超微半導體 (AMD) 2024 Q4 法說會逐字稿

Greetings, and welcome to the AMD fourth-quarter and full year 2024 conference call.

大家好，歡迎參加 AMD 2024 年第四季和全年電話會議。

(Operator Instructions) .

（操作員指令）。

And as a reminder, this conference is being recorded.

溫馨提醒，本次會議正在錄音。

It is now my pleasure to introduce to you [Matt Ramsey], Vice President of Investor Relations.

現在我很高興向你們介紹投資者關係副總裁 [Matt Ramsey]。

Thank you, Matt.

謝謝你，馬特。

You may begin.

你可以開始了。

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

謝謝，歡迎參加 AMD 2024 年第四季和全年財務業績電話會議。

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

現在，您應該有機會查看我們的收益新聞稿和隨附幻燈片的副本。

If you have not had the chance to review these materials, they can be found on the Investor Relations page of amd.com. We will refer primarily to non-GAAP financial measures during today's call.

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。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 slides posted on our website.

完整的非 GAAP 與 GAAP 對帳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 in today's conference call are Dr. Lisa Su, our Chair and Chief Executive Officer; and Jean Hu, our Executive Vice President and Chief Financial Officer and Treasurer.

今天電話會議的參與者包括我們的董事長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.

這是一場現場通話，將透過我們網站上的網路直播重播。

Before we begin, I would like to note that Jean Hu will attend the Morgan Stanley Global TMT Conference on Monday, March 3.

在我們開始之前，我想指出，Jean Hu 將於 3 月 3 日星期一參加摩根士丹利全球 TMT 會議。

Today's discussion contains forward-looking statements based on our 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我們當前信念、假設和期望的前瞻性陳述，僅代表今天的觀點，因此涉及風險和不確定性，可能導致實際結果與我們當前的預期有重大差異。

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

有關可能導致我們的實際結果發生重大差異的因素的更多信息，請參閱我們新聞稿中的警告聲明。

With that, I will hand the call over to Lisa.

說完這些，我會把電話交給麗莎。

Lisa?

麗莎？

Thank you, Matt, and good afternoon to all those listening today. 2024 was a transformative year for AMD.

謝謝你，馬特。 2024 年對 AMD 來說是轉型的一年。

We successfully established our multi-billion dollar data center AI franchise.

我們成功建立了價值數十億美元的資料中心 AI 特許經營權。

Launched a broad set of leadership products and gained significant server and PC market share.

推出了一系列領先的產品並獲得了顯著的伺服器和個人電腦市場份額。

As a result, we delivered record annual revenue, grew net income 26% for the year and more than doubled free cash flow from 2023.

結果，我們實現了創紀錄的年收入，全年淨收入成長了 26%，自由現金流比 2023 年增加了一倍以上。

Importantly, the data center segment contributed roughly 50% of annual revenue, as Instinct and EPYC processor adoption expanded significantly with cloud, enterprise and supercomputing customers.

重要的是，隨著雲端運算、企業和超級運算客戶對 Instinct 和 EPYC 處理器的採用顯著擴展，資料中心部門貢獻了約 50% 的年收入。

Looking at our financial results.

看看我們的財務結果。

Fourth quarter revenue increased 24% year-over-year to a record $7.7 billion, led by record quarterly data center and client segment revenue both of which grew by a significant double-digit percentage.

第四季營收年增 24%，達到創紀錄的 77 億美元，其中創紀錄的季度資料中心和客戶部門營收均實現了顯著的兩位數百分比成長。

On a full year basis, annual revenue grew 14% to $25.8 billion as data center revenue nearly doubled and client segment revenue grew 52%, more than offsetting declines in our Gaming and Embedded segments.

從全年來看，年收入成長 14% 至 258 億美元，因為資料中心收入幾乎翻了一番，客戶端部門收入成長了 52%，足以抵消遊戲和嵌入式部門的下滑。

Turning to the segments.

轉向各個部分。

Data center segment revenue increased 69% year-over-year to a record $3.9 billion. 2024 marks another major inflection point for our server business, as share gains accelerated, driven by the ramp of fifth-gen EPYC Turin and strong double-digit percentage year-over-year growth in fourth-gen EPYC sales.

資料中心部門營收年增69%，達到創紀錄的39億美元。 2024 年標誌著我們伺服器業務的另一個重要轉折點，隨著第五代 EPYC Turin 的成長和第四代 EPYC 銷售同比強勁兩位數百分比成長的推動，份額成長加速。

In cloud, we exited 2024 with well over 50% share at the majority of our largest hyperscale customers.

在雲端運算領域，到 2024 年，我們在大多數最大的超大規模客戶中的份額已遠遠超過 50%。

Hyperscaler demand for EPYC CPUs was very strong, driven by expanded deployments powering both their internal compute infrastructure and online services.

超大規模對 EPYC CPU 的需求非常強勁，這得益於為其內部運算基礎架構和線上服務提供支援的擴展部署。

Public cloud demand was also very strong with a number of EPYC instances increasing 27% in 2024 to more than 1,000.

公有雲需求也非常強勁，到 2024 年 EPYC 實例數量將增加 27%，達到 1,000 多個。

AWS, Alibaba, Google, Microsoft and

AWS、阿里巴巴、Google、微軟和

Tencent launched more than 100 AMD general purpose in AI instances in the fourth quarter alone.

光是第四季度，騰訊就推出了100多個AMD通用AI實例。

This includes new Azure instances powered by a custom-built EPYC processor with HBM memory that delivers leadership HPC performance based on offering 8x higher memory bandwidth compared to competitive offerings.

這包括由配備 HBM 記憶體的客製化 EPYC 處理器驅動的新 Azure 實例，與競爭產品相比，該處理器可提供 8 倍更高的記憶體頻寬，從而提供領先的 HPC 效能。

We also built significant momentum with Forbes 2000 Global Businesses using EPYC in the cloud, as enterprise customers activated more than double the number of EPYC cloud instances from the prior quarter.

我們也與使用雲端 EPYC 的《富比士》2000 全球企業合作，建立了顯著的發展勢頭，因為企業客戶啟動的 EPYC 雲端實例數量比上一季增加了一倍多。

This capped-off a strong year of growth as enterprise consumption of EPYC in the cloud nearly tripled from 2023.

這是強勁成長的一年，企業在雲端對 EPYC 的消費量較 2023 年成長了近三倍。

Turning to enterprise on-prem adoption.

轉向企業內部採用。

EPYC CPU sales grew by a strong double-digit percentage year-over-year, as sales grew increased, and we closed high-volume deployments with Akamai, Hitachi, LG, ServiceNow, Verizon, Visa and others.

隨著銷售額的成長，EPYC CPU 銷售額年增了兩位數，我們與 Akamai、日立、LG、ServiceNow、Verizon、Visa 等公司完成了大批量部署。

We are seeing growing enterprise pull based on the expanding number of EPYC platforms available and our increased go-to-market investments.

隨著 EPYC 平台數量的不斷增加以及我們增加的市場投資，我們看到企業吸引力不斷增強。

Exiting 2024, there are more than 450 EPYC platforms available from the leading server OEMs and ODMs, including more than 120 Turin platforms that went into production in the fourth quarter from Cisco, Dell, HPE, Lenovo, Super Micro and others.

截至 2024 年，領先的伺服器 OEM 和 ODM 將提供超過 450 個 EPYC 平台，其中包括思科、戴爾、HPE、聯想、超微等公司在第四季度投入生產的超過 120 個 Turin 平台。

Looking forward, Turin is clearly the best server processor in the world with more than 540 performance records across a broad range of industry standard benchmarks.

展望未來，Turin 顯然是世界上最好的伺服器處理器，在廣泛的行業標準基準測試中擁有超過 540 項效能記錄。

At the same time, we are seeing sustained demand for both fourth and third gen-EPYC processors as our consistent road map execution has made AMD the dependable and safe choice.

同時，我們看到對第四代和第三代 EPYC 處理器的持續需求，因為我們一致的路線圖執行使 AMD 成為可靠且安全的選擇。

As a result, we see clear growth opportunities in 2025 across both cloud and enterprise based on our full portfolio of EPYC processors, optimized for leadership performance across the entire range of data center workloads and system price points.

因此，基於我們完整的 EPYC 處理器產品組合，我們看到 2025 年雲端運算和企業領域都有明顯的成長機會，這些處理器針對整個資料中心工作負載和系統價格點的領先效能進行了最佳化。

Turning to our data center AI business. 2024 was an outstanding year, as we accelerated our AI hardware road map to deliver an annual cadence of new Instinct accelerators, expanded our ROCm software suite with significant uplifts in inferencing and training performance, built strong customer relationships with key industry leaders and delivered greater than $5 billion of data center AI revenue for the year.

轉向我們的資料中心 AI 業務。 2024 年是傑出的一年，我們加速了 AI 硬體路線圖的製定，每年推出新的 Instinct 加速器，擴展了 ROCm 軟體套件，顯著提升了推理和訓練性能，與主要行業領導者建立了牢固的客戶關係，並實現了超過 50 億美元的數據中心 AI 收入。

Looking at the fourth quarter, MI300X production deployments expanded with our largest cloud partners.

回顧第四季度，MI300X 的生產部署隨著我們最大的雲端合作夥伴而擴大。

Meta exclusively used MI300X to serve their Llama 405B frontier model on meta.ai and added instinct GPUs to its OCP-compliant Grand Teton platform, designed for deep learning recommendation models and large-scale AI inferencing workloads.

Meta 專門使用 MI300X 為 meta.ai 上的 Llama 405B 前沿模型提供服務，並在其符合 OCP 標準的 Grand Teton 平台中添加了 Instint GPU，專為深度學習推薦模型和大規模 AI 推理工作負載而設計。

Microsoft is using MI300X to power multiple GPT 4-based Copilot services, and launched flagship instances that scale up to thousands of GPUs for AI training and inference and HPC workloads.

微軟正在使用 MI300X 為多個基於 GPT 4 的 Copilot 服務提供支持，並推出了可擴展至數千個 GPU 的旗艦實例，用於 AI 訓練和推理以及 HPC 工作負載。

IBM, Digital Ocean, Vultr and several other AI-focused CSPs have begun deploying AMD Instinct accelerators for new instances.

