超微半導體 (AMD) 2023 Q1 法說會逐字稿

Hello, and welcome to the AMD First Quarter 2023 Earnings Conference Call. (Operator Instructions) As a reminder, this conference is being recorded.

大家好，歡迎來到 AMD 2023 年第一季度收益電話會議。 （操作員說明）提醒一下，正在錄製此會議。

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 First Quarter 2023 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've not reviewed these documents, they can be found on the Investor Relations page of amd.com.

謝謝，歡迎參加 AMD 2023 年第一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。如果您尚未查看這些文件，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 posted on our website.

在本次電話會議中，我們將主要參考非 GAAP 財務措施。完整的非 GAAP 與 GAAP 對賬可在今天的新聞稿和我們網站上發布的幻燈片中找到。

Participants on today's conference call are Dr. Lisa Su, our Chair and Chief Executive Officer; and Jean Hu, our Executive Vice President, 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董事長兼首席執行官 Lisa Su 博士；以及我們的執行副總裁、首席財務官兼財務主管 Jean Hu。這是一個現場通話，將通過我們網站上的網絡直播進行重播。

Before we begin today's call, we would like to note that Jean Hu will attend the JPMorgan Annual Technology, Media & Communications Conference on Tuesday, May 23; Dan McNamara, Senior Vice President and General Manager, Server Business Unit, will attend the Bank of America Global Technology Conference on Tuesday, June 6. And our second quarter 2023 quiet time is expected to begin at the close of business on Friday, June 16.

在我們開始今天的電話會議之前，我們想指出，Jean Hu 將於 5 月 23 日星期二出席摩根大通年度技術、媒體和通信大會；服務器業務部高級副總裁兼總經理 Dan McNamara 將於 6 月 6 日星期二出席美國銀行全球技術大會。我們的 2023 年第二季度靜默期預計將於 6 月 16 日星期五營業時間結束時開始.

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 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，僅針對今天的情況發表，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。請參閱我們新聞稿中的警告聲明，了解有關可能導致實際結果出現重大差異的因素的更多信息。

Now with that, I'll hand the call over to Lisa. Lisa?

現在，我將把電話交給麗莎。麗莎？

Thank you, Ruth, and good afternoon to all those listening in today. We executed very well in the first quarter as we delivered better-than-expected revenue and earnings in a mixed demand environment, launched multiple leadership products across our businesses and made significant progress accelerating our AI road map and customer engagements across our portfolio.

謝謝你，露絲，下午好所有聽眾。我們在第一季度的表現非常出色，因為我們在混合需求環境中實現了好於預期的收入和收益，在我們的業務中推出了多個領先產品，並在加速我們的 AI 路線圖和我們產品組合中的客戶參與方面取得了重大進展。

First quarter revenue was $5.4 billion, a decrease of 9% year-over-year. Sales of our data center and embedded products contributed more than 50% of overall revenue in the quarter as cloud and Embedded revenue grew significantly year-over-year.

第一季度收入為 54 億美元，同比下降 9%。由於雲計算和嵌入式產品收入同比大幅增長，我們數據中心和嵌入式產品的銷售額佔本季度總收入的 50% 以上。

Looking at the first quarter business results. Data Center segment revenue of $1.3 billion was flat year-over-year with higher cloud sales, offset by lower enterprise sales. In cloud, the quarter played out largely as we expected. EPYC CPU sales grew by a strong double-digit percentage year-over-year but declined sequentially as elevated inventory levels with some MDC customers resulted in a lower sell-in TAM for the quarter.

看看第一季度的經營業績。數據中心部門收入為 13 億美元，同比持平，雲銷售額增加，被企業銷售額下降所抵消。在雲端，本季度的表現基本符合我們的預期。 EPYC（霄龍）CPU 銷售額同比實現兩位數的強勁增長，但由於一些 MDC 客戶的庫存水平升高導致本季度銷量 TAM 下降，因此環比下降。

Against this backdrop, we were pleased that the largest cloud providers further expanded their AMD deployments in the quarter to power a larger portion of their internal workloads and public instances. 28 new AMD instances launched in the first quarter, including multiple confidential computing offerings from Microsoft Azure, Google Cloud and Oracle Cloud that take advantage of the unique security features of our EPYC processors. In total, we now have more than 640 AMD-powered public instances available.

在此背景下，我們很高興最大的雲提供商在本季度進一步擴展了他們的 AMD 部署，以支持他們更大一部分的內部工作負載和公共實例。第一季度推出了 28 個新的 AMD 實例，包括來自 Microsoft Azure、Google Cloud 和 Oracle Cloud 的多個機密計算產品，它們利用了我們 EPYC（霄龍）處理器的獨特安全特性。我們現在總共有 640 多個 AMD 支持的公共實例可用。

Enterprise sales declined year-over-year and sequentially as end customer demand softened due to near-term macroeconomic uncertainty. We continued growing our enterprise pipeline and closed multiple wins with Fortune 500 automotive, technology and financial companies in the quarter. We made strong progress in the quarter, ramping our Zen 4 EPYC CPU portfolio. All of our large cloud customers have Genoa running in their data centers and are on track to begin broad deployments to power their internal workloads and public instances in the second quarter.

由於近期宏觀經濟的不確定性導致終端客戶需求疲軟，企業銷售額同比和環比下降。我們繼續擴大我們的企業管道，並在本季度與財富 500 強汽車、技術和金融公司達成多項合作。我們在本季度取得了長足進步，擴大了我們的 Zen 4 EPYC CPU 產品組合。我們所有的大型雲客戶都在其數據中心運行 Genoa，並有望在第二季度開始廣泛部署以支持其內部工作負載和公共實例。

For the enterprise, Dell, HPE, Lenovo, Super Micro and other leading providers entered production on new Genoa server platforms that complement their existing 3rd Gen EPYC platforms. We are on track to launch Bergamo, our first cloud-native server CPU and Genoa-X, our 4th Gen EPYC processor with 3D chiplets for leadership in technical computing workloads later this quarter. Although we expect server demand to remain mixed in the second quarter, we are well positioned to grow our cloud and enterprise footprint in the second half of the year based on the strong customer response to the performance and TCO advantages of Genoa, Bergamo and Genoa-X.

對於企業，Dell、HPE、Lenovo、Super Micro 和其他領先供應商在新的 Genoa 服務器平台上投產，以補充其現有的第三代 EPYC（霄龍）平台。我們有望在本季度晚些時候推出我們的首款雲原生服務器 CPU Bergamo 和帶有 3D 小芯片的第四代 EPYC 處理器 Genoa-X，以引領技術計算工作負載。儘管我們預計服務器需求在第二季度仍將喜憂參半，但基於客戶對熱那亞、貝加莫和熱那亞的性能和 TCO 優勢的強烈反應，我們有能力在下半年擴大我們的雲和企業足跡- X。

Now looking at our broader data center business. In networking, Microsoft Azure launched their first instance powered by our Pensando DPU and software stack that can significantly increase application performance for networking intensive workloads by enabling 10x more connections per second compared to non-accelerated instances.

現在看看我們更廣泛的數據中心業務。在網絡方面，Microsoft Azure 推出了他們的第一個實例，該實例由我們的 Pensando DPU 和軟件堆棧提供支持，與非加速實例相比，該實例可以通過每秒增加 10 倍的連接數來顯著提高網絡密集型工作負載的應用程序性能。

We expanded our data center product portfolio with the launch of our first ASIC-based Alveo data center media accelerator that supports 4x the number of simultaneous video streams compared to our prior generation. In supercomputing, the Max Planck Society announced plans to build the first supercomputer in the EU, powered by 4th Gen EPYC CPUs and Instinct MI300 accelerators that is expected to deliver a 3x increase in application performance and significant TCO improvements compared to their current system.

我們推出了首款基於 ASIC 的 Alveo 數據中心媒體加速器，擴展了我們的數據中心產品組合，該加速器支持的同步視頻流數量是上一代產品的 4 倍。在超級計算方面，馬克斯·普朗克協會宣布計劃在歐盟建造第一台超級計算機，由第四代 EPYC（霄龍）CPU 和 Instinct MI300 加速器提供支持，與當前系統相比，預計應用程序性能將提高 3 倍，TCO 將顯著改善。

Our AI activities increased significantly in the first quarter, driven by expanded engagements with a broad set of data center and embedded customers. We expanded the software ecosystem support for our Instinct GPUs in the first quarter, highlighted by the launch of the widely used PyTorch 2.0 framework, which now offers native support for our ROCm software. In early April, researchers announced they used the LUMI supercomputer powered by 3rd Gen EPYC CPUs and Instinct MI250 accelerators to train the largest Finnish language model to date.

我們的 AI 活動在第一季度顯著增加，這得益於與廣泛的數據中心和嵌入式客戶的廣泛合作。我們在第一季度擴展了對我們的 Instinct GPU 的軟件生態系統支持，突出表現在廣泛使用的 PyTorch 2.0 框架的發布，該框架現在為我們的 ROCm 軟件提供本地支持。 4 月初，研究人員宣布他們使用由第三代 EPYC CPU 和 Instinct MI250 加速器提供支持的 LUMI 超級計算機來訓練迄今為止最大的芬蘭語語言模型。

Customer interest has increased significantly for our next-generation Instinct MI300 GPUs for both AI training and inference of large language models. We made excellent progress achieving key MI300 silicon and software readiness milestones in the quarter, and we're on track to launch MI300 later this year to support the El Capitan exascale supercomputer win at Lawrence Livermore National Laboratory and large cloud AI customers.

客戶對我們用於 AI 訓練和大型語言模型推理的下一代 Instinct MI300 GPU 的興趣顯著增加。我們在本季度取得了關鍵的 MI300 芯片和軟件就緒里程碑的出色進展，我們有望在今年晚些時候推出 MI300，以支持 El Capitan 百億億級超級計算機在勞倫斯利弗莫爾國家實驗室和大型雲 AI 客戶中獲勝。

To execute our broad AI strategy and significantly accelerate this key part of our business, we brought together multiple AI teams from across the company into a single organization under Victor Peng. The new AI group has responsibility for owning our end-to-end AI hardware strategy and driving development of a complete software ecosystem, including optimized libraries, models and frameworks spanning our full product portfolio.

