超微半導體 (AMD) 2020 Q3 法說會逐字稿

Greetings, and welcome to the AMD Third Quarter 2020 and Xilinx Acquisition Conference Call. (Operator Instructions) As a reminder, this conference is being recorded.

您好，歡迎參加 AMD 2020 年第三季和 Xilinx 收購電話會議。 （操作員指示）提醒一下，本次會議正在錄音。

It's now my pleasure to turn the call over to Ruth Cotter, Senior Vice President, Worldwide Marketing, Human Resources and Investor Relations. Ruth, please go ahead.

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

Thank you, and good morning everyone joining our call today.

謝謝大家，大家早安，今天參加我們的電話會議。

Participants on our conference call are Dr. Lisa Su, our President and Chief Executive Officer; Devinder Kumar, our Senior Vice President, Chief Financial Officer and Treasurer; and Victor Peng, President and Chief Executive Officer of Xilinx.

參加我們電話會議的有我們的總裁兼執行長蘇姿豐博士；我們的資深副總裁、財務長兼財務長 Devinder Kumar；以及賽靈思公司總裁兼執行長 Victor Peng。

This is a live call and will be replayed via webcast on our website, amd.com. We have a content-rich call for you this morning, so I refer you to our website, ir.amd.com, for a copy of our third quarter 2020 financial results, including detailed slideware, our acquisition of Xilinx's announcement and other helpful materials, including a presentation outlining the pertinent details of the acquisition.

這是一次現場通話，並將透過我們的網站 amd.com 上的網路直播重播。今天早上我們有一個內容豐富的電話會議要與您聯繫，因此我建議您訪問我們的網站 ir.amd.com，以獲取我們 2020 年第三季度財務業績的副本，其中包括詳細的幻燈片、我們收購 Xilinx 的公告和其他有用的材料，包括概述收購相關細節的演示文稿。

Before we begin, please note that today's discussion contains forward-looking statements based on current beliefs, assumptions and expectations, speak only as of the current date, 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 each press release for more information on risks related to any forward-looking statements that we may make.

在我們開始之前，請注意，今天的討論包含基於當前信念、假設和期望的前瞻性陳述，僅代表當前日期的觀點，因此涉及可能導致實際結果與我們當前預期存在重大差異的風險和不確定性。有關我們可能做出的任何前瞻性陳述的風險的更多信息，請參閱每份新聞稿中的警告聲明。

We will refer primarily to non-GAAP financial metrics during this call. The non-GAAP financial measures referenced are reconciled to their most directly comparable GAAP financial measures in today's press release and slides posted on our website.

在本次電話會議中，我們將主要參考非公認會計準則財務指標。所引用的非 GAAP 財務指標與我們網站上今天的新聞稿和幻燈片中最直接可比較的 GAAP 財務指標進行了協調。

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 morning to all those listening in. Today marks a significant milestone in our journey to establish AMD as the industry's high-performance computing leader.

謝謝你，露絲，各位聽眾早安。今天是我們在將 AMD 打造為業界高效能運算領導者的旅程中的一個重要里程碑。

Before going into details on our strategic acquisition of Xilinx, I'd like to start with our very strong financial results. Our business accelerated in the third quarter, resulting in record quarterly revenue with net income and EPS more than doubling year-over-year. Revenue grew 56% year-over-year to $2.8 billion, driven by strong demand for our Ryzen, EPYC and semi-custom processors.

在詳細介紹我們對 Xilinx 的策略性收購之前，我想先介紹一下我們非常強勁的財務表現。我們的業務在第三季加速發展，季度營收創下新高，淨收入和每股盈餘較去年同期成長一倍以上。受 Ryzen、EPYC 和半客製化處理器強勁需求的推動，營收年增 56% 至 28 億美元。

Turning to our Computing and Graphics segment. Third quarter revenue of $1.67 billion grew 31% year-over-year as higher Ryzen processor sales more than offset lower graphic sales.

轉向我們的計算和圖形部分。第三季營收為 16.7 億美元，年增 31%，因為 Ryzen 處理器銷量的成長足以抵消顯示卡銷量的下降。

Our client processor business is performing extremely well. Desktop and notebook processor ASPs increased and total unit shipments grew by a strong double-digit percentage, both on a year-over-year and sequential basis. As a result, we set a record for quarterly client processor revenue and believe we gained client CPU share for the 12th straight quarter.

我們的客戶端處理器業務表現非常出色。桌上型電腦和筆記型電腦處理器的平均售價有所上漲，總出貨量同比和環比均實現了強勁的兩位數增長。因此，我們創下了季度客戶端處理器收入的記錄，並相信我們連續第 12 個季度獲得了客戶端 CPU 份額的成長。

In mobile, we set records for both quarterly notebook processor unit shipments and revenue as OEM sell-through doubled year-over-year. We have the strongest notebook processor portfolio in our history. More than 105 AMD-based notebooks have launched in 2020 as we expand our presence in segments like gaming, commercial and education, where we have traditionally been underrepresented. In commercial, the number of AMD-based business notebooks for major OEMs has doubled year-over-year, and we are building significant momentum based on the superior performance and battery life of our Ryzen PRO processors. Our progress in the third quarter was highlighted by winning multiple large-scale deployments with Fortune 1000 automotive, banking and pharmaceutical companies.

在行動領域，由於 OEM 銷量年增一倍，我們創下了季度筆記型電腦處理器出貨量和營收的記錄。我們擁有史上最強大的筆記型電腦處理器產品組合。隨著我們擴大在遊戲、商業和教育等領域的影響力（這些領域我們傳統上代表性不足），2020 年已推出超過 105 款基於 AMD 的筆記型電腦。在商業領域，主要 OEM 廠商的基於 AMD 的商務筆記型電腦數量同比增長了一倍，並且我們正憑藉 Ryzen PRO 處理器的卓越性能和電池壽命建立強大的發展勢頭。我們在第三季的進展突顯在贏得了與財富 1000 強汽車、銀行和製藥公司的多項大規模部署。

Earlier this month, we announced our upcoming Ryzen desktop processors would be the first to feature our newest Zen 3 core. I'm incredibly proud of what our CPU team has achieved with Zen 3. We have significantly enhanced nearly every aspect of the core to deliver a 19% increase in instructions per clock compared to Zen 2. As a result, our Ryzen 5000 desktop processors delivered absolute performance leadership across gaming, productivity and creative workloads, and are positioned to drive the biggest shift in the PC landscape since we launched the original Ryzen processor in 2017.

本月初，我們宣布即將推出的 Ryzen 桌上型電腦處理器將率先採用我們最新的 Zen 3 核心。我對我們的 CPU 團隊在 Zen 3 上所取得的成就感到無比自豪。我們顯著增強了核心的幾乎每個方面，與 Zen 2 相比，每個時脈的指令數增加了 19%。因此，我們的 Ryzen 5000 桌上型電腦處理器在遊戲、生產力和創意工作負載方面提供了絕對的效能領先優勢，並有望推動自 2017 年推出第一代 Ryzen 處理器以來 PC 領域的最大轉變。

In Graphics, revenue declined year-over-year and increased sequentially as we prepared to launch our next-generation Radeon GPUs this quarter. Mobile GPU sales grew by a double-digit percentage year-over-year, led by solid demand for our Radeon Pro 5000M -Series, powering Apple's MacBook Pro. We are very excited about our RDNA 2 graphics architecture launching later this week that delivers significant generational increases in both performance and performance per watt. Our next-generation Radeon RX 6000 graphics cards, powered by RDNA 2, are by far the most powerful gaming GPUs we have ever built and will return AMD to the high end of the graphics market.

在圖形方面，由於我們準備在本季推出下一代 Radeon GPU，營收年減，但環比成長。行動 GPU 銷售量較去年同期成長兩位數，主要得益於 Apple MacBook Pro 的 Radeon Pro 5000M 系列的強勁需求。我們對本週稍後推出的 RDNA 2 圖形架構感到非常興奮，該架構在效能和每瓦效能方面均實現了顯著的提升。我們的下一代 Radeon RX 6000 顯示卡採用 RDNA 2 技術，是迄今為止我們打造的最強大的遊戲 GPU，並將使 AMD 重返顯示卡市場的高階。

Data center GPU revenue increased sequentially and year-over-year based on new cloud-based visual computing wins. Our Radeon Instinct accelerators continued gaining momentum in the HPC market. Recently announced wins include Australia's most powerful supercomputer as well as the new LUMI supercomputer in Finland that is expected to deliver over 550 petaflops of peak performance.

由於新的基於雲端的視覺運算的勝利，資料中心 GPU 收入環比和同比增長。我們的 Radeon Instinct 加速器在 HPC 市場持續保持強勁發展勢頭。最近宣布的勝利包括澳洲最強大的超級電腦以及芬蘭的新型 LUMI 超級計算機，預計其峰值性能將超過 550 petaflops。

Turning to our Enterprise, Embedded and Semi-custom segment. Revenue of $1.13 billion increased 116% year-over-year, driven by strong growth in both semi-custom and server processor sales. In semi-custom, we ramped production and shipments of our next-generation game console SoCs to support the November launches of the PlayStation 5 and Xbox Series X and Series S consoles. We now expect semi-custom shipments and revenue to increase sequentially in the fourth quarter based on strong demand.

轉向我們的企業、嵌入式和半客製化領域。營收 11.3 億美元，年增 116%，這得益於半客製化和伺服器處理器銷售的強勁成長。在半客製化方面，我們增加了下一代遊戲機 SoC 的產量和出貨量，以支援 11 月推出的 PlayStation 5 和 Xbox Series X 和 Series S 遊戲機。由於需求強勁，我們現在預計第四季半客製化出貨量和營收將季增。

Turning to server. We set a record for quarterly server processor revenue as sales grew a double-digit percentage sequentially and more than doubled year-over-year, driven by growing cloud and enterprise adoption.

轉向伺服器。我們創下了季度伺服器處理器收入的新高，銷售額環比增長了兩位數，同比增長了一倍以上，這得益於雲端運算和企業採用率的不斷提高。

In cloud, the largest hyperscale customers expanded their second-Gen EPYC processor deployments across both their internal infrastructures and publicly available instances. In the third quarter, Microsoft Azure expanded their AMD offerings to 18 regions and 9 availability zones and launched new data analytics services powered by second-Gen EPYC processors that deliver 30% better performance than competitive offerings. Amazon rolled out multiple new high-performance AMD instances, and Google announced general availability of their Cloud confidential virtual machines, powered exclusively by second-Gen EPYC processors.

