超微半導體 (AMD) 2022 Q3 法說會逐字稿

Hello, and welcome to the AMD Third Quarter 2022 Earnings Call. (Operator Instructions) As a reminder, this conference is being recorded.

您好，歡迎參加 AMD 2022 年第三季度財報電話會議。 （操作員說明）作為提醒，本次會議正在錄製中。

It's now my pleasure to turn the call over to Ruth Cotter. Please go ahead, Ruth.

現在我很高興將電話轉給 Ruth Cotter。請繼續，露絲。

Thank you and welcome to AMD's Third Quarter 2022 Financial Results Conference Call. By now, you should have had the opportunity to review a copy of our earnings press release and accompanying slideware. If you do not receive these documents, they can be found on the Investor Relations page of amd.com.

感謝並歡迎參加 AMD 2022 年第三季度財務業績電話會議。到目前為止，您應該有機會查看我們的收益新聞稿和隨附的幻燈片軟件的副本。如果您沒有收到這些文件，可以在 amd.com 的投資者關係頁面上找到它們。

We will refer primarily to non-GAAP financial measures during this call. The full non-GAAP to GAAP reconciliations are available in today's press release and slides, which are posted on amd.com as mentioned.

在本次電話會議中，我們將主要參考非公認會計準則財務指標。完整的非 GAAP 到 GAAP 對賬可在今天的新聞稿和幻燈片中找到，如前所述，它們已發佈在 amd.com 上。

Participants on today's conference call are Dr. Lisa Su, our Chair and Chief Executive Officer; and Devinder Kumar, our Executive Vice President and Chief Financial Officer and Treasurer. This is a live call and will be replayed via webcast on our website.

今天電話會議的參與者是我們的主席兼首席執行官蘇麗莎博士； Devinder Kumar，我們的執行副總裁兼首席財務官兼財務主管。這是一個現場通話，將通過我們網站上的網絡廣播重播。

Before we begin today, I would like to note that Mark Papermaster, Chief Technology Officer and Executive Vice President, Technology and Engineering, will attend the Wells Fargo Technology, Media and Telecommunications Summit on Wednesday, November 30. And our fourth quarter quiet time is expected to begin at the close of business on Friday, December 16.

在今天開始之前，我想指出，首席技術官兼技術與工程執行副總裁 Mark Papermaster 將於 11 月 30 日星期三參加富國銀行技術、媒體和電信峰會。我們第四季度的靜默時間是預計將於 12 月 16 日星期五營業結束時開始。

Today's discussion contains forward-looking statements based on current beliefs, assumptions and expectations, speak only as of today, and as such, involve risks and uncertainties that could cause actual results to differ materially from our current expectations. Please refer to the cautionary statement in our press release for more information on the factors that could cause actual results to differ materially.

今天的討論包含基於當前信念、假設和預期的前瞻性陳述，僅在今天發表，因此涉及可能導致實際結果與我們當前預期產生重大差異的風險和不確定性。有關可能導致實際結果出現重大差異的因素的更多信息，請參閱我們新聞稿中的警告聲明。

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。今天收聽的各位下午好。

Our third quarter revenue and gross margin came in below our expectations due to softening PC demand and substantial inventory reduction actions across the PC supply chain. Despite the macro backdrop, overall revenue grew 29% year-over-year to $5.6 billion as our Data Center, Gaming and Embedded segments each delivered significant year-over-year growth and performed in line with our expectations. We also expanded gross margin and grew net income year-over-year, highlighting the strength of our business.

由於個人電腦需求疲軟和整個個人電腦供應鏈的大量庫存減少行動，我們第三季度的收入和毛利率低於我們的預期。儘管存在宏觀背景，但總體收入同比增長 29% 至 56 億美元，因為我們的數據中心、遊戲和嵌入式部門均實現了顯著的同比增長並符合我們的預期。我們還擴大了毛利率，淨利潤同比增長，突顯了我們的業務實力。

Turning to the business results. Starting with our Data Center segment. Revenue increased 45% year-over-year and 8% sequentially to $1.6 billion. We delivered our 10th straight quarter of record server processor sales, driven by strong demand for third-gen EPYC processors and initial shipments of our next-generation Genoa CPU to select customers. Cloud revenue more than doubled year-over-year and increased sequentially as multiple hyperscalers expanded deployments of EPYC processors to power their internal properties and more than 70 new AMD instances were launched by Microsoft Azure and Amazon, Tencent, Baidu and others in the quarter.

轉向業務結果。從我們的數據中心部分開始。收入同比增長 45%，環比增長 8%，達到 16 億美元。由於對第三代 EPYC（霄龍）處理器的強勁需求以及我們的下一代 Genoa CPU 首次向部分客戶發貨，我們連續第 10 個季度實現了創紀錄的服務器處理器銷售額。隨著多家超大規模廠商擴大部署 EPYC 處理器以支持其內部資產，以及微軟 Azure 和亞馬遜、騰訊、百度等公司在本季度推出了 70 多個新的 AMD 實例，雲收入同比增長了一倍以上，並連續增長。

In enterprise, OEM revenue was down sequentially as server OEMs continued working through match set issues, and some business load the pace or scale of their purchases based on the macro uncertainties.

在企業中，OEM 收入環比下降，因為服務器 OEM 繼續解決匹配問題，並且一些企業根據宏觀不確定性增加了採購速度或規模。

Looking at the broader competitive landscape, our third-gen EPYC CPUs in market today are the highest performance and most energy-efficient x86 server CPUs available. And we expect to further extend that lead with our next-generation 5-nanometer Genoa processors, which deliver significant performance, energy efficiency and TCO advantages for both hyperscale and enterprise workloads.

縱觀更廣闊的競爭格局，我們目前市場上的第三代 EPYC（霄龍）CPU 是目前市場上性能最高、能效最高的 x86 服務器 CPU。我們希望通過我們的下一代 5 納米 Genoa 處理器進一步擴大這一領先優勢，該處理器為超大規模和企業工作負載提供顯著的性能、能源效率和 TCO 優勢。

We will publicly launch Genoa next week and are ramping production to support initial cloud deployments and the introduction of fourth-gen EPYC processor platforms by HP Enterprise, Dell, Lenovo, Super Micro and others.

我們將在下周公開推出熱那亞，並正在增加生產以支持初始雲部署和惠普企業、戴爾、聯想、超微等公司推出的第四代 EPYC 處理器平台。

Looking at our broader data center portfolio. As expected, Data Center GPU sales were down significantly from a year ago when we had substantial shipments supporting the build-out of the Frontier exascale supercomputer. We made good progress with our Data Center GPU software enablement work in the quarter, including announcing our role as a founding member of the PyTorch Foundation. We look forward to working closely with the largest cloud providers as we drive a standards-based approach to the development of popular PyTorch deep learning software framework.

查看我們更廣泛的數據中心產品組合。正如預期的那樣，數據中心 GPU 的銷量與一年前相比大幅下降，當時我們有大量出貨量支持 Frontier exascale 超級計算機的擴建。我們在本季度的數據中心 GPU 軟件支持工作取得了良好進展，包括宣布我們作為 PyTorch 基金會的創始成員。我們期待與最大的雲提供商密切合作，因為我們推動基於標準的方法來開發流行的 PyTorch 深度學習軟件框架。

Demand from data center customers for our adaptive SmartNIC and DPU products was strong during the quarter. We had record sales of our Xilinx FPGA and networking data center products led by demand from cloud and financial customers.

本季度數據中心客戶對我們的自適應 SmartNIC 和 DPU 產品的需求強勁。在雲和金融客戶的需求帶動下，我們的賽靈思 FPGA 和網絡數據中心產品的銷售額創下歷史新高。

Sales of our Pensando DPUs also ramped significantly from the prior quarter driven by cloud adoption. The addition of Pensando DPUs to our product portfolio has been very well received by customers, highlighted by our enterprise customer pipeline doubling in the few months since the acquisition closed.

在雲採用的推動下，我們 Pensando DPU 的銷售額也較上一季度大幅增長。將 Pensando DPU 添加到我們的產品組合中得到了客戶的好評，自收購結束後的幾個月內，我們的企業客戶渠道翻了一番，這突出了我們的特點。

We were excited to support VMware's launch of its next-generation cloud virtualization platform in the quarter. Our Pensando DPUs will be included in the first validated server and HCI solutions, supporting the new VMware virtualization offerings from Dell, HPE and others that will make it much easier for enterprise customers to build more performance and secure data centers powered by our industry-leading DPUs.

我們很高興支持 VMware 在本季度推出其下一代云虛擬化平台。我們的 Pensando DPU 將包含在第一個經過驗證的服務器和 HCI 解決方案中，支持戴爾、HPE 和其他公司的新 VMware 虛擬化產品，這將使企業客戶更容易構建由我們行業領先的支持的性能更高和安全的數據中心DPU。

Taking a step back, we have built significant momentum in our Data Center business as we have consistently executed our server CPU road map and expanded our solutions capabilities with the addition of the Xilinx and Pensando products to our portfolio. We remain on track to further expand our product portfolio in 2023 with the launches of our edge and telco optimized Siena and cloud optimized Bergamo processors.

退後一步，我們在數據中心業務中建立了顯著的勢頭，因為我們始終如一地執行我們的服務器 CPU 路線圖，並通過將 Xilinx 和 Pensando 產品添加到我們的產品組合中來擴展我們的解決方案能力。隨著邊緣和電信優化的 Siena 和雲優化的 Bergamo 處理器的推出，我們將繼續在 2023 年進一步擴展我們的產品組合。

With 128 cores and 256 threads per socket, we expect Bergamo will first end our performance and energy efficiency leadership in cloud workloads. Customer response has been very strong based on the performance, features and software compatibility Bergamo delivers. We believe our broad family of leadership CPUs, GPUs, FPGAs, adaptive SoCs and DPUs position us well for long-term growth and share gains in the Data Center.

每個插槽有 128 個內核和 256 個線程，我們預計貝加莫將首先結束我們在雲工作負載中的性能和能效領先地位。基於貝加莫提供的性能、功能和軟件兼容性，客戶反應非常強烈。我們相信，我們廣泛的領先 CPU、GPU、FPGA、自適應 SoC 和 DPU 系列使我們能夠很好地實現長期增長並分享數據中心的收益。

Now into our Client segment. Revenue declined 40% year-over-year to $1 billion. Our Client processor shipments were below PC consumption in the third quarter as we worked closely with our customers to reduce downstream inventory. Desktop channel sell-through increased from the prior quarter, driven by increased demand for our Ryzen 5000 Series CPUs and the launch of our Ryzen 7000 Series processors and AM5 platform in September. We launched our 5-nanometer Ryzen 7000 Series processors with strong reviews based on delivering leadership performance in gaming, productivity and content creation applications. We expect Ryzen 7000 CPU sales to ramp this quarter aligned with the launches of a broader range of mainstream and enthusiast AM5 motherboards.

