超微半導體 (AMD) 2020 Q2 法說會逐字稿

Hello, and welcome to the AMD Second Quarter 2020 Conference Call. (Operator Instructions) A question-and-answer session will follow the formal presentation. As a reminder, this conference is being recorded.

您好，歡迎參加 AMD 2020 年第二季度電話會議。 （操作員說明）問答環節將在正式演示之後進行。提醒一下，本次會議正在錄製中。

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

現在，我很高興將電話轉給 AMD 市場營銷、人力資源和投資者關係高級副總裁 Ruth Cotter。科特女士，請繼續。

Thank you, and welcome to AMD's Second Quarter 2020 Financial Results Conference Call.

謝謝，歡迎參加 AMD 2020 年第二季度財務業績電話會議。

By now, you should have had the opportunity to review a copy of our earnings release and slides. If you've not reviewed these documents, they can be found on the Investor Relations page of AMD's website, amd.com.

到目前為止，您應該有機會查看我們的收益發布和幻燈片的副本。如果您尚未查看這些文件，可以在 AMD 網站 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 Senior Vice President, Chief Financial Officer and Treasurer.

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，我們的高級副總裁、首席財務官兼財務主管。

This is a live call and will be replayed via webcast on our website.

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 today, please note that AMD is scheduled to participate in several Wall Street events during the third quarter. On Tuesday, the 1st of September, Mark Papermaster, Chief Technology Officer and Executive Vice President, Technology and Engineering, will participate in the Jefferies Virtual Semiconductor IT Hardware and Communications Infrastructure Summit. On Tuesday, September 15, Forrest Norrod, Senior Vice President and General Manager, Data Center and Embedded Business Solutions Group, will participate virtually in the Deutsche Bank Technology Conference.

在我們今天開始之前，請注意 AMD 計劃在第三季度參加幾場華爾街活動。 9 月 1 日星期二，首席技術官兼技術與工程執行副總裁 Mark Papermaster 將參加 Jefferies Virtual Semiconductor IT 硬件和通信基礎設施峰會。 9 月 15 日星期二，數據中心和嵌入式業務解決方案集團高級副總裁兼總經理 Forrest Norrod 將虛擬參加德意志銀行技術會議。

In addition, our third quarter 2020 quiet time is expected to begin at the close of business on Friday, the 11th of September.

此外，我們 2020 年第三季度的安靜時間預計將從 9 月 11 日星期五營業結束時開始。

Today's discussion contains forward-looking statements based on current beliefs, assumptions and expectations speak only as of 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 our press release for more information on the risks related to any forward-looking statements that we may make.

今天的討論包含基於當前信念、假設和預期的前瞻性陳述，僅代表當前日期，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。有關與我們可能做出的任何前瞻性陳述相關的風險的更多信息，請參閱我們新聞稿中的警示性聲明。

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 measure in today's press release and slides posted on our website, amd.com.

在本次電話會議期間，我們將主要參考非 GAAP 財務指標，參考的非 GAAP 財務指標與今天的新聞稿和我們網站 amd.com 上發布的幻燈片中最直接可比的 GAAP 財務指標相一致。

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.

謝謝你，露絲，今天所有收聽的人下午好。

For the last 5 years, we have built the technical, operational and financial foundation required to drive our long-term growth strategy. We consistently executed on our product road maps, established deep partnerships with an expanded set of customers, ramped multiple products in leading-edge manufacturing technologies and significantly strengthened our balance sheet. Our strong second quarter results and increased full year revenue guidance demonstrate how we are successfully scaling our business through our consistent execution.

在過去的 5 年中，我們建立了推動長期增長戰略所需的技術、運營和財務基礎。我們始終如一地執行我們的產品路線圖，與越來越多的客戶建立了深厚的合作夥伴關係，在領先的製造技術中推出了多種產品，並顯著增強了我們的資產負債表。我們強勁的第二季度業績和增加的全年收入指導證明了我們如何通過一致的執行成功地擴展我們的業務。

Looking at the second quarter, revenue grew 26% year-over-year to $1.93 billion, driven by strong demand for our leadership server and client processors. We accelerated our server and mobile processor businesses significantly in the quarter, resulting in Ryzen and EPYC processor revenue more than doubling year-over-year. Importantly, we met our double-digit server processor market share goal as data center products accounted for more than 20% of our second quarter revenue.

展望第二季度，由於對我們領先的服務器和客戶端處理器的強勁需求，收入同比增長 26% 至 19.3 億美元。我們在本季度顯著加速了我們的服務器和移動處理器業務，使銳龍和 EPYC 處理器收入同比增長了一倍以上。重要的是，我們實現了兩位數的服務器處理器市場份額目標，因為數據中心產品占我們第二季度收入的 20% 以上。

Turning to our Computing and Graphics segment, second quarter revenue increased 45% year-over-year to $1.37 billion as growth in Ryzen processor sales more than offset lower graphic sales. We delivered our highest client processor revenue in more than 12 years. Increased working and schooling from home due to COVID-19 resulted in a strong PC market in the quarter. Although we believe our growth was largely driven by our 11th straight quarter of market share gains.

談到我們的計算和圖形部門，第二季度收入同比增長 45% 至 13.7 億美元，因為 Ryzen 處理器銷售額的增長超過了圖形銷售額的下降。我們實現了 12 年來最高的客戶端處理器收入。由於 COVID-19，在家工作和上學的人數增加，導致本季度 PC 市場表現強勁。儘管我們認為我們的增長主要是由我們連續第 11 個季度的市場份額增長推動的。

Desktop processor sales decreased sequentially as anticipated, while revenue and ASP increased year-over-year as demand for our higher-end Ryzen processors drove a richer mix. In mobile, we had record quarterly notebook processor unit shipments and revenue. Sales of our latest Ryzen 4000 Series processors grew significantly in the quarter, resulting in mobile revenue growing by a strong double-digit percentage sequentially and more than doubling from a year ago as both unit shipments and ASP increased significantly.

台式機處理器銷量如預期一樣環比下降，而收入和 ASP 則同比增長，因為對我們的高端 Ryzen 處理器的需求推動了更豐富的組合。在移動領域，我們的季度筆記本處理器出貨量和收入均創歷史新高。我們最新的 Ryzen 4000 系列處理器的銷售額在本季度顯著增長，導致移動收入環比增長強勁的兩位數百分比，並且由於單位出貨量和 ASP 均顯著增長，比一年前增長了一倍多。

Multiple third-party reviewers have consistently highlighted that our latest notebook processors deliver superior performance and longer battery life compared to the competition. As a result of this strong performance, I'm pleased to report that Ryzen 4000 processor revenue has ramped faster than any mobile processor in our history. There are now 54 Ryzen 4000-powered notebooks in the market.

多位第三方評論家一直強調，與競爭對手相比，我們最新的筆記本處理器提供了卓越的性能和更長的電池壽命。由於這種強勁的性能，我很高興地報告 Ryzen 4000 處理器的收入增長速度比我們歷史上任何移動處理器都快。現在市場上有 54 款搭載 Ryzen 4000 的筆記本電腦。

We expect to continue accelerating our mobile processor business in the second half of the year as HP and Lenovo ramp their first commercial notebooks powered by Ryzen Pro 4000 Series processors and a second wave of more than 30 ultrathin premium and gaming consumer notebooks launch from multiple OEMs.

隨著惠普和聯想推出首款搭載銳龍 Pro 4000 系列處理器的商用筆記本電腦，以及多家 OEM 廠商推出的第二波 30 多款超薄高端和遊戲消費類筆記本電腦，我們預計下半年將繼續加速我們的移動處理器業務.

In Graphics, second quarter revenue declined year-over-year. A strong double-digit increase in mobile GPU sales was more than offset by lower desktop channel sales. While desktop GPU shipments were lower year-over-year, channel sell-out accelerated in the quarter. Mobile GPU revenue growth was driven by adoption of our RD&A GPUs, highlighted by the launches of new Apple Professional and Dell Gaming notebooks featuring our Radeon 5000M Series mobile GPUs. Data center GPU revenue decreased year-over-year.

在圖形方面，第二季度收入同比下降。移動 GPU 銷售的兩位數強勁增長被桌面渠道銷售下降所抵消。雖然桌面 GPU 出貨量同比下降，但本季度渠道銷售加速。移動 GPU 收入增長是由採用我們的 RD&A GPU 推動的，特別是推出採用我們的 Radeon 5000M 系列移動 GPU 的新 Apple Professional 和 Dell Gaming 筆記本電腦。數據中心 GPU 收入同比下降。

We expect revenue to increase in the second half of the year as additional cloud-based visual computing wins ramp and we launch our new CDNA data center GPU architecture optimized for next-generation exascale and machine learning workloads.