在雲端，最大的超大規模客戶在其內部基礎架構和公開可用實例中擴展了第二代 EPYC 處理器部署。第三季度，Microsoft Azure 將其 AMD 產品擴展至 18 個區域和 9 個可用區，並推出了由第二代 EPYC 處理器驅動的全新數據分析服務，其效能比競爭產品高出 30%。亞馬遜推出了多款新的高效能 AMD 實例，Google宣布全面推出其雲端機密虛擬機，這些虛擬機完全由第二代 EPYC 處理器提供支援。

Enterprise data center adoption continued to accelerate as well. We added multiple Fortune 1000 customer wins in the quarter across key verticals, including financial services, automotive and EDA, based on the performance and TCO advantages of EPYC processors.

企業資料中心的採用也持續加速。憑藉 EPYC 處理器的性能和 TCO 優勢，我們在本季度贏得了金融服務、汽車和 EDA 等主要垂直領域的多家財富 1000 強客戶。

We are on track to begin volume shipments of our next-generation "Milan" server processors with "Zen 3" to cloud and select HPC customers this quarter. We expect Tier 1 OEM platform availability to follow in the first quarter of 2021.

我們預計本季開始向雲端和部分 HPC 客戶批量出貨搭載「Zen 3」的下一代「Milan」伺服器處理器。我們預計一級 OEM 平台將於 2021 年第一季上市。

Customer interest in "Milan" is very high. We are seeing hyperscale, HPC and OEM customers engage deeper and broader for "Milan" than they did prior to the launch of our second-Gen EPYC processors. We believe we are well positioned for continued share gains based on our expanding cloud engagements, strong supercomputing wins and the more than 100 new or refreshed "Milan" platforms in development.

顧客對「米蘭」的興趣非常高。我們看到超大規模、HPC 和 OEM 客戶對「米蘭」的參與度比我們推出第二代 EPYC 處理器之前更深、更廣泛。我們相信，憑藉我們不斷擴大的雲端運算業務、強勁的超級運算勝利以及正在開發的 100 多個全新或升級的「米蘭」平台，我們已準備好繼續增加市場份額。

In summary, our strong third quarter results and fourth quarter outlook demonstrate the acceleration in our business. We are successfully executing our strategy to drive best-in-class growth based on delivering leading-edge CPUs, GPUs and differentiated solutions for the PC, gaming and data center markets. We feel very confident our next-generation "Zen 3" CPUs, RDNA 2 GPUs and CDNA accelerators can drive further share gains and growth in 2021 and beyond.

總而言之，我們強勁的第三季業績和第四季展望顯示我們的業務正在加速發展。我們正在成功執行我們的策略，透過為 PC、遊戲和資料中心市場提供領先的 CPU、GPU 和差異化解決方案來推動一流的成長。我們非常有信心，我們的下一代「Zen 3」CPU、RDNA 2 GPU 和 CDNA 加速器能夠在 2021 年及以後進一步推動份額成長。

Now let's turn to the transaction. Looking out over the next decade, high-performance computing is increasingly at the center of nearly every major trend shaping the future. Whether in the cloud, at the edge or across the growing number of intelligent end devices, we are seeing increasing demand for high-performance computing, which enables a host of new experiences and services. While our CPUs and GPUs will remain critical engines for those devices in a world where algorithms are always advancing and new standards are continually emerging, we see demand growing for adaptive computing capabilities that can accelerate evolving workloads.

現在讓我們來談談交易。展望未來十年，高效能運算將日益成為幾乎所有塑造未來的主要趨勢的核心。無論是在雲端、邊緣還是在越來越多的智慧終端設備上，我們都看到對高效能運算的需求不斷增長，這帶來了一系列新的體驗和服務。雖然在演算法不斷進步、新標準不斷湧現的世界中，我們的 CPU 和 GPU 仍將是這些設備的關鍵引擎，但我們看到對能夠加速不斷變化的工作負載的自適應運算能力的需求正在增長。

That is why today, I'm excited to outline the next leg in our journey with the strategic acquisition of Xilinx. Together, we will create the industry's high-performance computing leader and the partner of choice for the largest and most important technology companies.

這就是為什麼今天我很高興透過對賽靈思的策略性收購來概述我們旅程的下一個階段。我們將共同打造業界高效能運算的領導者以及最大、最重要的科技公司的首選合作夥伴。

Xilinx is the ideal match for AMD. As the industry's #1 provider of FPGAs in Adaptive SoCs, they are the market leader. Xilinx is successfully executing multi-generation hardware and software road maps to extend that leadership.

Xilinx 是 AMD 的理想合作夥伴。作為業界第一大自適應 SoC FPGA 供應商，他們是市場領導者。 Xilinx 正在成功執行多代硬體和軟體路線圖，以擴大其領先地位。

Xilinx is a technology leader. Beyond their core innovation in FPGAs and associated software design environments, they have industry-leading capabilities in SoC design, SerDes and high-speed I/O, mixed-signal RF, advanced 2.5 and 3D silicon integration and packaging as well as targeted software stacks for key verticals.

Xilinx 是技術領導者。除了在 FPGA 和相關軟體設計環境方面的核心創新之外，他們還在 SoC 設計、SerDes 和高速 I/O、混合訊號 RF、先進的 2.5 和 3D 矽整合和封裝以及針對關鍵垂直領域的目標軟體堆疊方面擁有業界領先的能力。

Xilinx has also built deep strategic partnerships across a diverse set of growing markets. In 5G communications, data center, automotive, industrial, aerospace and defense, Xilinx has established themselves as a strategic technology partner to a broad set of industry leaders.

Xilinx 也與許多不斷成長的市場建立了深厚的策略合作夥伴關係。在 5G 通訊、資料中心、汽車、工業、航空航太和國防領域，賽靈思已成為眾多產業領導者的戰略技術合作夥伴。

Lastly, Xilinx has a very strong business model, characterized by long product life cycles with a best-in-class gross margin profile and significant free cash flow generation.

最後，賽靈思擁有非常強大的商業模式，其特點是產品生命週期長、一流的毛利率和可觀的自由現金流。

As we bring AMD and Xilinx together, there are considerable product, technology, market and financial benefits. AMD will offer the strongest portfolio of high-performance and adaptive computing products in the industry, spanning leadership CPUs, GPUs, FPGAs and Adaptive SoCs. This will enable us to take a leadership position, accelerating a diverse set of emerging workloads from AI to smart networking and software-defined infrastructure.

隨著 AMD 和 Xilinx 的合併，我們將獲得可觀的產品、技術、市場和財務效益。 AMD 將提供業界最強大的高效能和自適應運算產品組合，涵蓋領先的 CPU、GPU、FPGA 和自適應 SoC。這將使我們佔據領導地位，加速從人工智慧到智慧網路和軟體定義基礎設施等各種新興工作負載。

And while our product portfolios are highly complementary, our approach to technology development is actually very similar. Both companies are laser-focused on developing leadership products based on multi-generation architectures, modular SoC designs, leading-edge manufacturing and advanced packaging technologies.

雖然我們的產品組合高度互補，但我們的技術開發方法實際上非常相似。兩家公司都專注於開發基於多代架構、模組化 SoC 設計、尖端製造和先進封裝技術的領先產品。

In manufacturing, we will be able to apply learnings from AMD's early adoption and high-volume production ramp of advanced process nodes across Xilinx's products. In packaging, Xilinx has demonstrated leadership and significant IP in the 2.5D and 3D die stacking technologies that are becoming increasingly important as Moore's Law slows.

在製造方面，我們將能夠將 AMD 早期採用先進製程節點並實現大批量生產的經驗應用於 Xilinx 的產品。在封裝領域，賽靈思已展現出在 2.5D 和 3D 晶片堆疊技術方面的領導地位和重要的 IP，隨著摩爾定律的放緩，這些技術變得越來越重要。

Looking beyond hardware, we see opportunities to combine our open-source software offerings into a unified stack optimized to accelerate computing at the platform and the system level. By combining our efforts, we bring together two world-class engineering teams with the technology capability and scale to build even stronger products and solutions.

除了硬體之外，我們還看到了將我們的開源軟體產品組合成統一堆疊的機會，該堆疊經過最佳化，可以加速平台和系統層級的運算。透過共同努力，我們匯集了兩個世界一流的工程團隊，他們擁有技術能力和規模，可以打造更強大的產品和解決方案。

From a market perspective, we will cover the most important markets and customers in the world. We will have a combined TAM of $110 billion, building on AMD's $80 billion TAM with an additional $30 billion of very attractive Xilinx TAM. As we look at growth drivers in the 3- to 5-year time frame, we see significant revenue synergy opportunities that can build on AMD's strong organic growth.

從市場角度來看，我們將涵蓋全球最重要的市場和客戶。我們的總 TAM 將達到 1100 億美元，在 AMD 800 億美元 TAM 的基礎上，再加上極具吸引力的 Xilinx 300 億美元的 TAM。當我們展望 3 至 5 年內的成長動力時，我們發現，在 AMD 強勁的有機成長基礎上，存在著巨大的收入協同機會。

In the data center, our EPYC processors have a strong foundation with the largest hyperscale cloud providers. We're also gaining significant momentum with enterprise customers and playing a leading role in supercomputing where our products are powering the world's most powerful exascale computers. Xilinx has also invested significantly in the data center with leadership in networking, computing and storage technologies, notably with significant SmartNIC wins with global hyperscalers. Together, we will be a stronger strategic force powering the next-generation data center.

在資料中心，我們的 EPYC 處理器與最大的超大規模雲端供應商有著堅實的基礎。我們在企業客戶方面也取得了顯著進展，並在超級運算領域發揮主導作用，我們的產品為世界上最強大的百億億次電腦提供動力。 Xilinx 在資料中心方面也投入了大量資金，在網路、運算和儲存技術領域處於領先地位，尤其是在 SmartNIC 方面獲得了全球超大規模廠商的青睞。我們將共同成為推動下一代資料中心發展的更強大的策略力量。

To drive longer-term adoption of our processors in the telecom, edge, industrial and networking markets where we have a nascent presence today, we can offer solutions that combine our CPU and GPU compute engines with Xilinx's flexible accelerators, SmartNIC products, software stacks and domain expertise to unlock additional levels of performance on critical workloads. In telecom, for instance, where Xilinx has solutions capabilities and relationships with industry leaders, including Samsung and Ericsson, we will now have an accelerated path to market to better address the largely untapped $5 billion market opportunity for our EPYC processors.