現在進入我們的客戶部分。收入同比下降 40% 至 10 億美元。由於我們與客戶密切合作以減少下游庫存，我們的客戶處理器出貨量在第三季度低於 PC 消費量。由於對我們的 Ryzen 5000 系列 CPU 的需求增加以及我們在 9 月推出的 Ryzen 7000 系列處理器和 AM5 平台，台式機渠道的銷售額比上一季度有所增加。我們推出了 5 納米 Ryzen 7000 系列處理器，基於在遊戲、生產力和內容創建應用程序中的領先性能，獲得了強烈的評價。我們預計本季度銳龍 7000 CPU 的銷量將隨著更廣泛的主流和發燒級 AM5 主板的推出而增長。

Now turning to our Gaming segment. Revenue increased 14% year-over-year to $1.6 billion as strong semi-custom sales offset a decline in gaming graphics. We delivered our sixth straight quarter of record semi-custom SoC sales as demand for the latest game consoles remained strong and Sony and Microsoft prepare for the holiday season.

現在轉向我們的遊戲部分。由於強勁的半定制銷售抵消了遊戲圖形的下降，收入同比增長 14% 至 16 億美元。我們連續第六個季度實現了創紀錄的半定制 SoC 銷售，因為對最新遊戲機的需求依然強勁，而且索尼和微軟為假期做準備。

Gaming graphics revenue declined in the quarter based on soft consumer demand and our focus on reducing downstream GPU inventory. We will launch our next-generation RDNA 3 GPUs later this week that combine our most advanced gaming graphics architecture with 5-nanometer chiplet designs. Our high-end RDNA 3 GPUs will deliver strong increases in performance and performance per watt compared to our current products and include new features supporting high resolution, high frame rate gaming. We look forward to sharing more details later this week.

由於消費者需求疲軟以及我們專注於減少下游 GPU 庫存，本季度遊戲圖形收入有所下降。我們將在本週晚些時候推出我們的下一代 RDNA 3 GPU，它將我們最先進的遊戲圖形架構與 5 納米小芯片設計相結合。與我們當前的產品相比，我們的高端 RDNA 3 GPU 將大幅提升性能和每瓦性能，並包含支持高分辨率、高幀率遊戲的新功能。我們期待在本週晚些時候分享更多細節。

Looking at our Embedded segment. Revenue increased significantly year-over-year to a record $1.3 billion, driven by growth from aerospace and defense, industrial and communications customers. Demand across our core markets remain very strong. We had record sales to aerospace and defense and automotive customers who are increasingly using our FPGA and adaptive SoC products to enable differentiated capabilities and features in their products.

查看我們的嵌入式部分。在航空航天和國防、工業和通信客戶增長的推動下，收入同比大幅增長至創紀錄的 13 億美元。我們核心市場的需求仍然非常強勁。我們向航空航天、國防和汽車客戶的銷售額創歷史新高，這些客戶越來越多地使用我們的 FPGA 和自適應 SoC 產品來實現其產品的差異化功能和特性。

Record communications market revenue was driven by growth from both wired and wireless customers. We saw a particular strength in North America led by new 5G wireless installations and expanded wired infrastructure deployments.

創紀錄的通信市場收入受到有線和無線客戶增長的推動。我們在北美看到了由新的 5G 無線安裝和擴大的有線基礎設施部署帶來的特殊優勢。

Overall demand for our Xilinx products remain strong as we continue to leverage AMD's scale to secure additional supply to address this demand. Longer term, we're very excited about the growth opportunities in our Embedded business. We closed multiple high-revenue design wins in the quarter with automotive, networking, emulation and prototyping, communications and aerospace and defense customers. We're also seeing new design win opportunities and deeper engagements with many of our Embedded customers based on the expanded breadth of our adaptive SoC, FPGA, CPU, GPU and DPU product portfolio.

隨著我們繼續利用 AMD 的規模來確保額外的供應來滿足這一需求，對我們 Xilinx 產品的總體需求仍然強勁。從長遠來看，我們對嵌入式業務的增長機會感到非常興奮。我們在本季度與汽車、網絡、仿真和原型設計、通信以及航空航天和國防客戶達成了多項高收入設計勝利。基於我們的自適應 SoC、FPGA、CPU、GPU 和 DPU 產品組合的擴展範圍，我們還看到了新的設計贏得機會以及與我們的許多嵌入式客戶更深入的合作。

In summary, we are well positioned to navigate the current market dynamics based on our leadership product portfolio, strong balance sheet and growth in our Data Center and Embedded segments.

總而言之，基於我們領先的產品組合、強勁的資產負債表以及數據中心和嵌入式領域的增長，我們能夠很好地駕馭當前的市場動態。

We have 3 clear priorities guiding us. First and foremost, we're focused on executing our road maps and delivering our next generation of leadership products. Second, we're building even deeper relationships with our customers as we make AMD a fundamental enabler of their success. And lastly, we remain very disciplined in how we manage the business. We will continue to invest in our strategic priorities around the data center, embedded and commercial markets while tightening expenses across the rest of the business and aligning our supply chain with the current demand outlook.

我們有 3 個明確的優先事項指導我們。首先，我們專注於執行我們的路線圖並提供我們的下一代領導力產品。其次，我們正在與客戶建立更深入的關係，因為我們使 AMD 成為他們成功的根本推動者。最後，我們在如何管理業務方面仍然非常自律。我們將繼續圍繞數據中心、嵌入式和商業市場的戰略重點進行投資，同時收緊其他業務的開支，並使我們的供應鏈與當前的需求前景保持一致。

The secular trends driving increased demand for high performance and adaptive computing in the cloud, at the edge and across intelligent end devices remain unchanged and provide a strong backdrop for long-term growth.

推動雲、邊緣和跨智能終端設備對高性能和自適應計算的需求增加的長期趨勢保持不變，並為長期增長提供了強大的背景。

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

現在我想把電話轉給 Devinder，為我們的第三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。 .

AMD reported third quarter results in line with the preliminary results we announced last month. While we are pleased with the performance of our Data Center, Gaming and Embedded segments, each of which grew significantly year-over-year, our third quarter results also reflect lower-than-expected Client segment revenue. Third quarter revenue was $5.6 billion, up 29% from a year ago. Gross margin was 50%, up 150 basis points from a year ago, primarily driven by higher revenue in the Embedded and Data Center segments, partially offset by lower Client revenue and $160 million of inventory, pricing and related charges in the graphics and client businesses.

AMD 公佈的第三季度業績與我們上個月公佈的初步業績一致。雖然我們對數據中心、遊戲和嵌入式部門的表現感到滿意，每個部門都同比顯著增長，但我們的第三季度業績也反映了低於預期的客戶部門收入。第三季度收入為 56 億美元，同比增長 29%。毛利率為 50%，比一年前增加 150 個基點，主要受嵌入式和數據中心部門收入增加的推動，部分被客戶收入減少以及圖形和客戶業務中 1.6 億美元的庫存、定價和相關費用所抵消.

Operating expenses were $1.5 billion compared to $1 billion a year ago as we continue to scale the company. Operating income was up 20% from a year ago to $1.3 billion, driven by revenue growth and higher gross margin. Operating margin was 23% compared to 24% a year ago due to higher operating expenses. Net income was $1.1 billion, up $202 million from a year ago. Earnings per share was $0.67 per share compared to $0.73 per share a year ago, primarily due to lower Client segment revenue.

隨著我們繼續擴大公司規模，運營費用為 15 億美元，而一年前為 10 億美元。在收入增長和毛利率提高的推動下，營業收入同比增長 20% 至 13 億美元。由於較高的運營費用，運營利潤率為 23%，而一年前為 24%。淨收入為 11 億美元，比一年前增加了 2.02 億美元。每股收益為每股 0.67 美元，而一年前為每股 0.73 美元，主要是由於客戶部門收入減少。

Now turning to our reportable segments. Starting with the Data Center segment. Revenue was $1.6 billion, up 45% year-over-year, driven by strong growth in third-generation EPYC server processor revenue. Data Center operating income was $505 million or 31% of revenue compared to $308 million or 28% a year ago. Higher operating income was driven primarily by stronger revenue, partially offset by higher operating expenses.

現在轉向我們的可報告部分。從數據中心部分開始。在第三代 EPYC（霄龍）服務器處理器收入強勁增長的推動下，收入為 16 億美元，同比增長 45%。數據中心營業收入為 5.05 億美元，佔收入的 31%，而一年前為 3.08 億美元，佔收入的 28%。營業收入增加主要是由於收入增加，部分被營業費用增加所抵消。

Client segment revenue was $1 billion, down 40% year-over-year due to reduced process shipments resulting from a weak PC market and a significant inventory correction across the PC supply chain. Client operating loss was $26 million compared to operating income of $490 million or 29% of revenue a year ago, primarily due to lower revenue.

客戶部門收入為 10 億美元，同比下降 40%，原因是 PC 市場疲軟導致工藝出貨量減少以及整個 PC 供應鏈的庫存大幅調整。客戶經營虧損為 2600 萬美元，而一年前的營業收入為 4.9 億美元，佔收入的 29%，主要是由於收入下降。

Gaming segment revenue was $1.6 billion, up 14% year-over-year, driven by higher semi-custom product sales, partially offset by lower gaming graphics revenue. Gaming operating income was $142 million or 9% of revenue compared to $231 million or 16% a year ago. The decrease was primarily due to lower graphics revenue and inventory pricing and related charges.

遊戲部門收入為 16 億美元，同比增長 14%，主要受半定制產品銷售額增長的推動，但部分被遊戲圖形收入下降所抵消。遊戲營業收入為 1.42 億美元，佔收入的 9%，而一年前為 2.31 億美元，佔收入的 16%。減少的主要原因是圖形收入和庫存定價及相關費用下降。

Embedded segment revenue was $1.3 billion, up $1.2 billion from a year ago, primarily due to the inclusion of Xilinx' embedded product revenue. Embedded operating income was $635 million or 49% of revenue compared to $23 million or 30% a year ago, driven primarily by higher revenue.

嵌入式部門的收入為 13 億美元，比一年前增加了 12 億美元，這主要歸功於賽靈思的嵌入式產品收入。嵌入式營業收入為 6.35 億美元，佔收入的 49%，而一年前為 2300 萬美元，佔收入的 30%，主要受收入增長的推動。

Turning to the balance sheet. Cash, cash equivalents and short-term investments were $5.6 billion at the end of the third quarter. During the quarter, we repaid the 7.5% senior notes totaling $312 million that matured in August and deployed $617 million to repurchase common stock. We have $6.8 billion in remaining authorization for stock repurchases.

