超微半導體 (AMD) 2024 Q2 法說會逐字稿

Greetings and welcome to the AMD second quarter 2024 conference call. (Operator Instructions) As a reminder, this conference is being recorded. It is now my pleasure to introduce to you Mitch Haws, Vice President, Investor Relations. Thank you, Mitch. You may begin.

大家好，歡迎參加 AMD 2024 年第二季電話會議。 （操作員指示）謹此提醒，本次會議正在錄製中。現在我很高興向您介紹投資者關係副總裁 Mitch Haws。謝謝你，米奇。你可以開始了。

Thank you and welcome to AMD's second 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.

感謝並歡迎參加 AMD 2024 年第二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。

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. Participants on today's conference call are Dr. Lisa Su, our Chair and Chief Executive Officer; and Jean Hu, our Executive Vice President, Chief Financial Officer, and Treasurer.

在今天的電話會議中，我們將主要提及非公認會計準則財務指標。完整的非 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。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。

This is a live call and will be replayed via webcast on our website. Before we begin, I would like to note that Dr. Lisa Su will attend the Goldman Sachs Technology Communacopia and Technology Conference on Monday, September 9, and Mark Papermaster, Executive Vice President, and Chief Technology Officer, will attend the Deutsche Bank Technology Conference on Wednesday, August 28.

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，Lisa Su 博士將出席 9 月 9 日星期一舉行的高盛科技社群和技術會議，執行副總裁兼首席技術長 Mark Papermaster 將出席德意志銀行技術會議8 月 28 日星期三。

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。僅就今天而言，涉及風險和不確定性，可能導致實際結果與我們當前的預期有重大差異。請參閱我們新聞稿中的警告聲明，以了解有關可能導致實際結果出現重大差異的因素的更多資​​訊。

With that, I will 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 today. We delivered strong second quarter financial results with revenue coming in above the midpoint of guidance and profitability increasing by a double-digit percentage driven by higher than expected sales of our Instinct, Ryzen, and EPYC processors.

謝謝你，米奇，今天所有聽眾下午好。我們第二季度的財務業績表現強勁，收入高於指導值中點，由於 Instinct、Ryzen 和 EPYC 處理器的銷量高於預期，盈利能力實現了兩位數百分比的增長。

We continued accelerating our AI traction as leading cloud and enterprise providers expanded availability of Instinct MI300X solutions, and we also saw positive demand signals for general-purpose compute in both our client and server processor businesses.

隨著領先的雲端和企業供應商擴大 Instinct MI300X 解決方案的可用性，我們繼續加速人工智慧的發展，而且我們也在客戶端和伺服器處理器業務中看到了通用運算的積極需求訊號。

As a result, second quarter revenue increased 9% year-over-year to $5.8 billion, as significantly higher sales of our data center and client processors more than offset declines in gaming and embedded product sales. We also expanded gross margin by more than 3-percentage-points and grew EPS 19%, as data center product sales accounted for nearly 50% of overall sales in the quarter.

結果，第二季營收年增 9%，達到 58 億美元，因為我們的資料中心和客戶端處理器銷售額的大幅成長抵消了遊戲和嵌入式產品銷售額的下降。由於資料中心產品銷售額佔本季整體銷售額的近 50%，我們的毛利率也提高了 3 個百分點以上，每股盈餘成長了 19%。

Turning to the segments, data center segment revenue increased 115% year-over-year to a record $2.8 billion, driven by the steep ramp of Instinct MI300 GPU shipments and a strong double-digit percentage increase in EPYC CPU sales.

轉向細分市場，在 Instinct MI300 GPU 出貨量急劇上升和 EPYC CPU 銷售額強勁的兩位數百分比增長的推動下，數據中心細分市場收入同比增長 115%，達到創紀錄的 28 億美元。

Cloud adoption remains strong as hyperscalers deploy fourth-gen EPYC CPUs to power more of their internal workloads and public instances. We are seeing hyperscalers select EPYC processors to power a larger portion of their applications and workloads, displacing incumbent offerings across their infrastructure with AMD solutions that offer clear performance and efficiency advantages. The number of AMD powered cloud instances available from the largest providers has increased 34% from a year ago to more than 900.

隨著超大規模企業部署第四代 EPYC CPU 來為其更多內部工作負載和公共實例提供支持，雲端的採用仍然強勁。我們看到超大規模企業選擇 EPYC 處理器來為其大部分應用程式和工作負載提供支持，利用具有明顯性能和效率優勢的 AMD 解決方案取代其基礎設施中的現有產品。最大的供應商提供的 AMD 支援的雲端實例數量比一年前增加了 34%，達到 900 多個。

We are seeing strong pull for these instances with both enterprise and cloud-first businesses. As an example, Netflix and Uber both recently selected fourth-gen EPYC public cloud instances as one of the key solutions to power their mission-critical, customer-facing workloads.

我們看到企業和雲端優先業務對這些實例的強大吸引力。例如，Netflix 和 Uber 最近都選擇第四代 EPYC 公有雲實例作為關鍵解決方案之一，為其關鍵任務、面向客戶的工作負載提供支援。

In the enterprise, sell-through increased by a strong double-digit percentage sequentially. We closed multiple large wins in the quarter with financial services, technology, healthcare, retail, manufacturing, and transportation customers, including Adobe, Boeing, Industrial Light & Magic, Optiver, and Siemens.

在企業中，銷售量較上季以兩位數的百分比強勁成長。我們在本季與金融服務、科技、醫療保健、零售、製造和運輸客戶（包括 Adob​​e、波音、工業光魔、Optiver 和西門子）取得了許多重大勝利。

Importantly, more than one-third of our enterprise server wins in the first half of the year were with businesses deploying EPYC in their data centers for the first time, highlighting our success attracting new customers while also continuing to expand our footprint with existing customers.

重要的是，今年上半年超過三分之一的企業伺服器勝利來自於首次在其資料中心部署EPYC（霄龍）的企業，這突顯了我們在吸引新客戶的同時繼續擴大現有客戶的覆蓋範圍。

Looking ahead, our next-generation Tern family featuring our new Zen 5 core is looking very strong. Zen 5 is a grounds-up new core design optimized for leadership performance and efficiency. Turin will extend our TCO leadership by offering up to 192 cores and 384 threads, support for the latest memory and IO technologies, and the ability to drop into existing fourth-gen EPYC platforms.

展望未來，我們採用全新 Zen 5 核心的下一代 Tern 系列看起來非常強大。 Zen 5 是全新的核心設計，針對領先效能和效率進行了最佳化。 Turin 將提供多達 192 個核心和 384 個線程、支援最新記憶體和 IO 技術以及融入現有第四代 EPYC 平台的能力，從而擴大我們在 TCO 方面的領先地位。

We publicly previewed Turin for the first time in June, demonstrating our significant performance advantages in multiple compute-intensive workloads. We also passed a major milestone in the second quarter as we started Turin production shipments to lead cloud customers. Production is ramping now ahead of launch, and we expect broad OEM and cloud availability later this year.

我們在 6 月首次公開預覽了 Turin，展示了我們在多個運算密集型工作負載中的顯著效能優勢。我們也在第二季實現了一個重要的里程碑，我們開始向都靈生產出貨以領先雲端客戶。在發布之前，產量正在增加，我們預計今年稍後將有廣泛的 OEM 和雲端可用性。

Turning to our data center AI business, we delivered our third straight quarter of record data center GPU revenue, with MI300 quarterly revenue exceeding $1 billion for the first time. Microsoft expanded their use of MI300X accelerators to power GPT-4 Turbo and multiple copilot services, including Microsoft 365 Chat, Word, and Teams.

談到我們的資料中心人工智慧業務，我們的資料中心 GPU 收入連續第三個季度創紀錄，其中 MI300 季度營收首次超過 10 億美元。 Microsoft 擴大了 MI300X 加速器的使用範圍，為 GPT-4 Turbo 和多種 copilot 服務提供支持，包括 Microsoft 365 Chat、Word 和 Teams。

Microsoft also became the first large hyperscaler to announce general availability of public MI300X instances in the quarter. The new Azure VMs leverage the industry-leading compute performance and memory capacity of MI300X, in conjunction with the latest ROCm software, to deliver leadership inferencing price performance when running the latest frontier models, including GPT-4.

Microsoft 也成為第一家在本季宣布全面推出公共 MI300X 執行個體的大型超大規模供應商。新的 Azure VM 利用 MI300X 業界領先的運算效能和記憶體容量，結合最新的 ROCm 軟體，在運行包括 GPT-4 在內的最新前沿模型時提供領先的推理性價比。

Hugging Face was one of the first customers to adopt the new Azure instances, enabling enterprise and AI customers to deploy hundreds of thousands of models on MI300X GPUs with one click. Our enterprise and cloud AI customer pipeline grew in the quarter, and we are working very closely with our system and cloud partners to ramp availability of MI300 solutions to address growing customer demand. Dell, HP, Lenovo, and Super Micro all have Instinct platforms in production, and multiple hyperscale and tier- two cloud providers are on track to launch MI300 instances this quarter.

