It's always good to see you. Uh you never cease to amaze me on these deals you strike and and what you've been doing here at AMD since you joined many years ago. Uh congrats on this news for investors not familiar with precisely what you announced.I'm taking it as open AI AMD are working together to build the future of AI infrastructure. How do you see it. >> Yeah.Well, first of all, Brian, it's great to be here uh with you and yes, uh today is a a big moment for us. Uh very exciting deal. you know, when yo ...

Joining me now, Daniel Newman, CEO of the Futurum Group. Daniel, great to have you back. Thanks for having me, Ken.All right, let's start with the big headline of this morning, and that's this new partnership between AMD and Open AI. Talk to me about the significance. What's your take.What does it mean for the AI infrastructure race. It means the race is still on and that there hasn't been a determined winner. One of my big themes has been this it's not zero sum.There's so many people out there. There's the ...

Let's frame the opportunity, Lisa. You know, the the market reaction is very clear, but for AMD and the AI industry at large, what do you think this represents. >> Well, look, uh, this is a huge milestone for AMD.You know, we are so thrilled with the partnership with, uh, the open AI team and it's also, you know, a huge moment for the AI industry because, you know, when you get to the right down to it, you need more AI compute. I mean, that's where we are today. Compute is the foundation for all of the inte ...

Shares of AMD are surging. Do I just use that word surging. How about like colossal gain.A company announced a massive new 5-year deal with Open AI. Cannot explain to people how big this is. Joining us now first on CNBC CEO Lisa Sue and Open AI's co-founder and president Greg Brockman.Uh congrat congratulations to both. Lisa, I'd like to start with you. Okay.Yeah. Good morning. Great to see you guys. Great to see you.Now Lisa, this is a huge coup uh because I think a lot of people felt that you were no near ...

Meanwhile, uh the other big story of the morning, uh maybe of the week, we'll see. OpenAI making a deal with AMD on data centers that's going to run on AMD processors. The stock is up big this morning.Of course, this comes two weeks after Nvidia made a massive deal uh with Open AI. Jim Kramer, who of course has been following the AI story at Nvidia specifically for so very long, is at the New York Stock Exchange, head of his interview with AMD CEO Lisa Sue, and Greg Brockman, president of OpenAI. Want to uh ...

（原标题：CoWoS产能有望超预期 小摩维持台积电(TSM.US)"增持"评级） 智通财经APP获悉，摩根大通台积电(TSM.US)维持"增持"评级，目标价1275元新台币。小摩指出，台积 电CoWoS产能预计将在2026年底达到9.5万片/月（12英寸晶圆等效），2027年底进一步攀升至11.2万片/ 月，较此前预期显著提升。 小摩指出，这一扩张主要得益于AP8工厂按计划推进的产能建设（预计2026年中投产），以及英伟达、 博通和AMD等关键客户需求的持续增长。 值得注意的是，从2026年下半年开始，非AI产品(如Venice CPU、Vera CPU)的全栈CoWoS封装订单将开 始向OSAT合作伙伴(主要是日月光)转移，标志着台积电将更专注于CoW(Chip-on-Wafer)环节的产能分 配，而oS(on-Substrate)环节将继续由日月光承担。 博通成为增长最快客户 博通2026年CoWoS分配量预计达18.5万片，同比增长93%，主要受谷歌TPU项目需求驱动。摩根大通预 计2026年TPU出货量将达250万台(同比增长38%)，同时Meta首款CoWoS基ASIC(Athena)和OpenAI ...

