[{"data":1,"prerenderedAt":-1},["ShallowReactive",2],{"content-doc-dciod1b38fc8":3},{"user":4,"document":8,"mainDocument":27,"columnUrl":29,"subscription":30,"footer":42,"text":80},{"isAuthenticated":5,"isAdmin":5,"displayName":6,"avatarUrl":6,"nid":6,"groupLevel":7},false,"",-10,{"id":9,"fullTitle":10,"subTitle":6,"url":11,"columnId":12,"columnName":13,"columnUrl":14,"summary":6,"contentHtml":15,"mainContentHtml":6,"posterUrl":16,"createDate":17,"displayDate":18,"displayDateSlash":19,"pageviews":20,"tags":21,"hidden":5,"isSubContent":5,"replyDocOrTargetId":6,"contentType":23,"videoId":6,"liveVideoUrl":6,"useContentVideo":5,"duration":24,"price":24,"priceText":25,"priceBadgeText":25,"priceBadgeClass":26,"freeForMinGroupLevel":24,"redirectUrl":6,"readyToStream":5},"dciod1b38fc8","千年老二 AMD 能否打破 CUDA 护城河？这份研报建议收藏！","\u002Fdoc\u002Fdciod1b38fc8","col18178739ee","美股资讯","\u002Fcol\u002Fcol18178739ee","\u003Cp>\r\n\u003Cp>\u003Cspan style=\"font-size: large;\">\u003Cspan style=\"font-family: DengXian;\">一、先说结论：从“\u003C\u002Fspan>0%\u003Cspan style=\"font-family: DengXian;\">”到“很大机会”\u003C\u002Fspan>\u003C\u002Fspan>\u003C\u002Fp>\r\n\u003Cp>\u003Cspan style=\"font-size: large;\">SemiAnalysis \u003Cspan style=\"font-family: DengXian;\">这家机构对\u003C\u002Fspan> AMD \u003Cspan style=\"font-family: DengXian;\">的态度，经历了一个很有意思的转变。\u003C\u002Fspan>\u003C\u002Fspan>\u003C\u002Fp>\r\n\u003Cp>\u003Cspan style=\"font-size: large;\">\u003Cspan style=\"font-family: DengXian;\">最早他们给\u003C\u002Fspan> AMD \u003Cspan style=\"font-family: DengXian;\">在\u003C\u002Fspan> AI \u003Cspan style=\"font-family: DengXian;\">加速器上追赶英伟达的概率是\u003C\u002Fspan> 0% \u003Cspan style=\"font-family: DengXian;\">——软件稀碎，进展乏善可陈，他们甚至是\u003C\u002Fspan> AMD \u003Cspan style=\"font-family: DengXian;\">最大的\u003C\u002Fspan> Bug \u003Cspan style=\"font-family: DengXian;\">提交者。\u003C\u002Fspan>\u003C\u002Fspan>\u003C\u002Fp>\r\n\u003Cp>\u003Cspan style=\"font-size: large;\">\u003Cspan style=\"font-family: DengXian;\">六个月后，他们发布了《\u003C\u002Fspan>AMD 2.0\u003Cspan style=\"font-family: DengXian;\">》报告，把概率从\u003C\u002Fspan> 0% \u003Cspan style=\"font-family: DengXian;\">调高到了“更有意义”的水平。而到了\u003C\u002Fspan> 2026 \u003Cspan style=\"font-family: DengXian;\">年\u003C\u002Fspan> 7 \u003Cspan style=\"font-family: DengXian;\">月的这份最新研报，\u003C\u002Fspan>SemiAnalysis \u003Cspan style=\"font-family: DengXian;\">的观点是：只要\u003C\u002Fspan> AMD \u003Cspan style=\"font-family: DengXian;\">解决两大风险，就有很大机会成功。\u003C\u002Fspan>\u003C\u002Fspan>\u003C\u002Fp>\r\n\u003Cp>\u003Cspan style=\"font-size: large;\">\u003Cspan style=\"font-family: DengXian;\">美股投资网分析提醒大家注意，这不是说英伟达要完。