#AMD超预期大涨，AI叙事延续？
People have been talking about an AI bubble for ages, and AMD just answered with its earnings: don’t rush to write it off.
AMD’s latest Q3 revenue was $13.4 billion, up 45% year over year; non-GAAP earnings per share came in at $2.09, up 74%. The real showstopper was the data center business, with revenue of $8.5 billion, up a whopping 97% year over year. Demand for Instinct GPUs and EPYC CPUs remains exceptionally strong. AMD’s stock rose about 3% after the earnings report.
I think the biggest takeaway from these numbers is that they once again prove:
Money is still flowing into AI—and NVIDIA isn’t the only one benefiting anymore.
More importantly, AMD expects Q4 revenue of around $17 billion, up about 66% year over year. If Helios, MI450, and Venice continue to ramp up, the AI computing-power race in 2027 could get even fiercer than it is now.
Of course, I’m not going to blindly claim that AI will keep going up forever.
AMD’s stock has more than doubled this year, and its valuation isn’t cheap. The market’s expectations for AI companies are getting increasingly extreme: “growth” alone isn’t enough—they have to keep beating expectations.
So the real thing to watch next is whether companies’ AI capital spending can continue turning into chip orders.
As long as data center growth stays close to doubling, the AI narrative isn’t ready to be dismissed.
We can debate whether it’s a bubble, but orders don’t play along.
#AI #英伟达 #StockMarket
People have been talking about an AI bubble for ages, and AMD just answered with its earnings: don’t rush to write it off.
AMD’s latest Q3 revenue was $13.4 billion, up 45% year over year; non-GAAP earnings per share came in at $2.09, up 74%. The real showstopper was the data center business, with revenue of $8.5 billion, up a whopping 97% year over year. Demand for Instinct GPUs and EPYC CPUs remains exceptionally strong. AMD’s stock rose about 3% after the earnings report.
I think the biggest takeaway from these numbers is that they once again prove:
Money is still flowing into AI—and NVIDIA isn’t the only one benefiting anymore.
More importantly, AMD expects Q4 revenue of around $17 billion, up about 66% year over year. If Helios, MI450, and Venice continue to ramp up, the AI computing-power race in 2027 could get even fiercer than it is now.
Of course, I’m not going to blindly claim that AI will keep going up forever.
AMD’s stock has more than doubled this year, and its valuation isn’t cheap. The market’s expectations for AI companies are getting increasingly extreme: “growth” alone isn’t enough—they have to keep beating expectations.
So the real thing to watch next is whether companies’ AI capital spending can continue turning into chip orders.
As long as data center growth stays close to doubling, the AI narrative isn’t ready to be dismissed.
We can debate whether it’s a bubble, but orders don’t play along.
#AI #英伟达 #StockMarket
