超微半導體 (AMD) 2023 Q4 法說會逐字稿

Greetings, and welcome to the AMD Fourth Quarter and Full Year 2023 Conference Call. (Operator Instructions) And as a reminder, this conference is being recorded.

大家好，歡迎參加 AMD 2023 年第四季和全年電話會議。 （操作員說明）謹此提醒，本次會議正在錄製中。

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 Fourth Quarter and Full Year 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 have not had the chance to review these materials, they can be found on the Investor Relations page of amd.com. We will refer primarily to non-GAAP financial measures during today's call. The full non-GAAP to GAAP reconciliations are available in today's press release and the slides posted on our website.

謝謝 John，歡迎參加 AMD 2023 年第四季和全年財務業績電話會議。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。如果您還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。在今天的電話會議中，我們將主要參考非公認會計原則的財務指標。完整的非 GAAP 與 GAAP 調整表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 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. Before we begin, I would like to note that Mark Papermaster, Executive Vice President and Chief Technology Officer, will attend the Bernstein Tech, Media, Telecom & Consumer 1:1 Forum on Tuesday, February 28; and Jean Hu, Executive Vice President, Chief Financial Officer and Treasurer, will attend the Wolfe Research Semiconductor Conference on Tuesday, February 15 and the Morgan Stanley Technology, Media & Telecom Conference on March 5.

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。在我們開始之前，我想指出，執行副總裁兼首席技術長 Mark Papermaster 將出席 2 月 28 日星期二舉行的 Bernstein 科技、媒體、電信和消費者 1:1 論壇；執行副總裁、財務長兼財務主管 Jean Hu 將出席 2 月 15 日星期二舉行的沃爾夫研究半導體會議以及 3 月 5 日舉行的摩根士丹利技術、媒體和電信會議。

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

今天的討論包含基於當前信念、假設和期望的前瞻性陳述；只講今天的內容；因此，涉及風險和不確定性，可能導致實際結果與我們目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。

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

這樣，我就把電話轉給麗莎。

Thank you, Mitch, and good afternoon to all those listening in today. We finished 2023 strong as data center sales accelerated significantly throughout the year despite the mixed demand environment. As a result, we delivered record data center segment annual revenue and strong top line and bottom line growth in the fourth quarter, driven by the ramp of Instinct AI accelerators and robust demand for EPYC server CPUs across cloud, enterprise and AI customers.

謝謝你，米奇，今天所有聽眾下午好。儘管需求環境複雜，但資料中心銷售全年顯著加速，我們在 2023 年取得了強勁的業績。因此，在 Instinct AI 加速器的成長以及雲端、企業和 AI 客戶對 EPYC 伺服器 CPU 的強勁需求的推動下，我們在第四季度實現了創紀錄的資料中心部門年收入以及強勁的營收和利潤成長。

Looking at our financial results. Fourth quarter revenue increased 10% year-over-year to $6.2 billion, driven by significant double-digit percentage growth in our data center and client segments. On a full year basis, annual revenue declined 4% to $22.7 billion as record data center and embedded segment annual revenue was offset by lower client and gaming segment revenue. Importantly, Data Center and Embedded segment annual revenue grew by $1.2 billion and accounted for more than 50% of revenue in 2023 as we gained server share, launched our next-generation Instinct AI accelerators and maintained our position as the industry's largest provider of adaptive computing solutions.

看看我們的財務表現。第四季營收年增 10%，達到 62 億美元，這得益於我們的資料中心和客戶細分市場兩位數百分比的大幅成長。全年營收下降 4%，至 227 億美元，因為創紀錄的資料中心和嵌入式部門年收入被客戶端和遊戲部門收入下降所抵消。重要的是，隨著我們獲得伺服器份額、推出下一代Instinct AI 加速器並保持行業最大自適應計算提供商的地位，資料中心和嵌入式部門的年收入增長了12 億美元，佔2023 年收入的50 % 以上解決方案。

Turning to the fourth quarter business results. Data Center segment revenue grew 38% year-over-year and 43% sequentially to a record $2.3 billion. Server CPU and Data Center GPU sales both set quarterly and annual revenue records as sales of our Data Center products accelerated throughout the year. We gained server CPU revenue share in the quarter, driven by significant double-digit percentage growth in fourth-gen EPYC processor revenue and demand for our third-gen EPYC processor portfolio.

轉向第四季的業績。資料中心部門營收年增 38%，季增 43%，達到創紀錄的 23 億美元。隨著我們資料中心產品的銷售全年加速，伺服器 CPU 和資料中心 GPU 銷售雙雙創下季度和年度收入記錄。在第四代 EPYC 處理器收入顯著兩位數百分比增長以及對第三代 EPYC 處理器產品組合的需求的推動下，我們在本季度獲得了伺服器 CPU 收入份額。

In cloud, while the overall demand environment remains soft, server CPU revenue increased year-over-year and sequentially as North American hyperscalers expanded fourth-gen EPYC processor deployments to power their internal workloads and public instances. Amazon, Alibaba, Google, Microsoft and Oracle brought more than 55 AMD-powered AI, HPC and general-purpose cloud instances into preview or general availability in the fourth quarter. Exiting 2023, there were more than 800 EPYC CPU-based public cloud instances available. We expect this number to grow in 2024 based on the leadership performance, efficiency and features of our EPYC CPU portfolio.

在雲端領域，雖然整體需求環境仍然疲軟，但隨著北美超大規模企業擴大第四代 EPYC 處理器部署以為其內部工作負載和公共實例提供支持，伺服器 CPU 收入逐年增長並連續增長。亞馬遜、阿里巴巴、Google、微軟和甲骨文在第四季將超過 55 個基於 AMD 的 AI、HPC 和通用雲端實例引入預覽版或正式版。到 2023 年，已有超過 800 個基於 EPYC CPU 的公有雲實例可用。基於我們 EPYC CPU 產品組合的領先效能、效率和功能，我們預計這一數字將在 2024 年成長。

In enterprise, sales accelerated by a significant double-digit percentage in the quarter as we built momentum with Forbes 2000 customers. We closed multiple wins with large financial, energy, automotive, retail, technology and pharmaceutical companies, positioning us well for continued growth based on expanded production deployments planned for 2024. A growing number of customers are adopting EPYC CPUs for inferencing workloads where our leadership throughput performance delivers significant advantages on smaller models like LLaMA-7b as well as to power head nodes in large training and inference clusters.

在企業領域，隨著我們與福布斯 2000 強客戶建立勢頭，本季銷售額顯著成長了兩位數百分比。我們與大型金融、能源、汽車、零售、科技和製藥公司取得了多項勝利，為我們在計劃於2024 年擴大生產部署的基礎上實現持續成長做好了準備。越來越多的客戶正在採用EPYC CPU 來處理推理工作負載，而我們的吞吐量處於領先地位性能在 LLaMA-7b 等較小模型以及大型訓練和推理集群中的動力頭節點上提供了顯著的優勢。

Looking ahead, customer excitement for our upcoming Turin family of EPYC processors is very strong. Turin is a drop-in replacement for existing fourth-gen EPYC platforms that extends our performance, efficiency and TCO leadership with the addition of our next-gen Zen 5 core, new memory expansion capabilities and higher core counts. Internal and end customer validation work is progressing to plan, with Turin on track to deliver overall performance leadership as well as leadership on a per core or per watt basis across a wide range of workloads when it launches later this year.

展望未來，客戶對我們即將推出的 Turin 系列 EPYC 處理器感到非常興奮。 Turin 是現有第四代 EPYC 平台的直接替代品，透過添加下一代 Zen 5 核心、新的記憶體擴充功能和更高的核心數量，擴展了我們在效能、效率和 TCO 方面的領先地位。內部和最終客戶驗證工作正在按計劃進行，Turin 預計將在今年稍後推出時，在各種工作負載中提供整體性能領先地位以及每核心或每瓦特的領先地位。

Turning to our broader data center portfolio. Our data center GPU business accelerated significantly in the quarter, with revenue exceeding our $400 million expectation, driven by a faster ramp for MI300x with AI customers. We launched our MI300 accelerator family in December with strong partner and ecosystem support from multiple large cloud providers, all the major OEMs and many leading AI developers. MI300X GPUs deliver leadership generative AI performance by combining our high-performance CDNA 3 architecture with industry-leading memory bandwidth and capacity. Customer response to MI300 has been overwhelmingly positive, and we are aggressively ramping production to support the dozens of cloud, enterprise and supercomputing customers deploying Instinct accelerators.

轉向我們更廣泛的資料中心產品組合。我們的資料中心 GPU 業務在本季顯著加速，在 AI 客戶的 MI300x 加速成長的推動下，營收超過了我們 4 億美元的預期。我們於 12 月推出了 MI300 加速器系列，並獲得了來自多個大型雲端供應商、所有主要 OEM 和許多領先 AI 開發人員的強大合作夥伴和生態系統支援。 MI300X GPU 將我們的高效能 CD 3 架構與業界領先的記憶體頻寬和容量相結合，提供領先的生成式 AI 效能。客戶對 MI300 的反應非常積極，我們正在積極提高產量，以支援數十家部署 Instinct 加速器的雲端、企業和超級運算客戶。

In cloud, we are working closely with Microsoft, Oracle, Meta and other large cloud customers on Instinct GPU deployments, powering both their internal AI workloads and external offerings. For enterprise customers, HPE, Dell, Lenovo, Supermicro and other server vendors are on track to launch differentiated MI300 platforms later this quarter with strong demand from multiple enterprise customers. In HPC supercomputing, we shipped the majority of AMD Instinct MI300A accelerators for the El Capitan supercomputer in the fourth quarter and expect to complete shipments this quarter for what is expected to be the world's fastest supercomputer when it comes online later this year.