市场蛋糕在快速变大，英伟达营收还会继续增长。但\u003C\u002Fspan> AMD \u003Cspan style=\"font-family: DengXian;\">确实在软件层面构成了对英伟达的潜在竞争。\u003C\u002Fspan>\u003C\u002Fspan>\u003C\u002Fp>\r\n\u003Cp>\u003Cspan style=\"font-family: DengXian; font-size: large;\">二、硬件已经“够能打”了\u003C\u002Fspan>\u003C\u002Fp>\r\n\u003Cp>\u003Cspan style=\"font-size: large;\">\u003Cspan style=\"font-family: DengXian;\">先看\u003C\u002Fspan> MI455X \u003Cspan style=\"font-family: DengXian;\">这张牌。\u003C\u002Fspan>\u003C\u002Fspan>\u003C\u002Fp>\r\n\u003Cp>\u003Cspan style=\"font-size: large;\">3200 \u003Cspan style=\"font-family: DengXian;\">亿晶体管，台积电\u003C\u002Fspan> N2 \u003Cspan style=\"font-family: DengXian;\">工艺，\u003C\u002Fspan>432GB HBM4 \u003Cspan style=\"font-family: DengXian;\">显存，\u003C\u002Fspan>23.3TB\u002Fs \u003Cspan style=\"font-family: DengXian;\">显存带宽。\u003C\u002Fspan>FP8 \u003Cspan style=\"font-family: DengXian;\">算力\u003C\u002Fspan> 20 PFLOPS\u003Cspan style=\"font-family: DengXian;\">，\u003C\u002Fspan>FP4 \u003Cspan style=\"font-family: DengXian;\">算力\u003C\u002Fspan> 40 PFLOPS\u003Cspan style=\"font-family: DengXian;\">。\u003C\u002Fspan>\u003C\u002Fspan>\u003C\u002Fp>\r\n\u003Cp>\u003Cspan style=\"font-size: large;\">\u003Cspan style=\"font-family: DengXian;\">对比英伟达\u003C\u002Fspan> Rubin\u003Cspan style=\"font-family: DengXian;\">：\u003C\u002Fspan>288GB HBM4\u003Cspan style=\"font-family: DengXian;\">，\u003C\u002Fspan>22TB\u002Fs \u003Cspan style=\"font-family: DengXian;\">带宽，\u003C\u002Fspan>FP8 17.5 PFLOPS\u003Cspan style=\"font-family: DengXian;\">。显存容量\u003C\u002Fspan> MI455X \u003Cspan style=\"font-family: DengXian;\">领先\u003C\u002Fspan> 50%\u003Cspan style=\"font-family: DengXian;\">，带宽略高\u003C\u002Fspan> 6%\u003Cspan style=\"font-family: DengXian;\">。\u003C\u002Fspan>\u003C\u002Fspan>\u003C\u002Fp>\r\n\u003Cp>\u003Cspan style=\"font-size: large;\">\u003Cspan style=\"font-family: DengXian;\">再看\u003C\u002Fspan> Helios \u003Cspan style=\"font-family: DengXian;\">机架——\u003C\u002Fspan>72 \u003Cspan style=\"font-family: DengXian;\">颗\u003C\u002Fspan> MI455X \u003Cspan style=\"font-family: DengXian;\">组成一个统一系统，\u003C\u002Fspan>31TB HBM4\u003Cspan style=\"font-family: DengXian;\">，\u003C\u002Fspan>260TB\u002Fs \u003Cspan style=\"font-family: DengXian;\">聚合带宽。\u003C\u002Fspan>AMD \u003Cspan style=\"font-family: DengXian;\">的说法是“机架成为新的系统”。