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

您好，歡迎參加 AMD 2021 年第二季財報電話會議。（操作員指示）提醒一下，本次會議正在錄音。

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

現在我很高興將電話轉給公司投資者關係副總裁勞拉·格雷夫斯 (Laura Graves)。勞拉，請繼續。

Thank you, and welcome to AMD's Second Quarter 2021 Financial Results Conference Call. By now, we hope you have had the opportunity to review a copy of our earnings press release and slides. If you have not reviewed these documents yet, they can be found on the Investor Relations page of amd.com. 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. This is a live call and will be replayed via webcast on our website.

謝謝，歡迎參加 AMD 2021 年第二季財務業績電話會議。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。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。今天電話會議的參與者包括我們的總裁兼執行長蘇姿豐博士；以及我們的執行副總裁、財務長兼財務長 Devinder Kumar。這是一場現場通話，將透過我們網站上的網路直播重播。

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. Devinder Kumar will attend the Deutsche Bank Technology Conference on Friday, September 10th. And our third quarter 2021 quiet time is expected to begin at the close of business on Friday, September 10th.

在我們開始之前，我想指出，我們的客戶業務高級副總裁兼總經理 Saeid Moshkelani；以及全球行銷、人力資源、投資者關係和策略高級副總裁 Ruth Cotter 將於 8 月 31 日星期二出席 Jefferies 半導體和硬體高峰會。Devinder Kumar 將於 9 月 10 日星期五參加德意志銀行技術會議。我們的 2021 年第三季靜默期預計將於 9 月 10 日星期五下班後開始。

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

今天的討論包含基於當前信念、假設和期望的前瞻性陳述，僅代表今天的觀點，因此涉及風險和不確定性，可能導致實際結果與我們當前的預期有重大差異。我們參考新聞稿中的警告聲明，以獲取有關可能導致實際結果不同的因素的更多資​​訊。

We will refer primarily to non-GAAP financial measures during this call. The full non-GAAP to GAAP reconciliations are available in today's press release and slides posted on our website.

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。完整的非 GAAP 與 GAAP 對帳表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. Lisa?

說完，我會把電話交給麗莎。麗莎？

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

謝謝你，蘿拉，祝今天收聽節目的各位下午好。由於強勁的執行力和客戶對我們高性能產品的日益增長的偏好產生了巨大的市場和財務動力，我們的業務在第二季度表現非常出色。

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. We expanded our gross margins by 4 percentage points, doubled operating margin and more than tripled profitability year-over-year. We also delivered record revenue for the fourth straight quarter and generated record free cash flow in the quarter.

我們發現所有業務的需求都非常強勁，這導致第二季營收年增 99%，達到 38.5 億美元。我們的毛利率年增了 4 個百分點，營業利潤率提高了一倍，獲利能力比去年同期成長了兩倍多。我們也連續第四個季度創下營收紀錄，並在本季創造了創紀錄的自由現金流。

Turning to our Computing and Graphics segment. Second quarter revenue increased 65% year-over-year to $2.25 billion, driven by significant growth in both Ryzen and Radeon processor sales. In client computing, we had another record quarter of processor revenue. 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.

轉向我們的計算和圖形部分。第二季營收年增 65% 至 22.5 億美元，這得益於 Ryzen 和 Radeon 處理器銷量的大幅成長。在客戶端運算領域，我們的處理器收入再創一個新紀錄。桌上型電腦和筆記型電腦的營收年均實現了強勁的兩位數成長，我們相信我們的營收份額連續第五個季度成長。

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. In notebooks, unit shipments and ASP increased sequentially and year-over-year. We delivered our seventh straight quarter of record mobile CPU revenue, led by the steep ramp of our latest generation Ryzen 5000 mobile processors.

在桌上型電腦領域，我們最高階的 Ryzen 處理器的強勁需求推動了本季更豐富的產品組合，因為 Ryzen 9 處理器的出貨量比去年同期成長了一倍以上。在筆記型電腦方面，單位出貨量和平均售價均比上一季和去年同期有所成長。我們連續第七個季度創下了行動 CPU 營收記錄，這主要得益於我們最新一代 Ryzen 5000 行動處理器的強勁成長。

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，Ryzen PRO 行動處理器的出貨量比去年同期幾乎翻了一番，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. 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. 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.

在圖形方面，營收年增了一倍，這主要得益於通路對 Radeon 6000 系列桌面顯示卡的需求以及我們資料中心 GPU 的採用。隨著首批搭載 Radeon RX 6000M 系列 GPU 的筆記型電腦上市，RDNA 2 GPU 出貨量環比增長了兩位數，其中包括首批 AMD Advantage 筆記型電腦，它結合了高性能 Ryzen CPU、Radeon GPU 和 AMD 軟體以及高級設計功能，可提供一流的遊戲體驗。華碩、惠普、微星和聯想宣布計劃在未來幾個月內將 AMD Advantage 筆記型電腦推向市場，進一步擴大我們在遊戲筆記型電腦市場的影響力。

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. 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. 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.

資料中心圖形營收年增一倍以上，這得益於我們新部署的 AMD Instinct 加速器，包括採用我們 CDNA 2 架構的新一代資料中心 GPU 的首次出貨。CDNA 2 代表了我們多年資料中心 GPU 策略的重大進步，其效能是我們目前世代的兩倍多，並且在 HPC 工作負載方面比競爭產品的效能高出許多。隨著我們增加下一代 AMD Instinct 加速器和開源 ROCm 軟體的產量以支援包括 Frontier、LUMI 和 Pawsey 在內的多項尖端超級電腦勝利，我們預計資料中心 GPU 收入將在下半年成長。

Turning to our Enterprise, Embedded and Semi-Custom segment. Revenue increased 183% year-over-year to $1.6 billion, driven by strong growth in both semi-custom and EPYC processor sales. Semi-custom revenue grew sequentially and year-over-year, and we expect game console demand to remain strong throughout the year. 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.

