Key Takeaways AMD is trading at 10 times forward sales as investors recognize the growth pathGPU bear HSBC grabbed the high Street targets for both NVDA and AMD last monthEarnings today will provide either confirmation of the growth or a great buying oppAdvanced Micro Devices ((AMD) is positioned as a premier growth story in the global semiconductor and AI acceleration industries. AMD’s 2025 surge -- over 100% stock appreciation YTD -- reflects its expanding dominance in high-value markets, propelled by rob ...

Magnum Ice Cream Prepares for Triple Listing Following Unilever DemergerMagnum Ice Cream Co (MICC), currently operating as a standalone entity within Unilever (UL) since July 1, 2025, is on track for its highly anticipated demerger and public listing in mid-November 2025. The company plans to list its shares on the London Stock Exchange, the New York Stock Exchange, and Euronext Amsterdam under the ticker "MICC". The demerger process is estimated to incur costs of €800 million, with approximately 55% alread ...

市场整体表现 - 美国股市在2025年11月4日出现显著下跌，主要股指全部收跌，投资者情绪从年内领涨的科技和人工智能板块转向，反映出对估值和市场可能出现回调的担忧 [1] - 标普500指数下跌1.2%，收于6,771点；道琼斯工业平均指数下跌0.5%（约238点），收于47,085点；以科技股为主的纳斯达克综合指数跌幅最大，达2%，收于23,348点 [2] - 市场“恐慌指数”Cboe波动率指数（VIX）大幅上涨10%至18.9，表明投资者担忧情绪加剧，此次回调发生在标普500指数自5月至10月底大幅上涨22.8%之后 [2] 宏观经济背景 - 持续的美国政府停摆推迟了关键官方经济数据的发布，导致经济前景缺乏清晰度，市场将更关注私营部门数据 [1][3] - 供应管理协会（ISM）调查显示制造业持续收缩，10月制造业PMI从9月的49.1降至48.7，为连续第八个月处于收缩区间 [4] - 本周全球多家央行将公布利率决议，包括英国、澳大利亚、巴西、瑞典、挪威和马来西亚，美联储的短期货币政策在数据缺失背景下存在不确定性 [4] 主要个股及板块动态 - 科技与人工智能板块承压，Palantir Technologies股价大跌7.9%，尽管其三季度业绩超预期并上调全年营收指引，但受累于高估值担忧及投资者Michael Burry的做空立场 [5] - 其他AI相关股票也面临压力，英伟达股价由涨转跌，收跌4%，微软股价下跌1% [5] - Uber Technologies股价下挫6.3%，尽管其盈利、营收和总预订量均超预期 [5] - 百胜餐饮集团股价大涨6.1%，因其旗下塔可贝尔业务推动强劲季度业绩，并考虑出售其必胜客业务 [5] - 制药股方面，诺和诺德股价下跌1%，而礼来公司股价微涨1%，此前有报告称白宫可能就降低Medicare客户的GLP-1减肥药价格达成协议 [5] - 特斯拉盘前下跌2.6%，受避险情绪及挪威主权财富基金反对CEO埃隆·马斯克薪酬方案的消息影响 [5] 盘后财报动态 - Advanced Micro Devices公布三季度业绩，分析师共识预期每股收益为0.97美元，同比增长27.63% [10] - Arista Networks公布业绩，分析师共识预期每股收益为0.65美元，同比增长14.04% [10] - Amgen公布业绩，分析师共识预期每股收益为5.00美元，同比下跌10.39% [10] - Axon Enterprise因三季度业绩不及预期，盘后股价暴跌20%，尽管其每股收益共识预期为0.07美元 [10] - Digital Turbine在公布2026财年二季度业绩后，盘后股价大涨22% [10] - Upstart Holdings因三季度业绩不及预期，盘后下跌6% [10]

