超微半導體 (AMD) 2021 Q2 法說會逐字稿

Hello, and welcome to the AMD Second Quarter 2021 Earnings Conference Call.

您好，歡迎參加 AMD 2021 年第二季度收益電話會議。

(Operator Instructions) As a reminder, this conference is being recorded.

（操作員說明）作為提醒，本次會議正在錄製中。

It's now my pleasure to turn the call over to Laura Graves, Corporate Vice President of Investor Relations.

現在，我很高興將電話轉給投資者關係公司副總裁 Laura Graves。

Laura, please go ahead.

勞拉，請繼續。

Thank you, and welcome to AMD's Second Quarter 2021 Financial Results Conference Call.

謝謝，歡迎參加 AMD 2021 年第二季度財務業績電話會議。

By now, we hope you have had the opportunity to review a copy of our earnings press release and slides.

到目前為止，我們希望您有機會查看我們的收益新聞稿和幻燈片的副本。

If you have not reviewed these documents yet, they can be found on the Investor Relations page of amd.com.

如果您尚未查看這些文件，可以在 amd.com 的投資者關係頁面上找到它們。

Participants on today's conference call are Dr. Lisa Su, our President and Chief Executive Officer; and Devinder Kumar, our Executive Vice President, Chief Financial Officer and Treasurer.

今天電話會議的參與者是我們的總裁兼首席執行官蘇麗莎博士； Devinder Kumar，我們的執行副總裁、首席財務官兼財務主管。

This is a live call and will be replayed via webcast on our website.

這是一個現場通話，將通過我們網站上的網絡廣播重播。

Before we begin, I would like to note that Saeid Moshkelani, Senior Vice President and General Manager of our Client business; and Ruth Cotter, Senior Vice President of Worldwide Marketing, Human Resources, Investor Relations and Strategy, will attend the Jefferies Semiconductor and Hardware Summit on Tuesday, August 31.

在開始之前，我想提一下我們客戶業務的高級副總裁兼總經理 Saeid Moshkelani；全球營銷、人力資源、投資者關係和戰略高級副總裁 Ruth Cotter 將於 8 月 31 日星期二出席傑富瑞半導體和硬件峰會。

Devinder Kumar will attend the Deutsche Bank Technology Conference on Friday, September 10th.

Devinder Kumar 將於 9 月 10 日星期五出席德意志銀行技術會議。

And our third quarter 2021 quiet time is expected to begin at the close of business on Friday, September 10th.

我們 2021 年第三季度的安靜時間預計將在 9 月 10 日星期五營業結束時開始。

Today's discussion contains forward-looking statements based on current beliefs, assumptions and expectations, speak only as of today and as such, involve risks and uncertainties that could cause actual results to differ materially from our current expectations.

今天的討論包含基於當前信念、假設和預期的前瞻性陳述，僅在今天發表，因此涉及可能導致實際結果與我們當前預期產生重大差異的風險和不確定性。

We refer to the cautionary statement in our press release for more information on factors that could cause actual results to differ.

關於可能導致實際結果不同的因素的更多信息，我們參考了我們新聞稿中的警告聲明。

We will refer primarily to non-GAAP financial measures during this call.

在本次電話會議中，我們將主要參考非公認會計準則財務指標。

The full non-GAAP to GAAP reconciliations are available in today's press release and slides posted on our website.

完整的非 GAAP 到 GAAP 對賬可在今天的新聞稿和我們網站上發布的幻燈片中找到。

With that, I will hand the call over to Lisa.

有了這個，我會把電話交給麗莎。

Lisa?

麗莎？

Thank you, Laura, and good afternoon to all those listening in today.

謝謝你，勞拉，今天所有收聽的人下午好。

Our business performed exceptionally well in the second quarter as strong execution and growing customer preference for our high-performance products generated significant market and financial momentum.

我們的業務在第二季度表現異常出色，因為強勁的執行力和客戶對我們高性能產品的日益偏好產生了顯著的市場和財務勢頭。

We saw a very strong demand across all of our businesses, which resulted in second quarter revenue growing 99% year-over-year to $3.85 billion.

我們看到我們所有業務的需求都非常強勁，這導致第二季度收入同比增長 99% 至 38.5 億美元。

We expanded our gross margins by 4 percentage points, doubled operating margin and more than tripled profitability year-over-year.

我們將毛利率提高了 4 個百分點，營業利潤率翻了一番，盈利能力同比增長了兩倍多。

We also delivered record revenue for the fourth straight quarter and generated record free cash flow in the quarter.

我們還連續第四個季度實現了創紀錄的收入，並在本季度產生了創紀錄的自由現金流。

Turning to our Computing and Graphics segment.

轉向我們的計算和圖形部門。

Second quarter revenue increased 65% year-over-year to $2.25 billion, driven by significant growth in both Ryzen and Radeon processor sales.

第二季度收入同比增長 65% 至 22.5 億美元，這得益於銳龍和 Radeon 處理器銷售額的顯著增長。

In client computing, we had another record quarter of processor revenue.

在客戶端計算方面，我們的處理器收入又創下了一個創紀錄的季度。

Both desktop and notebook revenue increased by a strong double-digit percentage year-over-year, and we believe we gained revenue share for the fifth straight quarter.

台式機和筆記本電腦的收入都同比增長了兩位數，我們相信我們連續第五個季度獲得了收入份額。

In desktop, robust demand for our highest-end Ryzen processors drove a richer mix in the quarter as Ryzen 9 processor unit shipments more than doubled year-over-year.

在台式機方面，對我們最高端 Ryzen 處理器的強勁需求推動了本季度更豐富的組合，因為 Ryzen 9 處理器單元的出貨量同比增長了一倍以上。

In notebooks, unit shipments and ASP increased sequentially and year-over-year.

在筆記本電腦中，單位出貨量和 ASP 環比和同比增長。

We delivered our seventh straight quarter of record mobile CPU revenue, led by the steep ramp of our latest generation Ryzen 5000 mobile processors.

我們連續第七個季度實現了創紀錄的移動 CPU 收入，這得益於我們最新一代 Ryzen 5000 移動處理器的大幅增長。

In the enterprise, Ryzen PRO mobile processor unit shipments nearly doubled year-over-year as we won multiple high-volume deployments in the quarter with Fortune 500 financial services, automotive and pharmaceutical companies.

在企業領域，銳龍 PRO 移動處理器的出貨量同比幾乎翻了一番，因為我們在本季度贏得了財富 500 強金融服務、汽車和製藥公司的多項大批量部署。

In graphics, revenue doubled year-over-year, led by demand for Radeon 6000 series desktop graphics cards in the channel and adoption of our data center GPUs.

在顯卡方面，由於渠道對 Radeon 6000 系列桌面顯卡的需求以及我們數據中心 GPU 的採用，收入同比翻了一番。

RDNA 2 GPU shipments grew by double-digit percentage sequentially as the first notebooks powered by our Radeon RX 6000M Series GPUs launched, including the first AMD Advantage notebooks that combine high-performance Ryzen CPUs, Radeon GPUs and AMD software with premium design features to deliver best-in-class gaming experiences.

隨著首批搭載我們 Radeon RX 6000M 系列 GPU 的筆記本電腦的推出，RDNA 2 GPU 出貨量連續兩位數增長，其中包括第一款將高性能 Ryzen CPU、Radeon GPU 和 AMD 軟件與高級設計功能相結合的 AMD Advantage 筆記本電腦，以提供一流的遊戲體驗。

ASUS, HP, MSI and Lenovo announced plans to bring AMD Advantage notebooks to market over the coming months as we further expand our presence in the gaming notebook market.

隨著我們進一步擴大在遊戲筆記本市場的影響力，華碩、惠普、微星和聯想宣布計劃在未來幾個月將 AMD Advantage 筆記本推向市場。

Data center graphics revenue more than doubled year-over-year, driven by new deployments of our AMD Instinct accelerators, including initial shipments of our next-generation data center GPUs featuring our CDNA 2 architecture.

受我們 AMD Instinct 加速器的新部署的推動，數據中心圖形收入同比增長了一倍以上，包括我們採用 CDNA 2 架構的下一代數據中心 GPU 的首次出貨。

CDNA 2 represents a major step forward in our multiyear data center GPU strategy, delivering more than twice the performance of our current generation and significantly higher performance than competitive offerings in HPC workloads.

CDNA 2 代表了我們多年數據中心 GPU 戰略向前邁出的重要一步，其性能是我們當前一代的兩倍多，並且比 HPC 工作負載中的競爭產品具有更高的性能。

We expect data center GPU revenue to grow in the second half of the year as we ramp production of our next-generation AMD Instinct accelerators and open-source ROCm software to support multiple leading-edge supercomputer wins including Frontier, LUMI and Pawsey.

