超微半導體 (AMD) 2024 Q1 法說會逐字稿

Greetings, and welcome to the AMD First Quarter 2024 Conference Call. (Operator Instructions) As a reminder, this conference is being recorded.

大家好，歡迎參加 AMD 2024 年第一季電話會議。 （操作員指示）謹此提醒，本次會議正在錄製中。

It is now my pleasure to introduce your host, Mitch Haws, Vice President, Investor Relations. Thank you. Mitch, you may begin.

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

Thank you, and welcome to AMD's First Quarter 2024 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, and the full non-GAAP to GAAP reconciliations are available in today's press release and the slides posted on our website.

謝謝，歡迎參加 AMD 2024 年第一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 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 TD Cowen Technology, Media and Telecom Conference on May 29; and Jean Hu, Executive Vice President, Chief Financial Officer and Treasurer, will attend the JPMorgan Global Media and Communications Conference on Tuesday, May 21; the Bank of America Global Technology Conference on Wednesday, June 5; and the Jefferies Nasdaq Investor Conference on Tuesday, June 11.

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；以及我們的執行副總裁、財務長兼財務主管 Jean Hu。這是一次現場通話，將透過我們網站上的網路廣播進行重播。在開始之前，我想指出執行副總裁兼首席技術長 Mark Papermaster 將出席 5 月 29 日舉行的 TD Cowen 技術、媒體和電信會議；執行副總裁、財務長兼財務主管胡錦濤 (Jean Hu) 將於 5 月 21 日星期二出席摩根大通全球媒體和傳播會議； 6 月 5 日星期三舉行的美國銀行全球技術會議；以及 6 月 11 日星期二舉行的傑富瑞納斯達克投資者大會。

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

今天的討論包含基於當前信念、假設和預期的前瞻性陳述，僅在今天發表，因此涉及可能導致實際結果與我們當前預期存在重大差異的風險和不確定性。請參閱我們新聞稿中的警告聲明，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 will hand the call over to Lisa.

這樣，我就把電話轉給麗莎。

Thanks, Mitch, and good afternoon to all those listening today. This is an incredibly exciting time for the industry as the widespread deployment of AI is driving demand for significantly more compute across a broad range of markets. Under this backdrop, we are executing very well as we ramp our data center business and enable AI capabilities across our product portfolio.

謝謝米奇，今天所有聽眾都午安。對於整個行業來說，這是一個令人難以置信的令人興奮的時刻，因為人工智慧的廣泛部署正在推動廣泛市場對更多計算的需求。在此背景下，我們在擴大資料中心業務並在整個產品組合中啟用人工智慧功能方面執行得非常好。

Looking at the first quarter, revenue increased to $5.5 billion. We expanded gross margin by more than 2 percentage points and increased profitability as Data Center and Client segment sales each grew by more than 80% year-over-year.

從第一季來看，營收增至55億美元。我們的毛利率提高了 2 個百分點以上，獲利能力也有所提高，資料中心和客戶端細分市場的銷售額較去年同期分別成長了 80% 以上。

Data Center segment revenue grew 80% year-over-year and 2% sequentially to a record $2.3 billion. The substantial year-over-year growth was driven by the strong ramp of AMD Instinct MI300X GPU shipments and a double-digit percentage increase in server CPU sales. We believe we gained server CPU revenue share in the seasonally down first quarter, led by growth in enterprise adoption and expanded cloud deployments.

資料中心部門營收年增 80%，季增 2%，達到創紀錄的 23 億美元。 AMD Instinct MI300X GPU 出貨量的強勁成長以及伺服器 CPU 銷售額的兩位數百分比成長推動了同比大幅成長。我們相信，由於企業採用率的成長和雲端部署的擴大，我們在第一季季節性下降的伺服器 CPU 收入份額中獲得了成長。

In cloud, while the overall demand environment remain mixed, hyperscalers continued adopting fourth-gen EPYC processors to power more of their internal workloads and public instances. There are now nearly 900 AMD-powered public instances available globally as Amazon, Microsoft and Google all increased their fourth-gen EPYC processor offerings with new instances and regional deployments.

在雲端中，雖然整體需求環境仍然複雜，但超大規模企業繼續採用第四代 EPYC 處理器來為其更多內部工作負載和公有執行個體提供支援。隨著亞馬遜、微軟和谷歌都透過新實例和區域部署增加了第四代 EPYC 處理器產品，全球目前有近 900 個由 AMD 驅動的公共實例。

In the enterprise, we have seen signs of improving demand as CIOs need to add more general purpose and AI compute capacity while maintaining the physical footprint and power needs of their current infrastructure. This scenario aligns perfectly with the value proposition of our EPYC processors.

在企業中，我們看到了需求改善的跡象，因為資訊長需要增加更多通用和人工智慧運算能力，同時保持當前基礎設施的實體足跡和電力需求。這個場景與我們的 EPYC 處理器的價值主張完美契合。

Given our high core count and energy efficiency, we can deliver the same amount of compute with 45% fewer servers compared to the competition, cutting initial CapEx by up to half and lowering annual OpEx by more than 40%. As a result, enterprise adoption of EPYC CPUs is accelerating, highlighted by deployments with large enterprises, including American Airlines, DBS, Emirates Bank, Shell and STMicro.

鑑於我們的核心數量和能源效率較高，與競爭對手相比，我們可以使用減少45% 的伺服器來提供相同的運算量，從而將初始資本支出削減多達一半，並將年度營運支出降低超過40 %。因此，企業對 EPYC CPU 的採用正在加速，美國航空、星展銀行、阿聯酋銀行、殼牌和 STMicro 等大型企業的部署凸顯了這一點。

We're also building momentum with AMD-powered solutions powering the most popular ERP and database applications. As one example of the latest generation of Oracle Exadata, the leading database solution used by 76 of the Fortune 100, is now powered exclusively by fourth-gen EPYC processors. Looking ahead, we're very excited about our next-gen Turin family of EPYC processors featuring our Zen 5 core. We're widely sampling Turin and the silicon is looking great.

我們也利用 AMD 支援的解決方案為最受歡迎的 ERP 和資料庫應用程式提供動力。作為最新一代 Oracle Exadata 的一個例子，財富 100 強企業中有 76 家使用的領先資料庫解決方案現在完全由第四代 EPYC 處理器提供支援。展望未來，我們對採用 Zen 5 核心的下一代 Turin 系列 EPYC 處理器感到非常興奮。我們正在對都靈進行廣泛採樣，矽看起來很棒。

In the cloud, the significant performance and efficiency increases of Turin position us well to capture an even larger share of both first and third-party workloads. In addition, there are 30% more Turin platforms in development from our server partners compared to fourth-gen EPYC platforms, increasing our enterprise SAM with new solutions optimized for additional workloads. Turin remains on track to launch later this year.

在雲端中，都靈的效能和效率顯著提高，使我們能夠在第一方和第三方工作負載中佔據更大的份額。此外，與第四代 EPYC 平台相比，我們的伺服器合作夥伴正在開發的 Turin 平台數量增加了 30%，透過針對額外工作負載優化的新解決方案增加了我們的企業 SAM。都靈仍有望在今年稍後推出。

Turning to our broader Data Center portfolio. We delivered our second straight quarter of record data center GPU revenue as MI300 became the fastest-ramping product in AMD history, passing $1 billion in total sales in less than 2 quarters. In cloud, MI300x production deployments expanded at Microsoft, Meta and Oracle to power Generative AI training and inferencing for both internal workloads and a broad set of public offerings.

轉向我們更廣泛的資料中心產品組合。隨著 MI300 成為 AMD 史上成長最快的產品，我們的資料中心 GPU 營收連續第二季創下歷史新高，不到兩季的總銷售額就超過了 10 億美元。在雲端中，MI300x 生產部署在 Microsoft、Meta 和 Oracle 進行了擴展，為內部工作負載和廣泛的公共產品提供生成式 AI 訓練和推理。

For the enterprise, we're working very closely with Dell, HPE, Lenovo, Super Micro and others as multiple MI300X platforms enter volume production this quarter. In addition, we have more than 100 enterprise and AI customers actively developing or OpenAI MI300X.

對於企業而言，隨著多個 MI300X 平台在本季進入批量生產，我們正在與戴爾、HPE、聯想、超微等公司密切合作。此外，我們還有超過100家企業和AI客戶正在積極開發OpenAI MI300X。

On the AI software front, we made excellent progress adding upstream support for AMD hardware in the open AI Triton compiler, making it even easier to develop highly performant AI software for AMD platforms.

在人工智慧軟體方面，我們取得了巨大進展，在開放式 AI Triton 編譯器中添加了對 AMD 硬體的上游支持，使得為 AMD 平台開發高性能人工智慧軟體變得更加容易。

We also released a major update to our ROCm software stack that expand support for open source libraries, including vLLM, and frameworks, including JAKs, adds new features like video decode and significantly increases generative AI performance by integrating advanced attention algorithm support for sparsity and FPA.

我們還發布了ROCm 軟體堆疊的重大更新，擴展了對開源庫（包括vLLM）和框架（包括JAK）的支持，添加了視訊解碼等新功能，並透過整合對稀疏性和FPA 的高級注意力演算法支持，顯著提高了生成式AI 性能。

Our partners are seeing very strong performance in their AI workloads. As we jointly optimize for their models, MI300X GPUs are delivering leadership inferencing performance and substantial TCO advantages compared to H100. For instance, several of our partners are seeing significant increases in tokens per second when running their flagship LLMs on MI300x compared to H100.

我們的合作夥伴在他們的人工智慧工作負載中看到了非常強勁的效能。當我們共同優化他們的模型時，與 H100 相比，MI300X GPU 提供了領先的推理性能和巨大的 TCO 優勢。例如，與 H100 相比，我們的一些合作夥伴在 MI300x 上運行其旗艦 LLM 時每秒的代幣數量顯著增加。

We're also continuing to enable the broad ecosystem required to power the next generation of AI systems, including as a founding member of the Ultra Ethernet Consortium, working to optimize the widely adopted Ethernet protocol to run AI workloads at data center scale.

