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.
英偉達公司(納斯達克股票代碼：NVDA)和先進微設備公司美國銀行證券(Nasdaq：AMD)的一位分析師表示，儘管市場趨勢不斷變化，但GPU的表現仍然看好。
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.
半導體分析師：Vivek Arya重申了對AMD和NVIDIA股票的買入評級。這位分析師對AMD的目標價為135美元，對NVIDIA的目標價為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.
半導體外賣：Arya在一份報告中表示，2021年推動GPU的平均售價可能會在2022年放緩。
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.
這位分析師説，第二季度遊戲環境依然強勁，獨立GPU的銷售額同比增長100%，環比增長14%，至34.5億美元。
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.
他説，同比增長的大部分是由ASP推動的，因為產能限制導致供應商優先考慮更高端/更高的ASP產品。
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援引美國銀行的Steam Survey追蹤數據稱，英偉達8月份安培/圖靈遊戲玩家的累計安培/圖靈組合環比增長250個基點，同比增長1800個基點，平均ASP比老一輩的帕斯卡高出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.
這位分析師表示，2021年全年可能會出現類似的動態，因為限制因素將持續到今年剩餘時間。他説，謹慎的GPU總銷量攀升了62%，這主要是由ASP推動的，儘管銷量僅增長了7%。
This dynamic, the analyst said, will likely reverse in 2022 as capacity comes online and mix normalizes.
這位分析師表示，隨着產能上線和結構正常化，這種動態可能會在2022年逆轉。
Arya estimates 5% growth in the discreet GPU market, driven by units, while ASPs will likely fall 3%-5%.
Arya估計，在銷量的推動下，謹慎的GPU市場將增長5%，而ASP可能會下降3%-5%。
Related Link: Why Tesla's Elon Musk Is Reportedly Opposing Nvidia's Proposed Arm Buy
相關鏈接：為什麼特斯拉的埃隆·馬斯克(Elon Musk)據報道反對NVIDIA提出的ARM收購計劃
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.
美銀表示，擁有獨特加速計算特許經營權的遊戲領軍企業英偉達(NVIDIA)和擁有強勁CPU份額增長路線圖的AMD，正受益於新產品和強勁的遊戲週期。
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説，NVIDIA的安培滲透率為7.1%，低於圖靈和帕斯卡在坡道上的同等水平，可能是因為供應方面的挑戰。
"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.
這位分析師説：“重要的是，523美元的安培平均售價仍比圖靈/帕斯卡高出15-65%，這將有助於支持我們的長期預期，即隨着NVDA遊戲玩家的混淆，平均售價將上漲約10%。”
Ampere adoption is likely to accelerate as more capacity comes online, likely in mid-to-late 2022, he said.
他説，隨着更多的容量上線，安培的採用可能會加速，可能會在2022年中後期。
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.
英特爾公司Arya説，8月份，英特爾(Nasdaq：INTC)在PC遊戲玩家中的CPU份額環比上升180個基點，達到72.6%，與去年同期相比，AMD的份額上升了250個基點。
AMD's overall PC + Server CPU share can grow 300-400 basis points annually through at least 2023, according of BofA.
根據美國銀行的數據，至少到2023年，AMD的PC+服務器CPU總份額每年可能增長300至400個基點。
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價格行動：最新消息顯示，AMD股價下跌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.
英特爾股價下跌0.51%，至53.38美元。
Photo: courtesy of Nvidia.
圖片來源：英偉達提供。