超微半導體 (AMD) 2023 Q3 法說會逐字稿

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

大家好，歡迎參加 AMD 2023 年第三季財報電話會議。 （操作員指示）謹此提醒，本次會議正在錄製中。

And it is now my pleasure to introduce to you Mitch Haws, Vice President, Investor Relations. Thank you, Mitch. You may begin.

現在我很高興向您介紹投資者關係副總裁 Mitch Haws。謝謝你，米奇。你可以開始了。

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

謝謝 John，歡迎參加 AMD 2023 年第三季財務業績電話會議。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。如果您沒有機會查看這些資料，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 today's call, and the full non-GAAP to GAAP reconciliations are available in today's press release and slides posted on our website.

在今天的電話會議中，我們將主要提及非公認會計準則財務指標，完整的非公認會計準則與公認會計準則的對帳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包括我們的主席兼執行長蘇姿豐博士；胡錦濤，我們的執行副總裁、財務長兼財務長。這是一次現場通話，將透過我們網站上的網路廣播重播。

Before we begin, I would like to note that Forrest Norrod, Executive Vice President and General Manager, Data Center Business Solutions unit, will attend the UBS Technology Conference on Tuesday, November 28. AMD will host its Advancing AI Event on December 6 when AMD and its key ecosystem partners and customers will showcase the AMD products and partnerships that will shape the advancement of AI. The event will be live streamed on our website.

在我們開始之前，我想指出，資料中心業務解決方案部門執行副總裁兼總經理Forrest Norrod 將於11 月28 日星期二出席瑞銀技術會議。AMD 將於12 月6 日舉辦其高級人工智慧活動，屆時AMD及其主要生態系統合作夥伴和客戶將展示將推動人工智慧進步的 AMD 產品和合作夥伴關係。活動將在我們的網站上進行直播。

Jean Hu, Executive Vice President, Chief Financial Officer and Treasurer, will attend the Barclays Global Technology Conference on Thursday, December 7. And our fourth quarter 2023 quiet time is expected to begin at the close of business on Friday, December 15.

執行副總裁、財務長兼財務主管 Jean Hu 將於 12 月 7 日星期四出席巴克萊全球技術會議。我們的 2023 年第四季靜默時間預計將於 12 月 15 日星期五收盤時開始。

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

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，因此涉及風險和不確定性，可能導致實際結果與我們當前的預期有重大差異。請參閱我們新聞稿中的警告聲明，以了解有關可能導致實際結果出現重大差異的因素的更多資​​訊。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 third quarter, delivering strong top line and bottom line growth, achieving multiple milestones on our AI hardware and software road maps and significantly accelerating our momentum with customers for our AI solutions. In PCs, there are now more than 50 notebook designs powered by Ryzen AI in market, and we are working closely with Microsoft on the next generation of Windows that will take advantage of our on-chip AI Engine to enable the biggest advances in the Windows user experience in more than 20 years.

謝謝你，米奇，今天所有聽眾下午好。我們在第三季度表現良好，實現了強勁的營收和利潤成長，在我們的人工智慧硬體和軟體路線圖上實現了多個里程碑，並顯著加快了我們與客戶合作開發人工智慧解決方案的勢頭。在 PC 領域，目前市場上有 50 多種由 Ryzen AI 提供支援的筆記型電腦設計，我們正在與 Microsoft 密切合作開發下一代 Windows，該系統將利用我們的片上 AI 引擎來實現 Windows 的最大進步20多年的使用者體驗。

In the Data Center, multiple large hyperscale customers committed to deploy Instinct MI300 accelerators, supported by our latest ROCm software suite and the growing adoption of an open hardware-agnostic software ecosystem.

在資料中心，多個大型超大規模客戶致力於部署 Instinct MI300 加速器，並得到我們最新的 ROCm 軟體套件和越來越多的開放硬體無關軟體生態系統的支援。

Looking at the third quarter financial results, revenue grew 4% year-over-year and 8% sequentially to $5.8 billion, driven by record server CPU revenue and strong Ryzen processor sales.

從第三季的財務表現來看，在創紀錄的伺服器 CPU 營收和強勁的 Ryzen 處理器銷售的推動下，營收年增 4%，季增 8%，達到 58 億美元。

Turning to the segment results. Data Center segment revenue of $1.6 billion was flat year-over-year and up 21% sequentially as solid demand for both 3rd and 4th Gen EPYC processor families resulted in record quarterly server processor revenue. We gained server CPU revenue share in the quarter as 4th Gen EPYC CPU revenue grew more than 50% sequentially, crossing over to represent a majority of our server processor revenue and unit shipments.

轉向細分結果。資料中心部門營收為 16 億美元，同比持平，但環比增長 21%，因為對第三代和第四代 EPYC 處理器系列的強勁需求導致季度伺服器處理器收入創紀錄。我們在本季度獲得了伺服器 CPU 收入份額，第四代 EPYC CPU 收入環比增長了 50% 以上，佔據了我們伺服器處理器收入和單位出貨量的大部分。

In cloud, while the demand environment remained mixed in the quarter, EPYC CPU revenue grew by a strong double-digit percentage sequentially as hyperscalers expanded deployments of EPYC processors to power their internal workloads and public instances while optimizing their infrastructure spend. Nearly 100 new AMD-powered cloud instances launched in the quarter from Amazon, Google, Microsoft, Oracle, Tencent and others, including multiple general instances that deliver leadership performance for general purpose, HPC, bare metal and memory optimized workloads.

在雲端領域，雖然本季的需求環境仍然參差不齊，但由於超大規模企業擴大了EPYC 處理器的部署以為其內部工作負載和公共實例提供支持，同時優化其基礎設施支出，因此EPYC CPU 收入連續強勁增長了兩位數百分比。亞馬遜、Google、微軟、甲骨文、騰訊等公司在本季推出了近100 個由AMD 驅動的新雲端實例，其中包括多個通用實例，可為通用、HPC、裸機和記憶體優化工作負載提供領先的效能。

In enterprise, while overall demand remains soft, we are seeing strong indications that the significant performance and TCO advantages of Genoa and our expanded go-to-market investments are paying off as enterprise revenue grew by a double-digit percentage sequentially. We closed multiple new wins with leading automotive, aerospace, financial services, pharmaceutical and technology customers, and the number of enterprise customers actively testing EPYC platforms on-prem increased significantly quarter-on-quarter.

在企業領域，雖然整體需求仍然疲軟，但我們看到強烈的跡象表明，熱那亞的顯著性能和總擁有成本優勢以及我們擴大的市場投資正在獲得回報，企業收入連續兩位數增長。我們與領先的汽車、航空航天、金融服務、製藥和技術客戶取得了多項新勝利，積極測試本地 EPYC 平台的企業客戶數量環比顯著增加。

We also expanded our 4th Gen EPYC processor portfolio with the launch of our Siena processors that deliver leadership energy efficiency and performance for intelligent edge and telco applications. Dell, Lenovo, Super Micro and others launched new platforms that expand our EPYC CPU TAM to address telco, retail and manufacturing applications. With the launch of Siena, we now offer the industry's most performant and most energy-efficient portfolio of server processors across cloud, enterprise, technical, HPC and edge computing.

我們還推出了 Siena 處理器，擴展了我們的第四代 EPYC 處理器產品組合，該處理器為智慧邊緣和電信應用提供領先的能源效率和效能。戴爾、聯想、超微等公司推出了新平台，擴展了我們的 EPYC CPU TAM，以滿足電信、零售和製造應用的需求。隨著 Siena 的推出，我們現在提供業界效能最高、能源效率最高的伺服器處理器產品組合，涵蓋雲端、企業、技術、HPC 和邊緣運算。

I am very pleased with the momentum we have built for our EPYC CPU portfolio. We are building on this momentum with our next-gen Turin server processors based on our new Zen 5 core that delivers significant performance and efficiency gains. Turin is in the labs of our top customers and partners now, and customer feedback has been very strong and we're on track to launch in 2024.

我對我們為 EPYC CPU 產品組合打造的勢頭感到非常滿意。我們正在利用基於新 Zen 5 核心的下一代 Turin 伺服器處理器來鞏固這一勢頭，該處理器可顯著提高效能和效率。 Turin 現在位於我們頂級客戶和合作夥伴的實驗室中，客戶回饋非常強烈，我們預計在 2024 年推出。

Looking at our broader Data Center portfolio, we made significant progress in our Data Center GPU business in the third quarter as the multiyear investments we have made in our hardware and software road maps resulted in significant customer traction for our next-generation Instinct MI300 accelerators and particularly our Instinct MI300X GPU that delivers leadership inferencing and training performance.

縱觀我們更廣泛的資料中心產品組合，我們在第三季度的資料中心 GPU 業務取得了重大進展，因為我們在硬體和軟體路線圖上進行的多年投資為我們的下一代 Instinct MI300 加速器和特別是我們的Instinct MI300X GPU，可提供領先的推理和訓練效能。

On the hardware side, bring-up and validation of our MI300A and MI300X accelerators continue progressing to plan with performance now meeting or exceeding our expectations. Production shipments of Instinct MI300A APUs started earlier this month to support the El Capitan Exascale Supercomputer, and we are on track to begin production shipments of Instinct MI300x GPU accelerators to lead cloud and OEM customers in the coming weeks.

在硬體方面，我們的 MI300A 和 MI300X 加速器的啟動和驗證繼續按計劃進行，性能現已達到或超出我們的預期。 Instinct MI300A APU 的生產出貨已於本月初開始，以支援 El Capitan Exascale 超級計算機，我們預計在未來幾週內開始生產出貨 Instinct MI300x GPU 加速器，以領先雲端和 OEM 客戶。

On the software side, we further expanded our AI software ecosystem and made great progress enhancing the performance and features of our ROCm software in the quarter. In addition to ROCm being fully integrated into the mainline PyTorch and TensorFlow ecosystems, Hugging Face models are now regularly updated and validated to run on Instinct accelerators and other supported AMD AI hardware. AI start-up, Lamini, announced they achieved software parity with CUDA for LLMs running on Instinct MI250 GPUs, enabling enterprise customers to easily deploy production-ready LLMs fine-tuned for their specific data on Instinct MI250 GPUs with minimal code changes.