我們也持續支援下一代人工智慧系統所需的廣泛生態系統，包括作為超級乙太網路聯盟的創始成員，致力於優化廣泛採用的乙太網路協議，以在資料中心規模上運行人工智慧工作負載。

MI300 demand continues to strengthen. And based on our expanding customer engagements, we now expect data center GPU revenue to exceed $4 billion in 2024, up from the $3.5 billion we guided in January. Longer term, we are increasingly working closer with our cloud and enterprise customers as we expand and accelerate our AI hardware and software road maps and grow our data center GPU footprint.

MI300需求持續走強。基於我們不斷擴大的客戶參與度，我們現在預計 2024 年資料中心 GPU 收入將超過 40 億美元，高於我們 1 月指導的 35 億美元。從長遠來看，隨著我們擴展和加速我們的人工智慧硬體和軟體路線圖並擴大我們的資料中心 GPU 足跡，我們將與雲端和企業客戶越來越密切地合作。

Turning to our Client segment. Revenue was $1.4 billion, an increase of 85% year-over-year, driven by strong demand for our latest-generation Ryzen mobile and desktop processors with OEMs and in the channel. Client segment revenue declined 6% sequentially.

轉向我們的客戶部分。營收為 14 億美元，年增 85%，這得益於 OEM 和通路對我們最新一代 Ryzen 行動和桌上型處理器的強勁需求。客戶部門營收季減 6%。

We saw strong demand for our latest-generation Ryzen processors in the first quarter. Ryzen desktop CPU sales grew by a strong double-digit percentage year-over-year, and Ryzen mobile CPU sales nearly doubled year-over-year as new Ryzen 8040 notebook designs from Acer, Asus, HP, Lenovo and others ramped.

第一季我們看到對最新一代銳龍處理器的強勁需求。隨著宏碁、華碩、惠普、聯想等公司的新款 Ryzen 8040 筆記型電腦設計的增加，Ryzen 桌上型 CPU 銷量同比強勁增長兩位數，而 Ryzen 行動 CPU 銷量同比幾乎翻倍。

We expanded our portfolio of leadership enterprise PC offerings with the launch of our Ryzen Pro 8000 processors earlier this month. Ryzen Pro 8040 mobile CPUs delivered industry-leading performance in battery life for commercial notebooks. And our Ryzen Pro 8000 series desktop CPUs are the first processor to offer dedicated, on-chip AI accelerators in commercial desktop PCs.

本月早些時候，我們推出了 Ryzen Pro 8000 處理器，擴大了我們領先的企業 PC 產品組合。 Ryzen Pro 8040 行動 CPU 在商用筆記型電腦的電池續航時間方面提供了業界領先的效能。我們的 Ryzen Pro 8000 系列桌上型 CPU 是第一款在商用桌上型電腦中提供專用片上 AI 加速器的處理器。

We see clear opportunities to gain additional commercial PC share based on the performance and efficiency advantages of our Ryzen Pro portfolio and an expanded set of AMD-powered commercial PCs from our OEM partners. Looking forward, we believe the market is on track to return to annual growth in 2024, driven by the start of an enterprise refresh cycle and AI PC adoption.

基於我們的 Ryzen Pro 產品組合的性能和效率優勢以及 OEM 合作夥伴提供的一系列擴展的 AMD 驅動的商用 PC，我們看到了獲得額外商用 PC 份額的明顯機會。展望未來，我們相信，在企業更新周期的開始和人工智慧 PC 採用的推動下，市場預計將在 2024 年恢復年度成長。

We see AI as the biggest inflection point in PC since the Internet, with the ability to deliver unprecedented productivity and usability gains. We're working very closely with Microsoft and a broad ecosystem of partners to enable the next generation of AI experiences, powered by Ryzen processors, with more than 150 ISVs on track to be developing for AMD AI PCs by the end of the year.

我們認為人工智慧是自網路以來個人電腦領域最大的轉捩點，能夠帶來前所未有的生產力和可用性提升。我們正在與 Microsoft 和廣泛的合作夥伴生態系統密切合作，以實現由 Ryzen 處理器提供支援的下一代 AI 體驗，到今年年底，將有超過 150 個 ISV 為 AMD AI PC 進行開發。

We will also take the next major step in our AI PC road map later this year with the launch of our next-generation Ryzen mobile processors codenamed Strix. Customer interest in Strix is very high based on the significant performance and energy efficiency uplifts we are delivering.

我們也將在今年稍後推出代號為 Strix 的下一代 Ryzen 行動處理器，從而在 AI PC 路線圖中邁出下一個重要步驟。基於我們所提供的顯著效能和能源效率提升，客戶對 Strix 的興趣非常高。

Design win momentum for premium notebooks is outpacing prior generations as Strix enables next-generation AI experiences in laptops that are thinner, lighter and faster than ever before. We're excited about the growth opportunities for the PC market. And based on the strength of our Ryzen CPU portfolio, we expect to grow revenue share this year.

隨著 Strix 在比以往更薄、更輕、更快的筆記型電腦中實現下一代 AI 體驗，高階筆記型電腦的設計獲勝勢頭正在超過前幾代。我們對個人電腦市場的成長機會感到興奮。基於我們 Ryzen CPU 產品組合的實力，我們預計今年的營收份額將會增加。

Now turning to our Gaming segment. Revenue declined 48% year-over-year and 33% sequentially to $922 million. First quarter semi-custom SoC sales declined in line with our projections as we are now in the fifth year of the console cycle. In Gaming Graphics, revenue declined year-over-year and sequentially. We expanded our Radeon 7000 Series family with the global launch of our Radeon RX 7900 GRE and also introduced our driver-based AMD fluid motion frames technology that can provide large performance increases in thousands of games.

現在轉向我們的遊戲部門。營收年減 48%，季減 33%，至 9.22 億美元。第一季半客製化 SoC 銷售額的下降符合我們的預測，因為我們現在正處於遊戲機週期的第五年。在遊戲圖形領域，收入年比和季減。透過在全球推出 Radeon RX 7900 GRE，我們擴展了 Radeon 7000 系列家族，並推出了基於驅動程式的 AMD 流體運動幀技術，該技術可在數千款遊戲中大幅提升效能。

Turning to our Embedded segment. Revenue decreased 46% year-over-year and 20% sequentially to $846 million as customers remain focused on normalizing their inventory levels. We launched our Spartan UltraScale+ FPGA family with high I/O counts, power efficiency and state-of-the-art security features, and we're seeing a strong pipeline of growth for our cost-optimized embedded portfolio across multiple markets.

轉向我們的嵌入式部分。由於客戶仍專注於使庫存水準正常化，營收年減 46%，季減 20%，至 8.46 億美元。我們推出了 Spartan UltraScale+ FPGA 系列，具有高 I/O 數量、高功效和最先進的安全功能，我們看到成本優化的嵌入式產品組合在多個市場中出現強勁增長。

Given the current embedded market conditions, we're now expecting second quarter embedded segment revenue to be flat sequentially, with a gradual recovery in the second half of the year. Longer term, we see AI at the edge as a large growth opportunity that will drive increased demand for compute across a wide range of devices. To address this demand, we announced our second generation of Versal adaptive SoCs that deliver a 3x increase in AI tops per watt and a 10x greater scaler compute performance compared to our prior generation of industry-leading adaptive SoCs.

鑑於目前的嵌入式市場狀況，我們目前預計第二季嵌入式細分市場營收將環比持平，下半年將逐步復甦。從長遠來看，我們認為邊緣人工智慧是一個巨大的成長機會，將推動各種設備的運算需求增加。為了滿足這項需求，我們推出了第二代 Versal 自適應 SoC，與上一代業界領先的自適應 SoC 相比，每瓦人工智慧次數提高了 3 倍，縮放器運算效能提高了 10 倍。

Versal Gen 2 adaptive SoCs are the only solution that combine multiple compute engines to handle AI preprocessing, inferencing and post processing on a single chip, enabling customers to rapidly add highly performant and efficient AI capabilities to a broad range of products. We were pleased to be joined at our launch by Subaru, who announced they adopted Versal AI Edge series Gen 2 devices to power the next generation of their EyeSight ADAS system.

Versal Gen 2 自適應 SoC 是唯一結合多個運算引擎在單一晶片上處理 AI 預處理、推理和後處理的解決方案，使客戶能夠快速為各種產品添加高效能和高效的 AI 功能。我們很高興 Subaru 加入我們的發表會，他們宣布採用 Versal AI Edge 系列 Gen 2 設備來為其下一代 EyeSight ADAS 系統提供動力。

Embedded Design win momentum remains very strong as customers adopt our full portfolio of FPGAs, CPUs, GPUs and adaptive SoCs to address a larger portion of their compute needs. In summary, we executed well in the first quarter, setting us up to deliver strong annual revenue growth and expanded gross margin, driven by growing adoption of our Instinct, EPYC and Ryzen product portfolios.

隨著客戶採用我們的 FPGA、CPU、GPU 和自適應 SoC 的完整產品組合來滿足其大部分運算需求，嵌入式設計的獲勝勢頭仍然非常強勁。總而言之，我們在第一季的表現良好，在我們的 Instinct、EPYC 和 Ryzen 產品組合日益普及的推動下，我們能夠實現強勁的年度收入成長和毛利率的擴大。

Our priorities for 2024 are very clear: accelerate our Data Center growth by ramping Instinct GPU production and gaining share with our EPYC processors; launch our next-generation Zen 5 PC and server processors that extend our leadership performance; and expand our adaptive computing portfolio with differentiated solutions.

