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 年第二季電話會議。 （操作員指示）正式示範之後將進行問答環節。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 行銷、人力資源和投資者關係資深副總裁 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.

現在，您應該已經有機會查看我們的收益報告和投影片的副本了。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。

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包括我們的總裁兼執行長蘇姿豐博士；以及我們的資深副總裁、財務長兼財務長 Devinder Kumar。

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

這是一場現場通話，將透過我們網站上的網路直播重播。

Before we begin 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，首席技術長兼技術與工程執行副總裁 Mark Papermaster 將參加 Jefferies 虛擬半導體 IT 硬體和通訊基礎架構高峰會。 9 月 15 日星期二，資料中心和嵌入式業務解決方案集團資深副總裁兼總經理 Forrest Norrod 將以虛擬方式參加德意志銀行技術大會。

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 年第三季的靜默期預計將於 9 月 11 日星期五下班後開始。

Today's discussion contains forward-looking statements based on current beliefs, assumptions and expectations speak only as of 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，請參閱我們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 measure in today's press release and slides posted on our website, amd.com.

在本次電話會議中，我們將主要參考非 GAAP 財務指標，所引用的非 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較的 GAAP 財務指標相協調。

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 afternoon to all those listening in today.

謝謝你，露絲，祝今天收聽節目的各位下午好。

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.

在過去的五年裡，我們已經建立了推動長期成長策略所需的技術、營運和財務基礎。我們始終如一地執行我們的產品路線圖，與更廣泛的客戶建立深厚的合作夥伴關係，採用尖端製造技術推出多種產品，並顯著增強了我們的資產負債表。我們強勁的第二季業績和增加的全年收入預期表明我們如何透過持續的執行成功擴大業務規模。

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.

縱觀第二季度，由於我們領先的伺服器和客戶端處理器的強勁需求，營收年增 26% 至 19.3 億美元。本季度，我們大幅加速了伺服器和行動處理器業務的發展，Ryzen 和 EPYC 處理器營收年增一倍以上。重要的是，我們實現了兩位數的伺服器處理器市佔率目標，因為資料中心產品占我們第二季營收的 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，第二季度營收年增 45% 至 13.7 億美元，因為 Ryzen 處理器銷量的成長超過了圖形銷量的下降。我們實現了 12 年來最高的客戶端處理器收入。由於新冠疫情導致在家工作和上學的人數增加，導致本季 PC 市場表現強勁。儘管我們認為我們的成長很大程度上得益於連續 11 個季度的市佔率成長。

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.

桌上型電腦處理器銷售量如預期環比下降，但由於對高階 Ryzen 處理器的需求推動了更豐富的產品組合，營收和平均售價較去年同期成長。在行動領域，我們本季的筆電處理器出貨量和收入均創下了紀錄。我們最新的 Ryzen 4000 系列處理器的銷量在本季度大幅增長，由於單位出貨量和平均售價均大幅上漲，行動收入環比增長兩位數，比去年同期增長了一倍以上。

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.

多位第三方評論員一致強調，與競爭對手相比，我們最新的筆記型電腦處理器具有更卓越的性能和更長的電池壽命。由於這種強勁的效能，我很高興地報告，Ryzen 4000 處理器的營收成長速度比我們歷史上任何行動處理器都要快。目前市面上有 54 款搭載 Ryzen 4000 的筆記型電腦。

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 Ryzen Pro 4000 系列處理器的商用筆記型電腦，以及多家 OEM 廠商推出第二波超過 30 款超薄高階和遊戲消費筆記型電腦，我們預計下半年將繼續加速我們的行動處理器業務。

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，第二季的營收年減。行動 GPU 銷量強勁的兩位數成長被桌上型通路銷售的下降所抵消。儘管桌上型電腦 GPU 出貨量年減，但本季通路銷售加速。行動 GPU 收入的成長得益於我們 RD&A GPU 的採用，其中亮點是搭載我們 Radeon 5000M 系列行動 GPU 的新款 Apple Professional 和 Dell Gaming 筆記型電腦的推出。資料中心GPU營收年減。

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.

隨著更多基於雲端的視覺運算的勝利以及我們推出針對下一代百億億次級和機器學習工作負載優化的新型 CDNA 資料中心 GPU 架構，我們預計下半年收入將會增加。

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、嵌入式和半客製化部門，由於半客製化銷售額下降，營收為 5.65 億美元，年減 4%。受創紀錄的季度伺服器處理器銷售額和半客製化產品收入增加的推動，營收季增 62%。在半客製化領域，我們在第二季度邁過了一個重要的里程碑，開始下一代遊戲機 SOC 的初始生產和出貨。隨著我們加大產量以支持新款 PlayStation 5 和 Xbox Series X 遊戲機的假期上市，我們預計下半年半客製化業務將實現強勁成長。

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.

