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，歡迎來到 AMD 2021 年第一季度財報電話會議和網絡直播。 （操作員說明）作為提醒，本次會議正在錄製中。

It's now my pleasure to turn the call over to 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負責全球營銷、人力資源和投資者關係的高級副總裁 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 年第一季度財務業績電話會議。到目前為止，您應該有機會查看我們的收益新聞稿和隨附的幻燈片軟件的副本。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它們。

Participants on today's conference call are Dr. Lisa Su, our President and Chief Executive Officer; and Devinder Kumar, our Executive Vice President, Chief Financial Officer and Treasurer. This is a live call and will be replayed via webcast on our website.

今天電話會議的參與者是我們的總裁兼首席執行官蘇麗莎博士； Devinder Kumar，我們的執行副總裁、首席財務官兼財務主管。這是一個現場通話，將通過我們網站上的網絡廣播重播。

Before we begin, I would like to note that 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.

在開始之前，我想指出，我們的年度股東大會將於 5 月 19 日星期三舉行，作為可從我們網站訪問的虛擬活動。 Lisa Su 博士將於 5 月 24 日星期一在摩根大通技術、媒體和通信會議上發表主題演講。我們的服務器業務高級副總裁兼總經理 Dan McNamara 將於週三出席美國銀行全球技術會議， 6 月 9 日。我們 2021 年第二季度的安靜時間預計將在 6 月 11 日星期五營業結束時開始。

Today's discussion contains forward-looking statements based on current beliefs, assumptions and expectations speak only as of today and as such, involve risks and uncertainties that could cause actual results to differ materially from our current expectations. 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、假設和預期的前瞻性陳述，僅在今天發表，因此涉及可能導致實際結果與我們當前預期產生重大差異的風險和不確定性。請參閱我們新聞稿中的警示性聲明，以獲取有關可能導致實際結果出現重大差異的因素的更多信息。

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 到 GAAP 對賬可在今天的新聞稿和我們網站上發布的幻燈片中找到。

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。今天收聽的各位下午好。在我們歷史上最好的產品組合、強大的執行力和強勁的市場需求的推動下，我們的業務在第一季度繼續顯著加速。我們連續第六個季度實現了兩位數的同比收入增長以及創紀錄的季度收入和盈利能力。第一季度收入同比增長 93% 至 34.5 億美元，我們所有業務均實現增長。

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門。第一季度收入同比增長 46% 至 21 億美元，這主要得益於銳龍和 Radeon 處理器銷售額的增長。在客戶端計算方面，隨著我們創下客戶端處理器收入和 ASP 的記錄，收入同比增長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，我們的收入增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處理器收入份額。隨著我們在高端產品領域的擴張，我們的收入份額在過去 2 年翻了一番。

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.

在筆記本電腦方面，基於對銳龍 4000 系列處理器的持續需求以及我們新的銳龍 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移動處理器收入。 Ryzen Mobile 5000 系列處理器的收入增長速度是上一代的兩倍。我們預計 2021 年將繼續增長，因為由我們的新處理器提供支持的筆記本電腦平台的數量有望比上一代增加 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.

我們在商業市場上也取得了良好的進展，因為我們的銳龍 PRO 處理器的單位出貨量連續兩位數的強勁增長。本季度，我們在財富 500 強航空航天、汽車、電子和工程公司中獲得了多項大額訂單。我們已經做好了進一步增長的準備，因為我們今年與最大的原始設備製造商合作的商用筆記本電腦設計贏得了三倍。

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，由於我們的高端 Radeon 6000 GPU 的收入比上一季度翻了一番以上，在渠道銷售增長的帶動下，收入同比和環比都實現了強勁的兩位數百分比增長。我們在 3 月份推出了具有領先 1440p 遊戲性能的 Radeon 6700 XT 台式機 GPU，並有望在本季度晚些時候推出首款採用我們領先的移動 RDNA 2 架構的筆記本電腦。我們預計隨著產量的增加，Radeon 6000 系列 GPU 的銷量將在未來幾個季度顯著增長。

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

數據中心圖形收入同比和環比增長，主要受雲和 HPC 客戶採用 Instinct 加速器的推動。

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.

我們在數據中心 GPU 路線圖上取得了巨大進展，預計下半年收入將增長，因為我們開始量產下一代 AMD Instinct GPU 以支持多項 HPC 勝利，包括美國首個百億億級的 Frontier超級計算機。 Frontier 將使用下一代 AMD CPU、GPU 和軟件來提供前所未有的科學計算和 AI 功能，為科學、雲和企業客戶創建藍圖，以在未來幾年實現百億億次計算和 AI 性能。

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、嵌入式和半定制部分。在半定制和 EPYC 處理器銷售強勁增長的推動下，收入同比增長 286% 至 13.5 億美元。半定制收入環比下降個位數百分比，好於典型的季節性。在對最新一代索尼和微軟遊戲機的巨大需求的推動下，我們預計 2021 年半定制銷售將保持強勁。

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.

