超微半導體 (AMD) 2020 Q4 法說會逐字稿

Greetings, and welcome to the AMD Fourth Quarter 2020 Financial Results Conference Call. (Operator Instructions) As a reminder, this conference is being recorded. It's now my pleasure to turn the call over to your host, Ruth Cotter, Senior Vice President, Worldwide Marketing, Human Resources and Investor Relations. Ruth, please go ahead.

您好，歡迎參加 AMD 2020 年第四季財務業績電話會議。 （操作員指示）提醒一下，本次會議正在錄音。現在我很高興將電話轉給主持人、全球行銷、人力資源和投資者關係資深副總裁 Ruth Cotter。露絲，請繼續。

Thank you, and welcome to AMD's Fourth Quarter and Full Year 2020 Financial Results Conference Call. By now, you should have had the opportunity to review a copy of our earnings press release and accompanying the slideware. If you have not reviewed these documents yet, they can be found on the Investor Relations page of amd.com.

謝謝，歡迎參加 AMD 2020 年第四季和全年財務業績電話會議。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了。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 on the second of March, Mark Papermaster, Chief Technology Officer and Executive Vice President, Technology and Engineering, will attend the Morgan Stanley TMT conference. In addition, our first quarter 2021 quiet time is expected to begin at the close of business on Friday, March 12.

在我們開始之前，我想指出的是，3 月 2 日，技術長兼技術與工程執行副總裁 Mark Papermaster 將參加摩根士丹利 TMT 會議。此外，我們 2021 年第一季的靜默期預計將於 3 月 12 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. 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 slideware posted on amd.com.

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。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 amd.com 上發布的幻燈片中找到。

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

現在，我想把電話交給麗莎。麗莎？

Thank you, Ruth, and good afternoon to all those listening in today. 2020 marked an inflection point in our long-term journey as we made significant progress establishing AMD as the high-performance computing leader. We significantly accelerated our business and exceeded our aggressive growth goals for the year while navigating industry-wide challenges caused by COVID-19.

謝謝你，露絲，祝今天收聽節目的各位下午好。 2020 年是我們長期發展歷程中的轉捩點，我們在確立 AMD 高效能運算領導者地位方面取得了重大進展。在應對新冠疫情給全行業帶來的挑戰的同時，我們顯著加快了業務發展速度，超額完成了今年的積極成長目標。

We built substantial momentum throughout the year as we successfully ramped volume production of more than 20 7-nanometer PC, gaming and data center products. Annual revenue grew 45%, setting a new record at $9.76 billion. We also expanded gross margin for the fifth straight year and more than doubled net income from the prior year. While the PC market grew approximately 13% in 2020 to surpass more than 300 million units for the first time since 2014, our annual client processor revenue grew by more than 50% as AMD Ryzen processor adoption increased.

我們全年都保持著強勁的發展勢頭，成功實現了 20 多種 7 奈米 PC、遊戲和資料中心產品的量產。年度營收成長45%，創下97.6億美元的新紀錄。我們的毛利率也連續第五年擴大，淨收入也比前一年增加了一倍以上。雖然 2020 年個人電腦市場成長了約 13%，自 2014 年以來首次超過 3 億台，但隨著 AMD Ryzen 處理器的採用率提高，我們的年度客戶端處理器收入增長了 50% 以上。

We delivered record client annual processor revenue as we gained significant share in 2020. Adoption of EPYC processors across cloud, enterprise and HPC customers also accelerated significantly in 2020. We set a new all-time record for annual server processor revenue. Server processor sales more than doubled year-over-year, and our overall data center sales are now a high-teens percentage of our total annual revenue.

2020 年，我們獲得了顯著的市場份額，實現了創紀錄的客戶年度處理器收入。 2020 年，雲端、企業和 HPC 客戶對 EPYC 處理器的採用也顯著加速。我們創下了年度伺服器處理器收入的歷史新高。伺服器處理器的銷售額年增了一倍多，我們的整體資料中心銷售額目前占我們年度總收入的百分之十幾。

Looking at the fourth quarter, we ended the year very strong. Revenue grew 53% year-over-year to a record $3.24 billion, while net income increased 66%.

縱觀第四季度，我們以非常強勁的成績結束了這一財年。營收年增 53%，達到創紀錄的 32.4 億美元，淨收入成長 66%。

Turning to our Computing and Graphics segment. Fourth quarter revenue increased 18% year-over-year to $1.96 billion. Desktop CPU revenue grew by a strong double-digit percentage year-over-year and sequentially driven by strong demand for our Ryzen processor family in both OEM systems and the channel. Sell-through of our new Ryzen 5000 processors featuring our Zen 3 core was particularly strong, more than doubling the launch quarter sales of any prior generation Ryzen desktop processor.

轉向我們的計算和圖形部分。第四季營收年增18%至19.6億美元。桌上型電腦 CPU 營收年增兩位數，這得益於 OEM 系統和通路對我們的 Ryzen 處理器系列的強勁需求。我們採用 Zen 3 核心的新款 Ryzen 5000 處理器的銷售尤其強勁，是上一代 Ryzen 桌上型電腦處理器首季銷量的兩倍多。

In mobile, CPU shipments increased by a double digit percentage, both sequentially and year-over-year. We set records for both quarterly and annual mobile processor unit shipments as Ryzen 4000 notebook shipments continued to ramp in support of the 100 notebook design wins launched in 2020.

在行動領域，CPU 出貨量環比和年比均實現了兩位數的百分比成長。隨著 Ryzen 4000 筆記型電腦出貨量持續成長，以支援 2020 年推出的 100 款筆記型電腦設計勝利，我們創下了季度和年度行動處理器出貨量記錄。

At CES earlier this month, we launched our Ryzen 5000 mobile processors for ultrathin, gaming and commercial notebooks. These new mobile processors featuring our Zen 3 processor core, extend our performance and battery life leadership, delivering up to 23% higher performance compared to our previous generation and 17.5 hours of battery life. We are on track to increase the number of notebook designs powered by our new Ryzen 5000 processors by 50% compared to our prior generation, positioning us well for further growth in 2021.

在本月初的 CES 上，我們推出了適用於超薄、遊戲和商用筆記型電腦的 Ryzen 5000 行動處理器。這些新型行動處理器採用我們的 Zen 3 處理器核心，擴展了我們在性能和電池壽命方面的領先地位，與上一代產品相比，性能提高了 23%，電池壽命延長了 17.5 小時。與上一代產品相比，我們預計將搭載新 Ryzen 5000 處理器的筆記型電腦設計數量增加 50%，這為我們在 2021 年實現進一步成長奠定了基礎。

In Graphics, revenue declined year-over-year and increased sequentially. Desktop GPU sales increased significantly from the prior quarter, driven by the ramp of our new Radeon 6000 series GPUs, featuring our RDNA 2 architecture that deliver up to twice the performance and 65% more performance per watt than our prior generation.

在圖形方面，收入同比下降，但環比增加。桌上型 GPU 的銷售量較上一季大幅成長，這得益於我們新款 Radeon 6000 系列 GPU 的銷售成長。該系列 GPU 採用我們的 RDNA 2 架構，與上一代產品相比，其效能提高了兩倍，每瓦效能提高了 65%。

We are seeing very strong demand for our new GPUs. The Radeon 6000 series are our fastest-selling high-end GPUs ever with launch quarter shipments 3x larger than any prior AMD gaming GPU priced above $549. We continue to ramp production to meet the strong demand, and are on track to expand our Radeon 6000 GPU portfolio in the first half of the year with the new RDNA 2-based desktop and mobile GPUs.

我們發現市場對新 GPU 的需求非常強勁。 Radeon 6000 系列是我們有史以來銷售最快的高階 GPU，其首發季度出貨量是之前任何售價超過 549 美元的 AMD 遊戲 GPU 的 3 倍。我們將繼續提高產量以滿足強勁的需求，並計劃在今年上半年透過基於 RDNA 2 的新型桌上型電腦和行動 GPU 擴展我們的 Radeon 6000 GPU 產品組合。

Data center GPU revenue decreased year-over-year but increased sequentially, including initial shipments of our AMD Instinct MI100 accelerator. MI100 features our new CDNA data center GPU architecture and is the industry's fastest HPC accelerator for scientific research, and the first Data center GPU to break the 10 teraflops barrier. We are making strong progress on our data center GPU hardware road map and expanding our software ecosystem in preparation for the launch of the first exascale supercomputer in the United States, the all-AMD powered Frontier system planned to go online later this year at Oak Ridge National Laboratory.

資料中心 GPU 營收年減但較上季成長，其中包括我們的 AMD Instinct MI100 加速器的初始出貨量。 MI100 採用我們全新的 CDNA 資料中心 GPU 架構，是業界最快的科學研究 HPC 加速器，也是第一個突破 10 兆次浮點運算障礙的資料中心 GPU。我們在資料中心 GPU 硬體路線圖方面取得了重大進展，並擴展了我們的軟體生態系統，為美國第一台百億億次超級電腦的推出做準備，該超級電腦是全 AMD 驅動的 Frontier 系統，計劃於今年晚些時候在橡樹嶺國家實驗室上線。

Now turning to our Enterprise, Embedded and Semi-Custom segment. Revenue of $1.28 billion increased 176% year-over-year driven by strong growth in both semi-custom and server processor sales. Semi-Custom sales increased year-over-year and sequentially based on strong demand for the next-generation Sony and Microsoft consoles. Our Semi-Custom SoC sales are ramping faster than the last console cycle, and we expect sales to be better than typical seasonality in the first half of this year based on the current strong demand.

現在轉向我們的企業、嵌入式和半客製化領域。得益於半客製化和伺服器處理器銷售的強勁成長，營收年增 176% 至 12.8 億美元。由於對下一代索尼和微軟遊戲機的強勁需求，半客製化產品的銷售量較去年同期成長。我們的半客製化 SoC 銷售成長速度比上一個遊戲機週期更快，並且基於當前強勁的需求，我們預計今年上半年的銷售將優於典型的季節性。

Now turning to server, we had record revenue in the fourth quarter as both cloud and enterprise sales grew sequentially. Cloud adoption remains strong as Google, Microsoft, Tencent and others continue expanding their use of EPYC processors to power larger portions of their critical internal infrastructure, and the number of AMD-powered cloud instances expands. 28 new public cloud instances launched in the fourth quarter from Alibaba, AWS and Oracle, while Google expanded general availability of their confidential computing VMs powered exclusively by EPYC processors to 9 regions.

