超微半導體 (AMD) 2021 Q1 法說會逐字稿

Hello, and welcome to the AMD First Quarter 2021 Earnings Call and Webcast. (Operator Instructions) As a reminder, this conference is being recorded.

您好，歡迎參加 AMD 2021 年第一季財報電話會議和網路廣播。 （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 Ruth Cotter, Senior Vice President, Worldwide Marketing, Human Resources and Investor Relations. Please go ahead, Ruth.

現在我很高興將電話轉給全球行銷、人力資源和投資者關係資深副總裁 Ruth Cotter。請繼續，露絲。

Thank you, and welcome to AMD's First Quarter 2021 Financial Results Conference call. By now, you should have had the opportunity to review a copy of our earnings press release and accompanying slideware. If you've not reviewed these documents yet, they can be found on the Investor Relations page of amd.com.

謝謝，歡迎參加 AMD 2021 年第一季財務業績電話會議。現在，您應該已經有機會查看我們的收益新聞稿和隨附的幻燈片的副本。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。

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.

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 our annual shareholder meeting will be held on Wednesday, May 19, as a virtual event accessible from our website. Dr. Lisa Su will provide a keynote presentation at the JPMorgan Technology, Media and Communications Conference on Monday, May 24. Dan McNamara, Senior Vice President and General Manager of our server business, will attend the Bank of America Global Technology Conference on Wednesday, the 9th of June. And our second quarter 2021 quiet time is expected to begin at the close of business on Friday, June 11.

在我們開始之前，我想指出的是，我們的年度股東大會將於 5 月 19 日星期三以虛擬活動的形式舉行，可透過我們的網站存取。 Lisa Su 博士將於 5 月 24 日星期一在摩根大通技術、媒體和通訊會議上發表主題演講。我們伺服器業務資深副總裁兼總經理 Dan McNamara 將於 6 月 9 日星期三出席美國銀行全球技術會議。我們的 2021 年第二季靜默期預計將於 6 月 11 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. Please refer to the cautionary statement in our press release for more information on factors that could cause actual results to differ materially.

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。有關可能導致實際結果發生重大差異的因素的更多信息，請參閱我們新聞稿中的警告聲明。

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。

Now with that, I'll hand the call over to Lisa. Lisa?

現在，我將把電話交給麗莎。麗莎？

Thank you, Ruth. And good afternoon to all those listening in today. Our business continued to accelerate significantly in the first quarter, driven by the best product portfolio in our history, strong execution and robust market demand. We delivered our sixth straight quarter of double-digit percentage year-over-year revenue growth and record quarterly revenue and profitability. First quarter revenue increased 93% year-over-year to $3.45 billion, with growth in all of our businesses.

謝謝你，露絲。向今天收聽節目的各位下午好。受歷史上最佳產品組合、強勁執行力和強勁市場需求的推動，我們的業務在第一季繼續大幅加速。我們連續六個季度實現了兩位數的年收入成長，並創下了季度收入和盈利的新高。第一季營收年增 93% 至 34.5 億美元，所有業務均成長。

Turning to our Computing and Graphics segment. First quarter revenue increased 46% year-over-year to $2.1 billion, led by growth in both Ryzen and Radeon processor sales. In client computing, revenue grew by a significant double-digit percentage year-over-year and increased sequentially as we set records for client processor revenue and ASP.

轉向我們的計算和圖形部分。第一季營收年增 46% 至 21 億美元，主要得益於 Ryzen 和 Radeon 處理器銷量的成長。在客戶端計算領域，由於我們創下了客戶端處理器收入和平均售價的記錄，收入同比增長了顯著的兩位數百分比，並且環比增長。

Against the backdrop of strong overall PC demand, our revenue is growing significantly faster than the market, particularly in the ultrathin, gaming and commercial segments. As a result, we believe we gained client processor revenue share in the quarter. Our revenue share has doubled over the last 2 years as we have expanded in the premium products.

在整體 PC 需求強勁的背景下，我們的營收成長速度明顯快於市場，尤其是在超薄、遊戲和商業領域。因此，我們相信我們在本季度獲得了客戶端處理器收入份額。隨著高端產品的擴張，我們的收入份額在過去兩年裡翻了一番。

In notebooks, we delivered our sixth straight quarter of record mobile processor revenue based on sustained demand for Ryzen 4000 Series processors and the launch of our new Ryzen 5000 Series processors. Ryzen Mobile 5000 Series processor revenue has ramped twice as fast as the prior generation. We expect continued growth in 2021 as the number of notebook platforms powered by our new processors is on track to increase by 50% compared to our prior generation.

在筆記型電腦方面，由於對 Ryzen 4000 系列處理器的持續需求以及新款 Ryzen 5000 系列處理器的推出，我們連續第六個季度實現了創紀錄的行動處理器收入。 Ryzen Mobile 5000系列處理器的銷售成長速度是上一代產品的兩倍。我們預計 2021 年將繼續成長，因為與上一代相比，採用我們新處理器的筆記型電腦平台數量預計將增加 50%。

We're also making good progress in the commercial market as unit shipments of our Ryzen PRO Processors grew by a strong double-digit percentage sequentially. We secured multiple high-volume wins across Fortune 500 aerospace, automotive, electronics and engineering companies in the quarter. And we're well positioned for further growth as we have tripled our commercial notebook design wins with the largest OEMs this year.

我們在商業市場也取得了良好的進展，我們的 Ryzen PRO 處理器的單位出貨量連續實現了強勁的兩位數百分比成長。本季度，我們獲得了財富 500 強航空航太、汽車、電子和工程公司的多項大額訂單。今年，我們與最大的 OEM 廠商合作的商用筆記型電腦設計訂單數量增加了兩倍，因此我們為進一步成長做好了準備。

In graphics, revenue increased by a strong double-digit percentage year-over-year and sequentially, led by channel sales growth as revenue from our high-end Radeon 6000 GPUs more than doubled from the prior quarter. We introduced our Radeon 6700 XT desktop GPU with leadership 1440p gaming performance in March and are on track for the first notebooks featuring our leading-edge mobile RDNA 2 architecture to launch later this quarter. We expect Radeon 6000 Series GPU sales to grow significantly over the coming quarters as we ramp production.

在圖形方面，營收年增了兩位數百分比，這主要得益於通路銷售的成長，因為我們的高階 Radeon 6000 GPU 的營收比上一季成長了一倍多。我們於 3 月推出了具有領先 1440p 遊戲效能的 Radeon 6700 XT 桌上型電腦 GPU，並計劃在本季稍後推出首批採用我們領先的行動 RDNA 2 架構的筆記型電腦。隨著產量的增加，我們預計 Radeon 6000 系列 GPU 的銷售量將在未來幾季大幅成長。

Data center graphics revenue grew year-over-year and sequentially, driven largely by adoption of Instinct accelerators across cloud and HPC customers.

資料中心圖形收入年增，主要得益於雲端和 HPC 客戶採用 Instinct 加速器。

We are making great progress on our data center GPU road maps and expect revenue to grow in the second half of the year as we begin the production ramp of our next-generation AMD Instinct GPU to support multiple HPC wins including Frontier, the first U.S. exascale supercomputer. Frontier will use next-generation AMD CPUs, GPUs and software to deliver unprecedented scientific computing and AI capabilities, creating a blueprint for scientific, cloud and enterprise customers to enable exascale-class computing and AI performance over the coming years.

我們的資料中心 GPU 路線圖正在取得巨大進展，預計下半年收入將會成長，因為我們開始生產下一代 AMD Instinct GPU 以支援多項 HPC 勝利，包括美國第一台百億億次超級電腦 Frontier。 Frontier 將利用下一代 AMD CPU、GPU 和軟體來提供前所未有的科學運算和 AI 功能，為科學、雲端和企業客戶繪製藍圖，在未來幾年實現數百億億次級運算和 AI 效能。

Now turning to our Enterprise, Embedded and Semi-Custom segment. Revenue increased 286% year-over-year to $1.35 billion, driven by strong growth in both semi-custom and EPYC processor sales. Semi-custom revenue declined by a single-digit percentage sequentially, which is better than typical seasonality. We expect semi-custom sales to remain strong throughout 2021, driven by significant demand for the latest generation Sony and Microsoft consoles.

現在轉向我們的企業、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 286% 至 13.5 億美元。半定制收入環比下降個位數百分比，這比典型的季節性要好。我們預計，受最新一代索尼和微軟遊戲機需求旺盛的推動，半客製化銷售將在 2021 年全年保持強勁。

In server, we delivered another quarter of record server processor revenue as EPYC processor sales more than doubled year-over-year and grew by a strong double-digit percentage sequentially. Sales of both our second- and third-gen EPYC processors increased sequentially as growing adoption of our second-gen offerings was complemented by third-gen EPYC processors successfully ramping into production across multiple cloud and enterprise customers. Third-gen EPYC processors offer 25% more performance per watt compared to our previous generation and deliver both per socket and per core leadership across database, ERP, data analytics, Java, virtualization, cloud and supercomputing workloads.

在伺服器方面，我們又一個季度創下了伺服器處理器收入的記錄，因為 EPYC 處理器的銷量同比增長了一倍多，並且環比增長了兩位數。由於我們的第二代產品越來越受到歡迎，而第三代 EPYC 處理器也成功地在多個雲端和企業客戶中投入生產，我們的第二代和第三代 EPYC 處理器的銷售也隨之連續成長。與上一代產品相比，第三代 EPYC 處理器每瓦效能提高了 25%，並在資料庫、ERP、資料分析、Java、虛擬化、雲端和超級運算工作負載方面實現了每個插槽和每核心的領先地位。

Cloud demand was particularly strong in the quarter as Tier 1 providers expanded their EPYC processor deployments to power more of their internal infrastructure and introduced 11 new AMD-powered instances. We expect the number of AMD-powered instances to double by the end of the year to 400 as Microsoft Azure, Amazon, Google, IBM, Oracle and Tencent significantly expand their offerings with third-gen EPYC processors.

