超微半導體 (AMD) 2024 Q3 法說會逐字稿

Greetings, and welcome to the AMD third quarter 2024 conference call.

大家好，歡迎參加 AMD 2024 年第三季電話會議。

(Operator Instructions).

（操作員說明）。

And as a reminder, this conference is being recorded.

提醒一下，本次會議正在錄製中。

It is now my pleasure to introduce you, Mitch Haws, Vice President of Investor Relations.

現在我很高興向您介紹您，米奇·霍斯 (Mitch Haws)，投資者關係副總裁。

Thank you, Mitch.

謝謝你，米奇。

You may begin.

你可以開始了。

Thank you, and welcome to AMD's third quarter 2024 financial results conference call.

謝謝，歡迎參加 AMD 2024 年第三季財務業績電話會議。

By now, you should have had the opportunity to review a copy of our earnings press release and the accompanying slides.

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。

If you have not had the chance to review these materials, they can be found on the Investor Relations page of amd.com.

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.

在今天的電話會議中，我們將主要參考非公認會計準則財務指標。

The full non-GAAP to GAAP reconciliations are available in today's press release and the slides posted on our website.

完整的非 GAAP 與 GAAP 調整表可在今天的新聞稿和我們網站上發布的幻燈片中找到。

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

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.

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。

Before we begin, I would like to note that Forrest Norrod, Executive Vice President and General Manager, Data Center Business Solutions, will attend the UBS Annual Technology Conference on Tuesday, December 3, and Jean Hu will attend the Barclays Global TMT Conference on Thursday, December 12.

在開始之前，我想指出的是，資料中心業務解決方案執行副總裁兼總經理 Forrest Norrod 將出席 12 月 3 日星期二舉行的瑞銀年度技術大會，胡錦濤將出席星期四舉行的巴克萊全球 TMT 大會， 12 月12 日。

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.

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。

Please refer to the cautionary statement in our press release for more information on factors that could cause actual results to differ materially.

請參閱我們新聞稿中的警告聲明，以了解有關可能導致實際結果出現重大差異的因素的更多資​​訊。

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

這樣，我就把電話轉給麗莎。

Thank you, Mitch, and good afternoon to all those listening today.

謝謝你，米奇，今天所有聽眾下午好。

We delivered strong top and bottom line growth in the third quarter with revenue coming in above expectations, driven by record Instinct and EPYC product sales and robust demand for our Ryzen PC processors.

在創紀錄的 Instinct 和 EPYC 產品銷售以及對 Ryzen PC 處理器的強勁需求的推動下，我們在第三季度實現了強勁的營收和利潤成長，營收超出預期。

Third quarter revenue increased 18% year-over-year to a record $6.8 billion as significantly higher data center and client processor sales more than offset declines in gaming and embedded product sales.

第三季營收年增 18%，達到創紀錄的 68 億美元，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。

We expanded gross margin by 2.5 percentage points and increased earnings per share by 31% year-over-year as data center segment revenue more than doubled.

由於資料中心部門營收成長了一倍多，我們的毛利率年增了 2.5 個百分點，每股盈餘較去年同期成長了 31%。

Turning to the segments. data center segment revenue increased 122% to a record $3.5 billion.

轉向細分市場。資料中心部門營收成長 122%，達到創紀錄的 35 億美元。

We believe we gained server CPU share in the quarter as enterprise wins accelerated.

我們相信，隨著企業勝利的加速，我們在本季度獲得了伺服器 CPU 份額。

Cloud providers expanded their use of EPYC CPUs across their infrastructure, and we began the initial ramp of fifth-gen EPYC processors.

雲端供應商在其基礎設施中擴展了 EPYC CPU 的使用，我們開始了第五代 EPYC 處理器的初始升級。

EPYC has become the CPU of choice for the modern data center and our multi-generation product portfolio delivers leadership performance and significant TCO advantages across virtually every enterprise and cloud workload.

EPYC（霄龍）已成為現代資料中心的首選 CPU，我們的多代產品組合為幾乎每個企業和雲端工作負載提供了領先的效能和顯著的 TCO 優勢。

In cloud, EPYC CPUs are deployed at scale to power many of the most important services, including Office 365, Facebook, Teams, Salesforce, SAP, Zoom, Uber, Netflix and many more.

在雲端中，EPYC CPU 被大規模部署，為許多最重要的服務提供支持，包括 Office 365、Facebook、Teams、Salesforce、SAP、Zoom、Uber、Netflix 等。

Meta alone has deployed more than 1.5 million EPYC CPUs across their global data center fleet to power their social media platforms.

僅 Meta 就在其全球資料中心機群中部署了超過 150 萬個 EPYC CPU，為其社交媒體平台提供支援。

Cloudflare selected Genoa-X processors with our industry-leading 3D chiplet stacking technology to power their next-generation servers that support twice as many requests per second and deliver 60% higher performance per watt versus their prior generation.

Cloudflare 選擇採用我們行業領先的3D 小晶片堆疊技術的Genoa-X 處理器為其下一代伺服器提供支持，與上一代相比，每秒支持的請求數量是原來的兩倍，每瓦性能提高60% 。

Public cloud instances increased 20% year-over-year to more than 950 as Microsoft, AWS and others launched or expanded their EPYC processor-powered offerings in the quarter.

隨著微軟、AWS 和其他公司在本季推出或擴展其 EPYC 處理器支援的產品，公有雲實例年增 20%，達到 950 多個。

EPYC instance adoption with enterprise customers also grew in the quarter, highlighted by wins with Adobe, Boeing, Micron Nestle, Slack, Synopsys, Tata, and others.

本季企業客戶對 EPYC（霄龍）實例的採用也有所成長，其中 Adob​​e、Boeing、Micron Nestle、Slack、Synopsys、Tata 等公司的勝利凸顯了這一點。

In the enterprise, sales grew by a strong double-digit percentage year-over-year for the fifth straight quarter as EPYC CPU adoption accelerated and sell-through momentum grew.

在企業中，隨著 EPYC CPU 採用率的加速和銷售勢頭的成長，銷售額連續第五個季度實現強勁的兩位數百分比成長。

Dell, HPE, Lenovo and others have expanded the number of fourth-gen EPYC platforms they offer by 50% in the last year.

去年，戴爾、HPE、聯想等公司將其提供的第四代 EPYC 平台數量增加了 50%。

There are now more than 200 different EPYC solutions available that are optimized for a broad range of enterprise and edge workloads.

現在有超過 200 種不同的 EPYC 解決方案可供使用，這些解決方案針對廣泛的企業和邊緣工作負載進行了最佳化。

We are building strong momentum with large enterprise customers, highlighted in the third quarter by wins with large technology, energy, financial services and automotive companies in the quarter, including Airbus, Daimler Truck, FedEx, HSBC, Siemens, Walgreens and others.

我們正在與大型企業客戶建立強勁的勢頭，第三季的亮點是與大型科技、能源、金融服務和汽車公司的合作，包括空中巴士、戴姆勒卡車、聯邦快遞、匯豐銀行、西門子、沃爾格林等。

We launched our next-generation Turin family earlier this month that delivers absolute performance and TCO leadership across both enterprise scale up and cloud-native scale-out workloads.

我們在本月稍早推出了下一代 Turin 系列，它在企業縱向擴展和雲端原生橫向擴展工作負載方面提供絕對的效能和 TCO 領先地位。

Turin has already set more than 130 performance records for virtualization, database, AI, business applications and energy efficiency with the full EPYC portfolio accounting for more than 500 performance world records.

都靈已經在虛擬化、資料庫、人工智慧、業務應用程式和能源效率方面創造了 130 多項效能記錄，其中完整的 EPYC 產品組合創造了 500 多項效能世界記錄。

More than 130 fifth-gen EPYC enterprise platforms are in development from all the leading server OEMs and ODMs.

所有領先的伺服器 OEM 和 ODM 正在開發 130 多個第五代 EPYC 企業平台。

These new servers complement existing fourth-gen EPYC platforms providing a top to bottom stack of platforms optimized for a broad range of business applications.

這些新伺服器補充了現有的第四代 EPYC 平台，提供了針對廣泛的業務應用程式進行最佳化的自上而下的平台堆疊。

In Cloud, Google, and OCI announced plans to launch fifth-gen EPYC instances early next year, and we expect broad adoption with our largest cloud customers based on the significant performance and efficiency advantages of Turin.

在雲端方面，Google 和 OCI 宣布計劃於明年初推出第五代 EPYC 實例，基於都靈顯著的效能和效率優勢，我們預期我們最大的雲端客戶會廣泛採用。

As an example, Oracle's Turin instances delivered 35% higher performance per core, 33% faster memory speeds and double the networking bandwidth delivering a level of compute performance and capability that is only possible with EPYC CPUs.

例如，Oracle 的 Turin 實例的每個核心效能提高了 35%，記憶體速度提高了 33%，網路頻寬加倍，提供了只有 EPYC CPU 才能實現的運算效能和功能等級。

Looking ahead, we are very well positioned for continued growth in share gains based on the strength of our broad EPYC portfolio and the momentum we have built with cloud and enterprise customers.

展望未來，基於我們廣泛的 EPYC 產品組合的實力以及我們與雲端和企業客戶建立的勢頭，我們處於非常有利的地位，可以實現份額收益的持續成長。

We also took a major step in the quarter to advance the x86 architecture, forming an ecosystem advisory group with Intel, several industry luminaries and the largest cloud PC and enterprise leaders to accelerate innovation by driving consistency and compatibility across both the x86 instruction set and architectural interfaces and ensuring we evolve x86 as a compute platform of choice for developers and customers.

我們也在本季度邁出了重大一步，推進x86 架構，與英特爾、幾位行業傑出人士以及最大的雲端PC 和企業領導者組建了生態系統諮詢小組，透過推動x86 指令集和架構的一致性和相容性來加速創新接口，並確保我們將 x86 發展為開發人員和客戶的首選運算平台。

Turning to our data center AI business data center GPU revenue ramped as MI300X adoption expanded with cloud, OEM, and AI customers.

轉向我們的資料中心 AI 業務，隨著 MI300X 在雲端、OEM 和 AI 客戶中的採用擴大，資料中心 GPU 收入大幅成長。

Microsoft and Meta expanded their use of MI300X accelerators to power their internal workloads in the quarter.

Microsoft 和 Meta 擴大了 MI300X 加速器的使用範圍，為本季的內部工作負載提供支援。

Microsoft is now using MI300X broadly for multiple co-pilot services powered by the family of GPT 4 models.

Microsoft 現在廣泛使用 MI300X 來實現由 GPT 4 型號系列提供支援的多種副駕駛服務。

Meta announced they have optimized and broadly deployed MI300X to power their inferencing infrastructure at scale, including using MI300X exclusively to serve all live traffic for the most demanding Llama 405B frontier model.

Meta 宣布他們已經優化並廣泛部署 MI300X，以大規模為其推理基礎設施提供支持，包括專門使用 MI300X 為最苛刻的 Llama 405B 前沿模型的所有實時流量提供服務。

We are also working closely with Meta to expand their instinct deployments to other workloads where MI300X offers TCO advantages, including training.

