Profile - To The Moon

Hcm

Posts · 27Posts · 27
Following · 0Following · 0
Followers · 0Followers · 0

- HcmHcm
  ·10-08 22:06
  $Meta Platforms, Inc.(META)$
  47 Comment
  1
  Share
  Report
- HcmHcm
  ·10-08 22:05
  $SpaceX(SPCX)$
  56 Comment
  1
  Share
  Report
- HcmHcm
  ·09-28
  $MSFT 20260930 555.0 CALL$
  342 Comment
  1
  Share
  Report
- HcmHcm
  ·09-21
  $AMD 20260923 650.0 CALL$
  435 Comment
  1
  Share
  Report
- HcmHcm
  ·09-21
  $SpaceX(SPCX)$ 👍
  343 Comment
  1
  Share
  Report
- HcmHcm
  ·09-08
  $SpaceX(SPCX)$ 🤣
  782 Comment
  1
  Share
  Report
- HcmHcm
  ·09-01
  $SpaceX(SPCX)$
  515 Comment
  1
  Share
  Report
- HcmHcm
  ·08-26
  $AMD 20260826 487.5 CALL$
  655 Comment
  1
  Share
  Report
- HcmHcm
  ·08-17
  $SpaceX(SPCX)$
  688 Comment
  1
  Share
  Report
- HcmHcm
  ·08-05
  🙈
  AMD's best-ever financial report resulted in a 9% plunge: The market doesn't want good results, but acceleration.
  这份财报没有否定AMD的成长故事，它否定的是"故事不需要新证据"的定价。当市场为2027年数据中心翻倍预付了130%的涨幅，接下来的每一个季度，AMD都要用超出预期的执行，为这个溢价续命。
  AMD's best-ever financial report resulted in a 9% plunge: The market doesn't want good results, but acceleration.
  1.74K Comment
  2
  Share
  Report
No followers yet

Most Discussed

{"i18n":{"language":"en_US"},"isCurrentUser":false,"userPageInfo":{"id":"4245325500824312","uuid":"4245325500824312","gmtCreate":1782221477536,"gmtModify":1782726019939,"name":"Hcm","pinyin":"hcm","introduction":"","introductionEn":null,"signature":"","avatar":"https://community-static.tradeup.com/news/d0991024d8c22de36c224065c9567f8b","hat":null,"hatId":null,"hatName":null,"vip":1,"status":2,"fanSize":0,"headSize":11,"tweetSize":27,"questionSize":0,"limitLevel":999,"accountStatus":4,"level":{"id":0,"name":"","nameTw":"","represent":"","factor":"","iconColor":"","bgColor":""},"themeCounts":0,"badgeCounts":0,"badges":[],"moderator":false,"superModerator":false,"manageSymbols":null,"badgeLevel":null,"boolIsFan":false,"boolIsHead":false,"favoriteSize":0,"symbols":null,"coverImage":null,"realNameVerified":"success","userBadges":[{"badgeId":"972123088c9646f7b6091ae0662215be-3","templateUuid":"972123088c9646f7b6091ae0662215be","name":"Legendary Trader","description":"Total number of securities or futures transactions reached 300","bigImgUrl":"https://static.tigerbbs.com/656db16598a0b8f21429e10d6c1cb033","smallImgUrl":"https://static.tigerbbs.com/03f10910d4dd9234f9b5702a3342193a","grayImgUrl":"https://static.tigerbbs.com/0c767e35268feb729d50d3fa9a386c5a","redirectLinkEnabled":0,"redirectLinkType":null,"redirectLink":null,"redirectLinkValidityFrom":null,"redirectLinkValidityTo":null,"hasAllocated":1,"isWearing":1,"stamp":null,"stampPosition":0,"hasStamp":0,"allocationCount":1,"allocatedDate":"2026.09.05","exceedPercentage":"93.38%","individualDisplayEnabled":0,"backgroundColor":null,"fontColor":null,"individualDisplaySort":0,"categoryType":1100,"isScarce":0,"effectEnabled":0,"plateImgUrl":null,"plateColors":null,"validityTo":null,"validityToTimestamp":null,"wearingSort":2},{"badgeId":"44212b71d0be4ec88898348dbe882e03-1","templateUuid":"44212b71d0be4ec88898348dbe882e03","name":"Boss Tiger","description":"The transaction amount of the securities account reaches $100,000","bigImgUrl":"https://static.tigerbbs.com/c8dfc27c1ee0e25db1c93e9d0b641101","smallImgUrl":"https://static.tigerbbs.com/f43908c142f8a33c78f5bdf0e2897488","grayImgUrl":"https://static.tigerbbs.com/82165ff19cb8a786e8919f92acee5213","redirectLinkEnabled":0,"redirectLinkType":null,"redirectLink":null,"redirectLinkValidityFrom":null,"redirectLinkValidityTo":null,"hasAllocated":1,"isWearing":1,"stamp":null,"stampPosition":0,"hasStamp":0,"allocationCount":1,"allocatedDate":"2026.09.03","exceedPercentage":"60.07%","individualDisplayEnabled":0,"backgroundColor":null,"fontColor":null,"individualDisplaySort":0,"categoryType":1101,"isScarce":0,"effectEnabled":0,"plateImgUrl":null,"plateColors":null,"validityTo":null,"validityToTimestamp":null,"wearingSort":3},{"badgeId":"a83d7582f45846ffbccbce770ce65d84-1","templateUuid":"a83d7582f45846ffbccbce770ce65d84","name":"Real Trader","description":"Completed a transaction","bigImgUrl":"https://static.tigerbbs.com/2e08a1cc2087a1de93402c2c290fa65b","smallImgUrl":"https://static.tigerbbs.com/4504a6397ce1137932d56e5f4ce27166","grayImgUrl":"https://static.tigerbbs.com/4b22c79415b4cd6e3d8ebc4a0fa32604","redirectLinkEnabled":0,"redirectLinkType":null,"redirectLink":null,"redirectLinkValidityFrom":null,"redirectLinkValidityTo":null,"hasAllocated":1,"isWearing":1,"stamp":null,"stampPosition":0,"hasStamp":0,"allocationCount":1,"allocatedDate":"2026.06.25","exceedPercentage":null,"individualDisplayEnabled":0,"backgroundColor":null,"fontColor":null,"individualDisplaySort":0,"categoryType":1100,"isScarce":0,"effectEnabled":0,"plateImgUrl":null,"plateColors":null,"validityTo":null,"validityToTimestamp":null,"wearingSort":1}],"userBadgeCount":3,"currentWearingBadge":{"badgeId":"a83d7582f45846ffbccbce770ce65d84-1","templateUuid":"a83d7582f45846ffbccbce770ce65d84","name":"Real Trader","description":"Completed a transaction","bigImgUrl":"https://static.tigerbbs.com/2e08a1cc2087a1de93402c2c290fa65b","smallImgUrl":"https://static.tigerbbs.com/4504a6397ce1137932d56e5f4ce27166","grayImgUrl":"https://static.tigerbbs.com/4b22c79415b4cd6e3d8ebc4a0fa32604","redirectLinkEnabled":0,"redirectLinkType":null,"redirectLink":null,"redirectLinkValidityFrom":null,"redirectLinkValidityTo":null,"hasAllocated":1,"isWearing":1,"stamp":null,"stampPosition":0,"hasStamp":0,"allocationCount":1,"allocatedDate":"2026.06.25","exceedPercentage":null,"individualDisplayEnabled":0,"backgroundColor":null,"fontColor":null,"individualDisplaySort":0,"categoryType":1100,"isScarce":0,"effectEnabled":0,"plateImgUrl":null,"plateColors":null,"validityTo":null,"validityToTimestamp":null,"wearingSort":1},"individualDisplayBadges":null,"crmLevel":12,"crmLevelSwitch":0,"location":null,"starInvestorFollowerNum":0,"starInvestorFlag":false,"starInvestorOrderShareNum":0,"subscribeStarInvestorNum":6,"ror":null,"winRationPercentage":null,"showRor":false,"investmentPhilosophy":null,"starInvestorSubscribeFlag":false},"page":1,"watchlist":null,"tweetList":[{"id":616404892565632,"gmtCreate":1791468389248,"gmtModify":1791468391716,"author":{"id":"4245325500824312","authorId":"4245325500824312","name":"Hcm","avatar":"https://community-static.tradeup.com/news/d0991024d8c22de36c224065c9567f8b","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4245325500824312","authorIdStr":"4245325500824312"},"themes":[],"title":"","htmlText":"<a href=\"https://ttm.financial/S/META\">$Meta Platforms, Inc.(META)$&nbsp;</a><v-v data-views=\"1\"></v-v>&nbsp;","listText":"<a href=\"https://ttm.financial/S/META\">$Meta Platforms, Inc.(META)$&nbsp;</a><v-v data-views=\"1\"></v-v>&nbsp;","text":"$Meta Platforms, Inc.(META)$","images":[{"img":"https://community-static.tradeup.com/news/71f1133d6882e86c21a9670bb9fd90f6","width":"1290","height":"2580"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/616404892565632","isVote":1,"tweetType":1,"viewCount":47,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":616398203163000,"gmtCreate":1791468356766,"gmtModify":1791468359224,"author":{"id":"4245325500824312","authorId":"4245325500824312","name":"Hcm","avatar":"https://community-static.tradeup.com/news/d0991024d8c22de36c224065c9567f8b","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4245325500824312","authorIdStr":"4245325500824312"},"themes":[],"title":"","htmlText":"<a href=\"https://ttm.financial/S/SPCX\">$SpaceX(SPCX)$</a>&nbsp;","listText":"<a href=\"https://ttm.financial/S/SPCX\">$SpaceX(SPCX)$</a>&nbsp;","text":"$SpaceX(SPCX)$","images":[{"img":"https://community-static.tradeup.com/news/cceef7ae43eb0204be2444d523543db8","width":"1044","height":"1622"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/616398203163000","isVote":1,"tweetType":1,"viewCount":56,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":612485206208656,"gmtCreate":1790551708376,"gmtModify":1790556301384,"author":{"id":"4245325500824312","authorId":"4245325500824312","name":"Hcm","avatar":"https://community-static.tradeup.com/news/d0991024d8c22de36c224065c9567f8b","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4245325500824312","authorIdStr":"4245325500824312"},"themes":[],"title":"","htmlText":"<a href=\"https://ttm.financial/OPT/MSFT 20260930 555.0 CALL\">$MSFT 20260930 555.0 CALL$</a>&nbsp;","listText":"<a href=\"https://ttm.financial/OPT/MSFT 20260930 555.0 CALL\">$MSFT 20260930 555.0 CALL$</a>&nbsp;","text":"$MSFT 20260930 555.0 CALL$","images":[{"img":"https://community-static.tradeup.com/news/f1e0ea33cee20dd118f5e8de4dd7a0e2","width":"1044","height":"1622"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/612485206208656","isVote":1,"tweetType":1,"viewCount":342,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":610199209198832,"gmtCreate":1790001117365,"gmtModify":1790001350576,"author":{"id":"4245325500824312","authorId":"4245325500824312","name":"Hcm","avatar":"https://community-static.tradeup.com/news/d0991024d8c22de36c224065c9567f8b","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4245325500824312","authorIdStr":"4245325500824312"},"themes":[],"title":"","htmlText":"<a href=\"https://ttm.financial/OPT/AMD 20260923 650.0 CALL\">$AMD 20260923 650.0 CALL$</a>&nbsp;","listText":"<a href=\"https://ttm.financial/OPT/AMD 20260923 650.0 CALL\">$AMD 20260923 650.0 CALL$</a>&nbsp;","text":"$AMD 20260923 650.0 CALL$","images":[{"img":"https://community-static.tradeup.com/news/4efdaf241a4acc55b51a9202da160df3","width":"1044","height":"1622"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/610199209198832","isVote":1,"tweetType":1,"viewCount":435,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":609977987989928,"gmtCreate":1789946850456,"gmtModify":1789946853234,"author":{"id":"4245325500824312","authorId":"4245325500824312","name":"Hcm","avatar":"https://community-static.tradeup.com/news/d0991024d8c22de36c224065c9567f8b","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4245325500824312","authorIdStr":"4245325500824312"},"themes":[],"title":"","htmlText":"<a href=\"https://ttm.financial/S/SPCX\">$SpaceX(SPCX)$</a> 👍","listText":"<a href=\"https://ttm.financial/S/SPCX\">$SpaceX(SPCX)$</a> 👍","text":"$SpaceX(SPCX)$ 👍","images":[{"img":"https://community-static.tradeup.com/news/3f1c94ec188562ae130eb97acf36fd03","width":"1044","height":"1622"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/609977987989928","isVote":1,"tweetType":1,"viewCount":343,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":605372134069384,"gmtCreate":1788833032913,"gmtModify":1788833035163,"author":{"id":"4245325500824312","authorId":"4245325500824312","name":"Hcm","avatar":"https://community-static.tradeup.com/news/d0991024d8c22de36c224065c9567f8b","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4245325500824312","authorIdStr":"4245325500824312"},"themes":[],"title":"","htmlText":"<a