2026.02.04 她还谈到AMD的产品研发进展和客户合作情况。据介绍，除了与OpenAI合作，AMD还在与其他客户探 讨大规模的多年产品部署计划。芯片迭代方面，MI450系列的开发进展顺利，下半年将发布并生产， AMD还将于2027年推出采用2nm制程的MI500。 本文字数：1118，阅读时长大约2分钟 作者 |第一财经 郑栩彤 当地时间2月3日，AMD发布了2025年第四季度财报。该季度AMD营收103亿美元，同比增长34%，净利 润（Non-GAAP）25.2亿美元，同比增长42%，营收和净利润都创历史纪录。2025年，AMD营收346亿 美元，同比增长34%，创历史纪录，净利润（Non-GAAP）68.3亿美元，同比增长26%。 分业务看，第四季度AMD数据中心业务收入54亿美元，同比增长39%，超过此前市场预期；客户端及 游戏业务收入39亿美元，同比增长37%；嵌入式业务收入9.5亿美元，同比增长3%。全年AMD数据中心 业务收入166亿美元，同比增长32%；客户端及游戏业务收入146亿美元，同比增长51%；嵌入式业务收 入35亿美元，同比下降3%。 在财报电话会上，AMD CEO苏姿丰多次释放 ...

2026.02. 04 本文字数：1118，阅读时长大约2分钟 作者 | 第一财经 郑栩彤 展望后续，AMD预计第一季度营收95亿美元至101亿美元，其中有1亿美元收入来自向中国客户销售MI308。 按营收区间的中点计算，虽然今年第一季度营收同比增长32%，但环比下降约5%。虽然业绩预测超此前市场平均预期，但此前有部分乐观的预测认为第 一季度营收将超100亿美元。第一季度收入环比下降引发了投资者对AMD能否挑战英伟达的质疑。 苏姿丰预计，未来3到5年内，AMD数据中心部门的收入每年将增长60%以上。她预计AMD 2026年的营收和利润还将显著增长，并预计到2027年， AMD人工智能业务年收入将扩大至数百亿美元。"展望未来，我们看到了一条清晰的道路。"苏姿丰称，AMD可以实现未来3到5年营收增速达35%以上 的目标，并实现超20美元的年每股收益。 具体到一些细分市场，苏姿丰称，去年第四季度AMD向云和企业客户销售的服务器CPU创新高，年末AMD在数据中心CPU市场中的份额创历史纪录。 看向2026年，服务器CPU市场规模预计将保持百分比两位数的增长，面向企业客户的PC业务预计在高端溢价基础上继续增长。 她还谈 ...

具体到一些细分市场，苏姿丰称，去年第四季度AMD向云和企业客户销售的服务器CPU创新高，年末 AMD在数据中心CPU市场中的份额创历史纪录。看向2026年，服务器CPU市场规模预计将保持百分比 两位数的增长，面向企业客户的PC业务预计在高端溢价基础上继续增长。 她还谈到AMD的产品研发进展和客户合作情况。据介绍，除了与OpenAI合作，AMD还在与其他客户探 讨大规模的多年产品部署计划。芯片迭代方面，MI450系列的开发进展顺利，下半年将发布并生产， AMD还将于2027年推出采用2nm制程的MI500。 中国市场方面，AMD表示，2025年业绩计入了美国限制MI308出口导致约4.4亿美元的库存等相关费 用，第四季度MI308来自中国客户的收入约3.9亿美元。苏姿丰预测，今年第一季度公司将从中国客户获 得与MI308有关的约1亿美元收入，在此之外不预测其他来自这类客户的收入。 不过，苏姿丰表示，考虑到内存等部件的涨价压力，2026年个人电脑市场预计略微下滑。 当地时间2月3日，AMD发布了2025年第四季度财报。该季度AMD营收103亿美元，同比增长34%，净利 润（Non-GAAP）25.2亿美元，同比增 ...

当地时间2月3日，AMD发布了2025年第四季度财报。该季度AMD营收103亿美元，同比增长34%，净利 润（Non-GAAP）25.2亿美元，同比增长42%，营收和净利润都创历史纪录。2025年，AMD营收346亿 美元，同比增长34%，创历史纪录，净利润（Non-GAAP）68.3亿美元，同比增长26%。 分业务看，第四季度AMD数据中心业务收入54亿美元，同比增长39%，超过此前市场预期；客户端及 游戏业务收入39亿美元，同比增长37%；嵌入式业务收入9.5亿美元，同比增长3%。全年AMD数据中心 业务收入166亿美元，同比增长32%；客户端及游戏业务收入146亿美元，同比增长51%；嵌入式业务收 入35亿美元，同比下降3%。 具体到一些细分市场，苏姿丰称，去年第四季度AMD向云和企业客户销售的服务器CPU创新高，年末 AMD在数据中心CPU市场中的份额创历史纪录。看向2026年，服务器CPU市场规模预计将保持百分比 两位数的增长，面向企业客户的PC业务预计在高端溢价基础上继续增长。 她还谈到AMD的产品研发进展和客户合作情况。据介绍，除了与OpenAI合作，AMD还在与其他客户探 讨大规模的多年产品部 ...