我們也與 Meta 密切合作，將他們的本能部署擴展到 MI300X 提供 TCO 優勢（包括培訓）的其他工作負載。

MI300X public cloud instance availability expanded in the quarter with Microsoft, Oracle Cloud and multiple AI specialized cloud providers now offering Instinct instances with leadership performance and TCO for many of the most widely used models.

MI300X 公有雲實例可用性在本季度擴展，Microsoft、Oracle Cloud 和多個 AI 專業雲端供應商現在為許多最廣泛使用的模型提供具有領先效能和 TCO 的 Instinct 實例。

Instinct cloud instance adoption is strong with multiple start-ups and industry leaders adopting MI300 instances to power their models and services, including Essential AI, Fireworks AI, Luma AI, and Databricks.

本能的雲端實例採用勢頭強勁，多家新創公司和行業領導者採用 MI300 實例來為其模型和服務提供支持，包括 Essential AI、Fireworks AI、Luma AI 和 Databricks。

On the AI software front, since launching MI300 10-months ago, we have expanded functionality at every layer of the ROCm stack and increase the number of models that run out of the box on instinct accelerators to more than 1 million, enabling customers to get up and running as fast as possible with maximum out-of-the-box performance.

在人工智慧軟體方面，自10個月前推出MI300以來，我們擴展了ROCm堆疊每一層的功能，並將本能加速器上開箱即用的模型數量增加到超過100萬個，使客戶能夠盡可能快地啟動和運行，並具有最大的開箱即用性能。

With the release of ROCm 6.2 last quarter, MI300x inferencing performance has improved 2.4x since launch, and trading performance has increased 80%.

隨著上季 ROCm 6.2 的發布，MI300x 推理效能自發布以來提高了 2.4 倍，交易效能提高了 80%。

We are working closely with a growing number of marquee cloud and enterprise customers to fine-tune their specific inferencing workloads for MI300 with many customers seeing 30% higher performance compared to competitive offerings.

我們正在與越來越多的大型雲端和企業客戶密切合作，微調他們的 MI300 特定推理工作負載，許多客戶發現與競爭產品相比效能提高了 30%。

And we continue to expand our work with the open source community, broadening support for key frameworks like JAX, libraries like vLLM and hardware-agnostic compilers like Triton.

我們繼續擴大與開源社群的合作，擴大對 JAX 等關鍵框架、vLLM 等函式庫以及 Triton 等與硬體無關的編譯器的支援。

At our advancing AI event earlier this month, we were excited to be joined by the creators and leaders of some of the most important AI software technologies who have added foundational support for ROCm into Triton, the Llama Stack, SGLang, vLLM and TensorFlow and are working to enable broader open source community work with Instinct platforms.

在本月稍早的AI 高級活動中，我們很高興能夠與一些最重要的AI 軟體技術的創建者和領導者一起加入，他們已將ROCm 的基礎支援添加到Triton、Llama Stack、SGLang、vLLM和TensorFlow 中，並且致力於透過 Instinct 平台實現更廣泛的開源社群工作。

With this growing support from the broader AI software ecosystem and the significant advances we have made in our software stack, ROCm now provides AI developers with a truly open software alternative that has been deployed and validated at scale.

憑藉更廣泛的人工智慧軟體生態系統不斷增長的支援以及我們在軟體堆疊中取得的重大進步，ROCm 現在為人工智慧開發人員提供了一個真正開放的軟體替代方案，並且已經進行了大規模部署和驗證。

To expand our AI systems capabilities, we announced a definitive agreement to acquire ZT Systems, one of the leading providers of AI infrastructure to the world's largest hyperscale computing companies.

為了擴展我們的人工智慧系統能力，我們宣布了一項收購 ZT Systems 的最終協議，ZT Systems 是為全球最大的超大規模運算公司提供人工智慧基礎設施的領先供應商之一。

The ZT team complements our silicon and software capabilities with critical systems expertise needed to deliver rack and cluster level solutions.

ZT 團隊透過提供機架和集群級解決方案所需的關鍵系統專業知識來補充我們的晶片和軟體功能。

With ZT we will be able to design and validate our next-gen AI silicon and systems in parallel, greatly accelerating time to deploy instant accelerators at data center scale.

借助 ZT，我們將能夠並行設計和驗證下一代 AI 晶片和系統，從而大大加快在資料中心規模部署即時加速器的時間。

Customer feedback has been very positive as the ZT acquisition enabled hyperscale customers to rapidly deploy AMD AI infrastructure at scale and provides OEMs and ODMs with optimized board and module designs for a wide range of differentiated enterprise solutions.

客戶回饋非常積極，因為 ZT 收購使超大規模客戶能夠快速大規模部署 AMD AI 基礎設施，並為 OEM 和 ODM 提供優化的主機板和模組設計，以實現廣泛的差異化企業解決方案。

On the regulatory front, we made good progress as we recently passed the HSR waiting period required for US approval.

在監管方面，我們取得了良好進展，最近通過了美國批准所需的高鐵等待期。

We remain on track to close the acquisition in the first half of 2025.

我們仍有望在 2025 年上半年完成收購。

As a reminder, we plan to divest ZT's industry-leading US-based data center infrastructure manufacturing business at the close of the transaction and are pleased that we have received significant interest from a number of parties to date.

提醒一下，我們計劃在交易結束時剝離 ZT 行業領先的美國資料中心基礎設施製造業務，並且很高興迄今為止我們已收到多方的濃厚興趣。

Looking ahead, we launched our next-gen MI325X GPU earlier this month that extends our memory capacity and bandwidth advantages and delivers up to 20% higher inferencing performance compared to H200 and competitive training performance.

展望未來，我們在本月初推出了下一代 MI325X GPU，它擴展了我們的記憶體容量和頻寬優勢，並提供比 H200 高出 20% 的推理性能和具有競爭力的訓練性能。

Customer and partner interest for MI325X is high.

客戶和合作夥伴對 MI325X 的興趣很高。

Production shipments are planned to start this quarter with widespread system availability from Dell, HPE, Lenovo, Super Micro and others starting in the first quarter of 2025.

計劃於本季開始生產出貨，戴爾、HPE、聯想、超微等公司的系統將於 2025 年第一季開始廣泛供貨。

Longer term, we have successfully accelerated our product development pace to deliver an annual cadence of new Instinct products.

從長遠來看，我們成功地加快了產品開發步伐，每年推出新的 Instinct 產品。

Our next-gen MI350-series silicon is looking very good and is on track to launch in the second half of 2025 with the largest generational increase in AI performance we have ever delivered.

我們的下一代 MI350 系列晶片看起來非常好，預計將於 2025 年下半年推出，其 AI 性能將實現有史以來最大的一代提升。

Development on our MI400 series based on the CDNA Next architecture is also progressing very well towards a 2026 launch.

基於 CDNA Next 架構的 MI400 系列的開發也進展順利，預計 2026 年推出。

We have built significant momentum across our data center AI business with deployments increasing across an expanding set of cloud, enterprise and AI customers.

我們的資料中心人工智慧業務已經建立了強大的勢頭，在不斷擴大的雲端、企業和人工智慧客戶中的部署不斷增加。

As a result, we now expect data center GPU revenue to exceed $5 billion in 2024, up from $4.5 billion we guided in July and our expectation of $2 billion when we started the year.

因此，我們現在預計 2024 年資料中心 GPU 營收將超過 50 億美元，高於我們 7 月指引的 45 億美元和年初時的 20 億美元預期。

Turning to our client segment.

轉向我們的客戶群。

Revenue was $1.9 billion, an increase of 29% year-over-year, driven by strong demand for our latest generation Zen 5 notebook and desktop processors.

由於對最新一代 Zen 5 筆電和桌上型電腦處理器的強勁需求，營收為 19 億美元，較去年同期成長 29%。

Desktop channel sales grew by a significant double-digit percentage led by the launch of our Ryzen 9000 series processors that deliver leadership productivity, gaming and content creation performance.

由於銳龍 9000 系列處理器的推出，桌面通路銷售額實現了兩位數的大幅成長，這些處理器提供了領先的生產力、遊戲和內容創建效能。

We are seeing strength across our Ryzen desktop portfolio and are on track to launch our next-gen Ryzen 9000 X3D processors in November with leadership gaming performance.

我們看到了 Ryzen 桌上型電腦產品組合的優勢，並預計在 11 月推出具有領先遊戲效能的下一代 Ryzen 9000 X3D 處理器。

In mobile, Ryzen AI 300 Series sales ramped significantly from the prior quarter as Acer, HP, Lenovo, Asus and others announced new consumer and commercial notebooks with leadership compute and AI performance.

在行動領域，隨著宏碁、惠普、聯想、華碩等公司宣布推出具有領先運算和人工智慧效能的新型消費和商用筆記型電腦，Ryzen AI 300 系列銷量較上一季大幅成長。

We made good progress expanding our presence in the commercial PC market in the quarter, closing multiple large deals with AstraZeneca, Bayer, Mazda, Shell, Volkswagen and other enterprise customers.

本季我們在商用 PC 市場的拓展取得了良好進展，與阿斯特捷利康、拜耳、馬自達、殼牌、大眾等企業客戶達成了多項大型交易。

We also launched our Ryzen AI Pro 300 Series family, the first CPUs with enterprise-class security, manageability and AI capabilities for Copilot Plus PCs.

我們也推出了 Ryzen AI Pro 300 系列系列，這是首款為 Copilot Plus PC 提供企業級安全性、可管理性和 AI 功能的 CPU。

HP and Lenovo are on track to more than triple the number of Ryzen AI Pro platforms they offer in 2024, and we expect to have more than 100 Ryzen AI Pro commercial platforms in market next year, positioning us well for share gains as businesses refresh the hundreds of millions of Windows 10 PCs that will no longer receive Microsoft technical support starting in 2025.

惠普和聯想預計在 2024 年將其提供的 Ryzen AI Pro 平台數量增加兩倍以上，我們預計明年市場上將有超過 100 個 Ryzen AI Pro 商業平台，這使我們能夠在企業更新產品時獲得份額收益。從2025 年開始，數億台Windows 10 電腦將不再獲得Microsoft 技術支援。

Now turning to our gaming segment.

現在轉向我們的遊戲部分。

Revenue declined 69% year-over-year to $462 million. Semi-custom

營收年減 69% 至 4.62 億美元。半客製化

sales declined as Microsoft and Sony reduced channel inventory.

由於微軟和索尼減少通路庫存，銷售額下降。

Sony announced the PS5 Pro with significant increases in graphics and ray tracing performance and AI-driven upscaling, featuring a new AMD semi-custom SoC that extends our multigenerational partnership.

索尼宣布 PS5 Pro 顯著提高了圖形和光線追蹤性能以及人工智慧驅動的升級，並採用了新的 AMD 半客製化 SoC，擴展了我們的多代合作夥伴關係。

In gaming graphics, revenue declined year-over-year as we prepare for a transition to our next-gen Radeon GPUs based on our RDNA 4 architecture.