我們 2024 年的優先事項非常明確：透過提高 Instinct GPU 產量並利用我們的 EPYC 處理器獲得市場份額來加速我們的資料中心成長；推出我們的下一代 Zen 5 PC 和伺服器處理器，以擴展我們的領先效能；並透過差異化解決方案擴展我們的自適應計算產品組合。

Looking further ahead, AI represents an unprecedented opportunity for AMD. While there has been significant growth in AI infrastructure build-outs, we are still in the very early stages of what we believe is going to be a period of sustained growth, driven by an insatiable demand for both high-performance AI and general purpose compute.

展望未來，人工智慧對 AMD 來說是前所未有的機會。儘管人工智慧基礎設施建設取得了顯著增長，但我們仍處於持續增長時期的早期階段，我們認為這將是一個持續增長的時期，這是由對高性能人工智慧和通用計算的永不滿足的需求推動的。

We have expanded our investments across the company to capture this large growth opportunity, from rapidly expanding our AI software stack to accelerating our AI hardware road maps, increasing our go-to-market activities and partnering closely with the largest AI companies to co-optimize solutions for their most important workloads. We are very excited about the trajectory of the business and the significant growth opportunities ahead.

我們擴大了整個公司的投資，以抓住這一巨大的成長機會，從快速擴展我們的人工智慧軟體堆疊到加速我們的人工智慧硬體路線圖、增加我們的市場推廣活動以及與最大的人工智慧公司密切合作以共同優化針對最重要工作負載的解決方案。我們對業務的發展軌跡和未來的重大成長機會感到非常興奮。

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

現在我想將電話轉給 Jean，為我們第一季的業績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 second quarter of fiscal 2024. We delivered strong year-over-year revenue growth in our Data Center and Client segments in the fourth quarter and grew 230 basis points of gross margin expansion. For the first quarter of 2024, revenue was $5.5 billion, up 2% year-over-year as revenue growth in the Data Center and the Client segment was partially offset by lower revenue in our Gaming and Embedded segment.

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 財年第二季度的當前展望。 。 2024 年第一季度，營收為 55 億美元，年增 2%，因為資料中心和客戶端部門的營收成長被遊戲和嵌入式部門營收的下降部分抵銷。

Revenue declined 11% sequentially as higher Data Center revenue resulting from the ramp of our AMD Instinct GPUs was offset by lower Gaming and Embedded segment revenues. Gross margin was 52%, up 230 basis points year-over-year, driven by higher revenue contribution from the Data Center and Client segment, partially offset by lower Embedded and Gaming segment revenue contribution.

營收季減 11%，因為 AMD Instinct GPU 的成長帶來的資料中心收入增加被遊戲和嵌入式部門收入的減少所抵消。毛利率為 52%，年增 230 個基點，主要得益於資料中心和客戶端部門營收貢獻增加，但部分被嵌入式和遊戲部門營收貢獻下降所抵銷。

Operating expenses were $1.7 billion, an increase of 10% year-over-year, as we continued investing aggressively in R&D and marketing activities to address the significant AI growth opportunities ahead of us. Operating income was $1.1 billion, representing a 21% operating margin. Taxes, interest expense and other was $120 million. For the fourth quarter of 2024, diluted earnings per share was $0.62, an increase of 3% year-over-year.

營運費用為 17 億美元，年增 10%，因為我們繼續積極投資於研發和行銷活動，以應對擺在我們面前的重大人工智慧成長機會。營業收入為 11 億美元，營業利益率為 21%。稅金、利息支出等費用為 1.2 億美元。 2024年第四季，稀釋每股收益為0.62美元，年增3%。

Now turning to our Reportable segment, starting with the Data Center. Data Center delivered record quarterly segment revenue of $2.3 billion, up 80%, a $1 billion increase year-over-year. Data Center accounted for more than 40% of total revenue, primarily led by the ramp of AMD Instinct GPUs from both cloud and enterprise customers and a strong double-digit percentage growth in our server process revenue as a result of growth across our sample products.

現在轉向我們的可報告部分，從資料中心開始。資料中心業務季度營收創歷史新高，達到 23 億美元，成長 80%，年增 10 億美元。資料中心業務佔總收入的 40% 以上，這主要是由於雲端和企業客戶的 AMD Instinct GPU 的成長以及我們的伺服器處理收入因我們的樣本產品的成長而實現了強勁的兩位數百分比成長。

On a sequential basis, revenue increased 2%, driven by the ramp of our AMD Instinct GPUs, partially offset by seasonal decline in server CPU sales. Data Center segment operating income was $541 million or 23% of revenue compared to $148 million or 11% a year ago. Operating income was up 266% year-over-year due to operating leverage even as we significantly increased our investment in R&D.

在 AMD Instinct GPU 銷售成長的推動下，營收季增了 2%，但部分被伺服器 CPU 銷售的季節性下降所抵銷。資料中心部門營業收入為 5.41 億美元，佔收入的 23%，而一年前為 1.48 億美元，佔收入的 11%。儘管我們大幅增加了研發投入，但由於營運槓桿，營業收入仍較去年同期成長 266%。

Client segment revenue was $1.4 billion, up 85% year-over-year, driven primarily by Ryzen 8000 series processors. On a sequential basis, Client revenue declined 6%. Client segment operating income was $86 million or 6% of revenue compared to an operating loss of $172 million a year ago, driven by higher revenue.

客戶端部門營收為 14 億美元，年成長 85%，主要由 Ryzen 8000 系列處理器推動。與上一季相比，客戶收入下降了 6%。客戶部門營業收入為 8,600 萬美元，佔收入的 6%，而一年前，由於收入增加，營業虧損為 1.72 億美元。

Gaming segment revenue was $922 million, down 48% year-over-year and down 33% sequentially due to a decrease in semi customer and Radeon GPU sales. Gaming segment operating income was $151 million or 16% of revenue compared to $314 million or 18% a year ago.

由於半客戶和 Radeon GPU 銷量下降，遊戲部門營收為 9.22 億美元，年減 48%，季減 33%。遊戲部門營業收入為 1.51 億美元，佔收入的 16%，而一年前為 3.14 億美元，佔收入的 18%。

Embedded segment revenue was $846 million, down 46% year-over-year and 20% sequentially as customers continue to manage their inventory levels. Embedded segment operating income was $342 million or 41% of revenue compared to $798 million or 51% a year ago.

由於客戶繼續管理庫存水平，嵌入式部門收入為 8.46 億美元，年減 46%，環比下降 20%。嵌入式部門營業收入為 3.42 億美元，佔營收的 41%，而一年前為 7.98 億美元，佔營收的 51%。

Turning to the balance sheet and cash flow. During the quarter, we generated $521 million in cash from operations, and free cash flow was $379 million. Inventory increased sequentially by $301 million to $4.7 billion, primarily to support the continued ramp of data center and client products in advanced process node.

轉向資產負債表和現金流量。本季度，我們從營運中產生了 5.21 億美元的現金，自由現金流為 3.79 億美元。庫存環比增加 3.01 億美元，達到 47 億美元，主要是為了支援先進製程節點中資料中心和客戶端產品的持續成長。

At the end of the quarter, cash, cash equivalent and short-term investment was $6 billion. As a reminder, we have $750 million of debt maturing this June. Given our ample liquidity, we plan to retire that utilizing existing cash.

截至本季末，現金、現金等價物和短期投資為 60 億美元。提醒一下，我們有 7.5 億美元的債務將在今年 6 月到期。鑑於我們充足的流動性，我們計劃利用現有現金來償還。

Now turning to our second quarter 2024 outlook. We expect revenue to be approximately $5.7 billion, plus or minus $300 million. Sequentially, we expect Data Center segment revenue to increase by double-digit percentage, primarily driven by the Data Center GPU ramp; client segment revenue to increase; embedded segment revenue to be flat; and in the Gaming segment, based on current demand signals, revenue to decline by significant double-digit percentage.

現在轉向我們對 2024 年第二季的展望。我們預計營收約 57 億美元，上下浮動 3 億美元。接下來，我們預期資料中心部門的營收將出現兩位數百分比的成長，這主要是受到資料中心 GPU 成長的推動；客戶部門收入增加；嵌入式部門營收持平；在遊戲領域，根據當前的需求訊號，收入將出現兩位數的大幅下降。

Year-over-year, we expect our Data Center and Client segment revenue to be up significantly, driven by the strength of our product portfolio; the Embedded and the Gaming segment revenue to decline by a significant double-digit percentage. In addition, we expect second quarter non-GAAP gross margin to be approximately 53%. Non-GAAP operating expenses to be approximately $1.8 billion. Non-GAAP effective tax rate to be 13% and the diluted share count is expected to be approximately 1.64 billion shares.

與去年同期相比，在我們產品組合實力的推動下，我們預期資料中心和客戶端部門的營收將大幅成長；嵌入式和遊戲部門的收入將出現兩位數的大幅下降。此外，我們預計第二季非 GAAP 毛利率約為 53%。非 GAAP 營運費用約為 18 億美元。非 GAAP 有效稅率為 13%，稀釋後股數預計約為 16.4 億股。

In closing, we started the year strong. We made significant progress on our strategic priorities, delivering year-over-year revenue growth in our Data Center and the Client segment and expanded the gross margin. Looking ahead, we believe the investments we are making will position us very well to address the large AI opportunities ahead.

最後，我們以強勁的勢頭開啟了新的一年。我們在策略重點方面取得了重大進展，資料中心和客戶部門的收入同比增長，並擴大了毛利率。展望未來，我們相信我們正在進行的投資將使我們能夠很好地應對未來的巨大人工智慧機會。

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. Paul, we're happy to poll the audience for questions.

謝謝你，讓。保羅，我們很高興向觀眾提問。

(Operator Instructions) Our first question is from Toshiya Hari with Goldman Sachs.