轉向我們的企業、嵌入式和半客製化領域。受半客製化和 EPYC 處理器銷售強勁成長的推動，營收年增 183%，達到 16 億美元。半客製化收入環比和同比增長，我們預計遊戲機需求將全年保持強勁。我們在本月初宣布了一項新的半客製化勝利，因為 Valve 選擇 AMD 為其計劃於今年 12 月推出的 Steam Deck 手持遊戲機提供支援。

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

在嵌入式領域，我們在擴大汽車、網路和儲存等關鍵垂直領域的影響力方面取得了良好進展。本季度，我們增加了 AMD Ryzen 嵌入式 CPU 和 Radeon RDNA 2 GPU 的生產出貨量，為特斯拉最新 Model S 和 Model X 車輛的車載資訊娛樂系統提供動力。

Now turning to server. We delivered our fifth straight quarter of record server processor revenue. Sales grew by a significant double-digit percentage sequentially, driven by higher unit shipments and ASP. 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. 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.

現在轉向伺服器。我們連續第五個季度創下了伺服器處理器收入的新高。受單位出貨量和平均售價上漲的推動，銷售額環比增長了兩位數。我們看到整個伺服器產品組合的需求非常強勁，第二代 EPYC 處理器營收季增，第三代 EPYC 處理器銷售量較上季成長一倍以上。由於客戶和多個第三方評測人員認可我們最新伺服器處理器的絕對效能和性價比領先地位，第三代 EPYC 處理器的營收成長速度比上一代更快。

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. 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.

本季度，雲端需求進一步加速，主要原因是內部工作負載採用率不斷成長，以及 AWS、Microsoft Azure、Google、騰訊和阿里巴巴新增了近 50 個由 AMD 驅動的執行個體。谷歌宣布選擇 AMD EPYC 處理器為其全新 Tau VM 系列的首款產品獨家提供支持，與其他競爭性 x86 和 ARM 產品相比，該產品在橫向擴展工作負載方面可提供業界領先的性能和價值。

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. 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.

在企業領域，我們看到需求正在加速成長，因為戴爾、HPE、聯想、超微、思科等公司目前正在生產 100 多個第三代 EPYC 處理器平台。此外，我們看到來自 OEM 和生態系統合作夥伴的 AMD 支援解決方案和設備的數量迅速增加，這些解決方案和設備針對超融合和虛擬桌面基礎架構以及要求最高每核性能的工作負載，例如 EDA 和計算流體動力學。

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. 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.

我們在本季度獲得了許多 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。我們在 HPC 領域的巨大發展勢頭得到體現：在最新的全球最快超級電腦 500 強榜單中，基於 AMD 的系統數量在去年增加了近 5 倍，而且在 58 個新上榜系統中，有一半採用了 EPYC 處理器。

Looking at our overall data center business. 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. 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.

縱觀我們的整體資料中心業務。收入比去年同期幾乎翻了一番，佔總收入的比例從第一季的百分之十幾上升到第二季的 20% 以上。我們預計，憑藉 EPYC 處理器和 Instinct 加速器的強大實力以及與領先的 OEM 和最大的 MDC 建立的顯著擴展的合作關係，資料中心收入將繼續以高於整體收入的速度成長。

Turning to our Xilinx acquisition. We passed additional milestones in the quarter and received unconditional regulatory approvals in multiple jurisdictions, including in the EU and the United Kingdom. We remain on track to close this strategic transaction by the end of the year and are excited about the opportunities ahead.

談到我們對 Xilinx 的收購。我們在本季取得了更多里程碑，並獲得了包括歐盟和英國在內的多個司法管轄區的無條件監管批准。我們仍有望在今年年底前完成這項策略交易，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. 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.

最後，我對我們的執行情況感到非常滿意，因為我們的業務在上半年大幅加速。基於客戶對我們產品的日益增長的偏好以及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%，高於年初預測的約 37% 的增長率。

Our engineering teams are aggressively driving our product and technology road maps to continue setting the pace of innovation for high-performance computing. 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，以繼續引領高效能運算的創新步伐。我們仍有望在 2022 年推出下一代產品，包括採用業界領先的 5 奈米製程技術製造的 Zen 4 處理器和 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. 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.

我們最近也展示了晶片策略的下一個重大進展，即採用差異化的 3D 晶片堆疊技術，該技術可實現堆疊晶片之間更密集、更有效率的連接。基於我們長期發展路線圖的優勢以及我們已建立的深度合作關係，我們預計將繼續以遠高於市場的速度成長。

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，我們正在朝著我們的宏偉目標邁進，即將 AMD 打造為高效能運算領導者和一流的成長型特許經營企業。

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

現在我想將電話轉給 Devinder，讓他為我們第二季的財務表現提供一些額外的資訊。德文德？

Thank you, Lisa, and good afternoon, everyone. AMD had another outstanding quarter. Our high-performance computing product momentum is driving record revenue growth, record profitability and significant cash generation.

謝謝你，麗莎，大家午安。AMD 又度過了一個出色的季度。我們的高效能運算產品動能正在推動創紀錄的收入成長、創紀錄的獲利能力和顯著的現金產生。

Second quarter revenue was $3.85 billion, up 99% from a year ago and up 12% from the prior quarter. Year-over-year growth was driven by significant revenue increases across all businesses. 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.

第二季營收為38.5億美元，較去年同期成長99%，較上一季成長12%。同比成長是由所有業務收入的大幅成長所推動的。毛利率為 48%，較去年同期成長 360 個基點，這得益於收入結構改善和所有業務利潤貢獻增加。

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. Operating income was $924 million, up $691 million from a year ago, driven primarily by revenue growth. Operating margin doubled to 24%, up from 12% a year ago.

由於我們繼續投資於業務成長和長期產品路線圖，營運費用為 9.09 億美元，而去年同期為 6.17 億美元。營業收入為 9.24 億美元，比去年同期增加 6.91 億美元，主要受收入成長的推動。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. Diluted earnings per share was $0.63 per share compared to $0.18 per share a year ago. This includes a 15% effective tax rate in the second quarter of 2021 compared to 3% a year ago.

淨收入成長兩倍多，達到 7.78 億美元，比去年同期增加了 5.62 億美元。每股攤薄收益為 0.63 美元，去年同期為 0.18 美元。其中包括 2021 年第二季的 15% 有效稅率，而去年同期為 3%。

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

現在來談談業務部門的業績。計算和圖形部門收入為 23 億美元，年增 65%，主要得益於客戶端和圖形處理器收入的大幅增長以及兩項業務的產品組合更加豐富。計算和圖形部門的營業收入為 5.26 億美元，佔營收的 23%，而去年同期為 2 億美元，佔營收的 15%。

Enterprise, Embedded and Semi-Custom segment revenue was $1.6 billion, up 183% from $565 million the prior year. The strong revenue increase was driven by higher semi-custom product revenue and EPYC processor sales. EESC segment operating income was $398 million or 25% of revenue compared to $33 million or 6% a year ago.

