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 年第三季財報電話會議。 （操作員指示）提醒一下，本次會議正在錄音。

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

現在我很高興將電話轉給露絲·科特 (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.

感謝您並歡迎參加 AMD 2022 年第三季財務業績電話會議。現在，您應該已經有機會查看我們的收益新聞稿和隨附的幻燈片的副本。如果您沒有收到這些文件，可以在 amd.com 的投資者關係頁面上找到。

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 與 GAAP 對帳表可在今天的新聞稿和幻燈片中找到，這些新聞稿和幻燈片已發佈在 amd.com 上，如上所述。

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包括我們的董事長兼執行長蘇姿豐博士；以及我們的執行副總裁兼財務長兼財務主管 Devinder Kumar。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, 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.

在我們今天開始之前，我想指出，技術長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、媒體和電信高峰會。我們的第四季靜默時間預計將於 12 月 16 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 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、假設和期望的前瞻性陳述，僅代表今天的觀點，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。有關可能導致實際結果發生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。向今天收聽節目的各位下午好。

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以及整個個人電腦供應鏈大幅削減庫存的行動，我們第三季的營收和毛利率低於預期。儘管宏觀背景如此，但由於我們的資料中心、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，總收入同比增長 29% 至 56 億美元。我們的毛利率也擴大了，淨收入也比去年同期成長了，凸顯了我們業務的實力。

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.

談到業務成果。從我們的資料中心部分開始。營收年增 45%，季增 8%，達到 16 億美元。我們連續第 10 個季度創下伺服器處理器銷售記錄，這得益於第三代 EPYC 處理器的強勁需求以及我們向特定客戶首次出貨的下一代 Genoa CPU。由於多家超大規模企業擴大了 EPYC 處理器的部署以支援其內部資產，並且微軟 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，因此雲端運算收入同比增長了一倍以上，並實現環比增長。

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.

在企業領域，由於伺服器 OEM 繼續解決配對設定問題，並且一些企業根據宏觀不確定性調整採購速度或規模，OEM 收入環比下降。

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.

從更廣泛的競爭格局來看，我們目前市場上的第三代 EPYC CPU 是效能最高、能源效率最高的 x86 伺服器 CPU。我們希望透過下一代 5 奈米 Genoa 處理器進一步擴大領先優勢，該處理器可為超大規模和企業工作負載提供顯著的效能、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.

我們將於下週公開推出 Genoa，並正在增加產量以支援初始雲端部署以及 HP Enterprise、戴爾、聯想、Super Micro 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.

查看我們更廣泛的資料中心組合。正如預期的那樣，資料中心 GPU 的銷量與一年前相比大幅下降，當時我們有大量出貨量用於支援 Frontier 百億億次超級電腦的建設。本季度，我們的資料中心 GPU 軟體支援工作取得了良好進展，包括宣布我們成為 PyTorch 基金會的創始成員。我們期待與最大的雲端供應商密切合作，推動基於標準的方法來開發流行的 PyTorch 深度學習軟體框架。

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，資料中心客戶對我們的自適應 SmartNIC 和 DPU 產品的需求強勁。受雲端和金融客戶需求的推動，我們的 Xilinx FPGA 和網路資料中心產品的銷售量創下了歷史新高。

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.

受雲端運算應用的推動，我們的 Pensando DPU 銷量也較上一季大幅成長。 Pensando DPU 加入我們的產品組合後，受到了客戶的一致好評，自收購完成以來的幾個月內，我們的企業客戶數量翻了一番。

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.

我們很高興能夠支援 VMware 在本季推出其下一代雲端虛擬化平台。我們的 Pensando DPU 將包含在首批經過驗證的伺服器和 HCI 解決方案中，支援戴爾、HPE 和其他公司提供的全新 VMware 虛擬化產品，這將使企業客戶能夠更輕鬆地建立由我們業界領先的 DPU 提供支援的更高效能和更安全的資料中心。

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.

回顧一下，由於我們始終如一地執行伺服器 CPU 路線圖，並透過將 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，我們在資料中心業務中積累了顯著的發展勢頭。我們將繼續在 2023 年進一步擴大我們的產品組合，推出針對邊緣和電信優化的 Siena 處理器以及針對雲端最佳化的 Bergamo 處理器。

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.

我們預計，憑藉每插槽 128 個核心和 256 個線程，Bergamo 將首先終結我們在雲端工作負載方面的效能和能源效率領先地位。基於 Bergamo 提供的效能、功能和軟體相容性，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 系列將為我們在資料中心的長期成長和份額成長奠定良好的基礎。

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。營收年減40%至10億美元。由於我們與客戶密切合作以減少下游庫存，我們的客戶端處理器出貨量在第三季低於 PC 消耗量。受 Ryzen 5000 系列 CPU 需求增加以及 9 月推出 Ryzen 7000 系列處理器和 AM5 平台的推動，桌上型電腦通路銷售量較上一季增加。我們推出了 5 奈米 Ryzen 7000 系列處理器，該處理器因在遊戲、生產力和內容創作應用方面提供領先效能而獲得好評。我們預計本季 Ryzen 7000 CPU 的銷量將隨著更多主流和發燒友 AM5 主機板的推出而成長。