為了執行我們廣泛的 AI 戰略並顯著加速我們業務的這一關鍵部分，我們將來自整個公司的多個 AI 團隊整合到一個由 Victor Peng 領導的組織中。新的 AI 小組負責擁有我們的端到端 AI 硬件戰略，並推動完整軟件生態系統的開發，包括跨越我們整個產品組合的優化庫、模型和框架。

Now turning to our client segment. Revenue declined 65% year-over-year to $739 million as we shipped significantly below consumption to reduce downstream inventory. As we stated on our last earnings call, we believe the first quarter was the bottom for our client processor business. We expanded our leadership desktop and notebook processor portfolio significantly in the quarter. In desktops, we launched the industry's fastest gaming processors with our Ryzen 7000 X3D series CPUs that combine our Zen 4 core with industry-leading 3D chiplet packaging technology.

現在轉向我們的客戶群。收入同比下降 65% 至 7.39 億美元，因為我們的出貨量大大低於消耗量以減少下游庫存。正如我們在上次財報電話會議上所說，我們認為第一季度是我們客戶端處理器業務的底部。我們在本季度顯著擴展了領先的台式機和筆記本處理器產品組合。在台式機方面，我們推出了業界最快的遊戲處理器，配備 Ryzen 7000 X3D 系列 CPU，結合了我們的 Zen 4 內核和業界領先的 3D 小芯片封裝技術。

In mobile, the first notebooks powered by our Dragon Range CPUs launched to strong demand, with multiple third-party reviews highlighting how our 16-core Ryzen 9 7945HX CPU is now the fastest mobile processor available. We also ramped production of our Zen 4-based Phoenix Ryzen 7040 series CPUs in the first quarter for ultrathin and gaming notebooks to support the more than 250 ultrathin gaming and commercial notebook design wins on track to launch this year from Acer, ASUS, Dell, HP and Lenovo.

在移動設備方面，首款採用我們的 Dragon Range CPU 的筆記本電腦推出後需求強勁，多個第三方評論強調我們的 16 核銳龍 9 7945HX CPU 現在是最快的移動處理器。我們還在第一季度提高了基於 Zen 4 的 Phoenix Ryzen 7040 系列 CPU 的產量，用於超薄和遊戲筆記本電腦，以支持今年從宏碁、華碩、戴爾、惠普和聯想。

Looking at the year, we continue to expect the PC TAM to be down approximately 10% for 2023 to approximately 260 million units. Based on the strength of our product portfolio, we expect our client CPU sales to grow in the second quarter and in the seasonally stronger second half of the year.

展望這一年，我們繼續預計 PC TAM 到 2023 年將下降約 10% 至約 2.6 億台。基於我們產品組合的實力，我們預計我們的客戶 CPU 銷售額將在第二季度和季節性強勁的下半年增長。

Now turning to our Gaming segment. Revenue declined 6% year-over-year to $1.8 billion as higher semi-custom revenue was offset by lower gaming graphics sales. Semi-custom SoC revenue grew year-over-year as demand for premium consoles remained strong following the holiday cycle.

現在轉向我們的遊戲部門。由於較高的半定制收入被較低的遊戲圖形銷售額所抵消，收入同比下降 6% 至 18 億美元。半定制 SoC 收入同比增長，原因是假期週期過後對高端遊戲機的需求依然強勁。

In gaming graphics, channel sell-through of our Radeon 6000 and Radeon 7000 series GPUs increased sequentially. We saw strong sales of our high-end Radeon 7900 XTX GPUs in the first quarter, and we're on track to expand our RDNA 3 GPU portfolio with the launch of new mainstream Radeon 7000 series GPUs this quarter.

在遊戲圖形方面，我們的 Radeon 6000 和 Radeon 7000 系列 GPU 的渠道銷量環比增長。第一季度，我們的高端 Radeon 7900 XTX GPU 銷量強勁，我們有望在本季度推出新的主流 Radeon 7000 系列 GPU，從而擴展我們的 RDNA 3 GPU 產品組合。

Looking at our Embedded segment. Revenue increased significantly year-over-year to a record $1.6 billion. We saw strength across the majority of our embedded markets, led by increased demand from industrial, vision and health care, test and emulation, communications, aerospace and defense and automotive customers. Demand for our adaptive computing solutions continues to grow as industrial vision and health care customers actively work to add more advanced compute capabilities across their product lines.

看看我們的嵌入式部分。收入同比大幅增長，達到創紀錄的 16 億美元。在工業、視覺和醫療保健、測試和仿真、通信、航空航天和國防以及汽車客戶不斷增長的需求的帶動下，我們看到了大多數嵌入式市場的實力。隨著工業視覺和醫療保健客戶積極致力於在其產品線中添加更先進的計算功能，對我們的自適應計算解決方案的需求持續增長。

We also released new Vitis AI software libraries to enable advanced visualization and AI capabilities for our medical customers and launched our next-generation Kria platform that provides a turnkey solution to deploy our leadership adaptive computing capabilities for smart camera, industrial and machine vision applications.

我們還發布了新的 Vitis AI 軟件庫，為我們的醫療客戶提供高級可視化和 AI 功能，並推出了我們的下一代 Kria 平台，該平台提供了一個交鑰匙解決方案，可以為智能相機、工業和機器視覺應用部署我們領先的自適應計算功能。

In communications, we saw strength with wired customers as new infrastructure design wins ramped into production. We also launched Zinc RF SoC products to accelerate 4G and 5G radio deployments in cost-sensitive markets and formed our first telco solutions lab to validate end-to-end solutions based on AMD CPU, adaptive SoCs, FPGAs, DPUs and software.

在通信方面，隨著新的基礎設施設計成功投入生產，我們看到了有線客戶的優勢。我們還推出了 Zinc RF SoC 產品，以加速成本敏感市場中的 4G 和 5G 無線電部署，並成立了我們的第一個電信解決方案實驗室，以驗證基於 AMD CPU、自適應 SoC、FPGA、DPU 和軟件的端到端解決方案。

In automotive, deployments of our adaptive silicon solutions for high-end ADAS and AI features grew in the quarter, highlighted by Subaru rolling out its AMD-based EyeSight 4 platform across their full range of vehicles. In addition, we expanded our embedded processor portfolio with the launches of Ryzen 5000 and EPYC 9000 embedded series processors with leadership performance and efficiency as we focus on growing share in the security, storage, edge server and networking markets.

在汽車領域，我們用於高端 ADAS 和 AI 功能的自適應矽解決方案的部署在本季度有所增長，突出表現是斯巴魯在其全系列車輛中推出了基於 AMD 的 EyeSight 4 平台。此外，隨著我們專注於增加安全、存儲、邊緣服務器和網絡市場的份額，我們通過推出具有領先性能和效率的銳龍 5000 和 EPYC 9000 嵌入式系列處理器擴展了我們的嵌入式處理器產品組合。

Looking more broadly across our Embedded business, we are making great progress in bringing together our expanded portfolio and scale to drive deeper engagements with our largest embedded customers.

從更廣泛的角度來看我們的嵌入式業務，我們在整合我們擴展的產品組合和規模以推動與我們最大的嵌入式客戶更深入的合作方面取得了巨大進展。

In summary, I'm pleased with our operational and financial performance in the first quarter. In the near term, we continue to see a mixed demand environment based on the uncertainties in the macro environment. Based on customer demand signals, we expect second quarter revenue will be flattish sequentially with growth in our client and data center segments, offset by modest declines in our Gaming and Embedded segments.

總而言之，我對我們第一季度的運營和財務業績感到滿意。短期內，我們繼續看到基於宏觀環境不確定性的混合需求環境。根據客戶需求信號，我們預計第二季度收入將持平，因為我們的客戶端和數據中心部門的增長將被我們的遊戲和嵌入式部門的適度下滑所抵消。

We remain confident in our ability to grow in the second half of the year, driven by adoption of our Zen 4 product portfolio, improving demand trends in our client business and the early ramp of our Instinct MI300 accelerators for HPC and AI.

在採用我們的 Zen 4 產品組合、改善客戶業務的需求趨勢以及我們用於 HPC 和 AI 的 Instinct MI300 加速器的早期增長的推動下，我們對下半年的增長能力充滿信心。

Looking longer term, we have significant growth opportunities ahead based on successfully delivering our roadmaps and executing our strategic data center and embedded property priorities, led by accelerating adoption of our AI products. We are in the very early stages of the AI computing era, and the rate of adoption and growth is faster than any other technology in recent history.

從長遠來看，基於成功交付我們的路線圖並執行我們的戰略數據中心和嵌入式財產優先事項，以及加速採用我們的 AI 產品，我們將面臨巨大的增長機會。我們正處於人工智能計算時代的早期階段，採用率和增長速度比近代歷史上的任何其他技術都要快。

And as the recent interest in generative AI highlights, bringing the benefits of large language models and other AI capabilities to cloud, edge and endpoints require significant increases in compute performance. AMD is very well positioned to capitalize on this increased demand to compute based on our broad portfolio of high-performance and adaptive compute engines, the deep relationships we have established with customers across a diverse set of large markets, and our expanding software capabilities.

正如最近對生成 AI 的興趣所強調的那樣，將大型語言模型和其他 AI 功能的優勢帶到雲、邊緣和端點需要顯著提高計算性能。基於我們廣泛的高性能和自適應計算引擎產品組合、我們與各種大型市場的客戶建立的深厚關係以及我們不斷擴展的軟件功能，AMD 完全有能力利用這種不斷增長的計算需求。

We are very excited about our opportunity in AI. This is our #1 strategic priority, and we are engaging deeply across our customer set to bring joint solutions to the market, led by our upcoming Instinct MI300 GPUs, Ryzen 7040 Series CPUs with Ryzen AI, Zynq UltraScale+ MPSoCs, LVO V70 data center inference accelerators and Versal AI adaptive data center and edge SoCs. I look forward to sharing more about our AI progress over the coming quarters as we broaden our portfolio and grow the strategic part of our business.