轉向伺服器。自從推出 EPYC 處理器以來，我們的重點一直是建立堅實的基礎以推動長期成長。我們的策略是在業界領先的雲端和硬體供應商的廣泛支援下推動廣泛、大批量的採用。我們在本季邁出了重要的一步，憑藉雲端、企業和 HPC 客戶的廣泛採用，我們實現了兩位數的伺服器處理器單元份額目標。

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.

在雲端，多家超大規模客戶在本季將第二代 EPYC 處理器投入大批量生產，為其內部基礎設施和公開可用實例提供支援。微軟宣布他們已添加 EPYC 處理器來支援每月有超過 2 億用戶使用的 Office Online 應用程式。騰訊增加了數百萬台基於 EPYC 處理器的虛擬機，以支援增強的協作服務。 Google宣布，EPYC 處理器將專門用於支援其獨特的機密運算虛擬機，這些虛擬機可在處理資料時對資料進行加密。 AWS 也在全球推出了基於 EPYC 的新型運算最佳化型 EC2 執行個體。

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.

在企業領域，我們大幅擴大了 TAM，因為今年迄今為止 AMD 平台的數量已經增加了 40% 以上。最近加入的包括戴爾和 HPE 推出的多種超融合基礎設施解決方案；聯想推出面向金融、零售和製造業的雙路伺服器； NVIDIA 選擇 AMD EPYC 處理器為其最新的 DGX AI 平台提供支援。我們也憑藉第二代 EPYC 處理器的領先效能和可擴充性獲得了新的 HPC 勝利。公開亮點包括與領先研究機構達成的新合作，包括印第安納大學、普渡大學和歐洲核子研究中心以及亞馬遜、IBM、微軟和甲骨文，均宣布推出由 EPYC 處理器驅動的基於雲端的 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.

我們對伺服器業務的發展勢頭感到滿意，並預計隨著下半年更多第二代 EPYC 平台和雲端部署的增加，我們的份額將繼續增長。我們仍有望在今年稍後開始發售採用 Zen 3 的下一代 Milan 伺服器處理器。

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段前所未有的時期的出色表現，我們將繼續專注於履行我們的承諾。儘管宏觀經濟仍存在一些不確定性，需求也較為疲軟，但我們的產品組合非常強大，我們的市場也具有彈性。在我們目前的產品組合以及 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，我們預計在下半年實現強勁成長。

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.

我對我們過去幾年取得的進步感到非常自豪，這讓 AMD 走上了長期成長的軌道。隨著我們進入由加速多個市場業務推動的下一成長階段，我對眼前的機會感到更加興奮。我們將繼續致力於在價值 790 億美元的高性能產品市場中不斷擴大份額。我們正在投入大量資金並增加資源，以進一步擴展我們的領先 IP 和市場進入能力，以實現我們雄心勃勃的目標，即讓 AMD 成為一流的成長型特許經營企業。

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

現在我想將電話轉給 Devinder，讓他為我們第二季的財務表現提供一些額外的資訊。德文德？

Thank you, Lisa, and good afternoon, everyone.

謝謝你，麗莎，大家午安。

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.

我們第二季的表現非常好。在 COVID-19 疫情背景下，我們取得了強勁的財務業績，推出了業界領先的產品並獲得了 CPU 市場份額。第二季的業績和全年營收預期的提高凸顯了我們在繼續推動長期財務成長的同時，始終如一地履行承諾的能力。

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.

第二季營收為 19.3 億美元，較去年同期成長 26%，較上一季成長 8%。年成長主要得益於 Ryzen 和 EPYC 處理器的強勁銷售。毛利率為 44%，較去年同期上漲 330 個基點，主要得益於客戶端和伺服器處理器的銷售。營運費用為 6.17 億美元，而去年同期為 5.12 億美元，主要歸因於對業務的持續投資。營業收入年增一倍多，達到 2.33 億美元，比去年同期增加 1.22 億美元，主要受收入成長的推動。營業利益率由去年同期的 7% 上升至 12%。淨收入為 2.16 億美元，比去年同期成長 1.24 億美元，每股攤薄收益為 0.18 美元，而去年同期為每股 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.

