{"id":397,"date":"2026-11-04T08:13:49","date_gmt":"2026-11-03T23:13:49","guid":{"rendered":"https:\/\/www.arphile.net\/?p=397"},"modified":"2026-11-04T08:13:52","modified_gmt":"2026-11-03T23:13:52","slug":"261104-amd-q3-%ec%96%b4%eb%8b%9d%ec%bd%9c-%ec%a0%95%eb%a6%ac","status":"publish","type":"post","link":"https:\/\/www.arphile.net\/?p=397","title":{"rendered":"[261104] AMD Q3 \uc5b4\ub2dd\ucf5c \uc815\ub9ac"},"content":{"rendered":"\n<h3 class=\"wp-block-heading\">1. \ud575\uc2ec \uc774\uc288: \uc0ac\uc0c1 \ucd5c\ub300 \ubd84\uae30, 2027\ub144 \ub9e4\ucd9c +80% \uc774\uc0c1 \uc804\ub9dd<\/h3>\n\n\n\n<ul class=\"wp-block-list\">\n<li>\ub9e4\ucd9c <strong>$134\uc5b5 (+45% YoY, +16% QoQ)<\/strong>\uc73c\ub85c \uac00\uc774\ub358\uc2a4 \uc0c1\ub2e8\uc744 \ub118\uc5c8\uc74c. \uc0ac\uc0c1 \ucd5c\ub300 \ub9e4\ucd9c\uc774\uc790 \ucd5c\uace0 \uc218\uc775<\/li>\n\n\n\n<li>Non-GAAP EPS <strong>$2.09 (+74%)<\/strong>, \uc601\uc5c5\uc774\uc775 <strong>$39\uc5b5 (+75%)<\/strong>, \uc601\uc5c5\uc774\uc775\ub960 <strong>29%<\/strong> (+5%p)<\/li>\n\n\n\n<li><strong>2027\ub144 \uc804\uccb4 \ub9e4\ucd9c +80% \uc774\uc0c1 \uc804\ub9dd<\/strong>. \uc791\ub144 \uc560\ub110\ub9ac\uc2a4\ud2b8\ub370\uc774\uc5d0\uc11c \ub0b4\ub193\uc740 \uc7a5\uae30 \ubaa8\ub378\uc758 2\ubc30\uac00 \ub118\uc74c<\/li>\n<\/ul>\n\n\n\n<figure class=\"wp-block-table\"><table class=\"has-fixed-layout\"><thead><tr><th>\ud56d\ubaa9<\/th><th>\ub0b4\uc6a9<\/th><\/tr><\/thead><tbody><tr><td>\ub370\uc774\ud130\uc13c\ud130 \ub9e4\ucd9c \ube44\uc911<\/td><td><strong>64%<\/strong> (1\ub144 \uc804 47%, \uc804\ubd84\uae30 58%)<\/td><\/tr><tr><td>GAAP EPS<\/td><td>$1.46. \uace0\uac1d\uc0ac \uc6cc\ub7f0\ud2b8 \uacf5\uc815\uac00\uce58 \ubcc0\ub3d9\uc5d0 \ub530\ub978 \ube44\ud604\uae08 \ube44\uc6a9 <strong>$11\uc5b5<\/strong> \ubc18\uc601<\/td><\/tr><tr><td>\uc7ac\uace0<\/td><td><strong>$115\uc5b5<\/strong> (\uc804\ubd84\uae30 \ub300\ube44 +$30\uc5b5, \ub370\uc774\ud130\uc13c\ud130 \uc218\uc694 \ub300\uc751)<\/td><\/tr><tr><td>FCF<\/td><td>$5.54\uc5b5 (\uc6b4\uc804\uc790\ubcf8\u00b7\uc124\ube44 \ud22c\uc790 \uc99d\uac00)<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<ul class=\"wp-block-list\">\n<li>\uc6cc\ub7f0\ud2b8(\uace0\uac1d\uc0ac\uc5d0 \uc9c0\uae09\ud55c \uc2e0\uc8fc\uc778\uc218\uad8c) \uad00\ub828 \ube44\ud604\uae08 \ube44\uc6a9\uc740 \uc55e\uc73c\ub85c \ubd84\uae30\ub9c8\ub2e4 \ub354 \ucee4\uc9c8 \uc218 \uc788\uc74c. Non-GAAP \uc2e4\uc801\uacfc FCF\uc5d0\ub294 \uc601\ud5a5 \uc5c6\uc74c<\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\">2. CEO \ubc1c\ud45c (Lisa Su)<\/h3>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>\uc11c\ubc84 CPU (EPYC)<\/strong>\n<ul class=\"wp-block-list\">\n<li>\ud074\ub77c\uc6b0\ub4dc\uc640 \uc5d4\ud130\ud504\ub77c\uc774\uc988 \ub9e4\ucd9c\uc774 \uac01\uac01 <strong>2\ubc30 \uc774\uc0c1<\/strong>. \uae30\uc874 \uc804\ub9dd(+80% \uc774\uc0c1)\uc744 \ud06c\uac8c \ub118\uc5c8\uace0 \uc810\uc720\uc728\ub3c4 \uc62c\ub790\uc74c<\/li>\n\n\n\n<li><strong>\uc5d0\uc774\uc804\ud2b8\uac00 CPU\uc758 \ub2e4\uc74c \ud0ac\ub7ec\uc571<\/strong>\uc774\ub77c\uace0 \ud568. \uc5d0\uc774\uc804\ud2b8\uac00 \ubcd1\ub82c\ub85c \uacc4\uc18d \ub3cc\uae30 \ub54c\ubb38\uc5d0 CPU \uc218\uc694\uac00 \ud06c\uac8c \ub298\uc5b4\ub0a8. Meta Muse \uc5d0\uc774\uc804\ud2b8\ub294 6\uc8fc \ub9cc\uc5d0 1,000\ub9cc \uba85 \uc774\uc0c1\uc774 \ud65c\uc131\ud654\ud568\n<ul class=\"wp-block-list\">\n<li>\ucc38\uace0 : AI \uc798 \ubab0\ub77c\uc11c \uc5d0\uc774\uc804\ud2b8\uac00 \ubb50\uc57c \ud558\uc2dc\ub294 \ubd84\ub4e4\uaed8..\n<ul class=\"wp-block-list\">\n<li><strong>\ucc57\ubd07<\/strong>: \uc9c8\ubb38\ud558\uba74 \ub2f5\ub9cc \ud574\uc8fc\ub294 AI. \uc0ac\ub78c\uc774 \ub9e4\ubc88 \ubb3c\uc5b4\ubd10\uc57c \uc6c0\uc9c1\uc784<\/li>\n\n\n\n<li><strong>\uc5d0\uc774\uc804\ud2b8<\/strong>: \ubaa9\ud45c\ub97c \uc8fc\uba74 <strong>\uc2a4\uc2a4\ub85c \uacc4\ud68d\uc744 \uc138\uc6b0\uace0 \uc5ec\ub7ec \ub2e8\uacc4\ub97c \uc2e4\ud589\ud558\ub294 AI<\/strong><\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<\/li>\n\n\n\n<li>\ud5e4\ub4dc\ub178\ub4dc(\uac00\uc18d\uae30 \uc11c\ubc84\ub97c \uad00\ub9ac\ud558\ub294 CPU): \ub300\ud615 \ubaa8\ub378 \uac1c\ubc1c\uc0ac\u00b7\ud074\ub77c\uc6b0\ub4dc\uc5d0\uc11c \ub300\uaddc\ubaa8 \uc218\uc8fc. <strong>OpenAI \uccab \ucee4\uc2a4\ud140 \uac00\uc18d\uae30\uc758 \ud638\uc2a4\ud2b8 CPU\ub85c Turin\uc774 \uc120\uc815\ub428<\/strong><\/li>\n\n\n\n<li>\uc5d4\ud130\ud504\ub77c\uc774\uc988 \ud310\ub9e4(sell-through) \uc0ac\uc0c1 \ucd5c\uace0. \uae08\uc735\u00b7\ud1b5\uc2e0\u00b7\ub9ac\ud14c\uc77c\u00b7\ud5ec\uc2a4\ucf00\uc5b4 \ub4f1 \uc2e0\uaddc \uace0\uac1d \uc218\uc2ed \uacf3 \ud655\ubcf4<\/li>\n\n\n\n<li><strong>Venice(6\uc138\ub300 EPYC)<\/strong>: 3\ubd84\uae30\ubd80\ud130 \ub9e4\ucd9c \ucd9c\ud558 \uc2dc\uc791\n<ul class=\"wp-block-list\">\n<li>\uc5ed\ub300 EPYC \uc138\ub300 \uc911 \ucd08\uae30 \uc218\uc694\uac00 \uac00\uc7a5 \uac15\ud568<\/li>\n\n\n\n<li>OEM\u00b7ODM \ud50c\ub7ab\ud3fc <strong>240\uac1c \uc774\uc0c1<\/strong> (Turin\ubcf4\ub2e4 20% \ub9ce\uc74c)<\/li>\n<\/ul>\n<\/li>\n\n\n\n<li><strong>Helion<\/strong>: Venice \uae30\ubc18 \ub799 \ub808\ud37c\ub7f0\uc2a4 \uc124\uacc4. CPU\ub9cc \ub123\uc73c\uba74 \ub799 \ud558\ub098\uc5d0 Venice 144\uac1c, \uc57d 7.4\ub9cc \uc2a4\ub808\ub4dc. 4\ubd84\uae30 \uccab \ucd9c\ud558<\/li>\n\n\n\n<li>\uc11c\ubc84 CPU \uc2dc\uc7a5 \uaddc\ubaa8(TAM)\ub294 2030\ub144 \uc57d <strong>$2,200\uc5b5<\/strong>\uc73c\ub85c \uc804\ub9dd<\/li>\n<\/ul>\n<\/li>\n\n\n\n<li><strong>\ub370\uc774\ud130\uc13c\ud130 AI (Instinct)<\/strong>\n<ul class=\"wp-block-list\">\n<li><strong>MI455X \ub300\ub7c9 \ucd9c\ud558 \uc2dc\uc791<\/strong>. Anthropic, Meta, Microsoft, OpenAI, Oracle\uc774 \uccab Helios \ub799\uc744 \uac00\ub3d9\ud568<\/li>\n\n\n\n<li>4\ubd84\uae30\uc5d0\ub294 HPE, Dell, Lenovo, Supermicro \ub4f1 OEM \ucd9c\ud558\uac00 \uc2dc\uc791\ub418\uba74\uc11c <strong>Helios \ubc30\uce58\uac00 \ud06c\uac8c \ub298\uc5b4\ub0a0<\/strong> \uc804\ub9dd<\/li>\n\n\n\n<li>MI455X\ub294 \uc5f0\uc0b0 \uc131\ub2a5, \uba54\ubaa8\ub9ac \uc6a9\ub7c9, \uc2a4\ucf00\uc77c\uc544\uc6c3 \ub300\uc5ed\ud3ed\uc5d0\uc11c \uc55e\uc12c. Helios\ub294 \uba54\ubaa8\ub9ac \ub300\uc5ed\ud3ed\uacfc \uc2a4\ucf00\uc77c\uc5c5 \ub300\uc5ed\ud3ed\uc5d0\uc11c\ub3c4 \uacbd\uc7c1 \uc81c\ud488\ubcf4\ub2e4 \ub192\ub2e4\uace0 \ud568<\/li>\n\n\n\n<li>EuroHPC LUMI-AI \uc288\ud37c\ucef4\ud4e8\ud130\uc5d0 MI430X \uc120\uc815. \ubc30\uc815\ubc00\ub3c4 \uc5f0\uc0b0 \uc131\ub2a5\uc774 \uacbd\uc7c1 \uc81c\ud488\uc758 \uc57d 9\ubc30<\/li>\n\n\n\n<li><strong>ROCm 10<\/strong> \ucd9c\uc2dc. Anthropic\uc740 \uc5d4\uc9c0\ub2c8\uc5b4 \ud55c \uba85\uc774 Claude\ub85c \uc8fc\ub9d0 \ub3d9\uc548 MI355X\uc5d0 \ucd5c\uc2e0 \ubaa8\ub378\uc744 \uc62c\ub838\ub2e4\uace0 \uc18c\uac1c\ud568<\/li>\n\n\n\n<li><strong>MI500<\/strong>: \uc5ec\ub7ec \ud504\ub860\ud2f0\uc5b4 AI \uc5f0\uad6c\uc18c\uac00 <strong>\uba40\ud2f0 GW \uaddc\ubaa8 \ubc30\uce58<\/strong>\ub97c \uacc4\ud68d\ud558\uba70 \ud568\uaed8 \ucd5c\uc801\ud654 \uc911<\/li>\n<\/ul>\n<\/li>\n\n\n\n<li><strong>\uc778\uc218 2\uac74<\/strong> (\uc5f0\ub0b4 \uc644\ub8cc \uc608\uc815)\n<ul class=\"wp-block-list\">\n<li>Taalas: \uc800\uc9c0\uc5f0 \ucd94\ub860 \uc804\uc6a9 \uce69<\/li>\n\n\n\n<li>World Labs: \uacf5\uac04\uc9c0\ub2a5 \ubaa8\ub378 \uc5f0\uad6c. \ud398\uc774\ud398\uc774 \ub9ac\uac00 AMD \uc218\uc11d\uacfc\ud559\uc790\ub85c \ud569\ub958<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\">3. \uc2e4\uc801 \uc138\ubd80<\/h3>\n\n\n\n<figure class=\"wp-block-table\"><table class=\"has-fixed-layout\"><thead><tr><th>\ubd80\ubb38<\/th><th>\ub9e4\ucd9c<\/th><th>YoY<\/th><th>\uc601\uc5c5\uc774\uc775 (\ub9c8\uc9c4)<\/th><\/tr><\/thead><tbody><tr><td>\ub370\uc774\ud130\uc13c\ud130<\/td><td><strong>$85\uc5b5<\/strong><\/td><td><strong>+97%<\/strong><\/td><td><strong>$29\uc5b5 (34%)<\/strong>, 1\ub144 \uc804 \ub9c8\uc9c4 25%<\/td><\/tr><tr><td>\ud074\ub77c\uc774\uc5b8\ud2b8+\uac8c\uc774\ubc0d<\/td><td>$37\uc5b5<\/td><td>-8%<\/td><td>$5.73\uc5b5 (15%), 1\ub144 \uc804 21%<\/td><\/tr><tr><td>\u3134 \ud074\ub77c\uc774\uc5b8\ud2b8<\/td><td>$29\uc5b5<\/td><td>+7%<\/td><td>QoQ -4% (\uba54\ubaa8\ub9ac \uac00\uaca9 \uc0c1\uc2b9\uc774 PC \uc218\uc694\uc5d0 \ubd80\ub2f4)<\/td><\/tr><tr><td>\u3134 \uac8c\uc774\ubc0d<\/td><td>$7.73\uc5b5<\/td><td>-40%<\/td><td>\ucf58\uc194 \uc0ac\uc774\ud074 \uc601\ud5a5<\/td><\/tr><tr><td>\uc784\ubca0\ub514\ub4dc<\/td><td>$11\uc5b5<\/td><td>+29%<\/td><td>$4.53\uc5b5 (41%), 4\ubd84\uae30 \uc5f0\uc18d \uc131\uc7a5 \uac00\uc18d<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<ul class=\"wp-block-list\">\n<li>\ub370\uc774\ud130\uc13c\ud130 QoQ +27%: MI450 \ucd08\uae30 \ub9e4\ucd9c\uacfc \uc11c\ubc84 \uc131\uc7a5<\/li>\n\n\n\n<li>Non-GAAP GM 56% (+190bp YoY). \uc601\uc5c5\ube44\uc6a9 $36\uc5b5 (+29%)<\/li>\n\n\n\n<li>PC: \ubd84\uae30 \ud6c4\ubc18 \uba54\ubaa8\ub9ac\u00b7\ubd80\ud488 \uac00\uaca9 \uc0c1\uc2b9\uc73c\ub85c \ud310\ub9e4\uac00 \ub454\ud654\ub428. <strong>2027\ub144 PC \ucd9c\ud558\ub7c9\uc740 \ub450 \uc790\ub9bf\uc218 % \uac10\uc18c<\/strong>\ub85c \uac00\uc815\ud568<\/li>\n\n\n\n<li>\uc784\ubca0\ub514\ub4dc: 2026\ub144 \ub514\uc790\uc778\uc708 <strong>$180\uc5b5 \uc774\uc0c1<\/strong>\uc73c\ub85c 3\ub144 \uc5f0\uc18d \ucd5c\ub300<\/li>\n\n\n\n<li>\ud604\uae08 $158\uc5b5, \ucd1d\ubd80\ucc44 $71\uc5b5 (8\uc6d4\uc5d0 $47.5\uc5b5 \ucc44\uad8c \ubc1c\ud589)<\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\">4. \uc804\ub9dd<\/h3>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>4\ubd84\uae30 \uac00\uc774\ub358\uc2a4<\/strong>\n<ul class=\"wp-block-list\">\n<li>\ub9e4\ucd9c <strong>\uc57d $170\uc5b5 \u00b13%<\/strong> (YoY +66%, QoQ +27%)<\/li>\n\n\n\n<li>\ub370\uc774\ud130\uc13c\ud130 <strong>QoQ \uc57d +50%<\/strong>, \ud074\ub77c\uc774\uc5b8\ud2b8+\uac8c\uc774\ubc0d -20% \uc774\uc0c1, \uc784\ubca0\ub514\ub4dc \ub450 \uc790\ub9bf\uc218 \uc131\uc7a5<\/li>\n\n\n\n<li><strong>\ub370\uc774\ud130\uc13c\ud130 AI \ub9e4\ucd9c\uc774 \ucc98\uc74c\uc73c\ub85c \uc11c\ubc84 CPU \ub9e4\ucd9c\uc744 \ud06c\uac8c \ub118\uc5b4\uc12c<\/strong><\/li>\n\n\n\n<li>GM \uc57d <strong>55%<\/strong>. AI \ube44\uc911\uc774 \ucee4\uc9c0\uba74\uc11c \ub9c8\uc9c4\uc728\uc740 \uc57d\uac04 \ub0ae\uc544\uc9c0\uc9c0\ub9cc \uc774\uc775 \uae08\uc561\uc740 \ud06c\uac8c \ub298\uc5b4\ub0a8<\/li>\n\n\n\n<li>\uc601\uc5c5\ube44\uc6a9 \uc57d $37.5\uc5b5, \uc138\uc728 13%, \uc8fc\uc2dd \uc218 \uc57d 16.7\uc5b5 \uc8fc (\uc778\uc218 \ubc18\uc601, \uc6cc\ub7f0\ud2b8 \ud76c\uc11d\uc740 \ubc18\uc601 \uc548 \ud568)<\/li>\n<\/ul>\n<\/li>\n\n\n\n<li><strong>2026\ub144<\/strong>: \ub370\uc774\ud130\uc13c\ud130 \ub9e4\ucd9c\uc774 2025\ub144 \ub300\ube44 <strong>2\ubc30 \uc774\uc0c1<\/strong><\/li>\n\n\n\n<li><strong>2027\ub144<\/strong>\n<ul class=\"wp-block-list\">\n<li>\uc804\uccb4 \ub9e4\ucd9c <strong>+80% \uc774\uc0c1<\/strong><\/li>\n\n\n\n<li><strong>\uc11c\ubc84 CPU \ub9e4\ucd9c \uc57d 2\ubc30<\/strong>. 90\uc77c \uc804 \uc804\ub9dd\uc740 +70% \uc774\uc0c1\uc774\uc5c8\uc74c<\/li>\n\n\n\n<li><strong>\ub370\uc774\ud130\uc13c\ud130 AI\ub294 2\ubc30\ub97c \ud06c\uac8c \ub118\ub294 \uc131\uc7a5<\/strong>. 