我們預計數據中心 GPU 收入將在下半年增長，因為我們將增加下一代 AMD Instinct 加速器和開源 ROCm 軟件的生產，以支持包括 Frontier、LUMI 和 Pawsey 在內的多項領先的超級計算機勝利。

Turning to our Enterprise, Embedded and Semi-Custom segment.

轉向我們的企業、嵌入式和半定制部分。

Revenue increased 183% year-over-year to $1.6 billion, driven by strong growth in both semi-custom and EPYC processor sales.

在半定制和 EPYC 處理器銷售強勁增長的推動下，收入同比增長 183% 至 16 億美元。

Semi-custom revenue grew sequentially and year-over-year, and we expect game console demand to remain strong throughout the year.

半定制收入環比和同比增長，我們預計遊戲機需求全年保持強勁。

We announced a new semi-custom win earlier this month as Valve chose AMD to power their Steam Deck handheld game console planned to launch this December.

本月早些時候，我們宣布了一項新的半定制勝利，因為 Valve 選擇 AMD 為其計劃於今年 12 月推出的 Steam Deck 掌上游戲機提供動力。

In embedded, we are making good progress expanding our presence across key verticals, including automotive, networking and storage.

在嵌入式領域，我們在擴大我們在汽車、網絡和存儲等關鍵垂直領域的影響力方面取得了良好進展。

We ramped production shipments in the quarter of AMD Ryzen embedded CPUs and Radeon RDNA 2 GPUs to power the in-dash infotainment systems in Tesla's latest Model S and Model X vehicles.

我們在本季度增加了 AMD Ryzen 嵌入式 CPU 和 Radeon RDNA 2 GPU 的生產出貨量，為特斯拉最新款 Model S 和 Model X 車輛的儀表板信息娛樂系統提供動力。

Now turning to server.

現在轉向服務器。

We delivered our fifth straight quarter of record server processor revenue.

我們連續第五個季度實現了創紀錄的服務器處理器收入。

Sales grew by a significant double-digit percentage sequentially, driven by higher unit shipments and ASP.

在單位出貨量和 ASP 的推動下，銷售額環比增長了顯著的兩位數百分比。

We are seeing very strong demand across our full server portfolio with second-gen EPYC processor revenue growing sequentially and third-gen EPYC processor sales more than doubling quarter-over-quarter.

我們看到整個服務器產品組合的需求非常強勁，第二代 EPYC（霄龍）處理器收入環比增長，第三代 EPYC（霄龍）處理器銷售額環比增長一倍以上。

Third-gen EPYC processor revenue is ramping faster than the prior generation as customers and multiple third-party reviewers recognize the absolute performance and price performance leadership of our latest server processors.

第三代 EPYC（霄龍）處理器收入的增長速度比上一代更快，因為客戶和多個第三方評論者認識到我們最新服務器處理器的絕對性能和性價比領先地位。

Cloud demand further accelerated in the quarter, led by growing internal workload adoption and nearly 50 new AMD-powered instances by AWS, Microsoft Azure, Google, Tencent and Alibaba.

雲需求在本季度進一步加速，這主要得益於內部工作負載採用率不斷提高，以及 AWS、微軟 Azure、谷歌、騰訊和阿里巴巴近 50 個新的 AMD 驅動實例。

Google announced it chose AMD EPYC processors to exclusively power the first offering in its new Tau VM family that delivers industry-leading performance and value for scale-out workloads versus other competitive x86 and ARM offerings.

Google 宣布選擇 AMD EPYC（霄龍）處理器為其全新 Tau VM 系列中的第一款產品提供獨家支持，與其他具有競爭力的 x86 和 ARM 產品相比，該產品可為橫向擴展工作負載提供行業領先的性能和價值。

In enterprise, we see demand accelerating as more than 100 third-gen EPYC processor platforms are now in production from Dell, HPE, Lenovo, Supermicro, Cisco and others.

在企業中，我們看到需求正在加速增長，因為戴爾、HPE、聯想、Supermicro、思科等公司正在生產超過 100 個第三代 EPYC 處理器平台。

In addition, we are seeing a rapid expansion in the number of AMD-powered solutions and appliances from our OEM and ecosystem partners targeting hyper-converged and virtual desktop infrastructures as well as workloads demanding the highest per core performance such as EDA and Computational Fluid Dynamics.

此外，我們的 OEM 和生態系統合作夥伴針對超融合和虛擬桌面基礎架構以及要求最高單核性能的工作負載（如 EDA 和計算流體動力學）提供 AMD 驅動的解決方案和設備的數量正在迅速增加.

We secured multiple HPC wins in the quarter, including newly announced deployments by the National Supercomputing Centre in Singapore and the French Atomic Energy Commission.

我們在本季度獲得了多項 HPC 勝利，包括新加坡國家超級計算中心和法國原子能委員會新宣布的部署。

Our substantial momentum in HPC was highlighted by the fact that the number of AMD-based systems on the latest top 500 list of the world's fastest supercomputers increased by almost 5x in the last year and that EPYC processors power half of the 58 newly listed systems.

去年世界上最快的超級計算機 500 強名單中基於 AMD 的系統數量增加了近 5 倍，並且 EPYC 處理器為新列出的 58 個系統中的一半提供動力，這一事實突顯了我們在 HPC 方面的強勁勢頭。

Looking at our overall data center business.

看看我們的整體數據中心業務。

Revenue nearly doubled year-over-year and increased sequentially from a high-teens percentage of overall revenue in the first quarter to greater than 20% in the second quarter.

收入同比幾乎翻了一番，並從第一季度佔總收入的十幾歲百分比連續增長到第二季度的 20% 以上。

We expect data center revenue to continue growing faster than overall revenue based on the strength of our EPYC processors and Instinct accelerators and the significantly expanded engagements we have built with the leading OEMs and largest MDCs.

基於我們的 EPYC 處理器和 Instinct 加速器的實力以及我們與領先的 OEM 和最大的 MDC 建立的顯著擴大的合作，我們預計數據中心收入的增長將繼續快於整體收入。

Turning to our Xilinx acquisition.

轉向我們對 Xilinx 的收購。

We passed additional milestones in the quarter and received unconditional regulatory approvals in multiple jurisdictions, including in the EU and the United Kingdom.

我們在本季度通過了其他里程碑，並在包括歐盟和英國在內的多個司法管轄區獲得了無條件的監管批准。

We remain on track to close this strategic transaction by the end of the year and are excited about the opportunities ahead.

我們仍有望在年底前完成這項戰略交易，並對未來的機會感到興奮。

In closing, I'm extremely pleased with our execution as our business accelerated considerably in the first half of the year.

最後，我對我們的執行感到非常滿意，因為我們的業務在今年上半年大幅加速。

Based on growing customer preference for our products and strong supply chain execution, we now expect annual revenue to grow by approximately 60% year-over-year, up from approximately 37% growth we guided at the beginning of the year.

基於客戶對我們產品的偏好和強大的供應鏈執行力，我們現在預計年收入將同比增長約 60%，高於我們在年初指導的約 37% 的增長。

Our engineering teams are aggressively driving our product and technology road maps to continue setting the pace of innovation for high-performance computing.

我們的工程團隊正在積極推動我們的產品和技術路線圖，以繼續引領高性能計算的創新步伐。

We remain on track to launch next-generation products in 2022, including our Zen 4 processors built with industry-leading 5-nanometer process technology and our RDNA 3 GPUs.

我們仍有望在 2022 年推出下一代產品，包括採用行業領先的 5 納米工藝技術構建的 Zen 4 處理器和我們的 RDNA 3 GPU。

We also recently demonstrated the next major advance in our chiplet strategy with our differentiated 3D die stacking technology that enables significantly denser and more efficient connections between stacked chips.

我們最近還展示了我們的小芯片戰略的下一個重大進展，我們的差異化 3D 芯片堆疊技術可在堆疊芯片之間實現更密集和更高效的連接。

Based on the strength of our long-term road map and the deep partnerships we have established, we expect to continue growing significantly faster than the market.

基於我們長期路線圖的優勢和我們建立的深厚合作夥伴關係，我們預計將繼續以明顯快於市場的速度增長。

In summary, we are making great progress towards our ambitious goal of establishing AMD as a high-performance computing leader and a best-in-class growth franchise.

總而言之，我們正在朝著將 AMD 打造成高性能計算領導者和一流增長系列的宏偉目標取得巨大進展。

Now I'd like to turn the call over to Devinder to provide some additional color on our second quarter financial performance.

現在我想把電話轉給 Devinder，為我們的第二季度財務業績提供一些額外的色彩。

Devinder?

德溫德？

Thank you, Lisa, and good afternoon, everyone.

謝謝你，麗莎，大家下午好。

AMD had another outstanding quarter.

AMD 還有一個出色的季度。

Our high-performance computing product momentum is driving record revenue growth, record profitability and significant cash generation.

