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 年第四季度財務業績電話會議。 （操作員說明）作為提醒，本次會議正在錄製中。現在，我很高興將電話轉給您的主持人，全球營銷、人力資源和投資者關係高級副總裁 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 年第四季度和全年財務業績電話會議。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 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.

在開始之前，我想指出，3 月 2 日，首席技術官兼技術與工程執行副總裁 Mark Papermaster 將出席摩根士丹利 TMT 會議。此外，我們 2021 年第一季度的安靜時間預計將從 3 月 12 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. 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。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 對賬可在今天的新聞稿和 amd.com 上發布的幻燈片中獲得。

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，今天所有收聽的人下午好。 2020 年標誌著我們長期旅程的轉折點，因為我們在將 AMD 確立為高性能計算領導者方面取得了重大進展。我們在應對 COVID-19 帶來的全行業挑戰的同時，顯著加快了業務發展並超越了今年積極的增長目標。

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.

隨著我們成功地增加了 20 多種 7 納米 PC、遊戲和數據中心產品的量產，我們全年建立了巨大的發展勢頭。年收入增長 45%，創下 97.6 億美元的新紀錄。我們還連續第五年擴大了毛利率，淨收入比上年增加了一倍以上。雖然 PC 市場在 2020 年增長了約 13%，自 2014 年以來首次超過 3 億台，但隨著 AMD Ryzen 處理器採用率的增加，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.

隨著我們在 2020 年獲得顯著份額，我們實現了創紀錄的客戶年度處理器收入。2020 年，雲、企業和 HPC 客戶對 EPYC 處理器的採用也顯著加速。我們創造了年度服務器處理器收入的新紀錄。服務器處理器的銷售額同比增長了一倍多，我們的整體數據中心銷售額現在占我們年總收入的百分之幾。

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，我們非常強勁地結束了這一年。收入同比增長 53%，達到創紀錄的 32.4 億美元，而淨收入增長 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門。第四季度收入同比增長 18% 至 19.6 億美元。台式機 CPU 收入同比增長強勁的兩位數百分比，並受到 OEM 系統和渠道對我們的 Ryzen 處理器系列的強勁需求的連續推動。我們採用 Zen 3 內核的全新銳龍 5000 處理器的銷量特別強勁，是任何上一代銳龍桌面處理器的發布季度銷量的兩倍多。

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.

在移動領域，CPU 出貨量環比和同比均以兩位數的百分比增長。隨著銳龍 4000 筆記本電腦的出貨量持續增長，以支持 2020 年推出的 100 款筆記本電腦設計，我們創下了季度和年度移動處理器出貨量的記錄。

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，我們推出了用於超薄、遊戲和商用筆記本電腦的 Ryzen 5000 移動處理器。這些新的移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，與我們的上一代產品相比，性能提高了 23%，電池壽命為 17.5 小時。與上一代相比，我們有望將採用新銳龍 5000 處理器的筆記本電腦設計數量增加 50%，為 2021 年的進一步增長做好準備。

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，收入同比下降並環比增長。桌面 GPU 銷量較上一季度顯著增長，這得益於我們新推出的 Radeon 6000 系列 GPU，採用我們的 RDNA 2 架構，與上一代相比，性能高達兩倍，每瓦性能提高 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.

我們看到對新 GPU 的需求非常強勁。 Radeon 6000 系列是我們有史以來最暢銷的高端 GPU，其發布季度的出貨量是之前任何價格超過 549 美元的 AMD 遊戲 GPU 的 3 倍。我們繼續增加產量以滿足強勁的需求，並有望在今年上半年通過基於 RDNA 2 的新桌面和移動 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.

數據中心 GPU 收入同比下降，但環比增長，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 數據中心 GPU 架構，是業界最快的用於科學研究的 HPC 加速器，也是首款突破 10 teraflops 障礙的數據中心 GPU。我們在數據中心 GPU 硬件路線圖和擴展我們的軟件生態系統方面取得了長足的進步，為在美國推出第一台百億億級超級計算機做準備，全 AMD 驅動的 Frontier 系統計劃於今年晚些時候在橡樹嶺上線國家實驗室。

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、嵌入式和半定制部分。受半定制和服務器處理器銷售強勁增長的推動，收入為 12.8 億美元，同比增長 176%。基於對下一代索尼和微軟遊戲機的強勁需求，半定制銷售額同比和環比增長。我們的半定制 SoC 銷售增長速度快於上一個遊戲機週期，基於當前強勁的需求，我們預計今年上半年的銷售將好於典型的季節性。

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.

現在轉向服務器，我們在第四季度創下了創紀錄的收入，因為雲和企業銷售都連續增長。隨著谷歌、微軟、騰訊和其他公司繼續擴大對 EPYC 處理器的使用以支持其關鍵內部基礎設施的大部分，以及 AMD 支持的雲實例數量的增加，雲採用仍然強勁。阿里巴巴、AWS 和甲骨文在第四季度推出了 28 個新的公共雲實例，而谷歌將其僅由 EPYC 處理器提供支持的機密計算 VM 的普遍可用性擴展到 9 個地區。

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.