轉向資產負債表。截至第三季度末，現金、現金等價物和短期投資為 56 億美元。本季度，我們償還了 7.5% 的優先票據，總額為 3.12 億美元，於 8 月到期，並部署了 6.17 億美元用於回購普通股。我們還有 68 億美元的剩餘股票回購授權。

Cash from operations was $965 million, and free cash flow was $842 million compared to $764 million in the same quarter last year. Inventory was $3.4 billion, up approximately $721 million from the prior quarter, driven primarily by client products and new products ramping in the second half of the year.

運營現金為 9.65 億美元，自由現金流為 8.42 億美元，而去年同期為 7.64 億美元。庫存為 34 億美元，比上一季度增加約 7.21 億美元，主要受下半年客戶產品和新產品的推動。

Now turning to our financial outlook. Today's outlook is based on current expectations and contemplates the near-term macroeconomic environment. For the fourth quarter of 2022, we expect revenue to be approximately $5.5 billion, plus or minus $300 million, an increase of approximately 14% year-over-year and flat sequentially. The year-over-year growth is driven by Embedded and Data Center segments, partially offset by a decline in the Client and Gaming segments. On a sequential basis, Embedded and Data Center segments are expected to grow, offset by declines in the Client and Gaming segments.

現在轉向我們的財務前景。今天的展望基於當前的預期並考慮了近期的宏觀經濟環境。對於 2022 年第四季度，我們預計收入約為 55 億美元，上下浮動 3 億美元，同比增長約 14%，環比持平。同比增長由嵌入式和數據中心部門推動，部分被客戶端和遊戲部門的下降所抵消。在連續的基礎上，嵌入式和數據中心部分預計將增長，被客戶端和遊戲部分的下降所抵消。

In addition, for Q4 2022, we expect non-GAAP gross margin to be approximately 51%; non-GAAP operating expenses to be approximately $1.55 billion or 28% of revenue; non-GAAP interest expense, taxes and other to be approximately $175 million based on a 13% effective tax rate; and diluted share count to be approximately 1.62 billion shares. For the full year, we expect revenue to be approximately $23.5 billion, plus or minus $300 million, an increase of approximately 43%, led by growth in the Embedded and Data Center segments. We expect non-GAAP gross margin to be approximately 52%.

此外，對於 2022 年第四季度，我們預計非美國通用會計準則毛利率約為 51%；非 GAAP 運營費用約為 15.5 億美元，佔收入的 28%；根據 13% 的有效稅率，非 GAAP 利息費用、稅收和其他費用約為 1.75 億美元；稀釋後的股份總數約為16.2億股。全年，我們預計收入約為 235 億美元，上下浮動 3 億美元，增長約 43%，主要得益於嵌入式和數據中心領域的增長。我們預計非美國通用會計準則毛利率約為 52%。

In closing, we continue to focus on executing our long-term strategy while navigating current market conditions. We will prioritize the key investments for our product road maps and long-term growth while taking several near-term cost management actions, including prudently controlling operating expenses and headcount growth while actively managing inventory in line with our revenue expectations.

最後，我們繼續專注於執行我們的長期戰略，同時駕馭當前的市場狀況。我們將優先考慮產品路線圖和長期增長的關鍵投資，同時採取多項近期成本管理措施，包括謹慎控制運營費用和員工人數增長，同時根據我們的收入預期積極管理庫存。

With that, let me turn the call over to Ruth for our Q&A session. Ruth?

有了這個，讓我把電話轉給 Ruth 參加我們的問答環節。露絲？

Thank you, Devinder. Kevin, if you could please poll the audience for questions.

謝謝你，德溫德。凱文，如果可以的話，請向聽眾提問。

(Operator Instructions) Our first question today is coming from Aaron Rakers from Wells Fargo.

（操作員說明）我們今天的第一個問題來自富國銀行的 Aaron Rakers。

I have one question and one quick follow-up. I guess as we look at your Client piece of the business being down sequentially in the current quarter, as we work through inventory digestion at your customers, I'm curious just how you're thinking about kind of the clearing out of that inventory. Do you think we find a bottom coming out of the December quarter? Or any kind of thoughts of just that kind of full expectation of reflection of inventory in the PC market for you guys?

我有一個問題和一個快速跟進。我想當我們看到您的客戶業務在本季度連續下降時，當我們通過您客戶的庫存消化工作時，我很好奇您是如何考慮清理庫存的。您認為我們是否會在 12 月季度見底？或者你們對PC市場庫存反映的那種完全期望有什麼想法？

Yes. Sure, Aaron. Thanks for the question. So clearly, the PC business has been very volatile and underperformed for us in the third quarter. I think as we go into the fourth quarter, we are guiding that -- embedded in our guidance is that PCs will be down again in the fourth quarter. We believe that, that will be a significant step in clearing inventory between the third quarter and the fourth quarter. And of course, we'll monitor the macro conditions, but we'll certainly exit the year in a better place.

是的。當然，亞倫。謝謝你的問題。很明顯，個人電腦業務在第三季度一直非常不穩定並且表現不佳。我認為隨著我們進入第四季度，我們正在指導這一點——在我們的指導中嵌入的是個人電腦將在第四季度再次下降。我們認為，這將是第三季度和第四季度之間清理庫存的重要一步。當然，我們會監控宏觀狀況，但我們肯定會在一個更好的地方結束這一年。

Yes. And then as a quick follow-up on the service side of the business, I think in the past, you've talked about your ability to shift being somewhat supply constrained. I'm just curious if you have an update on the supply situation in the server CPU, especially as we look towards the general processor ramp in the next quarter or 2.

是的。然後作為對業務服務方面的快速跟進，我認為在過去，您曾談到您的轉變能力受到供應限制。我只是好奇你是否有關於服務器 CPU 供應情況的更新，特別是當我們期待下一季度或第二季度的通用處理器增長時。

Yes. Sure. So in the server side, we certainly have been ramping up our overall supply. I think we've made good progress on that throughout the year. We have more supply in Q4 than we had earlier in the year. And some of those investments are coming online here in the fourth quarter. So we expect as we go into 2023 with the Genoa launch not to be supply constrained based on what we currently see.

是的。當然。所以在服務器端，我們當然一直在增加我們的整體供應。我認為我們這一年在這方面取得了很好的進展。我們在第四季度的供應量比今年早些時候要多。其中一些投資將在第四季度上線。因此，我們預計，隨著我們進入 2023 年，熱那亞的發射不會根據我們目前所看到的情況受到供應限制。

Next question is coming from Toshiya Hari from Goldman Sachs.

下一個問題來自高盛的 Toshiya Hari。

Lisa, I wanted to ask a question on the outlook for 2023, specifically in the server CPU business. I know it's early and difficult to predict. But given the supply comment that you just made, given what you're hearing from customers, both on the cloud side as well as the enterprise side, and the ramp of your new products, how are you thinking about the positives there versus the macro, which continues to be a headwind? I think many of us have your business growing in Data Center kind of in the 20% to 30% range. Is that a fair place to be? Or is that a little too optimistic given what you know today?

麗莎，我想問一個關於 2023 年前景的問題，特別是在服務器 CPU 業務方面。我知道這還為時過早且難以預測。但是考慮到你剛剛發表的供應評論，考慮到你從客戶那裡聽到的，無論是在雲方面還是在企業方面，以及你的新產品的坡道，你如何看待那裡的積極因素與宏觀，這仍然是一個逆風？我認為我們中的許多人的數據中心業務增長幅度在 20% 到 30% 之間。那是一個公平的地方嗎？或者考慮到你今天所知道的，這是否有點過於樂觀？

Yes. So it is a little bit early to talk about 2023 precisely, but maybe let me give you a backdrop of where we see the data center market today. As you said, in the near term, there are some overall macro headwinds that are affecting all markets, including the data center market. Now it varies by segment. And so if I go through each of the segments, what we're seeing is I think North America cloud is probably the most resilient out of the segments within the data center market, and this is where AMD is the strongest.

是的。因此，現在確切地談論 2023 年還為時過早，但也許讓我給你一個我們今天看到的數據中心市場的背景。正如您所說，在短期內，存在一些影響所有市場的整體宏觀逆風，包括數據中心市場。現在它因細分市場而異。因此，如果我瀏覽每個細分市場，我們看到的是，我認為北美雲可能是數據中心市場中最具彈性的細分市場，而這也是 AMD 最強大的地方。

We've had very good progress at the North America cloud vendors. And we continue to believe that although there may be some near term, let's call it, optimization of, let's call it, individual footprints and efficiencies at individual cloud vendors over the medium term, as we go into 2023, we expect growth in that market, particularly customers moving more workloads to AMD, just given the strength of our product portfolio and overall, Genoa coming forward. As we look through the other segments, I think China is -- has been very weak in 2022, and we're not forecasting a significant recovery in 2023. So we'll see how that goes.

我們在北美雲供應商方面取得了非常好的進展。我們仍然相信，儘管可能會有一些短期的，我們稱之為優化，我們稱之為中期，個別雲供應商的個人足跡和效率，隨著我們進入 2023 年，我們預計該市場會增長，尤其是客戶將更多工作負載轉移到 AMD 上，鑑於我們的產品組合和整體實力，熱那亞正在向前發展。當我們審視其他細分市場時，我認為中國在 2022 年非常疲軟，我們預計 2023 年不會出現顯著復甦。所以我們將看看情況如何。

And then on the enterprise side, I would say enterprise is probably most impacted by the macro. So we have seen customers taking longer to make decisions and perhaps being a little bit more conservative on CapEx. That being said, though, we feel very good about our value proposition. We feel very good about our product portfolio. And we believe, even in a little bit of a choppy market that we can gain share across that business. So overall, I think our Data Center trends are good, and we need to work through the macro as everyone does.

然後在企業方面，我想說企業可能受宏觀影響最大。因此，我們看到客戶需要更長的時間來做出決定，並且可能對資本支出更加保守。儘管如此，我們對我們的價值主張感覺非常好。我們對我們的產品組合感覺非常好。而且我們相信，即使在市場有點波動的情況下，我們也可以在該業務中獲得份額。所以總的來說，我認為我們的數據中心趨勢是好的，我們需要像每個人一樣通過宏觀工作。

That's helpful. And then as my follow-up, a question on gross margins, maybe for Devinder. So you're guiding Q4 gross margins up about 100 basis points, which is good to see, but you're still 300 basis points below where you were in Q2. And since then, obviously, Client is down significantly. Your Data Center business is very resilient and so is the classic Xilinx business. So from a mix perspective, you should be in a better place. What's driving down gross margins in Q4, I guess, versus Q2? Are you recognizing another inventory hit? Or is it something else?

