图片来源： Unsplash 云计算服务商 Vultr 正在俄亥俄州数据中心建设一个 50 兆瓦规模的超微半导体公司人工智能处理器集群，此举旨在以更低成本提供 AI 基础设施。 这家获得 AMD 支持的企业周二宣布将投资逾 10 亿美元建设该设施，未来客户可借此训练或运行 AI 模型。该设施计划于 2026 年第一季度投入运营。 Vultr 是试图以更经济的预算从蓬勃发展的 AI 需求中获益的云服务提供商之一。该公司表示，其新建的芯片集群运营规模将远小于微软、 Meta 和谷歌母公 司 Alphabet 运营的大型设施，但将以更低的价格提供计算能力。 Vultr 首席执行官 J.J. Kardwell 在接受采访时表示，其云服务 " 价格通常只有大型数据中心运营商的一半 " 。该公司 50 兆瓦、配备 2.4 万枚芯片的设施，与 以吉瓦级功率衡量的巨型 AI 数据中心形成对比—— 1 吉瓦大致相当于一座核电站的发电量。 总部位于佛罗里达州西棕榈滩的 Vultr 通过采购芯片和计算机设备，在租赁的数据中心空间运营系统。 这个位于俄亥俄州斯普林菲尔德的新集群将采用 AMD 的 Instinct MI355X AI ...

Core Viewpoint - AMD's Q3 financial results exceeded expectations in revenue, profit, and capital expenditure, but the Q4 revenue guidance did not impress investors, leading to a decline in stock price post-announcement. Concerns remain about the pace of AI-related revenue realization and AMD's ability to challenge Nvidia in the AI market [1][10][12]. Financial Highlights - Revenue: AMD reported Q3 revenue of $9.246 billion, up 36% from $6.819 billion year-over-year, surpassing analyst expectations of $8.74 billion [4]. - Gross Profit: Q3 gross profit was $4.78 billion, a 40% increase from $3.419 billion year-over-year, with a gross margin of 52%, up 2 percentage points from the previous year [5]. - Operating Profit: Q3 operating profit reached $1.27 billion, a 75% increase from $724 million year-over-year; net profit was $1.243 billion, up 61% from $771 million [6]. - Earnings Per Share: Q3 EPS was $0.75, up from $0.47 year-over-year, with non-GAAP EPS at $1.20, exceeding analyst expectations of $1.17 [6]. - Capital Expenditure: Q3 capital expenditure was $258 million, higher than the expected $219.7 million [6]. Business Segment Performance - Data Center Business: Revenue from the data center segment was $4.3 billion, a 22% year-over-year increase, exceeding analyst expectations of $4.14 billion, driven by strong demand for AMD EPYC processors and Instinct MI350 GPUs [6]. - Client and Gaming Business: Revenue from the client and gaming segment was $4 billion, a 73% increase year-over-year, surpassing analyst expectations of $2.6 billion [7]. - Embedded Business: Revenue from the embedded segment was $857 million, down 8% year-over-year [8]. Q4 Guidance - Revenue Guidance: AMD expects Q4 revenue to be between $9.3 billion and $9.9 billion, with an average analyst expectation of $9.21 billion. The midpoint of this range indicates a year-over-year growth of approximately 25% and a quarter-over-quarter growth of about 4% [8]. - Gross Margin Guidance: Non-GAAP gross margin is expected to be around 54.5%, in line with analyst expectations [9]. Market Position and Strategic Moves - AMD's recent partnerships with OpenAI and Oracle reflect a significant interest in its MI series AI accelerators, which compete directly with Nvidia's chips [16][17]. - AMD's collaboration with OpenAI involves providing up to 6 GW of GPU computing power for AI data centers, with OpenAI agreeing to purchase up to 160 million shares of AMD stock [16]. - AMD is also supplying chips for two supercomputers being built for the U.S. Department of Energy, representing a $1 billion investment [17]. - Despite these advancements, AMD still trails Nvidia, which holds a dominant position in the AI market with a market cap exceeding $5 trillion compared to AMD's approximately $418 billion [18]. Analyst Insights - Analysts express cautious optimism about AMD's future growth, emphasizing the importance of the MI450 chip and rack-level products in the company's strategy [19]. - There are concerns regarding AMD's ability to deliver higher returns on investment compared to Nvidia, as well as challenges related to ecosystem issues and rack density [20]. - Some analysts believe AMD is at a potential turning point, contingent on operational execution and the ability to produce high-performance chips at scale [20].