Raymond James上调AMD至Strong Buy并强调AI服务器CPU上行，AMD收涨约4.9%跑赢NVDA，但亚洲映射缺少订单级增量

# 美股盘后催化 2/11: AMD获Raymond James看好CPU上行机会，单日涨近5%跑赢NVDA

- 美股会话: 2026-08-25
- 方向: POSITIVE；类型: 其它；规划重大性: 8/10
- 映射模式: competitive
- 美股驱动（规划器初判，需独立核验）: 事实：Bloomberg TV称AMD上涨约5%，原因是Raymond James升级，并认为AMD比Nvidia更有机会捕捉CPU市场上行；Futu显示AMD收涨4.91%。推断：这是AI芯片主题内的相对价值交易，重点在服务器CPU、加速计算平台份额和估值再平衡，不应简单等同于全半导体beta。

## 本催化相关美股真实收盘行情

- 规划器没有给出可取价的美股 ticker；必须联网核实具体 mover。

## 亚太映射假设（仅候选，必须查证）

- 台积电 (待归一) [TW/供应商/positive]: 若AMD服务器CPU/GPU份额或订单改善，先进制程代工需求可能受益。；核验问题: 核实AMD相关产品节点、台积电产能分配和订单变化。
- 技嘉 (待归一) [TW/供应商/positive]: AMD服务器平台放量可能传导至主板、服务器整机或组件供应商。；核验问题: 核实其AMD服务器平台出货占比和客户订单。
- 英业达 (待归一) [TW/供应商/mixed]: 云端CPU平台更新提速可能改善服务器ODM需求，但客户和平台结构需核实。；核验问题: 查证其AMD平台参与度和AI/通用服务器订单结构。