我們對我們在人工智能領域的機會感到非常興奮。這是我們的第一戰略重點，我們正在與我們的客戶群深入合作，以將聯合解決方案推向市場，以我們即將推出的 Instinct MI300 GPU、配備 Ryzen AI 的 Ryzen 7040 系列 CPU、Zynq UltraScale+ MPSoC、LVO V70 數據中心推理為主導加速器和 Versal AI 自適應數據中心和邊緣 SoC。隨著我們擴大我們的產品組合併發展我們業務的戰略部分，我期待在未來幾個季度分享更多關於我們人工智能進展的信息。

Now I'd like to turn the call over to Jean to provide some additional color on our first quarter results. Jean?

現在我想把電話轉給 Jean，為我們的第一季度業績提供一些額外的色彩。讓？

Thank you, Lisa, and good afternoon, everyone. I'll start with a review of our financial results for the first quarter and then provide our current outlook for the second quarter of fiscal 2023. As a reminder, for comparative purposes, first quarter 2022 results included the only partial quarter financial results from the acquisition of Xilinx, which closed in February 2022.

謝謝你，麗莎，大家下午好。我將首先回顧我們第一季度的財務業績，然後提供我們目前對 2023 財年第二季度的展望。提醒一下，出於比較目的，2022 年第一季度的業績僅包括來自2022 年 2 月完成對 Xilinx 的收購。

Revenue in the first quarter was $5.4 billion, a decrease of 9% year-over-year as Embedded segment strength was offset by lower Client segment revenue. Gross margin was 50%, down 2.7 percentage points from a year ago, primarily impacted by Client segment performance.

第一季度的收入為 54 億美元，同比下降 9%，因為嵌入式部門的實力被較低的客戶端部門收入所抵消。毛利率為 50%，較上年同期下降 2.7 個百分點，主要受客戶細分市場業績的影響。

Operating expenses were $1.6 billion, increasing 18% year-over-year, primarily due to inclusion of a full quarter of expenses from Xilinx and Pensando acquisitions. Operating income was $1.1 billion, down $739 million year-over-year, and the operating margin was 21%. Interest expense, taxes and other was $128 million. For the first quarter, diluted earnings per share was $0.60 due to better-than-expected revenue and operating expenses.

運營費用為 16 億美元，同比增長 18%，這主要是由於包括了 Xilinx 和 Pensando 收購的整個季度費用。營業收入為 11 億美元，同比下降 7.39 億美元，營業利潤率為 21%。利息支出、稅收和其他費用為 1.28 億美元。第一季度，由於收入和運營支出好於預期，每股攤薄收益為 0.60 美元。

Now turning to our reportable segment for the first quarter. Starting with the Data Center segment, revenue was $1.3 billion, flat year-over-year, driven primarily by higher sales of EPYC processors to cloud customers, offset by lower enterprise server processor sales.

現在轉向我們第一季度的可報告部分。從數據中心部分開始，收入為 13 億美元，同比持平，這主要是由於 EPYC 處理器對雲客戶的銷售額增加，被企業服務器處理器銷售額下降所抵消。

Data Center segment operating income was $148 million or 11% of revenue compared to $427 million or 33% a year ago. Lower operating income was primarily due to product mix and increased R&D investments to address large opportunities ahead of us.

數據中心部門營業收入為 1.48 億美元，佔收入的 11%，而一年前為 4.27 億美元，佔收入的 33%。較低的營業收入主要是由於產品組合和增加研發投資以應對我們面前的巨大機遇。

Client segment revenue was $739 million, down 65% year-over-year as we shipped significantly below consumption to reduce downstream inventory. We expect an improvement in second quarter Client segment revenue and a seasonally stronger second half. Client segment operating loss was $172 million compared to operating income of $692 million a year ago, primarily due to lower revenue.

客戶部門收入為 7.39 億美元，同比下降 65%，因為我們的出貨量大大低於消耗量以減少下游庫存。我們預計第二季度客戶部門收入將有所改善，下半年將出現季節性增長。客戶部門營業虧損為 1.72 億美元，而一年前營業收入為 6.92 億美元，主要原因是收入下降。

Gaming segment revenue was $1.8 billion, down 6% year-over-year. Semi customer revenue grew double-digit percentage year-over-year, which was more than offset by lower gaming graphics revenue. Gaming segment operating income was $314 million or 18% of revenue compared to $358 million or 19% a year ago. The decrease was primarily due to lower gaming graphics revenue.

遊戲部門收入為 18 億美元，同比下降 6%。半客戶收入同比增長兩位數，這被較低的遊戲圖形收入所抵消。遊戲部門營業收入為 3.14 億美元，佔收入的 18%，而一年前為 3.58 億美元，佔收入的 19%。減少的主要原因是遊戲圖形收入減少。

Embedded segment revenue was $1.6 billion, up $967 million year-over-year, primarily due to full quarter of Xilinx revenue and the strong performance across multiple end markets. Embedded segment operating income was $798 million or 51% of revenue compared to $277 million or 46% a year ago, primarily driven by the inclusion of a full quarter of Xilinx.

嵌入式部門收入為 16 億美元，同比增長 9.67 億美元，這主要是由於 Xilinx 整個季度的收入以及多個終端市場的強勁表現。嵌入式部門營業收入為 7.98 億美元，佔收入的 51%，而一年前為 2.77 億美元，佔收入的 46%，這主要是由於賽靈思整個季度的收入。

Turning to the balance sheet and the cash flow. During the quarter, we generated $486 million in cash from operations, reflecting our strong financial model despite the mixed demand environment. Free cash flow was $328 million. In the first quarter, we increased the inventory by $464 million, primarily in anticipation of the ramp of new Data Center and Client product in advanced process node. At the end of the quarter, cash, cash equivalents and such short-term investment were $5.9 billion, and we returned $241 million to shareholders through share repurchases. We have a $6.3 billion in remaining authorization for share repurchases. In summary, in an uncertain macroeconomic environment, the AMD team executed very well, delivering better-than-expected top line revenue and earnings.

轉向資產負債表和現金流量。本季度，我們從運營中產生了 4.86 億美元的現金，反映出儘管需求環境複雜，但我們的財務模式依然強勁。自由現金流為 3.28 億美元。第一季度，我們增加了 4.64 億美元的庫存，主要是因為預計新的數據中心和客戶端產品將在高級流程節點中大量湧現。本季度末，現金、現金等價物和此類短期投資為 59 億美元，我們通過股票回購向股東返還了 2.41 億美元。我們還有 63 億美元的剩餘股票回購授權。總而言之，在不確定的宏觀經濟環境中，AMD 團隊執行得非常好，實現了好於預期的收入和收益。

Now turning to our second quarter 2023 outlook. We expect revenue to be approximately $5.3 billion, plus or minus $300 million, a decrease of approximately 19% year-over-year and approximately flat sequentially. Year-over-year, we expect the Client, Gaming and the Data Center segments to decline, partially offset by Embedded segment growth. Sequentially, we expect Client and Data Center segment growth to be offset by modest Gaming and Embedded segment declines.

現在轉向我們對 2023 年第二季度的展望。我們預計收入約為 53 億美元，上下浮動 3 億美元，同比下降約 19%，環比基本持平。與去年同期相比，我們預計客戶端、遊戲和數據中心部分將下降，部分被嵌入式部分的增長所抵消。因此，我們預計客戶端和數據中心部門的增長將被適度的遊戲和嵌入式部門下滑所抵消。

In addition, we expect non-GAAP gross margin to be approximately 50%. Non-GAAP operating expenses to be approximately $1.6 billion. Effective tax rate to be 13%. And the diluted share count is expected to be approximately 1.62 billion shares.

此外，我們預計非 GAAP 毛利率約為 50%。非 GAAP 運營費用約為 16 億美元。有效稅率為13%。攤薄後的股份數量預計約為 16.2 億股。

In closing, I'm pleased with our strong top line and bottom line execution. We have a very strong financial model, and we'll continue to invest in our long-term strategic priorities, including accelerating our AI offerings to drive sustainable value creation over the long term.

最後，我對我們強大的頂線和底線執行感到滿意。我們擁有非常強大的財務模型，我們將繼續投資於我們的長期戰略重點，包括加速我們的 AI 產品以推動長期可持續的價值創造。

With that, I'll turn it back to Ruth for Q&A session.

有了這個，我會把它轉回 Ruth 進行問答環節。

Thank you, Jean. And Kevin, we're happy to pull the audience for questions.

謝謝你，讓。凱文，我們很高興邀請聽眾提問。

(Operator Instructions) Our first question today is coming from the Vivek Arya from Bank of America.

（操作員說明）我們今天的第一個問題來自美國銀行的 Vivek Arya。

For my first one, Lisa, when I look at your full year Data Center outlook for some growth, that implicitly suggests Data Center, right, could be up 30% in the second half versus the first half, right? And I'm curious, what is your confidence and visibility and some of the assumptions that go into that view?

對於我的第一個，麗莎，當我查看你的全年數據中心增長前景時，這隱含地表明下半年數據中心可能比上半年增長 30%，對嗎？我很好奇，您的信心和知名度以及進入該觀點的一些假設是什麼？

Is it -- do you think there is a much bigger ramp in the new products? Is it enterprise recovery? Is it pricing? So just give us a sense for how we should think about the confidence and visibility of the strong ramp that is implied in your second half Data Center outlook?

是嗎 - 你認為新產品的增長速度要快得多嗎？是企業復甦嗎？是定價嗎？那麼讓我們了解一下我們應該如何考慮下半年數據中心展望中暗示的強勁增長的信心和可見性？

Right. So Vivek, thanks for the question. Maybe let me give you some context on what's going on in the Data Center right now. First of all, we have said that it's a mixed environment in the Data Center. So the first half of the year, there are some of the larger cloud customers that are working through some inventory and optimization as well as a weaker enterprise.

正確的。 Vivek，謝謝你的提問。也許讓我為您介紹一下數據中心目前正在發生的事情。首先，我們說過它是數據中心的混合環境。因此，今年上半年，一些較大的雲客戶以及較弱的企業正在通過一些庫存和優化工作。

As we go into the second half of the year, we see a couple of things. First, our roadmap is very strong. So the feedback that we're getting working with our customers on Genoa, it's ramping well. It is very differentiated in terms of TCO and overall performance. So we think it's very well positioned. Much of the work that we've done in the first half of the year -- in the first quarter and here in the second quarter is to ensure that we complete all of that work such that we can ramp across a broader set of workloads as we go into the second half of the year.

