超微半導體 (AMD) 2023 Q2 法說會逐字稿

Greetings, and welcome to the AMD Second Quarter 2023 Earnings Conference Call. (Operator Instructions) As a reminder, this conference is being recorded. It is now my pleasure to introduce to you, Mitch Haws, Head of Investor Relations. Thank you, Mitch. You may begin.

大家好，歡迎參加 AMD 2023 年第二季度收益電話會議。 （操作員指示）謹此提醒，本次會議正在錄製中。現在我很高興向您介紹投資者關係主管 Mitch Haws。謝謝你，米奇。你可以開始了。

Thank you, and welcome to AMD's Second Quarter 2023 Financial Results Conference Call. By now, you should have had the opportunity to review a copy of our earnings release and accompanying slideware. If you have not reviewed these documents, they can be found on the Investor Relations page of amd.com.

謝謝，歡迎參加 AMD 2023 年第二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發布副本和隨附的幻燈片。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. 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.

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。完整的非公認會計原則與公認會計原則的調節可在今天的新聞稿和我們網站上發布的幻燈片中找到。今天電話會議的參與者包括我們的主席兼首席執行官蘇姿豐博士；胡錦濤，我們的執行副總裁、首席財務官兼財務主管。

This is a live call and will be replayed via webcast on our website. Before we begin, I would like to note that Jean Hu will attend the Jefferies Semiconductor IT Hardware & Communications Summit on Tuesday, August 29, and the Deutsche Bank Technology Conference on Thursday, August 31. Dr. Lisa Su will attend the Goldman Sachs 2023 Communacopia and Technology Conference on Tuesday, September 5.

這是一次現場通話，將通過我們網站上的網絡廣播重播。在開始之前，我想指出，胡錦濤將出席 8 月 29 日星期二舉行的 Jefferies 半導體 IT 硬件和通信峰會，以及 8 月 31 日星期四舉行的德意志銀行技術會議。蘇姿豐博士將出席高盛 2023 年Communacopia 和技術會議，9 月 5 日星期二。

Our third quarter 2023 quiet period is expected to begin at the close of business on Friday, September 15. Finally, 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.

我們的 2023 年第三季度靜默期預計將於 9 月 15 日星期五收盤時開始。最後，今天的討論包含基於當前信念、假設和預期的前瞻性陳述，僅在今天發表，因此涉及可能導致實際結果與我們當前預期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。

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

這樣，我就把電話轉給麗莎。麗莎？

Thank you, Mitch, and good afternoon to all those listening in today. We executed well in the second quarter, launching multiple leadership products, significantly expanding our AI engagements and ramping our latest Zen 4 EPYC and Ryzen product families.

謝謝你，米奇，今天所有聽眾下午好。我們在第二季度表現良好，推出了多種領先產品，顯著擴大了我們的人工智能業務，並擴大了我們最新的 Zen 4 EPYC 和 Ryzen 產品系列。

Second quarter revenue declined 18% year-over-year to $5.4 billion. Sales were flat sequentially as client and data center segment growth was offset by expected declines in our Gaming and Embedded segments. AI customer engagements grew by more than 7x sequentially as multiple customers initiated or expanded programs supporting future deployments of instinct MI250 and MI300 hardware and software at scale.

第二季度收入同比下降 18% 至 54 億美元。由於客戶端和數據中心部門的增長被遊戲和嵌入式部門的預期下降所抵消，銷售額環比持平。隨著多個客戶啟動或擴展支持本能 MI250 和 MI300 硬件和軟件未來大規模部署的計劃，AI 客戶參與度連續增長了 7 倍以上。

Looking at the second quarter business results. Data center segment revenue of $1.3 billion was down 11% year-over-year and up 2% sequentially. Although market demand remains mixed, the fourth gen EPYC CPU adoption accelerated in the quarter with revenue nearly doubling sequentially as cloud providers expanded deployments to power their internal infrastructure and public instance offerings. In cloud, 30 new AMD instances launched in the second quarter with multiple Genoa instances announced by AWS, Alibaba, Microsoft and Oracle.

看看第二季度的經營業績。數據中心部門收入為 13 億美元，同比下降 11%，環比增長 2%。儘管市場需求仍然喜憂參半，但隨著雲提供商擴大部署以為其內部基礎設施和公共實例產品提供支持，第四代 EPYC（霄龍）CPU 在本季度的採用速度加快，收入幾乎環比翻了一番。在雲方面，第二季度推出了 30 個新的 AMD 實例，AWS、阿里巴巴、微軟和甲骨文也宣布了多個 Genoa 實例。

Genoa delivers up to 1.9x more performance in enterprise and cloud applications and 1.8x more performance per watt than the competition, making it by far the industry's highest performance and most efficient server processor. As an example, AWS announced its M7a Genoa instance, which is the highest performance and best price performance, general purpose x86 instance they offer.

Genoa 在企業和雲應用程序中的性能比競爭對手高出 1.9 倍，每瓦性能高出 1.8 倍，使其成為迄今為止業界性能最高、最高效的服務器處理器。例如，AWS 發布了 M7a Genoa 實例，這是他們提供的最高性能和最佳性價比的通用 x86 實例。

In total, there are now more than 670 AMD-powered cloud instances publicly available. And we expect that number to grow 30% to nearly 900 by the end of the year, driven largely by new Genoa deployments. We also expanded our Zen 4 server product portfolio in the quarter with the launches of Bergamo and Genoa-X.

目前共有超過 670 個 AMD 支持的公開雲實例。我們預計，到今年年底，這一數字將增長 30%，達到近 900 個，這主要是由新的熱那亞部署推動的。本季度我們還推出了 Bergamo 和 Genoa-X，擴大了 Zen 4 服務器產品組合。

Microsoft Azure announced the first Genoa-X HPC instances that offer more than 5x higher performance in technical computing workloads compared to their prior generation. With Bergamo, we delivered more than double the performance than competitive offerings for cloud-native applications while offering full x86 software compatibility.

Microsoft Azure 宣布推出首款 Genoa-X HPC 實例，與上一代相比，其技術計算工作負載性能提高了 5 倍以上。通過 Bergamo，我們為雲原生應用程序提供了比競爭產品高出一倍以上的性能，同時提供完整的 x86 軟件兼容性。

We were excited to be joined at our launch event by Meta, where they announced plans to deploy Bergamo broadly across their global data center infrastructure to power applications, including Facebook, Instagram and WhatsApp. Looking ahead, Dell, HPE, Lenovo, Supermicro and other large server providers are on track to begin launching their new Bergamo platforms in the third quarter.

我們很高興能參加 Meta 的發布會，他們宣布計劃在其全球數據中心基礎設施中廣泛部署貝加莫，為 Facebook、Instagram 和 WhatsApp 等應用程序提供支持。展望未來，戴爾、HPE、聯想、Supermicro 和其他大型服務器提供商有望在第三季度開始推出新的 Bergamo 平台。

In enterprise, while macroeconomic uncertainty resulted in weaker demand year-over-year, sales of EPYC processors for enterprise servers grew sequentially as we closed multiple wins with large energy, technology, financial services and health care companies. Overall, pull from large enterprises continue to grow. For example, Banco do Brasil, BNP Paribas, Petronas, Uber and other large enterprises all adopted EPYC processors in the quarter, and SAP selected EPYC processors to power RISE with SAP applications hosted on Google Cloud.

在企業領域，雖然宏觀經濟的不確定性導致需求同比疲軟，但隨著我們與大型能源、技術、金融服務和醫療保健公司取得了多項勝利，企業服務器的 EPYC 處理器的銷售額連續增長。總體來看，大企業拉動持續增長。例如，巴西銀行、法國巴黎銀行、馬來西亞國家石油公司、Uber 等大型企業在本季度均採用了 EPYC 處理器，SAP 選擇了 EPYC 處理器，通過 Google Cloud 上託管的 SAP 應用程序為 RISE 提供支持。

We expect EPYC revenue to grow by a double-digit percentage sequentially in the third quarter, led by the expanding 4th Zen EPYC CPU ramp. In addition, Ciena, our first EPYC processor optimized for leadership, edge server and telco infrastructure, is on track to launch this quarter.

我們預計，在第四代 Zen EPYC CPU 產能擴張的帶動下，第三季度 EPYC 收入將實現兩位數百分比的環比增長。此外，我們的首款針對領導力、邊緣服務器和電信基礎設施進行優化的 EPYC 處理器 Ciena 預計將於本季度推出。

Turning to our broader data center business. In networking, the largest cloud providers expanded their adoption of Pensando DPUs in the quarter, highlighted by new deployments with Alibaba and Oracle Cloud. In supercomputing, EPYC and Instinct processors continue to be the solutions of choice for the most powerful supercomputers in the world, powering 121 of the fastest systems on the latest top 500 list and 7 of the 10 most efficient systems on the Green500 list.

轉向我們更廣泛的數據中心業務。在網絡方面，最大的雲提供商在本季度擴大了 Pensando DPU 的採用，其中阿里巴巴和 Oracle Cloud 的新部署凸顯了這一點。在超級計算領域，EPYC（霄龍）和 Instinct 處理器仍然是世界上最強大的超級計算機的首選解決方案，為最新的 500 強名單中的 121 個最快系統和 Green500 名單中的 10 個最高效系統中的 7 個提供支持。

In AI, we made strong progress in the second quarter as we met key hardware and software milestones to address the growing customer pull for our data center AI solutions. Our AI strategy is focused on 3 areas: First, deliver a broad portfolio and multigeneration road map of leadership GPUs, CPUs and adaptive computing solutions for AI inferencing and training; second, extend the open and proven software platform we have established that enables our AI hardware to be deployed broadly and easily; and third, expand the deep and collaborative partnerships we have established across the ecosystem to accelerate deployments of AMD-based AI solutions at scale.

在人工智能方面，我們在第二季度取得了強勁進展，達到了關鍵的硬件和軟件里程碑，以滿足不斷增長的客戶對我們數據中心人工智能解決方案的需求。我們的人工智能戰略重點關註三個領域：首先，為人工智能推理和訓練提供廣泛的產品組合和領先的 GPU、CPU 和自適應計算解決方案的多代路線圖；其次，擴展我們已經建立的開放且經過驗證的軟件平台，使我們的人工智能硬件能夠廣泛、輕鬆地部署；第三，擴大我們在整個生態系統中建立的深度合作夥伴關係，以加速基於 AMD 的人工智能解決方案的大規模部署。

We delivered on all 3 fronts in the second quarter. On the software and partnership side, Hugging Face announced plans to optimize thousands of their models for AMD Instinct, Ryzen, EPYC, Radeon Versal and Alveo platforms. To make it easier for developers to tap into the full performance and features of our AI hardware, we delivered a significant performance and feature update in our latest ROCm software and expanded support for AMD silicon across the leading frameworks, including PyTorch, TensorFlow, Onyx and technologies like OpenAI Triton.