在遊戲圖形領域，隨著我們準備過渡到基於 RDNA 4 架構的下一代 Radeon GPU，營收年減。

In addition to a strong increase in gaming performance, RDNA 4 delivers significantly higher ray tracing performance and adds new AI capabilities.

除了遊戲效能的強勁提升外，RDNA 4 還提供了顯著更高的光線追蹤效能，並增加了新的 AI 功能。

We are on track to launch the first RDNA 4 GPUs in early 2025.

我們預計在 2025 年初推出首款 RDNA 4 GPU。

We -- turning to our embedded segment.

我們——轉向我們的嵌入式領域。

Third quarter revenue decreased 25% year-over-year to $927 million.

第三季營收年減 25% 至 9.27 億美元。

Embedded demand continues recovering gradually, led by strength in test and emulation offset by ongoing softness in the industrial market.

在測試和模擬的強勁帶動下，嵌入式需求繼續逐漸復甦，但工業市場的持續疲軟抵消了這一影響。

Momentum continues building for our differentiated Versal family of adaptive SoCs, led by strong demand for our Versal premium VP 1902, which is the world's largest adaptive SoC in FPGA that is powering multiple platforms for all three of the largest EDA vendors.

在對Versal 高階VP 1902 的強勁需求的帶動下，我們差異化的Versal 系列自適應SoC 的發展勢頭不斷增強。提供支援。

Our Versal portfolio is also being adopted broadly across multiple aerospace customers.

我們的 Versal 產品組合也被多個航空航太客戶廣泛採用。

To build on this momentum, we taped out Telluride last quarter, the first product in our second-gen Versal family that delivers up to 10x more compute and enables AI application acceleration on a single chip.

為了鞏固這一勢頭，我們在上季度推出了 Telluride，這是我們第二代 Versal 系列中的首款產品，可提供高達 10 倍的運算能力，並在單晶片上實現 AI 應用加速。

Design win momentum is very strong across our portfolio, tracking to grow more than 20% year-over-year in 2024 and positioning us well to grow our embedded business faster than the overall market in the coming years.

我們的產品組合中的設計獲勝勢頭非常強勁，預計到 2024 年將同比增長 20% 以上，這使我們能夠在未來幾年以比整體市場更快的速度增長我們的嵌入式業務。

In summary, the business accelerated in the third quarter, and we expect strong demand for our Instinct EPYC and Ryzen processors to result in another quarter of significant year-over-year growth.

總而言之，第三季度業務加速成長，我們預計對 Instinct EPYC 和 Ryzen 處理器的強勁需求將導致另一個季度同比大幅增長。

Taking a step back, this month marks my 10th anniversary as AMD's CEO.

退一步來說，本月是我擔任 AMD 執行長 10 週年。

In the last 10-years, we have successfully completed multiple arcs.

在過去的10年裡，我們已經成功完成了多個弧線。

First, by turning the company around and setting the solid financial and operational foundation required for sustained growth.

首先，扭轉公司局面，為持續成長奠定堅實的財務和營運基礎。

And then by transforming AMD into the high-performance and adaptive computing leader.

然後將 AMD 轉變為高效能和自適應運算的領導者。

While I'm incredibly proud of what we've accomplished, I'm even more excited about the unprecedented growth opportunities in front of us.

雖然我對我們所取得的成就感到無比自豪，但我對我們面前前所未有的成長機會感到更加興奮。

Looking out over the next several years, we see significant growth opportunities across our data center, client and embedded businesses driven by the nearly insatiable demand for more compute.

展望未來幾年，我們在資料中心、客戶端和嵌入式業務中看到了巨大的成長機會，這是由對更多運算的近乎永無止境的需求所推動的。

Each of these opportunities is amplified exponentially by the rapid adoption of AI, and which is enabling new experiences that will make high-performance computing and even more essential part of our daily lives.

隨著人工智慧的快速採用，這些機會都呈指數級增長，並帶來了新的體驗，使高效能運算成為我們日常生活中更重要的一部分。

In the data center alone, we expect the AI accelerator TAM will grow at more than 60% annually to $500 billion in 2028.

僅在資料中心方面，我們預計 AI 加速器 TAM 將以每年 60% 以上的速度成長，到 2028 年將達到 5,000 億美元。

To put that in context, this is roughly equivalent to annual sales for the entire semiconductor industry in 2023.

換言之，這大致相當於整個半導體產業 2023 年的年銷售額。

Beyond the data center, we are adding leadership AI capabilities across our product portfolio and partnering deeply with a broad ecosystem of partners to deliver differentiated AI solutions at scale.

除了資料中心之外，我們還在我們的產品組合中添加領先的人工智慧功能，並與廣泛的合作夥伴生態系統深入合作，以大規模提供差異化的人工智慧解決方案。

This is an incredibly exciting time for AMD as the breadth of our technology and product portfolios combined with our deep customer relationships and diversity of markets we address, provide us with a unique opportunity as we execute our next arc and make AMD the end-to-end AI leader.

對於AMD 來說，這是一個令人難以置信的令人興奮的時刻，因為我們廣泛的技術和產品組合，加上我們深厚的客戶關係和我們所涉足的市場的多樣性，為我們執行下一個目標提供了獨特的機會，並使AMD 成為端到端的解決方案。

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

現在我想將電話轉給 Jean，為我們第三季的業績提供一些額外的資訊。

Jean?

讓？

Thank you, Lisa, and good afternoon, everyone.

謝謝麗莎，大家下午好。

I'll start with a review of our financial results and then provide our current outlook for the fourth quarter of fiscal 2024.

我將首先回顧我們的財務業績，然後提供我們對 2024 財年第四季的當前展望。

We are very pleased with our strong third quarter financial results.

我們對第三季強勁的財務業績感到非常滿意。

On a year-over-year basis, data center segment revenue more than doubled and the client segment revenue grew 29%.

與去年同期相比，資料中心部門營收成長了一倍以上，客戶端部門營收成長了 29%。

We expanded gross margin by 250 basis points and drove earnings per share growth of 31%.

我們的毛利率提高了 250 個基點，每股盈餘成長了 31%。

For the third quarter of 2024, revenue was $6.8 billion, up 18% year-over-year and the revenue -- as revenue growth in our data center and client segment was partially offset by lower revenue in our gaming and embedded segment.

2024 年第三季度，營收為 68 億美元，年增 18%，因為我們的資料中心和客戶部門的營收成長部分被遊戲和嵌入式部門的營收下降所抵銷。

Revenue increased 17% sequentially, primarily driven by growth in our data center and client segment.

營收季增 17%，主要受到我們資料中心和客戶細分市場成長的推動。

Gross margin was 54%, up 250 basis points year-over-year, primarily driven by higher data center segment revenue.

毛利率為 54%，年成長 250 個基點，主要受到資料中心部門收入增加的推動。

Operating expenses were $1.96 billion, an increase of 15% year-over-year as we continue to invest in R&D and go-to-market activities.

由於我們持續投資於研發和上市活動，營運費用為 19.6 億美元，年增 15%。

Operating income was $1.7 billion, representing a 25% operating margin.

營業收入為 17 億美元，營業利益率為 25%。

Taxes, interest expense and other was $211 million.

稅金、利息支出及其他費用為 2.11 億美元。

Diluted earnings per share was $0.92, an increase of 31% year-over-year and 33% sequentially.

稀釋每股收益為 0.92 美元，年增 31%，季增 33%。

Now turning to our reportable segments.

現在轉向我們的可報告部分。

Starting with the data center.

從資料中心開始。

Data center delivered record quarterly segment revenue of $3.5 billion, up 122%, nearly a $2 billion increase year-over-year and an increase of 25% sequentially.

資料中心業務季度營收創歷史新高，達 35 億美元，成長 122%，較去年同期成長近 20 億美元，較上季成長 25%。

Growth in revenue was led primarily by the strong ramp of AMD Instinct GPU shipment and growth in AMD EPYC CPU sales.

營收成長主要得益於 AMD Instinct GPU 出貨量的強勁成長和 AMD EPYC CPU 銷售的成長。

The data center segment accounted for 52% of total revenue in the third quarter.

資料中心業務佔第三季總營收的52%。

Data center segment operating income was $1 billion or 29% of revenue compared to $306 million or 19% a year ago.

資料中心部門的營業收入為 10 億美元，佔收入的 29%，而一年前為 3.06 億美元，佔收入的 19%。

Data center segment operating income more than tripled compared to the prior year, driven by higher revenue and operating leverage.

在收入和營運槓桿增加的推動下，資料中心部門的營運收入比前一年增長了兩倍多。

Client segment revenue was $1.9 billion, up 29% year-over-year and 26% sequentially, driven primarily by strong demand for our Zen 5 AMD Ryzen processors.

客戶部門營收為 19 億美元，年成長 29%，環比成長 26%，這主要是由於對 Zen 5 AMD Ryzen 處理器的強勁需求推動的。

Client segment operating income was $276 million or 15% of revenue compared to operating income of $140 million a year ago or 10% of revenue.

客戶部門營業收入為 2.76 億美元，佔收入的 15%，而一年前的營業收入為 1.4 億美元，佔收入的 10%。

Primarily driven by higher revenue, partially offset by higher operating expenses.

主要由收入增加推動，但部分被營運費用增加所抵銷。

Gaming segment revenue was $462 million, down 69% year-over-year and 29% sequentially, primarily due to a decrease in semi customer revenue.

遊戲部門營收為 4.62 億美元，年減 69%，季減 29%，主要是因為半客戶收入下降。

Gaming segment operating income was $12 million or 2% of revenue compared to $208 million or 14% a year ago.

遊戲部門營業收入為 1,200 萬美元，佔收入的 2%，而一年前為 2.08 億美元，佔收入的 14%。

Embedded segment revenue was $927 million, down 25% year-over-year as customers continue to normalize their inventory levels.

由於客戶繼續規範其庫存水平，嵌入式部門收入為 9.27 億美元，年減 25%。

Revenue increased 8% sequentially as demand improved in several end markets.

由於多個終端市場的需求改善，營收季增 8%。

Embedded segment operating income was $372 million or 40% of revenue compared to $612 million or 49% a year ago.

嵌入式部門營業收入為 3.72 億美元，佔營收的 40%，而一年前為 6.12 億美元，佔營收的 49%。

Turning to the balance sheet and the cash flow.

轉向資產負債表和現金流量。

During the quarter, we generated $628 million in cash from operations and the free cash flow was $496 million.

本季度，我們從營運中產生了 6.28 億美元的現金，自由現金流為 4.96 億美元。

Excluding certain non-recurring payments related to acquisitions from operating cash flows, our free cash flow was $619 million.

不包括與營運現金流收購相關的某些非經常性付款，我們的自由現金流為 6.19 億美元。

Inventory increased sequentially by $383 million to $5.4 billion, primarily to support the continued ramp of data center segment products.

