AMD第二季度营收因数据中心需求飙升50%
AMD公布第二季度营收同比增长50%，业绩超出市场预期。公司表示，预计增长将持续至下半年。
原文深度解读
AMD于2026年8月4日公布第二季度财报，营收同比增长50%至115.4亿美元，超出市场预期，主要受数据中心需求驱动。公司预计下半年增长持续，并给出第三季度营收指引中值130亿美元，同比增长41%。文章涉及AMD CEO Lisa Su、数据中心、客户端、游戏、嵌入式等业务板块，关键数字包括数据中心营收67亿美元（同比增107%）、EPS 1.66美元、毛利率56%等。该文章与电子元器件供应链相关，因AMD的CPU、GPU、HBM等产品需求影响上游半导体制造、存储芯片等供应链环节。
- AMD第二季度营收115.4亿美元，同比增长50%，超出LSEG分析师预期的112.8亿美元；EPS为1.66美元，高于预期的1.62美元。
- 数据中心业务营收67亿美元，同比增长107%，由CPU和GPU强劲销售驱动；该业务包括服务器CPU。
- 客户端和游戏业务合计营收38亿美元，同比增长6%；其中移动处理器营收31亿美元，增长23%；游戏营收7.79亿美元，下降31%，因半定制产品销量下滑。
- 嵌入式业务营收9.77亿美元，同比增长19%，为三年来最快增速，需求来自网络、航空航天、仿真和电信应用。
- AMD预计第三季度营收中值为130亿美元，同比增长41%，高于华尔街预期的125.2亿美元；公司预测数据中心AI加速器市场到2030年复合年增长率超45%，达1.4万亿美元，服务器CPU市场年增长超50%，达2200亿美元。
- AMD已获得超过180亿美元的新订单；Helios平台集成的HBM比竞品多50%以上，Lisa Su称大内存可降低总拥有成本。
供应链影响
- AMD数据中心营收增长107%可能带动服务器CPU和GPU的上游晶圆代工、封装测试需求增加，具体取决于其供应链产能分配。
- HBM需求增加可能影响存储芯片供应商（如SK海力士、三星等）的订单，但AMD的Helios平台采用更多HBM，可能加剧HBM供应紧张。
- 游戏业务下滑31%可能减少对半定制芯片（如游戏主机SoC）的采购，影响相关代工厂和IP供应商。
- 嵌入式业务增长19%可能提升网络、航空航天等应用的芯片需求，对相关元器件供应链有正面影响。
- AMD对2027年数据中心营收翻倍的预期可能取决于AI加速器市场增长和服务器CPU需求，若实现将扩大对先进制程和封装产能的需求。
系统解读，仅作为判断线索，不构成备货、出货、涨价或投资建议。
AMD董事长兼首席执行官苏姿丰（Lisa Su）（图片来源：AMD）
AMD公布第二季度营收同比增长50%，业绩超出市场预期。公司表示，随着关键市场需求扩大，预计增长将持续至下半年。
AMD于8月4日表示，2026年第二季度营收为115.4亿美元。每股收益（EPS）为1.66美元，毛利率较去年同期上升2个百分点至56%。
LSEG调查的分析师此前预期营收为112.8亿美元，EPS为1.62美元。
数据中心业务（包括服务器中央处理器CPU）贡献了最高营收。数据中心营收达67亿美元，同比增长107%，主要受CPU和图形处理器（GPU）强劲销售推动。
消费产品营收也有所增长。第二季度，客户端和游戏业务合计营收同比增长6%至38亿美元。同期，移动处理器营收增长23%至31亿美元。然而，游戏业务营收下降31%至7.79亿美元，原因是半定制产品销量下滑。
工业产品也实现增长。嵌入式业务营收达9.77亿美元，同比增长19%。AMD表示，网络、航空航天、仿真和电信应用需求保持强劲，该业务创下三年来最快增速。
对于第三季度，AMD给出的营收指引中值为130亿美元，较去年同期增长41%。该预测高于华尔街预期的125.2亿美元。
这一展望主要由服务器市场增长驱动。AMD预计，数据中心AI加速器市场到2030年将以超过45%的复合年增长率扩张，达到1.4万亿美元。在该市场中，服务器CPU预计年增长超过50%，到2030年达到2200亿美元。
公司预计将从其最新推出的Helios AI基础设施平台和MI450系列GPU等产品出货量增加中受益。
AMD还预测，今年下半年服务器CPU需求将较去年同期增长超过80%，明年增长超过70%。因此，公司预计2027年数据中心营收将较上年翻倍以上。
其半导体设计业务也在改善。AMD表示已获得超过180亿美元的新订单。公司预计游戏业务将继续承压，出现两位数下滑，而消费产品增长可能保持温和。
AMD还强调内存需求持续强劲。公司表示，其Helios平台集成的高带宽内存（HBM）比竞品多50%以上。
“大型AI模型受益于更大的内存容量，因为可以降低总拥有成本，”AMD董事长兼首席执行官苏姿丰表示。
她补充说，许多客户对更大内存配置带来的性能提升感到满意，同时指出，如果额外内存对中型AI模型益处不大，公司将进行调整。
Lisa Su, Chair and Chief Executive Officer of AMD (Photo: AMD)
AMD reported a 50% year-over-year jump in second-quarter revenue, delivering an earnings beat that exceeded market expectations. The company said it expects growth to continue through the second half of the year as demand across key markets expands.
AMD said on Aug. 4 that it generated revenue of $11.54 billion in the second quarter of 2026. Earnings per share (EPS) came in at $1.66, while gross margin increased by 2 percentage points from a year earlier to 56%.
Analysts surveyed by LSEG had expected revenue of $11.28 billion and EPS of $1.62.
