报告评级 - 维持"持有"评级，目标价161.09美元 [5][6] 报告核心观点 - 2024Q2 AI需求持续，AIPC具有较好发展前景 [12][13] - 缩小与英伟达AI软件差距，全现金收购Silo AI [14] - 当前AI需求增长迅速，公司具有一定的竞争优势 [15] 业务分析 CPU - 超大规模企业开始部署第四代EPYC CPU，云端需求仍然强劲 [12] - 企业和云端方面公司的产品展现了竞争力 [12] GPU - 数据中心GPU收入连续第三个季度创纪录，MI300 GPU季度营收首次超过10亿美元 [12] - 微软对MI300芯片的使用量增加，成为第一家在本季宣布全面推出公共MI300X执行个体的大型超大规模供应商 [12] - 不断增长的客户需求促使公司积极推动在企业和云端AI客户通路的市占率 [12] AIPC - 公司推出了Ryzen AI 300系列，扩展了业界领先的CPU和GPU性能 [12][13] - 公司预计将在未来推出100多款Ryzen AI 300系列高端、游戏和商用平台 [13] 行业分析 - 英伟达在数据中心GPU市场占据98%的市场份额，AMD和英特尔正尝试填补市场空缺 [20][21] - 未来数据中心GPU市场可能呈现三家主导的局面 [21] 财务预测 - 预测公司2024~2025年营业收入分别为254.76/326.88亿美元，增速分别为12.33%/28.31% [23] - 预测公司2024~2025年净利润分别为26.01/58.58亿美元，增速分别为204.53%/125.26% [23] - 对应EPS分别为1.52/3.40美元 [23]

公司投资评级 - 报告对超威半导体（AMD）的投资评级未明确提及[4] 报告的核心观点 - AMD在2024年第二季度的业绩表现强劲，收入和毛利率均实现同比增长[4] - 数据中心部门收入创纪录，同比增长115%，主要得益于AMD Instinct GPU和第四代AMD EPYC CPU的销售增长[4] - 客户端部门收入同比增长49%，主要由AMD Ryzen™处理器的销售推动[4] - 游戏部门收入同比下降59%，主要是由于半定制产品收入的减少[4] - 嵌入式部门收入同比下降41%，因为客户继续正常化他们的库存水平[4] - AMD预计2024年第三季度收入约为67亿美元，同比增长约16%，环比增长约15%[4] 各业务板块情况 数据中心部门 - 收入达到28亿美元，同比增长115%，环比增长21%，主要由AMD Instinct GPU的强劲增长推动[4] 客户端部门 - 收入为15亿美元，同比增长49%，环比增长9%，主要由AMD Ryzen™处理器的销售推动[4] 游戏部门 - 收入为6.48亿美元，同比下降59%，环比下降30%，主要是由于半定制产品收入的减少[4] 嵌入式部门 - 收入为8.61亿美元，同比下降41%，环比增长2%，因为客户继续正常化他们的库存水平[4] 2024Q3业绩指引 - AMD预计2024年第三季度收入约为67亿美元，上下浮动3亿美元，同比增长约16%，环比增长约15%[4] - Non-GAAP的毛利率预计约为53.5%[4]

Advanced Micro Devices (NASDAQ:AMD) stock reached oversold levels recently. The AMD forecast reveals that the last time this occurred in April, its share price rebounded by around 30%. However, there is a striking difference for the semiconductor player between then and now.Recent price declines have sent AMD stock prices well below both the 200-day and 50-day moving averages (MAs). Conversely, the share price drop in April did not even reach the 200-day MA support. The 50-day MA now approaches the 200-day ...