在軟體方面，本季我們進一步擴展了人工智慧軟體生態系統，並在增強 ROCm 軟體的效能和功能方面取得了巨大進展。除了 ROCm 完全整合到主線 PyTorch 和 TensorFlow 生態系統之外，Hugging Face 模型現在還定期更新和驗證，可以在 Instinct 加速器和其他支援的 AMD AI 硬體上運行。 AI 新創公司Lamini 宣布，他們在Instinct MI250 GPU 上運行的LLM 實現了與CUDA 的軟體對等，使企業客戶能夠輕鬆部署針對Instinct MI250 GPU 上的特定數據進行微調的生產就緒LLM，只需進行最少的程式碼更改。

We also strengthened our AI software capabilities with the strategic acquisitions of Mipsology and Nod.ai. Mipsology is a long-standing partner with proven expertise delivering AI software and solutions running on top of our adaptive SoCs for data center, edge and embedded markets. Nod.ai adds a highly experienced team with a track record of substantial contributions to open-source AI compilers and industry-leading software already used by many of the largest cloud enterprise and AI companies. Nod's compiler-based automation software can significantly accelerate the deployment of highly performant AI models optimized for our Instinct, Ryzen, EPYC, Versal and Radeon processors.

我們也透過策略收購 Mipsology 和 Nod.ai 增強了我們的人工智慧軟體能力。 Mipsology 是一家長期合作夥伴，擁有成熟的專業知識，為資料中心、邊緣和嵌入式市場提供在我們的自適應 SoC 之上運行的人工智慧軟體和解決方案。 Nod.ai 增加了一支經驗豐富的團隊，他們對開源人工智慧編譯器和業界領先的軟體做出了重大貢獻，這些軟體已被許多最大的雲端企業和人工智慧公司使用。 Nod 基於編譯器的自動化軟體可以顯著加速針對 Instinct、Ryzen、EPYC、Versal 和 Radeon 處理器最佳化的高效能 AI 模型的部署。

Based on the rapid progress we are making with our AI road map execution and purchase commitments from cloud customers, we now expect Data Center GPU revenue to be approximately $400 million in the fourth quarter and exceed $2 billion in 2024 as revenue ramps throughout the year. This growth would make MI300 the fastest product to ramp to $1 billion in sales in AMD history. I look forward to sharing more details on our progress at our December AI event.

基於我們在AI 路線圖執行方面取得的快速進展以及雲端客戶的購買承諾，我們現在預計第四季度資料中心GPU 營收約為4 億美元，隨著全年營收的成長，到2024 年將超過20 億美元。這一成長將使 MI300 成為 AMD 史上銷售額達到 10 億美元最快的產品。我期待在 12 月的人工智慧活動中分享更多關於我們進展的細節。

Turning to our Client segment. Revenue increased 42% year-over-year and 46% sequentially to $1.5 billion. Sales of our Ryzen 7000 processors featuring our industry-leading Ryzen AI on-chip accelerator, grew significantly in the quarter as inventory levels in the PC market normalized and demand began returning to seasonal patterns. Revenue for our latest-generation client CPUs powered by our Zen 4 core more than doubled sequentially as we saw strong demand for our Ryzen 7000 Series notebook and desktop processors that deliver both leadership energy efficiency and performance across a wide range of workloads.

轉向我們的客戶部分。營收年增 42%，季增 46%，達到 15 億美元。隨著 PC 市場庫存水準正常化以及需求開始回歸季節性模式，配備業界領先的 Ryzen AI 片上加速器的 Ryzen 7000 處理器的銷量在本季度顯著增長。由於我們看到對Ryzen 7000 系列筆記型電腦和桌上型電腦處理器的強勁需求，我們的Zen 4 核心支援的最新一代客戶端CPU 的收入連續增長了一倍多，這些處理器在各種工作負載中提供領先的能效和性能。

In commercial, we launched our first Threadripper PRO workstation CPUs based on our Zen 4 Core that deliver unmatched performance for multi-threaded professional design, rendering and simulation applications. Dell, HPE and Lenovo announced an expanded set of workstations powered by new Threadripper PRO processors as we focus on growing this margin-accretive portion of our client business.

在商業領域，我們推出了首款基於 Zen 4 核心的 Threadripper PRO 工作站 CPU，為多執行緒專業設計、渲染和模擬應用程式提供無與倫比的效能。戴爾、HPE 和聯想宣布推出一系列由新 Threadripper PRO 處理器提供支援的擴展工作站，因為我們專注於發展客戶業務中這一利潤成長部分。

Looking forward, we are executing on a multiyear Ryzen AI road map to deliver leadership compute capabilities built on top of Microsoft's Windows software ecosystem to enable the new generation of AI PCs that will fundamentally redefine the computing experience over the coming years.

展望未來，我們正在執行多年的 Ryzen AI 路線圖，以提供建立在 Microsoft Windows 軟體生態系統之上的領先運算功能，從而支援新一代 AI PC，從根本上重新定義未來幾年的運算體驗。

Now turning to our Gaming segment. Revenue declined 8% year-over-year and 5% sequentially to $1.5 billion as lower semi-custom revenue was partially offset by increased sales of Radeon GPUs. Although semi-custom SoC sales declined in line with our projections for this point in the console cycle, overall revenue for this console generation continues tracking significantly higher than the prior generation based on strong demand for Microsoft and Sony consoles.

現在轉向我們的遊戲部門。營收年減 8%，季減 5%，至 15 億美元，原因是半客製化營收的下降被 Radeon GPU 銷售量的成長部分抵銷。儘管半客製化 SoC 銷售的下降符合我們對遊戲機週期此時點的預測，但由於對微軟和索尼遊戲機的強勁需求，這一代遊戲機的整體收入繼續顯著高於上一代。

In Gaming Graphics, revenue grew both year-over-year and sequentially, driven by increased demand in the channel. We expanded our Radeon 7000 series with the launch of new RX 7000 Series enthusiast desktop GPUs that offer leadership price performance for 1440p gamers.

在遊戲圖形領域，由於通路需求增加，營收年比和季比均成長。我們透過推出新的 RX 7000 系列發燒級桌上型 GPU 擴展了 Radeon 7000 系列，為 1440p 遊戲玩家提供領先的性價比。

Turning to our Embedded segment. As we expected, revenue decreased 5% year-over-year to $1.2 billion. Sequentially, revenue declined 15% as lead times normalized and customers focused on reducing inventory levels. We expanded our leadership Versal SoC portfolio in the quarter with the launches of our first adaptive SoCs with on-chip HBM memory that deliver significant performance and efficiency for memory-bound data center, network, test and aerospace applications. We also announced our next-generation space-grade Versal SoC that integrates an enhanced AI Engine and is the industry's only solution that supports unlimited reprogramming during development and after deployment.

轉向我們的嵌入式部分。正如我們預期的那樣，營收年減 5% 至 12 億美元。隨後，隨著交貨時間正常化以及客戶專注於降低庫存水平，收入下降了 15%。我們在本季推出了首款配備片上 HBM 記憶體的自適應 SoC，擴大了領先的 Versal SoC 產品組合，為受記憶體限制的資料中心、網路、測試和航空航天應用提供卓越的效能和效率。我們也發布了下一代航太 Versal SoC，它整合了增強型 AI 引擎，是業界唯一支援開發期間和部署後無限重新編程的解決方案。

For the fintech market, we launched our latest Alveo Accelerator card that delivers a 7x improvement in latency compared to our prior generation and has already been deployed by multiple trading firms in their ultra-low latency training platforms. Since closing our acquisition of Xilinx a little over 1.5 years ago, our Embedded business has grown significantly, driven by our leadership products.

針對金融科技市場，我們推出了最新的 Alveo 加速卡，與上一代相比，延遲提高了 7 倍，並且已被多家貿易公司部署在其超低延遲培訓平台中。自 1.5 年前完成對 Xilinx 的收購以來，在我們領先產品的推動下，我們的嵌入式業務取得了顯著成長。

Looking ahead, based on our current visibility, we expect Embedded segment revenue to decline sequentially as customers continue working through elevated inventory levels through the first half of 2024. Over the medium term, we see strong growth opportunities for our Embedded business based on our significant design win traction and our broad and differentiated portfolio of embedded FPGAs, CPUs, GPUs and adaptive SoCs that can address a larger portion of our customers' compute needs.

展望未來，根據我們目前的能見度，我們預計嵌入式業務收入將連續下降，因為客戶在2024 年上半年繼續應對庫存水準上升的問題。從中期來看，基於我們的顯著優勢，我們看到嵌入式業務的強勁成長機會。設計贏得了關注，我們廣泛且差異化的嵌入式 FPGA、CPU、GPU 和自適應 SoC 產品組合可以滿足客戶的大部分運算需求。

In summary, I'm pleased with our third quarter financial results, driven by the significant acceleration of Zen 4 server and client processor sales. Looking at the next couple of quarters, we expect strong growth in our Data Center business, driven by both EPYC and Instinct processors. This growth will be partially offset by softening demand in our Embedded business and lower semi-custom revenue, given where we are in the console cycle. As the PC market returns to seasonal patterns, we believe we are well positioned to gain profitable share in the premium and commercial portions of the market based on the strength of our product offerings.

總而言之，在 Zen 4 伺服器和客戶端處理器銷售大幅成長的推動下，我對第三季的財務表現感到滿意。展望未來幾個季度，我們預計在 EPYC（霄龍）和 Instinct 處理器的推動下，我們的資料中心業務將強勁成長。考慮到我們所處的主機週期，這種成長將被嵌入式業務需求的疲軟和半客製化收入的下降所部分抵消。隨著個人電腦市場回歸季節性模式，我們相信，基於我們產品的實力，我們有能力在市場的高端和商業部分獲得獲利份額。

We are focused on accelerating our leadership AI capabilities across our entire product portfolio, executing on our hardware and software road maps and expanding our enterprise computing footprint. I look forward to sharing more details on our AI progress in a few weeks at our Together We Advance AI event.

我們專注於在整個產品組合中加速我們的領先人工智慧能力，執行我們的硬體和軟體路線圖，並擴大我們的企業運算足跡。我期待在幾週後的「我們一起推進人工智慧」活動中分享更多關於我們人工智慧進展的細節。

Now I'd like to turn the call over to Jean to provide additional color on our third quarter results and our outlook for Q4. Jean?

