Advanced Micro Devices (NASDAQ: AMD) stock emerged in mid-April from the stupor it had been in through most of 2024 and at the start of 2025. The last five days of trading have been particularly positive for the semiconductor giant, and, at their press time price of $118.03, AMD shares are up 15.82% within the time frame.AMD stock 5-day price chart. Source: GoogleSuch a strong rally also significantly increased the semiconductor giant’s short volume ratio, which hit a two-week high of 55.17 on Tuesday, May ...

About this content About Angela Harmantas Angela Harmantas is an Editor at Proactive. She has over 15 years of experience covering the equity markets in North America, with a particular focus on junior resource stocks. Angela has reported from numerous countries around the world, including Canada, the US, Australia, Brazil, Ghana, and South Africa for leading trade publications. Previously, she worked in investor relations and led the foreign direct investment program in Canada for the Swedish government ...

Shares of Advanced Micro Devices Inc (NASDAQ:AMD) are up 7.2% at $120.53 at last glance, after the semiconductor company announced a $6 billion share buyback program. Plus, firm is one of multiple chipmakers, including Nvidia (NVDA), to ink a partnership with HUMAIN, a new artificial intelligence (AI) venture in Saudi Arabia. Today's pop has AMD headed for its sixth-straight win. Now trading at its highest levels since January, the equity is hanging around breakeven for 2025. The shares' overhead 160-day mo ...

Lisa Su, president and CEO of AMD, talks about the AMD EPYC processor during a keynote address at the 2019 CES in Las Vegas, Nevada, U.S., January 9, 2019.AMD said on Wednesday that its board of directors approved $6 billion in share buybacks. The stock climbed 6%.The authorization is in addition to $4 billion in existing approved share repurchases, the company said."Our expanded share repurchase program reflects the Board's confidence in AMD's strategic direction, growth prospects, and ability to consisten ...

Investor based in Geneva, Switzerland. Follow me on Twitter @GenevaInvestor for daily macro & investing nuggets. I write about macroeconomics, global trends, and what I believe are asymmetric investment opportunities in the market. I have a Master's degree in Business Management. I am currently bullish on PLTR, US equities, Bitcoin. Friend "Rex Investing" is also a contributor to Seeking Alpha. Check out our Podcast: ‘Stock Market Lube’, available on Spotify.All opinions and analysis on SA are exclusively m ...

SANTA CLARA, Calif., May 14, 2025 (GLOBE NEWSWIRE) -- AMD (NASDAQ: AMD) today announced that its board of directors approved a new $6 billion share repurchase program. The new authorization is in addition to the remaining balance, as of March 29, 2025, of approximately $4 billion of its existing share repurchase program, increasing the total current repurchase authority to approximately $10 billion. “Our expanded share repurchase program reflects the Board’s confidence in AMD’s strategic direction, growth p ...

文章核心观点 - AMD与沙特人工智能企业HUMAIN达成合作协议，将投资至多100亿美元，在未来五年内部署500兆瓦的人工智能计算能力，构建全球领先的人工智能基础设施 [1][2] 合作内容 - 双方将投资至多100亿美元，在未来五年内部署500兆瓦的人工智能计算能力 [2] - HUMAIN负责端到端交付，包括超大规模数据中心、可持续电力系统和全球光纤互连；AMD提供全系列AMD人工智能计算产品组合和AMD ROCm开放软件生态系统 [2] - 合作初期部署已在全球关键地区展开，预计到2026年初激活多百亿亿次浮点运算能力 [3] 双方表态 - AMD董事长兼首席执行官Lisa Su博士表示，与HUMAIN的投资是推进全球人工智能基础设施的重要里程碑，双方正在构建一个具有前所未有的性能、开放性和影响力的全球重要人工智能平台 [3] - HUMAIN首席执行官Tareq Amin称，这不仅是基础设施建设，更是向全球创新者发出的开放邀请，将在计算层面实现人工智能的民主化 [3] 合作价值 - 合作结合沙特的能源资源、人工智能人才和前瞻性国家人工智能政策，以及AMD的全谱人工智能堆栈，提供市场定义的价值主张 [4] 公司介绍 - AMD在高性能计算、图形和可视化技术领域创新超50年，其技术被全球数十亿人、财富500强企业和科研机构使用 [4] - HUMAIN是沙特公共投资基金旗下的全球人工智能公司，提供全栈人工智能能力，服务公共和私营部门组织 [5] AMD产品 - AMD Instinct GPU具有行业领先的内存和推理性能 [6] - AMD EPYC CPU提供世界级的计算密度和能源效率 [6] - AMD Pensando DPU实现可扩展、安全和可编程的网络 [6] - AMD Ryzen AI将设备端人工智能计算带到边缘 [6] - AMD ROCm开放软件生态系统支持所有人工智能框架 [6]