為了推動我們的處理器在目前剛起步的電信、邊緣、工業和網路市場中的長期應用，我們可以提供將我們的 CPU 和 GPU 運算引擎與 Xilinx 的靈活加速器、SmartNIC 產品、軟體堆疊和領域專業知識相結合的解決方案，以在關鍵工作負載上釋放額外的效能等級。例如，在電信領域，賽靈思擁有解決方案能力，並與三星和愛立信等行業領導者建立了合作關係，我們現在可以加速進入市場，以更好地抓住我們的 EPYC 處理器尚未開發的 50 億美元市場機會。

Financially, the acquisition diversifies our revenue streams and is expected to be immediately accretive to margins, EPS and free cash flow generation, all while delivering industry-leading growth.

從財務角度來看，此次收購使我們的收入來源多樣化，預計將立即增加利潤率、每股盈餘和自由現金流，同時實現業界領先的成長。

Finally, I would like to talk about culture. For the last several years, AMD has collaborated with Xilinx as a close partner, and I've had the chance to get to know Victor and his leadership team. I can unequivocally say that the Xilinx team is one of the best in the industry, and I'm thrilled to welcome them to the AMD family. Both AMD and Xilinx share a common culture focused on innovation, execution and collaborating deeply with customers.

最後我想談談文化。過去幾年來，AMD 一直與 Xilinx 保持密切合作，我有機會認識 Victor 和他的領導團隊。我可以毫不含糊地說，Xilinx 團隊是業界最優秀的團隊之一，我很高興歡迎他們加入 AMD 大家庭。 AMD 和 Xilinx 都擁有共同的文化，專注於創新、執行和與客戶深入合作。

From a leadership standpoint, Victor and I have a shared vision of where we can take high-performance and adaptive computing in the future. And I'm extremely happy that he will be joining AMD as President, responsible for the Xilinx business and strategic growth initiatives after the deal closes.

從領導的角度來看，Victor 和我對未來高效能和自適應運算的發展方向有著共同的願景。我非常高興他將加入 AMD 擔任總裁，負責交易完成後賽靈思的業務和策略成長計畫。

Now I'd like to turn the call over to Devinder to provide some additional color on our third quarter performance and some specific financial details of the acquisition. Devinder?

現在我想將電話轉給 Devinder，讓他進一步介紹我們的第三季業績以及收購的一些具體財務細節。德文德？

Thank you, Lisa.

謝謝你，麗莎。

Let me start first with our third quarter results. Third quarter revenue was $2.8 billion, up 56% from a year ago, driven by very strong Ryzen and EPYC processor sales and the ramp of our new semi-custom SoCs. Gross margin was 44%, up 1 percentage point from a year ago, driven by server and client processor sales. Operating expenses were $706 million compared to $539 million a year ago, driven by increases in R&D and marketing as we accelerated investments in the business to drive future market growth and higher variable compensation-related expense. Operating income more than doubled year-over-year to $525 million, up $285 million or 119% from a year ago, driven primarily by significantly higher revenue. Net income was $501 million, up $282 million or 129% from a year ago, and diluted earnings per share was $0.41 per share, more than double the $0.18 per share a year ago.

首先讓我介紹一下我們第三季的業績。第三季營收為 28 億美元，比去年同期成長 56%，這得益於 Ryzen 和 EPYC 處理器的強勁銷售以及我們新的半客製化 SoC 的成長。毛利率為 44%，比去年同期上升 1 個百分點，這得益於伺服器和客戶端處理器的銷售。營運費用為 7.06 億美元，而去年同期為 5.39 億美元，這得益於我們加快業務投資以推動未來市場成長以及更高的浮動薪酬相關費用，導致研發和行銷費用增加。營業收入年增一倍以上，達到 5.25 億美元，比去年同期增加 2.85 億美元，增幅為 119%，主要得益於收入大幅增加。淨收入為 5.01 億美元，比去年同期增長 2.82 億美元，即 129%，每股攤薄收益為 0.41 美元，比去年同期的 0.18 美元增長一倍多。

Turning to the balance sheet. Cash, cash equivalents and short-term investments totaled $1.8 billion. We reduced principal debt by $365 million in the quarter, including $200 million of our revolving line of credit and $165 million of convertible senior notes. Conversion of the senior notes resulted in a $38 million non-cash GAAP charge and the issuance of 20 million shares with no impact to diluted share count. Total principal debt outstanding was $398 million at the end of the quarter. Free cash flow was $265 million. In addition, our senior unsecured credit rating was raised to investment-grade by Moody's Investors Service in the third quarter, reflecting our strong financial results and outlook.

轉向資產負債表。現金、現金等價物及短期投資總額為18億美元。本季度，我們減少了 3.65 億美元的本金債務，其中包括 2 億美元的循環信用額度和 1.65 億美元的可轉換優先票據。優先票據轉換產生了 3,800 萬美元的非現金 GAAP 費用，並發行了 2,000 萬股股票，但對稀釋股數沒有影響。截至本季末，未償還本金債務總額為 3.98 億美元。自由現金流為2.65億美元。此外，穆迪投資者服務公司在第三季將我們的高級無抵押信用評級上調至投資級，反映了我們強勁的財務業績和前景。

Let me turn to the fourth quarter guidance. Today's outlook is based on current expectations. We expect revenue to be approximately $3 billion, plus or minus $100 million, an increase of approximately 41% year-over-year and 7% sequentially. In addition, for Q4 2020, we expect non-GAAP gross margin to be approximately 45%; non-GAAP operating expenses to be approximately $750 million; non-GAAP interest expense, taxes and other to be approximately $30 million; and the diluted share count in the fourth quarter is expected to be approximately 1.23 billion shares.

讓我來談談第四季的指導。今天的展望是基於當前的預期。我們預計營收約 30 億美元，上下浮動 1 億美元，年增約 41%，季增 7%。此外，對於 2020 年第四季度，我們預計非 GAAP 毛利率約為 45%；非公認會計準則營運費用約為 7.5 億美元；非公認會計準則利息支出、稅金及其他約為 3,000 萬美元；預計第四季度稀釋股數約為12.3億股。

For the full year 2020, we now expect higher year-over-year revenue growth of approximately 41%, driven by the strength of our PC, gaming and data center products. We continue to expect gross margin of approximately 45% for the full year, up 1 percentage point from the prior year.

對於 2020 年全年，我們預計營收年增約 41%，這得益於我們 PC、遊戲和資料中心產品的強勁表現。我們繼續預期全年毛利率約45%，較上年上升1個百分點。

Now I'd like to turn to today's announcement. We have signed a definitive agreement to acquire Xilinx in a strategic transaction valued at $35 billion. This is a very compelling transaction from a financial perspective. Xilinx has a strong business model characterized by long product life cycles, best-in-class margins and strong cash flow, all of which are significantly additive to AMD's financial model. The acquisition is expected to be immediately accretive to gross and operating margins, EPS and free cash flow generation, and the combined company is expected to continue to deliver industry-leading growth. In addition, we believe we can achieve approximately $300 million of overall cost savings on an annualized basis within 18 months of closing the transaction. Based on the trailing 12 months, the 2 companies combined would have had revenue of $11.6 billion, gross margin of 51%, operating profit of approximately 21% and generated approximately $1.8 billion of free cash flow.

現在我想談談今天的公告。我們已簽署最終協議，以 350 億美元的策略交易收購賽靈思。從財務角度來看，這是一筆非常引人注目的交易。 Xilinx 擁有強大的商業模式，其特點是產品生命週期長、利潤率一流、現金流強勁，所有這些都對 AMD 的財務模型具有顯著的補充作用。此次收購預計將立即增加毛利率、營業利潤、每股收益和自由現金流，合併後的公司預計將繼續實現領先業界的成長。此外，我們相信，在交易結束後的 18 個月內，我們可以實現每年約 3 億美元的總體成本節約。根據過去 12 個月的數據，兩家公司合併後的收入為 116 億美元，毛利率為 51%，營業利潤約為 21%，並產生了約 18 億美元的自由現金流。

Turning to the capital structure. The balance sheet of the combined company will be very strong with low leverage and an investment-grade profile. On a combined basis, as of the most recent quarter of both companies, the total cash balance is $4.9 billion and the debt is $2.4 billion with a gross leverage of 0.85x.

轉向資本結構。合併後公司的資產負債表將非常強勁，槓桿率較低，且具有投資等級。綜合來看，截至兩家公司最近一個季度，總現金餘額為 49 億美元，債務為 24 億美元，總槓桿率為 0.85 倍。

Now let me cover some details of the transaction structure. At close, Xilinx shareholders will receive 1.7234 shares of AMD for each common share of Xilinx. This represents approximately $143 per share of Xilinx based on AMD's VWAP for the 10 trading day period up to and including October 8. The pro forma ownership would be approximately 74% for AMD shareholders and 26% for Xilinx shareholders.

現在讓我介紹一下交易結構的一些細節。收盤時，賽靈思股東每持有一股賽靈思普通股將獲得 1.7234 股 AMD 股票。根據截至 10 月 8 日的 10 個交易日內 AMD 的 VWAP，這相當於 Xilinx 每股約 143 美元。 AMD 股東的預期所有權約為 74%，Xilinx 股東的預期所有權約為 26%。

We currently expect the acquisition to close by the end of calendar year 2021, subject to required approvals and other customary closing conditions. Until then, the two companies remain separate and will operate independently.

我們目前預計此次收購將於 2021 年底完成，但需獲得必要的批准並滿足其他慣例成交條件。在此之前，兩家公司將保持獨立並獨立運作。

Today is an exciting day for AMD on many fronts. We are very pleased with our market and financial momentum. Our strong lineup of products continues to drive strong revenue growth, margin expansion and improved profitability. Our acquisition of Xilinx is additive to our financial model and is expected to result in meaningful revenue synergy opportunities over the longer term.

今天對 AMD 來說，在許多方面都是令人興奮的一天。我們對我們的市場和財務發展勢頭非常滿意。我們強大的產品陣容持續推動強勁的營收成長、利潤率擴大和獲利能力提高。我們對賽靈思的收購增強了我們的財務模型，預計在長期內帶來有意義的收入協同機會。

Let me now turn it over to Xilinx's CEO, Victor Peng, for some remarks. Victor?