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。由於強勁的半客製化銷售抵消了遊戲圖形的下滑，營收年增 14% 至 16 億美元。由於最新遊戲機的需求依然強勁，以及索尼和微軟為假期季節做準備，我們連續第六個季度創下了半客製化 SoC 銷售額的新高。

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，本季遊戲圖形收入下降。我們將在本週稍後推出下一代 RDNA 3 GPU，它結合了我們最先進的遊戲圖形架構和 5 奈米晶片設計。與我們目前的產品相比，我們的高階 RDNA 3 GPU 將大幅提升效能和每瓦效能，並包含支援高解析度、高幀率遊戲的新功能。我們期待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.

看看我們的嵌入式部分。受航空航太和國防、工業和通訊客戶成長的推動，營收年增率大幅成長，達到創紀錄的 13 億美元。我們核心市場的需求依然強勁。我們向航空航太、國防和汽車客戶的銷售額創下了紀錄，他們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.

創紀錄的通訊市場收入是由有線和無線客戶的成長所推動的。我們看到北美地區尤其強勁，主要體現在新的 5G 無線安裝和擴展的有線基礎設施部署。

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.

由於我們繼續利用 AMD 的規模來確保額外的供應以滿足這一需求，我們對 Xilinx 產品的整體需求依然強勁。從長遠來看，我們對嵌入式業務的成長機會感到非常興奮。本季度，我們與汽車、網路、模擬和原型、通訊以及航空航太和國防客戶達成了多項高收入設計合約。基於我們自適應 SoC、FPGA、CPU、GPU 和 DPU 產品組合的擴展，我們也看到了新的設計獲勝機會以及與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，憑藉我們領先的產品組合、強勁的資產負債表以及資料中心和嵌入式部門的成長，我們完全有能力應對當前的市場動態。

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 個明確的優先事項來指導我們。首先，我們專注於執行我們的路線圖並推出下一代領導力產品。其次，我們正在與客戶建立更深的關係，使 AMD 成為他們成功的根本推動者。最後，我們在業務管理方面仍然保持著非常嚴謹的態度。我們將繼續投資於資料中心、嵌入式和商業市場的策略重點，同時縮緊其他業務的開支，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.

推動雲端、邊緣和智慧終端設備對高效能和自適應運算的需求不斷增長的長期趨勢保持不變，並為長期成長提供了強勁的背景。

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

現在我想將電話轉給 Devinder，讓他為我們第三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。 。

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 公佈的第三季業績與我們上個月公佈的初步業績一致。雖然我們對資料中心、遊戲和嵌入式部門的表現感到滿意，這些部門的業績年比均有顯著成長，但第三季的業績也反映出客戶部門的營收低於預期。第三季營收為56億美元，比去年同期成長29%。毛利率為 50%，比去年同期成長 150 個基點，主要由於嵌入式和資料中心部門的收入增加，但客戶收入減少以及圖形和客戶業務的 1.6 億美元庫存、定價和相關費用部分抵消了這一增長。

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.

隨著公司規模不斷擴大，營運費用為 15 億美元，而去年同期為 10 億美元。受營收成長和毛利率上升的推動，營業收入較上年同期成長 20%，達到 13 億美元。由於營運費用增加，營運利潤率為 23%，而去年同期為 24%。 淨收入為 11 億美元，比去年同期成長 2.02 億美元。每股收益為 0.67 美元，而去年同期為 0.73 美元，主要原因是客戶部門收入下降。

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.

現在轉向我們的報告部分。從資料中心部分開始。營收為 16 億美元，年增 45%，這得益於第三代 EPYC 伺服器處理器營收的強勁成長。資料中心營運收入為 5.05 億美元，佔營收的 31%，去年同期為 3.08 億美元，佔營收的 28%。營業收入增加主要得益於收入增加，但營業費用增加部分抵銷了這種影響。

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.

客戶端部門營收為 10 億美元，年減 40%，原因是 PC 市場疲軟以及整個 PC 供應鏈的庫存大幅調整導致流程出貨量減少。客戶營運虧損為 2,600 萬美元，而去年的營運收入為 4.9 億美元，佔收入的 29%，這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，年增 14%，這得益於半客製化產品銷售額的增加，但遊戲圖形收入的下降部分抵消了這一增長。博彩業營業收入為 1.42 億美元，佔營收的 9%，去年同期為 2.31 億美元，佔營收的 16%。下降的主要原因是圖形收入和庫存定價及相關費用的下降。

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.

嵌入式部門營收為 13 億美元，比去年同期成長 12 億美元，主要由於納入了賽靈思的嵌入式產品收入。嵌入式營運收入為 6.35 億美元，佔營收的 49%，而去年同期為 2,300 萬美元，佔營收的 30%，這主要得益於營收的增加。

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。第三季末的現金、現金等價物和短期投資為56億美元。本季度，我們償還了 8 月到期的總額為 3.12 億美元的 7.5% 優先票據，並動用 6.17 億美元回購普通股。我們剩餘的股票回購授權金額為 68 億美元。

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.