（操作員說明）我們的第一個問題來自高盛的 Toshiya Hari。

Lisa, my first question is on the MI300. You're taking up the full year outlook from $3.5 billion to $4 billion. I'm curious what's driving that incremental $500 million in revenue? Is it new customers? Is it additional bookings from existing customers? Is it more cloud? Is it more enterprise? If you can sort of provide color there, that would be helpful.

麗莎，我的第一個問題是關於 MI300 的。您將全年展望從 35 億美元調整到 40 億美元。我很好奇是什麼推動了這 5 億美元的營收增量？是新客戶嗎？是現有客戶的額外預訂嗎？是不是雲更多了？是不是更有企業精神？如果你可以在那裡提供顏色，那會很有幫助。

And then on the supply side, there's been headlines or chatter that CoWoS and/or HBM could be a pretty severe constraining factor for you guys. If you can speak to how you're handling the supply side of the equation, that would be helpful, too. And then I have a quick follow-up.

然後在供應方面，有頭條新聞或傳言說 CoWoS 和/或 HBM 可能對你們來說是一個相當嚴重的限制因素。如果您能談談您如何處理等式的供應方面，那也會有幫助。然後我會進行快速跟進。

Great. Thank you, Toshiya, for the question. Look, the MI300 ramp is going really well. If we look at just what's happened over the last 90 days, we've been working very closely with our customers to qualify MI300 in their production data centers, both from a hardware standpoint, software standpoint. So far, things are going quite well.

偉大的。謝謝 Toshiya 的提問。看，MI300 坡道進展得非常順利。如果我們看看過去 90 天發生的事情，我們會發現我們一直在與客戶密切合作，從硬體和軟體的角度對他們的生產資料中心的 MI300 進行資格認證。到目前為止，一切進展順利。

And what we see now is just greater visibility to both current customers as well as new customers committing to MI300. So that gives us the confidence to go from $3.5 billion to $4 billion. And I view this as very much -- it's a very dynamic market, and there are lots of customers. We said on the -- in the prepared remarks that we have over 100 customers that we're engaged with in both development as well as deployment. So overall, the ramp is going really well.

我們現在看到的是現有客戶以及致力於使用 MI300 的新客戶都獲得了更高的可見度。這讓我們有信心從 35 億美元增加到 40 億美元。我認為這是一個非常有活力的市場，而且有很多客戶。我們在準備好的演講中表示，我們有 100 多個客戶參與開發和部署。整體而言，坡道進展順利。

As it relates to the supply chain, actually, I would say, I'm very pleased with how supply has ramped. It is absolutely the fastest product ramp that we have done. It's a very complex product, chiplets, CoWoS, 3D integration, HBM. And so far, it's gone extremely well. We've gotten great support from our partners. And so I would say, even in the quarter that we just finished, we actually did a little bit better than expected when we first started the quarter.

由於它與供應鏈有關，實際上，我想說，我對供應量的增加感到非常滿意。這絕對是我們做過的最快的產品升級。這是一個非常複雜的產品，小晶片、CoWoS、3D 整合、HBM。到目前為止，進展非常順利。我們得到了合作夥伴的大力支持。所以我想說，即使在我們剛結束的季度，我們的表現實際上也比我們剛開始季度時的預期要好一些。

I think Q2 will be another significant ramp. And we're going to ramp supply every quarter this year. So I think the supply chain is going well. We are tight on supply. So there's no question in the near term that if we had more supply, we have demand for that product, and we're going to continue to work on those elements as we go through the year. But I think both on the demand side and the supply side, I'm very pleased with how the ramp is going.

我認為第二季將是另一個顯著的成長。今年我們每季都會增加供應。所以我認為供應鏈進展順利。我們供應緊張。因此，短期內毫無疑問，如果我們有更多的供應，我們就會對該產品產生需求，並且我們將在這一年中繼續致力於這些要素。但我認為無論是在需求方面還是在供應方面，我對成長的進展感到非常滿意。

And then as my follow-up, I was hoping you could speak to your Data Center GPU road map beyond the MI300. The other concern that we hear is your nearest competitor has been pretty transparent with their road map, and that extends into '25 and oftentimes '26. So -- and maybe this isn't the right venue for you to give too much, but beyond the MI300, how should we think about your road map and your ability to compete in Data Center?

作為我的後續行動，我希望您能談談 MI300 以外的資料中心 GPU 路線圖。我們聽到的另一個擔憂是，您最接近的競爭對手的路線圖非常透明，並且延伸到“25”，通常是“26”。那麼，也許這不是您付出太多的合適場所，但除了 MI300 之外，我們應該如何考慮您的路線圖以及您在資料中心的競爭能力？

Yes, sure. So look, Toshiya, when we start with the road map, I mean, we always think about it as a multiyear, multigenerational road map. So we have the follow-ons to MI300 as well as the next, next generations well in development. I think what is true is we're getting much closer to our top AI customers. They're actually giving us significant feedback on the road map and what we need to meet their needs.

是的，當然。所以，Toshiya，當我們從路線圖開始時，我的意思是，我們總是將其視為一個多年、多代人的路線圖。因此，我們的 MI300 後續產品以及下一代產品正在順利開發中。我認為事實是我們離我們的頂級人工智慧客戶越來越近了。他們實際上向我們提供了有關路線圖以及我們需要滿足他們需求的重要回饋。

Our chiplet architecture is actually very flexible. And so that allows us to actually make changes to the road map as necessary. So we're very confident in our ability to continue to be very competitive. Frankly, I think we're going to get more competitive. Right now, I think MI300x is in a sweet spot for inference, very, very strong inference performance.

我們的小晶片架構其實非常靈活。這樣我們就可以根據需要對路線圖進行實際更改。因此，我們對自己繼續保持競爭力的能力非常有信心。坦白說，我認為我們將會變得更有競爭力。現在，我認為 MI300x 處於推理的最佳位置，推理表現非常非常強。

I see as we bring in additional products later this year into 2025, that, that will continue to be a strong spot for us. And then we're also enhancing our training performance and our software road map to go along with it. So more details to come in the coming months, but we have a strong road map that goes through the next couple of years, and it is informed by just a lot of learning in working with our top customers.

我認為，隨著我們在今年稍後到 2025 年推出更多產品，這將繼續成為我們的優勢。然後我們還提高了我們的培訓績效和軟體路線圖以配合它。因此，更多細節將在未來幾個月內公佈，但我們已經制定了未來幾年的強大路線圖，並且是透過與我們的頂級客戶合作時學到的大量知識來實現的。

Our next question is from Ross Seymore with Deutsche Bank.

我們的下一個問題來自德意志銀行的羅斯·西莫爾。

The non-AI side of the Data Center business, it sounds like the enterprise side has some good traction even though the sequential drop happened seasonally, Lisa. But I was just wondering what's implied in your second quarter guidance for the Data Center CPU side of things? And generally speaking, how are you seeing that whole kind of GPU versus CPU crowding out dynamic playing out for the rest of 2024?

麗莎，資料中心業務的非人工智慧方面，聽起來企業方面有一些良好的吸引力，儘管連續下降是季節性的。但我只是想知道第二季資料中心 CPU 方面的指導意味著什麼？一般來說，您如何看待 GPU 與 CPU 在 2024 年剩餘時間的動態競爭？

Yes, sure, Ross, thanks for the question. I think the -- our EPYC business has actually performed pretty well. The market is a bit mixed. I think some of the cloud guys are still working through sort of their optimizations. I think it's different by customer. We did see here in the first quarter, actually, some very nice early signs in the enterprise space, sort of large customers starting refresh programs. The value proposition of Genoa is very, very strong, and we're seeing that pull through across the enterprise.

是的，當然，羅斯，謝謝你的提問。我認為我們的 EPYC 業務實際上表現得相當不錯。市場有點複雜。我認為一些雲端專家仍在進行某種優化。我認為這因客戶而異。實際上，我們在第一季確實看到了企業領域的一些非常好的早期跡象，例如大客戶開始更新計劃。熱那亞的價值主張非常非常強大，我們看到這一點在整個企業中得到體現。

In the second quarter, we expect overall Data Center to be up strong double digits. And then within that, we expect server to be up as well. And as we go into the second half of the year, I think there are a couple of drivers for us.

在第二季度，我們預計整個資料中心將實現兩位數的強勁成長。然後，我們預計伺服器也會啟動。當我們進入下半年時，我認為我們有幾個驅動因素。

We do expect some improvement in the overall market conditions for the server business. But we also have our Turin launch in the second half of the year that will also, we believe, extend our leadership position within the server market. So overall, I think the business is performing well, and we believe that we're continuing to be very well positioned to gain share throughout the year.

我們確實預期伺服器業務的整體市場狀況將會改善。但我們也將在今年下半年推出都靈，我們相信這也將擴大我們在伺服器市場的領導地位。總的來說，我認為該業務表現良好，我們相信我們將繼續處於有利地位，全年都能獲得份額。

And I guess as my follow-up, just switching over to the Client side. I noted you guided it up sequentially. Any sort of magnitude around that for the second quarter? And perhaps, more importantly, when you talk about the whole AI PC side of things, do you believe that's more of a units driver for you, an SAP driver, or will it be both?

我想作為我的後續行動，只是切換到客戶端。我注意到你按順序引導它。第二季的幅度有多大嗎？也許，更重要的是，當您談論整個 AI PC 方面的事物時，您認為這對您來說更像是單位驅動程式、SAP 驅動程序，還是兩者兼而有之？

Yes. So I think, again, I think we're pretty excited about the AI PC, both opportunity in, let's call it, the near term and even more so in the medium term. I think the client business is performing well, both on the channel and on the MNC side. We expect clients to be up sequentially in the second quarter.

