超微半導體 (AMD) 2024 Q3 法說會逐字稿

內容摘要

AMD 公佈了 2024 年第三季度強勁的財務業績,在 Instinct 和 EPYC 產品創紀錄的銷量、對 Ryzen PC 處理器的強勁需求以及數據中心領域的顯著增長的推動下,收入超出了預期。

該公司宣布計劃收購ZT Systems,以增強其人工智慧基礎設施能力。 AMD 預計資料中心、客戶端和嵌入式業務將持續成長,重點是人工智慧基礎設施的策略性投資。

該公司對未來的成長機會持樂觀態度,並致力於提高營運效率以推動毛利率改善。他們看到了個人電腦市場的優勢,並對未來繼續增加收入的能力充滿信心。

AMD 也致力於擴展其資料中心 GPU 業務,並與人工智慧市場的客戶建立信任和合作夥伴關係。他們對資料中心領域的長期成長和市場佔有率持樂觀態度。

完整原文

使用警語:中文譯文來源為 Google 翻譯,僅供參考,實際內容請以英文原文為主

  • Operator

    Operator

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

    大家好,歡迎參加 AMD 2024 年第三季電話會議。 (操作員說明)。提醒一下,本次會議正在錄製中。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。謝謝你,米奇。你可以開始了。

  • Mitchell Haws - Vice President of Investor Relations

    Mitchell Haws - Vice President of Investor Relations

  • Thank you, and welcome to AMD's third 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.

    謝謝,歡迎參加 AMD 2024 年第三季財務業績電話會議。到目前為止,您應該有機會查看我們的收益新聞稿和隨附的幻燈片。如果您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. This is a live call and will be replayed via webcast on our website.

    在今天的電話會議中,我們將主要參考非公認會計原則的財務指標。完整的非 GAAP 與 GAAP 調整表可在今天的新聞稿和我們網站上發布的幻燈片中找到。今天電話會議的參與者包括我們的主席兼執行長蘇姿豐博士;胡錦濤,我們的執行副總裁、財務長兼財務長。這是一次現場通話,將透過我們網站上的網路廣播重播。

  • Before we begin, I would like to note that Forrest Norrod, Executive Vice President and General Manager, Data Center Business Solutions, 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. 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、假設和預期的前瞻性陳述,僅在今天發表,因此涉及可能導致實際結果與我們當前預期存在重大差異的風險和不確定性。請參閱我們新聞稿中的警告聲明,以了解有關可能導致實際結果出現重大差異的因素的更多資​​訊。

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

    這樣,我就把電話轉給麗莎。

  • Lisa Su - Chairman of the Board, Chief Executive Officer

    Lisa Su - Chairman of the Board, Chief Executive Officer

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

    謝謝米奇,今天所有聽眾都午安。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. 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.

    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。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. We believe we gained server CPU share in the quarter as enterprise wins accelerated. Cloud providers expanded their use of EPYC CPUs across their infrastructure, and we began the initial ramp of fifth-gen EPYC processors. 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.

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

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

    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。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. Dell, HPE, Lenovo and others have expanded the number of fourth-gen EPYC platforms they offer by 50% in the last year. There are now more than 200 different EPYC solutions available that are optimized for a broad range of enterprise and edge workloads.

    在企業中,隨著 EPYC CPU 的採用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。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%。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. 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.

    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。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. 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.

    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。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. 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.

    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。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.

    我們也在本季邁出了推進x86 架構的重大一步,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. Microsoft and Meta expanded their use of MI300X accelerators to power their internal workloads in the quarter. Microsoft is now using MI300X broadly for multiple co-pilot services powered by the family of GPT 4 models.

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

    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。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. 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.

    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。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%. 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. 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.

    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%。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%。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. 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.

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

    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。 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. 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.

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

    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。我們仍有望在 2025 年上半年完成收購。 。

  • 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. Customer and partner interest for MI325X is high. 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.

    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。客戶和合作夥伴對 MI325X 的興趣很高。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. 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.

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

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

    轉向我們的客戶群。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%。由於銳龍 9000 系列處理器的推出,桌上型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。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. 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.

    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。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. 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.

    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。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刷新市場份額時獲得份額收益。

  • Now turning to our gaming segment. Revenue declined 69% year-over-year to $462 million. Semi-custom sales declined as Microsoft and Sony reduced channel inventory. 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.

    現在轉向我們的遊戲部分。營收年減 69% 至 4.62 億美元。由於微軟和索尼減少通路庫存,半客製化銷售額下降。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. In addition to a strong increase in gaming performance, RDNA 4 delivers significantly higher ray tracing performance and adds new AI capabilities. We are on track to launch the first RDNA 4 GPUs in early 2025.

    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。除了遊戲效能的強勁提升之外,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。我們預計在 2025 年初推出首款 RDNA 4 GPU。

  • We -- turning to our embedded segment. Third quarter revenue decreased 25% year-over-year to $927 million. Embedded demand continues recovering gradually, led by strength in test and emulation offset by ongoing softness in the industrial market. 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.