經營現金流為 9.65 億美元，自由現金流為 8.42 億美元，去年同期為 7.64 億美元。庫存為 34 億美元，較上一季增加約 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.

現在來談談我們的財務前景。今天的展望是基於當前的預期，並考慮了近期的宏觀經濟環境。對於 2022 年第四季度，我們預計營收約為 55 億美元，上下浮動 3 億美元，年增約 14%，與上一季持平。同比成長主要由嵌入式和資料中心部門推動，但客戶端和遊戲部門的下滑部分抵消了這一成長。以環比計算，嵌入式和資料中心部門預計將實現成長，但客戶端和遊戲部門的下滑將抵消這一成長。

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 GAAP 毛利率約為 51%；非公認會計準則營運費用約為 15.5 億美元，佔收入的 28%；以 13% 的有效稅率計算，非公認會計準則利息支出、稅金及其他股費用約為 1.75 億美元；稀釋後數億股。就全年而言，我們預計營收約為 235 億美元，上下浮動 3 億美元，成長約 43%，這主要得益於嵌入式和資料中心部門的成長。我們預計非公認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，我們將繼續專注於執行我們的長期策略，同時應對當前的市場狀況。我們將優先考慮產品路線圖和長期成長的關鍵投資，同時採取多項近期成本管理措施，包括審慎控制營運費用和員工人數成長，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?

說完這些，讓我把電話轉給露絲，讓我們來進行問答環節。露絲？

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

謝謝你，Devinder。凱文，你可以向觀眾提問嗎？

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

（操作員指示）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的後續問題。我想，當我們看到您本季的客戶業務連續下降時，當我們為您的客戶消化庫存時，我很好奇您是如何考慮清理這些庫存的。您認為 12 月季度會觸底嗎？或者你們對於 PC 市場庫存反映的充分預期有何看法？

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。謝謝你的提問。顯然，第三季的個人電腦業務非常不穩定，表現不佳。我認為，隨著我們進入第四季度，我們的指導思想是——我們的指導思想中已經包含了第四季度個人電腦銷售將再次下滑的觀點。我們相信，這將是第三季至第四季清理庫存的重要一步。當然，我們會監測宏觀狀況，但我們肯定會以更好的狀態結束這一年。

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某種程度的供應限制。我只是好奇您是否有關於伺服器 CPU 供應情況的最新消息，特別是當我們期待下個季度或第二個季度的通用處理器成長時。

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。因此，在伺服器方面，我們確實一直在增加我們的整體供應。我認為我們全年在這方面取得了良好的進展。我們第四季的供應量比今年早些時候要多。其中一些投資將於第四季度投入使用。因此，根據我們目前的情況，我們預計，隨著 2023 年熱那亞號的推出，供應不會受到限制。

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?

Lisa，我想問一個關於 2023 年前景的問題，特別是伺服器 CPU 業務的前景。我知道現在還為時過早，而且很難預測。但是，考慮到您剛才對供應的評論，考慮到您從雲端和企業端客戶那裡聽到的消息，以及新產品的推出，您如何看待這些方面的積極因素，相對於仍然是不利因素的宏觀因素？我認為我們許多人的資料中心業務成長都在 20% 到 30% 左右。那是一個公平的地方嗎？或者根據您今天所了解的情況，這是否有點過於樂觀了？

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，現在談論 2023 年還為時過早，但也許我可以向您介紹我們目前所看到的資料中心市場的背景。正如您所說，短期內，一些整體宏觀不利因素正在影響所有市場，包括資料中心市場。現在它因細分市場而異。因此，如果我仔細研究每個細分市場，我們會看到，我認為北美雲端運算可能是資料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.

我們在北美雲端供應商方面取得了非常好的進展。我們仍然相信，儘管在中期內各個雲端供應商可能會進行一些短期優化，即個體足跡和效率的優化，但隨著我們進入 2023 年，我們預計該市場將會成長，特別是客戶將更多的工作負載轉移到 AMD，考慮到我們產品組合的實力以及 Genoa 的整體發展。當我們審視其他細分市場時，我認為中國在 2022 年表現非常疲軟，而且我們預測 2023 年不會出現顯著復甦。所以我們將拭目以待。

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，我們發現客戶需要更長的時間來做出決策，並且在資本支出方面可能更加保守。話雖如此，我們對我們的價值主張感到非常滿意。我們對我們的產品組合感到非常滿意。我們相信，即使在市場波動的情況下，我們也能在整個業務領域中獲得份額。所以總的來說，我認為我們的資料中心趨勢是好的，我們需要像大家一樣透過宏觀來開展工作。

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。然後作為我的後續問題，關於毛利率的問題，也許是針對 Devinder 的。因此，您預計第四季的毛利率將上漲約 100 個基點，這是好事，但仍比第二季低 300 個基點。從那時起，顯然客戶數量大幅下降。您的資料中心業務非常有彈性，經典的 Xilinx 業務也是如此。因此從混合角度來看，你應該處於更好的位置。我猜，與第二季相比，是什麼原因導致第四季的毛利率下降？您是否意識到又一次庫存衝擊？還是其他什麼？

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.