href=\"https://ttm.financial/S/SPCX\">$SpaceX(SPCX)$</a> 🤣","listText":"<a href=\"https://ttm.financial/S/SPCX\">$SpaceX(SPCX)$</a> 🤣","text":"$SpaceX(SPCX)$ 🤣","images":[{"img":"https://community-static.tradeup.com/news/8548d5f7254aaeda77d4393acef59dad","width":"1044","height":"1622"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/605372134069384","isVote":1,"tweetType":1,"viewCount":782,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":602857094140408,"gmtCreate":1788218889152,"gmtModify":1788218891449,"author":{"id":"4245325500824312","authorId":"4245325500824312","name":"Hcm","avatar":"https://community-static.tradeup.com/news/d0991024d8c22de36c224065c9567f8b","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4245325500824312","authorIdStr":"4245325500824312"},"themes":[],"title":"","htmlText":"<a href=\"https://ttm.financial/S/SPCX\">$SpaceX(SPCX)$</a>&nbsp;","listText":"<a href=\"https://ttm.financial/S/SPCX\">$SpaceX(SPCX)$</a>&nbsp;","text":"$SpaceX(SPCX)$","images":[{"img":"https://community-static.tradeup.com/news/c55d352a72fa6fbd19d8e90fd549df22","width":"1044","height":"1622"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/602857094140408","isVote":1,"tweetType":1,"viewCount":515,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":600961576326296,"gmtCreate":1787756185737,"gmtModify":1787756334270,"author":{"id":"4245325500824312","authorId":"4245325500824312","name":"Hcm","avatar":"https://community-static.tradeup.com/news/d0991024d8c22de36c224065c9567f8b","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4245325500824312","authorIdStr":"4245325500824312"},"themes":[],"title":"","htmlText":"<a href=\"https://ttm.financial/OPT/AMD 20260826 487.5 CALL\">$AMD 20260826 487.5 CALL$</a>&nbsp;","listText":"<a href=\"https://ttm.financial/OPT/AMD 20260826 487.5 CALL\">$AMD 20260826 487.5 CALL$</a>&nbsp;","text":"$AMD 20260826 487.5 CALL$","images":[{"img":"https://community-static.tradeup.com/news/9d35882868ee5dfc20ae380163122dbf","width":"1044","height":"1622"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/600961576326296","isVote":1,"tweetType":1,"viewCount":655,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":597590857459288,"gmtCreate":1786922898932,"gmtModify":1786922900604,"author":{"id":"4245325500824312","authorId":"4245325500824312","name":"Hcm","avatar":"https://community-static.tradeup.com/news/d0991024d8c22de36c224065c9567f8b","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4245325500824312","authorIdStr":"4245325500824312"},"themes":[],"title":"","htmlText":"<a href=\"https://ttm.financial/S/SPCX\">$SpaceX(SPCX)$</a>&nbsp;","listText":"<a href=\"https://ttm.financial/S/SPCX\">$SpaceX(SPCX)$</a>&nbsp;","text":"$SpaceX(SPCX)$","images":[{"img":"https://community-static.tradeup.com/news/fa4f4bf612b347d2702b5d2235e68349","width":"1044","height":"1622"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/597590857459288","isVote":1,"tweetType":1,"viewCount":688,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":593534009368720,"gmtCreate":1785927068887,"gmtModify":1785927071155,"author":{"id":"4245325500824312","authorId":"4245325500824312","name":"Hcm","avatar":"https://community-static.tradeup.com/news/d0991024d8c22de36c224065c9567f8b","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4245325500824312","authorIdStr":"4245325500824312"},"themes":[],"title":"","htmlText":"🙈","listText":"🙈","text":"🙈","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/593534009368720","repostId":"2657515385","repostType":2,"repost":{"id":"2657515385","kind":"highlight","weMediaInfo":{"introduction":"追踪全球财经热点，精选影响您财富的资讯，投资理财必备神器！","home_visible":1,"media_name":"华尔街见闻","id":"1084101182","head_image":"https://static.tigerbbs.com/66809d1f5c2e43e2bdf15820c6d6897e"},"pubTimestamp":1785914426,"share":"https://ttm.financial/m/news/2657515385?lang=en_US&edition=fundamental","pubTime":"2026-08-05 15:20","market":"other","language":"zh","title":"AMD's best-ever financial report resulted in a 9% plunge: The market doesn't want good results, but acceleration.","url":"https://stock-news.laohu8.com/highlight/detail?id=2657515385","media":"华尔街见闻","summary":"这份财报没有否定AMD的成长故事，它否定的是\"故事不需要新证据\"的定价。 当市场为2027年数据中心翻倍预付了130%的涨幅，接下来的每一个季度，AMD都要用超出预期的执行，为这个溢价续命。","content":"<p><html><head></head><body>This financial report does not deny AMD's growth story; it does deny the pricing that \"the story does not require new evidence.\" With the market prepaying a 130% increase for data centers to double in 2027, AMD will continue to execute beyond expectations in each subsequent quarter to keep this premium alive.</p><p><p style=\"text-align: justify;\">After the market closed on August 4, AMD delivered a nearly flawless financial report: revenue of $11.536 billion, a year-on-year increase of 50%, setting a new record; Non-GAAP earnings per share were $1.66, exceeding market expectations of $1.62; Data center revenue was $6.718 billion, more than doubling year-over-year, accounting for 58% of the company's total revenue. The stock price plummeted as much as 10% in after-hours trading, closing down 8.8%.</p><p>Why did exceeding expectations become a negative factor? The market prices acceleration, not performance. AMD's stock price has risen more than 130% this year, from $149 to $584 in a 52-week range, driven by expectations of \"catching up with Nvidia\". The Q3 guidance is approximately $13 billion, higher than the consensus of $12.5 billion, but only up 13% quarter-over-quarter – maintaining the slope, not jumping out of gear. The market wanted an acceleration, but the financial report didn't provide it.</p><p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/b2ecdf1ea51159ca1747e2de12633661\" tg-width=\"1024\" tg-height=\"664\"/></p><p><p style=\"text-align: justify;\">The cost of the investment is also reflected in the financial statements:<strong>The gross profit margin of 56% hit a new high, but the gross profit margin of AI data centers was lower than the company average, and the growth business, which accounted for 58%, was diluting the profit margin. To accelerate production capacity for Helios rack systems, capital expenditures were $808 million, nearly three times what analysts had expected, and free cash flow was halved from $2.57 billion to $1.56 billion. The cost of growth is becoming apparent on the balance sheet for the first time.</strong></p><p><h2 id=\"id_3056447987\">The market needed acceleration, but Q3 guidance was not provided.</h2><p style=\"text-align: justify;\">The Q3 guidance is around $13 billion, up 41% year-over-year and 13% quarter-over-quarter, with the median exceeding the consensus of $12.52 billion. This guidance isn't bad; the problem lies in its shape: it only increased by 13% month-on-month, just continuing the current slope.</p><p><p style=\"text-align: justify;\">Dolphin Research I did the math:<strong>Based on guidance, data center shipments in Q3 are expected to increase by approximately $1.2 billion to $1.8 billion month-over-month, while the MI455X has only just begun shipping, so this step forward is not particularly strong. The market had previously bet that AI demand would push AMD to another level, but the guidance did not provide this signal.</strong></p><p><p style=\"text-align: justify;\">AMD's stock price has risen by more than 130% this year. The market is buying a story: Nvidia's production capacity is limited, customers need a second supplier, and AMD has transformed from an alternative to a must-have for AI chips. What the financial report needs to do is prove that the story is accelerating.</p><p><p style=\"text-align: justify;\">In July, Anthropic announced the deployment of a 2-gigawatt MI450 GPU on Helios, and its stock price rose about 10% that day. Broadcom's earnings report in early June triggered a pullback in the semiconductor sector, but AMD subsequently recovered to above $518 due to expectations of Helios orders. Every price increase raises the threshold for the next financial report.</p><p><p style=\"text-align: justify;\"><strong>When AMD only delivers \"as good as expected,\" its 130% year-to-date increase loses all reason to continue rising. The sell order after the market closed is the point where expectations will be realized.</strong></p><p><h2 id=\"id_886190279\">A 107% doubling, half of which is a low base.</h2><p style=\"text-align: justify;\">The 107% year-on-year growth rate of data centers is the most eye-catching, but its quality is questionable.</p><p><p style=\"text-align: justify;\">In the second quarter of 2025, U.S. export controls forced AMD to set aside $800 million for MI308 inventory and related expenses, denting the original base. This year's doubling is partly due to filling gaps.</p><p><p style=\"text-align: justify;\">Dolphin Research broke down a number:<strong>Instinct AI GPU revenue this quarter was approximately $2.7 billion, compared to approximately $1.1 billion in the same period last year, also bearing the shadow of a base. In contrast, EPYC is cleaner: cloud and enterprise sales both grew by more than 70% year-on-year, server CPU revenue hit a record high for the fifth consecutive quarter, and the sixth-generation EPYC Venice has gone into production. The acceleration without a low base filter is the most solid part of this financial report.</strong></p><p><p style=\"text-align: justify;\">During the conference call, Lisa Su gave the anchor: data center revenue will \"more than double\" in 2027, server revenue will increase by more than 80% year-on-year in the second half of 2026, and will still grow by more than 70% in 2027 on a higher base.</p><p><h2 id=\"id_3973568968\">The hidden secret of gross profit margin: The larger the AI, the thinner the gross profit margin.</h2><p style=\"text-align: justify;\">The non-GAAP gross margin of 56% hit a new high, but the figure is inflated. The 13 percentage point increase year-on-year was largely due to the $800 million export control provision made in the same period last year.</p><p><p style=\"text-align: justify;\">Management confirmed during the conference call that:<strong>The gross profit margin of AI data centers is slightly lower than the company average. Data centers are precisely the fastest-growing business with the highest share, rising from 42% a year ago to 58% now. The most promising part of revenue is the structural gross profit dilution.</strong></p><p><p style=\"text-align: justify;\">Compared to Nvidia's 75% non-GAAP gross margin, the difference is nearly 20 percentage points. Nvidia makes excess profits through monopolistic pricing, while AMD exchanges its market share for price—Lisa Su put it bluntly: AMD sells a complete set of infrastructure that integrates CPUs, GPUs, and network chips, using lower unit prices and greater openness to attract customers. The price of this model is that the proportion of profit included in every dollar of revenue is naturally lower than that of its competitors.