AMD VS Nvidia, The Duel Accelerates

Depend onChatGPTWaitAIA scientific and technological frenzy set off, sending Nvida to the market high, its key productsGPUChip demand has increased greatly, peer companiesAMDIt also ushered in an opportunity.

The latest news in the market, Nvidia's market value has soared near1.9RMB trillion yuan, rising over11%EssenceAlthough the market value has risen sharply, the industry believes that Nvidia will face some hidden concerns. On the one hand, according to Google and Microsoft's quarterly report, the income of artificial intelligence is less than expected, and the market is concerned whether this will affect the huge capital investment of these technology giants in the future. Second, competition is competition.The opponent chasing the momentum is very fierce,AMDThe income of artificial intelligence chip in the second quarter has exceeded the second quarter10One hundred million U.S. dollars.

Observe the financial report of the two, the data center is super powerful

From the financial report,AMDThe new financial report is better than expected. Previously, Nvidia had announced the latest fiscal quarter report, and the income brought by the data center caused the industry's attention.

01、AMDThe second quarter financial report is better than expected

7moon31On the day, the processor factory factoryAMDAnnounce the second quarter financial report, the performance is better than the previous expectations (about57100 million dollars, floating up and down3One hundred million U.S. dollars).Total revenue in the second season58.35Billion dollars, compared to2023Growth of the same period of the year9%, Growth than the first quarter7%, Better than expected57.2One hundred million U.S. dollars.Net profit2.65Billion dollars, compared to2023Growth of the same period of the year881%, Grow up than the first season115%。

Specific business data,AMDData Center Business Department's revenue record record high28For 100 million dollars, a year -on -year increase115%, Growing month -on -month21%; The income of the client business department is15For 100 million dollars, a year -on -year increase49%, Growing month -on -month9%;6.48100 million US dollars, a year -on -year decrease59%, Decreased month -on -month30%; Embedded business department's income is8.61100 million US dollars, a year -on -year decrease41%, Growing month -on -month2%。

AMDChairman andCEOSu Zifeng said that the artificial intelligence business continues to accelerate the development, in whichInstinct、EPYCandRyzenDriven by the needs of the processor, the company has been ready to achieve strong revenue growth in the second half of this year.The rapid development of generating artificial intelligence has promoted the demand for more calculations in each market. As the company provides leading artificial intelligence solutions in the entire business field, this will create huge growth opportunities.

Looking to the third season,AMDForecast, the third quarter revenue is64Be up70100 million dollars, the middle point of the interval is67100 million US dollars, will increase year -on -year16%, Growing month -on -month15%Analyst expectation66.2One hundred million U.S. dollars.AMDEstimated, data centerGPUexist2024The annual sales are45One hundred million U.S. dollars.

02, Nvidia's total revenue increased in three quarters, all of which increased200%

thisThe previous financial report shows that Nvidia is as of the time4moon28Day2025The first fiscal quarter of the fiscal year to achieve revenue260.44For 100 million US dollars, growing month -on -month18%, Year -on -year increase262%; Net profit148.81E00 million dollars, rising year -on -year628%EssenceGross profit margin78.9%, Significant expansion beyond expectations.It is reported that this is Nvidia's third consecutive quarter of revenue year -on -year growth rates exceeded more than200%。

Among them, the data center calculation income is194For 100 million US dollars, growing month -on -month29%, Year -on -year increase478%, Thanks to large language models, recommendation engines and generation stylesAIApplication to train and reasonable NvidiaHopper GPUIncreased shipments in the computing platform.At the same time, due toInfiniBandThe strong growth of the end -to -end solution, and network revenue increased year -on -year242%to32One hundred million U.S. dollars.

Nvidia said, benefiting fromHopperThe delivery of the series graphics processor, its data center business reached a new high, the season's revenue in this season is226For 100 million dollars, a year -on -year increase427%, Growing month -on -month34%。

Nvidia predicts that the second fiscal season's income is280100 million dollars, floating up and down2%, Better than market expectations268$ 100 million, but expectedGAAPGross profit margin dropped75.5%(Fluctuate50Personal point), the gross profit margin throughout the year narrowed to the covenant70%It is also basically in line with market outlook.And it is expected that the annual operating expenditure will increase40%to45%Division.