庫存環比增加 3.83 億美元，達到 54 億美元，主要是為了支持資料中心細分市場產品的持續成長。

At the end of the quarter, cash, cash equivalents and short-term investment was $4.5 billion.

截至本季末，現金、現金等價物和短期投資為 45 億美元。

In the third quarter, we returned $250 million of cash to shareholders, repurchasing 1.8 million shares, and we have $4.9 billion of authorization remaining.

第三季度，我們向股東返還了 2.5 億美元現金，回購了 180 萬股股票，剩餘授權金額為 49 億美元。

Now turning to our fourth quarter of 2024 outlook.

現在轉向我們對 2024 年第四季的展望。

We expect revenue to be approximately $7.5 billion, plus or minus $300 million, up 22% year-over-year, driven by strong growth in our data center and client segment, more than offset decline in the gaming and embedded segments.

我們預計營收約 75 億美元，上下浮動 3 億美元，年增 22%，這得益於我們資料中心和客戶端細分市場的強勁成長，足以抵消遊戲和嵌入式細分市場的下滑。

We expect revenue to be up approximately 10% sequentially, driven primarily by growth across data center, client and the gaming segment.

我們預計營收將比上一季成長約 10%，這主要是由資料中心、客戶端和遊戲領域的成長所推動的。

In addition, we expect fourth quarter non-GAAP gross margin to be approximately 54%.

此外，我們預計第四季非 GAAP 毛利率約為 54%。

Non-GAAP operating expenses to be approximately $2.05 billion. Non-GAAP

非 GAAP 營運費用約為 20.5 億美元。非公認會計原則

other net income to be $17 million, non-GAAP effective tax rate to be 13% and the diluted share count is expected to be approximately 1.64 billion shares.

其他淨利潤為 1,700 萬美元，非 GAAP 有效稅率為 13%，稀釋後股數預計約 16.4 億股。

In closing, we're pleased with our strong execution in the third quarter.

最後，我們對第三季的強勁執行力感到滿意。

We delivered record revenue, along with the strong year-over-year expansion in gross margin and earnings per share growth.

我們實現了創紀錄的收入，毛利率和每股盈餘較去年同期強勁成長。

Looking ahead, we are very well positioned to deliver another record quarter of revenue in the fourth quarter, driven by continued momentum in our data center and client segments.

展望未來，在資料中心和客戶細分市場持續成長的推動下，我們完全有能力在第四季再創紀錄的季度營收。

Importantly, we are making a strategic investment at position AMD as the end-to-end AI infrastructure leader and drive long-term profitable growth.

重要的是，我們正在進行策略性投資，將 AMD 定位為端到端人工智慧基礎設施領導者，並推動長期獲利成長。

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.

謝謝你，讓。

John, let's poll the audience for questions.

約翰，讓我們向觀眾提問。

Thank you, Mitch.

謝謝你，米奇。

(Operator Instructions)

（操作員說明）

The first question comes from the line of Toshiya Hari with Goldman Sachs.

第一個問題來自 Toshiya Hari 與高盛的對話。

Hi, good afternoon.

嗨，下午好。

Thank you so much for taking the question.

非常感謝您提出這個問題。

My first one is on the data center GPU business.

我的第一個是關於資料中心 GPU 業務。

Lisa, you took up your '24 outlook by $500 million.

麗莎，您將 24 年的前景提高了 5 億美元。

Curious what drove the change there?

好奇是什麼推動了那裡的改變？

And more importantly, as you look forward into calendar '25, I doubt you're going to give us quantitative guidance on this call.

更重要的是，當您展望 25 年曆時，我懷疑您是否會就這次電話會議向我們提供定量指導。

But conceptually, how are you thinking about growth in your Instinct between your large cloud customers and your enterprise customers?

但從概念上講，您如何考慮大型雲端客戶和企業客戶之間本能的成長？

And if you can speak to the possibility of adding new customers within cloud, again, specific to Instinct, that would be really helpful.

如果您能談到在雲端中新增客戶的可能性，特別是 Instinct，那將非常有幫助。

Sure.

當然。

Toshiya, thank you for the question.

俊哉，謝謝你的提問。

So first of all, we had a very strong quarter for the data center overall in Q3 and especially for the Instinct product portfolio.

首先，第三季資料中心整體表現非常強勁，尤其是 Instinct 產品組合。

We actually completed some important customer milestones, and we were able to ramp a bit above our initial expectations.

我們實際上完成了一些重要的客戶里程碑，並且我們的業績略高於我們最初的預期。

So data center GPU was very strong in the third quarter, and we raised overall guidance for the year from exceeding $4.5 billion to exceeding $5 billion based on the completion of some of those customer milestones.

因此，資料中心 GPU 在第三季非常強勁，我們根據其中一些客戶里程碑的完成情況，將今年的整體指引從超過 45 億美元提高到超過 50 億美元。

So we feel good about the trajectory as we go through the end of this year.

因此，我們對今年年底的發展軌跡感到滿意。

And then to your overall question about 2025.

然後是關於 2025 年的總體問題。

At a high level, look, we feel very good about the market from everything that we see, talking to customers, there's significant investment in trying to build out the infrastructure required across all of the AI workloads.

從較高的層面來看，從我們所看到的一切來看，我們對市場感覺非常好，與客戶交談，我們在嘗試建立所有人工智慧工作負載所需的基礎設施方面進行了大量投資。

And then within that, our product portfolio is getting stronger with the annual cadence, launching 325 later this quarter and 355 in the second half of next year.

其中，我們的產品組合隨著年度節奏變得越來越強大，本季稍後推出 325 種，明年下半年推出 355 種。

And then in terms of customers, our customer engagements are actually broadening quite well.

然後就客戶而言，我們的客戶參與實際上正在擴大。

So -- and it's broadening in two ways.

所以——它正在以兩種方式擴大。

So certainly, cloud -- our largest cloud customers are broadening the set of workloads that they're running on AMD Instinct.

當然，雲端——我們最大的雲端客戶正在擴大他們在 AMD Instinct 上運行的工作負載集。

And we're also very engaged with a number of large cloud and enterprise customers that are actively working with us and optimizing their workloads, and we would expect those would be good opportunities for us over the next couple of quarters as well.

我們也與許多大型雲端和企業客戶保持著密切的聯繫，他們積極與我們合作並優化他們的工作負載，我們預計這些對我們來說在接下來的幾個季度也將是很好的機會。

Great.

偉大的。

And then a quick follow-up, maybe one for Jean on gross margin.

然後是快速跟進，也許是吉恩的毛利率問題。

You're guiding Q4 gross margin essentially flat sequentially, if you can walk through the puts and takes there, that would be really helpful.

您指導的第四季度毛利率基本上持平，如果您可以瀏覽看跌期權和看跌期權，那將非常有幫助。

And then again, as you look forward into '25, you're kind of speaking to continued data center growth.

再說一遍，當您展望 25 年時，您會談到資料中心的持續成長。

One would think the embedded business hopefully begins to recover.

人們可能認為嵌入式業務有望開始復甦。

And then within some of your businesses like server CPU, I would expect enterprise to grow perhaps faster off a low base.

然後，在伺服器 CPU 等一些業務中，我預計企業在低基數的基礎上可能會成長得更快。

So I do think you have a lot going for you from a gross margin standpoint.

因此，我確實認為從毛利率的角度來看，您有很多優勢。

But are those points valid?

但這些觀點有效嗎？

And what should we be thinking about in terms of potential headwinds as well?

就潛在的不利因素而言，我們還應該考慮什麼？

Yes.

是的。

Thank you for that question.

謝謝你提出這個問題。

First, we are very pleased with our Q3 gross margin performance.

首先，我們對第三季的毛利率表現非常滿意。

We delivered 53.6% and we are guiding approximately 54% in Q4.

我們的交付率為 53.6%，我們預計第四季度的交付率為 54% 左右。

In general, when you look at 2024, our gross margin improvement has been primarily driven by the mix, especially data center business continue to be the strong growth driver of our business, it's accounting for more than 50% of our revenue mix, that helps us to improve gross margin.

總的來說，當你展望2024年時，我們的毛利率改善主要是由組合驅動的，特別是資料中心業務仍然是我們業務的強勁成長動力，它占我們收入組合的50%以上，這有助我們來提高毛利率。

Going to 2025, we're not going to guide specifically.

到 2025 年，我們不會具體指導。

But as you mentioned, there are puts and takes that will help us going forward I would say first is, going forward, the largest growth driver is our data center business, both the CPU side, the GPU side, and you are absolutely right, we see our enterprise Server business continue to expand.

但正如你所提到的，有些事情會幫助我們前進，我首先要說的是，展望未來，最大的成長動力是我們的資料中心業務，無論是CPU方面還是GPU方面，你是絕對正確的，我們看到我們的企業伺服器業務不斷擴大。

That will be a tailwind on gross margin side.

這將成為毛利率的利多因素。

And secondly, embedded business is recovering and gradually, but that will also help us with our gross margin.

其次，嵌入式業務正在逐步復甦，但這也將有助於我們提高毛利率。

At the same time, we are also seeing our client business expansion nicely. client business today is more focused on consumer side, which tend to be below corporate average.

同時，我們也看到我們的客戶業務擴張良好。現今的客戶業務更加重視消費者方面，而消費者方面往往低於企業平均。

That's something headwind we'll deal with.

這是我們要應付的逆風。

And lastly, I would say our team has done a great job to continue to improve operational efficiency.

最後，我想說我們的團隊在持續提高營運效率方面做得非常出色。

When we scale the company next year, you can see we're going to benefit from economies of scale to continue to drive our operational efficiency to improve gross margin.

當我們明年擴大公司規模時，您可以看到我們將受益於規模經濟，繼續提高我們的營運效率，從而提高毛利率。

Aaron Rakers, Wells Fargo.

亞倫·雷克斯，富國銀行。

Yeah, thanks for taking the question.

是的，感謝您提出問題。

I'll do two as well.

我也來做兩個。

I guess maybe building on the latter point that you just made, I'm curious of how you would characterize your supply chain having evolved now talking about $5 billion-plus.

我想也許基於您剛才提出的後一點，我很好奇您將如何描述您的供應鏈的特徵，現在您正在談論超過 50 億美元的發展。

How do we think about what you've been doing on the supply side, given the lead times, the production cycles of these MI300 and 325 GPUs as we look out into 2025.

展望 2025 年，考慮到這些 MI300 和 325 GPU 的交付週期和生產週期，我們如何看待你們在供應方面所做的事情。

And I have another question.

我還有另一個問題。

.

。

Sure, Aaron.

當然，亞倫。

So look, I've been very happy with how our supply chain has ramped over the last number of quarters.

所以看，我對我們的供應鏈在過去幾季的發展感到非常滿意。

Clearly, it's a tight supply environment, but we've done a great job getting -- ensuring that we have capacity across the entire supply chain.