企業、嵌入式和半客製化部門營收為 16 億美元，較上年的 5.65 億美元成長 183%。強勁的收入成長得益於半客製化產品收入和 EPYC 處理器銷售額的增加。EESC 部門的營業收入為 3.98 億美元，佔營收的 25%，而去年同期為 3,300 萬美元，佔營收的 6%。

Turning to the balance sheet. Cash, cash equivalents and short-term investments were $3.8 billion, up from $3.1 billion at the end of the prior quarter. Free cash flow was a record $888 million compared to $152 million in the same quarter last year. Free cash flow for the first half of 2021 of $1.7 billion was more than double 2020 annual free cash flow.

轉向資產負債表。現金、現金等價物和短期投資為 38 億美元，高於上一季末的 31 億美元。自由現金流達到創紀錄的 8.88 億美元，去年同期為 1.52 億美元。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. Inventory was $1.8 billion, up from the prior quarter in support of higher revenue expected in the second half of the year.

憑藉強勁的財務業績和不斷增長的現金創造能力，我們於 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 億美元回購了 320 萬股普通股。庫存為 18 億美元，高於上一季度，以支持預計下半年收入的成長。

Let me now turn to the third quarter outlook. Today's outlook is based on current expectations and contemplates the current global supply environment and customer demand signals. 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. The year-over-year increase is expected to be driven by growth across all businesses. The sequential increase is expected to be primarily driven by growth in our data center and gaming businesses.

現在讓我來談談第三季的展望。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訊號。我們預計營收約 41 億美元，上下浮動 1 億美元，年增約 46%，季增約 6%。預計同比增長將由所有業務的成長推動。預計連續成長主要得益於資料中心和遊戲業務的成長。

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，我們預期非 GAAP 毛利率約為 48%；非公認會計準則營運費用約為 10 億美元；非公認會計準則利息支出、稅金及其他約為 1.5 億美元；稀釋後股數約為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. 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%.

對於 2021 年全年，我們目前預計營收將比 2020 年成長約 60%，高於先前預測的約 50%，這得益於所有業務的成長。我們也預期非 GAAP 毛利率約為 48%，高於先前預期的約 47%；非公認會計準則營業費用約佔收入的 25%，低於先前預期的約 26%；非公認會計準則有效稅率為15%；我們預期該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，我們又度過了一個出色的季度，實現了非常強勁的同比增長，加速了我們的業務發展勢頭，並獲得了卓越的財務回報。

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

說完這些，我將把時間交還給勞拉，進行問答環節。勞拉？

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

謝謝你，Devinder。接線員，我們現在可以開始問答環節了。

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

（操作員指示）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. Lisa, you didn't really touch on the supply situation in the marketplace today. That appears to be a pretty big focus for companies and also for investors. How would you characterize the current gap between supply and demand? 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? And then I've got a quick follow-up.

恭喜您取得如此優異的成績。麗莎，你今天並沒有真正談到市場上的供應情況。這似乎是公司和投資者關注的重點。您如何描述目前的供需差距？重要的是，展望 2022 年，隨著您的業務繼續保持強勁的兩位數增長，從代工晶圓產能和 ABS 基板產能的角度來看，您對此感到滿意嗎？然後我有一個快速的跟進。

Sure. Well, thanks for the question. I think it's fair to say that the semiconductor demand environment and particularly the AMD demand environment has been very strong in 2021. We've been working on supply for the past couple of quarters. I think I'm actually quite pleased with the progress that we've made in terms of increasing our supply. And what I've said previously is, certainly, we do see some level of constraints, but we are making progress each quarter. And we made progress in the second quarter that enabled us to exceed the original guidance. 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.

當然。嗯，謝謝你的提問。我認為可以公平地說，2021 年的半導體需求環境，尤其是 AMD 的需求環境非常強勁。過去幾季我們一直致力於供應。我認為我對我們在增加供應方面取得的進展感到非常滿意。我之前說過，當然，我們確實看到了一定程度的限制，但我們每季都在取得進展。我們在第二季度取得了進展，超出了最初的預期。隨著進入下半年，我們每季都會繼續增加供應，這將導致我們提高全年預期。

So I think overall, we continue to make progress. I will say that it's tight, like you've heard from many other companies, through the end of this year. I think it improves in 2022. We've been planning for significant growth. Our model is one where we're going to drive significant growth. So we've been planning with that with our supply chain partners. 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.

所以我認為總體而言，我們正在繼續取得進步。我想說的是，就像您從許多其他公司聽到的那樣，到今年年底，情況會非常緊張。我認為 2022 年情況會有所改善。我們一直在為實現顯著成長而規劃。我們的模式是推動顯著成長的模式。因此，我們一直在與我們的供應鏈合作夥伴進行規劃。我們確實有信心，隨著今年下半年和 2022 年的到來，我們可以憑藉供應鏈繼續大幅成長。

Great. And then as a quick follow-up, I guess a multipart question on your server CPU business or data center business more broadly. 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. And then finally, you talked about data center being more than 20% of revenue in Q2, what's embedded in your second half guidance?

偉大的。然後作為一個快速的跟進，我猜這是一個關於您的伺服器 CPU 業務或更廣泛的資料中心業務的多部分問題。我希望您能談談第二季的收入結構，以及您是否能區分第二代和第三代、羅馬和米蘭，然後您在業務的雲端和企業端看到的情況，以及您在考慮業務的不同部分時對下半年的前景的看法。最後，您談到資料中心佔第二季營收的 20% 以上，您對下半年的預期是什麼？

Sure. Okay. Quite a few questions there. So let me try to work through them. So in terms of the makeup of our data center business, I mean our server business was very strong. 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. So we're very happy with that launch.

當然。好的。那裡有不少問題。所以讓我嘗試解決它們。因此，就我們的資料中心業務的組成而言，我們的伺服器業務非常強勁。我認為米蘭的產品能力、性能和整體擁有成本已經得到了客戶的充分認可。因此我們對這次發布感到非常高興。

In the second quarter, we did see significant growth with Milan. And that being the case, Rome was still a larger portion of the revenue. And I would say in the second quarter, it was more cloud-weighted. So we saw cloud tends to ramp faster on new generation, and that was the case in the second quarter. So cloud grew faster than enterprise.