\u003C\u002Fspan>AMD \u003Cspan style=\"font-family: DengXian;\">宣称\u003C\u002Fspan> Helios \u003Cspan style=\"font-family: DengXian;\">比\u003C\u002Fspan> Vera Rubin NVL72 \u003Cspan style=\"font-family: DengXian;\">多\u003C\u002Fspan> 15% \u003Cspan style=\"font-family: DengXian;\">的峰值\u003C\u002Fspan> FP4 \u003Cspan style=\"font-family: DengXian;\">算力、多\u003C\u002Fspan> 50% \u003Cspan style=\"font-family: DengXian;\">的显存、多\u003C\u002Fspan> 50% \u003Cspan style=\"font-family: DengXian;\">的横向扩展带宽。\u003C\u002Fspan>\u003C\u002Fspan>\u003C\u002Fp>\r\n\u003Cp>\u003Cspan style=\"font-size: large;\">\u003Cspan style=\"font-family: DengXian;\">硬件层面，\u003C\u002Fspan>AMD \u003Cspan style=\"font-family: DengXian;\">已经能和英伟达正面掰手腕了。\u003C\u002Fspan>\u003C\u002Fspan>\u003C\u002Fp>\r\n\u003Cp>\u003Cspan style=\"font-family: DengXian; font-size: large;\">但问题是：软件呢？\u003C\u002Fspan>\u003C\u002Fp>\r\n\u003Cp>\u003Cspan style=\"font-family: DengXian; font-size: large;\">三、软件——从“烂透了”到“有希望但还不够”\u003C\u002Fspan>\u003C\u002Fp>\r\n\u003Cp>\u003Cspan style=\"font-size: large;\">SemiAnalysis \u003Cspan style=\"font-family: DengXian;\">直言：\u003C\u002Fspan>AMD \u003Cspan style=\"font-family: DengXian;\">的软件故事不再是“\u003C\u002Fspan>ROCm \u003Cspan style=\"font-family: DengXian;\">烂透了”，而是“\u003C\u002Fspan>ROCm \u003Cspan style=\"font-family: DengXian;\">终于有了紧迫感，但竞争前沿跑得更快”。\u003C\u002Fspan>\u003C\u002Fspan>\u003C\u002Fp>\r\n\u003Cp>\u003Cspan style=\"font-family: DengXian; font-size: large;\">好消息是：\u003C\u002Fspan>\u003C\u002Fp>\r\n\u003Cp>\u003Cspan style=\"font-size: large;\">CI\u003Cspan style=\"font-family: DengXian;\">（持续集成）在变好，\u003C\u002Fspan>vLLM \u003Cspan style=\"font-family: DengXian;\">和\u003C\u002Fspan> SGLang \u003Cspan style=\"font-family: DengXian;\">的上游支持在推进\u003C\u002Fspan>\u003C\u002Fspan>\u003C\u002Fp>\r\n\u003Cp>\u003Cspan style=\"font-size: large;\">\u003Cspan style=\"font-family: DengXian;\">单节点性能有明显提升，\u003C\u002Fspan>DeepSeek V4 \u003Cspan style=\"font-family: DengXian;\">和\u003C\u002Fspan> MiniMax M3 \u003Cspan style=\"font-family: DengXian;\">的适配速度比半年前快得多\u003C\u002Fspan>\u003C\u002Fspan>\u003C\u002Fp>\r\n\u003Cp>\u003Cspan style=\"font-size: large;\">MoRI \u003Cspan style=\"font-family: DengXian;\">分布式推理框架是真功夫\u003C\u002Fspan>\u003C\u002Fspan>\u003C\u002Fp>\r\n\u003Cp>\u003Cspan style=\"font-family: DengXian; font-size: large;\">坏消息是：\u003C\u002Fspan>\u003C\u002Fp>\r\n\u003Cp>\u003Cspan style=\"font-size: large;\">\u003Cspan style=\"font-family: DengXian;\">内部\u003C\u002Fspan> GPU \u003Cspan style=\"font-family: DengXian;\">集群严重不足，工程师缺算力做开发和测试\u003C\u002Fspan>\u003C\u002Fspan>\u003C\u002Fp>\r\n\u003Cp>\u003Cspan style=\"font-size: large;\">vLLM \u003Cspan style=\"font-family: DengXian;\">门控测试与\u003C\u002Fspan> CUDA \u003Cspan