<p><strong>超微半导体</strong>(AMD 2.94%) (AMD) 受益于人工智能 (AI) 热潮，过去三年（截至 7 月 28 日）股价上涨了令人印象深刻的 94%。更令人印象深刻的是，它在图形处理单元 (GPU) 领域几乎扮演了 <strong>英伟达</strong>(NVDA -0.15%) 的小弟，而 GPU 是数据中心的关键组成部分，使得 AI 成为可能。</p>
<p>在 8 月 5 日，AMD 将公布其财政第二季度的财报，许多人预计这将是一个稳健的业绩。如果收入达到公司预估的约 74 亿美元，那么业务将同比增长 35%。这可不算差。</p>
<p>这种预期的盈利增长让许多投资者在思考是否应该在 8 月 5 日之前购买该股票，以利用潜在的价格上涨。然而，历史表明，这可能不是最佳的思考方式。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MjY1OTUvYW1kX2FkdmFuY2VkX21pY3JvX2RldmljZXNfaW5jXzIwMjUtMDctMjQtMS5wbmcmdz03MDA?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" width="700" height="525" original-src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MjY1OTUvYW1kX2FkdmFuY2VkX21pY3JvX2RldmljZXNfaW5jXzIwMjUtMDctMjQtMS5wbmcmdz03MDA"/></p>
<h2>超过盈利预期并不等于股价立即上涨</h2>
<p>AMD 对于超过盈利预期并不陌生。在过去的 10 个季度中，它的每股收益 (EPS) 预期都达到了或超过了预期，但其股价在此后的表现并没有一致性。这表明投资者在决定如何评估股票时考虑的不仅仅是盈利。</p>
<p>根据盈利预测来预期股票价格的走势往往是适得其反的，因为股市并不理性。如果你相信公司长期发展，采用定投的方式来帮助抵消一些不可避免的波动将是更好的选择。</p>
<h2>为 AMD 的股票支付溢价的准备</h2>
<p>无论你是在 8 月 5 日的财报之前还是之后购买 AMD 的股票，都应该准备为该公司支付溢价。它的前瞻市盈率超过 43 倍，高于该领域的领导者英伟达。</p>
<p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/46d38f6d594df79e8b2716c3cd5492cf.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" width="720" height="456" original-src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/46d38f6d594df79e8b2716c3cd5492cf.png"/></p>
<p>AMD PE Ratio (Forward) 数据来源于 YCharts。</p>
<p>AMD 的溢价价格本身并不是问题，但与英伟达相比，这使得其估值更难以合理化，后者的收入增长速度要快得多。虽然以 40 倍的前瞻市盈率交易也很昂贵，但英伟达在上个季度的收入同比增长了 69%，并且是行业领导者。</p>
<p>虽然投资 AMD 的最终决定不应围绕英伟达，但这确实有助于将股票的估值放在一个更清晰的视角中。在任何情况下，都要以长期的心态看待这只股票，不要根据你对财报后股票表现的_预期_进行投资。</p>

AMDL

<p>先进微电子公司（AMD）在过去三年中股价上涨了 94%，这主要得益于人工智能的繁荣。预计在 8 月 5 日的财报中，收益将表现稳健，因此投资者正在考虑在报告发布前进行买入。然而，历史数据显示，超出收益预期并不保证股价会立即上涨。AMD 的股票交易价格超过其未来收益的 43 倍，这使其比营收增长更快的英伟达（Nvidia）更为昂贵。建议投资者采取长期投资策略，并考虑采用定投方式来管理波动性</p>