IBM、Digital Ocean、Vultr 和其他幾家專注於人工智慧的 CSP 已開始為新執行個體部署 AMD Instinct 加速器。

IBM also announced plans to enable MI300X on their Watson X AI and data platform for training and deploying enterprise-ready generative AI applications.

IBM 也宣布計劃在其 Watson X AI 和資料平台上啟用 MI300X，以訓練和部署適用於企業級的生成式 AI 應用程式。

Instinct platforms are currently being deployed across more than a dozen CSPs globally, and we expect this number to grow in 2025.

Instinct 平台目前已部署在全球十多家 CSP 中，我們預計到 2025 年這一數字將會成長。

For enterprise customers, more than 25 MI300 series platforms are in production with the largest OEMs and ODMs.

對於企業客戶，超過 25 個 MI300 系列平台正在與最大的 OEM 和 ODM 合作生產。

To simplify and accelerate enterprise adoption of AMD Instinct platforms, Dell began offering MI300X as a part of their AI factory solution suite and is providing multiple ready-to-deploy containers via the Dell Enterprise Hub on Hugging Face.

為了簡化和加速企業對 AMD Instinct 平台的採用，戴爾開始提供 MI300X 作為其 AI 工廠解決方案套件的一部分，並透過 Hugging Face 上的戴爾企業中心提供多個可立即部署的容器。

HPC adoption also grew in the quarter.

本季 HPC 的採用也有所成長。

AMD now powers five of the 10 fastest and 15 of the 25 most energy efficient systems in the world, on the latest top 500 supercomputer list.

在最新的 500 強超級電腦榜單中，全球速度最快的 10 個系統中有 5 個由 AMD 提供支持，而能效最高的 25 個系統中有 15 個由 AMD 提供支援。

Notably, the El Capitan system at Lawrence Livermore National Labs, debuted as the world's fastest supercomputer, using over 44,000 MI300A APUs to deliver more than 1.7 exaflops of compute performance.

值得注意的是，勞倫斯利弗莫爾國家實驗室的 El Capitan 系統首次亮相就成為世界上最快的超級計算機，它使用超過 44,000 個 MI300A APU 來提供超過 1.7 百億億次浮點運算的計算性能。

Earlier this month, the high-performance computer center at the University of Stuttgart, launched the Hunter supercomputer that also uses MI300A.

本月初，斯圖加特大學高效能電腦中心推出了同樣採用 MI300A 的 Hunter 超級電腦。

Like El Capitan, Hunter will be used for both foundational scientific research and advanced AI projects, including training LLMs in 24 different European languages.

與 El Capitan 一樣，Hunter 將用於基礎科學研究和先進的 AI 項目，包括使用 24 種不同的歐洲語言培訓法學碩士 (LLM)。

On the AI software front, we made significant progress across all layers of the ROCm stack in 2024.

在人工智慧軟體方面，我們在 2024 年在 ROCm 堆疊的所有層上取得了重大進展。

Our strategy is to establish AMD ROCm as the industry's leading open software stack for AI, providing developers with greater choice and accelerating the pace of industry innovation.

我們的策略是將 AMD ROCm 打造為業界領先的 AI 開放軟體堆棧，為開發人員提供更多選擇，加快產業創新的步伐。

More than 1 million models on Hugging Face now run out of the box on AMD.

Hugging Face 上的超過 100 萬個型號現已在 AMD 上開箱運行。

And our platforms are supported in the leading frameworks like PyTorch and JAX, serving solutions like VLLM and compilers like OpenAI Triton.

我們的平台支援 PyTorch 和 JAX 等領先框架，並為 VLLM 等解決方案和 OpenAI Triton 等編譯器提供服務。

We have also successfully ramped large-scale production deployments with numerous customers using ROCm, including our lead hyperscale partners.

我們也與許多使用 ROCm 的客戶（包括我們的主要超大規模合作夥伴）成功實現了大規模生產部署。

We ended the year with the release of ROCm 6.3 that included multiple performance optimizations, including support for the latest flash attention algorithm that runs up to 3 times faster than prior versions and SGLang runtime that enabled day-zero support for state-of-the-art models like DeepSeek V3.

我們在年底發布了 ROCm 6.3，其中包含多項性能優化，包括對最新閃存注意演算法的支持，該演算法的運行速度比以前版本快 3 倍，以及為 DeepSeek V3 等最先進模型提供零日支持的 SGLang 運行時。

As a result of these latest enhancements, MI300X inferencing performance has increased 2.7 times since launch.

由於這些最新的增強功能，MI300X 推理效能自推出以來提高了 2.7 倍。

Looking forward, we're continuing to accelerate our software investments to improve the out-of-the-box experience for a growing number of customers adopting Instinct to power their diverse AI workloads.

展望未來，我們將繼續加快軟體投資，以改善越來越多採用 Instinct 來支援其多樣化 AI 工作負載的客戶的開箱即用體驗。

For example, in January we began delivering biweekly container releases that provide more frequent performance and feature updates and ready to deploy packages, and we continue adding resources dedicated to the open source community that enable us to build, test and launch new software enhancements at a faster pace.

例如，從一月開始，我們每兩週發布一次容器版本，提供更頻繁的效能和功能更新以及可隨時部署的軟體包，並且我們將繼續增加專用於開源社群的資源，使我們能夠以更快的速度建置、測試和推出新的軟體增強功能。

On the product front, we began volume production of MI325X in the fourth quarter.

在產品方面，我們於第四季開始大量生產MI325X。

The production ramp is progressing very well to support new customer wins.

生產進度非常順利，為贏得新客戶提供了支援。

MI325 is well-positioned in market, delivering significant performance and TCO advantages compared to competitive offerings.

MI325 在市場中佔據有利地位，與競爭產品相比具有顯著的性能和 TCO 優勢。

We have also made significant progress with a number of customers adopting AMD Instinct.

我們在眾多採用 AMD Instinct 的客戶中也取得了重大進展。

For example, we recently closed several large wins with MI300 and MI325 at LighthouseAI customers that are deploying instinct at scale across both their inferencing and training production environments for the first time.

例如，我們最近與 LighthouseAI 客戶的 MI300 和 MI325 達成了幾項重大合作，這些客戶首次在推理和訓練生產環境中大規模部署了本能。

Looking ahead, our next-generation MI350 series featuring our CDNA 4 architecture is looking very strong.

展望未來，採用 CDNA 4 架構的下一代 MI350 系列表現非常強勁。

CDNA 4 will deliver the biggest generational leap in AI performance in our history, with a 35 times increase in AI compute performance compared to CDNA 3.

CDNA 4 將實現我們歷史上 AI 性能最大的世代飛躍，與 CDNA 3 相比，AI 計算性能提高了 35 倍。

The silicon has come up really well.

矽的生長情況確實很好。

We were running large-scale LLMs within 24 hours of receiving first silicon and validation work is progressing ahead of schedule.

我們在收到第一個矽片的 24 小時內就運行了大規模的 LLM，並且驗證工作正在提前進行。

The customer feedback on MI350 series has been strong, driving deeper and broader customer engagements with both existing and net new hyperscale customers in preparation for at-scale MI350 deployments.

客戶對 MI350 系列的回饋非常強烈，推動了與現有和新增超大規模客戶進行更深入、更廣泛的客戶互動，為大規模 MI350 部署做好準備。

Based on early silicon progress and the strong customer interest in the MI350 series, we now plan to sample lead customers this quarter and are on track to accelerate production shipments to mid-year.

根據早期的矽片進度和客戶對 MI350 系列的強烈興趣，我們現計劃本季向主要客戶提供樣品，並有望加速到年中生產出貨。

As we look forward into our multiyear AMD Instinct road map, I'm excited to share that MI400 series development is also progressing very well.

在展望多年的 AMD Instinct 路線圖時，我很高興地告訴大家 MI400 系列的開發也進展順利。

The CDNA next architecture takes another major leap enabling powerful rackscale solutions that tightly integrate networking CPU and GPU capabilities at the silicon level to support Instinct solutions at data center scale.

CDNA 新一代架構又邁出了重大一步，實現了強大的機架級解決方案，該解決方案在矽片層級緊密整合網路 CPU 和 GPU 功能，以支援資料中心規模的 Instinct 解決方案。

We designed CDNA next to deliver leadership AI and HPC flops while expanding our memory capacity and bandwidth advantages and supporting an open ecosystem of scale up and scale out networking products.

我們設計了 CDNA，以提供領先的 AI 和 HPC 效能，同時擴展我們的記憶體容量和頻寬優勢，並支援擴大和擴展網路產品的開放生態系統。

We are seeing strong customer interest in the MI400 series for large-scale training and inference deployments and remain on track to launch in 2026.

我們看到客戶對用於大規模訓練和推理部署的 MI400 系列表現出濃厚興趣，並且仍有望在 2026 年推出。

Turning to our acquisition of ZT Systems.

談到我們對 ZT Systems 的收購。

We passed key milestones in the quarter and received unconditional regulatory approvals in multiple jurisdictions, including Japan, Singapore and Taiwan.

我們在本季取得了關鍵的里程碑，並獲得了日本、新加坡和台灣等多個司法管轄區的無條件監管批准。

Cloud and OEM customer response to the acquisition has been very positive, as ZT's Systems expertise can accelerate time to market for future Instinct accelerator platforms.

雲端和 OEM 客戶對此次收購的反應非常積極，因為 ZT 的系統專業知識可以加快未來 Instinct 加速器平台的上市時間。

We have also received significant interest in ZT's manufacturing business.

我們也對 ZT 的製造業務產生了濃厚的興趣。

We expect to successfully divest ZT's industry-leading U.S.-based data center infrastructure production capabilities, shortly after we close the acquisition, which remains on track for the first half of the year.

我們預計在完成收購後不久將成功剝離 ZT 位於美國業界領先的資料中心基礎設施生產能力，收購將在上半年順利進行。

Turning to our client segment.

轉向我們的客戶群。

Revenue increased 58% year-over-year to a record $2.3 billion.

營收年增58%，達到創紀錄的23億美元。

We gained client revenue share for the fourth straight quarter, driven by significantly higher demand for both Ryzen desktop and mobile processors.

由於 Ryzen 桌上型電腦和行動處理器的需求大幅增加，我們連續第四個季度獲得了客戶收入份額的成長。

We had record desktop channel sell-out in the fourth quarter in multiple regions, as Ryzen dominated the best-selling CPU list at many retailers globally.