這一年，最大的雲提供商提供的 AMD 支持的實例數量翻了一番，達到 200 多個。在企業中，隨著戴爾、HPE 和聯想通過財富 1000 強賬戶贏得新的最終客戶，企業採用 AMD 支持的服務器有所增長關鍵垂直領域，包括製造、金融服務和汽車。在 HPC 方面，11 月 500 強名單中的 AMD 驅動的超級計算機數量增加到 21 個系統，其中包括前 10 名中的 2 個和歐洲最快的超級計算機。

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.

我們預計我們的數據中心業務將在 2021 年加速發展，因為我們推出了代號為 Milan 的下一代服務器處理器，進一步擴展了我們在性能、效率和 TCO 方面的領先地位。米蘭的生產按計劃於第四季度開始，最初向雲和 HPC 客戶發貨。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 上進行了 Milan 的首次公開預覽，在運行計算密集型天氣建模模擬時，與我們競爭對手的 2 個最高端雙插槽處理器相比，性能提高了 68%。我們有望在 3 月公開推出我們的第三代 EPYC Milan 處理器，並提供強大的生態系統支持。

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 年指導表明了我們領先產品組合的增長勢頭以及對高性能計算的強勁需求。在過去的一年裡，我們都親眼目睹了高性能計算現在在我們日常生活中所扮演的重要角色，我們預計在未來幾年，隨著我們進入高性能計算的大周期，高性能計算的採用率將在不斷增長的推動下加速雲計算服務、加速行業和體驗的數字化轉型、向百億億級超級計算的過渡以及人工智能的主流採用。

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.

在這種背景下，我們非常有信心我們擁有正確的長期戰略和能力，以提供強大的領先產品節奏，並使 AMD 成為首要的技術增長特許經營權。從長遠來看，我們對 Xilinx 的戰略收購進一步增強了我們的技術能力，並使我們能夠在更廣泛的市場中實現增長。迄今為止，我們通過了幾個重要的監管里程碑，並有望在 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 在過去幾年所取得的成就感到非常自豪，因為我們才華橫溢、敬業的員工在高性能計算行業開闢了新的創新步伐。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，我對未來幾年可以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?

現在我想把電話轉給 Devinder，為我們的第四季度和全年財務業績提供一些額外的色彩。德溫德？

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，大家下午好。 2020 年對 AMD 來說是非凡的一年。我們行業領先的產品組合和市場份額增長推動了創紀錄的年度和季度收入，全年收入增長 45%。我們還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中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.

第四季度收入為 32.4 億美元，同比增長 53%，環比增長 16%，這得益於銳龍和 EPYC 處理器以及半定制遊戲機 SoC 的強勁銷售。毛利率為 45%，同比基本持平。運營費用為 7.89 億美元，同比增長 45%，主要受研發上市活動投資增加和可變員工薪酬相關費用增加的推動。

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.

在收入顯著增長的推動下，營業收入為 6.63 億美元，同比增長 2.58 億美元或 64%，營業利潤率為 20%，而一年前為 19%。淨收入為 6.36 億美元，比一年前增加 2.53 億美元或 66%，每股攤薄收益為 0.52 美元，而一年前為每股 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.

現在轉向業務部門的結果。第四季度計算和圖形部門收入為 19.6 億美元，同比增長 18%，主要受銳龍處理器顯著增長的推動。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，這是由於收入增加所致。

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、嵌入式和半定制部門的收入為 12.8 億美元，同比增長 176%，這得益於強勁的半定制產品銷售以及雲和企業市場持續的 EPYC 服務器處理器勢頭。

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 處理器收入環比增長，其中包括第三代 EPYC Milan 處理器的早期出貨量。 EESC 部門的營業收入為 2.43 億美元，佔收入的 19%，而一年前由於收入增加，營業收入為 4500 萬美元。

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。我們在第四季度的自由現金流達到創紀錄的 4.8 億美元。庫存為 14 億美元，比上一季度增長 8%，為 2021 年的銷售做準備。由於季度收益增加，第四季度調整後 EBITDA 為 7.53 億美元，而一年前為 4.69 億美元。

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.

在我轉向全年財務業績之前，讓我先談談 GAAP 稅收項目。根據我們的財務業績和強勁的前景，我們公佈了總額為 13 億美元的稅收估值免稅額的很大一部分，第四季度的 GAAP 每股收益為 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.

現在讓我談談我們全年的財務業績。 2020 年收入為 97.6 億美元，同比增長 45%，這得益於兩個業務部門的強勁增長。在銳龍和 EPYC 產品的推動下，毛利率為 45%，較上年增長 190 個基點，部分被半定制和 Radeon 產品銷售所抵消。

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.