我們預計下半年收入將增加，因為更多基於雲的視覺計算獲勝，並且我們推出了針對下一代百億億級和機器學習工作負載優化的新 CDNA 數據中心 GPU 架構。

Turning to our Enterprise, Embedded and Semi-Custom segment, revenue of $565 million decreased 4% year-over-year due to lower semi-custom sales. Sequentially, revenue increased 62%, driven by record quarterly server processor sales and increased semi-custom product revenue. In semi-custom, we passed an important milestone in the second quarter as we began initial production and shipments of our next-generation game console SOCs. We expect strong second half semi-custom growth as we ramp production to support the holiday launches of the new PlayStation 5 and Xbox Series X consoles.

談到我們的企業、嵌入式和半定制部門，由於半定制銷售額下降，收入為 5.65 億美元，同比下降 4%。隨後，在創紀錄的季度服務器處理器銷售和增加的半定制產品收入的推動下，收入增長了 62%。在半定制方面，我們在第二季度通過了一個重要的里程碑，我們開始了下一代遊戲機 SOC 的初始生產和發貨。隨著我們增加產量以支持新的 PlayStation 5 和 Xbox Series X 遊戲機的假期發布，我們預計下半年半定制產品將出現強勁增長。

Turning to Server. Our focus since launching our EPYC processors has been on building a solid foundation to drive long-term growth. Our strategy is grounded in driving broad, high-volume adoption with widespread support from industry-leading cloud and hardware providers. We passed a significant milestone in the quarter as we achieved our double-digit server processor unit share goal based on broad adoption across cloud, enterprise and HPC customers.

轉向服務器。自推出 EPYC（霄龍）處理器以來，我們的重點一直是為推動長期增長奠定堅實的基礎。我們的戰略立足於在行業領先的雲和硬件提供商的廣泛支持下推動廣泛、大量採用。我們在本季度通過了一個重要的里程碑，因為我們實現了基於雲、企業和 HPC 客戶廣泛採用的兩位數服務器處理器單位份額目標。

In cloud, multiple hyperscale customers ramped second-generation EPYC processors into high-volume production in the quarter to power both their internal infrastructure and publicly available instances. Microsoft announced they have added EPYC processors to power their Office Online applications used by more than 200 million monthly users. Tencent upped multiple millions of EPYC processor-powered virtual machines to support enhanced collaboration services. Google announced that EPYC processors were being used exclusively to power their unique confidential computing VMs that encrypt data while it is being processed. And AWS launched global availability of new compute-optimized EPYC-based EC2 instances.

在雲中，多個超大規模客戶在本季度將第二代 EPYC（霄龍）處理器投入大批量生產，為其內部基礎設施和公開可用的實例提供動力。微軟宣布他們已經添加了 EPYC（霄龍）處理器，以支持每月超過 2 億用戶使用的 Office Online 應用程序。騰訊增加了數百萬個由 EPYC（霄龍）處理器驅動的虛擬機，以支持增強的協作服務。谷歌宣布，EPYC（霄龍）處理器專門用於為其獨特的機密計算虛擬機提供動力，這些虛擬機在處理數據時對其進行加密。 AWS 推出了基於 EPYC 的新計算優化 EC2 實例的全球可用性。

In enterprise, we have significantly expanded our TAM as the number of AMD platforms has increased by more than 40% so far this year. Recent additions include Dell and HPE introducing multiple hyperconverged infrastructure solutions; Lenovo launching dual-socket servers for financial, retail and manufacturing; and NVIDIA selecting AMD EPYC processors to power its latest DGX AI platforms. We also secured new HPC wins based on the leadership performance and scalability of second-gen EPYC processors. Public highlights include new wins with leading research institutions, including Indiana University, Purdue and CERN as well as Amazon, IBM, Microsoft and Oracle all announcing cloud-based HPC offerings powered by EPYC processors.

在企業方面，隨著今年迄今為止 AMD 平台的數量增加了 40% 以上，我們顯著擴展了 TAM。最近的新增產品包括戴爾和慧與推出了多種超融合基礎架構解決方案；聯想推出用於金融、零售和製造的雙路服務器； NVIDIA 選擇 AMD EPYC 處理器為其最新的 DGX AI 平台提供動力。我們還憑藉第二代 EPYC 處理器的領先性能和可擴展性贏得了新的 HPC 勝利。公開的亮點包括與領先研究機構的新勝利，包括印第安納大學、普渡大學和 CERN 以及亞馬遜、IBM、微軟和甲骨文，它們都宣布了由 EPYC 處理器提供支持的基於雲的 HPC 產品。

We are pleased with the momentum in our Server business and expect to continue gaining share as additional second-gen EPYC platforms and cloud deployments ramp to volume in the second half of the year. We remain on track to begin shipping our next-generation Milan server processor, featuring Zen 3 late this year.

我們對服務器業務的發展勢頭感到滿意，並預計隨著第二代 EPYC（霄龍）平台和雲部署在下半年的數量增加，我們將繼續獲得份額。我們仍有望在今年晚些時候開始交付我們的下一代米蘭服務器處理器，其中包括 Zen 3。

In closing, I want to thank our employees and partners for the strong execution during this unprecedented time as we continue to focus on delivering on our commitments. While there continues to be some macroeconomic uncertainty and pockets of demand softness, our product portfolio is very strong, and our markets are resilient. We are on track to deliver strong growth in the second half of the year driven by our current product portfolio and initial shipments of our next-generation Zen 3 CPUs and RDNA 2 GPUs that are on track to launch in late 2020.

最後，我要感謝我們的員工和合作夥伴在這個前所未有的時期內的強大執行力，因為我們將繼續專注於兌現我們的承諾。儘管仍然存在一些宏觀經濟不確定性和需求疲軟，但我們的產品組合非常強大，我們的市場具有彈性。在我們目前的產品組合和預計將於 2020 年底推出的下一代 Zen 3 CPU 和 RDNA 2 GPU 的初始出貨量的推動下，我們有望在下半年實現強勁增長。

I am very proud of the progress we have made over the last few years, placing AMD on a long-term growth trajectory. I'm even more excited about the opportunities in front of us as we enter our next phase of growth driven by accelerating our business in multiple markets. We remain focused on consistently gaining share across the $79 billion market for our high-performance products. We are investing significantly and have added resources to further extend our leadership IP and go-to-market capabilities as we pursue our ambitious goal to make AMD a best-in-class growth franchise.

我為我們在過去幾年取得的進步感到非常自豪，這使 AMD 走上了長期增長的軌道。當我們進入下一個增長階段時，我對擺在我們面前的機會感到更加興奮，這將加速我們在多個市場的業務。我們仍然專注於在價值 790 億美元的高性能產品市場中不斷獲得份額。我們正在大力投資並增加資源，以進一步擴展我們的領先 IP 和進入市場的能力，因為我們追求我們雄心勃勃的目標，使 AMD 成為一流的增長特許經營權。

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

現在我想把電話轉給 Devinder，為我們的第二季度財務業績提供一些額外的色彩。德溫德？

Thank you, Lisa, and good afternoon, everyone.

謝謝你，麗莎，大家下午好。

We executed the second quarter very well. Amidst the COVID-19 backdrop, we delivered strong financial results, introduced industry-leading products and gain CPU market share. The second quarter results and increased full year revenue guidance highlight our ability to consistently deliver on our commitments as we continue to drive long-term financial growth.

我們在第二季度執行得非常好。在 COVID-19 的背景下，我們實現了強勁的財務業績，推出了行業領先的產品並獲得了 CPU 市場份額。第二季度業績和增加的全年收入指引凸顯了我們在繼續推動長期財務增長的同時始終如一地兌現承諾的能力。

Second quarter revenue was $1.93 billion, up 26% from a year ago and 8% from the prior quarter. Year-over-year growth was driven by strong Ryzen and EPYC processor sales. Gross margin was 44%, up 330 basis points from a year ago driven by client and server processor sales. Operating expenses were $617 million compared to $512 million a year ago, primarily due to ongoing investments in the business. Operating income more than doubled year-over-year to $233 million, up $122 million from a year ago, driven primarily by revenue growth. Operating margin increased to 12% as compared to 7% a year ago. Net income was $216 million, up $124 million from a year ago, and diluted earnings per share were $0.18 per share compared to $0.08 per share a year ago.

第二季度收入為 19.3 億美元，同比增長 26%，環比增長 8%。強勁的銳龍和 EPYC 處理器銷售推動了同比增長。在客戶端和服務器處理器銷售的推動下，毛利率為 44%，比一年前增加了 330 個基點。運營費用為 6.17 億美元，而一年前為 5.12 億美元，主要是由於對該業務的持續投資。營業收入同比增長一倍以上，達到 2.33 億美元，比去年同期增加 1.22 億美元，主要受收入增長的推動。營業利潤率從一年前的 7% 增加到 12%。淨收入為 2.16 億美元，比一年前增加了 1.24 億美元，攤薄後每股收益為 0.18 美元，而一年前為每股 0.08 美元。

Now turning to the business segment results. Computing and Graphics segment revenue was $1.37 billion, up 45% year-over-year, driven by significant growth in Ryzen process sales. Computing and Graphics segment operating income was $200 million or 15% of revenue compared to $22 million or 2% of revenue a year ago. Enterprise Embedded and semi-custom segment revenue was $565 million, down 4% year-over-year due to lower semi-custom sales, which were largely offset by higher EPYC processor sales. EESC segment operating income was $33 million or 6% of revenue compared to an operating income of $89 million a year ago.

