<p>市場往往過於關注公司的短期業績。無論一家公司在某個季度是否達標、超出或未達到預期，其業績都可能導致股價的顯著波動。問題在於，過於關注這種波動可能會使投資者和管理層陷入短期思維。</p>
<p>然而，如果你是一位能夠專注於長期的投資者，那麼你就不必過於擔心你投資組合中的公司在任何單個季度的表現，而是可以關注更大的整體情況。</p>
<p>基於其長期前景，我現在認為一隻特別引人注目的股票是 <strong>超威半導體</strong>（AMD 1.52%），也稱為 AMD。它最近公佈的財報未能在所有關鍵指標上超出分析師的共識——其調整後的每股利潤低於預期_一美分_，這導致其股價出現了（短暫的）下滑。雖然並沒有大規模的拋售，但現在這隻股票仍然可能是一個絕佳的買入機會。</p>
<p>而在該報告中有一個特別的統計數據，指向了 AMD 在長期內所擁有的巨大潛力——一些專注於收入和利潤的投資者可能忽視了這一數據。</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>圖片來源：Getty Images。</p>
<h2>關注人工智能和構建模型的前 10 家公司中有 7 家使用 AMD 的新芯片</h2>
<p>AMD 面臨的一個重大問題是，其最新的人工智能加速器是否能夠與其龐大的競爭對手 <strong>英偉達</strong>（NVDA 0.58%）的產品競爭並奪取一些市場份額。如果可以，那麼 AMD 作為英偉達的一個小型競爭者，顯然會是一個不容錯過的買入機會。AMD 的新款 Instinct MI400 芯片將於明年上市，之前，OpenAI 首席執行官 Sam Altman 表示他的公司將使用這些芯片，並對它們的潛力表示熱情。</p>
<p>顯然，OpenAI 並不是唯一對 AMD 芯片感興趣的科技領袖。在第二季度的財報電話會議上，AMD 首席執行官 Lisa Su 表示：“前 10 名模型構建者和人工智能公司中有 7 家使用 Instinct。” 她指的是該公司的當前芯片 MI350。明年即將上市的更先進的芯片可能會更受歡迎，因為 AMD 希望縮小與英偉達之間的差距。</p>
<p>這是一個令人印象深刻的統計數據，因為它可能表明公司們將 AMD 的芯片視為英偉達的潛在替代品。雖然 AMD 在人工智能革命初期的反應較慢，但現在隨着其人工智能芯片開發的加速，它可能會從英偉達那裏奪取一些有意義的市場份額。證明這一點的，通常在於數字。</p>
<h2>AMD 的增長率正在朝着正確的方向發展</h2>
<p>另一個對 AMD 投資者來説令人鼓舞的跡象是，該公司的銷售增長在多個季度中穩固地超過了 20%。過去一年的趨勢是積極的。</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 營業收入（季度同比增長）數據來源於 YCharts。</p>
<p>如果公司能夠維持這種增長率，它將不可避免地吸引更多的成長型投資者。</p>
<h2>該股票是長期投資的強力買入</h2>
<p>AMD 的股票今年上漲了超過 40%，雖然它的市盈率超過 100 倍，看起來似乎很貴。但考慮到公司顯然即將迎來更大的增長，尤其是其新芯片獲得市場份額後，未來業務和股票可能會有更大的上行空間。其前瞻性市盈率（基於分析師的共識預期）為 44。雖然這仍然有點高，但確實反映了市場對該業務在不久的將來預期的顯著增長。</p>
<p>對於長期投資者來説，現在是增持 AMD 股票的好時機。該業務看起來正走在正確的軌道上，隨着其新芯片接觸到更多客户，它可能會成為未來幾年值得擁有的熱門股票。</p>