在雲端方面，我們與 Microsoft、Oracle、Meta 和其他大型雲端客戶就 Instinct GPU 部署密切合作，為其內部 AI 工作負載和外部產品提供支援。對於企業客戶，HPE、戴爾、聯想、超微等伺服器廠商預計將在本季稍後推出差異化的 MI300 平台，滿足多個企業客戶的強勁需求。在HPC 超級電腦領域，我們在第四季度為El Capitan 超級電腦發貨了大部分AMD Instinct MI300A 加速器，並預計在本季度完成發貨，預計這款超級電腦將在今年稍後上線，成為全球最快的超級電腦。

We also closed new Instinct GPU wins in the quarter, including the flagship system at the German High-Performance Computing Center, HLRS, as well as what is expected to be one of the world's most powerful enterprise supercomputers for energy company, Eni. On AI software development, we made significant progress expanding the ecosystem of AI developers working on AMD platforms with the release of our ROCm 6 software suite. The ROCm 6 stack significantly increases performance in key generative AI workloads, adds expanded support and optimizations for additional frameworks and libraries and simplifies the overall developer experience.

我們還在本季度贏得了新的 Instinct GPU 勝利，包括德國高效能運算中心 HLRS 的旗艦系統，以及能源公司 Eni 預計將成為世界上最強大的企業超級電腦之一。在人工智慧軟體開發方面，透過發布 ROCm 6 軟體套件，我們在擴展 AMD 平台上的人工智慧開發人員生態系統方面取得了重大進展。 ROCm 6 堆疊顯著提高了關鍵生成型 AI 工作負載的效能，增加了對其他框架和程式庫的擴展支援和最佳化，並簡化了整體開發人員體驗。

The additional functionality and optimizations of ROCm 6 and the growing volume of contributions from the open source AI software community are enabling multiple large hyperscale and enterprise customers to rapidly bring up their most advanced large language models on AMD Instinct accelerators. For example, we are very pleased to see how quickly Microsoft was able to bring up GPT-4 on MI300X in their production environment and roll out Azure private previews of new MI300 instances aligned with the MI300X launch.

ROCm 6 的附加功能和優化以及開源 AI 軟體社群不斷增長的貢獻量使多個大型超大規模和企業客戶能夠在 AMD Instinct 加速器上快速推出其最先進的大型語言模型。例如，我們非常高興地看到 Microsoft 能夠多快地在其生產環境中在 MI300X 上引入 GPT-4，並推出與 MI300X 發布一致的新 MI300 執行個體的 Azure 私有預覽版。

At the same time, our partnership with Hugging Face, the leading open platform for the AI community, now enables hundreds of thousands of AI models to run out of the box on AMD GPUs, and we are extending that collaboration to our other platforms. Looking ahead, our prior guidance was for data center GPU revenue to be flattish from Q4 to Q1 and exceed $2 billion for 2024. Based on the strong customer pull and expanded engagements, we now expect data center GPU revenue to grow sequentially in the first quarter and exceed $3.5 billion in 2024. We have also made significant progress with our supply chain partners and have secured additional capacity to support upside demand.

同時，我們與AI 社群領先的開放平台Hugging Face 的合作夥伴關係，現在使數十萬個AI 模型能夠在AMD GPU 上開箱即用，並且我們正在將這種合作擴展到我們的其他平台。展望未來，我們先前的指導意見是資料中心GPU 營收從第四季到第一季持平，並在2024 年超過20 億美元。基於強大的客戶拉動和擴大的參與度，我們現在預計第一季數據中心GPU 收入將環比增長到 2024 年將超過 35 億美元。我們還與供應鏈合作夥伴取得了重大進展，並獲得了額外的產能來支援上行需求。

Turning to our client segment. Revenue was $1.5 billion, an increase of 62% year-over-year and flat sequentially. We launched our latest generation Ryzen 8000 Series notebooks and desktop processors in January, including our Ryzen 8040 Mobile Series that combine leadership compute performance and energy efficiency with an updated MPU that delivers up to 60% more AI performance compared to our prior generation that was already industry-leading. Acer, ASUS, HP, Lenovo, MSI and other large PC OEMs will all offer notebooks powered by our Ryzen 8000 series processors, with the first systems expected to go on sale in February.

轉向我們的客戶群。營收為 15 億美元，年增 62%，與上一季持平。我們於1 月推出了最新一代Ryzen 8000 系列筆記型電腦和桌上型電腦處理器，其中包括Ryzen 8040 行動系列，該系列將領先的運算效能和能源效率與更新的MPU 相結合，與我們已經發布的上一代產品相比，AI 性能提高了60%領先產業。宏碁、華碩、惠普、聯想、微星等大型 PC OEM 廠商都將提供搭載 Ryzen 8000 系列處理器的筆記型電腦，首批系統預計將於 2 月上市。

To further our leadership in AI PCs, we launched our Ryzen 8000G series processors earlier this month, which are the industry's first desktop CPUs with an integrated AI engine. Millions of AI PCs powered by Ryzen processors have shipped to date and Ryzen CPUs power more than 90% of AI-enabled PCs currently in market. Our work with Microsoft and our PC ecosystem partners to enable the next generation of AI PCs expanded significantly in the quarter.

為了進一步鞏固我們在 AI PC 領域的領先地位，我們在本月初推出了 Ryzen 8000G 系列處理器，這是業界首款整合 AI 引擎的桌上型 CPU。迄今為止，已售出數百萬台搭載 Ryzen 處理器的 AI PC，而目前市場上超過 90% 的支援 AI 的 PC 均採用 Ryzen CPU。我們與 Microsoft 和 PC 生態系統合作夥伴的合作在本季度顯著擴展，以實現下一代 AI PC。

We are aggressively driving our Ryzen AI CPU road map to extend our AI leadership, including our next-gen Strix processors that are expected to deliver more than 3x the AI performance of our Ryzen 7040 Series processors. Strix combines our next-gen Zen 5 core with enhanced RDNA graphics and an updated Ryzen AI engine to significantly increase performance, energy efficiency and AI capabilities of PCs. Customer momentum for Strix is strong, with the first notebooks on track to launch later this year.

我們正在積極推動 Ryzen AI CPU 路線圖，以擴大我們的 AI 領先地位，包括我們的下一代 Strix 處理器，預計其 AI 性能將是 Ryzen 7040 系列處理器的 3 倍以上。 Strix 將我們的下一代 Zen 5 核心與增強的 RDNA 顯示卡和更新的 Ryzen AI 引擎相結合，顯著提高 PC 的效能、能源效率和 AI 功能。 Strix 的客戶勢頭強勁，首批筆記型電腦預計將在今年稍後推出。

Looking at 2024, we are planning for the PC TAM to grow modestly year-on-year, weighted towards the second half as AI PCs ramp. We continue to see strong growth opportunities for our client business as we ramp our current products, extend our AI PC leadership and launch our next wave of Zen 5 CPUs.

展望 2024 年，我們計劃 PC TAM 年比溫和成長，下半年將隨著 AI PC 的成長而成長。隨著我們提升現有產品、擴大 AI PC 領先並推出下一波 Zen 5 CPU，我們繼續看到客戶業務的強勁成長機會。

Now turning to our Gaming segment. Revenue declined 17% year-over-year and 9% sequentially to $1.4 billion as lower semi-custom revenue was partially offset by increased sales of Radeon GPUs. Semi-custom SoC sales declined in line with our projections in the quarter. Going forward, we now expect annual revenue to decline by a significant double-digit percentage year-over-year as supply caught up with demand in 2023 and we entered the fifth year of what has been a very strong console cycle.

現在轉向我們的遊戲部門。營收年減 17%，季減 9%，至 14 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。半客製化 SoC 銷售額的下降符合我們本季的預測。展望未來，我們現在預計年收入將同比大幅下降兩位數百分比，因為 2023 年供應量趕上了需求量，並且我們進入了遊戲機強勁週期的第五年。

In Gaming graphics, revenue grew both year-over-year and sequentially, driven by strong demand in the channel for both our Radeon 6000 and Radeon 7000 series GPUs. We expanded our Radeon 7000 GPU series with the launch of new RX 7600 XT Series enthusiast desktop GPUs earlier this month that offer leadership price performance for 1080p gaming. We also launched new open source Fidelity FX Super Resolution 3 software that can deliver significantly higher gaming frame rates on both GPUs and APUs.

在遊戲顯示卡領域，由於 Radeon 6000 和 Radeon 7000 系列 GPU 通路的強勁需求，營收年比和季均成長。本月早些時候，我們推出了全新 RX 7600 XT 系列發燒型桌上型 GPU，擴充了 Radeon 7000 GPU 系列，為 1080p 遊戲提供領先的性價比。我們也推出了新的開源 Fidelity FX Super Resolution 3 軟體，該軟體可在 GPU 和 APU 上提供顯著更高的遊戲幀率。

Turning to our Embedded segment. Revenue decreased 24% year-over-year and 15% sequentially to $1.1 billion as customers focused on reducing their inventory levels. We expanded our embedded portfolio in the quarter with new leadership solutions for key markets. We launched new Versal Prime Adaptive SoCs for the aerospace, test and measurement, health care and communications markets that deliver industry-first support for DDR5 memory and increased DSP capability compared to our prior generation.

轉向我們的嵌入式部分。由於客戶專注於降低庫存水平，營收年減 24%，季減 15%，至 11 億美元。我們在本季擴大了嵌入式產品組合，為關鍵市場提供了新的領先解決方案。我們針對航空航太、測試和測量、醫療保健和通訊市場推出了新型 Versal Prime 自適應 SoC，與上一代產品相比，它提供了業界首個對 DDR5 記憶體的支援以及增強的 DSP 功能。

In automotive, we launched new Versal SoC solutions that bring industry-leading AI compute capabilities and advanced safety and security features to next-generation vehicles. We also launched Ryzen embedded processors with unmatched performance and features for industrial automation, machine vision, robotics and edge server applications.

在汽車領域，我們推出了新的 Versal SoC 解決方案，為下一代汽車帶來業界領先的人工智慧運算能力和先進的安全保障功能。我們還推出了銳龍嵌入式處理器，具有無與倫比的效能和功能，適用於工業自動化、機器視覺、機器人和邊緣伺服器應用。

Looking at 2024, we expect overall Embedded demand will remain soft through the first half of the year as customers continue to focus on normalizing their inventory levels. Longer term, we're very confident in the growth trajectory of our Embedded business as our expanded product portfolio drove more than $10 billion of design wins in 2023, an increase of more than 25% compared to 2022.