## 必答问题

- Raymond James升级的具体评级、目标价和核心论据是什么？
- AMD上涨中有多少来自CPU份额逻辑，多少来自NVDA财报前AI beta？

## 原始证据全文（1 条）

### [E0001] Bloomberg TV+ · The Close | 2026-08-25 20:14 UTC | 收盘后
Bloomberg TV+ The Close transcript · 2026-08-25
URL: https://www.bloomberg.com/live/us
[15:55:00 ET] Is that it is incredibly amorphous, yes, there are components that are far more tangible like inflation expectations.
[15:55:08 ET] Components that are just a catch all of different reasons why an investor would want to own treasury.
[15:55:16 ET] or would not want to, and of course, that all gets priced in and I think now we're headed upward because the risks are growing.
[15:55:24 ET] I think then that inflationary pressures are maybe not as relevant to Treasury yields if we get a softer PCE if continue.
[15:55:32 ET] That trajectory that we've had in the last month of inflation readings, it's not really going to do much to bring yields down well I certainly think.
[15:55:40 ET] On the margins and especially in the shorter term it could, but I think longer term and really more even just in the next several months.
[15:55:48 ET] And beyond, we're going to see yields go higher, not lower in this environment. Keep in mind, we continue to have AI related.
[15:55:56 ET] Corporate debt issuance that is also taking away some of the potential buyers for treasury or at least.
[15:56:04 ET] Forcing up yields further, what does it mean for the Fed. Well, that's a far more complicated question.
[15:56:12 ET] An answer because we just don't exactly know what the calculus is for the fed yet right, and perhaps we'll get some of that in the jack.
[15:56:20 ET] hole speech this friday, but right now what it seems is that the fed is looking to markets to.
[15:56:28 ET] At least the fed chair is looking to markets to tell him what they believe is had.
[15:56:36 ET] But what we have is a number of other FOMC participants who seem ready to hike rates if inflation.
[15:56:44 ET] Remas at this level or moves higher mean i think the FOMc minutes were quite stunning in terms of the number.
[15:56:52 ET] That are very very predisposed to hike rates so what do you think, I guess what do you want to?
[15:57:00 ET] From war on Friday, you may not get it, what do you want to hear out of him and are you concerned that he might make a mistake communication?
[15:57:08 ET] Well, I'm not concerned that he might make a mistake and I will give the caveat that these.
[15:57:16 ET] mittees, I think he refers to them as task forces were only put together several months ago. So, I mean, ideally, it would be nice.
[15:57:24 ET] To have reported back and him come back with recommendations, policy proposals, talk about sort of you know the mechanics of.
[15:57:32 ET] How he wants to quote unquote modernernize the Fed, I just think that that's unrealistic to anticipate just given the short timeline.
[15:57:40 ET] So he could very well just be laying out some broader policy goals.
[15:57:48 ET] Whats similar to his speech after the first FOMc meeting now we could get some things like we're going to have fewer FOMc meetings which.
[15:57:56 ET] meetings, which seemed to come from the minutes. We could get some specifics like that, but I think it's going to be a view.
[15:58:04 ET] 4 feetAll right, china have to leave it there china hooper, chief market strategist over at man group counting us down to the closing bells.
[15:58:12 ET] Stocks up fractionally on the day yields down so too as oil, a full breakdown of all of today's market action starts right now.
[15:58:20 ET] The closing bell, Bloomberg's comprehensive cross platform coverage of the US. market close.
[15:58:28 ET] Right now and right now we are.
[15:58:36 ET] Mute away from the end of the trading day romaine botic here with em grafa taking you through to that closing bell it's a global signcast joins us along.
[15:58:44 ET] Norada welcome to our audiences across all of our bloomloberg platforms, television, radio, our partnership with YouTube fractional gains on.
[15:58:52 ET] For the major U. indices ti stnik with yields down oil down as well, the dollar flat on the day now i'm glad you went to oil.
[15:59:00 ET] Exact where I'm looking, we see brt down about 5% right now, 4.5% lower for WTI, but we were just talking about.
[15:59:08 ET] PI mean, still high relative to where they were just a few months ago, I mean, you still have these benchmarks up more than 40%.
[15:59:16 ET] This year and the AAA gas price average up to 41 right now or close to 410. So that's something that folks.
[15:59:24 ET] of midtermYeah, another thing that they're watching closely is that AI traded with a lot of folks looking ahead to nvidia earnings.
[15:59:32 ET] Tim and I earlier and in the show on business week just talking about the fact that this used to be a market Super Bowl, still a very consequential earnings report.
[15:59:40 ET] When you see a little bit less concentration, you start to see investors looking in other places as well, but if you take a look at the socks index as we're heading into the closing zone.
[15:59:48 ET] Remember when Joe Wins all had like didn't they have like a watch party somewhere at some bar in New York, Im like I believe it it was a time, there was a different time room.