Hugging Face 是第一批採用新 Azure 執行個體的客戶之一，讓企業和 AI 客戶能夠一鍵在 MI300X GPU 上部署數十萬個模型。我們的企業和雲端 AI 客戶通路在本季度有所成長，我們正在與我們的系統和雲端合作夥伴密切合作，以提高 MI300 解決方案的可用性，以滿足不斷增長的客戶需求。戴爾、惠普、聯想和超微都在生產中擁有 Instinct 平台，多個超大規模和二級雲端供應商也預計在本季推出 MI300 實例。

On the AI software front, we made significant progress enhancing support and features across our software stack, making it easier to deploy high-performance AI solutions on our platforms. We also continued to work with the open-source community to enable customers to implement the latest AI algorithms. As an example, AMD support for FlashAttention-2 algorithm was upstreamed, providing out of the box support for AMD hardware in the popular library that can increase training and inference performance on large transformer models.

在人工智慧軟體方面，我們在增強整個軟體堆疊的支援和功能方面取得了重大進展，使得在我們的平台上部署高效能人工智慧解決方案變得更加容易。我們也繼續與開源社群合作，幫助客戶實施最新的人工智慧演算法。例如，AMD 對 FlashAttention-2 演算法的支持被上游化，為流行庫中的 AMD 硬體提供開箱即用的支持，可以提高大型變壓器模型的訓練和推理性能。

Our work with the model community also continued accelerating, highlighted by the launches of new models and frameworks with day-one support for AMD hardware. At Computex, I was joined by the co-CEO of Stable Diffusion to announce that MI300 is the first GPU to support their latest SD 3.0 image generation LLM.

我們與模式社群的合作也持續加速，其中最突出的是推出了第一天支援 AMD 硬體的新模型和框架。在 Computex 上，Stable Diffusion 聯合執行長與我一起宣布 MI300 是首款支援其最新 SD 3.0 影像生成 LLM 的 GPU。

Last week, we were proud to note that multiple partners used ROCm and MI300X to announce support for the latest Llama 3.1 models, including their 405 billion parameter version that is the industry's first frontier-level open-source AI model. Llama 3.1 runs seamlessly on MI300 accelerators. And because of our leadership memory capacity, we're also able to run the FP16 version of the Llama 3.1 models 405B model in a single server, simplifying deployment and fine-tuning of the industry-leading model and providing significant TCO advantages.

上週，我們很自豪地註意到，多個合作夥伴使用 ROCm 和 MI300X 宣布支援最新的 Llama 3.1 模型，包括其 4050 億參數版本，這是業界第一個前沿級開源 AI 模型。 Llama 3.1 在 MI300 加速器上無縫運作。由於我們領先的記憶體容量，我們還能夠在單一伺服器中運行 Llama 3.1 型號 405B 型號的 FP16 版本，從而簡化了行業領先型號的部署和微調，並提供了顯著的 TCO 優勢。

Earlier this month, we announced our agreement to acquire Silo AI, Europe's largest private AI lab with extensive experience developing tailored AI solutions for multiple enterprise and embedded customers, including Allianz, Ericsson, Finnair, Korber, Nokia, Philips, T-Mobile, and Unilever.

本月早些時候，我們宣布同意收購歐洲最大的私人人工智慧實驗室Silo AI，該實驗室擁有為多家企業和嵌入式客戶開發客製化人工智慧解決方案的豐富經驗，這些客戶包括Allianz、Ericsson、 Finnair、Korber、Nokia、Philips、T-Mobile 和聯合利華。

The Silo team significantly expands our capability to service large enterprise customers looking to optimize their AI solutions for AMD hardware. Silo also brings deep expertise in large-language model development, which will help accelerate optimization of AMD inference and training solutions. In addition to our acquisitions of Silo AI, Mipsology, and Nod.AI, we have invested over $125 million across a dozen AI companies in the last 12 months to expand the AMD AI ecosystem, support partners, and advance leadership AMD computing platforms.

Silo 團隊大幅擴展了我們為尋求優化 AMD 硬體 AI 解決方案的大型企業客戶提供服務的能力。 Silo 也帶來了大語言模型開發的深厚專業知識，這將有助於加速 AMD 推理和訓練解決方案的最佳化。除了收購Silo AI、Mipsology 和Nod.AI 之外，我們在過去12 個月內還向十幾家AI 公司投資了超過1.25 億美元，以擴大AMD AI 生態系統、支持合作夥伴並推進領先的AMD 計算平台。

Looking ahead, from a roadmap perspective, we are accelerating and expanding our Instinct roadmap to deliver an annual cadence of AI accelerators, starting with the launch of MI325X later this year. MI325X leverages the same infrastructure as MI300 and extends our generative AI performance leadership by offering twice the memory capacity and 1.3 times more peak compute performance than competitive offerings.

展望未來，從路線圖的角度來看，我們正在加速並擴展我們的 Instinct 路線圖，以每年推出 AI 加速器的節奏，從今年稍後推出 MI325X 開始。 MI325X 利用與 MI300 相同的基礎設施，並透過提供比競爭產品高出兩倍的記憶體容量和高出 1.3 倍的峰值運算效能，擴大了我們在生成式 AI 效能方面的領先地位。

We plan to follow MI325X with the MI350 series in 2025 based on the new CDNA 4 architecture, which is on track to deliver a 35X increase in performance compared to CDNA 3. And our MI400 series powered by the CDNA Next architecture is making great progress in development and is scheduled to launch in 2026.

繼MI325X 之後，我們計劃在2025 年推出基於新CDNA 4 架構的MI350 系列，與CDNA 3 相比，該架構有望實現性能提升35 倍。巨大進展：開發併計劃於 2026 年推出。

Turning to our AI solutions work, Broadcom, Cisco, HP Enterprise, Intel, Google, Meta, and Microsoft all joined us to announce Ultra Accelerator Link, an industry standard technology to connect hundreds of AI accelerators that is based on AMD's proven Infinity Fabric technology. By combining UA Link with the widely supported Ultra Ethernet Consortium specification, the industry is coming together to establish a standardized approach for building the next generation of high performance data centers, AI solutions at scale.

談到我們的人工智慧解決方案工作，博通、思科、惠普企業、英特爾、谷歌、Meta 和微軟都與我們一起宣布了Ultra Accelerator Link，這是一項行業標準技術，可連接數百個人工智慧加速器，該技術基於AMD 經過驗證的Infinity Fabric 技術。透過將 UA Link 與廣泛支援的超乙太網路聯盟規範相結合，業界正在共同建立標準化方法，用於大規模建立下一代高效能資料中心和人工智慧解決方案。

In summary, customer response to our multi-year Instinct and ROCm roadmaps is overwhelmingly positive and we're very pleased with the momentum we are building. As a result, we now expect data center GPU revenue to exceed $4.5 billion in 2024, up from the $4 billion we guided in April.

總而言之，客戶對我們多年的 Instinct 和 ROCm 路線圖的反應非常積極，我們對我們正在建立的勢頭感到非常滿意。因此，我們現在預計 2024 年資料中心 GPU 營收將超過 45 億美元，高於我們 4 月指引的 40 億美元。

Turning to our client segment, revenue was $1.5 billion, an increase of 49% year-over-year, driven by strong demand for our prior generation Ryzen processors and initial shipments of our next generation Zen 5 processors.

轉向我們的客戶群，由於對上一代 Ryzen 處理器的強勁需求和下一代 Zen 5 處理器的首次出貨量的推動，收入為 15 億美元，同比增長 49%。

In PC applications, Zen 5 delivers an average of 16% more instructions per clock than our industry-leading previous generation of Ryzen processors. For desktops, our upcoming Ryzen 9000 series processors drop into existing AM5 motherboards and extends our performance and energy efficiency leadership across productivity, gaming, and content creation workloads. For notebooks, we announced our Ryzen AI 300 series that extends our industry-leading CPU and GPU performance and introduces the industry's fastest NPU with 50 tops of AI compute performance for co-pilot plus PCs.

在 PC 應用中，Zen 5 比我們業界領先的上一代 Ryzen 處理器平均每個時脈多提供 16% 的指令。對於桌上型電腦，我們即將推出的 Ryzen 9000 系列處理器可整合到現有的 AM5 主機板中，並擴展我們在生產力、遊戲和內容創建工作負載方面的效能和能源效率領先地位。對於筆記型電腦，我們推出了 Ryzen AI 300 系列，該系列擴展了我們業界領先的 CPU 和 GPU 性能，並推出了業界最快的 NPU，可為副駕駛和 PC 提供 50 項頂尖的 AI 運算效能。

The first Ryzen AI 300 series notebooks went on sale over the weekend to strong reviews and more than 100 Ryzen AI 300 series premium, gaming, and commercial platforms are on track to launch from Acer, Asus, HP, Lenovo, and others over the coming quarters. Customer excitement for our new Ryzen processors is very strong and we are well positioned for ongoing revenue share gains based on the strength of our leadership portfolio and design win momentum.

首批 Ryzen AI 300 系列筆記型電腦於週末上市，好評如潮，宏碁、華碩、惠普、聯想等公司預計將在未來推出 100 多款 Ryzen AI 300 系列高端、遊戲和商用平台宿舍。客戶對我們的新 Ryzen 處理器非常興奮，基於我們的領先產品組合和設計獲勝勢頭，我們處於有利地位，可以持續獲得收入份額。

Now turning to our gaming segment, revenue declined 59% year-over-year to $648 million as semi-custom SoC sales declined in line with our projections. Semi-custom demand remains soft as we are now in the fifth year of the console cycle and we expect sales to be lower in the second half of the year compared to the first half. In gaming graphics, revenue increased year-over-year driven by improved sales of our Radeon 6000 and 7000 series GPUs in the channel.

