$AMD(AMD)$ 【AMD Strikes NVLink: Can the Open Helios Cabinet Disrupt the AI Landscape?】

NVIDIA has dominated the AI chip market for a decade, but the real turning point may erupt at the "rack system" level. Last night, AMD unveiled the MI355X/MI400 and launched the Helios cabinet: 72 GPUs + UALink open interconnection, with the entire cabinet being treated as "a supercomputer." Higher HBM capacity and power consumption ratio reduce the inference cost by 29% per token (compared to NVIDIA's B200), with Crusoe making a one-time purchase of 13,000 chips to substantiate demand. OpenAI, Meta, and xAI have already locked in orders, and Oracle plans to deploy 131,000 chips in clusters.

AI business revenue for 2024 has exceeded 5 billion USD, and management has raised the TAM to over 500 billion USD by 2028; if AMD's AI-related revenue grows to 8 billion USD by 2025, with non-GAAP EPS rising to 6 USD, even with a 30 × PE, it points to 180 USD, while the current price is still less than 120 USD. The market is underestimating not only the "second supplier" but also the accelerator effect of AMD's transition to a "CPU + GPU + networking + cabinet" full-stack platform.

💡Question: Can the open ecosystem truly leverage NVLink's moat? Will Helios become the cost shockwave for cloud vendors?

Not investment advice.

#AMD #NVIDIA