本季雲端需求尤其強勁，因為一級供應商擴大了其 EPYC 處理器部署以支援更多的內部基礎設施，並推出了 11 個新的由 AMD 驅動的實例。隨著微軟 Azure、亞馬遜、Google、IBM、甲骨文和騰訊透過第三代 EPYC 處理器大幅擴展其產品範圍，我們預計到今年年底，採用 AMD 處理器的執行個體數量將翻一番，達到 400 個。

For the enterprise, Cisco, Dell, HP Enterprise, Lenovo and Supermicro all announced plans to expand their AMD-based offerings with more than 100 new third-gen EPYC processor-powered server platforms that deliver superior performance and total cost of ownership. In HPC, we built momentum with new high-volume wins, including the National Center for Atmospheric Research, Sweden's Institute of Science, as well as a unique on-prem and cloud solution for the United Kingdom's National Weather Modeling Service that will be the world's most powerful weather and climate forecasting supercomputer.

對於企業而言，思科、戴爾、惠普企業、聯想和超微均宣布計劃擴展其基於 AMD 的產品，推出 100 多個新的第三代 EPYC 處理器驅動的伺服器平台，以提供卓越的性能和整體擁有成本。在高效能運算 (HPC) 領域，我們憑藉新的高容量勝利建立了發展勢頭，其中包括國家大氣研究中心、瑞典科學研究所，以及為英國國家氣像模型服務提供獨特的本地和雲端解決方案，這將成為世界上最強大的天氣和氣候預報超級電腦。

Taking a step back, I am very pleased with the progress we have made in our data center business over the last several years as each new EPYC processor generation has ramped significantly faster than the previous generation. We have established AMD as a trusted strategic partner to the largest cloud enterprise and HPC customers based on developing and consistently delivering a leadership multigeneration CPU road map.

退一步來說，我對過去幾年我們在資料中心業務上的進展感到非常高興，因為每一代新的 EPYC 處理器都比上一代發展得更快。透過開發並持續提供領先的多代 CPU 路線圖，我們已將 AMD 確立為最大的雲端企業和 HPC 客戶值得信賴的策略合作夥伴。

2021 marks an inflection point in terms of the scale, ecosystem support and customer adoption of our EPYC and Instinct processors. In the first quarter, data center product revenue more than doubled year-over-year and represented a high-teens percentage of our overall revenue. We expect data center product revenue to grow significantly as we go through the year, driven by our strong pipeline of new cloud, enterprise and HPC wins.

2021 年標誌著我們的 EPYC 和 Instinct 處理器的規模、生態系統支援和客戶採用的轉折點。第一季度，資料中心產品營收年增一倍以上，占我們整體營收的百分之十幾。我們預計，受我們強大的新雲端、企業和 HPC 勝利的推動，資料中心產品收入將在今年大幅成長。

We significantly accelerated our business in the first quarter and now see higher growth for the year, driven by increased customer adoption for our products, overall market strength and additional supply from our supply chain partners. We also passed another major milestone with our pending acquisition of Xilinx in the quarter as shareholders voted overwhelmingly to approve the transaction. We remain on track to close the strategic acquisition by the end of the year.

我們在第一季大幅加快了業務發展，並且預計今年將實現更高成長，這得益於客戶對我們產品的採用率提高、整體市場實力增強以及供應鏈合作夥伴的額外供應。本季度，我們也透過即將完成的對賽靈思的收購邁過了另一個重要里程碑，股東以壓倒性多數投票批准了這項交易。我們仍有望在今年年底前完成策略性收購。

In closing, we have entered a high-performance computing megacycle with the strongest products and the deepest customer relationships in our history. Our success is built on delivering a consistent cadence of leadership products. We are increasing our R&D investments and aggressively driving our road maps to continue setting the pace of innovation for the industry and deliver best-in-class growth over the coming years.

最後，我們已進入高效能運算超級週期，擁有史上最強大的產品和最深厚的客戶關係。我們的成功建立在持續提供領先產品的基礎上。我們正在增加研發投入，積極推動我們的路線圖，以繼續引領產業創新步伐，並在未來幾年實現一流的成長。

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

現在我想將電話轉給 Devinder，讓他為我們第一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 excellent execution and very strong financial performance in the first quarter. Our multi-generation product road map is driving significant revenue growth, and we delivered record financial results and free cash flow.

謝謝你，麗莎，大家午安。 AMD 第一季的執行力非常出色，財務表現也非常強勁。我們的多代產品路線圖正在推動顯著的收入成長，我們實現了創紀錄的財務業績和自由現金流。

Driven by this momentum, we delivered first quarter revenue of $3.45 billion, up 93% from a year ago and up 6% from the prior quarter. Year-over-year growth was driven by strong increases in sales across all businesses. Gross margin was 46%, flat from a year ago despite significantly higher semi-custom product revenue.

在這股勢頭的推動下，我們第一季的營收達到 34.5 億美元，比去年同期成長 93%，比上一季成長 6%。同比成長是由所有業務的銷售強勁成長所推動的。儘管半客製化產品收入大幅增加，但毛利率仍為 46%，與去年同期持平。

Operating expenses were $830 million compared to $584 million a year ago as we continue to invest in our business. Operating income was $762 million, up $526 million from a year ago, driven primarily by revenue growth. Operating margin increased from 13% a year ago to 22%.

由於我們繼續對業務進行投資，營運費用為 8.3 億美元，而去年同期為 5.84 億美元。營業收入為 7.62 億美元，比去年同期增加 5.26 億美元，主要受收入成長的推動。營業利益率從一年前的13%上升至22%。

Net income was $642 million, up $420 million from a year ago, excluding $15 million of Xilinx acquisition-related costs. Diluted earnings per share was $0.52 per share compared to $0.18 per share a year ago.

淨收入為 6.42 億美元，比去年同期成長 4.2 億美元，不包括 1,500 萬美元的賽靈思收購相關成本。每股攤薄收益為 0.52 美元，去年同期為 0.18 美元。

Current quarter results include a 15% effective tax rate compared to a 3% tax rate a year ago. We continue to anticipate a cash tax rate of approximately 3% for 2021.

本季業績的實際稅率為 15%，而去年同期的實際稅率為 3%。我們繼續預期 2021 年的現金稅率約為 3%。

Now turning to business segment results. Computing and Graphics segment revenue was $2.1 billion, up 46% year-over-year due to the significantly higher client processor and graphics revenue. Computing and Graphics segment operating income was $485 million or 23% of revenue compared to $262 million a year ago.

現在談談業務部門業績。計算和圖形部門收入為 21 億美元，同比增長 46%，這得益於客戶端處理器和圖形收入的大幅增長。計算和圖形部門的營業收入為 4.85 億美元，佔營收的 23%，而去年同期為 2.62 億美元。

Enterprise, Embedded and Semi-Custom segment revenue was $1.35 billion, up 286% from $348 million the prior year. The revenue increase was driven by the ramp of semi-custom product sales and very strong growth in EPYC processor revenue, which more than doubled year-over-year. EESC segment operating income was $277 million or 21% of revenue compared to an operating loss of $26 million a year ago. The higher operating income was driven by higher revenue.

企業、嵌入式和半客製化部門營收為 13.5 億美元，較上年的 3.48 億美元成長 286%。營收成長得益於半客製化產品銷售的成長以及 EPYC 處理器收入的強勁成長，比去年同期成長了一倍以上。 EESC 部門的營業收入為 2.77 億美元，佔營收的 21%，而去年同期的營業虧損為 2,600 萬美元。營業收入增加是由收入增加所推動的。

Turning to the balance sheet. Cash, cash equivalents and short-term investments were $3.1 billion, up from $2.3 billion at the end of the prior quarter. Inventory was $1.7 billion. Free cash flow was $832 million in the first quarter compared to negative free cash flow of $120 million in the first quarter of 2020. Principal debt was $314 million, including a $24 million reduction in our 2026 convertible notes, which have only $2 million remaining.

轉向資產負債表。現金、現金等價物和短期投資為 31 億美元，高於上一季末的 23 億美元。庫存為17億美元。第一季的自由現金流為 8.32 億美元，而 2020 年第一季的自由現金流為負 1.2 億美元。本金債務為 3.14 億美元，其中包括 2026 年可轉換票據減少 2,400 萬美元，目前僅剩 200 萬美元。

Let me turn to the outlook for the second quarter of 2021. Today's outlook is based on current expectations and contemplates the current global supply environment and customer demand signals.

讓我來談談2021年第二季的展望。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。

We expect revenue to be approximately $3.6 billion, plus or minus $100 million, an increase of approximately 86% year-over-year and an increase of approximately 4% sequentially. The year-over-year increase is expected to be driven by growth in all businesses. The sequential increase is expected to be primarily driven by growth in data center and gaming.

我們預計營收約 36 億美元，上下浮動 1 億美元，年增約 86%，季增約 4%。預計同比增長將由所有業務的成長推動。預計連續成長主要受資料中心和遊戲成長的推動。

In addition, for Q2 2021, we expect non-GAAP gross margin to be approximately 47%; non-GAAP operating expenses to be approximately $900 million; non-GAAP interest expense, taxes and other to be approximately $130 million. And the diluted share count in the second quarter is expected to be approximately 1.23 billion shares.