現在轉向我們的遊戲領域，由於半客製化 SoC 銷售額的下降符合我們的預測，營收年減 59% 至 6.48 億美元。半客製化需求仍然疲軟，因為我們現在已經進入遊戲機週期的第五個年頭，我們預計下半年的銷售量將低於上半年。在遊戲圖形領域，由於 Radeon 6000 和 7000 系列 GPU 在通路中銷量的成長，營收年增。

Turning to our embedded segment, revenue decreased 41%, year-over-year to $861 million. The first quarter marked the bottom for our embedded segment revenue. Although second quarter revenue was flattish sequentially, we saw early signs of order patterns improving and expect embedded revenue to gradually recover in the second half of the year.

說到我們的嵌入式部門，營收年減 41% 至 8.61 億美元。第一季是我們嵌入式部門營收的谷底。儘管第二季營收環比持平，但我們看到訂單模式改善的早期跡象，並預計嵌入式營收將在下半年逐步恢復。

Longer term, we are building strong design win momentum for our expanded embedded portfolio. Design wins in the first half of the year increased by more than 40% from the prior year to greater than $7 billion, including multiple triple digit million dollar wins combining our adaptive and [x86] compute products.

從長遠來看，我們正在為我們擴展的嵌入式產品組合建立強大的設計獲勝動力。今年上半年的設計勝利比前一年增加了 40% 以上，達到超過 70 億美元，其中包括結合我們的自適應和 [x86] 計算產品的多個三位數百萬美元的勝利。

We announced our Alveo V80 accelerators that deliver leadership capabilities in memory intensive workloads and entered early access on next generation edge AI solutions with more than 30 key partners on our upcoming second gen Versal adaptive SOCs.

我們發布了Alveo V80 加速器，該加速器可在內存密集型工作負載中提供領先能力，並與30 多個關鍵合作夥伴就即將推出的第二代Versal 自適應SOC 進入下一代邊緣AI 解決方案的搶先體驗。

Last week, we also announced Victor Peng, president of AMD, would retire at the end of August. Victor has made significant contributions to Xilinx and AMD, including helping scale our embedded business and leading our cross company AI strategy. On a personal note, Victor has been a great partner to me, ensuring the success of our Xilinx acquisition and integration. On behalf of all of the AMD employees and board, I want to thank Victor for all of his contributions to AMD success and wish him all the best in his retirement.

上週，我們也宣布 AMD 總裁 Victor Peng 將於 8 月底退休。 Victor 為 Xilinx 和 AMD 做出了重大貢獻，包括幫助擴大我們的嵌入式業務並領導我們的跨公司人工智慧策略。就我個人而言，Victor 一直是我出色的合作夥伴，確保了我們收購和整合 Xilinx 的成功。我謹代表所有 AMD 員工和董事會，感謝 Victor 對 AMD 成功所做的所有貢獻，並祝他退休後一切順利。

In summary, we delivered strong second quarter results and are well positioned to grow revenue significantly in the second half of the year, driven by our data center and client segments. Our data center GPU business is on a steep growth trajectory as shipments ramp across an expanding set of customers. We're also seeing strong demand for our next generation Zen 5, EPYC, and Ryzen processors that deliver leadership performance and efficiency in both data center and client workloads.

總而言之，在我們的資料中心和客戶群的推動下，我們第二季業績強勁，並有能力在下半年大幅成長營收。隨著客戶群的不斷擴大，我們的資料中心 GPU 業務正處於急劇增長的軌道。我們也看到對新一代 Zen 5、EPYC 和 Ryzen 處理器的強勁需求，這些處理器在資料中心和用戶端工作負載方面提供領先的效能和效率。

Looking ahead, the rapid advances in generative AI and development of more capable models are driving demand for more compute across all markets. Under this backdrop, we see strong growth opportunities over the coming years and are significantly increasing hardware, software, and solutions investments with a laser focus on delivering an annual cadence of leadership data center GPU hardware, integrating industry leading AI capabilities across our entire product portfolio, enabling full stack software capabilities, amplifying our ROCm development with the scale and speed of the open source community, and providing customers with turnkey solutions that accelerate the time to market for AMD based AI systems. We are excited about the unprecedented opportunities in front of us and are well positioned to drive our next phase of significant growth.

展望未來，生成式人工智慧的快速發展和功能更強大的模型的開發正在推動所有市場對更多計算的需求。在此背景下，我們看到未來幾年強勁的成長機會，並大幅增加硬體、軟體和解決方案投資，重點關注每年提供領先的資料中心GPU 硬件，將業界領先的人工智慧功能整合到我們的整個產品組合中，實現全端軟體功能，透過開源社群的規模和速度擴大我們的 ROCm 開發，並為客戶提供交鑰匙解決方案，加快基於 AMD 的 AI 系統的上市時間。我們對眼前前所未有的機會感到興奮，並做好了推動下一階段顯著成長的準備。

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

現在我想將電話轉給 Jean，為我們第二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 third quarter. We're very pleased with our overall second quarter financial results that came in above expectations.

謝謝麗莎，大家下午好。我將首先回顧我們的財務業績，然後提供我們目前對第三季的展望。我們對第二季的整體財務表現超乎預期感到非常滿意。

On a year-over-year basis, data center segment revenue more than doubled. Client segment revenue grew significantly and we expanded the gross margin by 340 basis points. For the second quarter of 2024, revenue was $5.8 billion, up 9% year-over-year, as revenue growth in the data center and the client segments was partially offset by lower revenue in our gaming and embedded segments. Revenue increased 7% sequentially, primarily driven by growth in the data center and the client segments revenue.

與去年同期相比，資料中心部門的營收成長了一倍以上。客戶部門收入大幅成長，毛利率提高了 340 個基點。 2024 年第二季度，營收為 58 億美元，年增 9%，因為資料中心和客戶端細分市場的收入成長被遊戲和嵌入式細分市場收入的下降部分抵消。營收季增 7%，主要受到資料中心和客戶部門營收成長的推動。

Gross margin was 53%, up 340 basis points year-over-year, primarily driven by higher data center revenue. Operating expenses were $1.8 billion, an increase of 15% year-over-year as we continue to invest in R&D to address the significant AI growth opportunities ahead of us and enhance the go-to-market activities. Operating income was $1.3 billion, representing a 22% operating margin. Taxes, interest expense and other was $138 million. Diluted earnings per share was $0.69, an increase of 19% year-over-year.

毛利率為 53%，年成長 340 個基點，主要受到資料中心收入增加的推動。營運費用為 18 億美元，年增 15%，因為我們繼續投資於研發，以抓住我們面前的重大人工智慧成長機會並加強上市活動。營業收入為 13 億美元，營業利益率為 22%。稅金、利息支出及其他費用為 1.38 億美元。稀釋每股收益為 0.69 美元，較去年同期成長 19%。

Now turning to our reportable segments, starting with the data center. Data center delivered record quarterly segment revenue of $2.8 billion. Up 115%, a $1.5 billion increase year-over-year. The data center segment accounted for nearly 50% of total revenue, led primarily by the steep ramp of AMD Instinct GPUs and a strong double-digit percentage EPYC server revenue growth.

現在轉向我們的可報告細分市場，從資料中心開始。資料中心季度營收創歷史新高，達 28 億美元。成長 115%，年增 15 億美元。資料中心部分佔總收入的近 50%，這主要是由 AMD Instinct GPU 的急劇增長和 EPYC 伺服器收入強勁的兩位數百分比增長帶動的。

On a sequential basis, revenue increased 21%, driven primarily by strong momentum in AMD Instinct GPUs. Data center segment operating income was $743 million, or 26% of revenue, compared to $147 million, or 11% a year ago. Operating income was up more than 5 times from the prior year, driven by high revenue and operating leverage, even as we significantly increased our investment in R&D.

營收季增 21%，主要得益於 AMD Instinct GPU 的強勁勢頭。資料中心部門營業收入為 7.43 億美元，佔收入的 26%，而一年前為 1.47 億美元，佔收入的 11%。儘管我們大幅增加了研發投入，但在高收入和營運槓桿的推動下，營業收入比去年增加了 5 倍以上。

Client segment revenue was $1.5 billion, up 49% year-over-year and 9% sequentially, driven primarily by AMD Ryzen processor sales. Client segment operating income was $89 million, or 6% of revenue, compared to our operating loss of $69 million a year ago. Gaming segment revenue was $648 million, down 59% year-over-year and 30% sequentially. The decrease in revenue was primarily due to semi-customer inventory digestion and lower end-market demand. Gaming segment operating income was $77 million, or 12% of revenue, compared to $225 million, or 14% a year ago.