[15:59:56 ET] Now there are a lot of ways you can look at the AI trade, right Ab.
[16:00:04 ET] WorkingI'm noting, we should point out we are going to get some earnings from the software side intotu it and zoom box also set the report.
[16:00:12 ET] Obviously a little bit less consequential than in video, but we'll bring you those numbers as soon as we get them meanwhile the numbers for the broader market.
[16:00:20 ET] Mostly in the green on the day, the dow Jones industrial average, the s& 500 each up about 3 tenths of a percent on the day.
[16:00:28 ET] Nasq composite and the nasdaq 100 each up about six tenths of a percent on the day and the Ru of 2000.
[16:00:36 ET] InOn the action on the day up about 15 points or about half a percent we are getting.
[16:00:44 ET] out right now into it actually crossing the wire right now, net revenue in its most recent fiscal quarter coming in at about 4.35 billion.
[16:00:52 ET] Appear to be a beat based on the average of estimates collected by bloomberg, but here's your forecast going forward.
[16:01:00 ET] The company says that for the full fiscal year that has already started 2027, fiscal year revenue will be in a range of 23.28 billion.
[16:01:08 ET] 23.51 billion the low end of that range is right around the average of street estimates, average operating income for the full year.
[16:01:16 ET] 8.06 to 8.15 billion that's below the average of street estimates, which we're tracking closer to 10 billion EPA.
[16:01:24 ET] The range is 22.8 to 23.12 the street that's well below what street was looking for they were looking for about 27 bucks.
[16:01:32 ET] And shares taken head in the after hours now as a result down about 11%, remember, this is a company buying tuurboax, credit karma, QuickBooks, maililchimp.
[16:01:40 ET] Intuit enterprise sweet and more, I mean, this is a company it's down 46% Emily since.
[16:01:48 ET] This year, I mean, it's a consequence of the so called SaSpocalypse, at least as of now Yeah, it's been tough for those software names. I do want to get back to the.
[16:01:56 ET] Regular trading session though before we get back to earnings just taking a look at kind of how sectors fared out, it was mostly green.
[16:02:04 ET] Look at the IM in the S&P 500 information tech communication services materials, those were the leaders in terms of the S&P 500 groups.
[16:02:12 ET] energy we know that oil down about 5%, so those energy stocks getting dragged down, staples and industrials also lower.
[16:02:20 ET] Okay,'re on a few more earnings, including Zoom and box, we'll bring those to you as we do get them in the meantime, do you want to take a look at some stocks that were higher today in the essence?
[16:02:28 ET] 500 the best performer was Moderna up 14% this after last week's rally shares cruising higher this year, but still.
[16:02:36 ET] Just about 60% from those 2021 highs, all time highs in the COviID world, our shares actually moved higher today as a result of what happened.
[16:02:44 ET] Last week, Wolf research out with a note upgrading the company to peer perform from underperform, citing the success of its melanoma vaccine.
[16:02:52 ET] analyst Alexandria Hammond saying the positive trial results derisk the platform for Moder share Moder.
[16:03:00 ET] The best performer in the S&P, 14% today, also taking a look at shares of NviDdia ahead of that report tomorrow NviIdia shares higher this year.
[16:03:08 ET] About 14%, so outperforming the S&P 500 up 2.2% today, this is the biggest.
[16:03:16 ET] Increase or excuse me, this is an increase based on the today's move up more than 2% the big question tomorrow.
[16:03:24 ET] the AI industry, yes, there's other ways we can look, but NviDdia is still the big player. What are the company's efforts to remain at the center of the AI?
[16:03:32 ET] And finally, one of the most actively traded stocks today, Re AI, it's a company with a market cap, just shy of about $2 billion shares were up.
[16:03:40 ET] More than 21% today we can go ahead and round that up. The company did say Google has selected its proprietary distributed database tech.
[16:03:48 ET] For deployment at the infrastructure level within Google Cloud, it marks the platform's first major commercial deployment investors cheering that news.
[16:03:56 ET] Shares up close to 22% today Well, there were a few names in the red as we closed out following that closing bell.
[16:04:04 ET] I'm taking a look at shares of dick's sporting goods, a brutal day for this company, shares of the company down about 31% on the day that's the worst day.
[16:04:12 ET] For dicks sporting goods and its lowest level since 2023, this all comes after the foot locker chain that it acquired last year.
[16:04:20 ET] Showing that it's continuing to struggle and really raising broader doubts about the sneaker market, the sneaker industry, the company saying at the foot.
[16:04:28 ET] Where market has become increasingly promotional last quarter That's after brands up discounting on their own websites and the company seeing a shift to.
[16:04:36 ET] LikeUgs and birk and sock, if you take a look at shares of Nikke also falling down about 3% after the closing bell and we know Nikke is a supply.