展望 2024 年，我們預計上半年整體嵌入式需求將保持疲軟，因為客戶繼續專注於庫存水準的正常化。從長遠來看，我們對嵌入式業務的成長軌跡非常有信心，因為我們擴大的產品組合在 2023 年推動了超過 100 億美元的設計勝利，與 2022 年相比增長了 25% 以上。

In summary, I'm very pleased with our fourth quarter and full year results. For 2024, we expect the demand environment to remain mixed, with strong growth in our data center and client segments, offset by declines in our Embedded and Gaming segments. Against this backdrop, we believe we will deliver strong annual revenue growth and expand gross margin, driven by the strength of our Instinct, EPYC and Ryzen product portfolios. Taking a step back, we believe AI is a once-in-a-generation transition that will reshape virtually every portion of the computing market, starting in the data center and then expanding into PCs and across multiple embedded markets.

總之，我對我們第四季和全年的業績非常滿意。到 2024 年，我們預計需求環境將保持混合狀態，我們的資料中心和客戶細分市場將強勁成長，但被嵌入式和遊戲細分市場的下滑所抵消。在此背景下，我們相信，在 Instinct、EPYC 和 Ryzen 產品組合實力的推動下，我們將實現強勁的年度營收成長並擴大毛利率。退一步說，我們相信人工智慧是一個千載難逢的轉變，它將重塑運算市場的幾乎每個部分，從資料中心開始，然後擴展到個人電腦和多個嵌入式市場。

We have built excellent customer traction based on the strength of our multiyear AI hardware and software road maps, and we see clear opportunities to drive our next wave of growth as we deliver leadership AI solutions across our portfolio. In the data center, we see 2024 as a start of a multiyear AI adoption cycle with the market for data center AI accelerators growing to approximately $400 billion in 2027. Customer deployments of our Instinct GPUs continues accelerating, with MI300 now tracking to be the fastest revenue ramp of any product in our history and positioning us well to capture significant share over the coming years based on the strength of our multi-generation instinct GPU road map and open source ROCm software strategy.

基於我們多年的人工智慧硬體和軟體路線圖的實力，我們已經建立了卓越的客戶吸引力，並且隨著我們在整個產品組合中提供領先的人工智慧解決方案，我們看到了推動下一波成長的明顯機會。在資料中心，我們認為 2024 年是多年人工智慧採用週期的開始，資料中心人工智慧加速器市場到 2027 年將成長到約 4000 億美元。我們 Instinct GPU 的客戶部署持續加速，MI300 目前是最快的我們歷史上任何產品的收入都在成長，並且基於我們的多代本能GPU 路線圖和開源ROCm 軟體策略的優勢，我們將在未來幾年佔據重要份額。

In PCs, we are focused on delivering our long-term road maps with leadership Ryzen AI NPU capabilities to enable differentiated experiences as Microsoft and our other software partners bring new AI capabilities to PC starting later this year. At the same time, we are rapidly driving leadership AI compute capabilities across the full breadth of our embedded product portfolio. This is an incredibly exciting time for the industry and even more exciting time for AMD as our leadership IP, broad product portfolio and deep customer relationships position us well to deliver significant revenue growth and earnings expansion over the next several years.

在 PC 領域，我們致力於透過領先的 Ryzen AI NPU 功能提供長期路線圖，以實現差異化的體驗，因為微軟和我們的其他軟體合作夥伴從今年稍後開始為 PC 帶來新的 AI 功能。同時，我們正在整個嵌入式產品組合中快速推動領先的人工智慧運算能力。對於整個行業來說，這是一個令人難以置信的激動人心的時刻，對於AMD 來說更是激動人心的時刻，因為我們領先的IP、廣泛的產品組合和深厚的客戶關係使我們能夠在未來幾年實現顯著的收入成長和獲利擴張。

Now I'd like to turn the call over to Jean to provide some additional color on our fourth quarter and full year financial results. Jean?

現在我想將電話轉給 Jean，為我們第四季和全年的財務表現提供一些額外的資訊。讓？

Thank you, Lisa, and good afternoon, everyone. I'll start with a review of our financial results and then provide our current outlook for the first quarter of fiscal 2024. AMD executed well in 2023 despite mixed market demand environment, delivering revenue of $22.7 billion and earnings per share of $2.65. We drove year-over-year revenue growth in our embedded and data center segments. In addition, we successfully launched our AMD Instinct MI300 GPUs, positioning us for a strong ramp in 2024 in the AI market.

謝謝麗莎，大家下午好。我將首先回顧我們的財務業績，然後提供我們對2024 財年第一季的當前展望。儘管市場需求環境參差不齊，AMD 在2023 年的表現仍然良好，實現收入227 億美元，每股收益2.65美元。我們推動了嵌入式和資料中心領域的營收年增。此外，我們也成功推出了 AMD Instinct MI300 GPU，為我們在 2024 年人工智慧市場的強勁發展奠定了基礎。

For the fourth quarter of 2023, revenue was $6.2 billion, growing 10% year-over-year as revenue growth in the Data Center and the Client segments was partially offset by the lower revenue in our Embedded and Gaming segment. Revenue was up 6% sequentially, primarily driven by the ramp of AMD Instinct GPUs across several leading customers and higher revenue from EPYC server processors, partially offset by the decline in Embedded and Gaming segment revenues. Gross margin was 51%, flat year-over-year, with higher revenue contribution from the Data Center and the Client segments offset by lower Embedded segment revenue.

2023 年第四季度，營收為 62 億美元，年增 10%，因為資料中心和客戶部門的營收成長被嵌入式和遊戲部門營收的下降部分抵銷。營收季增 6%，主要是由於 AMD Instinct GPU 在幾個領先客戶中的成長以及 EPYC 伺服器處理器收入的增加，部分被嵌入式和遊戲部門收入的下降所抵消。毛利率為 51%，與去年同期持平，資料中心和客戶端部門的營收貢獻較高，但嵌入式部門營收的下降抵消了這一影響。

Operating expenses were $1.7 billion, an increase of 8% year-over-year as we invest in R&D and marketing activities to support our significant AI growth opportunities. Operating income was $1.4 billion, representing a 23% operating margin. Taxes, interest expense and other was $163 million. For the fourth quarter of 2023, diluted earnings per share was $0.77, an increase of 12% year-over-year.

營運費用為 17 億美元，年增 8%，因為我們投資於研發和行銷活動，以支持我們重要的人工智慧成長機會。營業收入為 14 億美元，營業利益率為 23%。稅金、利息支出和其他費用為 1.63 億美元。 2023年第四季，稀釋每股收益為0.77美元，年增12%。

Now turning to our reportable segments. Starting with the Data Center segment, revenue was $2.3 billion, up 38% year-over-year and 43% sequentially, driven by strong growth of both AMD Instinct GPU and the fourth-generation AMD EPYC CPU sales. Data Center segment operating income was $666 million or 29% of revenue compared to $444 million or 27% a year ago. Higher operating income was primarily due to operating liability driven by higher revenue. Client segment revenue was $1.5 billion, up 62% year-over-year, driven by Ryzen 7000 Series CPU sales. Client segment operating income was $55 million or 4% of revenue compared to an operating loss of $152 million a year ago driven by higher revenue.

現在轉向我們的可報告部分。從資料中心部門開始，營收為 23 億美元，年成長 38%，季增 43%，這得益於 AMD Instinct GPU 和第四代 AMD EPYC CPU 銷量的強勁成長。資料中心部門的營業收入為 6.66 億美元，佔收入的 29%，而一年前為 4.44 億美元，佔收入的 27%。營業收入增加主要是因為收入增加帶動營業負債增加。在 Ryzen 7000 系列 CPU 銷售的推動下，客戶端細分市場收入為 15 億美元，較去年同期成長 62%。客戶部門營業收入為 5,500 萬美元，佔收入的 4%，而一年前因收入增加而導致營業虧損 1.52 億美元。

Gaming segment revenue was $1.4 billion, down 17% year-over-year and 9% sequentially due to a decrease in semi-custom revenue, partially offset by increase in Radeon GPU sales. Gaming segment operating income was $224 million or 16% of revenue compared to $266 million or 16% a year ago. Embedded segment revenue was $1.1 billion, down 24% year-over-year and 15% sequentially as customers continue to work down their inventory levels. Embedded segment operating income was $461 million or 44% of revenue compared to $699 million or 50% a year ago.

遊戲部門營收為 14 億美元，年減 17%，季減 9%，原因是半客製化收入下降，但被 Radeon GPU 銷售成長部分抵銷。遊戲部門營業收入為 2.24 億美元，佔收入的 16%，而一年前為 2.66 億美元，佔收入的 16%。由於客戶持續降低庫存水平，嵌入式部門營收為 11 億美元，年減 24%，季減 15%。嵌入式部門營業收入為 4.61 億美元，佔營收的 44%，而一年前為 6.99 億美元，佔營收的 50%。

Turning to the balance sheet and cash flow. During the quarter, we generated $381 million in cash from operations and the free cash flow was $242 million. Inventory decreased sequentially by $94 million to $4.4 billion. At the end of the quarter, cash, cash equivalents and short-term investment was strong at $5.8 billion. In the fourth quarter, we repurchased 2 million shares and returned $233 million to shareholders. For the year, we repurchased 10 million shares and returned $985 million to shareholders. We have $5.6 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 3.81 億美元的現金，自由現金流為 2.42 億美元。庫存季減 9,400 萬美元，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。第四季度，我們回購了 200 萬股股票，並向股東返還 2.33 億美元。今年，我們回購了 1,000 萬股股票，並向股東返還 9.85 億美元。我們還有 56 億美元的剩餘股票回購授權。

Now turning to our first quarter of 2024 outlook. We expect revenue to be approximately $5.4 billion, plus or minus $300 million. Sequentially, we expect Data Center segment revenue to be flat, with the seasonal decline in server sales offset by strong Data Center GPU ramp. Embedded revenue to decline as customers continue to work down their inventory levels. Client segment revenue to decline seasonally. And in the Gaming segment, as we enter the fifth year of what has been a very strong gaming cycle and given current customer inventory levels, we expect revenue to decline by significant double-digit percentage. Year-over-year, we expect Data Center and Client segment revenues to increase by strong double-digit percentage given the strength of our product portfolio and the share gain opportunities. Embedded segment to decline and the Gaming segment revenue to decline by significant double-digit percentage.