    我們——轉向我們的嵌入式領域。第三季營收年減 25% 至 9.27 億美元。在測試和模擬的強勁推動下,嵌入式需求持續逐漸復甦,但工業市場的持續疲軟抵消了影響。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. As one example, SpaceX recently launched their latest generation broadband satellites powered by Versal AI Core adaptive SoCs. 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.

    我們的 Versal 產品組合也被多個航空航太客戶廣泛採用。例如,SpaceX 最近推出了由 Versal AI Core 自適應 SoC 提供支援的最新一代寬頻衛星。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. In the last 10-years, we have successfully completed multiple arcs. First, by turning the company around and setting the solid financial and operational foundation required for sustained growth. And then by transforming AMD into the high-performance and adaptive computing leader.

    退一步來說,本月是我擔任 AMD 執行長 10 週年。在過去的10年裡,我們已經成功完成了多個弧線。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。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. 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. 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.

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

    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 年達到 5,000 億美元。

  • 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. 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.

    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。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. Jean?

    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。讓?

  • Jean Hu - Chief Financial Officer, Executive Vice President, Treasurer

    Jean Hu - Chief Financial Officer, Executive Vice President, Treasurer

  • 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 fourth quarter of fiscal 2024.

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

  • We are very pleased with our strong third quarter financial results. On a year-over-year basis, data center segment revenue more than doubled and the client segment revenue grew 29%. We expanded gross margin by 250 basis points and drove earnings per share growth of 31%.

    我們對第三季強勁的財務業績感到非常滿意。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%。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. Revenue increased 17% sequentially, primarily driven by growth in our data center and client 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。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. 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. Operating income was $1.7 billion, representing a 25% operating margin. Taxes, interest expense and other was $211 million. Diluted earnings per share was $0.92, an increase of 31% year-over-year and 33% sequentially.

    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。由於我們繼續投資於研發和上市活動,營運費用為 19.6 億美元,年增 15%。營業收入為 17 億美元,營業利益率為 25%。稅金、利息支出及其他費用為 2.11 億美元。稀釋每股收益為 0.92 美元,年增 31%,季增 33%。

  • Now turning to our reportable segments. Starting with the data center. 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. Growth in revenue was led primarily by the strong ramp of AMD Instinct GPU shipment and growth in AMD EPYC CPU sales. The data center segment accounted for 52% of total revenue in the third quarter.

    現在轉向我們的可報告部分。從資料中心開始。資料中心業務季度營收創歷史新高,達 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%。營收成長主要得益於 AMD Instinct GPU 出貨量的強勁成長和 AMD EPYC CPU 銷量的成長。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. Data center segment operating income more than tripled compared to the prior year, driven by higher revenue and operating leverage.

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

    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。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%。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. 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。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. Revenue increased 8% sequentially as demand improved in several end markets. Embedded segment operating income was $372 million or 40% of revenue compared to $612 million or 49% a year ago.

    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%。由於多個終端市場的需求改善,營收季增 8%。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. During the quarter, we generated $628 million in cash from operations and the free cash flow was $496 million. Excluding certain non-recurring payments related to acquisitions from operating cash flows, our free cash flow was $619 million.

    轉向資產負債表和現金流量。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。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. At the end of the quarter, cash, cash equivalents and short-term investment was $4.5 billion. 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.

    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。截至本季末,現金、現金等價物和短期投資為 45 億美元。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. 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.

    現在轉向我們對 2024 年第四季的展望。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. In addition, we expect fourth quarter non-GAAP gross margin to be approximately 54%. Non-GAAP operating expenses to be approximately $2.05 billion. Non-GAAP 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.

    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。此外,我們預計第四季非 GAAP 毛利率約為 54%。非 GAAP 營運費用約為 20.5 億美元。非 GAAP 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. We delivered record revenue, along with the strong year-over-year expansion in gross margin and earnings per share growth. 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. Importantly, we are making a strategic investment at position AMD as the end-to-end AI infrastructure leader and drive long-term profitable growth.

    最後,我們對第三季的強勁執行力感到滿意。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。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。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。

  • Mitchell Haws - Vice President of Investor Relations

    Mitchell Haws - Vice President of Investor Relations

  • Thank you, Jean. John, let's poll the audience for questions.

    謝謝你,讓。約翰,讓我們向觀眾提問。

  • Operator

    Operator

  • Thank you, Mitch. (Operator Instructions)

    謝謝你,米奇。 (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。

  • Toshiya Hari - Analyst

    Toshiya Hari - Analyst

  • Hi, good afternoon. Thank you so much for taking the question. My first one is on the data center GPU business. Lisa, you took up your '24 outlook by $500 million. Curious what drove the change there? And more importantly, as you look forward into calendar '25, I doubt you're going to give us quantitative guidance on this call. But conceptually, how are you thinking about growth in your Instinct between your large cloud customers and your enterprise customers? And if you can speak to the possibility of adding new customers within cloud, again, specific to Instinct, that would be really helpful.