我們在第二季度在所有三個方面都取得了成果。在軟件和合作夥伴方面，Hugging Face 宣布計劃針對 AMD Instinct、Ryzen、EPYC、Radeon Versal 和 Alveo 平台優化數千個模型。為了讓開發人員更輕鬆地利用我們的 AI 硬件的全部性能和功能，我們在最新的 ROCm 軟件中提供了重大的性能和功能更新，並在領先的框架中擴展了對 AMD 芯片的支持，包括 PyTorch、TensorFlow、Onyx 和OpenAI Triton 等技術。

We are receiving positive feedback on the improvements and the new capabilities of our latest ROCm software stack from our AI customers and ecosystem partners. As an example, leading AI software company, MosaicML recently highlighted that our Instinct MI250 accelerator delivers competitive training performance with minimal or no changes to the underlying AI software.

我們從 AI 客戶和生態系統合作夥伴那裡收到了有關最新 ROCm 軟件堆棧的改進和新功能的積極反饋。舉個例子，領先的人工智能軟件公司 MosaicML 最近強調，我們的 Instinct MI250 加速器可在對底層人工智能軟件進行最小或不進行任何更改的情況下提供具有競爭力的訓練性能。

On the hardware side, we announced our new Instinct MI300X GPUs designed to be the world's most advanced accelerators for generative AI. MI300X combines our next-gen CDNA 3 architecture with the industry's largest memory footprint and fastest memory bandwidth. These are critical factors in AI inferencing performance.

在硬件方面，我們宣布推出全新 Instinct MI300X GPU，旨在成為世界上最先進的生成式 AI 加速器。 MI300X 將我們的下一代 CDNA 3 架構與業界最大的內存佔用和最快的內存帶寬相結合。這些是人工智能推理性能的關鍵因素。

Customer interest in our Instinct MI300A and MI300X GPUs is very high. Engagements with top-tier cloud providers, large enterprises and numerous leading AI companies significantly expanded in the quarter. We are providing early system access and sampling both products with our lead AI, HPC and cloud customers now and remain on track to launch and ramp production in the fourth quarter.

客戶對我們的 Instinct MI300A 和 MI300X GPU 的興趣非常高。本季度與頂級雲提供商、大型企業和眾多領先人工智能公司的合作顯著擴大。我們現在正在為我們的領先人工智能、高性能計算和雲客戶提供早期系統訪問和样品，並繼續按計劃在第四季度推出和提高生產。

Turning to our client segment. Revenue declined 54% year-over-year to $1 billion. Client segment revenue increased 35% sequentially as Ryzen 7000 Series CPU sales grew significantly, led by the launches of new notebooks from the largest OEMs. We also launched new commercial offerings with our first Ryzen PRO notebook and desktop processors powered by our leadership Zen 4 architecture. More than 100 AMD-powered commercial PC platforms are on track to launch this year from HP, Lenovo and other leading OEMs as we grow this important part of our client business.

轉向我們的客戶群。收入同比下降 54% 至 10 億美元。在最大的 OEM 廠商推出新筆記本電腦的帶動下，Ryzen 7000 系列 CPU 銷量大幅增長，客戶端細分市場收入環比增長 35%。我們還推出了新的商業產品，包括由我們領先的 Zen 4 架構提供支持的首款 Ryzen PRO 筆記本電腦和台式機處理器。隨著我們客戶業務這一重要部分的發展，惠普、聯想和其他領先 OEM 廠商預計今年將推出 100 多個採用 AMD 技術的商用 PC 平台。

We expect our client segment will grow in the seasonally stronger second half of the year based on the strength of our product portfolio and increased adoption of our Ryzen 7000 CPUs, including the ramp of our Ryzen 7040 mobile CPUs that deliver leadership performance and energy efficiency and are the industry's first x86 processors with a dedicated AI engine.

我們預計，基於我們產品組合的實力以及 Ryzen 7000 CPU 的採用率增加，我們的客戶群將在下半年季節性強勁的情況下實現增長，其中包括 Ryzen 7040 移動 CPU 的提升，這些 CPU 可提供領先的性能和能效，是業界首款配備專用 AI 引擎的 x86 處理器。

Going forward, we see AI as a significant PC demand driver as Microsoft and other large software providers incorporate generative AI into their offerings. We are executing a multigenerational Ryzen AI processor road map, which, together with our ecosystem partners, will fundamentally change the PC experience.

展望未來，隨著微軟和其他大型軟件提供商將生成式人工智能納入其產品中，我們將人工智能視為重要的 PC 需求驅動因素。我們正在執行多代 Ryzen AI 處理器路線圖，該路線圖與我們的生態系統合作夥伴一起將從根本上改變 PC 體驗。

Now turning to our Gaming segment. Revenue declined 4% year-over-year to $1.6 billion as higher semi-custom revenue was more than offset by lower gaming graphics sales. Sequentially, segment revenue declined 10%. The Semi-custom SoC sales were strong in the quarter as Microsoft and Sony had healthy console demand based on improved retail availability globally and the launches of new AAA games.

現在轉向我們的遊戲部門。由於半定制收入的增加被遊戲顯卡銷售額的下降所抵消，收入同比下降 4% 至 16 億美元。隨後，該部門收入下降了 10%。本季度半定制 SoC 銷售強勁，因為微軟和索尼基於全球零售可用性的改善以及新 AAA 遊戲的推出，對遊戲機的需求保持健康。

In gaming graphics, we expanded our Radeon 7000 GPU series in the second quarter with the launch of our mainstream RX 7600 cards for 1080p gaming. We are on track to further expand our RDNA 3 GPU offerings with the launch of new enthusiast class Radeon 7000 Series cards in the third quarter.

在遊戲圖形方面，我們在第二季度擴展了 Radeon 7000 GPU 系列，推出了適用於 1080p 遊戲的主流 RX 7600 卡。隨著第三季度推出新的發燒友級 Radeon 7000 系列卡，我們有望進一步擴展我們的 RDNA 3 GPU 產品。

Turning to our Embedded segment. Revenue increased 16% year-over-year to $1.5 billion. Sequentially, revenue declined 7% as solid demand with industrial vision and health care, automotive and broadcast customers was offset by softness with communications customers as some operators slowed their infrastructure upgrades.

轉向我們的嵌入式部分。收入同比增長 16%，達到 15 億美元。隨後，收入下降了 7%，原因是工業視覺、醫療保健、汽車和廣播客戶的強勁需求被通信客戶的疲軟所抵消，因為一些運營商放慢了基礎設施升級速度。

We expanded our leadership adaptive computing product portfolio in the quarter, launching our new Versal premium VP1902 adaptive SoC with advanced chiplet packaging, the industry's largest and most performing solution for emulating and verifying next-generation ASICs and SoCs.

我們在本季度擴大了領先的自適應計算產品組合，推出了採用先進小芯片封裝的新型 Versal 高級 VP1902 自適應 SoC，這是用於仿真和驗證下一代 ASIC 和 SoC 的業界最大、性能最強的解決方案。

In the low end, we announced our Spartan Ultrascale+ FPGA family to address a new range of cost-optimized industrial, computer vision, health care and robotics applications. We also released enhanced versions of our Vivado and Vitis software platforms that make it easier for customers to develop highly performing applications for our Versal adaptive SoCs.

在低端領域，我們推出了 Spartan Ultrascale+ FPGA 系列，旨在解決一系列新的成本優化工業、計算機視覺、醫療保健和機器人應用。我們還發布了 Vivado 和 Vitis 軟件平台的增強版本，使客戶能夠更輕鬆地為我們的 Versal 自適應 SoC 開發高性能應用程序。

Embedded CPU sales grew in the quarter with the launches of new AMD-powered security, storage and networking solutions from HPE, Fortinet and other leading vendors. Looking into the second half of the year, after delivering 6 quarters of very strong year-over-year growth, we expect Embedded segment revenue to decline in the back half of the year as lead times normalize and some customers reduce their inventory levels. We continue to be very pleased with our embedded design win momentum and, in particular, the growing revenue synergy opportunities we see based on our combined adaptive and embedded processing product portfolio.

隨著 HPE、Fortinet 和其他領先供應商推出新的 AMD 支持的安全、存儲和網絡解決方案，嵌入式 CPU 銷售額在本季度有所增長。展望今年下半年，在實現了 6 個季度非常強勁的同比增長之後，我們預計，隨著交貨時間正常化以及一些客戶降低庫存水平，嵌入式細分市場收入將在今年下半年下降。我們仍然對我們的嵌入式設計獲胜勢頭感到非常滿意，特別是基於我們的自適應和嵌入式處理產品組合的組合，我們看到了不斷增長的收入協同機會。

In summary, we executed well in the quarter against our strategic priorities. Looking at the second half of the year, we expect the PC market to grow seasonally with more normalized inventory levels across the supply chain. In the data center market, we see a mixed environment as AI deployments are expanding. However, cloud customers continue optimizing their data center compute and enterprise customers remain cautious with new deployments.

總而言之，我們在本季度的戰略重點方面表現良好。展望下半年，我們預計個人電腦市場將出現季節性增長，整個供應鏈的庫存水平將更加正常化。在數據中心市場，隨著人工智能部署的不斷擴大，我們看到了一個混合的環境。然而，雲客戶繼續優化其數據中心計算，而企業客戶對新部署仍保持謹慎態度。

Against this backdrop, we expect strong growth driven by higher 4th Gen EPYC and Ryzen 7000 processor sales and initial shipments of our Instinct MI300 accelerators in the fourth quarter. Longer term, while we are still in the very early days of the new era of AI, it is clear that AI represents a multibillion-dollar growth opportunity for AMD across cloud, edge and an increasingly diverse number of intelligent end points.

在此背景下，我們預計第四季度第四代 EPYC 和 Ryzen 7000 處理器銷量的增長以及 Instinct MI300 加速器的初始出貨量將推動強勁增長。從長遠來看，雖然我們仍處於人工智能新時代的早期階段，但很明顯，人工智能為 AMD 帶來了跨越雲、邊緣和日益多樣化的智能終端的數十億美元的增長機會。

In the data center alone, we expect the market for AI accelerators to reach over $150 billion by 2027. We have increased our AI-related R&D, ecosystem enablement and go-to-market investments to capture a significant share of this emerging market. The strong progress we are making executing our AI road maps and the rapid pace at which we are expanding our ecosystem of AI hardware and software partners makes us very confident we can deliver leadership training and inference solutions powered by our Instinct, EPYC, Ryzen AI, Versal and Alveo platforms for our customers and partners.

