FireLong的个人主页 - 老虎社区

FireLong

FireLong

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0勋章

2021-08-05

$AMD(AMD)$要站稳更高价位，回调建立筹码在100-109之间补好缺口。希望可以回调补稳筹码，能好的价位回购，再继续150向上。[正经] [666]

2021-08-24

$AMD(AMD)$讯号出现了，可以好好上最后一班车了，这次牛后就要进入冰河时期。赶紧[胜利] [正经] [看涨] [666] [比心]

2021-08-09

$AMD(AMD)$建议要抄底的，可以等下个星期二或三，看数据的盘整时间计算差不多都需要一个星期多左右，所以这星期五或下个星期都可以留意观察。我在117卖空，估计也是差不多我刚才说的时间点卖了再买升[正经] 供大家参考，有意见大家可以一起讨论[胜利]

2021-08-09

$AMD(AMD)$建议可以分3次买进，目前数据看还是有回调的可能，不建议一次买入，买入了，如果掉价再补仓，隔天再掉下再补最后一次，估计还会回调几天。买贵了就放着，长期股价还是会看好[胜利]

2021-08-19

$AMD(AMD)$最后大牛前回调还会几天呢？我相信九月会是大奔牛之后再转入冰河时期了。。[生病]

2021-08-11

$AMD(AMD)$看数据还没回调结束，今天或明天可能会出现大死叉，会掉比较狠，建议别盲目追高喔[暗中观察]

2021-07-30

还有收购定案中国那边还没公布批准，但机会很大。很大的上行空间，可以借参考apple去年90美元过后100以上就稳住上方增长了。AMD也还有很大发展空间，潜能大，有机会做老大。

AMD涨超3%创历史新高，绩后获多家大行上调目标价

2021-07-28

$AMD(AMD)$还是红[笑哭] 真得无言，金叉要破又破不上去。庄家那么会玩？？[捂脸]

2021-07-19

$AMD(AMD)$来一次够力的10%上涨吧！业绩出炉前破110

2021-08-30

$AMD(AMD)$顺利的话这两三天就是大牛上升关键了。[你懂的] [看涨]