現在轉向業務部門的結果。計算和圖形部門收入為 13.7 億美元，同比增長 45%，這得益於銳龍工藝銷售額的顯著增長。計算和圖形部門的營業收入為 2 億美元，佔收入的 15%，而一年前為 2200 萬美元，佔收入的 2%。企業嵌入式和半定制部門收入為 5.65 億美元，同比下降 4%，原因是半定制銷售額下降，這在很大程度上被 EPYC 處理器銷售額增加所抵消。 EESC 部門的營業收入為 3300 萬美元，佔收入的 6%，而一年前的營業收入為 8900 萬美元。

Turning to the balance sheet. Cash and cash equivalents totaled $1.8 billion, including $200 million from our revolving line of credit, which was fully repaid in the third quarter. Inventory was $1.3 billion, up 25% from the prior quarter in anticipation of the revenue ramp in the second half of 2020 and new product launches. Free cash flow was $152 million in the second quarter. I am very pleased with our cash performance in the quarter, which resulted in the first quarter of the year -- or the first half of the year being free cash flow positive.

轉向資產負債表。現金和現金等價物總計 18 億美元，其中 2 億美元來自我們的循環信貸額度，已在第三季度全額償還。庫存為 13 億美元，比上一季度增長 25%，原因是預計 2020 年下半年的收入增長和新產品的推出。第二季度的自由現金流為 1.52 億美元。我對我們在本季度的現金表現感到非常滿意，這導致今年第一季度 - 或今年上半年自由現金流為正。

Let me now turn to the outlook for the third quarter of 2020. Today's outlook is based on current expectations and contemplates the current COVID-19 environment, global economic backdrop and customer demand signals. We expect revenue to be approximately $2.55 billion, plus or minus $100 million, an increase of approximately 42% year-over-year and approximately 32% sequentially. The year-over-year and sequential increases are expected to be driven by higher Ryzen and EPYC processor sales and next-generation semi-custom products. In addition, for Q3 2020, we expect non-GAAP gross margin to be approximately 44%, non-GAAP operating expenses to be approximately $660 million, non-GAAP interest expense, taxes and other to be approximately $25 million and the diluted share count in the third quarter is expected to be approximately 1.23 billion shares.

現在讓我談談 2020 年第三季度的展望。今天的展望基於當前的預期，並考慮了當前的 COVID-19 環境、全球經濟背景和客戶需求信號。我們預計收入約為 25.5 億美元，上下浮動 1 億美元，同比增長約 42%，環比增長約 32%。預計同比和連續增長將受到更高的 Ryzen 和 EPYC 處理器銷售以及下一代半定制產品的推動。此外，對於 2020 年第三季度，我們預計非美國通用會計準則毛利率約為 44%，非美國通用會計準則運營費用約為 6.6 億美元，非美國通用會計準則利息費用、稅收和其他費用約為 2500 萬美元，稀釋後的股票數量第三季度預計約為12.3億股。

For the full year 2020, we now expect higher annual revenue growth up approximately 32% 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 2 points from the prior year.

對於 2020 年全年，我們現在預計，由於我們的 PC、遊戲和數據中心產品的實力，年收入增長將增長約 32%。我們繼續預計全年毛利率約為 45%，比上年提高 2 個百分點。

In closing, while there continues to be global economic uncertainty due to COVID-19, we have significant opportunities ahead of us with strong product demand across multiple markets. We are in a good position to accelerate our financial momentum, expand gross margins and generate significant cash.

最後，儘管由於 COVID-19 導致全球經濟繼續存在不確定性，但由於多個市場的產品需求強勁，我們面臨著巨大的機遇。我們處於加速財務勢頭、擴大毛利率和產生大量現金的有利位置。

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

有了這個，我將把它轉回給 Ruth 進行問答環節。露絲？

Thank you, Devinder, and operator, please pool the audience for the question-and-answer session.

謝謝 Devinder 和接線員，請大家集中討論問答環節。

(Operator Instructions) Our first question today is coming from Mark Lipacis from Jefferies.

（操作員說明）我們今天的第一個問題來自 Jefferies 的 Mark Lipacis。

A question for Lisa. You've said in the past that your customers they don't buy CPUs but they buy road maps. And I was hoping that you could tell us about your road map, particularly in servers going forward, how it compares to your competition? And does your -- as part of that, does your view of the competitive environment change after your biggest competitor last week noted a push in its 7-nanometer processor?

麗莎的一個問題。您過去曾說過，您的客戶不購買 CPU，而是購買路線圖。我希望你能告訴我們你的路線圖，特別是在服務器方面，它與你的競爭對手相比如何？作為其中的一部分，在您的最大競爭對手上週注意到其 7 納米處理器的推動之後，您對競爭環境的看法是否會發生變化？

Hi, Mark. Yes, thanks for the question. So look, we've been very focused over the last couple of years on our road map and our strategy, and for sure, when we talk to our customers, it's about ensuring that they understand we have a consistent road map that is pushing the leading edge of performance and ensuring that we deliver the performance improvements that we promise.

嗨，馬克。是的，謝謝你的提問。所以看，在過去的幾年裡，我們一直非常專注於我們的路線圖和戰略，當然，當我們與客戶交談時，這是為了確保他們了解我們有一個一致的路線圖來推動領先的性能，並確保我們實現我們承諾的性能改進。

As you know, with these road maps, many of these decisions are made years in advance. And so we look at process technology as well as design and architecture and leading-edge packaging. So we feel good about our road map. We just -- we updated our road maps at our financial Analyst Day in March, and we continue to be very focused on executing to our road maps.

如您所知，通過這些路線圖，其中許多決定都是提前數年做出的。因此，我們關注工藝技術以及設計和架構以及領先的封裝。所以我們對我們的路線圖感覺良好。我們只是 - 我們在三月份的財務分析師日更新了我們的路線圖，我們繼續非常專注於執行我們的路線圖。

And on the -- and when you talk about the -- your focus both on your transistor or the process and the architectural lead, can you give us a sense to what extent the share gains that you're taking right now are driven by one or the other or both? And would you expect to maintain a lead in both as you launch Milan and further on down in '21 and '22?

關於 - 當你談到 - 你對晶體管或工藝和架構領導的關注時，你能告訴我們你現在獲得的份額收益在多大程度上是由一個驅動的或其他或兩者兼而有之？您是否期望在您推出米蘭時以及在 21 和 22 年繼續保持領先地位？

Well, look, I would say that the road map is dependent on all of those factors. So you have to get the process technology and manufacturing right. We feel good about our road map there and our partnership with TSMC. And you also have to make the right design and architectural decisions, and we feel good about our CPU road map. So right now, we are on Zen 2 with Rome. We saw a very nice acceleration of our data center business due to some of the key customers that have launched. We are on track or we expect to start shipping Milan here late this year. And then we're also working in development on Zen 4, which is slated for 5-nanometer.

好吧，看，我會說路線圖取決於所有這些因素。因此，您必須掌握正確的工藝技術和製造方法。我們對我們在那裡的路線圖以及與台積電的合作關係感到滿意。您還必須做出正確的設計和架構決策，我們對我們的 CPU 路線圖感覺良好。所以現在，我們和羅馬一起在 Zen 2 上。由於一些主要客戶的推出，我們的數據中心業務實現了非常好的加速。我們正在步入正軌，或者我們預計今年晚些時候將在這裡開始運送米蘭。然後我們還致力於開發定為 5 納米的 Zen 4。

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 growth despite all of the headwinds. Lisa, for my first one, when I think back to the last time AMD was really big in the server market was in that 2004 to 2006 time frame, when market share went from 7% to 26% in kind of that 3-year-or-so period. How would you contrast the current environment, right, from -- whether it's from a competitive perspective or just a customer willingness to adopt your platform? What will it take for your market share to kind of approach those peaks? What are the puts and takes, and how different or similar is your experience now?

並祝賀儘管面臨所有不利因素，但仍實現了強勁增長。麗莎，對於我的第一個，當我回想起上一次 AMD 在服務器市場上真正大的時候是在 2004 年到 2006 年的時間框架內，當時市場份額從 7% 上升到 26% 的那種 3 年-左右時期。您將如何對比當前環境，對，無論是從競爭的角度還是僅僅從客戶採用您的平台的意願來看？你的市場份額需要什麼才能接近這些峰值？什麼是看跌期權，您現在的經歷有何不同或相似之處？

Yes, sure, Vivek. Thanks for the question. So look, the server market, we've said, is very strategic for us. We think there's a high demand for sort of pushing the leading edge of performance. When I look at our road map right now, I feel very good about our road map. I think we have executed well to our road map. I think we are differentiated in terms of the performance that we're offering in the server market.