現在談談業務部門的業績。計算和圖形部門收入為 13.7 億美元，同比增長 45%，這得益於 Ryzen 處理器銷量的大幅增長。計算和圖形部門的營業收入為 2 億美元，佔收入的 15%，而去年同期為 2,200 萬美元，佔收入的 2%。企業嵌入式和半客製化部門營收為 5.65 億美元，年減 4%，原因是半客製化銷售額下降，但這在很大程度上被 EPYC 處理器銷售額的增加所抵消。 EESC 部門的營業收入為 3,300 萬美元，佔營收的 6%，而去年同期的營業收入為 8,900 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額為 18 億美元，其中包括來自我們循環信用額度的 2 億美元，已於第三季全部償還。庫存為 13 億美元，較上一季成長 25%，因為預計 2020 年下半年營收將增加且新產品將推出。第二季自由現金流為1.52億美元。我對本季的現金表現非常滿意，這使得今年第一季——或者說上半年——的自由現金流為正。

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，我來談談 2020 年第三季的展望。今天的展望是基於當前的預期，並考慮了當前的 COVID-19 環境、全球經濟背景和客戶需求訊號。我們預計營收約 25.5 億美元，上下浮動 1 億美元，年增約 42%，季增約 32%。預計同比和環比增長將受到 Ryzen 和 EPYC 處理器銷量成長以及下一代半客製化產品的推動。此外，對於 2020 年第三季度，我們預計非 GAAP 毛利率約為 44%，非 GAAP 營運費用約為 6.6 億美元，非 GAAP 利息、稅金和其他費用約為 2,500 萬美元，預計第三季稀釋股數約為 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，我們預計年收入成長率將更高，約為 32%，這得益於我們 PC、遊戲和資料中心產品的強勁成長。我們繼續預計全年毛利率約為 45%，比上年增長 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，儘管新冠疫情導致全球經濟不確定性持續存在，但多個市場對產品的需求強勁，我們面前仍存在重大機會。我們處於有利地位，可以加速財務成長動能、擴大毛利率並產生大量現金。

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

說完這些，我將把時間交還給露絲，進行問答環節。露絲？

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

謝謝 Devinder，接線生，請集合觀眾進行問答環節。

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

（操作員指示）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?

問麗莎一個問題。您過去曾說過，您的客戶購買的不是 CPU，而是路線圖。我希望您能向我們介紹一下您的路線圖，特別是未來的伺服器，與您的競爭對手相比如何？作為其中的一部分，在您最大的競爭對手上周宣布推出 7 奈米處理器後，您對競爭環境的看法是否改變了？

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.

你好，馬克。是的，謝謝你的提問。所以，你看，我們在過去幾年裡一直非常關注我們的路線圖和策略，當然，當我們與客戶交談時，我們是為了確保他們理解我們有一個一致的路線圖，推動性能的前沿，並確保我們實現我們所承諾的性能改進。

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.

如你所知，這些路線圖中的許多決定都是提前數年做出的。因此，我們專注於製程技術、設計、架構和前沿封裝。所以我們對我們的路線圖感到滿意。我們剛剛——我們在三月的財務分析師日更新了我們的路線圖，並且我們將繼續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?

當您談到對晶體管或工藝以及架構領先優勢的關注時，您能否讓我們了解一下，您目前的份額增長在多大程度上是由其中一個或另一個或兩者共同推動的？您是否期望在推出米蘭以及 2021 年和 2022 年進一步保持領先地位？

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.

嗯，我想說的是，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。我們對我們的路線圖以及與台積電的合作關係感到滿意。而且您還必須做出正確的設計和架構決策，我們對我們的 CPU 路線圖感到滿意。所以現在，我們在 Zen 2 上使用了 Rome。由於一些關鍵客戶的加入，我們的資料中心業務取得了非常好的成長。我們正在按計劃進行，或者我們預計今年晚些時候開始向這裡運送米蘭產品。然後，我們也正在開發 Zen 4，並計劃採用 5 奈米技術。

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?