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[666]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/848910498","isVote":1,"tweetType":1,"viewCount":592,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":841009126,"gmtCreate":1635861390615,"gmtModify":1635861390785,"author":{"id":"3585299936185604","authorId":"3585299936185604","name":"FireLong","avatar":"https://static.tigerbbs.com/c0ad19a4098a906338280ccbe916e5ef","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3585299936185604","authorIdStr":"3585299936185604"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/AMD\">$AMD(AMD)$</a>最后牛市了160[得意]&nbsp;","listText":"<a href=\"https://laohu8.com/S/AMD\">$AMD(AMD)$</a>最后牛市了160[得意]&nbsp;","text":"$AMD(AMD)$最后牛市了160[得意]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/841009126","isVote":1,"tweetType":1,"viewCount":704,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":843733743,"gmtCreate":1635857563214,"gmtModify":1635857563393,"author":{"id":"3585299936185604","authorId":"3585299936185604","name":"FireLong","avatar":"https://static.tigerbbs.com/c0ad19a4098a906338280ccbe916e5ef","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3585299936185604","authorIdStr":"3585299936185604"},"themes":[],"htmlText":"160目标价就对了[开心]&nbsp;","listText":"160目标价就对了[开心]&nbsp;","text":"160目标价就对了[开心]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/843733743","repostId":"1141215557","repostType":2,"repost":{"id":"1141215557","kind":"news","pubTimestamp":1635839419,"share":"https://www.laohu8.com/m/news/1141215557?lang=zh_CN&edition=full","pubTime":"2021-11-02 15:50","market":"us","language":"en","title":"AMD: Here's What I Am Doing After Another Blowout Earnings<blockquote>AMD：这就是我在盈利再次井喷后所做的事情</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1141215557","media":"Seeking Alpha","summary":"Summary\n\nAMD is no longer an \"underdog\", and future growth projections do not necessarily justify it","content":"<p><b>Summary</b></p><p><blockquote><b>总结</b></blockquote></p><p> <ul>  <li>AMD is no longer an \"underdog\", and future growth projections do not necessarily justify its current valuation. In this note, we review AMD's Q3 results and guidance.</li>  <li>Furthermore, I provide a pro-forma valuation of AMD (+Xilinx). The easy money has been made in AMD over the last six years, and future returns may look very different.</li>  <li>AMD is a decent buy at $122, however, potential investors should buy through Xilinx at $185 (a discounted proxy for AMD) (after Dr. Lisa Su's reassurances about the merger).</li> </ul> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/ec55c4f8340ca053f249af481ee9a179\" tg-width=\"1536\" tg-height=\"1024\" width=\"100%\" height=\"auto\"><span>JHVEPhoto/iStock Editorial via Getty Images</span></p><p><blockquote><ul><li>AMD不再是“失败者”，未来的增长预测并不一定证明其当前估值的合理性。在本报告中，我们回顾了AMD第三季度的业绩和指导。</li><li>此外，我提供了AMD（+Xilinx）的预计估值。在过去的六年里，AMD赚了很多钱，未来的回报可能会大不相同。</li><li>AMD以122美元的价格购买是一个不错的选择，但是，潜在投资者应该通过Xilinx以185美元的价格购买（AMD的折扣代理）（在Lisa Su博士对合并做出保证之后）。</li></ul><p class=\"t-img-caption\"><span>JHVEPhoto/iStock社论来自Getty Images</span></p></blockquote></p><p> <b>Introduction</b></p><p><blockquote><b>介绍</b></blockquote></p><p> Advanced Micro Devices (AMD) is probably one of the greatest turnaround stories ever, and investors have made incredible returns in this counter over the last six years. Under the leadership of Dr. Lisa Su, AMD has showcased tremendous business execution, and the company delivered yet another blowout quarter on Tuesday.</p><p><blockquote>Advanced Micro Devices(AMD)可能是有史以来最伟大的扭亏为盈故事之一，投资者在过去六年中在该股获得了令人难以置信的回报。在Lisa Su博士的领导下，AMD展示了巨大的业务执行力，该公司周二又实现了一个井喷的季度。</blockquote></p><p> As some of you may already know, I am an \"Intel (INTC) bull\"; however, I am not an \"AMD bear\" like some of the commenters in my&nbsp;recent articles&nbsp;have suggested. Today, I would like to explain my positioning in the semiconductor sector in some greater detail. First of all, we own Intel as a part of our dividend growth portfolio, which also consists of the likes of Broadcom (AVGO). Since AMD offers no dividend, it is unsuitable for BTM's DGI portfolio. On the other hand, AMD's risk/reward is keeping the stock out of our Goldilocks Zone (high growth) portfolio. Within this portfolio, we own Nvidia (NVDA) from a very low cost-basis; however, we are not adding at current valuations.</p><p><blockquote>你们中的一些人可能已经知道，我是一个“英特尔(INTC)公牛”；然而，我并不像我最近文章中的一些评论者所说的那样是“AMD熊”。今天，我想更详细地解释一下我在半导体板块的定位。首先，我们将英特尔作为我们股息增长投资组合的一部分，该投资组合还包括博通（AVGO）等公司。由于AMD不提供股息，因此不适合BTM的DGI投资组合。另一方面，AMD的风险/回报使该股票远离我们的金发区（高增长）投资组合。在这个投资组合中，我们以非常低的成本拥有Nvidia(NVDA)；然而，我们不会按照目前的估值进行增加。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/aa59d7f65a7ba453d2c5e2ac474acb4d\" tg-width=\"640\" tg-height=\"511\" width=\"100%\" height=\"auto\"><span>Source: YCharts</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：YCharts</span></p></blockquote></p><p> Today, AMD's market cap stands at ~$150B, and it is quickly closing the gap on Intel, which is now valued at just ~$195B. Now, Intel does ~5x AMD's revenue, commands higher gross margins, and produces ~6x AMD's free cash flow. Considering these numbers, AMD seems expensive; however, growth is on AMD's side due to superior products, product roadmap, and business execution.</p><p><blockquote>如今，AMD的市值约为$150B，并且正在迅速缩小与英特尔的差距，英特尔目前的估值仅为$195B。现在，英特尔的收入约为AMD的5倍，毛利率更高，自由现金流约为AMD的6倍。考虑到这些数字，AMD似乎很贵；然而，由于卓越的产品、产品路线图和业务执行力，增长站在AMD一边。</blockquote></p><p> In this note, we will briefly analyze AMD's Q3 report and formulate its valuation to see if this stock is a good long-term investment. Furthermore, we will explore a merger arbitrage play available in the AMD-Xilinx (XLNX) deal. So, let's get started.</p><p><blockquote>在本说明中，我们将简要分析AMD的第三季度报告并制定其估值，看看这只股票是否是一项不错的长期投资。此外，我们将探索AMD-Xilinx(XLNX)交易中可用的合并套利策略。那么，让我们开始吧。</blockquote></p><p> <b>Reviewing AMD's Quarter And Forward Guidance</b></p><p><blockquote><b>回顾AMD的季度和前瞻性指引</b></blockquote></p><p> In Q3, AMD's revenue blew past analyst estimates to come in at $4.3B (up 54% y/y), and looking at the quarterly sales trend, it is fair to say that AMD's business is gaining momentum. Although the growth rates are decelerating due to tough comps from last year's PC boom, AMD's data center business is on fire and set to deliver greater numbers in 2022 and beyond.</p><p><blockquote>第三季度，AMD的收入超出了分析师的预期，达到$4.3 B（同比增长54%），从季度销售趋势来看，可以公平地说，AMD的业务正在获得动力。尽管由于去年PC繁荣的严峻竞争，增长率正在放缓，但AMD的数据中心业务正在火热进行，并将在2022年及以后实现更大的数字。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/ca687596d0fc2b068ae4f2084cc5235f\" tg-width=\"640\" tg-height=\"308\" width=\"100%\" height=\"auto\"><span>Source: AMD Q3 2021 Earnings Presentation</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：AMD 2021年第三季度收益演示</span></p></blockquote></p><p> Here are the highlights from each of AMD's business segments:</p><p><blockquote>以下是AMD各业务部门的亮点：</blockquote></p><p> <img src=\"https://static.tigerbbs.com/6cd4c75303205f05cd838394476d23de\" tg-width=\"640\" tg-height=\"307\" width=\"100%\" height=\"auto\"></p><p><blockquote></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/fa93460dcff118bdbe61dd980f59c07e\" tg-width=\"640\" tg-height=\"292\" width=\"100%\" height=\"auto\"><span>Source: AMD Q3 2021 Earnings Presentation</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：AMD 2021年第三季度收益演示</span></p></blockquote></p><p> With its Ryzen, Radeon, and EPYC processors, AMD is winning market share across the CPU, GPU, and server (data center) markets. Over the last few years, AMD's products have been far superior to those of Intel's, and with a strong product roadmap, AMD looks good value for a greater chunk of the expanding semiconductor industry.</p><p><blockquote>凭借其锐龙、镭龙和EPYC处理器，AMD正在CPU、GPU和服务器（数据中心）市场赢得市场份额。在过去的几年里，AMD的产品远远优于英特尔的产品，凭借强大的产品路线图，AMD看起来对于不断扩张的半导体行业的更大一部分来说具有良好的价值。</blockquote></p><p> As the industry continues to grapple with supply shortages, AMD has focused its resources on higher-value chips. Naturally, AMD's gross margins have expanded significantly over the last few quarters. In Q3, AMD's gross margins improved by ~450 basis-points y/y to reach 48%. With a sharp rise in margins, AMD is delivering massive operating leverage, as evidenced by the ~111% y/y jump in operating income. As you can see below, AMD's operating margins have risen from 16% (Q3 2020) to 22% (Q3 2021). Overall, AMD's business is firing on all cylinders with rapid sales growth, massive margin expansion, and a big jump in profitability.</p><p><blockquote>随着行业继续努力应对供应短缺，AMD将资源集中在更高价值的芯片上。当然，AMD的毛利率在过去几个季度显着扩大。第三季度，AMD的毛利率同比提高约450个基点，达到48%。随着利润率的急剧上升，AMD正在提供巨大的运营杠杆，营业收入同比增长约111%就证明了这一点。如下图所示，AMD的营业利润率已从16%（2020年第三季度）上升至22%（2021年第三季度）。总体而言，AMD的业务正在全速运转，销售额快速增长，利润率大幅扩张，盈利能力大幅跃升。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/58cc5504afd47983c25f2774e0570d4f\" tg-width=\"640\" tg-height=\"318\" width=\"100%\" height=\"auto\"><span>Source: AMD Q3 2021 Earnings Presentation</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：AMD 2021年第三季度收益演示</span></p></blockquote></p><p></p><p> As it turns into a cash printing machine, AMD's balance sheet is turning into a fortress. At the end of Q3, AMD had cash balances of ~$3.6B with total debt of just ~0.3B. After teetering near bankruptcy at the start of the 2010s, it is fair to say that AMD has come leaps and bounds. Right now, AMD looks very well-positioned (from a financial and technological perspective) to win a more significant market share in a secular growth industry. With ample cash on its balance sheet, AMD used nearly all of its free cash flow on repurchasing shares as the company bought ~$750M worth of its own stock in Q3. In the future, we can expect these buybacks to become a routine affair.</p><p><blockquote>随着AMD变成印钞机，它的资产负债表正在变成一座堡垒。截至第三季度末，AMD的现金余额约为$3.6 B，总债务仅约为0.3 B。在2010年代初濒临破产之后，可以公平地说，AMD已经取得了长足的进步。目前，AMD看起来处于非常有利的地位（从财务和技术角度来看），可以在长期增长的行业中赢得更大的市场份额。由于资产负债表上现金充裕，AMD几乎将所有自由现金流用于回购股票，该公司在第三季度购买了价值约7.5亿美元的自有股票。未来，我们可以预期这些回购将成为例行公事。