是的。因此，我再次認為，我們對人工智慧 PC 感到非常興奮，無論是短期內還是中期的機會。我認為客戶業務無論是在通路方面還是在跨國公司方面都表現良好。我們預計第二季度客戶數量將環比增長。

And as we go into the second half of the year, to your question about units versus ASPs, I think we expect some increase in units as well as ASPs. The AI PC products, when we look at the Strix products, they're really well-suited for the premium segments of the market. And I think that's where you're going to see some of the AI PC content strongest in the beginning. And then as we go into 2025, you would see it more across the rest of the portfolio.

當我們進入今年下半年時，對於你關於單位與平均售價的問題，我認為我們預計單位和平均售價都會增加。 AI PC 產品，當我們看到 Strix 產品時，它們確實非常適合高階市場。我認為這就是你一開始就會看到一些最強大的 AI PC 內容的地方。然後，當我們進入 2025 年時，您會在投資組合的其餘部分看到更多這種情況。

Our next question is from Matt Ramsay with TD Cowen.

我們的下一個問題來自 TD Cowen 的 Matt Ramsay。

Lisa, I have sort of a longer-term question and then a shorter-term follow-up one. I guess the -- one of the questions that I've been getting from folks a lot is, obviously, your primary competitor has announced, I guess, a multiyear road map. And we continue to hear more and more from other folks about internal ASIC programs at some of your primary customers, whether they be for inference or training or both.

麗莎，我有一個長期問題，然後是短期後續問題。我想，我經常從人們那裡得到的問題之一是，顯然，你的主要競爭對手已經宣布了多年路線圖。我們繼續從其他人那裡聽到越來越多關於您的一些主要客戶的內部 ASIC 程序的信息，無論它們是用於推理還是培訓或兩者兼而有之。

I guess it'd be really helpful if you could just talk to us about how your conversations go with those customers, how committed they are to your long-term road map, multigeneration, as you described it, how they juxtapose doing investments of their internal silicon versus using a merchant supplier like yourselves and maybe what advantages the experience across a large footprint of customers can give your company that those guys doing internal ASICs might not get?

我想，如果您能與我們談談您與這些客戶的對話如何進行，他們對您的長期路線圖、多代人（正如您所描述的）的承諾程度，以及他們如何並列進行投資，那將會非常有幫助。

Yes. Sure, Matt. Thanks for the question. So look, I think one of the things that we see and we've said is that the TAM for AI compute is growing extremely quickly. And we see that continuing to be the case in all conversations. We had highlighted a TAM of let's call it, $400 billion in 2027. I think some people thought that was aggressive at the time. But the overall AI compute needs, as we talk to customers is very, very strong. And you've seen that in some of the announcements even recently with some of the largest cloud guys.

是的。當然，馬特。謝謝你的提問。因此，我認為我們看到並說過的一件事是，人工智慧運算的 TAM 成長極為迅速。我們看到所有對話中都繼續存在這種情況。我們強調了 TAM，我們稱之為 2027 年 4000 億美元。但正如我們與客戶交談的那樣，整體人工智慧運算需求非常非常強勁。您甚至在最近一些最大的雲端公司發布的一些公告中也看到了這一點。

From my view, there are several aspects of it. First of all, we have great relationships with all of sort of the top AI companies. And the idea there is we want to innovate together. When you look at these large language models and everything that you need for training and inferencing there, although -- there will be many solutions. I don't think there's just one solution that will fit all. The GPU is still the preferred architecture, especially as the algorithms and the models are continuing to evolve over time. And that favors our architecture and also our ability to really optimize CPU with GPU.

從我看來，有幾個面向。首先，我們與所有頂尖人工智慧公司都有著良好的關係。我們的想法是共同創新。當您查看這些大型語言模型以及其中訓練和推理所需的一切時，將會有許多解決方案。我不認為只有一種解決方案適合所有人。 GPU 仍然是首選架構，特別是隨著演算法和模型隨著時間的推移而不斷發展。這有利於我們的架構以及我們使用 GPU 真正優化 CPU 的能力。

So from my standpoint, I think we're very happy with the partnerships that we have. I think this is a huge opportunity for all of us to really innovate together. And we see that there's a very strong commitment to working together over multiple years going forward. And that's, I think, a testament to some of the work that we've done in the past, and that very much is what happened with the EPYC road map as well.

因此，從我的角度來看，我認為我們對我們擁有的合作關係感到非常滿意。我認為這對我們所有人來說都是一個真正共同創新的巨大機會。我們看到，雙方對未來多年的合作做出了非常堅定的承諾。我認為，這證明了我們過去所做的一些工作，EPYC 路線圖也正是如此。

Lisa, as my follow-up, a little bit shorter term. And I guess, having followed the company super closely for a long time, I think there's been -- there's always been noise in the system from whether the stock price is $2 a share or $200. There's been kind of always consistent noise one way or the other, but the last 1.5 months has been extreme in that sense.

麗莎，作為我的後續行動，期限稍微短一些。我想，在長期密切關注該公司之後，我認為系統中一直存在來自股票價格是每股 2 美元還是 200 美元的噪音。不管怎樣，總是有一些持續不斷的噪音，但從這個意義上來說，過去 1.5 個月是極端的。

And so I wanted to just -- I got random reports by inbox about changes in demand from some of your MI300 customers or planned demand for consuming your product. I think you answered earlier about the supply situation and how you're working with your partners there. But has there been any change from the customers that you're in ramp with now or that you soon will be of what their intention is for demand? Or in fact, has that maybe strengthened rather than gone down in recent periods because I keep getting questions about it?

所以我想 - 我透過收件匣收到了有關您的一些 MI300 客戶的需求變化或消費您的產品的計劃需求的隨機報告。我想您之前已經回答了供應情況以及您如何與那裡的合作夥伴合作。但是，您現在接觸的客戶或您很快就會了解他們的需求意圖是否有任何變化？或者事實上，最近一段時間這種情況是否可能有所加強而不是下降，因為我不斷收到有關它的問題？

Sure, Matt. Look, I think I might have said it earlier, but maybe I'll repeat it again. I think the demand side is actually really strong. And what we see with our customers and what we are tracking very closely is customers moving from, let's call it, initial POCs to pilots to full-scale production to deployment across multiple workloads. And we're moving through that sequence very well. I feel very good about the deployments and ramps that we have ongoing right now.

當然，馬特。聽著，我想我可能已經說過了，但也許我會再說一次。我認為需求面其實非常強勁。我們在客戶身上看到的以及我們正在密切追蹤的情況是，客戶從最初的 POC 到試點，再到全面生產，再到跨多個工作負載的部署。我們正在順利地完成這個過程。我對我們目前正在進行的部署和升級感到非常滿意。

And I also feel very good about new customers who are sort of earlier on in that process. So from a demand standpoint, we continue to build backlog as well as build engagements going forward. And similarly, on the supply standpoint, we're continuing to build supply momentum. But from a speed of ramp standpoint, I'm actually really pleased with the progress.

我對處於這過程早期的新客戶也感覺非常好。因此，從需求的角度來看，我們將繼續積壓訂單並建立未來的合作。同樣，從供應角度來看，我們正在持續增強供應動能。但從坡道速度的角度來看，我實際上對進展感到非常滿意。

Our next question is from Aaron Rakers with Wells Fargo.

我們的下一個問題來自富國銀行的 Aaron Rakers。

I apologize if I missed this earlier, but I know last quarter, you talked about having a -- securing enough capacity to support significant upside to the ramp of the MI300. I know that you upped your guide now to $4 billion. I'm curious how you would characterize the supply relative to that context offered last quarter as we think about that new kind of target for? Would you characterize it as still having supply capacity upside potential?

如果我之前錯過了這一點，我深表歉意，但我知道上個季度，您談到了確保足夠的容量來支持 MI300 的顯著上升。我知道您現在將指導值提高到了 40 億美元。我很好奇，當我們考慮新的目標時，您將如何描述相對於上季提供的供應情況？您是否認為它仍具有供應能力上行潛力？

Yes, Aaron. So we've said before that our goal is to ensure that we have supply that exceeds the current guidance, and that is true. So as we've upped our guidance from $3.5 billion to $4 billion, we still -- we have supply visibility significantly beyond that.

是的，亞倫。因此，我們之前說過，我們的目標是確保我們的供應量超過當前指導，這是事實。因此，儘管我們將指導意見從 35 億美元上調至 40 億美元，但我們的供應能見度仍然遠遠超出了這一水平。

Yes. Okay. And then as a quick follow-up, going back to an earlier question on server demand, more traditional server. As you see the ramp of maybe share opportunities in more traditional enterprise, I'm curious how you would characterize the growth that you expect to see a more traditional server CPU market as we move through '24 or even longer term, how you'd characterize that growth trend?

是的。好的。然後作為快速跟進，回到之前關於伺服器需求的問題，更傳統的伺服器。當您看到更傳統企業中可能分享機會的成長時，我很好奇您將如何描述您期望看到的更傳統伺服器 CPU 市場的成長，隨著我們進入 24 年甚至更長期，您會如何描述描述此增長趨勢的特徵？

Yes. I think, Aaron, what I would say is there are -- the need for refresh of, let's call it, older equipment is certainly there. So we see a refresh cycle coming. We also see AI head nodes as another place where we see growth in, let's call it, the more traditional SSD market. Our sweet spot is really in the highest performance, sort of high core count, energy efficiency space, and that is playing out well.

是的。我想，亞倫，我想說的是，確實需要更新舊設備，讓我們稱之為舊設備。所以我們看到一個刷新周期即將到來。我們也將 AI 頭節點視為傳統 SSD 市場成長的另一個領域。我們的最佳點實際上是最高的性能、高核心數量、能源效率空間，而且效果很好。

And we're also -- we've traditionally been very strong in, let's call it, cloud first-party workloads, and that is now extending to cloud third-party workloads, where we see enterprises who are, let's call it, in more of a hybrid environment, adopting AMD both in the cloud and on-prem. So I think, overall, we see it as a continued good progression for us with the server business going through 2024 and beyond.

