公众号记得加星标⭐️，第一时间看推送不会错过。 来源：内容 编译自 pcgamesn 。 据最新传闻，新款AMD Ryzen CPU 的主频可能达到甚至超过 7GHz，这代表着其较 Zen 4 和 Zen 5 架构有了巨大的飞跃。此前有传闻称，下一代 AMD 处理器的主频只有在"非常"保守的估计下才会超 过 6GHz。 据报道，英特尔正在研发一款新的52 核 CPU ，这给AMD带来了压力，迫使其推出重大产品。此前 已有传言称，AMD 将无法满足英特尔的高核心数量，Zen 6 架构最多只能支持 24 个核心，而Zen 7 架构则可能支持 32 个核心。然而，尽管 AMD 的下一代 CPU 核心数量似乎不如英特尔，但 AMD 似乎正在用更快的核心数量来弥补这一不足。 YouTube 技 术 泄 密 者 " 摩 尔 定 律 已 死 " （ MLID ） 此 前 声 称 曾 与 AMD 工 程 师 讨 论 过 AMD Zen 6 CPU，并声称当时关于6GHz 以上频率的传闻"非常保守"。此后，MLID 的主持人继续与 Alderon Games 的一位客座游戏开发者讨论 AMD 的 Zen 6 架构，并暗示 AM ...

Core Insights - Advanced Micro Devices (AMD) has shown strong revenue growth in its data center segment, with sales increasing by 57% to $3.7 billion, despite a 35% decline in stock performance over the past year [2][6]. Group 1: Data Center Growth - AMD has become the leader in the data center CPU market, with significant growth attributed to its EPYC chips and increased adoption by cloud computing providers [3][4]. - The company is experiencing robust demand for its GPUs in generative AI tasks, with major tech companies utilizing its GPUs for AI model training and inference [4][5]. Group 2: Financial Performance - In Q1, AMD reported overall revenue growth of 36% to $7.44 billion, with adjusted earnings per share (EPS) rising 55% to $0.96, surpassing analyst expectations [8]. - The client and gaming segment revenue increased by 28% to $2.9 billion, driven by high-end Ryzen CPUs, although gaming revenue fell by 30% due to lower semi-custom revenue [9]. Group 3: Future Outlook - Despite facing export restrictions that could result in a $1.5 billion revenue loss for the year, AMD forecasts strong double-digit percentage revenue growth in 2025 and projected Q2 revenue of $7.4 billion, representing 27% growth [6][7]. - The inference market for AI chips is expected to grow significantly, and AMD's established position in this segment could drive future growth [11]. Group 4: Valuation - AMD's stock is currently trading at a forward price-to-earnings ratio of 26.5 times 2025 estimates and about 18 times 2026 estimates, indicating a more attractive valuation compared to the previous year [12].

业绩简评 2025 年 5 月 7 日公司披露 25Q1 业绩，25Q1 公司实现营收 74.38 亿美元，同比+36%，GAAP 毛利率为 50%，同比+3pct，GAAP 净利润 为 8.06 亿美元，同比+2139%。公司 25Q1 Non-GAAP 毛利率为 54%， 同比+2pct，Non-GAAP 净利润 15.66 亿美元，同比+55%。 公司指引 25Q2 营收为 74±3 亿美元，Non-GAAP 毛利率为 43%，其 中包括 MI308 限制销售造成的 8 亿库存减值损失，如果不考虑该 库存减值损失，预计 25Q2 毛利率为 54%。 经营分析 公司数据中心业务、PC CPU 业务实现高速同比增长。公司 25Q1 数据中心、客户端（PC CPU）业务实现营收 36.74、22.94 亿美元， 同比+57.21%、+67.69%。我们认为，公司数据中心业务营收增长 主要来自 MI 系列 AI 芯片的放量，以及服务器 CPU 端份额的提升； 公司客户端收入营收增长主要来自 Zen5 Ryzen CPU 批量出货带动 的 ASP 提升，以及客户因关税提前备货带动的销量增长。公司游 戏业务 25Q ...

Advanced Micro Devices (AMD) Q1 2025 Earnings Call May 06, 2025 05:00 PM ET Company Participants Matt Ramsay - Corporate VP - Financial Strategy & IRLisa Su - Chair & CEOJean Hu - Executive VP, CFO & TreasurerJoshua Buchalter - Director - Equity ResearchTimothy Arcuri - Managing DirectorHarlan Sur - Executive Director - Equity ResearchThomas O'Malley - Director - Equity ResearchCJ Muse - Senior Managing Director Conference Call Participants Aaron Raikers - AnalystVivek Arya - AnalystStacy Rasgon - AnalystRo ...