僅在數據中心方面，我們預計到 2027 年，人工智能加速器的市場將達到 1500 億美元以上。我們增加了人工智能相關的研發、生態系統支持和上市投資，以在這個新興市場中佔據重要份額。我們在執行 AI 路線圖方面取得的巨大進展，以及我們擴展 AI 硬件和軟件合作夥伴生態系統的快速步伐，使我們非常有信心能夠提供由 Instinct、EPYC、Ryzen AI、為我們的客戶和合作夥伴提供的 Versal 和 Alveo 平台。

Now I'd like to turn the call over to Jean to provide additional color on our second quarter results and our outlook for Q3. Jean?

現在我想將電話轉給 Jean，以提供有關我們第二季度業績和第三季度前景的更多信息。讓？

Thank you, Lisa, and good afternoon, everyone. I'll start with a review of our financial results for the second quarter and then provide our current outlook for the third quarter of fiscal 2023. We are pleased with our second quarter results with revenue of $5.4 billion and diluted earnings per share of $0.58. On a year-over-year basis, revenue declined 18% as growth in the Embedded segment revenue was more than offset primarily by lower client segment revenue.

謝謝麗莎，大家下午好。我將首先回顧我們第二季度的財務業績，然後提供我們對 2023 財年第三季度的當前展望。我們對第二季度的業績感到滿意，收入為 54 億美元，稀釋後每股收益為 0.58 美元。與去年同期相比，收入下降了 18%，因為嵌入式部門收入的增長主要被客戶端部門收入的下降所抵消。

Revenue was flat compared to the first quarter as growth in both the client and the data center segments was offset by expected declines in the Gaming and Embedded segments. Gross margin was 50%, down approximately 4 percentage points from a year ago, primarily driven by lower client segment performance, partially offset by strong embedded segment performance.

與第一季度相比，收入持平，因為客戶端和數據中心領域的增長被遊戲和嵌入式領域的預期下降所抵消。毛利率為 50%，較去年同期下降約 4 個百分點，主要是由於客戶細分市場業績下降，但部分被強勁的嵌入式細分市場業績所抵消。

Operating expenses were $1.6 billion, an increase of 3% year-over-year, primarily due to higher R&D investments. Operating income was $1.1 billion, down $940 million year-over-year, and the operating margin was 20%. Interest expense, taxes and other was $120 million. For the second quarter, diluted earnings per share was $0.58 compared to $1.05 in the same period last year.

運營費用為 16 億美元，同比增長 3%，主要是由於研發投資增加。營業收入為 11 億美元，同比下降 9.4 億美元，營業利潤率為 20%。利息支出、稅金及其他費用為 1.2 億美元。第二季度攤薄後每股收益為 0.58 美元，而去年同期為 1.05 美元。

EPS declined on a year-over-year basis, primarily due to client segment performance. Now turning to our reportable segments for the second quarter. Starting with the data center segment. Revenue was $1.3 billion, down 11% year-over-year mainly due to lower third-generation EPYC processor sales as enterprise demand was softer and the inventory levels were elevated at certain MDC customers.

每股收益同比下降，主要是由於客戶部門的業績。現在轉向我們第二季度的可報告部門。從數據中心部分開始。收入為 13 億美元，同比下降 11%，主要是由於企業需求疲軟以及某些 MDC 客戶的庫存水平上升，導致第三代 EPYC 處理器銷量下降。

Data center revenue grew sequentially with strong sales of our fourth-generation EPYC processors, specifically Genoa, partially offset by decline in adaptive SoC product sales. Data Center segment operating income was $147 million or 11% of revenue compared to $472 million or 32% a year ago.

由於第四代 EPYC 處理器（特別是 Genoa）的強勁銷售，數據中心收入連續增長，但部分被自適應 SoC 產品銷售的下降所抵消。數據中心部門的營業收入為 1.47 億美元，佔收入的 11%，而一年前為 4.72 億美元，佔收入的 32%。

Lower operating income was primarily due to lower revenue and increased R&D investment to support future growth. Client segment revenue was $998 million, down 54% year-over-year due to reduced process shipment resulting from a weaker PC market and significant inventory correction across the PC supply chain.

營業收入下降主要是由於收入下降以及為支持未來增長而增加的研發投資。客戶端部門收入為 9.98 億美元，同比下降 54%，原因是 PC 市場疲軟導致工藝出貨量減少以及整個 PC 供應鏈的庫存大幅調整。

On a sequential basis, revenue grew 35% as we ramped our Ryzen 7000 series processors and the PC market conditions improved. Client segment operating loss was $69 million compared to operating income of $676 million a year ago primarily due to lower revenue. We expect the client segment to return to profitability in the third quarter. Gaming segment revenue was $1.6 billion, down 4% year-over-year. Semi customer revenue grew year-over-year, which was more than offset by lower gaming graphics revenue.

隨著我們推出 Ryzen 7000 系列處理器以及 PC 市場狀況的改善，收入環比增長了 35%。客戶部門運營虧損為 6,900 萬美元，而去年同期運營收入為 6.76 億美元，主要是由於收入下降。我們預計客戶部門將在第三季度恢復盈利。遊戲部門收入為 16 億美元，同比下降 4%。半客戶收入同比增長，但被遊戲圖形收入下降所抵消。

On a sequential basis, gaming revenue declined 10%, in line with our expectations. Gaming segment operating income was $225 million or 14% of revenue compared to $187 million or 11% a year ago, primarily due to higher semi customer revenue. Embedded segment revenue was $1.5 billion, up 16% year-over-year, primarily driven by strength in the industrial, vision, health care, automotive, test and emulation market.

遊戲收入環比下降 10%，符合我們的預期。遊戲部門營業收入為 2.25 億美元，佔收入的 14%，而一年前為 1.87 億美元，佔收入的 11%，這主要是由於半客戶收入增加。嵌入式細分市場收入為 15 億美元，同比增長 16%，主要受到工業、視覺、醫療保健、汽車、測試和仿真市場實力的推動。

On a sequential basis, Embedded segment revenue declined 7%, primarily due to weaker communication market demand. Embedded segment operating income was $757 million or 52% of revenue compared to $641 million or 51% a year ago, primarily driven by higher revenue. Turning to the balance sheet and the cash flow.

嵌入式部門收入環比下降 7%，主要是由於通信市場需求疲軟。嵌入式部門營業收入為 7.57 億美元，佔收入的 52%，而去年同期為 6.41 億美元，佔收入的 51%，這主要是由收入增加推動的。轉向資產負債表和現金流量。

During the quarter, we generated $379 million in cash from operations. Free cash flow was $254 million. Inventory increased by $332 million to support the continued ramp of advanced technology products. We expect inventory to decline as we ship this product to customers in the second half of the year. At the end of the quarter, cash, cash equivalents and short-term investment was strong at $6.3 billion.

本季度，我們從運營中產生了 3.79 億美元的現金。自由現金流為 2.54 億美元。庫存增加 3.32 億美元，以支持先進技術產品的持續增長。我們預計，隨著我們在下半年將該產品運送給客戶，庫存將會下降。截至本季度末，現金、現金等價物和短期投資強勁，達到 63 億美元。

Now turning to our third quarter 2023 outlook. We expect revenue to be approximately $5.7 billion, plus or minus $300 million, an increase of approximately 2.5% year-over-year and approximately 6.5% sequentially. Year-over-year, we expect revenue for the client segment to be up, data center segment to be flattish and the Gaming and Embedded segments to decline. Sequentially, we expect the client and the data center segment to each grow by a double-digit percentage and the Gaming and Embedded segments to decline.

現在轉向我們對 2023 年第三季度的展望。我們預計收入約為 57 億美元，上下浮動 3 億美元，同比增長約 2.5%，環比增長約 6.5%。與去年同期相比，我們預計客戶端細分市場的收入將增長，數據中心細分市場的收入將持平，遊戲和嵌入式細分市場的收入將下降。接下來，我們預計客戶端和數據中心部分將分別增長兩位數百分比，而遊戲和嵌入式部分將下降。

Non-GAAP gross margin to be approximately 51%. Non-GAAP operating expenses to be approximately $1.65 billion. Non-GAAP effective tax rate to be 13% and the diluted share count is expected to be approximately 1.63 billion shares.

非 GAAP 毛利率約為 51%。非 GAAP 運營費用約為 16.5 億美元。非 GAAP 有效稅率為 13%，稀釋後股數預計約為 16.3 億股。

In closing, I'm pleased with our second quarter top line and bottom line execution. We expect our new product ramps across the data center and client segment to drive sequential growth into the third quarter. Importantly, our leadership product portfolio, data center and AI investment priorities and the financial strength position us well for long-term growth.

最後，我對我們第二季度的營收和利潤執行情況感到滿意。我們預計我們的新產品在數據中心和客戶領域的推廣將推動第三季度的連續增長。重要的是，我們領先的產品組合、數據中心和人工智能投資重點以及財務實力使我們能夠實現長期增長。

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

這樣，我會將其轉回給 Mitch 進行問答環節。

Thank you, Jean. John, we're happy to poll the audience for questions.

謝謝你，讓。約翰，我們很高興向觀眾提問。

(Operator Instructions) And the first question comes from the line of Matt Ramsay with TD Cowen.

（操作員說明）第一個問題來自 Matt Ramsay 和 TD Cowen 的對話。

Congrats on the results. I guess Lisa, my first question is around the data center business. I think we're all, across the industry, observing a shift in workload and spending patterns like maybe we've arguably never seen. And your company is in a great position to participate on both sides of that on the CPU strength and, obviously, in the AI space. Last quarter, you had given us some metrics around potentially being able to grow your data center business by 50% in the second half of the year versus the first half. And maybe you could give us a little bit of an update on how you're thinking about that milestone and the drivers of growth across CPU and accelerator for the back half.

祝賀結果。我想麗莎，我的第一個問題是關於數據中心業務的。我認為整個行業的我們都在觀察工作量和支出模式的變化，這可能是我們從未見過的。貴公司在 CPU 實力以及人工智能領域的兩方面都處於有利地位。上個季度，您向我們提供了一些有關下半年數據中心業務較上半年增長 50% 的潛在指標。也許您可以向我們提供一些最新信息，說明您如何看待這一里程碑以及後半部分 CPU 和加速器的增長驅動因素。

Yes. Sure, Matt. Thanks for the question. So you're absolutely right. It's a very dynamic market right now in the data center. We certainly see -- let me go through some of the pieces.

