Investing.com -- 奥本海默周一在一份研报中将超威半导体（纳斯达克代码：AMD）的评级从“表现与大盘一致”上调至“跑赢大盘”，目标价设为600美元，理由是该芯片制造商最新财报电话会后，其数据中心业务呈现强劲势头。
Investing.com -- Oppenheimer upgraded Advanced Micro Devices (NASDAQ: AMD) to Outperform from Perform with a $600 price target in a note on Monday, citing strong momentum in its data center business after the chipmaker’s latest earnings call.
分析师Rick Schafer表示，AMD的EPYC服务器处理器销售，以及MI455 AI芯片和Helios服务器机柜的初步出货，推动第三季度数据中心营收大约翻倍。他预计明年数据中心销售额将激增135%，占总营收的85%。
Analyst Rick Schafer said sales of AMD’s EPYC server processors and initial shipments of its MI455 AI chips and Helios server racks drove about a doubling of data center revenue in the third quarter. He expects data center sales to jump 135% next year, accounting for 85% of total revenue.
管理层预期，尽管面临供应限制，明年整体营收仍将增长超过80%。Schafer预计，即使服务器CPU营收翻倍以上，AMD的AI图形芯片销售额也将在2027年超越其服务器CPU销售额。
Management sees overall revenue growing more than 80% next year despite supply constraints. Schafer expects AMD’s AI graphics chip sales to overtake its server CPU sales in 2027, even as server CPU revenue more than doubles.
“AMD在服务器CPU和数据中心AI方面的成功是不容置疑的，”Schafer写道。
“AMD’s server CPU and DCAI success is undeniable,” Schafer wrote.
该分析师预计，OpenAI和Meta将在第一季度推动AI芯片增长，Anthropic将在季度后期加速放量。
The analyst expects OpenAI and Meta to drive AI chip growth through the first quarter, with Anthropic ramping late in the quarter.
他预计，这三家公司连同甲骨文、微软和Humain，将稳步放量至2028年。AMD还承诺每年发布新款AI芯片，以保持与竞争对手的同步。奥本海默不认为中期选举结果会减缓数据中心建设。
He sees all three, along with Oracle, Microsoft and Humain, ramping steadily into 2028. AMD has also committed to releasing new AI chips every year to keep pace with rivals. Oppenheimer dismissed concerns that the midterm election results could slow data center construction.
“我们认为，在2028年下半年之前，任何因土地/电力/外壳工程带来的政治（中期选举）增量风险都不太可能出现，因为许多规划项目的建设已经在进行中，”该分析师表示。
“We see any incremental land/power/shell political (midterm) risk unlikely before 2H28 with construction of many planned projects already underway,” the analyst said.
Schafer补充称，高性能计算需求依然强劲，预计五大云服务商的资本支出将在2027年达到约1.3万亿美元，高于今年的8000亿美元。
Schafer added that demand for high-performance computing remains robust, with capital spending by the five largest cloud providers expected to reach about $1.3 trillion in 2027, up from $800 billion this year.
Oppenheimer 将 AMD 的评级上调至“跑赢大盘”，并预计其数据中心业务销售额将翻倍以上风险披露：交易金融工具和/或加密货币涉及高风险，包括可能损失部分或全部投资金额的风险，且可能并不适合所有投资者。加密货币价格极度波动，可能受到金融、监管或政治事件等外部因素的影响。保证金交易会增加金融风险。
Oppenheimer lifts AMD to Outperform, sees data center sales more than doubling Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
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