現在轉向我們對 2024 年第一季的展望。我們預計營收約 54 億美元，上下浮動 3 億美元。接下來，我們預計資料中心部門的營收將持平，伺服器銷售的季節性下降被資料中心 GPU 的強勁成長所抵消。隨著客戶繼續降低庫存水平，嵌入式收入將下降。客戶部門收入季節性下降。在遊戲領域，隨著我們進入非常強勁的遊戲週期的第五個年頭，考慮到當前的客戶庫存水平，我們預計收入將大幅下降兩位數百分比。鑑於我們產品組合的實力和份額成長機會，我們預期資料中心和客戶端部門的營收將實現兩位數的強勁成長。嵌入式細分市場將下降，遊戲細分市場的收入將出現兩位數的大幅下降。

In addition, we expect first quarter non-GAAP gross margin to be approximately 52%. Non-GAAP operating expenses to be approximately $1.73 billion. Non-GAAP effective tax rate to be 13% and the diluted share count is expected to be approximately 1.63 billion shares. While we are not providing specific full year guidance for 2024, let me provide some color.

此外，我們預計第一季非 GAAP 毛利率約為 52%。非 GAAP 營運費用約為 17.3 億美元。非 GAAP 有效稅率為 13%，稀釋後股數預計約為 16.3 億股。雖然我們沒有提供 2024 年具體的全年指引，但讓我提供一些說明。

Directionally, for the year, we expect the 2024 Data Center and the Client segment revenue to increase, driven by the strengths of our product portfolio and the share gain opportunities. Embedded segment revenue to decline and the Gaming segment revenue to decline by significant double-digit percentage. We expect to expand gross margin in 2024 and continue to invest to address the large AI opportunities while driving operating model leverage to deliver earnings per share growth faster than top line revenue growth.

從方向上看，在我們產品組合的優勢和份額成長機會的推動下，我們預計 2024 年資料中心和客戶部門的收入將增加。嵌入式部門收入將下降，遊戲部門收入將大幅下降兩位數百分比。我們預計將在 2024 年擴大毛利率，並繼續投資以應對巨大的人工智慧機遇，同時推動營運模式槓桿作用，實現每股盈餘成長快於營收成長。

In closing, we delivered solid financial results in 2023, further strengthening our product portfolio and establishing ourselves as a leading provider of data center GPUs for AI. We are very well positioned to build on this momentum and deliver strong financial performance in 2024 and beyond.

最後，我們在 2023 年實現了穩健的財務業績，進一步加強了我們的產品組合，並將我們打造為人工智慧資料中心 GPU 的領先供應商。我們完全有能力借助這一勢頭，在 2024 年及以後實現強勁的財務業績。

With that, I'll turn it back to Mitch for the 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) The first question comes from the line of Aaron Rakers from Wells Fargo.

（操作員說明）第一個問題來自富國銀行的 Aaron Rakers。

Just kind of framing the outlook and the guidance for this calendar first quarter. I guess the first question is, can you help us on a relative basis, the $400 million of data center GPU revenue that you expected in Q4, what that ultimately kind of fell out to be? And then on the guidance into 1Q, can you help us appreciate what seasonal is defined as we think about the Server business into the 1Q guide?

只是建立本日曆第一季的前景和指導。我想第一個問題是，您能否在相對基礎上幫助我們，您預計第四季度資料中心 GPU 收入為 4 億美元，最終結果如何？然後，關於第一季的指導，當我們考慮第一季指導中的伺服器業務時，您能否幫助我們理解季節性的定義？

Sure, Aaron. Let me start and then see if Jean has something to add. So relative to the data center GPU business, look, we were very pleased with the performance that we saw in the fourth quarter. It was always going to be a very sort of back-end quarter weighted as we were ramping the product. And we saw MI300A, our HPC product actually ramped very well. And then we saw MI300X, the AI product actually exceed our expectations based on the strong customer demand, the way the qualifications went and then the ramp -- manufacturer ramp. So we were over $400 million for that business in the fourth quarter.

當然，亞倫。讓我開始，然後看看吉恩是否有什麼要補充的。因此，相對於資料中心 GPU 業務，我們對第四季的表現非常滿意。當我們提高產品品質時，這總是一個非常重要的後端季度。我們看到了 MI300A，我們的 HPC 產品實際上成長得非常好。然後我們看到了 MI300X，這款人工智慧產品實際上超出了我們的預期，基於強大的客戶需求、資格認證的方式以及隨後的坡道——製造商坡道。因此，我們在第四季該業務的收入超過 4 億美元。

And then going into the first quarter, as we look at the business, server seasonality, call it, something around, let's call it, high single digit, low double digit. There are also some other pieces of the data center business. I think the key piece of it is, we had originally expected the ramp to be a little bit more shallow of our MI300X. And what we're seeing now is the supply chain is operating really well and the customer demand is strong. And so we will see MI300x increase as we go into the first quarter and things are going relatively well.

然後進入第一季度，當我們觀察業務時，服務器季節性，稱之為，周圍的東西，讓我們稱之為，高個位數，低兩位數。還有一些資料中心業務的其他部分。我認為關鍵在於，我們最初預計 MI300X 的斜坡會更淺。我們現在看到的是，供應鏈運作良好，客戶需求強勁。因此，當我們進入第一季時，我們將看到 MI300x 的成長，並且情況進展相對順利。

Yes. Aaron, I'll give you some color about client seasonality and others. So Client is very similar to server. Typically, Q1 is high single digit to low double digit. That's consistent with the past. On the Embedded side, it's very consistent with what we said in the past and consistent with what you see in the industry is Embedded business is going through a bottoming process. And we think Q1, it will have a low double-digit sequential decline. That's Embedded.

是的。亞倫，我會給你一些關於客戶季節性和其他方面的資訊。所以客戶端與伺服器非常相似。通常，Q1 為高個位數到低兩位數。這與過去是一致的。在嵌入式方面，與我們過去所說的非常一致，也與您在業界看到的一致，嵌入式業務正在經歷一個觸底的過程。我們認為第一季將出現兩位數的低連續下降。這就是嵌入式。

On the Gaming side, Lisa mentioned during her prepared remarks is we have the late stage of product cycle in the year 5 of gaming console. But at the same time, we're also having inventory at the customers. So the combination of those impact, we expect the Q1 gaming sequential decline probably more than 30%. So hopefully, that helps you a little bit.

在遊戲方面，麗莎在她準備好的演講中提到，我們在遊戲機的第 5 年處於產品週期的後期階段。但同時，我們也有客戶的庫存。因此，綜合這些影響，我們預計第一季遊戲產業將較上季下降可能超過 30%。希望這對您有一點幫助。

Yes. Very helpful, Jean. And as a quick follow-up, I'm just curious, the traditional server demand that you see, I know when we look at server CPU, shipments are down north of 20% year-over-year. Are you seeing any signals or how are you thinking about a recovery in that traditional, call it, non-AI general-purpose server market as we move through '24?

是的。非常有幫助，讓。作為快速跟進，我只是很好奇，你看到的傳統伺服器需求，我知道當我們查看伺服器 CPU 時，出貨量同比下降了 20% 以上。當我們進入 24 世紀時，您是否看到任何訊號，或者您如何看待傳統的、所謂的非人工智慧通用伺服器市場的復甦？

Sure, Aaron. So look, I think I agree with your characterization of the 2023 demand, although we did see some strong progress in the second half of the year, especially as customers in cloud and enterprise adopted our Genoa and our Zen 4 family. So going into 2024, I would say the traditional server market is probably still mixed, especially into the first half of the year. There's still some cloud optimization going on as well as sort of enterprise being a little bit cautious.

當然，亞倫。因此，我認為我同意您對 2023 年需求的描述，儘管我們在下半年確實看到了一些強勁的進展，特別是當雲端和企業客戶採用了我們的 Genoa 和 Zen 4 系列時。因此，進入 2024 年，我想說傳統伺服器市場可能仍然是好壞參半，尤其是今年上半年。仍然有一些雲端優化正在進行，而且企業也有點謹慎。

That being the case, though, we also see opportunities for us to continue to grow share in the traditional server business. I think our portfolio is extremely strong. The adoption of Genoa and Bergamo as well as our new Siena product lines are getting a lot of traction. And then we also see Turin, our Zen 5 product, coming in the second half of the year. So even in a mixed demand environment, I think we're bullish on what traditional server CPUs can do in 2024.

不過，既然如此，我們也看到了持續擴大傳統伺服器業務份額的機會。我認為我們的投資組合非常強大。熱那亞和貝加莫的採用以及我們新的錫耶納產品線受到了極大的關注。然後我們也看到我們的 Zen 5 產品 Turin 將於今年下半年推出。因此，即使在混合需求環境中，我認為我們也看好傳統伺服器 CPU 在 2024 年的表現。

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'm wondering if you can give us a little bit of sense in terms of the milepost that you're kind of marching toward on this $400 billion TAM that you have for 2027. For example, do you think you can gain share at a rate that's kind of similar to the rate that you gained share for server CPU? Or I guess, maybe asked a different way, is it reasonable to kind of look at your consumer GPU share of 20-plus percent? Is that a reasonable bogey? Or do you have aspirations higher than that perhaps?

Lisa，我想知道您能否告訴我們您在 2027 年 4000 億美元的 TAM 上將邁向的里程碑。例如，您認為您可以獲得份額嗎？與您獲得伺服器 CPU 份額的速度類似嗎？或者我猜，也許換個方式問，你的消費者 GPU 份額超過 20% 是否合理？這是一個合理的柏忌嗎？或者你有比這更高的願望嗎？

Yes. Thanks, Tim, for the question. I would say a couple of things. First of all, we're really pleased with the progress that we've made in our Data Center GPU business. I think the ramp that we've seen, the customer traction that we've seen even in the last few months, I think, has been great and that gives us a lot of confidence in the ramp of this business. I think the beauty of the AI market here is it's growing so quickly that I think we have both the market dynamic as well as our ability to gain share in that framework.

