美国银行维持对 AMD 的买入评级，目标价 720 美元，预计在 AI 驱动的 CPU 需求下约有 14% 的上行空间。
逐段跳播
美国银行对AMD（AMD）股票持正面展望，重申其“买入”评级，并将目标价上调至720。这一数字高于620，意味着较昨日收盘水平有约14%的潜在上涨空间。
Bank of America has a positive outlook for AMD (AMD) stock, reaffirming its " buy" rating and raising its target price to 720. This figure is higher than 620 and indicates a potential rise of approximately 14% from yesterday's closing levels.
美国银行表示，人工智能的机会并不局限于图形处理器（GPU），中央处理器（CPU）也是其中的关键一环，而这正是AMD发挥作用的地方。
Bank of America says that artificial intelligence opportunities are not limited to graphics processing units (GPUs), but that central processing units (CPUs) are a key part of the equation, and this is where AMD's role comes in .
此事发生在AMD首席执行官苏姿丰忙碌的一周里。昨晚她出席了在白宫与特朗普总统和中国国家主席习近平的晚宴，而本周早些时候她还在纽约证券交易所与第一夫人梅拉尼娅·特朗普一起敲响开市钟。
This comes during a busy week for AMD CEO Lisa Su. Last night she attended a dinner at the White House with President Trump and Chinese President Xi Jinping, and earlier this week she was here at the New York Stock Exchange with First Lady Melania Trump to ring the opening bell.
好，现在到了关于AMD股票的“拔河”环节。因此，让我们再次欢迎我们的联合主持人回归。和我们在一起的是Kevin Hinx和Joe Mazzola。到了多空双方交锋的时候了。在我们进入你们的例子之前，交易员们，我们想了解你们对AMD股票的看法。他创下了新纪录。
Okay, now it's time for a " tug-of-war" segment about AMD's stock . Therefore, let us once again welcome back our co-hosts . With us are Kevin Hinx and Joe Mazzola . It's time for the bulls and the bears to clash.
Before we move on to your example, traders, we would like to know your opinions about AMD stock. He set a new record.
我的意思是，面对一只势头如此强劲的股票，很难与之对抗，也很难押注它下跌。所以，你应该问自己的问题是：你认为这波上涨会持续下去吗？
I mean, it's hard to stand up to a stock that has such strong momentum or to bet on it going down. So, the question you should ask yourself is: Do you think this rise will continue?
很难说AMD不是一只高贝塔系数的股票。我相信，它的贝塔系数目前交易在2.4的水平。正如你提到的，Diane，AMD今天创下了52周新高，或者说，实际上今天早些时候创下了历史新高。它继续向前推进。
It's hard to say that AMD isn't a name with a high beta coefficient. It is trading, I believe, at a level of 2.4 in terms of the beta coefficient. AMD, as you mentioned, Diane, hit a 52-week high today, or in fact, an all-time high earlier today. It continues to move forward.
如果你相信这个动能故事，相信AMD在CPU和需求故事方面能做到美国银行在其分析师报告中所提到的事情。在表面之下所有这些强势都可见的情况下，我看不出有任何理由主动去做空或在这只股票上寻找下行机会。
If you believe in this momentum story and believe in what AMD can do regarding the CPU and demand story mentioned by Bank of America in their analysts’ report. I see no reason to take the initiative and try to short sell or look for downside opportunities in this stock while all this strength is visible beneath the surface.
现在，当你看看Akamai与Anthropic的交易时，这是其中一些依据，而关键在于：AMD正处于人工智能因边缘AI而经历的重要转折点的核心，因为这意味着对中央处理器的更大需求，而这一细分领域将继续爆发式增长。
Now when you look at Akamai's deal with Anthropic, this is some of the basis for that, and here's the thing . AMD stands at the heart of the important turning point that artificial intelligence is experiencing thanks to AI on the Edge, because that means greater demand for central processing units, a segment that will continue to explode.
所以当这笔交易发生时，AMD的股价上涨了，因为他们看到了这一图景以及争夺CPU和长期交易的竞赛。因此，这对AMD及其股票完全是正面的。
So when this deal happened, AMD's stock rose because they see the picture and the race to acquire CPUs and long-term deals. Therefore , this is entirely positive for AMD and its stock.
