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Should Investors Dump AMD?
If you have any old AMD shares lying around you might like to sell them as fast as you can, according to the bean counters at Goldman Sachs.
Despite the fact that the company is doing rather well, and its share price is has gone up rapidly over recent months, Goldman Sach analysts claim that the writing is on the wall for AMD. It thinks that AMD shares will be worth just $2.50 soon. The stock’s 50-day moving average is currently $2.98.
The company said that while AMD could clean up in the gaming market even if you take those figures into account the stock is trading at 22 times its 2014 CY EPS estimate. In other words the company’s core PC business is still shagged and still will generate 45 per cent of the company’s 2013 revenue.
“We therefore believe this recent move in the stock is just the latest in a long history of unsustainable rallies, and we are downgrading the stock to Sell. We believe the current multiple is unjustified for any company with such significant exposure to the secularly declining PC market,” the firm’s analyst wrote.
Analysts at Sanford C. Bernstein think that the share price will settle on $2.00 and FBR Capital Markets thinks $3.00. In other words if you want to know what is really happening at AMD you might as well ask the cat, than any Wall Street expert.
AMD’s Richland Coming In June
Richland is set to replace AMD’s Virgo platform, powered by Trinity processors, and this change will happen in June 2013, most likely coinciding with Computex 2013.
AMD has just launched the first batch of Richland mobile APUs and we still have to see some notebook designs hitting the market. We wrote about mobile Richland APUs.
As of late last year Desktop Richland was always set to launch in June 2013 and the fastest of them is the A10 6800K, clocked at 4.1GHz and 4.4 with Turbo. It also features Radeon HD 8670D graphics that run at 844 MHz. This is the fastest Richland part and it comes unlocked, ready to replace the current AMD A10 5800K. In Europe, the A10 5800K currently sells for 112, while in US the same CPU sells for $129.00 (boxed).
The alpha dog A10 6800K is followed by A10 6700, A8 6600K (Unlocked) and A8 6500. AMD has a mix of 100W and 65W quad-core Richland desktop SKUs. There will be a single A6 6400K (Unlocked) SKU and the A4 6300, both dual-cores with 65W TDP.
Production ready samples were churned out in late January, while volume production is scheduled for late March 2013. The announcement was always scheduled for June 2013 and Richland last through most of 2013, until Kaveri with 28nm Steamroller comes on line.
AMD Goes Richland
There have been more than enough leaks dealing with Richland, AMD’s successor to the Trinity powered Virgo platform, and we even had a chance to see some leaks regarding its successor, codenamed Kaveri. As you may already know, Richland is planned to last through 2013 and it is clear that this is very important chip for AMD.
Based on the Piledriver architecture and built using 32nm technology, Richland will feature an integrated GPU that will be upgraded to Radeon HD 8000 series, a generation ahead of Trinity. As you know, there has been a lot of leaks regarding the Richland parts and the quad-core A10-6800K with Radeon HD 8670D graphics is expected to pack quite a punch. Best of all, Richland will still use the same FM2 socket.
According to our sources, the NDA will be lifted on 12th of March, 8am EST, and we are sure that we will see at least a couple of reviews as well as some additional info regarding the price and the availability date.
AMD Debuts R5000
AMD has released its Firepro R5000 graphics card that has video over IP capabilities.
AMD typically promotes its workstation class Firepro cards using CAD/CAM software, however this time the company is relying on remote viewing as the big selling point for its latest workstation graphics card. AMD’s Firepro R5000 has a GPU that uses its Graphics Core Next (GCN) architecture and Teradici PC video over IP technology to send graphics output over the network.
AMD used its Pitcarin GPU coupled to 2GB of GDDR5 memory in the Firepro R5000. However it isn’t AMD’s GPU that is the big selling point of the Firepro R5000 but rather Teradici’s Tera2240 chip that encrypts display output before sending it out on the network, while supporting up to 60fps (frames per second).
