AMD's latest MI355 has a 35-fold performance increase! Lisa Su: AI market will exceed 500 billion within three years

U.S. chip giant AMD's CEO Lisa Su announced at a conference in California on 6/12 that AMD's latest AI accelerator MI350 series has made a heavyweight debut, with performance not only surpassing previous generations but also capable of competing with Nvidia's popular B200 and GB200 products in some AI applications. She further revised market predictions, stating that the AI chip market will exceed $500 billion within three years. Lisa Su announced that the new generation AI accelerator chip MI355 has begun shipping this month, with performance surging 35 times compared to previous generations. It is faster than Nvidia's B200 and GB200 in AI software operations and can match or potentially even overtake them in model training. More importantly, MI355 is significantly cheaper than competing products, helping enterprises build AI infrastructure at a lower cost. Lisa Su declared: "This is the starting point for AMD to catch up with NVIDIA!" Lisa Su revised the AI chip market estimate, believing the market size could exceed $500 billion in the next three years, much faster than her previous 2028 target. She stated: "Before, everyone thought this number was huge, now it seems like just the baseline." However, the market reaction was conservative, with AMD's stock price dropping 2.2% after the press conference, closing at $118.50. Lisa Su also previewed the next-generation MI400 chip series, set to debut in 2026, revealing it was developed in collaboration with OpenAI. OpenAI's CEO Sam Altman even endorsed it, saying he "could hardly believe" the specifications when first seeing them. However, AMD is still restricted by U.S. export policies and requires permission to ship to China. Lisa Su is actively lobbying the Trump administration to relax restrictions and has successfully secured a Saudi Arabian order approved by the White House. She emphasized that the U.S. should allow free chip exports to maintain its global AI technology leadership. The U.S. gaming company Sharplink Gaming announced plans to invest $1 billion in establishing an Ethereum Treasury, but its stock price plummeted over 70% due to an SEC document. Although top management quickly clarified market misunderstandings, this incident seems to highlight a deeper issue: "When crypto asset reserves combine with traditional stock market investors, does it amplify psychological and narrative gaps, potentially introducing market instability?"

Toggle

From Soaring Hot Spot to Sudden Crash: Sharplink's Plunge Prelude

Sharplink Gaming, after announcing the establishment of an Ethereum Treasury in late May, saw its stock price surge by over 20 times, becoming a focal point. The company raised $425 million through a Private Investment in Public Equity (PIPE) model, with institutions including ConsenSys, Galaxy Digital, and Pantera Capital.

(SharpLink Announces Billion-Dollar ETH Reserve Plan, SBET Stock Experiences Multiple Circuit Breakers)

Last week, the company further announced an ETH purchase plan of up to $1 billion, deepening its Ethereum reserve strategy.

However, just two weeks later, Sharplink filed an S-3 form with the SEC, registering over 5.87 million shares for potential future resale, which the market interpreted as an imminent massive sell-off. This triggered panic selling, with the stock price plummeting to below $8, experiencing an intraday drop of over 73%.

Lubin Clarifies No Actual Stock Sale, Still Unable to Prevent Market Trust Collapse

Sharplink's Chairman and ConsenSys CEO Joseph Lubin immediately clarified on X, emphasizing that neither ConsenSys nor he had sold any shares:

This S-3 document is a standard process in traditional finance for PIPE financing, merely registering potential future resale rights and not an actual selling action.

It's clear that this explanation falls short for the market. For most investors, even with trust in management, they might choose to sell first when any negative news appears, directly leading to a selling stampede.

Can Traditional Financial Investors Really Withstand Crypto Asset Volatility?

Although ETH as a treasury asset allocation is basically common in the crypto field, for listed companies like Sharplink, whose investors mostly come from traditional markets, they may lack psychological preparation for crypto asset volatility.

This is the core contradiction of "Bitcoin Acquisition Vehicles": "Stock investors tend to look for predictable revenue growth and stable cash flow, but crypto assets bring unpredictable intense volatility and narrative changes."

In other words, when any slight change occurs in the investment target, these investors may be the first to jump ship.

Crypto Transformation Without Narrative Support is Just Risk Transfer

Sharplink is not the only public company exploring crypto asset reserves. From MicroStrategy to Tesla, GameStop, and even Trump Media, they are packaging crypto asset narratives through stocks. However, the key to success lies in the company's ability to control the narrative.

Taking MicroStrategy as an example, its success partly comes from Michael Saylor himself being a strong BTC narrative voice. However, for other companies without similar leadership, mismatched investor structure, and an unprofitable core business, the risk after the hype can be amplified several times.

As the author previously reported: "When investors don't know whether they're buying a tech stock, financial stock, or a crypto investment fund, this confusion itself is a risk."

Rethinking "Crypto Reserves": Not Every Company Can Follow MicroStrategy's Path

The Sharplink incident reminds the market that crypto reserves are not a panacea for solving corporate financial difficulties: "Instead of letting stock companies bear crypto volatility, it's better to focus on core business transformation or return to crypto native."

If more companies continue to attempt to replicate this "cryptocurrency as a hype narrative" model, investors also need to apply higher risk assessment standards to such companies to prevent traditional finance from becoming a replica of crypto volatility.