顯然，這是一個緊張的供應環境，但我們做得很好，確保我們在整個供應鏈上都有產能。

Again, that was part of the reason for the higher revenue in the third quarter around our Instinct business, just both customer demand as well supply chain improvement.

同樣，這也是我們第三季本能業務收入增加的部分原因，既包括客戶需求，也包括供應鏈的改善。

And going into the next few quarters going into 2025, I think we expect that the environment will continue to be tight, but we've also planned for significant growth going into 2025.

進入 2025 年的接下來幾個季度，我認為我們預計環境將繼續緊張，但我們也計劃在 2025 年實現大幅增長。

And so we feel good about our overall supply chain capability.

因此，我們對我們的整體供應鏈能力感到滿意。

Yeah.

是的。

And then as a quick follow-up, when I look at the sequential guidance in revenue at the midpoint, let's call it about $680 million up sequentially.

然後，作為快速跟進，當我查看中點的連續收入指引時，我們將其稱為連續增長約 6.8 億美元。

Could you help us frame how much of that is driven by client versus the data center piece of the business?

您能否幫助我們確定其中有多少是由客戶驅動的，而不是由業務的資料中心部分驅動的？

Sure, Aaron.

當然，亞倫。

So certainly, if you look at the sequential guide, the largest contributor is the data center business.

因此，如果您查看順序指南，可以肯定的是，最大的貢獻者是資料中心業務。

And that is now such a large piece of our business, it's over 50% of our business in Q3, and it will continue to grow in Q4.

現在，這是我們業務的很大一部分，佔第三季業務的 50% 以上，並將在第四季度繼續成長。

Client segment, we also expect to perform well.

客戶部分，我們也期望表現良好。

I think we've done very well with our launches this year, both on the desktop Zen 5 launches as well as the notebook AIPC launches.

我認為我們今年的發布做得非常好，無論是桌上型電腦 Zen 5 的發布還是筆記本 AIPC 的發布。

So we expect growth there.

所以我們預計那裡會出現成長。

And then the other segments on a sequential basis, gaming, embedded would be more modest.

然後按順序排列的其他細分市場，遊戲，嵌入式將更加溫和。

Ross Seymore, Deutsche Bank.

羅斯·西莫爾，德意志銀行。

Hi guys.

嗨，大家好。

Thanks for, let me ask a question.

謝謝你，我想問個問題。

Lisa, congrats on the 10-year anniversary.

麗莎，恭喜結婚十週年。

Jean, when you gave the segment guidance kind of playing off the last question, you didn't mention embedded as being up.

Jean，當您提供分段指導以解決最後一個問題時，您沒有提到嵌入式已啟動。

And then, Lisa, you just talked about it being up left.

然後，麗莎，你剛才談到它在左邊。

Just curious, I know it's kind of a muted recovery.

只是好奇，我知道這是一種緩慢的復甦。

But what's happening in the embedded business implied in your fourth quarter guidance?

但是，第四季度指導中暗示的嵌入式業務正在發生什麼？

And how are you thinking about 2025 just directionally?

您如何看待 2025 年的方向？

Sure, Ross.

當然，羅斯。

Let me start, and then maybe Jean can add.

讓我開始，然後也許讓可以補充。

Look, we've seen some improvement in the embedded business.

看，我們已經看到嵌入式業務取得了一些進展。

You saw some improvement in the sequential in Q3.

您看到第三季的環比情況有所改善。

We expect some modest improvement in Q4.

我們預計第四季會出現一些適度的改善。

What we're seeing is really a mix across the different subsegments in embedded.

我們所看到的其實是嵌入式不同子領域的混合。

There are some segments that are stronger.

有一些細分市場實力更強。

So our test and emulation business actually did very well.

所以我們的測試和仿真業務實際上做得非常好。

We're ramping our new Versal platform there.

我們正在那裡推廣我們的新 Versal 平台。

Aerospace and defense did well, also continues to be relatively strong.

航空航太和國防表現良好，也持續相對強勁。

Communications has not seen much recovery.

通訊尚未見太大復甦。

So I would say that, that's still fairly muted.

所以我想說，這仍然相當低調。

And industrial is also a little bit on the softer side.

工業也有點疲軟。

So between all of those, we expect a little bit of growth into Q4, and let's call it, modest growth in 2025, but we're planning for it to be a little bit mixed amongst the segments, maybe, Jean, if you want to add?

因此，在所有這些因素之間，我們預計第四季度會有一點成長，我們稱之為2025 年的適度成長，但我們計劃在各個細分市場之間進行一些混合，也許，Jean，如果你願意的話添加？

No, I think you covered it.

不，我想你已經涵蓋了。

Great.

偉大的。

And I guess for my follow-up, just on the EPYC business.

我想我的後續行動只是關於 EPYC 業務。

You've done incredibly well there, Lisa.

你在那裡做得非常好，麗莎。

Have you seen any kind of loosening up of the crowding out effect with the -- well, in your case, the Instinct side taking demand away from the EPYC side.

您是否看到任何形式的擠出效應放鬆——嗯，就您的情況而言，Instinct 方面從 EPYC 方面奪走了需求。

It doesn't seem to have slowed you down much this year.

今年似乎沒有讓你放慢腳步。

You're still up by my math, maybe 33% or so.

根據我的計算，你仍然領先，也許是 33% 左右。

And how are you thinking about that kind of CPU versus GPU dynamic from a customer spend perspective as we look into '25?

當我們展望 25 世紀時，您如何從客戶支出的角度考慮 CPU 與 GPU 的動態變化？

Yeah.

是的。

Sure.

當然。

Let me talk a little bit about the data center CPU business.

我先簡單說一下資料中心CPU業務。

Look, we've been extremely pleased with the progress there.

看，我們對那裡的進展非常滿意。

I think the market environment has certainly gotten better over the last couple of quarters.

我認為過去幾季市場環境肯定有所改善。

We've seen some of the large cloud customers now sort of adding to their data center capacity and refreshes.

我們已經看到一些大型雲端客戶現在正在增加其資料中心容量並進行更新。

We've seen enterprises also start with some of their modernization activities.

我們看到企業也開始了一些現代化活動。

Within that sort of market environment, our product portfolio has done extremely well. here in the third quarter, the Zen 4 portfolio between Genoa and Bergamo was very strong.

在這樣的市場環境下，我們的產品組合表現得非常好。在第三季度，熱那亞和貝加莫之間的 Zen 4 陣容非常強大。

We saw the beginning ramp of our Zen 5 Turin capabilities.

我們看到了 Zen 5 Turin 功能的開始提升。

And then we also actually saw pretty good demand even on Zen 3 or our Milan family just given the performance of price ratios there.

然後，我們實際上也看到了相當不錯的需求，即使是 Zen 3 或我們的 Milan 系列，只是考慮到那裡的性價比表現。

So overall, we have a very strong top to bottom stack, and we do see some strength in the overall server market, which adds to some of the AI opportunity that we have.

因此，總的來說，我們擁有非常強大的自上而下的堆疊，而且我們確實看到整個伺服器市場的一些實力，這增加了我們擁有的一些人工智慧機會。

Ben Reitzes, Melius research.

Ben Reitzes，Melius 研究。

Yeah.

是的。

If I could stick to the pattern of two.

如果我能堅持兩個人的模式就好了。

I want to follow up a little bit on servers and thanks for the question.

我想對服務器進行一些跟進，感謝您的提問。

Going to next year, it seems like you're poised for more share gains.

到了明年，你似乎已經準備好獲得更多的份額收益。

And I was just wondering there is a perception that GPUs are cannibalizing the servers.

我只是想知道有一種看法認為 GPU 正在蠶食伺服器。

But what are you seeing specifically in Turin?

但是您在都靈特別看到了什麼？

Is it -- with this momentum that you're talking about, is it the right CPU for a GPU are hyperscalers in particular liking the fact you can consolidate and create more room for AI gear.

是嗎？

What is the particular catalyst that you're seeing out there with this upgrade?

您在這次升級中看到的特殊催化劑是什麼？

Sure, Ben.

當然，本。

So I think when I look at Turin and the environment going into 2025, Turin is actually very well optimized for sort of the broad set of server workloads or traditional CPU workloads, including both scale-up and scale-out workloads.

因此，我認為，當我審視都靈和進入 2025 年的環境時，都靈實際上針對廣泛的伺服器工作負載或傳統 CPU 工作負載（包括縱向擴展和橫向擴展工作負載）進行了很好的優化。

So I think that is very positive.

所以我認為這是非常積極的。

We believe that there will be strong AI content on CPUs, and that helps Turin as well.

我們相信 CPU 上將會有強大的人工智慧內容，這對都靈也有幫助。

It's also an important piece of the head node of any GPU configuration.

它也是任何 GPU 配置的頭節點的重要組成部分。

So overall, I think those are all good catalyst for us.

總的來說，我認為這些對我們來說都是很好的催化劑。

And primarily, we're at this point where we're expanding the workloads in general as we are working with our largest cloud customers, and we're making strong progress in enterprise, which has been very important for us.

首先，我們目前正在與最大的雲端客戶合作，整體上正在擴大工作負載，並且我們在企業領域取得了強勁進展，這對我們來說非常重要。

The enterprise sale takes longer.

企業銷售需要更長的時間。

There's a significant amount of POC work and just making sure that CIOs are familiar with our offerings.

有大量的 POC 工作，只是確保 CIO 熟悉我們的產品。

But I think between our Zen 4, Zen 5 offerings now we really have a very broad portfolio that satisfies the vast majority of the traditional CPU workloads.

但我認為，在我們的 Zen 4、Zen 5 產品中，我們現在確實擁有非常廣泛的產品組合，可以滿足絕大多數傳統 CPU 工作負載。

Okay.

好的。

And then I just want to follow up on the PC market.

然後我只想跟進PC市場。

There's -- just you guys keep outperforming, but there's just general concerns that -- of consumer weakness.

只是你們一直表現出色，但人們普遍擔心消費者疲軟。

And I was just wondering what you're seeing in the 4Q and is there a risk of more than seasonal decline in the 1Q?

我只是想知道您在第四季看到了什麼，第一季是否有比季節性下降更大的風險？

Or do you feel like things will keep going unabated in the PC market for you guys, particularly?

或者您認為 PC 市場的發展動能將持續不減，特別是對您們來說？

Well, we see a few things in the PC market.

嗯，我們在個人電腦市場上看到了一些事情。

So our business tends to be more consumer weighted.

因此，我們的業務往往更注重消費者。

So the second half of the year is usually stronger than the first half of the year.

所以下半年通常比上半年更強。

And this year, that's added to the fact that we have a couple of product launches.

今年，我們也推出了幾款產品。

So we launched our desktop products for -- with Zen 5 and our Ryzen 9000 series.

因此，我們推出了 Zen 5 和 Ryzen 9000 系列的桌上型產品。

And we also launched our AI PC next-generation Ryzen AI 300 products.

我們也推出了AI PC新一代Ryzen AI 300產品。

So I think the combination of those two have given us, let's call it, a stronger than normal second half of the year.

