<p>谈到半导体行业，首先想到的名字可能就是 <strong>Nvidia</strong>。在过去两年里，投资者不断意识到 Nvidia 在高性能芯片组（即图形处理单元，GPU）领域的主导地位。</p>
<p>尽管 <strong>Advanced Micro Devices</strong>（AMD -2.12%）在 GPU 领域开始建立起相当的势头，但该公司在很大程度上仍然处于 Nvidia 的阴影之下。毫不奇怪，在人工智能（AI）革命期间，AMD 的股票并没有经历与 Nvidia 相同程度的热情。</p>
<p>然而，这种情况可能很快就会改变。让我们探讨一下投资者可能错过的 AMD 的重要公告，并评估为什么现在可能是购买该股票的绝佳机会。</p>
<h2>AMD 刚刚宣布了什么？</h2>
<p>在 5 月 14 日，AMD 宣布其董事会批准了一项 60 亿美元的股票回购计划。这是对 AMD 现有的 40 亿美元回购授权的补充，使总金额达到 100 亿美元。</p>
<p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/2ab97144844616bb6ca18f1618d4f842.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/2ab97144844616bb6ca18f1618d4f842.png"/></p>
<p>数据来源：YCharts。</p>
<p>在过去一年中，AMD 的股票大约下跌了 30%，在此期间，可以看到该公司正在加大回购活动。我将解释这些动态为何重要。</p>
<h2>为什么 AMD 的股票回购很重要？</h2>
<p>AMD 的财务状况乍一看可能难以解读。在第一季度，AMD 的收入为 74 亿美元，同比增长 36%。虽然这看起来不错，但这里还有更多值得关注的内容。</p>
<p>AMD 在其游戏和嵌入式业务部门的增长速度已经放缓了一段时间，第一季度也不例外。然而，来自公司数据中心和客户端部门的增长足以弥补其他业务单位的不足。</p>
<p>数据中心业务目前占 AMD 总收入的约一半，并且其运营利润率高于客户端和游戏部门。尽管这些趋势令人鼓舞，但 AMD 的股价走势表明，投资者要么缺乏灵感，要么对 AMD 与 Nvidia 的竞争能力表示怀疑。</p>
<p>尽管 Nvidia 在数据中心 GPU 方面具有先发优势，但 AMD 的创新步伐不容忽视。在过去一年中，AMD 成功吸引了包括 <strong>Oracle</strong>、<strong>Microsoft</strong> 和 <strong>Meta Platforms</strong> 在内的一些现有 Nvidia 客户，这些客户都开始采用 AMD 的 MI300 加速器。</p>
<p>我认为 AMD 持续的股票回购和新的 60 亿美元回购计划表明，管理层认为投资者对其 AI 芯片业务的认可度不高。同时，AMD 这一业务部门仍处于早期阶段，尚未实现规模化。因此，管理层认为 AMD 的股票被低估，因此公司一直在回购股票。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MTg3MjkvZ2V0dHlpbWFnZXMtMTQ5MjMxOTg4NC03LmpwZyZ3PTcwMA?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MTg3MjkvZ2V0dHlpbWFnZXMtMTQ5MjMxOTg4NC03LmpwZyZ3PTcwMA"/></p>
<p>图片来源：Getty Images。</p>
<h2>现在 AMD 的股票值得购买吗？</h2>
<p>尽管 AMD 的前瞻市盈率（P/E）倍数看起来并不便宜，但下行趋势表明明显的估值压缩，难以忽视。</p>
<p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/a0c708fd9d324d223316cadcd4074406.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/a0c708fd9d324d223316cadcd4074406.png"/></p>
<p>数据来源：YCharts。</p>
<p>新的回购授权时机至关重要。AMD 计划在今年晚些时候推出一系列新的 GPU 架构。公司现在决定增加回购，可能也表明管理层对这一新产品发布的长期需求前景充满信心，使得当前价格水平的股票具有良好的价值。</p>
<p>随着后续芯片架构的不断发布，AMD 吸引更多客户，数据中心业务应继续扩大其作为公司销售和利润最大贡献者的领先地位。</p>
<p>AMD 的股票距离历史最高点下跌近 50%，具有长期投资视野的投资者应在股票仍以合理价格交易时买入。管理层似乎对公司的增长前景充满信心。</p>

<p>AMD 宣布了一项 60 亿美元的股票回购计划，增加了其现有的 40 亿美元回购，总计达到 100 亿美元。尽管过去一年股价下跌了 30%，但 AMD 的收入同比增长了 36%，达到了 74 亿美元，这主要得益于其数据中心业务。此次回购表明管理层认为 AMD 的股票被低估，尤其是在公司准备推出新的 GPU 架构之际。由于 AMD 的股价较峰值下跌近 50%，这可能是长期投资者入场的好时机</p>