    嗨,下午好。非常感謝您提出這個問題。我的第一個是關於資料中心 GPU 業務。麗莎,您將 24 年的前景提高了 5 億美元。好奇是什麼推動了那裡的改變?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。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?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。

  • Lisa Su - Chairman of the Board, Chief Executive Officer

    Lisa Su - Chairman of the Board, Chief Executive Officer

  • Sure. Toshiya, thank you for the question. So first of all, we had a very strong quarter for the data center overall in Q3 and especially for the Instinct product portfolio. We actually completed some important customer milestones, and we were able to ramp a bit above our initial expectations. 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. So we feel good about the trajectory as we go through the end of this year.

    當然。俊哉,謝謝你的提問。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。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。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。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. 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. 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.

    然後是關於2025 年的總體問題。進行了大量投資。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. So -- and it's broadening in two ways. So certainly, cloud -- our largest cloud customers are broadening the set of workloads that they're running on AMD Instinct. 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.

    然後就客戶而言,我們的客戶參與實際上正在擴大。所以——它正在以兩種方式擴大。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。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。

  • Toshiya Hari - Analyst

    Toshiya Hari - Analyst

  • Great. And then a quick follow-up, maybe one for Jean on gross margin. You're guiding Q4 gross margin essentially flat sequentially, if you can walk through the puts and takes there, that would be really helpful. And then again, as you look forward into '25, you're kind of speaking to continued data center growth. One would think the embedded business hopefully begins to recover. And then within some of your businesses like server CPU, I would expect enterprise to grow perhaps faster off a low base. So I do think you have a lot going for you from a gross margin standpoint. But are those points valid? And what should we be thinking about in terms of potential headwinds as well?

    偉大的。然後是快速跟進,也許是吉恩的毛利率問題。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賣出選擇權,那將非常有幫助。再說一遍,當您展望 25 年時,您會談到資料中心的持續成長。人們可能認為嵌入式業務有望開始復甦。然後,在伺服器 CPU 等一些業務中,我預期企業在低基數的基礎上可能會成長得更快。因此,我確實認為從毛利率的角度來看,您有很多優勢。但這些觀點有效嗎?就潛在的不利因素而言,我們還應該考慮什麼?

  • Jean Hu - Chief Financial Officer, Executive Vice President, Treasurer

    Jean Hu - Chief Financial Officer, Executive Vice President, Treasurer

  • Yes. Thank you for that question. First, we are very pleased with our Q3 gross margin performance. We delivered 53.6% and we are guiding approximately 54% in Q4. 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.

    是的。謝謝你提出這個問題。首先,我們對第三季的毛利率表現非常滿意。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。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推動的,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,這有助於我們提高毛利率。

  • Going to 2025, we're not going to guide specifically. 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. That will be a tailwind on gross margin side.

    到 2025 年,我們不會具體指導。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。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. 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. That's something headwind we'll deal with.

    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。同時,我們也看到我們的客戶業務擴張良好。如今的客戶業務更集中在消費者方面,而消費者方面往往低於企業平均。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. 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.

    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。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。

  • Operator

    Operator

  • Aaron Rakers, Wells Fargo.

    亞倫·雷克斯,富國銀行。

  • Aaron Rakers - Analyst

    Aaron Rakers - Analyst

  • Yeah, thanks for taking the question. I'll do two as well. 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. 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. And I have another question. .

    是的,感謝您提出問題。我也來做兩個。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。考慮到 2025 年這些 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。 。

  • Lisa Su - Chairman of the Board, Chief Executive Officer

    Lisa Su - Chairman of the Board, Chief Executive Officer

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

    當然,亞倫。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。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。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. And so we feel good about our overall supply chain capability.

    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 年實現顯著增長。 因此,我們對我們的整體供應鏈能力感到滿意。

  • Aaron Rakers - Analyst

    Aaron Rakers - Analyst

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

    是的。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。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?

  • Lisa Su - Chairman of the Board, Chief Executive Officer

    Lisa Su - Chairman of the Board, Chief Executive Officer

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

    當然,亞倫。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。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. 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. So we expect growth there. And then the other segments on a sequential basis, gaming, embedded would be more modest.

    客戶部分,我們也期望表現良好。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 的發布還是筆記型電腦 AIPC 的發布。所以我們預計那裡會出現成長。然後按順序排列的其他細分市場,遊戲,嵌入式將更加溫和。

  • Operator

    Operator

  • Ross Seymore, Deutsche Bank.

    羅斯·西莫爾,德意志銀行。

  • Ross Seymore - Analyst

    Ross Seymore - Analyst

  • Hi guys. Thanks for, let me ask a question. Lisa, congrats on the 10-year anniversary. Jean, when you gave the segment guidance kind of playing off the last question, you didn't mention embedded as being up. And then, Lisa, you just talked about it being up left. Just curious, I know it's kind of a muted recovery. But what's happening in the embedded business implied in your fourth quarter guidance? And how are you thinking about 2025 just directionally?

    嗨,大家好。謝謝你,我想問一個問題。麗莎,恭喜結婚十週年。 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。然後,麗莎,你剛才談到它在左邊。只是好奇,我知道這是一種緩慢的復甦。但是,第四季度指導中暗示的嵌入式業務正在發生什麼?您如何看待 2025 年的方向?