</p><p><p style=\"text-align: justify;\">Helios has shifted from selling chips to selling complete rack systems, and the unit price has increased, but the chips, network, and storage in the rack are all costs. The larger the scale, the more obvious the dilution effect. Part of the market's disappointment with this financial report lies in the hidden secrets of gross profit margin.</p><p><h2 id=\"id_499984952\">Capital expenditures tripled expectations, and growth began to burn money.</h2><p style=\"text-align: justify;\">The balance sheet is more telling than the income statement: capital expenditures of $808 million are nearly three times what analysts expected (about $299 million, according to Dolphin Research); Free cash flow (estimated) decreased from $2.57 billion to $1.56 billion; Inventories rose to $8.468 billion, while accounts receivable increased by 21% quarter-over-quarter to $7.281 billion.</p><p><p style=\"text-align: justify;\">This is not a financial deterioration, but a proactively chosen growth model: first invest money in production capacity and inventory, and then wait for orders to be fulfilled.</p><p><p style=\"text-align: justify;\">Lisa Su said that demand for Helios was \"very strong, exceeding our initial forecasts,\" and in order to secure orders, AMD had to lock in production capacity and stockpile inventory in advance. The simultaneous increase in cash, inventory, and accounts receivable is a sign of this early move.</p><p><p style=\"text-align: justify;\">The problem is that this model postpones the certainty of performance until the future. If AI capital expenditure growth slows down, or if a major customer's delivery schedule is delayed, these figures will turn from ammunition for the offensive into a burden on inventory.</p><p><h2 id=\"id_2512958195\">The real bottleneck lies in production capacity, not demand.</h2><p style=\"text-align: justify;\">Helios is the most crucial signal in this financial report.</p><p><p style=\"text-align: justify;\">This is AMD's first rack-level AI system, which packages CPUs, GPUs, and network chips into a complete rack for delivery. The first batch has been delivered to Meta, OpenAI, and Oracle this quarter. The Anthropic 2-gigawatt collaboration announced in July, with the first batch of 1 gigawatt deployments beginning in the first half of 2027; Microsoft will also deploy it on a large scale on Azure. The client list is still expanding: Anthropic, Cirrascale, HUMAIN, Meta, Microsoft, OpenAI, Oracle, Tensorwave, Vultr.</p><p><p style=\"text-align: justify;\"><strong>The story on the demand side is impeccable. AMD's ceiling is not here; it lies in TSMC's advanced packaging capabilities.</strong></p><p><p style=\"text-align: justify;\">In May, HSBC downgraded AMD to \"hold\" status, citing TSMC's capacity constraints. This financial report confirmed concerns to some extent; otherwise, AMD would not have needed to triple its capital expenditures to seize capacity. The competition for AI chips has shifted from whose chips are better to who will acquire TSMC's production capacity first. Nvidia's priority remains an unavoidable constraint for AMD.</p><p><p style=\"text-align: justify;\"><strong>Helios also carries a deeper meaning: AMD's business model is shifting from selling chips to selling systems. In the past, it sold GPUs and CPUs individually, and customers would buy them and assemble their own clusters. Now, the unit price and delivery complexity of complete rack delivery have reached a new level. This is both offensive and defensive—Nvidia has long proven with rack-level products that system-layer profits and customer loyalty are much higher than single-chip products. However, turning around also means heavier capital and greater delivery risks. When server racks malfunction, the responsibility shifts from chip manufacturers to system integrators.</strong></p><p><h2 id=\"id_2220326236\">The valuation of the pursuers has already prepaid for success.</h2><p style=\"text-align: justify;\">Nvidia holds approximately 80% of the AI accelerator market share, while AMD holds about 10% to 15%. Nvidia's data center revenue reached $75.2 billion in a single quarter, 11 times that of AMD's entire data center business. However, after surging 130% this year, AMD's dynamic P/E are significantly higher than Nvidia's, and analysts' valuation disagreements have come to the fore: Morgan Stanley questioned the valuation, and Benchmark gave it a target price of $685.</p><p><p style=\"text-align: justify;\">There is only one explanation for this price difference: the market has paid for the \"catch-up success\" in advance. AMD's rise is based on the assumption that its market share will increase from 12% to 25%. Once the path proves to be slower than expected, the valuation will have to return to reality. Conversely, if Helios' rack-mounted transformation and its 2027 doubling guidelines are fulfilled, its current valuation will not seem so expensive. The disagreeing parties are betting on both ends of the same variable.</p><p><h2 id=\"id_1954583591\">Nvidia will be the next hurdle</h2><p style=\"text-align: justify;\">It fell 8.8% to about $473 in after-hours trading, marking just the first round of this pricing exercise. Over the next few days, the market will reread the financial report in order.</p><p><p style=\"text-align: justify;\">First, let's see if AMD underlying shares can hold the $470 level: if it falls below $450, profit-taking this year will begin to take a hit, and the technical outlook will turn bearish; Holding above 470 indicates that long-term funds are taking the opportunity to accumulate shares, since the doubling target for 2027 is still on the table. The drop in the hour and a half after the market closed indicates that the Q3 guidance was not accelerating enough and does not mean that the story of 2027 has been overturned.</p><p><p style=\"text-align: justify;\">Let's look at Nvidia again. It released its financial report on August 26, reporting data center revenue of $75.2 billion in the previous fiscal quarter, a 92% year-over-year increase. AMD's overall better-than-expected performance failed to generate gains. How high has the market's expectation threshold for Nvidia been raised? When exceeding expectations becomes the benchmark and only significantly exceeding expectations can drive stock prices, every earnings report in the AI chip sector becomes an increasingly difficult test.</p><p><p style=\"text-align: justify;\">At the supply chain level, TSMC and Advanced Packaging Chain are hidden beneficiaries: AMD's capital expenditure was three times higher than expected, which ultimately flowed to TSMC's CoWoS production capacity; After Helios was racked, the value of packaging and networking was amplified. However, this also means that AMD's delivery ceiling is in the hands of others, and every guidance that exceeds expectations must first pass through TSMC's capacity allocation hurdle.</p><p><h2 id=\"id_1199044141\">The story needs new evidence.</h2><p style=\"text-align: justify;\">AMD exceeded expectations across the board but fell 9%. The pricing logic for US AI stocks this quarter is already quite clear:<strong>The stock price is first overdrawn within expectations, and then realized in the financial report. Guidance exceeding expectations is only a passing grade. What really determines the stock price is whether the market's pre-set acceleration curve has been refreshed.</strong></p><p><p style=\"text-align: justify;\">This financial report does not deny AMD's growth story; it does deny the pricing that \"the story does not require new evidence.\" With the market prepaying a 130% premium for data centers to double in 2027, AMD will continue to execute beyond expectations in each subsequent quarter to keep this premium alive.</p><p><p style=\"text-align: justify;\">Over the next month, the market will be watching three things: whether AMD's stock price can hold above $470, whether Nvidia's earnings report on August 26 can withstand the hurdle of rising prices, and whether the balance of TSMC's capacity allocation will tilt in AMD's favor. Going forward, Anthropic's first 1-gigawatt deployment in the first half of 2027, the quarterly shipment slope of the MI455X, and whether the gross profit margin of AI data centers can improve with scale are the three hard indicators to verify the effectiveness of the \"doubling guidance\". The arms race for AI chips is not over; it has only moved from storytelling to the stage of realization.</p><p></body></html></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>AMD's best-ever financial report resulted in a 9% plunge: The market doesn't want good results, but acceleration.</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nAMD's best-ever financial report resulted in a 9% plunge: The market doesn't want good results, but acceleration.\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1084101182\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/66809d1f5c2e43e2bdf15820c6d6897e);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">华尔街见闻 </p>\n<p class=\"h-time smaller\">2026-08-05 15:20</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p><html><head></head><body>This financial report does not deny AMD's growth story; it does deny the pricing that \"the story does not require new evidence.\" With the market prepaying a 130% increase for data centers to double in 2027, AMD will continue to execute beyond expectations in each subsequent quarter to keep this premium alive.</p><p><p style=\"text-align: justify;\">After the market closed on August 4, AMD delivered a nearly flawless financial report: revenue of $11.536 billion, a year-on-year increase of 50%, setting a new record; Non-GAAP earnings per share were $1.66, exceeding market expectations of $1.62; Data center revenue was $6.718 billion, more than doubling year-over-year, accounting for 58% of the company's total revenue. The stock price plummeted as much as 10% in after-hours trading, closing down 8.8%.</p><p>Why did exceeding expectations become a negative factor? The market prices acceleration, not performance. AMD's stock price has risen more than 130% this year, from $149 to $584 in a 52-week range, driven by expectations of \"catching up with Nvidia\". The Q3 guidance is approximately $13 billion, higher than the consensus of $12.5 billion, but only up 13% quarter-over-quarter – maintaining the slope, not jumping out of gear. The market wanted an acceleration, but the financial report didn't provide it.