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/2a6e7cde8f920248271cf35fe9a25d17\" tg-width=\"640\" tg-height=\"277\" width=\"100%\" height=\"auto\"><span>Source: AMD Q3 2021 Earnings Presentation</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：AMD 2021年第三季度收益演示</span></p></blockquote></p><p> For Q4, AMD is guiding for $4.4-4.6B in revenue on higher gross and operating margins of 49.5% and 25%, respectively. Hence, AMD's business momentum is likely to continue in the next quarter.</p><p><blockquote>AMD预计第四季度收入为$4.4-4.6 B，毛利率和营业利润率分别为49.5%和25%。因此，AMD的业务势头可能会在下个季度持续下去。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/feb477f81eb4a7ad61c8bd412c2ec568\" tg-width=\"640\" tg-height=\"297\" width=\"100%\" height=\"auto\"><span>Source: AMD Q3 2021 Earnings Presentation</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：AMD 2021年第三季度收益演示</span></p></blockquote></p><p> When answering questions from an analyst on the earnings call, Dr. Lisa Su, AMD's CEO, said that the semiconductor shortages might end in 2022, and while competitive pressures are rising, she is confident in AMD's product roadmap. Furthermore, she affirmed that the demand environment is set to remain strong throughout 2022, with data center demand coming in hot, while the PC market is expected to remain flattish.</p><p><blockquote>AMD首席执行官苏姿丰博士在财报看涨期权回答分析师提问时表示，半导体短缺可能会在2022年结束，虽然竞争压力正在上升，但她对AMD的产品路线图充满信心。此外，她确认需求环境将在2022年保持强劲，数据中心需求强劲，而个人电脑市场预计将保持平稳。</blockquote></p><p> Although AMD's management stopped short of guiding for 2022, the company is likely to deliver rapid growth next year too (my estimate is ~25% y/y (tough comps)). With a strong leadership team at the helm, AMD is rapidly turning into a dominant semiconductor company. I am not convinced about AMD's ability to maintain its margins in 2022 due to growing expectations of a price war (and more competitive products) from Intel. Regardless, I see AMD as a secular growth stock with massive potential. With all of this information in mind, let us now attempt to find AMD's fair value and expected returns to see if it is a good investment.</p><p><blockquote>尽管AMD管理层没有为2022年提供指导，但该公司明年也可能实现快速增长（我的估计是同比增长约25%（艰难的比较））。凭借强大的领导团队掌舵，AMD正在迅速转变为一家占主导地位的半导体公司。由于对英特尔价格战（以及更具竞争力的产品）的预期越来越高，我不相信AMD在2022年保持利润率的能力。无论如何，我认为AMD是一只具有巨大潜力的长期增长股票。考虑到所有这些信息，现在让我们尝试找出AMD的公允价值和预期回报，看看它是否是一项好的投资。</blockquote></p><p> <b>AMD Stock's Fair Value And Expected Returns</b></p><p><blockquote><b>AMD股票的公允价值和预期回报</b></blockquote></p><p> To determine AMD's fair value (including Xilinx), we will employ our proprietary valuation model. Here's what it entails:</p><p><blockquote>为了确定AMD（包括Xilinx）的公允价值，我们将采用我们专有的估值模型。它的含义如下：</blockquote></p><p> <ul>  <li>In step 1, we use a traditional DCF model with free cash flow discounted by our (shareholders) cost of capital.</p><p><blockquote><ul><li>在第一步中，我们使用传统的DCF模型，自由现金流按我们（股东）的资本成本贴现。</li></ul></blockquote></p><p></li>  <li>In step 2, the model accounts for the effects of the change in shares outstanding (buybacks/dilutions).</p><p><blockquote><li>在步骤2中，模型考虑了已发行股票变化（回购/稀释）的影响。</li></blockquote></p><p></li>  <li>In step 3, we normalize valuation for future growth prospects at the end of the ten years. Then, we arrive at a CAGR using today's share price and the projected share price at the end of 10 years. If this beats the market by enough of a margin, we invest. If not, we wait for a better entry point.</p><p><blockquote><li>在第三步中，我们将十年结束时未来增长前景的估值正常化。然后，我们使用今天的股价和10年末的预计股价得出CAGR。如果这比市场高出足够的幅度，我们就投资。如果没有，我们等待一个更好的切入点。</li></blockquote></p><p></li>  <li>In step 4, the model accounts for dividends.</li> </ul> <b>Assumptions:</b></p><p><blockquote><li>在步骤4中，模型考虑了股息。</li><b>假设：</b></blockquote></p><p> <img src=\"https://static.tigerbbs.com/fb2c8910a9bf6c76df79c4e529c306b4\" tg-width=\"817\" tg-height=\"709\" width=\"100%\" height=\"auto\"></p><p><blockquote></blockquote></p><p> <b>Here are the results:</b></p><p><blockquote><b>结果如下：</b></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/43cbdd6bbedd12d97187aee1a41535b3\" tg-width=\"606\" tg-height=\"733\" width=\"100%\" height=\"auto\"><span>Source: L.A. Stevens Valuation Model</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：L.A.史蒂文斯估值模型</span></p></blockquote></p><p> As you can see, AMD is worth ~$147.5 per share, i.e., it is undervalued by ~17.24%. Now, let us analyze AMD's expected returns:</p><p><blockquote>如您所见，AMD每股价值约147.5美元，即被低估约17.24%。现在，我们来分析一下AMD的预期回报：</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/8289ded704fa9d728a0cc99a52d61d31\" tg-width=\"606\" tg-height=\"431\" width=\"100%\" height=\"auto\"><span>Source: L.A. Stevens Valuation Model</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：L.A.史蒂文斯估值模型</span></p></blockquote></p><p> Since AMD's expected return is equivalent to ~15% (our investment hurdle rate), it is only a modest buy at the current price. However, buying AMD via Xilinx could improve future returns, making it a worthy option. We will discuss this merger arbitrage play in just a moment, but before we do so, let's discuss something critical to our valuation.</p><p><blockquote>由于AMD的预期回报率相当于约15%（我们的投资门槛率），因此以当前价格购买只是适度的。然而，通过Xilinx购买AMD可以提高未来的回报，使其成为一个值得的选择。我们稍后将讨论这种合并套利策略，但在此之前，让我们讨论一些对我们的估值至关重要的事情。</blockquote></p><p> The growth assumption of 15% CAGR from a base of $24B implies a 2031 revenue figure of $100B. If AMD fails to win a monopolistic market share (comparable to Intel's past dominance) over the next decade, these revenue growth targets may not be achieved. We must be cognizant of the fact that AMD is up against the likes of Nvidia, Apple (AAPL), Intel, ARM-based chip makers, and all other big-tech companies making their own chips in-house. Now, let's take a look at consensus analyst estimates for AMD's revenue growth rates:</p><p><blockquote>在24B美元的基础上，复合年增长率为15%的增长假设意味着2031年收入数字为100B美元。如果AMD未能在未来十年赢得垄断市场份额（与英特尔过去的主导地位相当），这些收入增长目标可能无法实现。我们必须认识到这样一个事实，AMD面临的是英伟达、苹果(AAPL)、英特尔、基于ARM的芯片制造商以及所有其他自行制造芯片的大型科技公司。现在，让我们来看看分析师对AMD收入增长率的一致预期：</blockquote></p><p></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/091912e1d573473e9e73c817553a210c\" tg-width=\"640\" tg-height=\"489\" width=\"100%\" height=\"auto\"><span>Source: Seeking Alpha Earnings Estimates</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：寻求阿尔法盈利预测</span></p></blockquote></p><p> As you can see, AMD's growth rate is expected to decelerate significantly over the coming years. Now, I understand that Wall Street analysts are wrong most of the time, and I can envision a world where AMD does $100B in revenue every year. However, I don't think we have an ample margin of safety while investing in AMD due to aggressive growth projections priced into its stock.</p><p><blockquote>正如您所看到的，AMD的增长率预计将在未来几年显着减速。现在，我明白华尔街分析师大多数时候都是错误的，我可以想象AMD每年收入1000亿美元的世界。然而，我认为我们在投资AMD时没有足够的安全边际，因为其股票定价中包含了激进的增长预测。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/2d673250c3933d2d52a7f602be131820\" tg-width=\"640\" tg-height=\"324\" width=\"100%\" height=\"auto\"><span>Source: AMD-Xilinx Deal Presentation</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：AMD-Xilinx交易演示</span></p></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/7cc077f3de38522b012a98d379e2724f\" tg-width=\"640\" tg-height=\"260\" width=\"100%\" height=\"auto\"><span>Source: AMD Investor Presentation August 2021</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：AMD投资者简报2021年8月</span></p></blockquote></p><p> With the acquisition of Xilinx, AMD is expanding its total addressable market from ~80B to ~$110B. Currently, AMD's product portfolio is not as broad as Intel and Nvidia (AMD project's data center TAM for its products at just $45B, Intel and Nvidia have data center TAM's of ~$230B); however, this should be viewed as an opportunity for growth. With that being said, AMD's 3rd Gen EPYC processors (the fastest x86 server CPUs) are winning market share in the data center (still heavily dominated by Intel), and the company has a strong product roadmap for further enhancing its presence in high-performance computing, AI, and data center markets.</p><p><blockquote>通过收购Xilinx，AMD正在将其总目标市场从约80B扩大到约110B美元。目前，AMD的产品组合不如英特尔和英伟达广泛（AMD project的产品数据中心TAM仅为450亿美元，英特尔和英伟达的数据中心TAM约为2300亿美元）；然而，这应该被视为一个增长的机会。话虽如此，AMD的第三代EPYC处理器（最快的x86服务器CPU）正在赢得数据中心的市场份额（仍由英特尔主导），该公司拥有强大的产品路线图，可进一步增强其在高性能计算、人工智能和数据中心市场的影响力。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/22303a007195cbdaaa9d0c032f808011\" tg-width=\"640\" tg-height=\"324\" width=\"100%\" height=\"auto\"><img src=\"https://static.tigerbbs.com/36f0e27628e9ffe614eeead78482d3ba\" tg-width=\"640\" tg-height=\"312\" width=\"100%\" height=\"auto\"></p><p><blockquote></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/15f62b8c21b28d66f525b49cf952feb9\" tg-width=\"640\" tg-height=\"329\" width=\"100%\" height=\"auto\"><span>Source: AMD Investor Presentation August 2021</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：AMD投资者简报2021年8月</span></p></blockquote></p><p> With the impending 2022 launches of Zen4 powered EPYC CPU processors and CDNA2-powered GPUs, AMD is set to maintain its product leadership over Intel, and capture more market share in the data center in 2022 and beyond. As we know, Intel is struggling with its manufacturing process, and a move to outsource advanced node manufacturing (to TSMC(NYSE:TSM)for Ponte Vecchio and a few other upcoming Intel products) is not enough to stop AMD's higher-performing, less power consuming products from winning market share (at least in the medium term). Hence, AMD can deliver another spectacular year of sales growth in 2022 (far better than what analyst estimates suggest).</p><p><blockquote>随着Zen4驱动的EPYC CPU处理器和CDNA2驱动的GPU即将于2022年推出，AMD将保持其对英特尔的产品领先地位，并在2022年及以后在数据中心占据更多市场份额。正如我们所知，英特尔正在其制造工艺上苦苦挣扎，将先进节点制造外包（将Ponte Vecchio和其他一些即将推出的英特尔产品外包给台积电（NYSE：TSM））的举措不足以阻止AMD性能更高、功耗更低的产品赢得市场份额（至少在中期内）。因此，AMD可以在2022年实现又一个惊人的销售增长年（远好于分析师的预期）。