We are super excited about, a lot of announcements that we made this morning. I'm sure you heard about the, developer chant, but I also have another chant, which is, the customer chant, which is customers, customers, customers. And, so this session, what I'd like to do is, spend some time on ROCm and Instinct.Kind of a little more deep dive, from, you know, the sound bites, that we got from the keynote. I'd like to try and make it a little interactive. So if you have any questions, feel free to, you know, i ...

Core Viewpoint - The article emphasizes the transformative impact of AI large models and AI agents on work and life, highlighting the need for efficient, secure, and cost-effective deployment of AI solutions in various industries [1][28]. Group 1: Event Overview - AMD, in collaboration with 36Kr, hosted the "AMD Mini AI Workstation Industry Solution Summit" on July 10 in Shenzhen, focusing on "large model edge deployment" [1]. - The summit showcased over 30 Mini AI workstations powered by the AMD Ryzen AI MAX+ 395 processor and featured more than 200 partners from the ecosystem [1][27]. Group 2: AMD's Strategic Positioning - AMD's executives articulated the company's commitment to the edge AI era, viewing it as a strategic opportunity for industry collaboration [2]. - The AMD Ryzen AI MAX+ 395 processor is designed with a tri-architecture of CPU, GPU, and NPU, featuring 16 cores and 32 threads, and a memory architecture that supports up to 96GB, enabling the deployment of large AI models [4][25]. Group 3: Industry Applications and Innovations - Various partners presented solutions leveraging AMD Mini AI workstations across different sectors, enhancing departmental efficiency and data security [6][10]. - The "Linglong Star Core" AI host by Shanghai Shijie Technology aims to provide a seamless AI experience for individual users, addressing high costs and data security concerns [8]. - ChatExcel's local deployment solution allows secure data analysis for sensitive departments, showcasing the potential of AMD-powered workstations in enhancing productivity [10]. Group 4: Ecosystem Development - AMD announced the "AMD Mini AI Workstation Empowering Industry Plan" to support partners in innovating and implementing solutions based on AMD hardware [17]. - The latest version of AMD's open-source AI software stack, ROCm 7, aims to provide developers with an efficient and open AI development environment [23]. Group 5: Future Outlook - The summit highlighted the rapid expansion of edge AI applications and the collaborative efforts required for industry transformation [17][28]. - AMD's strategy focuses on building a comprehensive edge AI ecosystem, integrating hardware, software, and application innovations to drive market value [27].

作 者丨 LL Insights 编译 | 华尔街大事件 这种新趋势出现的时机，恰逢 AI 加速器供应结构性短缺。由于 HBM 产能紧张，英伟达的订单 排期已到 2026 年之后，云服务商急需一个可靠的备选供应商。AMD 的小芯片（chiplet）策略 使其能以更低的边际硅成本整合更多内存通道，相比单片设计的竞争对手拥有物料成本优势 —— 在 192GB 容量下，每块 GPU 能节省数万美元。当数据中心的电力和空间预算有限时，这种成本 差异在数万个节点的规模下会变得无法忽视。 软件方面的障碍也不再难以逾越。ROCm 6.2 版本新增了原生 vLLM 和 Bits-and-Bytes 支持、 FP8 内核及全新性能分析工具，在训练和推理场景下与 CUDA 的效率差距大幅缩小。Meta 公开 表示，其 Llama 3.1 的生产流量已完全由 MI300X 集群承载，这说明 AMD 的软件栈已经能胜任 最严苛的实时推理工作负载。随着越来越多开源仓库接受 HIP 代码提交，客户的切换成本会逐季 降低。 Instinct MI300X 是首款将 192 GB HBM3e 与 5.3 TB/s 带宽集成于一体的数据中心 ...

Scaling AI takes a full-stack approach, from hardware to frameworks. Eric Boyd, CVP, AI Platform at Microsoft, shares how AMD Instinct and ROCm software are accelerating performance and bringing cutting-edge AI models to production faster and more efficiently. #AdvancingAI *** Subscribe: https://bit.ly/Subscribe_to_AMD Join the AMD Red Team Discord Server: https://discord.gg/amd-red-team Like us on Facebook: https://bit.ly/AMD_on_Facebook Follow us on Twitter: https://bit.ly/AMD_On_Twitter Follow us on Twit ...

Group 1: Oscar Health Overview - Oscar Health is revolutionizing the health insurance industry by achieving high customer satisfaction, with a Net Promoter Score of 66, significantly higher than traditional insurers [3][4] - The company serves over 2 million members across 504 counties in 18 states, with a tech-first approach that lowers administrative costs and improves member engagement [5] - Oscar trades at a low valuation of 14.4 times projected 2027 earnings, indicating the market undervalues its growth potential and competitive advantages [6][14] Group 2: Market Context for Oscar Health - The Affordable Care Act marketplace has expanded to 24.3 million enrollees, more than double the 11.4 million in 2020, positioning Oscar to capture underserved markets [7] - Oscar's multilingual support and culturally tailored products enhance its ability to attract customers from diverse communities [7] Group 3: Advanced Micro Devices (AMD) Overview - AMD is gaining traction in the AI chip market, with its MI350 series GPU launch moved to mid-2025 due to strong demand [8][9] - The company reported data center revenue of $3.9 billion in Q4 2024, a 69% year-over-year increase, and over $5 billion in AMD Instinct accelerator revenue for the full year [10] Group 4: Market Positioning of AMD - AMD trades at 25.5 times projected 2027 earnings, which is a 13% discount compared to Nvidia's 29.2 times, presenting a compelling investment opportunity [11][14] - The company offers integrated CPU-GPU solutions, providing unique advantages in the evolving AI infrastructure market [12] Group 5: Comparative Analysis of Oscar Health and AMD - Both Oscar Health and AMD operate in large markets with innovative approaches that the market has not fully recognized [13] - They trade at significant discounts to their growth potential, making them attractive options for investors seeking value [14]

