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
KeyBanc analyst John Vinh maintained an Overweight rating on $Advanced Micro Devices (AMD.US)$, with a price target of $270.
KeyBanc分析師約翰·榮維持增持評級 $美國超微公司 (AMD.US)$，目標股價爲270美元。
The analyst said AMD grew modestly in February, as Genoa's growth remained strong.
該分析師表示，由於熱那亞的增長仍然強勁，AMD在2月份略有增長。
AMD processor instances were +1% month-on-month (M/M), +24% Y/Y, compared with January (+1% M/M,+35% Y/Y).
與1月份（環比增長1％，同比增長35％）相比，AMD處理器實例環比（M/M）增長1％，同比增長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.
熱那亞的實例增長仍然強勁（環比增長19％），其中 $亞馬遜 (AMZN.US)$ AWS，在1月份環比增長了13％之後。羅馬環比上漲1％，同比增長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.
根據Vinh對2025年每股收益9.05美元的30倍估計，AMD的目標股價爲270美元。與同行相比，AMD的交易價格是Vinh2025年每股收益估計值的21倍，是2025年共識每股收益估計值的38倍，2025年的平均共識市盈倍數爲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月份業績顯示，傳統服務器需求和中國持續下降，雲實例環比略有下降1％，低於1月份的1％的環比增長。
This overall decline was marked by $Alibaba (BABA.US)$ significant 11% reduction in M/M, underscoring the weakness in China's cloud sector.
總體下降的標誌是 $阿里巴巴 (BABA.US)$ M/M大幅下降了11％，凸顯了中國雲行業的疲軟。
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.
在公司基礎上， $英偉達 (NVDA.US)$ 和 $Arm Holdings (ARM.US)$ M/M 保持穩定，並且 $英特爾 (INTC.US)$ 環比下降了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，英特爾的Sapphire Rapids實例在1月份環比大幅增長50％之後，放緩至2％的月率增長。
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增長仍然停滯不前，反映了其1月份的表現，美國雲服務提供商（CSP）將資本支出分配給內部生成式人工智能工作負載。
ARM's server growth was flat m/m versus a slight 1% M/M increase in January.
ARM的服務器環比增長持平，而1月份的月度略有增長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.
根據最新的雲跟蹤數據，這些發現表明，AMD的前景略爲樂觀，對ARM、英特爾和英偉達的影響爲中性。
Investors can gain exposure to AMD via $AOT GROWTH AND INNOVATION ETF (AOTG.US)$ and $INVESCO PHLX SEMICONDUCTOR ETF (SOXQ.US)$.
投資者可以通過以下方式獲得 AMD 的投資機會 $AOT GROWTH AND INNOVATION ETF (AOTG.US)$ 和 $INVESCO PHLX SEMICONDUCTOR ETF (SOXQ.US)$。