是的。當然，馬特。謝謝你的提問。所以你是完全正確的。目前數據中心是一個非常活躍的市場。我們當然看到了——讓我來回顧一下其中的一些片段。

So on the positive side, we certainly see that acceleration of AI demand. From our standpoint, we see it in a couple of ways. We have a number of design wins in AI deployments as sort of the CPU that goes with GPUs as well as other accelerators. So in the headnotes that we've seen that positive on the CPU side. We've also seen some strong interest in our MI250 accelerator, which is currently shipping right now. And we see very strong pull on the MI300 accelerators that are starting production in the fourth quarter. So those are the positive market dynamics as we go into the second half of the year.

因此，從積極的一面來看，我們當然看到人工智能需求的加速增長。從我們的角度來看，我們可以從幾個方面來看待它。我們在人工智能部署方面取得了許多設計成果，例如與 GPU 以及其他加速器搭配使用的 CPU。因此，在註釋中我們已經看到了 CPU 方面的積極因素。我們還看到一些人對我們的 MI250 加速器產生了濃厚的興趣，該加速器目前正在發貨。我們看到第四季度開始生產的 MI300 加速器具有非常強勁的吸引力。這些都是進入下半年時積極的市場動態。

We also see some of the softer cloud spend that is happening outside of AI as some of the cloud vendors are optimizing sort of their CapEx. And enterprise, I would say, is still on the weaker side. But with all of that in place, we are expecting a large ramp in the second half for our data center business and weighted towards the fourth quarter.

我們還看到人工智能之外的一些雲支出出現疲軟，因為一些雲供應商正在優化其資本支出。我想說，企業仍然處於弱勢。但隨著所有這些到位，我們預計我們的數據中心業務將在下半年大幅增長，並在第四季度實現增長。

And we are still looking at a ZIP code of, let's call it, 50%, plus or minus, second half to first half. So it's a lot of -- it's a big ramp, but when we look at all the components, I think the customer pull is certainly there, and it's exciting to be in this part of the industry.

我們仍在研究下半年到上半年的郵政編碼，我們稱之為 50%（加減）。所以這是一個很大的增長，但當我們審視所有組成部分時，我認為客戶的吸引力肯定存在，而且進入這個行業是令人興奮的。

I guess as my follow-up, still sticking with the data center business. Your company is aggressively trying to ramp both the hardware and the software side of the MI300 programs to support AI. There's been some conflicting reports as to whether all of those deployments are on time. I think you've, in the prepared script, said what you guys think about that. I guess my question is really around the software work and the hardware itself that you're doing with your lead customers.

我想作為我的後續，仍然堅持數據中心業務。貴公司正在積極嘗試提升 MI300 程序的硬件和軟件方面以支持人工智能。關於所有這些部署是否都按時進行，存在一些相互矛盾的報導。我想你們已經在準備好的劇本中表達了你們對此的看法。我想我的問題實際上是圍繞您與主要客戶一起做的軟件工作和硬件本身。

Maybe you could give a little bit about, I guess, firstly, how the customer feedback has been on the performance of the hardware itself. And secondly, how you think the software work you're doing with your lead customers will translate into other customer deployments as we work through next year.

我想，也許您可以首先介紹一下客戶對硬件本身性能的反饋。其次，您認為您與主要客戶所做的軟件工作將如何在我們明年的工作中轉化為其他客戶的部署。

Yes, sure, absolutely. So if I give you just some color on sort of how the customer engagements are going, there's very strong customer interest across the board in our AI solutions. That includes, let's call it, multiple Tier 1 hyperscalers that we're engaged with. It includes some large enterprises and it also includes sort of this new category of some of these AI-centric companies that are sort of very forward-looking in terms of how they're deploying and building AI solutions.

是的，當然，絕對。因此，如果我簡單介紹一下客戶互動的進展情況，就會發現客戶對我們的人工智能解決方案表現出了濃厚的興趣。這包括我們正在合作的多個一級超大規模提供商。它包括一些大型企業，還包括一些以人工智能為中心的新公司，這些公司在如何部署和構建人工智能解決方案方面非常具有前瞻性。

So from that aperture, we made a lot of progress with our ROCm software stack. I'm actually -- there's a lot more to do, but I would say the progress that we've made has been significant. We're getting lots of feedback from those lead customers.

因此，從這個角度來看，我們的 ROCm 軟件堆棧取得了很大進展。事實上，還有很多事情要做，但我想說我們取得的進展是巨大的。我們從這些主要客戶那裡得到了很多反饋。

We're seeing the benefits of the optimization. So working also on the higher level model framework, the work that we're doing with the PyTorch Foundation, the work that we're doing with Onyx, with Triton. And the key is we're getting significant real-time feedback from some of these lead customers.

我們看到了優化的好處。因此，我們還致力於更高級別的模型框架，我們正在與 PyTorch 基金會一起做的工作，我們正在與 Onyx 和 Triton 一起做的工作。關鍵是我們從其中一些主要客戶那裡獲得了重要的實時反饋。

So we're learning at a very fast pace. In terms of the feedback on performance, a number of companies have now been able to look at MI250 across a broad range of workloads. And that's a good translation as you go to MI300, and the feedback has been quite positive. We have customers sampling either on our sort of lab systems, they're accessing the hardware or sampling in their labs. And I would say, so far, very positive. The pull is there. There's a lot of work to be done, but we feel very good about the progress of our overall AI solutions for the data center.

所以我們的學習速度非常快。在性能反饋方面，許多公司現在已經能夠在廣泛的工作負載範圍內查看 MI250。當您訪問 MI300 時，這是一個很好的翻譯，並且反饋非常積極。我們有客戶在我們的實驗室系統上採樣，他們正在訪問硬件或在他們的實驗室中採樣。我想說，到目前為止，非常積極。拉力就在那裡。雖然還有很多工作要做，但我們對數據中心整體人工智能解決方案的進展感到非常滿意。

And the next question comes from the line of Aaron Rakers with Wells Fargo.

下一個問題來自富國銀行的亞倫·雷克斯 (Aaron Rakers)。

Yes. Just kind of building on Matt's comments or questions. I just want to go back to kind of the implied revenue for the data center business for the back half of the year. Jean, I think last quarter, you had alluded to, for the full year, the expectation is still growing 10% or double digits, I should say, for the full year in the data center business.

是的。只是以馬特的評論或問題為基礎。我只想回顧一下今年下半年數據中心業務的隱含收入。 Jean，我認為上個季度，您曾提到，全年數據中心業務的預期仍將增長 10% 或兩位數。

Just confirming that and I guess what I'm really trying to ask is, I guess, given the guidance of flat year-over-year growth in data center in 3Q, it would seem if my math is correct, you're implying a 50% or so increase sequentially into 4Q. I'm just trying to frame exactly how you're thinking about the cadence of what 4Q looks like underpinning that expectation.

只是確認這一點，我想我真正想問的是，我想，考慮到第三季度數據中心同比增長持平的指導，如果我的數學是正確的，你似乎意味著進入第四季度，環比增長50%左右。我只是想準確地描述一下您如何看待支撐這一期望的第四季度的節奏。

Aaron, thanks for the question. I think as Lisa just mentioned earlier, it's a very dynamic market. There are puts and takes. We have a tremendous strong momentum with our product portfolio, but there's continued softness in enterprise market and also cloud optimization is still ongoing.

亞倫，謝謝你的提問。我認為正如麗莎之前提到的，這是一個非常活躍的市場。有投入和拿取。我們的產品組合擁有巨大的強勁勢頭，但企業市場持續疲軟，雲優化仍在進行中。

So overall on balance, we think year-over-year probably more like high single digit. It's a really strong ramp not only in Q3, right? Sequentially, it means double digit, strong double digit. And the Q4, of course, we're going to see continued sequential, strong ramp.

因此，總的來說，我們認為同比可能更像是高個位數。不僅在第三季度，這確實是一個非常強勁的增長，對吧？依次來說，它的意思是兩位數，强两位數。當然，第四季度我們將看到持續的連續強勁增長。

Yes. That's helpful, Jean. And then just kind of following up on that as well. I mean how are you guys -- how have you guys kind of managed through with that ramp in mind, the supply chain side? I know that your manufacturing partners talked about expanding their capacity significantly. Just curious of what you're seeing as far as being able to fulfill that degree of demand as we look into not just this quarter but into 4Q?

是的。這很有幫助，讓。然後也只是跟進一下。我的意思是，你們怎麼樣——供應鏈方面，你們是如何做到這一點的？我知道你們的製造合作夥伴談到了大幅擴大產能。只是好奇，當我們不僅研究本季度，而且研究第四季度時，您認為能夠滿足這種程度的需求嗎？

Yes, sure, Aaron. So we have been really investing in our supply chain, sort of the data center growth is so strategic to us that this has been part of the strategy. So if you look at all aspects of the supply chain from the wafers to the back-end capacity to some of the specific components that you need to do something of the class of MI300.

是的，當然，亞倫。因此，我們一直在真正投資於我們的供應鏈，數據中心的增長對我們來說非常具有戰略意義，因此這已經成為戰略的一部分。因此，如果您查看供應鏈的各個方面，從晶圓到後端產能，再到一些特定組件，您需要做一些 MI300 級別的事情。

We've worked with the entire supply chain. We feel that we have ample supply for an aggressive ramp in the fourth quarter and into 2024. But this is certainly one of the areas that we spent quite a bit of time to ensure that we do have that confidence.

我們與整個供應鏈合作。我們認為我們有充足的供應，可以在第四季度和 2024 年大幅增加產量。但這無疑是我們花費大量時間來確保我們確實有信心的領域之一。

And the next question comes from the line of Toshiya Hari with Goldman Sachs.

下一個問題來自 Toshiya Hari 與高盛的對話。

My first one is on the data center business as well. I just wanted to follow up on sort of the Q3 to Q4 dynamic. And I do apologize if I missed this, but in the implied growth rate in data center in Q4, can you speak to what percentage of that is supercomputing? I think there's a big project that's slated to ship in Q4. And is there any contribution from the Instinct series outside of supercomputing as well? Or is it primarily your server CPU franchise?