在服務器方面，隨著 EPYC（霄龍）處理器銷售額同比增長一倍以上，並且連續實現兩位數的強勁增長，我們的服務器處理器收入再創歷史新高。我們的第二代和第三代 EPYC 處理器的銷售額均連續增長，因為我們的第二代產品越來越多地採用第三代 EPYC 處理器，成功跨多個雲和企業客戶投入生產。與上一代相比，第三代 EPYC（霄龍）處理器的每瓦性能提高了 25%，並在數據庫、ERP、數據分析、Java、虛擬化、雲和超級計算工作負載中實現了每插槽和每內核的領先優勢。

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.

由於一級供應商擴大了他們的 EPYC 處理器部署以支持更多的內部基礎設施，並推出了 11 個新的 AMD 支持的實例，雲需求在本季度尤為強勁。隨著微軟 Azure、亞馬遜、谷歌、IBM、甲骨文和騰訊顯著擴展其第三代 EPYC 處理器的產品，我們預計 AMD 驅動的實例數量到今年年底將翻一番，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、聯想和美超微都宣布計劃通過 100 多個新的第三代 EPYC 處理器驅動的服務器平台擴展其基於 AMD 的產品，這些平台可提供卓越的性能和總擁有成本。在 HPC 方面，我們贏得了新的大批量勝利，包括瑞典科學研究所國家大氣研究中心，以及英國國家天氣建模服務的獨特本地和雲解決方案，這將成為世界上最強大的天氣和氣候預測超級計算機。

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.

退後一步，我對過去幾年我們在數據中心業務方面取得的進展感到非常滿意，因為每一代新的 EPYC（霄龍）處理器的發展速度都比上一代快得多。基於開發並始終如一地提供領先的多代 CPU 路線圖，我們已將 AMD 確立為最大的雲企業和 HPC 客戶值得信賴的戰略合作夥伴。

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 處理器在規模、生態系統支持和客戶採用方面的轉折點。第一季度，數據中心產品收入同比增長一倍以上，占我們總收入的百分之十。在我們強大的新雲、企業和 HPC 勝利管道的推動下，我們預計數據中心產品收入將在今年顯著增長。

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.

我們在第一季度顯著加速了我們的業務，現在由於客戶對我們產品的採用增加、整體市場實力和供應鏈合作夥伴的額外供應推動了今年的更高增長。由於股東以壓倒性多數票通過了該交易，我們在本季度對 Xilinx 的收購也通過了另一個重要的里程碑。我們仍有望在年底前完成戰略收購。

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，我們已經進入了一個高性能計算大周期，擁有我們歷史上最強大的產品和最深厚的客戶關係。我們的成功建立在提供始終如一的領導產品節奏之上。我們正在增加我們的研發投資，並積極推動我們的路線圖，以繼續為行業設定創新步伐，並在未來幾年實現一流的增長。

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

現在我想把電話轉給 Devinder，為我們的第一季度財務業績提供一些額外的色彩。德溫德？

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，大家下午好。 AMD 在第一季度表現出色，財務表現非常強勁。我們的多代產品路線圖正在推動收入顯著增長，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.

在這一勢頭的推動下，我們第一季度的收入為 34.5 億美元，比去年同期增長 93%，比上一季度增長 6%。同比增長是由所有業務的銷售額強勁增長推動的。儘管半定制產品收入顯著增加，但毛利率為 46%，與一年前持平。

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%.

隨著我們繼續投資於我們的業務，運營費用為 8.3 億美元，而一年前為 5.84 億美元。營業收入為 7.62 億美元，比一年前增加了 5.26 億美元，主要受收入增長的推動。營業利潤率從一年前的 13% 增加到 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，比一年前增加 4.2 億美元，其中不包括 1500 萬美元的 Xilinx 收購相關成本。稀釋後每股收益為每股 0.52 美元，而一年前為每股 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.

當前季度的結果包括 15% 的有效稅率，而一年前的稅率為 3%。我們繼續預計 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.

現在轉向業務部門的結果。由於客戶端處理器和圖形收入顯著增加，計算和圖形部門收入為 21 億美元，同比增長 46%。計算和圖形部門的營業收入為 4.85 億美元，佔收入的 23%，而一年前為 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、嵌入式和半定制部門收入為 13.5 億美元，比上一年的 3.48 億美元增長 286%。收入增長是由半定制產品銷售的增長和 EPYC 處理器收入的強勁增長推動的，該收入同比增長了一倍以上。 EESC 部門的營業收入為 2.77 億美元，佔收入的 21%，而一年前的營業虧損為 2600 萬美元。較高的營業收入是由較高的收入推動的。

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，高於上一季度末的 23 億美元。庫存為 17 億美元。第一季度的自由現金流為 8.32 億美元，而 2020 年第一季度的負自由現金流為 1.2 億美元。本金債務為 3.14 億美元，包括我們的 2026 年可轉換票據減少了 2400 萬美元，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.

