<p>市场往往过于关注公司的短期业绩。无论一家公司在某个季度是否达标、超出或未达到预期，其业绩都可能导致股价的显著波动。问题在于，过于关注这种波动可能会使投资者和管理层陷入短期思维。</p>
<p>然而，如果你是一位能够专注于长期的投资者，那么你就不必过于担心你投资组合中的公司在任何单个季度的表现，而是可以关注更大的整体情况。</p>
<p>基于其长期前景，我现在认为一只特别引人注目的股票是 <strong>超威半导体</strong>（AMD 1.52%），也称为 AMD。它最近公布的财报未能在所有关键指标上超出分析师的共识——其调整后的每股利润低于预期_一美分_，这导致其股价出现了（短暂的）下滑。虽然并没有大规模的抛售，但现在这只股票仍然可能是一个绝佳的买入机会。</p>
<p>而在该报告中有一个特别的统计数据，指向了 AMD 在长期内所拥有的巨大潜力——一些专注于收入和利润的投资者可能忽视了这一数据。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84Mjg2ODkvZnV0dXJpc3RpYy1pbWFnZS1zaG93aW5nLW1hbnktaWRlYXMtZ29pbmctdGhyb3VnaC1hLXBlcnNvbnMtbWluZC5qcGcmdz03MDA?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-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84Mjg2ODkvZnV0dXJpc3RpYy1pbWFnZS1zaG93aW5nLW1hbnktaWRlYXMtZ29pbmctdGhyb3VnaC1hLXBlcnNvbnMtbWluZC5qcGcmdz03MDA"/></p>
<p>图片来源：Getty Images。</p>
<h2>关注人工智能和构建模型的前 10 家公司中有 7 家使用 AMD 的新芯片</h2>
<p>AMD 面临的一个重大问题是，其最新的人工智能加速器是否能够与其庞大的竞争对手 <strong>英伟达</strong>（NVDA 0.58%）的产品竞争并夺取一些市场份额。如果可以，那么 AMD 作为英伟达的一个小型竞争者，显然会是一个不容错过的买入机会。AMD 的新款 Instinct MI400 芯片将于明年上市，之前，OpenAI 首席执行官 Sam Altman 表示他的公司将使用这些芯片，并对它们的潜力表示热情。</p>
<p>显然，OpenAI 并不是唯一对 AMD 芯片感兴趣的科技领袖。在第二季度的财报电话会议上，AMD 首席执行官 Lisa Su 表示：“前 10 名模型构建者和人工智能公司中有 7 家使用 Instinct。” 她指的是该公司的当前芯片 MI350。明年即将上市的更先进的芯片可能会更受欢迎，因为 AMD 希望缩小与英伟达之间的差距。</p>
<p>这是一个令人印象深刻的统计数据，因为它可能表明公司们将 AMD 的芯片视为英伟达的潜在替代品。虽然 AMD 在人工智能革命初期的反应较慢，但现在随着其人工智能芯片开发的加速，它可能会从英伟达那里夺取一些有意义的市场份额。证明这一点的，通常在于数字。</p>
<h2>AMD 的增长率正在朝着正确的方向发展</h2>
<p>另一个对 AMD 投资者来说令人鼓舞的迹象是，该公司的销售增长在多个季度中稳固地超过了 20%。过去一年的趋势是积极的。</p>
<p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/6996e82c310f81cb945e4067f987c90f.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/6996e82c310f81cb945e4067f987c90f.png"/></p>
<p>AMD 营业收入（季度同比增长）数据来源于 YCharts。</p>
<p>如果公司能够维持这种增长率，它将不可避免地吸引更多的成长型投资者。</p>
<h2>该股票是长期投资的强力买入</h2>
<p>AMD 的股票今年上涨了超过 40%，虽然它的市盈率超过 100 倍，看起来似乎很贵。但考虑到公司显然即将迎来更大的增长，尤其是其新芯片获得市场份额后，未来业务和股票可能会有更大的上行空间。其前瞻性市盈率（基于分析师的共识预期）为 44。虽然这仍然有点高，但确实反映了市场对该业务在不久的将来预期的显著增长。</p>
<p>对于长期投资者来说，现在是增持 AMD 股票的好时机。该业务看起来正走在正确的轨道上，随着其新芯片接触到更多客户，它可能会成为未来几年值得拥有的热门股票。</p>