  • Lisa Su - Chairman of the Board, Chief Executive Officer

    Lisa Su - Chairman of the Board, Chief Executive Officer

  • Sure, Ross. Let me start, and then maybe Jean can add. Look, we've seen some improvement in the embedded business. You saw some improvement in the sequential in Q3. We expect some modest improvement in Q4.

    當然,羅斯。讓我開始,然後也許讓可以補充。看,我們已經看到嵌入式業務取得了一些進展。您看到第三季的環比情況有所改善。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. There are some segments that are stronger. So our test and emulation business actually did very well. We're ramping our new Versal platform there. Aerospace and defense did well, also continues to be relatively strong. Communications has not seen much recovery. So I would say that, that's still fairly muted. And industrial is also a little bit on the softer side. 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?

    我們所看到的其實是嵌入式不同子領域的混合。有一些細分市場實力更強。所以我們的測試和仿真業務實際上做得非常好。我們正在那裡推廣我們的新 Versal 平台。航空航太和國防表現良好,也持續相對強勁。通訊尚未見太大復甦。所以我想說,這仍然相當低調。工業也有點疲軟。因此,在所有這些之間,我們預計第四季度會出現一點增長,我們稱之為 2025 年的適度增長,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?

  • Jean Hu - Chief Financial Officer, Executive Vice President, Treasurer

    Jean Hu - Chief Financial Officer, Executive Vice President, Treasurer

  • No, I think you covered it.

    不,我想你已經涵蓋了。

  • Ross Seymore - Analyst

    Ross Seymore - Analyst

  • Great. And I guess for my follow-up, just on the EPYC business. You've done incredibly well there, Lisa. 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. It doesn't seem to have slowed you down much this year. You're still up by my math, maybe 33% or so. And how are you thinking about that kind of CPU versus GPU dynamic from a customer spend perspective as we look into '25?

    偉大的。我想我的後續行動只是關於 EPYC 業務。你在那裡做得非常好,麗莎。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。今年似乎並沒有讓你放慢太多腳步。根據我的計算,你仍然領先,也許是 33% 左右。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?

  • Lisa Su - Chairman of the Board, Chief Executive Officer

    Lisa Su - Chairman of the Board, Chief Executive Officer

  • Yeah. Sure. Let me talk a little bit about the data center CPU business. Look, we've been extremely pleased with the progress there. I think the market environment has certainly gotten better over the last couple of quarters. We've seen some of the large cloud customers now sort of adding to their data center capacity and refreshes. We've seen enterprises also start with some of their modernization activities.

    是的。當然。我先簡單說一下資料中心CPU業務。看,我們對那裡的進展非常滿意。我認為過去幾季市場環境肯定有所改善。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。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. We saw the beginning ramp of our Zen 5 Turin capabilities. 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.

    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。我們看到了 Zen 5 Turin 功能的開始提升。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。

  • Operator

    Operator

  • Ben Reitzes, Melius research.

    Ben Reitzes,Melius 研究。

  • Ben Reitzes - Analyst

    Ben Reitzes - Analyst

  • Yeah. If I could stick to the pattern of two. I want to follow up a little bit on servers and thanks for the question. Going to next year, it seems like you're poised for more share gains. And I was just wondering there is a perception that GPUs are cannibalizing the servers. But what are you seeing specifically in Turin? 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. What is the particular catalyst that you're seeing out there with this upgrade?

    是的。如果我能堅持兩個人的模式就好了。我想對服務器進行一些跟進,感謝您的提問。到了明年,你似乎已經準備好獲得更多的份額收益。我只是想知道有一種看法認為 GPU 正在蠶食伺服器。但是您在都靈特別看到了什麼?是嗎?您在這次升級中看到的特殊催化劑是什麼?

  • Lisa Su - Chairman of the Board, Chief Executive Officer

    Lisa Su - Chairman of the Board, Chief Executive Officer

  • Sure, Ben. 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. So I think that is very positive.

    當然,本。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。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. It's also an important piece of the head node of any GPU configuration. So overall, I think those are all good catalyst for us.

    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。它也是任何 GPU 配置的頭節點的重要組成部分。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. The enterprise sale takes longer. There's a significant amount of POC work and just making sure that CIOs are familiar with our offerings. 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.

    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。企業銷售需要更長的時間。有大量的 POC 工作,只是確保 CIO 熟悉我們的產品。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。

  • Ben Reitzes - Analyst

    Ben Reitzes - Analyst

  • Okay. And then I just want to follow up on the PC market. There's -- just you guys keep outperforming, but there's just general concerns that -- of consumer weakness. 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? Or do you feel like things will keep going unabated in the PC market for you guys, particularly?

    好的。然後我只想跟進PC市場。只是你們一直表現出色,但人們普遍擔心消費者疲軟。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?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?

  • Lisa Su - Chairman of the Board, Chief Executive Officer

    Lisa Su - Chairman of the Board, Chief Executive Officer

  • Well, we see a few things in the PC market. So our business tends to be more consumer weighted. So the second half of the year is usually stronger than the first half of the year. And this year, that's added to the fact that we have a couple of product launches. So we launched our desktop products for -- with Zen 5 and our Ryzen 9000 series. And we also launched our AI PC next-generation Ryzen AI 300 products.