恭喜您克服重重困難，依然實現了強勁成長。 Lisa，首先，我回想一下 AMD 上一次在伺服器市場真正佔據主導地位是在 2004 年至 2006 年期間，在那 3 年左右的時間裡，市場份額從 7% 增長到了 26%。您如何看待當前環境？無論是從競爭角度，還是從客戶採用您的平台的意願來看？您的市佔率需要怎樣才能接近這些高峰？有什麼好處和壞處？您現在的經驗有何不同或相似？

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，維韋克。謝謝你的提問。所以，我們說過，伺服器市場對我們來說非常重要。我們認為，對於推動性能前沿的發展有著很高的需求。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。我認為我們已經很好地執行了我們的路線圖。我認為我們在伺服器市場上提供的性能方面是與眾不同的。

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，資料中心市場是一個漫長的旅程，因此這需要整合多代強大的執行力。因此，我們對羅馬的現狀以及今年的進展感到滿意。我想說，我們仍然處於相信自己能在伺服器市場有所作為的早期階段。我認為羅馬是一款非常有競爭力的產品。我認為，當我們進入米蘭時，我們也會看到這是一款非常有競爭力的產品。我們的目標是真正滿足廣泛的伺服器工作負載，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。接下來是麗莎，我認為您將全年成長預期從 25% 上調至 32% 左右。您能否向我們進一步說明一下其優點？其中有多少是來自個人電腦？從伺服器獲取多少錢？半客製化多少錢？我注意到您對毛利率前景保持穩定，我想知道我們如何看待未來的毛利率？這對您在伺服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。因此我們確實更新了全年指導。當我們回顧過去 90 天發生的變化時，當我們在 4 月在這裡與您交談時，我們實際上預計由於宏觀經濟因素或其他類似因素，下半年可能會出現一些與 COVID-19 相關的疲軟。我們現在看到的是下半年的前景更加明朗，因此我們最初認為 PC 市場在下半年會下滑。我們現在預計，與上半年相比，下半年的個人電腦處理器銷售將會成長。我們也看到資料中心從下半年到上半年呈現成長趨勢。然後，我們的遊戲機成長動能在下半年表現強勁。

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.

所以我認為這有很多因素。我們確實相信市場比我們 90 天前想像的要好一些。但我們也相信，我們的產品吸引力很強，而且我們看到了客戶需求的提升。這些就是指導的原因。

Anything on gross margins?

有關於毛利率的資訊嗎？

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%.

噢，對不起。是的。關於毛利率，我認為這很大程度上取決於產品組合。這取決於——當然，您的問題是關於伺服器的。伺服器肯定會增加利潤。我認為，在個人電腦業務方面，下半年將更加重視消費者和筆記型電腦。這就是其中的一些混合關係。然後我們說控制台對利潤有決定性作用。我們預計遊戲機在第三季將會表現非常強勁。儘管第四季遊戲機銷售量會較低，但下半年仍將表現強勁。這些就是收益和利弊，但我們認為這個比例大約是正確的——按照年度指導，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的情況，你剛剛評論說，下半年可能會出現一些比你 90 天前預期更強勁的趨勢。但對於筆記型電腦業務來說，第二季銷售額翻倍並創下歷史新高，這已經是相當了不起的了。我想知道您是否可以談談這種發展勢頭，特別是 4000 型筆記型電腦市場。那麼您如何感受到企業筆記型電腦市場的吸引力？那麼到目前為止後半部的牽引力如何？

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，個人電腦市場對我們來說表現強勁，第二季以及下半年的個人電腦業務對我們來說表現強勁。我們看到，桌上型電腦銷售量如預期般下降，但整體而言，新冠疫情導致個人電腦市場銷售增加。我們看到了從桌上型電腦到筆記型電腦的強勁轉變。同時，我認為我們的筆記型電腦產品組合，特別是 Ryzen 4000，表現非常出色。我們看到了強勁的採用。我們在市場上有超過 50 個平台。我們關注這些產品的銷售情況和消費情況。我想說它非常強勁，甚至超越了我們對早期成長的預期。

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.

我們認為下半年筆記型電腦和個人電腦的整體表現將繼續向好。這就是「個人電腦現在必不可少」這一觀點的一部分。因此，我們看到了消費者的實力。我們看到了遊戲筆記本的優勢，而之前我們對該領域的關注度一直不足。我們擁有良好的商業發展管道，而且我們確實看到商用個人電腦領域有良好的發展管道，教育市場也相當強勁。所以綜合起來，我認為我們的個人電腦業務表現良好。

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。作為後續問題，過去幾季較少被問到的業務部分可能是遊戲 GPU 業務。我很感興趣，您能否簡單介紹一下今年稍後推出的 Big Navi 的改進和新機會的期望？也許可以從資料中心的角度來衡量這些機會，而不是遊戲管道的預期？

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。因此，我認為，正如我們在準備好的發言中提到的那樣，圖形同比有所下降。當我們推出一些基於 Navi 的行動產品時，我們看到了行動裝置的良好成長，但桌面頻道的成長較低。從第二季度通常是桌面通路銷售較低的一個季度的角度來看，這在某種程度上是可以預料到的。

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相當不錯，所以我認為遊戲總體來說不錯。我們正處於產品轉型過程中。我們計劃在今年稍後推出 RDNA 2，或您所說的 Big Navi。我們對 RDNA 2 架構感到非常興奮。我認為這對我們來說是一次從堆疊頂部到堆疊其餘部分的全面刷新。因此，我認為，隨著我們進入今年晚些時候和明年，這將發揮更大的作用。

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?