此外，對於 2021 年第二季度，我們預計非 GAAP 毛利率約為 47%；非公認會計準則營運費用約為 9 億美元；非公認會計準則利息支出、稅金及其他費用約為 1.3 億美元。預計第二季稀釋股數約為12.3億股。

For the full year 2021, we now expect revenue growth of approximately 50% over 2020, driven by growth across all businesses, up from the prior guidance of approximately 37%. We continue to expect non-GAAP gross margin to be approximately 47%, non-GAAP operating expenses to be approximately 26% of revenue, non-GAAP effective tax rate to be 15%, and we expect the company's cash tax rate to be approximately 3%.

對於 2021 年全年，我們目前預計營收將比 2020 年成長約 50%，這主要得益於所有業務的成長，高於先前預測的約 37%。我們繼續預期非公認會計準則毛利率約為 47%，非公認會計準則營業費用約為收入的 26%，非公認會計準則有效稅率為 15%，我們預計公司的現金稅率約為 3%。

In closing, we had an excellent start in 2021 with very strong year-over-year growth in both segments. We continue to invest in the business and drive strong financial returns.

最後，我們在 2021 年取得了良好的開端，兩個部門都實現了非常強勁的年成長。我們繼續對該業務進行投資並實現強勁的財務回報。

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

說完這些，我將把時間交還給露絲，進行問答環節。露絲？

Thank you, Devinder. And operator, if you'd like to poll the audience for questions, please?

謝謝你，Devinder。接線員，可以向觀眾提問嗎？

(Operator Instructions) Our first question today is coming from Vivek Arya from Bank of America Securities.

（操作員指示）我們今天的第一個問題來自美國銀行證券的 Vivek Arya。

Lisa, you're guiding -- you're increasing the full year guidance by almost $1.2 billion, $1.3 billion. Could you give us some sense of what has changed in the last 3 months? Because your competitor was recently talking about cloud digestion, and you're raising guidance by $1.3 billion. So I'm curious what changed in the last 3 months? And if you could help us parse which products or end markets are contributing to this increase, how much from servers or PC or semi-custom, or if there is any crypto impact. So any color on what's driving this really strong guidance and increase for the year would be very helpful.

麗莎，你把全年指引金額提高了近 12 億美元、13 億美元。您能告訴我們過去三個月發生了什麼變化嗎？因為你的競爭對手最近在談論雲端消化，而你卻將指導金額提高了 13 億美元。所以我很好奇過去三個月發生了什麼變化？如果您能幫助我們分析哪些產品或終端市場對此成長做出了貢獻，有多少來自伺服器、個人電腦或半客製化，或者是否有任何加密影響。因此，任何有關推動今年如此強勁的指導和成長的因素的詳細資訊都將非常有幫助。

Yes, absolutely, Vivek. Thanks for the question. So we are -- we started the year very strong, very pleased with the first quarter performance and what we see overall for the year. So we are increasing our full year guidance. We exceeded in the first quarter. We guided up in the second quarter, and then that's carrying through to the second half of the year.

是的，絕對是，維韋克。謝謝你的提問。因此，我們今年的開局非常強勁，對第一季的業績以及全年的整體表現感到非常滿意。因此，我們提高了全年業績預期。我們在第一季就超越了。我們在第二季度做出了預期，並將持續到下半年。

What we've seen is the following. We came into the year with an overall strong demand picture, and that was certainly true. What we've seen over the last 90 days is consistent strong demand, very strong visibility from our customers on what they need throughout the year. Particularly, you asked about data center. I think we saw actually strong signals in the first quarter that it would be a strong data center year for us.

我們看到的是以下情況。今年我們迎來了整體強勁的需求情勢，這是事實。在過去的 90 天裡，我們看到的是持續強勁的需求，我們的客戶對他們全年的需求有非常清晰的了解。特別是，您詢問了資料中心。我認為我們在第一季確實看到了強烈的訊號，表明今年對我們的資料中心來說將是強勁的一年。

We're on a product ramp cycle. We launched new products in PCs on the mobile side with our Ryzen 5000. We launched new products on the graphics side with Radeon 6000. And then the launch of the third-generation Milan has actually gone very, very well.

我們正處於產品升級週期。我們在行動端 PC 領域推出了新產品 Ryzen 5000。我們在圖形領域推出了新產品 Radeon 6000。第三代 Milan 的推出其實進展非常順利。

So in terms of what we see, we see very strong demand for our products. We see good customer ordering patterns and strong backlog. And then we have also seen that the supply chain has been tight overall for the semiconductor industry. And we've been working very closely with our supply chain partners. And so we also have good visibility to additional supply as we go throughout the year. So with all that in place, I would say we feel very good about how the year is shaping up.

因此，就我們所看到的情況而言，我們的產品需求非常強勁。我們看到了良好的客戶訂購模式和強勁的積壓訂單。我們也看到，半導體產業的整體供應鏈一直很緊張。我們一直與我們的供應鏈合作夥伴密切合作。因此，我們對全年的額外供應情況也有很好的了解。因此，有了所有這些，我想說我們對今年的進展感到非常滿意。

In terms of where you see the strength overall, I would say it's strength across all businesses. But particularly the strength in data center is good. And we also see just, again, very good visibility and very close working relationships with our customers.

就整體實力而言，我認為這是所有業務都具備的實力。但特別是資料中心的實力很好。我們也再次看到了我們與客戶之間非常好的透明度和非常密切的工作關係。

You asked about crypto. We do not -- we have negligible crypto in here. So this is really the foundational business, really the new products and just seeing the customers adopt and ramp quickly.

您詢問的是加密。我們沒有——我們這裡的加密技術微不足道。所以這確實是基礎業務，確實是新產品，只是看到客戶迅速採用並發展。

Got it. Very helpful. And Lisa, for my follow-up, should we assume that now you are getting adequate supply? So you're kind of caught up from a supply perspective and supply is no longer a constraint. Or is that still a constraint? And if it is, in which end market? Because you're keeping full year gross margins steady at 47%. So I was curious if there is any impact from supply or rising input costs that could be impacting your gross margins, which you decided to keep to kind of flat versus your last outlook?

知道了。非常有幫助。麗莎，接下來我想問的是，我們是否應該假設您現在已經獲得了足夠的供應？因此，從供應角度來看，你已經趕上了，供應不再是一個限制。或者這仍然是一個限制因素？如果是的話，在哪個終端市場？因為您將全年毛利率穩定維持在 47%。所以我很好奇，供應或投入成本上升是否會對您的毛利率產生影響，您決定將毛利率維持在與上次預測持平的水平嗎？

Yes. I would say, Vivek, it's still early in the year. So the entire semiconductor supply chain is very, very tight. I think you hear that from all of our peers in the marketplace. That being said, we've been working very closely with our supply chain partners. We have seen improvements that have led to the improved full year guide.

是的。我想說，維韋克，現在還只是年初。因此整個半導體供應鏈非常非常緊張。我想您從市場上的所有同行那裡都聽過這種說法。話雖如此，我們一直與我們的供應鏈合作夥伴密切合作。我們已經看到了一些改進，從而導致了全年指南的改進。

We're going to continue to work on that because right now, I would say the channel -- the inventories are very low throughout the entire supply chain, whether you talk about at our customers or in the channels. And so there's quite more that we would like to be able to do. That being the case, I think we continue to work well with our partners and take lots of actions there.

我們將繼續努力，因為現在，我想說的是，整個供應鏈的庫存都非常低，無論是在我們的客戶還是在通路中。因此，我們希望能夠做更多的事情。既然如此，我認為我們會繼續與我們的合作夥伴進行良好的合作，並在那裡採取許多行動。

As it relates to overall costs and things like that, we are watching those things, I think, from logistics and some of the component costs and things like that. So there's -- mostly the gross margin guidance is reflective of the fact that we do have ramping of our new products. And we also have some ramp of the gaming products, which are a little bit below corporate average. But we'll see how things progress as we go throughout the year.

由於它與總體成本等有關，我認為我們正在從物流和一些零件成本等方面來關注這些事情。因此，毛利率指引主要反映了我們確實在增加新產品的產量。我們的一些遊戲產品也有一些成長，略低於公司平均。但我們會觀察全年狀況如何進展。

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。

Nice results. Maybe just following up on Vivek's question. I was just curious. The semi-custom business obviously is not following any sort of seasonality, but there's a lot of talk about supply constraints there as well. You basically saw no seasonality in March, and it seems like it's not growing much in June. So just maybe just -- is that still impacted by maybe not your shortages or other shortages? And just any perspective on that business for the year.

效果不錯。也許只是跟進 Vivek 的問題。我只是好奇。半客製化業務顯然不受任何季節性的影響，但也有很多人討論其供應限制。三月基本上沒有看到季節性，六月似乎也沒有太大的成長。那麼也許只是——這是否仍然受到可能不是你們的短缺或其他短缺的影響？以及對今年該業務的任何看法。

Yes. So thanks, Blayne, for the question. I think the semi-custom business, if you look at the console launches that happened last year, I mean they were phenomenally good launches, right, very, very good products. So you're right, seasonality is completely different this year than sort of a typical year. We had a strong first quarter better than seasonal. We were down but down single digits. There's a bit of growth as we go through the year, but it's just starting from such a high point in the first half of the year.

是的。所以感謝布萊恩提出這個問題。我認為半客製化業務，如果你看看去年推出的遊戲機，我的意思是它們都是非常好的發布，對吧，非常非常好的產品。所以你說得對，今年的季節性與往年完全不同。我們第一季的表現比季節性表現更好。我們雖然落後了，但只落後個位數。我們在這一年中取得了一些成長，但這只是從上半年的高點開始的。

So the way I would say it is I think there is a strong secular demand for gaming. And whether you're talking about consoles or you're talking about PC gaming or you're talking about the overall sort of gaming ecosystem, there's a significant demand. And so we believe there's strong demand, and we're continuing to ramp supply to meet that.