报告公司投资评级 未提及 报告的核心观点 2025年第一季度AMD营收增长显著，各业务板块表现有差异，虽面临美国对中国GPU出口管制等挑战，但全年GPU业务仍有望实现强劲两位数增长，且预计下半年毛利率略有改善 [1][2][4] 根据相关目录分别进行总结 AMD2025Q1业绩情况 25Q1业绩概况 - 营收74亿美元，同比增长36%，主要因数据中心、客户端和游戏部分增长 [7] - GAAP毛利率为50%，同比增加3个百分点；Non - GAAP毛利率为54%，同比增加2个百分点，增长得益于数据中心及客户端与游戏部门收入增加 [7] - Non - GAAP EPS为0.96美元，高于市场一致预期的0.94美元 [7] 业务板块情况 - **数据中心部门**：营收37亿美元，同比增长57%，得益于云计算和企业客户CPU服务器份额增长及AMD Instinct GPU强劲增长；营业利润率为25%，同比增加2个百分点；营业利润9.32亿美元，同比大幅增长 [8] - **客户端和游戏部门**：营收29亿美元，同比增长28%；客户端业务营收23亿美元，同比增长68%，得益于对AMD锐龙Zen 5处理器的强劲需求和更丰富产品组合，游戏业务营收6.47亿美元，同比下降30%，因半定制业务营收减少；营业利润率为17%，同比增加7个百分点；营业利润4.96亿美元 [9] - **嵌入式业务部门**：营收8.23亿美元，同比下降3%；营业利润率为40%，同比减少1个百分点 [10] 2025Q2业绩指引 - 预计营业收入为737 - 743亿美元 [11] - 预计毛利率为43%，包含8亿美元存货费用，去除存货费用影响后毛利率为54% [11] 会议内容 问答环节 - **业绩上涨因素及各部门增长看法**：Q1多个业务表现强劲，客户端业务增长因产品组合丰富和ASP提升，Q2指导含出口管制不利影响但整体展望仍强劲，各业务表现良好 [12][13] - **Instinct表现及展望**：Q1数据中心GPU表现符合或略好预期，MI350年中推出，客户兴趣高，预计爬坡快，整体AI业务预计下半年强劲增长 [14] - **数据中心GPU情况及出口管制影响**：第一季度表现好，出口管制影响主要在25Q2和25Q3，25Q4影响少 [14] - **库存上涨原因**：为支持客户端、服务器和数据中心GPU产能提升，因爬坡周期长需提前建设库存 [15] - **MI - 400部署措施及客户反馈**：公司积极与各方合作推进产品路线图，收购ZT有助于解决Rack Scale架构问题，客户对MI - 400系列热情高 [16] - **EPYC业务增长驱动因素及市场策略**：产品实力强和市场推广努力推动增长，AMD在企业市场份额不足但对未来乐观 [17][18] - **毛利率展望**：Q2非GAAP毛利率排除8亿美元费用约为54%，预计下半年毛利率略有改善，数据中心业务是主要增长驱动力 [19] - **系统架构技术和合作伙伴情况**：AMD拥有必需组件和生态系统合作伙伴关系，专注确保解决方案与行业不同方案互操作 [20] - **全年市场份额增长及客户端业务预期**：对客户端业务市场份额表现满意，预计下半年低于典型季节性，目前库存状况良好，桌面业务销售强劲 [21] - **GPU业务全年增长情况**：公司相信数据中心GPU业务将实现强劲两位数增长，计划25H2集中发力，MI308影响可控 [22] - **25Q1 GPU销售额及MI308占比**：25Q1数据中心GPU环比略有下降但符合预期，MI325系列需求强劲，MI325和MI300系列占据GPU收入主体 [23][24] - **中国市场占比及出口管制影响**：公司预期领先GPU产品对华销售有一定限制，正积极与政府沟通推动国际生态合作 [25] - **25H2季节性变化预期**：客户端业务由产品组合驱动，25H2增长可能低于传统季节性，但实际消费数据显示销售强劲，将增加产量保持库存充足 [26] - **26年MI400系列和机架级解决方案上市策略**：公司提前布局，收购ZT解决机架级架构挑战，MI400系列获客户高度关注 [27] - **GPU业务季度增长及全年预期**：25Q2 GPU业务同比不增长，Q3和Q4将恢复同比增长，25年全年仍将实现强劲两位数增长 [28] - **嵌入式业务25H2预期**：嵌入式需求逐步复苏，订单量和订单交付比改善，预计25Q3企稳，25Q4实现同比增长 [29] - **推理成本上升问题**：推理重要性提升，分布式推理成趋势，公司产品是优秀推理解决方案，将通过软件套件优化性能 [30][31] - **与客户自研AI ASIC竞争情况**：ASIC有适用场景，GPU因模型迭代更具灵活性，AMD在推理和训练领域有竞争力 [32]

Advanced Micro Devices (NASDAQ: AMD ) reported strong Q1 results and the stock is now rallying strongly as the U.S. and China have extended their pause on tariffs.The Pragmatic Investor covers global macro, international equities, commodities, tech and cryptocurrencies and is designed to guide investors of all levels in their journey. Features include a The Pragmatic Investor Portfolio, weekly market update newsletter, actionable trades, technical analysis, and a chat room. Learn moreJames Foord is an econo ...

公司业绩 - AMD第一季度业绩超出预期 尽管市场对其增长轨迹存在担忧 [1] - 公司被迫提前宣布当前季度8亿美元的减值 [1] - 仍实现强劲的收入增长 具体增幅未披露 [1] 行业动态 - 芯片制造商面临增长前景的重新评估 [1] - 行业整体表现与个别公司财务数据出现分化 [1] 财务数据 - 减值金额达8亿美元 影响当季财务表现 [1] - 收入增长数据未具体披露 但描述为"强劲" [1]