所以我認為這兩者的結合為我們帶來了比正常情況更強勁的下半年。

I would expect there will be seasonality going into the first half.

我預計上半年將會出現季節性。

That's typical in our business.

這在我們的業務中很常見。

I think the main point is, I mean, this is the strongest PC portfolio we've had sort of in our history, I think, across desktop and notebook.

我認為重點是，我認為這是我們歷史上最強大的 PC 產品組合，涵蓋桌上型電腦和筆記型電腦。

And as we go into 2025, I think there's generally some optimism about the PC market, let's call it, maybe growing mid-single digits.

當我們進入 2025 年時，我認為人們普遍對 PC 市場持樂觀態度，我們可以這麼稱呼它，也許會出現中個位數的成長。

And within that, we have the AI PC catalyst as well as some of the Windows 10 sort of end of support coming in 2025 as catalysts.

其中，我們有 AI PC 催化劑以及 2025 年即將終止的一些 Windows 10 支援作為催化劑。

So I think we feel good about the PC market in 2025, but we would expect some level of seasonality going into the first half of the year.

因此，我認為我們對 2025 年的 PC 市場感覺良好，但我們預計今年上半年會出現一定程度的季節性變化。

Joshua Buchalter, TD Cowen.

約書亞‧布查爾特 (Joshua Buchalter)，TD 考恩 (TD Cowen)。

Hey guys, thanks for taking my question.

嘿夥計們，謝謝你提出我的問題。

I'll keep it to one since I'm new here.

因為我是新來的，所以我會把它保留為一。

On the data center GPU side, I realize everyone wants new customer announcements and 2025 guidance, but we're not going to get that, certainly not today.

在資料中心 GPU 方面，我意識到每個人都希望獲得新的客戶公告和 2025 年指導，但我們不會得到這些，尤其是今天。

That maybe you could speak to how much of a runway you think exists at existing customers?

也許您可以談談您認為現有客戶有多少跑道？

And how much of a catalyst MI325X on CDNA3 and then MI355 on the new architecture can be to growing revenue and workload breadth internally and externally at these existing customers as we think about growth into next year at the data center GPU side?

當我們考慮明年資料中心 GPU 方面的成長時，CDNA3 上的 MI325X 以及新架構上的 MI355 對這些現有客戶的內部和外部收入和工作負載範圍的成長有多大的催化劑作用？

Thank you.

謝謝。

Yes.

是的。

Sure, Joshua.

當然，約書亞。

Thanks for the question.

謝謝你的提問。

So look, maybe let me start again with this notion of we're very pleased with the progress that we've made in the data center GPU business.

那麼，也許讓我重新開始，我們對資料中心 GPU 業務的進展感到非常滿意。

I mean, if you think about when we started the year, we were just launching MI300.

我的意思是，如果你想想我們今年年初的時候，我們剛推出 MI300。

We had talked about perhaps $2 billion of revenue in 2024.

我們曾討論 2024 年收入可能達到 20 億美元。

And as we've gone through the last few quarters, what we've done is we've successfully completed a number of customer milestones.

在過去的幾個季度中，我們所做的是成功完成了許多客戶里程碑。

And those customer milestones include things like ensuring that we are at scale in data centers, meeting all of the reliability requirements and so on and so forth as well as optimizing on specific workloads and ensuring that we have very, very performant -- out-of-the-box performance.

這些客戶里程碑包括確保我們的資料中心規模化、滿足所有可靠性要求等等，以及優化特定工作負載並確保我們擁有非常非常高效的服務。

So I think we have gained a lot of confidence over the last couple of quarters, just seeing how the customers have ramped I know everyone would like it to go faster.

因此，我認為我們在過去幾季中獲得了很大的信心，只要看到客戶的成長情況，我知道每個人都希望它發展得更快。

We think it's actually going really well.

我們認為實際上進展非常順利。

And being able to talk about exceeding $5 billion of revenue in 2024, I think we feel really good about that.

能夠談論 2024 年收入超過 50 億美元，我認為我們對此感覺非常好。

Going into 2025, we feel great about the market.

進入 2025 年，我們對市場感覺良好。

The market continues to be the place where there's a significant CapEx investments.

市場仍然是資本支出大量投資的地方。

We feel great about our product portfolio.

我們對我們的產品組合感覺很好。

It is getting stronger with everything that we've learned off of the MI300 ramp.

根據我們從 MI300 坡道學到的一切，它變得越來越強大。

And then in particular, on the software side, we have greatly increased our customer support, customer engagements, out-of-box performance, open source ecosystem, all of those components that are necessary to ensure that customers can run at scale, at performance at a great TCO.

特別是在軟體方面，我們大大增加了客戶支援、客戶參與度、開箱即用性能、開源生態系統，以及確保客戶能夠大規模、高效運行所必需的所有組件總體擁有成本(TCO) 極佳。

So all those together, I think we have a good opportunity to grow at our current customers with the number of workloads.

因此，我認為我們有很好的機會透過工作負載數量來擴大現有客戶的規模。

You heard Meta talking at our event about expanding from inference on their large language models with Llama 3.1 to some training workloads.

您在我們的活動中聽到 Meta 談論從使用 Llama 3.1 的大型語言模型推理擴展到一些訓練工作負載。

Microsoft has also been a very, very great partner with that.

微軟也是一個非常非常好的合作夥伴。

And then you should assume that we are working with all the large customers out there, and many of them are very deep engagements with us to continue to optimize their software to our hardware.

然後你應該假設我們正在與所有大客戶合作，其中許多客戶與我們進行了非常深入的合作，以繼續針對我們的硬體優化他們的軟體。

So those are the opportunities in front of us.

這些就是我們面前的機會。

Thank you and congrats on amazing decade at AMD.

謝謝您，並恭喜 AMD 度過了令人驚嘆的十年。

Thank you.

謝謝。

Timothy Arcuri , UBS.

提摩西‧阿庫裡，瑞銀集團。

Hi, thanks.

你好，謝謝。

I had a quick one and then a more intensive question.

我問了一個簡短的問題，然後提出了一個更深入的問題。

So the first one is I wanted to ask about the September actuals for data center GPU.

第一個是我想詢問 9 月資料中心 GPU 的實際情況。

It seems like it was in the $1.5 billion range.

看起來好像在 15 億美元範圍內。

And that would put December in kind of the $2 billion range.

這將使 12 月的收入達到 20 億美元。

Is that about right?

是這樣嗎？

So it's a pretty granular question, Timothy.

所以這是一個非常具體的問題，提摩西。

But maybe let me help you with this.

但也許讓我幫你解決這個問題。

We actually did better in the data center GPU business relative to our initial expectations.

事實上，相對於我們最初的預期，我們在資料中心 GPU 業務方面做得更好。

So you would imagine that the business was actually greater than $1.5 billion.

所以你可以想像該業務實際上超過 15 億美元。

I mean we're actually seeing now our GPU business really approaching the scale of our CPU business.

我的意思是，我們現在實際上看到我們的 GPU 業務確實正在接近我們的 CPU 業務的規模。

Great.

偉大的。

And then just kind of more broadly on the shape of next year.

然後更廣泛地討論明年的情況。

I mean you see that the market with these big customers, how do you see the shape of revenue off of that CQ4 number?

我的意思是，您看到擁有這些大客戶的市場，您如何看待 CQ4 數字的收入形狀？

Can you continue to grow off that level?

你能在這個層面上繼續成長嗎？

Or do you see some risk maybe of a pause next year?

或者您認為明年可能會出現暫停的風險嗎？

And I ask because MI355 is dropping into the existing infrastructure, and I think you did say you'll have a liquid cooled option, but you do hear about some customers wanting rack scale.

我問這個問題是因為 MI355 正在融入現有基礎設施，我認為您確實說過您將有一個液體冷卻選項，但您確實聽說一些客戶想要機架規模。

So I wonder if you worry a bit about there could be a pause before you get to rack scale in 2026.

所以我想知道您是否擔心在 2026 年達到機架規模之前可能會出現暫停。

Thanks.

謝謝。

Yeah.

是的。

I guess I would put it like this.

我想我會這樣說。

I mean, look, this business is -- there's a lot of activity going on, and we're spending time with customers as they're building out their data centers, some preferred air-cooled environments, liquid cooled environments, some want rack scale, some are perfectly happy to go into their existing data center infrastructure.

我的意思是，看，這項業務正在進行很多活動，我們花時間與客戶一起建立他們的資料中心，一些首選風冷環境，液冷環境，一些需要機架隨著規模的擴大，有些人非常樂意進入其現有的資料中心基礎設施。

So there are lots of different variants.

所以有很多不同的變體。

What I would say about 2025 is we feel very good about the growth opportunities.

關於 2025 年，我想說的是，我們對成長機會感到非常滿意。

I would say that it might be lumpy.

我想說它可能是塊狀的。

In general, these are large customer acquisitions and it's not always predictable exactly which quarters you would expect the significant build out.

一般來說，這些都是大型客戶收購，並且並不總是可以準確預測您預計在哪個季度獲得大量客戶。

But I think overall, we feel good about the trajectory into 2025.

但我認為總體而言，我們對 2025 年的發展軌跡感覺良好。

I don't know if that's helpful.

我不知道這是否有幫助。

Joe Moore, Morgan Stanley.

喬摩爾，摩根士丹利。

Great.

偉大的。

Thank you.

謝謝。

I wonder if you could talk about the $5 billion of AI revenue, how that breaks down between training and inference, if you're able to assess that and just I know you sort of started off with most of the traction in inference, but you've seen some traction on the training side.

我想知道你是否可以談談50 億美元的人工智慧收入，它是如何在訓練和推理之間分解的，如果你能夠評估這一點，而且我知道你一開始就對推理有很大的吸引力，但是你在訓練方面已經看到了一些牽引力。

Can you just talk about what that split looks like going forward as well?

能談談未來的分裂情況嗎？

Sure, Joe. So certainly, from the $5 billion that we're talking about, the early traction has been primarily with inference just given the strength of the product portfolio.

當然，喬。因此，當然，從我們談論的 50 億美元來看，早期的吸引力主要是考慮到產品組合的實力而進行的推論。

MI300 is like very, very well optimized for inference given the memory capacity and memory bandwidth capabilities.

考慮到記憶體容量和記憶體頻寬能力，MI300 對於推理進行了非常非常好的最佳化。

But we have had some training adoption, and we expect that, that will continue to grow as we go through the next few quarters.

但我們已經採用了一些培訓，我們預計，隨著我們接下來的幾個季度，這種培訓將繼續成長。

And so as we -- let's call it fast forward a year, I would say we would have a fairly balanced portfolio between training and inference.

因此，當我們將其稱為快進一年時，我想說我們將在訓練和推理之間擁有​​相當平衡的組合。

Vivek Arya, Bank of America Securities.

Vivek Arya，美國銀行證券公司。

Thanks for taking my questions.

感謝您回答我的問題。

I had two.

我有兩個。

So Lisa, for the first one, how do you address this investor argument that MI is off to a great start, but spec-wise, remains kind of one year behind the industry leader, right?