是的。謝謝提姆的提問。我想說幾件事。首先，我們對資料中心 GPU 業務的進展感到非常滿意。我認為我們所看到的成長，甚至在過去幾個月中我們所看到的客戶吸引力都非常好，這讓我們對這項業務的成長充滿信心。我認為人工智慧市場的美妙之處在於它成長如此之快，以至於我認為我們既有市場活力，也有能力在這個框架中獲得份額。

The point I will make is, our customer engagements right now are all quite strategic, dozens of customers with multigenerational conversations. So as excited as we are about the ramp of MI300, and frankly, there's a lot to do in 2024, we're also very excited about the opportunities to extend that into the next couple of years out into that '25, '26, '27 time frame. So I think we see a lot of growth. I think It's a little early to make market share projections, but I would say it's a significant growth driver given the market demand as well as our own product capabilities.

我要指出的一點是，我們現在的客戶參與都非常具有戰略意義，數十名客戶進行了多代人的對話。因此，儘管我們對 MI300 的推出感到興奮，坦率地說，2024 年還有很多工作要做，但我們也很高興有機會將其擴展到未來幾年的“25”、“26”， '27 的時間範圍。所以我認為我們看到了很大的成長。我認為現在做出市佔率預測還為時過早，但考慮到市場需求以及我們自己的產品能力，我認為這是一個重要的成長動力。

Jean, I guess, as a follow-up, I know that you don't want to guide the full year, but I'm wondering if I can pin you down just a touch on maybe a milepost that you're kind of marching to for 2024 growth is up 20% for the whole company. Is that a reasonable target? And then I guess within Data Center, if you just add the incremental Data Center GPU revenue and you assume that the server business grows a little bit, it seems like that should maybe double year-over-year. But I'm kind of wondering if you can give us any ranges on those numbers.

吉恩，我想，作為後續行動，我知道你不想指導全年，但我想知道我是否可以為你指出你正在邁進的一個里程碑到 2024 年，整個公司的增長將增長 20%。這是一個合理的目標嗎？然後我猜想在資料中心內，如果您只添加增量資料中心 GPU 收入，並且假設伺服器業務略有成長，那麼似乎應該會比去年同期成長一倍。但我有點想知道你能否給我們這些數字的範圍。

Tim. Thank you for the question. Yes, we're not guiding a year. It's very early of the year, literally January. I think the way to think about it is, Lisa mentioned it during her prepared remarks, we feel pretty good about both our Data Center and Client business to grow in 2024. Of course, the largest incremental revenue opportunities are going to come from Data Center between both the server side gaining more share and the data center GPU side with a significant ramp of our MI300. I think that's how we think about it.

提姆.感謝你的提問。是的，我們不會指導一年。現在是年初，確切地說是一月。我認為思考這個問題的方法是，麗莎在準備好的發言中提到，我們對 2024 年資料中心和客戶業務的成長感到非常滿意。當然，最大的增量收入機會將來自資料中心在伺服器端在獲得更多份額和資料中心GPU 端之間，我們的MI300 顯著提升。我想這就是我們的想法。

We do have a headwind from Gaming segment, we do think year-over-year, we will see very significant double-digit decline on the Gaming segment. And at the same time, Embedded is going through the bottoming process. We do think the second half will see the recovery. So those are the puts and takes I can talk about it.

我們確實面臨來自遊戲領域的逆風，我們確實認為，與去年同期相比，我們將看到遊戲領域中出現非常顯著的兩位數下降。與此同時，Embedded正在經歷觸底過程。我們確實認為下半年將會出現復甦。這些就是我可以談論的看跌期權和看跌期權。

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 ask, I mean, there's been so much focus and scrutiny as there should be on the really exciting progression with MI300. And I mean we've progressed over the last 6 months from, I think, some doubts in the investment community to software and your ability to ramp the product. And now you've proven that you're ramping it with, I think, you said dozens of customers, right, across different end markets.

麗莎，我想問，我的意思是，MI300 真正令人興奮的進展受到瞭如此多的關注和審查。我的意思是，在過去的 6 個月裡，我們已經從投資界的一些疑慮轉向軟體和提升產品的能力。現在你已經證明你正在與不同終端市場的數十個客戶合作，我想，你說的是吧。

What I'm interested in hearing a little bit more about and you guys have been open about what some of the forward programs in your traditional server business look like from a road map perspective. I'd be interested to hear how you're thinking about the road map in your MI accelerator family? Is it going to -- they're going to continue to be parts that are CPU and GPU together? Is it primarily a GPU only road map? What kind of cadence are you thinking about? Just any kind of color you can give us on some of the forward road map trajectory for that program would be really helpful.

我有興趣聽到更多關於什麼，你們已經從路線圖的角度開放了傳統伺服器業務中的一些前瞻性計劃。我很想聽聽您如何考慮 MI 加速器系列的路線圖？它們會繼續成為 CPU 和 GPU 的結合體嗎？它主要是一個僅包含 GPU 的路線圖嗎？您正在考慮什麼樣的節奏？您可以在該計劃的一些前進路線圖軌跡上為我們提供的任何顏色都會非常有幫助。

Yes. Sure, Matt. So I appreciate the comments. I think the traction that we're getting with the MI300 family is really strong. I think what's benefited us here is our use of chiplet technologies, which has given us the ability to have sort of both the APU version as well as the GPU version, and we continue to use that to differentiate ourselves. And that's how we get our memory bandwidth and memory capacity advantages.

是的。當然，馬特。所以我很欣賞這些評論。我認為 MI300 系列對我們的吸引力非常大。我認為，我們對小晶片技術的使用使我們受益匪淺，這使我們能夠同時擁有 APU 版本和 GPU 版本，我們將繼續利用這一點來使自己脫穎而出。這就是我們獲得記憶體頻寬和記憶體容量優勢的方式。

As we go forward, you can imagine like we did in the EPYC time frame, we plan multiple generations in sequence. That's the way we're planning the road map. One of the things I will note about the AI accelerator market is the demand for compute is so high that we are seeing sort of an acceleration of the road map generations here, and we are similarly planning acceleration of our road map. I would say that we'll talk more about the overall road map beyond MI300 as we get into later this year, but you can be assured that we're working very closely with our customers to have a very competitive road map for both training and inference that will come out over the next couple of years.

隨著我們的前進，您可以想像像我們在 EPYC 時間範圍內所做的那樣，我們按順序規劃多代。這就是我們規劃路線圖的方式。關於人工智慧加速器市場，我要注意的一件事是，對運算的需求如此之高，以至於我們在這裡看到了路線圖產生的加速，並且我們也在規劃路線圖的加速。我想說，今年稍後我們將更多地討論 MI300 以外的整體路線圖，但您可以放心，我們正在與客戶密切合作，為培訓和培訓制定非常有競爭力的路線圖。未來幾年將得出的推論。

Just as a follow-up, I guess one of the questions that I've been getting a lot in different forms is with respect to the $400 billion TAM that you guys have laid out for 2027. Maybe you could give us a little look under the hood as to, I guess, the -- I've got 100 versions of the same question, which is how the heck did you come up with that number. So if you could give us a little bit more in terms of are we talking about systems and accelerator cards? Are we talking about just the silicon? Are we talking about full servers? And what kind of sort of unit assumptions, any kind of thing that you can give us on market sizing or what gives you the visibility so early into this generative AI trend to give a precise number 3 years out? That would be really, really helpful.

作為後續行動，我想我以不同形式收到的很多問題之一是關於你們為 2027 年制定的 4000 億美元 TAM 的問題。也許你可以給我們稍微看一下我想，關於同一問題，我有100個版本，這就是你到底是如何得出這個數字的。那麼，您能否給我們更多的信息，我們談論的是系統和加速卡嗎？我們談的只是矽嗎？我們正在談論完整的伺服器嗎？您可以向我們提供什麼樣的單位假設、任何關於市場規模的信息，或者什麼可以讓您儘早了解這一生成式人工智慧趨勢，以便在 3 年後給出準確的數字？這真的非常非常有幫助。

Sure. Well, Matt, I don't know how precise it is, but I think we said approximately $400 billion. But I think what we need to look at is growth rate and how do we get to those growth rates. I think we expect units to grow sort of substantial double-digit percentage. But you should also expect that content is going to grow. So if you think about how important memory and memory capacity is, as we go forward, you can imagine that we'll see acceleration there in just the overall content as we go to more advanced technology nodes.

當然。嗯，馬特，我不知道它有多精確，但我想我們說的是大約 4000 億美元。但我認為我們需要關注的是成長率以及如何實現這些成長率。我認為我們預計單位數量將以兩位數的百分比增長。但您也應該預期內容將會成長。因此，如果您考慮記憶體和記憶體容量的重要性，隨著我們的前進，您可以想像，當我們進入更先進的技術節點時，我們將看到整體內容的加速。

So there's some ASP uplift in there. And then what we also do is we're planning longer-term road maps with our customers in terms of how they're thinking about sort of the size of training clusters, the number of training clusters. And then the fact that we believe inference is actually going to exceed training as we go into the next couple of years, just given as more enterprises adopt. So I think as we look at all those pieces, I think we feel good that the growth rate is going to be significant and sustained over the next few years.

因此，ASP 有所提升。然後我們還要做的是，我們正在與客戶一起規劃長期路線圖，了解他們如何考慮訓練群集的規模、訓練群集的數量。事實上，我們相信，隨著越來越多的企業採用，推理實際上將在未來幾年超越訓練。因此，我認為，當我們審視所有這些方面時，我認為我們感覺良好，因為未來幾年的成長率將是顯著且持續的。

In terms of what's in that TAM, it really is accelerator TAM. So within accelerators, there are certainly GPUs, and there will also be some ASICs that are -- or other accelerators that are in that TAM. As we think about sort of the different types of models from smaller models to fine-tuning of models to very -- the largest -- large language models, I think you're going to need different silicon for those different use cases. But from our standpoint, GPUs are still going to be the sort of the compute element of choice when you're talking about training and inferencing on the largest language models.