</p><p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/b2ecdf1ea51159ca1747e2de12633661\" tg-width=\"1024\" tg-height=\"664\"/></p><p><p style=\"text-align: justify;\">The cost of the investment is also reflected in the financial statements:<strong>The gross profit margin of 56% hit a new high, but the gross profit margin of AI data centers was lower than the company average, and the growth business, which accounted for 58%, was diluting the profit margin. To accelerate production capacity for Helios rack systems, capital expenditures were $808 million, nearly three times what analysts had expected, and free cash flow was halved from $2.57 billion to $1.56 billion. The cost of growth is becoming apparent on the balance sheet for the first time.</strong></p><p><h2 id=\"id_3056447987\">The market needed acceleration, but Q3 guidance was not provided.</h2><p style=\"text-align: justify;\">The Q3 guidance is around $13 billion, up 41% year-over-year and 13% quarter-over-quarter, with the median exceeding the consensus of $12.52 billion. This guidance isn't bad; the problem lies in its shape: it only increased by 13% month-on-month, just continuing the current slope.</p><p><p style=\"text-align: justify;\">Dolphin Research I did the math:<strong>Based on guidance, data center shipments in Q3 are expected to increase by approximately $1.2 billion to $1.8 billion month-over-month, while the MI455X has only just begun shipping, so this step forward is not particularly strong. The market had previously bet that AI demand would push AMD to another level, but the guidance did not provide this signal.</strong></p><p><p style=\"text-align: justify;\">AMD's stock price has risen by more than 130% this year. The market is buying a story: Nvidia's production capacity is limited, customers need a second supplier, and AMD has transformed from an alternative to a must-have for AI chips. What the financial report needs to do is prove that the story is accelerating.</p><p><p style=\"text-align: justify;\">In July, Anthropic announced the deployment of a 2-gigawatt MI450 GPU on Helios, and its stock price rose about 10% that day. Broadcom's earnings report in early June triggered a pullback in the semiconductor sector, but AMD subsequently recovered to above $518 due to expectations of Helios orders. Every price increase raises the threshold for the next financial report.</p><p><p style=\"text-align: justify;\"><strong>When AMD only delivers \"as good as expected,\" its 130% year-to-date increase loses all reason to continue rising. The sell order after the market closed is the point where expectations will be realized.</strong></p><p><h2 id=\"id_886190279\">A 107% doubling, half of which is a low base.</h2><p style=\"text-align: justify;\">The 107% year-on-year growth rate of data centers is the most eye-catching, but its quality is questionable.</p><p><p style=\"text-align: justify;\">In the second quarter of 2025, U.S. export controls forced AMD to set aside $800 million for MI308 inventory and related expenses, denting the original base. This year's doubling is partly due to filling gaps.</p><p><p style=\"text-align: justify;\">Dolphin Research broke down a number:<strong>Instinct AI GPU revenue this quarter was approximately $2.7 billion, compared to approximately $1.1 billion in the same period last year, also bearing the shadow of a base. In contrast, EPYC is cleaner: cloud and enterprise sales both grew by more than 70% year-on-year, server CPU revenue hit a record high for the fifth consecutive quarter, and the sixth-generation EPYC Venice has gone into production. The acceleration without a low base filter is the most solid part of this financial report.</strong></p><p><p style=\"text-align: justify;\">During the conference call, Lisa Su gave the anchor: data center revenue will \"more than double\" in 2027, server revenue will increase by more than 80% year-on-year in the second half of 2026, and will still grow by more than 70% in 2027 on a higher base.</p><p><h2 id=\"id_3973568968\">The hidden secret of gross profit margin: The larger the AI, the thinner the gross profit margin.</h2><p style=\"text-align: justify;\">The non-GAAP gross margin of 56% hit a new high, but the figure is inflated. The 13 percentage point increase year-on-year was largely due to the $800 million export control provision made in the same period last year.</p><p><p style=\"text-align: justify;\">Management confirmed during the conference call that:<strong>The gross profit margin of AI data centers is slightly lower than the company average. Data centers are precisely the fastest-growing business with the highest share, rising from 42% a year ago to 58% now. The most promising part of revenue is the structural gross profit dilution.</strong></p><p><p style=\"text-align: justify;\">Compared to Nvidia's 75% non-GAAP gross margin, the difference is nearly 20 percentage points. Nvidia makes excess profits through monopolistic pricing, while AMD exchanges its market share for price—Lisa Su put it bluntly: AMD sells a complete set of infrastructure that integrates CPUs, GPUs, and network chips, using lower unit prices and greater openness to attract customers. The price of this model is that the proportion of profit included in every dollar of revenue is naturally lower than that of its competitors.</p><p><p style=\"text-align: justify;\">Helios has shifted from selling chips to selling complete rack systems, and the unit price has increased, but the chips, network, and storage in the rack are all costs. The larger the scale, the more obvious the dilution effect. Part of the market's disappointment with this financial report lies in the hidden secrets of gross profit margin.</p><p><h2 id=\"id_499984952\">Capital expenditures tripled expectations, and growth began to burn money.</h2><p style=\"text-align: justify;\">The balance sheet is more telling than the income statement: capital expenditures of $808 million are nearly three times what analysts expected (about $299 million, according to Dolphin Research); Free cash flow (estimated) decreased from $2.57 billion to $1.56 billion; Inventories rose to $8.468 billion, while accounts receivable increased by 21% quarter-over-quarter to $7.281 billion.</p><p><p style=\"text-align: justify;\">This is not a financial deterioration, but a proactively chosen growth model: first invest money in production capacity and inventory, and then wait for orders to be fulfilled.</p><p><p style=\"text-align: justify;\">Lisa Su said that demand for Helios was \"very strong, exceeding our initial forecasts,\" and in order to secure orders, AMD had to lock in production capacity and stockpile inventory in advance. The simultaneous increase in cash, inventory, and accounts receivable is a sign of this early move.</p><p><p style=\"text-align: justify;\">The problem is that this model postpones the certainty of performance until the future. If AI capital expenditure growth slows down, or if a major customer's delivery schedule is delayed, these figures will turn from ammunition for the offensive into a burden on inventory.</p><p><h2 id=\"id_2512958195\">The real bottleneck lies in production capacity, not demand.</h2><p style=\"text-align: justify;\">Helios is the most crucial signal in this financial report.</p><p><p style=\"text-align: justify;\">This is AMD's first rack-level AI system, which packages CPUs, GPUs, and network chips into a complete rack for delivery. The first batch has been delivered to Meta, OpenAI, and Oracle this quarter. The Anthropic 2-gigawatt collaboration announced in July, with the first batch of 1 gigawatt deployments beginning in the first half of 2027; Microsoft will also deploy it on a large scale on Azure. The client list is still expanding: Anthropic, Cirrascale, HUMAIN, Meta, Microsoft, OpenAI, Oracle, Tensorwave, Vultr.</p><p><p style=\"text-align: justify;\"><strong>The story on the demand side is impeccable. AMD's ceiling is not here; it lies in TSMC's advanced packaging capabilities.</strong></p><p><p style=\"text-align: justify;\">In May, HSBC downgraded AMD to \"hold\" status, citing TSMC's capacity constraints. This financial report confirmed concerns to some extent; otherwise, AMD would not have needed to triple its capital expenditures to seize capacity. The competition for AI chips has shifted from whose chips are better to who will acquire TSMC's production capacity first. Nvidia's priority remains an unavoidable constraint for AMD.</p><p><p style=\"text-align: justify;\"><strong>Helios also carries a deeper meaning: AMD's business model is shifting from selling chips to selling systems. In the past, it sold GPUs and CPUs individually, and customers would buy them and assemble their own clusters. Now, the unit price and delivery complexity of complete rack delivery have reached a new level. This is both offensive and defensive—Nvidia has long proven with rack-level products that system-layer profits and customer loyalty are much higher than single-chip products. However, turning around also means heavier capital and greater delivery risks. When server racks malfunction, the responsibility shifts from chip manufacturers to system integrators.</strong></p><p><h2 id=\"id_2220326236\">The valuation of the pursuers has already prepaid for success.</h2><p style=\"text-align: justify;\">Nvidia holds approximately 80% of the AI accelerator market share, while AMD holds about 10% to 15%. Nvidia's data center revenue reached $75.2 billion in a single quarter, 11 times that of AMD's entire data center business. However, after surging 130% this year, AMD's dynamic P/E are significantly higher than Nvidia's, and analysts' valuation disagreements have come to the fore: Morgan Stanley questioned the valuation, and Benchmark gave it a target price of $685.</p><p><p style=\"text-align: justify;\">There is only one explanation for this price difference: the market has paid for the \"catch-up success\" in advance. AMD's rise is based on the assumption that its market share will increase from 12% to 25%. Once the path proves to be slower than expected, the valuation will have to return to reality. Conversely, if Helios' rack-mounted transformation and its 2027 doubling guidelines are fulfilled, its current valuation will not seem so expensive. The disagreeing parties are betting on both ends of the same variable.</p><p><h2 id=\"id_1954583591\">Nvidia will be the next hurdle</h2><p style=\"text-align: justify;\">It fell 8.8% to about $473 in after-hours trading, marking just the first round of this pricing exercise. Over the next few days, the market will reread the financial report in order.</p><p><p style=\"text-align: justify;\">First, let's see if AMD underlying shares can hold the $470 level: if it falls below $450, profit-taking this year will begin to take a hit, and the technical outlook will turn bearish; Holding above 470 indicates that long-term funds are taking the opportunity to accumulate shares, since the doubling target for 2027 is still on the table. The drop in the hour and a half after the market closed indicates that the Q3 guidance was not accelerating enough and does not mean that the story of 2027 has been overturned.