英伟达

AMDL

<p>AMD 最近的财报未能达到分析师的预期，导致其股价短暂下跌。然而，该公司的长期前景依然强劲，特别是在人工智能领域，前十名的 AI 公司中有七家正在使用 AMD 的芯片。多个季度的销售增长超过 20%，新芯片即将推出，AMD 在与竞争对手如英伟达的竞争中有望获得显著的市场份额。尽管市盈率较高，但长期投资者可能会发现 AMD 是一个引人注目的投资选择，因为它在人工智能领域持续增长和创新</p>

<p>The market can oftentimes focus too much on companies' short-term results. Whether a company meets, beats, or misses expectations for a given quarter, the results can be a notable spike or slide in its share price. The problem is that paying too much attention to such fluctuations can drive both investors and management toward short-term thinking.</p>
<div class="lb-trans"><p>市场往往过于关注公司的短期业绩。无论一家公司在某个季度是否达标、超出或未达到预期，其业绩都可能导致股价的显著波动。问题在于，过于关注这种波动可能会使投资者和管理层陷入短期思维。</p>
</div><p>If you're an investor who can keep your focus on the long term, though, you don't have to worry as much about how a company in your portfolio does during any single quarter, and can be guided instead by the bigger picture.</p>
<div class="lb-trans"><p>然而，如果你是一位能够专注于长期的投资者，那么你就不必过于担心你投资组合中的公司在任何单个季度的表现，而是可以关注更大的整体情况。</p>
</div><p>Based on its long-term prospects, one stock I see as particularly intriguing now is <strong>Advanced Micro Devices</strong>(AMD 1.52%), also known as just AMD. It recently reported earnings numbers that didn't beat the analysts' consensus across all key metrics -- its adjusted per-share profit missed expectations by <em>one cent</em>, which led to a (brief) decline in its share price. While a large-scale sell-off isn't underway, the stock could still be a terrific buy right now.</p>
<div class="lb-trans"><p>基于其长期前景，我现在认为一只特别引人注目的股票是 <strong>超威半导体</strong>（AMD 1.52%），也称为 AMD。它最近公布的财报未能在所有关键指标上超出分析师的共识——其调整后的每股利润低于预期_一美分_，这导致其股价出现了（短暂的）下滑。虽然并没有大规模的抛售，但现在这只股票仍然可能是一个绝佳的买入机会。</p>
</div><p>And there was one particular statistic in that report that points to the sheer potential that AMD possesses in the long run -- a stat that some investors who were focusing on the top and bottom lines may have overlooked.</p>
<div class="lb-trans"><p>而在该报告中有一个特别的统计数据，指向了 AMD 在长期内所拥有的巨大潜力——一些专注于收入和利润的投资者可能忽视了这一数据。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84Mjg2ODkvZnV0dXJpc3RpYy1pbWFnZS1zaG93aW5nLW1hbnktaWRlYXMtZ29pbmctdGhyb3VnaC1hLXBlcnNvbnMtbWluZC5qcGcmdz03MDA" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F828689%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>7 of the top 10 companies focused on AI and building models are using AMD's new chips</h2>
<div class="lb-trans"><h2>关注人工智能和构建模型的前 10 家公司中有 7 家使用 AMD 的新芯片</h2>
</div><p>The big question for AMD has been whether its newest AI accelerators will be able to compete with (and take some market share from) those of its massive rival, <strong>Nvidia</strong>(NVDA 0.58%). If they can, then AMD, which is a fraction of the size of Nvidia, would surely be a no-brainer buy. AMD's new Instinct MI400 chips will be available next year, and previously, OpenAI CEO Sam Altman said his company would use them and was enthusiastic about what they could do.</p>
<div class="lb-trans"><p>AMD 面临的一个重大问题是，其最新的人工智能加速器是否能够与其庞大的竞争对手 <strong>英伟达</strong>（NVDA 0.58%）的产品竞争并夺取一些市场份额。如果可以，那么 AMD 作为英伟达的一个小型竞争者，显然会是一个不容错过的买入机会。AMD 的新款 Instinct MI400 芯片将于明年上市，之前，OpenAI 首席执行官 Sam Altman 表示他的公司将使用这些芯片，并对它们的潜力表示热情。</p>