營業費用佔收入的 28%，高於 2019 年的 31%。2020 年營業收入同比增長 97%，達到 16.6 億美元，佔收入的 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計 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 年將本金債務減少了 2.25 億美元，年末總債務為 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.

現在轉向 2021 年第一季度的展望。我們預計收入約為 32 億美元，正負 1 億美元，同比增長約 79%，環比下降 1%。預計同比增長將受到所有業務增長的推動。連續表現主要是由於我們的個人電腦和半定制業務的季節性好於正常，以及我們的數據中心業務的實力。此外，對於 2021 年第一季度，我們預計：非美國通用會計準則毛利率約為 46%；非公認會計原則的運營費用約為 8.3 億美元；非公認會計原則的利息費用、稅收和其他費用約為 1.05 億美元，包括 15% 的有效稅率；第一季度稀釋後的股份數量預計約為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%.

對於 2021 年全年，我們預計在所有業務增長的推動下收入增長約 37%；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收入的 26%；非公認會計原則有效稅率為 15%；我們預計公司的現金稅率約為 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，這表明 AMD 的產品勢頭、客戶吸引力和市場份額增長的實力。隨著我們進入 2021 年，並繼續投資於業務並執行我們的長期戰略，我們已做好充分準備來推動毛利率擴張、提高盈利能力並提供強勁的股東回報。

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. Operator, please poll the audience for questions.

謝謝你，德溫德。接線員，請向觀眾提問。

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

（操作員說明）我們今天的第一個問題來自巴克萊的 Blayne Curtis。

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%.

祝賀非常強大的結果。但也許首先，就在年度指南上，顯然非常強大。你說所有的細分。但是我想知道您是否可以按細分或按產品提供任何顏色，哪些顏色會比非常強大的 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。所以謝謝你的問題，Blayne。看，我們很高興進入 2021 年。顯然，2020 年對我們來說是一個相當強勁的增長年。當我們查看年度指導時，我們確實看到了我們所有業務的實力。所以 - 它由我們的大型企業領導。如此顯著的增長——我們預計服務器的顯著增長、個人電腦的增長以及半定制控制台業務的增長。但是，隨著我們在 2021 年推出完整的產品線，我們也看到我們的圖形業務在消費和數據中心圖形方面的增長。所以總的來說，我認為我們看到了新產品組合的實力以及積極的一面需求環境。

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.

然後也許只是一個後續，我很好奇你如何看待今年的形狀。顯然，在多個產品線中，3 月似乎比季節性要好得多。我只是好奇你如何看待整個 PC 市場。我認為英特爾談論的是上半年加權。然後很明顯，半定制的，你在 12 月的表現可能不如你在 2020 年前三個季度的表現。有點好奇你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。所以你在我們的第一季度指南中看到了一點。我認為我們的第一季度指導優於正常的季節性。考慮到消費者的意願，我們通常認為上半年比下半年弱。

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.

我們今年看到的是有點不同的形狀。形狀是——從市場的角度來看，我們認為個人電腦和遊戲比季節性更好。今年上半年有一些被壓抑的需求，這已納入指導。

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數據中心環境。因此，我們看到服務器在第一季度連續上升，這是基於我們當前產品或羅馬產品以及米蘭坡道的實力。因此與正常情況略有不同，但我認為我們看到 PC 遊戲和數據中心領域的需求強勁。

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.

我想從服務器開始，並且我模擬了 2021 年對增長的貢獻比往年要大得多。我在準備好的劇本中提到，麗莎，你提到了 2021 年數據中心特許經營權的加速增長。我認為這可能與去年翻倍的業務有關。那麼我是否有權以百分比形式加速？也許你可以崩潰一點。我在宣布的幻燈片中看到了阿里巴巴。即將在米蘭推出，我認為這可能會讓你比過去更多地進入企業。服務器增長的一些驅動因素將非常有幫助。

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。所以，馬特，謝謝你的問題。我們對數據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。我們確實看到到 2021 年會有顯著增長。

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.

我認為有很多驅動程序。首先，我認為我們看到了雲業務的發展。所以進入今年上半年，正如我所說，這既適用於當代的羅馬，也適用於下一代的米蘭。對米蘭的接待非常強烈。所以我們對錶現感到滿意。我們在第四季度開始發貨。這種情況一直持續到第一季度。你會看到——我們希望看到更多的客戶，一些新客戶採用米蘭，這可能比我們上一代的客戶多。您還將看到非常強大的企業產品組合。因此，我認為我們與主要 OEM 擁有非常強大的上市時間平台，這是我們本季度晚些時候推出計劃的一部分。

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 年的數據中心持樂觀態度。我認為雲和企業有很多需求，我們認為米蘭的定位非常好。

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，我想問一些關於供應的問題。由於增長和 COVID 帶來的一些挑戰，該行業的供應受到限制已不是什麼秘密，您的公司也不例外。也許您可以為我們描述供應限制的程度。以及他們可能在多大程度上阻礙了顯然非常強勁的增長。但這是第一名。

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.