現在轉向伺服器，由於雲端和企業銷售額均連續成長，我們在第四季度實現了創紀錄的收入。隨著Google、微軟、騰訊等公司繼續擴大 EPYC 處理器的使用範圍，為其關鍵內部基礎設施的大部分提供支持，並且由 AMD 驅動的雲端實例數量不斷增加，雲端運算的採用率依然強勁。阿里巴巴、AWS 和甲骨文在第四季度推出了 28 個新的公有雲實例，而谷歌則將其由 EPYC 處理器獨家驅動的機密運算虛擬機的普遍可用性擴展到 9 個區域。

For the year, the number of AMD-powered instances available from the largest cloud providers doubled to more than 200. In the enterprise, adoption of AMD-powered servers grew as Dell, HPE and Lenovo secured new end customer wins with Fortune 1000 accounts across key verticals, including manufacturing, financial services and automotive. In HPC, the number of AMD-powered supercomputers on the November top 500 list increased to 21 systems including 2 of the top 10 and the fastest supercomputer in Europe.

今年，來自最大雲端供應商的 AMD 驅動執行個體數量翻了一番，達到 200 多個。在企業中，隨著戴爾、HPE 和聯想在製造業、金融服務業和汽車業等關鍵垂直領域贏得財富 1000 強企業的新終端客戶，AMD 驅動伺服器的採用率不斷增長。在高效能運算 (HPC) 領域，11 月 500 強榜單上採用 AMD 處理器的超級電腦數量增加到 21 個系統，其中包括前 10 名中的 2 個以及歐洲最快的超級電腦。

We expect our data center business to accelerate in 2021 as we further extend our performance, efficiency and TCO leadership with the launch of our next-gen server processors, code name Milan. Milan production began in the fourth quarter as planned, with initial shipments to cloud and HPC customers. We are very pleased with the performance of Milan.

隨著我們推出代號為 Milan 的下一代伺服器處理器，進一步擴大我們在效能、效率和 TCO 方面的領先地位，我們預計我們的資料中心業務將在 2021 年加速發展。米蘭的生產已於第四季度按計劃開始，最初發貨給雲端和 HPC 客戶。我們對米蘭的表現非常滿意。

We conducted the first public preview of Milan at CES, highlighting 68% better performance compared to 2 of the highest-end dual-socket processors from our competition when running a compute-intensive weather modeling simulation. We're on track to publicly launch our 3rd Gen EPYC Milan processors in March with very strong ecosystem support.

我們在 CES 上首次公開預覽了 Milan，重點強調了在運行運算密集型天氣建模模擬時，其效能比競爭對手的兩款最高階雙插槽處理器高出 68%。我們計劃於 3 月公開推出我們的第三代 EPYC Milan 處理器，並獲得非常強大的生態系統支援。

In summary, our strong 2020 results and 2021 guidance demonstrate the growing momentum for our leadership product portfolio and the robust demand for high-performance computing. In the last year, we have all seen firsthand the essential role high-performance computing now plays in our daily lives, and we expect adoption to accelerate over the coming years as we enter a high-performance computing mega cycle, driven by the growing adoption of cloud computing services, accelerating digital transformation of industries and experiences, the transition to exascale supercomputing and the mainstream adoption of AI.

總而言之，我們強勁的 2020 年業績和 2021 年指引表明，我們領先的產品組合勢頭強勁，對高效能運算的需求強勁。在過去的一年裡，我們都親眼目睹了高效能運算在我們日常生活中所扮演的重要角色，我們預計，隨著我們進入高效能運算超級週期，未來幾年的採用速度將會加快，而推動這一進程的因素包括雲端運算服務的日益普及、產業和體驗的數位轉型加速、向百億億次超級運算的過渡以及人工智慧的主流應用。

Against this backdrop, we are very confident we have the right long-term strategy and capabilities to deliver a strong cadence of leadership products and make AMD the premier technology growth franchise. Longer term, our strategic acquisition of Xilinx further strengthens our technology capabilities and positions us well for growth across a broader set of markets. We passed several important regulatory milestones to date, and remain on track to close the transaction by the end of 2021.

在此背景下，我們非常有信心，我們擁有正確的長期策略和能力，能夠提供強勁的領導產品節奏，並使 AMD 成為首屈一指的技術成長特許經營商。從長遠來看，我們對賽靈思的策略性收購將進一步增強我們的技術能力，並使我們為在更廣泛的市場中實現成長做好準備。迄今為止，我們已經通過了幾個重要的監管里程碑，並預計在 2021 年底前完成交易。

I am very proud of what AMD has accomplished over the last few years as our talented and dedicated employees established a new pace for innovation in the high-performance computing industry. I'm even more excited about what we can accomplish over the coming years based on our road maps and the strong opportunities we see to play an even larger strategic role with our customers and partners.

我為 AMD 過去幾年所取得的成就感到非常自豪，我們的才華橫溢、敬業的員工為高效能運算產業的創新樹立了新的步伐。基於我們的路線圖以及我們看到的與客戶和合作夥伴一起發揮更大戰略作用的強大機會，我對未來幾年我們能夠取得的成就感到更加興奮。

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

現在我想將電話轉給 Devinder，以便他能為我們的第四季和全年財務表現提供一些額外的資訊。德文德？

Thank you, Lisa, and good afternoon, everyone. 2020 was an outstanding year for AMD. Our industry-leading product portfolio and market share gains drove record annual and quarterly revenue with full year revenue growth of 45%. We also achieved record annual net income and free cash flow. We are pleased with our strong performance and the leverage in our financial model.

謝謝你，麗莎，大家午安。 2020 年對 AMD 來說是傑出的一年。我們行業領先的產品組合和市場份額的成長推動了年度和季度收入創歷史新高，全年收入增長了 45%。我們也實現了創紀錄的年度淨收入和自由現金流。我們對我們的強勁表現和財務模型的槓桿作用感到滿意。

Fourth quarter revenue was $3.24 billion, up 53% from a year ago and up 16% from the prior quarter driven by strong sales of Ryzen and EPYC processors and semi-custom game console SoCs. Gross margin was 45%, approximately flat year-over-year. Operating expenses were $789 million, up 45% year-over-year driven by increased investments in R&D go-to-market activities and higher variable employee compensation-related expenses.

第四季營收為 32.4 億美元，較去年同期成長 53%，較上一季成長 16%，這得益於 Ryzen 和 EPYC 處理器以及半客製化遊戲機 SoC 的強勁銷售。毛利率為45%，與去年同期基本持平。營運費用為 7.89 億美元，年增 45%，主要原因是對研發上市活動的投資增加以及與員工薪酬相關的可變費用增加。

Operating income was $663 million, up $258 million or 64% from a year ago driven by significant revenue growth, and operating margin was 20% compared to 19% a year ago. Net income was $636 million, up $253 million or 66% from a year ago, and diluted earnings per share was $0.52 compared to $0.32 per share a year ago.

營業收入為 6.63 億美元，比去年同期增加 2.58 億美元（64%），這得益於收入的大幅增長；營業利潤率為 20%，而去年同期為 19%。淨收入為 6.36 億美元，比去年同期成長 2.53 億美元，或 66%；每股攤薄收益為 0.52 美元，去年同期為每股 0.32 美元。

Now turning to the business segment results. Fourth quarter Computing and Graphics segment revenue was $1.96 billion, up 18% year-over-year primarily driven by significant Ryzen processor growth. Computing and Graphics segment operating income was $420 million, or 21% of revenue compared to $360 million a year ago driven by higher revenue.

現在來談談業務部門的業績。第四季運算和圖形部門營收為 19.6 億美元，年增 18%，主要得益於 Ryzen 處理器的顯著成長。計算和圖形部門的營業收入為 4.2 億美元，佔收入的 21%，而去年同期為 3.6 億美元，這得益於收入的增加。

Enterprise, Embedded and Semi-Custom segment revenue was $1.28 billion, up 176% year-over-year driven by strong semi-custom product sales and continued EPYC server processor momentum across the cloud and enterprise markets.

企業、嵌入式和半客製化部門營收為 12.8 億美元，年成長 176%，這得益於強勁的半客製化產品銷售以及 EPYC 伺服器處理器在雲端和企業市場的持續成長勢頭。

EPYC processor revenue grew sequentially, including early shipments of third-generation EPYC Milan processors. EESC segment operating income was $243 million or 19% of revenue compared to an operating income of $45 million a year ago driven by higher revenue.

EPYC 處理器營收季增，其中包括第三代 EPYC Milan 處理器的早期出貨。 EESC 部門的營業收入為 2.43 億美元，佔收入的 19%，而去年同期的營業收入為 4,500 萬美元，這得益於收入的增加。

Turning to the balance sheet. We had record free cash flow of $480 million in the fourth quarter. Inventory was $1.4 billion, up 8% from the prior quarter in preparation of 2021 sales. Fourth quarter adjusted EBITDA was $753 million compared to $469 million a year ago, driven by higher quarterly earnings.

轉向資產負債表。我們第四季的自由現金流創下了 4.8 億美元的紀錄。庫存為 14 億美元，較上一季成長 8%，為 2021 年的銷售做準備。第四季調整後的 EBITDA 為 7.53 億美元，而去年同期為 4.69 億美元，這得益於季度收益的增加。

Before I turn to the full year financial results, let me address a GAAP tax item. Based on our financial results and strong outlook, we released a significant portion of our tax valuation allowance totaling $1.3 billion which had a GAAP EPS benefit of $1.06 in the fourth quarter and a benefit of $1.07 for the full year.

