Q3公司收入比上年同期增长了36%，92亿美金。 净利润从上年同期的7.71亿美元(合每股47美分)攀升至12.4亿美元(合每股75美分)。 | 指标 | 结果 | 同比增长 | | --- | --- | --- | | 收入 (Revenue) | 92亿美元 (创纪录) | 36% | | 毛利率 (Gross Margin) | 54% | 基本持平 (去年同期为 54%) | | 净利润(Net Income) | 20 亿美元 | 31% | | 摊薄后每股收益 (EPS) | 1.20美元 | 30°' | 指引了下个季度收入，中位数96亿。同比25%。(业绩指引不包括其Instinct MI308芯片在中国的出货收入。) | 指标 | 预期指引 (中值) | | --- | --- | | 收入 (Revenue) | 93亿 - 99亿美元 (中值约 | | | 96亿美元) | | 毛利率 (Gross | 约54.5% | | Margin) | | AMD预计该季度调整后毛利率为54.5%，与StreetAccount此前预测的54.5%一致。 AMD其实还是可以的，细看。只是市场死抓 ...

AMD其实还是可以的，细看。只是市场死抓人家毛利率说事。 Q3 公司收入比上年同期增长了 36% ，92亿美金。 几个要点： 1）有望在 2026 年推出下一代 2 纳米 Venice 处理器。 2）2026 年推出下一代 MI400 系列加速器和 Helios 机架级解决方案之前，客户势头将迅速增强。 从芯片走向机架。 Helios 将我们的 Instinct MI400 系列 GPU、Venice EPYC CPU 和 Pensando NIC 集成到一个双宽机架解决方案中，针对下一代 AI 基础设施所需的性能、功耗、冷却和可维护性进行了优化，并 支持 Meta 新的开放式机架标准。 3）和openai 6GW的合作，明年下半年将会有首批落地！ 净利润从上年同期的 7.71 亿美元（合每股 47 美分）攀升至 12.4 亿美元（合每股 75 美分）。 | 指标 | 结果 | 同比增长 | | --- | --- | --- | | 收入 (Revenue) | 92亿美元(创纪录) | 36% | | 毛利率 (Gross Margin) | 54% | 基本持平 (去年同期为 54%) | | 净利润( ...

Core Viewpoint - AMD is poised to enhance its competitive position in the AI infrastructure market with the upcoming release of its next-generation MI350 and MI400 series accelerators, which are expected to significantly improve performance and deployment capabilities, potentially narrowing the gap with Nvidia [1][10][17]. Group 1: Product Developments - The MI350 series accelerators, including MI350X and MI355X, are set to begin mass production in the second half of 2025, promising up to 4 times improvement in AI computing performance and 35 times efficiency in inference workloads compared to previous generations [2][5]. - The MI400 series accelerators and the Helios system, expected to launch in 2026, will integrate advanced technologies to support complex AI workloads, with a focus on enhancing bandwidth and deployment flexibility [3][8]. - The ROCm 7 software stack has been updated to improve inference performance by 3.5 times and training performance by 3 times, further supporting AMD's hardware advancements [5][9]. Group 2: Market Position and Strategy - AMD's strategy emphasizes optimization and flexibility in deployment, allowing for significant scalability in existing infrastructure, which is crucial for large-scale customers [6][7]. - The integration of the Helios system with MI400 GPUs and Zen 6 EPYC CPUs aims to provide a comprehensive solution for AI workloads, directly competing with Nvidia's offerings [3][8]. - Early adoption by major players like Meta and OpenAI indicates growing confidence in AMD's capabilities within the AI ecosystem, enhancing its market position [10][17]. Group 3: Financial Outlook - Analysts maintain a price target of $200 for AMD, reflecting expectations of growth driven by the upcoming product launches, despite potential economic headwinds affecting AI infrastructure spending [13][14]. - The projected revenue growth for AMD's data center segment is expected to reach $32.6 billion by 2025, with a compound annual growth rate (CAGR) of 10.5% [15]. - The company's ability to provide cost-effective solutions is highlighted, with potential reductions in capital and operational expenditures for clients [5][6].