</div><p>It appears OpenAI is far from the only tech leader interested in AMD's chips. On the second-quarter earnings call, AMD CEO Lisa Su said that &#34;seven of the top 10 model builders and AI companies use Instinct.&#34; She was referring to the company's current chip, the MI350. The more advanced one coming to market next year may be even more popular, as AMD looks to narrow the gap between itself and Nvidia.</p>
<div class="lb-trans"><p>显然，OpenAI 并不是唯一对 AMD 芯片感兴趣的科技领袖。在第二季度的财报电话会议上，AMD 首席执行官 Lisa Su 表示：“前 10 名模型构建者和人工智能公司中有 7 家使用 Instinct。” 她指的是该公司的当前芯片 MI350。明年即将上市的更先进的芯片可能会更受欢迎，因为 AMD 希望缩小与英伟达之间的差距。</p>
</div><p>This is an impressive stat because it may indicate that companies are seeing AMD's chips as potential alternatives to Nvidia's. AMD may have been slower out of the gate when the AI revolution was first heating up, but now, as it's ramping up its AI chip development, it could take some meaningful market share away from Nvidia. The proof, as it usually is, will be in the numbers.</p>
<div class="lb-trans"><p>这是一个令人印象深刻的统计数据，因为它可能表明公司们将 AMD 的芯片视为英伟达的潜在替代品。虽然 AMD 在人工智能革命初期的反应较慢，但现在随着其人工智能芯片开发的加速，它可能会从英伟达那里夺取一些有意义的市场份额。证明这一点的，通常在于数字。</p>
</div><h2>AMD's growth rate has been moving in the right direction</h2>
<div class="lb-trans"><h2>AMD 的增长率正在朝着正确的方向发展</h2>
</div><p>Another encouraging sign for AMD investors is that the company's sales growth has been firmly above 20% for multiple quarters. The trend has been a positive one over the past year.</p>
<div class="lb-trans"><p>另一个对 AMD 投资者来说令人鼓舞的迹象是，该公司的销售增长在多个季度中稳固地超过了 20%。过去一年的趋势是积极的。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/6996e82c310f81cb945e4067f987c90f.png" alt="" original-src="https://media.ycharts.com/charts/6996e82c310f81cb945e4067f987c90f.png"/></p>
<p>AMD Operating Revenue (Quarterly YoY Growth) data by YCharts.</p>
<div class="lb-trans"><p>AMD 营业收入（季度同比增长）数据来源于 YCharts。</p>
</div><p>If the company can sustain this type of growth rate, it will inevitably capture the attention of more growth investors along the way.</p>
<div class="lb-trans"><p>如果公司能够维持这种增长率，它将不可避免地吸引更多的成长型投资者。</p>
</div><h2>The stock is a strong buy for the long term</h2>
<div class="lb-trans"><h2>该股票是长期投资的强力买入</h2>
</div><p>Shares of AMD have rallied by more than 40% this year, and they may seem expensive, trading at over 100 times trailing earnings. But with the company arguably on the cusp of much more growth, especially as its new chips gain market share, there could be considerably greater upside ahead for the business and the stock. Its forward earnings multiple (which is based on analysts' consensus expectations) is 44. While that's still a bit high, it does reflect the significant growth expected from the business in the near future.</p>
<div class="lb-trans"><p>AMD 的股票今年上涨了超过 40%，虽然它的市盈率超过 100 倍，看起来似乎很贵。但考虑到公司显然即将迎来更大的增长，尤其是其新芯片获得市场份额后，未来业务和股票可能会有更大的上行空间。其前瞻性市盈率（基于分析师的共识预期）为 44。虽然这仍然有点高，但确实反映了市场对该业务在不久的将来预期的显著增长。</p>
</div><p>For long-term investors, now is as good a time as any to load up on shares of AMD. The business looks to be on the right track, and as its new chips reach more customers, it could be a hot stock to own for years to come.</p>
<div class="lb-trans"><p>对于长期投资者来说，现在是增持 AMD 股票的好时机。该业务看起来正走在正确的轨道上，随着其新芯片接触到更多客户，它可能会成为未来几年值得拥有的热门股票。</p>
</div>

AMD's Earnings Miss Doesn't Matter: This Is Much More Important

- 市场常常过于关注公司短期业绩，导致短期思维。  
- AMD 的销售增长率持续超过 20%，并且其新芯片在 AI 领域受到关注。  
- 长期投资者现在是购买 AMD 股票的好时机。  

AMD 收益未达预期并不重要：更重要的是这个