讓我轉向 2021 年第二季度的展望。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信號。

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.

我們預計收入約為 36 億美元，上下浮動 1 億美元，同比增長約 86%，環比增長約 4%。預計同比增長將受到所有業務增長的推動。預計環比增長主要受數據中心和遊戲增長的推動。

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，我們預計非美國通用會計準則毛利率約為 47%；非公認會計原則的運營費用約為 9 億美元；非公認會計原則的利息費用、稅收和其他費用約為 1.3 億美元。第二季度稀釋後的股票數量預計約為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%.

在所有業務增長的推動下，我們現在預計 2021 年全年收入將比 2020 年增長約 50%，高於之前的約 37% 的指導。我們繼續預計非美國通用會計準則毛利率約為 47%，非美國通用會計準則運營費用約為收入的 26%，非美國通用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 年有了一個良好的開端，兩個領域的同比增長都非常強勁。我們繼續投資於業務並推動強勁的財務回報。

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

有了這個，我將把它轉回給 Ruth 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，德溫德。接線員，如果你想對聽眾提問，好嗎？

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

（操作員說明）我們今天的第一個問題來自美國銀行證券公司的 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，你在指導——你將全年指導增加了近 12 億美元，13 億美元。您能否告訴我們過去 3 個月發生了什麼變化？因為你的競爭對手最近在談論云消化，而你將指導提高了 13 億美元。所以我很好奇過去 3 個月發生了什麼變化？如果你能幫助我們分析哪些產品或終端市場對這一增長做出了貢獻，有多少來自服務器、PC 或半定制，或者是否有任何加密影響。因此，任何推動這一年真正強有力的指導和增長的因素的顏色都會非常有幫助。

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，維維克。謝謝你的問題。所以我們 - 我們在今年開局非常強勁，對第一季度的表現以及我們對今年的整體看法感到非常滿意。因此，我們正在增加全年指導。我們在第一季度超過了。我們在第二季度進行了引導，然後一直持續到今年下半年。

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.

我們看到的是以下內容。今年我們的需求總體強勁，這當然是真的。在過去 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很強的了解。特別是，您詢問了數據中心。我認為我們在第一季度看到了強烈的信號，表明這對我們來說將是一個強勁的數據中心年。

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.

我們正處於產品斜坡週期。我們用銳龍5000在移動端推出了PC新產品。我們用Radeon 6000在圖形端推出了新產品。然後第三代米蘭的推出實際上非常非常好。

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，就我們所看到的而言，我們看到對我們產品的需求非常強勁。我們看到良好的客戶訂購模式和強大的積壓。然後我們還看到，半導體行業的供應鏈總體上很緊張。我們一直在與我們的供應鏈合作夥伴密切合作。因此，我們全年都可以很好地了解額外供應。因此，有了所有這些，我想說我們對今年的發展感覺非常好。

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，我想說的是所有業務的實力。但尤其是數據中心的實力還是不錯的。而且，我們也再次看到了非常好的知名度和與客戶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.

您詢問了加密貨幣。我們沒有——我們這裡的加密貨幣可以忽略不計。所以這真的是基礎業務，真的是新產品，只是看到客戶迅速採用和升級。

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。很有幫助。麗莎，對於我的後續行動，我們是否應該假設您現在獲得了充足的供應？所以從供應的角度來看，你有點趕上了，供應不再是一個限制因素。或者這仍然是一個約束？如果是，在哪個終端市場？因為您將全年毛利率穩定在 47%。因此，我很好奇供應或投入成本上升是否會影響您的毛利率，您決定將毛利率與您上次的展望保持一致？

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，Vivek，現在還處於年初。所以整個半導體供應鏈非常非常緊張。我想你從市場上所有的同行那裡都聽到了這一點。話雖如此，我們一直在與我們的供應鏈合作夥伴密切合作。我們已經看到了改進的全年指南。

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，我會說渠道——無論您是在我們的客戶還是在渠道中談論，整個供應鏈的庫存都非常低。因此，我們希望能夠做的事情還有很多。既然如此，我認為我們將繼續與我們的合作夥伴良好合作，並在那裡採取很多行動。

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.

由於它與總體成本和類似的事情有關，我認為我們正在從物流和一些組件成本等方面觀察這些事情。所以有 - 大多數毛利率指導反映了我們確實在增加新產品的事實。我們也有一些遊戲產品，略低於公司平均水平。但我們會在全年看到事情的進展情況。

Next question is coming from Blayne Curtis from Barclays.

下一個問題來自巴克萊銀行的 Blayne Curtis。

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.