第四季度，我們在多個地區的桌上型電腦通路銷售量創下了紀錄，Ryzen 在全球許多零售商的 CPU 暢銷榜上佔據主導地位。

Exceeding 70% share at Amazon, Newegg, MindFactory and numerous others over the holiday period.

假期期間，亞馬遜、Newegg、MindFactory 和其他眾多網站的份額超過 70%。

In mobile, we believe we had a record OEM PC sell-through share in the fourth quarter as Ryzen AI 300 Series notebooks ramp.

在行動領域，我們相信，隨著 Ryzen AI 300 系列筆記型電腦的普及，我們在第四季度的 OEM PC 銷售份額創下了歷史新高。

In addition to growing share with our existing PC partners, we were very excited to announce a new strategic collaboration with Dell that marks the first time they will offer a full portfolio of commercial PCs powered by Ryzen Pro processors.

除了擴大現有 PC 合作夥伴的份額之外，我們還非常高興地宣布與戴爾建立新的策略合作關係，這標誌著他們首次提供搭載 Ryzen Pro 處理器的全系列商用 PC。

The initial wave of Ryzen-powered Dell commercial notebooks is planned to launch this spring with the full portfolio ramping in the second half of the year, as we focus on growing commercial PC share.

我們專注於擴大商用 PC 的份額，首批搭載 Ryzen 處理器的戴爾商用筆記型電腦計劃於今年春季推出，全系列產品將在今年下半年推出。

At CES, we expanded our Ryzen portfolio with the launch of 22 new mobile processors that deliver leadership compute, graphics and AI capabilities.

在 CES 上，我們推出了 22 款新型行動處理器，擴展了我們的 Ryzen 產品組合，這些處理器具有領先的運算、圖形和 AI 功能。

Our Ryzen processor portfolio has never been stronger with leadership compute performance across the stack.

我們的 Ryzen 處理器產品組合從未如此強大，具有領先的運算效能。

For AI PCs, we are the only provider that offers a complete portfolio of CPUs, enabling Windows Copilot+ experiences on premium ultrathin, commercial, gaming and mainstream notebooks.

對於 AI PC，我們是唯一提供完整 CPU 產品組合的供應商，可在高階超薄、商用、遊戲和主流筆記型電腦上實現 Windows Copilot+ 體驗。

Looking into 2025, we are planning for the PC TAM to grow by a mid-single-digit percentage year-on-year.

展望 2025 年，我們計劃 PC TAM 將年增中個位數百分比。

Based on the breadth of our leadership client CPU portfolio and strong design win momentum, we believe we can grow client segment revenue well ahead of the market.

基於我們領先客戶 CPU 產品組合的廣度和強勁的設計獲勝勢頭，我們相信我們可以使客戶部門的收入成長遠遠超過市場。

Now turning to our Gaming segment.

現在轉向我們的遊戲部分。

Revenue declined 59% year over year to $563 million. Semi-custom

營收年減59%至5.63億美元。半客製化

sales declined as expected as Microsoft and Sony focused on reducing channel inventory.

由於微軟和索尼專注於減少通路庫存，銷售額如預期下降。

Overall, this console generation has been very strong.

總體而言，這一代遊戲機非常強大。

Highlighted by cumulative unit shipments surpassing 100 million in the fourth quarter.

第四季累計出貨量突破1億台。

Looking forward, we believe channel inventories have now normalized and semi-custom sales will return to more historical patterns in 2025.

展望未來，我們相信通路庫存現已正常化，半客製化銷售將在 2025 年恢復到更歷史性的模式。

In Gaming Graphics, revenue declined year-over-year, as we accelerated channel sellout in preparation for the launch of our next-gen Radeon 9000 series GPUs.

在遊戲圖形方面，由於我們加速了通路銷售，為推出下一代 Radeon 9000 系列 GPU 做準備，營收年減。

Our focus with this generation is to address the highest volume portion of the enthusiast gaming market with our new RDNA 4 architecture.

我們這一代產品的重點是利用我們新的 RDNA 4 架構來滿足發燒友遊戲市場中最大份額的需求。

RDNA 4 delivers significantly better ray tracing performance and add support for AI-powered upscaling technology that will bring high-quality 4K gaming to mainstream players when the first Radeon 9070 series GPUs go on sale in early March.

RDNA 4 提供了明顯更好的光線追蹤效能，並增加了對 AI 驅動的升級技術的支持，當首款 Radeon 9070 系列 GPU 於 3 月初發售時，它將為主流玩家帶來高品質的 4K 遊戲。

Now turning to our Embedded segment.

現在轉向我們的嵌入式部分。

Fourth quarter revenue decreased 13% year-over-year to $923 million.

第四季營收年減13%至9.23億美元。

The demand environment remains mixed, with the overall market recovering slower than expected as strength in aerospace and defense and test and emulation is offset by softness in the industrial and communications markets.

需求環境仍然好壞參半，由於航空航太和國防以及測試和模擬領域的強勢被工業和通訊市場的疲軟所抵消，整體市場復甦速度慢於預期。

We continue expanding our adaptive computing portfolio in the quarter with differentiated solutions for key markets.

本季度，我們繼續擴大自適應運算產品組合，為主要市場提供差異化解決方案。

We launched our Versal RF series with industry-leading compute performance for aerospace and defense markets, introduced our Versal premium series Gen 2, as the industry's first adaptive compute devices supporting CXL 3.1 and PCI Gen 6 and began shipping our next-gen Alveo card with leadership performance for ultra-low latency trading.

我們針對航空航太和國防市場推出了具有業界領先運算性能的 Versal RF 系列，推出了 Versal 高級系列 Gen 2，作為業界首款支援 CXL 3.1 和 PCI Gen 6 的自適應計算設備，並開始發售具有領先性能的下一代 Alveo 卡，可實現超低延遲交易。

We believe we gained adaptive computing share in 2024 and are well-positioned for ongoing share gains based on our design win momentum.

我們相信，我們將在 2024 年獲得自適應計算份額，並且憑藉我們設計獲勝的勢頭，我們有能力持續增加份額。

We closed a record $14 billion of design wins in 2024, up more than 25% year-over-year, as customer adoption of our industry-leading adaptive computing platforms expands and we won large new embedded processor designs.

隨著客戶對我們行業領先的自適應計算平台的採用不斷擴大以及我們贏得了大型新型嵌入式處理器設計，我們在 2024 年完成了創紀錄的 140 億美元的設計訂單，同比增長超過 25%。

In summary, we ended 2024 with significant momentum, delivering record quarterly and full-year revenue.

總而言之，我們以強勁的發展勢頭結束了 2024 年，實現了創紀錄的季度和全年收入。

EPYC and Ryzen processor share gains grew throughout the year, and we are well-positioned to continue outgrowing the market based on having the strongest CPU portfolio in our history.

EPYC 和 Ryzen 處理器的份額在全年都有所增長，憑藉我們歷史上最強大的 CPU 產品組合，我們有能力繼續超越市場。

We established our multibillion-dollar data center AI business and accelerated both our Instinct hardware and ROCm software road maps.

我們建立了價值數十億美元的資料中心 AI 業務，並加速了我們的 Instinct 硬體和 ROCm 軟體路線圖。

For 2025, we expect the demand environment to strengthen across all of our businesses, driving strong growth in our data center and client businesses and modest increases in our gaming and Embedded businesses.

展望 2025 年，我們預期所有業務的需求環境都將增強，推動資料中心和客戶端業務強勁成長，遊戲和嵌入式業務適度成長。

Against this backdrop, we believe we can deliver strong double-digit percentage revenue and EPS growth year-over-year.

在此背景下，我們相信我們能夠實現強勁的兩位數百分比收入和每股收益同比增長。

Looking further ahead, the recent announcements of significant AI infrastructure investments like Stargate, and latest model breakthroughs from DeepSeek and the Allen Institute highlight the incredibly rapid pace of AI innovation across every layer of the stack, from silicon to algorithms to models, systems and applications.

展望未來，最近宣布的星際之門等重大人工智慧基礎設施投資，以及 DeepSeek 和艾倫研究所的最新模型突破，凸顯了從矽片到演算法到模型、系統和應用程式等各個層面的人工智慧創新速度令人難以置信地快。

These are exactly the types of advances we want to see as the industry invests in increased compute capacity, while pushing the envelope on software innovation to make AI more accessible and enable breakthrough generative and agentic AI experiences that can run on virtually every digital device.

這些正是我們希望看到的進步，因為業界正在投資提高運算能力，同時推動軟體創新的極限，使人工智慧更容易被訪問，並實現幾乎可以在所有數位設備上運行的突破性的生成性和代理性人工智慧體驗。

All of these initiatives require massive amounts of new compute and create unprecedented growth opportunities for AMD across our businesses.

所有這些舉措都需要大量新的運算能力，並為 AMD 的各個業務領域創造了前所未有的成長機會。

AMD is the only provider with the breadth of products and software expertise needed to power AI from end-to-end across data center, edge and client devices.

AMD 是唯一擁有廣泛產品和軟體專業知識的供應商，可為資料中心、邊緣和用戶端設備的端對端 AI 提供支援。

We have made outstanding progress building the foundational product, technology and customer relationships needed to capture a meaningful portion of this market.

我們在建立基礎產品、技術和客戶關係方面取得了突出進展，以佔據該市場的重要份額。

And we believe this places AMD on a steep long-term growth trajectory, led by the rapid scaling of our data center AI franchise for more than $5 billion of revenue in 2024 to tens of billions of dollars of annual revenue over the coming years.

我們相信，這將使 AMD 走上長期的快速成長軌道，其中，我們的資料中心 AI 特許經營權將迅速擴張，到 2024 年將實現超過 50 億美元的收入，並在未來幾年實現數百億美元的年收入。

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

現在我想將電話轉給 Jean，以便進一步介紹我們第四季和全年的業績。

Jean?

吉恩？

Thank you, Lisa, and good afternoon, everyone.

謝謝你，麗莎，大家午安。

I'll start with a review of our financial results and then provide our current outlook for the first quarter of fiscal 2025.

我將首先回顧我們的財務業績，然後提供我們對 2025 財年第一季的當前展望。

AMD executed very well in 2024, delivering record revenue of $25.8 billion, up 14%, driven by 94% growth in our data center segment and a 52% growth in our client segment, which more than offset headwinds in our gaming and embedded segments.