嗯，我认为当我和Kevin开始研究这些交易时，我们持有相似的观点。我们做的第一件事是看看相对隐含波动率，看看它在过去一年里可能跌到了哪里。当我查看隐含波动率当前的百分位排名时，我发现它处于第15百分位。
这意味着波动率相对便宜——我这里用“相对”这个词——与去年相比。当我看到这样的情况时，我就很难想要卖出价差。所以，基本上，我会做的是寻找某种时间价差，也就是买入时间价差。在这个例子中，我看的是一个卡塔尔策略。
我认为我把这笔交易结构设计成这样的另一个原因是，我本质上是在卖出一份行权价为660、10月5日到期的看涨期权。我在买入一份行权价为630、10月16日到期的看涨期权。它在性质上类似于所谓的备兑买入期权。
在我为这笔交易定价时，你大约可以用2360美元做到这一点。但这与备兑买入期权之间的差别在现金支出方面非常大。如果你以620美元卖出一份股票的备兑看涨期权，那意味着62,000美元减去期权卖出价。
用这种类型的交易，你可以执行一种被认为是小幅看涨的交易，对吧？这是一种小幅看涨，或者说中性偏看涨的交易，成本约为2,360美元。这笔交易的运作方式是，如果股票继续向上朝660的行权价移动，你会注意到在达到那一点之后回报会下降。
不过，由于你能够在买卖价差区间之下交易这笔交易，如果我们以30美元以上交易这笔交易，你会看到收益曲线一旦越过660就开始崩塌。现在，是的，你开始看到某种回调，但如果你继续上涨，它给了你从上行中获利的能力。
我还会看的另一件事，回到我们开始这次对话时我最初的说法，就是这是一支动能之箭。它是一只高贝塔系数的股票，而且目前——但不是永远——它背后有这种动能。这是一笔短期交易。注意，10月5日是你卖出的月份，10月16日是你买入的月份。
所以，我们看的不是未来90到100天，或者你知道的，150天。我们寻找的是短期上行移动。我们期待这种情况持续下去，并把价格推向660的行权价。
Well, I think Kevin and I share a similar point of view when we start looking at these trades. The first thing we do is take a look at the relative implied volatility , to see where it might have fallen over the past year.
When I looked at the current percentile ranking of implied volatility, I found it in the fifteenth percentile. This means that volatility is relatively cheap - and I use the word relatively here - compared to what it was last year .
When I see something like this, it becomes difficult for me to want to sell at a price difference. So, basically, what I would do is look for some kind of time difference, i.e., buy a time difference.
In this example, I am looking at a Qatari strategy. I think another reason I structured the deal this way is that I'm essentially selling a call option with an strike price of 660 that expires on October 5th.
I am buying a call option with an execution price of 630 that expires on October 16th. It is similar in nature to a covered purchase option, so to speak. You could do that for about $2360 at the time I priced this deal.
But the difference between this and the covered purchase option is very large in terms of cash outlays. If you sell a covered call option on a stock at $620, that means $62,000 less the option selling price.
With this type of trade, you can execute what is considered a slight upward trade , right? It is a slightly bullish, or neutral to bullish, trade, at a cost of approximately $2,360.
The way this trade works is that if the stock continues to move upwards towards the execution price of 660, you will notice a decline in returns after reaching that point. However, since you are able to trade this below the bid-ask range , if we were trading this above $30, you would see the earnings chart start to collapse once it crossed 660.
Now, yes, you are starting to see some kind of pullback, but it gives you the ability to profit from the upside if the stock continues to rise. The other thing I will also look at, going back to my initial statement when we started this conversation, is that this is a momentum arrow.
It is a stock with a high beta coefficient , and currently—but not forever— it has this momentum behind it. It's a short-term deal . Learn, October 5th is the month you will sell, and October 16th is the month you will buy .
So, we're not looking at the next 90 to 100 or, you know, 150 days. We are looking for a short- term upward move. We are looking forward to this continuing and pushing the price towards the strike price of 660.