AMD’s Firepro R5000 is intended to be used in render farms, with each final image being sent over an IP network to the end host, and the firm claims that the technology can be used in education, financial and media environments.
The Firepro R5000 is a single slot graphics card that has two mini Displayport outputs that can drive two 2500×1600 displays, however it can also drive a further four remote displays at 1920×1200 resolution by sending data over its RJ45 Ethernet port.
Both AMD and Teradici talked up the low configuration overheads of the Firepro R5000.
AMD Shows Piledriver Opteron
AMD’s Piledriver rollout is all but complete. With Trinity in the mobile and desktop space, new 3300 and 4300 Opterons are bringing the new architecture to data centers.
The Opteron 4300 series offers six different parts, in quad-, six- and eight-core flavours. Stock clocks range between 2.2GHz and 3.5GHz, with TDP’s in the 35W to 95W range. The cheapest Opteron 4334 costs $191, while the priciest 4332HE comes in at $501. The 3300 series consists of three quad- and eight-core SKUs, priced at $125 to $229. The pricing of both series is pretty aggressive.
But what’s next for AMD? Well things should be eerily quiet on the server front in 2013. Abu Dhabi, Seoul and Delhi/Orochi C should last throughout 2013 and even a good part of 2014. That’s when we can expect some major changes, as AMD transitions to 28nm and goes about transforming its Opteron lineup.
Future Low Power CPUs and APUs (as AMD calls them) should replace Dehli/Orochi-C in 1P and dense server markets, but AMD is also planning “Client APUs for market enablement,” and this sounds a lot like ARM-based low voltage parts. Of course, in the high end AMD plans to stick with big Steamroller cores, but mid-2014 is a long way off.
AMD Makes Cuts
AMD has cut its third quarter revenue and gross margin forecasts citing weak demand.
AMD’s lacklustre Bulldozer processor line has left the firm desperately trying to compete with Intel in the desktop market while its more impressive accelerated processor unit (APU) range has been rebuffed by Intel’s multi-million dollar ultrabook marketing push. Now AMD has revised down its estimate of third quarter revenues, which it says will be around 10 percent lower than the previous quarter.
Even more worrying for AMD is its lower forecast for gross margin, the difference between selling an item and the cost to make it, down from 44 percent to 31 percent. Effectively AMD said its cost of doing business has risen considerably higher, although it laid most of the blame on an $100m inventory writedown.
AMD couldn’t avoid admitting the blindingly obvious and said that its writedown of inventory was due to “lower anticipated future demand for certain products”. The firm has suffered through a disappointing 2012, and earlier this year it announced a $580m loss back in April.
AMD Confirms Trinity’s New Specs
AMD has confirmed the specifications of its Trinity accelerated processor units (APUs), with the majority being quad-core units with 4MB cache.
AMD launched its mobile Trinity APUs earlier this year in a bid to cash in on “back to school” sales and now it has detailed the specification of Trinity processors that will slot into desktop systems. The firm confirmed that Trinity has moved from Socket FM1 to Socket FM2 and save for two A4 and A6 SKUs the chips will all be quad-core parts with base frequencies over 3GHz.
AMD stuck with its A4, A6, A8 and A10 branding with the dual-core A4-5300, base clocked at 3.4GHz with turbo mode pushing that up to 3.6GHz and 128 graphics cores clocked at 723MHz at the foot of AMD’s APU line-up. Next up the firm has the unlocked dual-core A6-5400K, which not only bumps the CPU clock speed by 200MHz to 3.6GHz and 3.8GHz for base and turbo modes, respectively, but increases the number of graphics cores to 192 and their frequency to 760GHz.
While AMD’s A4 and A6 Trinity processors are dual-core, the four other chips in the range are all quad-core parts, with the A8-5500 and A8-5600K sporting base clock speeds of 3.2GHz and 3.6GHz, respectively, with turbo mode boosting those to 3.7GHz and 3.9GHz, respectively. The firm has kept the number of graphics cores on both chips the same at 356 and clocked them at 760MHz, however the higher frequency on the A8-5600K means that the firm bumped up the TDP to 100W, though given it is unlocked, the factory TDP is largely academic.
