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 | 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" ...

With 7/10 of the largest AI companies using instinct, AMD has clearly gotten a seat at the table, but their ability to expand within those customers will be key. We know that the 4 large CSPs will be buying at least 40% more Blackwells than they bought hoppers; AMD may not grow that much across their largest customers for Mi350 series even off the much lower base. It's hard to know how much revenue was China in 2024 for AMD but with consensus for something like 25% y/y growth in instinct in 2025, there's a ...

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].

更多一手海外资讯和海外投行报告加V：shuinu9870 更多一手海外资讯和海外投行报告加V：shuinu9870 更多一手海外资讯和海外投行报告加V：shuinu9870 更多一手海外资讯和海外投行报告加V：shuinu9870 更多一手海外资讯和海外投行报告加V：shuinu9870 更多一手海外资讯和海外投行报告加V：shuinu9870 J u n e 1 , 2 0 2 5 A M D A d v a n c i n g A M 5 0X a n d M 0 0 U A L o E 7 2 , M 5 0 0 U A L 2 5 / / S o ft w a r e m p r o v e m e n t, Marketing RDF s, AMD Fostering Neocoud, M55 is not Rack Scae, M00 is UALoE, Not UALink 更多一手海外资讯和海外投行报告加V：shuinu9870 更多一手海外资讯和海外投行报告加V：shuinu9870 更多一手海外资讯和海外投行报告加V：shuinu9870 更多一手海外资讯和海外投行报告加V：shuinu9 ...

Core Insights - Advanced Micro Devices (AMD) shares are currently overvalued with a Value Score of D, trading at a forward 12-month Price/Sales ratio of 5.63X compared to the industry's 3.60X [1][3] Stock Performance - AMD shares have declined by 3.9% year-to-date, underperforming the Zacks Computer and Technology sector's increase of 2.5% and the Zacks Computer – Integrated Systems industry's growth of 16.4% [3][5] - The underperformance is attributed to macroeconomic challenges, including higher tariffs and export controls on certain Instinct GPUs to China [3] AI Market Expansion - AMD is enhancing its presence in the AI market with the introduction of the Instinct MI350 Series GPUs, which offer 4x generational AI compute gains [7] - Strategic partnerships with companies like Meta Platforms, OpenAI, Microsoft, and Oracle are pivotal in supporting AMD's role in next-gen AI workloads [8][10] EPYC Processor Adoption - The adoption of AMD's fifth-gen EPYC Turin processors is significant, with deployment across top telecom, aerospace, and semiconductor companies [12] - Nokia has adopted AMD's fifth-gen EPYC 9005 Series processors for its Cloud Platform, improving performance for 5G applications [13] Acquisitions and Market Position - AMD's acquisition of ZT Systems aims to strengthen its AI ecosystem and compete with NVIDIA in the AI chip market, targeting the $500 billion data center AI accelerator market by 2028 [14] - Despite a strong portfolio, AMD faces challenges from export restrictions to China and competition from NVIDIA [15][18] Financial Guidance - AMD expects second-quarter 2025 revenues of $7.4 billion, reflecting a year-over-year growth of approximately 27%, but anticipates a $700 million reduction due to halted shipments to China [15][16] - The Zacks Consensus Estimate for AMD's second-quarter 2025 earnings is 56 cents per share, indicating a year-over-year decline of 18.84% [16] Conclusion - AMD's expanding portfolio and strategic partnerships are expected to enhance top-line growth, but near-term prospects are hindered by macroeconomic uncertainties and competition, particularly from NVIDIA [17][18]

Core Viewpoint - Wall Street maintains positive ratings for Advanced Micro Devices (AMD) following its AI event, with multiple analysts reiterating Buy ratings and price forecasts ranging from $130 to $200 [1][3]. Group 1: AI Strategy and Product Launch - AMD showcased its aggressive entry into the AI market with the launch of the MI350 series of accelerators and a roadmap for future products, positioning itself as a competitor to Nvidia [2][5]. - The MI350 series is currently in production and expected to generate volume revenue starting in Q3 [6]. - AMD's total addressable market (TAM) for AI accelerators is now estimated to exceed $500 billion, with a projected compound annual growth rate (CAGR) of over 60% [8]. Group 2: Analyst Insights and Market Position - Analysts from Bank of America, Rosenblatt, and Benchmark have expressed confidence in AMD's execution of its AI strategy, highlighting a rapidly maturing product ecosystem and increasing customer adoption [3][10]. - AMD's new MI355X accelerator is reported to be competitive with Nvidia's offerings, indicating a strong performance landscape [10]. - The company has established a new five-year goal to improve rack-scale energy efficiency by 20x by 2030 compared to 2024 [9]. Group 3: Partnerships and Ecosystem - Major endorsements from industry leaders such as Microsoft, Meta, OpenAI, and Oracle have bolstered confidence in AMD's market potential [4]. - AMD's commitment to an open architecture and support for various large language models (LLMs) is seen as a key differentiator in the AI compute space [11][12]. - The company is engaged with numerous influential partners and sovereign AI initiatives, which are expected to drive significant revenue [12].