現在我想將電話轉給 Jean，以提供有關我們第三季度業績和第四季度前景的更多資訊。讓？

Thank you, Lisa, and good afternoon, everyone. I'll start with a review of our financial results for the third quarter and then provide our current outlook for the fourth quarter of fiscal 2023. We delivered better-than-expected third quarter results with revenue of $5.8 billion and diluted earnings per share of $0.70. On a year-over-year basis, revenue increased 4% as growth in the Client segment revenue was partially offset by lower Gaming and Embedded segment revenue.

謝謝麗莎，大家下午好。我將首先回顧我們第三季度的財務業績，然後提供我們對 2023 財年第四季度的當前展望。我們第三季度的業績好於預期，收入為 58 億美元，稀釋後每股收益為0.70 美元。與去年同期相比，收入成長了 4%，因為客戶端部門收入的成長被遊戲和嵌入式部門收入的下降部分抵消。

Revenue was up 8% sequentially, driven by growth in both the Client and the Data Center segment. Gross margin was 51%, up approximately 1 percentage point year-over-year primarily driven by stronger Client segment revenue and product mix. Operating expenses were $1.7 billion, an increase of 12% year-over-year, primarily driven by higher R&D investment to support our significant AI growth opportunity. Operating income was $1.3 billion, representing a 22% operating margin. Taxes, interest expense and other was $141 million. For the third quarter, diluted earnings per share was $0.70 compared to $0.67 in the same period last year.

在客戶端和資料中心部門成長的推動下，營收季增 8%。毛利率為 51%，年成長約 1 個百分點，主要是由於客戶部門收入和產品組合的增強。營運支出為 17 億美元，年增 12%，主要是由於研發投資增加，以支持我們重要的人工智慧成長機會。營業收入為 13 億美元，營業利益率為 22%。稅金、利息支出和其他費用為 1.41 億美元。第三季攤薄後每股收益為 0.70 美元，去年同期為 0.67 美元。

Now turning to our reportable segment. Starting with the Data Center segment, revenue was $1.6 billion, flat year-over-year as growth in the EPYC processor sales was offset by a decline in adaptive SoC product sales. Data Center revenue grew 21% sequentially, primarily driven by strong sales of our 4th generation EPYC processors to both cloud and enterprise customers. Data Center segment operating income was $306 million or 19% of revenue compared to $505 million or 31% a year ago. Lower operating income was primarily due to increased R&D investment to support future AI revenue growth and product mix.

現在轉向我們的可報告部分。從資料中心部分開始，營收為 16 億美元，與去年同期持平，因為 EPYC 處理器銷售的成長被自適應 SoC 產品銷售的下降所抵消。資料中心營收季增 21%，主要是由於我們向雲端和企業客戶銷售第四代 EPYC 處理器的強勁銷售。資料中心部門的營業收入為 3.06 億美元，佔收入的 19%，而一年前為 5.05 億美元，佔收入的 31%。營業收入下降主要是由於增加研發投資以支援未來人工智慧收入成長和產品組合。

Client segment revenue was $1.5 billion, up 42% year-over-year, primarily driven by higher sales of Ryzen mobile processors. On a sequential basis, revenue grew 46% as PC market conditions continued to improve, and we ramped our Ryzen 7000 series to meet strong demand. Client segment operating income was $140 million or 10% of revenue compared to an operating loss of $26 million a year ago, driven by higher revenue and a disciplined OpEx management. We are pleased that the Client segment returned to profitability in the third quarter.

客戶端部門營收為 15 億美元，年增 42%，主要是受到 Ryzen 行動處理器銷售成長的推動。隨著 PC 市場狀況持續改善，我們增加了 Ryzen 7000 系列以滿足強勁需求，營收季增了 46%。由於更高的收入和嚴格的營運支出管理，客戶部門的營運收入為 1.4 億美元，佔收入的 10%，而一年前的營運虧損為 2,600 萬美元。我們很高興客戶部門在第三季恢復獲利。

Gaming segment revenue was $1.5 billion, down 8% year-over-year, primarily due to a decrease in semi-custom revenue, partially offset by increase in Radeon GPU sales. On a sequential basis, Gaming segment revenue declined 5%, in line with our expectations as we are now in the fourth year of the console cycle.

遊戲部門營收為 15 億美元，年減 8%，主要是由於半客製化收入的減少，但部分被 Radeon GPU 銷售量的成長所抵消。遊戲部門營收季減 5%，符合我們的預期，因為我們現在正處於遊戲機週期的第四年。

Gaming segment operating income was $208 million or 14% of revenue compared to $142 million or 9% a year ago, primarily driven by higher Radeon GPU revenue. Embedded segment revenue was $1.2 billion, down 5% year-over-year, primarily due to lower sales to the communication market. On a sequential basis, embedded segment revenue declined 15%, primarily due to inventory correction at customers in several end markets. Embedded segment operating income was $612 million or 49% of revenue compared to $635 million or 49% a year ago.

遊戲部門營業收入為 2.08 億美元，佔營收的 14%，而一年前為 1.42 億美元，佔營收的 9%，這主要是由於 Radeon GPU 收入增加所致。嵌入式部門營收為 12 億美元，年減 5%，主要是由於通訊市場銷售額下降。嵌入式部門營收季減 15%，主要是由於幾個終端市場客戶的庫存調整。嵌入式部門營業收入為 6.12 億美元，佔營收的 49%，而一年前為 6.35 億美元，佔營收的 49%。

Turning to the balance sheet and the cash flow. During the quarter, we generated $421 million in cash from operations and the free cash flow was $297 million. In the fourth quarter, we expect to pay approximately $550 million in cash taxes, primarily due to previously deferred taxes from California disaster relief efforts made available by the IRS. Inventory decreased sequentially by $122 million to $4.4 billion. At the end of the quarter, cash, cash equivalents and short-term investment was strong at $5.8 billion. We returned $511 million to shareholders, repurchasing 4.8 million shares and we have $5.8 billion in remaining share repurchase authorization.

轉向資產負債表和現金流量。本季度，我們從營運中產生了 4.21 億美元的現金，自由現金流為 2.97 億美元。在第四季度，我們預計將支付約 5.5 億美元的現金稅，這主要是由於美國國稅局先前為加州救災工作提供的遞延稅款。庫存季減 1.22 億美元，至 44 億美元。截至本季末，現金、現金等價物和短期投資強勁，達到 58 億美元。我們向股東返還了 5.11 億美元，回購了 480 萬股股票，我們還有 58 億美元的剩餘股票回購授權。

Now turning to our fourth quarter 2023 outlook. We expect revenue to be approximately $6.1 billion, plus or minus $300 million, an increase of approximately 9% year-over-year and 5% sequentially. Year-over-year, we expect revenue for the Data Center and the Client segments to be up by strong double-digit percentage, the Gaming segment to decline, given where we are in the console cycle, and the Embedded segment to decline due to additional softening of demand in the embedded market. Sequentially, we expect Data Center segment to grow by strong double-digit percentage, Client segment revenue to increase and the Gaming and Embedded segment to decline by double-digit percentage.

現在轉向我們對 2023 年第四季的展望。我們預計營收約 61 億美元，上下浮動 3 億美元，年增約 9%，季增 5%。與去年同期相比，我們預計資料中心和客戶端細分市場的收入將出現兩位數的強勁增長，考慮到我們在遊戲機週期中的位置，遊戲細分市場將下降，而嵌入式細分市場將因以下因素而下降：嵌入式市場的需求進一步疲軟。接下來，我們預期資料中心細分市場將以兩位數的百分比強勁成長，客戶端細分市場的收入將增加，而遊戲和嵌入式細分市場將出現兩位數的百分比下降。

We expect non-GAAP gross margin to be approximately 51.5%, non-GAAP operating expenses to be approximately $1.74 billion, non-GAAP effective tax rate to be 13% and the diluted share count is expected to be approximately 1.63 billion shares.

我們預期非 GAAP 毛利率約為 51.5%，非 GAAP 營運費用約為 17.4 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 execution in the third quarter with year-over-year growth in revenue, gross margin and earnings per share. In the fourth quarter, we expect to benefit from strong Data Center and Client momentum, driven by MI300 AI accelerated ramp and the strength of our high-performance leadership Zen 4 family of products despite lower sales in the Gaming segment and additional softening of demand in the embedded market.

最後，我對我們第三季的執行感到滿意，營收、毛利率和每股盈餘較去年同期成長。在第四季度，我們預計將受益於 MI300 AI 加速成長和我們高效能領先 Zen 4 系列產品實力的強勁資料中心和客戶端勢頭，儘管遊戲領域的銷售額較低，且需求進一步疲軟。嵌入式市場。

Looking ahead, the investment we are making in AI across our Data Center, Client, Gaming and the Embedded segment enable us to offer one of the best industry's broadest portfolio, targeting the most compelling opportunities and positioning us to drive long-term profitable growth. With that, I'll turn it back to Mitch for the Q&A session.

展望未來，我們在資料中心、客戶端、遊戲和嵌入式領域對人工智慧的投資使我們能夠提供業界最好的最廣泛的產品組合之一，瞄準最引人注目的機會，並使我們能夠推動長期獲利成長。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 Toshiya Hari with Goldman Sachs.

（操作員說明）第一個問題來自Toshiya Hari 與高盛的對話。

Lisa, I had 2 questions. My first one is on the Data Center GPU business. You talked about '24 revenue potentially exceeding $2 billion. I was hoping you could provide a little bit more color. What percentage of this is AI versus supercomputing or other applications? Within AI, maybe talk about the breadth of your customer lineup. And how should we think about which workloads you're addressing, again, within the context of AI? Is it primarily training or inference or both?

麗莎，我有兩個問題。我的第一個是關於資料中心 GPU 業務。您談到 24 年的收入可能超過 20 億美元。我希望你能提供更多的顏色。與超級運算或其他應用程式相比，人工智慧所佔的比例是多少？在人工智慧領域，也許可以談談你的客戶陣容的廣度。在人工智慧的背景下，我們應該如何考慮您要解決的工作負載？主要是訓練還是推理，還是兩者兼具？

Great. Thanks, Toshiya, for the question. So look, we've made significant progress on the overall MI300 program. I think we're very happy with how the technical milestones look. And then also, we've made significant progress from a customer side. Your question as to how the revenue evolves, so the way to think about it is, in the fourth quarter, we said revenue would be approximately $400 million, and that's mostly HPC with some -- the start of our AI ramp.