不錯的結果。也許只是跟進 Vivek 的問題。我只是好奇而已。半定制業務顯然沒有遵循任何季節性，但那裡也有很多關於供應限制的討論。您在 3 月基本上沒有看到任何季節性，而且 6 月似乎沒有太大增長。所以也許只是 - 這是否仍然受到您的短缺或其他短缺的影響？以及對該年度該業務的任何看法。

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，謝謝，Blayne，提出這個問題。我認為半定制業務，如果你看看去年發生的控制台發布，我的意思是它們是非常好的發布，對，非常非常好的產品。所以你是對的，今年的季節性與典型的年份完全不同。我們的第一季度表現強於季節性。我們下降了，但下降了個位數。今年有一點增長，但這只是從上半年的高點開始。

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。無論您是在談論遊戲機、PC 遊戲還是整體遊戲生態系統，都有巨大的需求。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?

然後我只想問你關於客戶端的競爭格局。你顯然在三月份獲得了一些份額。英特爾正在談論他們在 10 納米產品的百分比上更加激進。只是-也許只是談論一下今年剩餘時間的競爭格局。當它們向 10 納米發展時，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 Blayne，我認為 PC 業務去年下半年的表現肯定非常強勁，今年也很強勁。我認為在這方面，我們對我們的進步感到非常滿意，特別是在筆記本電腦方面，尤其是在筆記本電腦的高端領域。因此，我們的筆記本電腦業務創下了創紀錄的強勁季度。我們的平均售價環比和同比增長。我認為我們正在看到高端超薄、遊戲和商業領域的吸引力。

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.

我們對我們擁有的平台以及我們全年擁有的平台感覺非常好。銳龍5000是一款極具競爭力的產品。我會說有很多——一些低端單位已經進入市場，但我們對高端市場的關注做得很好。總體而言，對 PC 環境感到滿意，並認為我們非常具有競爭力。

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

我們的下一個問題來自富國銀行的 Aaron Rakers。

Congratulations 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.

祝賀本季度。我想問一點關於服務器 CPU 週期的問題。我知道你已經和雲計算人員談論過擴大足跡。但我很好奇我們今天所處的位置，就更多的傳統原始設備製造商而言，他們系統的進步。我想你已經說過 100 多個系統。您認為這些產品什麼時候會全部投放市場？您如何將米蘭相對於羅馬的背景放在這方面？我有一個後續行動。

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。所以亞倫，數據中心業務顯然是我們的戰略重點。對於每一代 EPYC，我們都在努力擴大影響範圍。我認為在第一季度，我們看到了非常強勁的業績，同比翻了一番。它是基於雲的力量。但是我們看到的都是羅馬的加速，所以我們看到羅馬的單位依次上升，我們也看到了米蘭的加速。

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.

這就是我們所期望的。實際上，我們希望我們在羅馬有一個很好的足跡，並且隨著我們進入今年上半年，這將繼續得到很好的部署，並且已經發揮了作用。然後米蘭只是一個非常非常好的產品。我的意思是它的位置非常好。我們不僅擁有每個插槽的領導層，而且擁有每個核心的領導層，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，就您關於雲與企業的問題而言，我們在第一季度的雲權重更大，因為其中一些實例（內部和外部）增加了。我們預計，隨著我們在接下來的幾個季度中，企業以及 HPC 部署將增加。但我們將在今年全年看到羅馬和米蘭一起在市場上出現，我們預計企業方面會大力採用。

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。然後另一個問題是你在回答幾個不同的問題時談到的。你已經談到了可見性。我們的知名度非常高。它得到了改進，等等。那麼，相對於 3 個月前的情況，您如何描述您今天的知名度？什麼給了你信心？就與雲計算人員的討論而言，是否發生了一些事情讓您對今年剩餘時間的增長可見性更有信心？

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。所以亞倫，我的意思是我們——當我們今年開始時，我們預計會有一個強大的產品週期，只是考慮到我們在平台、設計勝利、客戶參與和流程方面所看到的一切。但在過去的 90 天裡，我認為我們已經看到這一點非常堅定。因此，從應該滿足的所有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.

鑑於供應鏈的整體緊張，我們正在進行多季度的對話。我認為每個人都希望更清楚、更透明地了解他們的需求。坦率地說，這對我們很有幫助。這對我們在緊張的環境中非常有幫助。它使我們能夠計劃幾個季度。所以我認為區別在於我們對客戶想要什麼以及我們可以提供什麼有很強的可見性。所以這讓我們相信我們有正確的信號。

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?

