AMD報告的收入超過了預期的收入，顯示了其AI芯片業務的實力

AMD報導了周二的第一季度收益超過預期的，這表明其AI芯片業務的實力。儘管出口管制受到了監管挑戰，該公司仍繼續表現良好。

AMD reported better-than-expected first-quarter earnings on Tuesday, highlighting the strength of its AI chip business and ability to perform well despite regulatory challenges from export controls.

AMD報告了周二的第一季度收益超過預期的，儘管出口控制措施受到監管挑戰，但其AI芯片業務的實力和表現良好的能力。

The chip maker turned in adjusted earnings per share of $0.96 on revenue of $7.4 billion. Analysts polled by had projected EPS of $0.94 on revenue of $7.1 billion.

芯片製造商的收入為74億美元，每股調整後的收入為0.96美元。預計收入為71億美元的分析師預計每股收益為0.94美元。

Compared to the same period last year, when AMD reported earnings per share of $0.78 on revenue of $5.4 billion, earnings more than doubled and revenue increased substantially.

與去年同期相比，AMD報告的每股收益為0.78美元，收入為54億美元，收入增加了一倍多，收入大幅增長。

AMD’s Data Center segment was a star performer, with revenue in this division surging by 57% to $3.7 billion compared to the prior year. This segment includes AMD’s high-performance CPUs and GPUs, which are used in servers and other data center equipment.

AMD的數據中心細分市場是明星表演者，與上一年相比，該部門的收入飆升了57％，至37億美元。該細分市場包括AMD的高性能CPU和GPU，這些CPU和GPU用於服務器和其他數據中心設備。

“Despite the dynamic macro and regulatory environment, our first-quarter results and second-quarter outlook highlight the strength of our differentiated product portfolio, and we are executing well on our roadmap to deliver leadership products in 2024,” AMD CEO Lisa Su said in the release.

AMD首席執行官麗莎·蘇（Lisa Su）在新聞稿中說：“儘管有充滿活力的宏觀和監管環境，但我們的第一季度結果和第二季度的前景強調了我們差異化產品組合的實力，並且我們在2024年的路線圖上表現良好。”

Export Control Challenges

出口控制挑戰

The strong results come despite significant headwinds from government regulations. During the earnings call, AMD’s CFO stated that export controls would reduce the company’s revenue by $1.5 billion this year.

儘管政府法規受到嚴重的逆風，但取得了很大的成果。在收入電話會議期間，AMD的首席財務官表示，今年的出口控制將使公司的收入減少15億美元。

These challenges stem from the Trump administration’s tighter restrictions on AI chips destined for China. The rules effectively cut off AMD’s ability to ship its MI308 AI processor to the region.

這些挑戰源於特朗普政府對注定中國的AI芯片的嚴格限制。該規則有效地切斷了AMD將其MI308 AI處理器運送到該地區的能力。

In April, AMD disclosed it would take a charge of up to $800 million related to inventory and purchase commitments affected by these export control license restrictions.

AMD在4月份透露的，將收取高達8億美元與庫存相關的8億美元，併購買受這些出口控制許可限制的承諾。

Despite these obstacles, AMD remains optimistic about offsetting the regulatory impact through its product differentiation.

儘管存在這些障礙，AMD仍然對通過其產品差異化抵消監管影響仍然樂觀。

“We are focused on mitigating the impact of export controls, leveraging our broad product portfolio and technology to provide optimal solutions for customers in each region,” Su added.

Su補充說：“我們專注於減輕出口控制的影響，利用我們的廣泛產品組合和技術為每個地區的客戶提供最佳解決方案。”

Stock Response and Key Averages

股票響應和鑰匙平均值

The stock’s initial response to the earnings was strongly positive, with AMD shares rising as much as 7% in late trading following the release.

該股票對收益的最初反應非常肯定，在發布後，AMD股票在後期股票上漲了7％。

However, the stock pared some gains during the conference call when executives elaborated on the export control implications. Premarket trading on Wednesday showed the stock up 2.7%.

但是，當高管對出口控制含義詳細闡述時，該股票在電話會議期間取得了一些收益。週三的前市場交易顯示該股票上漲了2.7％。

For the second quarter, AMD provided a revenue outlook ranging from $7.1 billion to $7.7 billion, with the midpoint of $7.4 billion exceeding analyst expectations of $7.2 billion.

在第二季度，AMD提供了從71億美元到77億美元的收入前景，中點為74億美元，超過了分析師期望為72億美元。

Its Client segment, which encompasses laptop and desktop chips, generated revenue of $2.3 billion, surpassing analyst projections of $2 billion. This figure also marks a significant increase from $1.3 billion in Q1 last year.

它的客戶領域包括筆記本電腦和台式機芯片，產生了23億美元的收入，超過了20億美元的分析師預測。這個數字還標誌著去年第一季度的13億美元的大幅增長。

AMD’s gaming business brought in $647 million versus expectations of $540 million, although this segment faces challenges as console life cycles mature.

AMD的遊戲業務帶來了6.47億美元，而期望為5.4億美元，儘管該細分市場面臨著挑戰，因為遊戲機生命週期成熟。

Both Sony and Microsoft’s gaming consoles are entering the second half of their life cycles, typically leading to a decline in sales compared to launch periods.

索尼和微軟的遊戲機都進入了他們的下半年生命週期，通常會導致銷量下降，而與發布期相比。

Console manufacturers have also begun raising prices in response to tariffs. Microsoft announced a $100 price increase for its Xbox Series X, now priced at $599, while Sony has increased PlayStation prices in Europe.

控制台製造商還開始提高對關稅的價格。微軟宣布其Xbox Series X的價格上漲了100美元，現在價格為599美元，而索尼的PlayStation價格上漲了歐洲的價格。

AMD’s share performance this year reflects broader trends in the semiconductor sector. The stock is down about 18% year-to-date as of Tuesday’s close, compared with a 13% decline for the iShares Semiconductor ETF.

AMD今年的份額表現反映了半導體領域的更廣泛趨勢。截至週二結束時，該股票降低了約18％，而Ishares半導體ETF下降了13％。

The AI chip market has faced pressure in recent months amid concerns over the sector being overhyped. Additionally, developments like DeepSeek’s January announcement that it produced high-performance AI models using less than top-tier chips have raised questions about future demand.

由於對該部門的誇大，AI芯片市場近幾個月來面臨壓力。此外，諸如DeepSeek一月份宣布，它使用少於頂級芯片的高性能AI模型產生了有關未來需求的問題。

The company competes directly with Intel, which also recently reported better-than-expected earnings but provided lighter guidance for Q2. Nvidia, another major competitor, is scheduled to report earnings on May 28.

該公司直接與英特爾競爭，該公司最近也報告了超過預期的收入，但為第二季度提供了更輕鬆的指導。 NVIDIA是另一個主要競爭對手，計劃於5月28日報告收益。

PC manufacturers, which use AMD chips, are facing challenges from a 145% tariff on products made in China. While computers are currently exempt from Trump’s tariffs, the administration has indicated it might implement duties on semiconductors based on the Commerce Department’s investigation.

使用AMD芯片的PC製造商面臨著對中國生產產品的145％關稅的挑戰。儘管計算機目前免於特朗普的關稅，但政府表示，它可能會根據商務部的調查對半導體執行職責。

Despite these macroeconomic and regulatory challenges, AMD’s latest results highlight the company’s ability to execute effectively in a complex environment, positioning it well for continued growth throughout 2025.

儘管有這些宏觀經濟和監管挑戰，AMD的最新結果突顯了該公司在復雜的環境中有效執行的能力，可以很好地定位2025年的持續增長。