AMD’s A10 chips follow in the same vein as the A8 parts, with the 65W A10-5700 part clocked at 3.4GHz, boosted to 4GHz while the 100W A10-5800K part has its clocks set at 3.8GHz and boosted to 4.2GHz. AMD has given both processors 384 graphics cores clocked at 800MHz.
AMD Cuts Radeon Prices
After the recent price cut back in July, that included a $50 price cut for HD 7970, HD 7950 and HD 7870 graphics cards, AMD has apparently decided to cut some of these prices even further taking the HD 7950 3GB graphics card down to $320, or just in line with Nvidia’s recently release GTX 660 Ti graphics card.
AMD has already dropped the HD 7970 from $479 to $429, HD 7950 from $399 to US $349 and the HD 7870 down from $349 to $299. The new price cut skips the HD 7970 graphics card but includes the HD 7950, HD 7870 as well as the 1 and 2GB versions of the HD 7850.
The most important is probably the price cut for the 3GB HD 7950 which battles it out with Nvidia’s recently released GTX 660 Ti. The HD 7950 3GB is, according to the report, will receive a $30 price cut placing it at $320. The HD 7870 2GB graphics card got another $50 price cut pushing it down to $250 which probably makes it one of the most interesting mid-range graphics cards on the market.
AMD also decided to drop price on 1 and 2GB version of the HD 7850 graphics card taking them down by $40 to $190 and $210, respectively.
AMD’s 8350 Clocked At 4.0GHz
We have got some information about AMD’s upcoming FX 8350.
However, today we learned that AMD will push this CPU from Q3 to early Q4 2012 as now it claims that it can launch this processor in late October. AMD FX 8350 is an eight-core with 16MB cache, Vishera based 32nm core with 4.0GHz default clock and ability to jump to 4.2GHz with turbo core automatic overclocking.
This is an impressive frequency jump as the AMD FX 8150 works at 3.6GHz default and with turbo gets to 4.2GHz. The FX 8350 is supposed to replace the 8150 as AMD’s flagship processor.
According to current schedule production ready samples are expected in roughly a month (early August). Mass production starts in early August, probably days after they finalize the clocks and give it a green light for mass production but the launch is pushed for late October 2012.
AMD Officially Launches Trinity Mobile
AMD has finally and officially lifted an NDA veil off its mobile Trinity A-series APU lineup based on the 2nd-gen Bulldozer CPU core, aka Piledriver, and VLIW4 Northern Islands GPU squeezed together on a 32nm SOI die.
Architecture-wise, AMD’s Trinity combines two to four Piledriver x86 cores combined with up to 384 VLIW4 Radeon cores on a 32nm die which ends up as a 246mm2 chip with 1.303B transistors, slightly more than Llano’s 228mm2/1.178B. Since it is made in the same 32nm manufacturing process as Llano, the greatest win for Trinity are actual CPU and GPU performance improvements as well as impressive power consumption improvements when compared to Llano APUs.
Same as the FX-series desktop parts based on the Bulldozer architecture, AMD’s Trinity CPU part has a 2+1 integer/floating point design where you get two integer cores that share a single floating point scheduler. Although it appears to the OS as two cores, each Piledriver module actually has less resources than traditional core design. But with Piledriver, those Bulldozer kinks got ironed out as much as possible, improving IPC (instruction per cycle), reducing leakage, reducing CAC and giving it a slight frequency uplift.
As far as the GPU is concerned, we are looking at quite familiar Northern Islands VLIW4 part, a same one that was behind Cayman Radeon HD 6970 graphics card. Of course, the GPU has been cut down to up to 384 stream processors (organized in 6 SIMDs) with 24 texture units and 8 ROPs. The clocks have also gone down to 497MHz base clock that can “turbo” up to 686MHz.