客戶端部門營收為 15 億美元，年增 49%，季增 9%，主要受到 AMD 銳龍處理器銷售的推動。客戶部門營業收入為 8,900 萬美元，佔收入的 6%，而一年前我們的營業虧損為 6,900 萬美元。遊戲部門營收為 6.48 億美元，年減 59%，季減 30%。收入下降主要是由於半客戶庫存消化和終端市場需求下降。遊戲部門營業收入為 7,700 萬美元，佔收入的 12%，而一年前為 2.25 億美元，佔收入的 14%。

Embedded segment revenue was $861 million, down 41% year-over-year, as customers continue to normalize their inventory levels. On a sequential basis, embedded segment revenue was up 2%. Embedded segment operating income was $345 million, or 40% of revenue, compared to $757 million, or 52% a year ago.

隨著客戶繼續正常化其庫存水平，嵌入式部門收入為 8.61 億美元，年減 41%。嵌入式部門營收季增 2%。嵌入式部門營業收入為 3.45 億美元，佔營收的 40%，而一年前為 7.57 億美元，佔營收的 52%。

Turning to the balance sheet and cash flow. During the quarter, we generated $593 million in cash from operations, and free cash flow was $439 million. Inventory increased sequentially by $339 million to $5 billion, primarily to support the continued ramp of data center GPU products. At the end of the quarter, cash, cash equivalent, and short-term investments were $5.3 billion.

轉向資產負債表和現金流量。本季度，我們從營運中產生了 5.93 億美元的現金，自由現金流為 4.39 億美元。庫存環比增加 3.39 億美元，達到 50 億美元，主要是為了支援資料中心 GPU 產品的持續成長。截至本季末，現金、現金等價物和短期投資為 53 億美元。

In the second quarter, we returned $352 million to shareholders, repurchasing 2.3 million shares. And we have $5.2 billion of authorization remaining. During the quarter, we retired $750 million of debt that matured this past June, utilizing existing cash.

第二季度，我們向股東返還 3.52 億美元，回購了 230 萬股股票。我們還剩下 52 億美元的授權。在本季度，我們利用現有現金償還了今年 6 月到期的 7.5 億美元債務。

Now turning to our third quarter 2024 outlook. We expect revenue to be approximately $6.7 billion, plus or minus $300 million. Sequentially, we expect revenue to grow approximately 15%, primarily driven by strong growth in the data center and client segment. We expect embedded segment revenue to be up, and the gaming segment to decline by a double-digit percentage.

現在轉向我們對 2024 年第三季的展望。我們預計營收約 67 億美元，上下浮動 3 億美元。接下來，我們預計營收將成長約 15%，這主要是由資料中心和客戶領域的強勁成長所推動的。我們預計嵌入式細分市場收入將成長，而遊戲細分市場將出現兩位數百分比下降。

Year-over-year, we expect revenue to grow approximately 16%, driven by the steep ramp of our AMD Instinct processors and strong server and client revenue growth to more than offset the declines in the gaming and embedded segments.

受 AMD Instinct 處理器急劇增長以及伺服器和客戶端收入強勁增長的推動，我們預計收入將同比增長約 16%，這將足以抵消遊戲和嵌入式領域的下滑。

In addition, we expect third quarter non-GAAP growth margin to be approximately 53.5%. Non-GAAP operating expenses to be approximately $1.9 billion. Non-GAAP effective tax rate to be 13%. And the diluted share count is expected to be approximately 1.64 billion shares. Also, during the third quarter, we expect to close the acquisition of Silo AI for approximately $665 million in cash.

此外，我們預計第三季非 GAAP 成長率約為 53.5%。非 GAAP 營運費用約為 19 億美元。非公認會計原則有效稅率為 13%。稀釋後的股份數量預計約為16.4億股。此外，我們預計第三季將以約 6.65 億美元現金完成對 Silo AI 的收購。

In closing, we made significant progress during the quarter toward achieving our financial goals. We delivered record MI300 grid revenue that exceeded $1 billion and demonstrated solid traction with our next-gen Ryzen and EPYC products.

最後，我們在本季實現財務目標方面取得了重大進展。我們交付了創紀錄的 MI300 網格收入，超過 10 億美元，並透過我們的下一代 Ryzen 和 EPYC 產品展現了強勁的吸引力。

We expanded growth margins significantly and drove earnings growth while increasing investment in AI. Looking forward, the opportunities ahead of us are unprecedented. We'll remain focused on executing to our long-term growth strategy while driving financial discipline and operational excellence.

我們在加大人工智慧投資的同時，大幅擴大了利潤率並推動了獲利成長。展望未來，我們面臨前所未有的機會。我們將繼續專注於執行我們的長期成長策略，同時推動財務紀律和卓越營運。

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) Ben Reitzes, Melius Research.

（操作員說明）Ben Reitzes，Melius Research。

Hey, thanks a lot, and congratulations on these results. Lisa, I wanted to ask you about MI300, how you see it playing out sequentially for the rest of the year. I guess there's about $2.8 billion left to hit your annual target, so I'm wondering if you see things picking up in the fourth quarter and how that's going sequentially.

嘿，非常感謝，祝賀這些結果。麗莎，我想問你有關軍情 300 的問題，你如何看待它在今年剩餘時間裡按順序進行的情況。我估計還剩大約 28 億美元才能達到您的年度目標，所以我想知道您是否認為第四季度情況有所好轉，以及接下來的進展如何。

And if you don't mind, I wanted to also ask about next year if you see potential for rapid growth. You're probably aware of -- some of the chatter out there, and I just was wondering if you're already seeing signs that you can grow significantly given your roadmap for next year. Thank you so much.

如果您不介意的話，我還想問一下明年您是否看到了快速成長的潛力。您可能已經意識到 - 那裡有一些閒聊，我只是想知道您是否已經看到了根據明年的路線圖可以顯著增長的跡象。太感謝了。

Yeah, great, Ben. Thanks for the question. So, first of all, on MI300 and the customer evolution, we're very happy with how MI300 has progressed. When we started the year, I think the key point for us was to get our products into our customers' data centers, to have them qualify their workloads to really ramp up production, and then see what the production capabilities are, especially performance and all of those things.

是的，太好了，本。謝謝你的提問。因此，首先，關於 MI300 和客戶的​​演變，我們對 MI300 的進展感到非常滿意。當我們年初時，我認為我們的關鍵點是將我們的產品引入客戶的資料中心，讓他們限定其工作負載以真正提高生產，然後看看生產能力是什麼，特別是性能和所有那些事情。

And I can say now being sort of more than halfway through the year, we've seen great progress across the board. As we look into the second half of the year, I think we would expect that MI300 revenue would continue to ramp in the third quarter and the fourth quarter, and we're continuing to expand both current deployments with our existing customers as well as we have a large pipeline of customers that we're working through that are getting familiar with our architecture and software and all that stuff.

我可以說，今年已過半，我們已經看到了全面的巨大進步。當我們展望今年下半年時，我認為我們預計 MI300 收入將在第三季度和第四季度繼續增長，並且我們將繼續擴大與現有客戶以及我們的現有部署我們正在與大量客戶合作，他們正在熟悉我們的架構和軟體以及所有這些東西。

So, I would say overall, very pleased with the progress and really continuing right on track to what we expected from the capabilities of the product. As we go into next year, one of the important things that we announced at Computex was increasing and expanding our roadmap. I think we feel really good about our roadmap. We're on track to launch MI325 later this year, and then next year MI350 series, which will be very competitive with Blackwell Solutions, and then we're well on our way to our CDNA Next as well.

所以，總的來說，我對進度感到非常滿意，並且確實繼續朝著我們對產品功能的期望前進。進入明年，我們在 Computex 上宣布的重要事情之一就是增加和擴展我們的路線圖。我認為我們對我們的路線圖感覺非常好。我們預計在今年稍後推出 MI325，然後在明年推出 MI350 系列，這將與 Blackwell Solutions 競爭非常激烈，然後我們也將順利邁向 CDNA Next。

So, I think overall we remain quite bullish on the overall AI market. I think the market continues to need more compute, and we also feel very good that our hardware and software solutions are getting good traction, and we're continuing to expand that pipeline.

因此，我認為總體而言我們仍然非常看好整個人工智慧市場。我認為市場仍然需要更多的計算，我們也感覺非常好，我們的硬體和軟體解決方案獲得了良好的關注，並且我們正在繼續擴展該管道。

Thanks.

謝謝。

Aaron Rakers, Wells Fargo.

亞倫·雷克斯，富國銀行。

Yeah, thanks for taking the question, and congrats on the quarter as well. I guess picking on the data center side, as we look forward and you think about the full year, I'm curious of how you're currently thinking about the EPYC server CPU growth expectations as we go forward, and any kind of updated thoughts on your ability to kind of continue to gain share in the server market. Just kind of update us on how you see the server market playing out over the next couple of quarters.

是的，感謝您提出問題，也恭喜本季。我想選擇資料中心方面，當我們展望未來並且您思考全年時，我很好奇您目前如何看待我們前進時的 EPYC 伺服器 CPU 成長預期，以及任何更新的想法取決於您是否有能力繼續在伺服器市場上獲得份額。請告訴我們您對未來幾季伺服器市場發展的最新看法。

Yeah, sure, Aaron. Thanks for the question. So, we're very pleased with the progress that we've made with EPYC -- I think a couple things. First of all, in terms of competitive positioning and just the traction in the market, our fourth-gen EPYC between Gen 1 Bergamo is really doing very well. We've seen a broad adoption across cloud, and then we've been very focused on enterprise as well as third-party cloud instances.