現在，我請 Xilinx 執行長 Victor Peng 發表一些評論。勝利者？

Thanks, Devinder.

謝謝，Devinder。

Let me start by echoing Lisa's enthusiasm about the combination of two premier semiconductor companies and the many opportunities it will create for our customers, our employees and for our shareholders. The exponential growth of unstructured data, the rapid expansion of connected devices and the plethora of data-intensive applications with embedded AI are driving the need for more efficient, high-performance computing solutions. AMD and Xilinx together will accelerate our ability to define this new era of computing by providing the most comprehensive product portfolio and computing solutions.

首先，我要贊同麗莎對兩家頂級半導體公司合併的熱情，以及它將為我們的客戶、員工和股東創造的眾多機會。非結構化資料的急劇增長、連接設備的快速擴張以及嵌入人工智慧的大量資料密集型應用程式正在推動對更高效、高效能運算解決方案的需求。 AMD 和 Xilinx 將共同提供最全面的產品組合和運算解決方案，加速我們定義新運算時代的能力。

Our products will power a wide range of intelligent applications, from the largest data center to the edge and to the smallest endpoint. This expanded product portfolio, together with our industry-leading engineering capabilities and market expertise, will enable our customers to deploy differentiated solutions to market faster.

我們的產品將為各種智慧應用提供支持，從最大的資料中心到邊緣再到最小的端點。擴大的產品組合，加上我們業界領先的工程能力和市場專業知識，將使我們的客戶能夠更快地將差異化解決方案推向市場。

Our companies share the same vision for transforming people's lives through high-performance computing. As Lisa mentioned, we have very similar cultures of innovation, execution excellence and collaboration that make this an exciting new chapter for Xilinx employees. I am excited about the future of the combined company and accelerating our opportunities to grow the business and lead the new era of computing.

我們的公司擁有共同的願景，即透過高效能運算改變人們的生活。正如麗莎所說，我們擁有非常相似的創新、卓越執行和協作文化，這對賽靈思員工來說是一個令人興奮的新篇章。我對合併後公司的未來感到興奮，並期待加速我們發展業務和引領新運算時代的機會。

And on a personal note, this is my second time joining AMD, and to do that with the Xilinx team just couldn't be more thrilling for me. For Xilinx shareholders, this transaction provides a great opportunity for long-term value creation, given the significant diversification benefits they will receive through exposure to a broader and much larger growth business when this transaction closes. So I very much look forward to bringing our great companies together.

就我個人而言，這是我第二次加入 AMD，能夠與 Xilinx 團隊合作對我來說是無比激動的。對於賽靈思股東而言，此交易提供了創造長期價值的絕佳機會，因為交易完成後，他們將透過接觸更廣泛、更大的成長業務獲得顯著的多元化效益。因此，我非常期待將我們偉大的公司合併在一起。

Let me now turn it back to Lisa.

現在讓我把話題轉回給麗莎。

Thanks, Victor. To sum up, we are very pleased with the acceleration of our business in the third quarter. We are on track to deliver significant annual revenue growth this year and have never been more confident in our trajectory. Our strategic acquisition of Xilinx is compelling for all stakeholders with significant value creation for AMD and Xilinx shareholders who will benefit from the future growth and upside potential of the combined company.

謝謝，維克多。總而言之，我們對第三季業務的加速感到非常高興。我們預計在今年實現大幅年度收入成長，並對我們的發展軌跡充滿信心。我們對賽靈思的策略性收購對所有利害關係人來說都是具有吸引力，它將為 AMD 和賽靈思的股東創造巨大的價值，他們將受益於合併後公司的未來成長和上行潛力。

We have always been very ambitious in our goals. The acquisition of Xilinx is a natural next step in our journey. Xilinx is an ideal match for AMD, combining a highly complementary set of products, customers and markets with differentiated IP and world-class talent.

我們的目標始終非常遠大。收購 Xilinx 是我們發展歷程中自然而然的下一步。 Xilinx 是 AMD 的理想合作夥伴，它結合了高度互補的產品、客戶和市場、差異化的 IP 和世界一流的人才。

With that, let's go to questions, please. Ruth?

下面，我們來回答問題吧。露絲？

Thank you, Lisa. Kevin, if you could poll the audience for questions, please. (Operator Instructions)

謝謝你，麗莎。凱文，請問您能否向觀眾提問。 （操作員指示）

(Operator Instructions) Our first question today is coming from Matt Ramsay from Cowen.

（操作員指示）我們今天的第一個問題來自 Cowen 的 Matt Ramsay。

I know a lot of folks will probably say congratulations, but, Lisa, Victor, I really mean it from our end. I think a great outcome from all -- everybody's stakeholders.

我知道很多人可能會表示祝賀，但是，麗莎、維克多，我真的是從我們的角度表示祝賀。我認為對於所有利害關係人來說這都是一個偉大的成果。

I guess for my first question, Lisa, on the deal, I noticed in the slides that you guys put together, obviously a pro forma model that combines the companies as of the end of the third quarter. But you also mentioned, as you did at your Analyst Day back in February, a 20% growth CAGR for the business. I wonder if that might apply to the two companies after you put them together post-close, and how confident you are in that growth rate, given that in the recent times, maybe Xilinx growth has been a little bit slower than the core AMD business growth, but obviously there's revenue synergy potential as well. So any comments there would be helpful.

麗莎，我想我的第一個問題是關於這筆交易的，我注意到你們整理的幻燈片顯然是一個截至第三季末合併各公司的備考模型。但您也提到，正如您在二月的分析師日上所做的那樣，業務的複合年增長率為 20%。我想知道在你們將兩家公司合併之後，這是否適用於這兩家公司，以及你們對這一增長率有多大信心，因為最近一段時間，賽靈思的增長可能比核心 AMD 業務的增長慢一點，但顯然也存在收入協同潛力。因此任何評論都會有幫助。

Yes. Absolutely, Matt. Thanks for the question.

是的。絕對如此，馬特。謝謝你的提問。

So first of all, we feel -- we're really excited about today. We feel great about our base business. I think you can see that in the strength of our results in the third quarter and our full year updated guidance. That strategy is playing out very well as we expected, with very strong products driving market momentum.

首先，我們感到——我們對今天感到非常興奮。我們對我們的基礎業務感到非常滿意。我想您可以從我們第三季的業績和全年更新的指引中看到這一點。正如我們預期的那樣，該策略的實施效果非常好，強大的產品推動了市場發展。

Now all -- as we look forward, at our financial Analyst Day, we talked about 20% CAGR as the right target for our company. I think all of that stays on track. We are a high-growth business and we want to remain a high-growth business. I think Xilinx brings a lot of opportunities that are additive to that model when you look at the markets and the capabilities and just the margins and the free cash flow generation. So 20% CAGR is the right target for the combined business.

現在，我們展望未來，在我們的財務分析師日，我們討論了 20% 的複合年增長率作為我們公司的正確目標。我認為所有一切都在按計劃進行。我們是一家高成長企業，我們希望保持高成長。我認為，從市場、能力、利潤率和自由現金流生成來看，賽靈思為該模型帶來了許多附加機會。因此，20% 的複合年增長率是合併後業務的正確目標。

I think we feel very good about the organic growth. And we feel very good about the growth initiatives that Victor has started.

我認為我們對有機成長感到非常滿意。我們對 Victor 發起的成長計畫感到非常滿意。

My question on sort of the results in the core business. You guys put up server revenue sales that more than doubled year-over-year. Your competitor had some -- a rather interesting set of results, some pretty disappointing results, I think, from their enterprise and government segments. And they guided for their combined data-centric business -- I know that's not exactly the same as server, but they guided for that to be down, I think, 25% year-over-year in the fourth quarter. You guys have some momentum. You're going to launch "Milan". And I think you mentioned in the release some progress on the enterprise side as well. But maybe, Lisa, you could back up and give us your context of where the server market is overall right now and how it might mean for your revenue into the fourth quarter?

我的問題是關於核心業務的結果。你們的伺服器銷售收入比去年同期成長了一倍以上。您的競爭對手取得了一些相當有趣的結果，但我認為，從企業和政府部門來看，也有一些相當令人失望的結果。他們對合併後的資料中心業務做出了預測——我知道這與伺服器業務並不完全相同，但他們預測該業務第四季度的營收將同比下降 25%。你們有動力。您將要推出“米蘭”。我認為您在發布中也提到了企業方面的一些進展。但是，麗莎，也許您可以回顧一下並向我們介紹一下目前伺服器市場的整體狀況以及這對您第四季度的收入意味著什麼？

Sure, Matt. So look, the data center business, particularly on the server side, is very important to us. We performed very well here in the third quarter, as you said, double from a year-over-year standpoint, sequential double-digit growth. We see good momentum across the cloud hyperscalers as well as in the enterprise business. We have more platforms that continue to launch here in the third quarter.

當然，馬特。所以，資料中心業務，特別是伺服器端的業務，對我們來說非常重要。正如您所說，我們在第三季的表現非常好，與去年同期相比成長了一倍，連續實現了兩位數的成長。我們看到雲端超大規模以及企業業務都呈現良好的發展動能。我們將在第三季繼續推出更多平台。

As we look forward from a data center environment, I would say that the overall data center environment is actually good. As we go here into the fourth quarter, we are starting to launch "Milan" in terms of shipments to cloud as well as some HPC customers this quarter. OEMs are preparing to launch "Milan" platforms in the first quarter. And I would say it's very much a customer-specific message. Some of our cloud customers are going to continue to ramp "Rome" in the fourth quarter. Several are also preparing for a transition from "Rome" to "Milan". But overall, we believe that the demand environment is good.

當我們展望資料中心環境時，我想說整體資料中心環境實際上是良好的。進入第四季度，我們將開始在本季度向雲端以及一些 HPC 客戶推出「米蘭」出貨量。各大主機廠正準備在第一季推出「米蘭」平台。我想說，這是一條針對特定客戶的訊息。我們的一些雲端客戶將在第四季繼續推廣「羅馬」。一些公司也正在為從「羅馬」到「米蘭」的轉型做準備。但整體而言，我們認為需求環境良好。

And the thing that excites us is "Milan" is just very strong. It's coming in as we expected. "Zen 3", we previewed some of that performance on the desktop side, but we see a strong translation into TCO benefits and performance benefits for our server products. So I mean we look forward to talking about that more as we go through the quarter. But yes, so overall, I think the data center business continues to be very strategic and performs well for us.