季度執行情況良好。您是否認為團隊能夠達到兩位數的市場份額目標，並透過 EPYC 擴大終端市場滲透率，僅憑 Lisa，考慮到您的客戶和設計贏得管道以及今年下半年推出的 Milan，您如何看待或我們應該如何看待 EPYC 在未來 12 到 18 個月內進一步的份額增長？

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，我們對我們在伺服器市場的產品定位感到樂觀。坦白說，我們現在所做的大部分工作都是為了確保我們的客戶準備好利用 Rome 和 EPYC。因此，我們在今年上半年看到了一些良好的發展勢頭，特別是在第二季度，一些頂級雲端帳戶的交易量開始大幅增加。展望下半年，我們將看到更多平台與 Rome 一同推出。我們有多個 OEM 平台正在準備推出。我們還有其他雲端平台。因此我認為羅馬將繼續成為我們今年下半年和明年成長的強勁動力。

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.

我們對米蘭感到很興奮。米蘭在實驗室表現不錯。我們正在與米蘭的客戶合作，預計今年稍後開始出貨。因此，我認為看待我們的伺服器業務的方式是，再次強調，這是一段旅程，我們對目前的狀況感到滿意，但如果我們在接下來的 12 到 18 個月內繼續表現良好，我們將面臨重大機會。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，絕對是。作為後續行動，我們在摩根大通每年都會進行一次 CIO 調查。在過去 3 年裡，我們一直在詢問全球的 CIO，他們是否考慮或計劃在本地使用基於 EPYC 的平台。我們在 6 月進行的最新調查顯示，考慮使用 EPYC 進行本地部署的 CIO 數量年增了 60%。我們的解讀是，興趣程度和心智份額正在迅速增長。麗莎，我想我要問你的問題是 AMD——從實際採用的角度來看，A&D 團隊看到了什麼？您對未來 2 到 3 年內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，哈蘭，我看到了這些數據，而且我認為這是好數據。所以我想說的是，我們在企業業務方面正在取得進展。這是由多種不同因素造成的。首先是平台的可用性。我們的 OEM 合作夥伴已向市場提供了一系列非常多樣化的平台。我們也在生態系統方面做了大量工作，確保與 ISV 建立合作夥伴關係，然後基本上走上街頭直接與一些企業客戶交談。所以我對我們所取得的進展感到滿意。

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.

再次，我想說的是，心智份額是一個領先指標，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成長。但我們覺得我們正走在一條正確的道路上，我們將繼續關注雲端運算和企業成長。我還要提到，HPC 是我們的另一個關鍵載體，我們非常注重為那些最艱難、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。為了避開上一個問題，您能否稍微談談您在 PC 用戶端上的企業前景？您能否告訴我們，目前您的業務在多大程度上偏向消費者？在滲透企業業務方面你們取得了多少進展？

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，如今我們的業務更加以消費者為中心。我想說的是，我們在商用個人電腦領域發展良好。我認為 Ryzen 4000 產品的優勢對我們來說是有利的。我認為其性能、電池壽命和功能都值得稱讚。我們將繼續擴大在那裡的市場開拓力度。我們與頂級 OEM 合作夥伴保持良好的合作關係。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，商用筆記型電腦是我們的重點，我們將繼續投資並希望在該領域取得進展。

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。隨後，日經新聞又發布了大量關於遊戲機版本大幅調漲的消息，上調數百萬台。然而，今年你們各個細分領域的成長似乎相當均衡。能向我們詳細介紹一下控制台領域的情況嗎？有這麼大的好處嗎？當我們進入後半段時，您的數字是否被證明是保守的？

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。所以我想說，我們的優勢在各個領域都是均衡的。毫無疑問，今年下半年遊戲機銷售將出現強勁成長。我們將繼續增加供應以滿足需求。但總的來說，我認為——遊戲機是一個多年的周期，第一年，我的意思是，對遊戲機的需求有很多被壓抑的，但我們應該把它看作是一個真正的多年周期，而這只是增長的開始。

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

今天的下一個問題來自伯恩斯坦研究公司的 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?