Shares of Advanced Micro Devices Inc. AMD are up 21.54% over the last year but down 8.91% year-to-date. It has gained about 2.92% over the last five trading days.In late July, the semiconductor giant enjoyed a brief resurgence after delivering second-quarter earnings that beat expectations — 69 cents per share against a forecasted 68 cents, and $5.835 billion in revenue, outpacing the $5.724 billion estimate.This surge was welcomed by investors like Cathie Wood's Ark Invest, which seized the opportunity and ...

vm We previously covered Advanced Micro Devices, Inc. (NASDAQ:NASDAQ:AMD) in May 2024, discussing its underperformance in both stock and financial performance, as Nvidia (NVDA) took the lead in the generative AI race and Intel (INTC) in the x86 CPU race. With the gaming segment still reporting elevated inventory channels and slower IoT/ automotive recovery in the embedded segment, we had been uncertain about its intermediate term prospects, resulting in our reiterated Hold rating. Since then, AMD has fal ...

Over the past three weeks, the AI bubble has deflated. Investors are demanding a higher return on AI spending, while others like Elliott Management have raised questions on valuations. However, in the recent selloff, some of the best AI stocks have been thrown out with the bath water.Going forward, AI stocks will face increased scrutiny. Investors want to see a return on investment and actual AI revenues. Only stocks with demonstrable and real-life AI use cases will get a lift.The three stocks discussed bel ...

The growing demand for AI-focused semiconductors is proving to be a tailwind for both of these companies.Arm Holdings (ARM -1.21%) and Advanced Micro Devices (AMD -1.50%) have witnessed contrasting fortunes on the stock market in 2024, with one of these companies sitting on healthy gains so far this year while the other one underperforms the broader semiconductor market.Arm stock has jumped 50% this year. AMD, on the other hand, has lost 10% of its value compared to the 10% gains clocked by the PHLX Semicon ...

文章核心观点 - 公司Q2财报整体表现良好,超出市场预期 [7] - 数据中心业务增长强劲,同比增长115% [8] - 客户端业务也有49%的同比增长 [8] - 但游戏和嵌入式业务出现下滑,分别下降59%和41% [8] - 公司利润率未能如市场预期般扩张,维持在18.5%左右的水平 [11] - 市场对公司未来利润率的预期过于乐观,可能导致股价下跌 [11][12] - 公司股价近期交易模式显示持续的抛售压力 [16][17] - 高管大量抛售公司股票也引发担忧 [18] 行业和公司分析 数据中心业务 - 数据中心业务增长强劲,同比增长115%,达到28亿美元 [8] - 这一增长超出了分析师的预期 [8] 客户端业务 - 客户端业务同比增长49%,达到14.2亿美元 [8] - 这一增长也超出了预期 [8] 游戏和嵌入式业务 - 游戏业务同比下降59%,至6.48亿美元 [8] - 嵌入式业务同比下降41%,至8.61亿美元 [8] - 这两个业务的下滑拖累了整体业绩 [8] 利润率 - 公司Q2净利润率为18.51%,与上一季度基本持平 [11] - 但市场预期公司利润率会进一步扩张,这一预期可能过于乐观 [11][12] 股价走势 - 公司股价近期交易模式显示持续的抛售压力 [16][17] - 公司高管大量抛售股票也引发了市场担忧 [18]

Advanced Micro Devices (NASDAQ:AMD) recently reported strong second quarter (Q2) results with $5.8 billion in revenue and 69 cents in EPS, marking a 9% top-line increase and a turnaround to operating profit. Despite a 25% drop in stock price over six months, AMD’s record 115% data center revenue growth and overall progress suggest it remains a solid artificial intelligence (AI) investment opportunity.AMD plans to release new AI chips annually, starting with the MI325X in Q4 and the MI400 by 2026. Despite su ...

Key TakeawaysChip stocks rallied Thursday, rebounding from losses earlier in the week stemming from economic worries and reports of delays in the launch of Nvidia’s new Blackwell chip.Thursday’s surge came amid signs that the economic concerns may have been overblown, following a better-than-expected weekly jobless claims report. Expecting Nvidia and other chip stocks to benefit from longer-term trends in demand for artificial intelligence, analysts suggested recent volatility could offer investors an oppor ...