這很有幫助。然後作為我的後續，一個關於毛利率的問題，也許是針對 Devinder 的。因此，您將第四季度的毛利率提高了約 100 個基點，這很高興，但仍比第二季度低 300 個基點。從那以後，很明顯，客戶顯著下降。您的數據中心業務非常有彈性，經典的 Xilinx 業務也是如此。所以從混合的角度來看，你應該在一個更好的地方。我猜，與第二季度相比，是什麼導致第四季度的毛利率下降？您是否認識到另一個庫存打擊？或者是別的什麼？

No inventory hit, first of all, Toshi. On the gross margin, as you said, Q2, 54%. If you go all the way to Q4, 51% primarily is the weak PC market and Client margins coming down. For example, if you look at Q3, all other businesses were in line with expectations, and Client margins came in lower.

沒有庫存，首先是 Toshi。正如你所說，第二季度的毛利率為 54%。如果一直到第四季度，51% 主要是 PC 市場疲軟和客戶利潤率下降。例如，如果您查看第三季度，所有其他業務都符合預期，客戶利潤率下降。

We also have in the Data Center, a place cloud weighted, which has lower ASPs. So that also has an impact on margins. And then as Lisa mentioned earlier, some of the new capacity that we have from a supply standpoint, there are some additional costs from the supply capacity agreements. And those are all baked in into the Q4 51% margin guidance.

我們還有數據中心，這是一個雲加權的地方，它的 ASP 較低。因此，這也會對利潤率產生影響。然後正如 Lisa 之前提到的，從供應的角度來看，我們擁有的一些新產能，以及供應產能協議中的一些額外成本。這些都包含在第四季度 51% 的利潤率指導中。

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

下一個問題來自 Bernstein Research 的 Stacy Rasgon。

For the first one, I wanted to ask about the extra week in Q4. How much revenue was that driving on an overall basis as well as in Data Center specifically? Is there -- I don't know how linear those -- particularly that business is. Is there any sort of -- is there any material impact from that extra week?

對於第一個，我想問一下第四季度的額外一周。這在整體基礎上以及特別是在數據中心帶來了多少收入？有沒有 - 我不知道那些是線性的 - 特別是那個業務。額外的一周是否有任何實質性影響？

Yes, Stacy. We're not really counting on a material impact from the extra week. I think if you look at the pluses and minuses in the quarter, the guidance for Q4 really is around sort of PCs and, let's call it, Gaming being lower. And again, those are -- with all the holidays in place, we're not counting on too much there. And then Data Center is -- Data Center, Embedded are higher, but we're not expecting that the extra week has a material impact.

是的，斯泰西。我們並沒有真正指望額外一周的實質性影響。我認為，如果你看一下本季度的優缺點，第四季度的指導確實是圍繞著某種 PC，讓我們稱之為，遊戲較低。再說一次，這些都是 - 在所有假期都到位的情況下，我們並沒有指望太多。然後數據中心是 - 嵌入式數據中心更高，但我們預計額外的一周不會產生重大影響。

Got it. For my follow-up, I wanted to ask about units versus pricing in Q3 and Q4. I know in Q3, you specifically mentioned pricing has an impact. And it sounds like you're suggesting Client margins are coming down. I don't know if that's just a cost or if there's a pricing impact as well. But like what did units and pricing do in Client in Q3? And what are you expecting in Q4?

知道了。對於我的後續行動，我想詢問第三季度和第四季度的單位與定價。我知道在第三季度，您特別提到定價會產生影響。聽起來你在暗示客戶利潤率正在下降。我不知道這是否只是成本，或者是否也有定價影響。但是就像第三季度客戶中的單位和定價一樣？您對第四季度有何期待？

Sure, Stacy. So I think if you look at the third quarter, it was -- there are a lot of dynamics in the Client business. So market was weak. In particular, consumer was weak. And we have more of a footprint in consumer. So in that framework, we saw units come down. But we also saw ASPs come down on a sequential basis. Now I will say that ASPs were still up on a year-over-year basis. So we've been, let's call it, disciplined in this pricing environment.

當然，斯泰西。因此，我認為如果您查看第三季度，那就是 - 客戶業務中有很多動態。所以市場疲軟。尤其是消費者疲軟。而且我們在消費者方面有更多的足跡。所以在那個框架中，我們看到單位下降了。但我們也看到 ASP 連續下降。現在我要說的是，平均售價仍然同比上升。所以我們一直，讓我們稱之為，在這種定價環境中受到紀律處分。

We did see some pricing dynamics in the quarter, and we couldn't face unprofitable business. And we'll continue to be sort of watching that space. So that was the pluses or minuses as it relates to Client ASPs. And as we go into the fourth quarter, again, I think we're forecasting for a competitive environment given the market weakness, and that's embedded in the guide.

我們確實在本季度看到了一些定價動態，我們無法面對無利可圖的業務。我們將繼續關注這個空間。這就是與客戶端 ASP 相關的優點或缺點。當我們再次進入第四季度時，我認為鑑於市場疲軟，我們正在預測競爭環境，這已包含在指南中。

Next question is coming from Vivek Arya from Bank of America.

下一個問題來自美國銀行的 Vivek Arya。

For the first one, I just wanted to clarify what is the client revenue we should be thinking about for Q4? Is it $800 million, $900 million? Any help there? And then, I guess, Lisa, the bigger question there is, what does client recovery look like? Do you get back to the $2 billion quarterly rate? Do you get to $1.5 billion? And I asked that because your competitor was suggesting that next year, the PC TAM would only be down 4% or 5%, which seems a little bit optimistic. What do you think AMD is kind of -- what kind of PC TAM does AMD have in mind for next year so that we get a sense for how this derisk the model is from a PC perspective?

對於第一個問題，我只是想澄清一下我們應該為第四季度考慮的客戶收入是多少？是 8 億美元還是 9 億美元？那裡有什麼幫助嗎？然後，我想，麗莎，更大的問題是，客戶恢復是什麼樣的？你會回到 20 億美元的季度利率嗎？你能達到 15 億美元嗎？我問是因為你的競爭對手建議明年，PC TAM 只會下降 4% 或 5%，這似乎有點樂觀。您認為 AMD 是什麼樣的——AMD 明年會考慮什麼樣的 PC TAM，以便我們從 PC 的角度了解這種模式是如何冒風險的？

Yes. So a couple of different points, Vivek. Let me just answer the sort of the expectations around Q4. I would say we're guiding, let's call it, modestly down for Client and Gaming. And obviously, we're coming off of what is already a low base in Q3. We want to do that to correct the sort of the inventory situation as quickly as possible. And as a result, we're going to under-ship consumption again in the fourth quarter to do that.

是的。所以有幾個不同的觀點，Vivek。讓我回答一下第四季度的預期。我想說我們正在指導，讓我們稱之為，適度降低客戶端和遊戲。顯然，我們正在擺脫第三季度已經很低的基數。我們希望這樣做以盡快糾正這種庫存情況。因此，我們將在第四季度再次減少消費以做到這一點。

As it relates to next year, I think there are a lot of factors. I mean this year, PCs will be down quite a bit, let's call it, high teens, close to 20%. As we go into next year, I think the industry is calling mid-single digits. I think that would be a good case. I think we should model down to minus 10%. And again, within our PC business, we expect as we get through this inventory correction -- I mean we have very good products, and I feel very good about our product portfolio and very good about our platforms overall. So I do think the PC business will recover as we go into 2023, but we'll have to work through these dynamics over the next quarter or so.

因為它涉及到明年，我認為有很多因素。我的意思是，今年，PC 會下降很多，我們稱之為青少年，接近 20%。隨著我們進入明年，我認為該行業正在調用中個位數。我認為那將是一個很好的案例。我認為我們應該將模型降低到負 10%。再說一次，在我們的 PC 業務中，我們期望通過這次庫存調整——我的意思是我們有非常好的產品，我對我們的產品組合感覺非常好，對我們的平台整體感覺非常好。所以我確實認為，隨著我們進入 2023 年，PC 業務將會復蘇，但我們必須在下個季度左右克服這些動態。

Understood. And for my follow-up, Devinder, maybe one for you on gross margins. How much of the write-offs and pricing actions that you're taking in -- that you took in Q3 and are taking in Q4? How much are they recoverable in Q1? So let's say, hypothetically, Q1 revenue is the same as Q4 revenue. What can gross margins be? How much of the actions are recoverable? And basically, how do you start getting back to the prior trend of 54% gross margin because the longer-term target is over 57%? So if Client revenues don't really grow that much, are there actions that can help you get back to your prior gross margin trajectory?

明白了。對於我的後續行動，Devinder，也許是毛利率上的一個。您在第三季度和第四季度採取了多少沖銷和定價行動？他們在第一季度可以收回多少？因此，假設第一季度的收入與第四季度的收入相同。毛利率可以是多少？有多少動作是可恢復的？基本上，由於長期目標超過 57%，您如何開始回到 54% 毛利率的先前趨勢？因此，如果客戶收入沒有真正增長那麼多，是否有措施可以幫助您回到之前的毛利率軌跡？

Let me try to answer it this way. If you look at Q3 in and of itself, we came in with about 50% gross margin. We had $160 million of charges, which are inventory pricing and related charges. If you adjust for those, the margin for -- in Q3 is about 52%. And we had guided to 54%. We came in at 52%. And primarily, that's due to 2 reasons, right? You have the Client weak PC market. And obviously, the Client margins are down. As I said earlier, the rest of the business will perform for the expectations.

讓我試著這樣回答。如果你看第三季度本身，我們的毛利率約為 50%。我們有 1.6 億美元的費用，即庫存定價和相關費用。如果您對此進行調整，第三季度的利潤率約為 52%。我們已經引導到 54%。我們以 52% 的比例進入。主要是由於兩個原因，對吧？你有客戶端疲軟的 PC 市場。顯然，客戶利潤下降了。正如我之前所說，其餘業務將按預期執行。

We have to work through what's going on with the PC market over this quarter, next quarter and maybe early '23, and then we come back and talk about the margins. I do feel good about the products we're introducing, especially the new products and perhaps the ability to increase margins from where we are right now, guiding 51% and then taking it up from there.