我想跟進一下這個容量點。你們的產能和供應情況如何？全年的加薪是否與你們代工夥伴的產能釋放有關？或者換句話說，目前您受到的是供應限製而不是需求限制嗎？容量狀況如何？

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，史黛西。所以看，我們有一個強大的供應鏈。毫無疑問。如果你回想過去四、五個月發生的一切，你會發現這是充滿活力的一年。我之前說過，現在我再說一遍，7 奈米非常緊張，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高於我們最初的預期，其中一些是由於市場，還有一些是由於我們產品吸引力的強勁。我們正在增加產能以滿足這些需求，但產能仍然緊張。我想說的是，隨著我們不斷提高產能，我們就會看到機會。因此從這個角度來看，需求強勁。

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?

我的後續問題是，您的競爭對手正在談論資料中心——下半年資料中心消化的潛力。而且我知道你們在新產品的推出和所有事情上都來自不同的地方，所以我明白為什麼你們在下半年會以某種方式成長。但是，您從客戶那裡普遍看到了什麼？您是否看到超大規模市場進入消化階段的跡象，即使由於眾所周知的原因它不會對您造成影響？

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。史黛西，我認為這有點難以概括。從我們的可見度來看，我想說的是，我們看到一些客戶下半年的需求比上半年增加。我們有一些價格稍微低一點的客戶。對我們來說，最重要的事情，我想您也說過了，就是關於我們平台的提升。所以我不確定我是否會指出特定的消化現象。我想說的是，這非常依賴客戶，取決於他們在上半年的擴張情況，有些客戶會增加，有些客戶會減少一些。但總體而言，我們看到下半年有成長機會。

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

知道了。我們的超大規模和企業級情況是否相同？還是主要是超大規模推動了它的發展？

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.

所以我的評論是一個超大規模的評論，因為這就是你所問的。當我審視企業時，我想說的是，企業也在發生不同的事情。我想說，就企業和高效能運算 (HPC) 而言，我們將繼續看到擴張。正如我所說的，我們在準備好的演講中提到了正在推進的新平台。

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.

中小企業或部分交易業務有些疲軟，我們對該部分市場的了解並不多。因此，我認為它不會下降，只是可能沒有像我們希望的那樣快速成長。但總的來說，這確實取決於客戶的具體情況。我想說的是，我們並沒有看到大規模的人口流動放緩。我認為基礎設施是必要的，我們看到人們正在繼續投資基礎設施。

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?

恭喜本季。我想問一下資料中心 GPU 業務。我知道您談到了 CD&A 產品未來發展的方向。我只是好奇，當您考慮雲端計算機會時，您如何衡量或如何考慮參與資料中心 GPU 業務中的一些 AI 機會的能力？您對 [RAKM] 有什麼最新消息嗎？它帶來了哪些機遇，或是從軟體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，我認為資料中心 GPU 業務對我們來說是一種中期成長載體。今年，我在第二季提到營收年減，但下半年，我們預期營收將小幅上升。我認為我們在雲端遊戲領域取得了良好的設計勝利，我們在各種雲端、VDI 類型實例中也取得了良好的設計勝利。我們在超級運算和高效能運算方面非常強大，例如 Frontier 和 El Capitan，它們是我們超級運算領域的王牌。

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.

由於與機器學習和人工智慧相關，我們將繼續投資 [RAKM]。我們繼續圍繞機器學習制定策略，與幾家可以與我們一起投資軟體的大型雲端供應商建立深度合作夥伴關係。我們認為這是一個多年的機會。但它會——它不會是 2020 年的主要收入貢獻者。但隨著進入 2021 年及以後，我們看到了成長機會。

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，作為快速的後續行動，我們討論了許多有關 EPYC 和路線圖的提升。我只是好奇您是如何投資支持組織來支持這次擴張的，進展如何？這是否成為您在伺服器 CPU 市場中能力的限制因素？

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。我認為在伺服器 CPU 中，這只是需要時間。客戶資格認證過程需要時間。但是，我們對客戶和我們自己的支援團隊的努力感到非常滿意。我們正在繼續投資，所以如果你看看我們的營運支出，你會發現我們正在繼續投資。其中一個關鍵領域是建設，不僅是支援基礎設施，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.

所以我對我們的現狀感到滿意。我們的策略始終是先與一些頂級雲端客戶合作，我很高興看到其中一些客戶實現了大批量生產，我們將繼續在雲端和企業領域建立該基礎設施。

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提摩西‧阿庫裡。

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?