    嗯,我們在個人電腦市場上看到了一些事情。因此,我們的業務往往更注重消費者。所以下半年通常比上半年更強。今年,我們也推出了幾款產品。因此,我們推出了 Zen 5 和 Ryzen 9000 系列的桌上型產品。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. I would expect there will be seasonality going into the first half. That's typical in our business.

    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。我預計上半年將會出現季節性。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. 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. 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. 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.

    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。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。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。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。

  • Operator

    Operator

  • Joshua Buchalter, TD Cowen.

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

  • Joshua Buchalter - Analyst

    Joshua Buchalter - Analyst

  • Hey guys, thanks for taking my question. I'll keep it to one since I'm new here. 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. That maybe you could speak to how much of a runway you think exists at existing customers? 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? Thank you.

    嘿夥計們,謝謝你提出我的問題。因為我是新來的,所以我會把它保留為一。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。也許您可以談談您認為現有客戶有多少跑道?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?謝謝。

  • Lisa Su - Chairman of the Board, Chief Executive Officer

    Lisa Su - Chairman of the Board, Chief Executive Officer

  • Yes. Sure, Joshua. Thanks for the question. 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. I mean, if you think about when we started the year, we were just launching MI300. We had talked about perhaps $2 billion of revenue in 2024. And as we've gone through the last few quarters, what we've done is we've successfully completed a number of customer milestones.

    是的。當然,約書亞。謝謝你的提問。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。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。我們曾討論 2024 年營收可能達到 20 億美元。

  • 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. We think it's actually going really well. And being able to talk about exceeding $5 billion of revenue in 2024, I think we feel really good about that.

    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。我們認為實際上進展非常順利。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. The market continues to be the place where there's a significant CapEx investments. We feel great about our product portfolio. It is getting stronger with everything that we've learned off of the MI300 ramp.

    進入 2025 年,我們對市場感覺很好。市場仍然是資本支出大量投資的地方。我們對我們的產品組合感覺很好。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. You heard Meta talking at our event about expanding from inference on their large language models with Llama 3.1 to some training workloads. Microsoft has also been a very, very great partner with that.

    因此,我認為我們有一個很好的機會透過工作負載數量來擴大現有客戶的規模。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。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. So those are the opportunities in front of us.

    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。這些就是我們面前的機會。

  • Joshua Buchalter - Analyst

    Joshua Buchalter - Analyst

  • 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。

  • Lisa Su - Chairman of the Board, Chief Executive Officer

    Lisa Su - Chairman of the Board, Chief Executive Officer

  • Thank you.

    謝謝。

  • Operator

    Operator

  • Timothy Arcuri , UBS.

    提摩西‧阿庫裡,瑞銀集團。

  • Timothy Arcuri - Analyst

    Timothy Arcuri - Analyst

  • Hi, thanks. I had a quick one and then a more intensive question. So the first one is I wanted to ask about the September actuals for data center GPU. It seems like it was in the $1.5 billion range. And that would put December in kind of the $2 billion range. Is that about right?

    你好,謝謝。我問了一個簡短的問題,然後提出了一個更深入的問題。第一個是我想詢問 9 月資料中心 GPU 的實際情況。看起來好像在 15 億美元範圍內。這將使 12 月的收入達到 20 億美元。是這樣嗎?

  • Lisa Su - Chairman of the Board, Chief Executive Officer

    Lisa Su - Chairman of the Board, Chief Executive Officer

  • So it's a pretty granular question, Timothy. But maybe let me help you with this. We actually did better in the data center GPU business relative to our initial expectations. So you would imagine that the business was actually greater than $1.5 billion. I mean we're actually seeing now our GPU business really approaching the scale of our CPU business.

    所以這是一個非常具體的問題,提摩西。但也許讓我幫你解決這個問題。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。所以你可以想像該業務實際上超過 15 億美元。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。

  • Timothy Arcuri - Analyst

    Timothy Arcuri - Analyst

  • Great. And then just kind of more broadly on the shape of next year. I mean you see that the market with these big customers, how do you see the shape of revenue off of that CQ4 number? Can you continue to grow off that level? Or do you see some risk maybe of a pause next year? 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. So I wonder if you worry a bit about there could be a pause before you get to rack scale in 2026. Thanks.

    偉大的。然後更廣泛地討論明年的情況。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?你能在這個層面上繼續成長嗎?或者您認為明年可能會出現暫停的風險嗎?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。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。

  • Lisa Su - Chairman of the Board, Chief Executive Officer

    Lisa Su - Chairman of the Board, Chief Executive Officer

  • Yeah. I guess I would put it like this. 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.

    是的。我想我會這樣說。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. What I would say about 2025 is we feel very good about the growth opportunities. I would say that it might be lumpy. In general, these are large customer acquisitions and it's not always predictable exactly which quarters you would expect the significant build out. But I think overall, we feel good about the trajectory into 2025. I don't know if that's helpful.