我們必須研究 PC 市場在本季度、下一季度以及 23 年初可能發生的情況，然後我們再回來討論利潤率。我對我們正在推出的產品感覺很好，尤其是新產品，也許還有能力從我們現在的位置增加利潤率，引導 51%，然後從那裡開始。

But is the $160 million recoverable? I guess that's really my question.

但是，這 1.6 億美元是否可以收回？我想這真的是我的問題。

Those were mostly inventory rights or pricing actions we'd take. Largely, I would say, not recoverable, if that's what you're asking.

這些主要是我們將採取的庫存權或定價行動。在很大程度上，我會說，如果那是你要問的，那是不可恢復的。

I mean can you get back to the 52% that you would have been normalized? Like I expect if you don't take these actions in Q1, then should you be at a higher gross margin in Q1 versus Q4?

我的意思是你能回到正常化的 52% 嗎？就像我預期的那樣，如果您在第一季度不採取這些行動，那麼您在第一季度的毛利率是否應該高於第四季度？

I won't guide Q1, but what I'll say is from the 51% that we have in Q4, we can improve from there.

我不會指導第一季度，但我要說的是，從第四季度的 51% 來看，我們可以從那裡改進。

Next question is coming from Matt Ramsay from Cowen.

下一個問題來自 Cowen 的 Matt Ramsay。

At least I have one question on the Data Center segment and then a follow-up on Client. On the Data Center business, if you look back to the pre-announcement a month ago, I think there was a little bit of maybe -- you came in a little bit under where we were modeling, I'll just say that way. And so I got a ton of questions on that, and I was really interested in some of the comments that you made in your script about how cloud revenue still more than doubled year-over-year. And anyway, just confirming that I got that right.

至少我有一個關於數據中心部分的問題，然後是關於客戶的後續問題。在數據中心業務方面，如果你回顧一個月前的預告，我認為有一點可能——你在我們建模的地方有點落後，我會這麼說。所以我收到了很多關於這方面的問題，我對你在腳本中關於雲收入如何仍然同比增長一倍以上的一些評論非常感興趣。無論如何，只要確認我做對了。

And maybe if you could help us break down your Data Center business a little bit between the strength in cloud that I would expect to continue given the CapEx commentary we've heard, but there were obviously some headwinds from enterprise that you called out and clearly from HPC, both on CPU and GPU. So I think that would be helpful to just break it down because I was surprised that, that cloud revenue was as strong as it was given where the numbers came in, in the quarter.

如果您可以幫助我們在雲計算實力之間稍微細分您的數據中心業務，考慮到我們聽到的資本支出評論，我希望繼續這樣做，但顯然您已經明確指出了來自企業的一些不利因素來自 HPC，在 CPU 和 GPU 上。因此，我認為將其分解會很有幫助，因為我很驚訝，雲收入與本季度的數字一樣強勁。

Yes. Sure, Matt. So for focus on the third quarter, what I would say is cloud revenue did more than double. Enterprise revenue was down. And then on the GPU side, because we had a strong quarter in the third quarter of 2021, that was down, too. And perhaps that wasn't quite in your modeling. But the larger dynamics are, as I said earlier, the North America cloud is probably the best out of all the Data Center segments. There is some impact on macro, though. I mean I think everyone is aware of that, that there is a little bit of pullback in CapEx spending. That being the case, I think our market share is very good there, and we'll -- we expect it to continue to grow.

是的。當然，馬特。因此，對於第三季度的關注，我想說的是雲收入增長了一倍以上。企業收入下降。然後在 GPU 方面，因為我們在 2021 年第三季度有一個強勁的季度，所以也下降了。也許這不是你的建模。但正如我之前所說，更大的動態是，北美雲可能是所有數據中心細分市場中最好的。不過，對宏觀有一些影響。我的意思是，我認為每個人都意識到這一點，資本支出支出略有回落。在這種情況下，我認為我們的市場份額在那裡非常好，我們將 - 我們預計它會繼續增長。

And as the business becomes more cloud weighted -- there have been a few margin questions, so I'll just mention, as the business becomes more cloud weighted, that tends to have a little bit of downward pressure on the margin. But our goal right now is footprint and expanding our footprint across cloud and enterprise. I will say even in a weak enterprise market as we go forward over the next few quarters, we feel really good about how we're positioned and the platform solutions that are coming out with all of our OEM partners. So I think on a quarter-by-quarter basis, you may not get the model exactly right. But I think on a longer-term basis, I think the product portfolio and the product capabilities should help us continue to gain share.

隨著業務變得更加雲計算權重 - 存在一些利潤率問題，所以我只想提一下，隨著業務變得更加雲計算權重，這往往會對利潤率產生一些下行壓力。但我們現在的目標是足跡並擴大我們在雲和企業中的足跡。我會說，即使在我們接下來幾個季度前進的疲軟企業市場中，我們對自己的定位以及與所有 OEM 合作夥伴一起推出的平台解決方案感到非常滿意。因此，我認為按季度計算，您可能無法完全正確地獲得模型。但我認為從長遠來看，我認為產品組合和產品能力應該有助於我們繼續獲得份額。

That's helpful, I think, to highlight the cloud momentum continuing. I guess as my follow-up, I wanted to kind of revisit what we've learned over the last 3 or 4 months in the PC market. It's super dynamic times out there. And obviously, things have changed in demand really, really quickly from when you guys guided back at the beginning of August until the pre-announcement. And I just kind of wanted to walk back through sort of the dynamics of how the quarter progressed from when you guys gave the original guidance.

我認為，這有助於突出雲的持續發展勢頭。我想作為我的後續行動，我想重新審視過去 3 或 4 個月在 PC 市場上學到的東西。這是超級動態的時代。顯然，從你們在 8 月初指導回來到發布前，需求真的發生了非常非常快的變化。我只是想回顧一下你們給出原始指導時本季度的進展情況。

I guess, obviously, the market went down. There was inventory corrections and whatnot. But just how quickly did you guys see that? And I guess the real question coming out of this is, how are you thinking about changes you might make in monitoring inventory levels or working with your channel partners? Just any changes you're thinking about making operationally to the business to sort of protect from this kind of thing coming and, I guess, going forward? Any color there would be really helpful.

我想，很明顯，市場下跌了。有庫存更正等等。但你們看到這一點的速度有多快？我想由此產生的真正問題是，您如何考慮在監控庫存水平或與渠道合作夥伴合作方面可能做出的改變？只是您正在考慮對業務進行操作上的任何更改，以防止這種事情的發生，我猜，未來？那裡的任何顏色都會很有幫助。

Sure, Matt. So yes, the third quarter, the PC market was very volatile. Going into it, we expected the market would be weak. It was weaker than we expected. And the weakest portion of the market is a consumer market where we tend to be more heavily weighted.

當然，馬特。所以是的，第三季度，PC 市場非常不穩定。進入它，我們預計市場會疲軟。它比我們預期的要弱。市場中最薄弱的部分是消費市場，我們往往在該市場中佔有更大的比重。

I think the thing that perhaps we saw in the market is we -- as the overall macro economy has also weakened, customers, in general, across the board, have just become more cautious. So even as they were selling through their inventory, they were not replenishing stock to the same levels. And frankly, we were coming off of a supply-demand imbalance where in the first half of the year, people were actually trying to gather inventory, and we had been in a supply-constrained situation. So it is a very dynamic situation, I would say.

我認為我們在市場上看到的可能是我們——隨著整體宏觀經濟的疲軟，客戶總體上變得更加謹慎。因此，即使他們通過庫存進行銷售，他們也沒有將庫存補充到相同的水平。坦率地說，我們正在擺脫供需失衡，在今年上半年，人們實際上正在努力收集庫存，而我們一直處於供應受限的境地。所以這是一個非常動態的情況，我會說。

I think that we have great partnerships across the supply chain. I feel good about the visibility that we have. I think the market will continue to be volatile, but we will -- we're all sort of biased towards reducing inventory levels so that we can better react to the market factors and the market situation. So hopefully, that helps a little bit.

我認為我們在整個供應鏈中都有很好的合作夥伴關係。我對我們的知名度感覺很好。我認為市場將繼續波動，但我們會 - 我們都傾向於降低庫存水平，以便我們能夠更好地對市場因素和市場情況做出反應。所以希望，這會有所幫助。

Next question today is coming from Joe Moore from Morgan Stanley.

今天的下一個問題來自摩根士丹利的喬摩爾。

Great. I wonder if you could talk a little bit about your visibility in the Xilinx part of the business to the extent that we've seen some weakening in kind of broader markets here and there. But generally, it's okay. Like can you just talk about how long your visibility extends there, how you feel about growth into next year?

偉大的。我想知道您是否可以談談您在賽靈思業務部分的知名度，以至於我們已經看到這里和那裡的更廣泛市場有所減弱。但一般來說，沒關係。就像你能談談你的知名度在那裡延伸了多長時間，你對明年的增長有何看法？

Yes. Absolutely, Joe. So the Xilinx business, our Embedded business has been performing just extremely well. Another very strong quarter in Q3, and we have -- we see growth into the fourth quarter. We have been very focused on what's happening within the various subsegments. I think the nice part of the business, as you know, is that it has -- it's very broad based. So we have seen communications was up for us. Aerospace and defense, very strong. Automotive was also up for us here in the third quarter.

是的。絕對的，喬。所以賽靈思業務，我們的嵌入式業務一直表現得非常好。第三季度又是一個非常強勁的季度，我們看到了第四季度的增長。我們一直非常關注各個細分市場中正在發生的事情。如您所知，我認為該業務的好處在於它具有 - 它的基礎非常廣泛。因此，我們已經看到通信對我們有利。航空航天和國防，非常強大。第三季度，汽車也為我們提供了支持。

We did see some weaknesses. Consumer was weak. There was some subsegments of industrial. So test and measurement was weaker in the third quarter. So we do see the puts and takes there. But overall, I would say the business has strong visibility. We are still supply constrained in certain nodes and some of the legacy nodes. We've made a lot of progress on supply. So we're seeing additional supply come in, in Q4, and that leads us to good confidence in Q4.

我們確實看到了一些弱點。消費者疲軟。有一些工業細分市場。因此，第三季度的測試和測量表現較弱。所以我們確實看到了看跌期權。但總的來說，我會說該業務具有很強的知名度。我們仍然在某些節點和一些遺留節點中受到供應限制。我們在供應方面取得了很大進展。因此，我們看到第四季度有更多供應進入，這使我們對第四季度充滿信心。

We expect the first half -- again, we have multiple quarters of visibility just given the lead times in that business, and we'll be watching it very carefully. But I would say overall, the products portfolio is strong, and we've also gained some share in that business as well.

