<p><strong>超微半导体</strong>(AMD -1.80%)，也称为 AMD，是 2025 年最热门的芯片股票之一，自年初以来上涨了 48%。它的表现超过了竞争对手 <strong>英伟达</strong>，后者在同一时间段内上涨了约 33%（截至 7 月 31 日）。</p>
<p>但在估值方面，AMD 远远落后于其主要竞争对手。尽管英伟达最近的估值突破了 4 万亿美元，AMD 甚至还未接近 1 万亿美元。考虑到较低的估值和未来仍有大量增长空间，AMD 加入万亿美元俱乐部只是时间问题吗？它能在 2030 年前达到这个目标吗？</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MjY3NDQvZnV0dXJpc3RpYy1pbWFnZS1zaG93aW5nLW1hbnktaWRlYXMtZ29pbmctdGhyb3VnaC1hLXBlcnNvbnMtbWluZC5qcGcmdz03MDA?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" width="700" height="393" original-src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MjY3NDQvZnV0dXJpc3RpYy1pbWFnZS1zaG93aW5nLW1hbnktaWRlYXMtZ29pbmctdGhyb3VnaC1hLXBlcnNvbnMtbWluZC5qcGcmdz03MDA"/></p>
<p>图片来源：Getty Images。</p>
<h2>AMD 可能正处于巨大发展的边缘</h2>
<p>该公司可能大幅提升价值的原因之一——不仅仅是今年，而是未来——是其增长终于开始加速。曾几何时，这家芯片制造商似乎在与英伟达的竞争中落后太多，无法说服投资者它在人工智能（AI）芯片市场中是一个严肃的参与者。但随着新 AI 芯片的推出和销售开始起飞，它正在赢得更多寻求增长的投资者。</p>
<p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/f2c1bc3a3417679c1359d89352a6cb62.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" width="720" height="441" original-src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/f2c1bc3a3417679c1359d89352a6cb62.png"/></p>
<p>AMD 营业收入（季度同比增长），数据来源于 YCharts；同比 = 年同比。</p>
<p>该公司的新 MI400 芯片甚至得到了 OpenAI 首席执行官萨姆·阿尔特曼的认可，他对其规格印象深刻，并计划使用这些芯片。</p>
<p>AMD 首席执行官苏姿丰认为公司有很大的发展空间，她指出其数据中心 AI 业务去年产生了 50 亿美元的销售额，并且在未来几年将增长到 “数百亿美元的年收入”。如果这个预测最终正确，毫无疑问 AMD 的价值将大幅上升。</p>
<h2>AMD 能否四倍增值？</h2>
<p>目前其市值约为 2800 亿美元。要达到 1 万亿美元，它需要几乎四倍于现在的价值。这对公司来说是个大挑战，尤其是考虑到其市盈率高达 131 倍。但仍然可以提出一个乐观的理由，说明为什么它能够如此上涨，尽管这看起来是一项艰巨的任务。</p>
<p>首先，随着其 AI 业务的扩展，底线应该会改善。事实上，尽管股票乍一看可能显得昂贵，但其市盈率与增长比（PEG）仅为 0.8。PEG 基于分析师对未来增长的预测，1 的倍数表示良好的购买，而低于 1 则表明便宜，而 AMD 看起来就是便宜的。</p>
<p>其次，尽管由于 AI 热潮，英伟达在过去五年中飙升了 1600%，但 AMD 的股票以令人印象深刻但相对温和的 130% 上涨。我并不是说它应该与英伟达一样表现良好，但投资者似乎在某种程度上忽视了它。</p>
<p>随着客户可能转向更便宜的 AMD AI 芯片（而且其增长率保持高位），它在未来可能成为更好的芯片股票。今年它的表现超过了英伟达，这可能是长期趋势的开始。</p>
<p>很多仍然取决于其新 AI 芯片的成功，但我可以看到它达到 1 万亿美元估值的路径。如果公司的销售确实如苏和分析师所预期的那样起飞，那么股票上涨的空间将会很大。我确实认为 AMD 会加入万亿美元俱乐部；只是时间问题。如果 AI 芯片的需求保持强劲，我认为在未来五年内实现这一目标并不不合理。</p>
<h2>这只股票是个明智的选择吗？</h2>
<p>这只股票看起来正处于强劲的上升轨道，我确实认为在这个阶段它是个明智的购买。公司的业绩改善与管理层的炒作和阿尔特曼的兴奋相一致。近年来，这只股票在很大程度上被忽视，至少与英伟达相比，现在可能终于是 AMD 大放异彩的时候。</p>
<p>即使在未来五年内未能达到 1 万亿美元，这仍然看起来是一个绝佳的成长股票，现在购买也很不错。</p>