偉大的。謝謝 Toshiya 的提問。所以看，我們在整個 MI300 計劃上取得了重大進展。我認為我們對技術里程碑的外觀非常滿意。此外，我們在客戶方面也取得了重大進展。你的問題是收入如何變化，所以思考這個問題的方法是，我們說第四季度的收入約為 4 億美元，這主要是 HPC，還有一些——這是我們人工智慧成長的開始。

And then as we go into the first quarter, we actually expect revenue to be approximately similar in that $400 million range. And that will be mostly AI so with a very small piece being HPC. And as we go through 2024, we would expect revenue to continue to ramp quarterly, and again, it will be mostly AI. Within the AI space, we've had very good customer engagement across the board from hyperscalers to OEMs, enterprise customers and some of the new AI start-ups that are out there.

然後，當我們進入第一季時，我們實際上預計收入將大致在 4 億美元的範圍內。其中大部分是人工智慧，只有一小部分是高效能運算。隨著 2024 年的到來，我們預計收入將繼續按季度增長，而且，這將主要來自人工智慧。在人工智慧領域，我們與從超大規模企業到原始設備製造商、企業客戶和一些新的人工智慧新創公司的全面客戶參與度非常高。

From a workload standpoint, we would expect MI300 to be on both training and inference workloads. We're very pleased with the inference performance on MI300, so especially for large language model inference, given some of our memory bandwidth and memory capacity. We think that's going to be a significant workload for us. But I think we would see a broad set of workloads as well as broad customer adoption.

從工作負載的角度來看，我們希望 MI300 能夠同時處理訓練和推理工作負載。我們對 MI300 的推理表現非常滿意，特別是對於大型語言模型推理，考慮到我們的一些記憶體頻寬和記憶體容量。我們認為這對我們來說將是一個巨大的工作量。但我認為我們會看到廣泛的工作負載以及廣泛的客戶採用。

And then as my follow-up, a question on the server CPU side. You talked about Genoa growing really nicely in the quarter. I think you talked about both units and volume being bigger than its predecessor. Is the growth that you're seeing or the growth that you saw in Q3 and the growth that you're guiding to for Q4, is this primarily a function of share growth or are you actually seeing a pickup in the overall market? And I ask the question because, obviously, year-to-date, there's been a significant shift away from traditional compute to accelerated computing, but are you actually starting to see signs of stabilization or even improvement on the traditional compute side?

接下來是伺服器 CPU 方面的問題。您談到熱那亞在本季的成長非常好。我認為您談到單位和體積都比其前身更大。您看到的增長還是您在第三季度看到的增長以及您為第四季度指導的增長，這主要是份額增長的函數還是您實際上看到了整個市場的回升？我問這個問題是因為，顯然，今年迄今為止，從傳統運算到加速運算已經發生了重大轉變，但您實際上是否開始看到傳統運算方面穩定甚至改進的跡象？

Sure. So the way I would frame it is we're very pleased with our third quarter performance as it relates to EPYC overall. I think the 4th Gen EPYC, so that's Genoa Plus Bergamo actually ramped very nicely. We got to a crossover in the third quarter, which is a little bit ahead of what we had previously forecasted.

當然。因此，我的框架是，我們對第三季的表現非常滿意，因為它與 EPYC 整體相關。我認為第四代 EPYC（霄龍），即 Genoa Plus Bergamo，實際上提升得非常好。我們在第三季度實現了交叉，這比我們之前的預測稍早。

And when I look underneath that, I would say with a strong growth in both cloud. Cloud was strong so strong double digits. The adoption is pretty broad across first-party and third-party workloads and new instances. And then on the enterprise side, we've also seen some nice growth across our OEMs. And so from the standpoint of, is it the market recovery or is it share gain? I think it's some of both.

當我深入了解這一點時，我會說這兩種雲端都有強勁的成長。雲很強大，達到兩位數。在第一方和第三方工作負載以及新實例中，這種採用相當廣泛。然後在企業方面，我們也看到我們的原始設備製造商取得了一些不錯的成長。那麼從角度來看，是市場復甦還是市佔率成長？我認為兩者都有。

From a market standpoint, I would say it's still mixed. I think enterprise is still a little bit mixed depending on sort of which region from a macroeconomic standpoint. Cloud depends a bit on the customer set. But overall, I think we're pleased with the progress and the leadership of EPYC has ended up allowing us to grow substantially in the third quarter and then into the fourth quarter.

從市場的角度來看，我認為仍然是好壞參半。我認為，從宏觀經濟的角度來看，企業的情況仍然有點複雜，這取決於哪個地區。雲端在一定程度上取決於客戶群。但總的來說，我認為我們對進展感到滿意，EPYC 的領導力最終使我們在第三季和第四季實現了大幅成長。

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)。

Just to build off that last question, Jean, I think last quarter, you kind of endorsed the notion that your Data Center business would grow. I think it was in the high single-digit range. I think you started the year thinking like [10]. So I guess the question is, do you still see that kind of growth rate setup? And how has that $400 million evolved underneath that? Has that -- was it $300 million now going to $400 million? Just how has that changed over the course of the last quarter just to level set that Data Center expectation?

為了解決最後一個問題，Jean，我認為上個季度，您有點認可了您的資料中心業務將會成長的想法。我認為它處於高個位數範圍內。我想你在新的一年開始時的想法就像[10]。所以我想問題是，你仍然看到這種成長率設定嗎？那麼這 4 億美元是如何演變的呢？是不是 3 億美元現在變成 4 億美元了？在上個季度中，為了達到資料中心預期的水平，情況發生了怎樣的變化？

Yes. So I think for the second half, we said we expect Data Center business to grow approximately 50% versus first half. But right now based on what we are seeing, we continue to see in that similar range of that 50%. So we are very happy and pleased about the strong momentum of our Data Center business.

是的。因此，我認為下半年，我們預計資料中心業務將比上半年成長約 50%。但現在根據我們所看到的情況，我們繼續看到 50% 的類似範圍。因此，我們對資料中心業務的強勁勢頭感到非常高興和高興。

On the GPU side, Lisa mentioned about $400 million, around $400 million. As we go through the quarter, we have a strong engagement with the customers. So we do see the progress continues and we see customers placing orders. So that's why when we go through the quarter, we start to increasingly confident about the revenue profile in Q4 we are guiding.

GPU方面，Lisa提到了大約4億美元，大約4億美元。在整個季度中，我們與客戶保持著密切的互動。因此，我們確實看到進展在繼續，我們看到客戶下了訂單。因此，這就是為什麼當我們經歷本季時，我們開始對我們指導的第四季度的收入狀況越來越有信心。

Yes. And Aaron, if I could add to that, if I can just add to that. I think what we've seen is the adoption rate of our AI solutions has given us confidence in not just the Q4 revenue number, but also sort of the progression as we go through 2024.

是的。亞倫，如果我可以補充一點，如果我可以補充一點的話。我認為我們所看到的是，我們的人工智慧解決方案的採用率不僅讓我們對第四季的營收數字充滿信心，而且讓我們對 2024 年的進展充滿信心。

Yes, that's helpful. And maybe just the follow-up. How would you characterize the supply side of the equation? As you look at that $2 billion number, do you feel confident that you've got adequate visibility in the supply side to hit those expectations? Any update on that side?

是的，這很有幫助。也許只是後續行動。您如何描述等式中供給方的特徵？當您看到這 20 億美元的數字時，您是否有信心在供應方面有足夠的透明度來實現這些預期？那邊有更新嗎？

Sure, Aaron. So we've been planning the supply chain for the last year and we're always planning for success. So certainly, for the current forecast of greater than $2 billion, we have adequate supply. But we have also planned for a supply chain forecast that could be significantly higher than that, and we would continue to work with customers to build that out.

當然，亞倫。因此，我們去年一直在規劃供應鏈，並且始終為成功做好準備。因此，對於目前超過 20 億美元的預測，我們當然有足夠的供應。但我們也計劃對供應鏈進行預測，該預測可能會遠高於此，並且我們將繼續與客戶合作以實現這一目標。

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。

Following up on the Data Center GPU, can you talk about the breadth of customers that you might see there? How -- I assume it's fairly concentrated in year 1, but you also did mention multiple hyperscalers. Can you just give us a sense for how concentrated that might be?

繼資料中心 GPU 之後，您能談談您可能在那裡看到的客戶範圍嗎？如何——我認為它相當集中在第一年，但您也確實提到了多個超大規模器。您能否讓我們了解一下其集中程度？

Yes. Sure, Joe. So we've been engaging broadly with the customer set. I think in the last earnings call, we said that our engagements had increased 7x. And so there is a lot of interest in MI300. We will start, let's call it, more concentrated in cloud, sort of several large hyperscalers. But we're also very engaged across the enterprise and there's a lot of interest. Our partnerships with the OEMs are quite strong. And when we think about sort of the breadth of customers who are looking for AI solutions, we certainly see an opportunity, especially as we get beyond the initial ramp to broaden the customer set.

是的。當然，喬。因此，我們一直在與客戶群進行廣泛的接觸。我想在上次財報電話會議上，我們表示我們的參與度增加了 7 倍。因此人們對 MI300 很感興趣。我們將開始，讓我們稱之為，更多地集中在雲端上，有點像幾個大型超大規模。但我們整個企業也非常積極參與，大家對此很感興趣。我們與原始設備製造商的合作關係非常牢固。當我們考慮到尋求人工智慧解決方案的客戶的廣度時，我們當然看到了機會，特別是當我們超越最初的階段以擴大客戶群時。

Great. And now that you're getting a look at volume in that space, can you talk about, are the gross margins there going to be comparable to your other Data Center businesses?

偉大的。現在您已經了解了該領域的銷量，您能談談那裡的毛利率與您的其他資料中心業務相當嗎？

Yes. So on the gross margin side, we do expect our GPU gross margin to be accretive to corporate average. Of course, right now, we are at a very, very early beginning of the ramp of the product. As you probably know, typically when you ramp new product, it takes some time to improve yield, testing time, manufacturing efficiency. So typically, it takes a few quarters to ramp the gross margin to a normalized level. But we are quite confident that our team is executing really well.

是的。因此，在毛利率方面，我們確實預期 GPU 毛利率將高於企業平均。當然，現在我們正處於產品升級的非常非常早期的階段。您可能知道，通常當您推出新產品時，需要一些時間來提高產量、測試時間和製造效率。因此，通常需要幾個季度才能將毛利率提高到正常水平。但我們非常有信心我們的團隊執行得非常好。

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 Timothy Arcuri。

Lisa, I also wanted to ask about that $2 billion number for Data Center GPU next year. That's still a pretty small portion, obviously, of the total TAM. Where do you think that can go? Do you think when we look at this out a couple of years, do you think you can be 15%, 20% share for total Data Center GPU or do you have aspirations to be even larger than that?

