Core Insights - Advanced Micro Devices (AMD) has developed a significant AI accelerator business, but it remains small compared to Nvidia, which generated over $39 billion in revenue from its data center segment in the last quarter, while AMD's total AI accelerator revenue for 2024 is only $5 billion [1] - AMD's latest GPUs, the Instinct MI350X and MI355X, deliver four times the AI compute performance and 35 times the AI inferencing performance compared to previous models, but they do not surpass Nvidia's latest offerings [2] - AMD plans to release the MI400 series in 2026, claiming the MI400X will be ten times more powerful than the MI300X, featuring up to 432 GB of HBM4 memory and 19.6 TB/s memory bandwidth [4] - Nvidia is expected to release its Vera Rubin chips in late 2026, which will significantly enhance performance over its current generation [5] - AMD's MI400X is anticipated to outperform Nvidia's current products, but Nvidia's next-gen Rubin chips may ultimately prevail [6] - AMD is also set to launch a new rack-scale AI solution called Helios in 2026, which will include up to 72 MI400 GPUs and advanced server CPUs [7] - Despite AMD's advancements, Nvidia is likely to maintain its market leadership due to its powerful hardware and established CUDA software ecosystem [8] - The AI chip market is projected to reach $500 billion by 2028, and AMD's growth in AI chip revenue does not necessarily require it to surpass Nvidia [9] - With the upcoming MI400 series and Helios, AMD is positioned for substantial growth in AI-related revenue, although it is expected to remain in second place behind Nvidia [10]

在AMD的技术活动上发表演讲的CEO苏姿丰（12日、美国加利福尼亚州圣何塞） AMD在6月12日发布新款AI半导体。CEO苏姿丰表示与竞争对手英伟达相比，能以低成本发 挥同等性能。英伟达2024年掌握AI半导体市场超过7成份额。AMD将以廉价产品进行抗 衡…… 美国半导体巨头超微半导体（AMD）6月12日发布了新款人工智能（AI）半导体。表示与竞 争对手英伟达相比，能以低成本发挥同等性能。英伟达的尖端半导体有的一块就超过500万日 元，AMD将以廉价产品与领头羊英伟达抗衡。 AMD的首席执行官（CEO）苏姿丰在美国加利福尼亚州的技术活动上说明了AI半导体的开发 计划。新产品"MI350X"和"MI355X"将于2025年7～9月通过云企业开始提供。2026年将投 放新一代产品"MI400"。 这处活动场地在3个月前也举行过英伟达的技术活动。AMD的苏姿丰在同一场所发表了今后的 开发计划，显露出了对抗英伟达的姿态。苏姿丰将AMD的新产品与英伟达的主力产 品"B200"进行比较，认为"性能更胜一筹"。 AMD特别强调了与英伟达相比自身产品的高性价比。AMD计划以比英伟达产品更低的价格推 出替代品。AMD表示，相同 ...

Core Viewpoint - AMD is launching a new generation of AI chips that claim to offer lower costs compared to competitors like NVIDIA, aiming to challenge NVIDIA's market dominance in the AI chip sector [1][2]. Group 1: Product Launch and Features - AMD introduced its new AI chips, "MI350X" and "MI355X," which will be available through cloud service providers in Q3 of this year, with a next-generation product, "MI400," set to launch in 2026 [1]. - The performance of AMD's new products reportedly surpasses NVIDIA's flagship product, "B200," with a potential data processing performance increase of up to 40% at the same cost [1][4]. - AMD's AI chips have already been adopted by major companies such as Meta, Microsoft, and Oracle, indicating a strong market demand for alternatives to NVIDIA's high-priced chips [1]. Group 2: Market Position and Competition - Despite AMD's advancements, NVIDIA still holds over 70% of the AI chip market share as of 2024, maintaining a significant lead since the rise of generative AI with OpenAI's ChatGPT [2]. - The shift in focus from "learning" to "inference" in AI development presents an opportunity for AMD to enhance its competitiveness in the evolving market [3]. Group 3: Strategic Initiatives - AMD has launched a new development platform, "ROCm 7," which is open-source and compatible with non-AMD chips, aiming to disrupt NVIDIA's established CUDA ecosystem [4]. - The competitive landscape in the AI chip sector is evolving, with AMD positioning itself as a challenger to NVIDIA through technological openness and cost-effective solutions [4].

而且，尽管从 4 月份的低点 [约 75 美元/股] 强劲反弹，AMD 的股价仍然低于其多年支撑趋势线 （ 图表上以蓝色箭头标记 ）和关键的每周移动平均线。 从技术角度来看，AMD 的股票是亏损的。 好消息是，AMD 2025 年第一季度的业绩和 2025 年第二季度的展望证明它不是一家破产的公 司！ 2025 年第一季度，AMD 的营收为 74.4 亿美元 [同比增长 36%，环比下降 3%]，超过市场预期 的 71.2 亿美元，这得益于其 EPYC CPU、Instinct Mi300（AI GPU）和 Ryzen 处理器的销售强 于预期。 作者丨 Ahan Vashi 编译 | 华尔街大事件 在过去九个月左右的时间里， AMD( NASDAQ: AMD )的股价持续下滑——一路跌破了重要的长 期支撑位！ AMD 连续第四个季度加速营收增长的核心在于 AMD 数据中心 [37 亿美元，同比增长 57%] 和 客户端 [23 亿美元，同比增长 68%] 业务部门的强劲增长势头，但这一增长被市场普遍预期的游 戏和嵌入式业务的负面拖累所部分抵消。 | Q1 2025 Segment Results | | | ...