| (unit: US$M) | | --- | 全球第二大的CPU、GPU厂商AMD再次公开"叫板"英伟达。 当地时间2025年6月12日，AMD在美国圣何塞举办年度AI盛会Advancing AI 2025，会上发布了旗舰数据中心AI芯片、AI软件栈、AI 机架级基础设施、AI网卡与DPU等新品。AMD掌门人苏姿丰（Lisa Su）表示，公司最新AI处理器有望挑战英伟达芯片，并预测 2028年市场规模将超越5000亿美元。 据记者了解，AMD本次发布的新产品包括数据中心AI芯片AMD Instinct MI350系列和全新AI软件栈ROCm 7.0，并预告明年将推出 AI芯片MI400系列和下一代"Helios"AI机架级基础设施。其中，MI350系列包括MI350X和MI355X两款GPU，二者均采用3nm工艺， 包含1850亿晶体管，配备HBM3E内存。前者采用风冷，后者采用更先进的液冷。对比前代的MI300X，MI350系列算力提升4倍，推 理速度快35倍。 苏姿丰称，自2年前推出Instinct MI300X，AMD每年都会推出新的AI加速器。通过推出MI350系列，AMD实现了Instinct系 ...

据悉，将于明年推出的数据中心AI芯片AMD Instinct MI400系列专为大规模训练和分布式推理而设计， 将FP4精度下峰值算力翻倍提升至40PFLOPS，FP8峰值性能达到20PFLOPS，搭载432GB HBM4内存， 内存带宽达到19.6TB/s，每GPU横向扩展带宽达到300GB/s，可实现跨机架和集群的高带宽互连，旨在 训练和运行拥有数千亿和万亿级参数的大模型。相比MI355X，MI400系列的性能提升高达10倍。 智通财经APP获悉，当地时间6月12日，全球第二大AI芯片供应商AMD(AMD.US)在AMD Advancing AI 大会上亮出其史上最强AI新品阵容——旗舰数据中心AI芯片、AI软件栈、AI机架级基础设施、AI网卡 与DPU，全面展露与英伟达(NVDA.US)掰手腕的雄心宏图。 此次AMD最新发布或预览的重点产品包括：数据中心AI芯片AMD Instinct MI350系列、数据中心AI芯片 AMD Instinct MI400系列(明年推出)、全新AI软件栈ROCm 7.0、下一代"Helios"AI机架级基础设施(明年 推出)。 对于此次AI新品发布，摩根士丹利表示，真正 ...

相比前代的MI300X，MI350系列的 算力提升了4倍，推理速度快了35倍 。 MI350系列也是叫板英伟达B200， 内存是B200的1.6倍，训练推理速度相当或更快 。 并且由于芯片功耗低于英伟达，在MI355X上 每花费1美元，可以比B200多跑40%的tokens 。 克雷西 发自 凹非寺 量子位 | 公众号 QbitAI AMD大招逆袭，最强AI芯片号称大模型推理比英伟达B200快30%！ CEO苏姿丰与OpenAI奥特曼共同登台发布。 这次AMD发布了 MI350X和MI355X 两款GPU，采用3nm工艺，包含1850亿晶体管，配备HBM3E内存。 同时，AMD还预告明年将会发 MI400 系列，并且奥特曼也来给苏妈站台，透露OpenAI参与了MI400系列的联合研发。 大模型运行更快，MI350系列叫板英伟达 MI350X和MI355X在核心设计上是相同的，二者的区别是针对不同的散热方式设计，前者采用风冷，后者则和B200一样采用了更先进的液 冷。 它们都基于 第四代Instinct架构 （CDNA 4），并配备 288GB的HBM3E内存和8TB每秒的内存带宽 ，这一容量是英伟达GB200 ...