然後第二點，我注意到很多人可能認為台積電的資本支出大幅增長可能與英特爾有關。我認為即將上任的首席執行官可能已經澄清了其中一些想法。但我想知道，當您展望今年，您的指導如何將增加的在線供應納入其中。如果您已經引導到更好的供應假設或您與合作夥伴的視線。

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，當然，當我查看 2020 年的半導體環境時，它非常強勁。因此，我們的業務以及我們的一些同行都看到了強勁的收入增長。公平地說，總體需求超出了我們的計劃。結果，我們在年底時確實遇到了一些供應限制。我想說，這些主要是在個人電腦市場、個人電腦市場的低端市場和遊戲市場。

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平。因此，我們確實在今年上半年看到了一些緊張，但下半年產能有所增加。

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，我們確實在需求方面和供應方面都有很好的知名度。這是整個企業指導的基礎。

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.

並祝賀儘管存在所有行業限制，但前景強勁。麗莎，只有一個問題可以回到前一個問題。我希望你能幫助我們剖析第一季度和 2021 年的前景，無論是否有你的半定制業務，這樣我們就可以了解第一季度和全年的不同業務驅動因素。

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。那麼讓我們看看。讓我從 Q1 開始。因此，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要好一些。通常，遊戲機會季節性下降很多，兩位數。您會期望本季度的遊戲機仍然會適度下降，讓我們稱之為。隨著我們在那裡推出新產品，我們確實看到了服務器業務和圖形業務的連續增長。

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，我想說我們現在處於我們擁有的地方，讓我們稱之為規模化的 3 家企業。因此，該指南確實涵蓋了我們數據中心業務在服務領域的非常顯著的增長，PC 的增長，只是考慮到我們在筆記本電腦方面的平台和平台發布的可見性以及我們渠道組合的實力。然後我們確實看到了遊戲機業務的增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.

所以我認為這些是全年的三大驅動力。我想說的是這三者之間的平衡很好。此外，由於那裡推出的一些新產品，我們的消費者和數據中心 GPU 業務也實現了增長。所以這是一個公平的，我們稱之為廣泛的驅動程序集，特別是圍繞產品發布。

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。在我的後續行動中，有趣的是，當你推出米蘭時，你的競爭對手也在推出他們的數據中心服務器。所以既是近期的問題，也是 21 年的問題。所以在短期內，已經有一些關於雲消化的討論。我知道您說的是您的業務實際上是按順序增長的。因此，我希望您能夠在短期內解決您從雲、企業和 HPC 客戶那裡看到的需求環境。

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，你和你的競爭對手實際上將處於非常 - 幾乎相同的製造節點上。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變成了關於誰在哪個製造節點上的一維。因此，請與我們談談，即使您與競爭對手處於同一節點，您在服務器 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，維維克。這是一個非常好的問題。所以在短期內，我們在雲中看到的實際上是一個需求旺盛的時期。這就是 - 我們看到它在第四季度有所加強，我們看到第一季度的需求環境強勁。所以我認為這對我們來說是一個很好的信號。

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。我的意思是它是一個非常強大的產品。您已經在我們的台式機和筆記本產品組合中看到了 Zen 3 的一些功能。我認為它建立在我們在羅馬所做的基礎之上。所以我完全同意你的看法。我認為製造技術是使產品具有競爭力的一個方面，但我們一直非常關注整體性能、整體系統性能，以及它在雲和企業環境中的表現。我會說我認為米蘭是我們擁有的最平衡的產品。我們稱之為企業應用程序以及廣泛的雲應用程序集。

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.

在能見度方面，我想說從今年開始我們的能見度比過去幾年更好，因為這是我們使用 EPYC 的第三代產品。所以我們現在開始了，讓我們稱之為，深入的客戶關係。許多決定是在他們測試我們的產品時做出的。而且我們有充分的信心，我們會做得很好。對於數據中心來說，這是令人興奮的一年。但可以肯定的是，我們對米蘭的表現以及對市場的興趣感到滿意。

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

我們的下一個問題來自 Bernstein Research 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，您的服務器收入創歷史新高，您說是十幾歲，我認為它達到了 5.5 億美元或 6 億美元，這看起來相當不錯。與此同時，毛利率幾乎沒有達到預期。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，這是所有控制台組合嗎？相對於服務器而言，這樣的遊戲機是否比預期的要好得多，您不會看到本季度的毛利率上升？而且我猜對指南的相同評論有一點好處。但與此同時，我們的遊戲機也被關閉了。我們的其他一切都在增長，但我們的毛利率只有一點點上升。所以我想如果你能幫我把它和你看到的東西平方，那會很有幫助，拜託。