是的，當然，亞倫。謝謝你的提問。因此，我們對 EPYC 所取得的進展感到非常滿意——我認為有幾件事。首先，就競爭定位和市場吸引力而言，我們在 Gen 1 Bergamo 之間的第四代 EPYC 確實表現得非常好。我們看到了雲端的廣泛採用，然後我們非常關注企業和第三方雲端實例。

And as I said in the prepared remarks, we're starting to see very nice traction in enterprise with both new customers as well as existing customers. And then for third-party cloud adoption, also a good pickup there as well. So, I think overall, I think our EPYC portfolio has done well.

正如我在準備好的演講中所說，我們開始看到企業對新客戶和現有客戶都有很好的吸引力。對於第三方雲端的採用，這也是一個很好的提升。因此，我認為總體而言，我們的 EPYC 產品組合表現良好。

Going into the second half of the year, I think we also feel good about it. There are a couple of positives there. We see -- first of all, the market looks like it's improving. So, we have seen some return to spending in both enterprise and cloud. And so, I think those are positive market trends.

進入下半年，我認為我們也感覺良好。這裡有一些積極的方面。我們看到——首先，市場看起來正在改善。因此，我們看到企業和雲端方面的支出有所回升。因此，我認為這些都是正面的市場趨勢。

And then, in addition to that, we are in the process of launching Turin. So, we started production here in the second quarter, and we're on track to launch broadly in the second half of the year. We'll see some revenue of Turin in the second half of the year contributing as well. So, overall, I think the server market and our ability to continue to grow a share in the server market is one of the things that we see in the second half of the year.

除此之外，我們正在啟動都靈。因此，我們在第二季開始生產，並預計在今年下半年廣泛推出。我們將看到都靈下半年的一些收入也做出貢獻。因此，總的來說，我認為伺服器市場以及我們在伺服器市場中繼續成長份額的能力是我們在今年下半年看到的事情之一。

Timothy Arcuri, UBS.

提摩西‧阿庫裡，瑞銀集團。

Thanks a lot. Lisa, I wanted to ask about the data center GPU roadmap. As you said, 325 is launching later this year. So, I guess I had two questions. Does the greater than $4.5 billion, does that include any revenue from 325?

多謝。 Lisa，我想問資料中心 GPU 路線圖。正如您所說，325 將於今年稍後推出。所以，我想我有兩個問題。超過 45 億美元的收入是否包括 325 的任何收入？

And can you talk a little bit more about 350? Obviously, we're seeing a big rack scale or shift toward rack scale systems for the competition's product. And I'm wondering if that's what 350 is going to look like. Is it going to have liquid cooling, and is it going to have a rack scale aspect to it? Thanks.

能多談談 350 嗎？顯然，我們看到競爭對手的產品出現了大型機架秤或轉向機架秤系統。我想知道 350 是否會是什麼樣子。它是否會採用液體冷卻，是否會具有機架規模？謝謝。

Yeah, absolutely. So, let me start with your original question. I mean -- I think looking at 325X, we are on track to launch later this year. From a revenue standpoint, there will be a small contribution in the fourth quarter, but it really is still mostly the MI300 capabilities. And 325 will start in the fourth quarter and then ramp more in the first half of next year.

是的，絕對是。那麼，讓我從你原來的問題開始。我的意思是——我認為看看 325X，我們預計在今年晚些時候推出。從收入的角度來看，第四季會有一小部分貢獻，但實際上仍然主要是 MI300 的功能。 325 將從第四季開始，然後在明年上半年增加更多。

And then as we look at the 350 series, what we're seeing, and the reason we call it a series is because there will be multiple SKUs in that series that will go through the range of what's called air-cooled to liquid cooled. In spending time with our customers, I think there are people who certainly want more rack-level solutions, and we're certainly doing much more in terms of system-level integration for our products. You'll see us invest more in system-level integration.

然後，當我們查看 350 系列時，我們所看到的以及我們將其稱為系列的原因是因為該系列中將有多個 SKU，它們將經歷所謂的風冷到液冷的範圍。在與我們的客戶共度時光時，我認為有些人肯定想要更多的機架級解決方案，而且我們在產品的系統級整合方面也確實做了更多的工作。您會看到我們在系統級整合方面投入更多。

But we also have many customers who want to use their current infrastructure. I think the beauty of the MI350 series is it actually fits into the same infrastructure as the MI300 series, and so it would lend itself to -- let's call it a pretty fast ramp, if you've already invested in 300 or 325. So we see the range of options, and that's part of the expansion of the roadmap that we're planning.

但我們也有許多客戶希望使用他們目前的基礎設施。我認為 MI350 系列的美妙之處在於它實際上適合與 MI300 系列相同的基礎設施，因此如果您已經投資了 300 或 325，那麼它適合 - 讓我們稱其為相當快的斜坡。範圍，這是我們正在規劃的路線圖擴展的一部分。

Ross Seymore, Deutsche Bank.

羅斯·西莫爾，德意志銀行。

Hi, thanks for letting me ask a question, and congrats on the strong results. Well, data center is obviously very important. I just want to pivot to the client side. Lisa, can you talk about the AI PC side of things, how you believe AMD is positioned? Are you seeing any competitive intensity changing with the emergence of ARM-based systems? Just wanted to see how you're expecting that to roll out and what it means to second-half seasonality.

您好，感謝您讓我提出問題，並祝賀取得了優異的成績。嗯，資料中心顯然非常重要。我只是想轉向客戶端。 Lisa，您能談談 AI PC 方面的事情嗎？隨著基於 ARM 的系統的出現，您是否發現競爭強度發生了變化？只是想看看您期望如何推出以及這對下半年的季節性意味著什麼。

Yeah, sure, Ross. So first, we're very pleased with our client business results. I think we have a very strong roadmap, so I'm very pleased with the roadmap. The Zen 5 based products, we're launching both notebook and desktop in the middle of this year. What we've seen is actually very positive feedback on the product. So we just actually launched the first Strix-based notebooks over the weekend. They went on sale. You may have seen some of the reviews. The reviews are very positive.

是的，當然，羅斯。首先，我們對客戶的業務成果感到非常滿意。我認為我們有一個非常強大的路線圖，所以我對路線圖非常滿意。基於 Zen 5 的產品，我們將在今年年中推出筆記型電腦和桌上型電腦。我們所看到的實際上是對該產品非常積極的回饋。因此，我們實際上在周末推出了第一款基於 Strix 的筆記型電腦。他們開始銷售。您可能已經看過一些評論。評論非常正面。

Our view of this is the AI PC is an important add to the overall PC category. As -- we go into the second half of the year, I think we have better seasonality in general, and we think we can do, let's call it above-typical seasonality, given the strength of our product launches and when we're launching. And then into 2025, you're going to see AI PCs across sort of a larger set of price points, which will also, open up more opportunities.

我們認為人工智慧電腦是整個電腦類別的重要補充。當我們進入今年下半年時，我認為我們總體上有更好的季節性，而且我們認為我們可以做到，考慮到我們產品推出的力度以及我們推出的時間，我們可以將其稱為高於典型的季節性。然後到 2025 年，您將看到人工智慧 PC 的價格範圍更大，這也將帶來更多機會。

So overall, I would say the PC market is a good revenue growth opportunity for us. The business is performing well. The products are strong, and we're working very closely with both the ecosystem partners as well as our OEM partners to have, strong launches here into the second half of the year.

總的來說，我認為個人電腦市場對我們來說是一個很好的收入成長機會。業務表現良好。這些產品非常強大，我們正在與生態系統合作夥伴以及 OEM 合作夥伴密切合作，以便在今年下半年推出強勁的產品。

And is the arm side changing anything or not really?

手臂一側是否真的改變了什麼？

Look, I think at this point, the PC market's a big market, and we are underrepresented in the market. I would say that, we take all of our competition very seriously. That being the case -- I think our products are very well positioned.

看，我認為在這一點上，個人電腦市場是一個很大的市場，而我們在該市場中的代表性不足。我想說的是，我們非常重視所有的競爭。既然如此——我認為我們的產品定位非常好。

Matt Ramsay, TD Cowen.

馬特·拉姆齊，TD·考恩。

Thank you very much. Good afternoon. Lisa, I wanted to maybe draw a parallel between the Instinct portfolio that your company is pulling out now and what you guys did five or six years ago with EPYC. And I remember when the April product launched, there was a lot of -- I would say, reaction positively and negatively in sort of sentiment around where your roadmap might go to relatively small perturbations in what the volumes were super early.

非常感謝。午安. Lisa，我想將貴公司現在推出的 Instinct 產品組合與你們五、六年前使用 EPYC 所做的事情進行比較。我記得當四月份的產品推出時，有很多——我想說的是，關於你的路線圖可能會在超早期的銷量中出現相對較小的擾動的情緒，有很多積極和消極的反應。

But if I remember back to that, what was the most important was that was the toehold into the market for long-term engagement both on the software side and the hardware side with your customers two, three, four generations forward. So is that an accurate parallel to where you guys are with MI300? And maybe you could talk about the level of engagement, the intensity of engagement, the breadth of it across the customer base with 350 and 400. Thanks.

