超威半导体携手Core Scientific拓展客户边界 市场仍存资金持续性顾虑

金吾财讯
Jul 29

金吾财讯 | Wedbush Securities针对超威半导体(AMD.US)与Core Scientific(CORZ.US)达成的合作交易发布相关观点,此次合作有望帮助超威半导体打开超大规模云服务商以外的市场空间,同时交易蕴藏的融资相关不确定性,也令市场持续关注AI产业链资本开支的可持续问题。按照合作规划,本次交易将为超威半导体带来超过500兆瓦的数据中心容量,后续交易规模具备扩大至2.5吉瓦的可能性。Wedbush分析师Matt Bryson在研报中指出,该合作本质上是超威半导体拓宽产品触达范围的重要布局,发展路径和英伟达借助新合作伙伴扩大客户群体具备相似逻辑。当前行业存在循环融资层面的担忧,这类情绪持续压制整体AI板块估值,市场担忧持续的数据中心建设支出能否长期维持。从小型数据中心建设企业反馈的信息来看,项目投资回收期已经缩短至3年甚至更短,行业投资暂时没有显现放缓迹象,但短期内很难出现能够扭转市场悲观情绪的催化消息。 根据两家企业披露信息,双方将围绕基础设施设计落地深度协作,推进AMD Instinct GPU、EPYC CPU以及ROCm软件部署工作。与此同时,交易条款包含一项附带条件的认股权证安排,超威半导体可以按照市价认购Core Scientific普通股。依托本次合作,超威半导体得以布局非头部云厂商客户,丰富AI算力硬件的销售渠道。投资者后续将持续跟踪项目落地进度、资金投放节奏,观测市场对于算力资本开支可持续性的预期变化。

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