當我們進入今年下半年時，我們看到了幾件事。首先，我們的路線圖非常強大。因此，我們在熱那亞與客戶合作得到的反饋，進展順利。它在 TCO 和整體性能方面差異很大。所以我們認為它的定位非常好。我們在今年上半年（第一季度和第二季度）所做的大部分工作是為了確保我們完成所有這些工作，以便我們能夠跨越更廣泛的工作負載，因為我們進入下半年。

And then I would say, from an overall market standpoint, I think enterprise will still be mixed with the notion that we expect some improvement. It depends a little bit on the macro situation. And then as we go into the second half of the year, in addition to Genoa, we're also ramping Bergamo. So that's on track to launch here in the second quarter, it will ramp in the second half of the year. And then as we get towards the end of the year, we also have our GPU ramp of MI300. So with that, we start the ramp in the fourth quarter of our supercomputing wins as well as our early cloud AI wins. So those are all the factors. Of course, we'll have to see how the year plays out, but we feel very good about how we're positioned from an overall product and roadmap standpoint for Data Center.

然後我會說，從整體市場的角度來看，我認為企業仍然會混合我們期望有所改善的觀念。這有點取決於宏觀情況。然後，當我們進入今年下半年時，除了熱那亞之外，我們還在增加貝加莫。因此，它有望在第二季度在這裡推出，它將在今年下半年推出。然後當我們接近年底時，我們還有 MI300 的 GPU 斜坡。因此，我們在第四季度開始了我們的超級計算勝利以及我們早期的雲 AI 勝利。所以這些都是因素。當然，我們必須看看今年的結果如何，但我們對數據中心的整體產品和路線圖的定位感到非常滿意。

All right. And for my follow-up, Lisa, how do you see the market share evolve in the Data Center in the second half? Do you think that the competitive gap between you and your competitors' products, has that narrowed? Or you still think that in the second half, you have a chance to gain market share in the Data Center?

好的。對於我的後續行動，麗莎，你如何看待下半年數據中心的市場份額變化？您認為您與競爭對手產品之間的競爭差距縮小了嗎？或者您仍然認為在下半年，您有機會獲得數據中心的市場份額？

Yes, absolutely, Vivek. Well, I mean, we've gained share nicely over the last 4 years. When you look at our Data Center progression, it's actually been pretty steady. As we go into the second half of this year, I think we continue to believe that we have a very strong competitive position. So we do think that positions us well to gain share.

是的，絕對是，維維克。好吧，我的意思是，我們在過去 4 年中獲得了很好的份額。當您查看我們的數據中心進展時，它實際上非常穩定。隨著我們進入今年下半年，我認為我們仍然相信我們擁有非常強大的競爭地位。因此，我們確實認為這使我們能夠很好地獲得份額。

In the conversations that we're having with customers, I think they're enthusiastic about Zen 4 and what it can bring into cloud workloads as well as enterprise workloads. I think actually Genoa is extremely well positioned for enterprise where we have been underrepresented. So we feel good about the roadmap. I mean, obviously, it's competitive, but we feel very good about our ability to continue to gain share.

在我們與客戶的對話中，我認為他們對 Zen 4 以及它可以為雲工作負載和企業工作負載帶來什麼充滿熱情。我認為實際上熱那亞在我們代表性不足的企業中處於非常有利的位置。所以我們對路線圖感覺良好。我的意思是，很明顯，它具有競爭力，但我們對繼續獲得份額的能力感到非常滿意。

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 about the Embedded business. It's been a really strong business for you since the acquisition of Xilinx. You're guiding the business down sequentially in Q2. Is this sort of the macro/cycle kicking in? Or is it something supply related? If you can kind of expand on the Q2 outlook there and your expectations for the second half, that would be helpful.

麗莎，我想問一下嵌入式業務。自收購 Xilinx 以來，這對您來說是一項非常強大的業務。您在第二季度按順序引導業務下降。這種宏觀/週期開始了嗎？還是與供應有關？如果你能在某種程度上擴展第二季度的前景和你對下半年的期望，那將是有幫助的。

Yes, absolutely, Toshiya. So first, thanks for the question. I mean I think the Embedded business has performed extremely well over the last 4 or 5 quarters. Q1 was another record for the Embedded business. When we look underneath it, there is a broad set of market segments that we have exposure to, and the majority of them are actually doing very well.

是的，絕對是，Toshiya。首先，謝謝你的提問。我的意思是，我認為嵌入式業務在過去 4 或 5 個季度中表現非常出色。第一季度是嵌入式業務的另一個記錄。當我們深入研究時，會發現我們涉足的細分市場範圍很廣，其中大多數實際上都做得很好。

Our thought process for sort of modest decline into Q2 is that we did have a bunch of backlog that we're in the process of clearing and that backlog will clear in Q2, and then we expect that the growth will moderate a bit. We still very much like the positioning of sort of our aerospace and defense, our industrial, our test and emulation business, our automotive business. We expect wireless trends to be a little bit weaker as well as consumer trends. So those are the kind of the puts and takes in the market. But I would say the business has performed well above our expectations.

我們對第二季度適度下降的思考過程是，我們確實有一堆積壓，我們正在清理這些積壓，積壓將在第二季度清除，然後我們預計增長會有所放緩。我們仍然非常喜歡我們的航空航天和國防、我們的工業、我們的測試和仿真業務、我們的汽車業務的定位。我們預計無線趨勢和消費者趨勢都會有所減弱。所以這些就是市場上的看跌期權和收益。但我要說的是，該業務的表現遠遠超出了我們的預期。

That's helpful. And then as my follow-up, maybe one for Jean on the gross margin side of things. In your slide deck, I think you're guiding gross margins up half over half in the second half. Can you maybe speak to the puts and takes and the drivers as you think about gross margins over the next 6 to 9 months?

這很有幫助。然後作為我的後續行動，也許是 Jean 在毛利率方面的一個。在你的幻燈片中，我認為你在下半年將毛利率提高了一半以上。在考慮未來 6 到 9 個月的毛利率時，您能否談談看跌期權和驅動因素？

Yes. Thank you for the question. Our gross margin is primarily driven by mix. If you look at the first half -- first quarter performance and second quarter guide, we are very pleased with the strong gross margin performance in both the Data Center and the Embedded segment. We haven't been seeing headwinds from the Client segment impacting our gross margin.

是的。感謝你的提問。我們的毛利率主要受組合驅動。如果你看一下上半年——第一季度業績和第二季度業績指南，我們對數據中心和嵌入式部門強勁的毛利率表現感到非常滿意。我們沒有看到客戶部門的逆風影響我們的毛利率。

Going to the second half, we do expect gross margin improvement because Data Center is going up and the Embedded continue to be relatively strong. The pace of our improvement in the second half actually will be largely dependent on the Client segment. We think the Client segment gross margin is also going to improve. But overall, it's going to be below corporate average. So the pace of improvement of gross margin could be dependent on the pace for the Client business recovery in second half. But in the longer term, right, when we look at our business opportunities, the largest incremental revenue opportunities are going to come from Data Center and Embedded segment. So we are feeling very good about longer-term gross margin going up continuously.

進入下半年，我們確實預計毛利率會有所改善，因為數據中心正在上升，嵌入式繼續相對強勁。我們下半年的改進速度實際上在很大程度上取決於客戶群。我們認為客戶部門的毛利率也將提高。但總體而言，它將低於公司平均水平。因此，毛利率的改善速度可能取決於下半年客戶業務復甦的速度。但從長遠來看，當我們審視我們的商業機會時，最大的增量收入機會將來自數據中心和嵌入式領域。因此，我們對長期毛利率持續上升感到非常滿意。

Next question is coming from Aaron Rakers from Wells Fargo.

下一個問題來自富國銀行的 Aaron Rakers。

I've got 2 as well. I guess the first question going back on just like the cadence of the server CPU cycle with Genoa and Bergamo. And I think it's great to hear that you guys are on track to launch Bergamo here. But there's been some discussion here throughout this last quarter around some DDR5 challenges. I think there's PMEC issues. I'm just curious of how you -- if those issues have presented themselves or how you would characterize the cadence of the ramp cycle of Genoa at this point?

我也有2個。我想第一個問題就像熱那亞和貝加莫的服務器 CPU 週期節奏一樣。我認為很高興聽到你們有望在這裡推出 Bergamo。但在上個季度，圍繞 DDR5 的一些挑戰進行了一些討論。我認為存在 PMEC 問題。我只是想知道你如何 - 如果這些問題已經出現，或者你如何描述此時熱那亞斜坡週期的節奏？

Yes. Sure, Aaron. So yes, look, I think Genoa, we always said, as we launched it, that it would be a little bit more of a longer transition compared to Milan because it is a new platform. So it is the new DDR5, it's PCI Gen 5. And for many of our top customers, they're also doing other things other than upgrading the CPUs.

是的。當然，亞倫。所以是的，看，我認為熱那亞，我們總是說，當我們推出它時，與米蘭相比，它的過渡時間會更長一些，因為它是一個新平台。所以它是新的 DDR5，它是 PCI Gen 5。對於我們的許多頂級客戶，除了升級 CPU 之外，他們還在做其他事情。

So from that standpoint, I would say the ramp is going about as we expected. We've seen a lot of interest, a lot of customer engineering work that we're doing together in the data centers with our customers. We feel great about the set of workloads and we see expansion in the workloads going forward. So overall, our expectation is, particularly as we go into the second half, we'll see Genoa ramp more broadly. But Genoa and Milan are going to coexist throughout the year, just given sort of the breadth of platforms that we have.

所以從這個角度來看，我會說斜坡正在按照我們的預期進行。我們已經看到了很多興趣，我們正在與客戶一起在數據中心進行大量客戶工程工作。我們對這組工作負載感到滿意，並且看到未來工作負載的擴展。所以總的來說，我們的預期是，尤其是在我們進入下半場時，我們會看到熱那亞更廣泛地崛起。但熱那亞和米蘭將全年共存，只是考慮到我們擁有的平台的廣度。

And anything specific on the DDR5 questions that come up? And then I'm curious, but my second question just real quick is the MI300. If we look out beyond just the El Capitan deployment through the course of this year, how do you guys think about success in that data center GPU market [and do] we think about beyond just El Capitan?