The data center segment, which includes server central processing units (CPUs), generated the highest revenue. Data center revenue reached $6.7 billion, up 107% from a year earlier, driven by strong sales of CPUs and graphics processing units (GPUs).
Revenue from consumer products also increased. Combined client and gaming revenue rose 6% year over year to $3.8 billion in the second quarter. Mobile processor revenue climbed 23% to $3.1 billion during the same period. Gaming revenue, however, fell 31% to $779 million due to lower sales of semi-custom products.
Industrial products also posted gains. Embedded segment revenue reached $977 million, up 19% from a year earlier. AMD said demand remained strong in networking, aerospace, emulation and telecommunications applications, marking the segment's fastest growth rate in three years.
For the third quarter, AMD provided revenue guidance with a midpoint of $13 billion, representing a 41% increase from the same period last year. The forecast exceeds Wall Street expectations of $12.52 billion.
The outlook is largely driven by growth in the server market. AMD projects that the data center AI accelerator market will expand at a compound annual growth rate of more than 45% through 2030, reaching $1.4 trillion. Within that market, server CPUs are expected to grow at more than 50% annually and reach $220 billion by 2030.
The company expects to benefit from rising shipments of products such as its recently unveiled Helios AI infrastructure platform and MI450-series GPUs.
AMD also forecasts server CPU demand to increase by more than 80% in the second half of this year and by more than 70% next year compared with the corresponding prior-year periods. As a result, the company expects data center revenue in 2027 to more than double from the previous year.
Its semiconductor design business is also improving. AMD said it has secured more than $18 billion in new orders. The company expects gaming revenue to remain under pressure with double-digit declines, while growth in consumer products is likely to remain modest.
AMD also emphasized continued strength in memory demand. The company said its Helios platform incorporates more than 50% more High Bandwidth Memory (HBM) than competing products.
"Large AI models benefit from larger memory capacity because it can reduce total cost of ownership," AMD Chair and Chief Executive Officer Lisa Su said.
She added that many customers have been satisfied with the performance gains provided by larger memory configurations, while noting that the company would make adjustments if additional memory proves less beneficial for mid-sized AI models.