在介紹全年財務表現之前，我先來談談一項 GAAP 稅務專案。根據我們的財務表現和強勁的前景，我們釋放了相當一部分稅收估值準備金，總額達 13 億美元，第四季度的 GAAP EPS 收益為 1.06 美元，全年收益為 1.07 美元。

Now let me turn to our full year financial results. 2020 revenue was $9.76 billion, up 45% year-on-year driven by strong growth in both business segments. Gross margin of 45% was up 190 basis points from the prior year driven by Ryzen and EPYC products, partially offset by semi-custom and Radeon product sales.

現在讓我來談談我們的全年財務表現。 2020 年營收為 97.6 億美元，年成長 45%，這得益於兩個業務部門的強勁成長。毛利率為 45%，較上年同期上漲 190 個基點，主要得益於 Ryzen 和 EPYC 產品的推動，但部分被半客製化和 Radeon 產品的銷售所抵消。

Operating expenses were 28% of revenue, improving from 31% in 2019. 2020 operating income was up 97% from a year ago to $1.66 billion or 17% of revenue. Net income was $1.58 billion, up 108% from the prior year.

營運費用佔收入的 28%，高於 2019 年的 31%。 2020 年營運收入比去年同期成長 97%，達到 16.6 億美元，佔營收的 17%。淨收入為15.8億美元，比上年增長108%。

Turning to the balance sheet. Cash, cash equivalents and marketable securities totaled $2.3 billion at year-end and full year free cash flow was $777 million as compared to $276 million in 2019. We reduced principal debt by $225 million in 2020 and ended the year with $338 million of gross debt.

轉向資產負債表。截至年底，現金、現金等價物和有價證券總額為 23 億美元，全年自由現金流為 7.77 億美元，而 2019 年為 2.76 億美元。我們在 2020 年減少了 2.25 億美元的本金債務，年底總債務為 3.38 億美元。

Now turning to the outlook for the first quarter of 2021. We expect revenue to be approximately $3.2 billion, plus or minus $100 million an increase of approximately 79% year-over-year and down 1% sequentially. The year-over-year increase is expected to be driven by growth in all businesses. The sequential performance is driven primarily by better than normal seasonality in our PC and semi-custom businesses and strength in our data center business. In addition, for Q1 2021, we expect: non-GAAP gross margin to be approximately 46%; non-GAAP operating expenses to be approximately $830 million; non-GAAP interest expense, taxes and other to be approximately $105 million, including an effective tax rate of 15%; and first quarter diluted share count is expected to be approximately 1.23 billion shares.

現在談談 2021 年第一季的展望。我們預計營收約 32 億美元，上下浮動 1 億美元，年增約 79%，季減 1%。預計同比增長將由所有業務的成長推動。連續業績表現主要得益於我們的個人電腦和半客製化業務的季節性表現優於正常水平，以及資料中心業務的強勁表現。此外，對於2021年第一季，我們預期：非GAAP毛利率約為46%；非公認會計準則營運費用約為 8.3 億美元；非公認會計準則利息支出、稅金及其他約為 1.05 億美元，其中有效稅率為 15%；預計第一季稀釋股數約為12.3億股。

For the full year 2021, we expect revenue growth of approximately 37% driven by growth in all businesses; we 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%.

就2021年全年而言，我們預計在所有業務增長的推動下，收入增長約為37%；我們預計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佔收入的 26%；非公認會計準則有效稅率為15%；我們預計該公司的現金稅率約為3%。

In closing, I'm very pleased with our 2020 results, which demonstrate the strength of AMD's product momentum, customer traction and market share gains. As we enter 2021, and continue to invest in the business and execute our long-term strategy, we are well positioned to drive gross margin expansion, increase profitability and deliver strong shareholder returns.

最後，我對我們 2020 年的業績感到非常滿意，這證明了 AMD 的產品勢頭、客戶吸引力和市場份額增長的強勁。隨著我們進入 2021 年，並繼續投資業務並執行我們的長期策略，我們已做好準備推動毛利率擴張、提高獲利能力並為股東帶來豐厚的回報。

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. Operator, please poll the audience for questions.

謝謝你，Devinder。接線員，請向觀眾提問。

(Operator Instructions) Our first question today is coming from Blayne Curtis from Barclays.

（操作員指示）我們今天的第一個問題來自巴克萊銀行的布萊恩·柯蒂斯。

Congrats on the very strong results. But maybe first, just on the annual guide, obviously very robust. You said all segments up. But I was wondering if you could provide any color either by segment or by product, which ones would be better or worse than that very robust 37%.

恭喜您取得如此優異的成績。但也許首先，僅就年度指南而言，顯然非常穩健。您說的是所有片段。但我想知道您是否可以按細分市場或按產品提供任何顏色，哪些會比非常強勁的 37% 更好或更差。

Sure. So thanks for the question, Blayne. Look, we're excited going into 2021. Obviously, 2020 was quite a strong growth year for us. As we look at the annual guidance, we really do see strength across all of our businesses. So the -- it's led by our larger businesses. So significant growth -- we expect significant growth in server, growth in PCs as well as growth in the semi-custom console business. But we also see growth in our graphics business across consumer and data center graphics as we ramp the full product lines there as we go through 2021. So overall, I think we're seeing the strength of the new product portfolio as well as a positive demand environment.

當然。謝謝你的提問，布萊恩。看，我們對進入 2021 年感到很興奮。顯然，2020 年對我們來說是相當強勁的成長年。當我們查看年度指導時，我們確實看到了所有業務的強勁成長。所以 — — 這是由我們的大型企業主導的。因此，我們預計伺服器、個人電腦以及半客製化控制台業務都將顯著成長。但隨著我們在 2021 年全面擴展產品線，我們的消費和資料中心圖形業務也實現了成長。因此，總的來說，我認為我們看到了新產品組合的實力以及積極的需求環境。

And then maybe as just a follow-up, I'm curious on how you think about the shape of the year. Obviously, March seems to be much better than seasonal across several product lines. I'm just curious how you're thinking about the overall PC market. I think Intel talked about for being first half weighted. And then obviously, semi-custom, you probably didn't as much in December as you did the first 3 quarters of 2020. Kind of curious how you just think about first half, second half within that.

然後也許只是作為後續問題，我很好奇您如何看待今年的情況。顯然，三月的多個產品線表現都比季節性好得多。我只是好奇您對整個 PC 市場有何看法。我認為英特爾談論的是上半年的加權。然後顯然，半客製化產品在 12 月的表現可能不如 2020 年前三個季度那麼好。有點好奇您是如何看待上半年和下半年的。

Yes. So you saw that a little bit in our Q1 guidance. I think our Q1 guidance is better than normal seasonality. We normally see as the first half weaker than the second half just given the consumer bent.

是的。因此，您可以在我們的第一季指引中看到這一點。我認為我們的第一季指引比通常的季節性要好。考慮到消費者傾向，我們通常認為上半年的表現會比下半年弱。

What we see this year is a little bit of a different shape. The shape is -- from a market standpoint, we see PCs and gaming better than seasonal. There's some pent-up demand coming into the first half of the year, and that's baked into the guidance.

今年我們看到的情況略有不同。從市場角度來看，我們認為個人電腦和遊戲的銷售情況比季節性的更好。今年上半年出現了一些被壓抑的需求，這已經反映在預期中。

But we're also seeing a strong data center environment. So we see server up sequentially in Q1, and that's on the strength of both our current products or our Rome products as well as the Milan ramp. So a little bit different shape than normal, but I think we see strong demand across our PC gaming and data center segments.

但我們也看到了強大的資料中心環境。因此，我們看到伺服器在第一季連續成長，這是得益於我們現有產品或羅馬產品以及米蘭產品的成長。因此與正常情況略有不同，但我認為我們在 PC 遊戲和資料中心領域看到了強勁的需求。

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

我們今天的下一個問題來自 Cowen 的 Matt Ramsay。

I wanted to start with server, and I've modeled a much bigger dollar contribution in 2021 to the growth than there had been in prior years. And I picked up in the prepared script, Lisa, that you mentioned accelerating growth for your data center franchise in 2021. I think that's probably off a business that doubled last year. So do I have that right that it will accelerate in percentage terms? And maybe you could break down a little bit. I saw Alibaba in the slides announced. There's a Milan launch coming that I think could push you into enterprise a little bit more than you've been in the past. Some drivers of that server growth would be really helpful.

我想從伺服器開始，並且我預測 2021 年對成長的美元貢獻將比前幾年大得多。麗莎，我從準備好的講稿中了解到，您提到了 2021 年資料中心特許經營業務將加速成長。我認為這可能是由於去年業務翻了一番。那麼我是否有權利認為它會以百分比形式加速？也許你可以稍微放鬆一下。我在公佈的幻燈片裡看到了阿里巴巴。米蘭的發表會即將舉行，我認為這可能會比過去更推動你們進入企業領域。一些推動伺服器成長的因素將會非常有幫助。

Yes. Sure. So Matt, thanks for the question. We are happy with the progress in the data center business. I think 2020 was a strong year for us. We do see a significant growth into 2021.

是的。當然。馬特，謝謝你的提問。我們對資料中心業務的進展感到滿意。我認為 2020 年對我們來說是強勁的一年。我們確實看到了 2021 年的顯著成長。

I think there are a number of drivers. First of all, I think we're seeing the cloud business strengthen for us. So going into the first half of the year, and as I said, that's both on the current-generation Rome as well as the next-generation Milan. The reception to Milan is very strong. So we're pleased with the performance. We started shipments in Q4. That's continuing into Q1. You'll see -- we expect to see sort of more customers, sort of new customers adopt Milan than perhaps that had been on our previous generation. You'll also see a very strong enterprise portfolio. So I think we have a very strong time-to-market platforms with the key OEMs, and that's part of our launch plan later this quarter.

我認為有很多驅動因素。首先，我認為我們看到雲端業務正在增強。因此，進入上半年，正如我所說，這既適用於當前一代的羅馬，也適用於下一代的米蘭。米蘭的接待非常熱烈。所以我們對錶現很滿意。我們從第四季開始出貨。這一情況將持續到第一季。您會看到—我們預計會看到比上一代更多的客戶、新客戶採用米蘭。您還將看到非常強大的企業組合。因此我認為我們與主要 OEM 廠商擁有非常強大的上市時間平台，這是我們本季稍後推出的計畫的一部分。

So overall, I think we are optimistic about the data center in 2021. I think there's a lot of need across cloud and enterprise, and we think Milan is very well positioned.