出現的有關 DDR5 的任何具體問題？然後我很好奇，但我的第二個問題很快就是 MI300。如果我們在今年的過程中不僅僅局限於 El Capitan 部署，你們如何看待數據中心 GPU 市場的成功 [並且] 我們考慮的不僅僅是 El Capitan？

Yes. Sure, Aaron. So back to the DDR5 question, we haven't seen anything specific on DDR5. And it's just normal platform bring up that we're seeing. Now as it relates to your question about MI300, look, we're really excited about the AI opportunity. I think that is success for us, is having a significant part of the AI overall opportunity. AI for us is broader than cloud. I mean it also includes what we're doing in Client and Embedded. But specifically, as it relates to MI300, MI300 is actually very well positioned for both HPC sort of supercomputing workloads as well as for AI workloads.

是的。當然，亞倫。回到 DDR5 問題，我們還沒有看到任何關於 DDR5 的具體信息。我們看到的只是正常的平台啟動。現在關於你關於 MI300 的問題，看，我們對人工智能的機會感到非常興奮。我認為這對我們來說是成功的，擁有 AI 整體機會的重要部分。人工智能對我們來說比雲更廣泛。我的意思是它還包括我們在客戶端和嵌入式中所做的事情。但具體而言，由於與 MI300 相關，MI300 實際上非常適合 HPC 類超級計算工作負載以及 AI 工作負載。

And with the recent interest in generative AI, I would say the pipeline for MI300 has expanded considerably here over the last few months, and we're excited about that. We're putting a lot more resources. I mentioned on the prepared remarks, the work that we're doing, sort of taking our Xilinx and sort of the overall AMD AI efforts and collapsing them into 1 organization that's primarily to accelerate our AI software work as well as platform work. So success for MI300 is for sure, a significant part of sort of the growth in AI in the cloud. And I think we feel good about how we're positioned there.

由於最近對生成 AI 的興趣，我想說 MI300 的管道在過去幾個月裡已經大大擴展了，我們對此感到興奮。我們正在投入更多資源。我在準備好的發言中提到了我們正在做的工作，有點像 Xilinx 和整個 AMD AI 的努力，並將它們合併為一個組織，主要是為了加速我們的 AI 軟件工作和平台工作。因此，MI300 的成功是肯定的，這是雲中 AI 增長的重要組成部分。而且我認為我們對我們在那裡的定位感覺很好。

Next question is coming from Matt Ramsay from TD Cowen.

下一個問題來自 TD Cowen 的 Matt Ramsay。

Lisa, my first question, I think just the way the business has trended, right, with enterprise and with China in the data center market being a bit softer recently, and it seems like that's kind of continuing into the second quarter. It occurs to me that a big percentage of your Data Center business, particularly in server in the second half of the year is going to be driven by U.S. hyperscale.

麗莎，我的第一個問題，我認為企業和中國數據中心市場的趨勢最近有點疲軟，而且這種趨勢似乎會持續到第二季度。在我看來，你的數據中心業務的很大一部分，尤其是今年下半年的服務器業務，將由美國超大規模驅動。

And I guess my question is the level of visibility you have to unit volumes, to pricing, to timing of ramps. If you could walk us through that a little bit, given it's customer concentrated, I imagine you have some level of visibility. And you mentioned growth for the year in Data Center. If you could be a little bit more precise there, that's -- I understand there's market dynamics, but it's a bit of a big comment and folks have just pushed me to ask about quantifying the growth for the year.

我想我的問題是你對單位數量、定價和坡道時間的可見性水平。考慮到它以客戶為中心，如果你能向我們介紹一下，我想你有一定程度的知名度。你提到了數據中心今年的增長。如果你能在那裡更精確一點，那就是——我知道市場動態，但這是一個很大的評論，人們剛剛敦促我詢問量化今年的增長。

Sure. Matt, thanks for the question. So look, I think as we work with our largest cloud customers in the Data Center segment, particularly with our EPYC CPUs, we have very good conversations in terms of what their ramp plans are, what their qualification plans are, which workloads, which instances. So I feel that we have good visibility. Obviously, some of this is still dependent on overall macro situation and overall demand. But our view is that there is a lot of good progress in the Data Center.

當然。馬特，謝謝你的提問。所以看，我認為當我們與數據中心領域最大的雲客戶合作時，尤其是我們的 EPYC CPU，我們就他們的爬坡計劃是什麼、他們的資格計劃是什麼、哪些工作負載、哪些實例進行了很好的對話.所以我覺得我們有很好的知名度。顯然，這部分還是要看整體宏觀形勢和整體需求。但我們的觀點是數據中心有很多良好的進展。

Now in terms of quantification, as I said, there's a lot of puts and takes. My view is that enterprise will improve as we go into the second half, and we're even seeing, I would say, some very early signs of some improvement in China as well. So our view is, I think, double-digit Data Center growth is what we currently see. And certainly, we would like to ramp Genoa and Bergamo as a large piece given the strength of those products, again we'd like to see them grow share here over the next couple of quarters.

現在就量化而言，正如我所說，有很多投入和投入。我的觀點是，隨著我們進入下半年，企業將會有所改善，我什至會說，我們甚至看到了中國有所改善的一些非常早期的跡象。所以我們的觀點是，我認為，兩位數的數據中心增長是我們目前看到的。當然，鑑於熱那亞和貝加莫產品的實力，我們希望將熱那亞和貝加莫作為一個大塊增長，我們再次希望看到它們在接下來的幾個季度內在這裡增加份額。

Lisa, that's helpful. For my follow-up question, I think in the prepared scripts, we're obviously undershipping sell-through to clear the channel in the Client business in the first half of the year. And I think the language that was used was seasonal improvements in the second half. So are you guys expecting to come back to shipping in line with sell-through, so to stop under-shipping demand? And then for on top of that seasonal improvements in the market? Or -- and if you could just kind of help me think about the magnitude and the moving pieces in Client for the second half?

麗莎，這很有幫助。對於我的後續問題，我認為在準備好的腳本中，我們顯然在今年上半年通過銷售來清理客戶業務的渠道。而且我認為使用的語言是下半年的季節性改進。那麼你們是否希望根據銷售情況恢復出貨，從而停止出貨需求不足？然後除了市場的季節性改善之外？或者——如果你能幫我想想下半年客戶端的規模和移動部分？

Yes. So we've been undershipping sort of consumption in the Client business for about 3 quarters now. And certainly, our goal has been to normalize the inventory in the supply chain so that shipments would be closer to consumption. We expect that, that will happen in the second half of the year, and that's what the comment meant that we believe that there will be improvements in the overall inventory positioning.

是的。因此，我們現在已經有大約 3 個季度在客戶業務中進行消費。當然，我們的目標是使供應鏈中的庫存正常化，以便發貨更接近消費。我們預計，這將在今年下半年發生，這就是評論的意思，我們相信整體庫存定位將會有所改善。

And then we also believe that the Client market is stabilizing. So Q1 was the bottom for our business as well as for the overall market. From what we see although it will be a gradual set of improvements, we do see that the overall market should be better in the second half of the year. We like our product portfolio a lot. I'm excited about having AI-enabled on our Ryzen 7000 series. And we have leadership notebook platforms with Dragon Range. Our desktop roadmap is also quite strong with our new launch of the Verizon 7000 X3D products.

然後我們也相信客戶市場正在穩定。所以第一季度是我們業務和整個市場的底部。從我們看來，雖然這將是一個漸進的改善，但我們確實看到下半年整體市場應該會更好。我們非常喜歡我們的產品組合。我很高興在我們的 Ryzen 7000 系列上啟用 AI。我們擁有帶 Dragon Range 的領先筆記本平台。隨著我們新推出的 Verizon 7000 X3D 產品，我們的桌面路線圖也非常強大。

And so I think here in the second quarter, we'll still undership consumption a bit. And by the second half of the year, we should be more normalized between shipments and consumption, and we expect some seasonal improvement into the second half.

所以我認為在第二季度，我們仍然會低估消費。到下半年，出貨量和消費量應該會更加正常化，我們預計下半年會有一些季節性改善。

Your next question is coming from Joe Moore from Morgan Stanley.

你的下一個問題來自摩根士丹利的喬摩爾。

Yes, I guess same question in terms of the cloud business. You mentioned some combination of kind of digestion of spending and inventory reduction. Can you give us a sense of how much inventory was there in hyperscale? How much has it come down? And how much are you sort of maybe undershipping demand in that segment?

是的，我想在雲業務方面也有同樣的問題。你提到了某種消化支出和減少庫存的組合。你能告訴我們超大規模有多少庫存嗎？降了多少？您在該細分市場的需求量有多少可能不足？

Yes. I think, Joe, this is a bit harder because every customer is different. What we're seeing is different customers are at a different place in their sort of overall cycle. But let me say it this way, though. I think we have good visibility with all of our large customers in terms of what they're trying to do for the quarter, for the year. Obviously, some of that will depend on how the macro plays out. But from our viewpoint, I think we're also going through a product transition between Milan and Genoa in some of these workloads.

是的。我認為，喬，這有點難，因為每個客戶都是不同的。我們看到的是，不同的客戶在他們的整個週期中處於不同的位置。但是，讓我這樣說吧。我認為我們對所有大客戶在本季度、今年試圖做的事情都有很好的了解。顯然，其中一些將取決於宏的表現。但從我們的角度來看，我認為我們也在米蘭和熱那亞之間進行一些工作負載的產品轉換。

So if you put all those things into the conversation, that's why our comment was that we will -- we do believe that the second quarter will grow modestly and then there will be more growth in the second half of the year as it relates to the Data Center business. So there are lots of puts and takes, every customer is in a bit of a different cycle. But overall, the number of workloads that they're going to be using AMD on, we believe, will expand as we go through the next few quarters.

因此，如果您將所有這些內容都放在談話中，這就是為什麼我們的評論是我們會 - 我們確實相信第二季度將適度增長，然後下半年將有更多增長，因為它與數據中心業務。所以有很多投入和投入，每個客戶都處於不同的周期中。但總的來說，我們相信，在接下來的幾個季度中，他們將使用 AMD 的工作負載數量將會增加。

Great. And then for my follow-up, I mean, you mentioned interest in MI300 around generative AI. Can you talk to -- is that right now kind of a revenue pipeline with major hyperscalers? Or is that sort of more indication of interest level? Just trying to figure out where you are in terms of establishing yourself in that market?

