关于英伟达，Raymond分析指出，该公司在人工智能领域处于领先地位，对于投资者而言应被视为"核 心持股"对象。分析师称："英伟达拥有强大的竞争优势壁垒，其成熟的软件栈得益于长达十年的领先优 势，拥有强大的社区支持(由顶尖开发者提供)，并且采用了全栈式系统方法和平台。" 对于迈威尔科技而言，Raymond分析师们承认该公司作为次级定制芯片供应商面临着更多的质疑。不 过，他们认为该公司凭借其专用集成电路业务和光学部门具备了"所需的优势条件"。分析师们写 道："目前，数据中心产品占销售额的约 75%，我们预计其在定制专用集成电路和数据中心光数字信号 处理器市场中的份额将持续增长;管理层的目标是到 2028 年在数据中心专用集成电路领域占据约 20%的 市场份额(价值 80 亿美元以上)。" 智通财经APP获悉，投行Raymond认为，包括英伟达(NVDA.US)、AMD(AMD)、英特尔(INTC.US)在内 的众多半导体股票仍有很大的上涨空间。该行本周恢复了对该行业的评级，对 AMD 和博通(AVGO.US) 给予"跑赢大盘"评级，对 ARM(ARM.US)、Astera Labs(ALAB.US)和英特尔给予 ...

Core Insights - AMD's Q2 revenue reached $7.685 billion, a 32% year-over-year increase, setting a quarterly record and exceeding analyst expectations [2] - Due to U.S. export restrictions, sales of the MI308 chip to China were limited, resulting in a 30% year-over-year decline in EPS and a drop in gross margin to 43% [2] - Data center revenue grew 14% year-over-year, with a slowdown attributed to MI308 export limitations [2] - Client business (PC chips) showed strong performance with a 67% year-over-year revenue increase, marking three consecutive quarters of record highs [2] - Gaming business reversed its declining trend, achieving a 73% year-over-year revenue growth [2] - AMD's Q3 revenue guidance midpoint is $8.7 billion, a 27.9% year-over-year increase, indicating a slowdown but still above analyst expectations [2] - Q3 gross margin is expected to rebound to 54% [2] - AMD has commenced early production of the new MI350 chip and plans to launch the MI400 series next year [2]

Core Viewpoint - AMD's CEO Lisa Su emphasizes that the cost increase of American-made chips is justified by the value of supply chain resilience, leading to a significant market response and a 4% stock price increase [1][3]. Group 1: Cost and Supply Chain Dynamics - The market's reaction to Su's comments reflects a revaluation of "nearshore manufacturing" as a new valuation anchor for tech stocks, with AMD securing scarce production capacity ahead of potential tariff increases [3]. - AMD's strategy includes a 10% allocation of high-end production capacity to the U.S., which is seen as a strategic move to create a natural moat against global trade tensions [3][4]. Group 2: Competitive Positioning and Technology - AMD is gaining a competitive edge in the 2nm technology space with the delivery of the first N2 process Zen 6 chip, indicating that U.S. manufacturing capabilities are improving [3]. - The company is also focusing on local partnerships in China, forming an AI application alliance with over 100 partners, which is expected to grow to 170 by year-end [4][5]. Group 3: Strategic Commitments and Market Resilience - AMD has made four key commitments to the Chinese market, including a dedicated R&D team and partnerships with over 100 cloud instances and universities, which serve as a counterbalance to potential U.S. tariffs [5]. - The company's historical ability to turn challenges into opportunities is highlighted by its significant stock price recovery and revenue growth despite facing export losses [5][6]. Group 4: Future Technology Developments - AMD is preparing for future advancements with the MI350 chip, which boasts a 35x increase in inference performance while being 30% cheaper than NVIDIA's comparable products [6]. - The company is also developing the Helios super rack for large-scale model training, positioning itself as a key player in the upcoming AI PC market [6]. Group 5: Market Strategy and Investment Outlook - The semiconductor industry is entering a complex phase where short-term cost concerns, mid-term production capacity, and long-term ecosystem development are critical [6]. - AMD's approach to defining value in the context of a 5%-20% cost premium is seen as a strategic move that could reshape pricing power in the semiconductor supply chain [6].

Core Insights - Meta is utilizing AMD's MI350 chips for training and deploying its recommendation engine [1] Company Summary - Meta's executives have confirmed the integration of AMD's MI350 chips into their technology stack [1]

Core Viewpoint - AMD is set to launch the MI350 and MI355 chips, with the MI400 chip expected to be released next year [1] Group 1 - The MI350 and MI355 chips are part of AMD's strategy to enhance its product offerings in the high-performance computing market [1] - The introduction of the MI400 chip next year indicates AMD's commitment to continuous innovation and competitiveness in the semiconductor industry [1]