style=\"font-family: DengXian;\">的对标进度只有\u003C\u002Fspan> 0%\u003Cspan style=\"font-family: DengXian;\">——因为领导层把集群抽调走了\u003C\u002Fspan>\u003C\u002Fspan>\u003C\u002Fp>\r\n\u003Cp>\u003Cspan style=\"font-family: DengXian; font-size: large;\">分布式推理的“可组合性”还有问题——单个优化都能跑，拼在一起就崩\u003C\u002Fspan>\u003C\u002Fp>\r\n\u003Cp>\u003Cspan style=\"font-size: large;\">Helios (gfx1250) \u003Cspan style=\"font-family: DengXian;\">的软件适配还在早期，\u003C\u002Fspan>WideEP \u003Cspan style=\"font-family: DengXian;\">和\u003C\u002Fspan> wave32 \u003Cspan style=\"font-family: DengXian;\">内核还没写好\u003C\u002Fspan>\u003C\u002Fspan>\u003C\u002Fp>\r\n\u003Cp>\u003Cspan style=\"font-size: large;\">\u003Cspan style=\"font-family: DengXian;\">说人话：\u003C\u002Fspan>AMD \u003Cspan style=\"font-family: DengXian;\">的软件工程师很努力，但缺机器用。管理层一边喊重视软件，一边把\u003C\u002Fspan> GPU \u003Cspan style=\"font-family: DengXian;\">调去干别的。\u003C\u002Fspan>\u003C\u002Fspan>\u003C\u002Fp>\r\n\u003Cp>\u003Cspan style=\"font-size: large;\">\u003Cspan style=\"font-family: DengXian;\">四、最大的变数：\u003C\u002Fspan>AI \u003Cspan style=\"font-family: DengXian;\">正在自己填平\u003C\u002Fspan> CUDA \u003Cspan style=\"font-family: DengXian;\">护城河\u003C\u002Fspan>\u003C\u002Fspan>\u003C\u002Fp>\r\n\u003Cp>\u003Cspan style=\"font-family: DengXian; font-size: large;\">这是这份研报最有意思的部分。\u003C\u002Fspan>\u003C\u002Fp>\r\n\u003Cp>\u003Cspan style=\"font-size: large;\">Anthropic \u003Cspan style=\"font-family: DengXian;\">只用了一个周末，让\u003C\u002Fspan> Claude \u003Cspan style=\"font-family: DengXian;\">自动完成了\u003C\u002Fspan> AMD MI355X \u003Cspan style=\"font-family: DengXian;\">的整套适配和性能调优。一名工程师启动\u003C\u002Fspan> Claude\u003Cspan style=\"font-family: DengXian;\">，“让它把机器跑起来”，周末过后拿到的是性能曲线“持续攀升”的图表。\u003C\u002Fspan>\u003C\u002Fspan>\u003C\u002Fp>\r\n\u003Cp>\u003Cspan style=\"font-size: large;\">\u003Cspan style=\"font-family: DengXian;\">市场观察者的评论很直接：“我们已过了\u003C\u002Fspan> CUDA \u003Cspan style=\"font-family: DengXian;\">护城河时代。”\u003C\u002Fspan>\u003C\u002Fspan>\u003C\u002Fp>\r\n\u003Cp>\u003Cspan style=\"font-size: large;\">CUDA \u003Cspan style=\"font-family: DengXian;\">护城河的本质不是技术不可替代，而是迁移成本太高——换平台意味着投入数月甚至数年的工程资源。\u003C\u002Fspan>\u003C\u002Fspan>\u003C\u002Fp>\r\n\u003Cp>\u003Cspan style=\"font-size: large;\">\u003Cspan style=\"font-family: DengXian;\">但如果\u003C\u002Fspan> AI \u003Cspan style=\"font-family: DengXian;\">自己能完成适配呢？硬件采购决策将更多取决于性能、价格和供应，而非生态锁定。\u003C\u002Fspan>\u003C\u002Fspan>\u003C\u002Fp>\r\n\u003Cp>\u003Cspan style=\"font-size: large;\">AMD \u003Cspan style=\"font-family: DengXian;\">也看到了这一点。