偉大的。然後對於我的後續行動，我的意思是，你提到了圍繞生成 AI 對 MI300 的興趣。你能談談 - 現在是主要超大規模的收入渠道嗎？還是那種更多的興趣水平指示？只是想弄清楚你在那個市場中的位置？

Yes. I would say, Joe, we've been at this for quite some time. So AI has been very much a strategic priority for AMD for quite some time. With MI250, we've actually made strong progress. We mentioned in the prepared remarks about some of the work that was done on the LUMI supercomputer with generative AI models. We've continued to do quite a bit of library optimization with MI250 and software optimization to really ensure that we could increase the overall performance and capabilities.

是的。我會說，喬，我們已經討論了很長時間了。因此，人工智能在相當長一段時間內一直是 AMD 的戰略重點。有了 MI250，我們實際上已經取得了長足的進步。我們在準備好的評論中提到了在 LUMI 超級計算機上使用生成 AI 模型完成的一些工作。我們繼續對 MI250 和軟件優化進行了大量的庫優化，以真正確保我們能夠提高整體性能和功能。

MI300 looks really good. I think from everything that we see, the workloads have also changed a bit in terms of -- whereas a year ago, much of the conversation was primarily focused on training. Today, that has migrated to sort of large language model inferencing, which is particularly good for GPUs. So I think from an MI300 standpoint, that we do believe that we will start ramping revenue in the fourth quarter with cloud AI customers and then it will be more meaningful in 2024.

MI300 看起來真的不錯。我認為從我們所看到的一切來看，工作量也發生了一些變化——而一年前，大部分談話主要集中在培訓上。今天，它已經遷移到某種大型語言模型推理，這對 GPU 尤其有用。因此，我認為從 MI300 的角度來看，我們確實相信我們將在第四季度開始增加雲 AI 客戶的收入，然後在 2024 年會更有意義。

Next question is coming from Harlan Sur from JPMorgan.

下一個問題來自摩根大通的 Harlan Sur。

Good to see the strong dynamics in Embedded, very diverse end markets. And given their strong market share position here, the Valens team is in a really good position to catalyze EPYC attach or Ryzen attached to their FPGA and adaptive compute solutions, right? I think embedded x86 is like a $6 billion to $8 billion per year market opportunity. So, Lisa, given you're a year with Xilinx in the portfolio, can you just give us an update on the synergy unlock and driving higher AMD compute attached to Xilinx sockets?

很高興看到嵌入式、非常多樣化的終端市場的強大動力。鑑於他們在這裡的強大市場份額地位，Valens 團隊在催化 EPYC 附加或 Ryzen 附加到他們的 FPGA 和自適應計算解決方案方面處於非常有利的位置，對吧？我認為嵌入式 x86 就像每年 60 億到 80 億美元的市場機會。那麼，麗莎，考慮到你在 Xilinx 的投資組合中工作了一年，你能否向我們介紹一下協同解鎖和驅動更高的 AMD 計算附加到 Xilinx 插槽的最新情況？

Yes. Thanks, Harlan. It's a great question. The Xilinx portfolio has done extremely well with us. Very strong, I would say, we continue to get more content attached to the FPGAs and the adaptive SoCs. We have seen the beginnings of good traction with the cross-selling and that is opportunity to take both Ryzen and EPYC CPUs into the broader embedded market. I think the customers are very open to that. I think we have a sales force and a go-to-market capability across this customer set that is very helpful for that.

是的。謝謝，哈倫。這是一個很好的問題。 Xilinx 產品組合與我們合作得非常好。非常強大，我想說，我們將繼續獲得更多附加到 FPGA 和自適應 SoC 的內容。我們已經看到交叉銷售開始產生良好的牽引力，這是將 Ryzen 和 EPYC CPU 帶入更廣泛的嵌入式市場的機會。我認為客戶對此非常開放。我認為我們在這個客戶群中擁有一支銷售隊伍和進入市場的能力，這對此非常有幫助。

So I do believe that this is a long-term opportunity for us to continue to grow our Embedded business. And we've already seen some design wins as a result of the combination of the Xilinx portfolio and the AMD portfolio, and I think we'll see a lot more of that going forward.

所以我相信這是我們繼續發展嵌入式業務的長期機會。由於 Xilinx 產品組合和 AMD 產品組合的結合，我們已經看到了一些設計勝利，我認為我們會在未來看到更多這樣的成果。

Great. And in terms of other opportunities, there appears to be this trend towards more of your cloud and hyperscale customers opting to do their own silicon solutions around accelerated compute or AI offload engines, right? And if I look at it right, there are less than a handful of the world's semiconductor companies that have the compute, graphics, connectivity IP portfolio that you guys have as well as the capabilities to design these very complex offload SoCs, right? Does the team have a strategy to try and go after some of the semi-custom or full-blown ASIC-based hyperscale programs?

偉大的。就其他機會而言，似乎有越來越多的雲和超大規模客戶選擇圍繞加速計算或 AI 卸載引擎製作自己的矽解決方案的趨勢，對嗎？如果我沒看錯的話，世界上只有少數幾家半導體公司擁有你們擁有的計算、圖形、連接 IP 組合以及設計這些非常複雜的卸載 SoC 的能力，對吧？團隊是否有策略來嘗試追求一些半定製或成熟的基於 ASIC 的超大規模項目？

We do, Harlan, and I would put it more broadly. And the more -- the broader point is, I think we have a very complete IP portfolio across CPUs, GPUs, FPGAs, adaptive SoCs, DPUs and a very capable semi-custom team. And so beyond hyperscalers, I think when we look at sort of higher volume opportunities, we think there are higher volume opportunities beyond game consoles, that there are custom opportunities available. So I think that combination of IP is very helpful. I think it's a long-term opportunity for us, and it's one of the areas where we think we can add value to our largest customers.

我們有，哈倫，我會把它說得更廣泛。更重要的是，更廣泛的一點是，我認為我們擁有非常完整的 IP 組合，涵蓋 CPU、GPU、FPGA、自適應 SoC、DPU 和一個非常有能力的半定制團隊。因此，除了超大規模，我認為當我們看到更高容量的機會時，我們認為除了遊戲機之外還有更高容量的機會，還有定制機會。所以我認為 IP 的組合非常有幫助。我認為這對我們來說是一個長期機會，也是我們認為可以為我們最大的客戶增加價值的領域之一。

Next question is coming from Ross Seymore from Deutsche Bank.

下一個問題來自德意志銀行的 Ross Seymore。

Lisa, I just want to talk about the pricing environment in a general sense. You guys have done a great job of increasing the benefits to your customers and being able to raise prices, pass along cost increases, those sorts of things. But the competitive intensity and the weakness in the market, at least currently seems to -- that it could work against that.

麗莎，我只想談談一般意義上的定價環境。你們在增加客戶利益以及提高價格、轉嫁成本增加等方面做得很好。但至少目前看來，競爭激烈和市場疲軟可能會對此產生不利影響。

So in the near term and then perhaps exiting this year into the next couple of years, can you just talk about where you think pricing is going to go across both your Data Center market, most importantly, but then also in your Client market?

因此，在短期內，然後可能從今年退出到未來幾年，您能否談談您認為定價將在您的數據中心市場（最重要的是）以及您的客戶市場中發生的地方？

Yes. I think, Ross, what I would say is a couple of things. I think in the Data Center market, the pricing is relatively stable. And what that comes from is -- our goal is to add more capability, right? So it's a TCO equation where as we're going from Milan to Genoa, we are adding more cores, more performance. And the performance per dollar that we offer to our customers is one where it's advantageous for them to adopt our technologies and our solutions. So I expect that.

是的。我想，羅斯，我要說的是幾件事。我認為在數據中心市場，定價相對穩定。那是什麼——我們的目標是增加更多的能力，對吧？所以這是一個 TCO 等式，當我們從米蘭到熱那亞時，我們正在添加更多的核心，更多的性能。我們為客戶提供的每一美元的性能是他們採用我們的技術和解決方案的優勢。所以我希望如此。

I think in the Client business, given some of the inventory conditions in there, I think there's -- it's a more competitive environment. We're all -- from my standpoint, we're focused on normalizing the inventory levels. And with that normalization, the most important thing is to ensure that we get the shipments more in line with consumption because I think that's a healthier business environment overall. And then, again, it's back to product values, right? So we have to ensure that our products continue to offer superior performance per dollar, performance per watt capabilities in the market.

我認為在客戶業務中，考慮到那裡的一些庫存情況，我認為這是一個更具競爭力的環境。我們都是——從我的角度來看，我們專注於使庫存水平正常化。隨著這種正常化，最重要的是確保我們的出貨量更符合消費，因為我認為這總體上是一個更健康的商業環境。然後，再次回到產品價值，對嗎？因此，我們必須確保我們的產品繼續在市場上提供卓越的每美元性能、每瓦性能。

And pivoting for my follow-up on the AI side and MI300. I just wanted to know what you would describe as your competitive advantages? Everybody knows it's a market that's exploding right now. There's tons of demand. You guys have all the IP to be able to attack it. But there's a very large incumbent in that space as well.

並為我在 AI 方面和 MI300 的後續行動提供支持。我只是想知道您認為您的競爭優勢是什麼？每個人都知道這是一個正在爆炸式增長的市場。有很多需求。你們擁有能夠攻擊它的所有 IP。但在那個領域也有一個非常大的現任者。

So when you think about what AMD can bring to the market, whether it's hardware, software, heterogeneity of the products you can bring, et cetera, what do you think is the core competitive advantage that can allow you to penetrate that market successfully?

因此，當您考慮 AMD 可以為市場帶來什麼時，無論是硬件、軟件還是您可以帶來的產品的異質性等等，您認為能夠讓您成功打入該市場的核心競爭優勢是什麼？

Yes. There's a couple of aspects, Ross. And since we haven't yet announced MI300, all of the specifications will -- some of those will come over the coming quarters. MI300 is the first solution that has both the CPU and GPU together, and that has been very positive for the supercomputing market.

