companies / NASDAQ
Advanced Micro Devices
GPU + CPU designer. Owns the MI400/MI450 series spec, Pensando NIC/DPU silicon, and the Helios open-rack reference architecture.
近 30 天股價
市值 $760.05B
最新估值
AMD full-company DCF using AMD 10-K FY2024 + Q1 2025 results, with MI400-series anchors applied as hard overrides on Data Center revenue in 2026 H2 (MI450: 50k units × $22k = ~$1.10B) and 2027 H1 (MI455X: 15k × $28k = ~$0.42B). Both anchors are flagged rumor-tier in the weilab DB. Base WACC ≈ 13.19% (Ke from CAPM rf 4.30% + β 1.65 × ERP 5.5%; debt weight only 2%). Terminal g = 3.0%. The model projects 5y revenue CAGR ~20% with Data Center leading (12.6B → ~47B by 2030), margin expansion from 49% → 59% gross and EBITDA margin landing ~38.5% terminal. Implied EV ~$157B, equity ~$160B, base implied share price $97.56. This is materially below the $449.44 reference, implying ~78% downside. The gap reflects (a) consensus pricing in 50%+ DC CAGR for many more years than our 5y window, and (b) WACC penalty from β 1.65. Confidence is low — the rumor-tier MI400 anchors only swing the model by ~$3–5/share, so the gap is structural (margin trajectory + terminal multiple), not anchor-driven. Sensitivity shows even the bullish corner (WACC 11.19%, g 4.0%) only reaches $135.97.
看歷史估值 →在 BOM 上的位置
- 1°Pensando Vulcano 800 AI NIC· 99%
- 1°Pensando Salina 400 DPU· 99%
- design_ownerMI450 GPU die· 99%
- design_ownerEPYC Venice CPU· 99%
- 1°Pensando Vulcano 800 AI NIC· 99%
- 1°Pensando Salina 400 DPU· 99%
- design_ownerMI455X GPU die· 99%
- design_owner
題材歸屬
在 research 中被提到
- MI455X Helios 機架——AMD 第一個正面對打 NVL72 的 rack-scale 系統
## 為什麼 Helios 是 AMD 的反擊起點 MI300X 雖然在 2024 拿到第一波 AI 訂單，但只是 8-GPU 單機方案，沒辦法跟 NVIDIA GB200 NVL72 那種 rack-scale 系統正面比。CES 2026 AMD 公開 Helios…
- Google TPU v8 / v9 供應鏈拆解（Sunfish / Zebrafish 與第九代展望）
… ASE / SPIL） - **Broadcom 15 萬片（15%）**——其中分給 Google TPU 的是 **8.5 萬片 TSMC + 0.5 萬片 ASE/SPIL**，分給 Meta 5 萬片、OpenAI 1 萬片 - AMD 10.5 萬片 - Amazon（透過 Alchip）5 萬片 - **MediaTek 為 Google 另外保留 2 萬片**（原本只有 1 萬片，因 v7e 需求翻倍上修）[Trendforce, 2025-12-15] 把…
- 光聖科技 (6442.TWO)：從光纖被動元件到 CPO 矽光子主動光源
…PU 機架（hyperscaler scale-out）"] direction LR otherR[其他 NVL576] otherT[Google TPU] otherM[AMD MI 機架] end %% 唯一 accent：合聖 sub-tier 候選位 — 暖橘提示「未出貨」 classDef accent fill:#fef3e2,stroke:#c2410c,color:#7c2d…
財報 highlight
| 期別 | Revenue | Gross profit | Operating income | EPS | 毛利率 | 營益率 | YoY | QoQ | Source |
|---|---|---|---|---|---|---|---|---|---|
| 2026Q2 | $11.54B | $0 | — | — | 0.0% | — | +50.10% | +12.51% | yahoo-finance2 |
| 2026Q1 | $10.25B | $0 | — | — | 0.0% | — | — | -0.17% | yahoo-finance2 |
| 2025Q4 | $10.27B | $0 | — | — | 0.0% | — | — | +11.08% |
法說 / IR events
競爭對手
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新聞 timeline
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