麗莎，我想問一個關於企業筆記本業務的問題。我注意到你在新聞稿和幻燈片中強調了你在財富 500 強企業筆記本電腦上的設計勝利的幾個不同垂直領域。我想知道你是否可以談談你正在建立的關係大企業客戶。您有 FAE 支持、軟件支持、固件支持等嗎？您是否有合適的人員來真正推動該業務更加實質性地向前發展？

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。提升企業筆記本業務和企業服務器業務一直是我們的重中之重。他們實際上共享許多相同的客戶和 IT 部門。所以是的，我們在企業筆記本業務上取得了非常好的進展。我認為我們與 OEM 合作夥伴有一套很棒的平台。我們還加強了現場應用支持和客戶參與模型的部署。總的來說，我認為我們已經獲得了一些非常不錯的商業筆記本設計勝利。

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.

再次在這種環境下，對我們來說，重要的是要非常專注於我們贏得的業務的壽命。因此，很多關注點都集中在這些商業管道以及它們如何在筆記本電腦端和服務器端進行開發。而且我認為我們已經取得了不錯的進展，但是隨著接下來的幾個季度，我們仍然有很多成長的機會。

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，這有點無關緊要。您可能沒有供應的業務之一，或者業務的其他部分增長得更快，我想問一些關於遊戲的問題。我認為，新的 RDNA 2 架構帶來了一些新功能，但顯然在遊戲市場上有一個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.

也許你可以談談你現在的競爭力，你如何看待在線供應可能會更好地支持遊戲特許經營權，也許只是現在的土地和遊戲狀況。因為其他一切都進展順利是業務的一部分，所以我認為那裡有一些機會。

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，正如您所說的，消費圖形或遊戲圖形業務實際上對我們來說做得很好。上個季度它增長了兩位數。隨著 RDNA 2 的推出，我們在這裡制定了一個非常深思熟慮的策略。我們從 Big Navi 產品的堆棧頂部開始。然後我們現在推出了一些額外的產品。您會從渠道中看到，將闆卡添加到更多的 OEM 系統和筆記本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。我們對進展感到高興。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.

公平地說，整個市場對圖形的需求非常高。所以我們實際上已經將相當多的產品投放市場，但需求仍然超過供應。隨著我們進入下半年，你會看到這種增長。總的來說，我認為我們在 RDNA 2 方面取得的進展非常棒，我們仍然相信游戲整體是一個偉大的長期增長故事。

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，我想問一下數據中心 GPU 業務。我意識到它仍然只佔整體業務的一小部分。您談到了今年下半年的產量增長。你也談到了 Frontier。

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，您在數據中心 GPU 業務中看到了什麼樣的客戶拉動？然後我得到了快速跟進。

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，東芝。謝謝你的問題。我們在數據中心 GPU 業務方面取得了非常好的進展。它現在處於投資模式，所以我們正在大力投資這項業務。我們去年推出了 CDNA 架構或計算優化架構。隨著我們使用 Frontier 系統推出下一代，您將看到今年的更新。儘管就業務規模而言，收入相對於其他業務而言處於較低水平，但我們將看到今年下半年的增長。

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意義，對吧？這是真正將異構系統組合在一起並將我們的 CPU 技術與 EPYC 結合在一起的想法，將我們的 GPU 技術與 Instinct 與我們一直在投資的軟件功能結合在一起，並真正獲得強大的 HPC 系統以及人工智能和機器學習能力。

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，我們將在今年下半年看到增長。它仍將是一個較小的業務，但我們看到它在未來幾年的戰略時間框架內不斷增長。這是一個端到端的故事，你需要什麼才能真正滿足數據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。然後作為我的後續行動，我想問一下 ARM 長期存在的潛在威脅。在 x86 中，從市場份額的角度來看，顯然您已經有了很大的發展空間。但是，您如何看待基於 ARM 的處理器在您的客戶端業務和服務器業務中的潛在威脅？

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，Apple 在客戶端將他們的一些 CPU 內部化，超大規模用戶談論內部解決方案。並且您最接近的 GPU 競爭對手在多年前推出了——或者推出了基於 ARM 的 CPU。因此，有關 ARM 與 x86 的任何想法以及您如何解決這些問題都會有所幫助。

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，絕對如此。我認為這裡的關鍵點是你真的必須有一個非常非常強大的產品路線圖，而這正是我們所關注的。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，我認為這是意料之中的。特別是當您查看數據中心時，我認為計算變得更加工作負載優化的趨勢也是一個重要趨勢。這些是我們長期以來一直在考慮的事情，我們一直在努力確保我們在路線圖中解決這些問題。

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數據中心和整個 PC 生態系統的解決方案，確保我們擁有的產品非常具有競爭力，滿足客戶的需求。我們還擁有強大的 IP 組合定制解決方案的能力。因此，在這種情況下，我認為答案是競爭非常激烈的市場，但我們對擺在我們面前的路線圖感覺非常好。

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?