所以總的來說，我認為我們對 2021 年的資料中心持樂觀態度。我認為雲端運算和企業領域有很多需求，我們認為米蘭的定位非常有利。

My second question, I wanted to ask a little bit about supply. It's no secret that the industry is supply constrained, both due to growth and because of some of the challenges with COVID, and your company is no different. Maybe you could characterize for us the magnitude of supply constraints. And how much they might have been hindering what was obviously really strong growth as it was. But that's number one.

我的第二個問題是關於供應的問題。眾所周知，該行業的供應受到限制，這不僅是由於成長的原因，也是由於 COVID 帶來的一些挑戰，您的公司也不例外。也許您可以為我們描述一下供應限制的程度。它們可能在多大程度上阻礙了顯然已經強勁的成長。但這是最重要的。

And then number two, I noticed that a lot of folks had maybe thought that the big CapEx increase from TSMC might have been something to do with Intel. And I think the incoming CEO there has maybe clarified some of those thoughts. But I wonder as you look forward through this year, how your guidance incorporates increasing supply coming online. And if you've guided to an assumption of better supply or what you have line of sight to with your partners.

第二，我注意到很多人可能認為台積電的資本支出大幅增加可能與英特爾有關。我認為新任執行長可能已經澄清了其中的一些想法。但我想知道，當您展望今年時，您的指導將如何納入增加上線供應的考慮。如果您已經引導了對更好供應的假設，或者您與合作夥伴的視線一致。

Yes, sure. So certainly, when I look at the semiconductor environment in 2020, it was very strong. So we saw a strong revenue ramp in our business as well as across some of our peers. It's fair to say that the overall demand exceeded our planning. And as a result, we did have some supply constraints as we ended the year. Those were primarily, I would say, in the PC market, the low end of the PC market and in the gaming markets.

是的，當然。因此，當我觀察 2020 年的半導體環境時，可以肯定的是，它非常強勁。因此，我們看到我們公司以及一些同行的收入都出現了強勁成長。可以公平地說，整體需求超出了我們的計劃。因此，截至年底，我們確實遇到了一些供應限制。我想說，這些主要集中在個人電腦市場、低階個人電腦市場和遊戲市場。

That being said, I think we're getting great support from our manufacturing partners. The industry does need to increase the overall capacity levels. And so we do see some tightness through the first half of the year, but there's added capacity in the second half.

話雖如此，我認為我們得到了製造合作夥伴的大力支持。該行業確實需要提高整體產能水準。因此，我們確實看到上半年有些緊張，但下半年產能會增加。

And then as in terms of how we think about these things. So for our full year annual guide, we do have good visibility on both the demand side and the supply side. And that was the basis for the guidance across the businesses.

然後就我們如何看待這些事情而言。因此，對於我們的全年年度指南，我們在需求方和供應方方面都有良好的可視性。這就是對整個企業進行指導的基礎。

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

我們今天的下一個問題來自美國銀行的 Vivek Arya。

And congratulations on the strong outlook despite all the industry constraints. Lisa, just one question to go back to a prior one. I was hoping you could help us dissect Q1 and the 2021 outlook with and without your semi-custom business, so we get a sense for the different moving drivers of the business, both in Q1 and for the full year.

祝賀您儘管面臨諸多行業限制，但仍保持強勁的前景。麗莎，我只想問一下之前的問題。我希望您能幫助我們分析第一季和 2021 年的前景，包括和不包括半客製化業務，以便我們了解第一季和全年業務的不同驅動因素。

Yes. So let's see. Let me start with Q1. So as I said in the -- earlier that we do see the PC market and the console business a bit better than seasonal. Normally, consoles would be seasonally down quite a bit, double digits. You would expect consoles this quarter will still be, let's call it, modestly down. We do see a sequential increase in the server business as well as in the graphics business as we ramp new products there.

是的。讓我們看看。讓我從問題 1 開始。正如我之前所說，我們確實看到 PC 市場和遊戲機業務比季節性表現要好一些。通常情況下，遊戲機的銷售量會隨著季節變化而大幅下降，達到兩位數。您可能會認為本季的遊戲機銷量仍將略有下降。隨著我們推出新產品，我們確實看到伺服器業務和圖形業務連續成長。

And then as we go into 2021, I would say we're now at the place where we have, let's call it, 3 businesses at scale. And so the guidance really encompasses very significant growth across our data center business in the service space, growth in PCs, just given the visibility that we have around platforms and platform launches on both the notebook side and the strength of our channel portfolio. And then we do see growth in the console business as well as there's a lot of demand for the new consoles.

然後，當我們進入 2021 年時，我想說我們現在擁有了 3 項龐大的業務。因此，該指引實際上涵蓋了我們服務領域的資料中心業務的顯著成長、個人電腦的成長，這得益於我們對筆記型電腦平台和平台發布的了解以及我們管道組合的實力。我們確實看到了遊戲機業務的成長以及對新遊戲機的大量需求。

So I think those are the 3 big drivers for the full year. And I would say it's well balanced between the 3. And then in addition, we also have growth in our consumer and data center GPU business as a result of some of the new products launched there. So it's a fairly, let's call it, broad based set of drivers, particularly around the product launches.

所以我認為這是全年的三大驅動力。我想說這三者之間達到了很好的平衡。此外，由於推出了一些新產品，我們的消費者和資料中心 GPU 業務也實現了成長。因此，我們可以稱其為一組相當廣泛的驅動因素，特別是在產品發布方面。

Got it. And for my follow-up, it's interesting that as you're launching Milan, your competitor is also launching their data center server. And so both kind of a near term and then a '21 question. So in the near term, there has been some discussion of cloud digestion. I know you're talking about your business actually growing sequentially. So I was hoping you could address what demand environment you were seeing in the very near term from your cloud and enterprise and HPC customers.

知道了。就我的後續問題而言，有趣的是，當您推出米蘭時，您的競爭對手也在推出他們的資料中心伺服器。因此，這既是近期問題，也是 21 世紀問題。因此，近期已經出現了一些關於雲消化的討論。我知道您說的是您的業務實際上正在持續成長。因此，我希望您能夠解決您在短期內從雲端、企業和 HPC 客戶看到的需求環境。

But looking out to 2021, both you and your competitor will actually be on very -- almost the same manufacturing node. So how do you think that will play a role in your decision-making of your customers. Because I think a lot of times the discussion kind of becomes one dimensional on who is at which manufacturing node. So talk to us about, even if you are on the same node as your competitor, what's your ability and confidence and visibility to take market share in the server CPU business.

但展望 2021 年，您和您的競爭對手實際上將處於幾乎相同的製造節點。那麼您認為這將如何影響您對客戶的決策？因為我認為很多時候討論都變成了單方面的，只關注誰處於哪個製造節點。那麼請告訴我們，即使您與競爭對手處於同一節點，您在伺服器 CPU 業務中佔據市場份額的能力、信心和知名度如何。

Yes. Thanks, Vivek. That's a very good question. So in the near term, what we're seeing in the cloud is actually a period of strong demand. And so that's -- we saw it strengthening as we went through the fourth quarter, and we see demand environment robust in the first quarter. So I think that's a -- those are good signals for us.

是的。謝謝，維韋克。這是一個非常好的問題。因此，在短期內，我們在雲端運算領域看到的其實是一段強勁的需求時期。因此，我們看到它在第四季度有所加強，並且我們看到第一季的需求環境強勁。所以我認為這對我們來說是好的訊號。

I think for the year 2021, we're excited about Milan. I mean it's a very strong product. You've already seen a bit of what Zen 3 can do in just our desktop and notebook portfolio. I think it builds upon what we did in Rome. So I completely agree with you. I think manufacturing technology is one aspect of what makes a product competitive, but we have been very focused on overall performance, overall system performance, how it performs in the cloud and enterprise environments. I will say that I think Milan is the most balanced product that we have. Both for, let's call it, enterprise applications as well as for the broad set of cloud applications.

我認為對於 2021 年，我們對米蘭感到興奮。我的意思是這是一款非常強大的產品。您已經在我們的桌上型電腦和筆記型電腦產品組合中看到了 Zen 3 的一些功能。我認為它是以我們在羅馬所做的事情為基礎的。所以我完全同意你的觀點。我認為製造技術是產品競爭力的一個方面，但我們一直非常關注整體性能、整體系統性能以及產品在雲端和企業環境中的表現。我想說的是，我認為米蘭是我們最均衡的產品。我們稱之為企業應用程式以及廣泛的雲端應用程式。

And in terms of visibility, I would say that we have better visibility starting this year than we've had in the past years because this is our third-generation with EPYC. So we're now on, let's call it, deep customer relationships. Many of the decisions have been made earlier as they were testing out our product. And we have good confidence that we're going to ramp well. So exciting year for the data center. But certainly, we're pleased with how Milan is performing and the interest in the marketplace.

就可見性而言，我想說，從今年開始，我們的可見度比過去幾年更好，因為這是我們的第三代 EPYC。所以我們現在稱之為深厚的客戶關係。許多決定都是在測試我們的產品時做出的。我們非常有信心，我們將會取得良好的進展。對於資料中心來說，這是令人興奮的一年。但毫無疑問，我們對米蘭的表現和市場興趣感到滿意。

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

我們的下一個問題來自伯恩斯坦研究公司的 Stacy Rasgon。

I wanted to start on margins first. So in the quarter, you had record server revenues, you said high teens, I'd put it to something like $550 million or $600 million which looks pretty good. At the same time, like gross margins sort of barely came in line with guidance. I mean they actually missed by a few kind of tens of basis points. I guess I'm just a little surprised, is that all console mix? And was consoles like that much better-than-expected relative to servers that you wouldn't see gross margin upside in the quarter? And I guess the same comments on the guide a little bit of upside. But at the same time, we've got consoles down. We've got everything else growing, and yet we've only got a little bit of upside in gross margins. So I guess if you could help me square that or square that with what you're seeing, that would be helpful, please.