我們預計上半年 - 同樣，考慮到該業務的交貨時間，我們有多個季度的知名度，我們將非常仔細地觀察它。但我想說總體而言，產品組合很強大，我們也在該業務中獲得了一些份額。

Next question today is coming from Ross Seymore from Deutsche Bank.

今天的下一個問題來自德意志銀行的羅斯·西莫爾。

Let me ask a couple of questions quickly here. Lisa, if you could give us a little color. You talked about the fourth quarter being, I guess, down modestly in Client and Gaming. Can you give relatively similar color for Data Center and Embedded just because the volatility between segments, obviously, has been huge over the last couple of quarters?

讓我在這裡快速問幾個問題。麗莎，如果你能給我們一點顏色。你談到第四季度，我猜，在客戶端和遊戲方面略有下降。您能否僅僅因為在過去幾個季度中，細分市場之間的波動性明顯很大，您就可以為數據中心和嵌入式給出相對相似的顏色嗎？

Yes. Sure, Ross. Well, since -- on an absolute level, we're talking about flattish from Q4 to Q3, [5 5] versus [5 5 6]. So modest decline in Client and Gaming. Within Gaming, we would expect consoles to be down in the fourth quarter given they're coming off of Q3, which is their peak. That's offset a bit by our new graphics launch that is occurring in the next few weeks.

是的。當然，羅斯。好吧，因為 - 在絕對水平上，我們談論的是從第四季度到第三季度的持平，[5 5] 與 [5 5 6]。客戶端和遊戲的小幅下降。在遊戲領域，我們預計遊戲機將在第四季度下降，因為它們正處於第三季度的高峰期。這被我們在接下來幾週內推出的新圖形所抵消。

And then as it relates to Data Center and Embedded, it's about the same, let's call it, modest plus as we go forward. We expect, again, cloud to be stronger than enterprise. That's some of the margin dynamics that we were asking earlier. And Embedded, as we get more supply, modestly up as well.

然後，當它與數據中心和嵌入式相關時，它大致相同，讓我們稱之為，隨著我們前進，適度加分。我們再次預計，雲將比企業更強大。這是我們之前詢問的一些邊際動態。而嵌入式，隨著我們獲得更多供應，也會適度上漲。

Great. That's perfect. And then as my follow-up, one for either you or Devinder. As we think about OpEx for next year, how do you guys philosophically balance the desire to stick to your business model that you laid out at your most recent Analyst Day versus the desire to continue to spend, continue to gain market share, put out the great new products and execute that you've done so well? Are those kind of buffers conflicting against each other? And how, if so, do you reconcile that confliction?

偉大的。那很完美。然後作為我的後續行動，一個給你或 Devinder。當我們考慮明年的運營支出時，你們如何在哲學上平衡堅持在最近的分析師日制定的商業模式的願望與繼續支出、繼續獲得市場份額的願望，推出偉大的新產品和執行你做得這麼好？這些緩衝區是否相互衝突？如果是這樣，你如何調和這種衝突？

Yes. I think the key thing is we continue to invest in the strategic areas, in Data Center and Embedded and the product road maps. The macro environment has weakened, soft PCs. And we are taking actions to reduce expenses especially in the rest of the business besides what I talked about earlier in terms of the areas of focus, and we have slowed down hiring.

是的。我認為關鍵是我們繼續投資於戰略領域、數據中心和嵌入式以及產品路線圖。宏觀環境有所減弱，軟PC。除了我之前談到的重點領域之外，我們正在採取行動減少開支，特別是在其他業務方面，我們已經放慢了招聘速度。

So you're right, Q4, if you look at E2R business is high, but we are very disciplined in terms of what we're going to do. Expense actions do take time to kick in. And we expect that as we go out into 2023, the E2R comes more in balance with the revenue, and we manage it in line with the revenue out in time.

所以你是對的，第四季度，如果你看 E2R 業務很高，但我們在做什麼方面非常自律。費用行動確實需要時間來啟動。我們預計，隨著我們進入 2023 年，E2R 與收入的平衡會更加平衡，我們會及時根據收入進行管理。

Yes. And maybe, Ross, if I'd just add on top of that. I think we have the opportunity -- we have multiple levers in OpEx. So we are going to be very disciplined, as Devinder said. That being the case, I mean, we feel very good about our strategic direction around Data Center, Embedded and the commercial markets. So we want to continue to invest there where we will be more conservative on the consumer-facing portions of our business, and that's how we'll manage through 2023.

是的。也許，羅斯，如果我再補充一點的話。我認為我們有機會——我們在運營支出方面擁有多個槓桿。因此，正如 Devinder 所說，我們將非常自律。既然如此，我的意思是，我們對圍繞數據中心、嵌入式和商業市場的戰略方向感到非常滿意。因此，我們希望繼續在那裡投資，我們將在面向消費者的業務部分更加保守，這就是我們將如何管理到 2023 年。

Next question is coming from Ambrish Srivastava from BMO.

下一個問題來自 BMO 的 Ambrish Srivastava。

Lisa, I wanted to come back to the PC business. There's such a big disparity between your 3Q guide and what Intel guided to or reported versus what they're guiding to in 4Q. And usually, things normalize over a longer period of time. But I just wanted to understand, is it a case of they took their medicine earlier and AMD continued to over-ship versus demand? Just kind of help us understand.

麗莎，我想回到個人電腦行業。您的第三季度指南與英特爾指導或報告的內容與他們在第四季度的指導內容之間存在巨大差異。通常情況下，事情會在更長的時間內恢復正常。但我只是想了解，是不是因為他們更早吃藥，而 AMD 繼續超額出貨而不是需求？只是幫助我們理解。

And there seems to be also a dynamic that Intel is raising pricing in 4Q. So there was some pull-in ahead of that. And I have -- I've been getting a lot of questions myself. I don't understand specific disparity. So any help would be very helpful.

英特爾在第四季度提高定價似乎也有動態。所以在那之前有一些拉動。我有 - 我自己也收到了很多問題。我不明白具體的差距。所以任何幫助都會非常有幫助。

Yes. Sure, Ambrish. Look, I think -- again, let me comment on our business, right? So for our business, as we exited the first half of the year, I think we were planning for a sort of a reasonable PC market in the second half. Usually, the third quarter is higher than the first half. And the third and the fourth quarter are seasonally higher. And so that's what we were building to, together with our customers, by the way, with that expectation.

是的。當然，安布里什。聽著，我想——再一次，讓我評論一下我們的業務，對吧？所以對於我們的業務，當我們退出上半年時，我認為我們計劃在下半年建立一個合理的 PC 市場。通常，第三季度高於上半年。第三和第四季度季節性較高。這就是我們與我們的客戶一起建設的目標，順便說一句，帶著這種期望。

I think the market weakness as well as just the overall caution in the environment just caused people to behave a bit differently, and that really required us to work together with our customers on the inventory corrections. And as you said, there were some temporal sort of dynamics. And we're aware of those temporal dynamics. Some of it is very -- sort of very aggressive pricing that we chose not to follow. And again, that's a decision that we made. And others are, as you might expect, there might be some temporal optimization that people are doing.

我認為市場疲軟以及環境中的整體謹慎只是導致人們的行為有所不同，這確實需要我們與客戶一起進行庫存修正。正如你所說，有一些時間上的動態。我們知道這些時間動態。其中一些是我們選擇不遵循的非常激進的定價。同樣，這是我們做出的決定。正如您所料，其他人可能正在做一些時間優化。

I don't think there's anything fundamental. I think fundamentally, our product portfolio is strong. I think we have very good platforms in place, and we'll work through this. I fully agree that it's kind of a messy market environment that we have to work through, but we will work through it.

我不認為有什麼基本的。我認為從根本上說，我們的產品組合很強大。我認為我們有非常好的平台，我們會解決這個問題。我完全同意這是一個我們必須克服的混亂的市場環境，但我們會克服它。

Got it. Good. And I had a follow-up for you, Devinder. Just talk about capacity opening up at the foundries. And we had this conversation at the Analyst Day about the headwind to free cash flow given your need or desire to secure capacity. Is that going to temper off now -- taper off as we go through the remainder of the next few quarters as there should be more capacity that's available, plus on the PC side, you should need much less than what you needed a couple of quarters ago?

知道了。好的。 Devinder，我為你做了後續工作。只談代工廠的產能開放。鑑於您需要或希望確保容量，我們在分析師日就自由現金流的逆風進行了對話。現在這種情況會緩和嗎——隨著我們在接下來幾個季度的剩餘時間裡逐漸減少，因為應該有更多的可用容量，加上在 PC 方面，你需要的應該比幾個季度所需的少得多前？

Yes. I mean the capacity agreement that we were working on, which have some benefit, especially as Lisa talked about earlier in the service space, these are long-term agreements we put in place to support the growth of the business. Given the market backdrop, we work actively with our suppliers in aligning supply with timing of revenue and ramp up products. And that's something that we are able to do with our suppliers given what's happened to the market. So there is, from that standpoint, some flexibility overall. And that's something we'll work through over the next 2 to 3 quarters.

是的。我的意思是我們正在製定的容量協議，它有一些好處，尤其是 Lisa 早些時候在服務領域談到的，這些是我們為支持業務增長而製定的長期協議。鑑於市場背景，我們與供應商積極合作，使供應與收入時機保持一致並增加產品。鑑於市場發生的情況，這是我們能夠與供應商一起做的事情。因此，從這個角度來看，總體上有一定的靈活性。這就是我們將在接下來的 2 到 3 個季度內完成的工作。

Your next question is coming from Harlan Sur from JPMorgan.

您的下一個問題來自摩根大通的 Harlan Sur。

In Data Center, the team continues to expand the number of compute instances with your cloud customers on Milan. It seems like the momentum is carrying up through the ramp of your fourth generation Genoa platforms. I think this is a very good dynamic. I assume you guys have good visibility here. So how long does the Milan momentum continue into next year? And are your cloud customers already qualifying Genoa? And when do you expect Genoa to start to kick into high-volume ramp?

在 Data Center 中，團隊繼續與您在米蘭的雲客戶一起擴大計算實例的數量。似乎勢頭正在通過您的第四代熱那亞平台的斜坡上升。我認為這是一個非常好的動態。我想你們在這裡有很好的知名度。那麼米蘭的勢頭會持續到明年多久呢？您的雲客戶是否已經符合熱那亞的條件？您預計熱那亞何時開始大批量生產？

Yes. Thanks for the question, Harlan. So yes, look, we're very happy with our Milan sort of workload ramp. We are continuing to ramp Milan here this year and then into next year as well.