<p>When it comes to the semiconductor industry, chances are the top name that comes to mind is <strong>Nvidia</strong>. For the last two years, investors have been consistently reminded of just how dominant Nvidia's presence is in the world of high-performance chipsets, known as graphics processing units (GPUs).</p>
<div class="lb-trans"><p>谈到半导体行业，首先想到的名字可能就是 <strong>Nvidia</strong>。在过去两年里，投资者不断意识到 Nvidia 在高性能芯片组（即图形处理单元，GPU）领域的主导地位。</p>
</div><p>While <strong>Advanced Micro Devices</strong>(AMD -2.12%) has started to build respectable momentum in the GPU world, the company largely remains in Nvidia's shadow. Unsurprisingly, AMD stock hasn't experienced anywhere near the same level of enthusiasm compared to Nvidia during the artificial intelligence (AI) revolution.</p>
<div class="lb-trans"><p>尽管 <strong>Advanced Micro Devices</strong>（AMD -2.12%）在 GPU 领域开始建立起相当的势头，但该公司在很大程度上仍然处于 Nvidia 的阴影之下。毫不奇怪，在人工智能（AI）革命期间，AMD 的股票并没有经历与 Nvidia 相同程度的热情。</p>
</div><p>That might change sooner rather than later, however. Let's explore an important announcement investors may have missed from AMD, and assess why now could be a great opportunity to buy the stock.</p>
<div class="lb-trans"><p>然而，这种情况可能很快就会改变。让我们探讨一下投资者可能错过的 AMD 的重要公告，并评估为什么现在可能是购买该股票的绝佳机会。</p>
</div><h2>What did AMD just announce?</h2>
<div class="lb-trans"><h2>AMD 刚刚宣布了什么？</h2>
</div><p>On May 14, AMD announced that its board of directors approved a $6 billion share repurchase program. This is in addition to AMD's existing $4 billion buyback authorization, bringing the total amount to $10 billion.</p>
<div class="lb-trans"><p>在 5 月 14 日，AMD 宣布其董事会批准了一项 60 亿美元的股票回购计划。这是对 AMD 现有的 40 亿美元回购授权的补充，使总金额达到 100 亿美元。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/2ab97144844616bb6ca18f1618d4f842.png" alt="" original-src="https://media.ycharts.com/charts/2ab97144844616bb6ca18f1618d4f842.png"/></p>
<p>Data by YCharts.</p>
<div class="lb-trans"><p>数据来源：YCharts。</p>
</div><p>Over the last year, AMD stock has fallen roughly 30%, and in that time, you can see the company has been ramping up its buyback activity. I'll explain why these dynamics are important.</p>
<div class="lb-trans"><p>在过去一年中，AMD 的股票大约下跌了 30%，在此期间，可以看到该公司正在加大回购活动。我将解释这些动态为何重要。</p>
</div><h2>Why is AMD's stock buyback important?</h2>
<div class="lb-trans"><h2>为什么 AMD 的股票回购很重要？</h2>
</div><p>AMD's financial profile can be hard to decipher at first glance. During the first quarter, AMD generated $7.4 billion in revenue -- up 36% year over year. While that looks solid, there's more than meets the eye here.</p>
<div class="lb-trans"><p>AMD 的财务状况乍一看可能难以解读。在第一季度，AMD 的收入为 74 亿美元，同比增长 36%。虽然这看起来不错，但这里还有更多值得关注的内容。</p>
</div><p>AMD has been experiencing deceleration across its gaming and embedded segments for quite a while now, and Q1 was no exception. Nevertheless, growth from the company's data center and client segments contributed enough to make up for the other business units.</p>
<div class="lb-trans"><p>AMD 在其游戏和嵌入式业务部门的增长速度已经放缓了一段时间，第一季度也不例外。然而，来自公司数据中心和客户端部门的增长足以弥补其他业务单位的不足。</p>
</div><p>The data center business currently makes up about half of AMD's total revenue while boasting a higher operating margin than the client and gaming segment. While these trends are encouraging, AMD's share price action suggests that investors are either uninspired or have their doubts over AMD's ability to compete with Nvidia.</p>
<div class="lb-trans"><p>数据中心业务目前占 AMD 总收入的约一半，并且其运营利润率高于客户端和游戏部门。尽管这些趋势令人鼓舞，但 AMD 的股价走势表明，投资者要么缺乏灵感，要么对 AMD 与 Nvidia 的竞争能力表示怀疑。</p>