我們的高性能計算產品勢頭正在推動創紀錄的收入增長、創紀錄的盈利能力和顯著的現金生成。

Second quarter revenue was $3.85 billion, up 99% from a year ago and up 12% from the prior quarter.

第二季度收入為 38.5 億美元，比去年同期增長 99%，比上一季度增長 12%。

Year-over-year growth was driven by significant revenue increases across all businesses.

同比增長是由所有業務的收入顯著增長推動的。

Gross margin was 48%, up 360 basis points from a year ago, driven by an improved revenue mix and higher margin contribution from all businesses.

毛利率為 48%，比一年前增加了 360 個基點，這得益於收入組合的改善和所有業務的利潤率貢獻增加。

Operating expenses were $909 million compared to $617 million a year ago as we continue to invest in business growth and our long-term product road maps.

由於我們繼續投資於業務增長和我們的長期產品路線圖，運營費用為 9.09 億美元，而一年前為 6.17 億美元。

Operating income was $924 million, up $691 million from a year ago, driven primarily by revenue growth.

營業收入為 9.24 億美元，比一年前增加 6.91 億美元，主要受收入增長的推動。

Operating margin doubled to 24%, up from 12% a year ago.

營業利潤率從一年前的 12% 翻了一番，達到 24%。

Net income more than tripled to $778 million, up $562 million from a year ago.

淨收入增長了兩倍多，達到 7.78 億美元，比一年前增加了 5.62 億美元。

Diluted earnings per share was $0.63 per share compared to $0.18 per share a year ago.

稀釋後每股收益為每股 0.63 美元，而一年前為每股 0.18 美元。

This includes a 15% effective tax rate in the second quarter of 2021 compared to 3% a year ago.

這包括 2021 年第二季度 15% 的有效稅率，而一年前為 3%。

Now turning to the business segment results.

現在轉向業務部門的結果。

Computing and Graphics segment revenue was $2.3 billion, up 65% year-over-year, driven primarily by significantly higher client and graphic processor revenue with a richer product mix in both businesses.

計算和圖形部門收入為 23 億美元，同比增長 65%，這主要是由於客戶端和圖形處理器收入顯著增加以及這兩個業務的產品組合更加豐富。

Computing and Graphics segment operating income was $526 million or 23% of revenue compared to $200 million or 15% a year ago.

計算和圖形部門的營業收入為 5.26 億美元，佔收入的 23%，而一年前為 2 億美元或 15%。

Enterprise, Embedded and Semi-Custom segment revenue was $1.6 billion, up 183% from $565 million the prior year.

企業、嵌入式和半定制部門收入為 16 億美元，比上年的 5.65 億美元增長 183%。

The strong revenue increase was driven by higher semi-custom product revenue and EPYC processor sales.

強勁的收入增長是由較高的半定制產品收入和 EPYC 處理器銷售推動的。

EESC segment operating income was $398 million or 25% of revenue compared to $33 million or 6% a year ago.

EESC 部門的營業收入為 3.98 億美元，佔收入的 25%，而一年前為 3300 萬美元或 6%。

Turning to the balance sheet.

轉向資產負債表。

Cash, cash equivalents and short-term investments were $3.8 billion, up from $3.1 billion at the end of the prior quarter.

現金、現金等價物和短期投資為 38 億美元，高於上一季度末的 31 億美元。

Free cash flow was a record $888 million compared to $152 million in the same quarter last year.

自由現金流達到創紀錄的 8.88 億美元，而去年同期為 1.52 億美元。

Free cash flow for the first half of 2021 of $1.7 billion was more than double 2020 annual free cash flow.

2021 年上半年的自由現金流為 17 億美元，是 2020 年年度自由現金流的兩倍多。

With our strong financial results and growing cash generation, we announced a $4 billion stock repurchase program in May, under which we repurchased 3.2 million shares of common stock for $256 million in the second quarter.

憑藉強勁的財務業績和不斷增長的現金產生，我們在 5 月份宣布了一項 40 億美元的股票回購計劃，根據該計劃，我們在第二季度以 2.56 億美元的價格回購了 320 萬股普通股。

Inventory was $1.8 billion, up from the prior quarter in support of higher revenue expected in the second half of the year.

庫存為 18 億美元，高於上一季度，以支持預計下半年收入增加。

Let me now turn to the third quarter outlook.

現在讓我談談第三季度的展望。

Today's outlook is based on current expectations and contemplates the current global supply environment and customer demand signals.

今天的展望基於當前的預期，並考慮了當前的全球供應環境和客戶需求信號。

We expect revenue to be approximately $4.1 billion, plus or minus $100 million, an increase of approximately 46% year-over-year and approximately 6% sequentially.

我們預計收入約為 41 億美元，上下浮動 1 億美元，同比增長約 46%，環比增長約 6%。

The year-over-year increase is expected to be driven by growth across all businesses.

預計同比增長將受到所有業務增長的推動。

The sequential increase is expected to be primarily driven by growth in our data center and gaming businesses.

預計環比增長主要是由我們的數據中心和遊戲業務的增長推動的。

In addition, for Q3 2021, we expect non-GAAP gross margin to be approximately 48%; non-GAAP operating expenses to be approximately $1 billion; non-GAAP interest expense, taxes and other to be approximately $150 million; and the diluted share count to be approximately 1.23 billion shares.

此外，對於 2021 年第三季度，我們預計非美國通用會計準則毛利率約為 48%；非公認會計原則的運營費用約為 10 億美元；非公認會計原則的利息費用、稅收和其他費用約為 1.5 億美元；稀釋後的股份總數約為12.3億股。

For the full year 2021, we now expect revenue growth of approximately 60% over 2020, up from our prior guidance of approximately 50%, driven by growth across all businesses.

在所有業務增長的推動下，我們現在預計 2021 年全年的收入將比 2020 年增長約 60%，高於我們之前約 50% 的指導。

We also expect non-GAAP gross margin to be approximately 48%, up from prior guidance of approximately 47%; non-GAAP operating expenses to be approximately 25% of revenue, down from previous guidance of approximately 26% of revenue; non-GAAP effective tax rate to be 15%; and we expect the company's cash tax rate to be approximately 2%.

我們還預計非美國通用會計準則毛利率約為 48%，高於之前的約 47% 的指導；非美國通用會計準則運營費用將佔收入的約 25%，低於之前指導的約 26% 的收入；非公認會計原則有效稅率為 15%；我們預計公司的現金稅率約為 2%。

In closing, we delivered another excellent quarter with very strong year-over-year growth, accelerated our business momentum and delivered exceptional financial returns.

最後，我們實現了另一個出色的季度，同比增長非常強勁，加速了我們的業務發展勢頭並實現了卓越的財務回報。

With that, I'll turn it back to Laura for the question-and-answer session.

有了這個，我將把它轉回給 Laura 進行問答環節。

Laura?

勞拉？

Thank you, Devinder.

謝謝你，德溫德。

Operator, we're ready to begin the Q&A session now.

接線員，我們現在準備開始問答環節。

(Operator Instructions) Our first question today is coming from Toshiya Hari from Goldman Sachs.

（操作員說明）我們今天的第一個問題來自高盛的 Toshiya Hari。

Congratulations on a very strong set of results.

恭喜取得了非常強勁的結果。

Lisa, you didn't really touch on the supply situation in the marketplace today.

麗莎，你並沒有真正談到今天市場的供應情況。

That appears to be a pretty big focus for companies and also for investors.

對於公司和投資者來說，這似乎是一個相當大的關注點。

How would you characterize the current gap between supply and demand?

您如何描述當前的供需差距？

And importantly, as we look ahead to 2022, how comfortable are you from a foundry wafer capacity and ABS substrate capacity perspective as you continue to grow the business strong double digits?

更重要的是，在我們展望 2022 年時，從晶圓代工產能和 ABS 基板產能的角度來看，隨著您的業務繼續保持兩位數的強勁增長，您感覺如何？

And then I've got a quick follow-up.

然後我有一個快速跟進。

Sure.

當然。

Well, thanks for the question.

嗯，謝謝你的問題。

I think it's fair to say that the semiconductor demand environment and particularly the AMD demand environment has been very strong in 2021.

我認為可以公平地說，半導體需求環境，特別是 AMD 需求環境在 2021 年一直非常強勁。

We've been working on supply for the past couple of quarters.

在過去的幾個季度中，我們一直在努力解決供應問題。

I think I'm actually quite pleased with the progress that we've made in terms of increasing our supply.

我想我實際上對我們在增加供應方面取得的進展感到非常滿意。

And what I've said previously is, certainly, we do see some level of constraints, but we are making progress each quarter.

我之前說過的是，當然，我們確實看到了一定程度的限制，但我們每個季度都在取得進展。

And we made progress in the second quarter that enabled us to exceed the original guidance.

我們在第二季度取得了進展，使我們能夠超越最初的指導。

And as we go into the second half of the year, we're continuing to bring on extra supply each quarter, which is leading to the full year guidance raise that we have.