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/b572735984f930cb7497ffca7979b78b\" tg-width=\"640\" tg-height=\"321\" width=\"100%\" height=\"auto\"><span>Source: AMD Investor Presentation August 2021</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：AMD投资者简报2021年8月</span></p></blockquote></p><p> After years of solid execution, AMD has regained customer trust in the data center markets as evidenced by its recent partnerships with some of the largest cloud providers in the world. Under the exemplary leadership of Dr. Lisa Su, AMD can become a true heavyweight in the burgeoning semiconductor industry over the next decade and beyond.</p><p><blockquote>经过多年的扎实执行，AMD在数据中心市场重新获得了客户的信任，最近与全球一些最大的云提供商建立了合作伙伴关系就证明了这一点。在Lisa Su博士的模范领导下，AMD可以在未来十年甚至更长时间内成为蓬勃发展的半导体行业中真正的重量级企业。</blockquote></p><p> <b>AMD-Xilinx: Merger Arbitrage Play</b></p><p><blockquote><b>AMD-Xilinx：合并套利游戏</b></blockquote></p><p> During the earnings call, AMD's CEO, Dr. Lisa Su, reiterated the expectation of deal closure on the Xilinx acquisition by the end of this year. As you may know, AMD agreed to buy Xilinx in an all-stock deal, and each Xilinx stock will convert to 1.7234 shares of AMD. Due to market inefficiencies (or expectation of deal failure), investors can buy AMD via Xilinx's stock to avail of a massive discount. Here's how:</p><p><blockquote>在财报看涨期权上，AMD首席执行官苏姿丰博士重申了今年年底完成收购赛灵思交易的预期。您可能知道，AMD同意以全股票交易方式收购Xilinx，每股Xilinx股票将转换为1.7234股AMD股票。由于市场效率低下（或交易失败的预期），投资者可以通过赛灵思的股票购买AMD，以获得巨大的折扣。方法如下：</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/4dab83736090bcfe6741f8f790530a5a\" tg-width=\"907\" tg-height=\"328\" width=\"100%\" height=\"auto\"><span>Source: Author</span></p><p><blockquote><p class=\"t-img-caption\"><span>来源：作者</span></p></blockquote></p><p> Hence, investors looking to buy AMD can get a 12% discount by purchasing it via Xilinx. Furthermore, I think this is an excellent opportunity to establish a merger arbitrage trade - \"Buy '1x' Xilinx, Short '1.7234x' AMD\". With this trade, investors can pocket a 12% return in just two months (if the transaction closes as per the timeline provided by AMD's CEO).</p><p><blockquote>因此，希望购买AMD的投资者可以通过Xilinx购买获得12%的折扣。再者，我认为这是建立合并套利交易的绝佳机会——“买入‘1x’Xilinx，做空‘1.7234 x’AMD”。通过这笔交易，投资者可以在短短两个月内获得12%的回报（如果交易按照AMD首席执行官提供的时间表完成）。</blockquote></p><p> <b>Concluding Thoughts</b></p><p><blockquote><b>结束语</b></blockquote></p><p> AMD is performing exceptionally, and business will remain strong in the near term due to a strong demand persisting in a semiconductor supply crunch. The stock is still undervalued; however, AMD's risk/reward makes it only a modest buy. If you still want to buy AMD, I recommend buying it through Xilinx to avail of a ~12% discount on the purchase.</p><p><blockquote>AMD表现出色，由于半导体供应紧缩持续强劲的需求，短期内业务将保持强劲。该股仍被低估；然而，AMD的风险/回报使其只能适度购买。如果你仍然想购买AMD，我建议通过Xilinx购买，以获得约12%的折扣。</blockquote></p><p> <i>Key Takeaway: I rate AMD a modest buy at $122 and Xilinx a buy at $185.</i></p><p><blockquote><i>要点：我对AMD的评级为122美元的适度买入，对Xilinx的评级为185美元的买入。</i></blockquote></p><p></p>","collect":0,"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>AMD: Here's What I Am Doing After Another Blowout Earnings<blockquote>AMD：这就是我在盈利再次井喷后所做的事情</blockquote></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: 12.5px; color: #7E829C; margin: 0;}\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\">\nAMD: Here's What I Am Doing After Another Blowout Earnings<blockquote>AMD：这就是我在盈利再次井喷后所做的事情</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Seeking Alpha</strong><span class=\"h-time small\">2021-11-02 15:50</span>\n</p>\n</h4>\n</header>\n<article>\n<p><b>Summary</b></p><p><blockquote><b>总结</b></blockquote></p><p> <ul>  <li>AMD is no longer an \"underdog\", and future growth projections do not necessarily justify its current valuation. In this note, we review AMD's Q3 results and guidance.</li>  <li>Furthermore, I provide a pro-forma valuation of AMD (+Xilinx). The easy money has been made in AMD over the last six years, and future returns may look very different.</li>  <li>AMD is a decent buy at $122, however, potential investors should buy through Xilinx at $185 (a discounted proxy for AMD) (after Dr. Lisa Su's reassurances about the merger).</li> </ul> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/ec55c4f8340ca053f249af481ee9a179\" tg-width=\"1536\" tg-height=\"1024\" width=\"100%\" height=\"auto\"><span>JHVEPhoto/iStock Editorial via Getty Images</span></p><p><blockquote><ul><li>AMD不再是“失败者”，未来的增长预测并不一定证明其当前估值的合理性。在本报告中，我们回顾了AMD第三季度的业绩和指导。</li><li>此外，我提供了AMD（+Xilinx）的预计估值。在过去的六年里，AMD赚了很多钱，未来的回报可能会大不相同。</li><li>AMD以122美元的价格购买是一个不错的选择，但是，潜在投资者应该通过Xilinx以185美元的价格购买（AMD的折扣代理）（在Lisa Su博士对合并做出保证之后）。</li></ul><p class=\"t-img-caption\"><span>JHVEPhoto/iStock社论来自Getty Images</span></p></blockquote></p><p> <b>Introduction</b></p><p><blockquote><b>介绍</b></blockquote></p><p> Advanced Micro Devices (AMD) is probably one of the greatest turnaround stories ever, and investors have made incredible returns in this counter over the last six years. Under the leadership of Dr. Lisa Su, AMD has showcased tremendous business execution, and the company delivered yet another blowout quarter on Tuesday.</p><p><blockquote>Advanced Micro Devices(AMD)可能是有史以来最伟大的扭亏为盈故事之一，投资者在过去六年中在该股获得了令人难以置信的回报。在Lisa Su博士的领导下，AMD展示了巨大的业务执行力，该公司周二又实现了一个井喷的季度。</blockquote></p><p> As some of you may already know, I am an \"Intel (INTC) bull\"; however, I am not an \"AMD bear\" like some of the commenters in my&nbsp;recent articles&nbsp;have suggested. Today, I would like to explain my positioning in the semiconductor sector in some greater detail. First of all, we own Intel as a part of our dividend growth portfolio, which also consists of the likes of Broadcom (AVGO). Since AMD offers no dividend, it is unsuitable for BTM's DGI portfolio. On the other hand, AMD's risk/reward is keeping the stock out of our Goldilocks Zone (high growth) portfolio. Within this portfolio, we own Nvidia (NVDA) from a very low cost-basis; however, we are not adding at current valuations.</p><p><blockquote>你们中的一些人可能已经知道，我是一个“英特尔(INTC)公牛”；然而，我并不像我最近文章中的一些评论者所说的那样是“AMD熊”。今天，我想更详细地解释一下我在半导体板块的定位。首先，我们将英特尔作为我们股息增长投资组合的一部分，该投资组合还包括博通（AVGO）等公司。由于AMD不提供股息，因此不适合BTM的DGI投资组合。另一方面，AMD的风险/回报使该股票远离我们的金发区（高增长）投资组合。在这个投资组合中，我们以非常低的成本拥有Nvidia(NVDA)；然而，我们不会按照目前的估值进行增加。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/aa59d7f65a7ba453d2c5e2ac474acb4d\" tg-width=\"640\" tg-height=\"511\" width=\"100%\" height=\"auto\"><span>Source: YCharts</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：YCharts</span></p></blockquote></p><p> Today, AMD's market cap stands at ~$150B, and it is quickly closing the gap on Intel, which is now valued at just ~$195B. Now, Intel does ~5x AMD's revenue, commands higher gross margins, and produces ~6x AMD's free cash flow. Considering these numbers, AMD seems expensive; however, growth is on AMD's side due to superior products, product roadmap, and business execution.</p><p><blockquote>如今，AMD的市值约为$150B，并且正在迅速缩小与英特尔的差距，英特尔目前的估值仅为$195B。现在，英特尔的收入约为AMD的5倍，毛利率更高，自由现金流约为AMD的6倍。考虑到这些数字，AMD似乎很贵；然而，由于卓越的产品、产品路线图和业务执行力，增长站在AMD一边。</blockquote></p><p> In this note, we will briefly analyze AMD's Q3 report and formulate its valuation to see if this stock is a good long-term investment. Furthermore, we will explore a merger arbitrage play available in the AMD-Xilinx (XLNX) deal. So, let's get started.</p><p><blockquote>在本说明中，我们将简要分析AMD的第三季度报告并制定其估值，看看这只股票是否是一项不错的长期投资。此外，我们将探索AMD-Xilinx(XLNX)交易中可用的合并套利策略。那么，让我们开始吧。</blockquote></p><p> <b>Reviewing AMD's Quarter And Forward Guidance</b></p><p><blockquote><b>回顾AMD的季度和前瞻性指引</b></blockquote></p><p> In Q3, AMD's revenue blew past analyst estimates to come in at $4.3B (up 54% y/y), and looking at the quarterly sales trend, it is fair to say that AMD's business is gaining momentum. Although the growth rates are decelerating due to tough comps from last year's PC boom, AMD's data center business is on fire and set to deliver greater numbers in 2022 and beyond.</p><p><blockquote>第三季度，AMD的收入超出了分析师的预期，达到$4.3 B（同比增长54%），从季度销售趋势来看，可以公平地说，AMD的业务正在获得动力。尽管由于去年PC繁荣的严峻竞争，增长率正在放缓，但AMD的数据中心业务正在火热进行，并将在2022年及以后实现更大的数字。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/ca687596d0fc2b068ae4f2084cc5235f\" tg-width=\"640\" tg-height=\"308\" width=\"100%\" height=\"auto\"><span>Source: AMD Q3 2021 Earnings Presentation</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：AMD 2021年第三季度收益演示</span></p></blockquote></p><p> Here are the highlights from each of AMD's business segments:</p><p><blockquote>以下是AMD各业务部门的亮点：</blockquote></p><p> <img src=\"https://static.tigerbbs.com/6cd4c75303205f05cd838394476d23de\" tg-width=\"640\" tg-height=\"307\" width=\"100%\" height=\"auto\"></p><p><blockquote></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/fa93460dcff118bdbe61dd980f59c07e\" tg-width=\"640\" tg-height=\"292\" width=\"100%\" height=\"auto\"><span>Source: AMD Q3 2021 Earnings Presentation</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：AMD 2021年第三季度收益演示</span></p></blockquote></p><p> With its Ryzen, Radeon, and EPYC processors, AMD is winning market share across the CPU, GPU, and server (data center) markets. Over the last few years, AMD's products have been far superior to those of Intel's, and with a strong product roadmap, AMD looks good value for a greater chunk of the expanding semiconductor industry.</p><p><blockquote>凭借其锐龙、镭龙和EPYC处理器，AMD正在CPU、GPU和服务器（数据中心）市场赢得市场份额。在过去的几年里，AMD的产品远远优于英特尔的产品，凭借强大的产品路线图，AMD看起来对于不断扩张的半导体行业的更大一部分来说具有良好的价值。</blockquote></p><p> As the industry continues to grapple with supply shortages, AMD has focused its resources on higher-value chips. Naturally, AMD's gross margins have expanded significantly over the last few quarters. In Q3, AMD's gross margins improved by ~450 basis-points y/y to reach 48%. With a sharp rise in margins, AMD is delivering massive operating leverage, as evidenced by the ~111% y/y jump in operating income. As you can see below, AMD's operating margins have risen from 16% (Q3 2020) to 22% (Q3 2021). Overall, AMD's business is firing on all cylinders with rapid sales growth, massive margin expansion, and a big jump in profitability.</p><p><blockquote>随着行业继续努力应对供应短缺，AMD将资源集中在更高价值的芯片上。当然，AMD的毛利率在过去几个季度显着扩大。第三季度，AMD的毛利率同比提高约450个基点，达到48%。随着利润率的急剧上升，AMD正在提供巨大的运营杠杆，营业收入同比增长约111%就证明了这一点。如下图所示，AMD的营业利润率已从16%（2020年第三季度）上升至22%（2021年第三季度）。