在\u003C\u002Fspan> Advancing AI 2026 \u003Cspan style=\"font-family: DengXian;\">上发布了\u003C\u002Fspan> \u003Ca href=\"http:\u002F\u002FROCm.ai\">http:\u002F\u002FROCm.ai\u003C\u002Fa>\u003Cspan style=\"font-family: DengXian;\">——让\u003C\u002Fspan> Claude\u003Cspan style=\"font-family: DengXian;\">、\u003C\u002Fspan>Codex\u003Cspan style=\"font-family: DengXian;\">、\u003C\u002Fspan>Cursor \u003Cspan style=\"font-family: DengXian;\">等\u003C\u002Fspan> AI \u003Cspan style=\"font-family: DengXian;\">编程助手完成\u003C\u002Fspan> AMD \u003Cspan style=\"font-family: DengXian;\">平台上的安装、部署、调试和性能优化。核心是\u003C\u002Fspan> GEAK\u003Cspan style=\"font-family: DengXian;\">（\u003C\u002Fspan>AI \u003Cspan style=\"font-family: DengXian;\">自动写和调优算子）和\u003C\u002Fspan> Hyperloom\u003Cspan style=\"font-family: DengXian;\">（自动定位瓶颈、调优、验证）。\u003C\u002Fspan>\u003C\u002Fspan>\u003C\u002Fp>\r\n\u003Cp>\u003Cspan style=\"font-size: large;\">SemiAnalysis \u003Cspan style=\"font-family: DengXian;\">的判断很明确：测试和写软件已经不像去年那样是难以逾越的护城河了。这对\u003C\u002Fspan> AMD \u003Cspan style=\"font-family: DengXian;\">是重大利好。\u003C\u002Fspan>\u003C\u002Fspan>\u003C\u002Fp>\r\n\u003Cp>\u003Cspan style=\"font-size: large;\">\u003Cspan style=\"font-family: DengXian;\">五、客户和钱——\u003C\u002Fspan>AMD \u003Cspan style=\"font-family: DengXian;\">在玩真的\u003C\u002Fspan>\u003C\u002Fspan>\u003C\u002Fp>\r\n\u003Cp>\u003Cspan style=\"font-size: large;\">Anthropic \u003Cspan style=\"font-family: DengXian;\">将部署最高\u003C\u002Fspan> 2GW \u003Cspan style=\"font-family: DengXian;\">的\u003C\u002Fspan> AMD MI455X\u003Cspan style=\"font-family: DengXian;\">，首批\u003C\u002Fspan> 1GW \u003Cspan style=\"font-family: DengXian;\">预计\u003C\u002Fspan> 2027 \u003Cspan style=\"font-family: DengXian;\">年上半年上线。\u003C\u002Fspan>AMD \u003Cspan style=\"font-family: DengXian;\">同时向\u003C\u002Fspan> Anthropic \u003Cspan style=\"font-family: DengXian;\">投资最高\u003C\u002Fspan> 50 \u003Cspan style=\"font-family: DengXian;\">亿美元。\u003C\u002Fspan>\u003C\u002Fspan>\u003C\u002Fp>\r\n\u003Cp>\u003Cspan style=\"font-size: large;\">\u003Cspan style=\"font-family: DengXian;\">微软——\u003C\u002Fspan>2023 \u003Cspan style=\"font-family: DengXian;\">年因\u003C\u002Fspan> HBM \u003Cspan style=\"font-family: DengXian;\">和软件问题放弃\u003C\u002Fspan> MI300X\u003Cspan style=\"font-family: DengXian;\">，跳过\u003C\u002Fspan> MI325X \u003Cspan style=\"font-family: DengXian;\">和\u003C\u002Fspan> MI355X\u003Cspan style=\"font-family: DengXian;\">——现在大转弯宣布部署\u003C\u002Fspan> MI455X Helios\u003Cspan style=\"font-family: DengXian;\">。