是的，當然，維維克。謝謝你的問題。所以看，我們說過，服務器市場對我們來說非常具有戰略意義。我們認為對推動性能前沿的需求很高。當我現在查看我們的路線圖時，我對我們的路線圖感覺非常好。我認為我們的路線圖執行得很好。我認為我們在服務器市場提供的性能方面是不同的。

We've always said that the data center market is a bit of a journey, and so this is about putting together multiple generations of strong execution. So we're pleased with where we are with Rome and the progress that we've made this year. I would say we're still in the early innings of what we believe we can do in the server market. I think Rome is a very, very competitive product. I think as we go into Milan, we see that as also a very competitive product. And our goal is to really satisfy a broad swath of the server workloads, and we think we have the capabilities of doing that.

我們一直說數據中心市場是一段旅程，所以這是關於將多代強大的執行力結合在一起。因此，我們對我們在羅馬取得的進展以及我們今年取得的進展感到滿意。我想說我們仍處於我們相信我們可以在服務器市場上做的事情的早期階段。我認為羅馬是一個非常非常有競爭力的產品。我認為當我們進入米蘭時，我們認為這也是一個非常有競爭力的產品。我們的目標是真正滿足廣泛的服務器工作負載，我們認為我們有能力做到這一點。

Okay. For my follow-up, Lisa, so you raised full year growth outlook to 32% or so, I believe, from 25%. Can you give us some more color on what in that upside? How much of that is coming from PCs? How much from server? How much from semi-custom? And I noticed that you kept the gross margin outlook kind of steady, and I'm wondering how do we think about gross margins going forward? How sensitive is that to your success in the server market?

好的。對於我的後續行動，麗莎，你將全年增長前景從 25% 提高到 32% 左右。你能給我們更多的顏色嗎？其中有多少來自個人電腦？服務器多少錢？半定制多少錢？我注意到你保持毛利率前景穩定，我想知道我們如何看待未來的毛利率？這對您在服務器市場的成功有多敏感？

Yes. So we did update full year guidance. When we look at sort of what's changed over the last 90 days, when we were here talking to you in April, we were actually expecting that there might be some COVID-19-related weakness in the second half due to macroeconomic factors or other things like that. What we see now is better visibility into the second half of the year, and so we had originally assumed that the PC market would be down in the second half. And we now expect that PCs -- that we will grow in the PC processors for the second half compared to the first half. We also see data center growing from the second half to the first half. And then we have our game console ramp that is a strong ramp here in the second half.

是的。所以我們確實更新了全年指導。當我們查看過去 90 天的變化時，當我們 4 月份在這裡與您交談時，我們實際上預計由於宏觀經濟因素或其他因素，下半年可能會出現一些與 COVID-19 相關的弱點像那樣。我們現在看到的是對下半年更好的可見性，因此我們最初認為 PC 市場將在下半年下滑。我們現在預計 PC - 與上半年相比，我們將在下半年的 PC 處理器中增長。我們還看到數據中心從下半年增長到上半年。然後我們有我們的遊戲機斜坡，這是下半年的一個強勁斜坡。

So I think it's a number of factors. We do believe that the market is a little bit better than we thought 90 days ago. But we also believe that our product traction is strong, and we're seeing that come through with our customer demand. So those are the reasons for the guidance.

所以我認為這是多方面的因素。我們確實相信市場比我們 90 天前的預期要好一些。但我們也相信我們的產品牽引力很強，而且我們看到我們的客戶需求通過了這一點。所以這些是指導的原因。

Anything on gross margins?

毛利率有什麼？

Oh, I'm sorry. Yes. On gross margins, I think that depends a lot on mix. That depends on -- certainly, your question was about server. Server is certainly accretive to margin. And I think in the PC business, the second half of the year tends to be a bit more consumer-focused and notebook-focused. And so that's some of the mix relation there. And then we've said that the consoles are decretive to margin. We expect that consoles will be very strong in the third quarter. And although the fourth quarter will be lower for consoles, it's still going to be a very strong second half of the year. So those are the puts and takes there, but we feel that the mix is about right to -- for the annual guide at 45%.

哦，對不起。是的。在毛利率方面，我認為這在很大程度上取決於組合。這取決於-當然，您的問題是關於服務器的。服務器肯定會增加利潤。而且我認為在個人電腦業務中，下半年往往會更加關註消費者和筆記本電腦。這就是那裡的一些混合關係。然後我們說遊戲機對利潤有限製作用。我們預計遊戲機在第三季度將非常強勁。儘管第四季度對於遊戲機來說會更低，但今年下半年仍然會非常強勁。所以這些是看跌期權，但我們認為這種組合是正確的——年度指南為 45%。

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

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

Lisa, I wanted to ask about the PC market, and you just gave some comments about maybe some stronger trends than you might have anticipated 90 days ago in the back half. But pretty remarkable for a notebook business to more double and for the second quarter to be your record client sales. I wonder if you might talk about the momentum, particularly in the notebook market of the 4000. And then how are you feeling the pull of the enterprise notebook market? And what's the traction like there so far into the back half?

麗莎，我想問一下個人電腦市場，你剛剛就後半部分可能比你 90 天前預期的更強勁的趨勢發表了一些評論。但對於筆記本電腦業務增長一倍並且第二季度成為您創紀錄的客戶銷售額而言，這是非常了不起的。不知道你能不能談談勢頭，特別是在4000的筆記本市場。那麼你覺得企業筆記本市場的拉動如何？到目前為止，後半部分的牽引力如何？

Sure, Matt. So the PC market was strong for us, and the PC business was strong for us in the second quarter and as we look into the second half. What we saw was that desktops were down as expected, but the COVID-19-type phenomenon has increased, overall, the PC market. And we see a strong shift from desktop to notebooks. At the same time, I think our notebook portfolio, particularly the Ryzen 4000, has done extremely well. We've seen strong adoption. We have over 50 platforms in market. We watch the sell-through and the consumption of those. And I would say it has been very strong, even exceeded our expectations for the early ramp.

當然，馬特。因此，PC 市場對我們來說很強勁，PC 業務在第二季度和下半年對我們來說都很強勁。我們看到的是台式機按預期下降，但 COVID-19 型現象總體上增加了 PC 市場。我們看到了從台式機到筆記本電腦的強烈轉變。同時，我認為我們的筆記本產品組合，尤其是銳龍 4000，表現非常出色。我們已經看到了強烈的採用。我們在市場上有 50 多個平台。我們觀察這些產品的銷售情況和消費情況。我會說它非常強大，甚至超出了我們對早期斜坡的預期。

And our view is that the second half will continue to be good for notebooks and PCs overall. And that's part of this idea that PCs are now essential. And so we see strength in consumer. We see strength in gaming notebooks, which we had previously been underrepresented. We have a nice commercial ramp, and we do see good pipeline around commercial PCs as well as the education market is quite strong as well. So you put that together, and I think the PC business has performed well for us.

我們的觀點是，下半年將繼續對筆記本電腦和個人電腦整體有利。這就是個人電腦現在必不可少的想法的一部分。所以我們看到了消費者的力量。我們看到了遊戲筆記本電腦的實力，而我們之前的代表性不足。我們有一個很好的商業坡道，我們確實看到了圍繞商業 PC 的良好管道以及教育市場也相當強勁。所以你把這些放在一起，我認為個人電腦業務對我們來說表現良好。

Got it. As a follow-up, maybe a piece of the business that's been asked about a little less frequently over the last few quarters is your gaming GPU business. And I'm interested if you could just put into context what the expectations are for improvements and new opportunities for Big Navi as you launch later this year? And maybe size those opportunities from a data center perspective versus what you might expect in the gaming channel?

知道了。作為後續，也許在過去幾個季度中被問到頻率較低的一項業務是您的遊戲 GPU 業務。我很感興趣，如果您能在今年晚些時候推出 Big Navi 時將其改進和新機會的期望放在上下文中？也許從數據中心的角度來衡量這些機會，而不是您對遊戲渠道的期望？

Yes. So I think the Graphics, as we mentioned in the prepared remarks, was down year-over-year. We saw a nice ramp of mobile as we launched some of the Navi-based mobile products, but the desktop channel was lower. This was somewhat as expected from the standpoint of the second quarter is usually a lower quarter for the desktop channel.

是的。所以我認為，正如我們在準備好的評論中提到的那樣，圖形同比下降。當我們推出一些基於 Navi 的移動產品時，我們看到了移動端的良好增長，但桌面渠道較低。從第二季度的角度來看，這有點像預期的那樣，桌面渠道通常是較低的季度。

What we did see is that sell-through was pretty good, so I think gaming overall is good. We are in the process of a product transition. We are on track to launch RDNA 2 or, as you call it, Big Navi late this year. We're excited about the RDNA 2 architecture. I think it's a full refresh for us from the top of the stack through the rest of the stack. And so I think that will be more of a contributor here as we go into later this year and into next year.

我們確實看到銷售情況非常好，所以我認為遊戲總體上是好的。我們正處於產品轉型的過程中。我們有望在今年晚些時候推出 RDNA 2，或者，正如你所說的，Big Navi。我們對 RDNA 2 架構感到興奮。我認為這對我們來說是從堆棧頂部到堆棧其餘部分的全面刷新。所以我認為隨著我們進入今年晚些時候和明年，這將成為這裡的更多貢獻者。

Our next question today is coming from Harlan Sur from JPMorgan.