<p><strong>Advanced Micro Devices</strong>(AMD 2.94%) (AMD) has been a beneficiary of the artificial intelligence (AI) boom, with the stock up an impressive 94% in the past three years (as of July 28). What's even more impressive is that it has been able to do so while playing little brother to <strong>Nvidia</strong>(NVDA -0.15%) in the graphics processing unit (GPU) space, a key component of data centers that makes AI possible.</p>
<div class="lb-trans"><p><strong>超微半导体</strong>(AMD 2.94%) (AMD) 受益于人工智能 (AI) 热潮，过去三年（截至 7 月 28 日）股价上涨了令人印象深刻的 94%。更令人印象深刻的是，它在图形处理单元 (GPU) 领域几乎扮演了 <strong>英伟达</strong>(NVDA -0.15%) 的小弟，而 GPU 是数据中心的关键组成部分，使得 AI 成为可能。</p>
</div><p>On Aug. 5, AMD is set to report its fiscal second-quarter earnings, which many anticipate being solid. If revenue comes in around $7.4 billion, like the company estimates, it would've grown business by 35% year over year. Not too shabby at all.</p>
<div class="lb-trans"><p>在 8 月 5 日，AMD 将公布其财政第二季度的财报，许多人预计这将是一个稳健的业绩。如果收入达到公司预估的约 74 亿美元，那么业务将同比增长 35%。这可不算差。</p>
</div><p>This anticipated earnings growth has many investors wondering whether they should buy the stock before Aug. 5 to take advantage of a potential price boost. However, history says that might not be the best thought process.</p>
<div class="lb-trans"><p>这种预期的盈利增长让许多投资者在思考是否应该在 8 月 5 日之前购买该股票，以利用潜在的价格上涨。然而，历史表明，这可能不是最佳的思考方式。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MjY1OTUvYW1kX2FkdmFuY2VkX21pY3JvX2RldmljZXNfaW5jXzIwMjUtMDctMjQtMS5wbmcmdz03MDA" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F826595%2Famd_advanced_micro_devices_inc_2025-07-24-1.png&amp;op=resize&amp;w=700"/></p>
<h2>Beating earnings expectations doesn't equal immediate stock price growth</h2>
<div class="lb-trans"><h2>超过盈利预期并不等于股价立即上涨</h2>
</div><p>AMD is no stranger to beating earnings estimates. In its past 10 quarters, it has met or beaten earnings-per-share (EPS) estimates, yet there's been no consistency in how its stock price performs immediately after. This shows investors are considering more than just earnings when deciding how to value the stock.</p>
<div class="lb-trans"><p>AMD 对于超过盈利预期并不陌生。在过去的 10 个季度中，它的每股收益 (EPS) 预期都达到了或超过了预期，但其股价在此后的表现并没有一致性。这表明投资者在决定如何评估股票时考虑的不仅仅是盈利。</p>
</div><p>Anticipating how a stock's price will move based on earnings can often be counterproductive because the stock market doesn't behave rationally. A much better approach, if you believe in the company long-term, would be dollar-cost averaging to help offset some of the inevitable volatility.</p>
<div class="lb-trans"><p>根据盈利预测来预期股票价格的走势往往是适得其反的，因为股市并不理性。如果你相信公司长期发展，采用定投的方式来帮助抵消一些不可避免的波动将是更好的选择。</p>
</div><h2>Be prepared to pay a premium for AMD's stock</h2>
<div class="lb-trans"><h2>为 AMD 的股票支付溢价的准备</h2>
</div><p>Whether you buy AMD shares before or after its Aug. 5 earnings, you should be prepared to pay a premium for the company. It's trading at over 43 times its forward earnings, which is higher than Nvidia, the leader in the space.</p>
<div class="lb-trans"><p>无论你是在 8 月 5 日的财报之前还是之后购买 AMD 的股票，都应该准备为该公司支付溢价。它的前瞻市盈率超过 43 倍，高于该领域的领导者英伟达。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/46d38f6d594df79e8b2716c3cd5492cf.png" alt="" original-src="https://media.ycharts.com/charts/46d38f6d594df79e8b2716c3cd5492cf.png"/></p>
<p>AMD PE Ratio (Forward) data by YCharts.</p>
<div class="lb-trans"><p>AMD PE Ratio (Forward) 数据来源于 YCharts。</p>
</div><p>AMD's premium price isn't inherently a problem, but it makes it a lot harder to justify compared to Nvidia, which is growing revenue at a much faster pace. Trading at 40 times forward earnings is also expensive, but Nvidia's revenue in its last quarter increased 69% year over year, and it's the industry leader.</p>
<div class="lb-trans"><p>AMD 的溢价价格本身并不是问题，但与英伟达相比，这使得其估值更难以合理化，后者的收入增长速度要快得多。虽然以 40 倍的前瞻市盈率交易也很昂贵，但英伟达在上个季度的收入同比增长了 69%，并且是行业领导者。</p>
</div><p>While the ultimate decision to invest in AMD shouldn't revolve around Nvidia, it does help put the stock's valuation into perspective. In either case, approach the stock with a long-term mindset, and don't invest based on what you <em>anticipate</em> the stock will do post-earnings.</p>
<div class="lb-trans"><p>虽然投资 AMD 的最终决定不应围绕英伟达，但这确实有助于将股票的估值放在一个更清晰的视角中。在任何情况下，都要以长期的心态看待这只股票，不要根据你对财报后股票表现的_预期_进行投资。</p>
</div>

Should You Buy Advanced Micro Devices (AMD) Stock Before Aug. 5? Here's What History Says.

- AMD 股票在过去三年上涨 94%，受益于人工智能热潮。  
- 预计 8 月 5 日财报将显示 35% 的年增长，吸引投资者关注。  
- 投资者应以长期视角看待 AMD，避免仅基于财报预期做决策。

你是否应该在 8 月 5 日之前购买 AMD 的股票？历史数据告诉我们什么