首先，Toshi，沒有庫存衝擊。關於毛利率，正如您所說，第二季為 54%。如果你一直到第四季度，51%主要是因為PC市場疲軟以及客戶端利潤率下降。例如，如果你看一下第三季度，所有其他業務都符合預期，而客戶利潤率則較低。

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.

我們在資料中心也有一個雲端加權的地方，它的平均售價較低。這也會對利潤產生影響。正如麗莎之前提到的，從供應的角度來看，我們的一些新產能，由於供應產能協議，會產生一些額外成本。這些都已納入第四季 51% 的利潤率預期中。

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

下一個問題來自伯恩斯坦研究公司的史黛西‧拉斯貢 (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?

第一個問題，我想問一下第四季的額外一週。這在整體上以及在資料中心具體帶來了多少收入？是否存在——我不知道這些有多線性——特別是那項業務。額外的一周會有什麼實質影響嗎？

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，史黛西。我們實際上並不指望額外一周能帶來實質的影響。我認為，如果你看一下本季的優點和缺點，你會發現第四季度的預期實際上是圍繞個人電腦以及我們稱之為遊戲的較低水平。再說一次，由於有各種假期，我們不會指望太多。然後是資料中心——資料中心、嵌入式更高，但我們不希望額外的一周產生實質影響。

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。作為後續問題，我想詢問第三季和第四季的單位與定價狀況。我知道在第三季度，您特別提到定價有影響。聽起來您是在暗示客戶利潤正在下降。我不知道這是否只是成本，還是也會對定價產生影響。但是第三季客戶端的單位和定價情況如何？您對第四季有何期待？

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，史黛西。所以我認為如果你看一下第三季度，你會發現客戶業務有很多動態。因此市場疲軟。尤其是消費疲軟。我們在消費者領域擁有更大的影響力。因此，在那個框架下，我們看到單位數量下降。但我們也看到平均售價持續下降。現在我要說的是，平均售價比去年同期仍然上漲。因此，我們可以說，在這種定價環境下，我們一直都很自律。

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.

我們確實看到了本季的一些定價動態，我們無法面對無利可圖的業務。我們將繼續關注該領域。這就是與客戶端 ASP 相關的優點或缺點。當我們進入第四季度時，我認為，鑑於市場疲軟，我們預測競爭環境將會更加激烈，這一點也已寫入指南中。

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考慮第四季的客戶收入是多少？是8億美元還是9億美元？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20億美元的季利率嗎？你能達到 15 億美元嗎？我之所以問這個問題，是因為你們的競爭對手錶示，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 為明年準備了什麼樣的 PC TAM，以便我們從 PC 角度了解這種車型的風險降低程度如何？

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。讓我來回答一下對第四季的預期。我想說的是，我們正在為客戶端和遊戲提供適度的指導。顯然，我們已經擺脫了第三季的低基數。我們希望這樣做，以盡快糾正庫存狀況。因此，為了實現這一目標，我們將在第四季再次減少出貨量。

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.

至於明年，我認為有很多因素。我的意思是，今年個人電腦的銷量將會下降相當多，我們稱之為高位下降，接近 20%。隨著我們進入明年，我認為產業預期成長率將達到中等個位數。我認為這是一個很好的例子。我認為我們應該將模型降到-10%。再說一次，在我們的個人電腦業務中，我們預計隨著我們完成庫存調整——我的意思是我們擁有非常好的產品，我對我們的產品組合感到非常滿意，對我們的平台整體也非常滿意。因此，我確實認為，進入 2023 年，個人電腦業務將會復甦，但我們必須在下個季度左右解決這些動態問題。

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。接下來，Devinder，我想問關於毛利率的問題。您在第三季和第四季採取了多少註銷和定價措施？第一季可以收回多少？因此，假設第一季的營收與第四季的營收相同。毛利率是多少？有多少行為是可以恢復的？那麼，基本上，由於長期目標是超過 57% 的毛利率，您如何開始恢復到先前 54% 的毛利率趨勢？因此，如果客戶收入實際上沒有成長那麼多，有什麼措施可以幫助您恢復到先前的毛利率軌跡？

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.

讓我嘗試這樣回答。如果你看一下第三季本身，我們的毛利率約為 50%。我們有 1.6 億美元的費用，包括庫存定價和相關費用。如果對這些進行調整，第三季的利潤率約為 52%。我們已將其指導至 54%。我們的得分是 52%。主要有兩個原因，對嗎？您的客戶端 PC 市場很疲軟。顯然，客戶利潤率下降了。正如我之前所說，其餘業務的表現將符合預期。

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.