AMD 在 2024 年的表現非常出色，實現了創紀錄的 258 億美元的營收，成長 14%，這得益於資料中心部門成長 94% 以及客戶端部門成長 52%，這足以抵消遊戲和嵌入式部門的阻力。

We expanded gross margin by 300 basis points and achieved earnings per share growth of 25% while investing aggressively in AI to fuel our future growth.

我們將毛利率提高了 300 個基點，實現了每股盈餘成長 25%，同時積極投資人工智慧以推動我們未來的成長。

For the fourth quarter of 2024, revenue was a record $7.7 billion, growing 24% year over year as strong revenue growth in the data center and client segment was partially offset by lower revenue in our gaming and embedded segments.

2024 年第四季度，營收達到創紀錄的 77 億美元，年增 24%，因為資料中心和客戶部門的強勁收入成長被遊戲和嵌入式部門的收入下降部分抵消。

Revenue was up 12% sequentially, primarily driven by the growth of client, data center and the gaming segments.

營收季增 12%，主要得益於客戶端、資料中心和遊戲部門的成長。

Gross margin was 54%, up 330 basis points year-over-year due to a favorable shift in revenue mix with higher data center and client revenues lower gaming revenue, partially offset by the impact of lower embedded revenue.

毛利率為 54%，較上年同期成長 330 個基點，原因是收入結構有利變化，資料中心和客戶收入增加，遊戲收入下降，但內含收入下降的影響部分抵消了這一影響。

Operating expenses were $2.1 billion, an increase of 23% year over year, as we invest in R&D and marketing activities to address our significant growth opportunities.

營運費用為 21 億美元，年增 23%，因為我們投資於研發和行銷活動以抓住我們巨大的成長機會。

Operating income was a record of $2 billion, representing 26% operating margin.

營業收入達到創紀錄的 20 億美元，營業利益率為 26%。

Taxes, interest and other was $249 million net expense.

稅金、利息和其他淨支出為 2.49 億美元。

For the fourth quarter of 2024 diluted earnings per share was $1.09, an increase of 42% year-over-year, reflecting the significant operating leverage of our business model.

2024 年第四季每股攤薄收益為 1.09 美元，年增 42%，反映了我們商業模式的顯著經營槓桿。

Now turning to our reportable segment, starting with the data center segment.

現在轉向我們的報告部分，從資料中心部分開始。

Revenue was a record of $3.9 billion, up 69% year over year driven by strong growth, both AMD Instinct GPU and the fourth and the fifth generation AMD EPYC CPU sales.

營收創紀錄地達到 39 億美元，年成長 69%，這得益於 AMD Instinct GPU 以及第四代和第五代 AMD EPYC CPU 銷售的強勁成長。

Data Center segment operating income was $1.2 billion or 30% of revenue compared to $666 million or 29% a year ago.

資料中心部門的營業收入為 12 億美元，佔營收的 30%，去年同期為 6.66 億美元，佔營收的 29%。

Client segment revenue was a record of $2.3 billion, up 58% year-over-year, driven by strong demand for AMD Ryzen processors.

受 AMD Ryzen 處理器強勁需求的推動，客戶端部門營收創下 23 億美元的紀錄，年增 58%。

Client segment operating income was $446 million or 19% of revenue compared to operating income of $55 million or 4% of revenue a year ago, driven primarily by operating leverage due from higher revenue.

客戶部門營業收入為 4.46 億美元，佔收入的 19%，而去年同期的營業收入為 5,500 萬美元，佔收入的 4%，這主要得益於收入增加帶來的營業槓桿。

Gaming segment revenue was $563 million, down 59% year-over-year, primarily due to a decrease in semi customer revenue.

遊戲部門營收為 5.63 億美元，年減 59%，主要因半客戶收入減少。

Gaming segment operating income was $50 million or 9% of revenue compared to $224 million or 16% a year ago.

遊戲部門營業收入為 5,000 萬美元，佔營收的 9%，去年同期為 2.24 億美元，佔營收的 16%。

Embedded segment revenue was $923 million, down 13% year-over-year, as end market demand continues to be mixed.

嵌入式部門營收為 9.23 億美元，年減 13%，因為終端市場需求持續好壞參半。

Embedded segment operating income was $362 million or 39% of revenue compared to $461 million or 44% a year ago.

嵌入式部門營業收入為 3.62 億美元，佔營收的 39%，去年同期為 4.61 億美元，佔營收的 44%。

Turning to the balance sheet and cash flow.

轉向資產負債表和現金流。

During the quarter, we generated $1.3 billion in cash from operations and a record $1.1 billion for free cash flow.

在本季度，我們從營運活動中產生了 13 億美元的現金，並創造了 11 億美元的自由現金流記錄。

Inventory increased sequentially by $360 million to $5.7 billion.

庫存環比增加 3.6 億美元，達到 57 億美元。

In the end of the quarter, cash, cash equivalent and short-term investments were $5.1 billion.

本季末，現金、現金等價物及短期投資為51億美元。

In the fourth quarter, we repurchased 1.8 million shares and returned $256 million to shareholders.

第四季度，我們回購了180萬股，向股東返還了2.56億美元。

For the year, we repurchased 5.9 million shares and returned $862 million to shareholders.

今年，我們回購了 590 萬股，向股東返還了 8.62 億美元。

We have a $4.7 billion remaining in our share repurchase authorization.

我們的股票回購授權剩餘金額為 47 億美元。

Before I turn to our financial outlook, let me cover our financial segment reporting.

在談到我們的財務展望之前，我先介紹我們的財務分部報告。

Beginning with our first quarter fiscal year 2025 financial statement disclosures.

從我們的2025財年第一季財務報表揭露開始。

We plan to combine the client and the gaming segment into one single reportable segment to align with how we manage the business.

我們計劃將客戶和遊戲部門合併為單一的報告部門，以符合我們的業務管理方式。

Therefore, reporting three segments: data center, client with gaming and the embedded.

因此，報告三個部分：資料中心、遊戲用戶端和嵌入式。

We'll continue to provide distinct revenue disclosures for our data center, client, gaming and embedded businesses, consistent with our current reporting.

我們將繼續為我們的資料中心、客戶端、遊戲和嵌入式業務提供不同的收入揭露，與我們目前的報告一致。

Now turning to our first quarter of 2025 outlook.

現在來談談我們對 2025 年第一季的展望。

We expect revenue to be approximately $7.1 billion plus or minus $300 million, up 30% year-over-year, driven by strong growth in our data center and the client business.

我們預計營收約 71 億美元（上下浮動 3 億美元），年增 30%，主要得益於資料中心和客戶業務的強勁成長。

More than offsetting a significant decline in our gaming business and a modest decline in our embedded business.

足以抵消我們遊戲業務的大幅下滑和嵌入式業務的適度下滑。

We expect revenue to be down sequentially approximately 7%, driven primarily by seasonality across our businesses.

我們預計收入將環比下降約 7%，主要原因是業務的季節性影響。

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

此外，我們預計第一季非GAAP毛利率約為54%。

Non-GAAP operating expenses to be approximately $2.1 billion.

非公認會計準則營業費用約 21 億美元。

Non-GAAP

非公認會計準則

other net income to be $24 million, non-GAAP effective tax rate to be 13% and the diluted share count is expected to be approximately 1.64 billion shares.

其他淨收入為 2,400 萬美元，非 GAAP 有效稅率為 13%，預計稀釋股數約為 16.4 億股。

In closing, 2024 was a strong year for AMD, demonstrating our disciplined execution to deliver revenue growth and expand earnings at a faster rate than revenue.

最後，2024 年對 AMD 來說是強勁的一年，證明了我們嚴謹的執行力，實現了收入成長，並且獲利成長速度快於收入成長速度。

All while investing in AI and the innovation to fuel long-term growth.

同時投資人工智慧和創新以推動長期成長。

Looking ahead, we will build on the momentum to drive double-digit percentage revenue growth and further accelerated earnings in 2025 and beyond.

展望未來，我們將趁勢推動營收達到兩位數百分比成長，並在 2025 年及以後進一步提高獲利。

With that, I'll turn it back to Matt for the Q&A session.

說完這些，我會把話題轉回給馬特，進行問答環節。

Thank you very much, Jean.

非常感謝，Jean。

We're now ready to start the Q&A session.

我們現在準備開始問答環節。

As the operator pulls for questions, we remind each participant to please ask one question and a brief follow-up.

當操作員開始提問時，我們提醒每位參與者提出一個問題並進行簡短的後續。

Operator, please poll for questions.

接線員，請投票詢問問題。

Thanks.

謝謝。

Thank you Matt.

謝謝你，馬特。

We will now be conducting a question-and-answer session.

我們現在將進行問答環節。

(Operator Instructions)

（操作員指令）

Aaron Rakers, Wells Fargo.

富國銀行的 Aaron Rakers。

Yes.

是的。

Thanks for taking the question.

感謝您回答這個問題。

I guess I'll just ask it right out of the gate is, as we think about the GPU business, and I appreciate you talked about delivering north of $5 billion of revenue, which is extremely impressive in 2024.

我想我首先要問的是，當我們考慮 GPU 業務時，我很欣賞您談到實現超過 50 億美元的收入，這在 2024 年是非常令人印象深刻的。

I'm curious if you -- how we should think about framing the GPU, the instinct business, as we think about 2025?

我很好奇——當我們展望 2025 年時，我們應該如何建立 GPU、本能業務？

And any kind of color you can provide us as far as kind of the progression of revenue, the pace of revenue first half versus second half as we think about some of the product cycle dynamics.

當我們考慮一些產品週期動態時，您能否為我們提供有關收入進展的任何細節，以及上半年與下半年的收入成長速度。

Thank you.

謝謝。

Sure, Aaron.

當然，亞倫。

Thanks for the question.

謝謝你的提問。

So first of all, look we were very pleased with how we finished 2024 in terms of the data center GPU business.

首先，我們對 2024 年資料中心 GPU 業務的成績感到非常滿意。

I think the ramp was steep as we went throughout the year, and the team executed well.

我認為我們全年都面臨著巨大的挑戰，而且團隊表現得很好。

Going into 2025, as I mentioned in the prepared remarks, we are actually very happy with the progress that we're making on both the hardware road maps and the software road maps.

進入 2025 年，正如我在準備好的發言中提到的，我們對硬體路線圖和軟體路線圖上的進展感到非常高興。

So on the hardware side, we launched MI325 at the end of the fourth quarter, started shipments then.

