从“第二梯队”到正面交锋，AMD寻找AI芯片破局点

金十数据2025-12-30

在本轮人工智能浪潮中，AMD(AMD.O)长期被视为落后于英伟达(NVDA.O)的“第二名”芯片供应商，但华尔街的一些人士认为，这一叙事有望在2026年发生转变。这家芯片制造商正准备在2026年下半年推出其InstinctMI450系列AI加速器以及首个机架级解决方案Helios。TDCowen分析师约书亚·布查尔特（JoshuaBuchalter）认为，这些发布“将成为一个关键拐点”，不仅影响...

网页链接

免责声明：本文观点仅代表作者个人观点，不构成本平台的投资建议，本平台不对文章信息准确性、完整性和及时性做出任何保证，亦不对因使用或信赖文章信息引发的任何损失承担责任。

精彩评论

我们需要你的真知灼见来填补这片空白

发表看法

{"i18n":{"language":"zh_CN"},"isChannel":false,"data":{"share":"https://www.laohu8.com/m/news/2595675167?lang=zh_CN&edition=full","thumbnail":"","is_english":false,"pubTime":"2025-12-30 15:53","share_image_url":"https://static.laohu8.com/9a95c1376e76363c1401fee7d3717173","id":"2595675167","market":"us","top_or_hot":-1,"title":"从“第二梯队”到正面交锋，AMD寻找AI芯片破局点","media":"金十数据","content":"<div>\n<p>在本轮人工智能浪潮中，AMD(AMD.O)长期被视为落后于英伟达(NVDA.O)的“第二名”芯片供应商，但华尔街的一些人士认为，这一叙事有望在2026年发生转变。这家芯片制造商正准备在2026年下半年推出其InstinctMI450系列AI加速器以及首个机架级解决方案Helios。TDCowen分析师约书亚·布查尔特（JoshuaBuchalter）认为，这些发布“将成为一个关键拐点”，不仅影响...</p>\n\n<a href=\"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20251230155322a6e050b8&s=b\">网页链接</a>\n\n</div>\n","source":"tencent","html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>从“第二梯队”到正面交锋，AMD寻找AI芯片破局点</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n从“第二梯队”到正面交锋，AMD寻找AI芯片破局点\n</h2>\n\n<h4 class=\"meta\">\n\n\n2025-12-30 15:53 北京时间&nbsp;&nbsp;&nbsp;<a href=http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20251230155322a6e050b8&s=b><strong>金十数据</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>在本轮人工智能浪潮中，AMD(AMD.O)长期被视为落后于英伟达(NVDA.O)的“第二名”芯片供应商，但华尔街的一些人士认为，这一叙事有望在2026年发生转变。这家芯片制造商正准备在2026年下半年推出其InstinctMI450系列AI加速器以及首个机架级解决方案Helios。TDCowen分析师约书亚·布查尔特（JoshuaBuchalter）认为，这些发布“将成为一个关键拐点”，不仅影响...</p>\n\n<a href=\"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20251230155322a6e050b8&s=b\">网页链接</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"IE00B5949003.HKD","symbol_name":"JANUS HENDERSON GLOBAL TECHNOLOGY AND INNOVATION \"A\" (HKD) ACC","start_time":0,"source_url":"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20251230155322a6e050b8&s=b","article_id":"2595675167","we_media_id":null,"thumbnails":[],"rights":{"source":"tencent","url":"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20251230155322a6e050b8&s=b","rn_cache_url":null,"customStyle":"body{padding-top:10px;}#news_title{font-weight:bold;#titleStyle#;}#news_description span{font-size:12px;#descriptionStyle#;}.footer-note{#statement#}","selectors":".mod-LoadTzbdNews, body","filters":".relate-stock, .hot-list, .recom-box, .wx-sou","directOrigin":true},"url":"https://stock-news.laohu8.com/highlight/detail?id=2595675167","pubTimestamp":1767081194,"columns":[],"sourceInfo":{"source_id":"tencent","name":"腾讯"},"weMediaInfo":null,"summary":"布查尔特在本月早些时候的一份报告中表示，公司的硬件路线图、ROCm开源AI软件的持续改进，以及不断升温的客户兴趣，“进一步增强了我们对AMD在AI计算领域创造并获取价值能力的信心”，并将AMD列为其明年芯片板块的首选标的。另一方面，莫滕森表示，他认为AMD的非AI芯片业务将继续在传统服务器芯片市场中从英特尔手中夺取份额。