我們必須研究本季、下個季度以及可能到 23 年初 PC 市場的狀況，然後再回過頭來討論利潤率。我確實對我們推出的產品感到滿意，特別是新產品，也許能夠提高我們目前的利潤率，指導值為 51%，然後從那裡開始上升。

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

但這1.6億美元能追回嗎？我想這確實是我的問題。

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

這些主要是我們採取的庫存權或定價行動。如果您問的是這個，我想說，基本上是不可恢復的。

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，您能恢復到正常化的 52% 嗎？就像我預期的那樣，如果您在第一季不採取這些行動，那麼您在第一季的毛利率是否會比第四季更高？

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

我不會對第一季做出預測，但我想說的是，從第四季的 51% 來看，我們可以從那裡開始改進。

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.

我至少對資料中心部分有一個問題，然後對客戶端有一個後續問題。關於資料中心業務，如果你回顧一個月前的預先公告，我認為可能有點——你進入的水平有點低於我們所建模的水平，我只能這麼說。因此我對此有很多疑問，我對您在腳本中提到的雲端收入仍比去年同期增長一倍以上的一些評論非常感興趣。無論如何，我只是想確認一下我是否正確。

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.

也許您可以幫助我們稍微分析一下您的資料中心業務，考慮到我們聽到的資本支出評論，我預計雲端運算的優勢將會持續下去，但顯然您提到的企業和 HPC 方面存在一些阻力，包括 CPU 和 GPU。所以我認為將其分解開來會很有幫助，因為我很驚訝，本季的雲端收入如此強勁。

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，就第三季而言，我認為雲端收入將成長一倍以上。企業收入下降。然後在 GPU 方面，由於我們在 2021 年第三季表現強勁，因此也出現了下滑。或許這並不完全符合您的建模。但更大的動態是，正如我之前所說，北美雲端可能是所有資料中心領域中最好的。不過，這對宏觀還是有一定影響的。我的意思是，我認為每個人都意識到了這一點，資本支出有所回落。既然如此，我認為我們的市場份額在那裡非常好，而且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.

隨著業務變得更加依賴雲，出現了一些利潤率問題，所以我只想說，隨著業務變得更加依賴雲，這往往會對利潤率產生一點下行壓力。但我們現在的目標是涵蓋並擴大我們在雲端和企業領域的影響力。我想說的是，即使在接下來的幾個季度中，企業市場表現疲軟，我們仍然對我們的定位以及與所有 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，按季度來看，你可能無法獲得完全正確的模型。但我認為從長遠來看，產品組合和產品功能應該可以幫助我們繼續獲得份額。

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.

我認為這有助於凸顯雲端運算的持續發展動能。我想作為我的後續行動，我想重新回顧我們在過去 3 或 4 個月內在 PC 市場上學到的東西。現在正處於超級動態的時代。顯然，從你們 8 月初的指導到預先宣布，需求狀況發生了非常非常快的變化。我只是想回顧一下從你們給出最初的指導以來本季的進展。

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，顯然市場下跌了。有庫存修正等等。但是你們到底多快才看到這一點？我想，真正的問題是，您如何考慮在監控庫存水準或與通路合作夥伴合作方面做出改變？您是否考慮在營運上對業務進行一些改變，以防止此類事情發生，我想，是在未來？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。是的，第三季度，個人電腦市場非常不穩定。進入這個階段，我們預期市場將會疲軟。它比我們預期的要弱。而市場中最薄弱的部分是消費市場，我們往往在這個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是——隨著整體宏觀經濟的減弱，總體而言，所有客戶都變得更加謹慎。因此，即使他們銷售了庫存，他們也沒有補充庫存到相同的水平。坦白說，我們正處於供需失衡的狀態，今年上半年，人們實際上都在試圖收集庫存，而我們一直處於供應受限的情況。所以我想說，這是一個非常動態的情況。

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擁有良好的合作關係。我對我們的知名度感到很滿意。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狀況做出反應。希望這能有所幫助。

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稍微談談您對 Xilinx 業務部分的了解程度，我們已經看到更廣泛的市場在某些方面有所減弱。但一般來說，還是可以的。例如，您能否談談您在那裡的知名度能持續多久，您對明年的成長有何看法？

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。當然，喬。因此，Xilinx 業務、我們的嵌入式業務表現非常出色。第三季又表現非常強勁，我們預計第四季將出現成長。我們一直非常關注各個細分領域內發生的事情。我認為這項業務的優點在於，如你所知，它的基礎非常廣泛。因此，我們看到，我們的通訊已經暢通。航空航天和國防，非常強大。第三季度，汽車產業的業績也有所成長。

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。有一些工業子領域。因此第三季的測試和測量較弱。所以我們確實看到了那裡的投入和產出。但總體而言，我認為該業務具有很強的知名度。某些節點和一些遺留節點的供應仍然受到限制。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額外的供應，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，我們有多個季度的可預見性，我們會非常密切地關注它。但我想說，總體而言，產品組合很強大，而且我們在該業務中也獲得了一些份額。

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·西摩。

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，你能給我們講講顏色嗎？您談到第四季度客戶端和遊戲業務略有下滑。您能否為資料中心和嵌入式提供相對相似的顏色，因為在過去幾個季度中，各個部分之間的波動顯然非常大？