    所以有很多不同的變體。關於 2025 年,我想說的是,我們對成長機會感到非常滿意。我想說它可能是塊狀的。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。但我認為總體而言,我們對 2025 年的發展軌跡感覺良好。

  • Operator

    Operator

  • Joe Moore, Morgan Stanley.

    喬摩爾,摩根士丹利。

  • Joseph Moore - Analyst

    Joseph Moore - Analyst

  • Great. Thank you. 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. Can you just talk about what that split looks like going forward as well?

    偉大的。謝謝。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。能談談未來的分裂情況嗎?

  • Lisa Su - Chairman of the Board, Chief Executive Officer

    Lisa Su - Chairman of the Board, Chief Executive Officer

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

    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。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. 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.

    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。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。

  • Operator

    Operator

  • Vivek Arya, Bank of America Securities.

    Vivek Arya,美國銀行證券公司。

  • Vivek Arya - Analyst

    Vivek Arya - Analyst

  • Thanks for taking my questions. I had two. 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? You're shipping something comparable to Hopper while they are starting to ship Blackwell next year. When you are at MI350, they will be on Blackwell Ultra or Rubin. So how do you see AMD closing that gap? And can you really gain share until that gap is closed?

    感謝您回答我的問題。我有兩個。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?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。當您在 MI350 時,他們將使用 Blackwell Ultra 或 Rubin。那麼您如何看待 AMD 縮小這一差距呢?在縮小差距之前,你真的能獲得市場佔有率嗎?

  • Lisa Su - Chairman of the Board, Chief Executive Officer

    Lisa Su - Chairman of the Board, Chief Executive Officer

  • Yes. Vivek, I actually don't see that. So maybe let me state it in another way. I think MI300, when we launched it was behind H100, H100 was in the market for a much longer time. And we have with our accelerated road map actually closed a good part of that gap. I think MI325 is a great product. It's going to compete very well with H200 and the MI350 series will compete very well with Blackwell.

    是的。維韋克,我實際上不明白這一點。所以也許讓我用另一種方​​式來表達。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。我們的加速路線圖實際上彌補了這一差距的很大一部分。我認為 MI325 是一款很棒的產品。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. It takes a long time to go from, let's call it, shipping your first samples to actually ramping in volume production workloads. 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.

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

    所以你看,人工智慧工作負載中存在著很多機會。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。

  • Vivek Arya - Analyst

    Vivek Arya - Analyst

  • And for my follow-up, Lisa, back to the question on the PC market. So it was up -- or the client was up 26% sequentially. I think you are guiding to some growth in Q4 as well. How do you see the state of the channel? And I ask that just because sell-through in Q3 was not that great. And I think Intel had guided down their Q3 to be flat or down. So just how much of the growth that you are seeing is because of ASPs? How much of this is units? 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?

    麗莎,我的後續行動回到了個人電腦市場的問題。所以它上漲了——或者說客戶連續上漲了 26%。我認為您也在指導第四季度的一些成長。您如何看待頻道的狀態?我這麼問只是因為第三季的銷售不是那麼好。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。那麼,您所看到的成長有多少是因為 ASP 帶來的呢?這個單位是多少?當您展望 2025 年時,您認為我們今年看到的 ASP 實力是否可以在 25 年繼續為您帶來這種混合效益?

  • Lisa Su - Chairman of the Board, Chief Executive Officer

    Lisa Su - Chairman of the Board, Chief Executive Officer

  • Yeah. Vivek, the way I would say it is our client business has a few factors that may be slightly different from the overall market. So let me start with our desktop channel. I think our share is very high in the desktop channel. And we've done very well there. So we saw strength across that portfolio in Q3. We actually saw some of our highest sell-through, so it was a strong sell-through quarter. And obviously, it shows in the revenue results. .

    是的。 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。讓我從我們的桌面頻道開始。我認為我們在桌面頻道的份額非常高。我們在那裡做得很好。因此,我們在第三季看到了該投資組合的實力。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。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. There is good momentum around AI PCs. I mean we've looked at some of the activation rates of our newest risen AI300 processors and the activation rates are good. It's still very early in the AI PC cycle, but we are seeing some good momentum there.

    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。人工智慧電腦的發展勢頭良好。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。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. But my earlier comment about the client segment, I think it is an opportunity for us. We are underrepresented in the client segment. And we see an opportunity to grow both in consumer as well as enterprise.

    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。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。我們在客戶群中的代表性不足。我們看到了消費者和企業的成長機會。

  • Operator

    Operator

  • Harlan Sur, JP Morgan.

    哈蘭‧蘇爾,摩根大通。

  • Harlan Sur - Analyst

    Harlan Sur - Analyst

  • Good afternoon. Thanks for taking my question. Lisa, on your core EPYC business, you did start to see recovery in enterprise last quarter. It was broad-based across many verticals. You've got -- you've also got a growing share dynamic as well, right? And it sounds like that trend continued in the September quarter. Do you anticipate continued follow-through in terms of quarter-on-quarter growth this quarter for enterprise? And then maybe what sort of enterprise and general cloud demand trends are you seeing out of China?