英偉達

AMDL

<p>AMD 最近的財報未能達到分析師的預期，導致其股價短暫下跌。然而，該公司的長期前景依然強勁，特別是在人工智能領域，前十名的 AI 公司中有七家正在使用 AMD 的芯片。多個季度的銷售增長超過 20%，新芯片即將推出，AMD 在與競爭對手如英偉達的競爭中有望獲得顯著的市場份額。儘管市盈率較高，但長期投資者可能會發現 AMD 是一個引人注目的投資選擇，因為它在人工智能領域持續增長和創新</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>市場往往過於關注公司的短期業績。無論一家公司在某個季度是否達標、超出或未達到預期，其業績都可能導致股價的顯著波動。問題在於，過於關注這種波動可能會使投資者和管理層陷入短期思維。</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，如果你是一位能夠專注於長期的投資者，那麼你就不必過於擔心你投資組合中的公司在任何單個季度的表現，而是可以關注更大的整體情況。</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>基於其長期前景，我現在認為一隻特別引人注目的股票是 <strong>超威半導體</strong>（AMD 1.52%），也稱為 AMD。它最近公佈的財報未能在所有關鍵指標上超出分析師的共識——其調整後的每股利潤低於預期_一美分_，這導致其股價出現了（短暫的）下滑。雖然並沒有大規模的拋售，但現在這隻股票仍然可能是一個絕佳的買入機會。</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>而在該報告中有一個特別的統計數據，指向了 AMD 在長期內所擁有的巨大潛力——一些專注於收入和利潤的投資者可能忽視了這一數據。</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>圖片來源：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>關注人工智能和構建模型的前 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 面臨的一個重大問題是，其最新的人工智能加速器是否能夠與其龐大的競爭對手 <strong>英偉達</strong>（NVDA 0.58%）的產品競爭並奪取一些市場份額。如果可以，那麼 AMD 作為英偉達的一個小型競爭者，顯然會是一個不容錯過的買入機會。AMD 的新款 Instinct MI400 芯片將於明年上市，之前，OpenAI 首席執行官 Sam Altman 表示他的公司將使用這些芯片，並對它們的潛力表示熱情。</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>顯然，OpenAI 並不是唯一對 AMD 芯片感興趣的科技領袖。在第二季度的財報電話會議上，AMD 首席執行官 Lisa Su 表示：“前 10 名模型構建者和人工智能公司中有 7 家使用 Instinct。” 她指的是該公司的當前芯片 MI350。明年即將上市的更先進的芯片可能會更受歡迎，因為 AMD 希望縮小與英偉達之間的差距。</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>這是一個令人印象深刻的統計數據，因為它可能表明公司們將 AMD 的芯片視為英偉達的潛在替代品。雖然 AMD 在人工智能革命初期的反應較慢，但現在隨着其人工智能芯片開發的加速，它可能會從英偉達那裏奪取一些有意義的市場份額。證明這一點的，通常在於數字。</p>
</div><h2>AMD's growth rate has been moving in the right direction</h2>
<div class="lb-trans"><h2>AMD 的增長率正在朝着正確的方向發展</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>另一個對 AMD 投資者來説令人鼓舞的跡象是，該公司的銷售增長在多個季度中穩固地超過了 20%。過去一年的趨勢是積極的。</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 營業收入（季度同比增長）數據來源於 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>如果公司能夠維持這種增長率，它將不可避免地吸引更多的成長型投資者。</p>
</div><h2>The stock is a strong buy for the long term</h2>
<div class="lb-trans"><h2>該股票是長期投資的強力買入</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 的股票今年上漲了超過 40%，雖然它的市盈率超過 100 倍，看起來似乎很貴。但考慮到公司顯然即將迎來更大的增長，尤其是其新芯片獲得市場份額後，未來業務和股票可能會有更大的上行空間。其前瞻性市盈率（基於分析師的共識預期）為 44。雖然這仍然有點高，但確實反映了市場對該業務在不久的將來預期的顯著增長。</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>對於長期投資者來説，現在是增持 AMD 股票的好時機。該業務看起來正走在正確的軌道上，隨着其新芯片接觸到更多客户，它可能會成為未來幾年值得擁有的熱門股票。</p>
</div>

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

- 市場常常過於關注公司短期業績，導致短期思維。  
- AMD 的銷售增長率持續超過 20%，並且其新芯片在 AI 領域受到關注。  
- 長期投資者現在是購買 AMD 股票的好時機。  

AMD 收益未達預期並不重要：更重要的是這個