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。嗯，因為 — — 從絕對水準來看，我們談論的是第四季到第三季的持平情況，[5 5] 對比 [5 5 6]。客戶端和遊戲業務出現小幅下滑。在遊戲領域，我們預期遊戲機銷售在第四季會下滑，因為第三季是遊戲機銷售的巔峰期。我們將在未來幾週內推出新的圖形，但這項變更將稍微抵消這種影響。

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，當它與資料中心和嵌入式相關時，它大致相同，我們稱之為，隨著我們前進，適度增加。我們再次預期雲端運算將比企業更強大。這就是我們之前詢問的一些利潤動態。隨著我們獲得更多供應，嵌入式產品也適度成長。

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，給你或 Devinder 一個。當我們考慮明年的營運支出時，你們如何在堅持最近分析師日提出的商業模式與繼續支出、繼續獲得市場份額、推出優秀新產品和執行出色工作的願望之間取得平衡？這些緩衝區是否相互衝突？如果是的話，您該如何解決這場衝突？

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在策略領域、資料中心和嵌入式領域以及產品路線圖上進行投資。宏觀環境走弱，PC軟。除了我之前談到的重點領域之外，我們正在採取行動削減開支，特別是其他業務的開支，我們已經放慢了招募速度。

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.

所以你說得對，第四季度，如果你看一下 E2R 業務，你會發現它很高，但我們對要做的事情非常自律。費用行動確實需要時間才能發揮作用。我們預計，隨著我們進入 2023 年，E2R 將與收入更加平衡，並且我們將根據及時的收入進行管理。

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。羅斯，也許我還可以再補充一點。我認為我們有機會——我們在營運支出方面有多個槓桿。因此，正如 Devinder 所說，我們將非常自律。既然如此，我的意思是，我們對資料中心、嵌入式和商業市場的策略方向感到非常滿意。因此，我們希望繼續在那裡投資，對面向消費者的業務部分將採取更保守的態度，這就是我們在 2023 年之前的管理方式。

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，我想重返個人電腦產業。您的第三季指南與英特爾指導或報告的第四季指南之間存在很大差異。通常情況下，經過較長時間後情況就會恢復正常。但我只是想了解一下，這是不是他們早先採取了措施，而 AMD 繼續供應過剩，無法滿足需求的情況？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.

英特爾似乎也在第四季提高價格。因此在此之前存在一些拉動。我自己也收到了很多問題。我不明白具體的差異。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。瞧，我想——再說一次，讓我對我們的業務發表評論，對嗎？因此，對於我們的業務而言，當我們結束上半年時，我認為我們正在為下半年合理的 PC 市場制定計劃。通常，第三季的業績高於上半年。第三季和第四季的銷售額是季節性成長的。順便說一句，這就是我們與客戶一起建立的目標，帶著這樣的期望。

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整體環境的謹慎導致人們的行為有所不同，這確實需要我們與客戶合作進行庫存調整。正如你所說，存在某種時間上的動態。我們意識到這些時間動態。有些定價非常激進，我們選擇不遵守。再說一次，這是我們所做的決定。其他的，正如你所預料的，人們可能正在進行一些時間優化。

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.

我認為沒有什麼根本性的東西。我認為從根本上來說，我們的產品組合非常強大。我認為我們已經擁有非常好的平台，我們會努力實現這一點。我完全同意我們必須努力克服這種混亂的市場環境，但我們會努力克服它。

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。我還想跟進一下你的情況，Devinder。只談代工廠的產能開放。我們在分析師日上討論了考慮到您需要或希望確保產能，自由現金流面臨的阻力。現在這種情況會逐漸緩和嗎？隨著我們進入接下來幾季的剩餘時間，這種情況會逐漸減少，因為應該有更多的可用容量，而且在 PC 方面，你所需要的應該比幾個季度前少得多？

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，我們正在製定的產能協議有一些好處，特別是正如麗莎之前在服務領域談到的那樣，這些是我們為支持業務成長而製定的長期協議。鑑於市場背景，我們積極與供應商合作，使供應與收入時間保持一致並增加產品。鑑於目前的市場狀況，我們可以與供應商一起採取這樣的措施。因此，從這個角度來看，整體上還是有一定的彈性。我們將在接下來的 2 到 3 個季度內解決這個問題。

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?

在資料中心，團隊繼續與米蘭的雲端客戶一起擴大運算實例的數量。看起來這種勢頭正透過第四代熱那亞平台不斷增強。我認為這是一個非常好的動態。我想你們在這裡的能見度很好。那麼米蘭的勢頭明年還能撐多久呢？您的雲端客戶是否已經符合 Genoa 的資格？您預計熱那亞什麼時候會開始進入高容量成長階段？

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。謝謝你的提問，哈蘭。是的，我們對米蘭的工作量增加感到非常滿意。我們今年將繼續擴大米蘭的規模，明年也是如此。

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.