但如果我還記得這一點，最重要的是進入市場的立足點，以便在軟體方面和硬體方面與兩代、三代、四代以後的客戶進行長期接觸。那麼這與你們使用 MI300 的情況是否準確相似？也許您可以談論 350 和 400 名客戶群的參與度、參與度和廣度。

Yeah, absolutely, Matt. So, look, as I said earlier, we're very pleased with the progress that we're making on the Instinct roadmap. This is absolutely a long-term play, so absolutely you're correct. It has a lot of parallels to the EPYC journey where you really have -- to gain more opportunities, broader workloads, larger deployments as you go from generation to generation. So we are playing the long game here. Our conversations with our customers.

是的，絕對是，馬特。所以，正如我之前所說，我們對本能路線圖所取得的進展感到非常滿意。這絕對是一個長期的遊戲，所以你絕對是對的。它與您真正擁有的 EPYC（霄龍）之旅有很多相似之處——在一代又一代的過程中獲得更多機會、更廣泛的工作負載、更大的部署。所以我們在這裡打的是持久戰。我們與客戶的對話。

So I would start with first in the near term. We had some very key milestones that we wanted to pass this year, and as I said, they related to getting hardware in volume in multiple hyperscalers as well as large Tier two customers. We've done that. We've now seen our software in a lot of different environments, and it's matured substantially.

所以我會在短期內從第一個開始。我們今年希望實現一些非常關鍵的里程碑，正如我所說，它們與在多個超大規模企業以及大型二級客戶中批量獲得硬體有關。我們已經做到了。現在，我們已經在許多不同的環境中看到了我們的軟體，而且它已經相當成熟。

ROCm is in very, from a standpoint of features, functions, out of box performance, getting to performance with customers. We've gained a lot of confidence and learned a lot in that whole process. The networking aspects of building out the rack scale and the system level items are areas that we're continuing to invest in.

從特性、功能、開箱即用效能以及與客戶的合作的角度來看，ROCm 非常重要。在整個過程中我們獲得了極大的信心並學到了很多。建立機架規模和系統級專案的網路方面是我們繼續投資的領域。

And then the point of having long-term conversations across multiple generations is also really important. So I think all of those things have progressed well. We view this as very good progress for MI300, but we have a lot more to do, and I think the various roadmap will help us open up those opportunities over the next couple of years.

跨世代進行長期對話也非常重要。所以我認為所有這些事情都進展順利。我們認為這對 MI300 來說是非常好的進展，但我們還有很多工作要做，我認為各種路線圖將幫助我們在未來幾年內開拓這些機會。

I appreciate it.

我很感激。

Thanks, Matt.

謝謝，馬特。

Vivek Arya, Bank of America Securities.

Vivek Arya，美國銀行證券公司。

Thanks for taking my question. Lisa, there seems to be this ongoing industry debate about AI monetization and whether your customers are getting the right ROI on their CapEx. And today they have these three options, right? They can buy GPUs from your largest competitor with all the software bells and whistles and incumbency, or they can do custom chips, or they can buy from AMD.

感謝您提出我的問題。麗莎，關於人工智慧貨幣化以及您的客戶是否在資本支出上獲得了正確的投資回報率，業界似乎一直存在爭論。今天他們有這三個選擇，對吧？他們可以從最大的競爭對手那裡購買 GPU，並提供所有的軟體花哨和功能，或者他們可以生產客製化晶片，或者可以從 AMD 購買。

So how do you think this plays out next year? Do you think your customers, given all this concern around monetization, does it make them consolidate their CapEx around just the other two suppliers? How is your visibility going into next year, given this industry debate, and how will AMD continue to kind of carve a position between these two other competitive choices that are out there? Thank you.

那麼您認為明年的情況如何？您認為您的客戶考慮到對貨幣化的所有這些擔憂，是否會讓他們將資本支出整合到其他兩家供應商周圍？鑑於這場行業爭論，您明年的知名度如何？謝謝。

Yeah, sure, Vivek. Well, I mean -- I think you talk to a lot of the same people that we talk to. I think the overall view on AI investment is we have to invest. I mean, the industry has to invest. The potential of AI is so large, to impact the way enterprises operate and all that stuff. So I think the investment cycle will continue to be strong.

是的，當然，維維克。嗯，我的意思是——我認為你和我們交談過的很多人都是同一個人。我認為對人工智慧投資的總體看法是我們必須投資。我的意思是，這個產業必須投資。人工智慧的潛力如此之大，可以影響企業的運作方式等。所以我認為投資週期將持續強勁。

And then relative to the various choices for the size of the market -- I firmly believe that there will be multiple solutions, whether you're talking about, GPUs or you're talking about custom chips or ASICs, there will be multiple solutions. In our case, I think we've demonstrated a really strong roadmap and the ability to partner well with our customers. And from the standpoint of that deep engagement, hardware, software, co-optimization is so important in that.

然後相對於市場規模的各種選擇——我堅信會有多種解決方案，無論你談論的是GPU還是定制晶片或ASIC，都會有多種解決方案。就我們而言，我認為我們已經展示了非常強大的路線圖以及與客戶良好合作的能力。從深度參與的角度來看，硬體、軟體、協同優化都非常重要。

And for large language models, GPUs are still the architecture of choice. So I think the opportunity is very large. And I think our piece of that is really strong technology with strong partnerships with the key AI market makers.

對於大型語言模型，GPU 仍然是首選架構。所以我覺得機會是非常大的。我認為我們的部分是真正強大的技術以及與主要人工智慧市場製造商的牢固合作夥伴關係。

Thank you, Lisa.

謝謝你，麗莎。

Thanks, Vivek.

謝謝，維韋克。

Joe Moore, Morgan Stanley.

喬摩爾，摩根士丹利。

Great, thank you. I also wanted to ask about MI300. I wonder if you could talk about training versus inference. You know, do you have a sense? I know that a lot of the initial focus was inference, but do you have traction on the training side and, any sense of what that split may look like over time?

太好了謝謝。我也想問MI300的狀況。我想知道你是否可以談談訓練與推理。你知道嗎，你有理智嗎？我知道很多最初的重點是推理，但是你在訓練方面有牽引力 隨著時間的推移，你對這種分裂可能會是什麼樣子有任何感覺嗎？

Yeah, sure. Thanks for the question, Joe. So as we said on MI300, there are lots of great characteristics about it. One of them is our memory bandwidth and memory capacity is leading the industry. From that standpoint, the early deployments have largely been inference in most cases, and we've seen fantastic performance, from an inference standpoint.

好，當然。謝謝你的提問，喬。正如我們在 MI300 上所說，它有很多出色的特性。其中之一就是我們的記憶體頻寬和記憶體容量是業界領先的。從這個角度來看，早期的部署在大多數情況下很大程度上都是推理，從推理的角度來看，我們已經看到了出色的性能。

We also have customers that are doing training. We've also seen that from a training standpoint, we've optimized quite a bit our ROCm software stack to make it easier for people to train on AMD, and I do expect that we'll continue to ramp training over time.

我們也有正在進行培訓的客戶。我們還看到，從培訓的角度來看，我們對ROCm 軟體堆疊進行了相當多的優化，以便人們更輕鬆地在AMD 上進行培訓，並且我確實希望隨著時間的推移，我們將繼續加強培訓。

As we go forward, I think you'll see -- the belief is that inference will be larger than training from a market standpoint, but from an AMD standpoint, I would expect both inference and training to be growth opportunities for us.

隨著我們的前進，我想您會看到——從市場的角度來看，我們相信推理將比訓練更重要，但從AMD 的角度來看，我預計推理和訓練都將成為我們的成長機會。

Great. Thank you.

偉大的。謝謝。

Toshiya Hari, Goldman Sachs.

Toshiya Hari，高盛。

Thank you so much for taking the question. I had a question on the MI300 as well. Curiously, if you're currently shipping to demand or if the updated annual forecast of $4.5 billion is in some shape or form supply constrained, I think last quarter you gave some comments on HBM and COAS. Curious if you could provide an update there.

非常感謝您提出這個問題。我也有一個關於 MI300 的問題。奇怪的是，如果您目前正在按需求發貨，或者更新後的 45 億美元年度預測在某種程度上或形式上受到供應限制，我想您上個季度對 HBM 和 COAS 發表了一些評論。很好奇您是否可以在那裡提供更新。

And then my Part B to my question is on profitability for MI300. I think in the past you've talked about the business being accretive and improving further over time as you sort of work through the kinks, if you will.

然後我的問題的 B 部分是關於 MI300 的盈利能力。我想，如果你願意的話，你過去曾談到，隨著時間的推移，當你克服困難時，業務會不斷增長並進一步改善。

Has that view evolved or changed at all, given sort of the competitive intensity and, your need to invest, whether it be through organic R&D or some of the acquisitions you've made? Or are you still confident that profit margins in the business continue to expand? Thank you.

考慮到競爭強度以及您的投資需求，無論是透過有機研發還是您進行的一些收購，這種觀點是否有所發展或改變？或者您仍然有信心業務的利潤率繼續擴大嗎？謝謝。

Yeah, sure, Toshiya. Thanks for the question. So on the supply side, let me make a couple of comments and then maybe I'll let Jean comment on, sort of the trajectory for the business. So on the supply side, we made great progress in the second quarter. We ramped up supply significantly exceeding $1 billion in the quarter. I think the team has executed really well. We continue to see line of sight to continue increasing supply as we go through the second half of the year.

