[{"data":1,"prerenderedAt":-1},["ShallowReactive",2],{"content-doc-dcio007b63b0":3},{"user":4,"document":8,"mainDocument":28,"columnUrl":30,"subscription":31,"footer":43,"text":78},{"isAuthenticated":5,"isAdmin":5,"displayName":6,"avatarUrl":6,"nid":6,"groupLevel":7},false,"",-10,{"id":9,"fullTitle":10,"subTitle":6,"url":11,"columnId":12,"columnName":13,"columnUrl":14,"summary":6,"contentHtml":15,"mainContentHtml":6,"posterUrl":16,"createDate":17,"displayDate":18,"displayDateSlash":19,"pageviews":20,"tags":21,"hidden":5,"isSubContent":5,"replyDocOrTargetId":6,"contentType":24,"videoId":6,"liveVideoUrl":6,"duration":25,"price":25,"priceText":26,"priceBadgeText":26,"priceBadgeClass":27,"freeForMinGroupLevel":25,"redirectUrl":6,"readyToStream":5},"dcio007b63b0","英特尔和AMD今天大涨的原因？","\u002Fdoc\u002Fdcio007b63b0","col18178739ee","美股资讯","\u002Fcol\u002Fcol18178739ee","\u003Cp> \u003C\u002Fp>\u003Cp>Advanced Micro Devices（AMD）与 Intel（INTC）股价周二上涨，KeyBanc 上调评级\u003C\u002Fp>\u003Cp>周二，AMD（NASDAQ: AMD）与英特尔（NASDAQ: INTC）股价双双上涨，原因是机构KeyBanc Capital Markets 分析师 John Vinh 以上调两家公司评级，理由是 AI 服务器需求持续强劲。\u003C\u002Fp>\u003Cp>KeyBanc：AI 服务器需求推动 AMD 与 Intel 获得上调\u003C\u002Fp>\u003Cp>Vinh 表示，12 月的云计算数据显示，随着云厂商逐步淘汰老旧实例，传统服务器需求出现小幅回落。\u003C\u002Fp>\u003Cp>这一趋势导致计算处理器实例环比下降 2%，但同比仍增长 11%，显示整体需求仍具韧性。\u003C\u002Fp>\u003Cp>云厂商数据：动能分化明显\u003C\u002Fp>\u003Cp>整体云计算实例数量环比下降 2%，同比增长 10%，不同云厂商表现分化明显：\u003C\u002Fp>\u003Cp>AWS（亚马逊云）：环比增长 3%\u003C\u002Fp>\u003Cp>Google Cloud（GCP）：环比增长 1%\u003C\u002Fp>\u003Cp>阿里云（Alibaba）：同比大增 30%，但环比下降 4%\u003C\u002Fp>\u003Cp>Azure（微软云）：环比下降 6%，同比下降 8%\u003C\u002Fp>\u003Cp>基于上述数据，Vinh 认为短期实例动能更有利于英特尔，而非 AMD。\u003C\u002Fp>\u003Cp>英特尔：新一代平台放量明显\u003C\u002Fp>\u003Cp>英特尔整体实例数环比下降 3%\u003C\u002Fp>\u003Cp>但最新一代 Granite Rapids 实例数环比大增 12%，达到 1,933 个，主要由 AWS 部署推动\u003C\u002Fp>\u003Cp>此外：\u003C\u002Fp>\u003Cp>Emerald Rapids：环比增长 2%\u003C\u002Fp>\u003Cp>Sapphire Rapids：环比增长 6%\u003C\u002Fp>\u003Cp>三代最新平台合计环比增长 4%。\u003C\u002Fp>\u003Cp>Vinh 认为，该云端追踪数据对英特尔股价构成正面影响。\u003C\u002Fp>\u003Cp>AMD：整体持稳，新平台延续增长\u003C\u002Fp>\u003Cp>AMD 实例数 12 月环比持平\u003C\u002Fp>\u003Cp>同比增长 16%\u003C\u002Fp>\u003Cp>其中：\u003C\u002Fp>\u003Cp>Turin 实例环比增长 4%，达到 2,252 个，此前一个月已大幅增长，主要来自阿里云、AWS 与 GCP 的部署\u003C\u002Fp>\u003Cp>Genoa 实例环比增长 1%，主要来自 AWS 与 GCP\u003C\u002Fp>\u003Cp>Turin 与 Genoa 合计，AMD 最新一代平台实例数环比增长 2%。\u003C\u002Fp>\u003Cp>Vinh 对云数据对 AMD 的指引评价为“中性”。