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，斯泰西。很高興這樣做。所以首先，在第四季度。我認為我們看到了相對於我們所指導的幾個不同業務的實力。所以我們看到了實力——控制台業務有一點實力，服務器有一些實力，PC有一些實力。第四季度的個人電腦往往更側重於業務的消費者方面。所以這些是一些看跌期權。但從整體利潤率預期的角度來看，我認為我們是正確的。

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度指南，我認為我的評論是我們看到 PC 和遊戲機比季節性要好一些。因此，遊戲機通常會被稱為兩位數，而在這個特定季度並非如此。我們已經啟動了服務器。同樣，這些只是一些看跌期權，但我們確實看到第一季度的連續增長。然後是全年，正如我們看到的業務組合。

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。我想我的後續行動，只是為了推動這一點。那麼您在定價環境中看到了什麼，尤其是在服務器中。我的意思是你的競爭對手實際上非常積極地談論了一個更具競爭力的服務器環境。我們實際上開始看到對他們的 ASP 和利潤率的一些影響。你看到了什麼——我猜你在服務器定價方面看到了什麼，特別是在本季度的這些趨勢上。您在價格指南中加入了什麼——2021 年數據中心的定價環境。

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。所以在本季度，我們看到服務器業務中的 ASP 實際上是連續上升的，這主要是因為混合，只是客戶之間的混合和米蘭的斜坡。因此，當我們進入 2021 年時，我會再次說環境具有競爭力。所以我不知道它變得更具競爭力。我認為它與以往一樣具有競爭力。我們的重點不是在價格上競爭，而是在整體價值和總擁有成本上競爭。

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，我認為對我們來說，ASP 主要取決於任何特定季度的雲計算和企業之間的組合。我們仍然是雲加權的，我希望我們在進入 2021 年時會採用雲加權。但總的來說，我想說 ASP 環境與去年 [year] 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。最後一件事就是高青少年數據中心，那是在本季度或第四季度，是高收入數據中心的 10%。

It was high teens for the year.

那一年是青少年時期。

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

對於這一年。好的。該季度發生了什麼？

It was -- given the strength...

那是——考慮到力量……

I think it's similar.

我認為它是相似的。

Yes. Thanks, Devinder.

是的。謝謝，德溫德。

What was that, Devinder, I'm sorry?

那是什麼，Devinder，對不起？

It's similar. Similar.

這是相似的。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。您必須記住，數據中心 GPU 有點笨拙，而服務器業務是我們在 2020 年與 2019 年相比具有優勢的領域。

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.

並祝賀您取得了不錯的成績。麗莎，如果我錯過了，我很抱歉，但你能談談你對個人電腦市場的期望嗎？顯然，在 2020 年非常強勁的一年之後，今年有一些擔憂。你對 PC 市場的全年指導中嵌入了什麼。然後作為該問題的第二部分，如果您可以向我們提供有關您在市場商業方面而不是消費者方面的牽引力的最新信息，那將很有幫助。

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。謝謝你的問題。因此，2020 年對於 PC 市場來說是非常強勁的一年。我想你已經從市場上的許多 OEM 那裡聽說過。 2021年，大多數人都在說，姑且稱之為中個位數增長吧。我們看到類似的東西。這種形狀可能與正常情況有些不同，因為前半部分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 PC 市場的重點是 - 非常清楚我們可以實際提升堆棧的子細分市場。因此，如果您看看我們對遊戲的關注，尤其是遊戲筆記本和台式機、高端消費類和商用類。我們在商業方面取得了非常好的進展。而且我認為業務往往也會在多個季度內發展。

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——隨著我們進入 2021 年，PC 市場將繼續保持強勁勢頭。在這種情況下，這是我們增長的一個要素。特別是，我們專注於商業增長、遊戲增長以及高端消費領域的增長。而我們剛剛在移動端和桌面端推出的銳龍 5000 系列實際上在整體平台方面得到了 OEM 廠商的非常強烈的歡迎。

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。然後作為 OpEx 的快速跟進。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，你正在增長——以非常快的速度消費。您能否提醒我們，就您的支出狀況而言，今天的重點在哪裡？您如何看待這將轉化為未來幾年的未來增長？到 2023 年，你的收入增長目標是 20%。去年你剛剛增長了 45%。你指導今年上漲 37%。 20% 仍然是正確的數字嗎？我們能想像出更好的東西嗎？

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。所以我不認為我們會改變我們的長期增長率。我們在三月份設定了這一點，我認為這是正確的長期增長率。話雖如此，我們對業務的增長感到非常滿意。從我們的角度來看，這是投資業務的好時機。因此，該模型一直是，讓我們以低於收入增長的速度投資業務，讓我們稱之為，以便我們在模型中獲得影響力。所以我們正在這樣做。是的，您可以看到運營支出佔收入的百分比在過去幾年中有所下降，並且在 2021 年也將下降。

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.