隨著我們進入下半年，我們將繼續在每個季度帶來額外的供應，這導致我們全年的指導上調。

So I think overall, we continue to make progress.

所以我認為總的來說，我們繼續取得進展。

I will say that it's tight, like you've heard from many other companies, through the end of this year.

我會說它很緊，就像你從許多其他公司那裡聽到的那樣，直到今年年底。

I think it improves in 2022.

我認為它會在 2022 年有所改善。

We've been planning for significant growth.

我們一直在計劃實現顯著增長。

Our model is one where we're going to drive significant growth.

我們的模式是我們將推動顯著增長的模式。

So we've been planning with that with our supply chain partners.

因此，我們一直在與我們的供應鏈合作夥伴進行計劃。

And we do have confidence that we can continue to grow substantially as we go into the second half of this year and into 2022 with the supply chain.

我們確實有信心，隨著我們進入今年下半年和 2022 年的供應鏈，我們可以繼續大幅增長。

Great.

偉大的。

And then as a quick follow-up, I guess a multipart question on your server CPU business or data center business more broadly.

然後作為一個快速跟進，我想一個關於您的服務器 CPU 業務或更廣泛的數據中心業務的多部分問題。

I was hoping you could speak to sort of the revenue construct in the second quarter and if you can differentiate between second gen and third gen, Rome versus Milan, and then what you're seeing on the cloud side versus enterprise side of your business and the outlook into the second half as you think about sort of the different segments of that business.

我希望你能談談第二季度的收入結構，如果你能區分第二代和第三代，羅馬與米蘭，然後你在雲方面看到的與企業方面的業務和當您考慮該業務的不同部分時，下半年的前景。

And then finally, you talked about data center being more than 20% of revenue in Q2, what's embedded in your second half guidance?

最後，您談到數據中心在第二季度佔收入的 20% 以上，您的下半年指導是什麼？

Sure.

當然。

Okay.

好的。

Quite a few questions there.

那裡有很多問題。

So let me try to work through them.

因此，讓我嘗試解決它們。

So in terms of the makeup of our data center business, I mean our server business was very strong.

所以就我們數據中心業務的構成而言，我的意思是我們的服務器業務非常強大。

I think the product capability and sort of just -- sort of the performance and the total cost of ownership for Milan has proven out very well with our customers.

我認為米蘭的產品能力和某種性能和總擁有成本已經在我們的客戶中得到了很好的證明。

So we're very happy with that launch.

所以我們對這次發布非常滿意。

In the second quarter, we did see significant growth with Milan.

在第二季度，我們確實看到了米蘭的顯著增長。

And that being the case, Rome was still a larger portion of the revenue.

在這種情況下，羅馬仍然是收入的較大部分。

And I would say in the second quarter, it was more cloud-weighted.

我想說的是，在第二季度，它更加註重雲計算。

So we saw cloud tends to ramp faster on new generation, and that was the case in the second quarter.

因此，我們看到新一代云計算趨於更快，第二季度就是這種情況。

So cloud grew faster than enterprise.

因此，雲的增長速度超過了企業。

As we go into the second half of the year, we expect that Milan will ramp very quickly and cross over -- third gen will cross over second-generation in the third quarter.

隨著我們進入下半年，我們預計米蘭將迅速崛起並跨越——第三代將在第三季度跨越第二代。

And what we're seeing actually is continued strength across cloud and HPC, which have been traditionally strong for AMD.

我們實際上看到的是雲和 HPC 的持續實力，傳統上這對 AMD 來說是強大的。

But we're actually seeing very good momentum in enterprise.

但我們實際上在企業中看到了非常好的勢頭。

And I think with the breadth of the platforms that we have out there and just the coverage and then sort of the per core performance as well as the overall socket level performance, we're getting a very strong traction, and we're pleased to see that.

而且我認為，憑藉我們擁有的平台的廣度、覆蓋範圍以及每核性能以及整體插槽級性能，我們獲得了非常強大的牽引力，我們很高興看到那個。

So I think as we go into the second half of the year, I think enterprise will be a stronger component for us than it was in the first half of the year, and that's the balance that we want.

所以我認為隨著我們進入下半年，我認為企業將成為我們比上半年更強大的組成部分，這就是我們想要的平衡。

But overall, we're pleased with that.

但總的來說，我們對此感到滿意。

And then in terms of your question about server was -- I'm sorry, data center was greater than 20% of our revenue in the second quarter.

然後就你關於服務器的問題而言，我很抱歉，數據中心在第二季度占我們收入的 20% 以上。

We believe that the data center business will continue to be a strong driver for us into the second half of the year.

我們相信，數據中心業務將繼續成為我們進入下半年的強勁動力。

And so it will be a larger percentage of our overall revenue in the second half of the year.

因此，這將在下半年占我們整體收入的更大比例。

Our next question is coming from Aaron Rakers from Wells Fargo.

我們的下一個問題來自富國銀行的 Aaron Rakers。

Congratulations as well on the quarter.

也祝賀本季度。

I wanted to ask about kind of the trajectory of gross margin.

我想問一下毛利率的軌跡。

If we take the full year guidance now, guiding up 100 basis points with the 3Q guide into consideration, it looks like you're actually pushing towards a 50% gross margin.

如果我們現在考慮全年指引，將第三季度指引上調 100 個基點，看起來你實際上正在推動毛利率達到 50%。

How do we think -- maybe you can unpack how we should think about the segment gross margin levels.

我們怎麼想——也許你可以解開我們應該如何看待細分市場的毛利率水平。

And do you think that if we're hitting 50%, that's a new threshold that we can consider modeling going forward?

你認為如果我們達到 50%，這是一個我們可以考慮繼續建模的新門檻嗎？

I think on the gross margin, first of all, I'll say we are very pleased with the progress we have made.

我認為在毛利率方面，首先，我會說我們對我們取得的進展感到非常滿意。

And as you observed, we have taken up the guidance for the year from 47% to 48%.

正如您所觀察到的，我們已將今年的指導從 47% 提高到 48%。

And in our long-term target model, we have plans to get to greater than 50%.

在我們的長期目標模型中，我們計劃達到 50% 以上。

And I think the strength of the businesses that Lisa just talked about, especially in the data center, help us get there.

我認為 Lisa 剛才談到的業務實力，尤其是在數據中心，幫助我們實現了目標。

The product mix is important.

產品組合很重要。

The ramp in the data center and the client PC business as we gain revenue share is going to be important to drive that.

隨著我們獲得收入份額，數據中心和客戶端 PC 業務的增長對於推動這一點非常重要。

And we are confident that we can continue to improve the gross margin given the mix of the business and also the revenue ramp in the businesses that are higher than corporate average gross margin.

我們相信，鑑於業務組合以及高於公司平均毛利率的業務收入增長，我們可以繼續提高毛利率。

So I feel very good about getting to the greater than 50% over time.

因此，我對隨著時間的推移達到 50% 以上感到非常高興。

Aaron, I was just going to add to that.

亞倫，我只是想補充一下。

I think the most important thing to think about as you think about our business going forward is it really is about the mix of business.

我認為，當您考慮我們未來的業務時，最重要的是要考慮業務的組合。

So as data center becomes a higher percentage of our business, that's a favorable mix for us.

因此，隨著數據中心在我們業務中所佔的比例越來越高，這對我們來說是一個有利的組合。

And then within the segments as well, as we look at where we're strategically focusing as we really mix to the higher end of the portfolio, those are the key things that we're looking at from a margin standpoint.

然後在細分市場中，當我們看到我們真正混合到投資組合的高端時，我們在戰略上關注的地方，這些是我們從利潤的角度來看的關鍵事情。

But there are always puts and takes in the business.

但總有投入和投入的業務。

It's just really about the mix.

這只是關於混合。

Yes.

是的。

And then just as a real quick follow-up.

然後就像一個真正的快速跟進。

As Milan ramps, and appreciating that Rome sounds like still the majority of the EPYC lineup, how successful have you been as far as leveraging a stronger position with regard to uplift on blended ASPs as we think about the continuation of Milan and even starting to think about Genoa going forward?

隨著米蘭的崛起，並欣賞羅馬聽起來仍然是 EPYC 陣容的主要部分，當我們考慮米蘭的延續甚至開始思考時，您在利用更強大的位置提升混合 ASP 方面取得了多大的成功關於熱那亞的未來？

Yes.

是的。

So as we think about sort of the trajectory of the business, it is about offering more performance per socket, and that is what we're doing.

因此，當我們考慮某種業務發展軌跡時，它是關於為每個插槽提供更多性能，這就是我們正在做的事情。

So I think Milan is certainly a performance uplift relative to Rome.

所以我認為米蘭相對於羅馬來說無疑是一個性能提升。

It does lend itself to a higher ASP or a higher mix of the business.

