Fri, Jul. 22, 3:31 PM
- Current volume of 87.33M vs. 26.52M daily average.
- Returned to Y/Y revenue growth in Q2 for the first time since 2014.
- Shares are trading around four-year highs.
- The company is focusing on semi-custom chips geared for gaming and virtual reality as it aims to reduce a dependence on the traditional PC sector.
- Lisa Su, AMD (AMD +11.8%) CEO, sees Q3 marking the top for semi-custom chips, citing an anticipated strong holiday season, but sees this area returning to lower levels in Q4. She notes consistent execution and new products as a key focus in her approach.
- More on Lisa Su's AMD turnaround here.
Fri, Jul. 22, 9:11 AM
Thu, Jul. 21, 6:15 PM
- Reported revenue of $1.02B (+23% Q/Q, +9% Y/Y), beating estimates by $68.71 and EPS of -$0.05, beating estimates by $0.03.
- From Advanced Micro Devices (AMD) president and CEO Lisa Su: "In the second quarter we accomplished a significant milestone as we returned to non-GAAP operating profitability based on solid execution and strong demand for our semi-custom and graphics products."
- Gross margin of 31% (-1% Q/Q).
- Operating loss of $8M vs. $68M in Q1.
- Net income of $69M.
- Q3 guidance of +18% revenue +/- 3%.
- Credits $150M derived from a joint venture with Nantong Fujitsu Microelectronics Co., Ltd. to sequential and yearly earnings improvements.
- Presentation slides.
Thu, Jul. 21, 4:16 PM
Wed, Jul. 20, 5:35 PM
Fri, Jul. 15, 5:59 AM
- via Wells Fargo:
- "We think that renewed competition from AMD (NASDAQ:AMD) in graphics and Intel (NASDAQ:INTC) in coprocessors could create headwinds to growth and possibly limit Nvidia’s (NASDAQ:NVDA) ability to beat expectations in the near term."
- "We expect Nvidia will be able to continue to grow its coprocessor business in the future but we wonder if rising competition from Intel in this segment creates some headwind to momentum in the space. We think the Knights Landing family might help Intel regain some share in the HPC coprocessor market, though Nvidia has also introduced a new coprocessor family this year, its Tesla P100."
- Firm says NVDA is now trading "significantly above" its valuation range of $30-36.
- See infographic here
Wed, Jun. 29, 9:53 AM
Wed, Jun. 22, 3:00 PM
Tue, Jun. 21, 3:00 PM
Fri, Jun. 17, 3:00 PM
Thu, Jun. 16, 11:26 AM
- Believing the company's just-launched Polaris GPUs and upcoming Zen CPUs will provide a sales boost, Canaccord's Matt Ramsay has upgraded AMD (AMD +3.6%) to Buy, and upped his target by $2.75 to $6.
- Ramsay on Polaris: "[W]e remain impressed with the demonstrations shown from AMD’s newly announced FinFET Polaris GPUs, benchmarked at CES at roughly 40% better than 28nm NVIDIA parts in performance/watt and 2x better than prior AMD generations ... versus previous market share of near 40% that has declined dramatically to near 20% in recent quarters, we believe an improved Polaris hardware platform combined with aggressive pricing and improved tools support positions AMD to regain share toward 30%. However, while AMD’s hardware has substantially closed the gap with NVIDIA by moving to FinFET, we believe NVIDIA’s mindshare lead with gaming developers will take much longer to dent."
- On Zen: "Set to deliver 40% Instructions-per-Cycle (IPC) improvement, we believe AMD will be much better positioned to compete with Intel across the desktop/ notebook portfolio in 2017 versus the last 24 months where Intel has essentially had a 2-node process advantage (28nm versus Intel at 14nm) […] We believe the re-emergence of Zen as a competitive x86 CPU for certain market niches present opportunities for a return to the x86 server market (particularly the x86 captive enterprise market) and for new semi-custom projects in several end markets."
- Though shares have nearly doubled with the help of AMD's Chinese deal, Ramsay thinks there's still plenty of upside left, given Street expectations remain low. "From our investor conversations, the stock remains very controversial (many of our clients have polar opposite views – some think shares are worth $6.00+, others sub-$3.00). Only seven of 28 sellside analysts rate the stock a BUY, our 2016/17 sales/earnings estimates remain well above consensus on what we view as fairly conservative assumptions, and a 15% short interest remains."
Thu, Jun. 9, 8:56 AM
- Global PC shipments this year are expected to fall 7.3%, according to IDC, roughly 200 basis points worse than the group's previous forecast. This cut comes after Q1 shipments fell 12.5% Y/Y vs. the anticipated 11.3% decline.
- "The latest update reflects continuing pressure on PC shipments, but does not significantly change the factors driving the market," says IDC's Loren Loverde, adding that with an unprecedented four straight quarters of double-digit volume declines, the bar has been lowered for some improvement going forward.