AMDL

<p>先进微电子公司（AMD）在 2025 年股价上涨了 48%，超过了英伟达（Nvidia）33% 的增幅。尽管英伟达的市值达到 4 万亿美元，AMD 的市值约为 2800 亿美元。AMD 的增长正在加速，特别是在人工智能芯片市场，首席执行官苏姿丰（Lisa Su）预计将实现显著的收入增长。分析师建议，AMD 到 2030 年可能达到 1 万亿美元的市值，这得益于其人工智能业务和具有竞争力的定价。该股票被认为是强烈买入，未来几年有潜在的显著增长</p>

<p><strong>Advanced Micro Devices</strong>(AMD -1.80%), also known as AMD, has been one of the hottest chip stocks in 2025, rising by 48% since the start of the year. It has been outperforming rival <strong>Nvidia</strong>, which is up around 33% over the same time frame (as of July 31).</p>
<div class="lb-trans"><p><strong>超微半导体</strong>(AMD -1.80%)，也称为 AMD，是 2025 年最热门的芯片股票之一，自年初以来上涨了 48%。它的表现超过了竞争对手 <strong>英伟达</strong>，后者在同一时间段内上涨了约 33%（截至 7 月 31 日）。</p>
</div><p>But in terms of valuation, AMD is well behind its key rival. While Nvidia recently topped the $4 trillion mark in valuation, AMD isn't even near $1 trillion. With a lower valuation and still a lot of growth on the horizon, is it only a matter of time before it joins the trillion-dollar club? And can it get there by 2030?</p>
<div class="lb-trans"><p>但在估值方面，AMD 远远落后于其主要竞争对手。尽管英伟达最近的估值突破了 4 万亿美元，AMD 甚至还未接近 1 万亿美元。考虑到较低的估值和未来仍有大量增长空间，AMD 加入万亿美元俱乐部只是时间问题吗？它能在 2030 年前达到这个目标吗？</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MjY3NDQvZnV0dXJpc3RpYy1pbWFnZS1zaG93aW5nLW1hbnktaWRlYXMtZ29pbmctdGhyb3VnaC1hLXBlcnNvbnMtbWluZC5qcGcmdz03MDA" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F826744%2Ffuturistic-image-showing-many-ideas-going-through-a-persons-mind.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>AMD may be on the cusp of some tremendous growth</h2>
<div class="lb-trans"><h2>AMD 可能正处于巨大发展的边缘</h2>
</div><p>One of the reasons the company may be due to climb in value significantly -- not just this year but in the future -- is that its growth is finally starting to accelerate. For a while, it looked as though the chipmaker was falling too far behind Nvidia to convince investors that it's a serious player in the artificial intelligence (AI) chip market. But with the launch of new AI chips and sales starting to take off, it's winning over more growth seekers in the process.</p>
<div class="lb-trans"><p>该公司可能大幅提升价值的原因之一——不仅仅是今年，而是未来——是其增长终于开始加速。曾几何时，这家芯片制造商似乎在与英伟达的竞争中落后太多，无法说服投资者它在人工智能（AI）芯片市场中是一个严肃的参与者。但随着新 AI 芯片的推出和销售开始起飞，它正在赢得更多寻求增长的投资者。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/f2c1bc3a3417679c1359d89352a6cb62.png" alt="" original-src="https://media.ycharts.com/charts/f2c1bc3a3417679c1359d89352a6cb62.png"/></p>
<p>AMD Operating Revenue (Quarterly YoY Growth), data by YCharts; YoY = year over year.</p>
<div class="lb-trans"><p>AMD 营业收入（季度同比增长），数据来源于 YCharts；同比 = 年同比。</p>
</div><p>The company's new MI400 chips even have the endorsement of OpenAI CEO Sam Altman, who is impressed with their specifications and plans to use the chips.</p>
<div class="lb-trans"><p>该公司的新 MI400 芯片甚至得到了 OpenAI 首席执行官萨姆·阿尔特曼的认可，他对其规格印象深刻，并计划使用这些芯片。</p>
</div><p>AMD's CEO Lisa Su sees a lot of room for the company to take off, noting that its data center AI business generated $5 billion in sales last year and that in the coming years, it will grow to &#34;tens of billions of dollars of annual revenue.&#34; If that forecast ends up being correct, there's no doubt that AMD's value will rise sharply.</p>
<div class="lb-trans"><p>AMD 首席执行官苏姿丰认为公司有很大的发展空间，她指出其数据中心 AI 业务去年产生了 50 亿美元的销售额，并且在未来几年将增长到 “数百亿美元的年收入”。如果这个预测最终正确，毫无疑问 AMD 的价值将大幅上升。</p>
</div><h2>Can AMD quadruple in value?</h2>
<div class="lb-trans"><h2>AMD 能否四倍增值？</h2>