麗莎，我想問一下，也許是在過去的一個月或六週甚至兩個月裡，因為客戶可能已經更加明顯地意識到你的競爭對手在製造方面存在一些問題。能否稍微談談客戶談話的基調？它有改變嗎？您是否感覺到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。我想我不會說——我的意思是，4 到 6 週的時間有點短。我想我應該稍微回顧一下，在過去的幾個季度裡，我們看到了什麼？我認為在過去的幾個季度裡，我們看到他們已經看到了我們的性能，我們對我們的產品定位感到非常滿意。我想我們也說過，看，你可以依靠我們制定一致的路線圖，我們將向你展示每一個數據點。

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.

我認為米蘭站對我們來說很重要，這就是為什麼我們非常注重確保今年稍後貨物能夠在這裡發貨。我認為 Zen 4 的整體觀點是，我們已經開始吸引客戶了。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.

所以我想說這不是短期的事。這更多的是一種觀念──我們覺得客戶對雲端、OEM、企業都非常開放。我們必須執行，並且我們每天都在思考這個問題。但就路線圖在哪裡、我們想要實現什麼、客戶在哪裡、客戶在拉動我們處理大量工作量而言，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，同樣在資料中心，我想您之前已經強調過，潛在的瓶頸可能是構建您的軟體功能，您能否 - 就吸引人才的能力而言，您能給我們一些指標嗎？就你們聘用的軟體工程師數量而言，情況最近是否有所改善？有類似這樣的幫助嗎？

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。所以我認為如果你談論的是軟體，它更像是一個 GPU——一個資料中心 GPU 聲明而不是 CPU 聲明。我認為我們實際上感覺我們的 CPU 工具、基礎設施和所有這些東西實際上都建造得相當好。我們對一些應用程式和 ISV 進行了一些工作來優化和調整我們的軟體，但我認為進展非常順利。

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.

至於它與資料中心 GPU 相關，是的，我認為它具有更高的知名度。我認為資料中心 GPU 的超級運算勝利確實有助於提升我們的 GPU 功能和軟體功能的知名度。所以我認為我們處於有利地位。從我們的角度來看，這又是關於建立多種垂直應用程式並做得很好。因此我們繼續對數據中心進行投資。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的進展。

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

我們的下一個問題來自 RBC Capital Markets 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.

我想關注稍微不同的主題，比較 x86 和 ARM。所以我相信你們已經看到了蘋果將用自己的基於 ARM 的晶片取代英特爾的公告。從歷史上看，你無法真正使用基於 ARM 的晶片的原因是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，是否存在風險——或者你們如何看待基於 ARM 的伺服器在未來成為潛在的競爭威脅？這會對 x86 市場和英特爾產生什麼影響？那麼，對於蘋果可能參與開發基於 ARM 的導引頭系統，您有何評論？

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。我想說的是，有些人會開發自己的晶片。蘋果已經在 MAC 領域宣布了這一點，還有一些人在資料中心領域建立自己的系統。我仍然相信這與 ARM 與 x86 無關。我認為這更多的是關於您提供什麼樣的性能，提供什麼樣的功能，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.

從這個意義上來說，我認為我們仍然非常有信心，個人電腦市場和伺服器處理器市場都以 x86 為主。我認為已經存在一系列非常好的產品可供選擇。而這取決於我們——坦白說，我們要確保您獲得的性能、您獲得的功能、每美元的性能、功能都非常非常有競爭力，以便我們提供市場上一流的處理器。

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。然後只進行一次小小的跟進。資料中心僅佔收入的 20%，資料中心圖形部分仍然只是業務的一小部分嗎？或本季情況有所改善？我只是想從定性角度了解那裡發生的事情。

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。因此我們確實說過，本季資料中心整體營收佔總營收的 20% 以上，而且主要是 CPU。因此，其中 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?

所以要明確的是，GPU 不是──基本上是連續平坦的？還是他們醒了？

They were actually down sequentially.

它們實際上是連續下降的。

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羅斯·西摩。

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.