但總體資金使我們能夠大幅擴張，實際上只是建立了公司的基礎。因此，我們的投資實際上是在研發領域，擴大了我們的產品組合。我們在 CPU、基礎 IP、GPU 基礎 IP 以及 GPU 方面都非常努力，我們在遊戲和計算之間劃分了架構，因此我們在這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.

隨著我們的發展，對連接 CPU 和 GPU 的一些系統 IP 的更多投資以及在軟件方面的投資，然後是對上市的投資。所以總的來說，我認為我們正在成為，讓我們稱之為規模公司。這有助於確保我們擁有一定廣度和深度的路線圖以及客戶支持，以支持長期增長目標。

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

您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?

並祝賀本季度。我想回到米蘭處理器的評論。我認為在分析師日，您談到了不斷擴展您解決企業市場工作負載的能力。當我們考慮米蘭的定位時，您會如何將其與羅馬進行比較？以及我們應該如何考慮 - 隨著米蘭開始上升，是否存在潛在的 ASP 提升？

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。所以絕對。因此，我們確實看到了我們在企業工作負載集合以及廣泛的雲工作負載集合中的競爭力的擴展。我們的人生目標是確保我們為客戶提供總擁有成本的改進。因此，隨著性能的提高，我們確實預計 ASP 也會有所提升。但總體而言，從客戶的角度來看，TCO 真正一代一代地改進是非常重要的。

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 Milan，一些單線程性能非常非常有幫助。我們期望在一些可能無法使用所有核心的企業工作負載上——我們擁有——我們將能夠從米蘭中受益匪淺，因為整體性能有所提升。所以我們很高興能告訴你更多關於它的信息。就像我說的，我們將在本季度晚些時候推出。但總的來說，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.

然後作為數據中心方面的快速跟進。在 GPU 方面，我知道它一直很不穩定，而且看起來它可能會繼續成為一個不穩定的業務。但是，在接下來的幾年中，您是否預見到這實際上會成為持續的增量收入增長驅動力？我們應該考慮什麼才能讓我們將其視為公司的關鍵額外增長動力。

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，我認為數據中心 GPU 業務肯定會自成一體。僅僅因為客戶數量並不多，它仍然可能會隨著季度的增長而波動。但就公司的增長動力而言，我們認為 2021 年是數據中心 GPU 的增長年，尤其是隨著 CDNA 架構進入製造和生產，並進入一些更大的 HPC 分期付款以及我們的一些工作'在雲中做，圍繞機器學習和人工智能。更重要的是，我們將其視為未來幾年的多年增長動力。

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 架構感覺很好。是定位。我認為今年對於數據中心 GPU 業務來說是重要的一年，這將是我們未來幾年的重要增長動力。

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 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?

祝賀真正強勁的季度和年度。麗莎，我只是在 GPU 方面有一個競爭性的問題，在等式的傳統客戶端方面更是如此。你在 CPU 方面取得了很大的份額，做得很好。聽起來您對客戶端 GPU 業務在 2021 年的發展持樂觀態度。您能否帶我們了解一下在 GPU 市場與您在哪里分享份額的一些差異、一些機會和/或挑戰？已經取得瞭如此大的成功，並且會繼續在 CPU 方面做事嗎？

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。所以我認為圖形業務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，每瓦性能提高了 50%。就在幾個月前，我們推出了第二代 RDNA 2，然後我們將在今年上半年在這裡填寫該產品組合。我認為一致性在路線圖中很重要。對顯卡和遊戲有很多被壓抑的需求。我們看到了這一點，我們認為這是一個有吸引力的市場。所以我確實看到消費圖形業務將在 2021 年增長。我們希望在 OEM 業務和附加板業務方面繼續取得進展。

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，團隊也在努力開發下一代 RDNA 3 架構。所以我認為路線圖的一致性，從上到下的堆棧以及真正使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?

我想這是我對你或 Devinder 的後續行動，在毛利率上。你給出了第四季度和第一季度的短期答案，但我想問一個關於整個 2021 年的問題。很高興看到它再次上升到 47% 的目標。我只是想通過看跌期權和承擔。我想核心問題是，如果半定制業務佔您收入的百分比會大幅增長，那麼是什麼抵消了毛利率同比增長的影響。它是否在細分市場之間混合，例如，服務器會跟上它嗎？還是細分市場中的某些東西也在改進，無論是半定制的還是圖形的還是類似的領域？

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。去吧，麗莎。

Go ahead, Devinder. You start.

去吧，德文德。你先來。

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.

因此，如果您查看業務，我們會非常一致。顯然，2021 年服務器和客戶端的增長幫助了毛利率。你是對的，2020 年的半定制是幾個季度的初始增長，然後在 2021 年增長。根據我們提供的指導，我們正在談論從 45% 到 47% 的整體年同比。顯然，半定制低於 2021 年全年收入較高的企業平均水平，但確實從客戶端和服務器那裡得到了抵消。

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.