</div><p>While Nvidia had a first-mover advantage when it comes to data center GPUs, AMD's pace of innovation should not be glossed over. Over the last year, AMD has managed to attract a number of existing Nvidia customers such as <strong>Oracle</strong>, <strong>Microsoft</strong>, and <strong>Meta Platforms</strong> -- each of whom have become adopters of AMD's MI300 accelerators.</p>
<div class="lb-trans"><p>尽管 Nvidia 在数据中心 GPU 方面具有先发优势，但 AMD 的创新步伐不容忽视。在过去一年中，AMD 成功吸引了包括 <strong>Oracle</strong>、<strong>Microsoft</strong> 和 <strong>Meta Platforms</strong> 在内的一些现有 Nvidia 客户，这些客户都开始采用 AMD 的 MI300 加速器。</p>
</div><p>I think AMD's ongoing buybacks and the new $6 billion repurchase program signal that management sees investors aren't giving the company much credit for its AI chip business. At the same time, this segment of AMD's business is still in its early stages and has yet to scale. For this reason, management sees AMD shares as undervalued -- hence, the company has been buying back stock.</p>
<div class="lb-trans"><p>我认为 AMD 持续的股票回购和新的 60 亿美元回购计划表明，管理层认为投资者对其 AI 芯片业务的认可度不高。同时，AMD 这一业务部门仍处于早期阶段，尚未实现规模化。因此，管理层认为 AMD 的股票被低估，因此公司一直在回购股票。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MTg3MjkvZ2V0dHlpbWFnZXMtMTQ5MjMxOTg4NC03LmpwZyZ3PTcwMA" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F818729%2Fgettyimages-1492319884-7.jpg&amp;op=resize&amp;w=700"/></p>
<p>Image source: Getty Images.</p>
<div class="lb-trans"><p>图片来源：Getty Images。</p>
</div><h2>Is AMD stock a buy right now?</h2>
<div class="lb-trans"><h2>现在 AMD 的股票值得购买吗？</h2>
</div><p>While AMD's forward price-to-earnings (P/E) multiple may not appear cheap, the downward trend signals clear valuation compression that's hard to overlook.</p>
<div class="lb-trans"><p>尽管 AMD 的前瞻市盈率（P/E）倍数看起来并不便宜，但下行趋势表明明显的估值压缩，难以忽视。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/a0c708fd9d324d223316cadcd4074406.png" alt="" original-src="https://media.ycharts.com/charts/a0c708fd9d324d223316cadcd4074406.png"/></p>
<p>Data by YCharts.</p>
<div class="lb-trans"><p>数据来源：YCharts。</p>
</div><p>The timing of the new repurchase authorization is key. AMD is scheduled to launch a line of new GPU architectures later this year. The company's decision to increase its buybacks now could also signal that management is confident in the long-run demand prospects of this new launch, making the stock a good value at current levels.</p>
<div class="lb-trans"><p>新的回购授权时机至关重要。AMD 计划在今年晚些时候推出一系列新的 GPU 架构。公司现在决定增加回购，可能也表明管理层对这一新产品发布的长期需求前景充满信心，使得当前价格水平的股票具有良好的价值。</p>
</div><p>As successor chip architectures continue to be released and AMD attracts more customers, the data center business should extend its lead as the biggest contributor of sales and profits for the company.</p>
<div class="lb-trans"><p>随着后续芯片架构的不断发布，AMD 吸引更多客户，数据中心业务应继续扩大其作为公司销售和利润最大贡献者的领先地位。</p>
</div><p>AMD stock is down nearly 50% from its all-time high, and investors with a long-run time horizon should scoop up shares, while they still trade at this reasonable price point. Management appears to have high conviction in the company's growth prospects.</p>
<div class="lb-trans"><p>AMD 的股票距离历史最高点下跌近 50%，具有长期投资视野的投资者应在股票仍以合理价格交易时买入。管理层似乎对公司的增长前景充满信心。</p>
</div>

6 Billion Reasons To Buy This Artificial Intelligence (AI) Semiconductor Stock Hand Over Fist (Hint: It's Not Nvidia)

- AMD 宣布 $6 亿股票回购计划，累计回购总额达 $100 亿。  
- 尽管股价下跌，AMD 第一季度营收增长 36%，数据中心业务表现强劲。  
- 新的 GPU 架构即将推出，管理层对长期需求持乐观态度。  

有 60 亿美元的理由让你大举买入这只人工智能（AI）半导体股票（提示：这不是英伟达）