[16:04:44 ET] To both dick's sporting goods and foot locker so certainly seeing some investors shifting out of that name was the last time you were in a foot locker norra meinda?
[16:04:52 ET] I was just talking about this earlier with Tim, I can't remember the last time I was in a foot locker or the last time I was in big sporting goods Wow I to be.
[16:05:00 ET] Dix is huge in New York Well di' is big and the thing is like we talk about this idea of a company when they had made this announcement.
[16:05:08 ET] Back in early 2025 May 2025 it was pretty widely derided i mean di was growing, it was growing four, five, six% on.
[16:05:16 ET] Sa foot locker was shrinking, it had a negative sign in front of its comp sales number and everybody said, why would you buy this company and now here we are.
[16:05:24 ET] More than a year later and well, those questions are still being asked I mean we had Anthony Jaumbbo on from Luke Cap who.
[16:05:32 ET] It blunt, Emily, he basically said, I don't know what the heck they're doing and I'm cleaning it up family friendly and you have to remember too.
[16:05:40 ET] M of this is also just due to that weak in consumer we do have some earnings though remain get let' zm in on zoom communications in the most recent quarter.
[16:05:48 ET] It does look like most of the metrics did come in either in line with estimates or slightly above for the second quarter revenue of about 1.28 billion.
[16:05:56 ET] It was looking for about 1.27 so a slight beat there similar story on the adjusted eps basis, but let's go straight to the guidance.
[16:06:04 ET] For the full year, the company says that for the full year revenue, look for a 5.09 to 5.10, so basically 5.1.
[16:06:12 ET] billion dollars its previous guidance was for roughly about 5.09 so slightly raising that just a bit.
[16:06:20 ET] And the operating income side it given a range of 2.07 to 2.08 the previous estimate was for 2.07 so the top end of that.
[16:06:28 ET] Coming in slightly above that, most of the numbers pretty much track in that same vein here, basically either just above street estimate.
[16:06:36 ET] Buy a few bucks or so or maybe just right in line the shares lower by 4% all right you're watching zoom, I'm watching what's happening with B.
[16:06:44 ET] In the after hours, the shares for B, the content management platform down about 8% in the after hours taken away.
[16:06:52 ET] the company's latest report, the outlook, the company seeing fiscally or adjusted earnings per share, about $154.
[16:07:00 ET] $56, the estimate is for $58, so that coming in light shows down about 6.4% in addition to that, the company.
[16:07:08 ET] Sees fiscal year revenue coming in at $129 or excuse me, 1.29 billion saw $1.28 billion, the estimate is 1.2.
[16:07:16 ET] Bill dollars so as far as the outlook goes a beat on the top line, but a miss on the bottom line, the company sees third quarter adjusted EPS.
[16:07:24 ET] 39 cents, the estimates for 39 cents, second quarter revenue coming in above estimates at 321.1 million dollars the company sees a Q3.
[16:07:32 ET] Gap EPS at 12 cents that matches expectations shares down about 4.6%, 4.5% in the after hours.
[16:07:40 ET] I mean, you look at B and Zoom and into it, obviously three different companies, but to a certain extent, kind of all dealing with some of the same issues with AI.
[16:07:48 ET] And some of the new tools that are out there that to a certain extent chip away at some of the moat that they might have had and you know, I don't know.
[16:07:56 ET] goes I mean we had a great analyst on from Goldman yesterday Gabriela Borg, who kind of talked about this idea that the saspocalypse is overdone and.
[16:08:04 ET] AI buildout will actually end up benefiting them as it will actually increase usage on some of their platforms we've had some folks talk to us about that as well but you know,
[16:08:12 ET] We're not seeing that play out in the public markets yet and every stuck, every company is different too Yeah and don't forget I mean everyone's talking about N video.
[16:08:20 ET] Torow we get Salesforce tomorrow as well not to I'm sure they'll get overshadowed, but definitely interesting read on that side of the trade All right Salforce shares.
[16:08:28 ET] leastas this year have still taken a pretty big hit down about 22% guy aren't you No, it depends?
[16:08:36 ET] It depends on, yeah, I have slacked before, how's that, but you know, I'm all about the Bloomberg terminalmin and the I guy.
[16:08:44 ET] Come all right all right guys, we got to go, we'll see you tomorrow that is going to do it for a cross platform cover.
[16:08:52 ET] We'll have NviDdia earnings tomorrow, we will have, also, of course, Salesforce earnings tomorrow, we'll see you same time, same place.
[16:09:00 ET] Our coverage continues here on Bloberg talk about Wall Street.
[16:09:08 ET] they're fighting the wrong battle when it comes to retail investors Mitch Kaplan, the CEO of Willow Wealth and former CEO of E trade, who'll be joining us in just a second right.
[16:09:16 ET] Close right here on Bloomberg.
[16:09:24 ET] The.
[16:09:32 ET] The.
[16:09:40 ET] The.
[16:09:48 ET] The.
[16:09:56 ET] In case you missed it on Bloomberg open Inter.