因此在硬體方面，我們在第四季末推出了 MI325，並開始出貨。

We have new designs that have come on both MI300 and MI325 that we'll deploy in the first half of the year.

我們在 MI300 和 MI325 上採用了新的設計，並將在今年上半年部署。

And then the big news is on the MI350 series.

然後重大新聞是關於 MI350 系列的。

So we had previously stated that we thought we would launch that in the second half of the year.

因此，我們之前曾表示，我們認為將在今年下半年推出該產品。

And frankly, that bring-up has come up better than we expected, and there is very strong customer demand for that.

坦白說，這一結果比我們預期的要好，而且客戶對此的需求非常強烈。

So we are actually going to pull that production ramp into the middle of the year, which improves our relative competitiveness.

因此，我們實際上將在年中拉開生產進度的帷幕，這將提高我們的相對競爭力。

So as it relates to how data center -- so the overall data center business will grow strong double digits certainly, both the server product line as well as the data center GPU product line will grow strong double digits.

因此，就資料中心而言—整體資料中心業務肯定會實現強勁的兩位數成長，伺服器產品線和資料中心 GPU 產品線都將實現強勁的兩位數成長。

And from the shape of the revenue you would expect that the second half would be stronger than the first half, just given MI350 will be a catalyst for the data center GPU business.

從營收狀況來看，您可以預期下半年會比上半年更強勁，因為 MI350 將成為資料中心 GPU 業務的催化劑。

But overall, I think we are very pleased with the trajectory of the data center business in both 2024 and then going into full year 2025.

但總的來說，我認為我們對 2024 年以及 2025 年全年資料中心業務的發展軌跡感到非常滿意。

Yes.

是的。

Thank you very much.

非常感謝。

And as a quick follow-up, just thinking about the guidance overall relative to that down 7% sequential I know you mentioned seasonality across the business segments.

作為一個快速的跟進，只要考慮相對於連續下降 7% 的整體指導價格，我知道您提到了各個業務部門的季節性。

Are you assuming that you are down sequentially in data center in total in 1Q?

您是否認為第一季整個資料中心的運作都出現了連續停機？

And how do I frame that relative to seasonality?

那麼我該如何將其與季節性聯繫起來呢？

Thank you.

謝謝。

Yes, sure, Aaron.

是的，當然，亞倫。

So let me give you some more color on the Q1 guide.

因此，讓我為您提供有關 Q1 指南的更多詳細資訊。

So Q1 guide was down 7% sequentially, as Jean mentioned.

因此，正如 Jean 所提到的，第一季的指引比上一季下降了 7%。

And the way that breaks out in each of the segments assume that data center would be down just about that average, so the corporate average.

而每個部分的細分情況都假設資料中心的水平大約是該平均值，也就是企業平均值。

We would expect the client business and the embedded business to be down more than that.

我們預期客戶端業務和嵌入式業務的下滑幅度將更大。

Just given where seasonality is for those businesses.

只是考慮到這些企業的季節性。

And then we would expect gaming business will be down a little less than that.

我們預期遊戲業務的降幅將略低於這個數字。

And that's a little atypical from a seasonality standpoint, but we are coming-off of a year when there was a lot of let’s call it, inventory normalization.

從季節性的角度來看，這有點不典型，但我們剛剛度過了一個庫存正常化的時期。

And now that inventory has normalized, we would expect that, that would be down a little bit less than the corporate average.

現在庫存已經恢復正常，我們預期庫存下降幅度將略低於企業平均。

Timothy Arcuri, UBS.

瑞銀的提摩西·阿庫裡。

Thanks a lot.

多謝。

I wanted to ask about the server CPU business.

我想問一下伺服器CPU業務。

Jean, I think you have said in the past that core count is going to grow mid-to-high teens.

Jean，我想你過去曾說過，核心數量將會成長到十幾歲到十幾歲。

And as long as your competitor is not super aggressive on pricing that your business should grow roughly that much as well.

只要您的競爭對手在定價上不是太激進，您的業務也應該能實現大致相同的成長。

Are you expecting or are you already seeing them become a little more aggressive on pricing as they attempt to shore up their share.

您是否預計，或者您是否已經看到他們在試圖鞏固其市場份額時在定價上變得更激進一些？

It sounds like they're getting a bit more aggressive on pricing.

聽起來他們在定價上變得有點激進了。

So wondering if you still think that the server CPU business can grow in line with that core kind of mid-to-high teens.

所以想知道您是否仍然認為伺服器 CPU 業務可以與核心的中高水準保持同步成長。

Yes.

是的。

First, we always assume server CPU is a very competitive market but we currently have the best lineup portfolio from not only Turin generation, but Genoa and then even Milan, we provide the best TCO for our customers based on the product portfolio.

首先，我們始終認為伺服器 CPU 是一個競爭非常激烈的市場，但我們目前擁有最好的產品組合，不僅包括都靈世代，還包括熱那亞和米蘭，我們根據產品組合為客戶提供最佳的 TCO。

So overall, we are actually quite confident about continuing to drive the server CPU businesses not only growing from a unit perspective, ASP perspective and continue to gain share.

因此總體而言，我們實際上非常有信心繼續推動伺服器 CPU 業務，不僅從單位角度、ASP 角度實現成長，而且繼續獲得份額。

Thanks a lot.

多謝。

And then, Jean can you just give us a sense of where data center GPU came in for December?

然後，Jean，您能為我們介紹一下 12 月份資料中心 GPU 的情況嗎？

I'm thinking it's probably in the $2 billion range.

我認為這個數字可能在 20 億美元左右。

And then is it assumed to be down, flat or up, would you be willing to give a number for March?

那麼，它是下降、持平還是上升，您願意給出 3 月份的數字嗎？

Thanks.

謝謝。

Yes.

是的。

I think the way to look at our Q4 performance is our data center business overall did really well. actually is consistent with our expectations.

我認為看待我們第四季度業績的方式是我們的資料中心業務整體表現非常好。實際上是與我們的預期一致的。

Of course, when we look at the server and the data center GPU, server did better than data center GPU.

當然，當我們比較伺服器和資料中心 GPU 時，伺服器的表現比資料中心 GPU 更好。

But overall, it's very consistent with our performance.

但總體來說，這與我們的業績非常一致。

Yes.

是的。

Maybe I'll just add, Tim, on your question as to what you would expect as we go into 2025.

提姆，我可能想補充你的問題，當我們進入 2025 年時你有何期望。

I think you should assume that the first half of 2025 data center segment will be consistent with the second half of '24.

我認為你應該假設 2025 年上半年的資料中心部分將與 24 年下半年保持一致。

And that's true for both businesses on the server side as well as the data center GPU side.

這對於伺服器端和資料中心 GPU 端的業務都是如此。

Vivek Arya, Bank of America Securities.

Vivek Arya 的美國銀行證券。

Thanks for taking my question.

感謝您回答我的問題。

Lisa, a few questions on the data center GPU business.

Lisa，關於資料中心 GPU 業務有幾個問題。

I think last year, AMD was very explicit about setting and beating or meeting expectations.

我認為去年 AMD 非常明確地設定並超越或滿足了預期。

This year, you have not set a specific forecast, and I'm curious what has changed.

今年，您沒有設定具體的預測，我很好奇有什麼改變。

And then if I go back to your Analyst Day in December, I think at that time, you are sort of long-term 60% CAGR.

然後，如果我回到 12 月的分析師日，我想那時您的長期複合年增長率約為 60%。

Is it fair to assume that you can grow at that for '25, right, versus the $5 billion plus that you did last year.

與去年的 50 多億美元相比，我們可以合理地假設 25 年你們的銷售額可以維持這樣的成長嗎？

So just contrast the two years and then whether AMD can grow at that 60% trendline.

因此，只要比較兩年的時間，就能知道 AMD 是否能夠依照 60% 的趨勢線成長。

Sure.

當然。

So Vivek, thanks for the question.

所以 Vivek，謝謝你的提問。

I think what we look at is certainly for the first year of the data center GPU business, we wanted to give some clear progression as it was going.

我認為，我們所關注的肯定是資料中心 GPU 業務的第一年，我們希望在其發展過程中給出一些明確的進展。

The business is now at scale, actually now at over $5 billion.

現在該業務規模已達一定水平，實際價值已超過 50 億美元。

And as we go into 2025, I think our guidance will be more at the segment level with some color as to some qualitative color as to what's going on between the two businesses.

隨著我們進入 2025 年，我認為我們的指導將更多地停留在細分層面，並對兩家企業之間的情況進行一些定性分析。

And relative to your question about long-term growth rates, you are absolutely right.

關於長期成長率的問題，您說得完全正確。

I mean I believe that the demand for AI compute is strong.

我的意思是，我相信對人工智慧運算的需求很強。

And we've talked about a data center accelerator TAM upwards of $500 billion by the time we get out to 2028.

我們討論過，到 2028 年，資料中心加速器的總市場規模將超過 5,000 億美元。

I think all of the recent data points would suggest that there is a strong demand out there.

我認為所有最近的數據點都表明存在強勁的需求。

Without guiding for a specific number in 2025, one of the comments that we made is we see this business growing to tens of billions, as we go through the next couple of years.

雖然我們無法預測 2025 年的具體數字，但我們預測，在未來幾年內，這項業務將成長到數百億美元。

And that gives you a view of the confidence that we have in the business and particularly our road map is getting stronger with each generation, right?

這讓您看到了我們對業務的信心，特別是我們的發展路線圖隨著每一代的進步而變得越來越強大，對嗎？

So MI300 was a great start.

所以 MI300 是一個很好的開始。

MI350 series is stronger and addresses a broader set of workloads including both inference, as well as training.

MI350 系列功能更強大，可解決更廣泛的工作負載，包括推理和訓練。

And then as we get into MI400 series, we see significant traction and excitement around what we can do there with rackscale designs, and address the innovation that's going on there.

然後，當我們進入 MI400 系列時，我們看到了巨大的吸引力和興奮，圍繞著我們可以用機架式設計做什麼，並解決那裡正在進行的創新。

So yes, we are bullish on the long-term, and we'll certainly give you progress as we go through each quarter in 2025.

所以是的，我們對長期前景持樂觀態度，而且我們肯定會在 2025 年的每個季度都取得進展。

Thank you, Lisa.

謝謝你，麗莎。

And for my follow-up, I would love your perspective on the news from DeepSeek recently, right?