對。所以也許只是補充一點，羅斯。所以 - 我認為你所問的答案是，是的，遊戲機，讓我們稱之為低於公司平均利潤率，儘管運營利潤率相當合理。服務器在上面，服務器在 2021 年大幅增長。還有 PC 業務中的 PC 業務，我們確實看到了一些混合改進，因為我們專注於，我們稱之為堆棧中更優質的部分。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 John Pitzer。

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，也許我可以稍微不同地問羅斯的毛利率問題。我會爭辯說，考慮到 12 月季度的混合情況以及這是遊戲機增長的第一季度，你能夠提供的毛利率相當不錯。我只是想了解我們應該如何考慮控制台前的毛利率。當我們考慮到 21 年的發展時，通常在遊戲機業務中，毛利率開始相對較低，但隨著時間的推移會有很好的改善。那麼，在您的 47% 全年指南中，毛利率的退出率是多少？我猜為什麼它不更高？可能只是因為你們太保守了，但隨著時間的推移，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。再一次，也許，Devinder，我會開始看看你是否想添加到這個。約翰，我想現在是年初。所以讓我聲明一下。我們對不同地方的看跌期權有很好的了解。但顯然，在接下來的 11 個月裡，還有很多事情要展開。我確實認為你所做的所有陳述都是準確的。因此，控制台業務確實有隨著時間的推移而改善的歷史。不過，我確實認為，我們只需要再次查看所有業務的組合，因為它正在發揮作用。

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，我們預計第一季度為 46%，然後全年為 47%。因此，我們將在一年中看到改進。關鍵是任何給定季度的業務組合是什麼。

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，很明顯，半導體對民族國家和世界政府來說變得更具戰略意義。並且有很多猜測說，你的主要競爭對手正在努力遊說華盛頓，以獲得一些國內製造業的激勵措施。

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試圖成為談話的一部分的？因為很明顯，考慮到你擁有的知識產權組合，考慮到你所佔據的份額，我認為你和半決賽中的任何人一樣都是全國冠軍，但似乎重點是製造業。那麼你如何讓華盛頓的耳朵讓他們明白你在整個組合中的重要性？

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，我認為約翰，你提出的總體觀點是正確的，即半導體正變得越來越重要和越來越具有戰略意義。我想我們都相信這一點。由於它關係到什麼是重要的，我認為對製造的關注肯定是有據可查的。我認為還有一個重點是前沿研究，並確保前沿研究在整體對話中也得到了很好的支持。所以我們參加了許多行業協會和對話。關鍵是繼續在研究和製造方面的領先優勢進行投資，以在未來 5 到 10 年內突破極限。這就是我們投資如此之多的原因之一，我們也繼續同意，作為一個我們繼續投資的行業，這一點很重要。

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？還是通過您的代工合作夥伴更加間接？

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.

好吧，我認為其中大部分仍在發揮作用。所以我想我們會看到結果如何。但就製造方面而言，研究方面將通過我們的代工合作夥伴進行，因為其中一些會發揮作用。我們當然已經非常參與了一些研究，我們將繼續這樣做。

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

我們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?

你能聽到我的聲音嗎？

Yes, we can hear you now. Yes.

是的，我們現在可以聽到你的聲音了。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2個問題。第一個實際上是在製造方面，我覺得人們在談論毛利率。但是當你看看這家公司時，你們正在推動 3 種產品的增長。所以我想在這裡提出的問題是，如果你不這樣做，毛利率會是什麼樣子 - 如果你的收益率與大約 2 年前的收益率相似，這意味著這是台積電的收益率和你的 -我猜您的整體代工合作夥伴的進步速度與正常環境相同？然後我有一個後續行動。

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的水平開始談起。我的意思是，我們的路線圖表明我們的目標是正確的，對。我們的長期路線圖顯示，鑑於業務組合，我們設定了超過 50% 的目標。我認為我們在這方面是正確的。我認為當我們經歷每一個產品坡道時，都會有起起落落。但在這種情況下，我認為收益率也符合我們的預期。

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了增長，讓我們稱之為，4 - 我會說，4 或 5 個大型企業。再說一次，它們之間有一些起伏，有點像雲計算和企業之間的混合，消費者和商業之間的混合，然後只是消費者和數據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，就像我說的那樣，我認為我們很高興我們去年的利潤率增長了 2 個百分點，我們再次引導明年的利潤率增長 2 個百分點，這與我們的整體路線圖。

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，這對我來說完全有意義。我認為在目前有如此多的收益率上升的情況下，很難增加毛利率線。我剛剛擁有的第二個，就整體潛在市場而言，我意識到你們不會按細分市場來指導。但我認為去年發生的一件大事是 PC 讓我感到驚訝，因為它的好處。因此，也許您可以根據你們所服務的 3 個主要市場來設定我們的水平。 GPU、CPU PC 端和服務器。你認為整個行業會做什麼？這樣，也許您至少可以讓我們了解你們對全年的看法，然後我們可以得出我們的結論——抱歉，我們自己的結論，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個人電腦，如果你看看各種消息來源的說法，我們會說，這是中個位數的增長，我認為我們會同意這一點。我認為服務器作為一個市場，如果你看一下企業和雲，它們有不同的增長率，但我們稱之為適度增長。然後遊戲很難調用，因為這是一個不同的周期。

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.