恭喜您取得如此優異的成績。麗莎，實際上我有一個短期問題和一個長期問題要問你。從短期來看，第三季和第四季將會出現一些重大變化，包括新產品的推出等等。因此，我希望，在 32% 的連續指南中，您是否可以透過兩個終端市場（C&G 和 EESC 方面）給出一些說明？然後，當你進入第四季時，類似的情況也會出現，你說半客製化產品會比去年同期下降，這是一種典型的季節性現象。但是你們仍然能夠持續成長，真正的推動力是什麼？然後我會繼續討論長期問題。

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。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，環比增長 32％，其中很大一部分是遊戲機。因此，第二季遊戲機收入相對較少，但第三季將會成長。但我們確實看到個人電腦和伺服器 CPU 都在連續成長。

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，我們預計半客製化產品會有所下降，可能不會像歷史上那樣下降那麼多，坦白說，因為這是推出的第一年，但應該會下降一點。然後，我們確實推出了一些產品，例如 Zen 3 產品系列以及 RDNA 2 產品系列，這些產品將推動第四季度的一些連續成長。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。然後也許從長遠角度來看，這件事會更清楚。之前有人問到有關營運支出 (OpEx) 和擴展您的能力等問題，您對此給出了深思熟慮的答案。但總體而言，由於競爭對手的失誤，您總體上獲得市場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?

那麼，當您看到這個機會時，您如何看待有機投資？就像您今年所說的那樣，將營運支出保持在收入的 29% 左右，是否是利用這一機會的好方法，而不是降至您在分析師會議上提到的 26% 或 27%？或者在此範圍內，您是否會將其與分析師會議的安排更加緊密地結合起來，甚至可能考慮採用無機投資並進入併購市場，因為您現在有一些現金和非常有吸引力的貨幣可以使用？

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。是的，讓我這樣回答。所以，我們對我們的有機成長機會感到非常興奮。我認為我們希望在未來的兩三年或四年內保持這種非常顯著的成長，即超過 20% 的複合年增長率。我認為我們管理業務的方式是審慎的管理業務的方式。

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.

因此營運支出將會增加。營運支出將會成長，而且你已經從美元數字中看到了這一點，但它的成長速度將比收入成長慢一點。我們認為這是正確的做法，以確保我們確實看到一些影響力。既然如此，由於業務成長如此之快，我的意思是，我們在業務的研發和上市方面的營運支出方面投入了相當大的資金。

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

那麼羅斯，你的問題的第二部分是什麼？

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

哪一種方式是無機的？這是否是擴大您向部分客戶提供產品的途徑？

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.

嗯，看，我認為我們一直專注於有機成長路徑，因為那裡有很多機會。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（如果有意義的話）。但我認為我們非常專注於執行有機成長路徑。

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約翰·皮策。

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.

恭喜本季業績強勁。麗莎，很高興看到隱含的第四季度指引中顯示毛利率需要環比上漲約 200 個基點才能滿足您的全年指引。尤其是當遊戲機的銷售量低於季節性時，我想知道您是否可以幫我稍微解釋一下這個問題。

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，隨著該週期的加速和成熟，您是否可以獲得毛利率的增加？我想更重要的是，當你同時檢視個人電腦市場和伺服器群組時，相對於長期毛利率目標而言，您的最佳產品組合處於什麼位置？

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。顯然，從現在到第四季還會發生很多事情。但我認為從指南中可以看出，伺服器和 PC 的成長總體上是正面的。如果你考慮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.

從遊戲機的角度來看，遊戲機的利潤率確實通常會提高。在最初的 4 到 6 個季度內，因為你會預期，隨著我們產量的增加，製造成本等等都會有所改善。這些就是其中存在的因素。

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.

很大程度取決於組合，而業務的組合就是在 PC 方面消費者與商業的組合，然後在資料中心方面，雲端與企業的組合。因此，我們必須觀察這些事情在年底前將如何發展。但總體而言，我認為趨勢是這樣的，由於我提到的一些原因，進入第四季時你應該會看到毛利率持續成長。

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，作為後續問題，你總是說這是一場馬拉鬆而不是短跑，你們已經制定了非常有條理的策略並加以執行。但我只是——鑑於上周英特爾失誤的曝光，你會採取什麼不同的措施來利用它？

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.

嗯，約翰，我認為對我們來說最重要的是履行對客戶的承諾，順便說一句，這是我們過去幾年來一直關注的重點，未來幾年也將繼續關注這一點。我認為路線圖的一致性、效能預期的一致性、跨越的能力——基本上，我們所要求的是人們信任我們，將他們最重要的應用程式交給我們。

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.

因此，我們的重點是執行我們承諾的路線圖，這對我們來說至關重要。毫無疑問，要實現這一目標，工程方面還有很多工作要做。但我認為我們非常清楚我們想要實現什麼，坦白說，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.

感謝大家今天參加電話會議。我們對此表示感謝，並期待在整個季度中與你們見面。

Operator, if you can close the call, please.

接線員，請您掛斷電話。

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。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。