作為我的後續關注，我很想聽聽您對最近 DeepSeek 新聞的看法，對嗎？

And there are kind of two parts to that.

它可分為兩個部分。

One is once you heard the news, do you think that should make us more confident or more conservative about the semiconductor opportunity going forward?

一是，當您聽到這個消息時，您認為這會讓我們對未來的半導體機會更有信心還是更保守？

Like is there something so disruptive in what they have done, that reduces the overall market opportunity.

例如，他們所做的事情是否具有極大的破壞性，從而減少了整體的市場機會。

And then within that, have your views about GPU versus ASIC how that share develops over the next few years?

那麼，您對 GPU 與 ASIC 在未來幾年的份額發展有何看法？

Have those evolved in any way at all?

它們有以任何方式進化嗎？

Thank you.

謝謝。

Yes.

是的。

Great.

偉大的。

Thanks for the question, Vivek.

謝謝你的提問，Vivek。

Yes, it's been a pretty exciting first few weeks of the year.

是的，今年頭幾週相當令人興奮。

I think the DeepSeek announcements, Allen Institute as well as some of the Stargate announcements, talk about just how much the rate and pace of innovation that's happening in the AI world.

我認為 DeepSeek 公告、艾倫研究所以及星際之門的一些公告都說明了人工智慧領域的創新速度和步伐。

So specifically relative to DeepSeek.

因此具體與 DeepSeek 相關。

Look, we think that innovation on the models and the algorithms is good for AI adoption.

我們認為模型和演算法的創新有利於人工智慧的採用。

The fact that there are new ways to bring about training and inference capabilities with less infrastructure actually is a good thing because it allows us to continue to deploy AI compute and broader application space and more adoption.

事實上，用更少的基礎設施實現訓練和推理能力的新方法實際上是一件好事，因為它使我們能夠繼續部署人工智慧運算和更廣泛的應用空間以及更多的採用。

I think from our standpoint, we also like very much the fact that – we are big believers in open source.

我認為從我們的角度來看，我們也非常喜歡這樣一個事實——我們非常相信開源。

And from that standpoint, having open source models, looking at the rate and pace of adoption there, I think is pretty amazing.

從這個角度來看，擁有開源模型，並觀察其採用的速度和步伐，我認為是相當驚人的。

And that is how we expect things to go.

這正是我們所期望的發展。

So to the overall question, of how should we feel about it.

所以對於整體問題，我們應該如何看待它。

I mean, we feel bullish about the overall cycle.

我的意思是，我們對整個週期感到樂觀。

And similarly, on some of the infrastructure investments that were announced with OpenAI and Stargate and building out, let's call it, massive infrastructure for next-generation AI.

同樣，OpenAI 和 Stargate 宣布了一些基礎設施投資，以及為下一代人工智慧建造大規模基礎設施。

I think all of those say that AI is certainly on the very steep part of the curve.

我認為所有這些都表明人工智慧確實處於曲線非常陡峭的部分。

And as a result we should expect a lot more innovation.

因此，我們應該期待更多的創新。

And then on the ASIC point, let me address that because I think that is also a place where there is a good amount of discussion.

然後關於 ASIC 問題，讓我來談談這個問題，因為我認為這也是一個存在大量討論的領域。

I've always been a believer in you need the right compute for the right workload.

我始終堅信，需要針對適當的工作負荷進行適當的計算。

And so with AI, given the diversity of workloads, large models, medium models, small models, training, inference when you are talking about broad foundational models or very specific models, you're going to need all types of compute.

因此對於人工智慧來說，考慮到工作負載的多樣性，大型模型、中型模型、小型模型、訓練、推理，當你談論廣泛的基礎模型或非常具體的模型時，你將需要所有類型的計算。

And that includes CPUs, GPUs, ASICs and FPGAs.

其中包括 CPU、GPU、ASIC 和 FPGA。

Relative to our $500 billion plus TAM going out in time, we've always had ASIC as a piece of that.

相對於我們及時推出的 5000 多億美元 TAM，我們一直將 ASIC 作為其中的一部分。

But my belief is, given how much change there is still going on in AI algorithms that ASICs will still be the smaller part of that TAM because it is a more, call it, specific workload optimized, whereas GPUs will enable significant programmability and adjustments to all of these algorithm changes.

但我相信，考慮到人工智慧演算法仍在發生的巨大變化，ASIC 仍將是 TAM 中較小的一部分，因為它更針對特定的工作負載進行了最佳化，而 GPU 將實現顯著的可編程性，並對所有這些演算法變化進行調整。

But when I look at the AMD portfolio, it really is across all of those pieces.

但當我查看 AMD 的產品組合時，它確實涵蓋了所有這些部分。

So CPUs, GPUs.

所以是 CPU、GPU。

And we are also involved in a number of ASIC conversations, as well as customers want to really have an overall compute partner.

我們也參與了許多 ASIC 對話，而且客戶也希望真正擁有一個整體運算合作夥伴。

Joshua Buchalter, TD Cowen.

約書亞·布查爾特（Joshua Buchalter），TD Cowen。

Hi, guys.

嗨，大家好。

Thanks for taking my question.

感謝您回答我的問題。

Obviously, it was good to see MI355X pulled into midyear.

顯然，很高興看到 MI355X 進入年中階段。

But I wanted to clarify, you said first half '25 data center GPU likely consistent with second half '24, and I was wondering if you could speak to whether or not the shape of the first half changed over the last few months and is potentially related to this pulled in time line, it could be a potential air pocket ahead of that launch?

但我想澄清一下，您說 25 年上半年資料中心 GPU 可能與 24 年下半年一致，我想知道您是否可以談談上半年的情況在過去幾個月中是否發生了變化，並且可能與這個時間線有關，這可能是發布前的一個潛在空洞？

Or this was sort of consistent with how you saw things playing out as MI350 and MI325X ramps more fully?

或者這與您看到的 MI350 和 MI325X 更全面發展的情況一致？

Thank you.

謝謝。

Yes.

是的。

Thanks for the question, Joshua.

謝謝你的提問，約書亞。

No, I would say from our standpoint, we've gotten incrementally more positive on the 2025 data center GPU ramp.

不，我想說從我們的角度來看，我們對 2025 年資料中心 GPU 的成長越來越樂觀。

I think MI350 series was in second half always, but pulling it into midyear is an incremental positive.

我認為 MI350 系列一直處於下半年，但將其拖入年中是一個積極的增量。

And from a first half, second half statement, as I mentioned, we have some new important AI design wins that are going to be deployed with and MI300 and MI325 in the first half of the year.

正如我所提到的，從上半年和下半年的聲明來看，我們有一些新的、重要的 AI 設計勝利，這些勝利將在今年上半年與 MI300 和 MI325 一起部署。

But with MI350 series, we end up with more content.

但有了 MI350 系列，我們可以獲得更多內容。

I mean it is a more powerful GPU, ASPs go up, and you would expect larger deployments that include training and inference in that time frame.

我的意思是它是一種更強大的 GPU，ASP 會上升，並且你會期望在那個時間範圍內進行包括訓練和推理在內的更大規模的部署。

So the shape is similar to what we would have expected before.

因此其形狀與我們先前預期的類似。

Thank you.

謝謝。

And believe it or not, I could ask a question on client.

不管你信不信，我可以問客戶一個問題。

Obviously, the growth number in the fourth quarter, I mean, it was certainly higher than our model.

顯然，第四季的成長數字肯定高於我們的模型。

Could you clarify the drivers of the strength across desktop, notebook and enterprise?

您能否闡明桌上型電腦、筆記型電腦和企業級優勢的驅動因素？

And how we should think about 1Q, and in particular, to put it bluntly, I mean are you worried at all about inventory buildup, given how much your client revenue has outperformed the broader PC market in the second half of the year?

我們該如何看待第一季的業績？

Thank you.

謝謝。

Yes.

是的。

Thanks for the question.

謝謝你的提問。

Our client business performed really well throughout 2024 and Q4 was a very strong quarter.

我們的客戶業務在 2024 年全年表現都非常出色，第四季是一個非常強勁的季度。

There are a couple of reasons for that.

造成這種情況的原因有以下幾點。

So we should go through that.

所以我們應該經歷這一點。

We don't believe there is some substantial inventory buildup.

我們認為不存在大量的庫存累積。

We actually think that what we're seeing is very strong adoption of our new products.

我們確實認為，我們的新產品得到了非常廣泛的應用。

So on the desktop side, we saw our highest sell-out in many years, as we went through the holiday season, launching our new gaming CPUs, frankly, they have been constrained in the market, and we've continued shipping very strongly through the month of January as we are catching up with some demand there.

因此在桌上型電腦方面，我們看到了多年來最高的銷量，因為我們經歷了假期，推出了新的遊戲 CPU，坦率地說，它們在市場上受到了限制，並且我們在整個 1 月份繼續保持強勁的出貨量，因為我們正在滿足那裡的一些需求。

So desktop business was very strong.

因此桌面業務非常強勁。

And on the notebook side, we also saw a number of our OEM partners launching new AI PCs with the slew of new bulk mobile part numbers that we announced at CES.

在筆記型電腦方面，我們也看到許多 OEM 合作夥伴推出了新的 AI PC，其中包含我們在 CES 上宣布的大量新批量行動零件編號。

We have our strongest PC portfolio on the mobile side with top to bottom Copilot+ PC compatible products, and those are playing very well into the market.

我們在行動端擁有最強大的PC產品組合，其中包括從上到下的Copilot + PC相容產品，這些產品在市場上表現非常良好。

So I think Q4 was strong.

所以我認為第四季表現強勁。

I know that there was some commentary about whether there were pull-ins relative to tariffs.

我知道有一些關於是否存在與關稅相關的拉動的評論。

We didn't see that in the fourth quarter.

我們在第四季沒有看到這種情況。

I think, as I said, we saw strong sellout.

我認為，正如我所說的，我們看到了強勁的銷售勢頭。

Going into the first quarter, we do expect seasonality in there.

進入第一季度，我們確實預計會出現季節性。

But the part of our business that is performing better than seasonality is the desktop portion of the business.

但我們業務中表現優於季節性的部分是桌面業務。

And the mobile portion of the business is, let's call it, more typical seasonality.

我們可以把業務的移動部分稱為更典型的季節性。

But overall, I think we are very bullish on our prospects to grow clients in 2025.