我們傳統上在雲端第一方工作負載方面也非常強大，現在正在擴展到雲端第三方工作負載，我們看到企業在雲端第三方工作負載方面表現出色。本地都採用AMD。因此，我認為，總體而言，我們認為伺服器業務在 2024 年及以後將持續取得良好進展。

Our next question is from Vivek Arya with Bank of America Securities.

我們的下一個問題來自美國銀行證券公司的 Vivek Arya。

Lisa, I just wanted to go back to the supply question and the $4 billion outlook for this year. I think at some point, there was a suggestion that the $4 billion number, right, that there are still supply constraints. But I think at a different point, you said that you have supply visibility significantly beyond that.

麗莎，我只想回到供應問題和今年 40 億美元的前景。我認為在某個時候，有人建議 40 億美元的數字仍然存在供應限制。但我認為在另一個方面，您說您的供應可見度遠遠超出了這一點。

Given that we are almost at the middle of the year, I would have thought that you would have much better visibility about the back half. So is the $4 billion number a supply-constrained number, or is it a demand-constrained number? Or alternatively, if you could give us some sense of what the exit rate of your GPU sales could be. I think on the last call, $1.5 billion was suggested. Could it be a lot more than that in terms of your exit rate of MI for this year?

考慮到我們已經快到年中了，我以為你會對下半年有更好的了解。那麼40億美元這個數字是供應受限的數字，還是一個需求受限的數字？或者，您能否讓我們了解您的 GPU 銷售退出率是多少。我認為在上次電話會議中，建議投資 15 億美元。就你們今年的MI退出率而言，會不會比這多很多？

Yes. Vivek, let me try to make sure that we answered this question clearly. From a full year standpoint, our $4 billion number is not supply capped -- I'm sorry, yes, it's not supply capped. It is -- we do have supply capability above that. It is more back half weighted. So if you're looking at sort of the near term, I would say, for example, in the second quarter, we do have more demand than we have supply right now, and we're continuing to work on pulling in some of that supply.

是的。 Vivek，讓我試著確保我們清楚地回答了這個問題。從全年的角度來看，我們 40 億美元的數字沒有供應上限——很抱歉，是的，它沒有供應上限。我們確實擁有高於此的供應能力。它更多的是後半配重。因此，如果你著眼於短期，我會說，例如，在第二季度，我們的需求確實超過了目前的供應，我們正在繼續努力拉動其中的一些供應。

By the way, I think this is an overall industry issue. This is not at all related to AMD. I think overall, AI demand has exceeded anyone's expectations in 2024. So you've heard it from the memory guys. You've heard it from the foundry guys. We're all ramping capacity as we go through the year.

順便說一下，我認為這是一個整體行業問題。這與AMD完全無關。我認為總體而言，2024 年人工智慧的需求超出了任何人的預期。您已經從鑄造廠工人那裡聽說過。今年我們都在提高產能。

And as it relates to visibility, we do have good visibility into what's happening. As I said, we have great customer engagements that are going forward. My goal is to make sure that we pass all of the milestones as we're ramping products. And as we pass those milestones, we put that into the overall full year guidance for AI.

由於它與可見性相關，我們確實對正在發生的事情有很好的可見性。正如我所說，我們正在與客戶進行良好的合作。我的目標是確保我們在推出產品時通過所有里程碑。當我們跨越這些里程碑時，我們將其納入人工智慧的全年總體指導中。

But in terms of how customer progression, things are going, they're actually going quite well. And we continue to bring new customers on, and we continue to expand workloads with our current customers. And so hopefully, that clarifies the question, Vivek.

但就客戶進展而言，事情進展得相當順利。我們持續吸引新客戶，並持續擴大現有客戶的工作量。希望這能澄清這個問題，Vivek。

Maybe one, not on MI, but maybe on the Embedded business. I think you sound a bit more measured about Q2 and the second half rebound, which is similar to what we have heard from a lot of the auto industrial peers. But where are you in the inventory clearing cycle? And if Embedded has a somewhat more measured rebound in the back half, what implication does that have on gross margin expansion? Can we continue to expect, I don't know, 100 basis points a quarter in terms of gross margin expansion because of the Data Center mix? Or just any puts and takes of Embedded and then what it means for gross margins in the back half?

也許是其中之一，不是在 MI 上，而是在嵌入式業務上。我認為您對第二季和下半年反彈的看法更加謹慎，這與我們從許多汽車行業同行那裡聽到的類似。但你處於庫存清理週期的哪個階段呢？如果嵌入式在下半年出現了更謹慎的反彈，這對毛利率擴張有何影響？我不知道，我們能否繼續預期由於資料中心組合而使毛利率每季增長 100 個基點？或者只是嵌入式的任何看跌期權和看跌期權，那麼這對後半部分的毛利率意味著什麼？

Vivek, thank you for the question. I think the Embedded business declined a little bit more than expected, really due to the weaker demand in some of the markets, very specifically, communication has been weak. And some pockets of industrial and automotive, as you mentioned, it's actually quite consistent with the peers.

維韋克，謝謝你的提問。我認為嵌入式業務的下降幅度比預期要大一些，這實際上是由於某些市場的需求疲軟，特別是溝通薄弱所致。正如您所提到的，工業和汽車領域的一些領域實際上與同行非常一致。

Second half, we do think the first half is the bottom of Embedded business and will start to see gradual recovery in the second half. And going back to your gross margin question is, when you look at our gross margin expansion in both Q1 and the guide at Q2, the primary driver is the strong performance on the Data Center side. The Data Center will continue to ramp in second half. I think that will continue to be the major driver of gross margin expansion in second half. Of course, if Embedded is doing better, we'll have a more tailwind in the second half.

下半年，我們確實認為上半年是嵌入式業務的底部，下半年將開始逐步復甦。回到毛利率問題，當您查看我們第一季的毛利率擴張和第二季的指南時，主要驅動力是資料中心的強勁表現。下半年資料中心將持續擴大。我認為這將繼續成為下半年毛利率擴張的主要動力。當然，如果嵌入式做得更好，我們下半年就會有更多的順風車。

Our next question is from Timothy Arcuri with UBS.

我們的下一個問題來自瑞銀集團的提摩西·阿庫裡。

I also wanted to ask about your data center GPU road map. The customers that we talk to say that they're engaged, not just because of MI300, but really because of what's coming. And it seems like there's a big demand shift to rack scale systems that try to optimize performance per square foot given some of the data center and power constraints. So can you just talk about how important systems are going to be in your road map? And do you have all the pieces you need as the market shifts to rack scale systems?

我還想問一下你們的資料中心 GPU 路線圖。與我們交談的客戶表示，他們之所以參與其中，不僅是因為 MI300，而是因為即將推出的產品。考慮到一些資料中心和功率限制，似乎對機架規模系統的需求發生了巨大的轉變，這些系統試圖優化每平方英尺的效能。那麼您能談談系統在您的路線圖中的重要性嗎？當市場轉向機架規模系統時，您是否擁有所需的所有零件？

Yes, sure, Timothy. Thanks for the question. For sure, look, our customers are engaged in the multigenerational conversation. So we're definitely going out over the next couple of years. And as it relates to the overall system integration, it is quite important. It is something that we're working very closely with our customers and partners on. That's a significant investment in networking, working with a number of networking partners as well to make sure that the scale-out capability is there.

是的，當然，蒂莫西。謝謝你的提問。當然，你看，我們的客戶正在參與多代人的對話。所以我們肯定會在接下來的幾年裡出去。由於它關係到整個系統的集成，因此非常重要。我們正在與客戶和合作夥伴密切合作。這是對網路的重大投資，並與許多網路合作夥伴合作以確保具備橫向擴展能力。

And to your question of do we have the pieces? We do absolutely have the pieces, I think the work that we've always done with our Infinity Fabric as well as with our Pensando acquisition that's brought in a lot of networking expertise. And then we're working across the networking ecosystem with key partners like Broadcom and Cisco and Arista, who are with us at our AI data center event in December.

至於你的問題，我們有這些碎片嗎？我們確實擁有這些部分，我認為我們一直在 Infinity Fabric 以及收購 Pensando 方面所做的工作，帶來了大量的網路專業知識。然後，我們正在與 Broadcom、Cisco 和 Arista 等主要合作夥伴在整個網路生態系統中合作，他們在 12 月與我們一起參加了我們的 AI 資料中心活動。

So our work right now in future generations is not just specifying a GPU, it is specifying, let's call it, full system reference designs. And that's something that will be quite important going forward.

因此，我們現在的工作不僅僅是指定 GPU，而是指定（我們稱之為）完整的系統參考設計。這對於未來來說將是非常重要的事情。

And then just as a quick follow-up. I know this year it looks like it's going to be pretty back-half loaded in your server CPU business, just like it was last year. I know you kind of held our hands at about this time last year sort of on what the full year could look like and how back-end loaded it could be.

然後作為快速跟進。我知道今年您的伺服器 CPU 業務看起來將相當落後，就像去年一樣。我知道去年的這個時候，您曾與我們握手，討論全年會是什麼樣子以及後端負載會如何。

So I kind of wonder, could you give us some milestones in terms of how much server CPU could grow this year, how back-end loaded it could be? Is it like up 30% this year for your server CPU business year-over-year? Is that a reasonable bogey? I just wonder if you can kind of give us any guidance on that piece of the business?

所以我有點想知道，您能否給我們一些里程碑，說明今年伺服器 CPU 可以成長多少，後端負載可以達到多少？今年你們的伺服器CPU業務年增30%嗎？這是一個合理的柏忌嗎？我只是想知道您是否能為我們提供有關該業務的任何指導？

Yes. I mean, I think, Tim, I think the best way to say it is our Data Center segment is on a very, very strong ramp as we go through the back half of the year. Server CPUs, certainly, Data Center GPUs, for sure. So I don't know that we're going to get into specifics, but I could say, in general, you should expect overall at the segment level to be very strong double digits.

