Jim Cramer on why he thinks Xilinx may not be ready to sell to AMD

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결론: AMD의 자일링스 인수 가능성은 있으나 AMD가 과도하게 지불하지 않도록 주의해야 하며, 규제 및 중국 반독점 승인 리스크가 존재한다. AMD의 인수 배경: 자일링스는 데이터센터, 비디오 스트리밍, 유무선 및 자동차 분야 진출을 추진 중이며, AMD가 필요로 하는 영역과 겹친다. 다만 자일링스 CEO는 이 분야가 새롭다고 언급했다. 인수 가격 및 조건: 크레이머는 AMD가 자일링스 인수 시 현재 주가보다 더 높은 가격을 지불해야 할 것으로 전망했다. AMD 주가가 올해 약 89% 상승해 현금과 주식을 활용하기 좋은 시기라는 의견이 나왔다. 자일링스 실적 및 전략: 최근 분기 유무선 매출은 전분기 대비 27% 증가했으나 전년 동기 대비 33% 감소했다. 5G·방산 등 여러 이니셔티브에 집중하고 있어 실행 리스크가 있다. 규제 리스크: 중국 반독점 승인 등 규제 절차로 인해 거래 완료까지 오랜 시간이 걸릴 수 있으며, 양사 매출의 상당 부분이 중국 지역에서 발생한다. 자일링스 주가 전망: 인수가 불발되더라도 자일링스가 큰 호실적을 낼 것이라는 확신은 없다고 평가했다. 출연자 전망: 크레이머는 자일링스 경영진의 전략에 긍정적이나, 가격 및 실행 측면에서는 신중한 입장이다.

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01. you just made the wires by suggesting that XY links may not be ready to sell well look I mean I I had CEO Victor penguin I had him on uh in August he's so excited about all the new markets that he's going into he's a nent data center uh he's talking about video live video streaming he's coming into wired and wireless Auto exposure now the problem is every one of those dub tals perfectly with Advanced Micro so I could see Lisa sue the CEO saying you know what all the areas we need to be strong in zling can give it to us but I also see that Victor when he was on was saying hey look this is new for us we're just doing this this does not feel like when Altera was willing to be sold to Intel so I I think that if Lisa Su wants to do it she has to be very careful not to overpay because uh as great as zyink is and I think zyink is terrific they really think that they're on the launching pad and David you know when a CEO just now feels like you know what it's really coming together there they're usually reluctant when they see the prize to give it up they are if they really do think that that's going to be something that is within their grasp you're right um you know it would be potentially cash and stock I think Jim is fair to say given amd's incredible move in terms of the stock price itself up what some 89% this year it's not a bad time to use your currency I don't have any information in terms of what a mix might look like or what the offer exactly is but um but Jim to that point you would have an opportunity as a Zing shareholder to participate in the benefits of the combination were to actually include a good amount of stock which it might the Journal of course having broken this yesterday there had been some chatter around i' picked it up that AMD was looking Jim are you surprised at all that they are looking for potentially a large deal even if they are unable to complete this one well it's like you look at uh I had Marvel technology on last night and what did they decided to do they pivoted dramatically they decided to be in data center they decided to be in cloud and they decided to to be in Auto nxp last night pre-announced why they are going to kill it in Auto so you need a live video which AMD doesn't have uh you definitely need Auto which AMD doesn't have uh they want to get bigger in the cloud they're already big but at the same time it would be terrific to team up with Zing so it fills a lot of holes for what Leisa Su is built uh but at the same time she is a huge positive steward of her company stock and money so if zy wants a fortune uh and Z stock has been depressed because they switched their their model uh and also because they were hurt by China uh that if she has to overpay she won't um well then you know we'll see again I have no unfortunately no reporting on exactly what price expectations if there are any ayink might be Jim there's got to be certainly though some concern about regulatory these deals can take a long time were to actually get announced and then they move through that process because they will need China anti trust approval as well both businesses have a decent amount of revenues derived from that area Sil of the world yeah and so that is not something that comes easily as we know and certainly can always inject a good deal of uncertainty into any transaction yeah I mean look I I think that she will have to pay more than where zlink is trading right now uh ex the only problem there is is that if she doesn't buy it there's no assurance that zlink is going to have a great quarter I mean last was pretty good but they're not hitting it the way nxp or uh or marll is hitting it they're too nent in so many of their initiatives uh they were big 5G and the big defense uh Mr Pang is has not furthered those he is really I mean look he's got numbers a cloud automobile he is really interesting in that high performance Computing HPC very interested in doing that but he's so nent that's why I say I mean they had wired and wire up 27% sequentially the latest quarter but down 33% year-over year David so I mean it's not like you're buying a perfect company but then again if it were perfect the stock would be at 150