那麼，麗莎，對於第一個問題，您如何解決投資者的論點，即 MI 有了一個良好的開端，但就規格而言，仍然落後行業領導者一年，對嗎？

You're shipping something comparable to Hopper while they are starting to ship Blackwell next year.

你正在運送與霍珀相當的東西，而他們明年將開始運送布萊克威爾。

When you are at MI350, they will be on Blackwell Ultra or Rubin.

當您在 MI350 時，他們將使用 Blackwell Ultra 或 Rubin。

So how do you see AMD closing that gap?

那麼您如何看待 AMD 縮小這一差距呢？

And can you really gain share until that gap is closed?

在縮小差距之前，你真的能獲得市場佔有率嗎？

Yes.

是的。

Vivek, I actually don't see that.

維韋克，我實際上不明白這一點。

So maybe let me state it in another way.

所以也許讓我用另一種方​​式來表達。

I think MI300, when we launched it was behind H100, H100 was in the market for a much longer time.

我認為MI300，當我們推出時，它落後於H100，H100在市場上的時間要長得多。

And we have with our accelerated road map actually closed a good part of that gap.

我們的加速路線圖實際上彌補了這一差距的很大一部分。

I think MI325 is a great product.

我認為 MI325 是一款很棒的產品。

It's going to compete very well with H200 and the MI350 series will compete very well with Blackwell.

它將與 H200 很好地競爭，MI350 系列將與 Blackwell 很好地競爭。

In the overarching view of the world, frankly, the market continues to be constrained, particularly in the newer product generations.

坦白說，從整體的世界觀來看，市場繼續受到限制，特別是在新一代產品中。

It takes a long time to go from, let's call it, shipping your first samples to actually ramping in volume production workloads.

從交付第一個樣品到真正量產工作量的增加需要很長時間。

And I think one of the advantages that we have with the -- with our portfolio is that from a data center retrofit standpoint, it's actually a much easier ramp, just the infrastructure is the same.

我認為我們的產品組合的優勢之一是，從資料中心改造的角度來看，它實際上是一個更容易的斜坡，只是基礎設施是相同的。

So look, there are lots of opportunities across the set of AI workloads.

所以你看，人工智慧工作負載中存在著很多機會。

We think this road map is actually strengthening over time, and that's the feedback that we're getting from our customers.

我們認為，隨著時間的推移，這個路線圖實際上正在加強，這是我們從客戶那裡得到的回饋。

And for my follow-up, Lisa, back to the question on the PC market.

麗莎，我的後續行動回到了個人電腦市場的問題。

So it was up -- or the client was up 26% sequentially.

所以它上漲了——或者說客戶連續上漲了 26%。

I think you are guiding to some growth in Q4 as well.

我認為您也在指導第四季度的一些成長。

How do you see the state of the channel?

您如何看待頻道的狀態？

And I ask that just because sell-through in Q3 was not that great.

我這麼問只是因為第三季的銷售不是那麼好。

And I think Intel had guided down their Q3 to be flat or down.

我認為英特爾已經將第三季的業績預測下調至持平或下降。

So just how much of the growth that you are seeing is because of ASPs?

那麼，您所看到的成長有多少是由於 ASP 帶來的呢？

How much of this is units?

這個單位是多少？

And as you look out to 2025, do you think the ASP strength that we have seen this year, can that mix benefit continue for you in '25 also?

當您展望 2025 年時，您認為我們今年看到的 ASP 實力能否在 25 年繼續為您帶來這種混合效益？

Yeah.

是的。

Vivek, the way I would say it is our client business has a few factors that may be slightly different from the overall market.

Vivek，我想說的是我們的客戶業務有一些因素可能與整體市場略有不同。

So let me start with our desktop channel.

讓我從我們的桌面頻道開始。

I think our share is very high in the desktop channel.

我認為我們在桌面頻道的份額非常高。

And we've done very well there.

我們在那裡做得很好。

So we saw strength across that portfolio in Q3.

因此，我們在第三季看到了該投資組合的實力。

We actually saw some of our highest sell-through, so it was a strong sell-through quarter.

實際上，我們看到了一些最高的銷售率，所以這是一個強勁的銷售率季度。

And obviously, it shows in the revenue results.

顯然，它體現在收入結果中。

.

。

I think on the notebook standpoint, our business tends to be more heavily consumer weighted and so that is more of a second half story.

我認為從筆記型電腦的角度來看，我們的業務往往更注重消費者的權重，因此這更像是後半部分的故事。

There is good momentum around AI PCs.

人工智慧電腦的發展勢頭良好。

I mean we've looked at some of the activation rates of our newest risen AI300 processors and the activation rates are good.

我的意思是，我們已經研究了最新推出的 AI300 處理器的一些激活率，而且激活率非常好。

It's still very early in the AI PC cycle, but we are seeing some good momentum there.

人工智慧 PC 週期仍處於早期階段，但我們看到了一些良好的勢頭。

So I think we'll see both units up and the ASPs will depend a little bit on the mix between consumer and enterprise and desktop and notebooks.

因此，我認為我們將看到這兩個單位的成長，而 ASP 將在一定程度上取決於消費者和企業以及桌上型電腦和筆記型電腦之間的組合。

But my earlier comment about the client segment, I think it is an opportunity for us.

但我之前對客戶群的評論，我認為這對我們來說是一個機會。

We are underrepresented in the client segment.

我們在客戶群中的代表性不足。

And we see an opportunity to grow both in consumer as well as enterprise.

我們看到了消費者和企業的成長機會。

Harlan Sur, JP Morgan.

哈蘭‧蘇爾，摩根大通。

Good afternoon.

午安.

Thanks for taking my question.

感謝您提出我的問題。

Lisa, on your core EPYC business, you did start to see recovery in enterprise last quarter.

Lisa，在您的核心 EPYC 業務上，上個季度您確實開始看到企業復甦。

It was broad-based across many verticals.

它在許多垂直領域都有廣泛的基礎。

You've got -- you've also got a growing share dynamic as well, right?

您的份額也不斷增長，對嗎？

And it sounds like that trend continued in the September quarter.

聽起來這種趨勢在九月季度仍在繼續。

Do you anticipate continued follow-through in terms of quarter-on-quarter growth this quarter for enterprise?

您預計本季企業的環比成長會持續跟進嗎？

And then maybe what sort of enterprise and general cloud demand trends are you seeing out of China?

那麼您在中國看到了什麼樣的企業和整體雲端需求趨勢呢？

Sure.

當然。

So Harlan, thanks for the question.

哈倫，謝謝你的提問。

We did see positive growth momentum here in the third quarter in enterprise.

我們確實在第三季度看到了企業的積極成長勢頭。

We are getting broader adoption and we're seeing that growth both in on-prem deployments as well as cloud third-party deployments.

我們正在獲得更廣泛的採用，並且我們看到本地部署和第三方雲端部署都在成長。

And so we're very happy with sort of the adoption of our cloud instances when people are doing migrations, they're migrating from on-prem to cloud, they're migrating to AMD or they're migrating from older cloud instances to newer cloud instances.

因此，當人們進行遷移時，他們從本地遷移到雲，遷移到 AMD，或從舊的雲端實例遷移到新的雲端實例，我們對採用我們的雲端實例感到非常高興。

We're seeing migrations to AMD.

我們看到了向 AMD 的遷移。

So I think that helps us in both the enterprise segment as well as the cloud segment.

所以我認為這對我們的企業領域和雲端領域都有幫助。

As we go forward into the fourth quarter, I think we are expecting another quarter of growth on a sequential basis for our server business and strength in both enterprise and cloud.

當我們進入第四季度時，我認為我們預計我們的伺服器業務以及企業和雲端方面的實力將再出現一個季度的環比增長。

And I think as we think about our opportunities going forward, the enterprise business is a place where we have been underrepresented.

我認為，當我們思考未來的機會時，企業業務是我們代表性不足的領域。

I think our portfolio has strengthened.

我認為我們的投資組合已經加強。

So the platforms that are being offered by the OEMs have broadened with not just Zen 4, but also with the Zen 5 portfolio launch.

因此，OEM 廠商提供的平台不僅包括 Zen 4，還包括 Zen 5 產品組合的推出。

And so I think those are opportunities for us in 2025.

所以我認為這些對我們來說是 2025 年的機會。

Yeah.

是的。

On your China question, we are underrepresented in China market in the service side.

關於你提到的中國問題，我們在中國市場的服務方面代表性不足。

So as Lisa said, that's another opportunity for us to continue to gain share.

正如麗莎所說，這是我們繼續獲得份額的另一個機會。

Stacy Rasgon, Bernstein research.

史黛西‧拉斯貢，伯恩斯坦研究。

But the first one, I wanted to go back to what you said about the size of the data center GPUs in the quarter.

但第一個問題，我想回到您所說的本季資料中心 GPU 的規模。

You said it was approaching the size of Your compute business which you put around what under $1.7 billion, maybe a little more.

您說它正在接近您的計算業務的規模，您的計算業務規模約為 17 億美元，也許還多一點。

Is that right?

是這樣嗎？

And like if that is right, it implies that at $5 billion for the year, you'd actually be down in Q4.

如果這是正確的，這意味著今年的收入為 50 億美元，第四季度的收入實際上會下降。

So I'd probably got to be $5.2 billion or $5.3 billion for the full year, just to be flat sequentially and more than that to get growth.

因此，我全年的收入可能必須達到 52 億美元或 53 億美元，才能與上一季持平，而超過這個數字才能實現成長。

So I guess the question is number one, is that the size of the business that you're talking about in Q3?

所以我想問題是第一，你在第三季談論的業務規模是多少？

And is that the kind of level of growth you're thinking into Q4?

這就是您考慮的第四季的成長水準嗎？

Like how should we think about that?

例如我們該如何思考這個問題？

Right, Stacy.

對了，史黛西。

So first, a couple of things.

首先，有幾件事。

You have to remember that in our data center segment, we have some other revenue that is not CPUs and GPUs, right?

你必須記住，在我們的資料中心領域，我們還有一些其他收入，而不是CPU和GPU，對吧？

We have some FPGAs and other things.

我們有一些 FPGA 和其他東西。

But the question earlier was the revenue of $1.5 billion, and I said that it was greater than $1.5 billion.

但前面的問題是15億美元的收入，我說大於15億美元。

So take that as a fundamental.

因此，請將此作為基礎。

And then as -- we talked about -- we didn't guide an exact number for the data center GPU.

然後，正如我們所討論的那樣，我們沒有為資料中心 GPU 提供確切的數字。

We said exceed $5 billion.

我們說超過50億美元。

And so you should assume that it exceeds $5 billion.

所以你應該假設它超過 50 億美元。

Okay.

好的。

For my follow-up, you talked a little bit about lumpiness next year, is there any kind of seasonality or something that I to be thinking about specifically into Q1 for data center GPU?