\u003C\u002Fspan>\u003C\u002Fspan>\u003C\u002Fp>\r\n\u003Cp>\u003Cspan style=\"font-size: large;\">Meta\u003Cspan style=\"font-family: DengXian;\">、\u003C\u002Fspan>OpenAI\u003Cspan style=\"font-family: DengXian;\">、\u003C\u002Fspan>Oracle\u003Cspan style=\"font-family: DengXian;\">、\u003C\u002Fspan>Cohere\u003Cspan style=\"font-family: DengXian;\">、\u003C\u002Fspan>SpaceX AI \u003Cspan style=\"font-family: DengXian;\">均已确认部署\u003C\u002Fspan> AMD \u003Cspan style=\"font-family: DengXian;\">方案。\u003C\u002Fspan>\u003C\u002Fspan>\u003C\u002Fp>\r\n\u003Cp>\u003Cspan style=\"font-size: large;\">\u003Cspan style=\"font-family: DengXian;\">更狠的是财务杠杆：\u003C\u002Fspan>AMD \u003Cspan style=\"font-family: DengXian;\">给\u003C\u002Fspan> OpenAI \u003Cspan style=\"font-family: DengXian;\">和\u003C\u002Fspan> Meta \u003Cspan style=\"font-family: DengXian;\">发了认股权证，最高可达\u003C\u002Fspan> 105% \u003Cspan style=\"font-family: DengXian;\">的股权返利折扣。简单说，如果\u003C\u002Fspan> AMD \u003Cspan style=\"font-family: DengXian;\">股价涨到\u003C\u002Fspan> 600 \u003Cspan style=\"font-family: DengXian;\">美元，\u003C\u002Fspan>OpenAI \u003Cspan style=\"font-family: DengXian;\">买\u003C\u002Fspan> AMD \u003Cspan style=\"font-family: DengXian;\">芯片不仅不花钱还能赚钱。\u003C\u002Fspan>\u003C\u002Fspan>\u003C\u002Fp>\r\n\u003Cp>\u003Cspan style=\"font-family: DengXian; font-size: large;\">这是一场不惜代价的份额争夺战。\u003C\u002Fspan>\u003C\u002Fp>\r\n\u003Cp>\u003Cspan style=\"font-family: DengXian; font-size: large;\">六、两大风险\u003C\u002Fspan>\u003C\u002Fp>\r\n\u003Cp>\u003Cspan style=\"font-size: large;\">SemiAnalysis \u003Cspan style=\"font-family: DengXian;\">点了两个要命的问题：\u003C\u002Fspan>\u003C\u002Fspan>\u003C\u002Fp>\r\n\u003Cp>\u003Cspan style=\"font-size: large;\">\u003Cspan style=\"font-family: DengXian;\">第一，\u003C\u002Fspan>Helios \u003Cspan style=\"font-family: DengXian;\">量产爬坡慢。\u003C\u002Fspan>\u003Cspan style=\"font-family: DengXian;\">没用无电缆托盘设计，\u003C\u002Fspan>SerDes \u003Cspan style=\"font-family: DengXian;\">设计弱，\u003C\u002Fspan>85% \u003Cspan style=\"font-family: DengXian;\">的背板需要重定时器，每个机架要\u003C\u002Fspan> 550 \u003Cspan style=\"font-family: DengXian;\">多个\u003C\u002Fspan> Broadcom \u003Cspan style=\"font-family: DengXian;\">重定时器。生产爬坡遇到背板可靠性问题。\u003C\u002Fspan>\u003C\u002Fspan>\u003C\u002Fp>\r\n\u003Cp>\u003Cspan style=\"font-size: large;\">\u003Cspan style=\"font-family: DengXian;\">第二，内部\u003C\u002Fspan> GPU \u003Cspan style=\"font-family: DengXian;\">集群不够用。\u003C\u002Fspan>\u003Cspan style=\"font-family: DengXian;\">工程师没机器用，\u003C\u002Fspan>CI \u003Cspan style=\"font-family: DengXian;\">测试没机器跑，\u003C\u002Fspan>AI \u003Cspan style=\"font-family: DengXian;\">编程助手也需要\u003C\u002Fspan> GPU\u003Cspan style=\"font-family: DengXian;\">。