他预计，在需求持续强于供给的情况下，AI行情最终将再创新高。","collect":0,"end_time":0,"defaultTopTitle":"qq.com","property":[],"viewcount":null,"language":"zh","relate_stocks":{"IE00B5949003.HKD":"JANUS HENDERSON GLOBAL TECHNOLOGY AND INNOVATION \"A\" (HKD) ACC","LU0823434740.USD":"BNP PARIBAS US GROWTH \"C\" (USD) INC","LU0642271901.SGD":"Janus Henderson Horizon Global Technology Leaders A2 SGD-H","BK4585":"ETF&股票定投概念","LU1951200564.SGD":"Natixis Thematics AI & Robotics Fund R/A SGD","LU0274383776.USD":"MANULIFE GF US SMALL CAP EQUITY \"AA\" (USD) INC","LU0127658192.USD":"EASTSPRING INVESTMENTS GLOBAL TECHNOLOGY \"A\" (USD) ACC","BK4141":"半导体产品","LU2360106780.USD":"BGF WORLD TECHNOLOGY \"A4\" (USD) INC","LU0082616367.USD":"摩根大通美国科技A（dist）","IE0009356076.USD":"JANUS HENDERSON GLOBAL TECHNOLOGY AND INNOVATION \"A2\" (USD) ACC","LU2355687059.USD":"NORDEA 1 GLOBAL IMPACT  \"BP\" (USD) ACC","LU1242518931.SGD":"Fullerton Lux Funds - Asia Absolute Alpha A Acc SGD","NVDA":"英伟达","BK4534":"瑞士信贷持仓","LU0719512351.SGD":"JPMorgan Funds - US Technology A (acc) SGD","LU1861558580.USD":"日兴方舟颠覆性创新基金B","LU1803068979.SGD":"FTIF - Franklin Technology A (acc) SGD-H1","BK4533":"AQR资本管理(全球第二大对冲基金)","LU2931357623.SGD":"MANULIFE GF GLOBAL SEMICONDUCTOR OPPORTUNITIES \"AA\" (SGDHDG) ACC","BK4529":"IDC概念","LU0979878070.USD":"FULLERTON LUX FUNDS - ASIA ABSOLUTE ALPHA \"A\" (USD) ACC","BK4602":"量子计算概念","BK4575":"芯片概念","AMD":"美国超微公司","BK4566":"资本集团","LU2250418816.HKD":"BGF WORLD TECHNOLOGY \"A\" (HKD) ACC","LU1989764664.SGD":"CPR Invest - Global Disruptive Opportunities A2 Acc SGD-H","LU1923623000.USD":"Natixis Thematics AI & Robotics Fund R/A USD","IE00BMPRXR70.SGD":"Neuberger Berman 5G Connectivity A Acc SGD-H","LU2148611432.USD":"AZ ALLOCATION BALANCED BRAVE \"AAZ\" (USDHDG) ACC","IE00BMPRXN33.USD":"NEUBERGER BERMAN 5G CONNECTIVITY \"A\" (USD) ACC","IE0004445239.USD":"JANUS HENDERSON US FORTY \"A2\" (USD) ACC","LU2089985449.USD":"MANULIFE GF GLOBAL SEMICONDUCTOR OPPORTUNITIES \"AA\" (USD) ACC","BK4535":"淡马锡持仓","LU0081259029.USD":"UBS (LUX) EQUITY FUND - TECH OPPORTUNITY \"P\" (USD) ACC","LU0198837287.USD":"UBS (LUX) EQUITY SICAV - USA GROWTH \"P\" (USD) ACC","BK4515":"5G概念","BK4612":"AI芯片","LU1861559042.SGD":"日兴方舟颠覆性创新基金B SGD","LU2543165471.USD":"E FUND (HK) GLOBAL QUALITY GROWTH \"A\" (USD) ACC","BK4579":"人工智能","LU2264538146.SGD":"Fullerton Lux Funds - Global Absolute Alpha A Acc SGD","BK4550":"红杉资本持仓","LU1988902786.USD":"FULLERTON LUX FUNDS GLOBAL ABSOLUTE ALPHA \"I\" (USD) ACC","BK4588":"碎股","BK4614":"Manus概念股","LU0889565833.HKD":"FRANKLIN TECHNOLOGY \"A\" (HKD) ACC","BK4605":"半导体精选","LU0823421333.USD":"BNP PARIBAS DISRUPTIVE TECHNOLOGY \"C\" (USD) ACC","LU2054465674.USD":"UBS (LUX) KEY SELEC SICAV DIGITAL TRANSFORMATION T \"P\" (USD) ACC","BK4543":"AI","LU0390134368.USD":"FRANKLIN GLOBAL GROWTH \"A\" (USD) ACC","LU0056508442.USD":"贝莱德世界科技基金A2","LU0097036916.USD":"贝莱德美国增长A2 