它確實適用於更高的 ASP 或更高的業務組合。

And then clearly, as we go to Genoa, we're going to continue that trajectory.

然後很明顯，當我們去熱那亞時，我們將繼續這條軌跡。

So I think -- and then within server, there's also a mix between cloud and enterprise.

所以我認為 - 然後在服務器內部，雲和企業之間也存在混合。

As I said earlier, we're quite cloud weighted here in the first half of the year.

正如我之前所說，我們在今年上半年在這裡受到了相當大的影響。

And as we go to a stronger percentage of enterprise, that would also be a favorable mix in the service side of the business.

隨著我們進入更大比例的企業，這也將是業務服務方面的有利組合。

Our next question is coming from Vivek Arya from Bank of America Securities.

我們的下一個問題來自美國銀行證券公司的 Vivek Arya。

Lisa, it's to continue on the server business.

麗莎，繼續做服務器業務。

Until last year, we saw AMD take about 2 to 3 points of server share annually.

直到去年，我們看到 AMD 每年佔據大約 2 到 3 點的服務器份額。

This year, the share gains seem to be accelerating on the order of 4 to 5 points.

今年，股價上漲似乎加速了 4 到 5 個百分點。

I'm curious, what's driving this acceleration?

我很好奇，是什麼推動了這種加速？

And did you see anything from Intel's road map disclosures yesterday that you think can impact your server share gain momentum?

您是否從昨天英特爾的路線圖披露中看到了您認為會影響您的服務器份額增長勢頭的任何內容？

Yes.

是的。

Vivek, thanks for the question.

維維克，謝謝你的提問。

Well, as you know very well, we're very focused on sort of multi-quarter, multi-year progress in the server and the data center business.

好吧，正如您非常了解的那樣，我們非常關注服務器和數據中心業務的多季度、多年進展。

I think we're excited with the momentum around our server business.

我認為我們對圍繞服務器業務的勢頭感到興奮。

I think the product road map is very strong.

我認為產品路線圖非常強大。

I think the execution has been very strong.

我認為執行力非常強。

I think customers also, with the third generation in Milan, felt much more comfortable to go more broadly with Milan just because this was sort of the third time, right?

我認為米蘭的第三代客戶也覺得更廣泛地與米蘭一起去更廣泛，因為這是第三次，對吧？

They had -- many of our customers were on Rome already.

他們有——我們的許多客戶已經在羅馬了。

But with Milan, it was sort of socket compatible, and so there was -- it was a faster time to ramp, and we're seeing it ramp faster.

但是對於米蘭，它有點兼容插座，所以有——這是一個更快的斜坡時間，我們看到它的斜坡速度更快。

So we feel good about where we're positioned.

因此，我們對自己所處的位置感覺良好。

I mean it's a very competitive market out there, Vivek.

我的意思是這是一個競爭非常激烈的市場，Vivek。

I'll always say that.

我會一直這麼說。

We expect our competition to be really good, and we need to be better than that.

我們希望我們的競爭非常好，我們需要做得更好。

And so our team is very focused on execution, and we're excited about Genoa.

所以我們的團隊非常專注於執行，我們對熱那亞感到興奮。

I think our customers are excited about Genoa.

我認為我們的客戶對熱那亞感到興奮。

And so we need to keep the momentum and keep the road map execution as strong as it has been.

因此，我們需要保持勢頭，並保持路線圖執行力一如既往地強大。

Got it.

知道了。

And for my follow-up, you announced a $4 billion share buyback.

在我的後續行動中，你宣布了 40 億美元的股票回購。

I believe you're kind of mid-way or late mid-way through Q2.

我相信你在第二季度的中途或中後期。

You only did about $256 million of that.

你只做了大約2.56億美元。

How should we think about buybacks going forward?

我們應該如何看待未來的回購？

Are you -- do you have a certain time frame in mind?

你——你有一個特定的時間框架嗎？

Just how -- what's going to guide your decision when and how much of buybacks to do?

究竟如何——什麼將指導您決定何時以及進行多少回購？

Yes.

是的。

I think nothing specific, Vivek.

我覺得沒什麼特別的，維韋克。

As you know, these programs, I mean, we will be opportunistic, and we will obviously return capital to the shareholder as the balance sheet continues to improve.

如你所知，這些計劃，我的意思是，我們將是機會主義的，隨著資產負債表的不斷改善，我們顯然會向股東返還資本。

We're very pleased to initiate the program in Q2 with about $256 million, purchasing 3.2 million.

我們很高興在第二季度以約 2.56 億美元啟動該計劃，購買了 320 萬美元。

And you will see us do more over time, but I wouldn't want to get into any specifics on this call.

隨著時間的推移，你會看到我們做得更多，但我不想在這次電話會議上談及任何細節。

Next question is coming from Matt Ramsay from Cowen and Company.

下一個問題來自 Cowen and Company 的 Matt Ramsay。

I guess, Lisa, one of the things I was really pleased to see in this set of results and investors have asked me about quite a bit is that you're delivering the revenue up-side but the operating margin leverage is coming with that.

我想，麗莎，在這組結果中我真的很高興看到的一件事，投資者也問了我很多問題，那就是你的收入正在上升，但營業利潤率槓桿也隨之而來。

You guys have rightly been spending a ton to grow the business, and that's been reflected in the growth.

你們一直在花費大量資金來發展業務，這已經反映在增長中。

And I just wonder how you're thinking about the balance of revenue growth versus delivering sort of upside to operating margins going forward because it's an item that's been a fulcrum from some investors in my conversation.

我只是想知道你是如何考慮收入增長與未來營業利潤率的上升之間的平衡，因為這是我談話中一些投資者的一個支點。

Sure, Matt.

當然，馬特。

Maybe I'll start and then see if Devinder has anything to add.

也許我會開始，然後看看 Devinder 是否有什麼要補充的。

I think we've always been very thoughtful about how we both invest in the business as well as delivering operating leverage.

我認為我們一直非常考慮我們如何投資業務以及提供運營槓桿。

And look, I think our revenue growth has been very strong.

看，我認為我們的收入增長非常強勁。

It was certainly above what we had previously forecasted.

這肯定高於我們之前的預測。

We are taking the opportunity to invest in the business, and that's investing in R&D and investing in sales and marketing and really the overall capabilities there.

我們正在藉此機會投資於業務，即投資於研發、投資於銷售和營銷，以及真正的整體能力。

But you do see the operating leverage in the business.

但你確實看到了企業的經營槓桿。

And I think we intend to continue to deliver improved operating margins as we go forward.

而且我認為我們打算在前進的過程中繼續提高營業利潤率。

So I think we can do it -- do all of those things.

所以我認為我們可以做到——做所有這些事情。

I think we can continue to grow revenue significantly above the industry.

我認為我們可以繼續顯著高於行業的收入增長。

We will continue to invest in OpEx at a lower rate than the revenue growth.

我們將繼續以低於收入增長的速度投資運營支出。

And we will continue to deliver operating margin improvement over time.

隨著時間的推移，我們將繼續提高營業利潤率。

Yes.

是的。

I think you covered it, Lisa.

我想你涵蓋了它，麗莎。

I think that's well said.

我覺得說的很好。

I mean as you saw, we did update the guidance for OpEx as a percentage of revenue from about 26% to 25% for the year, and we continue to be disciplined from a viewpoint of the investments we need to make to grow the business as well as obviously invest in R&D, go-to-market.

我的意思是，正如您所看到的，我們確實將今年運營支出佔收入的百分比從 26% 更新到 25%，並且從我們需要進行投資以發展業務的角度來看，我們將繼續遵守紀律以及顯然投資於研發，進入市場。

Hiring people is another area of focus right now as the business is growing pretty significantly.

隨著業務的顯著增長，招聘人員是目前的另一個重點領域。

As my follow-up, it's interesting, the more strength the PC market shows, it's almost like the more concern investors have that eventually we revert back towards the mean.

作為我的後續，有趣的是，PC 市場表現得越強，投資者越擔心我們最終會回到平均水平。

And Lisa, your competitor gave some fairly bullish commentary about the state of the PC industry going forward.

還有麗莎，你的競爭對手對 PC 行業的未來狀況給出了一些相當樂觀的評論。

And I wonder if you might share your view.

我想知道你是否可以分享你的觀點。

And we've heard in our work a few bubbles in the Chromebook market and maybe a couple of PC OEMs saying they're building a tiny bit of CPU inventory.

在我們的工作中，我們聽說 Chromebook 市場出現了一些泡沫，也許有幾個 PC OEM 表示他們正在建立一點點 CPU 庫存。

So on the back of that commentary about the market, if you have any views on your own visibility in inventory of AMD parts or maybe the gap between orders and your ability to fulfill them in the PC market, those things would be really helpful.

因此，在有關市場的評論的背後，如果您對自己在 AMD 零件庫存中的可見性或訂單與您在 PC 市場上履行訂單的能力之間的差距有任何看法，那麼這些事情將非常有幫助。

Yes.