总体而言，AMD的业务正在全速运转，销售额快速增长，利润率大幅扩张，盈利能力大幅跃升。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/58cc5504afd47983c25f2774e0570d4f\" tg-width=\"640\" tg-height=\"318\" width=\"100%\" height=\"auto\"><span>Source: AMD Q3 2021 Earnings Presentation</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：AMD 2021年第三季度收益演示</span></p></blockquote></p><p></p><p> As it turns into a cash printing machine, AMD's balance sheet is turning into a fortress. At the end of Q3, AMD had cash balances of ~$3.6B with total debt of just ~0.3B. After teetering near bankruptcy at the start of the 2010s, it is fair to say that AMD has come leaps and bounds. Right now, AMD looks very well-positioned (from a financial and technological perspective) to win a more significant market share in a secular growth industry. With ample cash on its balance sheet, AMD used nearly all of its free cash flow on repurchasing shares as the company bought ~$750M worth of its own stock in Q3. In the future, we can expect these buybacks to become a routine affair.</p><p><blockquote>随着AMD变成印钞机，它的资产负债表正在变成一座堡垒。截至第三季度末，AMD的现金余额约为$3.6 B，总债务仅约为0.3 B。在2010年代初濒临破产之后，可以公平地说，AMD已经取得了长足的进步。目前，AMD看起来处于非常有利的地位（从财务和技术角度来看），可以在长期增长的行业中赢得更大的市场份额。由于资产负债表上现金充裕，AMD几乎将所有自由现金流用于回购股票，该公司在第三季度购买了价值约7.5亿美元的自有股票。未来，我们可以预期这些回购将成为例行公事。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/2a6e7cde8f920248271cf35fe9a25d17\" tg-width=\"640\" tg-height=\"277\" width=\"100%\" height=\"auto\"><span>Source: AMD Q3 2021 Earnings Presentation</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：AMD 2021年第三季度收益演示</span></p></blockquote></p><p> For Q4, AMD is guiding for $4.4-4.6B in revenue on higher gross and operating margins of 49.5% and 25%, respectively. Hence, AMD's business momentum is likely to continue in the next quarter.</p><p><blockquote>AMD预计第四季度收入为$4.4-4.6 B，毛利率和营业利润率分别为49.5%和25%。因此，AMD的业务势头可能会在下个季度持续下去。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/feb477f81eb4a7ad61c8bd412c2ec568\" tg-width=\"640\" tg-height=\"297\" width=\"100%\" height=\"auto\"><span>Source: AMD Q3 2021 Earnings Presentation</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：AMD 2021年第三季度收益演示</span></p></blockquote></p><p> When answering questions from an analyst on the earnings call, Dr. Lisa Su, AMD's CEO, said that the semiconductor shortages might end in 2022, and while competitive pressures are rising, she is confident in AMD's product roadmap. Furthermore, she affirmed that the demand environment is set to remain strong throughout 2022, with data center demand coming in hot, while the PC market is expected to remain flattish.</p><p><blockquote>AMD首席执行官苏姿丰博士在财报看涨期权回答分析师提问时表示，半导体短缺可能会在2022年结束，虽然竞争压力正在上升，但她对AMD的产品路线图充满信心。此外，她确认需求环境将在2022年保持强劲，数据中心需求强劲，而个人电脑市场预计将保持平稳。</blockquote></p><p> Although AMD's management stopped short of guiding for 2022, the company is likely to deliver rapid growth next year too (my estimate is ~25% y/y (tough comps)). With a strong leadership team at the helm, AMD is rapidly turning into a dominant semiconductor company. I am not convinced about AMD's ability to maintain its margins in 2022 due to growing expectations of a price war (and more competitive products) from Intel. Regardless, I see AMD as a secular growth stock with massive potential. With all of this information in mind, let us now attempt to find AMD's fair value and expected returns to see if it is a good investment.</p><p><blockquote>尽管AMD管理层没有为2022年提供指导，但该公司明年也可能实现快速增长（我的估计是同比增长约25%（艰难的比较））。凭借强大的领导团队掌舵，AMD正在迅速转变为一家占主导地位的半导体公司。由于对英特尔价格战（以及更具竞争力的产品）的预期越来越高，我不相信AMD在2022年保持利润率的能力。无论如何，我认为AMD是一只具有巨大潜力的长期增长股票。考虑到所有这些信息，现在让我们尝试找出AMD的公允价值和预期回报，看看它是否是一项好的投资。</blockquote></p><p> <b>AMD Stock's Fair Value And Expected Returns</b></p><p><blockquote><b>AMD股票的公允价值和预期回报</b></blockquote></p><p> To determine AMD's fair value (including Xilinx), we will employ our proprietary valuation model. Here's what it entails:</p><p><blockquote>为了确定AMD（包括Xilinx）的公允价值，我们将采用我们专有的估值模型。它的含义如下：</blockquote></p><p> <ul>  <li>In step 1, we use a traditional DCF model with free cash flow discounted by our (shareholders) cost of capital.</p><p><blockquote><ul><li>在第一步中，我们使用传统的DCF模型，自由现金流按我们（股东）的资本成本贴现。</li></ul></blockquote></p><p></li>  <li>In step 2, the model accounts for the effects of the change in shares outstanding (buybacks/dilutions).</p><p><blockquote><li>在步骤2中，模型考虑了已发行股票变化（回购/稀释）的影响。</li></blockquote></p><p></li>  <li>In step 3, we normalize valuation for future growth prospects at the end of the ten years. Then, we arrive at a CAGR using today's share price and the projected share price at the end of 10 years. If this beats the market by enough of a margin, we invest. If not, we wait for a better entry point.</p><p><blockquote><li>在第三步中，我们将十年结束时未来增长前景的估值正常化。然后，我们使用今天的股价和10年末的预计股价得出CAGR。如果这比市场高出足够的幅度，我们就投资。如果没有，我们等待一个更好的切入点。</li></blockquote></p><p></li>  <li>In step 4, the model accounts for dividends.</li> </ul> <b>Assumptions:</b></p><p><blockquote><li>在步骤4中，模型考虑了股息。</li><b>假设：</b></blockquote></p><p> <img src=\"https://static.tigerbbs.com/fb2c8910a9bf6c76df79c4e529c306b4\" tg-width=\"817\" tg-height=\"709\" width=\"100%\" height=\"auto\"></p><p><blockquote></blockquote></p><p> <b>Here are the results:</b></p><p><blockquote><b>结果如下：</b></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/43cbdd6bbedd12d97187aee1a41535b3\" tg-width=\"606\" tg-height=\"733\" width=\"100%\" height=\"auto\"><span>Source: L.A. Stevens Valuation Model</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：L.A.史蒂文斯估值模型</span></p></blockquote></p><p> As you can see, AMD is worth ~$147.5 per share, i.e., it is undervalued by ~17.24%. Now, let us analyze AMD's expected returns:</p><p><blockquote>如您所见，AMD每股价值约147.5美元，即被低估约17.24%。现在，我们来分析一下AMD的预期回报：</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/8289ded704fa9d728a0cc99a52d61d31\" tg-width=\"606\" tg-height=\"431\" width=\"100%\" height=\"auto\"><span>Source: L.A. Stevens Valuation Model</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：L.A.史蒂文斯估值模型</span></p></blockquote></p><p> Since AMD's expected return is equivalent to ~15% (our investment hurdle rate), it is only a modest buy at the current price. However, buying AMD via Xilinx could improve future returns, making it a worthy option. We will discuss this merger arbitrage play in just a moment, but before we do so, let's discuss something critical to our valuation.</p><p><blockquote>由于AMD的预期回报率相当于约15%（我们的投资门槛率），因此以当前价格购买只是适度的。然而，通过Xilinx购买AMD可以提高未来的回报，使其成为一个值得的选择。我们稍后将讨论这种合并套利策略，但在此之前，让我们讨论一些对我们的估值至关重要的事情。</blockquote></p><p> The growth assumption of 15% CAGR from a base of $24B implies a 2031 revenue figure of $100B. If AMD fails to win a monopolistic market share (comparable to Intel's past dominance) over the next decade, these revenue growth targets may not be achieved. We must be cognizant of the fact that AMD is up against the likes of Nvidia, Apple (AAPL), Intel, ARM-based chip makers, and all other big-tech companies making their own chips in-house. Now, let's take a look at consensus analyst estimates for AMD's revenue growth rates:</p><p><blockquote>在24B美元的基础上，复合年增长率为15%的增长假设意味着2031年收入数字为100B美元。如果AMD未能在未来十年赢得垄断市场份额（与英特尔过去的主导地位相当），这些收入增长目标可能无法实现。我们必须认识到这样一个事实，AMD面临的是英伟达、苹果(AAPL)、英特尔、基于ARM的芯片制造商以及所有其他自行制造芯片的大型科技公司。现在，让我们来看看分析师对AMD收入增长率的一致预期：</blockquote></p><p></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/091912e1d573473e9e73c817553a210c\" tg-width=\"640\" tg-height=\"489\" width=\"100%\" height=\"auto\"><span>Source: Seeking Alpha Earnings Estimates</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：寻求阿尔法盈利预测</span></p></blockquote></p><p> As you can see, AMD's growth rate is expected to decelerate significantly over the coming years. Now, I understand that Wall Street analysts are wrong most of the time, and I can envision a world where AMD does $100B in revenue every year. However, I don't think we have an ample margin of safety while investing in AMD due to aggressive growth projections priced into its stock.</p><p><blockquote>正如您所看到的，AMD的增长率预计将在未来几年显着减速。现在，我明白华尔街分析师大多数时候都是错误的，我可以想象AMD每年收入1000亿美元的世界。然而，我认为我们在投资AMD时没有足够的安全边际，因为其股票定价中包含了激进的增长预测。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/2d673250c3933d2d52a7f602be131820\" tg-width=\"640\" tg-height=\"324\" width=\"100%\" height=\"auto\"><span>Source: AMD-Xilinx Deal Presentation</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：AMD-Xilinx交易演示</span></p></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/7cc077f3de38522b012a98d379e2724f\" tg-width=\"640\" tg-height=\"260\" width=\"100%\" height=\"auto\"><span>Source: AMD Investor Presentation August 2021</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：AMD投资者简报2021年8月</span></p></blockquote></p><p> With the acquisition of Xilinx, AMD is expanding its total addressable market from ~80B to ~$110B. Currently, AMD's product portfolio is not as broad as Intel and Nvidia (AMD project's data center TAM for its products at just $45B, Intel and Nvidia have data center TAM's of ~$230B); however, this should be viewed as an opportunity for growth. With that being said, AMD's 3rd Gen EPYC processors (the fastest x86 server CPUs) are winning market share in the data center (still heavily dominated by Intel), and the company has a strong product roadmap for further enhancing its presence in high-performance computing, AI, and data center markets.</p><p><blockquote>通过收购Xilinx，AMD正在将其总目标市场从约80B扩大到约110B美元。目前，AMD的产品组合不如英特尔和英伟达广泛（AMD project的产品数据中心TAM仅为450亿美元，英特尔和英伟达的数据中心TAM约为2300亿美元）；然而，这应该被视为一个增长的机会。话虽如此，AMD的第三代EPYC处理器（最快的x86服务器CPU）正在赢得数据中心的市场份额（仍由英特尔主导），该公司拥有强大的产品路线图，可进一步增强其在高性能计算、人工智能和数据中心市场的影响力。