Advanced Micro Devices: Takes from AMD Pre-Quiet Period Call

研报英文原文证据摘录

Advanced Micro Devices: Takes from AMD Pre-Quiet Period Call

Deutsche Bank

Research

Rating Company Date

Hold Advanced Micro 12 June 2026

Company Update

North America Devices

United States

Reuters Bloomberg Exchange Ticker Price at 11 Jun 2026 (USD) 488.45

AMD.OQ AMD US NSM AMD

Price target 365.00

TMT

542.52 -

Semiconductors 52-week range 116.16

Takes from AMD Pre-Quiet Period Call

Valuation & Risks

Ross Seymore

Earlier today we participated in AMD's now typical pre-quiet period sell-side call.

Research Analyst

Overall, the company reiterated its positive outlook, particularly in AI (especially for +1-415-617-3268

EPYC), with no significant changes to guidance. Here's what we found interesting:

DJ Sebastian

Research Associate

EPYC +1-415-262-2007

n Hottest topic in investor conversations with the company

n The $120b TAM is likely too low for Server CPU demand at this point given

the traction seen in the market

n AMD continues to believe it has the best CPU in the world

n Within the Agentic demand boom, AMD believes the RSA strengths of x86

are underappreciated relative to ARM-based processors

n Supply is tight, but AMD proactively engaged and feels confident in its

ability to meet demand, with determining the next round of future supply

allocation their current focus (2028)

n Revenue growth expected to be driven primarily by Units, with ASPs

having a much smaller impact (2/3 vs. 1/3)

Instinct

n Remains on track with previously communicated timeline with positive

feedback being received as customers test systems on-prem

n Demand keeps rising, with AMD seeing no evidence of a pullback in

spending

n At the beginning of the ramp, ODMs will be concentrated (DBe SANM &

CLS)

n The shape of the ramp is unchanged as they expect to ship volume near the