讓我們興奮的是「米蘭」非常強大。一切正如我們預期的那樣。 “Zen 3”，我們在桌面端預覽了部分效能，但我們看到其對我們伺服器產品的 TCO 優勢和效能優勢有顯著的轉換。所以我的意思是，我們期待在本季進一步討論這個問題。但是是的，所以總的來說，我認為資料中心業務仍然具有戰略意義並且對我們來說表現良好。

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。

Congratulations on the strong results. I'll actually just focus on the core business.

恭喜您取得如此優異的成績。我實際上只會專注於核心業務。

Lisa, for my first question, you're raising second half sales growth by nearly, I think, about $600 million or so. Could you help us dissect and quantify how much of that is coming from the main areas of PCs and EPYC servers and semi-custom and GPU? I mean this is a significant guide ahead, and I'm curious what created this level of surprise.

麗莎，對於我的第一個問題，我認為您將下半年的銷售額成長提高了近 6 億美元左右。您能否幫助我們分析和量化其中有多少來自 PC、EPYC 伺服器、半客製化和 GPU 等主要領域？我的意思是，這是一個重要的指引，我很好奇是什麼造成了這種程度的驚喜。

Yes. So Vivek, thanks for the question. Our core business is doing very well. I think if you look at some of the components of that, the PC market environment is strong. If you look at all the work from home, school from home trends, I think that has certainly helped this year. On top of that, our Ryzen 4000 Series notebooks are doing very, very well. So we're seeing strong traction in areas that we hadn't been that present before like gaming and commercial. So that's one big element. We are ramping our game consoles here in the second half of the year. Those are very highly anticipated launches that are coming up shortly, and demand for that has been quite strong. And our server business has also performed well.

是的。所以 Vivek，謝謝你的提問。我們的核心業務做得很好。我認為，如果你看其中的一些組成部分，你會發現 PC 市場環境非常強勁。如果你看看所有在家工作、在家上學的趨勢，我認為這在今年肯定有所幫助。最重要的是，我們的 Ryzen 4000 系列筆記型電腦表現非常出色。因此，我們在遊戲和商業等以前從未涉足過的領域看到了強勁的發展勢頭。這是一個重要因素。我們將在今年下半年加大遊戲機的銷售量。這些都是即將推出的備受期待的產品，需求非常強勁。我們的伺服器業務也表現良好。

You'll see us start with the -- you asked about graphics. We'll see gaming graphics here grow sequentially in the fourth quarter as we launch our Radeon 6000 Series.

您會看到我們從您詢問的圖形開始。隨著我們推出 Radeon 6000 系列，我們將看到遊戲圖形在第四季度連續成長。

So we just have a combination of a lot of product momentum, product cycles. I will also say that our supply situation has also improved as our demand environment has gotten stronger. We've worked closely with our suppliers to ensure that we can satisfy as much of that as possible. And so those are all of the elements for the strong second half.

因此，我們只是結合了很多產品動力和產品週期。我還要說的是，隨著需求環境的增強，我們的供應狀況也得到了改善。我們與供應商密切合作，以確保盡可能滿足這些要求。這些都是下半年表現強勁的因素。

Got it. And for my follow-up, Lisa, you're now at the 10-ish percent server share mark of the TAM that you have identified. Does the next 10% get easier or more difficult? You mentioned you're launching "Milan" soon. Your competitor is launching their "Ice Lake". So from the outside, it looks like a like a lot of hand-to-hand combat every quarter in the server business. How do we think about the journey for your server business from here? Again, does the next 10% become more easier or difficult and why?

知道了。接下來我想問一下，麗莎，您現在已經達到了您所確定的 TAM 的 10% 左右的伺服器份額。接下來的 10% 會變得更容易還是更困難？您提到您很快就要推出“米蘭”。您的競爭對手正在推出他們的“Ice Lake”。因此從外部來看，伺服器業務每季都像是一場激烈的肉搏戰。我們如何看待您伺服器業務的未來發展？再說，接下來的 10% 會變得更容易還是更困難？為什麼？

Well, I would say it this way, Vivek. I think we have made a tremendous amount of progress in the server business. I think the -- if you look at the leadership performance and TCO that we have with "Rome", we've seen broad adoption across cloud as well as enterprise, and we've done very, very well in HPC. We think that "Milan" is even better. And our mantra to our customers has been strong road map, you can count on us, we will be there when you need us. I think the traction from "Milan" is stronger than for "Rome". I think we continue to work hard with our customers to ramp as fast as possible. But you'll see a broader cloud adoption. I think you'll see faster cloud adoption. And I think you'll see broader enterprise platforms, especially with "Zen 3". We talked about some of the single-threaded performance improvements that really round out the server portfolio. So I think we're very focused on the data center, and we'll continue to be that as a combined company as well.

好吧，我想這樣說，維韋克。我認為我們在伺服器業務方面取得了巨大的進步。我認為——如果你看看我們在「羅馬」方面的領導表現和整體擁有成本，我們已經看到它在雲端和企業中得到廣泛採用，而且我們在 HPC 方面做得非常非常好。我們認為“米蘭”甚至更好。我們向客戶傳達的口號是：強大的路線圖，您可以信賴我們，當您需要我們時，我們會在您身邊。我認為「米蘭」的吸引力比「羅馬」更強。我認為我們將繼續與客戶一起努力，以盡快實現成長。但你會看到雲端運算的採用範圍更加廣泛。我認為你會看到雲端運算的採用速度更快。我認為你會看到更廣泛的企業平台，尤其是「Zen 3」。我們討論了一些真正完善伺服器產品組合的單線程效能改進。所以我認為我們非常關注資料中心，合併後的公司我們也會繼續關注資料中心。

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。

Congrats to both teams. Lisa, as a follow-up to the first question, I wanted to get your view on some of the markets within Xilinx. You mentioned in response to the first question that you're comfortable with the 20% growth rate for the combined business. We've heard from Victor and his team over the past couple of years in terms of how they're thinking about their opportunity set in 5G, data center and the core businesses. But how are you thinking about sort of the 3- to 5-year CAGR for data center, comms and some of the core markets? Then I've got a follow-up.

祝賀兩支球隊。 Lisa，作為第一個問題的後續，我想了解您對 Xilinx 內部一些市場的看法。您在回答第一個問題時提到，您對合併後業務 20% 的成長率感到滿意。過去幾年，我們聽取了 Victor 和他的團隊關於他們如何看待 5G、資料中心和核心業務領域的機會的看法。但是您如何看待資料中心、通訊和一些核心市場的 3 到 5 年複合年增長率？然後我有一個後續行動。

Yes. Sure, Toshiya. Thanks for the question. So clearly, when we look at our core business or the AMD core business, I think we feel very good about the growth in our core markets across PC, gaming and data center. I think the product portfolio is very strong.

是的。當然，東也。謝謝你的提問。因此，很明顯，當我們審視我們的核心業務或 AMD 核心業務時，我認為我們對 PC、遊戲和資料中心等核心市場的成長感到非常滿意。我認為產品組合非常強大。

As we add Xilinx to the portfolio, I think we are -- we've both chosen data center as our strategic focus. I think the investments that Victor and the Xilinx team have made are very strategic investments in the data center. For us, we have the CPU and GPU strength. Xilinx brings the accelerator capability and very strategic SmartNIC technology. I think that's a strong growth vector for the combined company. I think the broader markets in communications, in automotive, in industrial and aerospace and defense, those are all very attractive markets that can use CPUs and GPUs. And so I think the market presence that Xilinx has and the leadership in those markets also help -- sort of have the ability to bring some of the base AMD technology in there.

當我們將 Xilinx 添加到產品組合中時，我認為我們都選擇資料中心作為我們的策略重點。我認為 Victor 和 Xilinx 團隊對資料中心的投資是非常具有戰略意義的投資。對我們來說，我們擁有 CPU 和 GPU 實力。 Xilinx 帶來了加速器功能和非常具有戰略意義的 SmartNIC 技術。我認為這對於合併後的公司來說是一個強勁的成長動力。我認為通訊、汽車、工業、航空航太和國防等更廣泛的市場都是可以使用 CPU 和 GPU 的非常有吸引力的市場。因此，我認為 Xilinx 的市場佔有率和在這些市場的領導地位也有幫助——有能力將一些基礎 AMD 技術引入其中。

So I think, together, there are a lot of opportunities. I want to be clear, though, first and foremost, both businesses are executing very well, and Victor and I intend to keep it that way. So I think the base growth profiles of both businesses are very strong. And then we do see significant revenue synergy opportunities as we look out into the 3- to 5-year time frame as we bring these portfolios together.

所以我認為，如果雙方共同努力，就會有很多機會。不過，我想先明確一點，兩家公司的經營狀況都非常好，維克多和我打算保持這種狀態。因此我認為這兩家企業的基本成長前景都非常強勁。當我們將這些投資組合整合在一起時，展望 3 至 5 年的時間框架，我們確實看到了顯著的收入協同機會。

Great. And then as a quick follow-up just on market share trends in both the client business and the server CPU business, based on what you're guiding to for Q4 and based on what your competitor is guiding to, where do you feel like -- where do you see you guys -- yourselves landing from a market share perspective in both the client business and the server business exiting this year? And more importantly, based on the design wins that you've already secured, where do you see yourselves kind of in the middle part of '21 or exiting '21?

偉大的。然後，作為對客戶端業務和伺服器 CPU 業務的市場份額趨勢的快速跟進，根據您對第四季度的指導以及您的競爭對手的指導，您覺得 - 您認為您今年在客戶端業務和伺服器業務的市場份額角度會達到什麼水平？更重要的是，根據您已經獲得的設計成果，您認為自己在 21 世紀中期或 21 世紀末處於什麼位置？

Well, what I would say is, based on our performance in the third quarter and our view for the second half of the year, we do believe we'll gain share in both markets. And I think I've always said, this is a journey. So the key for us is to continue to execute very well. I think the customer momentum is definitely there and sort of our goal is to continue to delight our customers and execute well. So I do think we're making progress on that journey for share gain, and we'll continue to do that.

