AMD向中国卖AI芯片，3个月挣了27亿元

与非网02-05

苏姿丰回答内存供需失衡影响。作者 |ZeR0编辑 |漠影芯东西2月4日报道，今日，AMD发布最新财报，第四季度和全年营收及净利润均创历史新高。其第四季度营收同比增长34%至103亿美元，净利润同比增长213%至15亿美元，毛利率为54%；2025年全年营收同比增长34%至346亿美元，净利润同比增长164%至43亿美元，毛利率为50%。其中在第四季度，向中国市场供应MI308 GPU芯片为AMD...

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GPU芯片为AMD带来了约3.9亿美元（约合人民币27亿元）的收入。AMD预计2026年第一季度约有1亿美元（约合人民币7亿元）的MI308产品销往中国，没有预测来自中国的任何其他额外收入，因为目前的情况非常不稳定。AMD董事会主席兼CEO苏姿丰博士在财报电话会议中透露，AMD已提交MI325的授权申请，并正在继续与客户合作。她还谈道，基于EPYC和Instinct路线图，AMD有信心在未来3-5年内实现数据中心业务收入每年增长超过60%，并在2027年将AI业务的年收入提升至数百亿美元。AMD MI450 GPU系列AI芯片的量产按计划于今年下半年启动。下一代MI500系列的开发工作正在顺利推进，该芯片将于2027年推出。MI500采用先进的2nm工艺、CDNA 6架构，并配备高速HBM4e内存，旨在为下一代大规模多模态模型提供动力。Valve正按计划推进其搭载AMD处理器的Steam Machine主机的出货工作，预计将于今年年初开始交付；采用AMD半定制SoC的微软下一代Xbox游戏机开发进展顺利，有望在2027年发布。针对内存市场现状的影响，苏姿丰也作出回答：2025年AMD客户端平均售价（ASP）和销量都实现了强劲增长，根据AMD目前观察到的情况，考虑到包括内存在内的大宗商品价格上涨带来的通胀压力，PC市场规模可能会略有下降，预计下半年市场表现将略低于上半年。“即使在PC市场低迷的情况下，我们仍然相信能够实现PC业务的增长。”苏姿丰说，AMD的重点领域是企业级市场，预计2026年将继续在高端市场保持增长。据她分享，考虑到像HBM和晶圆这类供应链环节的交付周期，AMD正在与供应商密切合作，制定多年计划，预测市场需求，规划产能提升方案，并确保其研发工作紧密衔接。苏姿丰对AMD的供应链能力非常有信心，称过去几年，AMD一直在为CPU和GPU业务的大幅产能提升做准备，已做好充分准备在2026年实现显著增长。“鉴于供应链的紧张状况，我们现在也在签订期限更长的多年期协议。”她谈道。2025年第四季度，AMD数据中心业务营收同比增长39%至53.8亿美元，客户端和游戏业务营收同比增长37%至39.4亿美元，嵌入式业务同比增长3%至9.5亿美元。2025年全年，其数据中心业务营收创下166.4亿美元的纪录，同比增长32%；客户端和游戏业务收入创下145.5亿美元的历史新高，同比增长51%；嵌入式业务收入同比下降3%至34.5亿美元，反映了年初客户库存水平调整的影响。苏姿丰透露，2025年部署AMD EPYC服务器CPU的大型企业数量翻了一番以上，其CPU订单量在过去60天里持续增长。她强调说，AMD服务器CPU在通常的淡季（第四季度到第一季度）实现了增长，而且这种增长势头将持续到全年。今年下半年，AMD将推出Venice，苏姿丰相信这将进一步巩固AMD的领先地位。在移动领域，Ryzen CPU的季度销量创下新高。第四季度，商用笔记本电脑和台式机的Ryzen CPU销量同比增长超过40%，并且AMD与电信、金融服务、航空航天、汽车、能源和科技等行业的主要客户达成了多项重要合作。AMD预计2026年第一季度销售额约为98亿美元，上下浮动3亿美元。苏姿丰在财报电话会议中谈道，预计2026年AMD营收和利润将实现显著增长，这主要得益于EPYC和Instinct的广泛应用、客户份额的持续增长以及嵌入式业务的复苏，预计未来3-5年营收复合年增长率超过35%。“我们的AI业务正在加速发展。”苏姿丰称，如今排名前十的AI公司中有8家采用AMD Instinct GPU。AMD下一代MI400系列和Helios机架式系统的开发均按计划推进，客户合作项目正在不断拓展。这包括面向AI超级集群的MI455X和Helios，面向高性能计算（HPC）和自主AI的MI430X，以及面向企业客户的MI440X服务器。HPE、联想等多家OEM厂商已公开宣布计划于2026年推出Helios系统，并正在进行深入的工程合作，以支持平稳的量产。MI450系列有望在今年下半年发布产品并开始量产。AMD与OpenAI保持着非常紧密的合作关系，并计划从今年下半年开始逐步扩大产能，一直持续到2027年。除了与OpenAI开展多代合作、部署6GW的Instinct GPU之外，AMD还在积极与其他客户洽谈大规模多年部署事宜，首批部署产品为Helios和MI450，预计将于今年晚些时候推出。通过MI400系列，AMD也在扩展产品组合，以满足各种云、高性能计算（HPC）和企业级AI工作负载的需求。 AMD预计与OpenAI和甲骨文达成的巨额交易，以及对AI设备的整体需求，将带来数百亿美元的新收入。这也反映出市场对AMD 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