就 TAM 中的內容而言，它確實是加速器 TAM。因此，在加速器中，肯定有 GPU，而且還會有一些 ASIC，或是 TAM 中的其他加速器。當我們考慮不同類型的模型時，從較小的模型到模型的微調，再到非常大的大型語言模型，我認為您將需要不同的晶片來應對這些不同的用例。但從我們的角度來看，當您談論最大語言模型的訓練和推理時，GPU 仍然是首選的計算元素。

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。

I think you talked about the MI300 cloud workloads being kind of split between the more customer-facing workloads versus internal. Can you talk about how you see the breakdown of that? And how is your ecosystem progressing? This is a brand-new chip, it seems impressive that you're able to support kind of a broad range of customer-facing workloads in cloud.

我想您談到了 MI300 雲端工作負載在更多面向客戶的工作負載與內部工作負載之間進行了劃分。您能談談您如何看待其中的細分嗎？您的生態系進展如何？這是一款全新的晶片，令人印象深刻的是，您能夠在雲端中支援各種面向客戶的工作負載。

Yes, sure, Joe. So yes, look, we are really happy with how the MI300 has come up, and we've now deployed and working with a number of customers. What we have seen is certainly ROCm 6 has been very important as well as the direct optimization with our top cloud customers. We always said that the best way of optimizing the software is working directly on the most important workloads. And we've seen performance come up nicely, which is what we expect, frankly, with the GPU capabilities that we would have to do some level of optimization, but that optimization has gone well.

是的，當然，喬。所以，是的，我們對 MI300 的出現感到非常滿意，現在我們已經部署並與許多客戶合作。我們所看到的是 ROCm 6 以及我們頂級雲端客戶的直接優化非常重要。我們總是說，優化軟體的最佳方法是直接處理最重要的工作負載。我們已經看到效能得到了很好的提高，坦白說，這正是我們所期望的，對於 GPU 功能，我們必須進行一定程度的優化，但這種優化進展順利。

I think to your broader question, the way I look at this is there are lots of opportunities for us to work directly with large customers, both on the cloud side as well as on the enterprise side who have specific training and inferencing workloads. Our job is to make it as easy as possible for them. And so our entire tool chain, all of our -- sort of the overall ROCm suite has really gone through significant progress over the last 6 to 9 months. And then we're also getting some nice support from the open source community. So the work that Hugging Face is doing is tremendous in terms of just real-time optimization on our hardware, our partnership with OpenAI on Triton and our work across a number of these open source models has helped us actually make very rapid progress.

我認為，對於你更廣泛的問題，我的看法是，我們有很多機會直接與大客戶合作，無論是在雲端方面還是在具有特定培訓和推理工作負載的企業方面。我們的工作是讓他們盡可能輕鬆。因此，我們的整個工具鏈、我們所有的 ROCm 套件在過去 6 到 9 個月中確實取得了重大進展。然後我們也從開源社群獲得了一些很好的支持。因此，Hugging Face 所做的工作在我們的硬體即時優化方面是巨大的，我們與 OpenAI 在 Triton 上的合作以及我們在許多開源模型上的工作實際上幫助我們取得了非常快速的進展。

Great. And for my follow-up, I guess, a lot of the forecasting of your business that I'm hearing is coming from supply chain, and we're sort of hearing AMD's building AX in Asia. I guess how would you ask us to think about that? Are you looking at being kind of sold out for the year and so the supply chain would be close to revenue? Are you building for the best case scenario? Just I worry about sometimes expectations when people hear these supply chain numbers. And I'm just curious how you would bridge the gap.

偉大的。對於我的後續行動，我想，我聽到的許多對你們業務的預測都來自供應鏈，我們聽說 AMD 在亞洲建造 AX。我想你會如何要求我們考慮這個問題？您是否認為今年的產品已售罄，因此供應鏈將接近收入？您是否正在為最好的情況而構建？只是我有時擔心人們聽到這些供應鏈數字時的期望。我只是好奇你將如何彌補這一差距。

Yes. So I mean, Joe, I think we updated our revenue expectations this quarter from our original number of $2 billion to $3.5 billion to try to give some bounding on some of the discussion out there. The way to think about the $3.5 billion is these are customers that we're working with who have given us firm commitments on what they need. As you know, the lead times on these products are quite long. So it's important to have those forecasts in early. And we have a strong order book. So that gives us good confidence to exceed the $3.5 billion.

是的。所以我的意思是，喬，我認為我們將本季的收入預期從原來的 20 億美元更新為 35 億美元，試圖為一些討論提供一些限制。考慮這 35 億美元的方式是，這些是我們正在合作的客戶，他們對我們的需求做出了堅定的承諾。如您所知，這些產品的交貨時間相當長。因此，儘早進行這些預測非常重要。我們有強大的訂單。因此，這給了我們超過 35 億美元的信心。

From a supply chain standpoint, our goal is always to build more supply. We -- and so from that standpoint, we have also worked with our supply chain partners and secured significant capacity. Think about it as first half capacity is tight and more comes on in the second half of the year, but we've certainly made more progress there. So we do have more supply, and we're going to continue to work with our customers on their deployments, and we'll update that number as we go through the year.

從供應鏈的角度來看，我們的目標始終是建立更多供應。因此，從這個角度來看，我們也與供應鏈合作夥伴合作並獲得了巨大的產能。想想看，上半年產能緊張，下半年產能更多，但我們確實在這方面取得了更多進展。因此，我們確實有更多的供應，我們將繼續與客戶合作部署，我們將在今年更新這個數字。

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。

I had one on the MI300 as well, Lisa. I guess, first of all, how should we think about the quarterly trajectory beyond Q1? You talked about Q1 being up sequentially. Is it fair to assume kind of a straight line as we progress through the balance of the year? Or is it more second half skewed? How should we think about that?

我在 MI300 上也有一台，麗莎。我想，首先，我們該如何看待第一季之後的季度軌跡？您談到第一季連續上升。當我們在今年餘下的時間裡取得進展時，假設一條直線是否公平？還是下半場更傾斜？我們該如何思考這個問題？

And I guess more importantly, some of the cloud potential customers that have yet to officially sign up for -- sign off on the MI300. I guess what's the sticking point? Is it just a function of time and you just need a little bit more time to go back and forth and tweak things? Or is there a software kind of concern? I guess what's holding them back at this point?

我想更重要的是，一些尚未正式註冊的雲端潛在客戶在 MI300 上簽名。我想癥結是什麼？它是否只是時間的函數，您只需要多一點時間來來回調整事情？或是是否存在某種軟體問題？我想現在是什麼阻礙了他們？

Yes, Toshiya. Thanks for the question. So first, on the MI300 trajectory, I think you would expect that revenue should increase every quarter from now through sort of the end of the year, but it will be a bit more second half weighted. And part of that is just customers as they're finishing up their qualifications in their lines as well as sort of how our supply chain is ramping. So yes, it should increase each quarter, but be a bit more second half weighted.

是的，俊哉。謝謝你的提問。首先，在 MI300 的軌跡上，我認為從現在到年底，每季的收入都會增加，但下半年的權重會更大一些。其中一部分只是客戶，因為他們正在完成他們的生產線資格以及我們的供應鏈如何發展。所以，是的，它應該每個季度都會增加，但下半年的權重會更大一些。

And then to your comment about customers. Look, we're engaged with all of -- sort of the large customers. These are all folks that know us really well, given our deep relationships in EPYC. I think people just have different adoption cycles as they consider what they're trying to do in their road map. But I view this as still very, very early innings for us in this space. And I think a question was asked earlier. I think the key is this is not just about an MI300 conversation, but it really is about sort of our long-term multigenerational road map. And so that's the context on which we're working with our largest customers as well as, as you know, there's a lot of demand coming from folks that are more AI-centric and not necessarily typical cloud customers, but more enterprise or, let's call it, AI-specific companies that we're also very well engaged with.

然後是您對客戶的評論。看，我們正在與所有的大客戶打交道。鑑於我們與 EPYC 的深厚關係，這些人都非常了解我們。我認為人們在考慮他們在路線圖中想要做什麼時，只是有不同的採用週期。但我認為這對我們在這個領域來說仍然是非常非常早期的階段。我認為早些時候有人提出了一個問題。我認為關鍵是這不僅僅是軍情 300 組織的對話，而且確實是我們長期的多代路線圖。這就是我們與最大的客戶合作的背景，正如你所知，有很多需求來自那些更以人工智慧為中心的人，不一定是典型的雲端客戶，而是更多的企業客戶，或者讓我們我們也與這些專門針對人工智慧的公司進行了很好的合作。

Got it. That's super helpful. And then as my follow-up, maybe one for Jean on the gross margin side. You're guiding Q1 to 52%. Curious -- again, I'm sure you're not going to give quantitative guidance beyond Q1, but how to think about the trajectory for Q2 and beyond. I'm pretty sure you're working through some kinks as it pertains to the Instinct ramp. Hopefully, that improves over time. So that should be a tailwind. FPGAs, perhaps the second half turns for the better, and you've got server CPU volume growth throughout the year. So it feels like you've got multiple tailwinds as we think about gross margin progression on a sequential basis. But what are the potential headwinds as we move throughout 2024?

知道了。這非常有幫助。然後作為我的後續行動，也許是吉恩的毛利率方面的一個。您將第一季的目標指引為 52%。好奇 - 再次，我確信您不會提供第一季之後的定量指導，而是如何思考第二季度及之後的軌跡。我很確定你正在解決一些與本能坡道相關的問題。希望隨著時間的推移，這種情況會有所改善。所以這應該是個順風車。 FPGA，也許下半年會好轉，全年伺服器 CPU 銷售都會成長。因此，當我們按順序考慮毛利率進展時，感覺就像有多個順風車一樣。但展望 2024 年，潛在的阻力是什麼？

Yes, Toshiya, thank you for the question. Yes, you're absolutely right. We have some puts and takes that impact our gross margin. We guided the Q1 120 basis points higher than Q4 sequentially, primarily because of the higher Data Center contribution actually more than offset the decline of Embedded business in Q1.