是的。有幾個方面，羅斯。由於我們尚未公佈 MI300，因此所有規格都將公佈——其中一些將在未來幾個季度公佈。 MI300 是第一個同時擁有 CPU 和 GPU 的解決方案，這對超級計算市場非常有利。

I think as it relates to generative AI, and we think we have a very strong value proposition from both a hardware and again, it's a performance per dollar conversation, I think there's a lot of demand in the market. And there's also -- I think given our deep customer relationships on the EPYC side, there's actually a lot of synergy between the customer set, between the EPYC CPUs and the sort of 300 GPU customers.

我認為它與生成人工智能有關，我們認為我們在硬件和再次方面都有非常強大的價值主張，這是每美元談話的表現，我認為市場上有很多需求。還有——我認為鑑於我們在 EPYC 方面的深厚客戶關係，客戶群之間、EPYC CPU 和 300 名 GPU 客戶之間實際上存在很多協同作用。

So I think when we look at all these together, our view is that demand is strong for AI. And I think our position is also very strong given there are very, very few sort of products that can really satisfy these large language model sort of needs. And I think we feel confident that we can do that.

所以我認為當我們把所有這些放在一起看時，我們的觀點是對人工智能的需求很強勁。而且我認為我們的地位也非常強大，因為很少有產品能夠真正滿足這些大型語言模型的需求。我認為我們有信心能夠做到這一點。

Next question is coming from Timothy Arcuri from UBS.

下一個問題來自瑞銀的 Timothy Arcuri。

Lisa, there was a lot more talk on this call about AI. And obviously, PyTorch 2.0 now supporting ROCm is a great step forward. But how much would you say software is going to dictate how successful you can be for these workloads? You had mentioned that you're forming this new group, this new AI group. Do you have the internal software capabilities to be successful in AI?

麗莎，這次電話會議上有很多關於 AI 的討論。顯然，現在支持 ROCm 的 PyTorch 2.0 向前邁出了一大步。但是您認為軟件在多大程度上決定了您在這些工作負載上的成功程度？你提到過你正在組建這個新團隊，這個新的 AI 團隊。您是否具備在 AI 領域取得成功的內部軟件能力？

Tim, I think the answer is yes. I think we have made significant progress, even over the last year in terms of our software capabilities. And the way you should think about our AI portfolio is it's really a broad AI portfolio across client sort of edge as well as cloud. And with that, I think the Xilinx team brings a lot of background and capability, especially in inference. We've added significant talent in our AI software as well.

蒂姆，我認為答案是肯定的。我認為我們已經取得了重大進展，甚至在去年我們的軟件能力方面也是如此。你應該考慮我們的 AI 產品組合的方式是，它實際上是一個廣泛的 AI 產品組合，涵蓋客戶端邊緣和雲。因此，我認為 Xilinx 團隊帶來了很多背景和能力，尤其是在推理方面。我們還在 AI 軟件中增加了重要人才。

And the beauty of particularly the cloud opportunity is it's not that many customers, and it's not that many workloads. So when you have sort of very clear customer targets, we're working very, very closely with our customers on optimizing for a handful of workloads that generate significant volume. That gives us a very clear target for what winning is in the market. So we feel good about our opportunities in AI. And I'd like to say that it's a multiyear journey. So this is the beginning what we think is a very significant market opportunity for us over the next 3 to 5 years.

尤其是雲機會的美妙之處在於它沒有那麼多客戶，也沒有那麼多工作負載。因此，當您有非常明確的客戶目標時，我們會與我們的客戶非常非常密切地合作，以優化少數產生大量數據的工作負載。這給了我們一個非常明確的目標，即在市場上獲勝是什麼。因此，我們對我們在 AI 領域的機會感到滿意。我想說這是一個多年的旅程。所以這是我們認為在未來 3 到 5 年內對我們來說非常重要的市場機會的開始。

And I guess as my follow-up. So can I -- can you just give us a sense of sort of the overall profile that you see for revenue into the back half? I know you said that Data Center and Embedded will be up this year. It sounds like Data Center probably up double digits. But I also wanted to confirm that you think that total revenues also will be up this year year-over-year.

我想作為我的後續行動。我也可以 - 你能不能讓我們了解一下你看到的後半部分收入的整體概況？我知道你說數據中心和嵌入式今年會起來。聽起來數據中心可能增長了兩位數。但我也想確認你認為今年的總收入也將同比增長。

Right, Tim. So I think as we said, we're not guiding the full year just given all the puts and takes. So we see Q2 is flattish, second half return to growth. We'll have to see exactly how the macro plays out across PCs and enterprise. But yes, we feel good about growth in Embedded, growth in Data Center -- on the data center side, double-digit growth sort of half year-over-year. And then we'll see how the rest of the segments play out.

對，蒂姆。因此，我認為正如我們所說，我們並沒有根據所有的投入和投入來指導全年。所以我們看到第二季度持平，下半年恢復增長。我們必須確切地了解宏指令如何在 PC 和企業中發揮作用。但是，是的，我們對嵌入式的增長、數據中心的增長感到滿意——在數據中心方面，年增長率達到兩位數。然後我們將看到其餘部分的結果如何。

Your next question is coming from Ambrish Srivastava from BMO Capital Markets.

您的下一個問題來自 BMO Capital Markets 的 Ambrish Srivastava。

Actually, I wanted to come back to the first quarter for Data Center. That's a pretty big gap between -- on a Q-over-Q basis on your business versus Intel. And I think almost 2x. This is the first time you would have lost share on a Q-over-Q basis in a long time. So could you please address that? And I acknowledge that quarters can be pretty volatile, but it seems to be a pretty large gap.

實際上，我想回到數據中心的第一季度。在您的業務與英特爾的 Q-over-Q 基礎上，這是一個相當大的差距。我認為幾乎是 2 倍。這是很長一段時間以來你第一次在 Q-over-Q 的基礎上失去份額。那麼你能解決這個問題嗎？而且我承認季度可能會非常不穩定，但這似乎是一個相當大的差距。

And then for my follow-up, just remind us again, please, for the full year growth for Data Center, kind of what's embedded in the assumptions for cloud as well as enterprise?

然後對於我的後續行動，請再次提醒我們，對於數據中心的全年增長，雲和企業的假設中嵌入了什麼？

Yes. Let me make sure I get your question, Ambrish. So you're asking about Q1 Data Center and whether we think we've lost share on a sequential basis?

是的。讓我確保我得到你的問題，Ambrish。所以你問的是第一季度數據中心，我們是否認為我們已經連續失去了份額？

Right. If I look at just your report versus what Intel reported on a Q-over-Q basis, and clearly on a year-over-year basis, you have gained share. But I'm just comparing down $14 million versus what you reported, and so that would imply that you had a share loss versus them, unless the Data Center GPU and the Xilinx business was down significantly also on a Q-over-Q basis.

正確的。如果我只看你的報告與英特爾在 Q-over-Q 基礎上報告的內容，並且顯然是在同比基礎上，你已經獲得了份額。但我只是將 1400 萬美元與你所報告的進行比較，因此這意味著你與他們相比有份額損失，除非數據中心 GPU 和 Xilinx 業務在 Q-over-Q 基礎上也大幅下降。

Yes. Ambrish, maybe I'll give you a little bit of color. It's definitely in Q1, the other networking business, including GPU, have been down. That definitely is the case. But from a share perspective, when we look at overall Q1 reported revenue from both sides and analyze the data, we don't believe we lost the share.

是的。 Ambrish，也許我會給你一點顏色。肯定是在第一季度，其他網絡業務，包括 GPU，都在下滑。確實是這樣。但從份額的角度來看，當我們查看雙方第一季度報告的整體收入並分析數據時，我們認為我們並沒有失去份額。

Yes, that's right, Ambrish. So I think you just have to go through each of the pieces. But I think from an EPYC or a server standpoint, we don't believe we lost share. If anything, we might have gained a little bit. But I think overall, I wouldn't look at it so closely on a quarter-by-quarter basis because there are puts and takes. From what we see overall, we believe that we have a good overall share progression as we go through the year.

是的，沒錯，安布里什。所以我認為你只需要仔細檢查每一部分。但我認為，從 EPYC（霄龍）或服務器的角度來看，我們不認為我們失去了份額。如果有的話，我們可能會有所收穫。但我認為總的來說，我不會逐個季度如此仔細地看待它，因為有看跌期權。從我們所看到的總體情況來看，我們相信我們在這一年中的整體份額增長良好。

And then the underlying assumptions for full year for Data Center?

然後是數據中心全年的基本假設？

Underlying assumptions for the full year. I think the key pieces that I talked about are Q2, let's call it, modest growth. We still expect some cloud optimization to be happening. As we go into the second half of the year, we'll see a stronger ramp of Genoa and the beginnings of the ramp of Bergamo. We think enterprise is still more dependent on macro, but we do believe that, that improves as we go into the second half of the year. And then we'll have the beginnings of our MI300 ramped in the fourth quarter for both supercomputing and some early AI workloads.

全年的基本假設。我認為我談到的關鍵部分是第二季度，我們稱之為適度增長。我們仍然希望進行一些雲優化。當我們進入今年下半年時，我們將看到熱那亞的強勁增長和貝加莫的增長開始。我們認為企業仍然更加依賴宏觀經濟，但我們確實相信，隨著我們進入下半年，這種情況會有所改善。然後我們將在第四季度開始為超級計算和一些早期的人工智能工作負載增加我們的 MI300。

Next question is coming from Stacy Rasgon from Bernstein Research.

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

For my first one, Lisa, can you just like clarify this explicitly for me? So you said double-digit Data Center. Was that a full year statement? Or was that a second half year-over-year statement? Or was that a half-over-half statement for Data Center?

對於我的第一個，麗莎，你能為我明確地澄清一下嗎？所以你說的是兩位數的數據中心。那是一份全年報表嗎？或者這是下半年的同比聲明？或者這是數據中心的一半對一半的聲明？

Yes. Let me be clear. That was a year-over-year statement. So double-digit Data Center growth for the full year of 2023 versus 2022.

是的。讓我說清楚。這是一份同比聲明。因此，與 2022 年相比，2023 年全年的數據中心增長率為兩位數。

Got it. Which just given what you did in Q1 and sort of are implying for Q2 needs something like 50% year-over-year growth in the second half to get there. So you're endorsing those -- you're endorsing that now?

