$AMD · Mark Roussin, CPA · 2026-10-27
AMD 是说话者有意在 2027 年前加仓的股票：数据中心营收同比增长超过 100%，现已占其业务的一半以上，且预计明年盈利增长超过 100%，较 80% 加速，因此其 32.8 倍远期市盈率看起来相对便宜。他预计 AMD 很快将达到 1000 美元，低于 1250 美元的高目标价，并认为如果 AMD 持续提升服务器 CPU 份额、同时做大 AI 加速器业务，其多年利润潜力巨大；但他对 AMD 的信心不如对 Nvidia 那么足。
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Nvidia 当然面临竞争。AMD 在持续开发更强大的人工智能加速器。
Nvidia certainly faces competition. AMD continues to develop more powerful artificial intelligence accelerators.
这就说到第二只股票，也就是我刚才提到的那只。它是 AMD，即 Advanced Micro Devices。这是另一家我认为随着人工智能需求持续扩大而拥有巨大机会的公司，是的，我说的是扩大。
现在，这未必是一家像 Nvidia 那样让我感到踏实的公司，但 AMD 也是一只可以给你带来巨大提振的股票。
This brings us to stock number two, a stock I just mentioned . It is AMD, or Advanced Micro Devices. This is another company that I believe has a tremendous opportunity as demand for artificial intelligence continues to expand , and yes, I said expand.
Now, this is n't necessarily a company I feel as comfortable with as I do with Nvidia, but AMD is a stock that can also give you a huge boost.
AMD 不仅仅是一家为人工智能提供图形处理器（GPU）的公司。它在服务器处理方面也有大量业务。事实上，他们在中央处理器（CPU）市场占据主导地位，其 Ryzen 处理器被用于个人电脑。
因此，AMD 也有许多不同的增长机会，但人工智能显然正日益成为这里投资逻辑中越来越重要的一部分。
AMD is not just a graphics processing unit (GPU) company for artificial intelligence. It also has significant activity in server processing. In fact, they dominate the central processing unit (CPU) market and their Ryzen processors are used in personal computers.
Therefore, AMD has many different growth opportunities as well, but artificial intelligence is clearly an increasingly important part of the investment thesis here.
这是另一家在艰难的比较基数下仍实现惊人增长数据的公司，其数据中心业务同比增长超过100%，数据中心收入现在占AMD总业务的一半以上。想想这一转变有多重要。AMD已经从许多投资者主要将其与电脑处理器联系在一起的公司，发展成为高性能计算技术的主要供应商。管理层预计这一势头在未来几年将持续下去。
This is another company achieving incredible growth figures in the face of tough comparisons, with its data centers growing by more than 100% compared to the previous year, and data center revenues now representing more than half of AMD's total business.
Think about how important this shift is. AMD has evolved from a company that many investors primarily associated with computer processors to a major supplier of high-performance computing technology.
The administration expects this momentum to continue in the coming years.
看看我的Edge网站，可以看到AMD股价在过去十二个月里上涨了约100%，它的Edge评分为73。但回到AMD，业务显然在蓬勃发展，但好业务不一定意味着是值得买入的好股票。所以，让我们从总体角度看看估值。
看这里，AMD不仅预计明年盈利增长超过100%，较今年80%的增长有所加速，而且其远期市盈率为32.8倍，我认为考虑到预期增长，这相对便宜。
Looking here at my Edge site, we can see that AMD stock has risen by about 100% over the past twelve months, and it has an Edge score of 73. But back to AMD, the business is clearly booming, but a great business doesn't necessarily mean a great stock to buy.
So, let's take a look at the evaluation from a general perspective. Looking here, not only are AMD shares expected to grow earnings by more than 100% next year, an acceleration from 80% growth this year, but they are trading at a forward price-to-earnings ratio of 32.8 times , which I think is relatively cheap given the expected growth.
分析师对该股仍持乐观态度，12个月平均目标价约为615美元，意味着较当前水平有超过15%的上涨空间。但看看那个最高目标价。哇，1250美元。我没那么乐观，但我认为这只股票在不久的将来会达到1000美元。
Analysts remain optimistic about the stock with a 12-month average price target of around $615, implying an upside of more than 15% from current levels. But look at that high target price.
Wow, $1250. I'm not that optimistic , but I think this stock will reach $1,000 in the very near future.
