Nvidia, AMD Benefit From New Products, Strong Gaming Cycle: BofA
Nvidia, AMD Benefit From New Products, Strong Gaming Cycle: BofA
NVIDIA Corporation (NASDAQ:NVDA) and Advanced Micro Devices, Inc. (NASDAQ:AMD) continue to be bullish GPU plays despite changing market trends, according to a BofA Securities analyst.
英伟达公司(纳斯达克股票代码：NVDA)和先进微设备公司美国银行证券(Nasdaq：AMD)的一位分析师表示，尽管市场趋势不断变化，但GPU的表现仍然看好。
The Semiconductor Analyst: Vivek Arya reiterated Buy ratings on AMD and Nvidia shares. The analyst has a $135 price target for AMD and $260 price target for Nvidia.
半导体分析师：Vivek Arya重申了对AMD和NVIDIA股票的买入评级。这位分析师对AMD的目标价为135美元，对NVIDIA的目标价为260美元。
The Semiconductor Takeaways: The average selling prices that drove GPUs in 2021 will likely moderate in 2022, Arya said in a note.
半导体外卖：Arya在一份报告中表示，2021年推动GPU的平均售价可能会在2022年放缓。
The gaming environment remained robust in the second quarter, with discrete GPU sales rising 100% year-over-year and 14% quarter-over-quarter to $3.45 billion, the analyst said.
这位分析师说，第二季度游戏环境依然强劲，独立GPU的销售额同比增长100%，环比增长14%，至34.5亿美元。
The bulk of the year-over-year growth was driven by ASPs, as capacity constraints led vendors to prioritize higher-end/higher ASP products, he said.
他说，同比增长的大部分是由ASP推动的，因为产能限制导致供应商优先考虑更高端/更高的ASP产品。
The cumulative Ampere/Turing mix of Nvidia gamers grew 250 basis points month-over-month and 1,800 basis points year-over-year in August, with average ASPs 20%-100% above older-gen Pascal, Arya said, citing BofA's Steam Survey tracker.
Arya援引美国银行的Steam Survey追踪数据称，英伟达8月份安培/图灵游戏玩家的累计安培/图灵组合环比增长250个基点，同比增长1800个基点，平均ASP比老一辈的帕斯卡高出20%-100%。
A similar dynamic is likely to be seen for full year 2021 as constraints persist throughout the rest of the year, the analyst said. Total discreet GPUs sales climbed 62%, mainly driven by ASPs, even as units grew just 7%, he said.
这位分析师表示，2021年全年可能会出现类似的动态，因为限制因素将持续到今年剩余时间。他说，谨慎的GPU总销量攀升了62%，这主要是由ASP推动的，尽管销量仅增长了7%。
This dynamic, the analyst said, will likely reverse in 2022 as capacity comes online and mix normalizes.
这位分析师表示，随着产能上线和结构正常化，这种动态可能会在2022年逆转。
Arya estimates 5% growth in the discreet GPU market, driven by units, while ASPs will likely fall 3%-5%.
Arya估计，在销量的推动下，谨慎的GPU市场将增长5%，而ASP可能会下降3%-5%。
Related Link: Why Tesla's Elon Musk Is Reportedly Opposing Nvidia's Proposed Arm Buy
相关链接：为什么特斯拉的埃隆·马斯克(Elon Musk)据报道反对NVIDIA提出的ARM收购计划
Nvidia, the gaming leader with a unique accelerated computing franchise, and AMD, with a strong roadmap for CPU share gains, are benefiting from new products and strong gaming cycle, according to BofA.
美银表示，拥有独特加速计算特许经营权的游戏领军企业英伟达(NVIDIA)和拥有强劲CPU份额增长路线图的AMD，正受益于新产品和强劲的游戏周期。
Nvidia's Ampere penetration of 7.1% is below Turing and Pascal at equivalent points in their ramps, likely due to supply challenges, Arya said.
Arya说，NVIDIA的安培渗透率为7.1%，低于图灵和帕斯卡在坡道上的同等水平，可能是因为供应方面的挑战。
"Importantly Ampere avg. ASPs of $523 are still 15- 65% above Turing/Pascal at equal points in their ramps, which should help support our long-term expectation for ~10% ASP appreciation as NVDA gamers mix up the stack," the analyst said.
这位分析师说：“重要的是，523美元的安培平均售价仍比图灵/帕斯卡高出15-65%，这将有助于支持我们的长期预期，即随着NVDA游戏玩家的混淆，平均售价将上涨约10%。”
Ampere adoption is likely to accelerate as more capacity comes online, likely in mid-to-late 2022, he said.
他说，随着更多的容量上线，安培的采用可能会加速，可能会在2022年中后期。
Intel Corporation (NASDAQ:INTC)'s CPU share among PC gamers increased 180 basis points month-over-month in August to 72.6%, Arya said. On a year-over-year basis, AMD's share was up 250 basis points, the analyst said.
英特尔公司Arya说，8月份，英特尔(Nasdaq：INTC)在PC游戏玩家中的CPU份额环比上升180个基点，达到72.6%，与去年同期相比，AMD的份额上升了250个基点。
AMD's overall PC + Server CPU share can grow 300-400 basis points annually through at least 2023, according of BofA.
根据美国银行的数据，至少到2023年，AMD的PC+服务器CPU总份额每年可能增长300至400个基点。
AMD, NVDA Price Action: At last check, AMD shares were down 2.48% to $106.44 and Nvidia was slipping 1.42% to $223.40.
AMD，NVDA价格行动：最新消息显示，AMD股价下跌2.48%，至106.44美元，NVIDIA下跌1.42%，至223.40美元。
Intel shares were retreating 0.51% to $53.38.
英特尔股价下跌0.51%，至53.38美元。
Photo: courtesy of Nvidia.
图片来源：英伟达提供。