Report
Abhinav Davuluri
EUR 101.80 For Business Accounts Only

AMD Returns to Growth in 2017 and Set to Replicate Strong Performance in 2018; No Change to $9 FVE

AMD reported fourth-quarter results that surpassed our expectations, as it enjoyed strong demand for its GPUs for cryptocurrency mining and gaming. We note computing and graphics revenue increased 17% sequentially, with roughly a third of the incremental sales attributed to blockchain applications, per management. While determining the exact proportion of GPUs used in cryptocurrency mining is a challenging exercise, we estimate at least 10% of AMD’s 2017 revenue came from this end-market. Given ...
Underlying
Advanced Micro Devices Inc.

Advanced Micro Devices is a semiconductor company. The company primarily provides x86 microprocessors, as standalone devices or as incorporated into an accelerated processing unit, chipsets, graphics processing units (GPUs), data center and personnel GPUs, and development services; server and embedded processors, semi-custom System-on-Chip products, development services and technology for game consoles. The company also licenses portions of its intellectual property portfolio. The company's segments are: Computing and Graphics, which consists of desktop, notebooks, commercial, and chipsets products; and Enterprise, Embedded and Semi-Custom, which includes server processors, and embedded P\processors products.

Provider
Morningstar
Morningstar

Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.

Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.

We have operations in 27 countries.

Analysts
Abhinav Davuluri

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