所以我想說的是，我認為對遊戲有強烈的長期需求。無論您談論的是遊戲機、電腦遊戲還是整個遊戲生態系統，都存在著巨大的需求。因此，我們相信需求強勁，我們將繼續增加供應以滿足這一需求。

And then I just want to ask you on the competitive landscape on the client side. You clearly gained a couple of points of share in March. Intel was talking about they're being more aggressive on their percent of 10-nanometer product. Just -- maybe just talk about the competitive landscape as you look through the rest of the year. And are you seeing any change to that landscape as they ramp 10-nanometer?

然後我只想問您關於客戶端的競爭格局。您在三月的份額明顯增加了幾個百分點。英特爾表示，他們將更積極地推進 10 奈米產品的生產。只是——也許只是談論今年剩餘時間的競爭格局。隨著他們向 10 奈米邁進，您是否看到這種情況發生了任何變化？

Yes. So Blayne, I think the PC business has certainly had a very strong second half of last year and is strong this year. I think within that, we feel very good about our progress, particularly in notebooks and particularly in the premium segments of notebooks. So we had a strong record quarter for our notebook business. Our ASPs were up sequentially and year-over-year. I think we're seeing traction in sort of the premium ultrathin, gaming and commercial.

是的。所以布萊恩，我認為個人電腦業務在去年下半年表現非常強勁，今年也依然強勁。我認為，我們對我們的進步感到非常滿意，特別是在筆記型電腦領域，特別是在高階筆記型電腦領域。因此，我們的筆記型電腦業務本季創下了強勁的記錄。我們的平均售價比上一季和去年同期均有所上漲。我認為，我們看到高端超薄、遊戲和商業領域正在興起。

We feel very good about the platforms that we have and the platforms that we have throughout the year. Ryzen 5000 is a very competitive product. I will say that there are lots -- a bit of low-end units have come into the market, but our focus on the premium segments have done very well. So overall, pleased with the PC environment and feel that we're very competitive.

我們對現有的平台以及全年的平台感到非常滿意。 Ryzen 5000是一款非常有競爭力的產品。我想說的是，有很多——一些低端產品已經進入市場，但我們對高端市場的關注做得很好。整體而言，我對 PC 環境感到滿意，並且覺得我們非常有競爭力。

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 on the quarter. I wanted to ask a little bit about the server CPU cycle. I know you've talked about kind of an expanding footprint with the cloud guys. But I'm curious of where we stand today as far as more of the traditional OEMs, the progression of their systems. I think you've said 100-plus systems. When do you think that those will all be shipping in the market? And how would you put the context of Milan relative to Rome on that front? And I have a follow-up.

恭喜本季。我想問一下關於伺服器 CPU 週期的問題。我知道您已經與雲端運算公司談論過擴大業務範圍的問題。但我很好奇，就更多傳統 OEM 及其係統的發展而言，我們目前的處境如何。我認為您說過 100 多個系統。您認為這些產品什麼時候會全部上市？從這個角度來說，您如何看待米蘭與羅馬的關係？我還有一個後續問題。

Sure. So Aaron, the data center business obviously is a very strategic focus for us. And with EPYC with each generation, we've really tried to expand the reach. I think here in the first quarter, what we saw is very strong results, doubling year-over-year. It is on the strength of cloud. But what we saw was both Rome ramping, so we saw Rome units up sequentially, and we also saw Milan ramping.

當然。因此，Aaron，資料中心業務顯然是我們的一個策略重點。隨著每一代 EPYC 的推出，我們都在努力擴大其影響力。我認為在第一季度，我們看到了非常強勁的業績，比去年同期成長了一倍。這是依靠雲的力量。但我們同時看到羅馬的銷量在增加，因此我們看到羅馬的銷量在連續增加，同時我們也看到米蘭的銷量在增加。

And what that says, this is what we expected. We actually expected that we had a good footprint in Rome and that, that would continue to be well deployed as we come into the first half of this year, and that's played out. And then Milan is just a very, very good product. I mean it's extremely well positioned. Not only do we have per socket leadership, but we have per core leadership, which again expands the footprint.

而這說明，這正是我們所期望的。我們實際上預計我們在羅馬會有一個良好的足跡，並且隨著我們進入今年上半年，這一足跡將繼續得到良好的部署，事實也確實如此。那麼米蘭就是一個非常非常好的產品。我的意思是它的定位非常好。我們不僅擁有每個插槽的領導力，而且擁有每個核心的領導力，這再次擴大了足跡。

So in terms of your question about cloud versus enterprise, we were more cloud weighted in the first quarter as some of those instances, both internal and external, ramped. We would expect that enterprise, both enterprise as well as HPC deployments, will increase as we go through the next couple of quarters. But we'll see Rome and Milan in the market together all through this year, and we expect strong adoption on the enterprise side.

因此，關於您關於雲端運算與企業的問題，我們在第一季更加重視雲端運算，因為一些內部和外部實例都在增加。我們預計，在接下來的幾個季度中，企業（包括企業和 HPC 部署）的數量都會增加。但今年我們將在市場上看到羅馬和米蘭的共同出現，我們預期企業方面將大力採用。

Yes. And then the other question kind of dovetailing off that is you talked in response to a couple of different questions. You've talked about visibility. Our visibility is very strong. It's improved, et cetera. So how would you characterize your visibility today relative to, let's say, what it was 3 months ago? And what gives you the confidence? Has there been something that's happened as far as discussions with the cloud guys that's given you more confidence in the visibility of the growth through the remainder of this year?

是的。然後另一個問題與您剛才回答的幾個不同的問題相吻合。您談到了可見性。我們的知名度非常高。它已得到改進，等等。那麼，與三個月前相比，您如何描述您今天的知名度？是什麼給了你信心？在與雲端運算專家的討論中，是否發生了什麼事情讓您對今年剩餘時間的成長可見度更有信心？

Yes. So Aaron, I mean we -- when we started this year, we expected to have a strong product cycle, just given everything that we saw in terms of platforms, design wins, sort of customer engagements and process. But in the last 90 days, I think we've seen that really firm up. So from the standpoint of just the consistency in all of the schedules that were supposed to be met, I think customers are liking what they see.

是的。所以 Aaron，我的意思是，當我們今年開始時，我們期望有一個強大的產品週期，考慮到我們在平台、設計勝利、客戶參與和流程方面看到的一切。但在過去的 90 天裡，我認為我們已經看到這種勢頭確實增強了。因此，從所有應該滿足的時間表的一致性的角度來看，我認為客戶喜歡他們所看到的。

We are having multi-quarter conversations, just given the tightness overall in the supply chain. I think everyone is wanting to be clearer and more transparent about their needs. And that's very helpful for us, frankly. That's very helpful for us in a tight environment. It gives us the ability to plan several quarters out. And so I think that's the differences is we have strong visibility into what customers want and what we can deliver. And so that gives us confidence that we have the right signals in place.

鑑於供應鏈整體緊張，我們正在進行多個季度的對話。我認為每個人都希望更清楚、更透明地了解自己的需求。坦白說，這對我們非常有幫助。這對於我們在緊張的環境中非常有幫助。它使我們能夠規劃幾個季度。所以我認為不同之處在於，我們非常清楚客戶想要什麼以及我們能提供什麼。這讓我們有信心我們已經發出了正確的信號。

Our next question today is coming from Matt Ramsay from Cowen and Company.

我們今天的下一個問題來自 Cowen and Company 的 Matt Ramsay。

Lisa, I wanted to ask a question about the enterprise notebook business. And I noticed you highlighted in the release and in the slides where you are in several different verticals in design wins on enterprise notebook in the Fortune 500. And I wonder if you might speak a little bit about the relationships that you're building with the big enterprise customers. Do you have FAE support, software support, firmware support, et cetera? Do you have the right people in place to really ramp that business more materially going forward?

Lisa，我想問一個關於企業筆記本業務的問題。我注意到您在新聞稿和幻燈片中強調了您在財富 500 強企業筆記型電腦設計中贏得的幾個不同垂直領域的地位。我想知道您是否可以談談您與大型企業客戶建立的關係。您是否有 FAE 支援、軟體支援、韌體支援等？您是否有合適的人才來真正推動該業務進一步發展？

Yes, definitely, Matt. It's been a high focus for us to ramp our enterprise notebook business as well as the enterprise server business. And they actually share many of the same customers and IT departments. And so yes, we've made very good progress on the enterprise notebook business. I think we have a great set of platforms with our OEM partners. We've also ramped up our field application support and our customer engagement models for deployment. Overall, I think we've gotten some very nice commercial notebook design wins.

是的，當然，馬特。我們一直高度重視企業筆記型電腦業務以及企業伺服器業務的發展。他們實際上擁有許多相同的客戶和 IT 部門。是的，我們在企業筆記型電腦業務上取得了非常好的進展。我認為我們與 OEM 合作夥伴擁有一套出色的平台。我們也加強了現場應用支援和客戶參與模式的部署。總的來說，我認為我們在商用筆記型電腦設計方面取得了一些非常好的成績。

And again in this environment, the -- for us, the important thing is to stay very focused on the longevity of the business that we win. And so a lot of focus is on those commercial pipelines and how they develop both on the notebook side as well as on the server side. And I think we've made good progress, but we still have a lot of opportunity to grow as we go through the coming quarters.