我們今天的下一個問題來自摩根大通的 Harlan Sur。

Good job on the quarterly execution. Could you see the team hit the double-digits percentage market share targets and a broadening out of the end market penetration with EPYC, just Lisa, just given your customer and design win pipeline and rollout of Milan in the back half of this year, how are you thinking or how should we be thinking about further EPYC share gains over the next 12 to 18 months?

在季度執行方面做得很好。您能否看到團隊實現兩位數百分比的市場份額目標，並擴大了 EPYC 的終端市場滲透率，僅麗莎，剛剛考慮到您的客戶和設計贏得管道以及今年下半年米蘭的推出，如何您是在考慮還是我們應該如何考慮未來 12 到 18 個月內 EPYC 的股價進一步上漲？

Sure, Harlan. So look, we are optimistic about our product positioning in the server market. Much of what we've been doing up through now, frankly, is making sure that our customers were ready to take advantage of Rome and EPYC. And so we saw some nice traction here in the first half of the year, particularly in the second quarter around some top cloud accounts that have started to ramp in good volume. As we look forward to the second half of the year, there are more platforms coming with Rome. We have a number of OEM platforms that are in the process of being launched. And we have additional cloud platforms as well. So I think Rome is going to continue to be a strong driver of our growth into the second half of this year as well as next year.

當然，哈蘭。所以看，我們看好我們在服務器市場的產品定位。坦率地說，到目前為止，我們一直在做的大部分工作是確保我們的客戶準備好利用羅馬和 EPYC 的優勢。因此，我們在今年上半年看到了一些不錯的牽引力，特別是在第二季度，一些頂級雲帳戶已經開始大量增加。在我們期待下半年的同時，還有更多的平台伴隨著羅馬而來。我們有許多正在推出的 OEM 平台。我們還有其他雲平台。所以我認為羅馬將繼續成為我們今年下半年和明年增長的強大動力。

We're excited about Milan. Milan is looking good in the labs. We're working with our customers on Milan, and we expect to start shipping that later this year. So I think the way to think about our Server business is, again, it's a journey, and we're pleased with where we are today, but there's a significant opportunity for us if we continue to execute well over the next, I would say, more than 12 to 18 months. But really, we see this as a multiyear opportunity.

我們對米蘭感到興奮。米蘭在實驗室裡看起來不錯。我們正在與米蘭的客戶合作，我們預計將在今年晚些時候開始發貨。所以我認為考慮我們的服務器業務的方式是，再次，這是一個旅程，我們對我們今天的位置感到滿意，但如果我們在下一個繼續良好執行，我們會有一個重要的機會，我會說，超過 12 到 18 個月。但實際上，我們認為這是一個多年的機會。

Yes, absolutely. And then as a follow-up, we do an annual CIO survey here at JPMorgan. For the past 3 years, we've been asking global CIOs, are they thinking about or planning to use EPYC-based platforms for on-prem. And then the most recent survey that we did in June, we actually saw a 60% year-over-year increase in the number of CIOs that are thinking about using EPYC for on-prem. Our interpretation is that interest level and mind share is growing quite rapidly. I guess my question to you, Lisa, is the AMD -- what is the A&D team seeing from an actual adoption perspective? And what's your sense of your enterprise mix sort of 2 to 3 years from now?

是的，一點沒錯。然後作為後續行動，我們在摩根大通進行了年度首席信息官調查。在過去的 3 年中，我們一直在詢問全球 CIO，他們是否正在考慮或計劃使用基於 EPYC 的平台進行本地部署。然後是我們在 6 月份進行的最新調查，實際上我們看到考慮使用 EPYC 進行本地部署的 CIO 數量同比增長了 60%。我們的解釋是興趣水平和思想份額正在迅速增長。 Lisa，我想我的問題是 AMD——從實際採用的角度來看，A&D 團隊看到了什麼？您對 2 到 3 年後的企業組合有何看法？

Yes. Actually, Harlan, I saw that data, and I thought it was good data. So the -- what I would say is that we are making progress in the enterprise business. And that comes from a number of different factors. First is the availability of platforms. We have a very diverse set of platforms from our OEM partners that are now in market. We've also done quite a bit on the ecosystem and ensuring that we have the partnerships with the ISVs, and then just basically feet on the street where we're talking directly to some of these enterprise customers. So I feel good about the progress that we've made.

是的。實際上，哈倫，我看到了那個數據，我認為這是一個很好的數據。所以——我想說的是，我們在企業業務方面取得了進展。這來自許多不同的因素。首先是平台的可用性。我們的 OEM 合作夥伴提供了一套非常多樣化的平台，這些平台現已投放市場。我們還在生態系統方面做了很多工作，並確保我們與 ISV 建立了合作夥伴關係，然後基本上就在大街上直接與其中一些企業客戶交談。所以我對我們取得的進展感覺良好。

Again, I would refer to the fact that mind share is a leading indicator, but there is a lot for us to do to convert that into market share and revenue growth. But we feel like we're on a good path, and we're going to continue to focus on both cloud and enterprise growth. And I'll also mention, HPC is another key vector for us, where we're very focused on showing a strong value proposition for those sort of toughest, most scientific workloads.

再一次，我會提到思想份額是一個領先指標這一事實，但我們還有很多工作要做才能將其轉化為市場份額和收入增長。但我們覺得我們正走在一條好的道路上，我們將繼續關注云計算和企業增長。我還要提到，HPC 是我們的另一個關鍵載體，我們非常專注於為那些最艱難、最科學的工作負載展示強大的價值主張。

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。

Great. To stay away from the previous question, can you talk a little bit about your enterprise prospects on the PC client side? Can you give us a sense for how much at this point of your business is skewed to consumer? And how much progress are you making there in terms of penetrating enterprise business?

偉大的。拋開前面的問題，你能談談你在PC客戶端的企業前景嗎？您能否告訴我們您的業務目前有多少偏向於消費者？您在滲透企業業務方面取得了多大進展？

Sure, Joe. No question, our business is more consumer-weighted today. I will say we're growing nicely in commercial PCs. I think the strength of the Ryzen 4000 product has been good for us. I think there's a lot of positivity around the performance, the battery life, the capabilities there. We continue to expand our go-to-market efforts there. We're partnering very well with our top OEM partners. So I would say that we're still underrepresented in commercial. But no question that commercial notebook is a big focus for us, and we're going to continue to invest and hopefully make progress in that subsegment.

當然，喬。毫無疑問，我們今天的業務更加註重消費者。我會說我們在商用 PC 方面發展得很好。我認為銳龍 4000 產品的實力對我們有好處。我認為性能、電池壽命和那裡的功能有很多積極性。我們繼續在那裡擴大我們的市場推廣工作。我們與頂級 OEM 合作夥伴的合作非常好。所以我想說我們在商業領域的代表性仍然不足。但毫無疑問，商用筆記本電腦是我們的重點，我們將繼續投資並希望在該細分市場取得進展。

Great. And then as a follow-up, there's been a bunch of press about console builds getting revised up meaningfully by several million units coming from Nikkei. And yet your upside for the year seems fairly balanced across the segments. Can you give us just color on what's happening in that console segment? Is there that much upside? And could your numbers prove conservative as we move through the back half?

偉大的。然後作為後續行動，有大量媒體報導稱，來自 Nikkei 的數百萬台主機對主機版本進行了有意義的修改。然而，你今年的上漲在各個領域似乎相當平衡。你能給我們簡單介紹一下控制台部分發生的事情嗎？有那麼大的好處嗎？當我們進入後半區時，你的數據會被證明是保守的嗎？

Yes. So I will say that our upside is balanced across the segments. There's no question that there's a strong ramp in the second half of the year for consoles. We're continuing to increase supply to meet that demand. But overall, I view it as -- again, consoles are a multiyear cycle, and the first year, I mean, there's a lot of pent-up demand for consoles, but we should think about this as really a multiyear cycle, and this is just the beginning of the ramp.

是的。因此，我會說我們的上行空間在各個領域是平衡的。毫無疑問，今年下半年遊戲機市場將出現強勁增長。我們將繼續增加供應以滿足這一需求。但總的來說，我認為遊戲機是一個多年周期，第一年，我的意思是，對遊戲機有很多被壓抑的需求，但我們應該將其視為一個真正的多年周期，而這只是斜坡的開始。

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

我們今天的下一個問題來自 Bernstein Research 的 Stacy Rasgon。

I wanted to follow-up on that capacity point. What is your capacity and supply situation look like? And is any of the full year raise related to capacity freeing up at your foundry partners? And maybe put another way, are you supply rather than demand-limited at this point? What does that capacity situation look like?