祝賀你取得了可靠的結果。麗莎，也許是另一種方式來問 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？因為很明顯，隨著摩爾定律提出一些問題，向半定制和 ASIC 的轉變更為普遍。我知道 Toshiya 問題的答案，你說你正在做——或者你有能力做半定制。你真的有約會嗎？隨著時間的推移，您如何看待通用計算與半定制和 ASIC 的對比？

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，我想解決這個問題的方式是，我認為你需要一整套計算解決方案。這可以追溯到幾年前，我們關於異構計算的對話是您需要為正確的工作負載提供正確的計算。所以我認為這是它最重要的方面。

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一部分，並將繼續如此。我們正在做——我們今天當然會為特定客戶做優化。我認為這就是——對於大型雲客戶來說，他們期望這一點，而我們正在這樣做。

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優化。如果你看看我們架構的演變，我認為當我們做這些小芯片架構和類似的事情時，它確實允許這樣做。總體而言，與客戶進行了很多良好的互動，我認為關鍵是能夠擁有正確的 IP 構建塊。這就是我們所關注的，正確的，擁有最好的 CPU 內核、最好的 GPU 功能、擁有出色的互連。然後隨著賽靈思的推出，那裡也有自適應計算解決方案，它為我們提供了很多與客戶一起優化解決方案的選擇。

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。麗莎作為我的後續行動，你在這個新的遊戲機週期中仍然相對較早。通常通過這些週期，您的產品毛利率有一些相當不錯的提升。

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.

我想知道您是否可以幫助描述您認為自己在遊戲機業務的毛利率週期中的位置？如果你想告訴我們你認為它對整體利潤率的稀釋程度以及到今年年底可能會去哪裡，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，John，我想說我們仍處於控制台週期的早期階段。從 - 如果你考慮一下，我們只有幾個季度。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和提高利潤率等。但我想說，在接下來的幾年裡，我們還有很長的路要走，還有很多機會。

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，我猜你已經表示你相信——我相信你說過你認為你在服務器市場上獲得了份額。我的粗略計算表明，您在服務器中至少獲得了 2 個點的份額，這比我估計的前 4 個季度每季度增加約 1% 的份額有所加快。

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.

所以我想你能告訴我我的數學是否嚴重偏離了嗎？如果不是，那是什麼——這是一個新的更高的股票收益率嗎？你會把它歸結為什麼？你們是不是處於臨界點？您的客戶是否正處於接受 AMD 作為供應商的臨界點？他們是否增加了舒適度？還是您的生態系統需要支持？你能不能給我們一個更高層次的圖片，告訴我們你認為你的客戶在哪裡，以及真正擁抱並以更高的速度增加你的服務器產品。如果可以的話，我還有後續行動。

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，就我們第一季度的數據中心表現而言，它相當強勁。當我查看其驅動因素時，我們特別看到了雲，非常強大。當我查看其背後的驅動程序時，有幾件事結合在一起。

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，在過去幾個季度中，我們與客戶進行了非常非常深入的合作，以驗證新實例、驗證新的內部工作負載，真正擴大了我們覆蓋範圍的區域能力。因此，我認為所有這些事情都已經離開——導致數據中心業務的整體提升。

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.

然後向前看，我認為另一部分是，如果您還記得我們進行那不勒斯到羅馬的過渡時，那個過渡幾乎是人們從那不勒斯轉到羅馬。我們在這個週期中看到的情況有點不同。我們所看到的是，Rome 在他們所在的應用程序方面有一套非常強大的覆蓋範圍，這些應用程序的增長非常好，需求量很大。然後最重要的是，我們正在添加米蘭，這是一個非常強大的產品。

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.

所以我認為這些可能與我們現在看到的有些不同。在這種情況下，事情會從一個季度到另一個季度發生變化。所以我想說，我們看到的數據中心信號是積極的。我們對我們所看到的感到興奮。與客戶有很多接觸。

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，與今年一樣重要的是，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。因此，這確實是與我們的頂級客戶進行的多代討論。

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。這很有幫助。然後是關於 - 剛剛回到 ARM 的後續行動。你——他們——你回答了前面的問題，談到了接受在半定制中擁有異構架構的想法，並與你的客戶一起開發解決方案。

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?

但如果我回去，AMD 之前有 ARM 服務器產品。您能否向我們提供有關該 ARM 服務器 IP 狀態的更新？那是你可以復活的東西嗎？或者你一直保留它，開發工作？您能否討論一下——您的客戶是否在提供包含 ARM 組件的半定制解決方案時尋求您的幫助？

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，看起來有 3 家云服務提供商在他們的平台上提供了 ARM 服務器產品，而且——但有很多沒有，也沒有足夠的開發能力。所以我希望你能更具體地談談你擁有的 IP。如果您的客戶要求，您是否會將其帶回來？

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，我們非常了解 ARM 架構。當然，我們的工程師很清楚這一點。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.

就特定的定制 ARM 設計而言，我們目前沒有計劃。至於我們是否會做定制 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。所以我認為這不是關於 ARM 與 x86 的對比，而是更多的是關於在正確的組合中擁有正確的 IP 以滿足某種客戶解決方案。

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.