90\uc77c \uc804 \uc804\ub9dd\ubcf4\ub2e4 \ub192\uc544\uc9d0<\/li>\n\n\n\n<li>\ub370\uc774\ud130\uc13c\ud130\uac00 \uc804\uccb4 \ub9e4\ucd9c\uc758 <strong>80% \uc774\uc0c1<\/strong><\/li>\n\n\n\n<li>\uc784\ubca0\ub514\ub4dc\ub3c4 \uc131\uc7a5 \uac00\uc18d<\/li>\n\n\n\n<li><strong>\uc601\uc5c5\ube44\uc6a9 \uc99d\uac00\uc728\uc740 \ub9e4\ucd9c \uc99d\uac00\uc728\uc758 \uc808\ubc18 \ubbf8\ub9cc<\/strong> \u2192 \uc601\uc5c5\uc774\uc775\ub960\uc774 \ud06c\uac8c \uc624\ub97c \uc804\ub9dd<\/li>\n<\/ul>\n<\/li>\n\n\n\n<li>\uc6e8\uc774\ud37c, \uae30\ud310, \ucca8\ub2e8 \ud328\ud0a4\uc9d5, \uba54\ubaa8\ub9ac \ub4f1 \uacf5\uae09\uc744 \ucd94\uac00\ub85c \ud655\ubcf4\ud568. \uadf8\ub798\ub3c4 <strong>\uc218\uc694\uac00 \uacf5\uae09\ubcf4\ub2e4 \ub9ce\uc740 \uc0c1\ud669<\/strong><\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\">5. \uacf5\uae09\/\uace0\uac1d \uacc4\uc57d<\/h3>\n\n\n\n<ul class=\"wp-block-list\">\n<li>\uace0\uac1d\uc0ac\uc758 EPYC\u00b7Instinct \ubc30\uce58 \uacc4\ud68d\uc774 \ud655\ub300\ub418\uba74\uc11c \uacf5\uae09\uc744 \ucd94\uac00\ub85c \ud655\ubcf4\ud568. \uacf5\uae09\ub9dd \ud30c\ud2b8\ub108\uc640 \ud568\uaed8 \uc7a5\uae30 \uc0dd\uc0b0\ub2a5\ub825\uc5d0 \ud22c\uc790<\/li>\n\n\n\n<li>2027\ub144 \uace0\uac1d\uc758 \ubd80\uc9c0, \uc804\ub825, \ub370\uc774\ud130\uc13c\ud130 \uac74\ubb3c\uae4c\uc9c0 \ud30c\uc545\ud558\uace0 \uc788\ub2e4\uace0 \ud568. \uc5b4\ub290 \ub370\uc774\ud130\uc13c\ud130\uc5d0 GPU\uac00 \ub4e4\uc5b4\uac00\ub294\uc9c0\uae4c\uc9c0 \uc54c\uace0 \uc788\uc74c<\/li>\n\n\n\n<li>\ud575\uc2ec \ud30c\ud2b8\ub108\uc5d0\uac8c\ub294 \ub370\uc774\ud130\uc13c\ud130 \uc778\ud504\ub77c\ub97c \uba87 \ub144 \uc55e\uc11c \ud655\ubcf4\ud558\ub3c4\ub85d <strong>\uc120\ubcc4\uc801\uc73c\ub85c \ud22c\uc790<\/strong>\ud568<\/li>\n\n\n\n<li>HBM \ub4f1 \uba54\ubaa8\ub9ac\uc640 \ubd80\ud488 \uc6d0\uac00 \uc0c1\uc2b9\ubd84\uc740 \uc77c\ubd80 \uacf5\uae09\uc0ac\u00b7\uace0\uac1d\uacfc \uc7a5\uae30\uacc4\uc57d\uc774 \uc788\uc9c0\ub9cc, <strong>\uace0\uac1d\uacfc \ub098\ub220 \ubd80\ub2f4\ud558\ub294 \ubc29\ud5a5<\/strong>\uc73c\ub85c \ud611\uc758 \uc911<\/li>\n\n\n\n<li>\uc6cc\ub7f0\ud2b8 \ud76c\uc11d\uc740 \uace0\uac1d\uc758 \ucd9c\ud558 \uc870\uac74\uacfc \uc0c1\uc5c5 \uc870\uac74\uc774 \ucda9\uc871\ub420 \ub54c\ub9cc \ubc1c\uc0dd\ud568. 2027\ub144\uc5d0 \uad6c\uccb4\uc801\uc778 \uac00\uc774\ub358\uc2a4\ub97c \uc904 \uc608\uc815<\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\">6. \uc8fc\uc8fc\ud658\uc6d0\/\uc7ac\ubb34<\/h3>\n\n\n\n<ul class=\"wp-block-list\">\n<li>\uc774\ubc88 \ucf5c\uc5d0\uc11c\ub294 \uc790\uc0ac\uc8fc\ub098 \ubc30\ub2f9 \uc5b8\uae09\uc774 \uc5c6\uc5c8\uc74c<\/li>\n\n\n\n<li>\uc7ac\uace0\uc640 \uc0dd\uc0b0\ub2a5\ub825\uc5d0 \uacc4\uc18d \ud22c\uc790\ud560 \uc608\uc815\uc774\uace0, 2027\ub144 \uace0\uc131\uc7a5\uc744 \uc704\ud55c \uc6b4\uc804\uc790\ubcf8\uc774 \ub298\uc5b4\ub0a8<\/li>\n\n\n\n<li>\ud604\uae08 $158\uc5b5, \ubd80\ucc44 $71\uc5b5<\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\">7. \uc9c8\uc758\uc751\ub2f5 \ud575\uc2ec<\/h3>\n\n\n\n<figure class=\"wp-block-table\"><table