作 者 | Livy Investment Research 编译 | 华尔街大事件 在全球人工智能军备竞赛中， AMD（ NASDAQ： AMD ）长期以来一直落后于英伟达，其估值 反映出投资者对其在下一代高性能计算（"HPC"）和生成式人工智能部署领域竞争力的持续怀 疑，但这种情况可能很快就会开始 转变。 具体来说，AMD 近期发布了其下一代 Instinct MI350 系列 加速器，预计将于 2025 年下半年量 产，同时还发布了 MI400 系列加速器及其配套的" Helios "机架式基础设施平台的预览版。加上 其 ROCm 软件堆栈的持续改进，这些进展将继续增强 AMD 日益增长的雄心，即在全栈层面与英 伟达为持续推进的 AI 转型而精心打造的同类产品展开竞争。即将到来的产品升级周期可能会显 著缩小 AMD 的技术差距，从而释放潜在的盈利拐点，支持其股价的估值追赶。 然而，不稳定因素的加剧增加了长期人工智能支出环境出现动荡的可能性。这构成了一股反作用 力，可能会推迟甚至结构性地抑制AMD即将抓住的利用人工智能相关基础设施建设的机会，使其 在需求向下游应用层转移之前获得成功。 在6月12日AMD" ...

Core Viewpoint - CFRA upgraded AMD's stock rating from "Buy" to "Strong Buy" and raised the target price from $125 to $165, leading to a nearly 6% increase in AMD's stock price on the announcement day [1]. Group 1: Competitive Landscape - AMD is expected to significantly change its competitive position against industry leader NVIDIA by 2026, with plans to launch the new AI accelerator MI400x and develop cabinet-level solutions [1]. - The acquisition of ZT Systems is anticipated to open new growth channels for AMD, directly boosting GPU product sales [1]. Group 2: Customer Ecosystem Development - AMD is accelerating its expansion into the core customer base within the AI sector, collaborating with major tech companies like Oracle and OpenAI [1]. - The continuous iteration of AMD's open-source AI software framework, ROCm, is building a more competitive technological ecosystem, enhancing its market position in AI accelerators [1]. Group 3: Market Trends - The GPU server market is predicted to enter a strong recovery phase starting in Q4 of this year, with AMD positioned to benefit from this industry upturn [2]. - The explosive growth in demand for AI computing power and potential business recovery opportunities in the Chinese market are expected to add long-term growth prospects for AMD [2].

战略分析：AMD对AI加速器市场的再冲击及其对全球与中国⽣态 系统的影响 第⼀部分：执⾏摘要：AMD的战时姿态与全新竞争格局 本报告旨在对AMD公司最新的"Advancing AI"发布会进⾏深度战略剖析，评估其在⼈⼯智 能加速器市场的最新产品、技术路线图及市场策略，并将其置于与⾏业领导者NVIDIA及 中国市场关键参与者华为的竞争格局中进⾏审视。AMD已从⼀个遥远的追赶者，转变为 ⼀个虽仍⾯临挑战但已具备可信竞争⼒的参与者。其战略核⼼体现了⾼度的务实主义，聚 焦于总体拥有成本（TCO）优势，并敏锐地捕捉因NVIDIA市场主导地位⽽产⽣的机会窗 ⼝。然⽽，软件⽣态系统的护城河依然是NVIDIA最坚固的防线 1。 核⼼观点：AMD的⾮对称战争策略 NVIDIA的竞争优势建⽴在绝对性能、深度垂直整合以及⼀个锁定⽤户的软件⽣态系统（ CUDA）之上。AMD清醒地认识到，在这些领域同时进⾏对称的正⾯交锋难以取胜。因此 ，AMD采取了⼀种⾮对称的战争策略： 这⼀战略意味着，衡量AMD成功的标准不应是其是否在每⼀项基准测试中都"击败" 1. 攻击成本，⽽⾮仅仅是性能：全⾯的TCO分析显示，AMD正将⾃⼰定位为"⾜够好" ...

Core Insights - AMD stock surged over 8% following analyst upgrades and positive feedback from the Advancing AI event, with a total appreciation of approximately 60% since April [2] AI Tech Developments - AMD introduced the MI350 series accelerators, promising four times the AI compute power of the previous generation, with plans to launch in the latter half of the year [3] - The company showcased upcoming MI400/450 chips, aiming to compete directly with Nvidia by enhancing both hardware and software capabilities [3] - AMD acquired Brium, a startup focused on compiler and AI software optimization, to strengthen its AI offerings [3] Strategic Acquisitions - AMD's acquisition of Enosemi, which specializes in silicon photonics, aims to improve data transmission efficiency as AI models expand [4] - The open-source ROCm software stack may provide AMD a competitive edge over Nvidia's proprietary CUDA ecosystem, offering flexibility and cost-effectiveness [4] Market Opportunities - The AI boom, driven by large models like OpenAI's GPT-4o, is increasing demand for AMD's products, as enterprises seek to diversify chip suppliers beyond Nvidia [5] - AMD secured a $10 billion partnership with Saudi-backed AI firm Humain for CPUs, GPUs, and software to build data centers and AI infrastructure [5] - Collaborations with major AI model developers, including Meta, Microsoft, and OpenAI, position AMD favorably in the market [6] Stock Performance - AMD's stock performance has been volatile over the past four years, with annual returns of 57% in 2021, -55% in 2022, 128% in 2023, and -18% in 2024 [7]

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 ...