Joe说得对。如果你在做期权交易，你需要理解隐含波动率。就像股票一样，就像投资中的任何事情一样，你想低买高卖。而现在，隐含波动率是13%，Joe，自从我们开始直播以来，它甚至更便宜了。
这应该指导你遵循的策略类型。嗯，Joe实施了一个卡塔尔策略。这属于日历价差家族的东西，但他做的是在其中加入了一个垂直价差，给了他30美元作为多头行权价与空头行权价之间的差额。但还有时间因素，如果市场允许，他有机会延长期限并减少所支付的金额，使其少得多。
我做的是更接近日历价差家族的东西。和Meta一样，根据相对强弱指数，AMD股票处于超买区域。所以，我看了一些东西，衡量了预期波动，然后只是看了一周看跌期权的日历价差。所以，我们俩都买入“Vega”，它交易在13%的门槛，我们俩都是。
这是这里的关键点之一，你应该瞄准的策略。知道波动率高时该遵循什么策略，知道波动率低时该遵循什么策略。一个选择是日历价差。所以，我看的是在10月9日买入一份一周期权，并在10月2日卖出600美元看跌期权的日历价差。
简单说，我做的是看看价格是否下跌。记住，这给了我两样东西。它给了我一个方向性交易，大约做空五个“delta”单位，但它也在这笔交易中给了我大约14个“vega”单位。因此，你将同时从趋势和从高隐含波动率中受益。
不是这样吗？我把它放在大约540，而现在随着我们开播时股票小幅下跌，它交易在550。所以，如果要从这一节中吸取一个教训，那就是通过低买高卖来理解隐含波动率。Joe与一个相当大胆的卡塔尔策略保持一致。
这就是卡塔尔策略的含义。它用一份长期期权替代股票。我在用日历价差来应对不那么陡峭的下跌，期待向600水平回落，Diane。两者都涉及特定的风险。现在，随着到期日临近，如果价格接近你的行权价，你需要小心。
但这些交易中的风险仅限于花在它们上面的钱，Diane。
Joe is right. If you are trading options, you need to understand implied volatility. Like stocks, just like anything in investing, you want to buy low and sell high. And now, implied volatility is at 13%, Joe, since we started streaming, it's even cheaper.
This should guide the type of strategy you follow. Well, Joe implemented a Qatari strategy. This is something from the calendar spread family, but what he did was include a vertical spread in it, giving him $30 as the difference between the long execution price and the short execution price.
But there is also the time factor, and he has the opportunity, if the market allows it, to extend the term and reduce that amount paid and make it much less. What I did is something closer to the family of calendar differences.
Like Meta, AMD shares are in overbought territory according to the Relative Strength Index. So, I looked at something, measured the expected move, and just looked at the calendar difference of a one-week put option.
So, we both buy "Vega" which is trading at a 13 percent threshold, both of us. This is one of the key points here, the strategies you should target. Know the strategies to follow when volatility is high, and know the strategies to follow when it is low.
One option is the calendar difference. So, what I looked at was buying a one-week option on October 9, and selling the $ 600 put option calendar difference on October 2. Simply put, what I did was look at whether the price dropped.
Remember, that gives me two things. It gives me a directional trade, which is about five " delta" units short, but it also gives me about 14 " vega" units in this trade. Therefore, you will benefit from the trend and from the high implied volatility.
Isn't that so? I placed it at around 540, and it is now trading at 550 as the stock dipped slightly as our broadcast began. So, if there is a lesson to be learned from this section, it is understanding implied volatility by buying low and selling high.
Joe is aligned with a rather bold Qatari strategy. This is what the Qatari strategy means . It replaces the stock with a long-term option. I am using the calendar spread for a less steep move down , looking forward to a drop towards the 600 level, Diane.
Both involve a specific risk. Now you need to be careful as the expiry date approaches if the price gets close to your strike price. But the risk in these deals is limited to the money spent on them, Diane.
当然。我认为问题的核心在于：你觉得这只股票还有上涨空间，还是在经历了这波大涨之后会趋于稳定？我认为对这两种可能性都可以提出各自的看法，不是吗？我的意思是，我们已经讨论过这样一个事实：它在过去四到五周里实际上已经上涨了40%。
完全可以认为它会歇一歇，也许会维持不变或出现回落。如果是这样，并且它确实回落至600一线，那对Kevin的看跌日历价差交易来说就再合适不过了。而我的交易虽然不需要太大的上行空间，但确实需要一定的上行空间。
因此，在权衡这两笔交易的看涨与看跌理由、以及你愿意站在哪一边时，你需要意识到这一点。
certainly. I think it boils down to this. Do you think the stock has room to grow or will it stabilize after the big move it made? I think you can present a viewpoint on both possibilities, can't you ?
I mean, we've talked about the fact that it's actually gone up 40% in the last four or five weeks. It can easily be said that he will take a break , and perhaps he will stay the same or decline.
If that is the case , and if it does indeed fall back towards the 600 level, then that serves Kevin's put calendar trade perfectly. While my trades don't need much upward movement, they do need some upward movement.
Therefore, you need to be aware of this when you weigh the bullish and bearish arguments for these two deals, and which side you would like to take.
这个频道对 $AMD 的历次判断
Schwab Network 在这只股票上共 10 条判断，这里只列相邻的几条。