是的。

Sure, Matt.

當然，馬特。

So, look, there are lots of different signals in the PC market.

所以，你看，PC市場上有很多不同的信號。

So maybe I will make a few comments.

所以也許我會發表一些評論。

I think it's fair to say that the end-user demand has been very strong.

我認為可以公平地說，最終用戶的需求一直非常強勁。

So very strong in the first half of the year, very strong in the second half of last year.

上半年非常強勁，去年下半年非常強勁。

And that's from all this work from home, school from home, sort of, and then some of this return-to-office trends.

這來自所有這些在家工作、在家上學等，然後是一些重返辦公室的趨勢。

Within that, there is a little bit of a mix shift as you go through time.

在其中，隨著時間的推移，會有一點混合變化。

When I look at the market, I would say that we've performed very well.

當我看市場時，我會說我們的表現非常好。

Within this market backdrop, we continue to gain revenue share.

在這種市場背景下，我們繼續獲得收入份額。

And what that means is we're focusing on the most strategic segments of the PC market.

這意味著我們專注於 PC 市場中最具戰略意義的部分。

As we go forward, I do agree that end-user demand is strong.

在我們前進的過程中，我同意最終用戶的需求強勁。

I also believe that if you look at the second half of this year for the PC market, you'll hear about sort of pockets of component shortages or match sets and things like that.

我也相信，如果你看一下今年下半年的 PC 市場，你會聽到一些組件短缺或匹配集之類的情況。

So, we're taking that into account as we think about the second half of the year.

因此，我們在考慮今年下半年時會考慮到這一點。

From our perspective, we're planning the PC -- our PC business to be about flattish first half into second half.

從我們的角度來看，我們正在計劃個人電腦——我們的個人電腦業務將在上半年持平到下半年。

And again, we think that that's very well supported by all of the ordering patterns and all of our sort of look at what the PC OEMs are doing.

再一次，我們認為所有訂購模式和我們對 PC OEM 所做工作的所有看法都很好地支持了這一點。

From an inventory standpoint, we do not believe there is significant inventory.

從庫存的角度來看，我們認為沒有大量庫存。

We do track it very closely, of AMD product anyways.

無論如何，我們確實非常密切地跟踪它的 AMD 產品。

We look at it at the retailers as well as at -- with our OEMs.

我們在零售商以及我們的原始設備製造商處查看它。

So I think we have this very -- we're watching it very closely and recognize that the PC market may go up or down.

所以我認為我們非常 - 我們正在密切關注它，並認識到個人電腦市場可能會上升或下降。

We're expecting it to be -- like I said, for our business roughly flattish first half into second half.

我們預計它會 - 就像我說的那樣，因為我們的業務在上半年到下半年大致持平。

And that being the case, we continue to believe that there is strong end user demand and there's just some supply matching that needs to happen in the marketplace.

在這種情況下，我們仍然認為最終用戶需求強勁，市場上需要進行一些供應匹配。

Our next question today is coming from John Pitzer from Credit Suisse.

我們今天的下一個問題來自瑞士信貸的約翰·皮策。

Congratulations on the solid results.

祝賀你取得了堅實的成果。

First is just a clarification.

首先只是一個澄清。

I think you said in your prepared comments relative to the June quarter that EPYC grew solidly double digits sequentially.

我認為您在準備好的關於 6 月季度的評論中說過，EPYC（霄龍）連續兩位數增長。

The overall segment grew about 19%.

整個細分市場增長了約 19%。

I'm just curious, did EPYC outgrow the overall segment?

我只是好奇，EPYC 的增長是否超過了整個細分市場？

Or was it more in line?

還是更符合要求？

Can you give us a sense of how it did relative to the segment?

您能否讓我們了解它相對於細分市場的表現？

Yes.

是的。

We outgrew the segment in the second quarter.

我們在第二季度的增長超過了該細分市場。

Perfect.

完美的。

And then my second question is just more of a strategic question around pricing.

然後我的第二個問題更多是關於定價的戰略問題。

Clearly, last week, on their conference call, Intel talked about perhaps being a little bit more price aggressive, especially in data center, to protect share.

顯然，上週，在電話會議上，英特爾談到可能會在價格上更加激進，尤其是在數據中心，以保護市場份額。

And I'd like to get kind of your thought on pricing.

我想了解一下您對定價的看法。

I mean in my mind, that market is much more about a total cost of ownership than an entry point.

我的意思是，在我看來，這個市場更多的是關於總擁有成本，而不是一個切入點。

And given your price performance, I'm just kind of curious as to how concerned you are about the pricing environment and how concerned you think we should be over time.

鑑於您的價格表現，我只是有點好奇您對定價環境的關注程度以及您認為隨著時間的推移我們應該如何關注。

Yes.

是的。

Thanks for that, John.

謝謝你，約翰。

Look, I think the market has always been competitive.

看，我認為市場一直競爭激烈。

I don't see that it has become more competitive or that's changed.

我沒有看到它變得更具競爭力或改變了。

As you said, pricing is not the first order variable when you're buying a server CPU.

正如您所說，當您購買服務器 CPU 時，定價並不是首要變量。

It really is about total cost of ownership.

這實際上是關於總擁有成本。

I think the performance leadership that we have is clearly there, and I think customers see that.

我認為我們所擁有的績效領先地位是顯而易見的，我認為客戶也看到了這一點。

So, we'll always fight for every socket.

因此，我們將始終為每個插槽而戰。

I mean you know that we're very competitive in that fashion.

我的意思是你知道我們在這方面很有競爭力。

But we think that the way to do that is with the strength of the road map and the strength of the deep partnerships.

但我們認為，要做到這一點，就要藉助路線圖的力量和深厚的合作夥伴關係的力量。

And price is sort of a second order lever in this market.

價格在這個市場上是一種二級槓桿。

Our next question today is coming from Harlan Sur from JPMorgan.

我們今天的下一個問題來自摩根大通的 Harlan Sur。

Great job on the quarterly execution.

在季度執行方面做得很好。

Now with Milan on a strong ramp trajectory and, also good to see the momentum in enterprise, as you guys continue to drive EPYC into new markets, just wanted to get an update on the pull in the telco service provider market, right?

現在米蘭走上了強勁的坡道，而且很高興看到企業的發展勢頭，因為你們繼續推動 EPYC 進入新市場，只是想了解電信服務提供商市場的最新情況，對嗎？

It's a relatively big market, right?

這是一個比較大的市場，對吧？

It's about a $6 billion, $7 billion market.

這是一個大約 60 億美元、70 億美元的市場。

Milan supports much more networking functionality versus prior generations.

與前幾代相比，Milan 支持更多的網絡功能。

And operators continue to virtualize the core of their networks.

運營商繼續虛擬化其網絡的核心。

And with 5G, they're also starting to virtualize their radio access networks.

借助 5G，他們也開始虛擬化他們的無線接入網絡。

And so just wanted to see if the team is seeing early momentum with Milan with telco equipment OEMs as well as with some of the large 5G service providers.

所以只是想看看團隊是否看到了米蘭與電信設備 OEM 以及一些大型 5G 服務提供商的早期勢頭。

Yes, sure.

是的，當然。

Harlan, thanks for the question.

哈蘭，謝謝你的提問。

Yes.

是的。

Look, we believe the telco segment is a very good segment for us.

看，我們相信電信部門對我們來說是一個非常好的部門。

And I would say that there is a lot of interest.

我會說有很多興趣。

I wouldn't say it's a significant piece of revenue today.

我不會說這是今天的一大筆收入。

So I view that as sort of opportunity as we continue to build out the solutions for Milan.

所以我認為這是我們繼續為米蘭打造解決方案的機會。

But it is one of the areas that we believe is very strategic for AMD.

但這是我們認為對 AMD 具有戰略意義的領域之一。

And as Xilinx comes into -- so as we combine the Xilinx business with ours, I think their relationships as well in the communications and telco market will be helpful in just bringing the overall solution set together.

隨著賽靈思的加入——我們將賽靈思業務與我們的業務結合起來，我認為他們在通信和電信市場的關係將有助於將整體解決方案組合在一起。

So yes, we think it's a good market for us, but I would say we're still very early on that particular cycle.

所以是的，我們認為這對我們來說是一個很好的市場，但我想說我們還處於那個特定週期的早期階段。

Great.

偉大的。

And then on the strong early momentum in enterprise as you move into the second half and as you probably have some visibility into next year because the enterprise call cycles are probably a bit longer than some of your cloud customers, can you just talk about the breadth of the engagements in enterprise across large corporations and small- to medium-sized businesses?

然後是企業的強勁早期勢頭，因為您進入下半年，並且您可能對明年有一些了解，因為企業呼叫周期可能比您的一些雲客戶長一點，您能談談廣度嗎大型企業和中小型企業在企業中的參與度如何？

Yes, Harlan.