我想先從利潤開始。因此，在本季度，您的伺服器收入創下了歷史新高，您說的是十幾歲，我認為它應該達到 5.5 億美元或 6 億美元，這看起來相當不錯。與此同時，毛利率幾乎與預期持平。我的意思是他們實際上錯過了幾十個基點。我想我只是有點驚訝，那是所有控制台混合嗎？與伺服器相比，遊戲機的表現是否比預期要好得多，以至於本季的毛利率不會上升？我猜想指南上的相同評論也會帶來一些好處。但同時，我們的遊戲機也停產了。我們的其他一切都在成長，但毛利率卻只上升了一點點。所以我想如果你能幫我解決這個問題或將其與你所看到的東西結合起來，那將會很有幫助。

Yes, sure, Stacy. Be happy to do that. So first, on the fourth quarter. I think we saw strength across a couple of different businesses relative to what we had guided. So we saw strength -- a little bit of strength in the console business, some strength in servers as well as some strength in PCs. And PCs in the fourth quarter tend to be a bit more weighted to the consumer side of the business. So those were some of the puts and takes. But from an overall sort of margin expectation standpoint, I think we were right where we expected to be.

是的，當然，史黛西。很高興這樣做。首先，關於第四季。我認為，相對於我們所預期的水平，我們看到了幾個不同業務的強勁表現。因此，我們看到了實力──遊戲機業務有一點實力，伺服器有一定實力，個人電腦也有一定實力。第四季的個人電腦業務更傾向於面向消費者。這就是一些需要解決的問題。但從整體利潤預期的角度來看，我認為我們正處於預期之中。

And then going into 2021, if you're talking about the first quarter guide, I think my commentary was that we see PCs and consoles a bit better than seasonal. So consoles would normally be let's call it, down double digits, and that's not the case in this particular quarter. We have server up. And so again, these are just a few puts and takes, but we do see the sequential increase into Q1. And then for the full year, as we see the mix of business.

然後進入 2021 年，如果您談論的是第一季指南，我認為我的評論是，我們看到 PC 和遊戲機的表現比季節性要好一些。通常情況下，遊戲機銷量會下降兩位數，但本季的情況並非如此。我們的伺服器已啟動。所以，這些只是一些投入和產出，但我們確實看到了第一季的連續成長。然後就全年而言，我們看到了業務組合。

Got it. I guess for my follow-up, just to push on that a little bit. So what are you seeing on the pricing environment, especially in servers. I mean your competitors actually talked quite actively about a more competitive environment for servers. We're actually starting to see some impacts on their ASPs and their margins. What are you seeing -- I guess what did you see in terms of server pricing specifically on those kinds of trends in the quarter. And what are you incorporating in your guidance for price -- the pricing environment in data center in 2021.

知道了。我想，對於我的後續行動來說，只是稍微推動一下這一點。那麼您對定價環境有何看法，尤其是在伺服器方面。我的意思是，您的競爭對手實際上非常積極地談論伺服器更具競爭性的環境。我們實際上開始看到其平均售價和利潤率受到一些影響。您看到了什麼——我想您看到了本季度伺服器定價方面的具體趨勢。您在價格指引中考慮了哪些因素－2021 年資料中心的定價環境。

Yes. So in the quarter, we saw ASPs in the server business actually up sequentially, and that was mostly because of mix, just mix between customers and the ramp of Milan. So as we go into 2021, again, I would say the environment's competitive. So I don't know that it's gotten more competitive. I think it's about as competitive as it's always been. Our focus has not been to compete on price, but to compete on overall value and total cost of ownership.

是的。因此，在本季度，我們看到伺服器業務的平均售價實際上是環比上漲的，這主要是因為混合，只是客戶和米蘭的成長之間的混合。因此，當我們進入 2021 年時，我想再次說環境是競爭激烈的。所以我不知道競爭是否變得更激烈了。我認為它的競爭力一如既往。我們的重點不是價格競爭，而是整體價值和總擁有成本競爭。

As we go into 2021, again, I think for us, ASPs are primarily determined by the mix between cloud and enterprise in any given quarter. We're still cloud weighted, and I would expect us to be cloud weighted as we go into 2021. But overall, I would say the ASP environment is about what it's been for the last [year].

當我們進入 2021 年時，我再次認為，對我們來說，ASP 主要取決於任何特定季度的雲端和企業之間的組合。我們仍然以雲端為主導，我預計進入 2021 年時我們仍將以雲端為主導。但總的來說，我認為 ASP 環境與去年的情況差不多。

Got it. And just one last thing is just high teens data center, that's in the quarter or that was for the -- for Q4, was high teens percent of revenue data center.

知道了。最後一點是，本季或第四季的資料中心收入佔比高達十幾歲，是資料中心收入的百分之十幾。

It was high teens for the year.

今年的發生率已達十幾歲。

For the year. Okay. What was it in the quarter?

今年。好的。本季的情況如何？

It was -- given the strength...

這是－賦予力量…

I think it's similar.

我覺得很類似。

Yes. Thanks, Devinder.

是的。謝謝，Devinder。

What was that, Devinder, I'm sorry?

那是什麼，德文德，對不起？

It's similar. Similar.

很類似。相似的。

Similar.

相似的。

Yes. You've got to remember the data center GPU is a little bit lumpy, and the server business is where we've had strength in 2020 compared to 2019.

是的。你必須記住，資料中心 GPU 有點不穩定，與 2019 年相比，伺服器業務是我們在 2020 年表現強勁的領域。

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。

And congrats on the strong results. Lisa, I'm sorry if I missed this, but can you speak to your expectations for the PC market. This year, obviously, there's a bit of concern following the very strong year in 2020. What's sort of embedded in your full year guidance for the PC market. And then as sort of a second part to that question, if you can give us an update on your traction on the commercial side of the market as opposed to consumer, that would be helpful.

恭喜您取得如此優異的成績。 Lisa，如果我錯過了這一點，我很抱歉，但你能談談你對 PC 市場的期望嗎？顯然，繼 2020 年的強勁表現之後，今年出現了一些擔憂。您對 PC 市場的全年預期包含哪些內容？然後，作為該問題的第二部分，如果您可以向我們介紹您在商業市場而非消費者市場上的進展情況，那將會很有幫助。

Yes, sure. Thanks for the question. So 2020 was a very strong year for the PC market. I think you've heard that from a number of the OEMs in the market. 2021, most people are saying, let's call it, mid-single-digits type growth. We see something similar to that. This shape is perhaps a bit different than normal in the sense that the first half is a bit stronger than it would normally be.

是的，當然。謝謝你的提問。因此，2020 年對於 PC 市場來說是非常強勁的一年。我想您已經從市場上的許多 OEM 那裡聽說過這一點。 2021 年，大多數人都說，我們稱之為中等個位數成長。我們看到了類似的事情。這種形狀可能與正常情況略有不同，因為前半部比正常情況要強一些。

Our focus in the PC market, though, is -- has been very clear on sort of the subsegments where we could actually move up the stack. So if you look at our focus on gaming, particularly gaming notebooks and desktops, premium consumer as well as commercial. And we made very nice progress on the commercial side. And I think that business tends to also develop over a number of quarters.

不過，我們在個人電腦市場的重點是──我們實際上可以提升的細分市場。因此，如果你看一下我們對遊戲的關注，特別是遊戲筆記型電腦和桌上型電腦、高端消費者以及商業。我們在商業方面取得了非常好的進展。我認為業務也往往在多個季度內發展。

So overall, I think our expectations are -- the PC market will continue to be strong as we go into 2021. That being the case, it's one element of our growth. And particularly, we're focused on growth in commercial, growth in gaming as well as sort of in the premium consumer segment. And the Ryzen 5000 series that we just launched in both mobile and desktop have actually gotten very strong reception from the OEMs in terms of overall platforms.

所以總的來說，我認為我們的預期是——進入 2021 年，個人電腦市場將繼續保持強勁。既然如此，這是我們成長的一個要素。特別是，我們專注於商業成長、遊戲成長以及高端消費領域的成長。我們剛剛在行動和桌面領域推出的 Ryzen 5000 系列實際上在整體平台方面得到了 OEM 的強烈反響。

Got it. And then as a quick follow-up on OpEx. The rate at which you're spending is very consistent with your long-term target. But that said, I mean, you are growing -- spending at a very fast clip. Can you remind us where the focus is today in terms of your spending profile? And how do you see that translating into future growth over the next couple of years? You have this 20% top line growth target out through 2023. You just grew 45% last year. You're guiding this year to up 37%. Is 20% still the right number? Could we envision something better?

知道了。然後快速跟進 OpEx。您的支出速度與您的長期目標非常一致。但話雖如此，我的意思是，你們的支出正在以非常快的速度成長。您能否提醒我們，就支出而言，今天的重點是什麼？您認為這將如何轉化為未來幾年的成長？您設定了 2023 年達到 20% 營收成長的目標。去年您的營收成長了 45%。您預計今年將成長 37%。 20% 仍然是正確的數字嗎？我們能想像出更好的事嗎？

Yes. Sure. So I don't think we're going to change our long-term growth rate just yet. We set that in March, and I think it's the right long-term growth rate. That being said, we're very happy with the growth of the business. And from our standpoint, this is a great time to invest in the business. So the model has always been, let's invest in the business, let's call it, at a rate slower than revenue growth so that we get leverage in the model. And so we're doing that. Yes, you can see the percentage of OpEx as a percent of revenue has come down over the last couple of years and will come down as well in 2021.

是的。當然。所以我認為我們暫時不會改變我們的長期成長率。我們在三月設定了這個目標，我認為這是正確的長期成長率。話雖如此，我們對業務的成長感到非常高興。從我們的角度來看，現在是投資這項業務的好時機。因此，該模型一直是，讓我們以低於收入成長的速度投資於業務，以便我們在模型中獲得槓桿作用。我們正在這麼做。是的，您可以看到，過去幾年中，營運支出佔收入的百分比有所下降，並且 2021 年也將繼續下降。

But the overall dollars have allowed us to expand considerably, and really just build out the foundation of the company. So our investments are really across R&D, expanding our product portfolio. We've leaned in hard on both the CPU, foundational IP, the GPU foundational IP as well as on the GPU side, we have split out the architectures between gaming and compute, so that we have very competitive offerings in both spaces.