英伟达下一代GPU芯片Rubin进展 - 富邦金融分析师指出Rubin因重新设计可能导致量产延迟 原计划2025年底量产 2026年初开卖 但延迟几率较高 [2] - 芯片首版已于6月底完成下线 但公司正重新设计以更好应对AMD MI450 下一次下线时程预计在9月底或10月 可能限制2026年出货量 [2] - 英伟达声明否认Rubin架构延迟 表示项目进展顺利 [2] 英伟达Blackwell系列出货量预测 - Blackwell系列2025年出货量逐季增长 Q1为75万颗 Q2达120万颗 Q3/Q4分别提升至150万颗与160万颗 [3] - Rubin将接替Blackwell系列成为下一代产品 [3] 台积电CoWoS先进封装产能分配 - 2025年英伟达以51.4%市占率主导CoWoS产能 博通与AMD占比分别为16.2%和7.7% [3] - 2026年博通与AMD占比预计升至17.4%与9.2% 英伟达略降至50.1% [3] - AMD与博通是台积电CoWoS产能成长最快的客户 [3]

目标价调整 - Bernstein将AMD目标价从95美元上调至140美元 涨幅达474% 主要基于公司在AI硬件竞赛中日益重要的角色 [1] - 新目标价虽低于当前股价15348美元 但较年初至今27%的涨幅仍显示分析师对长期潜力的认可 [1] 业绩预期 - Q2 2025营收预期752亿美元 EPS 049美元 略高于先前预测且符合市场共识 [4] - Q3 2025营收预期843亿美元 EPS 120美元 超越先前预估及华尔街预期 [4] - 全年2025营收预期上调至320亿美元 EPS 389美元 [4] 产品与技术 - MI350加速器即将发布 预计将推动未来季度盈利增长 中国AI需求复苏带来短期提振 [3] - MI450作为首款机架级AI解决方案 被视为缩小与英伟达性能差距的关键长期催化剂 [5] 市场评级 - Bernstein维持"与大盘持平"评级 指出投资者预期过高及客户端业务潜在风险 [3] - TipRanks统计35名分析师中25人建议买入 10人持有 无卖出评级 共识评级为"适度买入" [6] - 华尔街12个月平均目标价14590美元 较当前股价隐含478%下行空间 目标区间110-200美元 [8]

AI半导体供应链现状 - AI半导体库存水平持续上升 NVIDIA因GB200良率问题导致1万至1.5万个机架卡滞留供应链 影响下游部署和资金流动性 [1] - 消费电子领域如智能手机库存处于可控范围 供应链健康度优于AI半导体 [1] AI市场需求与技术发展 - ChatGPT用户加速增长 Google生成式AI服务token处理量一年内暴涨50倍 推动推理工作负载需求 [2] - 推理端效率提升与ASIC性价比改善促使AWS Google Cloud Azure等云服务商加大AI基础设施投入 [2] - 行业预计2026年AI市场增速将放缓 现货市场价格回落反映短期算力资源过剩风险 [2] 硬件竞争格局与技术瓶颈 - NVIDIA计划年内出货500万至600万块AI芯片 GB200为主力产品 维持市场主导地位 [3] - Google裸晶需求显著增加 反映高性能计算需求持续 AMD增长依赖MI450产品进度 [3] - CoWoS封装产能紧张导致厂商超订 供应链周转效率将影响2026年市场走势 [3] AI服务器创新与功耗挑战 - Meta推出Minerva机箱 刀片式设计实现1.6T Scale-up带宽 但依赖传统PCB互连 [4] - 单机架600kW电力需求推动12kW以上电源设备发展 高压直流供电成为可行方案 [4] - 金属热界面材料结合微通道冷却盖板技术应用于高端服务器 Cooler Master等厂商提交样品 [5] 材料升级与财务风险 - M7/M8/M9高频覆铜箔层压板普及 Amazon M8方案单芯片性能等效四颗NVIDIA芯片 [5] - Rubin/TPU v8x平台将采用M9标准 推动材料迭代升级 [5] - 货币升值10%可能导致半导体厂商营收下降10% 利润降幅达20% 需加强汇率风险管理 [5]

公司动态 - OpenAI首席执行官Sam Altman表示公司将采用AMD的MI300X和MI450人工智能芯片 [1]