    午安.感謝您提出我的問題。 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。它在許多垂直領域都有廣泛的基礎。您的份額也不斷增長,對吧?聽起來這種趨勢在九月季度仍在繼續。您預計本季企業的環比成長會持續跟進嗎?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?

  • Lisa Su - Chairman of the Board, Chief Executive Officer

    Lisa Su - Chairman of the Board, Chief Executive Officer

  • Sure. So Harlan, thanks for the question. We did see positive growth momentum here in the third quarter in enterprise. We are getting broader adoption and we're seeing that growth both in on-prem deployments as well as cloud third-party deployments. 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. We're seeing migrations to AMD.

    當然。哈倫,謝謝你的提問。我們確實在第三季度看到了企業的積極成長勢頭。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。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。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. 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.

    所以我認為這對我們的企業領域和雲端領域都有幫助。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. I think our portfolio has strengthened. 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. And so I think those are opportunities for us in 2025.

    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。我認為我們的投資組合已經加強。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。所以我認為這些對我們來說是 2025 年的機會。

  • Jean Hu - Chief Financial Officer, Executive Vice President, Treasurer

    Jean Hu - Chief Financial Officer, Executive Vice President, Treasurer

  • Yeah. On your China question, we are underrepresented in China market in the service side. So as Lisa said, that's another opportunity for us to continue to gain share.

    是的。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。正如麗莎所說,這是我們繼續獲得份額的另一個機會。

  • Operator

    Operator

  • Stacy Rasgon, Bernstein research.

    史黛西‧拉斯貢,伯恩斯坦研究。

  • Stacy Rasgon - Analyst

    Stacy Rasgon - Analyst

  • But the first one, I wanted to go back to what you said about the size of the data center GPUs in the quarter. You said it was approaching the size of Your compute business which you put around what under $1.7 billion, maybe a little more. Is that right? And like if that is right, it implies that at $5 billion for the year, you'd actually be down in Q4. 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.

    但第一個問題,我想回到您所說的本季資料中心 GPU 的規模。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。是這樣嗎?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。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? And is that the kind of level of growth you're thinking into Q4? Like how should we think about that?

    所以我想問題是第一,你在第三季談論的業務規模是多少?這就是您考慮的第四季的成長水準嗎?例如我們該如何思考這個問題?

  • Lisa Su - Chairman of the Board, Chief Executive Officer

    Lisa Su - Chairman of the Board, Chief Executive Officer

  • Right, Stacy. So first, a couple of things. You have to remember that in our data center segment, we have some other revenue that is not CPUs and GPUs, right? We have some FPGAs and other things. But the question earlier was the revenue of $1.5 billion, and I said that it was greater than $1.5 billion. So take that as a fundamental. And then as -- we talked about -- we didn't guide an exact number for the data center GPU. We said exceed $5 billion. And so you should assume that it exceeds $5 billion.

    對了,史黛西。首先,有幾件事。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,對嗎?我們有一些 FPGA 和其他東西。但前面的問題是15億美元的收入,我說大於15億美元。因此,請將此作為基礎。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。我們說超過50億美元。所以你應該假設它超過 50 億美元。

  • Stacy Rasgon - Analyst

    Stacy Rasgon - Analyst

  • Okay. 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? I know you have like the MI300, I guess, ramping into production at that point. But should I be thinking about a seasonal -- like seasonality into Q1 given the general statement on lumpiness?

    好的。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?我知道你們已經像 MI300 一樣,我猜,那時正在投入生產。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?

  • Lisa Su - Chairman of the Board, Chief Executive Officer

    Lisa Su - Chairman of the Board, Chief Executive Officer

  • I wasn't implying something about seasonality of the data center GPU business. 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. So these are large customers that drive deployments. Like for example, the third quarter was a bit higher than we expected. That was driven by some additional customer demand, and we may see that type of lumpiness. So that was what I was implying. And we'll have to see how things evolve as we get into 2025.

    我並不是暗示資料中心 GPU 業務的季節性。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。因此,這些都是推動部署的大客戶。例如,第三季的業績略高於我們的預期。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。這就是我的意思。進入 2025 年,我們必須看看事情會如何發展。

  • Operator

    Operator

  • We have time for two more questions. The next question comes from the line of Harsh Kumar with Piper Sandler.

    我們還有時間再問兩個問題。下一個問題來自 Harsh Kumar 和 Piper Sandler 的台詞。

  • Harsh V. Kumar - Analyst

    Harsh V. Kumar - Analyst

  • Yeah. Hey Lisa, first of all, congratulations on your 10-year anniversary. I just looked at the 10-year chart, the stock is around $3, so a heck of a job here. And also congratulations on $5 billion in Instinct revenues.

    是的。嗨,麗莎,首先要恭喜你們結婚十週年。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。也要祝賀《本能》收入達到 50 億美元。

  • So I wanted to ask the first question. This is one we get from investors all the time. 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. So the question is, what do you think is the major hindrance? You've got chip level compatibility. So does it boil down to the fact that you're just earlier in the game. You've been doing this just 12-months in a serious manner? Or is there still a rack level of disparity? If you could just help us think about what the hindrances are to you becoming a major player here.