但總體而言，這些資金讓我們得以大幅擴張，並真正鞏固了公司的基礎。因此，我們的投資實際上集中在研發領域，擴大了我們的產品組合。我們在 CPU、基礎 IP、GPU 基礎 IP 以及 GPU 方面都投入了大量精力，我們在遊戲和運算之間劃分了架構，因此我們在兩個領域都有非常有競爭力的產品。

As we go forward, more investment on some of the system IPs that link the CPUs and GPUs as well as investments on the software side and then investments in go to market. So across the board, I think we're becoming, let's call it, a company of scale. And that helps ensure that we have sort of the breadth and depth of road map as well as customer support to support the long-term growth objectives.

隨著我們繼續前進，我們將對連接 CPU 和 GPU 的一些系統 IP 進行更多投資，並在軟體方面進行投資，然後在市場方面進行投資。所以從整體來看，我認為我們正在成為一家規模型公司。這有助於確保我們擁有廣度和深度的路線圖以及客戶支援來支持長期成長目標。

Your next question today is coming from Aaron Rakers from Wells Fargo.

今天的下一個問題來自富國銀行的 Aaron Rakers。

And congratulations on the quarter as well. I want to go back to the Milan processor commentary. I think at the Analyst Day, you talked about just continually expanding your ability to address workloads in the enterprise market. As we think about the positioning of Milan, how would you compare that relative to Rome? And how should we possibly think about the -- is there a potential ASP uplift that one should consider with Milan as it starts to ramp?

同時也恭喜本季取得的成績。我想回到米蘭處理器的評論。我認為在分析師日上，您談到了不斷擴展解決企業市場工作負載的能力。當我們思考米蘭的定位時，您會如何將其與羅馬進行比較？我們該如何考慮——隨著米蘭的崛起，是否應該考慮潛在的平均售價上漲？

Yes. So definitely. So we do see sort of the expansion of, let's call it, our competitiveness across the enterprise set of workloads as well as the broad set of cloud workloads. Our goal in life is to make sure that we're offering improvements in total cost of ownership to our customers. So as the performance goes up, we do expect some ASP lift as well. But overall, from a customer standpoint, it's so important that the TCO really improve generation to generation.

是的。所以肯定是如此。因此，我們確實看到了我們在企業工作負載以及廣泛的雲端工作負載方面的競爭力的擴展。我們的人生目標是確保為客戶提供整體擁有成本的改善。因此，隨著效能的提高，我們確實預期平均售價也會有所提升。但整體而言，從客戶的角度來看，TCO 的逐代改善非常重要。

Particularly with Milan, some of the single-threaded performance is very, very helpful. And we expect on some of the enterprise workloads that perhaps can't use all of the cores for -- that we have -- we'll be able to benefit significantly from Milan just given the uplift in overall performance. So we're excited to tell you more about it. Like I said, we'll be launching that later this quarter. But overall, we feel very good about the positioning of Milan.

特別是對於米蘭來說，一些單線程表現非常非常有幫助。我們預計，對於一些可能無法使用所有核心的企業工作負載，我們將能夠從 Milan 的整體效能提升中獲得顯著的益處。因此我們很高興向您介紹更多相關資訊。正如我所說的，我們將在本季晚些時候推出該產品。但總體來說，我們對米蘭的定位感覺非常好。

And then as a quick follow-up on the data center side as well. On the GPU side, I know it's been lumpy, and it looks like it might continue to be a lumpy business. But is there a point in time over the next couple of years that you foresee that actually being a consistent incremental revenue growth driver? What should we be thinking about to kind of get us to see that as a key additional growth driver for the company.

然後對資料中心方面進行快速跟進。在 GPU 方面，我知道它一直不太穩定，而且看起來它可能繼續是一個不穩定的業務。但是，您是否預見到未來幾年的某個時間點實際上會成為持續的增量收入成長動力？我們應該如何思考才能將其視為公司額外的關鍵成長動力？

Yes. Absolutely. Look, I think the data center GPU business is definitely coming into its own. And it will still likely be lumpy quarter-to-quarter just because the number of customers is not that large. But in terms of as a growth driver for the company, we see 2021 as a growth year for data center GPU, especially as the CDNA architecture comes into manufacturing and production and goes into some of the larger HPC installments as well as some work that we're doing in the cloud, around machine learning and AI. And more importantly, we see it as a multiyear growth driver over the next couple of years.

是的。絕對地。看，我認為資料中心 GPU 業務肯定會迎來發展機會。而且由於客戶數量不是那麼多，所以季度間銷售額仍可能出現波動。但就公司的成長動力而言，我們認為 2021 年是資料中心 GPU 的成長年，尤其是當 CDNA 架構進入製造和生產階段並進入一些較大的 HPC 分期付款以及我們在雲端圍繞機器學習和人工智慧所做的一些工作時。更重要的是，我們認為它將成為未來幾年的多年成長動力。

So we feel very good about the CDNA architecture. It's positioning. I think this is an important year for the data center GPU business, and it will be an important growth driver for us over the next few years.

所以我們對 CDNA 架構感到非常滿意。這就是定位。我認為今年對資料中心 GPU 業務來說是重要的一年，它將成為我們未來幾年的重要成長動力。

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 really strong quarter and year. Lisa, I just had a question competitively on the GPU side of things, more so on the traditional client side of the equation. You've done a great job taking a ton of share in the CPU side. It sounds like you're optimistic about what the client GPU business is going to do in 2021. Can you just walk us through some of the differences, some of the opportunities and/or challenges of taking share in the GPU market versus where you've already succeeded so much and will continue to on the CPU side of things?

恭喜本季和本年度業績表現強勁。 Lisa，我只是對 GPU 方面的競爭有疑問，尤其是對傳統客戶端方面的問題。你們在 CPU 方面取得了巨大成功，佔據了大量的市場份額。聽起來您對 2021 年客戶端 GPU 業務的發展持樂觀態度。您能否向我們介紹一下在 GPU 市場中佔有一席之地與您在 CPU 方面已經取得巨大成功並將繼續取得成功的領域相比，有哪些差異、機會和/或挑戰？

Sure, Ross. So the graphics business, I think, has really been focused on ensuring consistency in road map, very similar to the CPU side. So we launched the first generation RDNA architecture that had a 50% performance per watt improvement. We launched second generation of RDNA 2, just a few months ago, and then we're going to fill out that portfolio here in the first half of the year. And I think that consistency is important in the road map. There is a lot of pent-up demand for graphics cards and gaming. And we see that, and we see it as an attractive market. So I do see that the consumer graphics business will grow in 2021. We expect to continue to make progress, both with the OEM business as well as the add-in board business.

當然，羅斯。因此，我認為圖形業務確實一直專注於確保路線圖的一致性，這與 CPU 方面非常相似。因此我們推出了第一代 RDNA 架構，其每瓦效能提高了 50%。幾個月前，我們推出了第二代 RDNA 2，然後我們將在今年上半年填補這個產品組合。我認為路線圖的一致性非常重要。對顯示卡和遊戲有大量被壓抑的需求。我們看到了這一點，我們認為這是一個有吸引力的市場。因此，我確實看到消費圖形業務將在 2021 年成長。我們預計 OEM 業務和附加板業務都將繼續取得進展。

And over the coming years, there's -- the team is working very hard on the next-generation RDNA 3 architecture as well. So I think the consistency in the road map, the top to bottom stack and really using sort of the depth and breadth of our customer relationships is sort of our strategy there.

在接下來的幾年裡，團隊也將努力開發下一代 RDNA 3 架構。因此，我認為路線圖的一致性、從上到下的堆疊以及真正利用我們客戶關係的深度和廣度是我們在那裡的策略。

And I guess as my follow-up one for either you or Devinder, on the gross margin. You gave the shorter-term answer for the fourth quarter and the first quarter, but I wanted to ask one about 2021 as a whole. It's good to see that it's rising again up to that 47% target. I just wanted to walk through the puts and takes on that. And I guess the core question is if the semi-custom business is going to grow substantially as a percentage of your revenues, what's offsetting that to have the gross margin rise year-over-year. Is it mix between segments, so server, for example, is going to keep up with that? Or is there something within the segments that is also improving, whether it be in semi-custom or graphics or some area like that?

我想對您或 Devinder 提出一個關於毛利率的後續問題。您給出了第四季度和第一季的短期答案，但我想問一個有關整個 2021 年的問題。很高興看到它再次上升至 47% 的目標。我只是想簡單介紹一下這件事的進展。我想核心問題是，如果半定制業務占公司收入的比例大幅增長，那麼什麼可以抵消這一增長，從而使毛利率逐年上升。各個部分之間是否混合在一起，那麼伺服器是否會跟上這一點？或者說，各個細分市場中是否存在正在改進的事物，無論是半客製化還是圖形或類似的領域？

Yes. Maybe let me start...

是的。也許讓我開始...

Let me start and then Lisa -- go ahead. Go ahead, Lisa.

讓我開始，然後麗莎——繼續。繼續吧，麗莎。

Go ahead, Devinder. You start.

繼續吧，德文德。你開始。

So if you look at the businesses, we've been pretty consistent. Server and client up in 2021, obviously, helped the gross margin. And you are right, semi-custom in 2020 is the initial ramp in a couple of quarters, and then it grows in 2021. And with the guidance that we gave, we are talking about going from 45% to 47% as overall for the year on a year-on-year basis. And semi-custom, obviously, lower than corporate average with higher revenue full year in 2021, does have an offset there from client and server.

所以如果你看一下我們的業務，你會發現我們的業務一直非常穩定。 2021 年伺服器和客戶端的上漲顯然有助於提高毛利率。您說得對，2020 年的半客製化是幾個季度內的初始成長，然後在 2021 年繼續成長。根據我們給予的指導，我們談論的是全年整體同比增長率從 45% 上升到 47%。顯然，半客製化業務低於企業平均水平，2021 年全年收入較高，但客戶端和伺服器確實有所抵消。

Right. So maybe just to add to that, Ross. So the -- I think the answer that -- to what you asked is, yes, consoles are, let's call it, below corporate average margin, although quite reasonable operating margins. Server is above and server is growing substantially in 2021. And also the PC business within the PC business, we do see some mix improvement as we focus on, let's call it, the more premium part of the stack. And those are some of the drivers for the margin in 2021.