这是“阻塞\u003C\u002Fspan> AMD \u003Cspan style=\"font-family: DengXian;\">进步速度”的核心瓶颈。\u003C\u002Fspan>\u003C\u002Fspan>\u003C\u002Fp>\r\n\u003Cp>\u003Cspan style=\"font-family: DengXian; font-size: large;\">硬件很强，客户很多，但自己人没机器用，生产线爬坡还慢。\u003C\u002Fspan>\u003C\u002Fp>\r\n\u003Cp>\u003Cspan style=\"font-size: large;\">SemiAnalysis \u003Cspan style=\"font-family: DengXian;\">从“\u003C\u002Fspan>0% \u003Cspan style=\"font-family: DengXian;\">概率”到“很大机会”的转变，反映了\u003C\u002Fspan> AMD \u003Cspan style=\"font-family: DengXian;\">过去一年的真实进步。硬件层面\u003C\u002Fspan> MI455X \u003Cspan style=\"font-family: DengXian;\">已经能和\u003C\u002Fspan> Rubin \u003Cspan style=\"font-family: DengXian;\">正面竞争。软件层面\u003C\u002Fspan> ROCm \u003Cspan style=\"font-family: DengXian;\">在加速，但还没到“全面可用”的程度。最大的变量是\u003C\u002Fspan> AI \u003Cspan style=\"font-family: DengXian;\">正在自动填平\u003C\u002Fspan> CUDA \u003Cspan style=\"font-family: DengXian;\">的迁移成本护城河。\u003C\u002Fspan>\u003C\u002Fspan>\u003C\u002Fp>\r\n\u003Cp>\u003Cspan style=\"font-size: large;\">AMD \u003Cspan style=\"font-family: DengXian;\">不是要取代英伟达——蛋糕足够大，两家都能涨。但\u003C\u002Fspan> AMD \u003Cspan style=\"font-family: DengXian;\">确实第一次在软硬件两个维度上都构成了对英伟达的实质性威胁。\u003C\u002Fspan>\u003C\u002Fspan>\u003C\u002Fp>\r\n\u003Cp>\u003Cspan style=\"font-size: large;\">\u003Cspan style=\"font-family: DengXian;\">美股投资网分析认为\u003C\u002Fspan>\u003Cspan style=\"font-family: DengXian;\">“千年老二”能不能翻身？取决于两个事：\u003C\u002Fspan>Helios \u003Cspan style=\"font-family: DengXian;\">能不能顺利爬坡，以及管理层能不能真的给工程师足够的机器用。\u003C\u002Fspan>\u003C\u002Fspan>\u003C\u002Fp>\r\n\u003C\u002Fp>","https:\u002F\u002Fwww.tradesmax.com\u002Fimages\u002Fa_Stock\u002FA\u002FAMD\u002FAMD.jpg","2026-07-25T15:37:44","2026.07.25","2026\u002F07\u002F25",38853,[22],"AMD","Article",0,"免费","success",{"id":9,"fullTitle":10,"subTitle":6,"url":11,"columnId":12,"columnName":13,"columnUrl":14,"summary":6,"contentHtml":15,"mainContentHtml":6,"posterUrl":16,"createDate":17,"displayDate":18,"displayDateSlash":19,"pageviews":20,"tags":28,"hidden":5,"isSubContent":5,"replyDocOrTargetId":6,"contentType":23,"videoId":6,"liveVideoUrl":6,"useContentVideo":5,"duration":24,"price":24,"priceText":25,"priceBadgeText":25,"priceBadgeClass":26,"freeForMinGroupLevel":24,"redirectUrl":6,"readyToStream":5},[22],"\u002Fcol\u002Fstocknews",{"visible":5,"marketingHtml":31,"services":32,"recentDocuments":41},"\u003Cfigure class=\"image\">\u003Ca href=\"https:\u002F\u002Fstockwe.com\u002Fdoc\u002Fdcio537efad5\" 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