在這種環境下，對我們來說，重要的是高度關注我們贏得的業務的長久性。因此，人們的注意力主要集中在這些商業管道以及它們在筆記型電腦端和伺服器端的發展上。我認為我們已經取得了良好的進展，但在接下來的幾個季度裡，我們仍然有很多成長機會。

For my follow-up, it's a bit unrelated. One of the businesses that maybe you've not had supply or there's been other parts of the business growing much more quickly, I wanted to ask a bit about gaming. The new RDNA 2 architecture, I think, brings some new features, but obviously there's a strong incumbent competitor in the gaming market.

對於我的後續行動來說，這有點不相關。其中一個業務可能是你們尚未供貨，或者其他業務部分增長更快，我想問一下有關遊戲的問題。我認為新的 RDNA 2 架構帶來了一些新功能，但顯然遊戲市場上有強大的現有競爭對手。

Maybe you could just talk about where you are competitively right now, how you see supply coming online that might support that gaming franchise a bit better and just maybe the lay of the land and gaming right now. Because it's one piece of the business that everything else is going so well, I think there are some opportunities there.

也許您可以談談您目前的競爭狀況，您認為線上供應可能會更好地支援該遊戲系列，以及目前的地形和遊戲狀況。因為這是業務的一部分，而其他一切都進展順利，所以我認為這裡存在一些機會。

Yes. So the consumer graphics or the gaming graphics business, as you talked about, has actually done well for us. It grew double digits this past quarter. We had a very deliberate strategy here with the launch of RDNA 2. We started at the top of the stack with our Big Navi product. And then we've now introduced a couple of additional products. And you'll see that both from the channel, sort of adding board cards into more OEM systems and notebook business as well as additional variants.

是的。因此，正如您所說，消費者圖形或遊戲圖形業務實際上對我們來說表現良好。上個季度，該數字實現了兩位數的成長。我們在推出 RDNA 2 時制定了非常謹慎的策略。我們從 Big Navi 產品開始。現在我們又推出了幾款附加產品。您將從頻道看到，將闆卡添加到更多 OEM 系統和筆記型電腦業務以及其他變體中。

So it's an important market segment for us. We're happy with the progress. I think gamers really appreciate the product.

所以這對我們來說是一個重要的細分市場。我們對進展感到滿意。我認為遊戲玩家真的很欣賞這款產品。

It's fair to say that the graphics demand is very high across the marketplace. So we've actually put quite a bit of product into the market, but the demand still exceeds supply. You'll see that increase as we go through the second half of the year. And overall, I think the progress that we've made with RDNA 2 is fantastic, and we continue to believe that gaming overall is a great secular growth story.

可以公平地說，整個市場對圖形的需求非常高。因此，我們實際上已經向市場投放了相當多的產品，但需求仍然超過供應。隨著我們進入下半年，你會看到這種成長。總的來說，我認為我們在 RDNA 2 上的進展是驚人的，我們仍然相信遊戲整體是一個偉大的長期成長故事。

Our next question today is coming from Toshiya Hari from Goldman Sachs.

我們今天的下一個問題來自高盛的 Toshiya Hari。

Lisa, I wanted to ask about the data center GPU business. I realize it's still a relatively small percentage of the overall business. You talked about production ramping in the second half of this year. You talked a little bit about Frontier as well.

Lisa，我想問資料中心 GPU 業務。我意識到這在整個業務中所佔的比例仍然相對較小。您談到了今年下半年產量的提高。您也談到了一點關於 Frontier 的事情。

But what kind of customer pull are you seeing in your data center GPU business? And then I got a quick follow-up.

但是您在資料中心 GPU 業務中看到了什麼樣的客戶吸引力？然後我得到了快速的跟進。

Yes, Toshiya. Thanks for the question. We're making very nice progress in the data center GPU business. It's in the investment mode now, so we're investing heavily in the business. We launched the CDNA architecture or the compute optimized architecture last year. You'll see updates to that this year as we bring out the next generation with our Frontier systems. The revenue is albeit on the lower side in terms of just size of the business relative to the rest of the business, but we will see growth into the second half of the year.

是的，Toshiya。謝謝你的提問。我們在資料中心 GPU 業務方面取得了非常好的進展。目前處於投資模式，因此我們正在大力投資該業務。我們去年推出了 CDNA 架構或運算優化架構。隨著我們今年推出下一代 Frontier 系統，您將會看到更新。儘管就業務規模而言，該業務的收入相對於其他業務而言較低，但我們將在今年下半年看到成長。

And the business here is actually very strategic, right? It's the idea of really putting together heterogeneous systems and bringing our CPU technology with EPYC together with our GPU technology with Instinct with the software capabilities that we have been investing in, and really getting strong HPC systems as well as AI and machine learning capabilities.

這裡的業務實際上非常具有戰略性，對嗎？其理念是將異質系統真正整合在一起，將我們的 EPYC CPU 技術與 Instinct GPU 技術以及我們一直在投資的軟體功能結合在一起，真正獲得強大的 HPC 系統以及 AI 和機器學習功能。

So we will see growth in the second half this year. It will still be a smaller business, but we see it growing in this strategic time frame over the next couple of years. And it is very much that end-to-end story of what you need to really satisfy sort of the key workloads in the data center.

因此，今年下半年我們將看到成長。它仍然是一家規模較小的企業，但我們認為在未來幾年內，它將在這個策略時間框架內實現成長。這很大程度上是一個端到端的故事，關於如何真正滿足資料中心的關鍵工作負載。

Great. And then as my follow-up, I wanted to ask about the potential threat from ARM longer term. Within x86, obviously you've got significant runway from a market share perspective. But how are you thinking about the potential threat from ARM-based processors, both in your client business as well as your server business?

偉大的。然後作為我的後續問題，我想問 ARM 的長期潛在威脅。在 x86 領域，從市場佔有率的角度來看，你顯然已經擁有了巨大的發展空間。但是，您如何看待基於 ARM 的處理器對您的客戶端業務和伺服器業務帶來的潛在威脅？

You've got Apple obviously internalizing some of their CPUs on the client side, hyperscalers talking about internal solutions. And your closest GPU competitor launched -- or introduced rather ARM-based CPU multiple years out. So any thoughts on ARM versus x86 and how you address that would be helpful.

顯然，蘋果公司已經在客戶端內部化了部分 CPU，超大規模企業也在討論內部解決方案。而您最接近的 GPU 競爭對手則在數年後才推出或推出基於 ARM 的 CPU。因此，任何有關 ARM 與 x86 對比的想法以及如何解決這個問題都會很有幫助。

Yes, so absolutely. I think the key point here is you really have to have a very, very strong product road map, and that is really what we're focused on. I think the overarching trend is that computing is becoming very important and so there are additional entrants trying to address different aspects of computing, I think is to be expected. And when you look at the data center, in particular, I think the trend that computing is becoming more workload optimized is also an important trend. These are the things that we've been thinking about for a long time, and we've been looking at ensuring that we address that in our road map.

是的，絕對是這樣。我認為這裡的關鍵點是你必須有一個非常非常強大的產品路線圖，而這正是我們真正關注的重點。我認為總體趨勢是計算變得非常重要，因此有更多的進入者試圖解決計算的不同方面，我認為這是可以預料的。特別是當你觀察資料中心時，我認為計算變得更加工作負載最佳化的趨勢也是一個重要的趨勢。這些都是我們長期以來一直在思考的事情，我們一直在確保在我們的路線圖中解決這個問題。

So our focus is to continue to optimize solutions across the data center and across the PC ecosystem, make sure that what we have is very competitive, addressing what customers' needs are. And we also have the ability to customize solutions as well with our strong IP portfolio. So all that being the case, I think the answer is very competitive market, but we feel very good about the road map that we have in front of us.

因此，我們的重點是繼續優化整個資料中心和整個 PC 生態系統的解決方案，確保我們的產品具有競爭力，並能夠滿足客戶的需求。而且我們也能夠利用我們強大的智慧財產權組合來客製化解決方案。所以，考慮到所有情況，我認為答案是市場競爭非常激烈，但我們對我們面前的路線圖感到非常滿意。

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 result. Lisa, maybe another way to ask that last question of x86 versus ARM. I'm wondering if you could address it from the perspective of general-purpose compute versus semi-custom and ASIC? Because clearly as Moore's Law is coming up with some issues, the move towards semi-custom and ASIC is much more prevalent. I know to the answer to Toshiya's question, you said that you're doing -- or you have the ability to do semi-custom. Do you actually have engagements? And how do you see sort of general-purpose compute versus semi-custom and ASIC playing out over time?

恭喜你取得了堅實的成果。 Lisa，也許可以用另一種方​​式來問 x86 與 ARM 的最後一個問題。我想知道您是否可以從通用計算與半定制和 ASIC 的角度來解決這個問題？因為顯然摩爾定律正在出現一些問題，向半定制和 ASIC 的轉變變得更加普遍。我知道 Toshiya 問題的答案，您說您正在做——或者您有能力做半客製化。你們確實有約會嗎？您如何看待通用計算與半定制和 ASIC 在未來的發展？

Yes. So John, the way I would address that is I think there's a whole range of computing solutions that you need. And this is back to a few years ago, our conversations about heterogeneous compute being you need to have the right compute for the right workload. So I think that's the overarching aspect of it.

是的。所以約翰，我解決這個問題的方式是，我認為你需要一系列的計算解決方案。這是幾年前的事了，我們關於異構計算的討論是，你需要為正確的工作負載提供正確的計算。所以我認為這是問題的首要面向。

No question that for our business, general purpose compute is the largest piece of our business and will continue to be so. We are doing -- we certainly do optimizations for specific customers today. And I think that's -- that for large cloud customers, they expect that, and we are doing that.