USD","LU1303367103.USD":"摩根大通多经理另类基金 A (acc)","LU0823421416.USD":"BNP PARIBAS DISRUPTIVE TECHNOLOGY \"C\" (USD) INC","LU1316542783.SGD":"Janus Henderson Horizon Global Technology Leaders A2 SGD","LU1242518857.USD":"FULLERTON LUX FUNDS - ASIA ABSOLUTE ALPHA \"I\" (USD) ACC","LU2098885051.SGD":"JPMorgan Funds - Multi-Manager Alternatives A (acc) SGD","LU1852331112.SGD":"Blackrock World Technology Fund A2 SGD-H","LU0321505868.SGD":"Schroder ISF Global Dividend Maximiser A Dis SGD","BK4573":"虚拟现实","LU2458330169.SGD":"FRANKLIN SHARIAH TECHNOLOGY \"A\" (SGD) ACC","LU0321505439.SGD":"Schroder ISF Global Dividend Maximiser A Acc SGD","LU1880398471.USD":"AMUNDI FUNDS GLOBAL EQUITY \"A2\" (USD) ACC","BK4554":"元宇宙及AR概念","LU1880398554.USD":"AMUNDI FUNDS GLOBAL EQUITY \"A2\" (USD) INC","BK4512":"苹果概念","BK4527":"明星科技股","LU0823434583.USD":"BNP PARIBAS US GROWTH \"C\" (USD) ACC","LU0109392836.USD":"富兰克林科技股A","LU1064131342.USD":"Fullerton Lux Funds - Global Absolute Alpha A Acc USD","BK4532":"文艺复兴科技持仓","LU2458330243.SGD":"FRANKLIN SHARIAH TECHNOLOGY \"A-H1\" (SGDHDG) ACC","LU1951198990.SGD":"Natixis Thematics AI & Robotics Fund H-R/A SGD-H"},"translate_title":"From the \"second echelon\" to head-on confrontation, AMD looks for AI chip breakthrough points","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"AMD":1.96,"NVDA":0.9},"content_text":"在本轮人工智能浪潮中，AMD(AMD.O)长期被视为落后于英伟达(NVDA.O)的“第二名”芯片供应商，但华尔街的一些人士认为，这一叙事有望在2026年发生转变。这家芯片制造商正准备在2026年下半年推出其InstinctMI450系列AI加速器以及首个机架级解决方案Helios。TDCowen分析师约书亚·布查尔特（JoshuaBuchalter）认为，这些发布“将成为一个关键拐点”，不仅影响AMD的股价，也将改变其盈利前景，因为公司开始直面一个“极其庞大”的计算总可寻址市场。布查尔特在本月早些时候的一份报告中表示，公司的硬件路线图、ROCm开源AI软件的持续改进，以及不断升温的客户兴趣，“进一步增强了我们对AMD在AI计算领域创造并获取价值能力的信心”，并将AMD列为其明年芯片板块的首选标的。ArgentCapitalManagement投资组合经理杰德·埃勒布鲁克（JedEllerbroek）在接受MarketWatch采访时表示，“不能低估AMD的产品，而英伟达也没有低估它们。”Baird董事总经理泰德·莫滕森（TedMortonson）对MarketWatch表示，即将推出的MI450系列相比AMD以往产品，在竞争力上“明显更接近”英伟达的产品。不过，他在邮件评论中指出，AMD对标英伟达CUDA并行计算平台的ROCm7版本，在功能性上“仍然落后于英伟达”。另一方面，莫滕森表示，他认为AMD的非AI芯片业务将继续在传统服务器芯片市场中从英特尔(INTC.O)手中夺取份额。他指出，AMD的Genoa和Venice中央处理器将在这一过程中发挥重要作用。布查尔特表示，AMD的CPU产品“提供了业务多元化和依然强劲的增长潜力”，随着数据中心建设持续推进，对这些芯片的需求还将进一步扩大。尽管在AI支出前景引发担忧的背景下，AMD的股价“相较同行不公平地承受了更多投资者审视”，布查尔特认为这反而为投资者提供了机会，因为他相信AMD能够从这轮支出中受益。去年11月，AMD首席执行官苏姿丰在公司分析师日上表示，她预计到本十年末，数据中心的总可寻址市场规模将达到1万亿美元。布查尔特表示，在AMD全面推进Helios解决方案之前，投资者就应当提前布局，而MI450系列将是AMD首次真正有机会与英伟达正面竞争的产品。埃勒布鲁克表示，近期市场回调已对许多科技股和数据中心基础设施股票造成了沉重打击。尽管当前市场疑虑重重，但他指出，“底层需求依然极其强劲。”通过观察亚洲供应链情况以及博通(AVGO.O)和美光科技(MU.O)近期的财报，埃勒布鲁克表示，“几乎所有数据点都依然极为正面。”他预计，在需求持续强于供给的情况下，AI行情最终将再创新高。","kind":"news","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,"isVideo":false,"video":null,"symbols":[],"gpt_button":0,"need_auth":false,"need_login_tip":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,"tenantId":"TBCN","deviceId":"web-server-community-laohu8-v3","version":"4.42.0","shortVersion":"4.42.0","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/2595675167","isCrawlerRequest":true}