[16:10:04 ET] It's a lot of realizations, the conversation for this industry, especially private equity had been, it's gummed up, there's a dam that needs to break.
[16:10:12 ET] The dam broke or is this just Carlisle doing a good job of selling we have Gs it's in the quarter from Japan, from Europe technology from U.
[16:10:20 ET] Real estate and our U buyout team, they've distributed 23% of fair market value over the last 12 months.
[16:10:28 ET] The industry average so for us it's more of the same capital markets are open, it's a good environment and we're finding great opportunities to exit and to invest.
[16:10:36 ET] There's a disconnect between buyers and sellers does that mean when you exit, you're having to take down valuations we're finding buyers both in.
[16:10:44 ET] M marketWe've also had very successful IPs in the past year, so we're really taking all opportunities to realize invest.
[16:10:52 ET] When we think it's the right time, don't miss open interest live weekdays.
[16:11:00 ET] Spotlight on a different aspect of global flows, funds and the forces shaping markets on IQ.
[16:11:08 ET] lopThe players behind major transactions on Bloberg deals rates, risk and the cost of capital on.
[16:11:16 ET] Real and personal finance retirement and wealth management on bloomberg money a different topic every weekday only.
[16:11:24 ET] We're television.
[16:11:32 ET] The countdown is on everything you need to get the edge at the.
[16:11:40 ET] And the market day this is the close Wecom back to the close I'm Romaine Baick.
[16:11:48 ET] A close look here at how Wall street finished the day, fractional gains for the sP, the Dow the nasdaq and the rus 2000 here on this tuesday.
[16:11:56 ET] Afternoon tech led the charge, but healthcare care got in on the action to the nasdaq biotech index up about 1.8% on.
[16:12:04 ET] A part of the upside that we saw in equities because of the downside we saw in yields and the downside that we saw in crude oil.
[16:12:12 ET] Prices down about 6% on the day to flip up the board and take a look at some of the individual gainers on the day n video snapping that.
[16:12:20 ET] day losing streak rallying about 2% ahead of its big earnings report just about 24 hours from now ad also getting in.
[16:12:28 ET] TheAction up about 5% that was on the back of an upgrade over at raymond jam actually says ad, not nvidia, actually has a better.
[16:12:36 ET] Of capturing some of the upside in the cpu marketMeanwhilewhile deckers was dragged down partly because of those results out of dick exporting goods.
[16:12:44 ET] Early today and target, well, let's just say another misstep, if you will, down about 4% on the day.
[16:12:52 ET] And we're going to move now to our top story of the hour, a model backdrop for markets, you got an S&P that remains range bound despite.
[16:13:00 ET] el attractive valuation and roughly 20 times forward earnings. You have benchmark Treasury yields that offer some compelling coupons.
[16:13:08 ET] At the same time are flashing yellow lights of caution. The tightest corporate debt spreads in years that would suggest calm, but also offer.
[16:13:16 ET] Attractive entry points for investment and you got global AI investment that Goldman now estimates will exceed $1 trillion dollars in 2026.
[16:13:24 ET] Though that report makes no mention of when and what the return on that investment will be, so what's an investor to do out there.
[16:13:32 ET] mer CEO of E trade Financial and now runs the private markets's investing platform willow wealthth mitch kplan joins us right now.
[16:13:40 ET] more about all of this all right Mitch, I do kind of want to start just with what we've kind of been seeing in the market lately because it's kind of been all over the place and I am curious.
[16:13:48 ET] As to how investors, particularly on the retail side, sort of behave in these types of situations, is there anything we can read into it?
[16:13:56 ET] Yeah, I mean, I think generally, just from my experience all the way back at e tradeade that investors are just looking for ways in which.
[16:14:04 ET] They can invest for the long term right like you have your group of investors who are more hyperactive trading.
[16:14:12 ET] You see it on some of the platforms that still exists today, but generally what we saw was the evolution of customers really trying to figure out how they build wealth.
[16:14:20 ET] And so whether they're thinking about ways to build a diversified portfolio in public markets, private markets, and you know, there's a lot of.
[16:14:28 ET] OutAnd I think that that's the part that confuses retail investors with regards, they like how people are positioning and allocating and particularly in life.
[16:14:36 ET] Some of the recent developments with regards to the Treasury department and the move in yields, you know, we've talked a lot on this show.
[16:14:44 ET] Obviously the traditional 6040 kind of you was put to bed a long time ago, there's a lot more allocation to private assets do you see people?
[16:14:52 ET] Particularly on your platform reaching more for some of those private assets, given what we're seeing in public bond markets and equity.

## 研究交付要求

这是一条已经从整场材料语义拆出的独立催化，不要重新把它压回大盘总评。核实美股异动原因和传播时序；用结构化供应链、内部 KB 与公司披露坐实每个亚洲候选；逐腿查真实行情和本地市场 price-in；候选不成立也要逐条给出有证据的 AVOID。