在第二季度，我們確實看到米蘭的顯著成長。即使如此，羅馬仍然佔據了較大份額的收入。我想說，第二季度，雲端因素的影響更大。因此，我們看到雲端運算在新一代中趨於更快地發展，第二季就是這種情況。因此雲端運算的成長速度比企業更快。

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. And what we're seeing actually is continued strength across cloud and HPC, which have been traditionally strong for AMD. But we're actually seeing very good momentum in enterprise. 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.

隨著我們進入下半年，我們預計米蘭將快速發展並跨越——第三代將在第三季超越第二代。我們實際上看到的是雲端運算和 HPC 領域的持續強勁表現，這兩個領域一直是 AMD 的強項。但我們實際上看到企業的發展勢頭非常好。我認為，憑藉我們現有的平台的廣度和覆蓋範圍，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吸引力，我們很高興看到這一點。

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. But overall, we're pleased with that.

因此，我認為，隨著我們進入下半年，企業業務對我們來說將比上半年更強大，這就是我們想要的平衡。但總體而言，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. We believe that the data center business will continue to be a strong driver for us into the second half of the year. And so it will be a larger percentage of our overall revenue in the second half of the year.

然後關於您關於伺服器的問題——抱歉，資料中心占我們第二季收入的 20% 以上。我們相信，資料中心業務將繼續成為我們下半年的強勁推動力。因此它將占我們下半年總收入的更大比例。

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

下一個問題來自富國銀行的 Aaron Rakers。

Congratulations as well on the quarter. I wanted to ask about kind of the trajectory of gross margin. 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. How do we think -- maybe you can unpack how we should think about the segment gross margin levels. And do you think that if we're hitting 50%, that's a new threshold that we can consider modeling going forward?

也恭喜本季取得的成績。我想問一下毛利率的走勢。如果我們現在考慮全年指引，將第三季指引上調 100 個基點，那麼看起來您實際上正在努力實現 50% 的毛利率。我們如何看待—也許您可以解釋我們應該如何看待分部毛利率水準。您是否認為，如果我們達到 50%，這將是我們可以考慮在未來建模的新門檻？

I think on the gross margin, first of all, I'll say we are very pleased with the progress we have made. And as you observed, we have taken up the guidance for the year from 47% to 48%. And in our long-term target model, we have plans to get to greater than 50%. And I think the strength of the businesses that Lisa just talked about, especially in the data center, help us get there.

我認為就毛利率而言，首先，我對所取得的進展感到非常滿意。正如您所看到的，我們已將今年的指導價格從 47% 上調至 48%。在我們的長期目標模型中，我們計劃達到 50% 以上。我認為麗莎剛才談到的業務實力，特別是資料中心的實力，可以幫助我們實現這一目標。

The product mix is important. The ramp in the data center and the client PC business as we gain revenue share is going to be important to drive that. 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. So I feel very good about getting to the greater than 50% over time.

產品組合很重要。隨著我們獲得收入份額，資料中心和客戶端 PC 業務的成長對於推動這一目標至關重要。我們有信心，考慮到業務組合以及高於企業平均毛利率的業務收入成長，我們可以繼續提高毛利率。因此，我很高興隨著時間的推移，這一比例達到了 50% 以上。

Aaron, I was just going to add to that. 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. So as data center becomes a higher percentage of our business, that's a favorable mix for us. 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. But there are always puts and takes in the business. It's just really about the mix.

亞倫，我只是想補充一點。我認為，在考慮我們未來的業務時，最重要的事情是考慮業務組合。因此，隨著資料中心在我們業務中所佔的比例越來越大，這對我們來說是一個有利的組合。然後，在各個細分市場中，當我們審視我們的策略重點時，當我們真正將其融入投資組合的高端時，這些都是我們從利潤率角度考慮的關鍵事項。但做生意總是有得有失。這實際上只是一種混合。

Yes. And then just as a real quick follow-up. 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?

是的。然後只是進行真正快速的跟進。隨著米蘭的崛起，並意識到羅馬聽起來仍然是 EPYC 產品線的主要組成部分，當我們考慮米蘭的延續，甚至開始考慮熱那亞的未來時，您在利用更強的地位來提升混合 ASP 方面取得了多大的成功？

Yes. 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. So I think Milan is certainly a performance uplift relative to Rome. It does lend itself to a higher ASP or a higher mix of the business.

是的。因此，當我們考慮業務的發展軌跡時，重點是為每個插槽提供更高的效能，而這就是我們正在做的事情。因此我認為米蘭的表現相對於羅馬來說肯定有所提升。它確實有助於提高平均售價或實現更高的業務組合。

And then clearly, as we go to Genoa, we're going to continue that trajectory. So I think -- and then within server, there's also a mix between cloud and enterprise. As I said earlier, we're quite cloud weighted here in the first half of the year. And as we go to a stronger percentage of enterprise, that would also be a favorable mix in the service side of the business.

顯然，當我們前往熱那亞時，我們將繼續這一軌跡。所以我認為——在伺服器內部，雲端和企業之間也存在著混合。正如我之前所說，今年上半年我們這裡的雲壓力很大。隨著我們企業所佔比例的不斷提高，這對於業務的服務方面來說也將是一個有利的組合。

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的 Vivek Arya。

Lisa, it's to continue on the server business. Until last year, we saw AMD take about 2 to 3 points of server share annually. This year, the share gains seem to be accelerating on the order of 4 to 5 points. I'm curious, what's driving this acceleration? And did you see anything from Intel's road map disclosures yesterday that you think can impact your server share gain momentum?

Lisa，繼續伺服器業務。直到去年，我們看到 AMD 每年佔據約 2 到 3 個百分點的伺服器市場份額。今年，股價漲幅似乎加快了 4 到 5 個百分點。我很好奇，是什麼推動了這種加速？您是否從英特爾昨天發布的路線圖中看到了什麼內容，您認為這些內容可能會影響您的伺服器份額成長勢頭？

Yes. Vivek, thanks for the question. 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. I think we're excited with the momentum around our server business. I think the product road map is very strong. I think the execution has been very strong.