是的。謝謝你的問題，哈蘭。所以，是的，看，我們對米蘭的工作量增加感到非常滿意。今年我們將繼續在此增加米蘭，然後到明年。

As it relates to Genoa, we did start initial shipments of Genoa to our strategic customers in the third quarter. That is continuing in the fourth quarter. So we're ramping production in the fourth quarter. A lot of the, let's call it, the qualifications or the first instances are being qualified here in the fourth quarter into the first quarter.

由於它與熱那亞有關，我們確實在第三季度開始向我們的戰略客戶發貨。這種情況在第四季度仍在繼續。因此，我們將在第四季度提高產量。很多，讓我們稱之為，資格或第一個實例是在第四季度到第一季度在這裡獲得資格的。

And what we've said before is that Milan and Genoa are going to actually coexist for quite some time just given how competitive both are. Genoa is a new platform. It is new DDR5 and PCIe 5.0, and that takes a bit longer for people to qualify. And so we would expect both to continue to ramp in 2023, and that's how we're planning the business.

我們之前說過的是，米蘭和熱那亞實際上將共存相當長的一段時間，只是考慮到兩者的競爭力。熱那亞是一個新平台。它是新的 DDR5 和 PCIe 5.0，人們需要更長的時間才能獲得資格。因此，我們預計兩者都將在 2023 年繼續增長，這就是我們計劃業務的方式。

Great. And despite the macro concerns and, as you mentioned, some near-term workload optimization, your North American cloud customers, I mean, they're still growing their cloud services business at a strong 30%, 40% year-over-year growth rate. And I assume that these types of growth rates like the consumption of compute networking, storage workloads, and therefore, installed utilization, like this is all quite strong in driving the need to build out more compute capacity. Is this what's driving the team's sort of strong midterm outlook for this segment? Or is it more a function of your strong product lineup with Genoa and continuing to capture greater compute share? Or both?

偉大的。儘管存在宏觀問題，並且正如您所提到的，一些近期的工作負載優化，您的北美雲客戶，我的意思是，他們的雲服務業務仍在以 30%、40% 的年增長率強勁增長速度。我假設這些類型的增長率，如計算網絡的消耗、存儲工作負載，以及因此安裝的利用率，都非常強烈地推動了構建更多計算能力的需求。這是否是推動該團隊對該細分市場具有強勁中期前景的原因？還是您在熱那亞擁有強大的產品陣容並繼續獲得更大的計算份額？或兩者？

Yes. Right, Harlan. I would say it's a little bit of both. And I think you said it well. In the very near term, there is a little bit of optimization that each cloud vendor is doing. But in the medium term, what our customers are telling us is they need more compute. And the more compute is for additional workloads building out. It's also for upgrade of, let's call it, older compute given our new products have very strong TCO, power efficiency, given the cost of power and energy around the world. We're actually seeing that also be a driver for some of the conversion to AMD in the cloud as we go into 2023.

是的。對，哈蘭。我會說兩者兼而有之。我認為你說得很好。在短期內，每個雲供應商都在做一些優化。但從中期來看，我們的客戶告訴我們的是他們需要更多的計算。更多的計算用於構建額外的工作負載。考慮到全球電力和能源成本，考慮到我們的新產品具有非常強大的 TCO、電源效率，它也用於升級（我們稱之為舊計算）。我們實際上看到，隨著我們進入 2023 年，這也是雲中向 AMD 的一些轉換的驅動力。

Next question is coming from Chris Danely from Citi.

下一個問題來自花旗的 Chris Danely。

So if we take the macro out of it, can you just go through your share expectations in desktop, notebook and server, let's just say, for the next 12 months or so?

因此，如果我們從宏觀上剔除，您能否在未來 12 個月左右的時間裡，簡單地回顧一下您在台式機、筆記本電腦和服務器方面的份額預期？

Let's see. I'm trying to think how do I take the macro out of it. So your question is -- put the actual TAM aside and just talk about where we're going from a share standpoint? Is that your question?

讓我們來看看。我試圖思考如何從中取出宏。所以你的問題是——把實際的 TAM 放在一邊，從份額的角度談談我們要去哪裡？那是你的問題嗎？

Yes. You can say relatively where you expect to gain more or less.

是的。您可以相對地說出您期望獲得更多或更少的地方。

I got it. I got it. Okay. Yes, I want to be responsive to the question. Well, let's start with the Data Center. I think in the Data Center, we believe that we will continue to gain share. We expect to continue to gain share in both cloud and enterprise. We are more underrepresented in enterprise. And so again, that's a key focus for us. But as we just stated in the last few questions, I think North America cloud, in particular, I think we see line of sight to significant new deployments based on our current road map.

我知道了。我知道了。好的。是的，我想回答這個問題。好吧，讓我們從數據中心開始。我認為在數據中心，我們相信我們將繼續獲得份額。我們預計將繼續在雲和企業中獲得份額。我們在企業中的代表性不足。同樣，這也是我們關注的重點。但正如我們在最後幾個問題中所說的那樣，我認為尤其是北美雲，我認為根據我們當前的路線圖，我們可以看到重要的新部署。

In the desktop and notebook business, our focus is on certain segments. So we're very focused on premium. We're very focused on gaming. And we're focused on commercial. I think in those areas, there are, again, opportunities for us to continue to gain share. I think in desktop DIY business or sort of the desktop channel business, we have a strong lineup. We just launched the new Ryzen 7000 Series. We have additional products that we'll launch next year as well. And that's sort of the puts and takes in the various businesses.

在台式機和筆記本電腦業務中，我們的重點是某些細分市場。所以我們非常關注溢價。我們非常專注於遊戲。我們專注於商業。我認為在這些領域，我們再次有機會繼續獲得份額。我認為在桌面 DIY 業務或桌面渠道業務中，我們擁有強大的陣容。我們剛剛推出了新的銳龍 7000 系列。我們還有其他產品，我們將在明年推出。這就是各種業務的投入和投入。

Sure. And then as my follow-up, I guess, just getting back into the macros that you mentioned that ASPs are getting a little -- or at least pricing is getting a little tough on CPUs. If this downturn in PCs continues into next year and if it spreads into the data center market, how do you think of pricing going forward? And would you choose to maybe give up some share if your competitor remains aggressive on price and the environment stays difficult?

當然。然後作為我的後續行動，我想，只是回到你提到的宏，ASP 正在變得有點——或者至少 CPU 的定價變得有點艱難。如果 PC 的這種低迷持續到明年，並且蔓延到數據中心市場，您如何看待未來的定價？如果您的競爭對手在價格上仍然咄咄逼人並且環境仍然困難，您會選擇放棄一些份額嗎？

Chris, I think we're -- we have a very strong value proposition. Our strategy is not to lead on price. So if you look at -- look in the Data Center, although price is one factor, we find price is not the leading factor in the majority of the selections. There is work for us to do in terms of workload optimization, and that's where a lot of our focus has been in the Data Center. So hopefully, that answers that piece.

克里斯，我認為我們 - 我們有一個非常強大的價值主張。我們的策略不是以價格為主導。因此，如果您查看數據中心，儘管價格是一個因素，但我們發現價格並不是大多數選擇的主導因素。在工作負載優化方面，我們還有很多工作要做，而這正是我們將重點放在數據中心的地方。所以希望，這回答了那篇文章。

As it relates to the PC business, it is more price-sensitive. We have seen it become more price-sensitive. I think, again, where we have a strong value proposition, we will continue to be very competitive. But even back a year ago, we didn't choose to compete in the Chrome market because, again, that was just not a profitable business for us. And so we're going to be disciplined in ensuring that what we're taking is profitable business.

由於它與個人電腦業務有關，因此對價格更為敏感。我們已經看到它變得對價格更加敏感。我認為，在我們擁有強大的價值主張的情況下，我們將繼續保持非常有競爭力。但即使回到一年前，我們也沒有選擇在 Chrome 市場上競爭，因為這對我們來說不是一項有利可圖的業務。因此，我們將遵守紀律，確保我們所從事的業務是有利可圖的。

Next question is coming from Timothy Arcuri from UBS.

下一個問題來自瑞銀的 Timothy Arcuri。

I had two. Lisa, first, I wanted to ask about U.S.-China trade. And I guess the recent restrictions, they didn't seem to have too much direct impact on you, but the direction of travel seems pretty clear. And you report China as 25% of revenue, but that's sell-in. So I'm wondering if maybe you can help us with what China is on a consumption basis and kind of how you handicap where your China TAM is going. When you're making these investment decisions, how do you think about the U.S.-China trade and the direction of travel? And I had a follow-up, too.

我有兩個。麗莎，首先，我想問一下中美貿易。而且我猜最近的限制，它們似乎對你沒有太大的直接影響，但行進的方向似乎很明確。你報告中國占收入的 25%，但那是賣出。所以我想知道您是否可以幫助我們了解中國在消費方面的情況以及您如何限制您的中國 TAM 的發展方向。當您做出這些投資決策時，您如何看待美中貿易和發展方向？我也進行了跟進。

Yes. Sure, Tim. So we are certainly watching the situation very closely. Upon reviewing all of the new regulations as they have gone into effect, it is minimal impact on our revenue in the near term. We're certainly working very closely with commerce and the rest of the U.S. government on how those are rolling out.

是的。當然，蒂姆。因此，我們當然會非常密切地關注局勢。在審查所有生效的新法規後，短期內對我們的收入影響微乎其微。我們當然正在與商業部門和美國政府的其他部門密切合作，以了解這些措施是如何推出的。

And then I think on a medium-term basis, again, my view on these things is we will always follow the U.S. regulations and understand the need for national security. The majority of our China business is, let's call it, non-data center. So it's more in the PC business as well as in some of the consumer-facing businesses. So we are paying attention to that as we go forward in the business. But for the near term, we have not seen any significant impacts, and we'll continue to follow it very closely.

然後我認為從中期來看，我對這些事情的看法是，我們將始終遵守美國的規定並了解國家安全的必要性。我們在中國的大部分業務，我們稱之為非數據中心。所以它更多地出現在個人電腦業務以及一些面向消費者的業務中。因此，當我們在業務中前進時，我們正在關注這一點。但就近期而言，我們沒有看到任何重大影響，我們將繼續密切關注。

And then I guess I wanted to ask a question about PCs. So you guided in late July, and it seemed like things were fine. And then we lost basically $1 billion basically in 2 months. It would seem like those were massively weak months, and I would think that maybe there's been some improvement in the run rate when you kind of head into Q4. Does that mean inventory has sort of leaned out a little bit? I mean the market probably only absorbed, I don't know, 58 million units in Q3. And if you annualize that, you're at 200 million units a year. It's like hard to get PCs that bad next year. So I'm just kind of wondering if you can comment on sort of the run rate because August and September must have been terrible months.