我的第一個也是關於數據中心業務的。我只是想跟進第三季度到第四季度的動態。如果我錯過了這一點，我確實很抱歉，但在第四季度數據中心的隱含增長率中，您能談談超級計算佔其中的百分比嗎？我認為有一個大項目計劃在第四季度交付。除了超級計算之外，《本能》系列還有什麼貢獻嗎？或者它主要是您的服務器 CPU 專營權？

Yes. Sure, Toshiya. Thanks for the question. So as Jean Hu said, into the third quarter, we expect double-digit sequential growth in data center that's primarily EPYC. So that's primarily the Zen 4, let's call it, the combination of Genoa, Bergamo as that continues to ramp.

是的。當然，東也。謝謝你的提問。正如 Jean Hu 所說，進入第三季度，我們預計以 EPYC 為主的數據中心將出現兩位數的環比增長。所以這主要是 Zen 4，我們稱之為 Zen 4，熱那亞和貝加莫的組合，因為它還在繼續增長。

As we go into the fourth quarter, there is an implied, a significant ramp in revenue. I think there are multiple components to that. So there is -- the server CPU side will continue to ramp as we see Zen 4 ramp. There is a sort of large, call it, lumpy supercomputer wins, so our El Capitan win will be in the fourth quarter, primarily with a little bit in the first quarter.

當我們進入第四季度時，收入將出現顯著增長。我認為這有多個組成部分。因此，隨著我們看到 Zen 4 的提升，服務器 CPU 方面將繼續提升。有一種巨大的，稱之為，不穩定的超級計算機的勝利，所以我們的 El Capitan 勝利將在第四季度，主要是在第一季度有一點勝利。

And then we will have contribution from both MI300X going to large AI customers as they start their initial ramps as well as MI250s with a number of customers, who have now view that as a very good option for some of the workloads that are not necessarily the largest language models or the largest parameters, but let's call it more sort of the other AI workloads. So those are the components of the fourth quarter sort of implied growth, lots of pieces to it. But clearly, a big piece of it is the MI300 ramp.

然後，當大型人工智能客戶開始初始升級時，我們將獲得 MI300X 的貢獻，以及為許多客戶提供的 MI250 的貢獻，這些客戶現在認為，對於某些不一定是最重要的工作負載來說，這是一個非常好的選擇。最大的語言模型或最大的參數，但我們可以將其稱為其他人工智能工作負載。這些是第四季度隱含增長的組成部分，其中有很多部分。但顯然，其中很大一部分是 MI300 坡道。

That's helpful, Lisa. And then shifting gears a little bit, follow-up question on the client side. You talked about the business returning to profitability in Q3, which is great, but you're still well below where you were in '21 and '22 from an operating margin perspective. Can you speak to the competitive landscape in the client business? Is there a path back to call it, 20%, 30% operating margins there? And do you have any cost initiatives ongoing to get you back to that level of profitability in clients?

這很有幫助，麗莎。然後稍微改變一下，客戶端的後續問題。您談到業務在第三季度恢復盈利，這很好，但從營業利潤率的角度來看，您仍然遠低於 21 和 22 年的水平。您能談談客戶業務的競爭格局嗎？有沒有辦法恢復 20%、30% 的營業利潤率？您是否正在採取任何成本計劃來讓您恢復到客戶的盈利水平？

Yes, sure. Maybe let me start and then maybe Jean can add some comments. So look, I think the PC business has been sort of very volatile over the last number of quarters from the pandemic highs to some of the inventory digestion that we were all dealing with. I can say that I'm pleased to say that I think the growth that we're seeing, that we saw here in the second quarter and that we see in the second half is the strength of our product portfolio.

是的，當然。也許讓我開始，然後也許讓可以添加一些評論。所以看，我認為個人電腦業務在過去幾個季度中一直非常不穩定，從大流行的高點到我們都在處理的一些庫存消化。我可以很高興地說，我認為我們在第二季度和下半年看到的增長是我們產品組合的優勢。

I think the Ryzen 7000 series is doing well. There's good customer pull. I think from a competitive dynamic standpoint, the business is always competitive, but we feel good about -- the most important thing that was a little bit of a drag on operating margins was the revenue being low as well as some of the -- we had a case where the sell-in was below consumption as we were normalizing inventory loads in the supply chain.

我認為Ryzen 7000系列表現不錯。有良好的客戶吸引力。我認為，從競爭動態的角度來看，業務始終具有競爭力，但我們感覺良好 - 最重要的是，對營業利潤率有一點拖累的是收入較低以及一些 - 我們曾經有過這樣的情況：當我們正在規範供應鏈中的庫存負載時，售入量低於消耗量。

As we get past that, what we see is, I think the client business continues to grow. We believe that client will grow into 2024 as well in terms of some of the cost initiatives we have been, let's call it, optimizing sort of the overall R&D footprint. But maybe I'll let Jean comment some more.

當我們克服這一點時，我們看到的是，我認為客戶業務繼續增長。我們相信，就我們一直以來的一些成本舉措（我們稱之為優化整體研發足跡）而言，客戶也將在 2024 年成長。但也許我會讓讓再發表一些評論。

Yes. On the OpEx side, the team has done a great job during this process to really optimize the investment in client segment to be more efficient and effective. If you look at the overall company level, our OpEx has been largely flattish, but we are investing in AI, data center and strategic priorities we have, which generate a much higher return on investment.

是的。在運營支出方面，團隊在此過程中做得非常出色，真正優化了客戶群的投資，使其更加高效和有效。如果你看看整個公司層面，我們的運營支出基本上持平，但我們正在投資人工智能、數據中心和我們擁有的戰略優先事項，這會產生更高的投資回報。

So we have optimized it. We feel pretty good about this level of operating expense to continue to invest in client segment. As Lisa mentioned, it's really about revenue. The model will leverage it to generate profitability. We should be able to get back to 20%.

所以我們對其進行了優化。我們對這種運營費用水平感到非常滿意，可以繼續投資於客戶群。正如麗莎所說，這實際上與收入有關。該模型將利用它來產生盈利。我們應該能夠回到20%。

The next question comes from the line of Harlan Sur with JPMorgan.

下一個問題來自 Harlan Sur 與摩根大通的對話。

Good to see the quarter-over-quarter inflection in your EPYC business targeted at enterprise customers. I think you did mention a continued muted environment in enterprise, but the team continues to drive share gains with global corporations or ramping Genoa. Are you anticipating your enterprise segment to contribute to the strong second half growth profile of your data center business?

很高興看到針對企業客戶的 EPYC 業務出現季度環比變化。我認為您確實提到了企業環境持續低迷，但該團隊繼續推動全球企業的份額增長或擴大熱那亞。您是否預計您的企業部門將為您的數據中心業務下半年的強勁增長做出貢獻？

Yes. Thanks for the question, Harlan. Look, the enterprise business is very strategic to us. We feel that we're underrepresented. It's a place that we're putting more resources because, again, when we look at the value proposition of Genoa and the entire sort of Zen 4 portfolio, we think it plays very well into the enterprise.

是的。謝謝你的提問，哈倫。看來，企業業務對我們來說非常具有戰略意義。我們覺得我們的代表性不足。我們在這個地方投入了更多資源，因為當我們審視 Genoa 的價值主張和整個 Zen 4 產品組合時，我們認為它對企業來說非常有效。

So we're pleased to see the growth in the second quarter. We do believe that we're on a path to continue to grow into the second half of the year and beyond. And the key here is also investments in some of the go-to-market activities. So investing in more sort of business development folks that can call directly on these enterprise customers together with our OEM partners and ensure that our value proposition is very well understood.

因此，我們很高興看到第二季度的增長。我們確實相信，我們正走在今年下半年及以後繼續增長的道路上。這裡的關鍵還在於對一些上市活動的投資。因此，投資於更多類型的業務開發人員，他們可以與我們的 OEM 合作夥伴一起直接拜訪這些企業客戶，並確保我們的價值主張得到很好的理解。

Perfect. And then on the accelerated compute side, general purpose compute demand might be muted in China, but there's a significant amount of unmet demand for accelerated compute in this region. And I know there were performance thresholds put in place last year. Maybe U.S. government might lower that performance threshold again soon.

完美的。然後在加速計算方面，中國的通用計算需求可能會減弱，但該地區對加速計算的需求有大量未得到滿足。我知道去年設立了績效門檻。也許美國政府可能很快會再次降低績效門檻。

I'm not sure, but let's say, barring that, right? Has the team looked into developing China-specific SKUs of your MI250 or your new MI300 platform? It seems like the opportunity here is quite large.

我不確定，但除此之外，我們可以說，對吧？團隊是否考慮過開發 MI250 或新 MI300 平台的中國特定 SKU？看來這裡的機會還是蠻大的。

Yes, Harlan. Look, China is a very important market for us, certainly across our portfolio. As we think about certainly the accelerator market, our plan is to, of course, be fully compliant with U.S. export controls. But we do believe there's an opportunity to develop product for our customer set in China, that is looking for AI solutions, and we'll continue to work in that direction.

是的，哈倫。看，中國對我們來說是一個非常重要的市場，尤其是在我們的投資組合中。當我們考慮加速器市場時，我們的計劃當然是完全遵守美國的出口管制。但我們確實相信有機會為我們的中國客戶群開發產品，即尋找人工智能解決方案，我們將繼續朝這個方向努力。

The next question comes from the line of Vivek Arya with Bank of America Securities.

下一個問題來自 Vivek Arya 與美國銀行證券公司的聯繫。

The first one, just a clarification. Would it be reasonable to assume that your GPU accelerator sales, right, could be about, say, $500-ish million this year, so about 7%, 8% of data center sales? And if that is the right number, does it mean your server CPU sales are effectively flattish year-on-year this year?

第一個，只是澄清一下。假設今年您的 GPU 加速器銷售額約為 5 億美元左右，即佔數據中心銷售額的 7%、8% 左右，是否合理？如果這個數字正確，是否意味著今年您的服務器 CPU 銷量實際上與去年同期持平？

Yes. I mean Vivek, I don't know that I would go into quite that granularity. What we will say is the GPU sales in the first half of the year were very low. As we were sort of in a product transition timing as we go into the second half of the year, in particular, the fourth quarter, we'll have MI300 ramp.

是的。我的意思是 Vivek，我不知道我會深入探討這個細節。我們要說的是，上半年 GPU 銷量非常低。由於進入今年下半年，特別是第四季度，我們正處於產品過渡時期，因此我們將推出 MI300。

I think your number may be a little bit high in terms of the GPU sales. But overall, in general, I think our expectation is that, as Jean said, the data center business, given all of the market dynamics, we see it up high single digits year-on-year. We see much better second half compared to first half. And I think the product portfolio and the ramp of Genoa and Bergamo as well as the ramp of MI300 are key components of the second half ramp.