但總的來說，我認為我們對 2025 年客戶成長的前景非常樂觀。

Just given all of the drivers from product portfolio to some of the market dynamics, as well as our new commercial PCs portfolio.

剛剛給出了從產品組合到一些市場動態的所有驅動因素，以及我們的新商用電腦產品組合。

Harlan Sur, JPMorgan.

摩根大通的 Harlan Sur。

Hi, good afternoon.

嗨，下午好。

Thanks for taking my question.

感謝您回答我的問題。

For the fourth quarter, did your overall server CPU business grow double digits sequentially.

第四季度，你們的整體伺服器CPU業務是否較上季成長了兩位數？

And as a follow-on to that, I think Q4 was the sixth consecutive quarter of double-digit year-over-year increases for your on-prem service solutions.

接下來，我認為第四季是您的內部部署服務解決方案連續第六個季度實現兩位數年增長。

On a sequential basis, I know you guys did start to see recovery in enterprise in the second quarter of last year, I think it was strongly up sequentially in the third quarter, a pretty broad base.

從環比來看，我知道去年第二季企業確實開始出現復甦，我認為第三季企業季比大幅成長，基礎相當廣泛。

Did enterprise service grow sequentially in Q4?

第四季企業服務是否季增？

And Lisa how do you see the share prospects in this segment as you step into 2025?

那麼 Lisa，當您步入 2025 年時，您如何看待該領域的股票前景？

Yes, Harlan, thanks for the question.

是的，哈蘭，謝謝你的提問。

So I think as Jean mentioned earlier, so in the fourth quarter, we did see a sequential double-digit growth in our server business.

所以我認為正如 Jean 之前提到的，在第四季度，我們的伺服器業務確實實現了連續兩位數的成長。

We saw that in both cloud and enterprise.

我們在雲端運算和企業中都看到了這一點。

I think the server business has been performing extremely well.

我認為伺服器業務表現非常好。

We are continuing to grow our cloud footprint with more workloads, as we have the strength of the Turin portfolio in addition to Genoa and Milan.

我們正在透過更多的工作負載來繼續擴大我們的雲端足跡，因為除了熱那亞和米蘭之外，我們還擁有都靈投資組合的實力。

And then to your question on enterprise, I do believe we are seeing some strong traction in the enterprise.

然後回答您關於企業的問題，我確實相信我們在企業中看到了一些強勁的牽引力。

I think what's helping us there is, frankly, we've invested a lot more in go-to-market and the go-to-market investments are paying-off.

坦白說，我認為對我們有幫助的是，我們在市場進入方面投入了更多，而這些市場進入的投資正在獲得回報。

The enterprise sales cycle is often a 6-month to 9-month sales cycle.

企業銷售週期往往為6個月到9個月的銷售週期。

But as we've invested more resources in it throughout 2024, we've seen that convert into a significant number of new POCs that are now converting into volume deployments.

但隨著我們在 2024 年投入更多資源，我們看到它轉化為大量新的 POC，現在正在轉化為大量部署。

And as we go through into 2025, from a competitiveness standpoint, we have a very strong portfolio across every price point, every core count, every workload.

而當我們進入 2025 年時，從競爭力的角度來看，我們在每個價格點、每個核心數、每個工作負載方面都擁有非常強大的產品組合。

So I think, we see a strong 2025 for server CPUs.

所以我認為，2025 年伺服器 CPU 將會表現強勁。

I appreciate that.

我很感激。

Networking is a very critical part of the AI infrastructure becoming even more important.

網路是人工智慧基礎設施中非常關鍵的一部分，並且變得越來越重要。

There seems to be this misconception that AMD is behind the curve here, you you're keeping pace kind of leveraging the incumbent Ethernet technology, strong installed ecosystem.

似乎存在這樣一種誤解，認為 AMD 已經落後了，而您正在利用現有的以太網技術和強大的已安裝生態系統來跟上步伐。

You guys are spearheading the UltraNET Ethernet Consortium.

你們是 UltraNET 乙太網路聯盟的先鋒。

You've got your Infinity Fabric technology for scale-up connectivity does you continue to drive customer adoption of your overall AI platforms.

您已經擁有用於擴大連接範圍的 Infinity Fabric 技術，您是否會繼續推動客戶採用您的整體 AI 平台。

What's the feedback been like on your AI networking architectures?

您對 AI 網路架構的回饋如何？

And any networking-related innovations the team is going to be bringing to the market this year?

今年團隊將向市場推出任何與網路相關的創新嗎？

Yes.

是的。

Thanks, Harlan, for that question.

謝謝哈蘭提出這個問題。

No question.

毫無疑問。

Networking is an extremely important part of the AI solution, and it's an area that we have been investing and spending quite a bit of effort with our customers and our partners jointly.

網路是人工智慧解決方案中極為重要的一部分，也是我們與客戶和合作夥伴共同投入並付出大量努力的領域。

The way to think about it is that our networking proof points are actually increasing as we are going from MI300 to MI325 to MI350 to MI400.

思考的方式是，隨著我們從 MI300 到 MI325、到 MI350、到 MI400，我們的網路證明點實際上正在增​​加。

So in each of those points, we are increasing with a number of proof points.

因此，針對每一個點，我們都在增加證明點的數量。

I think people want to see more clusters of ours.

我認為人們希望看到更多像我們這樣的集群。

Certainly, on inference, we've shown great performance and total cost of ownership.

當然，從推論來看，我們已經展示了出色的性能和整體擁有成本。

We are now also have a number of training systems that we are putting on board.

我們現在也正在實施一些訓練系統。

And the important part there is the networking.

其中最重要的部分是網路。

We have worked very closely with our partners on Ethernet.

我們與乙太網路的合作夥伴進行了密切的合作。

We believe that this is the right technology for the future.

我們相信這是適合未來的技術。

In addition to third-party networking solutions, we are also with our Pensando team developing our own in-house AI NIC that Forrest mentioned at our Q4 advancing AI event.

除了第三方網路解決方案之外，我們還與 Pensando 團隊一起開發我們自己的內部 AI NIC，Forrest 在我們第四季度推進 AI 活動中提到過這一點。

And as we look forward, working with our customers, we are actually standing up full rack solutions at both the MI350 level as well as in the MI400 series.

展望未來，透過與客戶的合作，我們實際上已經在 MI350 級別和 MI400 系列中推出了全機架解決方案。

So I think the net of it is we believe that, yes, it is absolutely very important.

所以我認為，我們相信，是的，這絕對非常重要。

And in addition to all of the hardware and software work, the system level scaling is super important and we are on track to deliver that with our road map.

除了所有硬體和軟體工作之外，系統級擴展也非常重要，我們正在按照路線圖實現這一目標。

Blayne Curtis, Jefferies.

布萊恩·柯蒂斯（Blayne Curtis），傑富瑞（Jefferies）。

Hi, thanks for taking my question.

你好，謝謝你回答我的問題。

Lisa, I just want to follow up the data center GPU business, obviously, very strongly year-over-year, but it seems for your commentary kind of the sequential growth kind of slows for the next kind of three quarters.

Lisa，我只是想跟進資料中心 GPU 業務，顯然，其同比成長非常強勁，但從您的評論來看，未來三個季度的連續成長似乎有所放緩。

So I just want to understand the why.

所以我只是想了解原因。

Obviously, you have some new products coming.

顯然，你們會推出一些新產品。

So maybe it's just the shift to the new products.

所以也許這只是向新產品的轉變。

I also want to just ping your brain on in terms of when you look at the ASIC story lines, there tends to be kind of a shift to focus on training versus inference.

我還想就 ASIC 故事情節向您提出一些思考，即重點傾向於轉移到訓練而不是推理。

So just your perspective, I know a lot of your workloads initially were inference.

所以只是從你的角度來看，我知道你的許多工作量最初都是推理。

Are you seeing any shift in terms of the demand from your customers between training inference as well?

您是否看到客戶對訓練推理的需求發生了任何變化？

Yes.

是的。

Sure, Blayne.

當然，布萊恩。

Look, the way I would say it is, we saw a tremendous growth as we build up the data center GPU business throughout 2024.

我想說的是，隨著我們在 2024 年建立資料中心 GPU 業務，我們看到了巨大的成長。

So I think what we're seeing is we are continuing to do new deployments.

所以我認為我們看到的是我們正在繼續進行新的部署。

We're continuing to bring on new customers.

我們正在繼續吸引新客戶。

Clearly, we are going through a little bit of a product transition time frame in the first-half of the year.

顯然，我們在今年上半年正經歷一段產品轉型時期。

But the key is bringing in the MI350 series was very, very important for us and for the customer set.

但關鍵是引入 MI350 系列對我們和客戶來說非常非常重要。

So the fact that, that hardware has come on clean.

事實是，硬體已經清潔了。

And we've learned a lot from the initial deployments of MI300, I think, is very positive.

我們從 MI300 的初步部署中學到了很多東西，我認為，這是非常積極的。

And this is as we might expect, given the overall landscape of deployments.

考慮到部署的整體情況，這也正如我們所預料的那樣。

And then to the second part of your question, as it relates to ASICs, I really haven't seen a big shift at all in the conversation.

然後對於你問題的第二部分，因為它與 ASIC 有關，我確實沒有看到談話中發生很大的轉變。

I will say that the conversation as it relates to AMD, is kind of the following.

我想說的是，與 AMD 相關的對話大致如下。

People like the work that we've done in inference.

人們喜歡我們在推理方面所做的工作。

But certainly, our customers want to see us as a strong training solution.

但可以肯定的是，我們的客戶希望看到我們成為一個強大的培訓解決方案。

And that's consistent with what we've said, right?

這和我們所說的一致，對嗎？

We've said that we have like a step-wise road map to really show each one of those solutions.

我們說過，我們有一個逐步路線圖來真正展示每一個解決方案。

On the software side, we've invested significantly more in some of those sort of the training libraries.

在軟體方面，我們對一些此類訓練庫投入了更多資金。

We talked -- Harlan's question earlier about networking.

我們討論了哈蘭之前關於網路的問題。

And then this is about just getting into data centers and ramping up tens of thousands of GPUs.

然後這只是進入資料中心並增加數萬個 GPU。

So from my standpoint, I think we are making very good progress there.

因此從我的角度來看，我認為我們在那裡取得了非常好的進展。

And I just want to reiterate on the ASIC side, look, I think ASICs are a part of the solution, but there -- I want to remind everyone, they are also a very strong part of the AMD sort of toolbox.