是的。我的意思是，提姆，我認為最好的說法是，隨著我們進入今年下半年，我們的資料中心部門正處於非常非常強勁的成長階段。當然是伺服器 CPU，當然還有資料中心 GPU。所以我不知道我們是否會討論具體細節，但我可以說，總的來說，您應該期望細分市場的整體成長率將達到非常強勁的兩位數。

Our next question is from Joe Moore with Morgan Stanley.

我們的下一個問題來自摩根士丹利的喬·摩爾。

I wonder if you could address the profitability of MI300. I know you said a couple of quarters ago that it would eventually be above corporate average, but it would take you a few quarters to get there. Can you talk about where you are in that?

我不知道你能否談談MI300的獲利能力。我知道您在幾個季度前說過，它最終將高於公司平均水平，但您需要幾個季度才能實現這一目標。能談談你在這方面的處境嗎？

Yes. Thank you, Joe. Our team has done an incredible job to ramp MI300. As you probably know, it's a very complex product, and we are still at the first year of the ramp, both from yield, the testing time and the process improvement, those things are still ongoing. We do think over time, the gross margin should be accretive to corporate average.

是的。謝謝你，喬。我們的團隊在提升 MI300 方面做了令人難以置信的工作。正如您可能知道的那樣，這是一個非常複雜的產品，我們仍處於提升的第一年，無論是從產量、測試時間還是製程改進來看，這些事情仍在進行中。我們確實認為，隨著時間的推移，毛利率應該會提高到企業平均值。

Great. And then as a separate follow-up. On the Turin transition on server, I know when you had transitioned in generally, you said it could take a little while, that there were significant platform shifts and things like that. Turin seems to be much more kind of ecosystem compatible. How quickly do you think you might see that product ramp within our server portfolio?

偉大的。然後作為單獨的後續行動。關於伺服器上的都靈過渡，我知道當您總體上進行過渡時，您說這可能需要一段時間，並且存在重大的平台轉變和類似的事情。都靈似乎與生態系統更相容。您認為我們的伺服器產品組合中的產品成長速度有多快？

Yes. Joe, I think from what we see, look, think Turin is the same platform so that does make it an easier ramp. I do think that Genoa and Turin will coexist for some amount of time because customers are deciding when they're going to bring out their new platforms. We expect Turin to give us access to a broader set of workloads. So our SAM actually expands with Turin, both in enterprise and cloud. And from our experience, I think you'll see a faster transition than, for example, when we went from Milan to Genoa.

是的。喬，我認為從我們所看到的來看，都靈是同一個平台，所以這確實使它成為一個更容易的坡道。我確實認為熱那亞和都靈將共存一段時間，因為客戶正在決定何時推出新平台。我們希望都靈能夠為我們提供更廣泛的工作負載。因此，我們的 SAM 實際上隨著都靈的企業和雲端領域而擴展。根據我們的經驗，我認為您會看到比我們從米蘭飛往熱那亞時更快的過渡。

Our next question is from Stacy Rasgon with Bernstein Research.

我們的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 my first one, I wanted to address the MI300 ramp into Q2. So you said you've done $1 billion, give or take, in cumulative sales, which puts it at maybe, I don't know, maybe $600 million in Q1. You're guiding total revenues up about $225 million into Q2, but you've got Client up, you've got traditional Data Center up, you've got Embedded flat. Gaming is going to be down, but I'd hazard a guess that the client and traditional Data Center offset it, if not more. Does the MI300 ramp into Q2? Is it more or less than the total corporate ramp that you've got built into guidance right now that you're expecting?

對於我的第一個，我想解決 MI300 進入第二季的問題。所以你說你已經完成了 10 億美元的累積銷售額，我不知道，這意味著第一季的銷售額可能是 6 億美元。您預計第二季的總收入將增加約 2.25 億美元，但您的客戶端業務、傳統資料中心業務、嵌入式業務均保持不變。遊戲將會下降，但我大膽猜測客戶端和傳統資料中心會抵消它，甚至更多。 MI300 會進入第二季嗎？它比您目前在指導中所預期的企業整體成長是多還是少？

Stacy, thanks for the question. You always ask a math question. So I think, in general, it is more. The Data Center GPU ramp, it will be more than the overall company's $200-some million ramp.

史黛西，謝謝你的提問。你總是問一個數學問題。所以我認為，總的來說，是更多。資料中心 GPU 的成長將超過整個公司 200 至數百萬美元的成長。

Okay. So that means Gaming must be down like a lot, right, if client (inaudible)

好的。所以這意味著遊戲必須下降很多，對吧，如果客戶端（聽不清楚）

Yes, yes, you're right. Gaming is down similar zip code like Q1.

是的，是的，你說得對。 Gaming 的郵遞區號與 Q1 類似。

Got it. Got it. That's helpful.

知道了。知道了。這很有幫助。

So maybe -- yes, maybe let me give you some color about the Gaming business, right? If you look at the Gaming, the demand has been quite weak, that's quite very well-known and also their inventory level. So based on the visibility we have, the first half, both Q1, Q2, we guided down sequentially more than 30%. We actually think the second half will be lower than first half.

所以也許——是的，也許讓我給你介紹一下遊戲業務，對吧？如果你看看遊戲，你會發現需求相當疲軟，這是眾所周知的，而且他們的庫存水平也是如此。因此，根據我們掌握的可見度，上半年，無論是第一季還是第二季度，我們指導的價格連續下降了 30% 以上。我們實際上認為下半年會低於上半年。

That's basically how we're looking at this year for the Gaming business. And at the same time, Gaming's gross margin is lower than our company average. So overall, will help the mix on the gross margin side. That's just some color on the Gaming side. But you're right, Q2 Gaming is down a lot.

這基本上就是我們今年對遊戲業務的看法。同時，遊戲的毛利率低於我們公司的平均水準。總的來說，這將有助於毛利率方面的組合。這只是遊戲方面的一些色彩。但你是對的，Q2 Gaming 下降了很多。

Got it. That's helpful. For my second question, I wanted to look at the near-term Data Center profitability. So operating profit was down 19% sequentially on 2% revenue growth. Is that just the margins of the GPUs filtering in relative to the CPUs? And I know you said GPUs would eventually be above corporate average. Are they below the CPU average? I mean they clearly are, I guess, in the near term, but are they going to stay that way?

知道了。這很有幫助。對於第二個問題，我想了解近期資料中心的獲利能力。因此，營業利潤環比下降 19%，而收入成長 2%。這只是 GPU 相對於 CPU 的過濾餘裕嗎？我知道您說過 GPU 最終會高於企業平均。它們是否低於 CPU 平均水平？我的意思是，我想，他們顯然在短期內是這樣，但他們會保持這種狀態嗎？

Yes. I think you're right. It's -- the GPU gross margin right now is below the Data Center gross margin level, I think there are 2 reasons. Actually, the major reason is we actually increased the investment quite significantly to, as Lisa mentioned, to expand and accelerating our road map in the AI side. That's one of the major drivers for the operating income coming down slightly.

是的。我想你是對的。目前 GPU 毛利率低於資料中心毛利率水平，我認為有兩個原因。實際上，主要原因是我們實際上大幅增加了投資，正如 Lisa 提到的那樣，以擴大和加速我們在人工智慧方面的路線圖。這是營業收入小幅下降的主要驅動因素之一。

On the gross margin side, going back to your question, we said in the past, and we continue to believe the case is, Data Center GPU gross margin over time will be accretive to corporate average. But it will take a while to get to the Server level for gross margin.

在毛利率方面，回到你的問題，我們過去說過，而且我們仍然相信情況是，隨著時間的推移，資料中心 GPU 毛利率將增加到企業平均水平。但毛利率要達到伺服器水準還需要一段時間。

Our next question is from Harlan Sur with JPMorgan.

我們的下一個問題來自摩根大通的 Harlan Sur。

On your Data Center GPU segment and the faster time to production shipments, given you just upped your full year GPU outlook, how much of it is faster bring up of your customers' frameworks driven by your latest ROCm software platform and maybe stronger collaboration with your customers' engineers just to get them to call faster? And how much of it is just a more aggressive build-out plan by customers versus their prior expectations given what appears to be a pretty strong urgency for them to move forward with their important AI initiatives?

在您的資料中心GPU 細分市場以及更快的生產出貨時間方面，考慮到您剛剛上調了全年GPU 展望，其中有多少是由您最新的ROCm 軟體平台驅動的客戶框架的更快啟動以及與您的更緊密的協作客戶的工程師只是為了讓他們更快地打電話？考慮到客戶推進重要的人工智慧計畫似乎非常緊迫，其中有多少只是客戶比他們之前的預期更積極的擴建計畫？

Yes. Harlan, thank you for the question. What it really is, is both us and our customers feeling confident in broadening the ramp? Because if you think about it, first of all, the ROCm stock has done really well. And the work that we're doing is hand in hand with our customers to optimize their key models. And it was important to get sort of verification and validation that everything would run well, and we've now passed some important milestones in that area. .

是的。哈倫，謝謝你的提問。事實上，我們和我們的客戶都對擴大坡道充滿信心嗎？因為如果你仔細想想，首先，ROCm 股票的表現非常好。我們正在做的工作是與客戶攜手優化他們的關鍵模型。獲得某種驗證和驗證以確保一切順利運行非常重要，我們現在已經在該領域實現了一些重要的里程碑。 。

And then I think the other thing is, as you said, there is a huge demand for more AI compute. And so our ability to participate in that and help customers get that up and running is great. So I think, overall, as we look at it, this ramp has been very, very aggressive as you think about where we were just a quarter ago. Each of these are pretty complex bring ups. And I'm very happy with how they've gone. And by the way, we're only sitting here in April. So there's still a lot of 2024 to go, and there's a great customer momentum in the process.