在這種市場背景下，我認為我們看到了 37% 的增長。這在很大程度上是因為我們擁有的產品坡道和產品組合。所以我們對增長感到滿意。我們認為我們的增長顯著領先於市場。既然如此，我們將不得不看看 2021 年會發生什麼，因為正如你所說，2020 年的市場比 2020 年初的大多數預期要強勁。

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服務器雲業務。也許給我們一個感覺。您過去曾談到需要出售兩次。你是在向雲服務提供商銷售，然後他們將其銷售給他們服務的企業。你怎麼樣？與雲中面向企業的工作負載相比，您在哪些方面擁有他們內部關注的內部雲工作負載？

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。謝謝你的問題，喬。是的。因此，如果您查看雲環境，我們將其稱為內部工作負載以及面向外部的工作負載。我想說我們在過去幾個季度的內部工作量上做得很好，喬。我們已經看到一些應用程序在今年下半年和明年開始出現。因此，我們對內部工作負載的性能感到滿意。

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.

我們看到這一點延續到了米蘭。有點——讓我們這麼說吧，從羅馬搬到米蘭並不是一件很沉重的事情。因此，我們預計這種情況將持續到 2021 年。就面向外部的工作負載而言。我們已經花費了相當多的精力來構建我們的業務開發引擎，我們稱之為業務開發引擎，與雲供應商以及坦率地說，企業 OEM 一起銷售。因此，我們與大型企業的對話通常是混合對話。它是——如果你想在本地購買，讓我告訴你 AMD EPYC 可以做什麼。如果您想使用雲實例，我們在所有最大的雲供應商中都有各種各樣的雲實例。這實際上進展得非常好。所以我認為，總的來說，這導致我們在雲方面的一些積極評論是，我們已經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，在數據中心 GPU 方面，您談到了一些新興應用程序。但云遊戲一直是您的一些客戶所做的投資。那是什麼狀態？您預計 2021 年雲遊戲將在您的數據中心 GPU 業務中佔多大比例？

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，對於數據中心 GPU 而言，業務的雲遊戲部分佔業務的很大一部分。到 2021 年，我們確實會有更多的雲遊戲參與度將會增加。但我會說這將是業務的較小部分。並且 HPC 將成為 2021 年業務的較大部分。

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

我們今天的最後一個問題來自瑞銀的 Timothy Arcuri。

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，基於你對數據中心收入和拆分的評論，你之前提到了一個關於第四季度 ASP 的問題。聽起來服務器 CPU 份額在您使用的 2000 萬美元 TAM 基礎上運行了 12.5%。所以你有米蘭在斜坡上，你在談論今年這個斜坡上的很多知名度。因此，我想知道您是否可以向我們提供您的指導所暗示的內容，或者在您退出今年並可能展望明年時，下一個里程碑將是服務器 CPU 份額方面的想法。

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。所以蒂姆，謝謝你的問題。我要說的是我沒有新的市場份額目標。而且我認為只是考慮到市場上的所有差異。但我要說的是，我們通過收入百分比讓您對業務有一個很好的了解。正如我在準備好的評論中所說，數據中心業務佔年收入的百分之幾，而且主要是服務器。所以數據中心 GPU 只是其中的一小部分，主要是服務器。

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增長。我想說這是公司的主要增長動力之一。我們將在 2021 年為您提供最新信息，說明它作為業務的相對規模是如何增長的。

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。然後在數據中心 GPU 上快速運行。看起來今年可能與去年同期相比持平。顯然，隨著 Frontier 在年中的到來，今年它將會增長。你能不能就你認為它可以增長多少給我們一些感覺。我的意思是它可以同比翻倍嗎？我知道從美元的角度來看它並不大。但它會比去年翻一番嗎？也許只是談談 Frontier 作為該業務的貢獻者有多大。

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，數據中心 GPU 業務對我們來說仍然相對較小。它實際上是逐年下降的。因此，從 2019 年到 2020 年，它實際上同比下降，因為 2019 年的一些雲遊戲增長在 2020 年暫停。

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.

就它在 2021 年可以做什麼而言，我們認為它是相對規模的增長動力，是的，它可能會翻倍。不過，我認為考慮它的方式是，我們說我們希望讓這項業務達到，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取得良好進展。但這就是我要說的。

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

偉大的。接線員，這結束了我們的通話。謝謝你。

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.

謝謝你。今天的電話會議到此結束。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。