AMD(AMD.US)逆风突围业绩超预期华尔街多空激辩AI增长前景

智通财经网2025-05-07

智通财经APP获悉，尽管涉及中国的新出口管制措施可能持续构成挑战，AMD(AMD.US)的季度业绩及展望仍获得多家华尔街机构认可。此前AMD管理层表示业绩指引已包含出口管制造成的约7亿美元收入损失，预计2025财年总损失将达15亿美元。摩根士丹利分析师约瑟夫·摩尔在报告中指出："AMD数据非常亮眼。虽然有人质疑在需求前置担忧下客户端业务表现过于强劲，但AI与传统服务器业务更具决定性——而...

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Wall Street bulls and bears debate AI growth prospects","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"GFS":1,"AMD":1},"content_text":"智通财经APP获悉，尽管涉及中国的新出口管制措施可能持续构成挑战，AMD(AMD.US)的季度业绩及展望仍获得多家华尔街机构认可。此前AMD管理层表示业绩指引已包含出口管制造成的约7亿美元收入损失，预计2025财年总损失将达15亿美元。摩根士丹利分析师约瑟夫·摩尔在报告中指出：&quot;AMD数据非常亮眼。虽然有人质疑在需求前置担忧下客户端业务表现过于强劲，但AI与传统服务器业务更具决定性——而这两大板块表现优异。&quot;他补充称对股价回吐涨幅感到意外，强调尽管AI尚未转化为实质盈利，却已推高估值倍数，而&quot;能见度不足&quot;仍是隐患。摩根士丹利维持&quot;持股观望&quot;评级，但将目标价从149美元下调至121美元，以反映盈利倍数收缩。&quot;与当前市场情绪形成反差的是，我们仍认为AI硬件正处于强劲投资周期，&quot;摩尔分析称，&quot;但在英伟达与ASIC厂商激烈竞速的赛道上，AMD需在明年推出足够强大的MI400产品线才能巩固地位。虽然凭借英特尔的市场混乱，AMD在其他领域优势稳固，但AI业务前景仍存变数。&quot;杰富瑞分析师布莱恩·柯蒂斯持相似观点，指出AI增长才是&quot;核心指标&quot;，若不及预期恐影响下半年表现。&quot;中国禁令确属逆风，但本被视为潜在利好。如今全年的AI收入增速变得模糊，&quot;柯蒂斯写道，&quot;尽管客户端与服务器业务超预期，但份额回流至英特尔。整体预期上修可能被视作低基数下的暂时利好，但AI增长预期却在调降。考虑到MI350发布带来的2025年下半年放量尚未显现实质进展，这或许不是最后一次预期下调。&quot;Evercore ISI分析师马克·利帕西斯更为乐观，在财报后重申&quot;跑赢大盘&quot;评级及126美元目标价。&quot;AMD关于数据中心GPU业务(Instinct)季度环比增长超60%至16亿美元、且2025年保持双位数增长的指引，与我们产业链调研相符——由于加速器供应短缺及ROCm软件栈改进，超算中心正部署Instinct芯片处理推理工作负载;长期来看，超算运营商希望扩大AMD在内部工作负载的占比。&quot;富国银行分析师亚伦·雷克斯同样维持&quot;增持&quot;评级，认为公司需先消化一季度业绩及下季度指引(特别是MI308X对华禁售影响)，&quot;才能为投资者勾勒出更清晰的2025年中/下半年增长路径&quot;。更多港股重磅资讯，下载智通财经app更多港股及海外理财资讯，请点击www.zhitongcaijing.com（搜索“智通财经”）；欲加入智通港股投资群，请加智通客服微信(ztcjkf)","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"1","news_tag":"","news_rank":0,"symbols":[],"gpt_button":0,"need_auth":false,"code":"91000000","status":"200"},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":false,"deviceId":"web-server-community-laohu8-v3","version":"4.35.13","shortVersion":"4.35.13","platform":"web","vendor":"web","appName":"laohu8","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2533933322","isCrawlerRequest":true}

AMD(AMD.US)逆风突围业绩超预期 华尔街多空激辩AI增长前景

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AMD(AMD.US)逆风突围业绩超预期华尔街多空激辩AI增长前景