大行评级丨花旗：AMD首季指引超市场预期但不及买方预期，维持“中性”评级

中金财经02-05

花旗发表研报指出，AMD去年第四季度业绩的上行主要受到意外的3.9亿美元中国销售额提振。尽管AMD对2026年第一季度的指引高于市场共识，但该行认为买方预期更高。该行认为，在2026年下半年MI450发布之前，该股仍处于观望模式，该行认为该产品面临执行、竞争及客户集中风险。2026年服务器CPU总可用市场将实现双位数字按年增长，2025年服务器总可用市场约为200亿美元。　　该行调整...

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