$AMD · Jose Najarro Stocks · 2026-11-07
AMD 目前市盈率约为预期盈利的 32 倍，高于 Nvidia，但有人认为其增长可以更快，未来 12 至 36 个月内其预期市盈率可能回落至更低水平。其最新财报显示，数据中心业务同比增长 97%，来自 EPYC CPU 以及已开始出货的 Helios GPU 系统，供应是唯一制约因素，需求不成问题，因此当前的竞争并不重要。
逐段跳播
而 AMD 的远期市盈率大约是 32 倍。有些人可能会说，嘿，Jose，既然能买 Nvidia，为什么要买 AMD？这是有理由的，对吧？有些人认为 AMD 能增长得稍快一些，那些远期市盈率也能收缩得快得多，对吧？
对吧？而且我们可能在未来 12 到 24 个月，或者未来 36 个月左右，降到更低的水平。
And you have AMD at roughly 32 and forward PE ratios. Some people might say, hey, Jose, why purchase AMD when you can purchase Nvidia? There's reasons for it, right? Some people believe that AMD can grow a little bit faster and those forward PE ratios can can contract a lot faster, right?
Right? And we might get to lower levels in the next 12 24 months or in the next 36 months or so.
我们刚刚也看到了 AMD 的财报，AMD 给了我们很好的信号，对吧？AMD 的数据中心市场实现了 97% 的同比增长。目前这主要由他们的 EPYC CPU 驱动，但他们显然也有 Helios GPU 系统正在出货，那是全栈系统。
We also just had AMD report earnings and AMD gave us great indication, right? AMD saw 97% year-over-year growth on their data center market. This is mainly driven right now by their epic CPUs, but they do have uh obviously the Helios GPU system shipping out now, that full stack system.
现在，重要的是，他们在财报电话会上提到，他们增长不够快的唯一问题是供应。需求不是问题，我们都知道谁拥有大量供应，谁一直在与供应链合作。所以如果需求不是问题，那么在他们目前的状态下，有没有竞争就不重要了。
Now, what's important about this is they mentioned during the earnings call that the only issue with them not growing fast enough is supply. Demand is not an issue and we all know who has a lot and a lot of supply and who keeps working with the supply chain.
So if demand is not the issue, it doesn't matter if there's competition in their current state.
我刚提到的 AMD，正在向与 Nvidia 相同的 AI 实验室供货，并与优秀的合作伙伴合作，除了 SpaceX。
You have AMD that I just talked about that is shipping into the same AI labs as Nvidia working with good partners minus SpaceX.
观察点
这个频道对 $AMD 的历次判断
Jose Najarro Stocks 在这只股票上共 16 条判断，这里只列相邻的几条。