- Tickers of interest: INTC, MSFT, OTCPK:LNVGY, NVDA, AMD, MU, STX, WDC
Wed, May 25, 2:10 PM
- Gaming site Kotaku reports Microsoft (MSFT +1.5%) plans to launch "a cheaper, smaller, Xbox One" this year, and will launch a more powerful model in 2017. The cheaper/smaller Xbox is expected to be shown off at the industry's E3 conference (runs from June 14-16).
- The 2017 console, codenamed Scorpio, will have a more powerful GPU, and be capable of handling 4K gaming and directly supporting Facebook's (NASDAQ:FB) Oculus Rift VR headset. Microsoft already has a partnership with Oculus through which streamed Xbox One games can be played on Rift headsets connected to Windows 10 PCs.
- Also reported: 1) Microsoft wants to further its efforts to converge Xbox and Windows, with future hit games released on both platforms. 2) Microsoft is moving towards an "incremental" upgrade model for consoles (much as it's doing for Windows), with frequent hardware upgrades replacing massive upgrades that arrive every several years.
- Sony has been widely reported to be prepping a revamped PlayStation 4 that supports 4K gaming and "enhanced" support for the company's PlayStation VR headset. Both the new console and the PlayStation VR are expected later this year.
- AMD (AMD +0.2%) supplies an APU (integrated CPU/GPU) for both the PS4 and Xbox One, and will presumably get an ASP boost from the sale of more powerful APUs for 4K-capable consoles.
- Update: Also of interest: The Verge reports Microsoft plans to unveil a "Chromecast-like" streaming stick for Xbox digital content at E3. The device will work with Xbox One controllers.
Thu, May 12, 1:49 PM
- AMD presents a risk to Nvidia (NVDA -2.1%) as it's made "substantial progress" and may have taken graphic chip share, says Wells Fargo's David Wong.
- "We believe that market share gains in graphics chips have been a contributor to Nvidia’s top line performance and stock price value over the last two years" -- a period where Nvidia stock has nearly doubled.
- But AMD's last quarterly report showed double-digit sequential growth in desktop discrete graphics units and gains in professional graphics, and guided for 15% sequential growth in the out quarter, while Nvidia's guidance midpoint implies a 10% sequential decline.
- A seasonal decline isn't a negative for Nvidia, Wong says, but "we think that Nvidia’s expectations and AMD’s graphics growth momentum suggest that AMD is beginning to regain graphics revenue share" and that Nvidia earnings this afternoon and Mercury Research's upcoming chip market update should confirm that.
- Wong has an Outperform rating on AMD (AMD -2.2%) and a price target of $4.00-$4.50 -- implying 12-26% upside. He's rating Nvidia Market Perform.
- Now read Nvidia And The Need For Speed »
Sat, May 7, 9:24 PM
- A month after launching the first graphics card based on its new Pascal architecture - the Tesla P100, which goes into HPC server accelerator cards - Nvidia (NASDAQ:NVDA) has launched the GeForce GTX 1080 and 1070, high-end Pascal desktop GPUs that will respectively power graphics cards from partners that sell for $599 and $379 (slightly more expensive "Founders Edition" cards will also be available). Both GPUs are promised to outperform Nvidia's Titan X, which has sold for $999 and is based on the older Maxwell architecture.
- The 1080 will be available on May 27, and the 1070 on June 10. As expected, the GPUs rely on TSMC's 16nm manufacturing process - Maxwell chips, which first became available in early 2014, rely on a 28nm process. The 1080 contains 7.2B transistors, and is promised to deliver 3x the power efficiency of the Titan X. The 1080 and 1070 rely on GDDR5X and GDDR5 memory supplied by Micron rather than High Bandwidth Memory (HBM), which accompanies AMD's most powerful GPUs.
- Nvidia also announced simultaneous multi-projection, a technology promised to improve the performance of both VR and multi-monitor gaming. Spatial audio and hand controller feedback technologies for VR headsets have also been unveiled, as well as a solution (called Ansel) that lets users capture game screenshots from different parts of a scene at resolutions as high as 4.5 gigapixels. Ansel also supports VR-friendly 360° panoramic screenshots.
- The announcements come ahead of the mid-2016 launch of cards based on AMD's next-gen Polaris GPU architecture. Polaris uses Samsung/Globalfoundries' 14nm process, supports HBM (and GDDR5), and (like Pascal) promises big improvements in performance-per-watt. However, Polaris doesn't appear to target high-end desktops; rather, it targets notebooks (including high-end systems) and mainstream desktops. Vega, an AMD architecture supporting HBM2 memory, is due in 2017.
- Nvidia is expected to launch a high-end PC GPU based on its GP100 Pascal core (used by the Tesla P100, supports HBM2) in late 2016 or early 2017.
Mon, Apr. 25, 12:47 PM
Advanced Micro Devices, Inc. is a global semiconductor company that develops computer processors and related technologies for business and consumer markets. It design and integrate technology for intelligent devices, including personal computers, game consoles and cloud servers. The company... More
Industry: Semiconductor - Broad Line
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