正確的。所以也許只是想補充一下，羅斯。所以，我認為，對於您所問的問題，答案是肯定的，遊戲機的利潤率低於企業平均利潤率，儘管營業利潤率相當合理。伺服器在上面，並且伺服器在 2021 年將大幅成長。此外，在 PC 業務中，我們確實看到了一些組合改善，因為我們專注於更高階的部分。這些是 2021 年利潤率的一些驅動因素。

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

我們今天的下一個問題來自瑞士信貸的約翰‧皮策。

Lisa, maybe I can ask Ross' gross margin question a little bit differently. I would kind of argue, given the mix in the December quarter and the fact that it was the first quarter of the console ramp, that the gross margins you were able to put up were quite good. And I'm kind of just trying to understand how we should think about gross margins ex console. And as we think about '21 unfold, typically in the console business, gross margins start relatively low, but there is good improvement over time. And so what's kind of the exit rate of gross margins in your 47% full year guide? And I guess why isn't it higher? It might just be that you guys are being conservative, but it seems like you got a lot of tailwinds as the year unfolds.

麗莎，也許我可以用稍微不同的方式問羅斯的毛利率問題。我想說，考慮到 12 月季度的業績組合以及這是遊戲機銷量增長的第一季這一事實，你們能夠實現的毛利率相當不錯。我只是想了解我們應該如何看待不包括遊戲機的毛利率。當我們思考 21 世紀的展開時，通常在遊戲機業務中，毛利率一開始相對較低，但隨著時間的推移會出現良好的改善。那麼，您全年 47% 的毛利率指引中，毛利率的退出率是多少呢？我猜為什麼它沒有更高呢？這可能只是你們比較保守，但隨著今年的到來，你們似乎遇到了很多順風。

Yes. So again, maybe, Devinder, I'll start and see if you'd like to add to this. John, I think it's early in the year. So let me state that. We have good visibility into sort of the puts and takes in the various places. But obviously, there's a lot to unfold over the next 11 months. I do think all the statements that you made are accurate. So the console business does have a history of improving over time. I do think, though, that we'll just have to look at the mix of all the businesses, again, as it plays out.

是的。所以，Devinder，也許我會開始看看你是否願意補充這一點。約翰，我認為現在還只是年初。讓我來說明一下。我們對各個地方的投入和產出有很好的了解。但顯然，未來 11 個月還有很多事情要發生。我確實認為你所做的所有陳述都是準確的。因此，遊戲機業務確實有著隨著時間的推移而不斷改善的歷史。不過，我確實認為，我們只需要再次審視所有業務的組合情況，看看它是如何發揮作用的。

And from an exit velocity standpoint, we're guiding to 46% for Q1 and then 47% for the overall year. So we will see improvements over the year. And the key is what is the mix amongst the businesses in any given quarter.

從退出速度的角度來看，我們預計第一季的退出速度為 46%，全年的退出速度為 47%。因此我們將在今年看到進步。關鍵在於特定季度內各業務的組合情況如何。

That's helpful. And then, Lisa, as my follow-up, it's pretty clear that semiconductors are becoming much more strategic to nation states and world governments. And there's a lot of speculation that your chief competitor is lobbying Washington pretty hard to get some incentives for domestic manufacturing.

這很有幫助。然後，麗莎，作為我的後續問題，很明顯半導體對民族國家和世界各國政府來說正變得更具戰略意義。並且有許多猜測認為，你的主要競爭對手正在極力遊說華盛頓，以獲得一些對國內製造業的誘因。

I'm just kind of curious how you're trying to be part of that conversation? Because clearly, given the IP portfolio you have, given the share that you're taking, I would argue you're as much a national champion as anyone in semis, but it does seem like the focus is on manufacturing. So how do you kind of get the ear of Washington to make them understand how important you are in this whole mix?

我只是有點好奇你是如何參與這場對話的？因為顯然，考慮到你們擁有的智慧財產權組合，考慮到你們所佔的份額，我認為你們是半導體領域的全國冠軍，但重點似乎還是在製造業上。那麼，你怎麼能讓華​​盛頓聽取你的意見，讓他們明白你在整個事件中的重要性呢？

Well, I think the overarching point that you make, John, is the right one, which is semiconductors are becoming increasingly important and increasingly strategic. And I think we all believe that. As it relates to what's important, I think the focus on manufacturing is certainly well documented. I think there's also a focus on leading-edge research and making sure that the leading edge research is also very well supported in the overall conversation. So we participate in many of the industry associations and the conversations. And the key is to continue to invest at both the leading edge in both research and manufacturing to sort of push the envelope on sort of the next 5 to 10 years. And that's one of the reasons we're investing as much as we are, and we continue to also agree that it's important as an industry that we continue to invest.

嗯，約翰，我認為你提出的總體觀點是正確的，那就是半導體正變得越來越重要，越來越具有戰略意義。我想我們都相信這一點。就重要的事情而言，我認為對製造業的關注肯定是有據可查的。我認為也要專注於前沿研究，並確保在整體對話中前沿研究也得到很好的支持。因此，我們參與了許多行業協會和對話。關鍵在於繼續在研究和製造領域的前沿進行投資，以在未來 5 到 10 年內突破極限。這就是我們進行如此大規模投資的原因之一，我們也始終認為，作為一個產業，持續投資非常重要。

So Lisa, do you think you'll be a direct beneficiary of any incentives that come out of Washington? Or will it be more indirect through your foundry partners?

那麼麗莎，你認為你會直接受益於華盛頓的任何激勵措施嗎？或者會透過您的代工夥伴以更間接的方式實現嗎？

Well, I think much of that is still playing out. So I think we'll see how that plays out. But in terms of the manufacturing side, it would be through our foundry partners in terms of the research side as some of that plays out. We've certainly been very involved in some of the research, and we'll continue to do so.

嗯，我認為大部分情況仍在發揮作用。所以我想我們會看到事情會如何發展。但就製造方面而言，我們將透過我們的代工合作夥伴在研究方面開展工作。我們確實積極參與了一些研究，我們將繼續這樣做。

Our next question today is coming from Mitch Steves from RBC Capital Markets.

今天的下一個問題來自加拿大皇家銀行資本市場的 Mitch Steves。

Mitch, are you there?

米奇，你在嗎？

Can you hear me okay?

你聽見我說話嗎？

Yes, we can hear you now. Yes.

是的，我們現在可以聽到你的聲音。是的。

Okay. Perfect. Yes. So there's 2 questions. The first one's actually on the manufacturing side, I feel like people are poking about on the gross margin. But when you look at the company, you guys are driving 3 products ramp up. So the question I kind of want to pose here is what would the gross margin look like if you didn't -- if you had yields similar to what you had about 2 years ago, meaning that are the yields per TSMC and your -- I guess your overall foundry partners improving at the same rate as a normal environment? And then I have a follow-up after that.

好的。完美的。是的。所以有兩個問題。第一個實際上是在製造方面，我覺得人們正在關注毛利率。但當你看看這家公司時，你會發現你們正在推動 3 種產品的成長。所以我想在這裡提出的問題是，如果您沒有——如果您的產量與大約 2 年前的產量相似，那麼毛利率會是什麼樣子，這意味著台積電和您的——我猜您的整體代工合作夥伴的產量是否以與正常環境相同的速度提高？然後我也會進行後續跟進。

Yes. Well, Mitch, maybe let me start by level setting the conversation with gross margins. I mean we're right where our road map says we would be, right. Our long-term road map says, given the mix of the business, we set out a target to be greater than 50%. I think we're right on track for that. I think as we go through each of the product ramps, there are the ebbs and flows. But that being the case, I think the yields are right on track with where we expect them to be as well.

是的。好吧，米奇，也許讓我先從毛利率開始討論。我的意思是，我們正處於路線圖所指示的位置，對吧。我們的長期路線圖表明，考慮到業務組合，我們設定的目標是超過 50%。我認為我們正朝著這個方向前進。我認為，當我們經歷每個產品的升級時，都會有起伏。但既然如此，我認為收益率也與我們預期的水平一致。

And the most important thing is we're now seeing growth across, let's call it, 4 -- I'd say, 4 or 5 large businesses. And so again, there are some ebbs and flows between them, and sort of the mix between cloud and enterprise, the mix between consumer and commercial and then just the mix between consumer and data center graphics.

最重要的是，我們現在看到 4 家——我想說，4 家或 5 家大型企業——都在成長。因此，它們之間存在一些起伏，例如雲端和企業之間的混合、消費者和商業之間的混合，以及消費者和資料中心圖形之間的混合。

So put all that together, and like I said, I think we're pleased that we grew margins 2 points last year, and we're again, guiding to growing margins 2 points this coming year, and it's right in line with our overall road map.

所以把所有這些放在一起，就像我說的，我認為我們很高興去年我們的利潤率增長了 2 個百分點，我們再次預測明年的利潤率將增長 2 個百分點，這完全符合我們的整體路線圖。

Okay. Perfect. Yes, that makes complete sense to me. I think it's very difficult to grow the gross margin line with so many yields ramping up right now. The second one I just had, in terms of the overall addressable market, I realize you guys don't guide by segment. But I think that one of the big things that happened last year is PC surprised me as on the upside. So maybe you could level set us in terms of the 3 major markets you guys serve. GPUs, CPU PC side and servers. Just what do you think the total industry is going to do? This way, maybe you can give us at least an idea of what you guys view as a full year, and then we can kind of come to our conclusions -- our own conclusion, sorry, on what that means for AMD.