毫無疑問，對於我們的業務而言，通用計算是我們業務中最大的部分，並將繼續如此。我們正在做——我們今天當然會針對特定客戶進行最佳化。我認為，對於大型雲端客戶來說，他們期望這一點，而我們也正在這樣做。

We do have the ability to optimize on a more specific basis. And if you look at the evolution of our architecture, I think that when we do these chiplet architectures and things like that, it really allows that. So lots of good engagements going on with customers overall, and I think the key is to be able to have the right IP building blocks. And that's what we're focused on, right, having the best CPU cores, the best GPU capability, having great interconnect. And then with the bringing on of Xilinx having the adaptive computing solutions there as well, it gives us a lot of options to optimize solutions with customers.

我們確實有能力在更具體的基礎上進行最佳化。如果你看一下我們架構的演變，我認為當我們採用這些小晶片架構和類似的東西時，它確實允許這樣做。因此，總體而言，我們與客戶進行了許多良好的合作，我認為關鍵是能夠擁有正確的 IP 建置模組。這就是我們所關注的，擁有最好的 CPU 核心、最好的 GPU 能力、擁有出色的互連。隨著 Xilinx 自適應運算解決方案的推出，我們為客戶最佳化解決方案提供了許多選擇。

That's helpful. And Lisa as my follow-up, you're still relatively early in this new gaming console cycle. And typically through those cycles, your products gross margins had some pretty good uplift.

這很有幫助。麗莎，作為我的後續問題，你還處於這個新遊戲機週期的早期階段。通常經過這些週期，您的產品毛利率會得到相當不錯的提升。

I'm wondering if you can just help characterize where you think you are in sort of the gross margin cycle for the gaming console business? And if you want to tell us kind of how dilutive you think it is to overall margins and where that might go by the end of the year, that would be helpful.

我想知道您是否能幫助描述一下您認為遊戲機業務的毛利率週期處於什麼位置？如果您想告訴我們您認為這對整體利潤率的稀釋程度以及到年底可能會達到什麼程度，那將會很有幫助。

Yes, John, I would say that we're still very early in the console cycle. And from -- if you think about it, we're only a couple of quarters into it. So I think this is a big cycle, and there's a lot of momentum in the cycle. We're going to continue to work on improving costs and improving margins and things like that. But I would say that we still have a ways to go and lots of opportunity there as we go through the next couple of years.

是的，約翰，我想說我們仍然處於控制台週期的早期階段。如果你仔細想想，我們才剛進入這個階段幾個季度。所以我認為這是一個大周期，週期中有很多動力。我們將繼續致力於改善成本、提高利潤率等等。但我想說，我們還有很長的路要走，在接下來的幾年裡，我們還有許多機會。

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

我們今天的下一個問題來自 Jefferies 的 Mark Lipacis。

Lisa, I guess you had indicated you believe -- I believe you said you thought you gained share in the server market. My back of the envelope calculation suggests you gained at least 2 points of share in servers, which is an acceleration on my estimate of about 1% share gain a quarter over the previous 4 quarters.

麗莎，我想你已經表示過你相信——我相信你說過你認為你在伺服器市場上獲得了份額。我的粗略計算表明，你們的伺服器市場份額至少增加了 2 個百分點，這比我估計的前 4 個季度中每個季度的市場份額增長約 1% 有所加快。

So I guess can you tell me if my math is materially off? And if not, what is -- is this a new higher rate of share gains? And what would you chaulk this up to? Are you guys at a tipping point? Are your customers at a tipping point for embracing AMD as a supplier? Do they have increased comfort? Or is your ecosystem for support? Can you just maybe just give us a higher-level picture about where you think your customers are and really embracing and ramping up your server offerings at a higher rate. And I have a follow-up, if I may.

那麼我想您能告訴我我的數學是否有實質錯誤嗎？如果不是，那麼這是否是一個新的更高的股票報酬率？您認為這是什麼原因造成的？你們正處於轉捩點嗎？您的客戶是否正處於接受 AMD 作為供應商的轉捩點？他們的舒適度增加了嗎？或者您的生態系統是否需要支援？您能否向我們更高層次地描述一下您認為您的客戶在哪裡，以及他們如何真正接受並以更高的速度增加您的伺服器產品。如果可以的話，我還有一個後續問題。

Yes, sure. So in terms of our data center performance in the first quarter, it was quite strong. And when I look at the drivers of that, we saw cloud, in particular, quite strong. And when I look at the drivers underneath that, there are a couple of things that have come together.

是的，當然。因此，就我們第一季的資料中心表現而言，表現相當強勁。當我觀察其驅動因素時，我們發現雲的影響尤其強烈。當我觀察背後的驅動因素時，我發現有幾件事已經結合在一起。

First of all, I mean we've been very, very deeply engaged with our customers the last number of quarters in qualifying new instances, qualifying new internal workloads, really expanding the regional capability of our coverage. And so all of those things, I think, have left -- led to some lift overall in the data center business.

首先，我的意思是，在過去的幾個季度裡，我們一直與客戶進行非常深入的合作，以確定新的實例、確定新的內部工作負載，真正擴大我們所涵蓋的區域能力。所以我認為，所有這些因素都為資料中心業務帶來了整體的提升。

And then going forward, I think the other piece of it is if you recall when we did the Naples to Rome transition, that transition was pretty much people switched from Naples to Rome. What we're seeing in this cycle is a bit different. What we're seeing is that Rome has a set of very strong coverage in terms of applications that they're in, that are ramping very nicely, that are having good demand. And then on top of that, we're adding Milan, which is just a very strong product on top of that.

然後展望未來，我認為另一部分是，如果你還記得我們從那不勒斯到羅馬的轉變，那次轉變基本上就是人們從那不勒斯轉移到羅馬。我們在這個週期中看到的情況有些不同。我們看到，Rome 在應用方面擁有非常強大的覆蓋範圍，應用發展非常順利，需求也很好。除此之外，我們還增加了米蘭，這是一款非常強大的產品。

So I think those are some of the things that are perhaps a bit different about what we're seeing right now. That being this case, things move around from quarter to quarter. So I would say that the data center signals that we're seeing are positive. We're excited about what we're seeing. It's a lot of engagements with customers.

所以我認為這些事情可能與我們現在看到的有些不同。在這種情況下，情況會隨著季度變化而改變。所以我想說我們看到的資料中心訊號是正面的。我們對所見所聞感到非常興奮。它與客戶有很多互動。

And the main thing for us is as important as the current year is we're also very focused on the long-term road map. And so we're engagement -- we're engaging now on Zen 4 and beyond. So it really is a multigenerational discussion with our top customers.

對我們來說，與今年同樣重要的是我們也非常關注長期路線圖。所以我們正在參與——我們現在正在參與 Zen 4 及更高版本的開發。因此，這實際上是與我們的頂級客戶的跨代討論。

Great. That's very helpful. And then a follow-up on -- just coming back to ARM. You -- they -- you answered the previous questions with kind of talking about embracing the idea of having heterogeneous architectures in semi-custom and working with your customers to develop solutions.

偉大的。這非常有幫助。然後是後續問題——回到 ARM。您——他們——您回答了前面的問題，談到了接受半客製化異質架構的想法並與客戶合作開發解決方案。

But if I go back, AMD had an ARM server offering before. Can you give us an update on the state of that ARM server IP? Is that something that you can resurrect? Or have you've been keeping it, the development working on that? And can you discuss -- are your customers asking for your help in delivering semi-custom solutions that have an ARM component to it?

但如果我回顧一下，AMD 之前就提供過 ARM 伺服器。您能否向我們提供有關 ARM 伺服器 IP 狀態的最新資訊？這是你能復活的東西嗎？或者您一直在保留它，並致力於它的開發？您能否討論一下—您的客戶是否要求您協助提供包含 ARM 組件的半客製化解決方案？

Because from what I can tell, it looks like 3 cloud service providers have ARM server offerings in their platform, and -- but there's a lot that don't and don't have quite the development capabilities. So I was hoping if you could just talk more specifically about the IP that you had. And are you bringing that back if your customers are asking for it?

因為據我所知，似乎有 3 家雲端服務供應商在其平台上提供 ARM 伺服器產品，但還有很多沒有，也不具備足夠的開發能力。所以我希望您能更具體地談談您擁有的 IP。如果您的客戶要求的話，您會恢復這項功能嗎？

Yes, sure, Mark. So look, we know the ARM architecture well. Certainly, our engineers know it well. And we consider ARM a partner in many respects. We use ARM IP in various aspects of our devices.

是的，當然，馬克。所以看，我們很了解 ARM 架構。當然，我們的工程師對此非常了解。我們在很多方面都將 ARM 視為合作夥伴。我們在設備的各個方面都使用 ARM IP。

In terms of that specific custom ARM design, we don't have that in plans right now. In terms of whether we would do custom ARM designs, I think the answer is yes. That's the whole idea of the semi-custom business. And so I think it's less about ARM versus x86 and much more about having the right IP in the right sort of combination to satisfy sort of the customer solutions.

就特定的客製化 ARM 設計而言，我們目前還沒有計劃。關於我們是否會進行客製化 ARM 設計，我認為答案是肯定的。這就是半定制業務的全部理念。因此，我認為這與 ARM 與 x86 的關係不大，而與以正確的方式組合正確的 IP 來滿足客戶解決方案的關係更大。

And that's the way we look at it. It's really -- what problem are you trying to solve? And let's look at sort of the collection of IP that we have and the capabilities that we have to help address that set of sort of issues.

這就是我們看待這個問題的方式。這確實是——您想解決什麼問題？讓我們看看我們擁有的 IP 集合以及我們幫助解決這類問題的能力。

Our next question is coming from Ross Seymore from Deutsche Bank.

