Core Viewpoint - Goldman Sachs maintains a "Neutral" rating on AMD (AMD.US) with a target price of $140, citing impressive returns and revenue but concerns over growth potential due to intense competition in the AI and GPU sectors [1] Financial Performance - AMD's revenue has grown by 21.71% over the past 12 months, reaching $27.75 billion, with a return of 19.28% over the last six months, reflecting strong investor enthusiasm for AI [1] - The company's current P/E ratio stands at 101.36, indicating a historically high valuation [1] Competitive Landscape - AMD faces challenges in the server CPU market as the adoption of ARM-based processors increases, which are favored for their efficiency and scalability [2] - The company’s commercial GPU products are under significant competition from NVIDIA, which benefits from a strong AI software stack and established ecosystem [2] - Increased funding is flowing towards ASICs designed for specific AI tasks, presenting another challenge for AMD [2] Analyst Sentiment - Analysts express uncertainty regarding AMD's AI future, with mixed reports on its prospects. KeyBanc Capital Markets maintains a "Market Perform" rating, projecting $7-8 billion in AI revenue from the MI355 AI GPU by 2025 [3] - Truist Securities holds a "Hold" rating, citing uncertainties in the company's data center GPU strategy and customer acceptance [3] - Mizuho raises its target price to $152, adjusting revenue expectations for the June quarter to $7.4 billion [3] Optimistic Outlook - Melius Research upgrades AMD to a "Buy" rating with a new target price of $211, based on potential EPS of $8 within two years [4] - HSBC also upgrades AMD to "Buy," doubling its target price from $100 to $200, citing the premium pricing of the new MI350 series products [4] - The MI350 chips' compatibility with existing data center infrastructure is seen as an attractive feature [4] Upcoming Financial Disclosure - AMD is set to release its Q2 fiscal year 2025 earnings report on August 5, which is anticipated to provide insights into its AI plans, revenue trajectory, and profitability amid significant R&D investments [5]

1. 兆芯集成 业务领域：国内六大CPU厂商之一，专注于x86架构CPU设计，产品覆盖桌面、服务器、工作站等领域，技术能力覆盖自主指令集拓展、内核微架构设计 等全环节。 近期科创板连续受理了四家半导体企业的IPO申请，分别是兆芯集成、芯密科技、上海超硅和恒运昌，代表芯片设计、设备耗材、材料制造、设备核心部 件四大环节，形成从"材料-设备-设计"的完整产业链布局。例如，上海超硅的300mm硅外延片是存储芯片和逻辑芯片的核心材料，其扩产项目直接服务于 长江存储、中芯国际等头部晶圆厂；恒运昌的射频电源打破美企垄断，支撑28nm至14nm先进制程设备。 以下为其核心情况概述： IPO进展：6月17日获受理，保荐机构为国泰海通证券和东方证券，拟募资41.69亿元，用于新一代处理器研发及产能建设。 财务情况：目前处于未盈利状态，预计2027年扭亏为盈，2024年营收数据未披露，但研发投入持续加码。 市场定位：国产CPU替代的重要参与者，技术自主性较强，但需应对国际巨头竞争压力。 3. 上海超硅 业务领域：半导体大硅片龙头企业，产品包括300mm（12英寸）和200mm（8英寸）硅片，应用于存储芯片、逻辑芯片等，已量产先进 ...

所以我们特意邀请到了国内这块专门在RACE5设计这块的一个龙头厂商的专家主要就RACE5这块目前的一个国内行业的情况包括一些竞争格局的一个情况以及跟其他两个X86 ARM这种架构去做一个机制的梳理和对比以及去看这样的一个政策如果实际推行的话它大概核心朔叶的方向 呃主要就这几个问题做细致梳理那在线领导呢如果有任何问题也欢迎留言或者按新意见接受提问呃那我们今天就先开始今晚的这个电话会那首先看能不能邀请专家您帮我们先简单科普一下就是或者包括他的以及差不多这样一个区别好的就是啊我们说全世界的芯片架构啊有有主流的三种啊 那么最早的就是英特尔的这个x86很多的服务器我们自己用的电脑笔记本台式机这些都是x86的那么x86的话它广泛的存在数据中心的CQ服务器里面代表性的厂家的话主要就是英特尔AMD这些公司他们特别是英特尔它占据了整个x86市场的绝大部分的份额AMD大概百分之十几他们两个是x86的主要玩家 那么X86的话呢它过去在二十年过去二十几年都已经广泛的存在这个行业里面它里面的话呢就是用来做PC服务器边缘服务器它主要是集成这种Windows Linux这种系统比较多一点但是它是闭眼的也就是市场上除了他们两家能做X86的话 ...