</p><p><p style=\"text-align: justify;\">Let's look at Nvidia again. It released its financial report on August 26, reporting data center revenue of $75.2 billion in the previous fiscal quarter, a 92% year-over-year increase. AMD's overall better-than-expected performance failed to generate gains. How high has the market's expectation threshold for Nvidia been raised? When exceeding expectations becomes the benchmark and only significantly exceeding expectations can drive stock prices, every earnings report in the AI chip sector becomes an increasingly difficult test.</p><p><p style=\"text-align: justify;\">At the supply chain level, TSMC and Advanced Packaging Chain are hidden beneficiaries: AMD's capital expenditure was three times higher than expected, which ultimately flowed to TSMC's CoWoS production capacity; After Helios was racked, the value of packaging and networking was amplified. However, this also means that AMD's delivery ceiling is in the hands of others, and every guidance that exceeds expectations must first pass through TSMC's capacity allocation hurdle.</p><p><h2 id=\"id_1199044141\">The story needs new evidence.</h2><p style=\"text-align: justify;\">AMD exceeded expectations across the board but fell 9%. The pricing logic for US AI stocks this quarter is already quite clear:<strong>The stock price is first overdrawn within expectations, and then realized in the financial report. Guidance exceeding expectations is only a passing grade. What really determines the stock price is whether the market's pre-set acceleration curve has been refreshed.</strong></p><p><p style=\"text-align: justify;\">This financial report does not deny AMD's growth story; it does deny the pricing that \"the story does not require new evidence.\" With the market prepaying a 130% premium for data centers to double in 2027, AMD will continue to execute beyond expectations in each subsequent quarter to keep this premium alive.</p><p><p style=\"text-align: justify;\">Over the next month, the market will be watching three things: whether AMD's stock price can hold above $470, whether Nvidia's earnings report on August 26 can withstand the hurdle of rising prices, and whether the balance of TSMC's capacity allocation will tilt in AMD's favor. Going forward, Anthropic's first 1-gigawatt deployment in the first half of 2027, the quarterly shipment slope of the MI455X, and whether the gross profit margin of AI data centers can improve with scale are the three hard indicators to verify the effectiveness of the \"doubling guidance\". The arms race for AI chips is not over; it has only moved from storytelling to the stage of realization.</p><p></body></html></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/a593d85be38c3aa543ab3056553101ff","relate_stocks":{"LU1989764748.USD":"东方汇理环球颠覆性机遇A2 Acc","LU0081259029.USD":"UBS (LUX) EQUITY FUND - TECH OPPORTUNITY \"P\" (USD) ACC","LU0198837287.USD":"UBS (LUX) EQUITY SICAV - USA GROWTH \"P\" (USD) ACC","SG9999000418.SGD":"Aberdeen Standard Global Technology SGD","LU0267386448.USD":"FIDELITY FIRST ALL COUNTRY WORLD \"A\" (USD) INC","BK4543":"AI","LU2213496289.HKD":"ALLIANZ INCOME AND GROWTH \"AT\" (HKD) ACC","LU0215105999.USD":"SCHRODER ISF GLOBAL EQUITY \"A\" ACC","LU2237443895.HKD":"abrdn SICAV I -  GLOBAL DYNAMIC DIVIDEND \"A\" (HKD) ACC","LU0823414478.USD":"法巴经典能源转换基金","LU0323240290.USD":"HSBC GIF GLOBAL EQUITY CLIMATE CHANGE \"AD\" INC","SG9999001424.SGD":"United E-Commerce Fund SGD","IE00B5TLWC47.USD":"BNY MELLON LONG-TERM GLOBAL EQUITY \"B\" (USD) ACC","LU2265009873.SGD":"Eastspring Investments - Global Growth Equity AS SGD-H","LU2433249047.HKD":"THEMATICS META \"R/A\" (HKD) ACC","IE00BKDWB100.SGD":"PINEBRIDGE US LARGE CAP RESEARCH ENHANCED \"A5H\" (SGDHDG) ACC","IE00B1BXHZ80.USD":"Legg Mason ClearBridge - US Appreciation A Acc USD","LU0225283273.USD":"SCHRODER ISF GLOBAL EQUITY ALPHA \"A\" (USD) ACC","BK4592":"伊斯兰概念","LU0786609619.USD":"高盛全球千禧一代股票组合Acc","LU0788109477.HKD":"BGF GLOBAL ALLOCATION \"A2\" (HKDHGD) ACC","IE00BJTD4V19.USD":"NEUBERGER BERMAN US LONG SHORT EQUITY \"A1\" (USD) ACC","BK4549":"软银资本持仓","BK4548":"巴美列捷福持仓","LU1699723380.USD":"ALLSPRING GLOBAL LONG/SHORT EQUITY \"AP\" (USD) ACC","SPTE":"SP FUNDS S&P GLOBAL TECHNOLOGY ETF","LU2236285917.USD":"ALLIANZ GLOBAL INCOME \"AMG\" (USD) INC","LU0310800379.SGD":"FTIF - Templeton Global A Acc SGD","LU0724617625.USD":"BGF GLOBAL ALLOCATION \"A4\" (USD) INC","LU0210533765.USD":"JPM GLOBAL GROWTH \"A\" (USD) ACC","LU0203201768.USD":"AB SICAV I - ALL MARKET INCOME PORTFOLIO \"AX\" (USD) INC","LU1232071149.USD":"AZ FUND 1 GLOBAL GROWTH SELECTOR \"AAZ\" (USDHDG) ACC","IE00B3S45H60.SGD":"Neuberger Berman US Multicap Opportunities A Acc SGD-H","BK4554":"元宇宙及AR概念","LU2357125470.USD":"BNP PARIBAS ENERGY TRANSITION \"CLASSIC RH\" (USDHDG) ACC","LU0234570918.USD":"高盛全球核心股票组合Acc Close","LU2148611432.USD":"AZ ALLOCATION BALANCED BRAVE \"AAZ\" (USDHDG) ACC","LU0316494557.USD":"FRANKLIN GLOBAL FUNDAMENTAL STRATEGIES \"A\" ACC","LU0203202063.USD":"AB SICAV I - ALL MARKET INCOME PORTFOLIO \"A2X\" (USD) ACC","LU0158827781.USD":" ALLIANZ GLOBAL SUSTAINABILITY \"AT\" (USD) ACC","LU0726765562.USD":"JPM GLOBAL INCOME \"A\" (USD HEDGED) INC","LU2294711713.HKD":"BNP PARIBAS ENERGY TRANSITION \"C\" (HKD) ACC","LU2286300806.USD":"Allianz Cyber Security AT Acc USD","JGRO":"Jpmorgan Active Growth ETF","IE00B7KXQ091.USD":"Janus Henderson Balanced A Inc USD","LU0080751232.USD":"富达环球多元动力基金A","LU1670756490.USD":"ALLIANZ EUROPE INCOME AND GROWTH \"AT\" (USDHDG) ACC","LU2347655073.USD":"JPM GLOBAL INCOME \"A\" (USDHDG) INC A","LU2097344357.USD":"SCHRODER ISF SUSTAINABLE MULTI-ASSET INCOME \"A\" (USDHDG) ACC","LU0234572021.USD":"高盛美国核心股票组合Acc","LU2381873111.SGD":"BGF SYSTEMATIC GLOBAL EQUITY HIGH INCOME \"A6\" (SGDHDG) INC","IE00B19Z9505.USD":"美盛-美国大盘成长股A Acc","LU2097344431.USD":"SCHRODER ISF SUSTAINABLE MULTI-ASSET INCOME \"A\" (USDHDG) INC","LU1880398554.USD":"AMUNDI FUNDS GLOBAL EQUITY \"A2\" (USD) INC","IE00BKVL7J92.USD":"Legg Mason ClearBridge - US Equity Sustainability Leaders A Acc USD","LU0070217475.USD":"JPM GLOBAL SELECT EQUITY \"A\" ACC","BK4550":"红杉资本持仓","LU1267930573.SGD":"TEMPLETON GLOBAL \"AA\" (SGD) ACC A","LU1814569148.SGD":"WELLINGTON GLOBAL QUALITY GROWTH \"D\" (SGDHDG) ACC","LU0061474960.USD":"天利环球焦点基金AU Acc","BK4598":"佩洛西持仓","BK4551":"寇图资本持仓","GAMR":"Amplify Video Game Leaders ETF","LU1691799644.USD":"Amundi Funds Polen Capital Global Growth A2 (C) USD","LU0965509283.SGD":"AB LOW VOLATILITY EQUITY PORTFOLIO \"AD\" (SGDHDG) INC","LU0170899867.USD":"EASTSPRING INVESTMENTS WORLD VALUE EQUITY  \"A\" (USD) ACC","SG9999015952.SGD":"LIONGLOBAL DISRUPTIVE INNOVATION \"I\" (SGD) ACC","LU0787776722.HKD":"AB SELECT US EQUITY PORTFOLIO \"A\" (HKD) ACC","LU2756315664.SGD":"ALLIANZ INCOME AND GROWTH \"AMI\" (SGDHDG) INC","IE00BHPRN162.USD":"BNY MELLON BLOCKCHAIN INNOVATION \"B\" (USD) ACC","SG9999014906.USD":"大华全球优质成长基金Acc USD","LU1316542783.SGD":"Janus Henderson Horizon Global Technology Leaders A2 SGD","LU1935043023.USD":"MANULIFE GF GLOBAL MULTI-ASSET DIVERSIFIED INCOME \"AA\" (USD) INC A","BK4529":"IDC概念","FAI":"First Trust Bloomberg Artificial Intelligence ETF","IE00B775SV38.USD":"NEUBERGER BERMAN US MULTICAP OPPORTUNITIES \"A\" (USD) ACC","LU2271345857.HKD":"ALLIANZ GLOBAL SUSTAINABILITY \"AT\" (HKD) ACC","LU2430703095.HKD":"WELLINGTON MULTI-ASSET HIGH INCOME \"AM4\" (HKD) INC","IE00B19Z8X17.USD":"FTGF CLEARBRIDGE US LARGE CAP GROWTH  \"AG\" (USD) ACC","LU0053666078.USD":"摩根大通基金-美国股票A（离岸）美元","IE00B5949003.HKD":"JANUS HENDERSON GLOBAL TECHNOLOGY AND INNOVATION \"A\" (HKD) ACC","LU0642271901.SGD":"Janus Henderson Horizon Global Technology Leaders A2 SGD-H","LU0211327993.USD":"TEMPLETON GLOBAL EQUITY INCOME \"A\" (USD) ACC","LU2430703178.SGD":"WELLINGTON MULTI-ASSET HIGH INCOME \"AM4H\" (SGDHDG) INC","LU2360106780.USD":"BGF WORLD TECHNOLOGY \"A4\" (USD) INC","NULC":"Nuveen ESG Large-Cap ETF","LU1551013425.SGD":"Allianz Income and Growth Cl AMg2 DIS H2-SGD","LU0082616367.USD":"摩根大通美国科技A（dist）","LU2430703251.USD":"WELLINGTON MULTI-ASSET HIGH INCOME \"AM4\" (USD) INC","LU1983260115.SGD":"Janus Henderson Horizon Global Sustainable Equity A2 SGD-H","BK4605":"半导体精选","BK4608":"AI应用概念股","LU2756315318.SGD":"ALLIANZ INCOME AND GROWTH \"AMG\" (SGDHDG) INC A","LU2746668974.SGD":"MANULIFE DYNAMIC LEADERS \"AA\" (SGDHDG) ACC","LU2089985449.USD":"MANULIFE GF GLOBAL SEMICONDUCTOR OPPORTUNITIES \"AA\" (USD) ACC","LU0949170772.SGD":"Blackrock Global Equity Income A6 SGD-H","LU2272731782.SGD":"Allianz Global Intelligent Cities AM Dis H2-SGD","LU2746668461.USD":"MANULIFE DYNAMIC LEADERS \"AA\" (USD) ACC","LU2272731600.USD":"Allianz Global Intelligent Cities AM Dis USD","LU0323591593.USD":"SCHRODER ISF QEP GLOBAL QUALITY \"A\" (USD) ACC","SG9999002232.USD":"Allianz Global High Payout USD","LU1003077747.HKD":"BGF GLOBAL EQUITY INCOME \"A6\" (HKDHDG) INC","IE0004091025.USD":"BNY MELLON GLOBAL OPPORTUNITIES \"B\" (USD) ACC","ABFL":"ABACUS FCF LEADERS ETF","BK4527":"明星科技股","SG9999002224.SGD":"Allianz Global High Payout SGD","IE00BJJMRX11.SGD":"Janus Henderson Balanced A Acc SGD","LU1645745479.HKD":"ALLIANZ EUROPE INCOME AND GROWTH \"AM\" (HKDHDG) INC","LU2931357623.SGD":"MANULIFE GF GLOBAL SEMICONDUCTOR OPPORTUNITIES \"AA\" (SGDHDG) ACC","LU1400636491.USD":"Allianz Europe Income and Growth Cl AMg DIS H2-USD","LU0738911758.USD":"Blackrock Global Equity Income A6 USD","LU0079474960.USD":"联博美国增长基金A","LU2361044949.HKD":"WELLINGTON US QUALITY GROWTH \"A\" (HKD) ACC","IE00BK4W5L77.USD":"HSBC GLOBAL FUNDS ICAV US EQUITY INDEX \"HC\" (USD) ACC","LU2361044865.SGD":"WELLINGTON US QUALITY GROWTH \"A\" (SGDHDG) ACC","USD":"ProShares Ultra Semiconductors","LU0444973449.USD":"CT (LUX) I GLOBAL TECHNOLOGY \"DU\" (USD) ACC","LU2087621335.USD":"ALLSPRING GLOBAL FACTOR ENHANCED EQUITY \"A\" (USD) ACC","IE00BK4W5M84.HKD":"HSBC GLOBAL FUNDS ICAV US EQUITY INDEX \"HC\" (HKD) ACC","LU2361045086.USD":"WELLINGTON US QUALITY GROWTH \"A\" (USD) ACC","LU2272731865.HKD":"ALLIANZ GLOBAL INTELLIGENT CITIES INCOME \"AM\" (HKD) INC","IE0004445239.USD":"JANUS HENDERSON US FORTY \"A2\" (USD) ACC","BK4612":"AI芯片","VGT":"信息技术ETF-Vanguard","IE0004445015.USD":"JANUS HENDERSON BALANCED \"A2\" (USD) ACC","BK4614":"Manus概念股","LU0965508806.USD":"AB LOW VOLATILITY EQUITY PORTFOLIO \"AD\" (USD) INC","LU2355687059.USD":"NORDEA 1 GLOBAL IMPACT  \"BP\" (USD) ACC","LU2322448791.USD":"ALLIANZ GLOBAL INTELLIGENT CITIES INCOME \"AMG\" (USD) INC","SHOC":"Strive U.S. Semiconductor ETF","LU0528227936.USD":"富达环球人口趋势基金A-ACC","LU2322448957.HKD":"ALLIANZ GLOBAL INTELLIGENT CITIES INCOME \"AMG\" (HKD) INC","LU2065170008.USD":"M&G (LUX) GLOBAL MAXIMA \"A\" (USD) INC","LU2491049909.HKD":"WELLINGTON SUSTAINABLE OUTCOMES \"A\" (HKD) ACC","IE00B3M56506.USD":"NEUBERGER BERMAN EMERGING MARKETS EQUITY \"A\" (USD) ACC","LU0889566641.SGD":"FTSF - Templeton Shariah Global Equity A Acc SGD","LU2491050071.SGD":"WELLINGTON SUSTAINABLE OUTCOMES \"A\" (SGDHDG) ACC","BK4532":"文艺复兴科技持仓","LU0985320562.USD":"NORDEA 1 GLOBAL STARS EQUITY \"BP\" (USD) ACC","LU2357305700.SGD":"Allianz