我想跟進那個容量點。你們的產能和供應情況如何？全年加薪是否與您的代工合作夥伴釋放產能有關？也許換一種說法，你現在是供應而不是需求受限嗎？這種容量情況是什麼樣的？

Yes, sure, Stacy. So look, we have a strong supply chain. There's no question. It's been a very dynamic year if you just think about all the puts and takes over the last 4 or 5 months. I've said before and I'll say again, 7-nanometer is tight, and we continue to partner closely with TSMC to ensure that we can satisfy our customer demand.

是的，當然，斯泰西。所以看，我們有一個強大的供應鏈。沒有問題。如果您僅考慮所有看跌期權並接管過去 4 或 5 個月，這是非常充滿活力的一年。我之前說過，我會再說一遍，7 納米很緊，我們將繼續與台積電密切合作，以確保我們能夠滿足客戶的需求。

When you ask about the full year raise, the full year raise is because demand has gone up from our initial expectations, and some of that is due to the market, and some of that is due to the strength of our product traction. We are increasing capacity to meet those needs, but it is tight. And I would say that as we continue to increase capacity, we see opportunity there. So from that standpoint, demand is strong.

當您詢問全年加薪時，全年加薪是因為需求超出了我們最初的預期，其中一些是由於市場，還有一些是由於我們的產品牽引力。我們正在增加滿足這些需求的能力，但很緊張。我想說，隨著我們繼續增加產能，我們看到了機會。所以從這個角度來看，需求很強勁。

For my follow-up, your competitor was talking about data center -- potential for data center digestion into the second half. And I understand you're coming from a different place with the new product ramps and everything, so I understand why you are growing in the second half one way than not. But what are you seeing just broadly with your customers? Are you seeing signs of the market within hyperscale entering the digestion phase, even if it's not impacting you for well-understood reasons?

在我的後續行動中，您的競爭對手正在談論數據中心——數據中心消化到下半年的潛力。而且我知道你來自一個不同的地方，新產品的坡道和一切，所以我理解為什麼你在下半年以一種方式增長而不是沒有。但是，您對客戶的廣泛看法是什麼？您是否看到超大規模市場進入消化階段的跡象，即使它沒有因為眾所周知的原因影響您？

Yes. Stacy, I think it's a bit hard to generalize. And from our visibility, what I would say is we have some customers that we see demand increasing in the second half versus the first half. We have some customers who are a little bit lower. The main thing for us, and I think you said it, it's about the ramping of our platforms. And so I'm not sure I would point to a particular digestion phenomena. I would say it's very customer-dependent and depending on how much they built out in the first half and some customers will be up, and some customers will be a little bit down. But overall, we see an opportunity to grow in the second half.

是的。 Stacy，我認為這有點難以概括。從我們的知名度來看，我想說的是，我們看到一些客戶的需求在下半年比上半年有所增加。我們有一些低一點的客戶。對我們來說最重要的事情，我想你說過，這是關於我們平台的提升。所以我不確定我會指出一個特定的消化現象。我會說它非常依賴客戶，取決於他們在上半年建立了多少，一些客戶會上升，而一些客戶會下降一點。但總的來說，我們看到了下半年增長的機會。

Got it. Is that the same across our hyperscale and enterprise? Or is it mostly hyperscale that's driving it?

知道了。在我們的超大規模和企業中是否也是如此？還是主要是超大規模在推動它？

So my comment was a hyperscale comment, since that's what you were asking about. When I look at enterprise, what I would say about enterprise is it's also -- different things happening. I would say in terms of enterprise and HPC, we continue to see build-out. And as I said, we have new platforms ramping that I mentioned in the prepared remarks.

所以我的評論是超大規模評論，因為這就是你要問的。當我看企業時，我會說企業也是——發生了不同的事情。我想說的是，在企業和 HPC 方面，我們繼續看到擴建。正如我所說，我們有我在準備好的評論中提到的新平台。

There is a bit of softness in SMB or some of the transactional business, and again, we were not very exposed to that portion of the market. So I don't see it as it's going down, it's just perhaps not increasing as fast as we wanted it to. But overall, it really depends on customer-specific stuff. And we don't see sort of this large-scale people slowing down, I would say it that way. I think there's a need for infrastructure, and we see people continuing to invest in infrastructure.

SMB 或某些交易業務有一點疲軟，而且我們對這部分市場的敞口並不大。所以我不認為它正在下降，它可能沒有像我們希望的那樣快速增長。但總的來說，這真的取決於客戶特定的東西。而且我們沒有看到這種大規模的人放慢速度，我會這樣說。我認為需要基礎設施，我們看到人們繼續投資於基礎設施。

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

我們今天的下一個問題來自富國銀行的 Aaron Rakers。

Congratulations on the quarter. I wanted to ask about the data center GPU business. I know you talked about the path for the CD&A product going forward. I'm just curious, as you look to your cloud opportunities, how do you gauge or how are you thinking about the ability to kind of participate in some of the AI opportunities in the data center GPU business? And do you have any update on kind of [RAKM] and how that has opened up opportunities or what we should expect from a software platform perspective?

祝賀本季度。我想問一下數據中心GPU業務。我知道您談到了 CD&A 產品的發展道路。我只是好奇，當您查看您的雲機會時，您如何衡量或如何考慮參與數據中心 GPU 業務中的一些 AI 機會的能力？您是否對 [RAKM] 有任何更新，以及它如何帶來機會或從軟件平台的角度來看我們應該期待什麼？

Yes, sure, Aaron. So look, I think the data center GPU business is a -- is sort of a midterm growth vector for us. This year, I mentioned in the second quarter that revenue was lower year-on-year, but the second half, we expect it to go up modestly. I think the view is we have good design wins in cloud gaming, we have good design wins across sort of cloud, VDI-type instances. Very strong in supercomputing and HPC around Frontier and El Capitan as sort of our anchor supercomputing wins.

是的，當然，亞倫。所以看，我認為數據中心 GPU 業務對我們來說是一個中期增長向量。今年，我在第二季度提到收入同比下降，但下半年，我們預計它會適度增長。我認為我們的觀點是我們在雲遊戲中獲得了良好的設計勝利，我們在各種雲、VDI 類型的實例中獲得了良好的設計勝利。在 Frontier 和 El Capitan 周圍的超級計算和 HPC 方面非常強大，作為我們的錨定超級計算勝利。

As it relates to machine learning and AI, we continue to invest in [RAKM]. We continue to work sort of our strategy around machine learning is partnered deeply with a couple of large cloud vendors who can invest in the software with us. And we see that as a multiyear opportunity. But it will -- it's not a big revenue contributor here in 2020. But we see a growth opportunity as we go into 2021 and beyond.

由於它與機器學習和人工智能有關，我們繼續投資 [RAKM]。我們繼續圍繞機器學習制定我們的戰略，與幾家可以與我們一起投資軟件的大型雲供應商深度合作。我們認為這是一個多年的機會。但它會——它在 2020 年並不是一個很大的收入貢獻者。但隨著我們進入 2021 年及以後，我們看到了增長機會。

Okay. And then as a quick follow-up, we talked a lot about kind of just ramping EPYC and the road map. I'm just curious of how you've invested in the support organization to support this expansion, how has that progressed? Has that been at all a limiting factor to some of your ability in the server CPU market?

好的。然後作為快速跟進，我們談了很多關於增加 EPYC 和路線圖的內容。我只是好奇你們是如何投資支持組織來支持這次擴張的，進展如何？這是否完全限制了您在服務器 CPU 市場中的某些能力？

Yes. I think in server CPUs, it just takes time. There's a customer qualification process that takes time. But we have -- we've been very pleased with sort of the efforts on both the part of our customers as well as sort of our own support teams. We're continuing to invest, so if you look at our OpEx, we're continuing to invest. One of the key areas is building out, not just that support infrastructure, but just overall sales and go-to-market for the enterprise business.

是的。我認為在服務器 CPU 中，它只需要時間。有一個客戶資格認證過程需要時間。但是我們 - 我們對我們的客戶以及我們自己的支持團隊所做的努力感到非常滿意。我們將繼續投資，所以如果您查看我們的運營支出，我們將繼續投資。關鍵領域之一是建設，不僅是支持基礎設施，還包括企業業務的整體銷售和上市。

So I feel good about where we are. Our strategy was always to go through some of the top cloud customers first, and I'm really pleased to see some of those get to high volume production, and we'll continue to build out that infrastructure in both cloud as well as enterprise.

所以我對我們所處的位置感覺很好。我們的策略始終是首先通過一些頂級雲客戶，我真的很高興看到其中一些實現大批量生產，我們將繼續在雲和企業中構建該基礎架構。

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

我們今天的下一個問題來自瑞銀的 Timothy Arcuri。

I guess, Lisa, I wanted to ask maybe in the past month or 6 weeks or even 2 months since it's become probably more apparent to the customers that your competitors are having some manufacturing issues. Can you speak a little bit to the tenor of the customer conversations? Has it changed at all? Have you felt them incrementally more willing to adopt your products?

