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← @artofspecuycky

$AMD

BEARISH2026-08-04
Price around the call
↓ 2026-08-04
By horizon✓ hit-5.8%
1d
✗ +1.7%
5d
…
21d
✓ -5.8%
Original post
Art of Speculation · 2026-08-04

$AMD 财报不错,但是市场预期过高,目前Sell the News跌6%,等电话会议 Q2超预期: 1. 营收 115.4 亿美元(预期 113.1 亿美元) 2. 调整后 EPS 1.66 美元(预期 1.62 美元) 3. 数据中心收入 67.2 亿美元,同比增长 107% 4. 调整后营业利润率 27% 5. 毛利率 56%,符合预期 Q3 指引继续超预期: 1. 营收约 130 亿美元(预期 125 亿美元) 2. 毛利率约 56% Lisa Su 表示,第二代 Helios AI 服务器已进入全面生产阶段,搭载 MI455X 加速器和 Venice EPYC 处理器,并将在未来几个月开始出货。同时,公司预计数据中心业务将在 2026 年下半年进一步加速。 基本面没什么毛病:收入、EPS、数据中心业务和指引都超预期。但股价盘后一度下跌约 7%。原因不是财报不好,是市场预期太高。 在财报前,AMD 已经提前交易了 MI450、Helios、AI GPU 和服务器 CPU 的成长预期。

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