AMDDetermine to catch up with Nvidia

The Nvidia and the hard -spelling of the market for the marketAMDThe two sides announced their product volume cycle outward.Currently, NvidiaBlackwellSuperb strongAIchip,AMDofMI325XThe industry is looking forward toAIChip products, the former will be in2024Launched before the end of the year, the latter will be on2024Launched in the fourth quarter of the year.

The industry generally believes,AMDofMI300R & D route diagram due to software optimization and high bandwidth memoryHBM3eHigher configuration becomes more competitive. Compared with Nvidia's more closed technical position,AMDThe way to open it will also be rewarded.

AMDProduct route:AMDused to be6Monthly revealed, Microsoft,Meta, Dell, HP EnterpriseHPECompanies such as He association have begun to adoptMI300chip.The next generationMI325XIt will be launched in the fourth quarter of this year, updatedMI350XWill2025Listed in the year, then2026Annual introductionMI400。

GPUIn memory upgrade,AMDofMI325XFrom192GBofHBM3,upgrade to288GBofHBM3e, Its output increase speed will be determinedAMDCurrent generation with NvidiaHopper GPUAnd to be launchedBlackwell GPUCompetitive position.Industry person analysis,AMD MI325XThere are no major changes in the architecture, and the increase in production may be comparedMI300It's easier to do.

AMDSaid that the company promises to launch new models every yearAIprocessor/The chip is to catch up with Nvidia. Nvidia has previously made the new product release timetable from once every two years to every year.

In terms of Nivioida, itBlackwellThe platform will2025The formal volume of the year, replacing existing existingHopperPlatform, becomingNVIDIAHigh -endGPU(Graphic processor) The main solution, accounting for the overall high -end product near83%。

NvidiaCEOHuang Renxun once said that the company has prepared for the next wave of growth. In the second quarter, the strongest chipBlackwellDelivery, entering the data center in the fourth quarter, this year will bring a lot of income, and new products will be launched every year.

One core bandHBM、CoWoS...

according toTrendForceJibang Consultation said, justAIServerAIChip supplier distributionLook at it, just look atAIServerGPU, Nvidia's market share is the highest and approaching9become,AMDThe market share is only about8%EssenceBut if you add allAIServeUseAIChip containingGPU、ASIC、FPGA(Programmable logic array), Nvidia's market share this year is about64%。

according toTrendForceSurvey of Jibang Consultation, Outlook2025The annual market is high -levelAIThe server demand is still strong, especially the new generation of NvidiaBlackwell(IncludeGB200、B100/B200Wait)HopperThe platform becomes the mainstream of the market, which will also driveCoWoSandHBMWait for demand.

AnesthesiaB100For speaking, the size of its chip will be comparedH100Double, it will consume moreCoWoSDosage, estimation2025The main supplier of the year, TSMCCoWoSThe total production capacity of the production volume can be reached at the end of the year550k-600k, Growth and approach8become.

SeparateHBMFrom the perspective,2024Mainstream of the yearH100Set up80GB HBM3,arrive2025NvidiaBlackwell UltraorAMD MI350Waiting for the main chip, it will be equipped with288GBofHBM3e, The unit dosage has grown more than3Times, withAIThe server market demand continues to be strong, it is expected to drive2025YearHBMThe overall supply has doubled.

also,GPUChip demand will driveAIServer, as the demand for high -speed operations grows, it is more effectiveAI Server（AIServer) The heat dissipation scheme is also valued.according toTrendForceJibang Consultation LatestAI ServerReport, becauseNVIDIA(Nvidia) will be in2024Before the end of the year, launch a new generation platformBlackwell, By then largeCSP(Cloud service industry) will also start constructionBlackwellNew platformAI ServerData center, it is estimated that there is a chance to drive the infiltration rate of the cold and cooling scheme of the liquid10%。