我想，麗莎，我想問一下，也許是在過去一個月或 6 週甚至 2 個月內，因為對於客戶來說，您的競爭對手存在一些製造問題可能變得更加明顯。你能談談客戶談話的基調嗎？它完全改變了嗎？您是否覺得他們越來越願意採用您的產品？

Yes. I don't think I would say -- I mean, 4 to 6 weeks is kind of a short time. I think I would back up a little bit and say, over the past couple of quarters, what have we seen? And I think over the past couple of quarters, what we have seen is they've seen our performance capability, and we feel very good about where our products are positioned. I think what we've also said is, look, you can count on us for a consistent road map, and we're going to show you each of those data points.

是的。我不認為我會說——我的意思是，4 到 6 週的時間有點短。我想我會稍微支持一下，然後說，在過去的幾個季度裡，我們看到了什麼？而且我認為在過去的幾個季度中，我們所看到的是他們已經看到了我們的性能能力，並且我們對我們的產品定位感到非常滿意。我想我們也說過，看，你可以指望我們提供一致的路線圖，我們將向你展示每個數據點。

I think the Milan point is an important point for us, and that's why we're very focused on ensuring that, that ships here later this year. I think the Zen 4 general point, we've already started engaging customers. Customers are very eager to understand what the long-term road map is.

我認為米蘭點對我們來說是一個重要的點，這就是為什麼我們非常專注於確保今年晚些時候在這裡發貨。我認為 Zen 4 的總體要點是，我們已經開始吸引客戶。客戶非常渴望了解長期路線圖是什麼。

And so what I would say is it's not sort of a short-term thing. It's more the notion of -- we feel that customers are very open across cloud, OEM, enterprise. It's on us to execute, and we think about that every day. But in terms of where the road map is, what are we trying to accomplish, where the customers are, there's a pull from customers to engage us across a number of workloads, we feel well positioned.

所以我想說的是，這不是短期的事情。這更多是一個概念——我們認為客戶在雲、OEM、企業中都非常開放。執行是我們的責任，我們每天都在考慮這一點。但就路線圖的位置、我們試圖完成的目標、客戶的位置而言，客戶的吸引力在於讓我們參與到許多工作負載中，我們感覺自己處於有利地位。

Got it. And then I guess, also in data center, I think you've highlighted before that a potential bottleneck might be to build out your software capabilities, and can you -- are there any metrics you can give us in terms of your ability to attract talent? Has that improved recently sort of in terms of the number of software engineers you've hired? Anything like that to help?

知道了。然後我想，同樣在數據中心，我認為您之前已經強調過，潛在的瓶頸可能是構建您的軟件功能，您是否可以提供任何指標來衡量您吸引的能力？天賦？就您僱用的軟件工程師的數量而言，最近這種情況是否有所改善？有什麼可以幫忙的嗎？

Yes. So I think if you're talking about software, it's more of a GPU -- a data center GPU statement versus a CPU statement. I think we feel actually that our CPU tools, infrastructure and all that stuff is actually pretty well built out. There is some work that we do with some of the applications and the ISVs to optimize and tune our software, but I think that's going very well.

是的。所以我認為如果你在談論軟件，它更像是一個 GPU——數據中心 GPU 聲明與 CPU 聲明。我認為我們實際上覺得我們的 CPU 工具、基礎設施和所有這些東西實際上構建得非常好。我們對一些應用程序和 ISV 進行了一些工作，以優化和調整我們的軟件，但我認為這進展順利。

As it relates to the data center GPU, yes, I think there is more mind share. I think the supercomputing wins in the data center GPU side have really helped raise the profile of our GPU capabilities and our software capabilities. So I think we are in a good position there. And from our standpoint, again, this is about building out sort of multiple vertical applications and doing that very well. So we continue to invest in the data center. It is a very strategic part of our business, but we're making good progress.

因為它與數據中心 GPU 相關，是的，我認為有更多的思想份額。我認為超級計算在數據中心 GPU 方面的勝利確實有助於提升我們的 GPU 能力和軟件能力的知名度。所以我認為我們在那里處於有利位置。同樣，從我們的角度來看，這是關於構建多個垂直應用程序並做得很好。所以我們繼續投資於數據中心。這是我們業務中非常具有戰略意義的一部分，但我們正在取得良好進展。

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

我們的下一個問題來自加拿大皇家銀行資本市場的 Mitch Steves。

I wanted to focus on a little bit of a different topic, kind of comparing x86 and ARM. So I'm sure you guys saw the announcement that Apple is displacing Intel with its own ARM-based chip. And historically, the reason why you couldn't really use an ARM-based chip because there was no real developers around it.

我想關註一點不同的主題，比較 x86 和 ARM。所以我相信你們看到了蘋果正在用自己的基於 ARM 的芯片取代英特爾的公告。從歷史上看，你不能真正使用基於 ARM 的芯片的原因是因為周圍沒有真正的開發人員。

So I guess, is there any risk -- or how do you guys think about ARM-based servers becoming a potential competitive threat in the future? How would that impact the x86 market and Intel as well? So do you have any comments on that in terms of Apple's potential entrance in developing an ARM-based seeker system?

所以我想，是否存在任何風險——或者你們如何看待基於 ARM 的服務器在未來成為潛在的競爭威脅？這將如何影響 x86 市場和英特爾？那麼您對 Apple 可能進入開發基於 ARM 的搜索器系統有何評論？

Yes. I think what I would say is there are going to be some people who develop their own chips. Apple has announced it in the MAC space, and there are some who are building their own in the data center space. I still believe this is not about ARM versus x86. I think it's more about what performance do you offer, what capabilities do you offer, where the overall ecosystem is.

是的。我想我想說的是會有一些人開發自己的芯片。蘋果已經在 MAC 領域宣布了它，也有一些人正在數據中心領域建立自己的。我仍然相信這與 ARM 與 x86 無關。我認為更多的是關於你提供什麼性能，你提供什麼能力，以及整個生態系統在哪裡。

And in that sense, I think we still feel quite confident that both the PC market as well as the server processor market are predominantly x86. I think there's a very good set of offerings out there that are available. And it's on us -- frankly, on us to make sure that the performance that you get, the power that you get, the performance per dollar, the capabilities are very, very competitive so that we're offering sort of the best-in-class processors in the market.

從這個意義上說，我認為我們仍然對 PC 市場和服務器處理器市場都以 x86 為主。我認為有一套非常好的產品可供選擇。這取決於我們——坦率地說，我們要確保你獲得的性能、你獲得的力量、每美元的性能、能力非常非常有競爭力，因此我們提供了最好的市場上的一流處理器。

Got it. And then just one small one follow-up. Just on the data center 20% of revenues, is still -- the data center graphics piece still a small part of the business? Or was that better this quarter? I'm just trying to get a qualitative understanding of what happened there.

知道了。然後只是一小部分跟進。僅在數據中心收入的 20% 上，數據中心圖形仍然是業務的一小部分嗎？還是本季度更好？我只是想對那裡發生的事情有一個定性的了解。

Yes, Mitch. So we did say that overall data center revenue was over 20% of revenue this quarter, and it was predominantly CPUs. So the GPU portion of that is still relatively small.

是的，米奇。所以我們確實說過本季度數據中心的整體收入佔收入的 20% 以上，而且主要是 CPU。所以其中的GPU部分仍然相對較小。

So just to be clear, GPUs were not -- were basically flat sequentially? Or were they up?

所以要明確一點，GPU 不是 - 基本上是順序平坦的？還是他們起來了？

They were actually down sequentially.

他們實際上是依次下降的。

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

我們今天的下一個問題來自德意志銀行的 Ross Seymore。

Congrats on the strong results. Lisa, I actually had one short-term question and one long-term question for you. On the short-term side of things, you have some significant moving parts with new product launches, et cetera, in both the third and fourth quarter. So I was hoping, on the 32% sequential guide, if you can give a little color by the 2 end markets, the C&G and the EESC side? And then a similar sort of thing when you go into the fourth quarter, you said semi-custom will be down sequentially, which is kind of typical seasonality. But the ability for you guys to still grow sequentially, what's really driving that? And then I'll follow-up with the long-term question.

恭喜取得了不錯的成績。麗莎，我實際上有一個短期問題和一個長期問題要問你。從短期來看，在第三季度和第四季度，隨著新產品的推出等，你有一些重要的活動部分。所以我希望，在 32% 的連續指南中，如果你能給兩個終端市場，C&G 和 EESC 方面提供一點顏色？然後當你進入第四季度時類似的事情，你說半定制將依次下降，這是一種典型的季節性。但是你們仍然按順序增長的能力，是什麼真正推動了這一點？然後我將跟進這個長期問題。

Sure. So let's see. Let me try to do that. So I think -- so when you talk about the Q3 guide, so 32% sequentially, there is a large component of that, which is game consoles. So the game console revenue was relatively modest in the second quarter, and it's going to become larger here in the third quarter. But we do see PCs growing sequentially as well as server CPUs growing sequentially.