class=\"has-fixed-layout\"><thead><tr><th>\uc9c8\ubb38\uc790<\/th><th>\uc9c8\ubb38<\/th><th>\ub2f5\ubcc0 \uc694\uc57d<\/th><\/tr><\/thead><tbody><tr><td>Tom O\u2019Malley (\ubc14\ud074\ub808\uc774\uc988)<\/td><td>2027\ub144 +80% \uc131\uc7a5\uc744 \uacf5\uae09\uc774 \ubc1b\uccd0\uc8fc\ub294\uc9c0, PC \uc870\uc815\uc774 \uc5bc\ub9c8\ub098 \uae38\uc5b4\uc9c8\uc9c0<\/td><td>\uc218\ub144\uac04 \uace0\uac1d\u00b7\uacf5\uae09\ub9dd\uacfc \uacc4\ud68d\ud574 \uc654\uc74c.<br>\uc6e8\uc774\ud37c, \uae30\ud310, \ud328\ud0a4\uc9d5, \uba54\ubaa8\ub9ac\ub97c \ud655\ubcf4\ud568.<br>\uc218\uc694\uac00 \uacf5\uae09\ubcf4\ub2e4 \ub9ce\uc544 \ucd94\uac00 \ud655\ubcf4 \uc911.<br>PC\ub294 2027\ub144 \ub450 \uc790\ub9bf\uc218 \uac10\uc18c\ub97c \uac00\uc815\ud568.<br>PC\uc640 \ub370\uc774\ud130\uc13c\ud130 \uacf5\uae09\uc744 \uc11c\ub85c \ub3cc\ub824\uc4f8 \uc218 \uc788\uc74c<\/td><\/tr><tr><td>Vivek Arya (BofA)<\/td><td>\uace0\uac1d\uc758 \uc790\uae08\u00b7\uc804\ub825 \uc5ec\ub825, \uacbd\uc7c1\uc0ac\uc758 \uc0dd\ud0dc\uacc4 \ud22c\uc790, ASIC\uacfc \uc5b4\ub5bb\uac8c \ub098\ub258\ub294\uc9c0<\/td><td>2027\ub144 \uace0\uac1d\uc758 \ubd80\uc9c0\u00b7\uc804\ub825\u00b7\uac74\ubb3c\uae4c\uc9c0 \uacf5\ub3d9 \uacc4\ud68d\ud568.<br>\ud575\uc2ec \ud30c\ud2b8\ub108\uc5d0 \uc120\ubcc4\uc801\uc73c\ub85c \ud22c\uc790\ud568.<br>\ubc30\ubd84\uc740 \uacb0\uad6d TCO(\ucd1d\uc18c\uc720\ube44\uc6a9)\ub85c \uacb0\uc815\ub428.<br>\ubc94\uc6a9 GPU\ub77c\uc11c \ud65c\uc6a9\ub3c4\uac00 \ub192\uc74c.<br>MI500\u00b7MI600\uc740 \ud504\ub860\ud2f0\uc5b4 \uc5f0\uad6c\uc18c\uc640 \uacf5\ub3d9 \uc124\uacc4 \uc911<\/td><\/tr><tr><td>Joshua Buchalter (TD Cowen)<\/td><td>HBM \uac00\uaca9 \uc0c1\uc2b9\ubd84\uc744 \ub118\uae38 \uc218 \uc788\ub294\uc9c0, 2027\ub144 \uc601\uc5c5\ube44\uc6a9\uacfc GM<\/td><td>\uba54\ubaa8\ub9ac\uc640 \ubd80\ud488 \uc6d0\uac00 \uc0c1\uc2b9\ubd84\uc740 \uace0\uac1d\uacfc \ub098\ub220 \ubd80\ub2f4\ud558\uae30\ub85c \ud611\uc758 \uc911.<br>\ud1a0\ud070\ub2f9 \ube44\uc6a9 \uae30\uc900 TCO \uc6b0\uc704\ub294 \uc720\uc9c0\ub428.<br>2027\ub144 \uc601\uc5c5\ube44\uc6a9 \uc99d\uac00\uc728\uc740 \ub9e4\ucd9c \uc99d\uac00\uc728\uc758 \uc808\ubc18 \ubbf8\ub9cc.<br>AI \ube44\uc911\uc774 \ucee4\uc9c0\uba74 \ub9c8\uc9c4\uc728\uc740 \ub0ae\uc544\uc9c0\uc9c0\ub9cc \uc774\uc775 \uae08\uc561\uc740 \ud06c\uac8c \ub298\uc5b4\ub0a8<\/td><\/tr><tr><td>Timothy Arcuri (UBS)<\/td><td>2027\ub144 \ub370\uc774\ud130\uc13c\ud130 AI\uc640 CPU \ube44\uc911, \uc6cc\ub7f0\ud2b8 \ucc98\ub9ac<\/td><td>CPU\ub294 \uc57d 2\ubc30, AI\ub294 2\ubc30\ub97c \ud06c\uac8c \ub118\uc74c.<br>4\ubd84\uae30\uc5d0 AI\uac00 CPU\ub97c \ucd94\uc6d4\ud568.<br>\uc6cc\ub7f0\ud2b8\ub294 \ub9e4\ucd9c\uc5d0\uc11c \uc774\ubbf8 \ucc28\uac10\ub41c \uc21c\ub9e4\ucd9c \uae30\uc900.