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/22303a007195cbdaaa9d0c032f808011\" tg-width=\"640\" tg-height=\"324\" width=\"100%\" height=\"auto\"><img src=\"https://static.tigerbbs.com/36f0e27628e9ffe614eeead78482d3ba\" tg-width=\"640\" tg-height=\"312\" width=\"100%\" height=\"auto\"></p><p><blockquote></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/15f62b8c21b28d66f525b49cf952feb9\" tg-width=\"640\" tg-height=\"329\" width=\"100%\" height=\"auto\"><span>Source: AMD Investor Presentation August 2021</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：AMD投资者简报2021年8月</span></p></blockquote></p><p> With the impending 2022 launches of Zen4 powered EPYC CPU processors and CDNA2-powered GPUs, AMD is set to maintain its product leadership over Intel, and capture more market share in the data center in 2022 and beyond. As we know, Intel is struggling with its manufacturing process, and a move to outsource advanced node manufacturing (to TSMC(NYSE:TSM)for Ponte Vecchio and a few other upcoming Intel products) is not enough to stop AMD's higher-performing, less power consuming products from winning market share (at least in the medium term). Hence, AMD can deliver another spectacular year of sales growth in 2022 (far better than what analyst estimates suggest).</p><p><blockquote>随着Zen4驱动的EPYC CPU处理器和CDNA2驱动的GPU即将于2022年推出，AMD将保持其对英特尔的产品领先地位，并在2022年及以后在数据中心占据更多市场份额。正如我们所知，英特尔正在其制造工艺上苦苦挣扎，将先进节点制造外包（将Ponte Vecchio和其他一些即将推出的英特尔产品外包给台积电（NYSE：TSM））的举措不足以阻止AMD性能更高、功耗更低的产品赢得市场份额（至少在中期内）。因此，AMD可以在2022年实现又一个惊人的销售增长年（远好于分析师的预期）。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/b572735984f930cb7497ffca7979b78b\" tg-width=\"640\" tg-height=\"321\" width=\"100%\" height=\"auto\"><span>Source: AMD Investor Presentation August 2021</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：AMD投资者简报2021年8月</span></p></blockquote></p><p> After years of solid execution, AMD has regained customer trust in the data center markets as evidenced by its recent partnerships with some of the largest cloud providers in the world. Under the exemplary leadership of Dr. Lisa Su, AMD can become a true heavyweight in the burgeoning semiconductor industry over the next decade and beyond.</p><p><blockquote>经过多年的扎实执行，AMD在数据中心市场重新获得了客户的信任，最近与全球一些最大的云提供商建立了合作伙伴关系就证明了这一点。在Lisa Su博士的模范领导下，AMD可以在未来十年甚至更长时间内成为蓬勃发展的半导体行业中真正的重量级企业。</blockquote></p><p> <b>AMD-Xilinx: Merger Arbitrage Play</b></p><p><blockquote><b>AMD-Xilinx：合并套利游戏</b></blockquote></p><p> During the earnings call, AMD's CEO, Dr. Lisa Su, reiterated the expectation of deal closure on the Xilinx acquisition by the end of this year. As you may know, AMD agreed to buy Xilinx in an all-stock deal, and each Xilinx stock will convert to 1.7234 shares of AMD. Due to market inefficiencies (or expectation of deal failure), investors can buy AMD via Xilinx's stock to avail of a massive discount. Here's how:</p><p><blockquote>在财报看涨期权上，AMD首席执行官苏姿丰博士重申了今年年底完成收购赛灵思交易的预期。您可能知道，AMD同意以全股票交易方式收购Xilinx，每股Xilinx股票将转换为1.7234股AMD股票。由于市场效率低下（或交易失败的预期），投资者可以通过赛灵思的股票购买AMD，以获得巨大的折扣。方法如下：</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/4dab83736090bcfe6741f8f790530a5a\" tg-width=\"907\" tg-height=\"328\" width=\"100%\" height=\"auto\"><span>Source: Author</span></p><p><blockquote><p class=\"t-img-caption\"><span>来源：作者</span></p></blockquote></p><p> Hence, investors looking to buy AMD can get a 12% discount by purchasing it via Xilinx. Furthermore, I think this is an excellent opportunity to establish a merger arbitrage trade - \"Buy '1x' Xilinx, Short '1.7234x' AMD\". With this trade, investors can pocket a 12% return in just two months (if the transaction closes as per the timeline provided by AMD's CEO).</p><p><blockquote>因此，希望购买AMD的投资者可以通过Xilinx购买获得12%的折扣。再者，我认为这是建立合并套利交易的绝佳机会——“买入‘1x’Xilinx，做空‘1.7234 x’AMD”。通过这笔交易，投资者可以在短短两个月内获得12%的回报（如果交易按照AMD首席执行官提供的时间表完成）。</blockquote></p><p> <b>Concluding Thoughts</b></p><p><blockquote><b>结束语</b></blockquote></p><p> AMD is performing exceptionally, and business will remain strong in the near term due to a strong demand persisting in a semiconductor supply crunch. The stock is still undervalued; however, AMD's risk/reward makes it only a modest buy. If you still want to buy AMD, I recommend buying it through Xilinx to avail of a ~12% discount on the purchase.</p><p><blockquote>AMD表现出色，由于半导体供应紧缩持续强劲的需求，短期内业务将保持强劲。该股仍被低估；然而，AMD的风险/回报使其只能适度购买。如果你仍然想购买AMD，我建议通过Xilinx购买，以获得约12%的折扣。</blockquote></p><p> <i>Key Takeaway: I rate AMD a modest buy at $122 and Xilinx a buy at $185.</i></p><p><blockquote><i>要点：我对AMD的评级为122美元的适度买入，对Xilinx的评级为185美元的买入。</i></blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://seekingalpha.com/article/4463798-amd-stock-after-another-blowout-earnings\">Seeking Alpha</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"AMD":"美国超微公司"},"source_url":"https://seekingalpha.com/article/4463798-amd-stock-after-another-blowout-earnings","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1141215557","content_text":"Summary\n\nAMD is no longer an \"underdog\", and future growth projections do not necessarily justify its current valuation. In this note, we review AMD's Q3 results and guidance.\nFurthermore, I provide a pro-forma valuation of AMD (+Xilinx). The easy money has been made in AMD over the last six years, and future returns may look very different.\nAMD is a decent buy at $122, however, potential investors should buy through Xilinx at $185 (a discounted proxy for AMD) (after Dr. Lisa Su's reassurances about the merger).\n\nJHVEPhoto/iStock Editorial via Getty Images\nIntroduction\nAdvanced Micro Devices (AMD) is probably one of the greatest turnaround stories ever, and investors have made incredible returns in this counter over the last six years. Under the leadership of Dr. Lisa Su, AMD has showcased tremendous business execution, and the company delivered yet another blowout quarter on Tuesday.\nAs some of you may already know, I am an \"Intel (INTC) bull\"; however, I am not an \"AMD bear\" like some of the commenters in my recent articles have suggested. Today, I would like to explain my positioning in the semiconductor sector in some greater detail. First of all, we own Intel as a part of our dividend growth portfolio, which also consists of the likes of Broadcom (AVGO). Since AMD offers no dividend, it is unsuitable for BTM's DGI portfolio. On the other hand, AMD's risk/reward is keeping the stock out of our Goldilocks Zone (high growth) portfolio. Within this portfolio, we own Nvidia (NVDA) from a very low cost-basis; however, we are not adding at current valuations.\nSource: YCharts\nToday, AMD's market cap stands at ~$150B, and it is quickly closing the gap on Intel, which is now valued at just ~$195B. Now, Intel does ~5x AMD's revenue, commands higher gross margins, and produces ~6x AMD's free cash flow. Considering these numbers, AMD seems expensive; however, growth is on AMD's side due to superior products, product roadmap, and business execution.\nIn this note, we will briefly analyze AMD's Q3 report and formulate its valuation to see if this stock is a good long-term investment. Furthermore, we will explore a merger arbitrage play available in the AMD-Xilinx (XLNX) deal. So, let's get started.\nReviewing AMD's Quarter And Forward Guidance\nIn Q3, AMD's revenue blew past analyst estimates to come in at $4.3B (up 54% y/y), and looking at the quarterly sales trend, it is fair to say that AMD's business is gaining momentum. Although the growth rates are decelerating due to tough comps from last year's PC boom, AMD's data center business is on fire and set to deliver greater numbers in 2022 and beyond.\nSource: AMD Q3 2021 Earnings Presentation\nHere are the highlights from each of AMD's business segments:\n\nSource: AMD Q3 2021 Earnings Presentation\nWith its Ryzen, Radeon, and EPYC processors, AMD is winning market share across the CPU, GPU, and server (data center) markets. Over the last few years, AMD's products have been far superior to those of Intel's, and with a strong product roadmap, AMD looks good value for a greater chunk of the expanding semiconductor industry.\nAs the industry continues to grapple with supply shortages, AMD has focused its resources on higher-value chips. Naturally, AMD's gross margins have expanded significantly over the last few quarters. In Q3, AMD's gross margins improved by ~450 basis-points y/y to reach 48%. With a sharp rise in margins, AMD is delivering massive operating leverage, as evidenced by the ~111% y/y jump in operating income. As you can see below, AMD's operating margins have risen from 16% (Q3 2020) to 22% (Q3 2021). Overall, AMD's business is firing on all cylinders with rapid sales growth, massive margin expansion, and a big jump in profitability.\nSource: AMD Q3 2021 Earnings Presentation\nAs it turns into a cash printing machine, AMD's balance sheet is turning into a fortress. At the end of Q3, AMD had cash balances of ~$3.6B with total debt of just ~0.3B. After teetering near bankruptcy at the start of the 2010s, it is fair to say that AMD has come leaps and bounds. Right now, AMD looks very well-positioned (from a financial and technological perspective) to win a more significant market share in a secular growth industry. With ample cash on its balance sheet, AMD used nearly all of its free cash flow on repurchasing shares as the company bought ~$750M worth of its own stock in Q3. In the future, we can expect these buybacks to become a routine affair.\nSource: AMD Q3 2021 Earnings Presentation\nFor Q4, AMD is guiding for $4.4-4.6B in revenue on higher gross and operating margins of 49.5% and 25%, respectively. Hence, AMD's business momentum is likely to continue in the next quarter.\nSource: AMD Q3 2021 Earnings Presentation\nWhen answering questions from an analyst on the earnings call, Dr. Lisa Su, AMD's CEO, said that the semiconductor shortages might end in 2022, and while competitive pressures are rising, she is confident in AMD's product roadmap. Furthermore, she affirmed that the demand environment is set to remain strong throughout 2022, with data center demand coming in hot, while the PC market is expected to remain flattish.\nAlthough AMD's management stopped short of guiding for 2022, the company is likely to deliver rapid growth next year too (my estimate is ~25% y/y (tough comps)). With a strong leadership team at the helm, AMD is rapidly turning into a dominant semiconductor company. I am not convinced about AMD's ability to maintain its margins in 2022 due to growing expectations of a price war (and more competitive products) from Intel. Regardless, I see AMD as a secular growth stock with massive potential. With all of this information in mind, let us now attempt to find AMD's fair value and expected returns to see if it is a good investment.