我認為就 GPU 銷量而言，您的數字可能有點高。但總的來說，我認為我們的預期是，正如吉恩所說，考慮到所有的市場動態，數據中心業務的同比增長將達到高個位數。與上半場相比，我們看到下半場要好得多。我認為產品組合以及熱那亞和貝加莫的坡道以及MI300的坡道是下半年坡道的關鍵組成部分。

And for my follow-up, just kind of a broader question on AI accelerators in the commercial market, so I'm excluding the supercomputing, the El Capitan projects, et cetera. What is AMD-specific edge in this market? You're already strong and established, the kind of merchant players, there are a number of ASIC options, a number of your traditional competitors, Intel and others and several start-ups are also ramping. So my question is, what is AMD-specific niche in this market?

對於我的後續內容，只是關於商業市場中的人工智能加速器的更廣泛的問題，所以我排除了超級計算、El Capitan 項目等。 AMD 在這個市場上的獨特優勢是什麼？你已經很強大並且成熟了，是那種商業玩家，有很多 ASIC 選項，你的一些傳統競爭對手、英特爾和其他公司以及一些初創公司也在崛起。所以我的問題是，AMD 在這個市場上的特定利基是什麼？

What is your value proposition? And how sustainable is it? Because you're just starting to sample the product now. So I'm trying to get some realistic sense of how big it can be and what the specific kind of niche and differentiation is for AMD in this market.

您的價值主張是什麼？它的可持續性如何？因為您現在才剛剛開始試用產品。因此，我試圖對 AMD 在這個市場上的規模以及具體的利基和差異化有一些現實的認識。

Yes, sure, Vivek. So I think maybe let me take a step back and just talk about sort of our investments in AI. So our investments in AI are very broad. And I know there's a lot of interest around data center, but I don't want us to lose track of the investments on the edge as well as in the client.

是的，當然，維維克。所以我想也許讓我退後一步，談談我們在人工智能方面的投資。所以我們對人工智能的投資非常廣泛。我知道人們對數據中心很感興趣，但我不希望我們忘記邊緣和客戶端的投資。

But to your question on what is our value proposition in the data center. I think what we have shown is that we have a very strong capability with supercomputing, as you've mentioned. And then as you look at AI, there are many different types of AI, if you look across training and inference, sort of the larger language models and what drives some of the performance in there.

但對於您關於我們在數據中心的價值主張是什麼的問題。我認為我們所展示的是我們在超級計算方面擁有非常強大的能力，正如你所提到的。然後，當你觀察人工智能時，如果你觀察訓練和推理，就會發現人工智能有許多不同類型，比如更大的語言模型以及驅動其中某些性能的因素。

When we look at MI300, MI300 is actually designed to be a highly flexible family of products that looks across all of these different segments. And in particular, where we've seen a lot of interest is in the sort of large language model inference. So MI300X has the highest memory bandwidth, has the highest memory capacity.

當我們審視 MI300 時，MI300 實際上被設計為一個高度靈活的產品系列，涵蓋所有這些不同的細分市場。特別是，我們看到人們對大型語言模型推理很感興趣。所以MI300X擁有最高的內存帶寬，擁有最高的內存容量。

And if you look at that inference workload, it's actually a very -- it's very dependent on those things. That being said, we also believe that we have a very strong value proposition in training as well when you look across those workloads and the investments that we're making, not just today but going forward, with our next-generation MI400 series and so on and so forth.

如果你看看推理工作量，它實際上非常——它非常依賴於這些事情。話雖這麼說，我們也相信，當你審視這些工作負載和我們正在進行的投資時，我們在培訓方面也有非常強大的價值主張，不僅是現在，而且是未來，我們的下一代 MI400 系列等等等等。

We definitely believe that we have a very competitive and capable hardware road map. I think the discussion about AMD, frankly, has always been about the software road map. And we do see a bit of a change here on the software side. Number one, we've put a tremendous amount of resource on it. So bringing together our former Xilinx software team, together with AMD sort of base software team. We've dramatically increased the resources.

我們堅信我們擁有非常有競爭力和能力的硬件路線圖。坦率地說，我認為有關 AMD 的討論一直都是關於軟件路線圖。我們確實在軟件方面看到了一些變化。第一，我們為此投入了大量資源。因此，將我們以前的 Xilinx 軟件團隊與 AMD 的基礎軟件團隊聚集在一起。我們大幅增加了資源。

And also, the focus has now been on sort of optimizing at these higher-level models. So if you think about the frameworks around PyTorch and Triton and Onyx, I think many of the new AI-centric companies are actually optimizing at a different level, and they're working very closely with us.

而且，現在的重點是對這些更高級別的模型進行優化。因此，如果你考慮一下 PyTorch、Triton 和 Onyx 周圍的框架，我認為許多新的以人工智能為中心的公司實際上正在不同的層面上進行優化，並且他們正在與我們密切合作。

So in this place where AI is tremendously exciting, I think there will be multiple winners, and we will be first to say that there are multiple winners. But we think our portfolio is actually fairly unique in the sense that we do have CPUs, GPUs. We have the accelerator technology with Ryzen AI on the PC side as well as in the Embedded side with our Xilinx portfolio. So I think it's a pretty broad and capable portfolio.

因此，在人工智能非常令人興奮的地方，我認為將會有多個贏家，而且我們將首先說有多個贏家。但我們認為我們的產品組合實際上相當獨特，因為我們確實擁有 CPU、GPU。我們在 PC 端擁有 Ryzen AI 加速器技術，在嵌入式端則擁有 Xilinx 產品組合。所以我認為這是一個非常廣泛且有能力的產品組合。

And the next question comes from the line of Stacy Rasgon with Bernstein Research.

下一個問題來自伯恩斯坦研究中心的史黛西·拉斯貢 (Stacy Rasgon)。

I wanted to first go back to the Q4 data center guide. So if I do my math right, it's something like $700 million sequentially in data center from Q3 to Q4. So how much of that is MI300 versus CPU? And given the lumpiness of the El Capitan piece, what does that imply for the potential seasonality into Q1 as most of it rolls off?

我想首先回到第四季度的數據中心指南。因此，如果我計算正確的話，從第三季度到第四季度，數據中心的成本大約為 7 億美元。那麼 MI300 與 CPU 的比例是多少？考慮到 El Capitan 作品的塊狀性，這對於第一季度的潛在季節性意味著什麼，因為大部分作品都會消失？

Yes, sure. So it is a large ramp, Stacy, into the fourth quarter. I think the largest piece of that is the MI300 ramp, but there is also a significant component that's just the EPYC processor ramp with, as I said, the Zen 4 portfolio.

是的，當然。所以史黛西，進入第四季度是一個很大的進步。我認為其中最大的部分是 MI300 升級，但還有一個重要的組件就是 EPYC 處理器升級以及正如我所說的 Zen 4 產品組合。

In terms of the lumpiness of the revenue and where it goes into 2024, let me give you kind of a few pieces. So I think there was a question earlier about how much of the MI300 revenue was AI-centric versus, let's call it, supercomputing-centric. The larger piece is supercomputing, but it's a meaningful revenue contribution from AI.

就收入的波動性及其到 2024 年的發展情況而言，讓我給您提供一些信息。因此，我認為之前有一個問題是，MI300 的收入中有多少是以人工智能為中心，而不是以超級計算為中心。更大的部分是超級計算，但它是人工智能帶來的有意義的收入貢獻。

As we go into 2024, our expectation is, again, let me go back to the customer interest on MI300X is very high. There are a number of customers that are looking to deploy as quickly as possible. So we would expect early deployments as we go into the first half of 2024. And then we would expect more volume in the second half of '24 as those things fully qualify.

當我們進入 2024 年時，我們的期望是，讓我再次回到客戶對 MI300X 的興趣非常高。有許多客戶希望盡快部署。因此，我們預計在 2024 年上半年會儘早部署。然後，隨著這些事情完全符合條件，我們預計 24 年下半年會有更多數量。

So it is going to be a little bit lumpy as we get through the next few quarters, but our visibility is such that there are multiple customers that are looking to deploy as soon as possible, and we're working very closely with them to do the co-engineering necessary to get them ramped.

因此，在接下來的幾個季度中，情況將會有點不穩定，但我們的可見性是，有多個客戶希望盡快部署，我們正在與他們密切合作，以實現這一目標。讓它們加速發展所必需的聯合工程。

I mean the like of the $700 million, it's like $400 million of the El Capitan or is it $500 million or $300 million? Like how big is the El Capitan piece?

我的意思是7億美元，就像4億美元的El Capitan，還是5億美元或3億美元？比如 El Capitan 有多大？

You can assume that the El Capitan is several hundred million.

你可以假設 El Capitan 有幾億。

Several hundred, okay. So my follow-up, just gross margins, you're coming up in the back end of the second. I mean they still kind of missed in the quarter. They -- I know they rounded up to 50, but they were 49.7 I know you're guiding 51 for Q3. Jean, where do you see gross margins sitting like in Q4 as we exit the year?

幾百個，好吧。所以我的後續行動，只是毛利率，你會在第二季度的後端出現。我的意思是他們在本季度仍然有點錯過。他們 - 我知道他們四捨五入到 50，但他們是 49.7 我知道你為第三季度指導 51。 Jean，您認為今年第四季度的毛利率會怎樣？

Yes. I think the gross margin for us, the primary driver, as we discussed in the past, is really mix. And if you look at our guidance or outlook of Q3 gross margin of 51%, it's more than 1 percentage point improvement sequentially despite of a very significant headwind from Embedded business declining in Q3.

是的。我認為，正如我們過去討論的那樣，我們的毛利率是主要驅動因素，實際上是混合的。如果你看看我們對第三季度毛利率 51% 的指導或展望，儘管第三季度嵌入式業務下降帶來了非常大的阻力，但仍比上一季度提高了 1 個百分點以上。

So the data center and the client business are expected to grow double digits sequentially and provide a positive impact on the gross margin, which actually more than offset the headwind from Embedded business. So going into Q4, again, we're not guiding Q4 and it's going to depend on mix.

因此，數據中心和客戶端業務預計將連續兩位數增長，並對毛利率產生積極影響，這實際上足以抵消嵌入式業務的不利影響。因此，再次進入第四季度，我們不會指導第四季度，這將取決於組合。

I would say one thing is you will have a similar dynamics, right? Data centers, we expect to grow very significantly. At the same time, we're going to have the same headwind from Embedded business declining sequentially. So overall, we do expect the gross margin to improve from this level going forward.