嗯，我想說的是，根據我們第三季的表現和對下半年的展望，我們確實相信我們將在兩個市場中獲得份額。我想我一直說，這是一段旅程。因此，對我們來說，關鍵是繼續出色地執行。我認為客戶動力肯定存在，我們的目標是繼續讓客戶滿意並執行良好。因此，我確實認為我們在增加市場份額的道路上取得了進展，而且我們會繼續這樣做。

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。

For my company question or business question, in Q4, you're up 41% year-over-year with the guidance. Do you think you can keep that kind of magnitude of growth into the first half of next year, especially as the PC market maybe comes under more pressure just given the potential pull forward from the work from home dynamics? How should we be thinking about that trajectory?

對於我的公司問題或業務問題，在第四季度，您的業績年增了 41%，符合預期。您認為這種成長幅度能否延續到明年上半年，尤其是在個人電腦市場可能因在家工作的推動而面臨更大壓力的情況下？我們該如何思考這一軌跡？

So look, I think there's no question, it's a very strong demand environment for us right now. As we look into the first half of the year, it's a little bit early to be specific about 2021, but what I will say is that we believe there is some market phenomena here, but there's also very AMD-specific product gains that we're seeing.

所以，我認為毫無疑問，目前對我們來說是一個非常強大的需求環境。當我們展望今年上半年時，現在具體談論 2021 年還為時過早，但我想說的是，我們相信這裡存在一些市場現象，但我們也看到了 AMD 特有的產品增長。

I think our notebook portfolio has never been better. And if I look at the strength of the new platforms that are coming up and what we see into 2021, I think we're really excited about that. Our desktop products with our recent launch of Ryzen 5000 is very strong. This is the first year of the console cycle. So the console cycle is a little bit different in the first year. I think you will see some very strong demand there. And then we're right in the middle of launching "Milan" and "EPYC".

我認為我們的筆記型電腦產品組合從未如此出色。如果我看看即將出現的新平台的實力以及我們對 2021 年的展望，我認為我們對此感到非常興奮。我們最近推出的 Ryzen 5000 桌面產品非常強大。這是遊戲機週期的第一年。因此，第一年的控制台週期有些不同。我認為你會看到那裡有非常強烈的需求。我們正處於推出“Milan”和“EPYC”的過程中。

So I think we feel good about the growth prospects into 2021. We'll get into a little bit more of the quarterly dynamics as we finish out this year. But I think there is market, and then there is just what our product portfolio is doing right now.

因此，我認為我們對 2021 年的成長前景充滿信心。在今年年底之際，我們將進一步了解季度動態。但我認為有市場，而且我們的產品組合目前也正在發揮作用。

Got it. That's helpful. For my Xilinx question, so the idea of a CPU company buying an FPGA company, obviously, has been tried before. Your competitor tried this as well. It was not terribly successful to this point. How would you say your vision for what you can do with Xilinx is different maybe from what Intel might have viewed with Altera? And maybe what lessons have you potentially learned from the issues that they've had with that deal?

知道了。這很有幫助。對於我關於 Xilinx 的問題，CPU 公司收購 FPGA 公司的想法顯然之前已經嘗試過。您的競爭對手也嘗試過這麼做。到目前為止，它還沒有取得太大的成功。您認為您對 Xilinx 的看法與英特爾對 Altera 的看法有何不同？也許您從他們在這筆交易中遇到的問題中學到了什麼？

Yes. Absolutely, Stacy. I'll make a few comments, and then I'm sure Victor will have a few comments.

是的。當然，史黛西。我會發表一些評論，然後我相信維克多也會發表一些評論。

Look, we've been thinking about this for some time. And I think it's actually a very different situation. Xilinx is the market leader. I mean, if you look at how their business has grown over the last few years, their market share has continued to grow. I think both companies are executing really well.

瞧，我們已經考慮這個問題有一段時間了。我認為這實際上是一個截然不同的情況。 Xilinx 是市場領導者。我的意思是，如果你看看他們的業務在過去幾年是如何成長的，他們的市佔率一直在持續成長。我認為兩家公司的業績都非常好。

So you ask why now? I mean why now is actually -- we feel very good about our base businesses. I think the -- people look at our businesses and say they're complementary, and they are very complementary from a product and market standpoint, but we have sort of important intersections around the data center focus and then also around the technology sort of strategy, right?

那你現在問為什麼？我的意思是，為什麼現在實際上是——我們對我們的基礎業務感覺非常好。我認為——人們看著我們的業務並說它們是互補的，從產品和市場的角度來看，它們是非常互補的，但我們在數據中心重點以及技術戰略方面有重要的交集，對嗎？

I mean we're both leading-edge technology users. We both are partnered with TSMC. We both have really leaned into this modular design environment and Xilinx is a leader in some of that -- some of the 2.5D, 3D integration. We're both invested in software and open source. So there are a lot of synergies that are sort of under the covers that we see, and we see very strongly, and I think you will see as the road maps execute.

我的意思是我們都是尖端科技的使用者。我們都與台積電有合作關係。我們都真正傾向於這種模組化設計環境，而 Xilinx 在某些方面處於領先地位——例如一些 2.5D、3D 整合領域。我們都對軟體和開源進行了投資。因此，我們看到了許多潛在的協同效應，我們看得非常清楚，我認為隨著路線圖的執行，你們也會看到。

And then the last point I'll mention is I think our cultures are very, very aligned. And we're both -- Victor and I are both engineers at heart. We love the technology. We have a common vision. I'm really, really happy that he's joining me on this journey. I think we have a bold vision of what we think we can do for the industry and for our joint companies. And I think that's what we see as what's different.

我要提到的最後一點是，我認為我們的文化非常非常一致。我們兩個——維克多和我本質上都是工程師。我們熱愛這項技術。我們有一個共同的願景。我真的非常高興他能和我一起踏上這段旅程。我認為，我們對於我們能為產業和我們的合資公司做些什麼有著大膽的願景。我想這就是我們所看到的不同之處。

And as you know, Stacy, I mean, I haven't been big on M&A. We're not doing M&A for M&A's sake. I mean this is such a unique opportunity. There actually is no better match in the industry for us than Xilinx.

史泰西，你知道，我不太熱衷併購。我們並不是為了併購而進行併購。我的意思是這是一個非常獨特的機會。實際上，在業界沒有比賽靈思更適合我們的公司了。

So Victor, do you want to add some comments?

那麼 Victor，你想添加一些評論嗎？

Yes. I think you put it very well, Lisa. I think this is completely different than that transaction. And I guess I'll just lean into the fact that, as Lisa said, we have very common vision for the transformations that are happening, not only in the data center, but I would say at the edge and even endpoint applications. And I'm super excited about joining back with AMD and with the Xilinx team. And I think we really do have very similar cultures, very focused on innovating, very focused on execution and strong teamwork culture for both within the company and also with customers. And I think this is what it's all about. We're going to create tremendous value for customers. And I'm really excited to bring some of the underlying technologies that Lisa talked about to the floor, and you'll see that over time. So -- and personally, I'm all in. So we'll make sure that we integrate well.

是的。我認為你說得很好，麗莎。我認為這與那筆交易完全不同。我想我只是傾向於這樣一個事實，正如麗莎所說，我們對正在發生的轉變有著非常共同的願景，不僅在數據中心，而且我想說在邊緣甚至端點應用程式。我非常高興能夠再次加入 AMD 和 Xilinx 團隊。我認為我們確實擁有非常相似的文化，非常注重創新，非常注重執行，並且無論在公司內部還是與客戶之間都擁有強大的團隊合作文化。我想這就是事情的全部意義。我們將為客戶創造巨大的價值。我很高興能將麗莎談到的一些底層技術帶到現場，隨著時間的推移，您會看到這一點。所以 — — 就我個人而言，我全力支持。所以我們會確保我們能夠很好地融合。

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

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

Congratulations on the announcement. I guess, I would like to pick up on Victor's point about computing at the edge. It seems like there's a lot of talk at edge computing. It seems like base stations are a logical place for that to happen, especially as 5G is deployed. And as you think about delivering a joint solution, a joint AMD-Xilinx solution, does the architecture of the compute platform at the edge, is it different from -- does it differ from the kind of what we think about today as the core data center? And is the value proposition for AMD and Xilinx together, is it particularly advantaged or unique from the other solutions, other kind of architectural solutions that have been proposed out there? That's the first question. I have a follow-up, too.

祝賀這一消息的公佈。我想，我想談談 Victor 關於邊緣運算的觀點。似乎有很多關於邊緣運算的討論。基地台似乎是實現這一目標的合理場所，尤其是在部署 5G 的情況下。當您考慮提供聯合解決方案、聯合 AMD-Xilinx 解決方案時，邊緣運算平台的架構是否與我們今天所認為的核心資料中心有所不同？ AMD 和 Xilinx 的價值主張是否與其他解決方案或其他已提出的架構解決方案相比具有特別的優勢或獨特之處？這是第一個問題。我也有後續行動。

Yes. Sure, Mark. So look, we'll have a very strong portfolio if you look at all of the elements between CPUs, GPUs, the traditional FPGAs as well as the Adaptive SOCs that Xilinx has been investing in. I think that portfolio lends a lot of solution capability when you look at specific workloads.

是的。當然，馬克。所以，如果你看看 CPU、GPU、傳統 FPGA 以及 Xilinx 一直投資的自適應 SOC 之間的所有元素，你會發現我們將擁有一個非常強大的產品組合。我認為，當你查看特定的工作負載時，該產品組合會提供很多解決方案能力。

So on the accelerator side, as you know, we've been investing on the GPUs with Radeon Instinct. And the focus there has been on training and has been on HPC environments. Victor's focus has actually been quite a bit at the edge. I think we share the idea that a common software environment is so important to try to accelerate the usage of those solutions in the market. And so I think we'll have sort of a basket of technology that can be used very well from the infrastructure cloud side to the edge and endpoint.

因此，在加速器方面，如您所知，我們一直在投資 Radeon Instinct 的 GPU。那裡的重點是培訓和 HPC 環境。維克多的注意力其實相當一部分集中在邊緣。我認為我們都認為通用的軟體環境對於加速這些解決方案在市場上的使用非常重要。因此我認為我們將擁有一系列可以從基礎設施雲端到邊緣和端點很好地使用的技術。

I don't know, Victor, if you'd like to add anything there?