但这是我对AMD的长期看法。我相信该公司有机会继续在服务器处理器（CPU）领域占据一席之地，同时在人工智能加速器领域建立更大的业务。如果公司继续实施这一计划，未来几年的利润潜力可能非常巨大。
这就是为什么AMD是另一家我有兴趣在2027年之前加入我的投资组合的公司。
But here's my long-term view when it comes to AMD. I believe the company has an opportunity to continue acquiring a stake in server processors (CPUs) while building a much larger business in the field of artificial intelligence accelerators .
If the company continues to implement this plan, the potential for profits over the next several years could be enormous. That's why AMD is another company I'm interested in adding to my portfolio before 2027.
该公司不需要预测哪家半导体制造商最终会占据主导地位，无论是像Nvidia或AMD这样的公司，还是像Broadcom或Marvell这样更定制化的芯片。
The company does not need to predict which semiconductor manufacturer will ultimately dominate , whether it be the likes of Nvidia or AMD, or more customized chips with the likes of Broadcom or Marvell.
我们讨论了四家公司：Nvidia、AMD、Lam Research和Sterling。尽管这四家公司都受益于技术投资，但它们定位于市场的不同部分。Nvidia提供先进的人工智能计算平台，AMD也是如此。
We discussed four companies: Nvidia, AMD, Lam Research and Sterling. Although all four companies benefit from technological investment , they are positioned in different parts of the market .
Nvidia provides advanced AI computing platforms, and so does AMD.
持有这四家公司并不自动意味着你实现了投资多元化。因为尽管它们在不同的行业运营，但它们都共同暴露于技术投资和更广泛的人工智能基础设施周期。如果大型科技公司开始削减资本支出，其中许多公司可能面临压力。这就是我们在过去几周所目睹的情况。
Owning these four companies does not automatically mean you have diversified investments. Because despite working in different industries, they share exposure to technology investment and the broader AI infrastructure cycle.
If major technology companies begin cutting capital expenditures, many of these companies could come under pressure. This is what we have witnessed over the past few weeks .
因为我希望获得长期增长机会的敞口，而不让整个投资组合依赖于市场的某一个领域。现在，说到买入这些股票，我并不试图准确预测底部。我当然不建议投资者把所有鸡蛋放在一个篮子里。相反，我倾向于逐步利用波动。
这可能意味着分阶段买入股票，或者，根据公司和可获得的期权权利金，考虑现金担保的看跌期权。但最重要的是了解业务并确定你愿意为它支付多少。因为一家伟大的公司如果你支付过高，仍然可能是一笔糟糕的投资。
较低的股价并不自动意味着有吸引力的估值。这就是为什么我想继续关注盈利、自由现金流、资产负债表和未来增长预测。所以，就这些。有四只股票我期待在2026年底之前可能买入。
Because I want exposure to long-term growth opportunities without making my entire portfolio dependent on one area of the market. Now, when it comes to buying these stocks, I'm not trying to accurately predict the bottom.
I certainly don't suggest that investors put all their eggs in one basket. Instead, I prefer to take advantage of fluctuations gradually. This could mean buying shares in stages, or, depending on the company and the option premiums available, considering cash-guaranteed put options.
But the most important thing is to understand the business and determine how much you are willing to pay for it. Because a great company can still be a bad investment if you pay too much.
A lower share price does not automatically mean an attractive valuation. That's why I want to continue monitoring earnings, free cash flow, balance sheets , and future growth projections .
So, that's all . There are four stocks I'm looking forward to potentially buying before the end of 2026.
虽然科技板块最近的抛售造成了不确定性，但我认为它也创造了机会，因为其中一些公司继续实现出色的收入和利润增长。然而，其他公司则受益于支持人工智能所需的基础设施投资，其中许多公司目前的交易价格低于近期高点。
这并不意味着我们已经触底，也不意味着名单上的每只股票都便宜，但我认为随着我们接近2027年，这四只股票值得更仔细地研究。
While the recent sell-off in the technology sector has created uncertainty, I believe it also creates opportunities because some of these companies continue to achieve exceptional revenue and profit growth.
Other companies, however, are benefiting from the infrastructure investments required to support artificial intelligence, and many of them are currently trading below their recent highs.
This does n't mean we've hit rock bottom, nor does it mean every stock on the list is cheap, but I think these four deserve a closer look as we approach 2027.
现在，我想听听你的想法。如果你今年年底前只能买入这四只股票中的一只，你会选择哪一只？Nvidia、AMD、L&M Research还是Sterling？
Now, I want to hear your thoughts. If you could buy just one of these four stocks before the end of this year, which one would you choose? Nvidia, AMD, L&M Research, or Sterling?
这个频道对 $AMD 的历次判断
Mark Roussin, CPA 在这只股票上共 8 条判断，这里只列相邻的几条。