    所以我想問第一個問題。這是我們一直從投資者那裡得到的訊息。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。那麼問題來了,您認為主要的障礙是什麼?您擁有晶片級相容性。那麼這是否可以歸結為您剛剛進入遊戲的事實。你認真地做這件事才12個月嗎?還是仍存在機架水平差異?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。

  • Lisa Su - Chairman of the Board, Chief Executive Officer

    Lisa Su - Chairman of the Board, Chief Executive Officer

  • Yes. Sure, Harsh. Thanks for the question and for the comments. Maybe let me say, I view them as opportunities. 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. There are some differences, although we're both GPUs, there are some differences, obviously, in the software environment. And people want to get comfortable with the workload ramp.

    是的。當然,嚴厲。感謝您的提問與評論。也許讓我說,我將它們視為機會。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。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。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. It's the fastest product ramp that I've seen overall. And my view is this is a multi-generational journey. We've always said that. We feel very good about the progress I think next year is going to be about expanding both customer set as well as workload. And as we get into the MI400 series, we think it's an exceptional product. 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,從斜坡的角度來看,我實際上對斜坡率非常樂觀。這是我所見過的最快的產品成長速度。我的觀點是,這是一個多代人的旅程。我們一直這麼說。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。當我們進入 MI400 系列時,我們認為它是一款出色的產品。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. 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.

    我要說的是,客戶對 AMD 非常非常開放。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。

  • Harsh V. Kumar - Analyst

    Harsh V. Kumar - Analyst

  • Very helpful. Lisa, from a follow-up, and maybe Jean can help out here. It's kind of well understood that your gross margin for MI300, MI325 will be below corporate margins. Could you help us maybe think of some framework on how those gross margins for Instinct might get to parity with your corporate business? 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.

    非常有幫助。麗莎(Lisa),來自後續行動,也許吉恩(Jean)可以在這裡提供幫助。眾所周知,MI300、MI325 的毛利率將低於公司利潤率。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?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。

  • Jean Hu - Chief Financial Officer, Executive Vice President, Treasurer

    Jean Hu - Chief Financial Officer, Executive Vice President, Treasurer

  • Yeah. 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. Overall, it's below corporate average. 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.

    是的。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。總體而言,它低於公司平均水平。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. 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. We'll take some time to get there. 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. 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.

    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。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。我們需要一些時間才能到達那裡。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。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。

  • Operator

    Operator

  • Thomas O'Malley, Barclays.

    托馬斯·奧馬利,巴克萊銀行。

  • Thomas O'Malley - Analyst

    Thomas O'Malley - Analyst

  • Hey guys, thanks for letting me on. Lisa, I just wanted to ask on mix the MI300 platform into Q4. Obviously, you're launching the MI325 series. Should you say -- should we expect a significant contribution the new product in Q4? Or is this a situation in which it's launching late year and most of the impact is into Q1? I guess that's the first one.

    嘿夥計們,謝謝你讓我參加。 Lisa,我只是想問一下將 MI300 平台混合到第四季度的情況。顯然,您正在推出 MI325 系列。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?還是說它是在今年稍後推出的,並且大部分影響都集中在第一季?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? You gave some color on comm and a little of industrial there. But just where we're at in terms of starting kind of Q4 and into Q1. Are there any that are outperforming, underperforming? Any color there would be helpful. Thanks for seeking me out.

    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?你給了一些通訊方面的色彩和一點工業的色彩。但就第四季開始和第一季而言,我們所處的位置。是否有表現出色或表現不佳的?任何顏色都會有幫助。謝謝你來找我。

  • Lisa Su - Chairman of the Board, Chief Executive Officer

    Lisa Su - Chairman of the Board, Chief Executive Officer

  • Absolutely, Tom. So back to your first question in terms of the mix in Q4. We would expect the majority of the mix will still be on MI300. MI325 is going into production late in the quarter, and it will be more of a first quarter ramp. So that's -- that question.

    當然,湯姆。回到你關於第四季組合的第一個問題。我們預計大部分組合仍將在 MI300 上。 MI325 將於本季末投入生產,這將更像是第一季的產能提升。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. We do expect that we're -- some of the markets will recover, we're expecting that it will be a gradual recovery. So we see that. And the strength that we see is in some of the test and emulation segment, we see some strength, certainly in aerospace and defense. There was a little bit of recovery in automotive that we started to see. We're still waiting for comms and industrial. 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.

    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。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。所以我們看到了這一點。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。我們開始看到汽車產業出現了一些復甦。我們仍在等待通訊和工業。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。

  • Operator

    Operator

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

    此時,我們的問答環節已經結束了。現在我想把發言權交還給 Mitch Haws,徵求結束語。

  • Mitchell Haws - Vice President of Investor Relations

    Mitchell Haws - Vice President of Investor Relations

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

    今天的電話會議到此結束。感謝大家今天加入我們。

  • Operator

    Operator

  • And thank you. That does conclude today's teleconference. We thank you for your participation. You may disconnect your lines at this time.

    謝謝你。今天的電話會議到此結束。我們感謝您的參與。此時您可以斷開線路。