是的，哈蘭。

So we have seen a very strong pipeline.

所以我們看到了一個非常強大的管道。

And that started with Rome, but we see that expanding with Milan.

這始於羅馬，但我們看到它隨著米蘭而擴大。

I think if you look at the breadth of platform offerings from all the largest OEMs for Milan, it's just broader than our past generation.

我認為，如果您查看米蘭所有最大的原始設備製造商提供的平台產品的廣度，就會發現它比我們上一代更廣泛。

And I think people are also starting to come up with more appliances, and we've done quite a bit more ISV optimization as well.

而且我認為人們也開始想出更多的設備，我們也做了更多的 ISV 優化。

So our visibility is very good into the second half of the year, and it's also very good into 2022.

所以我們下半年的知名度非常好，到2022年也非常好。

I think the good piece about this, as you said, it is longer design cycles.

正如您所說，我認為這方面的好處是設計週期更長。

But with large companies and certainly with some of the Tier 2 cloud guys, we've seen good strong visibility for multiple quarters.

但是對於大公司，當然還有一些 2 級雲公司，我們已經看到了多個季度的良好可見性。

And then as we think about sort of the small, medium business and more of the channel business, I think all of that is a strong opportunity for us.

然後，當我們考慮中小型業務以及更多渠道業務時，我認為所有這些對我們來說都是一個很好的機會。

Our next question is coming from Joe Moore from Morgan Stanley.

我們的下一個問題來自摩根士丹利的喬摩爾。

I wonder if you could talk about the seasonality of the console business in the back half of the year.

不知道你能不能談談下半年主機業務的季節性。

Is there any seasonality?

有季節性嗎？

Or does that continue to be kind of more of a supply constraint?

或者這是否會繼續成為一種供應限制？

Sure, Joe.

當然，喬。

So the console business, we're quite early in the console cycle, and I think you've seen that there's very strong demand for those products.

所以控制台業務，我們處於控制台週期的早期，我認為你已經看到對這些產品的需求非常強勁。

And so I think the seasonality is not typical.

所以我認為季節性並不典型。

So typically, we see the second half stronger than the first half, and that is sort of more muted this year.

因此，通常情況下，我們認為下半年比上半年強，而今年則更為溫和。

So there is some growth into the second half of the year, but it's not nearly what it is in a typical console seasonality.

因此，今年下半年會有一些增長，但與典型的遊戲機季節性相差無幾。

Our next question is coming from Stacy Rasgon from Bernstein Research.

我們的下一個問題來自 Bernstein Research 的 Stacy Rasgon。

Lisa, around the PC environment, so you sound a bit more sanguine about it versus your competitor who does seem to be calling for growth next year.

麗莎，圍繞 PC 環境，所以與你的競爭對手相比，你聽起來更樂觀一些，後者似乎確實在呼籲明年增長。

And maybe that's a function of some of the opportunities -- the other opportunities that you have.

也許這是一些機會的功能 - 你擁有的其他機會。

I'm just curious, given your other outlook for kind of continued strong growth, do you think that strong growth is dependent at all on the state of the PC market next year?

我只是好奇，鑑於您對持續強勁增長的其他展望，您認為強勁增長是否完全取決於明年 PC 市場的狀況？

So, for example, like if PCs, say, were down 10% next year, do you still think you could still grow strongly year-over-year in 2022 off the rest of the portfolio?

因此，例如，如果 PC 明年下降 10%，您是否仍然認為 2022 年其他產品組合仍能實現強勁的同比增長？

Yes, sure, Stacy.

是的，當然，斯泰西。

So, look, I think -- I mean there are lots of different signals in the PC market for 2022.

所以，聽著，我想——我的意思是 2022 年 PC 市場有很多不同的信號。

So, I think what we're doing is taking, let's call it -- we're planning for various different scenarios.

所以，我認為我們正在做的是，讓我們稱之為 - 我們正在計劃各種不同的場景。

But I would say that from our point of view, the overall answer to your question is yes.

但我想說，從我們的角度來看，您的問題的總體答案是肯定的。

I mean we believe that there is a -- we have strong growth momentum across the portfolio.

我的意思是我們相信有一個 - 我們在整個投資組合中都有強勁的增長勢頭。

And we believe that we will -- we can grow in the PC business as well even if the market is, let's call it, not as robust as some might forecast.

而且我們相信我們會 - 即使市場並不像某些人預測的那樣強勁，我們也可以在 PC 業務中增長。

Our view is that we're still under-represented across the board in the markets that we play in, whether you're talking about data center or PCs or gaming.

我們的觀點是，無論您是在談論數據中心、PC 還是遊戲，我們在我們所涉足的市場中的代表性仍然不足。

And on the PC side, in particular, we're making very good progress in sort of commercial, premium gaming notebooks, premium consumer.

特別是在個人電腦方面，我們在商業、高端遊戲筆記本、高端消費者方面取得了非常好的進展。

We have more platforms coming with our Ryzen 5000 and our next generation.

我們的 Ryzen 5000 和我們的下一代將提供更多平台。

So, I think our sort of outlook is less dependent on what exactly happens in the market.

所以，我認為我們的前景不太依賴於市場上究竟發生了什麼。

But obviously, we watch the market very closely, and we work with our OEM partners very closely to stay in tune with what they're seeing.

但顯然，我們密切關注市場，並與我們的 OEM 合作夥伴密切合作，以與他們所看到的保持同步。

Got it.

知道了。

That's helpful.

這很有幫助。

For my follow-up, I want to ask the OpEx question a little more explicitly.

對於我的後續行動，我想更明確地提出 OpEx 問題。

So, you didn't take it down for the year and you're 25%.

所以，你今年沒有把它拿下來，你是 25%。

But if I'm doing my math right, the Q4 OpEx percentage is closer to 28%.

但如果我的數學計算正確，第四季度運營支出百分比接近 28%。

And I get why and I understand.

我明白為什麼而且我理解。

But I think the Analyst Day model you've given, 16 months ago, had sort of an OpEx to revenue midpoint somewhere in the mid-26s.

但我認為你在 16 個月前給出的分析師日模型在 26 年代中期的某個地方有某種運營支出到收入中點。

Should we think about OpEx, I guess, trending down from that exit rate to that more kind of like model level?

我們是否應該考慮一下 OpEx，我猜，從退出率下降到更像模型級別的趨勢？

Or are you still going to be taking this opportunity, at least for the next like several quarters, maybe to invest at a bit of a higher level?

或者你是否仍然會抓住這個機會，至少在接下來的幾個季度裡，也許會進行更高水平的投資？

Is that exit rate of OpEx to revenue more representative of what we might see in the near to medium term?

運營支出退出率是否更能代表我們在中短期內可能看到的情況？

Yes.

是的。

I think, Stacy, first of all, you hit it right.

我認為，史黛西，首先，你打對了。

The priority for this is to invest in the business for growth.

這樣做的首要任務是投資於業務以實現增長。

We are growing significantly and just took up the guidance.

我們正在顯著增長，剛剛接受了指導。

So obviously, there's a lot of areas to invest in to support that growth, whether it's R&D or go-to-market or even hiring.

所以很明顯，有很多領域需要投資來支持這種增長，無論是研發、進入市場，甚至是招聘。

Second half of the year, you also have salary increases that kick in for our employees.

今年下半年，我們的員工也會獲得加薪。

And obviously, that does drive the OpEx higher just given the guide we gave for Q3, which is higher than Q2 from an overall OpEx standpoint.

顯然，鑑於我們為第三季度提供的指南，這確實推動了運營支出，從整體運營支出的角度來看，這高於第二季度。

As far as the numbers are concerned, I know you're probably running your model there, but those numbers are approximate.

就數字而言，我知道您可能正在那裡運行您的模型，但這些數字是近似值。

And really, if you ask me from an overall standpoint, I would expect that for the year, we come in a little under 25%.

真的，如果你從整體的角度問我，我預計今年我們的收入會略低於 25%。

We gave the approximate guidance of 25%, but I think we'll come in under 25% for the year.

我們給出了 25% 的大致指導，但我認為今年我們將低於 25%。

Nothing extraordinary there.

那裡沒有什麼特別的。

It's just making sure we plan the business, support the growth and make sure that into 2022, as we have new product introductions that Lisa just talked about, we continue to support that because there are a lot of new products coming into 2022.

只是確保我們計劃業務，支持增長並確保到 2022 年，正如 Lisa 剛剛談到的新產品介紹，我們將繼續支持這一點，因為到 2022 年會有很多新產品。

So really, that's what it is, Stacy.

所以真的，就是這樣，斯泰西。

Operator, 2 more questions, please.

接線員，請再問 2 個問題。

Our next question is coming from Blayne Curtis from Barclays.

我們的下一個問題來自巴克萊銀行的 Blayne Curtis。

I just want to ask on the graphics strength.

