AMD's Success in Cloud Expansion - This Analyst Sees Potential for Market Leadership
AMD's Success in Cloud Expansion - This Analyst Sees Potential for Market Leadership
Genoa instance growth remained strong (+19% M/M), led by KeyBanc analyst John Vinh maintained an Overweight rating on $Advanced Micro Devices (AMD.US)$, with a price target of $270.
KeyBanc分析师约翰·荣维持增持评级 $美国超微公司 (AMD.US)$，目标股价为270美元。
The analyst said AMD grew modestly in February, as Genoa's growth remained strong.
该分析师表示，由于热那亚的增长仍然强劲，AMD在2月份略有增长。
AMD processor instances were +1% month-on-month (M/M), +24% Y/Y, compared with January (+1% M/M,+35% Y/Y).
与1月份（环比增长1％，同比增长35％）相比，AMD处理器实例环比（M/M）增长1％，同比增长24％。
Genoa instance growth remained strong (+19% M/M), led by $Amazon (AMZN.US)$ AWS, after growing +13% M/M in January. Rome was +1% M/M,+14% Y/Y.
热那亚的实例增长仍然强劲（环比增长19％），其中 $亚马逊 (AMZN.US)$ AWS，在1月份环比增长了13％之后。罗马环比上涨1％，同比增长14％。
AMD's price target is $270, based on 30x Vinh's 2025 EPS estimate of $9.05. AMD is trading at 21x Vinh's 2025 EPS estimate and 38x the 2025 consensus EPS estimate compared to its peers, trading at an average consensus 2025E P/E multiple of 34x.
根据Vinh对2025年每股收益9.05美元的30倍估计，AMD的目标股价为270美元。与同行相比，AMD的交易价格是Vinh2025年每股收益估计值的21倍，是2025年共识每股收益估计值的38倍，2025年的平均共识市盈倍数为34倍。
Vinh's February results showed a continued decline in traditional server demand and China, as cloud instances saw a slight decrease of 1% M/M, a downturn from January's 1% growth M/M.
Vinh的2月份业绩显示，传统服务器需求和中国持续下降，云实例环比略有下降1％，低于1月份的1％的环比增长。
This overall decline was marked by $Alibaba (BABA.US)$ significant 11% reduction in M/M, underscoring the weakness in China's cloud sector.
总体下降的标志是 $阿里巴巴 (BABA.US)$ M/M大幅下降了11％，凸显了中国云行业的疲软。
On a company basis, $NVIDIA (NVDA.US)$ and $Arm Holdings (ARM.US)$ remained stable M/M, and $Intel (INTC.US)$ experienced a 1% decline M/M.
在公司基础上， $英伟达 (NVDA.US)$ 和 $Arm Holdings (ARM.US)$ M/M 保持稳定，并且 $英特尔 (INTC.US)$ 环比下降了1％。
In contrast, Intel's Sapphire Rapids instances slowed to 2% M/M growth following a significant 50% M/M surge in January.
相比之下，英特尔的Sapphire Rapids实例在1月份环比大幅增长50％之后，放缓至2％的月率增长。
Nvidia's GPU growth remained stagnant M/M, mirroring its January performance, with U.S. cloud service providers (CSPs) allocating capital expenditure towards internal generative AI workloads.
Nvidia的GPU增长仍然停滞不前，反映了其1月份的表现，美国云服务提供商（CSP）将资本支出分配给内部生成式人工智能工作负载。
ARM's server growth was flat m/m versus a slight 1% M/M increase in January.
ARM的服务器环比增长持平，而1月份的月度略有增长1％。
Based on the latest cloud tracker data, these findings suggest a moderately positive outlook for AMD and a neutral impact on ARM, Intel, and Nvidia.
根据最新的云跟踪数据，这些发现表明，AMD的前景略为乐观，对ARM、英特尔和英伟达的影响为中性。
Investors can gain exposure to AMD via $AOT GROWTH AND INNOVATION ETF (AOTG.US)$ and $INVESCO PHLX SEMICONDUCTOR ETF (SOXQ.US)$.
投资者可以通过以下方式获得 AMD 的投资机会 $AOT GROWTH AND INNOVATION ETF (AOTG.US)$ 和 $INVESCO PHLX SEMICONDUCTOR ETF (SOXQ.US)$。
