# AMD 第一財季庫存達到創紀錄的 80 億美元，超過應收帳款增長，庫存天數推升至五年新高的 142 天。

*semiconductor, business · news · 2026-06-09 · Seeking Alpha*

## Key points

- AMD 第一財季庫存達到創紀錄的 80 億美元，庫存天數推升至 142 天。
- 由於 Nvidia 推出更優秀的產品，AMD 桌上型 GPU 市場占有率創歷史新低。
- AMD 目前非 GAAP 本益比為 66 倍，遠高於同業及歷史水準。
- 分析師因庫存過高、市場占有率疲弱及估值過高，將 AMD 評級從買進降至持有。

AMD: Inventory Doesn't Lie And Says Downgrade Comment (1) Summary Advanced Micro Devices, Inc. is downgraded from Buy to Hold due to elevated inventory, intensified competition, and valuation expansion. AMD's inventory reached a record $8B in FQ1, outpacing receivables growth and pushing days of inventory to a five-year high of 142 days. Competition from Nvidia has driven AMD's desktop GPU market share to an all-time low, with Nvidia's inventory management and product launches outpacing AMD. AMD's P/E ratio has expanded to 66x (non-GAAP), far exceeding peers, making current valuation appear overly optimistic despite strong AI-related tailwinds. Looking for a helping hand in the market? Members of Envision Early Retirement get exclusive ideas and guidance to navigate any climate. Learn More » AMD: Inventory Reached Record Level in FQ1 My last analysis on Advanced Micro Devices, Inc. (AMD) was published on April 29. The article was triggered by Intel’s ( This article was written by 20.64K Followers Envision Research, aka Lucas Ma, has over 20+ years of investment experience and holds a Masters with in Quantitative Investment and a PhD in Mechanical Engineering with a focus on renewable energy, both from Stanford University. He also has 30+ years of hands-on experience in high-tech R&D and consulting, housing sector, credit sector, and actual portfolio management.He leads the investing group Envision Early Retirement along with Sensor Unlimited where they offer proven solutions to generate both high income and high growth with isolated risks through dynamic asset allocation. Features include: two model portfolios - one for short-term survival/withdrawal and one for aggressive long-term growth, direct access via chat to discuss ideas, monthly updates on all holdings, tax discussions, and ticker critiques by request. Analyst’s Disclosure: I/we have no stock, option or similar derivative position in any of the companies mentioned, and no plans to initiate any such positions within the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article. Seeking Alpha's Disclosure: Past performance is no guarantee of future results. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. Any views or opinions expressed above may not reflect those of Seeking Alpha as a whole. Seeking Alpha is not a licensed securities dealer, broker or US investment adviser or investment bank. Our analysts are third party authors that include both professional investors and individual investors who may not be licensed or certified by any institute or regulatory body. Comment (1)

**Companies:** Advanced Micro Devices, Inc.

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