Lisa，我還想問問明年資料中心 GPU 的 20 億美元的數字。顯然，這仍然只是 TAM 總量的一小部分。你認為這可以去哪裡？您認為，當我們幾年後審視這個問題時，您認為您可以在整個資料中心 GPU 中佔據 15%、20% 的份額，還是您希望獲得更大的份額？

Yes, Tim, I mean, I would say that first of all, this is an incredibly exciting market, right? I think we all see the growth in generative AI workloads. And the fact is we're just at the very early innings of people truly adopting it for enterprise business productivity applications. So I think we are big believers in the strength of the market.

是的，提姆，我的意思是，我想說，首先，這是一個令人難以置信的令人興奮的市場，對吧？我認為我們都看到了生成型人工智慧工作負載的成長。事實上，我們正​​處於人們真正將其用於企業業務生產力應用程式的早期階段。所以我認為我們堅信市場的力量。

We previously said we believe that the compound annual growth rate could be 50% over the next 3 or 4 years. And so we think the market is huge and there will be multiple winners in this market. Certainly, from our standpoint, we want to be -- we're playing to win and we think MI300 is a great product, but we also have a strong road map beyond that for the next couple of generations. And we would like to be a significant player in this market. So we'll see how things play out. But overall, I would say that I am encouraged with the progress that we're making on hardware and software and certainly with the customer set.

我們之前說過，我們相信未來3、4年的年複合成長率可能達到50%。所以我們認為這個市場是巨大的，這個市場將會有多個贏家。當然，從我們的角度來看，我們希望——我們是為了勝利而戰，我們認為 MI300 是一款出色的產品，但我們也為未來幾代人制定了一個強大的路線圖。我們希望成為這個市場的重要參與者。所以我們會看看事情會如何發展。但總的來說，我想說的是，我對我們在硬體和軟體方面以及客戶群方面取得的進展感到鼓舞。

And then Jean, I just wanted to ask on March. I know that there's a lot of moving parts. It sounds like Data Center is up but PC is going to be down, normal seasonal. And Embedded and Gaming sound down as well. So can you just help us shape sort of how to think about March? Is it down a smidge? Is it flat? Could it be up a little bit? And maybe then how to think about like first half, back half next year, if you even want to go there.

然後讓，我只是想在三月問。我知道有很多活動部件。聽起來資料中心已經啟動，但 PC 將會關閉，這是正常的季節性。嵌入式和遊戲的聲音也有所下降。那你能幫助我們思考如何看待三月嗎？是不是有點下降了？是平的嗎？能不能稍微漲一點？也許然後如何考慮明年上半年、下半年，如果你想去那裡的話。

Tim, we're guiding 1 quarter at a time. But just to help you with some of the color, as Lisa mentioned earlier, we said the Data Center GPU revenue will be flattish sequentially. That's the first thing, right? The mix will shift from El Capitan majority in Q4 to predominantly more for AI in Q1. So that -- because of the long lead time manufacturing cycle, we feel like it's going to be a similar level of revenue with the Data Center GPU.

提姆，我們一次指引一個季度。但只是為了幫助您了解一些顏色，正如 Lisa 之前提到的，我們表示資料中心 GPU 收入將環比持平。這是第一件事，對吧？這種組合將從第四季的 El Capitan 佔多數轉向第一季以人工智慧為主。因此，由於製造週期較長，我們認為資料中心 GPU 的收入水準將會相似。

But in general, if you look at our business, we do have a seasonality. Typically Q1, the Client business, server business, Gaming business seasonally is down. Of course, right now, we definitely have a little bit more seasonality, given Embedded and the Gaming dynamics we are seeing right now. Server and Client typically were down sequentially, seasonally too. But overall, I think we are really focused on just execution. We probably can provide more color when we get close to Q1 2024, and especially, Lisa, please add if we have any color we can provide on the whole year 2024.

但總的來說，如果你看看我們的業務，我們確實有季節性。通常第一季度，客戶端業務、伺服器業務、遊戲業務季節性下降。當然，考慮到我們現在看到的嵌入式和遊戲動態，我們現在肯定有更多的季節性。伺服器和客戶端通常會依序、季節性下降。但總的來說，我認為我們真正關注的是執行。當我們接近 2024 年第一季時，我們可能可以提供更多顏色，尤其是 Lisa，如果我們有任何可以在 2024 年全年提供的顏色，請添加。

Yes. No, I think that covers it. When we look at the various pluses and minuses, I think we feel very good about the Data Center business. It continues to be a strong growth driver for us as we think about 2024 for both server as well as our MI300 clients as well, we think incrementally improves from a market standpoint as well as we believe we can gain share, given the strength of our product portfolio. And then we have the headwinds of Embedded in the inventory correction that we'll go through in the first half and the console cycle. So I think those are the puts and takes.

是的。不，我認為這涵蓋了它。當我們考慮各種優點和缺點時，我認為我們對資料中心業務感覺非常好。它仍然是我們強大的成長動力，因為我們考慮到 2024 年伺服器以及 MI300 客戶端，我們認為從市場的角度來看會逐步改善，並且我們相信我們能夠獲得份額，因為我們的實力產品介紹。然後，我們將在上半年和控制台週期中經歷庫存修正中嵌入式的阻力。所以我認為這些就是看跌期權。

And our next question comes from the line of Vivek Arya with Bank of America.

我們的下一個問題來自 Vivek Arya 與美國銀行的聯繫。

Lisa, on the MI300, many of your hyperscaler customers have internal ASIC solutions ready or in the process of getting them ready. So if inference is the primary workload for MI300, do you think it is exposed to replacement by internal ASICs over time? Or do you think both MI300 and ASICs can coexist, right, along with the incumbent GPU solution?

Lisa，在 MI300 上，您的許多超大規模客戶都已準備好或正在準備內部 ASIC 解決方案。因此，如果推理是 MI300 的主要工作負載，您認為隨著時間的推移，它是否會被內部 ASIC 取代？或者您認為 MI300 和 ASIC 可以與現有的 GPU 解決方案共存嗎？

Yes. I think Vivek, when we look at the set of AI workloads going forward, we actually think they're pretty diverse. I mean, you have sort of the large language model training and inference then you have what you might do in terms of fine-tuning off of a foundational model and then you have, let's call it, straight inferencing what you might do there. So I think within that framework, we absolutely believe that MI300 has a strong place in the market, and that's what our customers are telling us and we're working very closely with them. So yes, I think there will be other solutions, but I think for the -- particularly for the LLMs, I think GPUs are going to be the processing of choice and MI300's very, very capable.

是的。我認為 Vivek，當我們審視未來的人工智慧工作負載時，我們實際上認為它們非常多樣化。我的意思是，你進行了某種大型語言模型的訓練和推理，然後你可以對基礎模型進行微調，然後你就可以直接推斷你可以在那裡做什麼。因此，我認為在這個框架內，我們絕對相信 MI300 在市場上擁有強大的地位，這就是我們的客戶告訴我們的，我們正在與他們密切合作。所以，是的，我認為還會有其他解決方案，但我認為，特別是對於法學碩士，我認為 GPU 將成為首選處理方式，而 MI300 的能力非常非常強大。

Got it. And then a question, Lisa, on just this interplay between AI and traditional computing. It seems like especially when it relates to ASPs and units, seems like server CPU makers are kind of holding the line on price per core. But at the same time, the cloud players are extending the depreciation and replacement cycle of traditional server CPUs. So I'm just curious to get your take. What do you think is the interplay between units and ASP, right?

知道了。麗莎，然後問一個關於人工智慧和傳統計算之間相互作用的問題。尤其是當涉及 ASP 和單位時，伺服器 CPU 製造商似乎在堅持每個核心的價格。但同時，雲端玩家正在延長傳統伺服器CPU的折舊和更換週期。所以我很好奇你的看法。您認為單位和 ASP 之間的互動是什麼，對嗎？

If you were to take a snapshot of what you have seen in '23 and how it kind of informs you as you look at '24, that is it possible that maybe unit growth in server is not that high but you are able to make up for it on the ASP side. So just give us some color on, one, what is happening to traditional computing deployments? And secondly, is there a difference in kind of the unit and ASP interplay on the server CPU side?

如果您要對您在 23 年所看到的情況進行快照，以及當您查看 24 年時它如何通知您，那麼伺服器的單位增長可能不是那麼高，但您可以彌補在 ASP 端。那麼請給我們一些說明，第一，傳統運算部署發生了什麼事？其次，伺服器 CPU 端的單元類型和 ASP 互動是否有區別？

Yes. I think it's a good point, Vivek. So I mean, if I take a look at 2023, I think it's been a mixed environment, right? There was a good amount of, let's call it, caution in the overall server market. There was a bit of inventory digestion at some of the cloud guys and then some optimization going on with enterprise, again, somewhat mixed. I think as we go forward, we've returned to growth in the server CPU market. Within that realm, because these -- like for example, 4th Gen EPYC, somewhere between 96 and 128 cores. I mean, you just get a lot of compute for that.

是的。我認為這是一個很好的觀點，維維克。所以我的意思是，如果我看看 2023 年，我認為這是一個混合的環境，對吧？整個伺服器市場中存在著相當多的謹慎情緒。一些雲端運算人員進行了一些庫存消化，然後企業進行了一些優化，同樣，有些混合。我認為，隨著我們的前進，我們已經恢復了伺服器 CPU 市場的成長。在這個領域內，因為這些 - 例如，第四代 EPYC（霄龍），介於 96 到 128 個核心之間。我的意思是，你為此需要大量的計算。

So I do think there is the framework that unit growth may be more modest, but ASP growth, given the core count and the compute capability will contribute to overall growth. So from a traditional server CPU standpoint, I think we do see those trends. 2023 was a mixed environment and I think it improves as we go into 2024.

因此，我確實認為存在一個框架，即單位成長可能會更加溫和，但考慮到核心數量和運算能力，平均售價的成長將有助於整體成長。因此，從傳統伺服器 CPU 的角度來看，我認為我們確實看到了這些趨勢。 2023 年是一個混合的環境，我認為隨著進入 2024 年，情況會有所改善。

And the next question comes from the line of Blayne Curtis with Barclays.