我只是想問一下圖形強度。

I think you said it doubled.

我想你說它翻了一番。

Just curious, is there a way to parse out how much is coming from crypto?

只是好奇，有沒有辦法解析出有多少來自加密貨幣？

And then I think what I heard you say is in the back half, it's a driver for September.

然後我想我聽到你說的是在後半部分，這是九月的驅動程序。

Just driving into December with PC flat again kind of just maybe you could describe how much of the strength in graphics is kind of more client graphics versus the data center?

剛剛進入 12 月，再次使用 PC 平板電腦，也許您可以描述圖形的優勢在多大程度上是客戶端圖形與數據中心相比？

Yes, sure, Blayne.

是的，當然，布萊恩。

So, to your question about the quarter, the second quarter, we do not believe there was a significant crypto component in our graphics revenue.

因此，對於您關於第二季度的問題，我們認為我們的圖形收入中沒有重要的加密貨幣成分。

I mean the graphics revenue, as we see it, is really RDNA 2 ramping.

我的意思是，正如我們所見，圖形收入確實是 RDNA 2 的增長。

We launched some new products in mobile.

我們在移動端推出了一些新產品。

And we're pleased with the reception of RDNA 2 in mobile as well as we started shipments of some of our data center GPUs.

我們對 RDNA 2 在移動設備中的接收以及我們開始出貨一些數據中心 GPU 感到高興。

So, our view is that the crypto-based component is really negligible.

因此，我們認為基於加密的組件確實可以忽略不計。

And then as we go into the second half of the year, I wouldn't say graphics is the largest driver of our business.

然後當我們進入下半年時，我不會說圖形是我們業務的最大驅動力。

The driver really is around data center, and that's data center across CPUs as well as some of the early ramp of the GPUs.

驅動程序確實圍繞數據中心，即跨 CPU 的數據中心以及 GPU 的一些早期斜坡。

But we do expect there continues to be strong demand for gaming graphics.

但我們確實預計對遊戲圖形的需求將繼續強勁。

And we know there are a lot of gamers out there who are still looking to get some of their cards, and so we will support that demand.

而且我們知道有很多遊戲玩家仍在尋求獲得他們的一些卡片，因此我們將支持這種需求。

But I don't think crypto was a big piece of it, and we'll continue to focus our efforts on getting our gaming graphics over into the gamers' hands.

但我不認為加密是其中的重要組成部分，我們將繼續集中精力將我們的遊戲圖形交到遊戲玩家手中。

And then maybe just a follow-up on the data center GPU opportunity.

然後可能只是對數據中心 GPU 機會的跟進。

You mentioned you have some new wins with HPC and a couple of them are fairly chunky.

您提到您在 HPC 方面取得了一些新的勝利，其中一些是相當大的。

Just kind of curious when to think about that impacting the model.

只是有點好奇什麼時候考慮影響模型。

Is that a next year story?

這是明年的故事嗎？

Or is it a bit further out?

還是離得遠一點？

Yes.

是的。

So, I mean we'll see some growth in the second half of the year off of a small base.

所以，我的意思是，我們將在今年下半年看到一些小基數的增長。

I think it becomes a more meaningful driver as we go into next year and then certainly the following year.

我認為隨著我們進入明年甚至明年，它會成為一個更有意義的驅動力。

So, think about the data center GPU story as sort of the early innings of what we did on the CPU side.

因此，將數據中心 GPU 的故事視為我們在 CPU 方面所做工作的早期階段。

We're excited about the product, Blayne.

我們對這款產品感到興奮，Blayne。

I think it's a very exciting product with our next-generation CDNA 2. I think we have won some early wins with HPC.

我認為我們的下一代 CDNA 2 是一款非常令人興奮的產品。我認為我們已經通過 HPC 贏得了一些早期的勝利。

We're continuing to work with some cloud customers, the machine learning and AI aspects of it.

我們將繼續與一些雲客戶、機器學習和人工智能方面合作。

But it's really a multiyear journey, and the larger driver of our data center business is the server CPU side.

但這確實是一個多年的旅程，我們數據中心業務的更大驅動力是服務器 CPU 端。

Our final question today is coming from Mark Lipacis from Jefferies.

我們今天的最後一個問題來自 Jefferies 的 Mark Lipacis。

Lisa, I had a question about your announcement with Google for their Tau instances.

麗莎，我有一個關於你與穀歌宣布他們的 Tau 實例的問題。

I thought it was fascinating because it looks like they're disabling one of the threads and running Milan in a single-threaded mode, which seems to me like a throwback to 20 years ago.

我認為這很有趣，因為看起來他們正在禁用其中一個線程並以單線程模式運行 Milan，在我看來這就像回到 20 年前。

So, I had a couple of questions on this.

所以，我對此有幾個問題。

I haven't seen Intel Xeon processors in this mode.

我還沒有見過這種模式下的英特爾至強處理器。

Is there something about the AMD architecture or the Milan architecture beyond higher core count that just makes it more sense to use AMD processors in this mode versus Intel processors?

除了更高的核心數量之外，AMD 架構或 Milan 架構是否有一些東西讓在這種模式下使用 AMD 處理器而不是 Intel 處理器更有意義？

Are you seeing a lot of demand outside of Google for this kind of single-threaded implementation?

您是否看到 Google 之外對這種單線程實現有很多需求？

And if you are, would it make sense to make like a separate line of CPUs that streamlines the logic for only one processing thread and then you could fit -- potentially fit a lot more cores on the CPU and cut the power dissipation?

如果你是，那麼製造一條單獨的 CPU 線是否有意義，它只為一個處理線程簡化邏輯，然後你就可以適應——可能在 CPU 上安裝更多的內核並降低功耗？

It seems like it would be the next logical step.

看起來這將是下一個合乎邏輯的步驟。

Would that even be feasible?

這甚至可行嗎？

Is that something you consider you're getting demand for?

這是你認為你得到需求的東西嗎？

Sure.

當然。

So, Mark, the way I would say it is this, and again, I want to be a little bit sort of broad in how I answer the question.

所以，馬克，我想說的方式是這樣的，我想再說一次，我想在回答這個問題時有點寬泛。

I think what you see in the server land is that there are lots of different use cases for the processors.

我認為您在服務器領域看到的是處理器有許多不同的用例。

And you have some that are looking for sort of the bleeding-edge performance.

你有一些正在尋找最前沿的性能。

And there, the multi-threading is very, very useful.

在那裡，多線程非常非常有用。

And you get better performance per watt, performance per dollar and just overall socket-level performance.

您可以獲得更好的每瓦性能、每美元性能以及整體插座級性能。

I think what we've seen is that as you look across use cases, there are some use cases where you're more focused on performance per dollar than overall performance.

我認為我們所看到的是，當您查看用例時，在某些用例中，您更關注每美元的性能而不是整體性能。

And you might choose to optimize sort of what you do, sort of how you configure the processor differently.

你可能會選擇優化你所做的事情，比如你如何以不同的方式配置處理器。

I think what you'll see from us, Mark, is we're spending a lot of time with our hyperscale partners.

我想你會從我們身上看到，馬克，我們花了很多時間與我們的超大規模合作夥伴在一起。

And what we want to do is offer them the type of incidence that they need and that their customers need.

我們想做的是為他們提供他們需要和客戶需要的發病率類型。

So, you'll see us do more customization across the board with the idea of we want to satisfy that range of performance that -- across sort of the entire range of use cases.

因此，您會看到我們在整個用例範圍內滿足性能範圍的想法，全面進行更多定制。

So, I think we'll talk more about how we think about the road map as we go forward.

所以，我想我們會更多地討論我們在前進的過程中如何看待路線圖。

But I will say that we're being very thoughtful in ensuring that we have the right product for the right workload and that it's optimized for performance and power and cost in all those areas.

但我要說的是，我們非常周到地確保我們為正確的工作負載提供正確的產品，並在所有這些領域針對性能、功率和成本進行了優化。

Thank you.

謝謝你。

We reached the end of our question-and-answer session.

我們的問答環節結束了。

I'd like to turn the floor back over for any further or closing comments.

我想把地板翻過來，以獲得任何進一步的或結束的評論。

Thank you, everyone.

謝謝大家。

We appreciate your time today and certainly your interest in AMD.

感謝您今天的寶貴時間，當然也感謝您對 AMD 的興趣。

As always, we appreciate your support, and we look forward to seeing you in an event here in Q3.

一如既往，我們感謝您的支持，我們期待在第三季度的活動中見到您。

Have a great day.

祝你有美好的一天。

Thank you.

謝謝你。

That does conclude today's teleconference and webcast.

今天的電話會議和網絡直播到此結束。

You may disconnect your line at this time, and have a wonderful day.

你可以在這個時候斷開你的線路，並有一個美好的一天。

We thank you for your participation today.

我們感謝您今天的參與。