下一個問題來自德意志銀行的羅斯·西摩。

Congratulations on the strong results and guide. Lisa, I wanted to ask you a little bit of a conceptual question. In your full year guidance, you clearly raised the revenues to a very strong number, but you kept the margins the same. I think people understand the operating margin side of it, that you have an opportunity to invest and great opportunities in front of you to grow.

恭喜您取得的優異成績和指導。麗莎，我想問你一個概念性的問題。在您的全年指引中，您顯然將收入提高到了一個非常可觀的數字，但利潤率保持不變。我認為人們了解它的營業利潤率方面，你有機會投資，並且面前有巨大的成長機會。

But on the gross margin side of things, I'm just a little surprised, given the strength that you're talking about in the data center business, the HPC, Frontier, those things kicking in the back half of the year. I'm a little surprised that it didn't go up. Now you've delivered very consistent guidance and increases improvements over time, and I can't recall the last time you missed your gross margin guidance. But I'm just wondering what the puts and takes are that would keep that gross margin guidance flat for the year.

但就毛利率方面而言，我有點驚訝，因為考慮到您所說的資料中心業務、HPC、Frontier 等業務在下半年的強勁表現。我有點驚訝它沒有上漲。現在，您已經提供了非常一致的指導，並且隨著時間的推移不斷改進，我不記得您上次未能達到毛利率指導是什麼時候了。但我只是想知道，要讓今年的毛利率指引值保持平穩，需要付出哪些代價？

Yes, Ross, sure. So let me perhaps start, and then Devinder may have a few comments. So I think from an overall revenue standpoint, I think we are very comfortable with the guide up, just given the visibility that we have on the customer demand front and on the supply front.

是的，羅斯，當然。那麼讓我先開始，然後 Devinder 可能會發表一些評論。因此，我認為從整體收入的角度來看，考慮到我們在客戶需求和供應方面的可見性，我們對指導價格上漲感到非常滿意。

On the overall margins, we are guiding up sequentially as we go from Q1 to Q2. And then I think for the second half of the year, what we would say is, look, it's early in the year. And it's a very dynamic environment, Ross, I mean a very dynamic environment. And so we're watching the puts and takes, and there's always product mix things that come into play in terms of the puts and takes.

就整體利潤率而言，從第一季到第二季度，我們的利潤率將逐步上升。然後我認為對於今年下半年，我們會說，看，這是年初。這是一個非常有活力的環境，羅斯，我的意思是一個非常有活力的環境。因此，我們正在關注投入和產出，產品組合總是會在投入和產出方面發揮作用。

But I think we're confident that we're in a good place. And as we go through the year, we'll give you more updates on that. But there isn't anything more than that. I think it's just where we are in the year. And given the dynamic environment we have in the marketplace, that's what gives us approximately the 47% guide. I don't know, Devinder, you want to add to that?

但我認為我們有信心我們處於一個良好的狀態。隨著時間的流逝，我們將為您提供更多有關此方面的更新。但僅此而已。我認為這就是我們今年所處的狀況。考慮到我們市場中的動態環境，這給了我們大約 47% 的指導。我不知道，Devinder，你想補充嗎？

The only thing I'll add, Ross, I think as you know, the situation is pretty tight, as we talked about the overall global supply situation in semiconductors. So we are seeing some increases in component costs, but overall we are managing it. On the higher revenue by more than $1 billion, we are maintaining the 47% guide for 2021, which is up from last year. And last quarter was 45%, this quarter 46%, guiding 47%. The trend is very good, and we are very, very happy with that.

羅斯，我唯一要補充的是，正如我們討論過的全球半導體整體供應情況一樣，我認為情況相當緊張。因此，我們看到零件成本增加，但總體而言我們還在控制之中。由於收入增加了 10 多億美元，我們維持 2021 年 47% 的指導值，高於去年。上季為 45%，本季為 46%，預期為 47%。這個趨勢非常好，我們對此非常非常高興。

That's really helpful. For my follow-up, I want to be a little more tactical, but it will somewhat fold into your answer to the first question. And that is for your second quarter guide from the midpoint of up roughly 4%, could you give us a little bit of puts and takes between your 2 main segments?

這真的很有幫助。對於我的後續問題，我想更明確一些，但它會在某種程度上融入你對第一個問題的回答中。這是您對第二季中點約 4% 的預測，您能否告訴我們兩個主要部分之間的利弊？

And I guess the slightly longer-term question part of that would be data center being high teens in the first quarter was great sequential growth, doubling year-over-year. Any sort of color on how you think that percentage changes throughout the rest of the year, given your 50% growth guidance for the entirety of the year.

我想，其中稍微長期的問題是，第一季資料中心的成長率高達十幾歲，連續成長很快，比去年同期成長了一倍。考慮到您對全年 50% 的成長預期，您認為該百分比在今年剩餘時間內會如何變化？

Sure, Ross. So in terms of the second quarter, as we look at sequential growth, we do see sequential growth in the data center business, so on the server side as well as on the data center graphics side as well as some growth on the gaming side.

當然，羅斯。因此就第二季而言，當我們看連續成長時，我們確實看到資料中心業務的連續成長，因此在伺服器方面以及在資料中心圖形方面以及在遊戲方面都有一些成長。

As we look at the full year, our expectation is that the percentage of the company that is sort of the data center percentage of the company will increase as we go through the next couple of quarters. And that's just the dynamic of some of the strength in the consumer businesses in the first half, so that's not normal seasonality. And just the acceleration or some of the growth that we see in the data center business as we go throughout the year would lead to a higher percentage of revenue in data center on higher revenue.

放眼全年，我們預計，隨著接下來幾季的到來，公司資料中心的佔比將會增加。這只是上半年消費業務部分強勁表現的體現，因此這不是正常的季節性現象。而且，隨著我們全年的發展，資料中心業務的加速或部分成長將導致資料中心收入佔總收入的比例更高。

Next question is coming from Stacy Rasgon from Bernstein Research.

下一個問題來自伯恩斯坦研究公司的史黛西‧拉斯貢 (Stacy Rasgon)。

I first had a question on data center in the quarter. So the EESC was up almost $100 million. EPYC was up, and semi-custom was down, which means EPYC was up even more than that. Can you -- I know it was both Rome and Milan grew. But how much of the actual growth, the $100 million-plus sequentially that must have been EPYC, how much of that growth, how did that split out between Rome and Milan? Was it like the majority of the growth of that was Milan? And how do you see Milan as a percentage of a data center CPU mix in Q2?

本季我第一次對資料中心產生了疑問。因此，EESC 增加了近 1 億美元。 EPYC 上漲，半定制下跌，這意味著 EPYC 的漲幅甚至更大。你能嗎——我知道羅馬和米蘭都發展起來了。但實際成長有多少，連續超過 1 億美元的成長肯定是 EPYC，這個成長有多少，在羅馬和米蘭之間是如何分配的？這其中的大部分成長是不是都來自米蘭？您認為米蘭在第二季資料中心 CPU 組合中所佔的百分比是多少？

Sure, Stacy. So if I look at the first quarter, we shipped Milan as well in the fourth quarter, right? So we shipped a good amount of Milan in the fourth quarter, a good amount in the first quarter.

當然，史黛西。所以如果我看第一季度，我們在第四季也運送了米蘭，對嗎？因此，我們在第四季運送了大量米蘭產品，在第一季也運送了大量米蘭產品。

I would say in terms of growth, it was probably more Rome-weighted in the first quarter compared to Milan, but there was good growth in both. And then as we go into the second quarter, we would still expect to see growth in both Rome and Milan, with Milan growing faster as that ramps. And we would expect by the third quarter that it would cross over and Milan would perhaps be higher than Rome.

我想說，就成長而言，第一季羅馬的成長比米蘭的要大，但兩個城市都實現了良好的成長。然後，當我們進入第二季時，我們仍然預期羅馬和米蘭都會成長，而米蘭的成長速度會更快。我們預計到第三季度，米蘭的銷量可能會超過羅馬。

Now obviously, these things change a little bit as customers go through their ramps, but that's sort of what we see. So the meta point is Rome demand is robust and will stay a good part of the revenue for this year in its entirety. And then Milan is ramping quickly and customer adoption is strong. And so we expect it will ramp quickly as we go through the next couple of quarters. Hopefully, that answers your question.

現在顯然，隨著客戶通過他們的坡道，這些情況會發生一些變化，但這就是我們所看到的。因此，核心觀點是，羅馬的需求強勁，並將在今年全年收入中佔據很大一部分。米蘭的業務迅速擴張，顧客接受度也很高。因此，我們預計在接下來的幾個季度裡，這一數字將會迅速上升。希望這能回答你的問題。

That does. I have a follow-up, if you don't mind. I actually do want to ask a question about OpEx. So I know the model you gave at the Analyst Day had a midpoint for OpEx revenue of 26.5%. I know you're running ahead of revenue and everything right now. But if I sort of back out the second half implied guidance for OpEx, it actually is at that 26.5% run rate in the second half to get to 26% for the full year.

確實如此。如果您不介意的話，我有一個後續問題。我確實想問一個有關 OpEx 的問題。所以我知道您在分析師日給出的模型的營運支出收入中點是 26.5%。我知道你現在的收入和一切都在快速成長。但如果我收回下半年對營運支出的隱含指引，那麼下半年的運行率實際上是 26.5%，全年的運行率將達到 26%。

Should we think about, I guess, it's like as we go into 2022, do you think you're sort of at the model OpEx run rate, that sort of like more than 26%, 26.5% on whatever the revenue is? Is that the right way to think about the OpEx trajectory going forward? And I guess like -- do you think you're actually spending enough at this point, given where you're taking the road map? Are you spending at the right levels right now to ensure that, that road map is actually cemented and firm?