這就是我們看待它的方式。真的——你想解決什麼問題？讓我們看看我們擁有的 IP 集合以及我們必須幫助解決這類問題的能力。

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

我們的下一個問題來自德意志銀行的 Ross Seymore。

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.

祝賀您取得了出色的成績和指導。麗莎，我想問你一個概念性的問題。在您的全年指導中，您顯然將收入提高到一個非常強勁的數字，但您保持利潤率不變。我認為人們了解它的營業利潤率方面，即您有機會投資，並且在您面前有很大的成長機會。

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.

但在毛利率方面，我有點驚訝，考慮到你在數據中心業務、HPC、Frontier 中談論的實力，這些事情在今年下半年開始發揮作用。我有點驚訝它沒有上升。現在，您已經提供了非常一致的指導並隨著時間的推移不斷改進，我不記得您上次錯過毛利率指導是什麼時候了。但我只是想知道看跌期權是什麼，這將使該年度的毛利率保持不變。

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。因此，讓我開始吧，然後 Devinder 可能會發表一些意見。因此，我認為從整體收入的角度來看，我認為我們對向上的指導感到非常滿意，因為我們在客戶需求方面和供應方面具有可見性。

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.

在整體利潤率上，我們從第一季度到第二季度依次向上引導。然後我認為對於下半年，我們會說，看，現在是年初。這是一個非常動態的環境，羅斯，我的意思是一個非常動態的環境。因此，我們正在關注看跌期權，並且總有產品組合在看跌期權方面發揮作用。

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好位置。隨著我們度過這一年，我們將為您提供更多更新。但沒有什麼比這更多的了。我認為這就是我們今年的情況。鑑於我們在市場上的動態環境，這就是給我們大約 47% 的指導的原因。我不知道，Devinder，你想補充一下嗎？

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.

我唯一要補充的是，羅斯，我認為正如你所知，情況非常緊張，因為我們談到了全球半導體的整體供應情況。因此，我們看到組件成本有所增加，但總的來說我們正在管理它。由於收入增加了 10 億美元以上，我們維持 2021 年 47% 的指導值，高於去年。而上一季度為45%，本季度為46%，指導47%。趨勢非常好，我們對此非常非常滿意。

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。對於我的後續行動，我想更具戰術性，但它會在某種程度上融入您對第一個問題的回答。這是您的第二季度指南，從大約 4% 的中點上漲，您能否在您的兩個主要細分市場之間給我們一些看跌期權？

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.

我猜這其中的一個稍微長期的問題部分是數據中心在第一季度處於青少年階段，這是一個很好的連續增長，同比翻了一番。鑑於您全年 50% 的增長指導，您認為該百分比在今年剩餘時間內如何變化的任何顏色。

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，就第二季度而言，當我們觀察環比增長時，我們確實看到了數據中心業務的環比增長，服務器端以及數據中心圖形端以及遊戲端都有一些增長。

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.

縱觀全年，我們的預期是，在接下來的幾個季度中，作為公司數據中心百分比的公司百分比將會增加。這只是上半年消費業務部分實力的動態，所以這不是正常的季節性。我們全年在數據中心業務中看到的加速或部分增長將導致數據中心收入在更高的收入中所佔的比例更高。

Next question is coming from Stacy Rasgon from Bernstein Research.

下一個問題來自 Bernstein Research 的 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?

我在本季度第一次遇到了關於數據中心的問題。因此，EESC 上漲了近 1 億美元。 EPYC 上漲了，半定制下跌了，這意味著 EPYC 上漲的幅度更大。你能 - 我知道羅馬和米蘭都在成長。但是實際增長有多少，1 億美元以上的環比增長肯定是 EPYC 的，有多少增長，是如何在羅馬和米蘭之間分配的？是不是就像米蘭的大部分增長一樣？您如何看待米蘭在第二季度數據中心 CPU 組合中所佔的百分比？

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，斯泰西。所以如果我看第一季度，我們在第四季度也運送了米蘭，對吧？所以我們在第四季度運送了大量的米蘭，第一季度的數量也很大。

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.

我想說就增長而言，與米蘭相比，第一季度的羅馬權重可能更大，但兩者都有良好的增長。然後當我們進入第二季度時，我們仍然預計羅馬和米蘭都會出現增長，而米蘭的增長速度會更快。我們預計到第三季度它會跨越，米蘭可能會高於羅馬。

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.

