AD
元器件交易网讯 3月12日消息，据外媒报道，上周五AMD总裁罗里·里德(Rory Read)接受CNBC采访，强调过去一年AMD取得的成就。外界普遍看好AMD，称今年股价将翻番。
里德在接受采访时称他在过去的一年促使AMD非PC营收从4%提升为30%，原因之一是将AMD的APU植入Xbox及PS4。里德称：“我们正在建立长期的战略合作关系，这是AMD长期转型中的一步。”
AMD公司上周五上涨5.9%以每股3.95美元收盘并引发大批量交易，周一稳固于3.81美元。上周六“华尔街24/7”网站称“2014年ADM股价将翻倍”。
当需要注意的是，无论AMD如何努力，OEM都不肯在平板中使用AMD的芯片。英特尔同样面对这一问题，依靠“让价”使制造商采用它们的芯片。AMD做不到这一点是因为缺乏现金。
此外AMD的持续盈利能力也是问题。该公司通过处理几乎所有的不动产恢复盈利，在同一季度大量收入涌入。
AMD大有前途但言过其实，特别是投资组合中的技术（特别是APU）并没有让股价迅速翻番的能力。并非AMD不会崛起，而是股价翻番只是对冲基金的炒作。（元器件交易网毛毛 编译）
以下为原文：
Major holes exist in AMD"s comeback and diversification strategy.
The financial blogosphere has been abuzz recently over an apparently stellar (or reassuring to investors) interview AMD"s Rory Read gave to CNBC on Friday.
On-air Read highlighted some of his company"s wins over the last year, saying that he"s managed to get AMD"s non-PC revenue up to 30 percent from just 4 when he began at the company. Part of these highlighted wins was the inclusion of AMD"s APU into the Xbox One and Playstation 4.
“What we"re trying to do is create these long-term strategic relations,” he said on CNBC on the topic of AMD in consoles. “Those are the plays that are going to create the long-term transformation of AMD."
Investors and analysts seemed to like the confidence that Read displayed on air. AMD ended the Friday trading day up 5.9 percent at $3.95 in unexpected high-volume trading, and stabilized at $3.81 at the end of Monday trading. On Saturday, 24/7 Wall Street published a piece claiming that “AMD could double in 2014, at Intel"s expense.”
But the elephant in the room that everyone is missing is AMD"s mobile hardware wins, or lack thereof. For as much as AMD might try, it can"t convince OEMs to give its chips a chance in tablets. To be fair, Intel has the same struggle and relies on “contra revenue” to effectively bribe manufacturers to include its chips. This is something AMD can"t do as it doesn"t have the luxury of that kind of cash.
There are also serious questions about AMD"s continued profitability. The company returned to profitability by getting rid of virtually all of its physical real estate, and also, conveniently having a good chunk of its income from its console wins come in during the same quarter.
A nearly year-long rally that sees that stock double just isn"t possible when a pillar of AMD"s non-PC revenue, mobile, has little velocity, and when the company is more likely to issue an earnings warning than a dividend. AMD has a lot of promising, and overhyped, technology in its portfolio (especially the category-defining APU), but it just doesn"t have the momentum to see its stock double anytime soon. That"s not to say we won"t see something of a comeback, but to think the stock will double is just hype from hedge funds.