Global Artificial Intelligence ET H2-SGD","LU0238689110.USD":"贝莱德环球动力股票基金","LU2491050154.USD":"WELLINGTON SUSTAINABLE OUTCOMES \"A\" (USD) ACC","LU0661504455.SGD":"Blackrock Global Equity Income A5 SGD-H","LU0072462426.USD":"贝莱德全球配置 A2","IE00BYXW3230.USD":"PINEBRIDGE GLOBAL DYNAMIC ASSET ALLOCATION \"AA\" (USD) ACC","AGOX":"Adaptive Alpha Opportunities ETF","LU2461242641.AUD":"WELLINGTON US QUALITY GROWTH \"A\" (AUDHDG) ACC","BK4534":"瑞士信贷持仓","GB00BDT5M118.USD":"天利环球扩展Alpha基金A Acc","QQQA":"ProShares Nasdaq-100 Dorsey Wright Momentum ETF","BK4533":"AQR资本管理(全球第二大对冲基金)","LU0466842654.USD":"HSBC ISLAMIC GLOBAL EQUITY INDEX \"A\" (USD) ACC","LU0640476718.USD":"THREADNEEDLE (LUX) US CONTRARIAN CORE EQ \"AU\" (USD) ACC","CHAT":"ROUNDHILL GENERATIVE AI & TECHNOLOGY ETF","IE0001KFT4U8.USD":"FTGF CLEARBRIDGE GLOBAL GROWTH LEADERS \"A\" (USD) INC","LU2089284900.SGD":"Allianz Global Sustainability Cl AM Dis H2-SGD","LU0308772762.SGD":"Blackrock Global Allocation A2 SGD-H","SG9999004303.SGD":"Nikko AM Shenton Global Opportunities SGD","LU2592432038.USD":"WELLINGTON MULTI-ASSET HIGH INCOME \"A\" (USD) ACC","LU1202635105.USD":"ALLIANZ EUROPE INCOME AND GROWTH \"AM\" (USDHDG) INC","LU0274383776.USD":"MANULIFE GF US SMALL CAP EQUITY \"AA\" (USD) INC","SMH":"半导体指数ETF-HOLDRs","IE00B775H168.HKD":"JANUS HENDERSON BALANCED \"A5M\" (HKD) INC","LU2237438978.USD":"Amundi Funds US Pioneer A2 (C) USD","IE0034235188.USD":"PINEBRIDGE GLOBAL FOCUS EQUITY \"A\" (USD) ACC","LU2860962120.EUR":"CPR INVEST - ARTIFICIAL INTELLIGENCE \"A2\" (EUR) ACC A","IE00BDCRKT87.USD":"PINEBRIDGE GLOBAL DYNAMIC ASSET ALLOCATION \"ADC\" (USD) INC","LU2602419157.SGD":"HSBC ISLAMIC GLOBAL EQUITY INDEX \"AC\" (SGD) ACC","LU2191332357.HKD":"SCHRODER ISF SUSTAINABLE MULTI-ASSET INCOME \"A\" (HKDHDG) INC","VT":"世界全股市ETF-Vanguard","IE00BJJMRY28.SGD":"Janus Henderson Balanced A Inc SGD","LU2505996681.GBP":"WELLINGTON MULTI-ASSET HIGH INCOME \"AM4H\" (GBPHDG) INC","LU0320765059.SGD":"FTIF - Franklin US Opportunities A Acc SGD","DAMD":"2倍做空AMD ETF-Defiance","LU1914381329.SGD":"Allianz Best Styles Global Equity Cl ET Acc H2-SGD","LU2065171311.SGD":"M&G (LUX) GLOBAL MAXIMA \"A\" (SGD) ACC","LU2505996509.AUD":"WELLINGTON MULTI-ASSET HIGH INCOME \"AM4H\" (AUDHDG) INC","IETC":"iShares U.S. Tech Independence Focused ETF","SMHX":"VanEck Fabless Semiconductor ETF","LU2552382215.SGD":"WELLINGTON US BRAND POWER \"A\" (SGDHDG) ACC","LU1861559042.SGD":"日兴方舟颠覆性创新基金B SGD","LU2237957902.USD":"NIKKO AM GLOBAL EQUITY \"F\" (USD) ACC","LU2065171402.SGD":"M&G (LUX) GLOBAL MAXIMA \"A\" (SGD) INC","LU1035775433.USD":"AB SICAV I - AMERICAN GROWTH PORTFOLIO \"AD\" (USD) INC","LU2552382058.USD":"WELLINGTON US BRAND POWER \"A\" (USD) ACC","LU2237957811.SGD":"NIKKO AM GLOBAL EQUITY \"F\" (SGD) ACC","LU2552382132.HKD":"WELLINGTON US BRAND POWER \"A\" (HKD) ACC","LU1037948897.HKD":"AB LOW VOLATILITY EQUITY PORTFOLIO \"AD\" (HKD) INC","CHPS":"XTRACKERS SEMICONDUCTOR SELECT EQUITY ETF","LU0029864427.USD":"TEMPLETON GLOBAL \"A\" (USD) INC","LU2413666699.HKD":"BNP PARIBAS GLOBAL ENVIRONMENT \"CRH\" (HKDHDG) INC","CHPX":"Global X AI Semiconductor & Quantum ETF","LU1935042215.USD":"MANULIFE GF GLOBAL MULTI-ASSET DIVERSIFIED INCOME  \"AA\" (USD) INC A","IE0003U64NQ7.SGD":"PIMCO BALANCED INCOME AND GROWTH \"M\" (SGDHDG) ACC","IE00BFSS7M15.SGD":"Janus Henderson Balanced A Acc SGD-H","LU0861579265.USD":"联博低波幅策略股票基金A","LU2458330169.SGD":"FRANKLIN SHARIAH TECHNOLOGY \"A\" (SGD) ACC","WISE":"THEMES GENERATIVE ARTIFICIAL INTELLIGENCE ETF","IE000KEQY171.SGD":"PIMCO BALANCED INCOME AND GROWTH \"M\" (SGDHDG) INC","LU0820562030.AUD":"ALLIANZ INCOME AND GROWTH \"AMH2\" (AUDHDG) H2 INC","LU2458330243.SGD":"FRANKLIN SHARIAH TECHNOLOGY \"A-H1\" (SGDHDG) ACC","LU0965509010.AUD":"AB LOW VOLATILITY EQUITY PORTFOLIO \"AD\" (AUDHDG) INC","LU0210536198.USD":"JPM US GROWTH \"A\" ACC","HK0000914660.USD":"GFI Global Select Equity Fund Class A (USD)","LU2896262040.SGD":"JPM US GROWTH FUND \"A\" (SGD) ACC","LU0345770308.USD":"NINETY ONE GSF GLOBAL STRATEGIC EQUITY \"A\" (USD) ACC","LU1732800096.USD":"摩根大通环球收益基金A (irc)","LU0175139822.USD":"AB FCP I Global Equity Blend A USD","HK0000914686.HKD":"GFI Global Select Equity Fund Class A (HKD)","LU2394011477.USD":"JPMORGAN CLIMATE CHANGE SOLUTIONS \"A\" (USD) ACC","LU1868836591.USD":"CT (LUX) I AMERICAN \"1U\"(USD) ACC","LU1868837136.USD":"CT (LUX) I AMERICAN \"8\" (USD) ACC","ILDR":"First Trust Innovation Leaders ETF","SG9999014898.SGD":"United Global Quality Growth Fund Dis SGD","LU1720051108.HKD":"ALLIANZ GLOBAL ARTIFICIAL INTELLIGENCE \"AT\" (HKD) ACC","IE00BMPRXR70.SGD":"Neuberger Berman 5G Connectivity A Acc SGD-H","LU1868836757.USD":"CT (LUX) I AMERICAN FUND \"2\" (USD) ACC","TRFK":"PACER DATA AND DIGITAL REVOLUTION ETF","TEK":"iShares Technology Opportunities Active ETF","LU1868836914.USD":"CT (LUX) I AMERICAN \"3\" (USD) ACC","SG9999018865.SGD":"United Global Quality Growth Fd Cl Dist SGD-H","LU1267930490.SGD":"TEMPLETON GLOBAL EQUITY INCOME \"AS\" (SGD) INC A","LU2487616109.SGD":"JPM AMERICA EQUITY \"A\" (SGD) ACC","AIFD":"TCW Artificial Intelligence ETF","BK4567":"ESG概念","LU0210528500.USD":"JPM AMERICA EQUITY \"A\" ACC","LU0965509101.SGD":"AB LOW VOLATILITY EQUITY PORTFOLIO \"A\" (SGDHDG) ACC","BK4503":"景林资产持仓","LU1400636657.SGD":"Allianz Europe Income and Growth Cl AMg DIS H2-SGD","LU2065169927.USD":"M&G (LUX) GLOBAL MAXIMA \"A\" (USD) ACC","SGXZ51526630.SGD":"大华环球创新基金A Acc SGD","IE00BKPKM429.USD":"NEUBERGER BERMAN GLOBAL SUSTAINABLE EQUITY \"A\" (USD) ACC","BK4566":"资本集团","LU2326559502.SGD":"Natixis Loomis Sayles US Growth Equity P/A SGD-H","LU1868837300.USD":"CT (LUX) I AMERICAN FUND \"9\" (USD) ACC","LU1935042488.USD":"MANULIFE GF GLOBAL MULTI-ASSET DIVERSIFIED INCOME  \"AA\" (USD) INC","LU0476273544.USD":"CT (LUX) I GLOBAL TECHNOLOGY \"BU\" (USD) ACC","IE000W1ABFV2.USD":"PIMCO BALANCED INCOME AND GROWTH \"R\" (USD) INC","LU1778281490.HKD":"HSBC GIF GLOBAL LOWER CARBON EQUITY \"AD\" (HKD) INC","LU1732799900.SGD":"JPMorgan Investment Funds - Global Income A (irc) SGD-H","LU2023250330.USD":"ALLIANZ INCOME AND GROWTH \"AMG\" (USD) INC","LU0348723411.USD":"ALLIANZ GLOBAL HI-TECH GROWTH \"A\" (USD) INC","LU1804176565.USD":"EASTSPRING INV GLOBAL GROWTH EQUITY \"A\" (USD) ACC","LU1923622614.USD":"Natixis Thematics Meta R/A USD","LU2242650005.HKD":"FIDELITY FUNDS GLOBAL MULTI ASSET DYNAMIC \"A\" (HKD) ACC","LU1721428933.USD":"法巴全球经典环境基金RH MD Dis","LU1153585028.USD":"BGF GLOBAL LONG-HORIZON EQUITY  \"A4\" (USD) INC","IE0005OL40V9.USD":"JANUS HENDERSON BALANCED \"A6M\" (USD) INC","LU0882574139.USD":"富达环球消费行业基金A ACC","LU2125909759.SGD":"Natixis Thematics Safety H-R/A SGD","SG9999014542.SGD":"United Income Focus Trust Acc SGD","LU2211815571.USD":"ALLIANZ POSITIVE CHANGE \"AT\" (USD) ACC","USXF":"iShares ESG Advanced MSCI USA ETF","AIPI":"REX AI EQUITY PREMIUM INCOME ETF","LU2125909916.SGD":"Natixis Thematics Safety R/A SGD","LU1923622291.USD":"Natixis Thematics Safety R/A USD","AIQ":"Global X Artificial Intelligence & Technology ETF","LU2108987350.USD":"UBS (LUX) EQUITY SICAV GLOBAL OPPORTUNITY SUSTAINABLE (USD) \"P\" (USD) ACC","LU1116320901.HKD":"BGF SYSTEMATIC GLOBAL ENHANCED EQUITY YIELD \"A6\" (HKD) INC","LU0127658192.USD":"EASTSPRING INVESTMENTS GLOBAL TECHNOLOGY \"A\" (USD) ACC","LU2244417387.USD":"FIDELITY SUSTAINABLE US EQUITY \"A\" (USD) ACC","LU2290526834.HKD":"BGF NEXT GENERATION TECHNOLOGY \"A2\" (HKDHDG) ACC","LU0345768153.USD":"NINETY ONE GSF GLOBAL STRATEGIC MANAGED \"A\" (USD) ACC","LU1066051498.USD":"HSBC GIF GLOBAL EQUITY VOLATILITY FOCUSED \"AM2\" (USD) INC","LU1119994496.HKD":"FIDELITY WORLD \"A\" (HKD) ACC","BAI":"iShares A.I. Innovation and Tech Active ETF","LU1116320737.USD":"BGF SYSTEMATIC GLOBAL ENHANCED EQUITY YIELD \"A6\" (USD) INC","LU0256863902.USD":"ALLIANZ US EQUITY \"AT\" (USD) ACC","LU0265550359.USD":"BGF SYSTEMATIC GLOBAL ENHANCED EQUITY YIELD \"A2\" (USD) ACC","LU0557290698.USD":"施罗德环球可持续增长基金","AIS":"VistaShares Artificial Intelligence Supercycle ETF","IE00B19Z8W00.USD":"FTGF CLEARBRIDGE US LARGE CAP GROWTH \"A\" INC","HK0000306701.USD":"TAIKANG KAITAI CHINA NEW OPPORTUNITIES FUND \"A\" (USD) INC","SG9999014575.USD":"UOB UNITED INCOME FOCUS TRUST FUND (USDHDG) INC","LU0820561909.HKD":"ALLIANZ INCOME AND GROWTH \"AM\" (HKD) INC","LU1934455194.USD":"AB SICAV I LOW VOLATILITY TOTAL RETURN EQUITY PORT \"A\" (USD) ACC","BK4512":"苹果概念","LU1791710582.SGD":"Fidelity Global Demographics A-ACC-SGD (SGD/USD hedged)","LU2125909593.SGD":"Natixis Thematics Meta R/A SGD","LU1791710400.SGD":"Fidelity Global Demographics A-ACC-SGD","IE0034235303.USD":"PINEBRIDGE US RESEARCH ENHANCED CORE EQUITY \"A\" (USD) ACC","LU0056508442.USD":"贝莱德世界科技基金A2","LU0256863811.USD":"ALLIANZ US EQUITY \"A\" INC","LU0390134368.USD":"FRANKLIN GLOBAL GROWTH \"A\" (USD) ACC","LU2054465674.USD":"UBS (LUX) KEY SELEC SICAV DIGITAL TRANSFORMATION T \"P\" (USD) ACC","ESUM":"EVENTIDE US MARKET ETF","LU2403377893.USD":"ALLIANZ SELECT INCOME AND GROWTH \"AM\" (USD) INC","LU0689472784.USD":"安联收益及增长基金Cl AM AT Acc","LU1261432733.SGD":"Fidelity World A-ACC-SGD","LU2452424414.USD":"BGF ESG MULTI-ASSET \"A10\" (USDHDG) INC","LU2250418816.HKD":"BGF WORLD TECHNOLOGY \"A\" (HKD) ACC","IE0034235295.USD":"PINEBRIDGE GLOBAL DYNAMIC ASSET ALLOCATION \"A\" (USD) ACC","LU1064131342.USD":"Fullerton Lux Funds - Global Absolute Alpha A Acc USD","LU2092937148.SGD":"Blackrock ESG Multi-Asset A8 SGD-H","LU2092627202.USD":"Blackrock ESG Multi-Asset A8 USD-H","LU1992135472.HKD":"ALLIANZ GLOBAL INTELLIGENT CITIES \"AT\" (HKD) ACC","LU2111349929.HKD":"ALLIANZ GLOBAL SUSTAINABILITY \"AM\" (HKD) INC","SG9999014559.SGD":"United Income Focus Trust Dis SGD","TYLG":"GLOBAL X INFORMATION TECHNOLOGY COVERED CALL & GROWTH ETF","CLSE":"Convergence Long/Short Equity ETF","LU2077746001.SGD":"Blackrock ESG Multi-Asset A2 SGD-H","LU2360107168.USD":"BGF NEXT GENERATION TECHNOLOGY \"A4\" (USD) INC","SNPE":"Xtrackers S&P 500 Scored & Screened ETF","SG9999014567.USD":"UOB UNITED INCOME FOCUS TRUST FUND (USD) ACC","LU1496350502.SGD":"FRANKLIN DIVERSIFIED DYNAMIC \"A\" (SGDHDG) ACC","LU2237443465.HKD":"abrdn SICAV I -  GLOBAL DYNAMIC DIVIDEND \"A\" (HKD) INC","FDTX":"Fidelity Disruptive Technology ETF","IE00BJLML261.HKD":"HSBC GLOBAL EQUITY INDEX \"HCH\" (HKD) ACC","LU0061475181.USD":"THREADNEEDLE (LUX) AMERICAN \"AU\" (USD) ACC","SG9999015358.SGD":"United Income Focus Trust Dis SGD-H","LU0077335932.USD":"FIDELITY AMERICAN GROWTH \"A\" INC","LU0708995401.HKD":"FRANKLIN U.S. OPPORTUNITIES \"A\" (HKD) ACC","LU1267930813.SGD":"FRANKLIN TEMPLETON SHARIAH GLOBAL EQUITY \"AS\" (SGD) ACC","LU0942090050.USD":"UBS (LUX) EQUITY SICAV - US TOTAL YIELD SUSTAINABLE \"P\" (USD)  INC","LU0820561818.USD":"安联收益及增长平衡基金Cl AM DIS","LU1718418525.SGD":"JPMorgan Investment Funds - Global Select Equity A (acc) SGD","LU2133065610.SGD":"JPMorgan Investment Funds - Global Dividend A (mth) SGD","BK4585":"ETF&股票定投概念","LU0154236417.USD":"BGF US FLEXIBLE EQUITY \"A2\" ACC","LU1551013342.USD":"Allianz Income and