在我的後續行動中，您談到了明年的塊狀性，是否有任何季節性或我需要在資料中心 GPU 第一季專門考慮的因素？

I know you have like the MI300, I guess, ramping into production at that point.

我知道你們已經像 MI300 一樣，我猜，那時正在投入生產。

But should I be thinking about a seasonal -- like seasonality into Q1 given the general statement on lumpiness?

但考慮到關於塊狀性的一般陳述，我是否應該考慮季節性因素——例如第一季的季節性因素？

I wasn't implying something about seasonality of the data center GPU business.

我並不是暗示資料中心 GPU 業務的季節性。

I was implying more that if you think about the evolution of the business, it depends quite a bit on a specific number of customers.

我的意思是，如果你考慮業務的發展，它在很大程度上取決於特定的客戶數量。

So these are large customers that drive deployments.

因此，這些都是推動部署的大客戶。

Like for example, the third quarter was a bit higher than we expected.

例如，第三季的業績略高於我們的預期。

That was driven by some additional customer demand, and we may see that type of lumpiness.

這是由一些額外的客戶需求推動的，我們可能會看到這種類型的波動。

So that was what I was implying.

這就是我的意思。

And we'll have to see how things evolve as we get into 2025.

進入 2025 年，我們必須看看事情會如何發展。

We have time for two more questions.

我們還有時間再問兩個問題。

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

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

Yeah.

是的。

Hey Lisa, first of all, congratulations on your 10-year anniversary.

嗨，麗莎，首先要恭喜你們結婚十週年。

I just looked at the 10-year chart, the stock is around $3, so a heck of a job here.

我剛剛看了 10 年圖表，該股價格約為 3 美元，所以這裡的工作真是太棒了。

And also congratulations on $5 billion in Instinct revenues.

也要祝賀《本能》收入達到 50 億美元。

So I wanted to ask the first question.

所以我想問第一個問題。

This is one we get from investors all the time.

這是我們一直從投資者那裡得到的訊息。

In the coming year, let's say, 2025, your key competitor will take most of the TAM of the AI market, the GPU market, rough count, they'll take in something like $50 billion, $60 billion, you'll get another $5 billion to $10 billion, call it.

在接下來的一年，比如說2025年，你的主要競爭對手將佔據人工智慧市場、GPU市場的大部分TAM，粗略計算，他們將佔據大約500億美元、600億美元，你將再獲得5美元十億到一百億美元，稱之為。

So the question is, what do you think is the major hindrance?

那麼問題來了，您認為主要的障礙是什麼？

You've got chip level compatibility.

您擁有晶片級相容性。

So does it boil down to the fact that you're just earlier in the game.

那麼這是否可以歸結為您剛剛進入遊戲的事實。

You've been doing this just 12-months in a serious manner?

你認真地做這件事才12個月嗎？

Or is there still a rack level of disparity?

還是仍存在機架水平差異？

If you could just help us think about what the hindrances are to you becoming a major player here.

如果您能幫助我們思考一下您成為這裡的主要參與者的障礙是什麼。

Yes.

是的。

Sure, Harsh.

當然，嚴厲。

Thanks for the question and for the comments.

感謝您的提問與評論。

Maybe let me say, I view them as opportunities.

也許讓我說，我將它們視為機會。

If you remember, Harsh, and I think you do, our EPYC ramp from Zen 1, Zen 2, Zen 3, Zen 4 we had extremely good product even back in the Rome days, but it does take time to ensure that there is trust built, there is familiarity with the product set.

如果你還記得，Harsh，我想你還記得，我們​​從Zen 1、Zen 2、Zen 3、Zen 4 開始的EPYC 升級，即使在羅馬時代，我們也擁有非常好的產品，但確實需要時間來確保信任建立，對產品集合有熟悉感。

There are some differences, although we're both GPUs, there are some differences, obviously, in the software environment.

存在一些差異，儘管我們都是 GPU，但顯然在軟體環境方面存在一些差異。

And people want to get comfortable with the workload ramp.

人們希望適應工作量的增加。

So from a ramp standpoint, I'm actually very positive on the ramp rate.

因此，從斜坡的角度來看，我實際上對斜坡率非常樂觀。

It's the fastest product ramp that I've seen overall.

這是我所見過的最快的產品成長速度。

And my view is this is a multi-generational journey.

我的觀點是，這是一個多代人的旅程。

We've always said that.

我們一直這麼說。

We feel very good about the progress I think next year is going to be about expanding both customer set as well as workload.

我們對所取得的進展感到非常滿意，我認為明年將擴大客戶群和工作量。

And as we get into the MI400 series, we think it's an exceptional product.

當我們進入 MI400 系列時，我們認為它是一款出色的產品。

So -- all-in-all, the ramp is going well, and we will continue to earn and -- earn the trust and the partnership of these large customers.

因此，總而言之，升級進展順利，我們將繼續贏得這些大客戶的信任和合作關係。

What I will say is customers are very, very open to AMD.

我要說的是，客戶對 AMD 非常非常開放。

And we see that everywhere we go, everyone is giving us a very fair shot at earning their business, and that's what we intend to do.

我們看到，無論我們走到哪裡，每個人都給我們一個非常公平的機會來贏得他們的業務，這就是我們打算做的。

Very helpful.

非常有幫助。

Lisa, from a follow-up, and maybe Jean can help out here.

麗莎（Lisa），來自後續行動，也許吉恩（Jean）可以在這裡提供幫助。

It's kind of well understood that your gross margin for MI300, MI325 will be below corporate margins.

眾所周知，MI300、MI325 的毛利率將低於公司利潤率。

Could you help us maybe think of some framework on how those gross margins for Instinct might get to parity with your corporate business?

您能否幫助我們想出一些框架，讓《本能》的毛利率如何與您的公司業務持平？

I know you probably won't give us a revenue level or a time frame, but maybe you could help us frame in some manner that we could try and understand it.

我知道您可能不會給我們一個收入水平或時間框架，但也許您可以幫助我們以某種方式建立框架，以便我們嘗試並理解它。

Yeah.

是的。

We are very pleased with our overall revenue ramp of our data center GPU business, and our team not only support the revenue ramp and continue to improve the gross margin.

我們對資料中心GPU業務的整體營收成長感到非常滿意，我們的團隊不僅支持營收成長，而且持續提高毛利率。

Overall, it's below corporate average.

總體而言，它低於公司平均水平。

And when you think about it going into next year, of course, our top priority right now is to really focus on to address customer demand and provide the TCO benefit really increase significantly our market presence and drive substantial revenue growth.

當然，當你考慮明年的情況時，我們現在的首要任務是真正專注於滿足客戶需求並提供 TCO 效益，真正顯著提高我們的市場佔有率並推動收入大幅成長。

On the gross margin side, once we continue to ramp the revenue, we do think we'll have the opportunity to continue to improve gross margin.

在毛利率方面，一旦我們繼續增加收入，我們確實認為我們將有機會繼續提高毛利率。

When you think about it, this is the data center business, over the -- in the longer run, longer term, it tends to be better than corporate average.

仔細想想，這就是資料中心業務，從長遠來看，它往往比企業平均更好。

We'll take some time to get there.

我們需要一些時間才能到達那裡。

But when you look at our data center segment performance, we more than doubled the revenue year-over-year, but we tripled the operating income year-over-year.

但是，當你看到我們的資料中心部門的業績時，我們的收入比去年同期成長了一倍多，但營業收入卻比去年同期成長了兩倍。

So I think that's how we are thinking about it is really to drive the long-term growth and get the market presence at the same time, drive gross margin up.

所以我認為這就是我們的想法，真正推動長期成長，同時獲得市場份額，提高毛利率。

Thomas O'Malley, Barclays.

托馬斯·奧馬利，巴克萊銀行。

Hey guys, thanks for letting me on.

嘿夥計們，謝謝你讓我參加。

Lisa, I just wanted to ask on mix the MI300 platform into Q4.

Lisa，我只是想問一下將 MI300 平台混合到第四季度的情況。

Obviously, you're launching the MI325 series.

顯然，您正在推出 MI325 系列。

Should you say -- should we expect a significant contribution the new product in Q4?

您是否應該說—我們是否應該期待新產品在第四季度做出重大貢獻？

Or is this a situation in which it's launching late year and most of the impact is into Q1?

或者這是一種在年底推出且大部分影響進入第一季的情況？

I guess that's the first one.

我想這是第一個。

And then the second one is just if you look into next year, could you talk about where the end markets are and embedded for Xilinx?

第二個問題是，如果您展望明年，您能談談 Xilinx 的終端市場和嵌入式市場在哪裡嗎？

You gave some color on comm and a little of industrial there.

你給了一些通訊方面的色彩和一點工業的色彩。

But just where we're at in terms of starting kind of Q4 and into Q1.

但就第四季開始和第一季而言，我們所處的位置。

Are there any that are outperforming, underperforming?

是否有表現出色或表現不佳的？

Any color there would be helpful.

任何顏色都會有幫助。

Thanks for seeking me out.

謝謝你來找我。

Absolutely, Tom.

當然，湯姆。

So back to your first question in terms of the mix in Q4.

回到你關於第四季組合的第一個問題。

We would expect the majority of the mix will still be on MI300.

我們預計大部分組合仍將在 MI300 上。

MI325 is going into production late in the quarter, and it will be more of a first quarter ramp.

MI325 將於本季末投入生產，這將更像是第一季的產能提升。

So that's -- that question.

這就是——那個問題。

And then in terms of the embedded business going to 2025, I would say that the trends that we see are similar to what I mentioned for the Q3, Q4 timing.

然後就到 2025 年的嵌入式業務而言，我想說我們看到的趨勢與我提到的第三季、第四季的時間安排類似。

We do expect that we're -- some of the markets will recover, we're expecting that it will be a gradual recovery.

我們確實預計一些市場將會復甦，我們預計這將是逐步復甦。

So we see that.

所以我們看到了這一點。

And the strength that we see is in some of the test and emulation segment, we see some strength, certainly in aerospace and defense.

我們看到的優勢在於一些測試和模擬領域，我們看到了一些優勢，當然在航空航太和國防領域。

There was a little bit of recovery in automotive that we started to see.

我們開始看到汽車產業出現了一些復甦。

We're still waiting for comms and industrial.

我們仍在等待通訊和工業。

So we'll get more visibility on that as we go through sort of the end of this year, but that's what we see currently.

因此，隨著今年年底的到來，我們將對此有更多的了解，但這就是我們目前所看到的。

And at this time, we have reached the end of the question-and-answer session.

此時，我們的問答環節已經結束了。

And now I'd like to turn the floor back over to Mitch Haws for any closing comments.

現在我想把發言權交還給 Mitch Haws，徵求結束語。

That concludes today's call.

今天的電話會議到此結束。

Thanks to all of you for joining us today.

感謝大家今天加入我們。

And thank you.

謝謝你。

That does conclude today's teleconference.

今天的電話會議到此結束。

We thank you for your participation.

我們感謝您的參與。

You may disconnect your lines at this time.

此時您可以斷開線路。