我只是想重申一下 ASIC 方面，我認為 ASIC 是解決方案的一部分，但——我想提醒大家，它們也是 AMD 工具箱中非常重要的一部分。

So we've done semi-custom solutions for a long-time.

所以我們長期以來一直在提供半客製化解決方案。

We are very involved in a number of ASIC discussions with our customers as well.

我們也積極參與與客戶進行的大量 ASIC 討論。

And what they like to do is, they'd like to take our baseline IP and really innovate on top of that.

他們喜歡做的是，他們願意利用我們的基礎 IP 並在此基礎上進行真正的創新。

And that's what I think differentiates our capability is that we do have all of the building blocks of CPUs, GPUs, as well as all of the networking technologies that you would need to put the solutions together.

我認為我們的能力與眾不同之處在於我們確實擁有整合解決方案所需的所有 CPU、GPU 建置模組以及所有網路技術。

Thank you.

謝謝。

Operator, I think we have time for two more callers, please.

接線員，我想我們還有時間再接聽兩位來電。

Stacy Rasgon, Bernstein Research.

伯恩斯坦研究公司的史黛西‧拉斯岡 (Stacy Rasgon)。

Hi, guys.

嗨，大家好。

Thanks for taking my questions.

感謝您回答我的問題。

I want to ask this a little more explicitly.

我想更明確地問一下這個問題。

So you said your server business was up strong double digits sequentially in Q4.

您說你們的伺服器業務在第四季度連續實現了兩位數的強勁成長。

My math suggests that could have even meant that the GPU business was down sequentially.

我的計算表明，這甚至可能意味著 GPU 業務連續下滑。

And given your guidance for I guess, flattish GPUs in the first half of '25 versus second half of '24.

而根據你的指導，我猜 25 年上半年的 GPU 將與 24 年下半年持平。

Again, does the math not suggest that you'd be down sequentially both in Q1 and in Q2 to feel like -- Am I doing something wrong with my math?

再說一遍，數學計算難道不顯示你會在第一季和第二季連續下滑，讓你感覺——我的數學計算有問題嗎？

Or like what am I missing here?

或者我在這裡遺漏了什麼？

Yes. perhaps Stacy, maybe let me help give you a little bit of color there.

是的。也許是史黛西，也許我可以幫你加點顏色看看。

I don't think we said strong double-digits.

我認為我們並沒有提到強勁的兩位數。

I think we said double digits.

我想我們說的是兩位數。

So that perhaps is the -- so data center segment was up 9% sequentially.

因此，這也許是資料中心部門季增 9% 的原因。

Server was a bit more than that.

伺服器比這稍微複雜一點。

Data center GPU was a little less than that.

資料中心的 GPU 比這少一點。

I think for some of the models that are out there, you might be a little bit light in the Q3 data center GPU number.

我認為對於現有的一些模型來說，第三季資料中心 GPU 數量可能會稍微少一些。

So there might be some adjustments that need to be done there.

因此可能需要做一些調整。

But I think your suggestion would be incorrect.

但我認為你的建議是錯的。

We -- if you just take the halves, second half '24 to first half '25, let's call it roughly flattish, plus or minus.

我們 — — 如果你只取一半，即 2024 年下半年至 2025 年上半年，我們稱之為大致持平，正負皆有。

I mean we'll have to see exactly how it goes.

我的意思是我們必須確切地觀察事情的進展。

But it is going to be a little bit dependent on just when deployments happen.

但這有點取決於部署的時間。

But that's kind of currently what we see.

但這就是我們目前所看到的情況。

Got it.

知道了。

Thanks.

謝謝。

And I guess for my follow-up, maybe to follow on there, do you think your exit rate on GPUs in '25 is higher than your exit rate in '24.

我想，對於我的後續問題，也許可以繼續問下去，您是否認為 25 年 GPU 的退出率高於 24 年的退出率。

Are you willing to commit to that?

您願意致力於此嗎？

Absolutely.

絕對地。

But yes, of course.

但當然了。

It would be hard to grow strong double digits otherwise, right?

否則的話，就很難取得兩位數的強勁成長，對嗎？

Toshiya Hari, Goldman Sachs.

高盛的 Toshiya Hari。

Hi, thank you so much for squeezing me in.

你好，非常感謝您抽空接待我。

Lisa, I had a question on the server CPU business.

Lisa，我有一個關於伺服器 CPU 業務的疑問。

I'm curious how you're thinking about the market this year?

我很好奇您對今年的市場有何看法？

And if you can delineate between cloud and enterprise, that would be really helpful.

如果您可以區分雲端和企業，那將會非常有幫助。

And then kind of part B to that question.

然後是該問題的 B 部分。

In your prepared remarks, you talked about you all having more than 50% share across the major hyperscalers.

在您準備好的發言中，您談到了您在主要超大規模企業中的份額都超過 50%。

How would you characterize the competitive intensity at those customers vis-a-vis some of the internal custom silicon that's expected to ramp over the coming quarters and years?

與未來幾季和幾年內預計將增加的一些內部客製化矽片相比，您如何描述這些客戶的競爭強度？

Sure, Toshiya.

當然，Toshiya。

So let me say, as we look into 2025, I think we see a good server market between cloud and enterprise.

所以，我想說，展望 2025 年，我認為我們會看到雲端運算和企業之間的良好伺服器市場。

I think as we went into sort of the early part of '24, there was a little bit of, let's call it, less investments on the CPU side as people were optimizing investments for AI.

我認為，當我們進入 24 年初時，由於人們正在優化 AI 的投資，因此在 CPU 方面的投資有所減少。

We saw that sort of pick up in the second half of the year in '24, and we would expect that to go into '25.

我們在24年下半年看到了這種回升，我們預計這種回升將持續到25年。

So the enterprise refresh cycles are coming in again.

因此，企業更新周期又將到來。

And certainly, there are a number of cloud vendors that are now, let's call it, reupdating some of their data centers.

當然，現在有許多雲端供應商正在重新更新他們的一些資料中心。

And then your second question was, as it relates to

然後你的第二個問題是，因為它涉及到

--

--

[Competitive custom silicon].

[具競爭力的客製化矽片]。

Yes.

是的。

Look, I think it's about the same.

你看，我認為差不多。

What I would say, Toshiya is it's less about custom silicon versus x86.

我想說的是，Toshiya，這與客製化矽片和 x86 關係不大。

It's much more about do you have the right product for the right workload.

這更重要的是您是否擁有適合適當工作量的適當產品。

And look, the server market is always a competitive market.

而且，伺服器市場始終是一個競爭激烈的市場。

What we've done, and you've seen it in our Zen 4 product line as well as in our Zen 5 product line.

我們已經做了什麼，您已經在我們的 Zen 4 產品線和 Zen 5 產品線中看到了它。

We've expanded the design points for each of the each of the core generation so that we have cloud native and then we have enterprise optimized low core count, high core count, highest performance, best perf per dollar.

我們擴展了每一代核心的設計點，以便我們擁有雲端原生，然後我們擁有企業優化的低核心數、高核心數、最高效能、最佳性價比。

And I think as we do those things, I think we are continuing to grow share across both cloud and enterprise.

我認為，當我們做這些事情時，我們在雲端運算和企業領域的份額將繼續增長。

And look, it's always very competitive.

你看，競爭總是非常激烈。

We take every design win with very seriously, but we're winning our fair share.

我們非常重視每一次設計的勝利，但我們贏得的是公平的份額。

And I think that's the strength of the product portfolio.

我認為這就是產品組合的優點。

And also, I think there's a good amount of trust for our delivery capability as we've built up our sort of our franchise over the last number of years.

而且，我認為，由於我們在過去幾年中建立了自己的特許經營權，因此大家對我們的交付能力有很大的信任。

That's great.

那太棒了。

And then as a quick follow-up, maybe one for Jean.

然後作為一個快速的後續問題，也許是針對 Jean 的。

So you're guiding gross margin to 54% in the first quarter.

所以您預計第一季的毛利率將達到 54%。

I'm curious what some of the major puts and takes are and those are the things that we should be cognizant of going into Q2 and more importantly, the second half.

我很好奇一些主要的利弊，這些都是我們在進入第二季度，更重要的是下半年應該要注意的事情。

Given your data center commentary skewed more to the second half, I would expect margins to improve in the second half.

鑑於您對資料中心的評論更偏向於下半年，我預計下半年利潤率將會提高。

But yes, if you can kind of run through the pluses and minuses, that would be really helpful.

但是是的，如果您可以大致了解一下優點和缺點，那將會非常有幫助。

Thank you.

謝謝。

Yes.

是的。

Thanks for the question.

謝謝你的提問。

You are right.

你是對的。

Our gross margin is primarily driven by our revenue mix, I think when you look at looking to 2025, Q1 guide, not only data center continued to grow significantly year-over-year.

我們的毛利率主要由我們的收入組合驅動，我認為當你展望 2025 年第一季指南時，不僅資料中心繼續同比大幅增長。

At the same time, client business is also growing year over year.

同時，客戶業務也逐年成長。

So overall, the revenue mix is quite consistent with the Q4.

因此整體而言，收入結構與第四季相當一致。

So the gross margin guide is 54%.

因此毛利率指導值為 54%。

I think for the first half, if the revenue mix is at this level, we do feel the gross margin will be consistent with 54%.

我認為，對於上半年來說，如果收入結構保持在這個水平，我們確實認為毛利率將與 54% 保持穩定。

But going into second half, we do believe the data center is our fastest growth driver for the company and that will drive the gross margin to step up in second half.

但進入下半年，我們確實相信資料中心是公司最快的成長動力，這將推動下半年毛利率上升。

All right.

好的。

With that, I think we are ready to close the call now, operator.

接線員，我想我們現在可以結束通話了。

I just wanted to say thank you to everybody that listened and participated today and for your interest in AMD. Thank you very much.

我只想對今天聆聽和參與的每個人以及對 AMD 的關注表示感謝。非常感謝。

All right.

好的。

With that, I think we are ready to close the call now, operator.

接線員，我想我們現在可以結束通話了。

I just wanted to say thank you to everybody that listened in and participated today and for your interest in AMD.

我只想對今天聆聽和參與的每個人以及對 AMD 的關注表示感謝。

Thank you very much.

非常感謝。