然後我想我想問一個關於個人電腦的問題。所以你在 7 月下旬進行了指導，看起來一切都很好。然後我們基本上在 2 個月內損失了 10 億美元。看起來那些月份非常疲軟，我認為當你進入第四季度時，運行率可能會有所改善。這是否意味著庫存有所減少？我的意思是市場可能只吸收了，我不知道，第三季度的 5800 萬台。如果按年計算，您每年的銷量為 2 億台。明年很難買到這麼差的個人電腦。所以我只是想知道你是否可以對運行率發表評論，因為 8 月和 9 月一定是糟糕的幾個月。

The PC market certainly was volatile in the third quarter. I would say that we did drain a good amount of inventory in the third quarter. I think we are -- our guide indicates a desire to drain more in the fourth quarter, and I think we will make progress in that. And of course, it all depends on how the macro behaves over the next couple of months. But like I said, I think we are -- we have good visibility into the various market factors, and we're planning for a weaker PC environment in the fourth quarter.

第三季度個人電腦市場無疑是動蕩的。我會說我們確實在第三季度消耗了大量庫存。我認為我們是——我們的指南表明希望在第四季度消耗更多，我認為我們將在這方面取得進展。當然，這一切都取決於宏在接下來的幾個月中的表現。但就像我說的，我認為我們對各種市場因素有很好的了解，我們計劃在第四季度應對較弱的 PC 環境。

Operator, we'll take 2 more questions, please.

接線員，請我們再回答 2 個問題。

Our next question is coming from Blayne Curtis from Barclays.

我們的下一個問題來自巴克萊銀行的 Blayne Curtis。

I want to go back to just the pricing question prior. If you look at the decline in your Client business, a little over 50%, is there a way to think about units versus pricing there? And I think there's a couple of factors. I'd be curious your thoughts mix away from the high end, but then you mentioned competition, just kind of your thoughts as to that impact to pricing as well.

我想回到之前的定價問題。如果你看看你的客戶業務下降了 50% 以上，有沒有辦法考慮單位與定價之間的關係？我認為有幾個因素。我很好奇你的想法遠離高端市場，但是你提到了競爭，只是你對定價的影響的想法。

Yes. So Blayne, it was certainly more units. I think Stacy asked the question earlier. ASPs were down sequentially, but they were up year-over-year. So the decline was more driven by units, but there was an ASP factor on a sequential basis.

是的。所以Blayne，肯定是更多的單位。我認為史黛西早些時候問過這個問題。平均售價環比下降，但同比上升。所以下降更多是由單位驅動，但有一個連續的平均售價因素。

And then in terms of what we see in the market, I would say that as the market weakened, there was sort of more pressure at the high end in terms of just velocity and desire to clear inventory. And so the mix did mix towards lower ASPs and towards more incentives to clear that inventory. As it relates to longer term, though, I don't feel like there's a longer-term significant mix change, if that's what you were asking.

然後就我們在市場上看到的情況而言，我想說隨著市場走弱，就速度和清理庫存的願望而言，高端市場的壓力更大。因此，這種組合確實混合了較低的平均售價和更多的清理庫存的激勵措施。不過，由於它與長期有關，我不覺得有長期的重大組合變化，如果那是你問的。

I guess the second part -- maybe I'll ask the second part is -- gross margins are down 100 basis points from Q3 to Q4. Mix is kind of going in your favor with Data Center and Embedded. But then I guess you're saying PCs are not down that much, so I can't -- I guess I was figuring maybe pricing is not that bad either. So I guess that's a long way of asking, again, what's the reason for the core margins to be down 100 basis points from Q3 to Q4?

我猜第二部分——也許我會問第二部分——毛利率從第三季度到第四季度下降了 100 個基點。混合使用 Data Center 和 Embedded 對您有利。但是我猜你是說個人電腦並沒有降那麼多，所以我不能——我想我想也許定價也沒有那麼糟糕。所以我想這是一個很長的問題，再次問，核心利潤率從第三季度到第四季度下降 100 個基點的原因是什麼？

Yes. Okay. So let me try that. So if you think about what we see in the business, there's a couple of factors. So if you say, excluding the charges that we described, the $160 million in Q3, we were about 52%. We're guiding to 51%. We do see the client market continuing to be weak. We want to make sure that we have -- we do clear additional inventories.

是的。好的。所以讓我試試。因此，如果您考慮我們在業務中看到的情況，有幾個因素。因此，如果您說，不包括我們描述的費用，第三季度的 1.6 億美元，我們約為 52%。我們的目標是 51%。我們確實看到客戶市場繼續疲軟。我們想確保我們有——我們確實清理了額外的庫存。

We do see in Data Center a mix to -- when the mix is higher for North America cloud, that tends to be lower ASPs just given the environment in that business. And then Devinder mentioned that as we increase capacity, particularly in the server market, there were some -- we have some additional capacity coming online, and that has a bit of cost impact. So those are the couple of factors that get you to the 51%.

我們確實在數據中心看到了混合——當北美雲的混合更高時，考慮到該業務的環境，這往往是更低的 ASP。然後 Devinder 提到，隨著我們增加容量，特別是在服務器市場，有一些 - 我們有一些額外的容量上線，這對成本有一點影響。所以這些是讓你達到 51% 的幾個因素。

Our final question today is coming from Harsh Kumar from Piper Sandler.

我們今天的最後一個問題來自 Piper Sandler 的 Harsh Kumar。

Lisa, I had a question of the near term to, call it, midterm view of the data center market. Do you think that the data center market is inherently growing in the December quarter, the market, not AMD? And do you think -- and/or do you think you're growing because you're launching Genoa?

麗莎，我有一個關於近期的問題，稱之為數據中心市場的中期觀點。您是否認為數據中心市場在 12 月季度本質上是增長的市場，而不是 AMD？你認為 - 和/或你認為你正在成長是因為你推出了熱那亞嗎？

And to that point, you talked about dislocations and sort of the cloud and the data center market. I was curious what specifically are you seeing? And if you could differentiate between are you seeing just slower growth or is there inventory that's built up? And then I've got a follow-up.

到那時，您談到了雲計算和數據中心市場的錯位和排序。我很好奇你具體看到了什麼？如果你能區分你是看到增長放緩還是有庫存積壓？然後我有一個跟進。

Yes. So look, what I would say is, again, on a very discrete basis, I wouldn't say the overall data center market is necessarily up. Just given the macro impact, there is some impact on overall spending. In terms of our business, we do have a weighting towards North America cloud that tends to be sort of the most resilient part of the market.

是的。所以看，我想說的是，在一個非常離散的基礎上，我不會說整個數據中心市場一定會上漲。僅考慮到宏觀影響，對整體支出有一些影響。就我們的業務而言，我們確實偏重北美雲計算，這往往是市場中最具彈性的部分。

And then as it relates to what's happening in the market, like I said, I think what's happening is -- enterprise is weak. I think that is overall people -- businesses are just being more cautious. China is weak and has been weak all year. And then in cloud, in general, there's not in general. Every customer is a bit different in what they're trying to do. Some are just optimizing inventory, some are optimizing footprint, and then some are continuing to build. And so I wouldn't call it a market per se. I would call it their individual instances for each customer.

然後就像我說的那樣，當它與市場上正在發生的事情有關時，我認為正在發生的事情是——企業很弱。我認為這是整體的人——企業只是更加謹慎。中國是弱的，一年四季都是弱的。然後在雲中，一般來說，一般情況下沒有。每個客戶在他們想要做的事情上都有點不同。有些只是優化庫存，有些正在優化足跡，還有一些正在繼續建造。所以我不會稱其為市場本身。我將其稱為每個客戶的個人實例。

What's helpful for us is -- what we're talking about is not just Q4 with our customers. We're really talking about what do they need for all of 2023. I mean we are coming from a place where we were supply constrained. And so we're planning for the capacity that's necessary. And there, we see which workloads are moving and when are they moving each of the workloads. And so that gives us some visibility into what their spending plans are for 2023.

對我們有幫助的是——我們談論的不僅僅是與客戶的第四季度。我們真的在談論他們在 2023 年全年需要什麼。我的意思是我們來自供應受限的地方。因此，我們正在規劃必要的容量。在那裡，我們看到哪些工作負載正在移動，以及它們何時移動每個工作負載。這讓我們對他們 2023 年的支出計劃有了一些了解。

Very helpful, Lisa. And then for my last follow-up, can you talk about the gaming market in general? Of course, September, you mentioned was the peak quarter. So December will be off some. But is this also the peak Gaming year in 2022? And should we be thinking that Gaming will be down? Or just because these things are still so hard to get, to try to go buy PS5, you still can't get your hands on it easily. So do you think there's more legs left to the growth next year?

非常有幫助，麗莎。然後對於我的最後一次跟進，你能談談整個遊戲市場嗎？當然，你提到的九月是高峰期。所以十二月會休息一些。但這也是 2022 年的遊戲高峰年嗎？我們應該認為遊戲會倒閉嗎？或者僅僅因為這些東西還那麼難買到，去嘗試購買PS5，你仍然不能輕易拿到手。那麼你認為明年的增長還有更多的餘地嗎？

Yes. So Harsh, we do believe that there is still some pent-up demand, especially coming into this holiday season. So Q3 was the peak for us this year. Q4 is down seasonally, as you might expect.

是的。如此苛刻，我們確實相信仍有一些被壓抑的需求，尤其是進入這個假期。所以第三季度對我們來說是今年的高峰。正如您所料，第四季度呈季節性下降。

Going into next year, I think there are puts and takes. I would say the best way to model at this point is to model Gaming segment flattish. And let's see how the holiday season goes, but that would be the way we would call it at this point.

進入明年，我認為有投入和投入。我想說此時建模的最佳方法是對遊戲細分市場進行建模。讓我們看看假期是怎麼過的，但這就是我們現在所說的方式。

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

我們的問答環節已經結束。我想把地板翻過來，以獲得任何進一步的或結束的評論。

Thanks, Kevin. Thank you, everybody, for tuning in today, and we look forward to connecting with you all throughout the quarter. And we have 2 important product launches coming up here in the next 10 days, so we'll look forward to that engagement. Thanks, everyone. This concludes the call.

謝謝，凱文。謝謝大家，今天收看，我們期待在整個季度與大家保持聯繫。在接下來的 10 天內，我們將在這裡發布 2 個重要的產品，因此我們期待著這種參與。感謝大家。這結束了通話。

Thank you. You may now disconnect, and have a wonderful day. We thank you for your participation today.

謝謝你。您現在可以斷開連接，度過美好的一天。我們感謝您今天的參與。