是的。Vivek，謝謝你的提問。嗯，正如你所知，我們非常關注伺服器和資料中心業務的多個季度、多年的進展。我認為我們對伺服器業務的發展勢頭感到非常興奮。我認為產品路線圖非常強大。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? They had -- many of our customers were on Rome already. 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. So we feel good about where we're positioned.

我認為，作為米蘭的第三代人，客戶也更願意與米蘭進行更廣泛的合作，因為這已經是第三次了，對嗎？我們的許多客戶已經到達羅馬了。但是對於 Milan 來說，它是一種插座相容的，因此，它的提升時間更快，而且我們看到它提升得更快。因此，我們對自己的定位感到滿意。

I mean it's a very competitive market out there, Vivek. I'll always say that. We expect our competition to be really good, and we need to be better than that. And so our team is very focused on execution, and we're excited about Genoa. I think our customers are excited about Genoa. And so we need to keep the momentum and keep the road map execution as strong as it has been.

我的意思是，這是一個競爭非常激烈的市場，維韋克。我會一直這麼說。我們期望我們的競爭對手非常優秀，而且我們需要做得更好。因此我們的團隊非常注重執行，我們對熱那亞感到非常興奮。我認為我們的客戶對熱那亞感到很興奮。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勁。

Got it. And for my follow-up, you announced a $4 billion share buyback. I believe you're kind of mid-way or late mid-way through Q2. You only did about $256 million of that. How should we think about buybacks going forward? Are you -- do you have a certain time frame in mind? Just how -- what's going to guide your decision when and how much of buybacks to do?

知道了。接下來我想問的是，您宣布了一項價值 40 億美元的股票回購計畫。我相信您正處於第二季度的中期或後期。你只做了其中的 2.56 億美元。我們該如何看待未來的回購？您心中是否有一個特定的時間框架？那麼，什麼將指導您決定何時回購以及回購多少呢？

Yes. I think nothing specific, Vivek. 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. We're very pleased to initiate the program in Q2 with about $256 million, purchasing 3.2 million. And you will see us do more over time, but I wouldn't want to get into any specifics on this call.

是的。我認為沒有什麼特別的，維韋克。如你所知，這些計劃，我的意思是，我們將抓住機會，隨著資產負債表的不斷改善，我們顯然會向股東返還資本。我們很高興在第二季啟動該計劃，投入約 2.56 億美元，購買 320 萬美元。隨著時間的推移，你會看到我們做更多的事情，但我不想在這次通話中談論任何具體細節。

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

麗莎，我想，在這組結果中，我真正高興看到的一件事，也是投資者經常問我的一件事，就是你們實現了收入的增長，但營業利潤率的槓桿也隨之而來。你們確實投入了大量資金來發展業務，而這已經反映在業務成長中。我只是想知道您如何看待收入成長與未來營業利潤率上升之間的平衡，因為這是我與一些投資者交談時的焦點。

Sure, Matt. Maybe I'll start and then see if Devinder has anything to add. I think we've always been very thoughtful about how we both invest in the business as well as delivering operating leverage. And look, I think our revenue growth has been very strong. It was certainly above what we had previously forecasted. 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. But you do see the operating leverage in the business. And I think we intend to continue to deliver improved operating margins as we go forward.

當然，馬特。也許我會開始，然後看看 Devinder 是否有任何補充。我認為我們一直非常重視如何投資業務以及如何發揮經營槓桿作用。而且我認為我們的營收成長非常強勁。這肯定高於我們先前的預測。我們正在藉此機會投資業務，即投資研發、投資銷售和行銷以及投資整體能力。但你確實看到了業務中的經營槓桿。我認為我們打算在未來繼續提高營業利潤率。

So I think we can do it -- do all of those things. I think we can continue to grow revenue significantly above the industry. We will continue to invest in OpEx at a lower rate than the revenue growth. And we will continue to deliver operating margin improvement over time.

所以我認為我們可以做到——做所有這些事情。我認為我們的收入可以繼續大幅高於行業水平。我們將繼續以低於收入成長的速度投資於營運支出。而我們將繼續隨著時間的推移提高營業利潤率。

Yes. I think you covered it, Lisa. I think that's well said. 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. Hiring people is another area of focus right now as the business is growing pretty significantly.

是的。我想你已經講清楚了，麗莎。我認為說得很好。我的意思是，正如您所看到的，我們確實將營運支出佔收入的百分比指導從今年的 26% 左右更新到了 25%，並且我們將繼續從發展業務所需進行的投資角度進行自律，當然還包括對研發和上市的投資。由於業務正在顯著成長，招募人員是目前關注的另一個領域。

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. And Lisa, your competitor gave some fairly bullish commentary about the state of the PC industry going forward. And I wonder if you might share your view. 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. 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.

我的後續問題是，有趣的是，個人電腦市場表現得越強勁，投資者就越擔心我們最終會回到平均水平。麗莎，你的競爭對手對未來 PC 產業的發展狀況給了相當樂觀的評論。我想知道您是否可以分享您的看法。我們在工作中聽說 Chromebook 市場存在一些泡沫，可能有幾家 PC OEM 表示他們正在建立少量 CPU 庫存。因此，在對市場進行評論的基礎上，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，那麼這些都會非常有幫助。

Yes. Sure, Matt. So, look, there are lots of different signals in the PC market. So maybe I will make a few comments. I think it's fair to say that the end-user demand has been very strong. So very strong in the first half of the year, very strong in the second half of last year. And that's from all this work from home, school from home, sort of, and then some of this return-to-office trends. Within that, there is a little bit of a mix shift as you go through time.

是的。當然，馬特。所以，你看，PC 市場上有很多不同的訊號。所以也許我會發表一些評論。我認為可以公平地說最終用戶的需求非常強勁。因此，今年上半年表現非常強勁，去年下半年表現也非常強勁。這就是在家工作、在家上學以及重返辦公室趨勢的結果。在其中，隨著時間的推移，混合會發生一點變化。

When I look at the market, I would say that we've performed very well. Within this market backdrop, we continue to gain revenue share. And what that means is we're focusing on the most strategic segments of the PC market. As we go forward, I do agree that end-user demand is strong. 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. So, we're taking that into account as we think about the second half of the year.