就熱那亞而言，我們確實在第三季開始向我們的策略客戶首次出貨熱那亞。這一趨勢在第四季仍將持續。因此我們將在第四季度提高產量。我們所說的許多資格或初審都是在第四季到第一季進行資格審查的。

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，鑑於米蘭和熱那亞的競爭力，它們實際上將會共存相當長一段時間。熱那亞是一個新的平台。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 年繼續成長，這就是我們的業務規劃。

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。儘管存在宏觀方面的擔憂，而且正如您所提到的，近期也需要進行一些工作負載優化，但您的北美雲端客戶，我的意思是，他們的雲端服務業務仍然以 30% 到 40% 的強勁同比增長率增長。我認為這些類型的成長率，例如計算網路的消耗、儲存工作負載以及安裝利用率，都非常強勁地推動著建立更多運算能力的需求。這是推動團隊對該領域中期前景看好的原因嗎？或者這更多的是您擁有 Genoa 的強大產品陣容並繼續佔據更大的計算份額的功能？或兩者兼而有之？

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。對的，哈蘭。我想說兩者都有一點。我認為你說得很好。在短期內，每個雲端供應商都在進行一些優化。但從中期來看，我們的客戶告訴我們，他們需要更多的計算。並且更多的計算是為了建構額外的工作負載。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高的 TCO 和電源效率，它也適用於舊電腦的升級。我們實際上看到，隨著我們進入 2023 年，這也將成為雲端運算向 AMD 轉換的驅動力。

Next question is coming from Chris Danely from Citi.

下一個問題來自花旗銀行的 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，如果我們將宏觀因素排除在外，您能否僅介紹一下未來 12 個月左右對桌上型電腦、筆記型電腦和伺服器的份額預期？

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。我正在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，只從份額的角度來談論我們的發展方向？這是你的問題嗎？

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

是的。您可以相對地說出您預計在哪些方面獲得更多或更少的收益。

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.

我得到了它。我得到了它。好的。是的，我想回答這個問題。好吧，讓我們從數據中心開始。我認為在資料中心，我們相信我們將繼續獲得份額。我們期望在雲端運算和企業領域繼續獲得份額。我們在企業中的代表性較低。所以，這又成為我們的關注重點。但正如我們在最後幾個問題中提到的那樣，我認為，特別是北美雲端運算，根據我們目前的路線圖，我們看到了重大新部署的前景。

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.

在桌上型電腦和筆記型電腦業務中，我們專注於某些特定領域。所以我們非常注重高端產品。我們非常專注於遊戲。我們專注於商業。我認為在這些領域，我們仍然有機會繼續獲得份額。我認為在桌面 DIY 業務或桌面通路業務方面，我們擁有強大的陣容。我們剛推出了全新的 Ryzen 7000 系列。我們也會在明年推出其他產品。這就是各種業務中的投入與產出。

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。然後作為我的後續問題，我想，回到您提到的宏觀問題上，ASP 有點——或者至少定價對 CPU 來說有點困難。如果個人電腦市場的低迷持續到明年，並且蔓延到資料中心市場，您認為未來的定價會如何？如果您的競爭對手繼續壓低價格並且市場環境仍然艱難，您是否會選擇放棄部分市場份額？

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領先。因此，如果你看一下 - 看看資料中心，雖然價格是一個因素，但我們發現價格並不是大多數選擇的主要因素。在工作負載優化方面，我們還有很多工作要做，這也是我們在資料中心的重點。希望這能解答這個問題。

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相關，因此對價格更加敏感。我們發現它對價格變得更加敏感。我認為，只要我們擁有強大的價值主張，我們就會繼續保持競爭力。但即使在一年前，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個有利可圖的業務。因此，我們將嚴格遵守紀律，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，首先我想問中美貿易的狀況。我想最近的限制似乎並沒有對你產生太多直接影響，但旅行的方向似乎很明確。你們報告稱中國市場佔總收入的 25%，但這是銷售收入。所以我想知道您是否可以幫助我們了解中國的消費情況，以及您如何預測中國 TAM 的發展方向。在做出這些投資決策時，您如何考慮中美貿易與發展方向？我也有後續行動。

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，提姆。所以我們確實在密切關注局勢。在審查所有已生效的新法規後發現，它們對我們的短期收入影響微乎其微。我們確實正在與美國商務部和政府其他部門密切合作，推動這些措施的實施。

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法規並了解國家安全的必要性。我們在中國的大部分業務都屬於非資料中心業務。因此，它更多地存在於個人電腦業務以及一些面向消費者的業務中。因此，我們在開展業務時會關注這一點。但就短期而言，我們還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.

然後我想問一個關於個人電腦的問題。所以你在七月下旬進行了指導，看起來一切都很好。然後我們在兩個月內基本上損失了 10 億美元。看起來那幾個月非常疲軟，我認為進入第四季度時，運行率可能會提高。這是否意味著庫存減少？我的意思是市場可能只吸收了，我不知道，第三季的 5800 萬台。如果按年計算，則每年產量為 2 億台。看來明年很難再買到這麼差的電腦了。所以我只是想知道您是否可以對運行率發表評論，因為八月和九月一定是糟糕的月份。

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.

