<p><strong>超微半導體</strong>(AMD 2.94%) (AMD) 受益於人工智能 (AI) 熱潮，過去三年（截至 7 月 28 日）股價上漲了令人印象深刻的 94%。更令人印象深刻的是，它在圖形處理單元 (GPU) 領域幾乎扮演了 <strong>英偉達</strong>(NVDA -0.15%) 的小弟，而 GPU 是數據中心的關鍵組成部分，使得 AI 成為可能。</p>
<p>在 8 月 5 日，AMD 將公佈其財政第二季度的財報，許多人預計這將是一個穩健的業績。如果收入達到公司預估的約 74 億美元，那麼業務將同比增長 35%。這可不算差。</p>
<p>這種預期的盈利增長讓許多投資者在思考是否應該在 8 月 5 日之前購買該股票，以利用潛在的價格上漲。然而，歷史表明，這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>超過盈利預期並不等於股價立即上漲</h2>
<p>AMD 對於超過盈利預期並不陌生。在過去的 10 個季度中，它的每股收益 (EPS) 預期都達到了或超過了預期，但其股價在此後的表現並沒有一致性。這表明投資者在決定如何評估股票時考慮的不僅僅是盈利。</p>
<p>根據盈利預測來預期股票價格的走勢往往是適得其反的，因為股市並不理性。如果你相信公司長期發展，採用定投的方式來幫助抵消一些不可避免的波動將是更好的選擇。</p>
<h2>為 AMD 的股票支付溢價的準備</h2>
<p>無論你是在 8 月 5 日的財報之前還是之後購買 AMD 的股票，都應該準備為該公司支付溢價。它的前瞻市盈率超過 43 倍，高於該領域的領導者英偉達。</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) 數據來源於 YCharts。</p>
<p>AMD 的溢價價格本身並不是問題，但與英偉達相比，這使得其估值更難以合理化，後者的收入增長速度要快得多。雖然以 40 倍的前瞻市盈率交易也很昂貴，但英偉達在上個季度的收入同比增長了 69%，並且是行業領導者。</p>
<p>雖然投資 AMD 的最終決定不應圍繞英偉達，但這確實有助於將股票的估值放在一個更清晰的視角中。在任何情況下，都要以長期的心態看待這隻股票，不要根據你對財報後股票表現的_預期_進行投資。</p>

AMDL

<p>先進微電子公司（AMD）在過去三年中股價上漲了 94%，這主要得益於人工智能的繁榮。預計在 8 月 5 日的財報中，收益將表現穩健，因此投資者正在考慮在報告發布前進行買入。然而，歷史數據顯示，超出收益預期並不保證股價會立即上漲。AMD 的股票交易價格超過其未來收益的 43 倍，這使其比營收增長更快的英偉達（Nvidia）更為昂貴。建議投資者採取長期投資策略，並考慮採用定投方式來管理波動性</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>超微半導體</strong>(AMD 2.94%) (AMD) 受益於人工智能 (AI) 熱潮，過去三年（截至 7 月 28 日）股價上漲了令人印象深刻的 94%。更令人印象深刻的是，它在圖形處理單元 (GPU) 領域幾乎扮演了 <strong>英偉達</strong>(NVDA -0.15%) 的小弟，而 GPU 是數據中心的關鍵組成部分，使得 AI 成為可能。</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 將公佈其財政第二季度的財報，許多人預計這將是一個穩健的業績。如果收入達到公司預估的約 74 億美元，那麼業務將同比增長 35%。這可不算差。</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>這種預期的盈利增長讓許多投資者在思考是否應該在 8 月 5 日之前購買該股票，以利用潛在的價格上漲。然而，歷史表明，這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>超過盈利預期並不等於股價立即上漲</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 對於超過盈利預期並不陌生。在過去的 10 個季度中，它的每股收益 (EPS) 預期都達到了或超過了預期，但其股價在此後的表現並沒有一致性。這表明投資者在決定如何評估股票時考慮的不僅僅是盈利。</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>根據盈利預測來預期股票價格的走勢往往是適得其反的，因為股市並不理性。如果你相信公司長期發展，採用定投的方式來幫助抵消一些不可避免的波動將是更好的選擇。</p>
</div><h2>Be prepared to pay a premium for AMD's stock</h2>
<div class="lb-trans"><h2>為 AMD 的股票支付溢價的準備</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>無論你是在 8 月 5 日的財報之前還是之後購買 AMD 的股票，都應該準備為該公司支付溢價。它的前瞻市盈率超過 43 倍，高於該領域的領導者英偉達。</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) 數據來源於 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 的溢價價格本身並不是問題，但與英偉達相比，這使得其估值更難以合理化，後者的收入增長速度要快得多。雖然以 40 倍的前瞻市盈率交易也很昂貴，但英偉達在上個季度的收入同比增長了 69%，並且是行業領導者。</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>雖然投資 AMD 的最終決定不應圍繞英偉達，但這確實有助於將股票的估值放在一個更清晰的視角中。在任何情況下，都要以長期的心態看待這隻股票，不要根據你對財報後股票表現的_預期_進行投資。</p>
</div>

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

- AMD 股票在過去三年上漲 94%，受益於人工智能熱潮。  
- 預計 8 月 5 日財報將顯示 35% 的年增長，吸引投資者關注。  
- 投資者應以長期視角看待 AMD，避免僅基於財報預期做決策。

你是否應該在 8 月 5 日之前購買 AMD 的股票？歷史數據告訴我們什麼