Market Dynamics - New U.S. export restrictions on AMD's MI308 AI chips could potentially reduce its 2025 revenue by $1.5 billion, with an additional charge of up to $800 million related to inventory and purchasing commitments [3] - Despite these challenges, improving U.S.-China trade relations may lead to a review of chip export restrictions, which could benefit AMD as China accounts for about 24% of its revenue [3] Group 3: Stock Volatility and Market Comparison - AMD stock has exhibited significant volatility over the past four years, with annual returns of 57% in 2021, -55% in 2022, 128% in 2023, and -18% in 2024, contrasting with the more stable performance of the Trefis High Quality (HQ) Portfolio [4] - The HQ Portfolio has consistently outperformed the S&P 500, suggesting that AMD's stock may face challenges in maintaining performance amidst unpredictable macroeconomic conditions [4]

动，部分未被充分跟踪的桌面渠道产品亦提供支撑。鉴于上半年开局强劲，公司预计下半年增速将 有所放缓，因此传统季节性趋势可能不再适用。 库存与销售成本（COGS）比率从2024年Q4的1.52攀升至2025年第一季度的1.73。库存积压可能导致 持续降价压力及毛利率下滑。 在笔记本市场，AMD指出本季度基于AMD处理器的笔记本实际销售表现非常亮眼。从新一代AI PC 处理器的销量攀升能看出需求旺盛，环比增长超过50%。首批搭载全新高端锐龙AI Max Plus处理器 的笔记本以及首款主流锐龙AI 7和5 300系列处理器的产品上市后收获高度好评。 AMD同时指出，本季度搭载AMD处理器的商用PC需求很大。锐龙Pro商用PC实际销量同比增长超 过30%，主要得益于新的终端客户订单，还有HP、Lenovo、Dell和Asus等厂商基于AMD方案的商用 系统数量较2024年增长80%。本季度AMD在汽车、能源、医疗、金融服务及电信行业头部企业斩获 多个订单。纵观PC市场全局，AMD对2025年客户端处理器收入增长远超行业平均水平充满信心， 驱动力来自桌面渠道的拓宽、消费级与商用笔记本产品组合的扩展以及产品结构持续优化。 ...

申请入围"中国IC独角兽" 半导体高质量发展创新成果征集 新智元报道 编辑：桃子 【新智元导读】 小心，5090要装定位了？美参议员12页法案，强制要求英伟达、AMD高端GPU 和AI芯片植入「地理追踪」功能。法案若通过，6个月后生效。 最近，美参议员Tom Cotton提出了一项新法案—— 要为英伟达、AMD等高端GPU装上「地理追踪」功能，防止落入竞争国家手中。 此举，不仅针对的是AI芯片，还涵盖了高性能游戏显卡等硬件。 若是法案通过，这些措施将在6个月后生效。 高端GPU植入定位 根据法案内容，一些生产高性能AI处理器和显卡的厂商，比如英伟达、英特尔、AMD，必须在产品 中嵌入「地理追踪」技术。 这么做的目的不言而喻，实时监控硬件的物理位置。 文件地址：https://www.cotton.senate.gov/imo/media/doc/chips.pdf 尽管「地理追踪」技术尚未广泛使用，但实际上验证芯片位置的技术已经存在。 路透称，出于安全目的，谷歌在其内部AI芯片以及数据中心芯片中，植入了定位功能。 方案的出口管制分类号（ECCNs），覆盖了3A090、4A090、4A003.z、3A001.z ...