第三季的個人電腦市場確實動盪不安。我想說我們確實在第三季消耗了大量庫存。我認為我們的指導表明我們希望在第四季度消耗更多資金，我認為我們將在這方面取得進展。當然，這一切都取決於未來幾個月宏觀經濟的表現。但就像我說的，我認為我們對各種市場因素有很好的了解，我們正在為第四季度較弱的 PC 環境做準備。

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

接線員，我們還想回答 2 個問題。

Our next question is coming from Blayne Curtis from Barclays.

下一個問題來自巴克萊銀行的布萊恩‧柯蒂斯。

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。如果您發現客戶業務下滑了 50% 多一點，那麼有沒有辦法考慮單位數與定價之間的關係呢？我認為有幾個因素。我很好奇您的想法是否與高端無關，但您提到了競爭，您也認為競爭對定價有影響。

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。所以布萊恩，這肯定是更多的單位。我認為 Stacy 早些時候問過這個問題。平均售價較上月下降，但年比有所上升。因此，銷量下降主要是由單位數量推動的，但平均售價也存在連續下降的因素。

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.

就我們在市場上看到的情況而言，我想說，隨著市場疲軟，高端市場在速度和清理庫存的願望方面面臨更大的壓力。因此，這些組合確實降低了平均售價，並提供了更多清理庫存的激勵措施。不過，就長期而言，如果您問的是這個的話，我覺得長期來看不會有顯著的組合變化。

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?

我想第二部分——也許我會問第二部分是——毛利率從第三季到第四季下降了 100 個基點。 Mix 對於資料中心和嵌入式來說，是有利的。但我想您是說個人電腦的價格沒有下降那麼多，所以我不能——我想我認為價格可能也沒有那麼糟。所以我想，這又是一個很長的問題，核心利潤率從第三季到第四季下降 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。那麼讓我試試看。因此，如果你思考我們在業務中看到的情況，你會發現有幾個因素。因此，如果您說，不包括我們所描述的費用，即第三季的 1.6 億美元，我們的佔比約為 52%。我們的指導目標是 51%。我們確實看到客戶市場持續疲軟。我們希望確保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%.

我們確實看到了資料中心的混合——當北美雲端運算的混合程度較高時，考慮到該業務的環境，平均銷售價格往往會較低。然後 Devinder 提到，隨著我們增加容量，特別是在伺服器市場，我們有一些額外的容量上線，這對成本有一點影響。所以這些就是讓你達到 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，我有一個關於資料中心市場近期或中期展望的問題。您是否認為 12 月季度資料中心市場本身會實現成長，而不是 AMD 市場？您是否認為——或者您是否認為推出 Genoa 會促進您的發展？

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.

在這一點上，您談到了雲端運算和資料中心市場的錯位。我很好奇你具體看到了什麼？您是否可以區分您看到的是成長放緩還是庫存增加？然後我有一個後續行動。

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，我想說的是，從非常離散的角度來看，我不會說整個資料中心市場必然會上漲。僅從宏觀影響來看，對整體支出是有一定影響的。就我們的業務而言，我們確實重視北美雲端運算，因為它往往是市場上最具彈性的部分。

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，就市場正在發生的事情而言，就像我說的，我認為正在發生的事情是——企業很弱。我認為總體而言，企業正在變得更加謹慎。中國很弱，而且全年都很弱。然後在雲端中，一般來說，沒有一般的情況。每個客戶想要做的事情都有點不同。有些只是在優化庫存，有些在優化足跡，有些則持續建造。因此我不會將其稱為市場本身。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——我們與客戶討論的不僅僅是第四季度。我們真正討論的是他們在 2023 年全年需要什麼。我的意思是，我們正處於供應受限的階段。因此，我們正在規劃必要的容量。在那裡，我們可以看到哪些工作負載正在移動以及每個工作負載何時移動。這樣我們就能夠了解他們 2023 年的支出計畫。

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。然後作為我的最後一個後續問題，您能談談整個遊戲市場嗎？當然，您提到的九月是高峰期。所以 12 月會休息一些。但 2022 年也是遊戲產業的巔峰之年嗎？我們是否應該認為遊戲業將會下滑？或者只是因為這些東西仍然很難獲得，試圖去購買 PS5，你仍然無法輕易得到它。那麼您認為明年的成長動能會更強嗎？

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。所以，Harsh，我們確實相信仍然存在一些被壓抑的需求，尤其是在這個假期季節。因此第三季是我們今年的巔峰。正如您所預料的，第四季度出現了季節性下滑。

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.

展望明年，我認為會有得有失。我想說，目前最好的建模方式是將遊戲細分市場建模為扁平化建模。讓我們看看假期會如何進行，但這就是我們現在的稱呼。

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。我想再次請大家發表進一步的評論或結束評論。

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。感謝大家今天的收看，我們期待在整個季度與大家保持聯繫。我們將在未來 10 天內推出 2 款重要產品，因此我們非常期待此次合作。謝謝大家。通話到此結束。

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

謝謝。現在您可以斷開連接，享受美好的一天。我們感謝您今天的參與。