Core Insights - Advanced Micro Devices, Inc. (NASDAQ:AMD) is currently viewed positively by analysts, with 75% expressing a bullish sentiment and a consensus price target of $281.50, indicating a potential upside of 38.60% [2] Group 1: Analyst Sentiment - The positive analyst sentiment is driven by AMD's recent AI hardware launches at CES, including the MI455 AI processors aimed at data center server racks and the MI440X for enterprise deployments [3] - Jefferies and Truist Financial have both reiterated 'Buy' ratings for AMD, with target prices of $281.50 and $277 respectively, reflecting confidence in the company's growth prospects [2][3] Group 2: Product Developments - AMD's MI500 processor, expected to be released in 2027, is projected to deliver a 1,000x performance improvement over its predecessor, positioning the company for significant growth in AI compute infrastructure [3] - The partnership with Generative Bionics on the GENE.01 humanoid robot, set for commercial production in H2 2026, highlights AMD's expanding capabilities in physical AI applications [3] Group 3: Competitive Landscape - Despite AMD's strengths and potential revenue from its OpenAI deal, analysts caution that Nvidia's market dominance remains a significant challenge for AMD [4] - AMD continues to focus on developing a range of products including CPUs, GPUs, AI accelerators, and embedded solutions across various segments such as Data Center, Client, Gaming, and Embedded [4]

Core Viewpoint - The recent decline in Advanced Micro Devices (AMD) stock is surprising given its advancements in the AI chip market and positive announcements at CES, leading to questions about the future outlook for the stock [1]. Group 1: Stock Performance - AMD stock has experienced a pullback of approximately 9% over the past week despite a recent upward trend [3][4]. - The upcoming release of the MI450 chip is seen as a potential challenge to Nvidia's market dominance, which should have positively influenced AMD's stock [3]. - The stock's decline may be attributed to unmet expectations, as AMD's focus on consumer-oriented products contrasts with the AI industry's emphasis on data centers [4]. Group 2: Market Dynamics - Nvidia's stock also fell during the same period, suggesting that the sell-off may be a case of "selling the news," a common occurrence in short-term trading [5]. - CEO Lisa Su anticipates significant growth in AI, projecting around 5 billion daily active users and a need for a 100-fold increase in compute capacity to meet this demand [6]. Group 3: Future Outlook - Despite the recent stock decline, the long-term bullish outlook for AMD remains intact, supported by a forecasted 35% compound annual growth rate (CAGR) for revenue over the next three to five years, with over 60% CAGR for the data center business [7]. - The current compute shortage is delaying product launches, indicating that the bull market for AI chips, including those from AMD, is likely to continue [7]. - AMD's current price-to-earnings (P/E) ratio stands at 100, but the forward P/E of 31 suggests that substantial profit growth is expected in the future [9].

Core Viewpoint - AMD's recent announcements during their first analyst day in three years have generated mixed reactions, with significant long-term growth projections but also some uncertainty regarding execution and market positioning [4][8][9]. Group 1: Financial Projections - AMD has doubled its outlook for the data center total addressable market, expecting it to reach approximately $1 trillion by 2030 [4]. - The company anticipates its GPU business to grow at an 80% compounded annual growth rate [5]. - AMD aims to capture over 50% of the server chip market and more than 40% of the client chip market [6]. - Overall revenue is projected to grow by more than 35% annually over the next 3 to 5 years, driven by data center offerings and market share gains [6]. Group 2: Earnings and Guidance - AMD expects earnings per share (EPS) to exceed $20 by 2029, indicating strong long-term profitability potential [7]. - The company raised its guidance for revenue growth to between 55% and 58% over the next 3 to 5 years [9]. Group 3: Market Positioning and Strategy - Analysts express skepticism about AMD's partnership with OpenAI and its ability to scale effectively [15]. - The success of AMD's first rack scale solution, Helios, is seen as critical for establishing a stronger position in the AI market [8]. - There is a demand for more detailed information regarding AMD's GPU roadmap and upcoming chip performance improvements [10]. Group 4: Industry Context and Competitive Landscape - The current investment climate emphasizes the necessity for companies to invest in AI and related technologies to remain competitive [14][20]. - There is a growing expectation for companies to demonstrate profitability from their investments, with a focus on growth and participation in the market [20][21]. - AMD's recent performance reflects a resurgence in interest and potential in the AI sector, but execution remains a key concern [22].

Group 1: AMD's AI Strategy - AMD's CEO Lisa Su announced a total addressable market opportunity of $1 trillion for AI by 2030, focusing on their upcoming AI chips including the MI450, MI500, and Aelios server lines [3][6]. - AMD aims to capture market share from Nvidia and Intel in both data centers and client-side PCs, with aspirations to become the revenue leader in the data center segment [4][5]. - AMD's long-term goal includes achieving over 50% market share in server CPUs and a projected 60% compound annual growth rate (CAGR) for data center revenue [8][9]. Group 2: Competitive Landscape - AMD is expected to compete closely with Nvidia, with new AI chips anticipated to be more competitive by the third quarter of 2026 [10][12]. - The company is currently perceived as having a weaker position in the enterprise market compared to hyperscalers, primarily due to sales and marketing challenges [13][14]. - AMD's AI business in China is currently non-existent, with both AMD and Nvidia facing restrictions, but potential future opportunities could arise depending on regulatory changes [17][19]. Group 3: Market Reactions and Trends - Despite AMD's positive outlook on AI spending, the stock market reaction has been mixed, reflecting broader trends in the AI sector [5][20]. - Nvidia's stock has seen fluctuations, with SoftBank selling its stake for nearly $6 billion to invest in OpenAI, indicating a shift in investment focus within the tech sector [20][21]. - The overall market is experiencing a defensive bullish trend, with healthcare and energy sectors performing well, while tech, particularly Nvidia, has faced declines [54][56].