Glonghui, May 6 | Huatai Securities released a report stating that AMD's first-quarter revenue was US$5.473 billion, an increase of 2% year-on-year and exceeded market expectations of US$5.449 billion; non-GAAP earnings per share were 62 US cents, an increase of 3% year-on-year, slightly exceeding market expectations of 61.4 US cents; and the non-GAAP gross margin was 52%, up 2 percentage points from quarter to quarter. In terms of guidance for the second quarter, the report indicates that the company expects total revenue of 5.4 billion to 6 billion US dollars, and the median value is slightly lower than the market forecast of 5.718 billion US dollars. The company raised the AI accelerator's annual revenue guide from 3.5 billion to 4 billion US dollars, but the company still fell more than 9% after the market. The bank adjusted the company's revenue forecast for 2024 to 2026 to $27 billion, $34.1 billion, and $41.9 billion. At the same time, it is believed that after Nvidia launched a relatively cost-effective Blackwell architecture chip, the MI300's advantages may face challenges. The target price was lowered from 226 US dollars to 180 US dollars, and the rating was “buy” based on forecasting a market sales rate of about 8.5 times in 2025.