然後我認為另一件事是，正如你所說，對更多人工智慧運算的巨大需求。因此，我們參與其中並幫助客戶啟動和運行的能力非常出色。因此，我認為，總體而言，正如我們所看到的那樣，當你想到我們一個季度前的情況時，這種增長非常非常激進。這些都是相當複雜的問題。我對他們的離去感到非常滿意。順便說一句，我們只是在四月坐在這裡。因此，2024 年還有很長的路要走，並且在過程中存在著巨大的客戶動力。

Yes, absolutely. Just going back, just kind of rewinding back to the March quarter. So similar to the PC Client business, right, which declined at the low end of the seasonal range, if I make certain assumptions around your Data Center GPU business, x that out of Data Center, it looks like your Server CPU business was also down at the lower end of the seasonal range. By my math, it was down like 5%, 6% sequentially. Is that right?

是的，一點沒錯。回到三月季度。與 PC 用戶端業務類似，在季節性範圍的低端下降，如果我圍繞您的資料中心 GPU 業務做出某些假設，x 在資料中心之外，看起來您的伺服器 CPU 業務也下降了處於季節範圍的低端。根據我的計算，它連續下降了 5%、6%。是對的嗎？

And that's less than half the decline of your competitor. And if so, like what drove the less-than-seasonal declines? I assume some of it was share gains. It sounds like Enterprise was also better. Looks like you guys did drive a little bit more cloud instance adoption, but anything else that drove to a slightly better seasonal pattern in March for Data Center? Server?

這還不到競爭對手下降的一半。如果是這樣，是什麼導致了非季節性下降？我認為其中一些是股票收益。聽起來 Enterprise 也更好。看起來你們確實推動了更多的雲端實例採用，但是還有其他什麼因素推動了資料中心三月份的季節性模式稍微好一點嗎？伺服器?

Yes. Harlan, this is Jean. I think the Server business has been performing really well. Year-over-year, it actually increased a very strong double digit. I think, sequentially, it is more seasonal, but we feel pretty good about continue gaining share there.

是的。哈倫，這是吉恩。我認為伺服器業務表現非常好。與去年同期相比，它實際上增長了非常強勁的兩位數。我認為，從順序上看，它更具季節性，但我們對繼續在那裡獲得份額感到非常滿意。

Yes. And if I'd just add, Harlan, to your question, we did see strength in enterprise in the first quarter. And I think that has -- that offset perhaps some of the normal seasonality.

是的。哈倫，如果我對你的問題補充一點，我們確實在第一季看到了企業的實力。我認為這可能抵消了一些正常的季節性。

Our next question is from Tom O'Malley with Barclays.

我們的下一個問題來自巴克萊銀行的湯姆·奧馬利。

I just wanted to ask on the competitive environment. Obviously, on the CPU side, you had a competitor talk about launching a high core count product in the coming quarter, kind of ramping now and more so into Q3. You've seen really good pricing tailwinds as a function of the higher core capital. Can you talk about what you're seeing in that market? Do you think that there's any risk for more aggressive pricing, which would impact your ASP ramp for the rest of the year?

我只是想問一下競爭環境。顯然，在 CPU 方面，有競爭對手談論在下一季推出高核心數產品，現在正在加速，進入第三季更是如此。作為較高核心資本的函數，您已經看到了非常好的定價順風。您能談談您在該市場中看到的情況嗎？您認為更積極的定價是否有風險，這會影響您今年剩餘時間的平均售價成長？

Yes. When we look at our server CPU sort of ASPs, they're actually very stable. I think we -- again, we tend to be indexed towards the higher core counts. Overall, I would say, the pricing environment is stable. This is about sort of TCO for sort of the customer environment and sort of our performance and our performance per watt, our leadership. And that usually translates into TCO advantage for our customers.

是的。當我們查看我們的伺服器 CPU 類別 ASP 時，它們實際上非常穩定。我認為我們——再次，我們傾向於索引更高的核心數。總的來說，我想說的是，定價環境是穩定的。這是關於某種客戶環境的總體擁有成本（TCO），以及我們的性能和每瓦性能以及我們的領導地位。這通常會轉化為我們客戶的 TCO 優勢。

Helpful. And then just a broader question to follow up here. So I think you got asked earlier about the importance of systems. But on your end, how important is the Open Ethernet Consortium to you being able to move forward to systems? I know that, today, you obviously have some internal assets and then you can partner with others. But is there a way that you could be competitive before there is an industry standard on the Ethernet side? And can you talk about when you think the timing of that kind of consortium comes to market and enables you to maybe accelerate that road map?

有幫助。然後是一個更廣泛的問題要在這裡跟進。所以我認為您早些時候被問到系統的重要性。但對您而言，開放乙太網路聯盟對於您能夠邁向系統有多重要？我知道，今天，你顯然擁有一些內部資產，然後你可以與其他人合作。但是，在乙太網路方面出現行業標準之前，有沒有一種方法可以讓您具有競爭力呢？您能否談談您認為此類聯盟何時進入市場並使您能夠加速該路線圖的時機？

Yes. I think it's very important to say we are very supportive of the open ecosystem. We're very supportive of the Ultra Ethernet Consortium. But I don't believe that, that is a limiter to our ability to build large-scale systems. I think Ethernet is something that many in the industry feel will be the long-term answer for networking in these systems, and we have a lot of work that we're doing with internally as well as with our customers and partners to enable that.

是的。我認為非常重要的是我們非常支持開放生態系統。我們非常支持超乙太網路聯盟。但我不認為這會限制我們建立大型系統的能力。我認為業界許多人認為乙太網路將是這些系統中網路的長期解決方案，我們在內部以及與客戶和合作夥伴之間正在進行大量工作來實現這一目標。

Our last question is from Harsh Kumar with Piper Sandler.

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

Lisa, I had two. One is for you and one perhaps for Jean. So we recently hosted a very large custom GPU company for a call. And they talked about kind of mega data centers coming up in the near to midterm, talking about nodes potentially in the 100,000-plus range and maybe up to 1 million. So as we look out at these kinds of data centers, from an architectural standpoint, it's not a situation where winner takes all, where if somebody gets in, they kind of get all the sockets?

麗莎，我有兩個。一份是給你的，一份也許是給吉恩的。因此，我們最近接待了一家非常大的客製化 GPU 公司的電話會議。他們談到了在近期到中期出現的大型資料中心，談到了可能超過 10 萬個甚至多達 100 萬個節點。因此，當我們觀察這些類型的資料中心時，從架構的角度來看，這並不是贏家通吃的情況，如果有人進入，他們就會獲得所有套接字？

Or will there reliance where your chip perhaps or your board can be placed right next to somebody else's board maybe on a separate line? Just help us understand how something like that would play out if there's a chance for more than 1 competitor to play in such a large data center?

或者是否會依賴您的晶片或您的電路板可以放置在其他人的電路板旁邊（可能在一條單獨的線上）？請幫助我們了解，如果有超過 1 個競爭對手有機會在如此大的資料中心中進行比賽，那麼類似的事情會如何進行？

Yes. So I'll talk maybe a little bit more at the strategic level. I think as we look at sort of how AI shapes up over the next few years, there are customers who would be looking at very large training environments and perhaps that's what you're talking about. I think our view of that is, number one, we view that as a very attractive area for AMD. It's an area where we believe we have the technology to be very competitive there.

是的。所以我可能會在戰略層面上多談一點。我認為，當我們研究人工智慧在未來幾年如何發展時，有些客戶會考慮非常大的培訓環境，也許這就是您所說的。我認為我們對此的看法是，第一，我們認為這對 AMD 來說是一個非常有吸引力的領域。我們相信我們在這個領域擁有非常有競爭力的技術。

And I think the desire would be to have optionality in terms of how you build those out. So obviously, a lot has to happen between here and there. But I think your overarching question of. Is it winner takes all? I don't think so. That being the case, we believe that AMD is very well positioned to play in those, let's call it, of very large scale systems.

我認為我們的願望是在如何建構這些方面具有選擇性。顯然，這裡和那裡之間必須發生很多事情。但我認為你的首要問題是。是贏者全拿嗎？我不這麼認為。既然如此，我們相信 AMD 處於非常有利的位置，可以在那些（我們稱之為超大規模）系統中發揮作用。

That's wonderful. And then maybe a quick one for Jean. So Jean, I put everything into the model that you talked about for June, I get about more or less a $400 million rise in the June quarter over March. You mentioned that both MI300 and EPYC will grow. Curious if you could help us think about the relative sizing of those 2 segments within the growth? I'm getting -- the point I'm trying to make is I'm getting roughly about a $900 million number for MI300 for June. Is that -- am I in the ballpark? Or am I way off here?

那好極了。然後也許是給吉恩的一個快速的。所以，Jean，我將所有內容都放入了您談到的 6 月份模型中，我發現 6 月份季度比 3 月份增加了大約 4 億美元。您提到 MI300 和 EPYC 都會成長。好奇您能否幫助我們考慮成長中這兩個細分市場的相對規模？我想表達的一點是，我得到的 MI300 6 月的收入大約是 9 億美元。那是──我在球場裡嗎？還是我離這裡太遠了？

Harsh, we're not going to guide a specific segment below the segment revenue. I think the most important thing is that we did say Data Center is going to grow double digit sequentially. I will leave it over there. Subsegment, there are a lot of details.

嚴格地說，我們不會指導低於細分市場收入的特定細分市場。我認為最重要的是我們確實說過資料中心將連續成長兩位數。我會把它留在那裡。細分下來，還有很多細節。

There are no further questions at this time. I'd like to hand the floor back over to management for any closing comments.

目前沒有其他問題。我想將發言權交還給管理階層，以徵求結束語。

Great. That concludes today's call. Thanks to all of you for joining us today.

偉大的。今天的電話會議到此結束。感謝大家今天加入我們。

Thanks.

謝謝。

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

今天的會議到此結束。此時您可以斷開線路。感謝您的參與。