當我觀察市場時，我會說我們的表現非常好。在這樣的市場背景下，我們的收入份額不斷增加。這意味著我們將重點放在 PC 市場中最具戰略意義的部分。隨著我們不斷前進，我確實同意最終用戶的需求很強勁。我還相信，如果你有在關註今年下半年的個人電腦市場，你會聽到一些關於零件短缺或配套設備短缺之類的消息。因此，我們在考慮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. 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. From an inventory standpoint, we do not believe there is significant inventory. We do track it very closely, of AMD product anyways. We look at it at the retailers as well as at -- with our OEMs.

從我們的角度來看，我們計劃 PC 業務在上半年和下半年保持穩定。而且，我們認為所有訂購模式以及我們對 PC OEM 所做事情的觀察都很好地支持了這一點。從庫存角度來看，我們認為庫存並不多。無論如何，我們確實密切關注 AMD 產品。我們從零售商和原始設備製造商的角度來看這個問題。

So I think we have this very -- we're watching it very closely and recognize that the PC market may go up or down. We're expecting it to be -- like I said, for our business roughly flattish first half into second half. 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.

所以我認為我們正在密切關注這個問題，並認識到個人電腦市場可能會上漲或下跌。正如我所說，我們預計上半年到下半年我們的業務將大致持平。在這種情況下，我們仍然相信最終用戶需求強勁，市場上只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. First is just a clarification. I think you said in your prepared comments relative to the June quarter that EPYC grew solidly double digits sequentially. The overall segment grew about 19%. I'm just curious, did EPYC outgrow the overall segment? Or was it more in line? Can you give us a sense of how it did relative to the segment?

祝賀您取得如此豐碩的成果。首先需要澄清的是。我認為您在針對 6 月季度的準備好的評論中說過，EPYC 的環比增長穩步達到兩位數。整體業務成長約 19%。我只是好奇，EPYC 是否超越了整體市場？或者說更符合邏輯？您能否向我們介紹一下它相對於該細分市場的表現如何？

Yes. We outgrew the segment in the second quarter.

是的。我們在第二季度超越了該部門。

Perfect. And then my second question is just more of a strategic question around pricing. 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. And I'd like to get kind of your thought on pricing. I mean in my mind, that market is much more about a total cost of ownership than an entry point. 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.

完美的。我的第二個問題是關於定價的策略問題。顯然，上週，英特爾在電話會議上談到可能採取更具侵略性的價格政策，特別是在資料中心領域，以保護市場份額。我想了解一下您對定價的看法。我的意思是，在我看來，這個市場更多的是關於總體擁有成本而不是切入點。考慮到您的價格表現，我只是有點好奇您對定價環境有多擔心，以及您認為我們應該隨著時間的推移有多擔心。

Yes. Thanks for that, John. Look, I think the market has always been competitive. I don't see that it has become more competitive or that's changed. As you said, pricing is not the first order variable when you're buying a server CPU. It really is about total cost of ownership. I think the performance leadership that we have is clearly there, and I think customers see that. So, we'll always fight for every socket. I mean you know that we're very competitive in that fashion. But we think that the way to do that is with the strength of the road map and the strength of the deep partnerships. And price is sort of a second order lever in this market.

是的。謝謝你，約翰。看，我認為市場一直競爭激烈。我沒有看到它變得更具競爭力或發生了改變。正如您所說，購買伺服器 CPU 時，價格並不是首要考慮的變數。這實際上與總體擁有成本有關。我認為我們的性能領先地位顯而易見，而且我認為客戶也看到了這一點。因此，我們將永遠為每一個插座而戰。我的意思是，你知道我們在這方面非常有競爭力。但我們認為，實現這一目標的方法是藉助路線圖的力量和深度夥伴關係的力量。在這個市場中，價格是二階槓桿。

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. 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? It's a relatively big market, right? It's about a $6 billion, $7 billion market. Milan supports much more networking functionality versus prior generations. And operators continue to virtualize the core of their networks. And with 5G, they're also starting to virtualize their radio access networks. 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.

季度執行情況非常好。現在，米蘭正處於強勁的成長軌跡，很高興看到企業的發展勢頭，隨著你們繼續將 EPYC 推向新市場，只是想了解一下電信服務提供商市場的吸引力，對嗎？這是一個相對較大的市場，對嗎？這是一個價值約 60 億至 70 億美元的市場。與前幾代產品相比，Milan 支援更多的網路功能。營運商繼續虛擬化其網路核心。隨著 5G 的出現，他們也開始虛擬化其無線存取網路。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 服務供應商的早期合作勢頭。

Yes, sure. Harlan, thanks for the question. Yes. Look, we believe the telco segment is a very good segment for us. And I would say that there is a lot of interest. I wouldn't say it's a significant piece of revenue today. So I view that as sort of opportunity as we continue to build out the solutions for Milan. But it is one of the areas that we believe is very strategic for AMD.

是的，當然。哈蘭，謝謝你的提問。是的。我們相信電信業對我們來說是一個非常好的產業。我想說的是，人們對此很感興趣。我不會說這是今天一筆重要的收入。因此，我認為這是一個機會，我們將繼續為米蘭建立解決方案。但我們認為，這是對 AMD 來說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. So yes, we think it's a good market for us, but I would say we're still very early on that particular cycle.

隨著賽靈思的加入——當我們將賽靈思業務與我們的業務結合時，我認為他們在通訊和電信市場的關係將有助於整合整體解決方案。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這個特定週期的早期階段。

Great. 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?

偉大的。然後，隨著您進入下半年，企業領域早期勢頭強勁，並且您可能對明年有所了解，因為企業呼叫週期可能比一些雲端客戶的呼叫週期要長一些，您能否談談大型企業和中小型企業在企業領域的合作廣度？

Yes, Harlan. So we have seen a very strong pipeline. And that started with Rome, but we see that expanding with Milan. 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. 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. So our visibility is very good into the second half of the year, and it's also very good into 2022.

是的，哈蘭。因此，我們看到了一條非常強大的管道。這一趨勢始於羅馬，但我們看到這一趨勢在米蘭得到擴展。我認為，如果你看看米蘭所有最大的原始設備製造商提供的平台廣度，它比我們上一代更廣泛。我認為人們也開始推出更多的設備，而且我們也做了相當多的 ISV 優化。因此，我們對今年下半年的預期非常好，對 2022 年的預期也非常好。

I think the good piece about this, as you said, it is longer design cycles. But with large companies and certainly with some of the Tier 2 cloud guys, we've seen good strong visibility for multiple quarters. 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.