</div><p>Its market cap currently sits at around $280 billion. For it to reach $1 trillion, it would need to nearly quadruple in value from where it is today. That's a big ask for the business, especially given that it trades at an astounding 131 times its trailing earnings. But there's a bullish case to be made for why it can rally that much, despite it looking like a tall task.</p>
<div class="lb-trans"><p>目前其市值约为 2800 亿美元。要达到 1 万亿美元，它需要几乎四倍于现在的价值。这对公司来说是个大挑战，尤其是考虑到其市盈率高达 131 倍。但仍然可以提出一个乐观的理由，说明为什么它能够如此上涨，尽管这看起来是一项艰巨的任务。</p>
</div><p>First, as it scales up its AI business, the bottom line should improve. In fact, while the stock may look expensive at first glance, it's trading at a price/earnings-to-growth multiple (PEG) of only 0.8. PEG is based on analyst projections of future growth, and a multiple of 1 indicates a good buy, and anything less than that suggests it's cheap, which AMD looks to be.</p>
<div class="lb-trans"><p>首先，随着其 AI 业务的扩展，底线应该会改善。事实上，尽管股票乍一看可能显得昂贵，但其市盈率与增长比（PEG）仅为 0.8。PEG 基于分析师对未来增长的预测，1 的倍数表示良好的购买，而低于 1 则表明便宜，而 AMD 看起来就是便宜的。</p>
</div><p>Second, while Nvidia has soared by 1,600% in the past five years due to the AI hype, AMD's stock has risen at an impressive but far more modest rate of 130%. I'm not suggesting it should have been doing as well as Nvidia, but investors appear to have been overlooking it, at least to some extent.</p>
<div class="lb-trans"><p>其次，尽管由于 AI 热潮，英伟达在过去五年中飙升了 1600%，但 AMD 的股票以令人印象深刻但相对温和的 130% 上涨。我并不是说它应该与英伟达一样表现良好，但投资者似乎在某种程度上忽视了它。</p>
</div><p>As customers potentially pivot to cheaper AI chips from AMD (and its growth rate remains high), it could conceivably be the better chip stock from here on out. It's outperforming Nvidia this year, and this could be the beginning of a longer-term trend.</p>
<div class="lb-trans"><p>随着客户可能转向更便宜的 AMD AI 芯片（而且其增长率保持高位），它在未来可能成为更好的芯片股票。今年它的表现超过了英伟达，这可能是长期趋势的开始。</p>
</div><p>A lot still depends on the success of its new AI chips, but I can see a path for it to hit a $1 trillion valuation. If the company's sales do indeed take off, as Su and analysts expect them to, then there could be a lot of room for the stock to run higher. I do think AMD will join the trillion-dollar club; it's just a matter of when. If AI chip demand remains strong, I don't think it's unreasonable for it to happen within the next five years.</p>
<div class="lb-trans"><p>很多仍然取决于其新 AI 芯片的成功，但我可以看到它达到 1 万亿美元估值的路径。如果公司的销售确实如苏和分析师所预期的那样起飞，那么股票上涨的空间将会很大。我确实认为 AMD 会加入万亿美元俱乐部；只是时间问题。如果 AI 芯片的需求保持强劲，我认为在未来五年内实现这一目标并不不合理。</p>
</div><h2>Is the stock a no-brainer?</h2>
<div class="lb-trans"><h2>这只股票是个明智的选择吗？</h2>
</div><p>The stock looks to be on a strong trajectory, and I do believe it's a no-brainer buy at this stage. The company's improved results are lining up with the hype from management and the excitement from Altman. The stock has largely been overlooked in recent years, at least in comparison with Nvidia, and now may finally be AMD's time to shine.</p>
<div class="lb-trans"><p>这只股票看起来正处于强劲的上升轨道，我确实认为在这个阶段它是个明智的购买。公司的业绩改善与管理层的炒作和阿尔特曼的兴奋相一致。近年来，这只股票在很大程度上被忽视，至少与英伟达相比，现在可能终于是 AMD 大放异彩的时候。</p>
</div><p>Even if it doesn't quite get to $1 trillion in the next five years, this still looks like a fantastic growth stock to buy right now.</p>
<div class="lb-trans"><p>即使在未来五年内未能达到 1 万亿美元，这仍然看起来是一个绝佳的成长股票，现在购买也很不错。</p>
</div>

Will Advanced Micro Devices Join the Trillion-Dollar Club by 2030?

- AMD 2025 年股价上涨 48%，超越竞争对手 Nvidia 的 33% 增幅。  
- 尽管市值约 2800 亿美元，AMD 仍有潜力在未来几年实现显著增长。  
- CEO Su 预计数据中心 AI 业务将从 50 亿美元增长至数百亿美元，推动股价上涨。

AMD 能否在 2030 年前跻身万亿美元市值俱乐部？