好的。完美的。是的，這對我來說完全有道理。我認為，在目前殖利率如此高漲的情況下，提高毛利率是非常困難的。我剛才問的第二個問題是，就整體可尋址市場而言，我意識到你們並沒有按細分市場來指導。但我認為去年發生的一件大事是 PC 的上漲令我感到驚訝。因此，也許您可以根據您所服務的三大市場對我們進行分級。 GPU、CPU PC端和伺服器。您認為整個產業將會做什麼？這樣，也許您至少可以讓我們了解一下您對全年的看法，然後我們就可以得出結論 - 我們自己的結論，抱歉，這對 AMD 意味著什麼。

Yes. So I think my commentary was PCs, if you just look at what various sources are saying, we would say, sort of mid-single-digit growth, and I think we would agree with that. I think server as a market, if you take a look at enterprise and cloud, again, they have different growth rates, but let's call it, modest growth. And then gaming is hard to call because, again, it's a different cycle.

是的。所以我認為我的評論是，如果你看看各種消息來源的說法，我們會說，某種程度上的個位數增長，我想我們會同意這一點。我認為伺服器作為一個市場，如果你看一下企業和雲，你會發現它們有不同的成長率，但我們稱之為適度成長。然後遊戲就很難稱呼了，因為它又是一個不同的週期。

Within that sort of market backdrop, I think we see, let's call it, 37% growth. And much of that is because of the product ramps and the product portfolio that we have. So we're pleased with the growth. We think we're growing significantly ahead of the market. That being the case, we'll have to see what happens in 2021 because, as you said, the 2020 market was stronger than most projected at the beginning of 2020.

在這樣的市場背景下，我認為我們會看到，我們稱之為 37% 的成長。這在很大程度上歸功於我們擁有的產品升級和產品組合。因此，我們對這一增長感到滿意。我們認為我們的成長速度遠遠領先市場。既然如此，我們就必須看看 2021 年會發生什麼，因為正如您所說，2020 年的市場比大多數人在 2020 年初的預測要強勁。

The next question is coming from Mark Lipacis from Jefferies.

下一個問題來自 Jefferies 的 Mark Lipacis。

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

我們的下一個問題來自摩根士丹利的喬·摩爾。

I wonder if you could talk about your cloud business for server. And maybe give us a sense. You've talked about in the past about the need to sell twice. You're sort of selling to the cloud service provider, and then they're selling it to the enterprises that they service. How are you doing with that? And where are you with sort of internal cloud workloads that they're internally focused on versus enterprise-facing workloads within the cloud?

我想知道您是否可以談談您的伺服器雲端業務。也許能給我們一些啟發。您過去曾談到兩次銷售的必要性。您將產品銷售給雲端服務供應商，然後他們再將其銷售給他們所服務的企業。你覺得怎麼樣？那麼，您內部關注的內部雲端工作負載與雲端中面向企業的工作負載相比處於什麼位置？

Yes. Thanks for the question, Joe. Yes. So if you look at the cloud environment, we call it both internal as well as sort of the external-facing workload. I would say we've done very well with internal workloads in the last couple of quarters, Joe. We've seen a number of applications just ramp here in the second half of this year and going into next year. So we're pleased with the performance on the internal workloads.

是的。謝謝你的提問，喬。是的。因此，如果您查看雲端環境，我們將其稱為內部工作負載以及面向外部的工作負載。喬，我想說，過去幾季我們的內部工作量做得非常好。我們看到今年下半年和明年這裡的申請數量正在激增。因此，我們對內部工作負載的表現感到滿意。

We see that carrying over to Milan. And sort of the -- let's call it, the move from Rome to Milan is not too heavy a lift. And so we expect that, that will continue going into 2021. And in terms of the external-facing workloads. We've spent quite a bit of effort sort of building our, let's call it, sort of the business development engine that sort of, let's call it, sells along with the cloud vendors as well as, frankly, enterprise OEMs. And so our conversation with large enterprises is usually a hybrid conversation. It's -- if you want to buy on-prem, let me tell you what AMD EPYC can do. If you want to use cloud instances, we have a wide variety of cloud instances across all of the largest cloud vendors. And that's actually progressed very nicely. So I think, overall, that's leading to some of our positive commentary in cloud is that we have seen both progress on internal as well as the external sale with motion.

我們看到這種情況延續到了米蘭。而且，可以說，從羅馬搬到米蘭並不算太困難。因此，我們預計這種情況將持續到 2021 年。就面向外部的工作量而言。我們花了相當多的精力來建立我們的業務開發引擎，我們可以稱其為與雲端供應商以及企業 OEM 一起銷售。因此，我們與大型企業的對話通常是一種混合對話。如果您想購買本地產品，讓我告訴您 AMD EPYC 可以做什麼。如果您想使用雲端實例，我們在所有最大的雲端供應商中都擁有各種各樣的雲端實例。事實上，這一進程非常順利。所以我認為，總的來說，這導致了我們對雲端運算的一些積極評價，因為我們看到了內部和外部銷售的進展。

Great. And then I wonder, in terms of data center GPU, you've talked about some of the emerging applications. But cloud gaming has been an investment that some of your customers have made. What's the status of that? And how big a portion of your data center GPU business do you expect to be driven by cloud gaming in 2021?

偉大的。然後我想知道，就資料中心 GPU 而言，您是否談到了一些新興的應用程式。但雲端遊戲是你們的一些客戶所做的投資。其現狀如何？您預計 2021 年雲端遊戲將佔資料中心 GPU 業務的多少份額？

Sure. So I think the cloud gaming portion of the business was a larger portion of the business in sort of past years for the data center GPU. In 2021, we do have additional cloud gaming engagements that will ramp. But I would say it would be the smaller portion of the business. And HPC would become, let's call it, the larger portion of the business in 2021.

當然。因此，我認為在過去幾年中，雲端遊戲業務佔資料中心 GPU 業務的很大一部分。 2021 年，我們確實會加大雲端遊戲業務的參與。但我想說這只是業務中較小的一部分。我們可以這樣說，到 2021 年，高效能運算 (HPC) 將成為業務中更大的組成部分。

Our final question today is coming from Timothy Arcuri from UBS.

今天的最後一個問題來自瑞銀的提摩西‧阿庫裡。

So I guess my first question, Lisa, based on your commentary on data center revenues and your splits, and you mentioned a question before about ASPs in Q4. It sounds like server CPU share is running like 12.5% on your $20 million TAM base that you use. So you have Milan ramping and you're talking about a lot of visibility on that ramp this year. So I'm sort of wondering if maybe you can give us what your guidance implies or sort of what the next milepost to think of would be in terms of server CPU share as you sort of exit the year and maybe look into next year.

所以我想我的第一個問題，麗莎，基於你對資料中心收入和分成的評論，你之前提到過一個關於第四季平均售價的問題。聽起來，在您使用的 2000 萬美元 TAM 基礎上，伺服器 CPU 份額約為 12.5%。因此，您看到了米蘭的斜坡，並且您正在談論今年該斜坡的可見度很高。所以我想知道您是否可以告訴我們您的指導意見，或者在您今年年底以及展望明年時，伺服器 CPU 份額方面的下一個里程碑是什麼。

Yes. So Tim, thanks for the question. What I would say is I don't have a new market share target. And I think just given all of the variance in the market. But what I will say is, we've given you a good view of the business through sort of the percent of revenue it is. And as I said in the prepared remarks, the data center business was high-teens percentage of annual revenue, and it was predominantly server. So the data center GPU was a very small piece of that, and it was predominantly server.

是的。所以提姆，謝謝你的提問。我想說的是，我沒有新的市佔率目標。我認為，考慮到市場中的所有差異。但我想說的是，我們已經透過收入百分比讓您對業務有了很好的了解。正如我在準備好的發言中所說，資料中心業務佔年收入的百分之十幾，而且主要是伺服器。因此，資料中心 GPU 只是其中很小的一部分，並且主要用於伺服器。

As we go into 2021, again, we see significant growth. I would say it's one of the key growth drivers for the company. And we'll give you updates as we go along the way in 2021 in terms of how it's growing as a relative size of the business.

隨著我們進入 2021 年，我們再次看到了顯著的成長。我想說這是公司的主要成長動力之一。我們將在 2021 年向您提供最新進展，說明我們的業務相對規模如何成長。

Okay. Got it. And then just quickly on data center GPU. It looks like it was maybe flattish this year, year-over-year. And obviously, it's going to grow this year as Frontier comes in midyear. Can you just sort of maybe give us some sense in terms of how much you think it could grow. I mean could it double year-over-year? I understand it's not big from a dollar point of view. But could it double year-over-year? Maybe just talk about how big Frontier could be as a contributor to that business.

好的。知道了。然後快速進入資料中心 GPU。看起來今年的年增幅可能比較平穩。顯然，隨著 Frontier 在年中推出，今年的銷售額還會成長。您能否告訴我們一下您認為它能成長多少？我的意思是它能比去年同期翻倍嗎？我知道從美元的角度來看這並不大。但它能比去年同期翻倍嗎？也許只是談論一下 Frontier 對該業務的貢獻有多大。

Yes. So I think -- as I previously stated, the data center GPU business is still relatively small for us. It was actually down year-over-year. So from 2019 to 2020, it was actually down year-over-year because some of the cloud gaming ramps in 2019 paused in 2020.

是的。所以我認為——正如我之前所說，資料中心 GPU 業務對我們來說仍然相對較小。事實上，與去年同期相比，這一數字是下降的。因此，從 2019 年到 2020 年，它實際上是同比下降的，因為 2019 年的一些雲端遊戲成長在 2020 年暫停了。

In terms of what it could do in 2021, we see it as a growth driver in terms of relative size, yes, it could double. I think the way to think about it, though, is we said that we would like to get that business to, let's call it, $0.5 billion as sort of the first milestone. And I think we're making good progress towards that milestone. But that's what I would say about it.

就其在 2021 年可能發揮的作用而言，我們認為從相對規模來看，它是一個成長動力，是的，它可能會翻倍。不過，我認為思考這個問題的方式是，我們說我們希望將這項業務的規模提高到，我們稱之為 5 億美元，作為第一個里程碑。我認為我們正在朝著這個里程碑邁進。但這就是我要說的。

Great. Operator, that concludes our call. Thank you.

偉大的。接線員，我們的通話到此結束。謝謝。

Thank you. That does conclude today's teleconference. 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。