\u003C\u002Fp>\u003Cp>估值与评级调整\u003C\u002Fp>\u003Cp>AMD\u003C\u002Fp>\u003Cp>评级：从 Sector Weight 上调至 Overweight\u003C\u002Fp>\u003Cp>目标价：270 美元\u003C\u002Fp>\u003Cp>估值依据：2026 年 EPS 预期 7.93 美元× 34 倍 PE\u003C\u002Fp>\u003Cp>当前估值：2026 年一致预期 PE 约 32 倍，高于同行平均 27 倍\u003C\u002Fp>\u003Cp>英特尔\u003C\u002Fp>\u003Cp>评级：从 Sector Weight 上调至 Overweight\u003C\u002Fp>\u003Cp>目标价：60 美元\u003C\u002Fp>\u003Cp>估值依据：2026 年收入 578 亿美元× 4.0 倍 EV\u002FS\u003C\u002Fp>\u003Cp>当前估值：共识 EV\u002FS 4.3 倍，高于过去三年中位数 2.6 倍\u003C\u002Fp>\u003Cp>股价表现\u003C\u002Fp>\u003Cp>AMD：上涨 6.14%，至 220.30 美元\u003C\u002Fp>\u003Cp>英特尔：上涨 3.15%\u003C\u002Fp>\u003Cp>二、核心解读（投资逻辑拆解）\u003C\u002Fp>\u003Cp>1 这不是“传统服务器复苏”，而是 AI 服务器结构性升级\u003C\u002Fp>\u003Cp>传统服务器实例下降\u003C\u002Fp>\u003Cp>最新一代 CPU（Granite \u002F Emerald \u002F Sapphire \u002F Turin）全部增长\u003C\u002Fp>\u003Cp>资本开支正在从“数量扩张”转向“算力密度升级”\u003C\u002Fp>\u003Cp>这是 AI 时代最典型的信号。\u003C\u002Fp>\u003Cp>2 为什么短期更利好 Intel？\u003C\u002Fp>\u003Cp>Intel Granite Rapids 在 AWS 放量非常明显\u003C\u002Fp>\u003Cp>云实例动能短期领先 AMD\u003C\u002Fp>\u003Cp>市场此前对 Intel 过度悲观，边际改善极易引发估值重定价\u003C\u002Fp>\u003Cp>这是典型的 “困境反转 + AI 叠加”逻辑\u003C\u002Fp>\u003Cp>3 AMD 并不弱，只是“高基数下的正常放缓”\u003C\u002Fp>\u003Cp>AMD 最新平台实例数仍同比 +16%\u003C\u002Fp>\u003Cp>Turin 在三大云厂商全面铺开\u003C\u002Fp>\u003Cp>但此前涨幅过快，12 月进入消化期\u003C\u002Fp>\u003Cp>这解释了为什么：\u003C\u002Fp>\u003Cp>基本面没问题\u003C\u002Fp>\u003Cp>云数据却只能给“中性”评价\u003C\u002Fp>\u003Cp>估值信号非常重要（这是资金最在意的）\u003C\u002Fp>\u003Cp>AMD：32–34x 2026 PE（已经明显溢价）\u003C\u002Fp>\u003Cp>Intel：EV\u002FS 仍处于历史偏高但可接受区间\u003C\u002Fp>\u003Cp>这也是为什么：\u003C\u002Fp>\u003Cp>AMD 涨得更猛，但分歧更大\u003C\u002Fp>\u003Cp>Intel 属于“补涨 + 预期修复”\u003C\u002Fp>\u003Cp>一句话总结\u003C\u002Fp>\u003Cp>AI 服务器需求是真实且持续的，但短期云端动能更偏向 Intel；AMD 仍是长期赢家，只是估值已经不便宜。\u003C\u002Fp>","https:\u002F\u002Fstockwebsiteblob.blob.core.windows.net\u002Fweb-202601-stk\u002FUploadereamm33mi2pb_2026_01_13_12_47_40.jpg","2026-01-13T20:45:13.24","2026.01.13","2026\u002F01\u002F13",32264,[22,23],"INTC","AMD","Article",0,"免费","success",{"id":9,"fullTitle":10,"subTitle":6,"url":11,"columnId":12,"columnName":13,"columnUrl":14,"summary":6,"contentHtml":15,"mainContentHtml":6,"posterUrl":16,"createDate":17,"displayDate":18,"displayDateSlash":19,"pageviews":20,"tags":29,"hidden":5,"isSubContent":5,"replyDocOrTargetId":6,"contentType":24,"videoId":6,"liveVideoUrl":6,"duration":25,"price":25,"priceText":26,"priceBadgeText":26,"priceBadgeClass":27,"freeForMinGroupLevel":25,"redirectUrl":6,"readyToStream":5},[22,23],"\u002Fcol\u002Fstocknews",{"visible":5,"marketingHtml":32,"services":33,"recentDocuments":42},"\u003Cfigure class=\"image\">\u003Ca href=\"https:\u002F\u002Fstockwe.com\u002Fdoc\u002Fdcio537efad5\" target=\"_blank\" rel=\"noopener 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