Growth Cl AMg2 DIS USD","LU0289739343.SGD":"SUSTAINABLE GLOBAL THEMATIC PORTFOLIO \"A\" (SGD) ACC","LU1303367103.USD":"摩根大通多经理另类基金 A (acc)","LU2125154778.USD":"ALLSPRING GLOBAL EQUITY ENHANCED INCOME \"A\" (USD) INC","IE00BMPRXQ63.HKD":"NEUBERGER BERMAN NEXT GENERATION CONNECTIVITY FUND \"A\" (HKDHDG) ACC","CMAG":"Corgi Mag 7 ETF","LU0345769128.USD":"NINETY ONE GSF GLOBAL EQUITY \"A\" (USD) ACC","BK4587":"ChatGPT概念","LU2098885051.SGD":"JPMorgan Funds - Multi-Manager Alternatives A (acc) SGD","LU1633808545.USD":"ALLIANZ GLOBAL EQUITY GROWTH \"AT\" (USD) ACC","LU0957808578.USD":"THREADNEEDLE (LUX) GLOBAL TECHNOLOGY \"ZU\" (USD) ACC","LU0128525929.USD":"TEMPLETON GLOBAL \"A\" (USD) ACC","LU0823414551.USD":"BNP PARIBAS ENERGY TRANSITION \"C\" (USD) INC","LU1861558580.USD":"日兴方舟颠覆性创新基金B","LU0345769631.USD":"NINETY ONE GSF GLOBAL EQUITY \"A\" (USD) INC","LU1069344957.HKD":"AB SICAV I - AMERICAN GROWTH PORTFOLIO \"AD\" (HKD) INC","LU1244550577.SGD":"FTIF - Franklin Global Multi-Asset Income A (Mdis) SGD-H1","LU1951198990.SGD":"Natixis Thematics AI & Robotics Fund H-R/A SGD-H","WUGI":"AXS Esoterica NextG Economy ETF","LU1951200564.SGD":"Natixis Thematics AI & Robotics Fund R/A SGD","BK4588":"碎股","LU0006306889.USD":"SCHRODER ISF US LARGE CAP \"A\" (USD) INC AV","IE00BWXC8680.SGD":"PINEBRIDGE US LARGE CAP RESEARCH ENHANCED \"A5\" (SGD) ACC","LU0345770993.USD":"NINETY ONE GSF GLOBAL STRATEGIC EQUITY \"A\" (USD) INC","IE00B4YYXB79.USD":"PIMCO BALANCED INCOME AND GROWTH \"E\" (USD) ACC","THMR":"THOR AdaptiveRisk Dynamic ETF","LU0683600562.USD":"AB SELECT US EQUITY \"A\" (USD) ACC","LU2087625088.SGD":"ALLSPRING  US ALL CAP GROWTH \"A\" (SGDHDG) ACC","LU1923623000.USD":"Natixis Thematics AI & Robotics Fund R/A USD","LU0494093205.USD":"贝莱德ESG灵活多元资产A2 USD-H","LU0672654240.SGD":"FTIF - Franklin US Opportunities A Acc SGD-H1","IE00BZ199S13.USD":"BNY MELLON MOBILITY INNOVATION \"B\" (USD) ACC","LU2125909247.SGD":"Natixis Thematics Meta H-R/A SGD","IE00BMPRXN33.USD":"NEUBERGER BERMAN 5G CONNECTIVITY \"A\" (USD) ACC","LU1548497426.USD":"安联环球人工智能AT Acc","LU1429558221.USD":"Natixis Loomis Sayles US Growth Equity RA USD","LU1821325948.USD":"NINETY ONE GSF GLOBAL MACRO ALLOCATION \"A\" (USD) ACC","IXN":"iShares Trust S&P Global Informa","LU2264538146.SGD":"Fullerton Lux Funds - Global Absolute Alpha A Acc SGD","LU2279689827.SGD":"JPMorgan Investment Funds - Global Income Sustainable A (mth) SGD-H","LU1435385759.SGD":"Natixis Loomis Sayles US Growth Equity RA SGD-H","FTEC":"Fidelity MSCI Information Techno","LU1815333072.USD":"THREADNEEDLE (LUX) GLOBAL FOCUS \"AUP\" (USD) INC","LU2347655156.SGD":"JPMorgan Investment Funds - Global Income A (icdiv) SGD-H","LU0957791311.USD":"THREADNEEDLE (LUX) GLOBAL FOCUS \"ZU\" (USD) ACC","EFIV":"SPDR S&P 500 ESG ETF","LU1242518857.USD":"FULLERTON LUX FUNDS - ASIA ABSOLUTE ALPHA \"I\" (USD) ACC","IE00B4JS1V06.HKD":"JANUS HENDERSON BALANCED \"A2\" (HKD) ACC","LU0823434740.USD":"BNP PARIBAS US GROWTH \"C\" (USD) INC","CNAV":"Mohr Company Nav ETF","LU0823434583.USD":"BNP PARIBAS US GROWTH \"C\" (USD) ACC","AMDD":"1倍做空AMD ETF-Direxion","LU0345768740.USD":"NINETY ONE GSF GLOBAL STRATEGIC MANAGED \"A\" (USD) INC","LU0187121727.USD":"FIDELITY SUSTAINABLE US EQUITY \"A\" (USD) INC","AMDG":"2倍做多AMD ETF- Leverage Shares","SOXQ":"Invesco PHLX Semiconductor ETF","LEGR":"First Trust Indxx Innovative Transaction & Process ETF","LU0795875169.SGD":"JPMorgan Investment Funds - Global Income A (div) SGD-H","LU2543165471.USD":"E FUND (HK) GLOBAL QUALITY GROWTH \"A\" (USD) ACC","AMDL":"2倍做多AMD ETF-GraniteShares","SG9999017495.SGD":"UGDP UNITED GLOBAL QUALITY GROWTH \"B\" (SGD) ACC","LU1803068979.SGD":"FTIF - Franklin Technology A (acc) SGD-H1","LU2471134952.CNY":"INVESCO GLOBAL EQUITY INCOME ADVANTAGE \"A\" (CNYHDG) INC","LU2637965513.SGD":"BGF GLOBAL ALLOCATION \"A10\" (SGDHDG) INC","LU2471134523.USD":"INVESCO GLOBAL EQUITY INCOME ADVANTAGE \"A\" (USD) ACC","LU2471134879.HKD":"INVESCO GLOBAL EQUITY INCOME ADVANTAGE \"A\" (HKD) INC","CNEQ":"Alger Concentrated Equity ETF","AMDS":"GRANITESHARES 1X SHORT AMD DAILY ETF","SOXX":"iShares费城交易所半导体ETF","SG9999014914.USD":"UNITED GLOBAL QUALITY GROWTH (USDHDG) INC","SOXY":"YieldMax Target 12 Semiconductor Option Income ETF","LU2750360641.GBP":"INVESCO GLOBAL EQUITY INCOME ADVANTAGE \"A\" (GBPHDG) INC","AMDU":"Defiance Leveraged Long + Income AMD ETF","LU0347712357.USD":"BNP PARIBAS GLOBAL ENVIRONMENT \"C\" (USD) ACC","LU0417517546.SGD":"Allianz US Equity Cl AT Acc SGD","LU2242649171.HKD":"FIDELITY FUNDS GLOBAL THEMATIC OPPORTUNITIES \"A\" (HKD) ACC","SG9999015341.SGD":"United Income Focus Trust Acc SGD-H","LU0157215616.USD":"FIDELITY GLOBAL FOCUS \"A\" INC","LU2463028550.USD":"AB SICAV I AMERICAN MULTI-ASSET PORTFOLIO \"A\" (USD) ACC","LU1145028129.USD":"ALLIANZ INCOME AND GROWTH \"AQ\" (USD) INC","AMDW":"Roundhill AMD WeeklyPay ETF","LU2471134796.USD":"INVESCO GLOBAL EQUITY INCOME ADVANTAGE \"A\" (USD) INC","IE00B3SWFQ91.USD":"PIMCO BALANCED INCOME AND GROWTH \"E\" (USD) INC","LU1934455863.HKD":"AB SICAV I LOW VOLATILITY TOTAL RETURN EQUITY PORT \"A\" (HKD) ACC","LU2360032135.SGD":"ALLSPRING GLOBAL EQUITY ENHANCED INCOME \"A\" (SGDHDG) INC","LU1066051811.HKD":"HSBC GIF GLOBAL EQUITY VOLATILITY FOCUSED \"AM2\" (HKD) INC","AMDY":"AMD期权收益策略ETF-YieldMax","LU2462157665.USD":"ALLIANZ GLOBAL INCOME \"A\" (USD) INC","SG9999014880.SGD":"大华全球优质成长基金Acc SGD","LU1244550494.USD":"FRANKLIN GLOBAL MULTI-ASSET INCOME \"A\" (USDHEDGED) ACC","LU1623119135.USD":"Natixis Mirova Global Sustainable Equity R-NPF/A USD","LU0061474705.USD":"THREADNEEDLE (LUX) GLOBAL DYNAMIC REAL RETURN \"AU\" (USD) ACC","HK0000304797.USD":"PICTET 战略收益基金 P类 美元","XLK":"高科技指数ETF-SPDR","HK0000304805.HKD":"PICTET 战略收益基金 P类港元","BK4575":"芯片概念","LU1712237335.SGD":"Natixis Mirova Global Sustainable Equity H-R-NPF/A SGD","LU0138981039.USD":"FIDELITY FUNDS SUSTAINABLE MULTI ASSET INCOME \"A\" INC","LU0289960550.SGD":"AB FCP I - GLOBAL EQUITY BLEND PORTFOLIO 'A' (SGD) ACC","LU0868494617.USD":"UBS (LUX) EQUITY SICAV - US TOTAL YIELD SUSTAINABLE \"P\" (USD) ACC","LU2417539215.USD":"ALLIANZ GLOBAL INCOME \"AMF\" (USD) INC","LU1880398471.USD":"AMUNDI FUNDS GLOBAL EQUITY \"A2\" (USD) ACC","LU1974910355.USD":"Allianz Thematica Cl AMg DIS USD","IE00BD6J9T35.USD":"NEUBERGER BERMAN NEXT GENERATION MOBILITY \"A\" (USD) ACC","IE00BFSS8Q28.SGD":"Janus Henderson Balanced A Inc SGD-H","IE00BN29S564.USD":"JANUS HENDERSON BALANCED \"A3\" (USD) INC","LU2125154935.USD":"ALLSPRING (LUX) WF GLOBAL EQUITY ENHANCED INCOME \"I\" (USD) INC","SGXZ31699556.SGD":"UGDP UNITED GLOBAL QUALITY GROWTH \"C\" (SGDHDG) ACC","LU0048584097.USD":"FIDELITY FUNDS  GLOBAL THEMATIC OPPORTUNITIES \"A\" (USD) INC","LU2237443382.USD":"Aberdeen Standard SICAV I - Global Dynamic Dividend A MIncA USD","BK4579":"人工智能","LU2750360997.AUD":"INVESCO GLOBAL EQUITY INCOME ADVANTAGE \"A\" (AUDHDG) INC","LU2237443549.SGD":"Aberdeen Standard SICAV I - Global Dynamic Dividend A MIncA SGD-H","LU1366333091.USD":"FIDELITY GLOBAL FOCUS \"A\" (USD) ACC","LU2237443622.USD":"Aberdeen Standard SICAV I - Global Dynamic Dividend A Acc USD","LU1066053197.SGD":"HSBC GIF GLOBAL EQUITY VOLATILITY FOCUSED \"AM3\" (SGDHDG) INC","LU0124676726.USD":"AB SICAV I - SUSTAINABLE US THEMATIC PORTFOLIO \"A\" (USD) ACC","LU0979878070.USD":"FULLERTON LUX FUNDS - ASIA ABSOLUTE ALPHA \"A\" (USD) ACC","IE0004086264.USD":"BNY MELLON GLOBAL OPPORTUNITIES \"A\" (USD) ACC","LU2237443978.SGD":"Aberdeen Standard SICAV I - Global Dynamic Dividend A Acc SGD-H","BK4573":"虚拟现实","LU1037948541.HKD":"AB LOW VOLATILITY EQUITY PORTFOLIO \"A\" (HKD) ACC","LFGY":"YieldMax Crypto Industry and Tech Portfolio Option Income ETF","LU0109391861.USD":"富兰克林美国机遇基金A Acc","LU2028103732.USD":"ALLIANZ GLOBAL SUSTAINABILITY \"AMG\" (USD) INC","LU0289961442.SGD":"SUSTAINABLE GLOBAL THEMATIC PORTFOLIO \"AX\" (SGD) ACC","LU0310799852.SGD":"FTIF - Templeton Global Equity Income A MDIS SGD","LU1267930730.SGD":"富兰克林美国机遇基金AS Acc SGD (CPF)","BK4581":"高盛持仓","LU1366192091.USD":"ALLIANZ US EQUITY PLUS \"AM\" (USD) INC","SGXZ23171101.USD":"NIKKO AM SHENTON GLOBAL OPPORTUNITIES (USD) ACC","LU0342679015.USD":"ALLIANZ GLOBAL EQUITY UNCONSTRAINED \"AT\" (USD) ACC","PSI":"INVESCO SEMICONDUCTORS ETF","LU2168564222.USD":"AZ ALLOCATION - TREND \"AAZ\" (USDHDG) ACC","BK4141":"半导体产品","LU0545039389.USD":"BGF GLOBAL EQUITY INCOME \"A2\" ACC","LU0011850046.USD":"贝莱德全球长线股票 A2 USD","HK0000819398.USD":"BLACKROCK PREMIER SYSTEMATIC GLOBAL EQUITY HIGH INCOME FUND A10 (USD)INC","IE000ITXATA3.USD":"PIMCO BALANCED INCOME AND GROWTH \"M\" (USD) ACC","IE00B1XK9C88.USD":"PINEBRIDGE US LARGE CAP RESEARCH ENHANCED \"A\" (USD) ACC","LU0097036916.USD":"贝莱德美国增长A2 USD","IE0009G5SDU7.USD":"PIMCO BALANCED INCOME AND GROWTH \"M\" (USD) INC","LU2168564065.EUR":"AZ ALLOCATION - TREND \"AAZ\" (EUR) ACC","LU2168564495.EUR":"AZ ALLOCATION - TREND \"AI\" (EUR) ACC","LU1280957306.USD":"THREADNEEDLE (LUX) US CONTRARIAN CORE EQUITIES \"AUP\" (USD) INC","IE000YTNTUN2.SGD":"PIMCO BALANCED INCOME AND GROWTH \"M\" (SGDHDG)INC","LU2168563687.JPY":"AZ ALLOCATION - TREND \"AAZ\" (JPYHDG) ACC","LU1988902786.USD":"FULLERTON LUX FUNDS GLOBAL ABSOLUTE ALPHA \"I\" (USD) ACC","LU2168564149.EUR":"AZ ALLOCATION - TREND \"BAZ\" (EUR) ACC","LU0107464264.USD":"abrdn SICAV I - GLOBAL INNOVATION EQUITY \"A\" (USD) ACC","LU1642822529.SGD":"THREADNEEDLE (LUX) GLOBAL TECHNOLOGY \"A\" (SGD) ACC","LU2083900584.USD":"HSBC GIF US INCOME FOCUSED \"AM2\" (USD) INC","LU2473716301.USD":"ALLIANZ GLOBAL INTELLIGENT CITIES INCOME \"AMF\" (USD) INC","LU0719512351.SGD":"JPMorgan Funds - US Technology A (acc) SGD","LU1496350171.SGD":"FRANKLIN DIVERSIFIED BALANCED \"A\" (SGDHDG) ACC","LU1127390331.HKD":"AB SICAV I - ALL MARKET INCOME PORTFOLIO \"A\" (HKD) ACC","LU0472753341.HKD":"SUSTAINABLE GLOBAL THEMATIC PORTFOLIO \"A\" (HKD) ACC","LU0158827948.USD":"ALLIANZ GLOBAL SUSTAINABILITY \"A\" (USD) INC","SGXZ81514606.USD":"大华环球创新基金A Acc USD","ARTY":"ISHARES FUTURE AI & TECH ETF","TTEQ":"T. Rowe Price Technology ETF","LU0265550946.USD":"BGF SYSTEMATIC GLOBAL ENHANCED EQUITY YIELD \"A5\" (USD) INC","LU2420271590.USD":"ALLIANZ SELECT INCOME AND GROWTH \"AT\" (USD) ACC","LU2249611893.SGD":"BNP PARIBAS ENERGY TRANSITION \"CRH\" (SGD) ACC","SGXZ80539844.SGD":"ALLIANZ GLOBAL HIGH PAYOUT \"AMI\" (H2-SGD) INC","AMUU":"2倍做多AMD ETF-Direxion","LU0096362180.USD":"CT (LUX) I GLOBAL FOCUS \"DU\" (USD)","LU1839511570.USD":"WELLS FARGO GLOBAL FACTOR ENHANCED EQUITY \"I\" (USD) ACC","LU1979441026.SGD":"AB SICAV I - AMERICAN GROWTH PORTFOLIO \"A\" (SGDHDG) ACC","LU0708994859.HKD":"TEMPLETON GLOBAL \"A\" (HKD) ACC","LU0823421333.USD":"BNP PARIBAS DISRUPTIVE TECHNOLOGY \"C\" (USD) ACC","AMYY":"GraniteShares YieldBOOST AMD ETF","IE00BJTD4N35.SGD":"Neuberger Berman US Long Short Equity A1  Acc SGD-H","LU0795875086.SGD":"JPMorgan Investment Funds - Global Income A (div) SGD","FTXL":"First Trust Nasdaq Semiconductor ETF","LU0511384066.AUD":"SUSTAINABLE GLOBAL THEMATIC PORTFOLIO \"A\" (AUDHDG) ACC","LU1992135399.USD":"Allianz