我認為，正如您所說，這樣做的好處是設計週期更長。但對於大公司以及一些二級雲端運算公司來說，我們已經看到了多個季度的良好可見性。然後，當我們考慮中小型企業和更多的通路業務時，我認為所有這些對我們來說都是一個巨大的機會。

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. Is there any seasonality? Or does that continue to be kind of more of a supply constraint?

我想知道您是否可以談談下半年遊戲機業務的季節性。有季節性嗎？或者這是否繼續成為一種供應限制？

Sure, Joe. 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. And so I think the seasonality is not typical. So typically, we see the second half stronger than the first half, and that is sort of more muted this year. 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.

當然，喬。因此，就遊戲機業務而言，我們處於遊戲機週期的早期階段，我認為您已經看到這些產品的需求非常強勁。所以我認為季節性並不典型。通常情況下，我們認為下半年的表現會強於上半年，但今年的情況則比較平淡。因此，今年下半年會有一些成長，但遠不及典型的遊戲機季節性成長。

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

我們的下一個問題來自伯恩斯坦研究公司的 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. And maybe that's a function of some of the opportunities -- the other opportunities that you have. 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? 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?

麗莎，就 PC 環境而言，你對此的態度聽起來比你的競爭對手更樂觀一些，而你的競爭對手似乎確實在呼籲明年實現成長。或許，這是某些機會的功能──您所擁有的其他機會。我只是好奇，鑑於您對持續強勁成長的其他展望，您是否認為強勁成長完全取決於明年 PC 市場的狀況？那麼，舉例來說，如果明年個人電腦銷量下降 10%，您是否仍然認為 2022 年您的投資組合中的其他產品仍能實現強勁的同比增長？

Yes, sure, Stacy. So, look, I think -- I mean there are lots of different signals in the PC market for 2022. So, I think what we're doing is taking, let's call it -- we're planning for various different scenarios. But I would say that from our point of view, the overall answer to your question is yes. I mean we believe that there is a -- we have strong growth momentum across the portfolio. 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.

是的，當然，史黛西。所以，看，我認為——我的意思是 2022 年的個人電腦市場有很多不同的訊號。所以，我認為我們正在做的是，我們稱之為——我們正在為各種不同的場景做計劃。但我想說，從我們的角度來看，你的問題的整體答案是肯定的。我的意思是，我們相信—我們的整個投資組合都擁有強勁的成長動能。我們相信，即使市場並不像某些人預測的那樣強勁，我們的個人電腦業務也能夠實現成長。

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. And on the PC side, in particular, we're making very good progress in sort of commercial, premium gaming notebooks, premium consumer. We have more platforms coming with our Ryzen 5000 and our next generation. So, I think our sort of outlook is less dependent on what exactly happens in the market. 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.

我們的觀點是，無論我們所涉足的市場是資料中心、個人電腦還是遊戲，我們的代表性仍然不足。特別是在個人電腦方面，我們在商用、高階遊戲筆記型電腦和高階消費產品方面取得了非常好的進展。我們將推出更多具有 Ryzen 5000 和下一代產品的平台。因此，我認為我們的前景不太依賴市場的具體情況。但顯然，我們非常密切地關注市場，並且我們與 OEM 合作夥伴密切合作以了解他們所看到的情況。

Got it. That's helpful. For my follow-up, I want to ask the OpEx question a little more explicitly. So, you didn't take it down for the year and you're 25%. But if I'm doing my math right, the Q4 OpEx percentage is closer to 28%. And I get why and I understand. 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. Should we think about OpEx, I guess, trending down from that exit rate to that more kind of like model level? 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? Is that exit rate of OpEx to revenue more representative of what we might see in the near to medium term?

知道了。這很有幫助。作為我的後續行動，我想更明確地詢問 OpEx 問題。所以，您今年沒有將其取下來，所以您只佔 25%。但如果我的計算正確的話，第四季的營運支出百分比接近 28%。我明白為什麼，我理解。但我認為，16 個月前您給出的分析師日模型的營運支出與收入中點在 26 年代中期左右。我想，我們是否應該考慮營運支出 (OpEx)，從退出率下降到更像模型的水平？或者您仍會抓住這個機會，至少在接下來的幾個季度裡，可能會進行更高水準的投資？營運支出與收入的退出率是否更能代表我們在近期至中期可能看到的情況？

Yes. I think, Stacy, first of all, you hit it right. The priority for this is to invest in the business for growth. We are growing significantly and just took up the guidance. 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. Second half of the year, you also have salary increases that kick in for our employees. 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.

是的。我認為，史黛西，首先，你說得很對。其中的首要任務是投資業務以實現成長。我們正在顯著增長，並且剛剛接受了指導。因此顯然，有許多領域需要投資來支持這種成長，無論是研發、上市還是招募。從下半年開始，我們的員工也會獲得加薪。顯然，根據我們給出的第三季指導，這確實會推高營運支出，從整體營運支出的角度來看，第三季的營運支出高於第二季。

As far as the numbers are concerned, I know you're probably running your model there, but those numbers are approximate. And really, if you ask me from an overall standpoint, I would expect that for the year, we come in a little under 25%. We gave the approximate guidance of 25%, but I think we'll come in under 25% for the year.

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。實際上，如果您從整體角度問我，我預計今年我們的成長率將略低於 25%。我們給出了 25% 的大致指導，但我認為今年的成長率將低於 25%。

Nothing extraordinary there. 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. So really, that's what it is, Stacy.

沒什麼特別的。這只是確保我們規劃業務，支持成長，並確保到 2022 年，隨著我們推出 Lisa 剛才談到的新產品，我們會繼續支持這一點，因為 2022 年將推出許多新產品。事實確實如此，史黛西。

Operator, 2 more questions, please.

接線員，請再問兩個問題。

Our next question is coming from Blayne Curtis from Barclays.

下一個問題來自巴克萊銀行的布萊恩‧柯蒂斯。

I just want to ask on the graphics strength. I think you said it doubled. Just curious, is there a way to parse out how much is coming from crypto? And then I think what I heard you say is in the back half, it's a driver for September. 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?