下一個問題來自 Blayne Curtis 與巴克萊銀行的關係。

I want to ask on the Embedded side. I think last quarter, you kind of talked about the headwinds being mostly in the communications end market. You're guiding it down in December. I was curious if that weakness is spread. And then your competitor talked about kind of a reset getting back to pre-pandemic levels. Just kind of curious how you framed that reset? You said it'd be weak to the first half.

我想問嵌入式方面。我認為上個季度，您談到了主要在通訊終端市場的阻力。你將在十二月引導它。我很好奇這種弱點是否會蔓延。然後你的競爭對手談到了某種重置，回到大流行前的水平。只是有點好奇你是如何設計重置的？你說上半場會很弱。

Yes, absolutely, Blayne. So I think when we look at end markets, I think communications was weak in sort of last quarter and it certainly continues to be weak. We see 5G sort of CapEx just down overall. On the other market where we see a little bit of, let's call it, soft end market demand would be industrial and that's a little bit more geographic, so a little bit worse in Europe than in other geographies.

是的，絕對如此，布萊恩。因此，我認為，當我們審視終端市場時，我認為上個季度的溝通很薄弱，而且肯定會繼續疲軟。我們看到 5G 資本支出總體下降。在另一個市場上，我們看到一點，我們稱之為軟終端市場需求將是工業性的，而且地域性更大一些，所以歐洲的情況比其他地區要差一些。

The other end markets are actually relatively good. And what we just see is that inventory is high, just given where we were with lead times coming into the sort of through the pandemic and with the high demand that was out there. As the lead times have normalized, people are drawing down their inventories and they have an opportunity to do that, given the normalization. So from an overall standpoint, we think demand is solid.

其他終端市場其實也比較好。我們剛剛看到的是庫存很高，考慮到我們在疫情期間的交貨時間和市場的高需求。隨著交貨時間的正常化，人們正在減少庫存，鑑於正常化，他們有機會這樣做。因此，從整體角度來看，我們認為需求是穩固的。

And what we view is that we have a very strong portfolio in Embedded. We like sort of the combination of the, let's call it, the classic Xilinx portfolio together with the Embedded processing capabilities that we add. Customers have seen sort of that portfolio come together, and we've gotten some nice design win traction as a result of that. So we have to get through sort of the next couple of quarters of inventory correction, and then we believe we'll return to growth in the second half of the year.

我們認為，我們在嵌入式領域擁有非常強大的產品組合。我們喜歡將經典的 Xilinx 產品組合與我們添加的嵌入式處理功能相結合。客戶已經看到了這樣的產品組合，我們因此獲得了一些不錯的設計贏得了關注。因此，我們必須完成接下來幾季的庫存調整，然後我們相信我們將在今年下半年恢復成長。

And then I just wanted to ask on the PC market. I think you and Intel have seen -- you were under-shipping in the first half. Maybe you're kind of overshipping a little bit now, restocking. I'm just kind of curious of your perspective of what that normalized run rate is in terms of the size of the PC market and kind of any perspective if inventory levels are starting to move back up.

然後我只是想問PC市場。我想你和英特爾都已經看到了——上半年的出貨量不足。也許你現在有點超量了，正在補貨。我只是有點好奇你對個人電腦市場規模的標準化運作率的看法，以及庫存水準是否開始回升的任何看法。

Yes. I would say, again, Blayne, when we looked at sort of the third quarter and sort of the environment that we're in now, I think inventory levels are relatively normalized, and so the selling and consumption are fairly close. We were building up for a holiday season that is a strong season for us overall.

是的。我想說，布萊恩，當我們審視第三季的情況以及我們現在所處的環境時，我認為庫存水準相對正常化，因此銷售和消費相當接近。我們正在為假期做好準備，這對我們來說總體來說是一個強勁的季節。

When I think about the size of the market, I think from a consumption standpoint this year is probably somewhere like 250 million to 255 million units or so. We expect some growth going into 2024 as we think about sort of the AI PC cycle and some of the Windows refresh cycles that are out there. And I think the PC market returns to, let's call it, a typical seasonality, in which underneath that, we have a strong product portfolio. And we are very much focused on growing in places like high-end gaming, ultrathins, premium consumer as well as commercial. So those are -- that's how sort of we see the PC market.

當我考慮市場規模時，我認為從消費的角度來看，今年可能是2.5億到2.55億台左右。我們預計 2024 年會出現一些成長，因為我們考慮到了人工智慧 PC 週期和現有的一些 Windows 更新週期。我認為個人電腦市場回歸了，我們稱之為典型的季節性，在此之下，我們擁有強大的產品組合。我們非常專注於高階遊戲、超薄、高階消費以及商業等領域的發展。這就是我們對個人電腦市場的看法。

And the next question comes from the line of Matt Ramsay with TD Cowen.

下一個問題來自 Matt Ramsay 和 TD Cowen 的對話。

Lisa, I wanted to maybe ask the AI question a little bit differently, not just focused on your GPU portfolio but more broadly. I think one of the big surprises to a lot of us is how quickly the AI market changed from accelerator cards to selling full servers or full systems for your primary competitor. And they've done a lot of innovation not just on GPU but on CPU on their own custom interconnect, et cetera.

Lisa，我想以稍微不同的方式提出人工智慧問題，不僅關注您的 GPU 產品組合，而且關注更廣泛的領域。我認為對我們許多人來說最大的驚喜之一是人工智慧市場從加速卡轉變為向主要競爭對手銷售完整伺服器或完整系統的速度有多快。他們不僅在 GPU 上進行了大量創新，還在自己的客製化互連的 CPU 上進行了許多創新，等等。

So what I'd like to hear a little bit of an update on is just how you think about your road map going forward across CPU, GPU and networking and particularly the networking part as you look to continue to advance your AI portfolio.

因此，我想聽到的一點更新是，當您希望繼續推進 AI 產品組合時，您如何看待 CPU、GPU 和網路方面的未來路線圖，特別是網路部分。

Yes. Thanks, Matt. I think it's an important point. What we're seeing with these AI systems is they are truly complicated when you think about putting all of these components together. We are certainly working very closely with our partners in putting together sort of the full system, CPU, GPUs as well as the networking capability.

是的。謝謝，馬特。我認為這是很重要的一點。我們在這些人工智慧系統中看到的是，當你考慮將所有這些組件組合在一起時，它們確實非常複雜。當然，我們正在與合作夥伴密切合作，整合完整的系統、CPU、GPU 以及網路功能。

Our Pensando acquisition has actually been really helpful in this area. I think we have a world-class team of experts in this area, and we're also partnered with some of the networking ecosystem overall. So going forward, I don't think we're going to sell full systems, let's call it, AMD-branded systems. We believe that there are others who are more set up for that. But I think from a definition standpoint and when we're doing development, we are certainly doing development with the notion of what that full system will look like. And we'll work very closely with our partners to ensure that, that's well defined so that it's easy for customers to adopt our solutions.

我們收購 Pensando 實際上在這個領域非常有幫助。我認為我們在該領域擁有世界一流的專家團隊，並且我們還與整個網路生態系統的一些合作夥伴。因此，展望未來，我認為我們不會銷售完整的系統，我們稱之為 AMD 品牌系統。我們相信還有其他人對此更有準備。但我認為從定義的角度來看，當我們進行開發時，我們肯定是在考慮整個系統的外觀的概念。我們將與合作夥伴密切合作，確保這一點得到明確定義，以便客戶輕鬆採用我們的解決方案。

As my second question, Jean, I wanted to dig into gross margin a little bit and just, I guess, complement you and the team on being able to guide up for the fourth quarter. Sequentially, gross margin if we, I guess, rewound the clock back to the beginning of the year and the Embedded segment would be down from the peak to where you're guiding the fourth quarter, maybe down by 1/3. I wouldn't have thought gross margin would have hung in as well and grown sequentially each quarter through the year. Obviously, Client margins got better. But maybe you could walk us through some of the puts and takes on gross margin, and inside of each segment, where you're making progress because I imagine some of that progress is pretty positive underneath.

作為我的第二個問題，Jean，我想深入了解毛利率，我想，只是對您和團隊能夠指導第四季度的能力進行補充。接下來，我猜，如果我們把時間倒回年初，嵌入式部門的毛利率將從峰值下降到第四季度的指導水平，可能會下降 1/3。我沒想到毛利率也會保持不變，並且全年每季都在連續成長。顯然，客戶利潤有所提高。但也許你可以向我們介紹毛利率的一些看跌期權和承擔額，以及每個細分市場的內部情況，你正在這些領域取得進展，因為我認為其中一些進展是非常積極的。

Yes, Matt, thank you for the question. Yes, there are a few puts and takes, especially in a mixed demand environment. So let me just comment on Q3 first. We are very pleased with our gross margin expansion sequentially, 140 basis points. As you mentioned, the Embedded segment, revenue actually declined double digits sequentially.

是的，馬特，謝謝你的提問。是的，有一些看跌期權，特別是在混合需求環境中。所以讓我先評論一下第三季。我們對毛利率季增 140 個基點感到非常滿意。正如您所提到的，嵌入式領域的收入實際上連續下降了兩位數。

There are 2 primary drivers. The first one is definitely Data Center grew 21% sequentially, which should provide a tailwind to our gross margin. Secondly, as we go through the inventory correction in PC market, we did encounter some headwinds in the Client segment gross margin. And in Q3, we saw very significant improvement with our client segment gross margin. I think going forward, the pace of Client segment improvement will moderate, but it will continue to drive incremental gross margin improvement in Client segment.

有 2 個主要驅動因素。第一個肯定是資料中心環比成長了 21%，這應該會為我們的毛利率帶來推動力。其次，當我們經歷PC市場的庫存調整時，我們確實在客戶端業務毛利率方面遇到了一些阻力。在第三季度，我們看到我們的客戶群毛利率有了非常顯著的改善。我認為，展望未來，客戶細分市場的改善步伐將會放緩，但它將繼續推動客戶細分市場毛利率的增量改善。

So that really is why we are able to drive sequential growth in Q3. And in Q4, I would say the major dynamics is with a very strong double-digit growth in Data Center business, we definitely have the tailwind, which more than offset the Embedded segment decline sequentially double digit again. I think going forward, it's really mix, primarily mix, is driving our gross margin, but we feel pretty good about second half next year when we can expand the Data Center significantly and especially Embedded segment start to recover, we should be able to drive more meaningful gross margin improvement in second half.