我不知道，維克多，你是否想補充一些內容？

Yes, sure. I mean, I think there is a lot that we can leverage from a technology and architecture perspective, but I think some of the differences are, obviously, primarily the workload and also there's more element for needing more real-time kind of responses, low latency. I think the fact that the workloads are different and you want to customize some of those things, that's where I think the combination of AMD and Xilinx is very powerful because we can handle a lot of the customizations and optimizations and fast real-time response. But then for some of the really very heavy compute-intensive things, there's a lot of great technology out of AMD. And putting the 2 together seamlessly also with software really makes that a powerful solution. And I think that's what this is about, comprehensive and powerful solutions, right, tailored to the workloads, whether that's the edge, even endpoints, and of course, in the cloud.

是的，當然。我的意思是，我認為從技術和架構的角度來看，我們可以利用很多東西，但我認為其中一些差異顯然主要是工作量，而且還有更多需要更多即時回應和低延遲的因素。我認為，事實上工作負載是不同的，而且你想要定制其中的一些內容，這就是我認為 AMD 和 Xilinx 的結合非常強大的地方，因為我們可以處理大量的定制和優化以及快速的實時響應。但對於一些真正運算密集的事情，AMD 有許多出色的技術。並且透過軟體將兩者無縫地結合在一起，確實使其成為一個強大的解決方案。我認為這就是它的意義所在，全面而強大的解決方案，針對工作負載量身定制，無論是邊緣、端點，當然還有雲端。

That's very helpful and insightful. The follow-up is, obviously, there's going to be a level of integration with AMD and Xilinx products together. Can you help us understand to what extent is the integration happen on the hardware side in your kind of vision versus the software? Is it FPGAs and CPUs and GPUs integrated on monolithic dies or with the interposers? Or is there -- you have an architecture with a -- you demonstrate a successful architecture with Infinity fabric and you stitch them together that way, and then you have a software layer also that's integrating these things? If you can provide any color on that vision, that would be helpful.

這非常有幫助並且很有見地。顯然，後續舉措是 AMD 和 Xilinx 的產品將實現一定程度的整合。您能否幫助我們理解，按照您的設想，硬體方面的整合與軟體方面的整合在多大程度上實現？它是整合在單晶片上還是與中介層整合的 FPGA、CPU 和 GPU？或者是否存在 - 您有一個具有 - 您展示了一個具有 Infinity 結構的成功架構，並以這種方式將它們縫合在一起，然後您還有一個集成這些東西的軟體層？如果您能對該願景提供任何解釋，那將會很有幫助。

Sure, Mark. Look, I think the days of monolithic integration are probably over. We've been on this chiplet methodology because it's the right thing to do. You get the right compute for the right workloads. The Xilinx team is also very advanced in thinking on this area. I think there will be some, let's call it, opportunities for us to do things on the hardware side, but I view it more as market-specific optimization as we think about what customers need. And then certainly, on the software environment, we are very focused on doubling down on the software environment because that's really the key to accelerate adoption. So lots of opportunities for us to bring the portfolios together, but really, I think the opportunity is at the solution level with customers and the important workloads.

當然，馬克。看，我認為單片整合的時代可能已經結束了。我們一直採用這種小晶片方法，因為這是正確的做法。您可以獲得適合正確工作負載的正確計算。 Xilinx團隊在這個領域的思考也非常先進。我認為我們會有一些機會在硬體方面做一些事情，但我認為這更多的是針對特定市場的最佳化，因為我們會考慮客戶的需求。當然，在軟體環境方面，我們非常注重加倍努力，因為這確實是加速採用的關鍵。因此，我們有很多機會將產品組合整合在一起，但實際上，我認為機會在於與客戶和重要工作負載相關的解決方案層面。

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

我們今天的下一個問題來自摩根士丹利的喬·摩爾。

On the deal, you talked about $300 million in cost savings 18 months out. Can you talk about where that might come from? And what are the priorities in terms of -- I assume you want to keep the sales force intact and things like that. Just how are you going to approach that cost savings?

關於這筆交易，您談到了 18 個月內節省 3 億美元的成本。你能談談這可能從何而來嗎？就優先事項而言，我認為您想保持銷售團隊的完整等等。您究竟打算如何實現成本節約呢？

Yes. Sure, Joe. So the majority of those cost savings are really on just the scale of bringing the two companies together, so if you think about our opportunities on the COGS side as well as some of the public company functions and those kinds of things. Our intent on R&D is we've been growing, and we're going to continue to grow R&D. I think what it will allow us to do is -- actually, there will be some synergy on some things that we're both doing like some of the IPs that are just sort of necessary IPs, but it allows us to invest more in things like AI and software and so on. So we're not counting on any major changes at all to either business from the running of the business. I think the emphasis here is that both companies are executing extremely well, and we're going to continue to keep it that way. And so Victor will continue to run the Xilinx business. And obviously, we have a lot to execute on the AMD side, but these synergies are really more from COGS and just public company type stuff that go on.

是的。當然，喬。因此，大部分成本節省實際上只是在將兩家公司合併的規模上，所以如果你考慮我們在 COGS 方面的機會以及一些上市公司職能和諸如此類的事情。我們對研發的意圖是，我們一直在發展，我們將繼續發展研發。我認為它能讓我們做的是——實際上，我們在做的一些事情上會產生一些協同作用，例如一些必要的 IP，但它使我們能夠在人工智慧和軟體等方面投入更多資金。因此，我們並不指望這兩家公司在業務營運方面有任何重大變化。我認為這裡的重點是兩家公司的執行情況都非常出色，我們將繼續保持這種狀態。因此 Victor 將繼續經營 Xilinx 業務。顯然，我們在 AMD 方面有很多事情要做，但這些協同效應實際上更多的來自於 COGS 和上市公司類型的活動。

Great. And then in terms of the business, can you talk about data center GPU? You mentioned HPC opportunities. Can you give us just a short update on cloud gaming and then the timing of CDNA?

偉大的。那麼就業務而言，您能談談資料中心 GPU 嗎？您提到了 HPC 機會。您能否向我們簡要介紹一下雲端遊戲以及 CDNA 的時間安排？

Yes. So you'll hear more about CDNA later this year, so in the -- here in a couple of -- in a month or two.

是的。因此，您將在今年稍後聽到有關 CDNA 的更多消息，也就是一兩個月內的消息。

As we look at the data center GPU space, I think the cloud opportunities that we have are continuing to ramp I would say, but the large HPC opportunities really come into play in 2021. So we should see a significant ramp in our data center GPU business in 2021 as some of those wins are publicly announced and will ramp next year.

當我們審視資料中心 GPU 領域時，我認為我們擁有的雲端電腦會正在持續成長，但大型 HPC 機會將在 2021 年真正發揮作用。因此，我們應該看到我們的資料中心 GPU 業務在 2021 年顯著成長，因為其中一些勝利已經公開宣布並將在明年成長。

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。

Congratulations, Lisa and Victor, both on the deal and Lisa on the solid results. My first question is just on the core business and gross margins. And I apologize because I've been bouncing around a couple of calls this morning.

恭喜 Lisa 和 Victor 達成交易，並祝賀 Lisa 取得豐厚成果。我的第一個問題是關於核心業務和毛利率。我很抱歉，因為我今天早上一直在接幾通電話。

But Lisa, I'm wondering, how much -- there were some news press in the calendar third quarter that perhaps the ramp on the gaming side had incurred some more costs than originally expected. But I guess, importantly, when you look at gaming as a percent of mix and the fact that Q3 is kind of the first gaming quarter, which just tends to be the lowest gross margin quarter, it strikes me that September should be a gross margin bottom for the overall business. I'm wondering if you could just help me understand if that's a fair comment and how I should think about improvement in gross margin in gaming over time.

但是麗莎，我想知道，第三季有一些新聞報導說，遊戲方面的成長可能比最初預期產生了更多的成本。但我想，重要的是，當你將遊戲視為組合的百分比，並且第三季度是第一個遊戲季度，而這往往是毛利率最低的季度時，我認為 9 月份應該是整體業務毛利率的底部。我想知道您是否可以幫助我理解這是否是一個公平的評論，以及我應該如何看待遊戲毛利率的長期增加。

Yes. Sure, John. So certainly, we ramped heavily the console business here in the third quarter. I think we were right at our margin guidance. As we go sequentially into the fourth quarter, we saw -- we see an increase in margins from 44% to 45%. I think there are a couple of aspects there. So we do have the console business growing sequentially. And so that is a bit margin-decretive. However, we also have our other businesses growing as well that offset that. It is true that the early parts of the console ramp are -- typically, we're working through some ramp issues. I would say the ramp is going quite well, and the demand environment is very strong overall. And we continue to work on satisfying all of the demand.

是的。當然，約翰。因此，我們當然在第三季大力發展遊戲機業務。我認為我們的利潤指導是正確的。隨著我們進入第四季度，我們看到利潤率從 44% 成長到 45%。我認為有幾個面向。因此我們的遊戲機業務確實在持續成長。所以這有點限制利潤。然而，我們的其他業務也在成長，抵消了這一影響。確實，控制台坡道的早期部分——通常，我們正在解決一些坡道問題。我想說的是，成長進展順利，整體需求環境非常強勁。我們將繼續努力滿足所有需求。

That's helpful. And then going back to the deal, the rationale around both the data center and wireless/wireline is fairly straight forward and obvious. I'd love to get your view kind of on the broader industrial and auto buckets that Xilinx plays in today, the distribution channel, which is not necessarily something that you guys deal with in your core business. And specifically, on the auto side, is there incremental silicon opportunity for core AMD on the auto side with Xilinx?

這很有幫助。然後回到交易，資料中心和無線/有線的基本原理相當直接和明顯。我很想聽聽您對 Xilinx 目前涉足的更廣泛的工業和汽車領域的看法，分銷渠道不一定是你們核心業務所處理的。具體來說，在汽車方面，AMD 是否可以透過與 Xilinx 合作在汽車領域獲得核心矽片的增量機會？

Yes. Absolutely, John. So clearly, there's a lot of synergy on the data center and the comm side, as you mentioned, but that core market business, Xilinx's core market business is a beautiful business. I mean if you just look at the product life cycles, the customer diversity and just how those go. So we're very happy with adding that to the portfolio. I think it adds sort of a different rhythm to the rest of our business.

是的。當然，約翰。因此，顯然，正如您所說，資料中心和通訊方面存在著許多協同作用，但核心市場業務，即賽靈思的核心市場業務是一項美好的業務。我的意思是，如果你只看產品生命週期、客戶多樣性以及它們的發展。因此，我們很高興將其添加到投資組合中。我認為它為我們的其他業務增添了一種不同的節奏。

And as I said earlier, we're very cognizant that it's a different business. It will be -- it will continue to run as it runs today. I've had some experience in the embedded business before. So we expect that to continue to be a very important driver of the overall financial model that we're putting together.