我想說的一件事是你也會有類似的動力，對吧？數據中心，我們預計將增長非常顯著。與此同時，我們也將面臨嵌入式業務連續下滑帶來的同樣阻力。因此，總體而言，我們確實預計未來毛利率將在這一水平上有所改善。

And the next question comes from the line of Joe Moore with Morgan Stanley.

下一個問題來自喬摩爾與摩根士丹利的對話。

You've talked about the Embedded business declining as you move into the second half. Can you give us a sense for how much, and is that decline a function of the comm infrastructure market? Or are you seeing weakness beyond that part of the market?

您談到了隨著進入下半年嵌入式業務的下滑。您能否告訴我們具體有多少下降，這是通信基礎設施市場的一個功能嗎？或者您是否看到該部分市場之外的疲軟？

Yes. Sure, Joe. Thanks for the question. So look, when I look at the Embedded business, I think we should start by remembering that we're coming off of 6 quarters of very strong growth. I mean this business has performed extremely well and very pleased with the overall momentum in the business.

是的。當然，喬。謝謝你的提問。因此，當我審視嵌入式業務時，我認為我們首先應該記住，我們即將經歷 6 個季度的強勁增長。我的意思是，這項業務的表現非常好，並且對業務的整體勢頭非常滿意。

To your exact question of what we're seeing in the markets, we're actually seeing the core markets hold up pretty well. So let's call it, aerospace and defense, strong; industrial vision and health care strong; test and emulation is strong. We are seeing communications weakness.

對於你所問的我們在市場上看到的具體問題，我們實際上看到核心市場表現得相當不錯。所以我們可以稱其為航空航天和國防，強；工業願景和醫療保健實力雄厚；測試和仿真能力強。我們看到通訊薄弱。

So that is the primary driver of the second half commentary. And there's also some inventory optimization, as you might expect, since our lead times have come down over the last several months. So in terms of ZIP code, I would say, think of it as double-digit down sequentially in the third quarter, and that's the current view that we have. But overall, the business has been extremely strong for us. So I think this is an expected decline as we come off the cycle.

這就是下半場評論的主要驅動力。正如您所期望的那樣，還有一些庫存優化，因為我們的交貨時間在過去幾個月中有所下降。因此，就郵政編碼而言，我想說，將其視為第三季度連續兩位數下降，這就是我們目前的觀點。但總的來說，我們的業務非常強勁。因此，我認為隨著我們擺脫週期，這是預期的下降。

Great. And any sense for beyond this quarter since we've asked you so many Q4 questions already today, but any sense for -- is that kind of the bottom level? Or do you expect there to be some continued contraction?

偉大的。因為我們今天已經問了你們很多第四季度的問題，所以對於本季度之後的情況還有什麼意義嗎？但是，這是否是最低水平？或者您預計會出現持續收縮嗎？

As Jean would say, we're not guiding for the fourth quarter, but I think you should expect embedded sort of in that similar ZIP code. Yes, that's what I would say.

正如吉恩所說，我們不會為第四季度提供指導，但我認為您應該期待在類似的郵政編碼中嵌入某種內容。是的，我就是這麼說的。

And the next question comes from the line of Timothy Arcuri with UBS.

下一個問題來自瑞銀集團的蒂莫西·阿庫裡 (Timothy Arcuri)。

Jean, my first question is on inventory. You said it's going to come down a bit as you ramp into the Q4. Obviously, you have a big Q4. Can you sort of shape that out for us? Before this, normalized inventory days were kind of 90 to 100 days, where do you think you're going to exit Q4 in terms of inventory days?

吉恩，我的第一個問題是關於庫存的。你說過，當你進入第四季度時，它會有所下降。顯然，你有一個很大的第四季度。你能為我們設計一下嗎？在此之前，標準化庫存天數約為 90 至 100 天，您認為第四季度的庫存天數將在哪裡？

Yes, Tim, thanks for the question. I think as we ramp those product lines in Q3 and Q4, you will see inventory come down first in Q3 and in Q4, again. I think the inventory -- base of inventory probably will be around 110 to 120 days.

是的，蒂姆，謝謝你的提問。我認為，隨著我們在第三季度和第四季度擴大這些產品線，您將看到庫存在第三季度和第四季度首先下降。我認為庫存——庫存基礎可能會在 110 到 120 天左右。

The key thing is, right, is if you look at a lot of our product, they are like advanced process technology, 5 nanometer or 6. The manufacturing cycle tend to be long. So in the longer term, you should expect us from a days of inventory be more around 100 to 120 days versus traditionally like 80 days or 75 days. That will be too short for really most advanced process technologies.

關鍵是，如果你看一下我們的很多產品，它們就像先進的工藝技術，5納米或6納米。製造週期往往很長。因此，從長遠來看，您應該期望我們的庫存天數約為 100 至 120 天，而不是傳統上的 80 天或 75 天。對於真正最先進的工藝技術來說，這太短了。

And then my follow-up is for you, Lisa. So I mean if you kind of add up the units, the customer interest, I mean, you can easily get to several hundred thousand units, it seems to me, for the MI300X next year. So the question really is on the supply chain and particularly CoWoS. Do you think that's going to be a bottleneck for you? I know that they've been expanding capacity. I know you've been trying to procure more there. Can you sort of talk about that? And sort of do you think that supply could become a limiting factor for you next year?

然後我的後續行動是針對你的，麗莎。所以我的意思是，如果你把客戶的興趣加起來，我的意思是，在我看來，明年的 MI300X 可以輕鬆達到數十萬台。所以問題實際上在於供應鏈，尤其是 CoWoS。您認為這會成為您的瓶頸嗎？我知道他們一直在擴大產能。我知道你一直想在那裡採購更多東西。你能談談這個嗎？您是否認為明年的供應可能會成為您的限制因素？

Yes, absolutely. So I'm not going to comment on the exact units. But what I will say is that we've been focused on the supply chain for MI300 for quite some time. It is tight. There's no question that it's tight in the industry. However, we have sort of commitments for significant capacity across the entire supply chain. So CoWoS is one piece of it, high bandwidth memory is another piece of it and then just the general capacity requirements.

是的，一點沒錯。所以我不會評論確切的單位。但我要說的是，我們關注MI300的供應鏈已經有一段時間了。很緊。毫無疑問，行業內的供應緊張。然而，我們對整個供應鏈的巨大產能做出了某種承諾。因此，CoWoS 是其中的一部分，高帶寬內存是其中的另一部分，然後只是一般容量要求。

And look, our goal is to make this a significant growth driver for AMD. I think it's a great market opportunity. We love the engagements with customers, and it's our responsibility to provide the supply for the demand. And so that's what we've been working on.

看，我們的目標是使其成為 AMD 的重要增長動力。我認為這是一個很好的市場機會。我們熱愛與客戶的合作，我們有責任滿足需求。這就是我們一直在努力的方向。

And the next question comes from the line of Christopher Rolland with SIG.

下一個問題來自 Christopher Rolland 與 SIG 的對話。

More on the MI300 opportunity that you guys called out as a multibillion dollar growth opportunity. I was wondering if perhaps you could put a time frame around that multibillion-dollar opportunity. But more specifically, have you guys ported over MI300 -- LLMs to MI300? Have you looked at the performance? How do they perform? Are you excited about that?

更多關於你們稱之為數十億美元增長機會的 MI300 機會的信息。我想知道您是否可以為這個價值數十億美元的機會制定一個時間框架。但更具體地說，你們有沒有把 MI300——LLM 移植到 MI300 上？你看過表演嗎？他們的表現如何？你對此感到興奮嗎？

And then in terms of hyperscale uptake, is it the X version, the GPU-only version that you expect to be the biggest seller here? And have you had any semi-custom kind of configurations here that potentially might even include an FPGA or other kind of LEGO movements on the MI300?

那麼就超大規模的採用而言，您預計 X 版本（僅 GPU 版本）將成為這裡最暢銷的版本嗎？您是否有任何半定制類型的配置，甚至可能包括 MI300 上的 FPGA 或其他類型的樂高運動？

Sure. So there were a lot of aspects to that question, Chris. So let me try to give you some framework here. I don't think we're ready to talk about timing yet of revenue numbers. What we will say is we do believe it's a multibillion-dollar opportunity. I think 2024 is a very important year for us. Ramping MI300 in multiple customers is sort of, over the next several quarters, is very important.

當然。所以這個問題有很多方面，克里斯。因此，讓我嘗試在這里為您提供一些框架。我認為我們還沒有準備好討論收入數字的時間安排。我們要說的是，我們確實相信這是一個價值數十億美元的機會。我認為2024年對我們來說是非常重要的一年。在接下來的幾個季度中，在多個客戶中推廣 MI300 是非常重要的。

I think I mentioned earlier in the Q&A that the customer interest is actually diverse, which is great. It includes sort of what you would expect in terms of the large Tier 1 hyperscalers. But I think the -- sort of these new class of sort of AI-focused companies have been working very closely with us. And then some of the large enterprises are also looking at ramping up their efforts.

我想我之前在問答中提到過，客戶的興趣實際上是多樣化的，這很好。它包括您對大型一級超大規模企業的期望。但我認為，這類專注於人工智能的新型公司一直在與我們密切合作。然後一些大型企業也正在考慮加大力度。

The performance that we see is strong. I think the large language model work that we've done, we've done a lot of it on MI250, and we've seen very good results. That's on both training as well as inference. I think as we go through MI300, again, the early results are strong. The -- for AI applications, what we're seeing now is MI300X, so let's call it the GPU-only version is the one that is sort of most prevalent in the AI customer engagements.

我們看到的表現很強勁。我認為我們已經完成的大型語言模型工作，我們在 MI250 上做了很多工作，並且我們看到了非常好的結果。這既涉及訓練，也涉及推理。我認為，當我們再次審查 MI300 時，早期結果很強勁。對於人工智能應用程序，我們現在看到的是 MI300X，所以我們稱其為僅 GPU 版本，這是人工智能客戶參與中最普遍的版本。

But the MI300A actually, which is sort of where we have the CPU and the GPU more closely coupled together, is also of interest. So I think the key is, I think we've built a platform that does allow people to kind of choose what is best for the models and for the workload that they're trying to enable. And that's what we're working on.