這確實是我們能夠推動第三季連續成長的原因。在第四季度，我想說的主要動力是資料中心業務非常強勁的兩位數成長，我們肯定有順風車，這足以抵消嵌入式領域再次兩位數的下滑。我認為展望未來，這確實是混合，主要是混合，正在推動我們的毛利率，但我們對明年下半年感覺非常好，屆時我們可以大幅擴展數據中心，特別是嵌入式細分市場開始復蘇，我們應該能夠推動下半年毛利率改善更為有意義。

And the next question comes from the line of Ross Seymore with Deutsche Bank.

下一個問題來自羅斯·西莫爾與德意志銀行的對話。

Lisa, I had a question on the MI300 side of things. When you go to market, obviously, there's been shortages this year of GPU accelerators, and so a second source is definitely needed. But beyond just providing that second source role, can you just walk us through some of the competitive advantages that the customer lists that you're going to talk about on the sixth is finding to be so attractive relative to your primary competitor?

麗莎，我有一個關於 MI300 方面的問題。當你進入市場時，顯然，今年 GPU 加速器出現短缺，因此肯定需要第二個來源。但是，除了提供第二個來源角色之外，您能否向我們介紹客戶列出的一些競爭優勢，您將在第六次討論中發現這些優勢相對於您的主要競爭對手非常有吸引力？

Yes. I think there's a couple of different things, Ross. I mean, if we start with, it's just a very capable product. The way it's designed from a triplet standpoint, we have a very strong compute as well as memory capacity and memory bandwidth. In inference, in particular, that's very helpful. And the way to think about it is on these larger language models, you can't fit the model on 1 GPU. You actually need multiple GPUs.

是的。我認為有一些不同的事情，羅斯。我的意思是，如果我們開始的話，它只是一個非常有能力的產品。從三元組的角度來看，它的設計方式使我們擁有非常強大的運算能力以及記憶體容量和記憶體頻寬。特別是在推理方面，這非常有幫助。思考這個問題的方法是在這些更大的語言模型上，你無法在 1 個 GPU 上安裝模型。您實際上需要多個 GPU。

And if you have more memory, you can actually use fewer GPUs to infer those models, and so it's very beneficial from a total cost of ownership standpoint. From a software standpoint, this has been perhaps the area where we've had to invest more and do more work. Our customers and partners are actually moving towards an area where they're more able to move across different hardware so really optimizing at the higher-level frameworks. And that's reducing the barrier of entry of sort of taking on a new solution.

如果你有更多的內存，你實際上可以使用更少的 GPU 來推斷這些模型，因此從總擁有成本的角度來看，這是非常有利的。從軟體的角度來看，這可能是我們必須投入更多資金並做更多工作的領域。我們的客戶和合作夥伴實際上正在走向一個更能夠跨不同硬體移動的領域，從而真正在更高層級的框架上進行最佳化。這降低了採用新解決方案的進入障礙。

And we're also talking very much about, going forward, what the road map is. It's very similar to our EPYC evolution. When you think about sort of the -- our closest partners in the cloud environment, we work very closely to make each generation better. So I think MI300 is an excellent product and we'll keep evolving on that as we go through the next couple of generations.

我們也大量討論了未來的路線圖。它與我們的 EPYC（霄龍）演進非常相似。當你想到我們在雲端環境中最親密的合作夥伴時，我們密切合作，讓每一代人都變得更好。所以我認為 MI300 是一款出色的產品，我們將在接下來的幾代產品中持續發展。

For my follow-up, I want to focus on the OpEx side of things. You guys have kept that pretty tight over the years. Jean, I just wondered what the puts and takes on that might be heading into 2024. I think you're exiting this year at about up kind of high single digits, maybe 10% year-over-year. Any sort of unique puts and takes, especially as you guys are driving for all that MI300 success as we think about OpEx generally in 2024?

對於我的後續內容，我想專注於營運支出方面。多年來你們一直保持著非常緊密的關係。 Jean，我只是想知道 2024 年可能會發生什麼。我認為今年你的退出價格大約是個位數的高位，可能比去年同期成長 10%。任何獨特的投入和採取，特別是當你們正在推動 MI300 的成功時，我們一般會考慮 2024 年的營運支出？

Yes, thanks for the question. Our team has done an absolutely great job in reallocating resources within our budget envelope to really invest in the most important areas in AI and the data center. We are actually in the planning process for 2024. I can comment on a very high level, given tremendous opportunities we have in AI and the Data Center, we definitely will increase both R&D investment and go-to-market investment to address those opportunities.

是的，謝謝你的提問。我們的團隊在預算範圍內重新分配資源方面做得非常出色，以真正投資於人工智慧和資料中心最重要的領域。我們實際上正在規劃 2024 年。我可以在一個非常高的水平上發表評論，鑑於我們在人工智慧和資料中心方面擁有巨大的機會，我們肯定會增加研發投資和上市投資來抓住這些機會。

I think the way to think about it is our objective is to drive top line revenue growth much faster than OpEx growth, so our investment can drive long-term growth. And we also can leverage our operating model really actually expand earnings much faster than revenue. That's really how we think about running the company and driving the operating margin expansion.

我認為思考這個問題的方式是我們的目標是推動營收成長遠遠快於營運支出成長，因此我們的投資可以推動長期成長。我們還可以利用我們的營運模式，真正以比收入更快的速度擴大收益。這確實是我們經營公司和推動營業利潤率擴張的方式。

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

下一個問題來自 Harsh Kumar 和 Piper Sandler 的台詞。

Lisa, I had a strategic one for you and then somewhat of a tactical one. On the strategic side, as your key competitor is sort of getting their act together on the manufacturing technology and the nodes, would it not be feasible to think that their manufacturing cost could be significantly better, let's say, than that of yours? And so if that's the case down the line 1 year or 2 years out, I'm curious what kind of value-add offerings would AMD have to provide to a customer to keep the market share that you have in the server space, data center space and then keep that growing as well?

麗莎，我為你準備了一份策略性的報告，然後為你準備了一份戰術性的報告。在策略方面，由於您的主要競爭對手在製造技術和節點上採取了一致行動，因此認為他們的製造成本可能比您的製造成本明顯更好是不是可行？因此，如果一年或兩年後發生這種情況，我很好奇 AMD 必須向客戶提供什麼樣的增值產品，以保持您在伺服器領域、資料中心的市場份額空間，然後保持成長？

Yes, Harsh, maybe I should just take a step back and just talk about sort of the engagement that we have with our data center customers. When we think about sort of the EPYC portfolio and what we've been able to build over the last few generations and what we have going forward with Zen 5 and beyond, process technology is only 1 piece of the optimization. It's really about process technology, packaging. We're leading sort of the usage of chiplets and 2.5D and 3D integration and then when you go to architecture and design. So it's really the holistic product.

是的，哈什，也許我應該退後一步，談談我們與資料中心客戶的互動。當我們考慮 EPYC 產品組合、我們在過去幾代中所建造的內容以及我們在 Zen 5 及更高版本中所取得的進展時，製程技術只是優化的一部分。這實際上與工藝技術、包裝有關。我們在小晶片的使用以及 2.5D 和 3D 整合方面處於領先地位，然後在架構和設計方面也處於領先地位。所以它確實是整體產品。

And from a pricing standpoint, actually, price is only 1 aspect of the conversation. Much of the conversation is on how much performance can you give me at what efficiency. So from a -- from an overall efficiency standpoint, I think we've developed fantastic products. We are working closely with our customers to ensure that we continue to evolve our overall portfolio. So I think from a value-added standpoint, it's providing the best TCO is what our customers are looking for, and that's where our road map is headed.

從定價的角度來看，實際上，價格只是談話的一個面向。談話的大部分內容是關於你能以什麼效率為我提供多少性能。因此，從整體效率的角度來看，我認為我們已經開發了出色的產品。我們正在與客戶密切合作，以確保我們不斷發展我們的整體產品組合。因此，我認為從增值的角度來看，提供最佳的 TCO 是我們的客戶所尋求的，也是我們路線圖的發展方向。

Going forward, I think having the CPU, the GPU, the FPGAs, the DPUs, I think it gives us actually a nice portfolio to really optimize not just on a single component basis but on sort of all of the different workloads that you need in the data center.

展望未來，我認為擁有CPU、GPU、FPGA、DPU，我認為這實際上為我們提供了一個很好的產品組合，不僅可以在單個組件的基礎上進行真正的優化，還可以在您需要的所有不同工作負載上進行最佳化。資料中心。

Very helpful, Lisa. And then for my follow-up, a lot of folks that we talk to think that compute game is shifting completely from CPUs to GPUs. So it was actually very encouraging to hear you talk about your core EPYC CPUs and the traction that you're seeing with the new generation of CPUs. So I'm curious, if I was to ask you how you think the long-term growth prospects for the next, call it, 2 to 3 to 4 years are for your CPU business, not the GPU but the CPU business, I'm curious what the answer would be.

非常有幫助，麗莎。接下來，我們採訪的許多人都認為計算遊戲正在從 CPU 完全轉向 GPU。因此，聽到您談論您的核心 EPYC CPU 以及您所看到的新一代 CPU 的吸引力，實際上非常令人鼓舞。所以我很好奇，如果我問你如何看待接下來的長期成長前景，稱之為，2到3到4年是你的CPU業務，不是GPU而是CPU業務，我’我很好奇答案是什麼。

Yes. So look, I'm a big believer and you need all types of compute in the data center, especially when you look at the diverse set of workloads. There's a lot of excitement around AI, and we are very much clear that, that is the #1 priority from a growth standpoint going forward. But the EPYC CPU business, we feel like we've consistently gained share throughout the last few years.

是的。所以看，我是一個堅定的信徒，你需要在資料中心進行所有類型的計算，特別是當你考慮不同的工作負荷時。圍繞人工智慧有很多令人興奮的事情，我們非常清楚，從未來成長的角度來看，這是第一要務。但在 EPYC CPU 業務上，我們感覺過去幾年我們的份額一直在增加。

And even with that, we're still underrepresented in large portions of the market, right? We're underrepresented in enterprise. We've seen some nice sort of sequential growth and nice prospects there, but there's a lot more we can do in enterprise. And we're still underrepresented in cloud third-party workloads, which, again, it's a -- you have to sell through the cloud manufacturers. So I think overall, we feel good about our EPYC leadership and also our go-to-market efforts that will help us continue to grow that business in 2024 and beyond.