知道了。考慮到您在第一季度所做的事情，這在某種程度上暗示第二季度需要在下半年實現 50% 的同比增長才能實現目標。所以你支持那些 - 你現在支持那個？

I am...

我是...

Yes, your math is right.

是的，你的數學是正確的。

The math is right. Okay. For my second question, Jean, you made a comment on gross margins where you said the increase of gross margins in the second half was dependent on gross margin in Client getting better. I just want to make sure, did I hear that right?

數學是正確的。好的。關於我的第二個問題，讓，你對毛利率發表了評論，你說下半年毛利率的增長取決於客戶毛利率的提高。我只是想確定一下，我沒聽錯嗎？

Yes.

是的。

And why should I expect Client margins would get better, especially given what Intel has been doing in that space to protect everything? Like why is that something that's going to happen?

為什麼我應該期望客戶利潤率會變得更好，特別是考慮到英特爾在該領域一直在做的事情來保護一切？比如為什麼會發生這樣的事情？

Yes, Stacy, that's a good question. The way to think about it is if you look at our Q1 gross margins and the Q2 guide around 50%. And as you know, both our Data Center and Embedded have a very strong gross margin performance. And so what the headwinds that impact our gross margin is really PC client on the side, which, as we talked about, is we are shipping significantly under the consumption and also to digest inventory in the downstream supply chain.

是的，斯泰西，這是個好問題。考慮它的方法是，如果你看看我們第一季度的毛利率和第二季度的指南，大約是 50%。如您所知，我們的數據中心和嵌入式產品都具有非常強勁的毛利率表現。因此，影響我們毛利率的不利因素實際上是 PC 客戶端，正如我們所談到的，我們正在顯著降低消費量並消化下游供應鏈中的庫存。

As you know, typically, that's the time you get a significant pressure on the ASP side and on the funding side, that's why our gross margin in the Client segment has been challenged. In second half, we know it's going to be normalized. That's very important fact is when you normalize the demand and the supply, and we continue to plan a very competitive environment, so don't get us wrong on that front. But it will be better because you are not digesting the inventory, the channel funding, everything, those kind of price reduction will be much less. So we do think the second half will [fly inside] the gross margin will be better than first half.

如您所知，通常情況下，這是您在 ASP 方面和資金方面承受巨大壓力的時候，這就是我們在客戶領域的毛利率受到挑戰的原因。下半場，我們知道它將正常化。這是一個非常重要的事實，當您使需求和供應正常化時，我們將繼續規劃一個非常有競爭力的環境，所以不要在這方面誤解我們的意思。但它會更好，因為你沒有消化庫存，渠道資金，所有的東西，那種降價會少得多。所以我們確實認為下半年會 [飛入] 毛利率會好於上半年。

Got it. And I apologize, I misspoke as well. 50% half of were half in Data Center, not year-over-year. So we're all doing it.

知道了。我道歉，我也說錯了。 50% 的一半在數據中心，而不是同比。所以我們都在這樣做。

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 had 2. Maybe just to start with following on Stacy's prior question. Could you just comment on what client ASPs did in the March quarter? I mean I assume they're down a decent amount. Your competitor was down, but any color you could provide on what the environment was in March?

我有 2 個。也許只是開始關注 Stacy 的先前問題。您能否評論一下客戶 ASP 在 3 月季度的表現？我的意思是我假設他們下降了很多。您的競爭對手錶現不佳，但您能提供關於 3 月份環境的任何顏色嗎？

Yes, sure, Blayne. So the ASPs were down quite a bit on a year-over-year basis, if you're talking about the overall Client business. And what that is, is that's also the Client ASPs were higher in the first half of '22, if you just think about what the supply environment was or the demand environment was in that. And given that we're undershipping in the first quarter, the ASPs are lower.

是的，當然，布萊恩。因此，如果您談論的是整體客戶業務，那麼 ASP 同比下降了很多。那就是，如果您只考慮供應環境或需求環境，那麼 22 年上半年的客戶 ASP 也更高。鑑於我們在第一季度的出貨量不足，平均售價較低。

Got it. And then I just wanted to ask you on the Data Center business, the operating profit is down a ton sequentially. And you talked about enterprise being down, I think that's part of it. But it's a big drop, and it looks like gross margin probably is down a bunch, too. Can you just comment on why that drop in profitability in Data Center?

知道了。然後我只想問你關於數據中心業務的問題，營業利潤連續下降了很多。你談到企業倒閉，我認為這是其中的一部分。但這是一個很大的下降，看起來毛利率可能也下降了很多。您能否評論一下為什麼數據中心的盈利能力下降？

Yes, Blayne, that's a good question. I think when you look at the year-over-year, you're absolutely right. Revenue is largely flattish, but operating margin dropped significantly. There are 2 major drivers. The first is that we have increased the investment significantly, especially in networking and AI. As you may recall, we closed the Pensando last May or June. So this is the full quarter for Pensando expenses versus last year. Plus we also increased GPU investment under AI investment. That's all under the Data Center bucket.

是的，布萊恩，這是個好問題。我認為當你看年復一年時，你是絕對正確的。收入基本持平，但營業利潤率大幅下降。有兩個主要驅動因素。首先是我們大幅增加了投資，尤其是在網絡和人工智能方面。您可能還記得，我們在去年 5 月或 6 月關閉了 Pensando。所以這是 Pensando 支出與去年相比的完整季度。此外，我們還在 AI 投資下增加了 GPU 投資。這一切都在數據中心桶下。

Secondly, I mentioned about product mix. Lisa said year-over-year cloud sales grew double digits significantly and enterprise actually declined. So in Q1, our revenue in Data Center is heavily indexed to the cloud market versus last year in Q1. Typically, cloud gross margin is lower than enterprise. We do expect, even in Q2, it will be balanced -- more balanced and going forward, we do think the enterprise side will come back.

其次，我提到了產品組合。 Lisa 表示，雲銷售額同比大幅增長兩位數，而企業實際上有所下降。因此，在第一季度，與去年第一季度相比，我們在數據中心的收入在很大程度上與雲市場掛鉤。通常，雲計算的毛利率低於企業。我們確實預計，即使在第二季度，它也會保持平衡——更加平衡並向前發展，我們確實認為企業方面會回來。

But I guess the big decline was sequential. So I'm assuming cloud was down sequentially?

但我猜大跌是連續的。所以我假設雲是按順序關閉的？

Yes. Sequential, it's revenue. If you look at the revenue, it was down very significantly, right? And the mix also is a little bit more indexed to cloud sequentially, too.

是的。依次是收入。如果你看一下收入，它下降得非常明顯，對吧？而且這種組合也更多地按順序與雲建立了索引。

Yes. It's the same factors.

是的。都是一樣的因素。

Yes.

是的。

So both the mix to cloud as well as the R&D expense has increased just given the large opportunities that we have across the data center and especially AI.

因此，考慮到我們在數據中心（尤其是人工智能）中擁有的巨大機會，雲的混合以及研發費用都增加了。

Your final question today is joined from Harsh Kumar from Piper Sandler.

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

Lisa, I had a question. I wanted to ask you about your views on the inferencing market for generative AI 3+. Specifically, I wanted to ask because I think there's some cross currents going on. We're hearing that CPUs are the best way to do inferencing, but then we're hearing the timeliness of CPUs is not there as a function to be able to enable these kind of instances. So I was curious what you guys think. And then I had a follow-up.

麗莎，我有一個問題。我想問一下您對生成式 AI 3+ 推理市場的看法。具體來說，我想問是因為我認為存在一些交叉問題。我們聽說 CPU 是進行推理的最佳方式，但隨後我們又聽說 CPU 的及時性不具備啟用此類實例的功能。所以我很好奇你們是怎麼想的。然後我進行了跟進。

Well, I think, Harsh, if you were saying -- I mean, I think today, inference is used a lot. CPUs are used a lot for inference. Now where the demand is highest right now is for generative AI and large language model inferencing, you need GPUs to have the horsepower to train sort of the most sophisticated models. So I think those are the 2, as you say, crosscurrents. I think inference becomes a much more important workload just given the adoption rate of AI across the board. And I think we'll see that for smaller tasks on CPUs, but for the larger tasks on GPUs.

好吧，我認為，Harsh，如果你說——我的意思是，我認為今天，推理被廣泛使用。 CPU 大量用於推理。現在需求最高的是生成式 AI 和大型語言模型推理，您需要 GPU 具有足夠的能力來訓練最複雜的模型。所以我認為那些是 2，正如你所說的，橫流。我認為，考慮到 AI 的全面採用率，推理將成為一個更加重要的工作負載。而且我認為我們會在 CPU 上看到較小的任務，但對於 GPU 上的較大任務。

Okay. So it still defers back to GPUs for those. And then a similar question on the MI300 series. I know that you talked a lot about success in the HPC side. But specifically, I was curious if you could talk about any wins or any kind of successes or success stories you might have on the generative Ai side with the MI300 or 250 series?

好的。所以它仍然推遲到那些 GPU。然後是關於 MI300 系列的類似問題。我知道您談到了很多關於 HPC 方面的成功。但具體來說，我很好奇您能否談談您在 MI300 或 250 系列的生成人工智能方面可能取得的任何勝利或任何類型的成功或成功故事？

Yes. So as we said earlier, we've done some really good work on MI250 with AI and large language models. The example that is public is what we've done with LUMI and the training of some of the Finnish models. We're doing quite a bit of work with large customers on MI300. And what we're seeing is very positive results. So we think MI300 is very competitive for generative AI, and we'll be talking more about sort of that customer and revenue evolution as we go over the next couple of quarters.

是的。所以正如我們之前所說，我們在 MI250 上用人工智能和大型語言模型做了一些非常好的工作。公開的例子是我們用 LUMI 所做的以及對一些芬蘭模型的培訓。我們正在為 MI300 的大客戶做大量工作。我們看到的是非常積極的結果。所以我們認為 MI300 在生成人工智能方面非常有競爭力，我們將在接下來的幾個季度中更多地討論這種客戶和收入的演變。

Great. Operator, that concludes today's call. Thank you to everyone for joining us.

偉大的。接線員，今天的電話會議到此結束。感謝大家加入我們。

Thank you. You may now disconnect and have a wonderful day.

謝謝。您現在可以斷開連接並度過美好的一天。