但實際上 MI300A 也很有趣，它是我們將 CPU 和 GPU 更緊密地結合在一起的地方。所以我認為關鍵是，我們已經建立了一個平台，允許人們選擇最適合模型和他們想要實現的工作負載的平台。這就是我們正在努力的方向。

Great. And just as a quick follow-up then. Ciena, telco is a market kind of owned by your competitor there. They have a lot of software around telco. What kind of share do you think you can take in the telco market from them over the next few years?

偉大的。然後就作為快速跟進。 Ciena，電信公司是你的競爭對手擁有的一個市場。他們有很多與電信相關的軟件。您認為未來幾年您可以從他們那裡獲得多少電信市場份額？

Yes. We're excited about Ciena. I think Ciena fits -- again, it's as you said, it's a niche that we haven't previously been focused on. I think our interactions with the telco suppliers are they're anxious to have Ciena be a part of their portfolio. Ciena is also one that we'll use for other edge applications or, let's call it, lower end applications that need the performance of Zen 4, but perhaps not the heavy platform that we have on the Gen 1 Bergamo. So we do think -- we're starting from a very low point. So there's an opportunity to gain share over the next couple of years, and we'll focus on that.

是的。我們對 Ciena 感到很興奮。我認為 Ciena 很適合——正如你所說，這是一個我們以前沒有關注過的利基市場。我認為我們與電信供應商的互動是他們渴望讓 Ciena 成為他們產品組合的一部分。 Ciena 也是我們將用於其他邊緣應用程序的一個，或者我們稱之為需要 Zen 4 性能的低端應用程序，但可能不是我們在 Gen 1 Bergamo 上擁有的重型平台。所以我們確實認為——我們是從一個非常低的點開始的。因此，未來幾年有機會獲得市場份額，我們將重點關注這一點。

The next question comes from the line of Chris Danely with Citi.

下一個問題來自花旗銀行的克里斯·丹尼利 (Chris Danely)。

Lisa, so if the MI250, 300, et cetera, ramp or the revenue is mostly GPU only, what kind of an impact would that have on AMD gross margin? Would that still be gross margin-accretive or dilutive or net neutral to your corporate gross margin?

Lisa，那麼如果 MI250、300 等產品產量增加或收入主要僅來自 GPU，這會對 AMD 毛利率產生什麼樣的影響？這對您的公司毛利率仍然是毛利率增值、稀釋還是淨中性？

Yes. Thanks, Chris. So I think for the -- let me just make sure I get the statement clear. So both MI300A and MI300X will be part of the ramp, particularly in the fourth quarter and as we go into next year. For the AI-specific applications, we are more heavily weighted towards MI300X just given sort of the -- where the software is written.

是的。謝謝，克里斯。所以我想——讓我確保我的聲明清楚。因此，MI300A 和 MI300X 都將成為升級的一部分，特別是在第四季度和進入明年時。對於特定於 AI 的應用程序，我們更看重 MI300X，因為它是編寫軟件的地方。

And to your question about gross margins at the corporate level, so you would -- we would expect that our AI business will be accretive to gross margins at the corporate level. And obviously, as you start the ramp, there's a little bit of learning. But overall, we expect it to be accretive to our corporate gross margins.

至於你關於公司層面毛利率的問題，所以你會——我們預計我們的人工智能業務將增加公司層面的毛利率。顯然，當你開始斜坡時，需要一些學習。但總體而言，我們預計這將增加我們公司的毛利率。

Great. And then for my follow-up, I just had, I guess, a clarification. So it sounds like most of the MI revenue you have in the hopper right now or at least the committed revenue is El Cap. Is that true? And do you have other, I guess, confirmed or hard orders for that? Or maybe just spend some time telling us how you're working with the customers or what it takes for them to go from, hey, we're interested to, here's a purchase order?

偉大的。然後對於我的後續行動，我想我只是得到了澄清。因此，聽起來您現在的大部分 MI 收入都在漏斗中，或者至少承諾的收入是 El Cap。真的嗎？我猜你們還有其他確認的或硬性的訂單嗎？或者也許只是花一些時間告訴我們您如何與客戶合作，或者他們需要做什麼，嘿，我們有興趣，這是採購訂單？

Yes. So maybe your question is, do we have other customers who are committed to MI300 other than El Cap? The answer is yes. We have a number of customers who are actually committed. And the way these things go, actually, it's not different, not very different than how a server ramp goes, right?

是的。所以也許您的問題是，除了 El Cap 之外，我們還有其他致力於使用 MI300 的客戶嗎？答案是肯定的。我們有許多真正忠誠的客戶。實際上，這些事情的進行方式與服務器斜坡的進行方式沒有什麼不同，沒有太大不同，對吧？

I mean one starts with an initial deployment ensures that the software works, ensures that we have all of the reliability and capability in the data center and then they ramp from that. I will say the difference in AI deployments is I think customers are willing to go very quickly.

我的意思是，從初始部署開始，確保軟件正常運行，確保我們在數據中心擁有所有的可靠性和功能，然後他們會以此為基礎進行升級。我想說的是，人工智能部署的不同之處在於，我認為客戶願意非常快地部署。

There is sort of a desire and an agility because we all want to accelerate the amount of AI compute that's out there. And so the speed in which customers are engaged and customers are making decisions is actually faster than they would in sort of a normal sort of regular environment. And that's great. I think that's helping us, as I said earlier, learn, perfect the software, get all of the capabilities in place for a significant ramp next year.

這是一種渴望和敏捷性，因為我們都希望加速現有的人工智能計算量。因此，客戶參與和客戶做出決策的速度實際上比在正常的常規環境中要快。那太好了。正如我之前所說，我認為這有助於我們學習、完善軟件，讓所有功能都到位，以便明年實現大幅增長。

John, we have time for one more question.

約翰，我們還有時間再問一個問題。

And our final question comes from the line of Harsh Kumar with Piper Sandler.

我們的最後一個問題來自 Harsh Kumar 和 Piper Sandler 的台詞。

Lisa, we're looking forward to an exciting second half for your company. I had a quick question on the server share. Do you think that there is a theoretical limit to share that AMD can get? Historically, initially, we heard 80-20 was up -- was a prevailing rule, then you busted through that. Now we're hearing customers say, well, 70-30 is more like it. More importantly, are there any large vendors for your server business, where you have significantly more than 30% share, let's say, 40% or even 50% share? And I have a follow-up.

麗莎，我們期待貴公司迎來激動人心的下半年。我有一個關於服務器共享的快速問題。您認為AMD能夠獲得的份額有理論上的限制嗎？從歷史上看，最初，我們聽說 80-20 是一個普遍的規則，然後你就打破了這個規則。現在我們聽到客戶說，70-30 更合適。更重要的是，您的服務器業務是否有大型供應商，您的份額明顯超過 30%，比如說 40% 甚至 50%？我有一個後續行動。

Yes. Sure, Harsh. Thanks for the question. Look, I think the -- in the server business, I think the most important thing for our customers is that we have a strong road map and that it's a road map that they can count on. And we've been building that sort of working model, that road map and that trust over the past 4 or 5 years.

是的。當然，嚴厲。謝謝你的提問。聽著，我認為，在服務器業務中，我認為對我們的客戶來說最重要的是我們有一個強大的路線圖，並且這是一個他們可以信賴的路線圖。在過去的四五年裡，我們一直在構建這種工作模式、路線圖和信任。

So I don't think there's any theoretical cap on AMD share. I would say, if we look today, there are multiple customers who have us deployed in their data centers at more than 50% share. And from our view, the place where we have perhaps been a bit more underrepresented is in the enterprise, and that's just a matter of sort of the breadth of enterprise customers and the breadth of enterprise software.

所以我認為 AMD 的份額沒有任何理論上的上限。我想說的是，如果我們看看今天，有多個客戶將我們部署在他們的數據中心，佔有率超過 50%。從我們的角度來看，我們可能代表性不足的地方是企業，這只是企業客戶的廣度和企業軟件的廣度的問題。

So we believe that we have leadership today, and we were very, very focused on ensuring that we continue leadership in the market. And with that, there's an opportunity to continue to gain share in the server market.

因此，我們相信我們今天擁有領先地位，並且我們非常非常專注於確保我們繼續在市場中保持領先地位。這樣，就有機會繼續獲得服務器市場的份額。

On my second one, can you help us think a little bit about the generative AI spend? Let's say, if you can cite for us some kind of metric as to how many dollars of spend today are you seeing from your customers on generative AI for, let's say, each dollar of regular service CPU spend. Is there a metric that we can think of? Is there a trend today? And where do you think it can be in a couple of years?

關於第二個問題，您能幫助我們思考一下生成式人工智能支出嗎？比方說，如果您能為我們引用某種指標，說明您今天從客戶那裡看到的生成式人工智能支出是多少美元，比如說，每美元的常規服務 CPU 支出。我們能想到一個衡量標準嗎？今天有趨勢嗎？您認為幾年後它會發展到什麼程度？

Yes. I think, Harsh, the best way to answer that, and again, we're all sort of -- it's all a crystal ball as to what's going to happen over the next 4 or 5 years. There's no question that the demand for generative AI solutions is very high, and there's a lot of compute capacity that needs to put in.

是的。我認為，嚴厲的是，回答這個問題的最好方法是，再說一次，我們都是——對於未來 4 到 5 年會發生什麼，我們都是一個水晶球。毫無疑問，對生成式人工智能解決方案的需求非常高，並且需要投入大量的計算能力。

The way we've sized the market is, it can perhaps grow at a rate of, let's call it, 50% CAGR, plus or minus, over the next 3 or 4 years. So that would take us to $150 billion market by the time you get to 2027. Now that's all accelerators in the data center. So that includes GPUs, that includes other ASICs and other accelerators.

我們衡量市場規模的方式是，在未來 3 到 4 年內，它可能會以 50% 的複合年增長率（加減）增長。因此，到 2027 年，我們的市場規模將達到 1500 億美元。現在這就是數據中心的所有加速器。這包括 GPU、其他 ASIC 和其他加速器。

But I think we have an opportunity to address a large portion of that market. So that makes it a very clear priority for us. It's our #1 strategic priority. And we'll continue to work closely with our customers as they optimize between CPU and GPU spend.

但我認為我們有機會佔領該市場的很大一部分。因此，這對我們來說是一個非常明確的優先事項。這是我們的第一戰略重點。我們將繼續與客戶密切合作，幫助他們優化 CPU 和 GPU 支出。

Great, John. That concludes today's call. Thank you to everyone for joining us today.

太棒了，約翰。今天的電話會議到此結束。感謝大家今天加入我們。

Ladies and gentlemen, you may now disconnect your lines at this time. Thank you for your participation.

女士們先生們，此時您可以斷開線路。感謝您的參與。