是的，當然，東也。謝謝你的提問。因此，在供應方面，讓我發表一些評論，然後也許我會讓讓評論一下業務的發展軌跡。所以在供給方面，我們第二季取得了很大的進展。本季我們的供應量大幅增加，超過 10 億美元。我認為團隊執行得非常好。我們預計下半年供應量將持續增加。

But I will say that the overall supply chain is tight and will remain tight through 2025. So under that backdrop, we have great partnerships across the supply chain. We've been building additional capacity and capability there. And so we expect to continue to ramp as we go through the year. And we'll continue to work both supply as well as demand opportunities. And really that's accelerating our customer adoption overall. And we'll see how things play out as we go into the second half of this year.

但我要說的是，整體供應鏈很緊張，到2025年仍將保持緊張。我們一直在那裡建立額外的能力和能力。因此，我們預計今年將繼續成長。我們將繼續致力於供應和需求機會。事實上，這正在加速我們的客戶整體採用。當我們進入今年下半年時，我們將看到情況如何發展。

Yeah. On your second question about profitability, first our team has done a tremendous job to ramp the product, MI300. It's a very complex product. So we ramped it successfully. At the same time, the team also started to implement operational optimization to continue to improve gross margin. So we continue to see the gross margin improvement.

是的。關於你關於獲利能力的第二個問題，首先，我們的團隊在提升產品 MI300 方面做了巨大的工作。這是一個非常複雜的產品。所以我們成功地提升了它。同時，團隊也開始實施營運優化，以持續提高毛利率。因此，我們繼續看到毛利率的改善。

Over time, in the longer term, we do believe gross margin will be accretive to corporate average. From a profitability perspective, AMD always invest in platforms. If you look at our data center platform, especially both the server and the data center GPU side, we are ramping the revenue.

隨著時間的推移，從長遠來看，我們確實相信毛利率將提高到企業平均值。從獲利角度來看，AMD始終投資於平台。如果你看看我們的資料中心平台，尤其是伺服器和資料中心 GPU 端，我們正在增加收入。

The business model can leverage very significantly. Even from GPU side, because the revenue ramp has been quite significant, the operating margin continues to expand. We definitely want to continue to invest as the opportunity is huge. At the same time, it is a profitable business already.

商業模式可以發揮非常顯著的槓桿作用。即使從 GPU 方面來看，由於營收成長相當顯著，營業利潤率也持續擴大。我們肯定希望繼續投資，因為機會巨大。同時，它已經是一項有利可圖的業務。

Thank you very much.

非常感謝。

Stacy Rasgon, Bernstein Research.

史黛西‧拉斯貢，伯恩斯坦研究中心。

Hi, guys. Thanks for taking my question. I wanted to dig into the key three guidance a little bit if I could. So with gaming down double digits, it probably means you've got close to $1 billion of growth revenue across data center clients and embedded.

嗨，大家好。感謝您提出我的問題。如果可以的話，我想深入研究關鍵的三個指導。因此，隨著遊戲業務下降兩位數，這可能意味著您在資料中心客戶端和嵌入式領域的營收成長接近 10 億美元。

I was wondering if you'd give us some color on how that $1 billion-ish splits out across those three businesses. Like if I had 70% of it going to data center and 20% going to client and 10% going to embedded, like would that be like way off? Or how should I think about that apportioning out across the segment?

我想知道您是否願意告訴我們這 10 億美元左右的資金如何在這三項業務中分配。就像如果我將 70% 的資料用於資料中心，20% 的資料用於客戶端，10% 的資料用於嵌入式，那會不會很遙遠？或者我應該如何考慮在整個細分市場中的分配？

Yeah, maybe Stacy, let me give you the following color. So the gaming business is down double digit as you state. Think of it as , you know, the data center is the largest piece of it client next. And then on the embedded side, think of it as single digit sequential growth.

是的，也許史黛西，讓我給你以下顏色。因此，正如您所說，遊戲業務下降了兩位數。你知道，資料中心是它客戶端最大的一部分。然後在嵌入式方面，將其視為個位數的連續成長。

Got it. So, I mean, within that data center piece then, how does that split out? I mean, (technical difficulty) of it growth instinct or is it sort of equally weighted between instinct and EPYC? Or like, again, how does it, again, if you got, I don't know, $400 million to $600 million in sequential data center growth, something like that, how does it split up?

知道了。那麼，我的意思是，在資料中心內部，它是如何分裂的？我的意思是，（技術難度）它的成長本能還是本能和 EPYC 之間的權重相等？或者，如果你有，我不知道，資料中心連續成長 4 億到 6 億美元，類似的事情，它是如何分配的？

Yeah. So, again, without being that granular, we will see both, certainly the instinct, GPUs will grow and we'll see also very nice growth on the server side.

是的。所以，再說一次，雖然沒有那麼細化，但我們會看到兩者，當然是本能，GPU 將會成長，我們也會看到伺服器端的非常好的成長。

Harsh Kumar, Piper Sandler.

嚴厲的庫馬爾，派珀桑德勒。

Yeah. Hey, Lisa. From my rudimentary understanding, the large difference between your instinct products and the adoption versus your nearest competitor is kind of rack level performance and that rack level infrastructure that you're maybe lacking.

是的。嘿，麗莎。根據我的初步理解，您的本能產品和採用與最接近的競爭對手之間的巨大差異在於機架級性能以及您可能缺乏的機架級基礎設施。

You talked a little bit about UI Link. I was wondering if you could expand on that and give us some more color on -- when that gap might be closed or is this a major step for the industry to close that gap? Just any color would be appreciated.

您談到了一些關於 UI Link 的內容。我想知道您是否可以對此進行擴展，並為我們提供更多資訊——何時可以縮小這一差距，或者這是該行業縮小這一差距的重要一步？任何顏色都會受到讚賞。

Yeah. So, Harsh, overall, maybe if I take a step back and just talk about how the systems are evolving, there's no question that -- the systems are getting more complex especially as you go into large training clusters and our customers need help to put those together and that includes the sort of infinity fabric type solutions that are the basis for the UI Link things. As well as just general rack level system integration.

是的。所以，總的來說，如果我退後一步，談談系統是如何發展的，毫無疑問，系統變得越來越複雜，特別是當你進入大型培訓集群時，我們的客戶需要幫助來這些組合在一起，其中包括作為UI Link 事物基礎的無限結構類型解決方案。以及一般機架級系統整合。

I think what you should expect, Harsh, is first of all, we're very pleased with all of the partners that have come together for UI Link. We think that's an important capability but we have all of the pieces of this already within -- sort of the AMD umbrella with our infinity fabric, with the work, -- with our networking capability through the acquisition of Pensando and then you'll see us invest more in this area.

Harsh，我認為您應該期待的是，首先，我們對所有為 UI Link 聚集在一起的合作夥伴感到非常滿意。我們認為這是一項重要的能力，但我們已經擁有了所有的部分——有點像 AMD 保護傘，有我們的無限結構，以及我們的網絡能力，通過收購 Pensando，然後你會看到我們在這個領域投入更多。

So this is part of how we help customers get to market faster is by investing in all of the components. So the CPGs, the GPUs, the networking capability as well as system level solutions.

因此，我們透過投資所有組件來幫助客戶更快進入市場，這是我們的一部分。因此，CPG、GPU、網路功能以及系統級解決方案。

Thank you, Lisa.

謝謝你，麗莎。

Thanks, Harsh.

謝謝，嚴酷。

Blayne Curtis, Jeffries.

布萊恩·柯蒂斯，杰弗里斯。

Hey, good afternoon. Thanks for taking my question. I just want to ask another question on MI300. Just curious if you can kind of characterize the makeup of the customers in the first half. I know you had end of last year, a government customer. Is there still a government contingency?

嘿，下午好。感謝您提出我的問題。我只是想問一下關於MI300的另一個問題。只是好奇你是否能描述一下上半年顧客的妝容。我知道去年年底你有一位政府客戶。政府還有突發事件嗎？

And kind of the second part of it is really you've invested in all this software assets. Kind of curious the challenge of ramping the next wave of customers. I know there's been a lot of talk on some hardware challenges memory issues and such, but then you're investing in software. I'm sure that's a big challenge too. Just kind of curious what the biggest hurdle is for you to kind of get that next wave of customers ramped.

第二部分實際上是您已經投資了所有這些軟體資產。有點好奇增加下一波客戶的挑戰。我知道有很多關於一些硬體挑戰記憶體問題等的討論，但是你正在投資軟體。我相信這也是一個很大的挑戰。只是有點好奇你要吸引下一波客戶的最大障礙是什麼。

Yeah, so, Blayne, a lot of pieces to that question. So let me try to address them. First, on your question about, -- I think you're basically asking about the supercomputing piece. That was mainly Q4 and a bit in Q1. So if you think about our Q2 revenue, you think about it as almost all AI. So it's MI300X it's for, large AI hyperscalers as well as, OEM customers going to enterprise and tier two data centers. So that's the makeup of the customer set.