當然。那麼讓我們看看。讓我嘗試這樣做。所以我認為 - 所以當你談論第三季度指南時，按順序為 32%，其中很大一部分是遊戲機。所以第二季度遊戲機收入相對溫和，第三季度會變得更大。但我們確實看到 PC 連續增長，服務器 CPU 也連續增長。

And then as we go into the fourth quarter, I mentioned earlier that we expect that semi-custom will be down a bit, probably not as much as it's historically down, frankly, because it's the first year of the launch, but it should be down a bit. And then we do have product launches that we've stated around sort of the Zen 3 product families as well as the RDNA 2 product families that would drive some of the sequential growth in the fourth quarter. Did I answer that?

然後當我們進入第四季度時，我之前提到過，我們預計半定制將有所下降，坦率地說，可能不會像歷史上那樣下降，因為這是發布的第一年，但應該是下降一點。然後我們確實有產品發布，我們已經圍繞 Zen 3 產品系列以及 RDNA 2 產品系列進行了說明，這將推動第四季度的一些連續增長。我回答了嗎？

Yes. That's exactly what I wanted. And then maybe this one will be a little clearer on the long-term side of things. An earlier question was asked about OpEx and expanding your capabilities, et cetera, and you gave a thoughtful answer to that. But generally speaking, it seems like your opportunities to take share in aggregate just improved due to your competitors' missteps.

是的。這正是我想要的。然後從長遠來看，也許這個會更清楚一些。之前有人問過關於 OpEx 和擴展您的能力等問題，您對此給出了深思熟慮的答案。但一般來說，由於競爭對手的失誤，您獲得總體份額的機會似乎有所增加。

So when you look at that opportunity, how do you think about organic investments? Would OpEx staying at, say, 29% of revenues like you're talking about for this year, be a good way to capitalize on that opportunity as opposed to going down to the 26% or 27% you mentioned at your analyst meeting? Or within that, would you keep that a little bit tighter in line with your analyst meeting and maybe even consider going inorganic and tapping into the M&A market now that you have some cash and a very attractive currency to use as well?

所以當你看到這個機會時，你如何看待有機投資？與您在分析師會議上提到的 26% 或 27% 相比，運營支出保持在您所說的今年收入的 29% 是否是利用這一機會的好方法？或者在此範圍內，您是否會在您的分析師會議上保持更嚴格，甚至考慮在您有一些現金和一種非常有吸引力的貨幣使用的情況下進入併購市場？

Yes. So yes, let me answer it this way. So look, we are very excited about our organic growth opportunities. I think we want to stay sort of at that sort of very significant growth in that over 20% CAGR for the next couple, 3 or 4 years. I think the way we've managed the business is the prudent way to manage the business.

是的。所以是的，讓我這樣回答。所以看，我們對我們的有機增長機會感到非常興奮。我認為我們希望在接下來的 3 或 4 年保持這種非常顯著的增長，即超過 20% 的複合年增長率。我認為我們管理業務的方式是謹慎的業務管理方式。

And so OpEx will grow. OpEx will grow, and you've seen it in the dollar numbers, but it's going to grow a little bit slower than revenue. And we think that's the right thing to do just to make sure that we do see some leverage. That being the case, because the business is growing so much, I mean, we are investing quite heavily in OpEx across the business in both R&D and go to market.

所以運營支出會增長。 OpEx 將會增長，你已經從美元數字中看到了它，但它的增長速度會比收入慢一點。我們認為這是正確的做法，只是為了確保我們確實看到了一些影響力。既然如此，因為業務增長如此之快，我的意思是，我們在整個業務的研發和進入市場方面都對運營支出進行了大量投資。

So what was the second part of your question, Ross?

那麼你的問題的第二部分是什麼，羅斯？

Which is the inorganic way, would that be an avenue to broaden your offering to some of your customers?

哪種是無機的方式，這會是一種將您的產品擴展到您的一些客戶的途徑嗎？

Well, look, I think we have been focused on the organic growth path because there is so much opportunity there. We'll look -- we'll always keep an eye open for are there opportunities to enhance the portfolio or do some skills acquisition if that makes sense. But I think we're very focused on executing the organic growth path.

好吧，看，我認為我們一直專注於有機增長路徑，因為那裡有很多機會。我們會看看——如果有道理的話，我們會一直留意是否有機會增強投資組合或進行一些技能獲取。但我認為我們非常專注於執行有機增長路徑。

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

我們今天的最後一個問題來自瑞士信貸的 John Pitzer。

Congratulations on a strong quarter. Lisa, it's really great to see embedded in the implied fourth quarter guide a gross margin that needs to go up about 200 basis points sequentially to meet your full year guidance. And especially with gaming consoles being down less than seasonal, I'm wondering if you can just help me unpack that a little bit.

祝賀一個強勁的季度。麗莎，很高興看到隱含的第四季度指導毛利率需要連續上升約 200 個基點才能滿足您的全年指導。尤其是遊戲機的降幅低於季節性，我想知道你是否可以幫我解開這個問題。

When you think about the gaming console cycle, is the gross margin improvement available to you as that cycle ramps and matures? And I guess more importantly, when you look at both the PC market and the server fleet, where are you relative to optimal product mix vis-à-vis kind of longer-term gross margin aspirations?

當您考慮遊戲機週期時，隨著周期的加速和成熟，您是否可以獲得毛利率的改善？而且我想更重要的是，當您同時查看 PC 市場和服務器機群時，您相對於最佳產品組合相對於長期毛利率期望的情況如何？

Yes, sure. So obviously, there's a lot to happen between now and the fourth quarter. But I think from the guide, what you get is we see the server and PC growth generally positive. If you think about what we have planned from now through the rest of the year, we do have some significant new products that will start shipping that will be positive from a gross margin standpoint.

是的，當然。所以很明顯，從現在到第四季度之間有很多事情要發生。但我認為從指南中可以看出，我們看到服務器和 PC 的增長總體上是積極的。如果您考慮一下我們從現在到今年剩餘時間的計劃，我們確實有一些重要的新產品將開始發貨，從毛利率的角度來看這將是積極的。

On a console basis, it is true that the console margins typically improve. Over the first sort of 4 to 6 quarters, because you would expect that, as we ramp into higher volume, that there are improvements in manufacturing costs and so on and so forth. So those are the factors that are in there.

在控制台的基礎上，控制台利潤率通常會有所提高。在第一個 4 到 6 個季度，因為您會期望，隨著我們的產量增加，製造成本會有所改善，等等。所以這些就是其中的因素。

A lot will depend on mix, and the mix of the business being what is a mix of consumer versus commercial on the PC side, and then on the data center side, the mix between cloud and enterprise. And so we have to see how some of those things play out as we go out through the end of the year. But overall, I think the trend is such that you should see sequential growth in the gross margins as we go into the fourth quarter for some of the reasons that I mentioned.

很大程度上取決於混合，業務的混合是個人電腦端的消費者與商業的混合，然後是數據中心端，雲計算和企業的混合。因此，我們必須看看在年底結束時其中一些事情會如何發揮作用。但總的來說，由於我提到的一些原因，我認為隨著我們進入第四季度，您應該會看到毛利率連續增長。

That's helpful. And then Lisa, as a follow-on, you've always talked about this being a marathon more than a sprint, and you guys have had a pretty methodical strategy to which you've executed to. But I just -- given the revelations of Intel's missteps last week, what might you do differently from here to try to take advantage of it?

這很有幫助。然後麗莎，作為後續，你總是說這是一場馬拉鬆而不是衝刺，你們已經制定了一個非常有條理的策略，你已經執行了。但我只是 - 鑑於上周英特爾失誤的曝光，你可能會採取什麼不同的方式來嘗試利用它？

Well, John, I think the most important thing for us is to execute to our commitments to customers, and that -- by the way, that's been the same focus for us over the last few years, and it will continue to be the same focus for the next few years. I think consistency in road map, consistency in performance expectations, being capable of ramping across -- basically, what we're asking is for people to trust us with their most important applications.

好吧，約翰，我認為對我們來說最重要的是履行我們對客戶的承諾，順便說一下，在過去幾年中，這一直是我們關注的焦點，並且將繼續保持不變未來幾年的重點。我認為路線圖的一致性，性能預期的一致性，能夠跨越 - 基本上，我們要求的是人們信任我們提供他們最重要的應用程序。

And so our focus is very much execute on the road map that we've committed to, and that's key for us. And no question, there's a lot of things to do in engineering to make that happen. But I think we're very clear on what we want to deliver, and we're excited, frankly, about the road map we have in front of us.

所以我們的重點是執行我們承諾的路線圖，這對我們來說很關鍵。毫無疑問，在工程方面有很多事情要做才能實現。但我認為我們非常清楚我們想要交付什麼，坦率地說，我們對擺在我們面前的路線圖感到興奮。

Thank you, everybody, for joining the call today. We appreciate it, and we look forward to seeing many of you virtually throughout the quarter.

謝謝大家今天加入電話會議。我們對此表示感謝，我們期待在整個季度與你們中的許多人見面。

Operator, if you can close the call, please.

接線員，如果你能掛斷電話，請。

Certainly. 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.

當然。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，並度過美好的一天。我們感謝您今天的參與。