是的，Toshiya，謝謝你的提問。是的，你說得完全正確。我們有一些看跌期權和看跌期權會影響我們的毛利率。我們預計第一季將比第四季高 120 個基點，主要是因為資料中心的貢獻較高，實際上足以抵銷第一季嵌入式業務的下滑。

Going forward, the way to think about it is, as you said, is the major driver is going to be Data Center business is going to grow much faster than other segments. That mix change will help us to expand the gross margin nicely. I think you also are spot on, on the Embedded coming back in second half, which will be a tailwind. With the Data Center GPU, we are at the very early stage of ramp.

展望未來，正如您所說，主要驅動力將是資料中心業務的成長速度將比其他領域快得多。這種組合變化將幫助我們很好地擴大毛利率。我認為您也很清楚嵌入式將在下半年回歸，這將是一個順風車。對於資料中心 GPU，我們正處於提升的早期階段。

We are improving testing time yield and continue to expand gross margin, and we expect it to be accretive to corporate average. So those are all the tailwinds coming in the second half. I would say, the headwinds side continue to be in the first half where we see Embedded business not only in Q1, we see sequential decline. Q2 probably are going to be sequentially flattish versus Q1. That is a headwind for us because it does have a very nice gross margin. But overall, we feel pretty good about the trajectory of the gross margin improvement, especially second half.

我們正在提高測試時間產量並繼續擴大毛利率，我們預計它將提高企業平均值。這些都是下半年出現的所有有利因素。我想說，上半年仍然存在逆風，我們不僅看到嵌入式業務在第一季度，而且還看到連續下降。與第一季相比，第二季可能會繼續持平。這對我們來說是一個阻力，因為它的毛利率確實非常高。但總體而言，我們對毛利率改善的軌跡感覺很好，尤其是下半年。

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。

I want to get into the competitive environment. First, on the Instinct side of things, how that's going. It doesn't seem to be slowing down your ramp whatsoever. But then also on the straight server CPU side of things, Lisa, you said you're gaining share in that area. But as we think about future road maps, pricing incentives, those sorts of things, any meaningful change in the competitive environment that you're seeing through 2024?

我想進入競爭激烈的環境。首先，在本能方面，事情進展如何。它似乎並沒有減慢你的坡道。但在直接伺服器 CPU 方面，Lisa，您說您正在該領域獲得份額。但是，當我們考慮未來的路線圖、定價激勵措施等問題時，您認為 2024 年競爭環境會發生任何有意義的變化嗎？

Sure, Ross. So look, I think the environment for us is always competitive. So I think that has not changed. If I look at the Instinct side, I think we have -- I think we've shown that MI300 and our road map are actually very competitive. There are some places where, let's call it, it's more even like in the training environment. But as we look at the inferencing environment, we think we have significant advantages. And that's shown through in some of our customer work. So we think for both training and inference, we will continue to be very competitive.

當然，羅斯。所以看，我認為我們的環境總是充滿競爭。所以我認為這並沒有改變。如果我看看 Instinct 方面，我認為我們已經證明了 MI300 和我們的路線圖實際上非常有競爭力。有些地方，我們可以稱之為，甚至更像是在訓練環境中。但當我們審視推理環境時，我們認為我們有顯著的優勢。這在我們的一些客戶工作中得到了體現。因此，我們認為在訓練和推理方面，我們將繼續保持非常有競爭力。

And then as you go into the CPU side, again, from our view, with each generation of EPYC, we've continued to gain share. I think we exited the fourth quarter at record share for AMD, and we're still quite underrepresented in enterprise. So I think there's an opportunity for us to continue to gain share as we go through 2024. From a competitive standpoint, what we see is Zen 4 is extremely competitive right now with Genoa, Bergamo, Siena. And as we go in to Turin, we're deep in the design in cycle for Zen 5 and Turin, and we feel very good about how we're positioned.

然後，當你進入 CPU 方面時，再次從我們的角度來看，隨著每一代 EPYC，我們都在繼續獲得份額。我認為我們第四季度的 AMD 份額創下了歷史新高，但我們在企業領域的代表性仍然相當不足。因此，我認為我們有機會在 2024 年繼續獲得份額。從競爭的角度來看，我們看到 Zen 4 目前與熱那亞、貝加莫、錫耶納的競爭非常激烈。當我們進入都靈時，我們正在深入了解 Zen 5 和都靈的設計週期，我們對自己的定位感覺非常好。

I guess as my follow-up, on the data center side, another theme that's been pervasive throughout 2023, at least was the GPU side clouding out the CPU side. You mentioned that there is still a little bit of cloud digestion going on within your EPYC business. But where do you see that standing? I know you're going to gain share, et cetera, but you guys clearly benefit from the Instinct side of the data center GPU side, but what about on the CPU side of things? Is that headwind now behind us? Or is it still an issue?

我想作為我的後續行動，在資料中心方面，整個 2023 年普遍存在的另一個主題，至少是 GPU 方面使 CPU 方面變得雲淡風輕。您提到您的 EPYC 業務中仍在進行一些雲消化工作。但你在哪裡看到這個立場呢？我知道你們將會獲得份額，等等，但是你們顯然從資料中心 GPU 方面的 Instinct 方面受益，但是在 CPU 方面呢？現在逆風已經過去了嗎？或者這仍然是一個問題？

I think we expect the CPU business from a market standpoint to grow, Ross, as we go into 2024. I think the rate and pace of growth will depend a little bit on the macro and just overall CapEx trends. But from our standpoint, we are starting to see some of our larger customers plan their refresh cycles. There's a lot of, let's call it, older equipment that has yet to be refreshed. And the value proposition for refresh is so strong because the energy efficiency and sort of the footprint of the newer generations are so much better than sort of the 4- or 5-year old infrastructure that we do see that refresh cycle happening as we get into 2024. I think the exact timing, we'll have to understand more as the market evolves as we go through the year.

Ross，我認為，從市場的角度來看，隨著我們進入 2024 年，我們預計 CPU 業務將會成長。我認為成長的速度和步伐將在一定程度上取決於宏觀和整體資本支出趨勢。但從我們的角度來看，我們開始看到一些較大的客戶計劃他們的更新周期。有很多（我們可以稱之為）較舊的設備尚未更新。更新的價值主張是如此強大，因為新一代的能源效率和占地面積比使用了 4 或 5 年的舊基礎設施要好得多，我們確實看到更新周期正在發生。2024 年。我認為確切的時間點，隨著這一年市場的發展，我們必須了解更多。

And 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。

So first one, Lisa, from -- you gave us a $2 billion plus number for MI before. Now you have raised it to over $3.5 billion. And I'm curious what drove the change? Was it incremental demand signals? Was it supply? And can you supply more if, let's say, demand is $4 billion or $5 billion or $6 billion, right? What is the limitation? And sort of related to that, on the competition side, your competitor will launch their B100 later in the year. Do you think that will change the competitive landscape in any way?

第一個，麗莎，你之前給了我們超過 20 億美元的 MI 數字。現在您已將其籌集超過 35 億美元。我很好奇是什麼推動了這種改變？這是增量需求訊號嗎？是供應的嗎？如果需求是 40 億美元、50 億美元或 60 億美元，你能供應更多嗎？有什麼限制？與此相關的是，在競爭方面，您的競爭對手將在今年稍後推出他們的 B100。您認為這會以任何方式改變競爭格局嗎？

Yes. Sure, Vivek. So I think what we said is as we went from $2 billion to $3.5 billion, it really is mostly customer demand signals. So as orders have come on books and as we've seen programs move from, let's call it, pilot programs into full manufacturing programs. We have updated the revenue forecast. As I said earlier, from a supply standpoint, we are planning for success, and so we worked closely with our supply chain partners to ensure that we can ship more than $3.5 billion, substantially more depending on what customer demand is as we go into the second half of the year. And then in terms of, again, road maps, as I said, we're very focused on a competitive road map that sort of what the next generations are beyond MI300. So I do believe that we have a strong road map in place and continue to work with our customers to sort of adopt our road map as quickly as possible.

是的。當然，維韋克。所以我認為我們所說的是，當我們從 20 億美元增加到 35 億美元時，這實際上主要是客戶需求訊號。因此，隨著訂單不斷出現，我們也看到項目從試點項目轉變為全面的製造項目。我們更新了收入預測。正如我之前所說，從供應的角度來看，我們正在為成功做好計劃，因此我們與供應鏈合作夥伴密切合作，以確保我們能夠出貨超過35 億美元，這很大程度上取決於我們進入市場時客戶的需求。下半年。然後，再次就路線圖而言，正如我所說，我們非常關注有競爭力的路線圖，這就是 MI300 以後的下一代的路線圖。因此，我確實相信我們已經制定了強而有力的路線圖，並將繼續與客戶合作，盡快採用我們的路線圖。

Got it. And longer-term question, Lisa, if I look at the success that AMD has enjoyed, it's many factors, but a few of them included your early adoption of chiplets and the strong partnerships we have had with TSMC. But now we are seeing your x86 competitor, Intel, also adopt chiplet or tile technology as they call it. And then I think recently, the manufacturing update they gave, they said they are 2 years ahead in terms of incorporating gate all around and backside delivery. So let's assume they are right and they have either caught up to TSMC or maybe they are ahead, what impact does that have on AMD in kind of the medium to longer term?

知道了。更長期的問題，Lisa，如果我看看 AMD 所取得的成功，因素有很多，但其中一些因素包括你們早期採用小晶片以及我們與台積電建立的牢固合作夥伴關係。但現在我們看到您的 x86 競爭對手英特爾也採用了他們所說的小晶片或切片技術。然後我想最近他們給出的製造更新，他們說他們在整合閘極和背面交付方面領先兩年。因此，讓我們假設他們是對的，他們要么趕上了台積電，要么領先，這對 AMD 的中長期影響是什麼？

Yes. Sure, Vivek. Look, we're always looking at what's next, right? So on the chiplet technology, I mean, we're sort of on the fourth generation of the chiplet technologies. I think we've learned a lot about how to optimize performance there. We are very aggressive with our adoption of leading-edge technology as it's needed. But I think those are only a few of the pieces.