現在很明顯，隨著客戶通過他們的坡道，這些事情會發生一些變化，但這就是我們所看到的。因此，元點是羅馬需求強勁，並將在今年整體收入中佔很大一部分。然後米蘭正在迅速發展，客戶採用率很高。因此，我們預計在接下來的幾個季度中它將迅速增長。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。如果你不介意的話，我有後續行動。我真的想問一個關於 OpEx 的問題。所以我知道你在分析師日給出的模型的運營支出收入中值為 26.5%。我知道你現在正在超越收入和一切。但如果我放棄下半年對運營支出的暗示指導，實際上下半年的運行率為 26.5%，全年達到 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，就像我們進入 2022 年一樣，您是否認為您的運營支出運行率處於模型中，無論收入是多少，都超過 26% 或 26.5%？這是思考未來運營支出軌蹟的正確方法嗎？而且我猜想 - 你認為你在這一點上真的花費了足夠的錢，考慮到你正在採取的路線圖嗎？您現在是否在適當的水平上花費以確保該路線圖實際上得到鞏固和堅定？

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，斯泰西，非常好的問題。我認為我們是——收入遠高於我們的長期模式。當然，在今年，它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持以及所有面向客戶的支持方面的投資。坦率地說，我們也在對公司周圍的一些基礎設施進行投資，因為它只是一家比幾年前大得多的公司。

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。我們的投資已經足夠了。鑑於收入增長的強勁勢頭，我認為我們正在藉此機會對這些投資非常積極。也許，Devinder，你想補充一下，或者......

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，我認為這很好。我想你涵蓋了它。如您所知，Stacy，多年來，我們在管理運營支出方面一直非常自律。它確實隨著收入而擴展，但 OpEx 的增長速度低於 - 低於收入的速度。顯然，從模型的角度來看，這顯示在財務結果中。正如你所提到的，公司的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，我還想問一下關於股票收益的問題。今年你在客戶端和數據中心都做得很好。與之前提到的同時，英特爾的語氣肯定在發生變化。他們使用“利用關係”這個詞。他們還談到了其他策略來阻止或阻止一些份額損失，他們現在通過代工廠和類似的方式提供 x86 內核。

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?

所以我想這個問題有點超出今年，因為今年的競爭環境已經確定了。所以可以 - 你認為我們可以將你今年取得的成功推斷到 22 年和 23 年嗎？還是您認為未來幾年競爭環境會加劇？

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，蒂姆，我想說的是，我們一直期望競爭環境非常強大，我們仍然如此。所以有 - 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，我認為我們已經與客戶建立了良好的記錄，並且我們建立了一系列深厚的關係。我們已經學到了很多關於什麼對客戶來說很重要、時間花在哪裡、付出的努力，以及我們需要在哪裡建立密切的合作夥伴關係。

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.

所以我對我們今年的定位感覺非常好，但我對我們在未來的路線圖中擁有的東西感到非常興奮。我的意思是我們並沒有放慢腳步。所以路線圖中有很多內容，我們有更多的資源和能力可以推向市場。而且我認為我們將在未來變得非常有競爭力。

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。我想作為我的後續行動。 Devinder，你能否給出一些關於半定制前半部分到後半部分的加載情況？似乎今年的後半部分與前半部分差不多。那是對的嗎？

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.

我認為下半場略有上升。因為去年下半年推出的產品開局強勁，因為它是新一代遊戲機。然後可能會在第二個稍微上升，我會說。

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?

你談到了你一直在處理的供應限制。你能談談這些是從哪裡來的嗎？這是晶圓約束、襯底約束，還是兩者兼而有之？哪裡——當你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，如果我們考慮進入今年，我會說總體需求，需求有點高於我們的預期。並且有一些行業範圍內的事情正在發生。

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、後端組裝測試能力還是基板能力，我們都在一個產品線一個產品線的層面上進行工作。所以我不知道我會指出一件事。

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.

我想說的是，在產品線級別上，我們已經完成以及我們將繼續做的事情是確保有多個來源，特別是在後端，這使我們能夠靈活地來回移動事物。我們繼續 - 特別是在基板方面，我認為該行業的投資不足。因此，我們藉此機會投資了一些專門用於 AMD 的基板產能，這將是我們未來繼續做的事情。我們還 - 我的意思是我們也有出色的工程團隊，他們正在研究我們如何在生態系統中共同提高系統的生產力。而且我們與台積電密切合作，以確保我們預測良好並獲得正確的支持。

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.

所以我認為以上都是為了確保我們擁有能力。喬，我要提到的另一件事不僅僅是處理器，而是包括在內 - 它還確保它們在生態系統中匹配。因此，我們的團隊還與我們的 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。我會告訴你，鑑於我所看到的一切，這是一個複雜的環境，因為所有市場都如此火爆。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？為了在供應環境中獲得更多能力，我們還想做更多的事情。因此，我們正在與我們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。好吧，在所有事情的背景下，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。如果有任何進一步的或結束的評論，我想轉回發言。

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。我們要感謝大家加入今天的電話會議，我們期待在整個季度與您互動。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.

謝謝你。今天的電話會議網絡直播到此結束。你可以在這個時候斷開你的線路，並有一個美好的一天。我們感謝您今天的參與。