正如我之前所說，我們非常清楚這是一項不同的業務。它將——它將像今天一樣繼續運行。我之前有過一些嵌入式業務的經驗。因此，我們預計這將繼續成為我們正在建立的整體財務模型的一個非常重要的驅動力。

And if I could add to that, I definitely see opportunity for AMD's products in the auto business. We do a lot there, but if you look at the amount of computing that's being done in the main controller, central units, there's a lot of need for some very, very powerful computing. And we handle a lot of the sensor fusion or real-time kind of applications. And so I absolutely think that there's opportunity there. And there are certainly things, of course, we've learned through the more than two decades of servicing the auto business that we can have some mutual learnings back and forth and how to go-to-market with that and support those customers.

如果我可以補充這一點的話，我確實看到了 AMD 產品在汽車行業的機會。我們在那裡做了很多工作，但如果你看看主控制器、中央單元中完成的運算量，你會發現非常需要一些非常強大的運算能力。我們處理很多感測器融合或即時類型的應用。所以我絕對認為那裡有機會。當然，透過二十多年的汽車服務，我們確實學到了一些東西，我們可以相互學習，並學習如何進入市場並為這些客戶提供支援。

Yes, absolutely, Victor. That's a great point. I think automotive is a long-term opportunity for us with the technology that we have.

是的，絕對如此，維克多。這是一個很好的觀點。我認為，憑藉我們現有的技術，汽車產業對我們來說是一個長期機會。

Our next question is coming from Hans Mosesmann from Rosenblatt Securities.

我們的下一個問題來自 Rosenblatt Securities 的 Hans Mosesmann。

Congrats guys. Good stuff here. A question on capacity. Lisa, you mentioned that it got better here in the back half of 2020. But as you look at 2021, the 7-nanometer, and I assume 5-nanometer specifically, it was the end, I suppose, how is that capacity looking like? And then I have a follow-up.

恭喜大家。這裡有好東西。關於容量的問題。麗莎，你提到 2020 年下半年情況好轉。但展望 2021 年，7 奈米，特別是 5 奈米，已經走到了盡頭，產能情況如何？然後我有一個後續問題。

Yes. Thanks, Hans. So look, our second half has certainly been very strong, and it was stronger than we originally planned. And so -- and we've worked closely with our suppliers to improve the supply availability. And I would say that even with that, demand still exceeds supply in certain segments.

是的。謝謝，漢斯。所以看，我們的下半年確實非常強勁，而且比我們最初計劃的還要強勁。因此—我們與供應商密切合作，以提高供應可用性。我想說的是，即便如此，某些領域的需求仍然超過供應。

As we go into 2021, I think we are planning for success. And so we're working very closely across the supply chain to ensure that we have enough wafer capacity as well as back end capacity. And we're going to continue to work on that. But certainly, there are areas where we would like the supply to be higher, and we're working on that.

當我們進入 2021 年時，我認為我們正在為成功做準備。因此，我們正在整個供應鏈中密切合作，以確保我們擁有足夠的晶圓產能以及後端產能。我們將繼續為此努力。但當然，我們希望某些地區的供應量更高，我們正在努力實現這一目標。

Okay. And that's for both 7 and 5, just as a general comment, that you're seeing?

好的。這對於 7 和 5 都是如此，只是一般性評論，您看到了嗎？

Yes. Yes, I'm not making a specific technology statement, but other than to say that we believe we will have the ability to support our strong growth objectives.

是的。是的，我沒有發表具體的技術聲明，但除此之外，我們相信我們有能力支持我們強勁的成長目標。

Okay. That's helpful. And then a question on the Xilinx part of this deal. They have, as you know, a very good CUDA-like software compiler platform, Vitis. And I believe that AMD would benefit from that. But how do you see that kind of being woven into AMD? And does AMD have something like that in the works? How would that play out?

好的。這很有幫助。然後是關於這筆交易中 Xilinx 部分的一個問題。如你所知，他們有一個非常好的類似 CUDA 的軟體編譯器平台 Vitis。我相信 AMD 將從中受益。但是您如何看待這種現象與 AMD 的融合呢？ AMD 是否正在開發類似的產品？結果會怎樣？

Yes. No, we've both been investing in the software environment to really make our products easier to use. I agree with you, I think Xilinx has a very strong software platform. We've also been investing in the ROCm platform for our GPUs. And so those will be some of the things that we bring together over time.

是的。不，我們一直在投資軟體環境，以真正使我們的產品更易於使用。我同意你的觀點，我認為 Xilinx 擁有非常強大的軟體平台。我們也一直在為我們的 GPU 投資 ROCm 平台。這些將是我們隨著時間的推移而累積起來的一些東西。

Yes. On that note, I'd just like to point out, many people may not be aware that we've been collaborating on ROCm and some other of the -- HSA in the past and a lot of the other initiatives that AMD has been driving in sort of this open development environment.

是的。關於這一點，我只想指出，很多人可能不知道我們過去一直在 ROCm 和其他一些 HSA 上進行合作，以及 AMD 在這種開放的開發環境中推動的許多其他計劃。

Our final question today is coming from Aaron Rakers from Wells Fargo.

我們今天的最後一個問題來自富國銀行的 Aaron Rakers。

I have one on the business and then one on the acquisition as well. Just real quickly on the business, as we think about the EESC segment for the guide into this current quarter, I'm just curious if you can help us appreciate how you're looking at the semi-custom business relative to the EPYC server business, and what you're necessarily seeing in the competitive landscape right now? And then I have a quick follow-up.

我有一個關於業務的問題，還有一個關於收購的問題。快速回顧一下業務狀況，當我們考慮本季度的 EESC 部分指南時，我很好奇您是否可以幫助我們了解您如何看待相對於 EPYC 伺服器業務的半客製化業務，以及您現在在競爭格局中必然看到什麼？然後我有一個快速的跟進。

Yes. So I think the -- as I mentioned in the prepared remarks, we're seeing a strong semi-custom environment here in the first year. Usually, Q3 is the peak for us in semi-custom. And this year, we'll see sequential growth into Q4 just given the strong demand environment, but I think that's a result of the product space.

是的。所以我認為——正如我在準備好的發言中提到的那樣，我們在第一年就看到了強勁的半客製化環境。通常，Q3 是我們的半客製化巔峰。今年，鑑於強勁的需求環境，我們將看到第四季的連續成長，但我認為這是產品空間的結果。

I think at the -- when you talk about the competitive environment, I think the competitive environment, I mean, it's about the same. I mean, I think, it's always a competitive environment, but our focus has been on our product strategy and working with our customers. So I wouldn't say I've seen a change in the dynamic. I think there's a lot of excitement in our server business around "Milan" and bringing "Milan" to market, even -- ramping that even faster than we ramped "Rome". And so yes, that's where the focus is.

我認為——當你談論競爭環境時，我認為競爭環境，我的意思是，它大致相同。我的意思是，我認為，這始終是一個競爭環境，但我們的重點一直是我們的產品策略和與客戶的合作。所以我不會說我看到了動態的變化。我認為，圍繞著「米蘭」的伺服器業務以及將「米蘭」推向市場引起了很多興奮，甚至比「羅馬」的市場發展速度更快。是的，這就是重點所在。

And then on the acquisition side, I'm just curious of how you see or envision the role of SmartNIC? And how quickly you see the kind of the portfolios combining with regard to the SmartNIC category with regard to the Xilinx and then embedding some of the core AMD compute capabilities along with that SmartNIC? I'm just curious on what you see happening, data center architecture-wise, around that evolution.

然後在收購方面，我只是好奇您如何看待或設想 SmartNIC 的作用？您認為 SmartNIC 類別與 Xilinx 的投資組合結合速度有多快，然後將一些核心 AMD 運算功能嵌入到 SmartNIC 中？我只是好奇，從資料中心架構的角度來看，您看到了圍繞著這一演變發生的情況。

Yes. Look, we -- the SmartNIC, the technology and just the overall acceleration technology in the data center, we think, is very important. I think Xilinx has made significant investments there that's additive to our data center portfolio today. I think both of us have been very engaged in the top hyperscalers, and we will continue to do that. We also see opportunities over time in the enterprise segment as well. So I think the relationships that we have across all the top customers can help accelerate some of that solution development, and that will be a key focus for the combined company.

是的。看，我們認為 SmartNIC 技術以及資料中心的整體加速技術非常重要。我認為賽靈思在那裡進行了大量投資，這對我們今天的資料中心產品組合來說是一個補充。我認為我們兩人都積極參與頂級超大規模企業，我們將繼續這樣做。隨著時間的推移，我們也看到了企業領域的機會。因此，我認為我們與所有頂級客戶建立的關係可以幫助加速部分解決方案的開發，這將是合併後公司的重點。

And if I could add, just maybe getting a little bit deeper on the technology side. AMD has been leading in core density. And with SmartNICs offloading the cores, it improves the overall throughput and TCO for the data center. And again, we also both have very high-speed interconnect leadership. So I think it's really -- that is a good example of delivering a better overall solution for the data center customers.

如果我可以補充的話，也許可以在技術方面進行更深入的探討。 AMD 在核心密度方面一直處於領先地位。透過 SmartNIC 卸載核心，它可以提高資料中心的整體吞吐量和 TCO。而且，我們在高速互連領域也擁有領先地位。所以我認為這真的是——這是為資料中心客戶提供更好的整體解決方案的一個很好的例子。

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

我們的問答環節已經結束。我想再次請大家發表進一步的結論。

Thank you -- yes -- no, I was just going to say so thanks all for joining today. I know we covered a tremendous amount of material across our business and the acquisition. We look forward to -- really look forward to bringing these two companies together. I think it's a very special and unique moment for us, and we look forward to talking more about it as we go forward.

謝謝——是的——不，我只是想說感謝大家今天的參加。我知道我們在業務和收購方面涵蓋了大量的材料。我們期待——非常期待這兩家公司合併。我認為這對我們來說是一個非常特殊和獨特的時刻，我們期待在未來進一步討論這個問題。

Thank you. That does conclude today's teleconference. You may disconnect your lines 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，享受美好的一天。我們感謝您今天的參與。