\nAMD Stock's Fair Value And Expected Returns\nTo determine AMD's fair value (including Xilinx), we will employ our proprietary valuation model. Here's what it entails:\n\nIn step 1, we use a traditional DCF model with free cash flow discounted by our (shareholders) cost of capital.\nIn step 2, the model accounts for the effects of the change in shares outstanding (buybacks/dilutions).\nIn step 3, we normalize valuation for future growth prospects at the end of the ten years. Then, we arrive at a CAGR using today's share price and the projected share price at the end of 10 years. If this beats the market by enough of a margin, we invest. If not, we wait for a better entry point.\nIn step 4, the model accounts for dividends.\n\nAssumptions:\n\nHere are the results:\nSource: L.A. Stevens Valuation Model\nAs you can see, AMD is worth ~$147.5 per share, i.e., it is undervalued by ~17.24%. Now, let us analyze AMD's expected returns:\nSource: L.A. Stevens Valuation Model\nSince AMD's expected return is equivalent to ~15% (our investment hurdle rate), it is only a modest buy at the current price. However, buying AMD via Xilinx could improve future returns, making it a worthy option. We will discuss this merger arbitrage play in just a moment, but before we do so, let's discuss something critical to our valuation.\nThe growth assumption of 15% CAGR from a base of $24B implies a 2031 revenue figure of $100B. If AMD fails to win a monopolistic market share (comparable to Intel's past dominance) over the next decade, these revenue growth targets may not be achieved. We must be cognizant of the fact that AMD is up against the likes of Nvidia, Apple (AAPL), Intel, ARM-based chip makers, and all other big-tech companies making their own chips in-house. Now, let's take a look at consensus analyst estimates for AMD's revenue growth rates:\nSource: Seeking Alpha Earnings Estimates\nAs you can see, AMD's growth rate is expected to decelerate significantly over the coming years. Now, I understand that Wall Street analysts are wrong most of the time, and I can envision a world where AMD does $100B in revenue every year. However, I don't think we have an ample margin of safety while investing in AMD due to aggressive growth projections priced into its stock.\nSource: AMD-Xilinx Deal Presentation\nSource: AMD Investor Presentation August 2021\nWith the acquisition of Xilinx, AMD is expanding its total addressable market from ~80B to ~$110B. Currently, AMD's product portfolio is not as broad as Intel and Nvidia (AMD project's data center TAM for its products at just $45B, Intel and Nvidia have data center TAM's of ~$230B); however, this should be viewed as an opportunity for growth. With that being said, AMD's 3rd Gen EPYC processors (the fastest x86 server CPUs) are winning market share in the data center (still heavily dominated by Intel), and the company has a strong product roadmap for further enhancing its presence in high-performance computing, AI, and data center markets.\n\nSource: AMD Investor Presentation August 2021\nWith the impending 2022 launches of Zen4 powered EPYC CPU processors and CDNA2-powered GPUs, AMD is set to maintain its product leadership over Intel, and capture more market share in the data center in 2022 and beyond. As we know, Intel is struggling with its manufacturing process, and a move to outsource advanced node manufacturing (to TSMC(NYSE:TSM)for Ponte Vecchio and a few other upcoming Intel products) is not enough to stop AMD's higher-performing, less power consuming products from winning market share (at least in the medium term). Hence, AMD can deliver another spectacular year of sales growth in 2022 (far better than what analyst estimates suggest).\nSource: AMD Investor Presentation August 2021\nAfter years of solid execution, AMD has regained customer trust in the data center markets as evidenced by its recent partnerships with some of the largest cloud providers in the world. Under the exemplary leadership of Dr. Lisa Su, AMD can become a true heavyweight in the burgeoning semiconductor industry over the next decade and beyond.\nAMD-Xilinx: Merger Arbitrage Play\nDuring the earnings call, AMD's CEO, Dr. Lisa Su, reiterated the expectation of deal closure on the Xilinx acquisition by the end of this year. As you may know, AMD agreed to buy Xilinx in an all-stock deal, and each Xilinx stock will convert to 1.7234 shares of AMD. Due to market inefficiencies (or expectation of deal failure), investors can buy AMD via Xilinx's stock to avail of a massive discount. Here's how:\nSource: Author\nHence, investors looking to buy AMD can get a 12% discount by purchasing it via Xilinx. Furthermore, I think this is an excellent opportunity to establish a merger arbitrage trade - \"Buy '1x' Xilinx, Short '1.7234x' AMD\". With this trade, investors can pocket a 12% return in just two months (if the transaction closes as per the timeline provided by AMD's CEO).\nConcluding Thoughts\nAMD is performing exceptionally, and business will remain strong in the near term due to a strong demand persisting in a semiconductor supply crunch. The stock is still undervalued; however, AMD's risk/reward makes it only a modest buy. If you still want to buy AMD, I recommend buying it through Xilinx to avail of a ~12% discount on the purchase.\nKey Takeaway: I rate AMD a modest buy at $122 and Xilinx a buy at $185.","news_type":1,"symbols_score_info":{"AMD":0.9}},"isVote":1,"tweetType":1,"viewCount":975,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":854697117,"gmtCreate":1635439340163,"gmtModify":1635439340646,"author":{"id":"3585299936185604","authorId":"3585299936185604","name":"FireLong","avatar":"https://static.tigerbbs.com/c0ad19a4098a906338280ccbe916e5ef","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3585299936185604","authorIdStr":"3585299936185604"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/AMD\">$AMD(AMD)$</a>这庄家吃货吃得太不讲武德了[冷漠]&nbsp;","listText":"<a 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19:14","market":"hk","language":"zh","title":"瑞穗：上调AMD(AMD.US)目标价至135美元，有望从英特尔(INTC.US)代工转型中受益","url":"https://stock-news.laohu8.com/highlight/detail?id=2178923833","media":"智通财经网","summary":"瑞穗分析师Vijay Rakesh将AMD(AMD.US)的目标价从110美元上调至135美元，并重申对该股的“买入”评级。","content":"<html><body><p>智通财经APP获悉，瑞穗分析师Vijay Rakesh将<a href=\"https://laohu8.com/S/AMD\">AMD</a>(AMD.US)的目标价从110美元上调至135美元，并重申对该股的“买入”评级。 \nRakesh表示，AMD公布了“稳健”的业绩和业绩指引，<a href=\"https://laohu8.com/S/INTC\">英特尔</a>(INTC.US)最近加快了代工业务的转型步伐，这可能会进一步提高AMD在服务器领域的市场份额。</p><p>今年3月，Northland分析师Gus \nRichard指出，英特尔向代工市场的扩张将使AMD成为<a href=\"https://laohu8.com/S/TSM\">台积电</a>(TSM.US)的优先考虑对象，而英特尔将成为不受欢迎的对象。因此，预计AMD的市场份额发展势头将持续下去。</p></body></html>","source":"highlight_zhitongcaijin","collect":0,"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 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.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瑞穗：上调AMD(AMD.US)目标价至135美元，有望从英特尔(INTC.US)代工转型中受益\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-10-27 19:14 北京时间&nbsp;&nbsp;&nbsp;<a href=http://www.zhitongcaijing.com/content/detail/584662.html><strong>智通财经网</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>智通财经APP获悉，瑞穗分析师Vijay Rakesh将AMD(AMD.US)的目标价从110美元上调至135美元，并重申对该股的“买入”评级。 \nRakesh表示，AMD公布了“稳健”的业绩和业绩指引，英特尔(INTC.US)最近加快了代工业务的转型步伐，这可能会进一步提高AMD在服务器领域的市场份额。今年3月，Northland分析师Gus \nRichard指出，英特尔向代工市场的扩张将使...</p>\n\n<a href=\"http://www.zhitongcaijing.com/content/detail/584662.html\">网页链接</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"http://img.zhitongcaijing.com/source/image/38738.jpg?x-oss-process=image/format,jpg/quality,Q_100/resize,h_300","relate_stocks":{"AMD":"美国超微公司","INTC":"英特尔"},"source_url":"http://www.zhitongcaijing.com/content/detail/584662.html","is_english":false,"share_image_url":"https://static.laohu8.com/6ca2dcdccfa2217fb20a0351f4efe814","article_id":"2178923833","content_text":"智通财经APP获悉，瑞穗分析师Vijay Rakesh将AMD(AMD.US)的目标价从110美元上调至135美元，并重申对该股的“买入”评级。 \nRakesh表示，AMD公布了“稳健”的业绩和业绩指引，英特尔(INTC.US)最近加快了代工业务的转型步伐，这可能会进一步提高AMD在服务器领域的市场份额。今年3月，Northland分析师Gus \nRichard指出，英特尔向代工市场的扩张将使AMD成为台积电(TSM.US)的优先考虑对象，而英特尔将成为不受欢迎的对象。因此，预计AMD的市场份额发展势头将持续下去。","news_type":1,"symbols_score_info":{"AMD":1,"INTC":1}},"isVote":1,"tweetType":1,"viewCount":989,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0}],"hots":[{"id":899398547,"gmtCreate":1628157506789,"gmtModify":1633753084623,"author":{"id":"3585299936185604","authorId":"3585299936185604","name":"FireLong","avatar":"https://static.tigerbbs.com/c0ad19a4098a906338280ccbe916e5ef","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3585299936185604","idStr":"3585299936185604"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/AMD\">$AMD(AMD)$</a>要站稳更高价位，回调建立筹码在100-109之间补好缺口。希望可以回调补稳筹码，能好的价位回购，再继续150向上。[正经]&nbsp;[666]&nbsp;","listText":"<a href=\"https://laohu8.com/S/AMD\">$AMD(AMD)$</a>要站稳更高价位，回调建立筹码在100-109之间补好缺口。希望可以回调补稳筹码，能好的价位回购，再继续150向上。[正经]&nbsp;[666]&nbsp;","text":"$AMD(AMD)$要站稳更高价位，回调建立筹码在100-109之间补好缺口。希望可以回调补稳筹码，能好的价位回购，再继续150向上。[正经] [666]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":14,"commentSize":7,"repostSize":0,"link":"https://laohu8.com/post/899398547","isVote":1,"tweetType":1,"viewCount":10300,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":835446181,"gmtCreate":1629735234743,"gmtModify":1631884511781,"author":{"id":"3585299936185604","authorId":"3585299936185604","name":"FireLong","avatar":"https://static.tigerbbs.com/c0ad19a4098a906338280ccbe916e5ef","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3585299936185604","idStr":"3585299936185604"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/AMD\">$AMD(AMD)$</a>讯号出现了，可以好好上最后一班车了，这次牛后就要进入冰河时期。赶紧[胜利]&nbsp;[正经]&nbsp;[看涨]&nbsp;[666]&nbsp;[比心]&nbsp;","listText":"<a href=\"https://laohu8.com/S/AMD\">$AMD(AMD)$</a>讯号出现了，可以好好上最后一班车了，这次牛后就要进入冰河时期。