<br>\uc8fc\uc2dd \ud76c\uc11d\uc740 \uc870\uac74 \ucda9\uc871 \uc2dc\uc5d0\ub9cc \ubc1c\uc0dd\ud558\uace0 2027\ub144\uc5d0 \uac00\uc774\ub358\uc2a4 \uc81c\uacf5<\/td><\/tr><tr><td>C.J. Muse (\uce94\ud130)<\/td><td>\uc11c\ubc84 \uc131\uc7a5\uc774 \ud310\ub9e4\ub7c9 \ub54c\ubb38\uc778\uc9c0 \uac00\uaca9 \ub54c\ubb38\uc778\uc9c0, 1\ubd84\uae30 \uacc4\uc808\uc131<\/td><td>\uc131\uc7a5\uc740 \uc8fc\ub85c \ud310\ub9e4\ub7c9\uacfc \ucf54\uc5b4 \uc218 \uc99d\uac00.<br>\uac00\uaca9 \uc0c1\uc2b9\uc740 \ucf54\uc5b4 \uc218\uac00 \ub298\uc5b4\ub09c \ub9cc\ud07c\ub9cc \uc788\uc74c.<br>\uc784\ubca0\ub514\ub4dc\ub294 1\ubd84\uae30\uc5d0 \uacc4\uc808\uc801 \ub454\ud654\uac00 \uc788\uc9c0\ub9cc \uc5f0\uac04\uc73c\ub85c\ub294 \ud06c\uac8c \uc131\uc7a5<\/td><\/tr><tr><td>Stacy Rasgon (\ubc88\uc2a4\ud0c0\uc778)<\/td><td>4\ubd84\uae30 AI\u00b7CPU \uc5ed\uc804 \ud3ed, 2027\ub144 GM \ud750\ub984<\/td><td>4\ubd84\uae30\uc5d0 AI\uac00 CPU\ubcf4\ub2e4 \ub9e4\ucd9c \uae08\uc561\uc5d0\uc11c \ud6e8\uc52c \ud07c.<br>2027\ub144 GM\uc740 AI\uc640 CPU \ube44\uc911\uc5d0 \ub530\ub77c \ubd84\uae30\ub9c8\ub2e4 \ub2ec\ub77c\uc9d0.<br>4\ubd84\uae30 GM\uc774 \uae30\uc900\uc810\uc774 \ub428<\/td><\/tr><tr><td>Joe Moore (\ubaa8\uac74\uc2a4\ud0e0\ub9ac)<\/td><td>CPU \uc804\uc6a9 Helion \ub799, \uc11c\ubc84 \uacf5\uae09 \ubd80\uc871\uc774 \uc774\uc5b4\uc9c0\ub294\uc9c0<\/td><td>\ud074\ub77c\uc6b0\ub4dc\ub294 CPU\ub9cc \ub123\uc740 \uace0\ubc00\ub3c4 \uad6c\uc131, \uc5d4\ud130\ud504\ub77c\uc774\uc988\ub294 CPU+GPU \ud63c\ud569 \uad6c\uc131.<br>OCP \uac1c\ubc29\ud615 \ud45c\uc900\uc784.<br>\uc11c\ubc84 CPU \uc2dc\uc7a5\uc740 \uc5f0\ud3c9\uade0 \uc57d 50% \uc131\uc7a5 \uc804\ub9dd.<br>\uc11c\ubc84 \uc218\uc694\uac00 \uacf5\uae09\ubcf4\ub2e4 \ub9ce\uc544 \uae30\ud310\uacfc DDR5\uae4c\uc9c0 \ud655\ubcf4 \uc911<\/td><\/tr><tr><td>Harsh Kumar (Piper Sandler)<\/td><td>Helios \uc810\uc720\uc728 \ubaa9\ud45c, \uc5d4\ud130\ud504\ub77c\uc774\uc988, PC \uac00\uaca9 \uacbd\uc7c1<\/td><td>\ucd5c\ub300 \uace0\uac1d\ub4e4\uc758 \ucef4\ud4e8\ud305 \uc218\uc694\uc5d0\uc11c \uc810\uc810 \ub354 \ud070 \ubaab\uc744 \uac00\uc838\uac00\ub294 \uac8c \ubaa9\ud45c.<br>MI500\u00b7MI600 \ub17c\uc758\uac00 \ud65c\ubc1c\ud568.<br>\uc5d4\ud130\ud504\ub77c\uc774\uc988\uc6a9 GPU\ub97c \ucd9c\uc2dc\ud568.<br>PC\ub294 \uace0\uac00\u00b7\uc218\uc775\uc131 \ub192\uc740 \uc138\uadf8\uba3c\ud2b8\uc5d0 \uc9d1\uc911\ud558\uace0 \uc800\uac00 \uc2dc\uc7a5 \ub178\ucd9c\uc740 \uc801\uc74c<\/td><\/tr><\/tbody><\/table><\/figure>\n","protected":false},"excerpt":{"rendered":"<p>1. \ud575\uc2ec \uc774\uc288: \uc0ac\uc0c1 \ucd5c\ub300 \ubd84\uae30, 2027\ub144 \ub9e4\ucd9c +80% \uc774\uc0c1 \uc804\ub9dd \ud56d\ubaa9 \ub0b4\uc6a9 \ub370\uc774\ud130\uc13c\ud130 \ub9e4\ucd9c \ube44\uc911 64% (1\ub144 \uc804 47%, \uc804\ubd84\uae30 58%) GAAP EPS $1.46. \uace0\uac1d\uc0ac \uc6cc\ub7f0\ud2b8 \uacf5\uc815\uac00\uce58 \ubcc0\ub3d9\uc5d0 \ub530\ub978 \ube44\ud604\uae08 \ube44\uc6a9 $11\uc5b5 \ubc18\uc601 \uc7ac\uace0 $115\uc5b5 (\uc804\ubd84\uae30 \ub300\ube44 +$30\uc5b5, \ub370\uc774\ud130\uc13c\ud130 \uc218\uc694 \ub300\uc751) FCF $5.54\uc5b5 (\uc6b4\uc804\uc790\ubcf8\u00b7\uc124\ube44 \ud22c\uc790 \uc99d\uac00) 2. CEO \ubc1c\ud45c (Lisa Su) 3. \uc2e4\uc801 \uc138\ubd80 [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_uag_custom_page_level_css":"","footnotes":""},"categories":[38],"tags":[94,100,110],"class_list":["post-397","post","type-post","status-publish","format-standard","hentry","category-38","tag-94","tag-100","tag-amd"],"uagb_featured_image_src":{"full":false,"thumbnail":false,"medium":false,"medium_large":false,"large":false,"1536x1536":false,"2048x2048":false,"blogsy-small":false,"blogsy-small-tall":false,"blogsy-small-square":false,"blogsy-small-masonry":false,"blogsy-medium":false,"blogsy-medium-masonry":false,"blogsy-large":false,"blogsy-wide":false},"uagb_author_info":{"display_name":"Arphile","author_link":"https:\/\/www.arphile.net\/?author=1"},"uagb_comment_info":0,"uagb_excerpt":"1. \ud575\uc2ec \uc774\uc288: \uc0ac\uc0c1 \ucd5c\ub300 \ubd84\uae30, 2027\ub144 \ub9e4\ucd9c +80% \uc774\uc0c1 \uc804\ub9dd \ud56d\ubaa9 \ub0b4\uc6a9 \ub370\uc774\ud130\uc13c\ud130 \ub9e4\ucd9c \ube44\uc911 64% (1\ub144 \uc804 47%, \uc804\ubd84\uae30 58%) GAAP EPS $1.46. \uace0\uac1d\uc0ac \uc6cc\ub7f0\ud2b8 \uacf5\uc815\uac00\uce58 \ubcc0\ub3d9\uc5d0 \ub530\ub978 \ube44\ud604\uae08 \ube44\uc6a9 $11\uc5b5 \ubc18\uc601 \uc7ac\uace0 $115\uc5b5 (\uc804\ubd84\uae30 \ub300\ube44 +$30\uc5b5, \ub370\uc774\ud130\uc13c\ud130 \uc218\uc694 \ub300\uc751) FCF $5.54\uc5b5 (\uc6b4\uc804\uc790\ubcf8\u00b7\uc124\ube44 \ud22c\uc790 \uc99d\uac00) 2. CEO \ubc1c\ud45c (Lisa Su) 3. \uc2e4\uc801 \uc138\ubd80&hellip;","_links":{"self":[{"href":"https:\/\/www.arphile.net\/index.php?rest_route=\/wp\/v2\/posts\/397","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.arphile.net\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.arphile.net\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.arphile.net\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.arphile.net\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=397"}],"version-history":[{"count":1,"href":"https:\/\/www.arphile.net\/index.php?rest_route=\/wp\/v2\/posts\/397\/revisions"}],"predecessor-version":[{"id":398,"href":"https:\/\/www.arphile.net\/index.php?rest_route=\/wp\/v2\/posts\/397\/revisions\/398"}],"wp:attachment":[{"href":"https:\/\/www.arphile.net\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=397"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.arphile.net\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=397"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.arphile.net\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=397"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}