是的，布萊恩，這個問題有很多內容。那麼讓我嘗試解決這些問題。首先，關於你的問題，我認為你基本上是在問超級計算部分。這主要是第四季度，還有一點是第一季。因此，如果你考慮我們第二季的收入，你會認為它幾乎都是人工智慧。因此，MI300X 適用於大型 AI 超大規模企業以及進入企業和二級資料中心的 OEM 客戶。這就是客戶群的組成。

And then in terms of the various pieces of what we're doing I think first on your question about memory, I think there's a lot of noise in the system. I wouldn't really pay attention to all that noise in the system. I mean, this has been an incredible ramp, and I'm actually really proud of what the team has done in terms of just definitely fastest product ramp that we've ever done to $1 billion here in the second -- over $1 billion dollars in the second quarter, and then ramping each quarter in Q3 and Q4.

然後，就我們正在做的各個方面而言，我首先想到你關於記憶體的問題，我認為系統中有很多噪音。我不會真正關注系統中的所有噪音。我的意思是，這是一個令人難以置信的成長，事實上，我對團隊所做的事情感到非常自豪，他們的產品成長絕對是最快的，我們在第二秒鐘就達到了10 億美元——超過10 億美元第二季度，然後在第三季和第四季每季都在增加。

In terms of memory we have multiple suppliers that we've qualified on HBM3, and it's a tricky memory is a tricky business, but I think we've done it very well, and that's there. And then we're also qualifying HBM3E, for future products with multiple memory suppliers as well.

在記憶體方面，我們擁有多家已獲得 HBM3 認證的供應商，記憶體是一項棘手的業務，但我認為我們已經做得非常好，僅此而已。然後，我們還對 HBM3E 進行資格認證，以用於未來與多個記憶體供應商合作的產品。

So to your overarching question of what are the things that we're doing the exciting part of this is that the ROCm capability has really, gotten substantially better because so many customers have been using it. And with that, what we look at is out-of-box performance. How long does it take a customer to get up and running on MI300?

因此，對於您提出的首要問題，即我們正在做哪些事情，其中​​令人興奮的部分是 ROCm 功能確實得到了顯著改善，因為有這麼多客戶一直在使用它。至此，我們關注的是開箱即用的性能。客戶需要多長時間才能在 MI300 上安裝並運行？

And we've seen depending on the software that companies are using, particularly if you're based on some of the higher-level frameworks like PyTorch, et cetera, we can be out-of-box running very well in a very short amount of time, like let's call it, you know, very small number of weeks. And that's great because that's expanding the overall portfolio.

我們已經看到，根據公司使用的軟體，特別是如果您基於 PyTorch 等一些更高級別的框架，我們可以在很短的時間內開箱即用地運行得很好時間，就像我們稱之為，你知道的，非常短的幾週。這很棒，因為這擴大了整體產品組合。

We are going to continue to invest in software. And that was one of the reasons that we did the Silo AI acquisition. It's a great acquisition for us, 300 scientists and engineers, these are engineers that have experience with AMD hardware and are very, very good at helping customers get up and running on AMD hardware. And that's -- so we view this as the opportunity to expand the customer base with, talent like Silo.AI, -- like Nod.AI, which brought a lot of compiler talent.

我們將繼續投資軟體。這就是我們收購 Silo AI 的原因之一。對於我們 300 名科學家和工程師來說，這是一次很棒的收購，這些工程師擁有 AMD 硬體的經驗，並且非常非常擅長幫助客戶在 AMD 硬體上啟動和運行。這就是 - 所以我們認為這是擴大客戶群的機會，像 Silo.AI 這樣的人才， - 像 Nod.AI 一樣，它帶來了很多編譯器人才。

And then we continue to hire quite a bit organically. So I think Jean said earlier that, we see leverage in the model, but we're going to continue to invest because this opportunity is huge and we have all of the pieces. This is just about building out scale.

然後我們繼續有機地招募相當多的人。所以我認為吉恩之前說過，我們在模型中看到了槓桿作用，但我們將繼續投資，因為這個機會是巨大的，而且我們擁有所有的部分。這只是為了擴大規模。

Thanks so much.

非常感謝。

Thanks.

謝謝。

Tom O'Malley, Barclays.

湯姆·奧馬利，巴克萊銀行。

Hey, Lisa, thanks for taking my question. I'll give you a breather from the MI300 for a second, but just focus on client in the second half. Yeah, no problem. Focus on client in the second half. You kind of said above seasonal for September, December. You're obviously launching a new notebook desktop product, but you're also talking about AI PC.

嘿，麗莎，謝謝你回答我的問題。我會讓你在 MI300 上休息一下，但在下半場只專注於客戶。是的，沒問題。下半年重點關注客戶。你上面說的是九月、十二月的季節性。顯然，您正在推出一款新的筆記型桌上型電腦產品，但您也在談論人工智慧PC。

Could you just break down where you're seeing those above seasonal trends? Is it the ASP uplift you're getting from the new products or is it a unit assumption that's coming with AI PC? Just any kind of breakdown between those two and why you're seeing it a little bit better. Thank you.

您能分解一下您在哪些地方看到了季節性趨勢以上的趨勢嗎？是新產品帶來的平均售價提升，還是 AI PC 帶來的單位假設？只是這兩者之間的任何類型的崩潰以及為什麼你會看到它更好一些。謝謝。

Sure, Tom. So I think you actually said it well. We are launching, Zen 5 desktops and notebooks, with volume ramping in the third quarter, and that's the primary reason that we see above seasonal. The AI PC element is certainly one element of that, but there is just the overall, refresh. Usually desktop launches going into a third quarter are good, for us, and we feel that the products are very well positioned. So those are the primary reasons.

當然，湯姆。所以我覺得你其實說得很好。我們正在推出 Zen 5 桌上型電腦和筆記型電腦，第三季銷售量將大幅增加，這是我們看到季節性成長的主要原因。 AI PC 元素當然是其中之一，但只是整體的刷新。通常，進入第三季的桌面發布對我們來說是件好事，我們認為這些產品的定位非常好。這些是主要原因。

Chris Danely, Citi.

克里斯丹利，花旗銀行。

Hey, Jean. Thanks for speaking me in. Just a question on gross margin. So if we look at your guidance, it seems like the incremental gross margin is dropping a little bit for Q3. Why is that happening? And then just to follow up on another part of the gross margin angle, have you changed your gross margin expectations for the MI300? Has the accretion point moved out a little bit?

嘿，讓。謝謝您的發言。因此，如果我們看看您的指導，第三季的增量毛利率似乎略有下降。為什麼會發生這種情況？然後再跟進毛利率角度的另一個部分，你對MI300的毛利率預期有改變嗎？吸積點有沒有移出一點點？

Yeah, Chris, thanks for the question. I think, first, we have made a lot of progress, as you mentioned, this year to expand our gross margin from 2023 at the 50 percentage point to we actually guided the 53.5% for Q3. The primary driver is really the faster data center business growth. If you look at the data center business as the percentage of revenue from 37% in Q4 last year to now close to 50%, that faster expansion really helped us with the gross margin.

是的，克里斯，謝謝你的提問。我認為，首先，正如您所提到的，我們今年取得了很大進展，將毛利率從 2023 年的 50 個百分點擴大到我們實際上指導的第三季的 53.5%。主要驅動力實際上是資料中心業務成長更快。如果你看一下資料中心業務佔收入的比例，從去年第四季的 37% 到現在接近 50%，那麼更快的擴張確實幫助我們提高了毛利率。

When you look at the second half, we'll continue to see data center to be the major driver of our top line revenue growth. It will help with the margin expansion. But there are some other puts and takes. I think Lisa mentioned the PC business actually is going to do better in second half, especially typically seasonally, it tend to be more consumer focused. So that really is a little bit different dynamics there.

展望下半年，我們將繼續看到資料中心成為我們營收成長的主要動力。這將有助於擴大利潤。但還有一些其他的放和取。我認為麗莎提到個人電腦業務實際上會在下半年表現更好，尤其是季節性的，它往往會更專注於消費者。所以這確實是有點不同的動態。

Secondly, I would say embedded business, we are going to see embedded business to be up sequentially each quarter, but the recovery, as we mentioned earlier, is more gradual. So when you look at the balance of the picture, that's why we see the gross margin -- the pace of gross margin change a little bit, but we do see continued gross margin expansion.

其次，我想說的是嵌入式業務，我們將看到嵌入式業務每季都會連續成長，但正如我們之前提到的，復甦是漸進的。因此，當你查看圖片的平衡時，這就是我們看到毛利率的原因——毛利率的步伐略有變化，但我們確實看到毛利率持續擴張。

As far as MI300, we are quite confident over long term, it will be accretive to our corporate average. We feel pretty good about overall data center business continue to be absolutely the driver of gross margin expansion.

就MI300而言，從長遠來看，我們非常有信心，它將提高我們企業的平均水平。我們對整體資料中心業務仍然絕對是毛利率擴張的驅動力感到非常滿意。

Thank you.

謝謝。

Thank you. I would like to turn the floor back over to Mitch for any closing comments.

謝謝。我想將發言權交還給米奇，請其發表最後評論。

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。

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

女士們、先生們，今天的電話會議到此結束。此時您可以斷開線路。感謝您的參與。