Core Insights - Advanced Micro Devices (AMD) has shown strong revenue growth in its data center segment, with sales increasing by 57% to $3.7 billion, despite a 35% decline in stock performance over the past year [2][6]. Group 1: Data Center Growth - AMD has become the leader in the data center CPU market, with significant growth attributed to its EPYC chips and increased adoption by cloud computing providers [3][4]. - The company is experiencing robust demand for its GPUs in generative AI tasks, with major tech companies utilizing its GPUs for AI model training and inference [4][5]. Group 2: Financial Performance - In Q1, AMD reported overall revenue growth of 36% to $7.44 billion, with adjusted earnings per share (EPS) rising 55% to $0.96, surpassing analyst expectations [8]. - The client and gaming segment revenue increased by 28% to $2.9 billion, driven by high-end Ryzen CPUs, although gaming revenue fell by 30% due to lower semi-custom revenue [9]. Group 3: Future Outlook - Despite facing export restrictions that could result in a $1.5 billion revenue loss for the year, AMD forecasts strong double-digit percentage revenue growth in 2025 and projected Q2 revenue of $7.4 billion, representing 27% growth [6][7]. - The inference market for AI chips is expected to grow significantly, and AMD's established position in this segment could drive future growth [11]. Group 4: Valuation - AMD's stock is currently trading at a forward price-to-earnings ratio of 26.5 times 2025 estimates and about 18 times 2026 estimates, indicating a more attractive valuation compared to the previous year [12].

Core Insights - AMD reported Q1 2025 earnings with revenue of $7.438 billion, a 36% year-over-year increase, exceeding expectations of $7.12 billion [2] - The company achieved a significant operating income of $806 million, a 2139% increase year-over-year, and a net profit of $709 million, up 476% year-over-year [2] - AMD's CEO Lisa Su indicated that the company has experienced four consecutive quarters of year-over-year growth and expects double-digit revenue growth for 2025 [2] Financial Performance - Q1 2025 revenue: $7.438 billion, up 36% YoY, down 3% QoQ [2] - Operating income: $806 million, up 2139% YoY [2] - Net profit: $709 million, up 476% YoY, and up 47% QoQ [2] - Non-GAAP gross margin: 54%, diluted EPS: $0.96 [2] Product Development - AMD began providing samples of the AI chip Instinct MI350 series to multiple customers in Q1 2025, with production expected to accelerate mid-year [2] - The MI350 series offers a 35x improvement in throughput and performance compared to the MI300X [2] - The MI400 series is on track for release next year [2] Regulatory Impact - The U.S. government has imposed export controls on the Instinct MI308X to China, similar to restrictions on NVIDIA's H20, impacting AMD's revenue by an estimated $800 million in Q2 2025 [3] - The export controls are projected to affect AMD's total revenue by $1.5 billion for the full year 2025 [3] - Q2 2025 revenue is expected to be around $7.4 billion, with a potential fluctuation of $300 million [3] - Non-GAAP gross margin for Q2 is anticipated to be 43%, with the export controls contributing to an estimated 11% impact on gross margin [3]

【文/观察者网 齐倩】因为对华出售"减配特供版"芯片，英伟达被特朗普政府盯住不放。 5月9日，三名知情人士向路透社透露，由于美国威胁叫停出口，英伟达计划在未来两个月内进一步降级 向中国市场推出的H20芯片配置。其中两人称，英伟达已通知中国主要客户，计划在7月发布降级版 H20。 报道称，英伟达对"对华特供版"芯片制定了新的技术门槛。 英伟达芯片示意图 美媒 早在2022年10月，美国政府就已实施了一系列芯片出口限制措施，且后续不断收紧，以阻止英伟达、 AMD、英特尔等美国半导体巨头在中国销售其最先进芯片，迫使这些企业寻找变通之法。此前，英伟 达曾为符合美国出口规定为中国市场开发定制H20芯片，去年2月份开始接受预订。 路透社此前报道称，作为"中国特供版"人工智能芯片，H20在训练AI模型方面不如英伟达其他芯片速度 快，但在推理环节与其他芯片相比具有竞争力。 数据显示，在截至1月26日的财年中，中国市场为英伟达带来了170亿美元的收入，占其总销售额的 13%。路透社援引消息称，自1月份以来，英伟达已累计获得价值180亿美元的H20芯片订单。 不过，美国《华尔街日报》4月援引一名知情人士的说法称，英伟达私下一直极 ...