Global Intelligent Cities AT Acc USD","LU0823421416.USD":"BNP PARIBAS DISRUPTIVE TECHNOLOGY \"C\" (USD) INC","TTXU":"Direxion Daily Technology Top 5 Bull 2X ETF","LU0943347566.SGD":"安联收益及增长平衡基金AM H2-SGD","LU2247934214.USD":"FIDELITY FUNDS SUSTAINABLE FUTURE CONNECTIVITY \"A\" (USD) ACC","LU0096364046.USD":"CT (LUX) I AMERICAN \"DU\" (USD) ACC","HK0000320264.USD":"TAIKANG KAITAI CHINA NEW OPPORTUNITIES FUND \"A\" (USD) ACC","HK0000532082.HKD":"ALLIANZ SELECTION INCOME AND GROWTH \"AM\" (HKD) INC","LU0109392836.USD":"富兰克林科技股A","IE000Q6AESB8.SGD":"PIMCO BALANCED INCOME AND GROWTH \"A\" (SGDHDG) INC","SG9999015945.SGD":"LionGlobal Disruptive Innovation Fund A SGD","LU0354030511.USD":"ALLSPRING  U.S. LARGE CAP GROWTH \"I\" (USD) ACC","LU2023251221.USD":"ALLIANZ GLOBAL SUSTAINABILITY \"AM\" (USD) INC","LU2462591277.SGD":"TRP GLOBAL FOCUSED GROWTH EQUITY \"AN\" (SGDHDG) ACC","LU0354030438.USD":"富国美国大盘成长基金Cl A Acc","LU2999663052.SGD":"T ROWE PRICE GLOBAL FOCUSED GROWTH EQUITY \"A4P\" (SGD) INC","HK0000320223.HKD":"TAIKANG KAITAI CHINA NEW OPPORTUNITIES FUND \"A\" (HKD) ACC","LU0143551892.USD":"T ROWE PRICE GLOBAL FOCUSED GROWTH EQUITY \"A\" (USD) ACC","LU1084165304.USD":"FIDELITY WORLD \"A\" (USD) ACC","LU0353189763.USD":"ALLSPRING  US ALL CAP GROWTH FUND \"I\" (USD) ACC","LU2089283258.USD":"安联环球可持续基金Cl AM Dis","LU0069063385.USD":"SUSTAINABLE GLOBAL THEMATIC PORTFOLIO \"A\" (USD) ACC","LU0444971666.USD":"天利全球科技基金","LU1861215975.USD":"贝莱德新一代科技基金 A2","LU2954938101.SGD":"T ROWE PRICE GLOBAL FOCUSED GROWTH EQUITY \"A8P\" (SGD) INC","LU0912757837.SGD":"JPMorgan Investment Funds - Global Income A (mth) SGD-H","SGXZ99366536.SGD":"United Global Innovation A Acc SGD-H","LU1861220033.SGD":"Blackrock Next Generation Technology A2 SGD-H","LU1323610961.USD":"UBS (LUX) EQUITY SICAV - LONG TERM THEMES (USD) \"P\" (USD) ACC","ROM":"ProShares Ultra Technology","LU2106854487.HKD":"ALLIANZ THEMATICA \"AMG\" (HKD) INC","LU2100268510.USD":"T.ROWE MULTI-ASSET GLOBAL INCOME \"AX\" (USD) INC","LU0689626769.HKD":"AB SICAV I - SUSTAINABLE US THEMATIC PORTFOLIO \"A\" (HKD) ACC","METV":"Roundhill Ball Metaverse ETF","LU0106261372.USD":"SCHRODER ISF US LARGE CAP \"A\" ACC","SG9999018857.SGD":"United Global Quality Growth Fd Cl Acc SGD-H","LU1571399168.USD":"ALLSPRING GLOBAL LONG/SHORT EQUITY \"IP\" (USD) ACC","LU1935042991.SGD":"MANULIFE GF GLOBAL MULTI-ASSET DIVERSIFIED INCOME  \"AA\" (SGDHDG) INC","LU2047632596.USD":"T.ROWE MULTI-ASSET GLOBAL INCOME \"A\" (USD) ACC","LU1629891620.HKD":"ALLIANZ INCOME AND GROWTH \"AMG2\" (H2-HKD) INC","LU0251132253.USD":"FIDELITY FUNDS  GLOBAL THEMATIC OPPORTUNITIES \"A\" (USD) ACC","LU0094547139.USD":"abrdn SICAV I - GLOBAL SUSTAINABLE EQUITY FUND \"A\" (USD) ACC","IE00BZ1G4Q59.USD":"LEGG MASON CLEARBRIDGE US EQUITY SUSTAINABILITY LEADER \"A\"(USD) INC (A)","LU0889565833.HKD":"FRANKLIN TECHNOLOGY \"A\" (HKD) ACC","LU3102509885.SGD":"T.ROWE MULTI-ASSET GLOBAL INCOME \"A8P\" (SGDHDG) INC","IE0009356076.USD":"JANUS HENDERSON GLOBAL TECHNOLOGY AND INNOVATION \"A2\" (USD) ACC","LU0266013472.USD":"AXA WF - Framlington Longevity Economy A Cap USD","LU1066051225.USD":"HSBC GIF GLOBAL EQUITY VOLATILITY FOCUSED \"AC\" (USD) ACC","SG9999015986.USD":"LIONGLOBAL DISRUPTIVE INNOVATION \"I\" (USD) ACC","LU1069347547.HKD":"AB SICAV I - GLOBAL VALUE PORTFOLIO \"AD\" (HKD) INC","LU0353189680.USD":"富国美国全盘成长基金Cl A Acc","XNTK":"SPDR NYSE Technology ETF","LU0395794307.EUR":"JPM GLOBAL INCOME (DIV) \"A\" (EUR) INC","LU1917777945.USD":"安联专题基金Cl AT Acc","LU1720051017.SGD":"Allianz Global Artificial Intelligence AT Acc H2-SGD","LU1674673691.USD":"HSBC GIF GLOBAL LOWER CARBON EQUITY \"AD\" (USD) INC","AMD":"美国超微公司","LU2456880835.USD":"ALLIANZ GLOBAL INCOME \"AT\" (USD) ACC","LU0553294199.USD":"BGF GLOBAL EQUITY INCOME \"A5G\" (USD) INC","LU1244550221.USD":"FRANKLIN GLOBAL MULTI-ASSET  INCOME \"A\" (USDHEDGED) INC (M)","LU2506951792.HKD":"BNP PARIBAS ENERGY TRANSITION \"CRH\" (HKDHDG)       ACC","LU0057025933.USD":"SUSTAINABLE GLOBAL THEMATIC PORTFOLIO \"AX\" (USD) ACC","LU2413666426.HKD":"BNP PARIBAS GLOBAL ENVIRONMENT \"C\" (HKD) ACC","LU1674673428.USD":"HSBC GIF GLOBAL LOWER CARBON EQUITY \"AC\" (USD) ACC","IE00BQXX3D17.EUR":"GUINNESS GLOBAL INNOVATORS \"C\" (EUR) ACC","LU0964807845.USD":"ALLIANZ INCOME & GROWTH \"A\" (USD) INC","SG9999015978.USD":"利安颠覆性创新基金A","LU1852331112.SGD":"Blackrock World Technology Fund A2 SGD-H","LU1035773651.USD":"AB SICAV I - GLOBAL VALUE PORTFOLIO \"AD\" (USD) INC","IE00BQXX3F31.USD":"GUINNESS GLOBAL INNOVATORS \"C\" (USD) ACC","LU0211328371.USD":"TEMPLETON GLOBAL EQUITY INCOME \"A\" (MDIS) (USD)   INC","LU0174119429.USD":"T ROWE PRICE US LARGE CAP GROWTH EQUITY \"A\" ACC","LU0276348264.USD":"THREADNEEDLE (LUX) GLOBAL DYNAMIC REAL RETURN\"AUP\" (USD) INC","LU0133085943.USD":"T ROWE PRICE US BLUE CHIP EQUITY \"A\" ACC","IE00BQXX3C00.GBP":"GUINNESS GLOBAL INNOVATORS \"C\" (GBP) ACC","LU0323239441.USD":"HSBC GIF GLOBAL EQUITY CLIMATE CHANGE \"AC\" ACC","LU1861127337.USD":"ALLIANZ GLOBAL MULTI ASSET SUSTAINABILITY BALANCED \"AMG\" (USD) INC","LU2063271972.USD":"富兰克林创新领域基金","HK0000306685.HKD":"TAIKANG KAITAI CHINA NEW OPPORTUNITIES FUND \"A\" (HKD) INC","LU0792757196.USD":"TEMPLETON SHARIAH GLOBAL EQUITY FUND \"A\" (USD) ACC","LU0868494708.USD":"UBS (LUX) EQUITY SICAV - US TOTAL YIELD SUSTAINABLE \"P\" (USD) INC","ESLG":"Eventide Large Cap Growth ETF","LU1242518931.SGD":"Fullerton Lux Funds - Asia Absolute Alpha A Acc SGD","LU2462591350.SGD":"T ROWE PRICE US LARGE CAP GROWTH EQUITY \"AN\" (SGDHDG) ACC","LU1989772840.SGD":"CPR Invest - Climate Action A2 Acc SGD-H","LU1400636574.HKD":"ALLIANZ EUROPE INCOME AND GROWTH \"AMG\" (HKDHDG) INC","LU1935043536.SGD":"MANULIFE GF GLOBAL MULTI-ASSET DIVERSIFIED INCOME \"AA\" (SGDHDG) INC A","LU1989772923.USD":"CPR Invest - Climate Action A2 Acc USD-H","LU1815336760.USD":"THREADNEEDLE (LUX) GLOBAL TECHNOLOGY \"AUP\" (USD) INC","LU1989764664.SGD":"CPR Invest - Global Disruptive Opportunities A2 Acc SGD-H","LU2023250504.SGD":"Allianz Thematica Cl AMg DIS H2-SGD","LU1934455277.USD":"AB SICAV I LOW VOLATILITY TOTAL RETURN EQUITY PORT \"AD\" (USD) INC","IE00BDRTCR15.USD":"PINEBRIDGE GLOBAL DYNAMIC ASSET ALLOCATION \"ADC\" (USD) INC A"},"source_url":"https://wallstreetcn.com/articles/3778726","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2657515385","content_text":"这份财报没有否定AMD的成长故事，它否定的是\"故事不需要新证据\"的定价。 当市场为2027年数据中心翻倍预付了130%的涨幅，接下来的每一个季度，AMD都要用超出预期的执行，为这个溢价续命。8月4日盘后，AMD交出了一份几乎没有瑕疵的财报：营收115.36亿美元，同比增长 50%，创历史新高；非GAAP每股收益1.66美元，超过市场预期的1.62美元；数据中心营收67.18亿美元，同比翻倍，占公司总营收的58%。股价在盘后却一度暴跌10%，收跌8.8%。超预期为什么成了利空？市场定价的不是业绩，是加速。AMD年内股价涨超130%，52周区间从149美元到584美元，涨幅里装的是\"追赶英伟达\"的预期。Q3指引约130亿美元，高于共识的125亿美元，但环比只增 13%——维持斜率，不是跳档。市场要的加速，财报没有给。投资的代价在财报上也有所显现：56%的毛利率创了新高，但 AI 数据中心的毛利率低于公司平均，占比58%的成长业务反而在稀释利润率；为了 Helios 机柜系统抢产能，资本开支花了8.08亿美元，是分析师预期的近3倍，自由现金流从25.7亿美元腰斩到15.6亿美元。增长的代价，第一次在资产负债表上显形。市场要的加速，Q3 指引没有给Q3指引130亿美元上下，同比增41%，环比增13%，中值高于共识的125.2亿美元。这份指引谈不上差，问题在形态：环比只增13%，只是延续当前的斜率。Dolphin Research算了笔账：按指引推算，Q3 数据中心环比增量约12亿到18亿美元，而 MI455X 才刚刚开始出货，这个台阶算不上特别强。市场此前押注的是 AI 需求让 AMD 再上一个档，指引没有给出这个信号。AMD 年内涨超130%，市场买的是一个故事：英伟达产能受限、客户需要第二供应商，AMD 从 AI 芯片的备选项变成必选项。财报要做的，是证明这个故事在加速。7月 Anthropic 宣布在 Helios上部署2吉瓦MI450 GPU，消息当天股价涨约10%；6月初博通财报一度引发半导体板块回调，AMD 随后在 Helios 订单预期下重新修复至518美元上方。每一次上涨，都在抬高下一次财报的门槛。当AMD交出的只是\"符合预期的好\"，年内130%的涨幅就没了继续向上的理由。盘后的卖盘，是预期兑现的落点。107%的翻倍，一半是低基数数据中心同比107%的增速最抓眼球，但成色要打个问号。2025年二季度，美国出口管制让 AMD 计提了8亿美元的 MI308 库存及相关费用，把当时的基数砸出了一个坑。今年的翻倍，有一部分是填坑填回来的。Dolphin Research拆了一个数：本季度 Instinct AI GPU营收约27亿美元，上年同期约11亿美元，同样带着基数的阴影。相比之下 EPYC 更干净：云和企业销售同比增长都超过70%，服务器 CPU 营收连续第五个季度创纪录，第六代 EPYC Venice 已投产。没有低基数滤镜的加速，才是这份财报最扎实的一块。苏姿丰在电话会上给了锚：2027年数据中心营收\"翻倍有余\"，2026下半年服务器营收同比增长超过80%，2027年在更高基数上仍增长超过70%。毛利率的暗线：AI 越大，毛利越薄56%的非GAAP毛利率创了新高，但数字里有水分。同比13个百分点的跃升，一大半来自去年同期那笔8亿美元的出口管制计提。管理层在电话会上确认：AI 数据中心的毛利率略低于公司平均水平。而数据中心恰恰是增长最快、占比最高的业务，从一年前的42%升到现在的58%。营收中最具成长性的部分，是结构性的毛利稀释器。对比英伟达75%的非 GAAP 毛利率，差距近20个百分点。英伟达靠垄断定价赚超额利润，AMD 的份额靠价格换——苏姿丰说得很直白，AMD 卖的是整合 CPU、GPU、网络芯片的整套基础设施，用更低的单价和更高的开放度撬动客户。这个模式的代价，是每一块钱收入里装进利润的比例天然低于对手。Helios 从卖芯片转向卖整机柜系统，单价上去了，但机架里的芯片、网络、存储都是成本。规模越大，稀释效应越明显。市场对这份财报的失望，一部分就藏在毛利率的暗线里。资本开支三倍于预期，增长开始烧钱资产负债表比利润表更能说明问题：资本开支8.08亿美元，是分析师预期（约2.99亿美元，据 Dolphin Research 测算）的近3倍；自由现金流（据测算）从25.7亿美元降到15.6亿美元；存货增至84.68亿美元，应收账款环比增长21%，达到72.81亿美元。这不是财务恶化，是主动选择的增长模式：先把钱砸进产能和备货，再等订单兑现。苏姿丰说 Helios 的需求\"非常强劲，超出我们最初的预测\"，为了接住订单，AMD 必须提前锁产能、提前备库存。现金、存货、应收三个科目同步走高，就是这份抢跑的痕迹。问题在于，这种模式把业绩的确定性推迟到了未来。一旦 AI 资本开支增速放缓，或某个大客户交付节奏延后，这些数字会从进攻的弹药变成库存的负担。真正的瓶颈在产能，不在需求Helios 是这份财报里最关键的信号。这是 AMD 首款整机柜级 AI 系统，把 CPU、GPU、网络芯片打包成完整机柜交付，本季度已向 Meta、OpenAI、Oracle 交付首批；7月宣布的 Anthropic 2吉瓦合作，首批1吉瓦部署在2027年上半年开始；微软也将在 Azure 上大规模部署。客户名单还在扩：Anthropic、Cirrascale、HUMAIN、Meta、微软、OpenAI、Oracle、Tensorwave、Vultr。需求端的故事无可挑剔。AMD 的天花板不在这里，在台积电的先进封装产能。汇丰5月把 AMD 下调至持有，理由就是台积电产能限制——这份财报某种程度上证实了担忧，否则 AMD 没必要把资本开支打到预期三倍去抢产能。AI 芯片的竞争，已经从谁的芯片更好，变成谁先拿到台积电的产能。英伟达的优先权，依然是 AMD 绕不开的约束。Helios 还藏着一层更深的含义：AMD 的商业模式在从卖芯片转向卖系统。过去它卖一颗颗 GPU、CPU，客户买回去自己拼集群；现在整机柜交付，单价和交付复杂度都上了一个台阶。这既是进攻也是防御——英伟达早用机架级产品证明，系统层的利润和客户黏性比单芯片高得多。但转身也意味着资本更重、交付风险更大，机柜出问题，责任从芯片厂变成系统集成商。追赶者的估值，已经把成功预付了英伟达在 AI 加速器市场占约80%份额，AMD 大约10%到15%；英伟达数据中心单季营收752亿美元，是 AMD 全部数据中心业务的11倍。但年内大涨130%之后，AMD 的动态市盈率反而明显高于英伟达，分析师的估值分歧也摆上台面：摩根士丹利质疑估值，Benchmark 给出685美元目标价。这个价差只有一种解释：市场把\"追赶成功\"提前付了钱。AMD 的上涨建立在份额从12%走向25%的假设上，一旦路径被证实比想象中慢，估值就要向现实回归；反过来，Helios 机架化转型和2027年翻倍指引若兑现，当前估值又显得没那么贵。分歧的双方，赌的是同一个变量的两端。英伟达将是下一关盘后跌8.8%到约473美元，只是这场定价的第一回合。接下来几天，市场按顺序重读这份财报。先看 AMD 正股能否守住470美元一线：跌破450美元，年内获利盘开始踩踏，技术面转空；守住470，说明长线资金在借机吸筹，毕竟2027年翻倍指引还在桌上。盘后一个半小时的跌幅，交易的是 Q3 指引不够加速，不代表2027年的故事被推翻。再看英伟达。它8月26日发财报，此前一个财季数据中心营收752亿美元、同比增92%。AMD 全面超预期都换不来上涨，市场对英伟达的预期门槛被抬到了多高？当超预期成为基准、大幅超预期才能推动股价时，AI 芯片板块的每一次财报，都会变成一场越来越难的考试。产业链层面，TSMC 和先进封装链是隐性受益方：AMD 的资本开支三倍于预期，最终流向台积电的 CoWoS 产能；Helios 机柜化之后，封装和网络环节的价值量被放大。但这也意味着 AMD 的交付上限握在别人手里，每一份超预期指引，都要先过台积电产能分配这一关。故事需要新证据了AMD 全面超预期却跌9%，本季美股 AI 股的定价逻辑已经很明白：股价先在预期里透支，再在财报里兑现，指引超预期只是及格线，真正决定股价的，是市场预设的加速曲线有没有被刷新。这份财报没有否定 AMD 的成长故事，它否定的是\"故事不需要新证据\"的定价。 当市场为2027年数据中心翻倍预付了130%的涨幅，接下来的每一个季度，AMD 都要用超出预期的执行，为这个溢价续命。接下来一个月，市场盯着三件事：AMD 股价能否守住470美元、英伟达8月26日的财报能否扛住抬高的门槛、台积电产能分配的天平会不会向 AMD 倾斜。再往后，2027年上半年的 Anthropic 首批1吉瓦部署、MI455X 的季度出货斜率、AI 数据中心毛利率能否随规模改善，是验证\"翻倍指引\"成色的三个硬指标。AI 芯片的军备竞赛没有结束，只是从讲故事进入了兑现的阶段。","news_type":1,"symbols_score_info":{"XNTK":0.6,"SHOC":0.6,"XLK":0.6,"CNEQ":0.6,"FAI":0.6,"LFGY":0.6,"IXN":0.6,"AMDW":0.6,"AMYY":0.6,"SPTE":0.6,"SOXY":0.6,"JGRO":0.6,"WUGI":0.6,"AMUU":0.6,"AIFD":0.6,"AMDG":0.6,"TYLG":0.6,"ARTY":0.6,"AMDD":0.6,"EFIV":0.6,"BAI":0.6,"USXF":0.6,"AMDY":0.6,"AMDS":0.6,"TTXU":0.6,"SOXQ":0.6,"AMDL":0.6,"ILDR":0.6,"DAMD":0.6,"LEGR":0.6,"VGT":0.6,"AMDU":0.6,"CHPS":0.6,"USD":0.6,"NULC":0.6,"FTEC":0.6,"CNAV":0.6,"ESUM":0.6,"AIS":0.6,"CHAT":0.6,"CHPX":0.6,"IETC":0.6,"THMR":0.6,"AIQ":0.6,"VT":0.6,"ROM":0.6,"SNPE":0.6,"PSI":0.6,"SMH":0.6,"TRFK":0.6,"AIPI":0.6,"FTXL":0.6,"TTEQ":0.6,"SOXX":0.6,"ABFL":0.6,"SMHX":0.6,"WISE":0.6,"AMD":2,"CLSE":0.6,"FDTX":0.6,"ESLG":0.6,"CMAG":0.6,"GAMR":0.6,"TEK":0.6,"QQQA":0.6,"AGOX":0.6,"METV":0.6}},"isVote":1,"tweetType":1,"viewCount":1740,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"defaultTab":"followers","isTTM":true}