即便如此，我們在大部分市場中的代表性仍然不足，對嗎？我們在企業中的代表性不足。我們已經看到了一些不錯的連續成長和良好的前景，但在企業領域我們還有很多事情要做。我們在第三方雲端工作負載中的代表性仍然不足，這又是一個——你必須透過雲端製造商進行銷售。因此，我認為總體而言，我們對 EPYC 的領導地位以及我們的上市努力感到滿意，這將幫助我們在 2024 年及以後繼續發展這項業務。

Operator, we have time for 2 more questions.

接線員，我們還有時間回答 2 個問題。

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)。

First, I wanted to just dial in on the Q4 guidance. If you are going to grow Data Center 50% half over half and I assume Client is up sequentially, it implies Gaming and Embedded both likely down sequentially in the 20% range. I know you said double digits. But is that right? And if that is true, especially for Embedded, what does that mean going forward into next year? I know you said it's going to be weak in the first half. Does that mean -- I mean, is it stable at these levels or does it continue to decline through the first half until things stabilize? Just how do we think about that in the context of the guidance that you've given for Q4?

首先，我想了解一下第四季的指導。如果您打算將資料中心成長 50%，並且我假設客戶端會連續成長，這意味著遊戲和嵌入式可能會連續下降 20% 的範圍。我知道你說的是兩位數。但這是對的嗎？如果這是真的，特別是對於嵌入式來說，這對明年意味著什麼？我知道你說過上半場會很弱。這是否意味著——我的意思是，它是穩定在這些水平上，還是在上半年繼續下降，直到情況穩定下來？在您為第四季度提供的指導的背景下，我們如何看待這一點？

Yes. Sure, Stacy. Let me take that and then Jean might add a few comments. So without getting very specific, I would say I think your comments about Data Center and Client are correct. And then from an Embedded and Gaming standpoint, we would say Embedded, think about it down similar levels sort of in the teens compared to sort of Q3 was down in the teens and Q4 will be down in the teens. And then Gaming, from a console standpoint, we do expect that to be down a bit more than that.

是的。當然，史黛西。讓我接受一下，然後吉恩可能會添加一些評論。因此，在沒有非常具體的情況下，我想說我認為您對資料中心和客戶端的評論是正確的。然後從嵌入式和遊戲的角度來看，我們會說嵌入式，想想它在十幾歲的時候下降了類似的水平，與第三季度下降到十幾歲和第四季度將下降到十幾歲相比。然後是遊戲，從遊戲機的角度來看，我們確實預期下降幅度會更大一些。

And then as we go into Q1, again without being -- there are lots of things that need to happen. We would expect that both gaming and embedded would be down into Q1 as well and sort of the other comments would be more around seasonality. Does that help?

然後，當我們進入第一季時，同樣沒有——有很多事情需要發生。我們預計遊戲和嵌入式業務也將下降到第一季度，而其他評論將更多地圍繞季節性。這樣有幫助嗎？

That does help. For my follow-up, again, I wanted to ask about gross margins. So I know that they've been extending through the year, but for the full year, they're actually down. And I get the mix things and everything else. But as I look into next year, like how do I think about this because it sounds like Embedded is going to be pretty weak next year. Client is what it is. Data Center is growing but it does feel like even if the GPUs are accretive, they're not accretive yet, and it's going to take them a while to get to be accretive.

這確實有幫助。對於我的後續行動，我想再次詢問毛利率。所以我知道他們今年一直在延長，但全年來看，他們實際上是下降的。我得到了混合的東西和其他一切。但當我展望明年時，我會如何看待這個問題，因為聽起來嵌入明年會非常疲軟。客戶就是這樣。資料中心正在成長，但確實感覺即使 GPU 具有增值性，但它們還沒有增值，而且需要一段時間才能實現增值。

Like how much do you think you can expand gross margins year-over-year like in '24 versus '23, given the trends that we have entering the year?

考慮到我們進入今年的趨勢，您認為您的毛利率可以比去年同期增長多少，就像 24 年與 23 年相比？

Stacy, I'll say the first thing is if you look at 2023, it's a very unusual year for the industry, right, especially the PC market. It's one of the worst down cycles during the last 3 decades. So during that kind of a down cycle, definitely, we had headwinds on gross margin side, on our Client business, which we have made significant progress in Q3 and Q4 in second half.

Stacy，我想說的第一件事是，如果你看看 2023 年，這對於整個行業來說是非常不尋常的一年，對吧，尤其是 PC 市場。這是過去 3 年來最嚴重的衰退週期之一。因此，在這種下行週期中，我們的客戶業務在毛利率方面肯定遇到了阻力，而我們在下半年的第三季和第四季取得了重大進展。

Going into next year, the mix primarily is the driver of our gross margin. The way to think about it is Data Center is going to be the largest incremental revenue contributor next year. And then with both Gaming and Embedded facing continued sequential decline, I think it's all about the mix. We do expect next year will improve gross margin versus 2023, especially second half. So that's how we think about it right now.

進入明年，這個組合主要是我們毛利率的驅動力。思考這個問題的方式是，資料中心將成為明年最大的增量收入貢獻者。然後，由於遊戲和嵌入式都面臨持續的連續下滑，我認為這一切都是關於組合的。我們確實預計明年的毛利率將比 2023 年有所改善，尤其是下半年。這就是我們現在的想法。

And our final question comes from the line of Christopher Rolland with Susquehanna.

我們的最後一個問題來自克里斯多福羅蘭和薩斯奎哈納的台詞。

There was an article suggesting that you guys could be interested in doing some ARM-based CPUs. I guess I'd love any thoughts that you have there on that architecture for PC. But also Apple has their M3 out now. It seems pretty robust. Qualcomm has an X Elite new chip. It was rumored NVIDIA might be doing that as well. Would love your expectations for this market. And what does that mean for the TAM for AMD moving forward?

有一篇文章建議你們可能有興趣製作一些基於 ARM 的 CPU。我想我很想聽聽您對 PC 架構的任何想法。蘋果現在也推出了 M3。看起來相當健壯。高通有一款 X Elite 新晶片。有傳言說 NVIDIA 也可能會這麼做。很高興您對這個市場的期望。這對 AMD 的 TAM 發展意味著什麼？

Yes. Sure, Chris. Thanks for the question. So look, the way we think about ARM, ARM is a partner in many respects so we use ARM throughout parts of our portfolio. I think as it relates to PCs, x86 is still the majority of the volume in PCs. And if you think about sort of the ecosystem around x86 and Windows, I think it's been a very robust ecosystem.

是的。當然，克里斯。謝謝你的提問。所以看，我們對 ARM 的看法是，ARM 在很多方面都是合作夥伴，因此我們在產品組合的各個部分中都使用 ARM。我認為，就 PC 而言，x86 仍然佔據 PC 銷量的大部分。如果你考慮 x86 和 Windows 周圍的生態系統，我認為這是一個非常強大的生態系統。

What I'm most excited about in PCs is actually the AI PC. I think the AI PC opportunity is an opportunity to redefine what PCs are in terms of productivity tool and really sort of operating on sort of user data. And so I think we're at the beginning of a wave there. We're investing heavily in Ryzen AI and the opportunity to really broaden sort of the AI capabilities of PCs going forward. And I think that's where the conversation is going to be about.

在 PC 領域，我最感興趣的其實是 AI PC。我認為人工智慧 PC 機會是一個重新定義 PC 的生產力工具和真正對使用者資料進行操作的機會。所以我認為我們正處於這一浪潮的開始。我們正在大力投資 Ryzen AI，並有機會真正擴大未來 PC 的 AI 功能。我認為這就是談話的主題。

It's going to be less about what instructions that you're using and more about what experience are you delivering to customers. And from that standpoint, I think that we have a very exciting portfolio that I feel good about over the next couple of years.

重點不再在於您正在使用什麼說明，而更多在於您為客戶提供什麼體驗。從這個角度來看，我認為我們擁有一個非常令人興奮的產品組合，我對未來幾年感覺很好。

And 1 quick 1 on FPGA for the Data Center in particular. That was a really cool fintech win. I understand that. Can you talk about where we stand in Data Center FPGA and that outlook, FPGA for AI? And could we even mix in an FPGA into the MI300 tile at some point or is there really, at this point, not an AI market for FPGA?

特別是針對資料中心的 FPGA 1 Quick 1。這是一次非常酷的金融科技勝利。我明白那個。您能談談我們在資料中心 FPGA 方面的立場以及面向 AI 的 FPGA 的前景嗎？我們是否可以在某個時候將 FPGA 混合到 MI300 模組中，或者目前是否真的沒有 FPGA 的人工智慧市場？

Yes. I mean, Chris, the way I think about sort of FPGAs in the data center, it's another compute element. We do use FPGAs or there are FPGAs in a number of the systems. I would say from a revenue contribution standpoint, it's still relatively small sort of in the near term. We have some design wins going forward that we would see that content grow but that won't be so much in 2024, that will be beyond that.

是的。 Chris，我的意思是，我對資料中心 FPGA 的看法是，它是另一個計算元素。我們確實使用 FPGA，或許多系統中都有 FPGA。我想說，從收入貢獻的角度來看，短期內它仍然相對較小。我們在未來取得了一些設計成果，我們會看到內容有所成長，但到 2024 年不會有那麼多，甚至會超出這個範圍。

And part of our value proposition, I think, to our data center partners is, look, whatever compute element you need, whether it's CPUs or GPUs or FPGAs or DPUs or -- we have the ability to sort of bring those components together. And that is a strong point as we think about just how heterogeneous these data centers are going forward. So thank you for that.

我認為，對於我們的資料中心合作夥伴來說，我們價值主張的一部分是，無論您需要什麼運算元素，無論是 CPU、GPU、FPGA、DPU，還是我們有能力將這些元件組合在一起。當我們思考這些資料中心未來的異質程度時，這是一個重點。非常感謝你的幫忙。

At this time, we have reached the end of the question-and-answer session. Now I'd like to turn the floor back over to Mitch for any closing comments.

此時，我們的問答環節已經結束了。現在我想把發言權交還給米奇，徵求結束語。

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。

And ladies and gentlemen, this does conclude today's teleconference. You may disconnect your lines at this time. Thank you for your participation.

女士們、先生們，今天的電話會議到此結束。此時您可以斷開線路。感謝您的參與。