我只是想問一下圖形強度。我認為您說的是它翻倍了。只是好奇，有沒有辦法分析出有多少來自加密？然後我認為我聽到您說的是後半部分，這是九月份的驅動因素。進入 12 月，PC 銷售再次持平，您能否描述一下圖形領域的優勢在多大程度上體現在客戶端圖形上，而不是資料中心上？

Yes, sure, Blayne. So, to your question about the quarter, the second quarter, we do not believe there was a significant crypto component in our graphics revenue. I mean the graphics revenue, as we see it, is really RDNA 2 ramping. We launched some new products in mobile. 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. So, our view is that the crypto-based component is really negligible.

是的，當然，布萊恩。因此，對於您關於本季、第二季的問題，我們認為我們的圖形收入中沒有顯著的加密成分。我的意思是，正如我們所見，圖形收入確實在 RDNA 2 的成長。我們在行動領域推出了一些新產品。我們對 RDNA 2 在行動裝置上的接受度感到滿意，我們已開始出貨一些資料中心 GPU。因此，我們認為基於加密的元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. 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. But we do expect there continues to be strong demand for gaming graphics. 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. 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.

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。驅動程式實際上圍繞著資料中心，這是跨 CPU 的資料中心以及一些早期的 GPU。但我們確實預期遊戲圖形的需求將持續強勁。我們知道有很多玩家仍在尋求獲得一些卡，因此我們將支援這種需求。但我不認為加密是其中很重要的一部分，我們將繼續致力於將我們的遊戲圖形呈現在玩家手中。

And then maybe just a follow-up on the data center GPU opportunity. You mentioned you have some new wins with HPC and a couple of them are fairly chunky. Just kind of curious when to think about that impacting the model. Is that a next year story? Or is it a bit further out?

然後也許只是對資料中心 GPU 機會的後續關注。您提到您在 HPC 方面取得了一些新的勝利，其中有幾個相當重大。只是有點好奇什麼時候會考慮這會對模型產生影響。這是明年的故事嗎？或者說是稍微遠一點？

Yes. So, I mean we'll see some growth in the second half of the year off of a small base. I think it becomes a more meaningful driver as we go into next year and then certainly the following year. So, think about the data center GPU story as sort of the early innings of what we did on the CPU side. We're excited about the product, 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. We're continuing to work with some cloud customers, the machine learning and AI aspects of it. But it's really a multiyear journey, and the larger driver of our data center business is the server CPU side.

是的。所以，我的意思是，我們將在下半年看到在較小基礎上的一些成長。我認為，隨著我們進入明年，當然還有後年，它將成為一個更有意義的驅動力。因此，可以將資料中心 GPU 的故事視為我們在 CPU 方面所做工作的早期階段。我們對這款產品感到非常興奮，布萊恩。我認為這是我們的下一代 CDNA 2 的一個非常令人興奮的產品。我認為我們在 HPC 方面已經取得了一些早期的勝利。我們將繼續與一些雲端客戶合作，進行機器學習和人工智慧的工作。但這確實是一個多年的過程，而我們資料中心業務的更大驅動力是伺服器 CPU 方面。

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. 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. So, I had a couple of questions on this. I haven't seen Intel Xeon processors in this mode.

Lisa，我有一個關於您與 Google 宣布的 Tau 實例的問題。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米蘭，這對我來說就像是回到了 20 年前。所以，我對此有幾個疑問。我還沒見過這種模式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? Are you seeing a lot of demand outside of Google for this kind of single-threaded implementation? 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? It seems like it would be the next logical step. Would that even be feasible? Is that something you consider you're getting demand for?

除了核心數量更多之外，AMD 架構或 Milan 架構是否還有其他特性使得在此模式下使用 AMD 處理器比使用英特爾處理器更有意義？您是否看到 Google 之外對這種單執行緒實作有很大的需求？如果是的話，那麼製作一條單獨的 CPU 生產線來簡化僅用於一個處理執行緒的邏輯是否有意義，然後您就可以在 CPU 上安裝更多核心並降低功耗？這似乎是合乎邏輯的下一步。這可行嗎？您認為您對此有需求嗎？

Sure. 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. I think what you see in the server land is that there are lots of different use cases for the processors. And you have some that are looking for sort of the bleeding-edge performance. And there, the multi-threading is very, very useful. And you get better performance per watt, performance per dollar and just overall socket-level performance.

當然。所以，馬克，我想這樣說，而且，我想以更廣泛的方式來回答這個問題。我認為您在伺服器領域看到的是處理器有很多不同的用例。有些人正在尋求某種尖端性能。而且，多線程非常非常有用。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. And you might choose to optimize sort of what you do, sort of how you configure the processor differently. I think what you'll see from us, Mark, is we're spending a lot of time with our hyperscale partners. And what we want to do is offer them the type of incidence that they need and that their customers need.

我認為，我們看到的是，當你查看用例時，你會發現有些用例更專注於每美元的效能而不是整體效能。您可以選擇最佳化您所做的事情，以及如何以不同的方式設定處理器。馬克，我想你會發現我們花了很多時間與我們的超大規模合作夥伴在一起。我們想要做的是向他們提供他們需要的以及他們的客戶需要的事件類型。

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

因此，您會看到我們在各個方面進行更多的定制，我們希望滿足各種用例的效能要求。所以，我認為我們會更多地談論我們如何看待未來的路線圖。但我要說的是，我們非常認真地確保我們擁有適合正確工作負載的正確產品，並且針對所有這些領域的效能、功耗和成本進行了最佳化。

Thank you. We reached the end of our question-and-answer session. I'd like to turn the floor back over for any further or closing comments.

謝謝。我們的問答環節已經結束。我想再次請大家發表進一步的評論或結束語。

Thank you, everyone. We appreciate your time today and certainly your interest in AMD. As always, we appreciate your support, and we look forward to seeing you in an event here in Q3. Have a great day.

謝謝大家。我們感謝您今天抽出時間，也非常感謝您對 AMD 的關注。像往常一樣，我們感謝您的支持，並期待在第三季的活動中見到您。祝你有美好的一天。

Thank you. That does conclude today's teleconference and webcast. You may disconnect your line at this time, and have a wonderful day. We thank you for your participation today.

謝謝。今天的電話會議和網路直播到此結束。此時您可以斷開線路，祝您有美好的一天。我們感謝您今天的參與。