是的。當然，維韋克。聽著，我們總是在關注接下來會發生什麼，對吧？因此，就小晶片技術而言，我的意思是，我們正在研究第四代小晶片技術。我認為我們已經學到了很多關於如何優化性能的知識。我們非常積極地根據需要採用領先的技術。但我認為這些只是其中的一小部分。

We're also focused on continuing to innovate on architecture and design. So I think the longer-term question that you asked is, I think we're expecting that the competition is going to be on a similar process technology. And even in that case, I think we feel like we have a very strong road map going forward, and we'll continue to drive both the CPU and the GPU road map very aggressively.

我們也致力於繼續在架構和設計上進行創新。所以我認為你問的長期問題是，我認為我們預計競爭將在類似的製程技術上進行。即使在這種情況下，我認為我們感覺我們有一個非常強大的前進路線圖，我們將繼續非常積極地推動 CPU 和 GPU 路線圖。

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。

I have 2 questions. Let me start off with the accelerator side. The question we get a lot from our customers is they want to understand the value proposition of the MI300. So Lisa, I was hoping you could give us some understanding of price versus power comparison or compute power. And then today, are you seeing your customers that are buying the MI300, are they primarily buying it for inferencing today? Or are they using it primarily for tooling? And maybe for Jean. Jean, do you think is it possible for MI300 to finish the year at a run rate of about 1.5 billion?

我有 2 個問題。讓我從加速器方面開始。我們從客戶那裡得到的許多問題是他們想要了解 MI300 的價值主張。麗莎，我希望你能讓我們對價格與功率比較或計算能力有一些了解。那麼今天，您是否看到購買 MI300 的客戶，他們今天主要是為了推理而購買它？或者他們主要將其用於工具？也許對吉恩來說。 Jean，您認為 MI300 有可能以 15 億左右的運行速度結束今年嗎？

Okay, Harsh. So let me start. Your question about the value proposition for MI300. Again, customers are using it for different reasons, but I presume that there is a performance per dollar benefit to using AMD. So that's one piece of it. The other piece of it, though, is we intrinsically have more free bandwidth and memory capacity on MI300X compared to the competition. And what that means is for large language models that are many tens of billions of parameters, you make -- you could potentially do the workload in fewer GPUs. So it's a substantial system savings and allows you to do much more work within the same system.

好吧，嚴酷。那麼就讓我開始吧。您關於 MI300 價值主張的問題。同樣，客戶出於不同的原因使用它，但我認為使用 AMD 具有性價比優勢。這就是其中的一部分。但另一方面，與競爭對手相比，我們本質上在 MI300X 上擁有更多的可用頻寬和記憶體容量。這意味著對於包含數百億個參數的大型語言模型，您可以用更少的 GPU 來完成工作負載。因此，這是一個巨大的系統節省，並允許您在同一系統中完成更多工作。

In terms of what customers are using MI300 for today, I would say there are a number of customers using it for large language model inferencing. And there are also customers that are using it for training. So I think the whole point is being a strong partner. When you put these AI systems in place, they are sometimes mixed-use systems, so they would be used for both training and inference.

就目前客戶使用 MI300 的用途而言，我想說有很多客戶將其用於大型語言模型推理。也有客戶正在使用它進行培訓。所以我認為重點是成為一個強而有力的合作夥伴。當你將這些人工智慧系統部署到位時，它們有時是混合用途的系統，因此它們將用於訓練和推理。

John, we have time for 2 more questions.

約翰，我們還有時間回答兩個問題。

Yes, Harsh, let me answer your question about the MI300. Exiting Q4 2024, is it possible get to 1.5? It is possible, right? Because Lisa mentioned earlier, we'll see sequential increase each quarter and more back-end loaded in second half. And we do have supplies more than 3.5 billion. And of course, we'll continue to make progress with our customers. So the math, yes, it's possible. But right now, we are really looking at focusing on the execution of the current 3.5 billion-plus.

是的，哈什，讓我回答你關於 MI300 的問題。 2024 年第四季結束後，是否有可能達到 1.5？有可能，對吧？正如麗莎之前提到的，我們將看到每個季度的連續成長以及下半年的後端負載增加。我們確實有超過35億的供應。當然，我們將繼續與客戶一起進步。所以從數學上來說，是的，這是可能的。但現在，我們真正關注的是目前 35 億美元以上的執行情況。

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)。

For the first one, you had talked about that you had expected a more shallow ramp of the MI300, and it's clearly doing better than that. So is some of the upside, I guess, in the near term, is that being pulled forward from the second half? Or is this like a step-up? Or is it more of a step-up in demand both in the first half and the second half relative to what you were seeing before? Like how do I interpret that like shallow comment that you made?

對於第一個，您曾談到您預計 MI300 的坡道會更淺，而且它顯然比這做得更好。我想，短期內，下半年的一些好處是否會提前？或者這就像一個進步？或者相對於您之前看到的情況，上半年和下半年的需求是否有增加？就像我如何解釋你所做的膚淺評論一樣？

Sure, Stacy. I don't think it's a pull forward of demand. I think what it is, is we want -- we wanted to see how long it would take for customers to fully qualify and get their workloads performance. So that depends a lot on the actual engineering work that's done. And now that we're, let's call it, a quarter later, we've seen that it's gone really well. So it's actually gone a bit better than our original forecast. And as a result, we've seen stronger demand signals and customers are gaining confidence in their ability to deploy a significant number of MI300s this year.

當然，史黛西。我不認為這是需求的拉動。我認為這就是我們想要的——我們想看看客戶需要多長時間才能完全合格並獲得他們的工作負載效能。因此，這在很大程度上取決於已完成的實際工程工作。現在，我們可以這樣稱呼它，一個季度後，我們看到一切進展得非常順利。所以它實際上比我們最初的預測要好一些。因此，我們看到了更強烈的需求訊號，客戶對他們今年部署大量 MI300 的能力越來越有信心。

Got it. For my follow-up, I want to ask Matt's question a little more directly. You didn't quite answer it. The $400 billion number that you've got out there, is that just silicon in chips? Or is there hardware and servers and stuff like that in that number as well? Like what's in that number?

知道了。對於我的後續行動，我想更直接地問馬特的問題。你沒有完全回答。你所得到的 4000 億美元的數字，只是晶片中的矽嗎？或者這個數字中是否也有硬體和伺服器之類的東西？比如說這個數字裡面有什麼？

Yes. I thought I had answered it. But yes, I'll answer it again. It is accelerator chips. It is not systems. So think of it as GPUs, ASICs that will be there, those types of things, but includes -- obviously, it includes memory and other things that are packaged together with the GPUs.

是的。我以為我已經回答了。但是，是的，我會再回答。它是加速器晶片。它不是系統。因此，可以將其視為 GPU、ASIC，這些類型的東西，但包括——顯然，它包括記憶體和與 GPU 封裝在一起的其他東西。

Yes, memory will be quite significant, right? So memory is a big portion of it too.

是的，記憶力會非常重要，對嗎？所以記憶體也是其中很大一部分。

And the final question comes from the line of Chris Danely with Citi.

最後一個問題來自花旗銀行的克里斯‧丹尼利 (Chris Danely)。

I guess a question for Lisa. As MI300 revenue ramps, how do you see the customer concentration, let's say, a year or 2 from now? Do you think you'll have 1 or 2 customers that are in double digits or 1 or 2 that are half the revenue? Or do you think it will be totally fragmented?

我想問麗莎一個問題。隨著 MI300 收入的增加，您如何看待客戶集中度，比如說，一兩年後？您認為您會擁有 1 到 2 個兩位數的客戶，還是 1 到 2 個佔收入一半的客戶？還是你認為它會完全支離破碎？

I don't think it will be 1 or 2 that are half the revenue, Chris. I think we're building this as a -- really, we're happy to see sort of the broad adoption. As always, with sort of the large cloud partners, we might see sort of 1 or 2 that are higher than others, but I don't think you see the type of concentration that you mentioned.

我不認為 1 或 2 是收入的一半，克里斯。我認為我們正在將其構建為——實際上，我們很高興看到它被廣泛採用。像往常一樣，對於大型雲端合作夥伴，我們可能會看到 1 或 2 比其他合作夥伴更高，但我認為您沒有看到您提到的那種集中度。

Great. And then just to follow up on somebody else's question on sort of Intel's road map versus TSMC. So I'm sure you're intimately familiar with TSMC's manufacturing road map, and we've all seen Intel open up the kimono on what they expect to happen over the next couple of years. I mean do you think Intel is going to close the gap somewhat with your foundry over the next couple of years? Or do you think they'll be able to maintain the lead?

偉大的。然後跟進其他人關於英特爾與台積電的路線圖的問題。因此，我相信您對台積電的製造路線圖非常熟悉，而且我們都看到英特爾公開了他們預計未來幾年將發生的事情。我的意思是，您認為英特爾會在未來幾年內縮小與您的代工廠的差距嗎？或者您認為他們能夠保持領先地位嗎？

Yes. Look, I feel very good about our partnership with TSMC. They continue to execute extremely well. We'll see what happens over the next few years. But I'd like to kind of reemphasize what I said earlier, even in the case of process parity, we feel very good about our architectural road map and all of the other things that we add as we look at our entire portfolio of CPUs, GPUs, DPUs, adaptive SoCs and kind of put them together to solve problems. I think we feel really good about what we can do with our customers. So we're always going to be paying attention to sort of the process race, but I think we feel very good about sort of our strategy and how do we continue to sort of push the envelope on the computing road maps.

是的。看，我對我們與台積電的合作感覺非常好。他們繼續表現得非常出色。我們將看看未來幾年會發生什麼。但我想再次強調我之前所說的，即使在進程奇偶性的情況下，我們對我們的架構路線圖以及我們在查看整個 CPU 產品組合時添加的所有其他內容感覺非常好， GPU、DPU、自適應SoC 以及將它們組合在一起來解決問題。我認為我們對能夠為客戶做的事情感到非常滿意。因此，我們總是會關注某種流程競賽，但我認為我們對我們的策略以及我們如何繼續推動計算路線圖的極限感到非常滿意。

Okay. And that is the end of the question-and-answer session. I would like to turn the floor back over to the AMD team for any closing comments.

好的。問答環節到此結束。我想將發言權轉回 AMD 團隊以徵求結束意見。

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 this concludes today's teleconference. You may disconnect your lines at this time. Thank you for your participation.

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。