赶紧[胜利]&nbsp;[正经]&nbsp;[看涨]&nbsp;[666]&nbsp;[比心]&nbsp;","text":"$AMD(AMD)$讯号出现了，可以好好上最后一班车了，这次牛后就要进入冰河时期。赶紧[胜利] [正经] [看涨] [666] [比心]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":12,"repostSize":0,"link":"https://laohu8.com/post/835446181","isVote":1,"tweetType":1,"viewCount":1238,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":898718437,"gmtCreate":1628521453629,"gmtModify":1631892130406,"author":{"id":"3585299936185604","authorId":"3585299936185604","name":"FireLong","avatar":"https://static.tigerbbs.com/c0ad19a4098a906338280ccbe916e5ef","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3585299936185604","idStr":"3585299936185604"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/AMD\">$AMD(AMD)$</a>建议要抄底的，可以等下个星期二或三，看数据的盘整时间计算差不多都需要一个星期多左右，所以这星期五或下个星期都可以留意观察。我在117卖空，估计也是差不多我刚才说的时间点卖了再买升[正经]&nbsp;供大家参考，有意见大家可以一起讨论[胜利]&nbsp;","listText":"<a href=\"https://laohu8.com/S/AMD\">$AMD(AMD)$</a>建议要抄底的，可以等下个星期二或三，看数据的盘整时间计算差不多都需要一个星期多左右，所以这星期五或下个星期都可以留意观察。我在117卖空，估计也是差不多我刚才说的时间点卖了再买升[正经]&nbsp;供大家参考，有意见大家可以一起讨论[胜利]&nbsp;","text":"$AMD(AMD)$建议要抄底的，可以等下个星期二或三，看数据的盘整时间计算差不多都需要一个星期多左右，所以这星期五或下个星期都可以留意观察。我在117卖空，估计也是差不多我刚才说的时间点卖了再买升[正经] 供大家参考，有意见大家可以一起讨论[胜利]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":8,"commentSize":6,"repostSize":0,"link":"https://laohu8.com/post/898718437","isVote":1,"tweetType":1,"viewCount":3131,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":898242102,"gmtCreate":1628505097906,"gmtModify":1631892130408,"author":{"id":"3585299936185604","authorId":"3585299936185604","name":"FireLong","avatar":"https://static.tigerbbs.com/c0ad19a4098a906338280ccbe916e5ef","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3585299936185604","idStr":"3585299936185604"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/AMD\">$AMD(AMD)$</a>建议可以分3次买进，目前数据看还是有回调的可能，不建议一次买入，买入了，如果掉价再补仓，隔天再掉下再补最后一次，估计还会回调几天。买贵了就放着，长期股价还是会看好[胜利]&nbsp;","listText":"<a href=\"https://laohu8.com/S/AMD\">$AMD(AMD)$</a>建议可以分3次买进，目前数据看还是有回调的可能，不建议一次买入，买入了，如果掉价再补仓，隔天再掉下再补最后一次，估计还会回调几天。买贵了就放着，长期股价还是会看好[胜利]&nbsp;","text":"$AMD(AMD)$建议可以分3次买进，目前数据看还是有回调的可能，不建议一次买入，买入了，如果掉价再补仓，隔天再掉下再补最后一次，估计还会回调几天。买贵了就放着，长期股价还是会看好[胜利]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":4,"repostSize":0,"link":"https://laohu8.com/post/898242102","isVote":1,"tweetType":1,"viewCount":1349,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":838314564,"gmtCreate":1629374028058,"gmtModify":1631884557485,"author":{"id":"3585299936185604","authorId":"3585299936185604","name":"FireLong","avatar":"https://static.tigerbbs.com/c0ad19a4098a906338280ccbe916e5ef","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3585299936185604","idStr":"3585299936185604"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/AMD\">$AMD(AMD)$</a>最后大牛前回调还会几天呢？我相信九月会是大奔牛之后再转入冰河时期了。。[生病]&nbsp;","listText":"<a href=\"https://laohu8.com/S/AMD\">$AMD(AMD)$</a>最后大牛前回调还会几天呢？我相信九月会是大奔牛之后再转入冰河时期了。。[生病]&nbsp;","text":"$AMD(AMD)$最后大牛前回调还会几天呢？我相信九月会是大奔牛之后再转入冰河时期了。。[生病]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":3,"repostSize":0,"link":"https://laohu8.com/post/838314564","isVote":1,"tweetType":1,"viewCount":1508,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":892425532,"gmtCreate":1628685567526,"gmtModify":1631892130402,"author":{"id":"3585299936185604","authorId":"3585299936185604","name":"FireLong","avatar":"https://static.tigerbbs.com/c0ad19a4098a906338280ccbe916e5ef","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3585299936185604","idStr":"3585299936185604"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/AMD\">$AMD(AMD)$</a>看数据还没回调结束，今天或明天可能会出现大死叉，会掉比较狠，建议别盲目追高喔[暗中观察]&nbsp;","listText":"<a href=\"https://laohu8.com/S/AMD\">$AMD(AMD)$</a>看数据还没回调结束，今天或明天可能会出现大死叉，会掉比较狠，建议别盲目追高喔[暗中观察]&nbsp;","text":"$AMD(AMD)$看数据还没回调结束，今天或明天可能会出现大死叉，会掉比较狠，建议别盲目追高喔[暗中观察]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":8,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/892425532","isVote":1,"tweetType":1,"viewCount":1779,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":806263499,"gmtCreate":1627658440311,"gmtModify":1633757324458,"author":{"id":"3585299936185604","authorId":"3585299936185604","name":"FireLong","avatar":"https://static.tigerbbs.com/c0ad19a4098a906338280ccbe916e5ef","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3585299936185604","idStr":"3585299936185604"},"themes":[],"htmlText":"还有收购定案中国那边还没公布批准，但机会很大。很大的上行空间，可以借参考apple去年90美元过后100以上就稳住上方增长了。AMD也还有很大发展空间，潜能大，有机会做老大。","listText":"还有收购定案中国那边还没公布批准，但机会很大。很大的上行空间，可以借参考apple去年90美元过后100以上就稳住上方增长了。AMD也还有很大发展空间，潜能大，有机会做老大。","text":"还有收购定案中国那边还没公布批准，但机会很大。很大的上行空间，可以借参考apple去年90美元过后100以上就稳住上方增长了。AMD也还有很大发展空间，潜能大，有机会做老大。","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":8,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/806263499","repostId":"1114965747","repostType":2,"repost":{"id":"1114965747","kind":"news","weMediaInfo":{"introduction":"为用户提供金融资讯、行情、数据，旨在帮助投资者理解世界，做投资决策。","home_visible":1,"media_name":"老虎资讯综合","id":"102","head_image":"https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba"},"pubTimestamp":1627655569,"share":"https://www.laohu8.com/m/news/1114965747?lang=zh_CN&edition=full","pubTime":"2021-07-30 22:32","market":"us","language":"zh","title":"AMD涨超3%创历史新高，绩后获多家大行上调目标价","url":"https://stock-news.laohu8.com/highlight/detail?id=1114965747","media":"老虎资讯综合","summary":"7月30日，AMD涨超3%，现报106.2美元，股价再创历史新高，近3个交易日累计涨幅已超16%，绩后获多家大行上调目标价。\n\nAMD二季度营收达38.5亿美元，同比增长99%；净利润达7.1亿美元，","content":"<p>7月30日，<a href=\"https://laohu8.com/S/AMD\">AMD</a>涨超3%，现报106.2美元，股价再创历史新高，近3个交易日累计涨幅已超16%，绩后获多家大行上调目标价。</p>\n<p><img src=\"https://static.tigerbbs.com/6ff371be500c72b396cac54bbf67a525\" tg-width=\"840\" tg-height=\"470\" referrerpolicy=\"no-referrer\"></p>\n<p>AMD二季度营收达38.5亿美元，同比增长99%；净利润达7.1亿美元，同比增长352%。公司绩后获多家大行上调目标价，<a href=\"https://laohu8.com/S/GS\">高盛</a>认为华尔街低估了AMD的长短期收入增长和利润率扩张的潜力，因此将其目标价从106美元上调至115美元。高盛重申了美国超微公司“买入”评级，同时重申美国超微公司在其确信购买名单上的位置。</p>\n<p>瑞穗将AMD目标价从107美元上调至110美元；Argus从目标价106美元升至120美元，维持“买入”评级。</p>","collect":0,"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>AMD涨超3%创历史新高，绩后获多家大行上调目标价</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\">\nAMD涨超3%创历史新高，绩后获多家大行上调目标价\n</h2>\n\n<h4 class=\"meta\">\n\n\n<a class=\"head\" href=\"https://laohu8.com/wemedia/102\">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">老虎资讯综合 </p>\n<p class=\"h-time\">2021-07-30 22:32</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<p>7月30日，<a href=\"https://laohu8.com/S/AMD\">AMD</a>涨超3%，现报106.2美元，股价再创历史新高，近3个交易日累计涨幅已超16%，绩后获多家大行上调目标价。</p>\n<p><img src=\"https://static.tigerbbs.com/6ff371be500c72b396cac54bbf67a525\" tg-width=\"840\" tg-height=\"470\" referrerpolicy=\"no-referrer\"></p>\n<p>AMD二季度营收达38.5亿美元，同比增长99%；净利润达7.1亿美元，同比增长352%。公司绩后获多家大行上调目标价，<a href=\"https://laohu8.com/S/GS\">高盛</a>认为华尔街低估了AMD的长短期收入增长和利润率扩张的潜力，因此将其目标价从106美元上调至115美元。高盛重申了美国超微公司“买入”评级，同时重申美国超微公司在其确信购买名单上的位置。</p>\n<p>瑞穗将AMD目标价从107美元上调至110美元；Argus从目标价106美元升至120美元，维持“买入”评级。</p>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/a593d85be38c3aa543ab3056553101ff","relate_stocks":{"AMD":"美国超微公司","GS":"高盛"},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1114965747","content_text":"7月30日，AMD涨超3%，现报106.2美元，股价再创历史新高，近3个交易日累计涨幅已超16%，绩后获多家大行上调目标价。\n\nAMD二季度营收达38.5亿美元，同比增长99%；净利润达7.1亿美元，同比增长352%。公司绩后获多家大行上调目标价，高盛认为华尔街低估了AMD的长短期收入增长和利润率扩张的潜力，因此将其目标价从106美元上调至115美元。高盛重申了美国超微公司“买入”评级，同时重申美国超微公司在其确信购买名单上的位置。\n瑞穗将AMD目标价从107美元上调至110美元；Argus从目标价106美元升至120美元，维持“买入”评级。","news_type":1,"symbols_score_info":{"AMD":0.9,"GS":0.9}},"isVote":1,"tweetType":1,"viewCount":3351,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":801963561,"gmtCreate":1627479820953,"gmtModify":1633764621148,"author":{"id":"3585299936185604","authorId":"3585299936185604","name":"FireLong","avatar":"https://static.tigerbbs.com/c0ad19a4098a906338280ccbe916e5ef","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3585299936185604","idStr":"3585299936185604"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/AMD\">$AMD(AMD)$</a>还是红[笑哭]&nbsp;真得无言，金叉要破又破不上去。庄家那么会玩？？[捂脸]&nbsp;","listText":"<a href=\"https://laohu8.com/S/AMD\">$AMD(AMD)$</a>还是红[笑哭]&nbsp;真得无言，金叉要破又破不上去。庄家那么会玩？？[捂脸]&nbsp;","text":"$AMD(AMD)$还是红[笑哭] 真得无言，金叉要破又破不上去。庄家那么会玩？？[捂脸]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":4,"repostSize":0,"link":"https://laohu8.com/post/801963561","isVote":1,"tweetType":1,"viewCount":1380,"authorTweetTopStatus":1,"verified":2,"comments":[{"author":{"id":"3569133844444307","authorId":"3569133844444307","name":"JokEyBecky","avatar":"https://static.tigerbbs.com/7d5216bd5ba318665e4aa1f56db5581f","crmLevel":1,"crmLevelSwitch":0,"authorIdStr":"3569133844444307","idStr":"3569133844444307"},"content":"金叉死叉那些没用的[黑眼圈]","text":"金叉死叉那些没用的[黑眼圈]","html":"金叉死叉那些没用的[黑眼圈]"}],"imageCount":0,"langContent":"CN","totalScore":0},{"id":171382676,"gmtCreate":1626706483895,"gmtModify":1633924751716,"author":{"id":"3585299936185604","authorId":"3585299936185604","name":"FireLong","avatar":"https://static.tigerbbs.com/c0ad19a4098a906338280ccbe916e5ef","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3585299936185604","idStr":"3585299936185604"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/AMD\">$AMD(AMD)$</a>来一次够力的10%上涨吧！业绩出炉前破110","listText":"<a href=\"https://laohu8.com/S/AMD\">$AMD(AMD)$</a>来一次够力的10%上涨吧！业绩出炉前破110","text":"$AMD(AMD)$来一次够力的10%上涨吧！业绩出炉前破110","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":4,"repostSize":0,"link":"https://laohu8.com/post/171382676","isVote":1,"tweetType":1,"viewCount":1219,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":811516986,"gmtCreate":1630331832445,"gmtModify":1704958604294,"author":{"id":"3585299936185604","authorId":"3585299936185604","name":"FireLong","avatar":"https://static.tigerbbs.com/c0ad19a4098a906338280ccbe916e5ef","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3585299936185604","idStr":"3585299936185604"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/AMD\">$AMD(AMD)$</a>顺利的话这两三天就是大牛上升关键了。[你懂的]&nbsp;[看涨]&nbsp;","listText":"<a 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