Financial Data and Key Metrics Changes - First quarter revenue increased by 36% year over year to $7.4 billion, exceeding consensus estimates [5][28] - Net income rose by 55%, driven by a higher percentage of data center product sales and a richer Ryzen processor mix [6][30] - Gross margin expanded for the fifth consecutive quarter, reaching 54%, up 140 basis points from the previous year [29][30] Business Segment Data and Key Metrics Changes - Data Center segment revenue grew by 57% year over year to $3.7 billion, driven by increased server CPU share and strong demand from hyperscalers [6][31] - Client and Gaming segment revenue increased by 28% year over year to $2.9 billion, with client revenue specifically growing by 68% [19][32] - Embedded segment revenue decreased by 3% year over year to $823 million, with expectations of gradual recovery [24][33] Market Data and Key Metrics Changes - The number of EPYC powered cloud instances activated by enterprise customers more than doubled year over year [8] - Demand for AMD's latest generation AI PC processors increased by over 50% quarter on quarter [20] - The gaming revenue decreased by 30% year over year, primarily due to lower semi-custom sales, although demand signals for 2025 have strengthened [22][23] Company Strategy and Development Direction - The company is focusing on expanding investments in product and technology roadmaps, go-to-market initiatives, and AI software solutions [26][27] - The launch of the fifth generation EPYC processors is expected to drive continued share gains in the data center market [10][11] - The acquisition of ZT Systems aims to enhance the company's capabilities in providing rack-level AI solutions [16][27] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in delivering strong double-digit revenue growth in 2025 despite macroeconomic uncertainties [26][35] - The company anticipates a significant impact from new export license requirements, estimating a $1.5 billion revenue reduction for the full year [35][36] - Management highlighted the strength of their differentiated product portfolio and execution as key factors for future growth [6][26] Other Important Information - The company completed the acquisition of ZT Systems on March 31, enhancing its systems design expertise [16][34] - The first production shipments of the fifth generation EPYC processors are expected in the second half of 2025 [11][34] Q&A Session Summary Question: Drivers of upside in Q1 and guidance for Q2 growth by segment - Management noted strong performance across client, gaming, and data center businesses, with particular strength in desktop performance and ASPs [41][44] Question: Performance of the Instinct family in Q1 and outlook for the second half - Management indicated that the data center GPU business performed in line with expectations, with high customer interest in the upcoming MI350 launch [49][50] Question: Clarification on data center GPU growth expectations - Management confirmed that the data center GPU business is expected to grow strong double digits despite the headwinds from export controls [83][84] Question: Inventory increase reasons - The increase in inventory was primarily to support strong client and server ramp, as well as the upcoming data center GPU ramp [57][58] Question: Feedback on MI400 series and addressing deployment challenges - Management expressed high enthusiasm for the MI400 series and emphasized the importance of planning and collaboration with customers to address deployment challenges [61][62] Question: Client business growth expectations and market share - Management highlighted strong performance in the client business, particularly in high-end notebooks and desktops, with expectations for continued share gains [80][92]

Advanced Micro Devices (AMD) Q1 2025 Earnings Call May 06, 2025 05:00 PM ET Company Participants Matt Ramsay - Corporate VP - Financial Strategy & IRLisa Su - Chair & CEOJean Hu - Executive VP, CFO & TreasurerJoshua Buchalter - Director - Equity ResearchTimothy Arcuri - Managing DirectorHarlan Sur - Executive Director - Equity ResearchThomas O'Malley - Director - Equity ResearchCJ Muse - Senior Managing Director Conference Call Participants Aaron Raikers - AnalystVivek Arya - AnalystStacy Rasgon - AnalystRo ...

Core Insights - Intel's first-quarter earnings report showed flat revenue year over year at $12.7 billion, exceeding analysts' estimates by $390 million, but adjusted EPS fell 28% to $0.13, despite beating consensus forecasts by $0.13 [1][2] - For the second quarter, Intel expects revenue to decline between 3% to 13% year over year, with an adjusted EPS of zero, missing the consensus forecast of $0.07 [2][4] - Intel's market share in the x86 CPU market has significantly declined from 82.5% in Q3 2016 to 58.2% in Q2 2025, while AMD's share increased from 17.5% to 40.3% during the same period [4][5] Company Performance - Intel's annual revenue decreased from $55.87 billion in 2014 to $54.23 billion in 2024, while its stock price fell 34% over the past decade, contrasting with the S&P 500's 160% increase [7] - AMD's stock surged 3,950% during the same period, driven by strategic leadership and engineering improvements [7] Strategic Direction - New CEO Lip-Bu Tan plans to enhance engineering capabilities, develop CPUs with integrated AI features, and expand the foundry business, dismissing rumors of selling its foundries or becoming a fabless chipmaker [8][9] - Intel aims to streamline operations and divest noncore assets, including the programmable chipmaker Altera, while ramping up its 18A process node for the Panther Lake CPU launch in late 2025 [9][10] Challenges Ahead - Intel's near-term outlook remains bleak, with expectations that new chips will not significantly boost revenue or profits [10] - The company plans to lay off around 20% of its staff to cut costs and is outsourcing some production to TSMC, raising concerns about its ability to recover [10][11] - Intel faces additional challenges from tariffs, export curbs, and competition from TSMC, complicating its recovery efforts against AMD [12] Competitive Landscape - Intel's losses in mobile, discrete GPU, and core CPU markets highlight deep-rooted issues, contrasting with AMD's consistent leadership under a single CEO [13] - Despite potential optimism from contrarian investors regarding Tan's leadership, there are currently no signs of recovery for Intel against AMD in the x86 CPU market [14]