我想，我們是否應該考慮一下，當我們進入 2022 年時，您是否認為您的營運支出運行率達到了模型水平，即收入的 26% 或 26.5% 以上？這是思考未來營運支出軌跡的正確方式嗎？我想，考慮到您所採取的路線圖，您認為您目前的支出是否足夠了？您現在的支出水準是否正確，以確保該路線圖確實牢固且堅定？

Yes, Stacy, very good question. I think we are -- the revenue is well above our long-term model. And certainly in this year, it's well above our long-term model. Last year, it was well above our long-term model.

是的，史黛西，這個問題問得非常好。我認為我們的收入遠高於我們的長期模型。當然，今年的表現遠高於我們的長期模型。去年，它遠高於我們的長期模型。

And we're taking the opportunity to invest. And from that standpoint, our investments in R&D really, as you say, cementing the road map, our investments across sales and field support and all of the customer-facing support. And frankly, we're making investments in sort of some of the infrastructure surrounding the company as well since it's just a much larger company than it was a few years ago.

我們正在藉此機會進行投資。從這個角度來看，正如您所說，我們在研發方面的投資確實鞏固了路線圖，我們在銷售和現場支援以及所有面向客戶的支援方面的投資。坦白說，我們也在對公司周圍的一些基礎設施進行投資，因為現在的公司比幾年前大得多。

So I think the answer is yes. We're investing enough. And I think we're taking the opportunity to be very aggressive with those investments to -- given the strength of the revenue growth. Maybe, Devinder, you want to add to that or...

所以我認為答案是肯定的。我們已經投入足夠多。我認為，鑑於收入成長的強勁勢頭，我們會抓住機會積極進行這些投資。也許，Devinder，你想補充一點或...

No, I think that's good. I think you covered it. We've been very disciplined as you know, Stacy, over the years about managing the OpEx. It does scale with revenue, but OpEx is growing lower than -- a lower rate than revenue. And obviously, that shows up in the financial results from a model standpoint. The leverage, as you mentioned, the operating margin is going up for the company.

不，我認為那很好。我想你已經涵蓋它了。正如您所知，史黛西，多年來我們在管理營運支出方面一直非常嚴格。它確實會隨著收入而擴大，但營運支出的成長速度低於收入。顯然，從模型的角度來看，這體現在財務結果中。正如您所提到的，公司的槓桿率、營業利潤率正在上升。

Our next question is coming from Timothy Arcuri from UBS.

我們的下一個問題來自瑞銀的 Timothy Arcuri。

Lisa, I wanted to ask also about share gains. You've done a great job this year in both client and in data center. At the same time as was referenced before, Intel's tone is definitely changing. They use the word leveraging relationships. And they talked about other tactics to sort of stem or arrest some of the share losses and they're now offering x86 cores via foundry and things like that.

麗莎，我也想問股票收益的狀況。今年，您在客戶端和資料中心都做得非常出色。正如之前提到的，英特爾的語氣肯定正在改變。他們使用了「利用關係」這個詞。他們還討論了其他策略來阻止或緩解部分市場份額的損失，現在他們透過代工廠等方式提供 x86 核心。

So I guess the question is sort of beyond this year, because the competitive environment this year is pretty much set. So can -- do you think we can extrapolate the success you've had this year into '22 and '23? Or do you think the competitive environment will intensify in the next few years?

所以我猜這個問題超出了今年的範圍，因為今年的競爭環境已經基本確定。那麼—您認為我們可以將您今年的成功延續到 2022 年和 2023 年嗎？或者您認為未來幾年競爭環境將會更加激烈？

Well, Tim, I would say that we have always expected the competitive environment to be very strong, and we still do. So there's -- by the way, there are lots of competitors out there.

好吧，提姆，我想說，我們一直預期競爭環境會非常激烈，而且我們仍然這麼認為。順便說一句，那裡有很多競爭對手。

From our standpoint, I think over the past few years and the past few generations, I think we've built a track record with customers, and we've built a set of deep relationships. And we've learned a ton about what's important to customers, where to spend the time, the effort, and where we need a close partnership.

從我們的角度來看，我認為在過去的幾年和過去的幾代人中，我們已經與客戶建立了良好的記錄，並建立了深厚的關係。我們學到了很多關於什麼對客戶來說是重要的、應該在哪裡投入時間和精力以及我們需要在哪些方面建立密切的合作關係的知識。

So I feel very good about where we're positioned this year, but I feel very excited about what we have in the road map going forward. And I mean we are not slowing down. So there's a lot in the road map, and we have more resources and more capabilities to bring to the market. And I think we're going to be very competitive going forward.

因此，我對我們今年的定位感到非常滿意，但我對我們未來的路線圖感到非常興奮。我的意思是我們並沒有放慢腳步。路線圖中有很多內容，我們擁有更多資源和更多能力可以推向市場。我認為我們未來將會非常有競爭力。

Totally. I guess as my follow-up then. Can you give just, Devinder, maybe give some sense of what the loading is for semi-custom first half to back half? It seems like it's going to be about even back half versus front half this year. Is that correct?

完全。我想這就是我的後續行動。 Devinder，您能否介紹一下半客製化前半部到後半部的負載情況？看起來今年下半年和上半年的情況差不多。對嗎？

I think slightly up in the second half. Because the launch of product in the second half of last year started out strong because it's a new console generation. And then maybe slightly up in the second as well, I would say.

我認為下半年會略有上升。因為去年下半年推出的產品開局強勁，因為它是新一代的遊戲機。然後我想說，第二輪可能也會稍微上升。

Our final question today is coming from Joe Moore from Morgan Stanley.

我們今天的最後一個問題來自摩根士丹利的喬·摩爾。

You talked a little bit about the supply constraints that you've been dealing with. Can you talk about where those are coming from? Is that a wafer constraint, substrate constraint, both or other stuff? And where -- when you talk about making progress and kind of getting more supply out, what's the source of that progress?

您稍微談到了您所處理的供應限制問題。你能說說這些是從哪裡來的嗎？這是晶圓限制、基板限制、兩者兼有還是其他因素？當您談到取得進展和獲得更多供應時，這種進展的來源是什麼？

Yes. So I think, Joe, I would say overall the demand if we look at coming into this year, the demand has been sort of higher than our expectations. And there are sort of industry-wide types of things that are going on.

是的。所以我認為，喬，如果我們看今年的整體需求，那麼需求量會比我們的預期還要高。並且整個行業範圍內都在發生一些事情。

We work very closely with our supply chain partners. So whether it's wafers or back-end assembly test capacity or substrate capacity, and we work it on a product line by product line level. So I don't know that there is a single thing that I would point out.

我們與供應鏈合作夥伴密切合作。因此，無論是晶圓或後端組裝測試能力或基板能力，我們都是在產品線上逐一進行工作的。所以我不知道有什麼事情需要我指出。

I would say that on a product line level, what we've done and what we'll continue to do is ensure that there are multiple sources for things, particularly in the back end, that gives us flexibility to move things back and forth. We continue -- on the substrate side in particular, I think there has been under-investment in the industry. And so we've taken the opportunity to invest in some substrate capacity dedicated to AMD, and that will be something that we continue to do going forward. We're also -- I mean we also have fantastic engineering teams that are just looking at how we, together in the ecosystem, just get more productivity into the system. And and we work very closely with TSMC to make sure that we're forecasting well and getting the right support.

我想說，在產品線層面，我們已經做的以及我們將繼續做的是確保有多個產品來源，特別是在後端，這使我們能夠靈活地來回移動產品。我們繼續——特別是在基板方面，我認為該行業存在投資不足的情況。因此，我們藉此機會投資了一些專用於 AMD 的基板產能，這也是我們未來將繼續做的事情。我們也——我的意思是，我們還有出色的工程團隊，他們正在研究如何在生態系統中共同提高系統的生產力。我們與台積電密切合作，以確保我們做出正確的預測並獲得正確的支援。

So I think it's all of the above in terms of making sure that we have the capabilities. And the other thing I'll mention, Joe, is just it's not just about processors, but it's included -- it's also ensuring that they're matched sets in the ecosystem. And so our teams are also working very closely with our OEMs to make sure that we're together ensuring that they're the full system components necessary.

所以我認為，就確保我們有能力而言，以上都是必要的。喬，我要提到的另一件事是，它不僅涉及處理器，而且還包括 - 它還確保它們在生態系統中是匹配的。因此，我們的團隊也與我們的 OEM 密切合作，以確保我們共同確保它們是必要的完整系統組件。

So it is a complex supply chain environment. And I will tell you, given everything that I've seen, it is a complex environment because all markets are so hot. But I'm happy that we've been able to make progress.

所以這是一個複雜的供應鏈環境。我可以告訴你，根據我所看到的一切，這是一個複雜的環境，因為所有市場都非常火爆。但我很高興我們能夠取得進展。

And by the way, we're not done, right? There's plenty more that we would like to do to get more capability in the supply environment. And so we're working closely with our partners across the board.

順便說一句，我們還沒有完成，對吧？我們也想做更多的事情來增強供應環境的能力。因此，我們正在與各領域的合作夥伴密切合作。

Great. Well, definitely very impressive results in the context of everything going on.

偉大的。嗯，從目前發生的一切來看，這絕對是非常令人印象深刻的結果。

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

我們的問答環節已經結束。我想讓大家再發表一些進一步的評論或結論。

Thank you, Kevin. We'd like to thank everybody for joining today's call, and we'll look forward to engaging with you throughout the quarter. Thank you, everyone.

謝謝你，凱文。我們感謝大家參加今天的電話會議，並期待在整個季度與您合作。謝謝大家。

Thank you. That does conclude today's teleconference 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。