业绩总结 - 2025年第三季度收入达到92亿美元，同比增长36%[17] - 第三季度GAAP营业收入为12.7亿美元，同比增长75%[29] - 第三季度净收入为12.43亿美元，同比增长61%[29] - 第三季度GAAP每股收益为0.75美元，同比增长60%[27] - 第三季度自由现金流创纪录达到15亿美元[32] - 第三季度非GAAP毛利为49.92亿美元，毛利率为54%[30] - 第三季度GAAP运营收入为12.7亿美元，运营利润率为14%[49] - 第三季度的非GAAP稀释每股收益为1.20美元[51] 用户数据 - 数据中心部门第三季度收入为43.41亿美元，同比增长22%[31] - 客户与游戏部门第三季度收入为40.48亿美元，同比增长73%[31] - 嵌入式部门收入为8.57亿美元，同比下降8%[37] 未来展望 - 预计2025年第四季度收入约为96亿美元，毛利率约为54.5%[38] - 预计2025年第四季度非GAAP税率为13%[4] 现金流与投资 - 现金及现金等价物和短期投资总额为72.43亿美元，环比增长23%[32] - Q3 2025的自由现金流为15.3亿美元，自由现金流率为17%[53]

AMD季度业绩关注点 - 核心市场PC和服务器表现强劲 服务器业务尤其受益于英特尔供应链限制 [1] - 近几个季度AI相关数据表现平淡 但市场更关注一年后Open AI合作的放量潜力 [2][3] - 11月11日分析师日活动预计将释放积极信号 [3] - 投资者将重点关注核心业务基本面及Open AI合作进展的时间表和规模 [4] 半导体行业整体情绪 - AI板块经历大幅上涨后出现短期盘整 属于正常市场调整 [6] - 部分资金从英伟达等AI概念股撤离 因担忧芯片定价压力 [7] - 旧一代Hopper芯片价格确实出现下跌 但新一代产品需求依然旺盛 [8] - 当前行业处于供不应求状态 厂商产能全部售罄 定价整体保持坚挺 [8][9] AMD投资观点 - 对AMD股票持中性态度 未大幅看好其前景 [9] - Open AI合作涉及公司10%股权的交易超出市场预期 [10] - 但参与Open AI生态被视为必要战略布局 [10]

AMD CEO Lisa Su speaks at a Senate Commerce, Science, and Transportation Committee hearing in Washington on May 8, 2025. The leaders of some of the biggest technology and artificial intelligence companies will go to Congress on Thursday with a wish list of sorts that at its top has doing away with regulation they say inhibits their firms' growth and by default, sends business to China.Advanced Micro Devices reported fiscal third-quarter results that exceeded Wall Street expectations, but gave margin guidanc ...

The chip maker reported steep gains in both profit and sales for the third quarter as it moved deeper into AI data centers and increased sales of personal computer processors. ...

Advanced Micro Devices Inc (NASDAQ:AMD) reported financial results for the third quarter on Tuesday after the bell. Here’s a look at the key metrics from the chipmaker’s report.AMD stock is trending. See what the experts say here.Q3 Highlights: AMD reported third-quarter revenue of $9.25 billion, beating analyst estimates of $8.74 billion. The chipmaker reported third-quarter adjusted earnings of $1.20 per share, beating estimates of $1.16 per share, according to Benzinga Pro.Total revenue in the quarter in ...

The third quarter earnings season is in full swing, with several AI players reporting results this week, including Palantir (PLTR), AMD (AMD), and Supermicro (SMCI). So far, the earnings season is off to a positive start. As of Oct. 31, 64% of S&P 500 companies have reported results, according to FactSet data, and analysts are expecting a 10.7% jump in earnings per share during the third quarter. If that figure holds, it would mark the fourth straight quarter of double-digit earnings growth but a decelera ...

Advanced Micro Devices (AMD) reported its Q3 earnings after the bell on Tuesday topped analysts' expectations on earnings and revenue and provided strong fourth quarter guidance. The company say it foresees revenue of between $9.3 billion and $9.9 billion. Wall Street was anticipating revenue of $9.21 billion. AMD stock rose in the immediate wake of the report, then reversed gains to fall as much as 4% in premarket trading on Wednesday. "We delivered an outstanding quarter, with record revenue and profi ...