超微半導體 (AMD) 2025 Q1 法說會逐字稿

Greetings and welcome to the AMD first-quarter 2025 conference call. (Operator Instructions) And as a reminder, this conference is being recorded.

大家好，歡迎參加 AMD 2025 年第一季電話會議。（操作員指示）提醒一下，本次會議正在錄音。

It is now my pleasure to introduce to you Matt Ramsay, Vice President, Financial Strategy and Investor Relations. Thank you, sir. You may begin.

現在我很高興向大家介紹財務策略和投資者關係副總裁 Matt Ramsay。謝謝您，先生。你可以開始了。

Thank you and welcome to AMD 2025 first quarter financial results conference call. By now, you should have had the opportunity to review a copy of our earnings press release in the accompanying slides. If you have not had the chance to review these materials, they can be found on the Investor Relations portion of amd.com.

謝謝您，歡迎參加 AMD 2025 年第一季財務業績電話會議。現在，您應該已經有機會在隨附的幻燈片中查看我們的收益新聞稿副本。如果您還沒有機會查看這些資料，可以在 amd.com 的投資者關係部分找到。

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.

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。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 on today's conference call are Dr. Lisa Su, our Chair and Chief Executive Officer; and Jean Hu, Executive Vice President, Chief Financial Officer, and Treasurer. This is a live call and will be replayed via webcast on our website.

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；以及執行副總裁、財務長兼財務主管 Jean Hu。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 take note that Mark Papermaster, our Executive Vice President and Chief Technology Officer, will attend the TD Cowen TMT conference on Wednesday, May 28; and Jean Hu will attend the Bank of America Global Technology Conference on Tuesday, June 3.

在我們開始之前，我想指出，我們的執行副總裁兼技術長 Mark Papermaster 將於 5 月 28 日星期三參加 TD Cowen TMT 會議；和 Jean Hu 將於 6 月 3 日星期二參加美國銀行全球技術會議。

Today's discussion contains forward-looking statements based on our current beliefs, assumptions, and expectations, speak only 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 on 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我們當前信念、假設和期望的前瞻性陳述，僅代表當前情況，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。有關可能導致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。

You will also find detailed discussion of our risk factors in our filings with the SEC, in particular AMD's most recent quarterly report on Form 10-Q and annual report on Form 10-K.

您也可以在我們向美國證券交易委員會提交的文件中找到有關我們風險因素的詳細討論，特別是 AMD 最新的 10-Q 表季度報告和 10-K 表年度報告。

And with that, I would like to hand the call over to Lisa.

說完這些，我想把電話交給麗莎。

Thank you, Matt, and good afternoon to all those listening today. We delivered an outstanding start to the year despite the evolving dynamics related to tariffs and the regulatory environment. Growth accelerated for the fourth consecutive quarter year over year, driven by strength in our core businesses and expanding data center and AI momentum.

謝謝你，馬特，祝今天收聽節目的各位下午好。儘管關稅和監管環境不斷變化，我們今年仍取得了出色的開局。得益於核心業務的強勁成長以及資料中心和人工智慧的不斷擴大，公司連續第四個季度同比增長。

Revenue and EPS both exceeded consensus estimates as Instinct AI accelerator, EPYC and Ryzen CPU sales, grew significantly year over year. As a result, first-quarter revenue increased 36% year over year to $7.4 billion as our data center and client and gaming segments both grew by a large double-digit percentage.

由於 Instinct AI 加速器、EPYC 和 Ryzen CPU 的銷售量較去年同期大幅成長，營收和每股盈餘均超出普遍預期。因此，由於我們的資料中心、客戶端和遊戲部門均實現了兩位數的大幅成長，第一季營收年增 36% 至 74 億美元。

We expanded gross margin year over year for the fifth straight quarter and increased net income by 55%, driven by a higher overall percentage of data center product sales and a richer Ryzen processor mix. Despite the uncertain macroeconomic backdrop, our first-quarter performance highlights the strength of our differentiated product portfolio and execution and positions us well for strong growth in 2025.

由於資料中心產品銷售整體比例的提高和 Ryzen 處理器組合的豐富，我們連續第五個季度實現毛利率同比增長，淨收入增長 55%。儘管宏觀經濟背景不確定，但我們第一季的業績凸顯了我們差異化產品組合和執行力的優勢，並為我們在 2025 年實現強勁成長奠定了良好基礎。

Turning to the segments. Data center segment revenue increased 57% year over year to $3.7 billion. We gained server CPU share driven by the ramp of our latest fifth-gen EPYC turn processors and sustained demand for fourth-gen EPYC.

轉向各個部分。資料中心部門營收年增57%，達到37億美元。由於我們最新的第五代 EPYC 處理器的提升以及對第四代 EPYC 的持續需求，我們的伺服器 CPU 份額獲得了成長。

Hyperscaler demand remained strong as cloud providers expanded EPYC deployments to power their critical infrastructure and public services. More than 30 new instances launched from Alibaba, AWS, Google, Oracle, Tencent, and others in the quarter, including the initial wave of fifth-gen EPYC turn instances.

隨著雲端供應商擴大 EPYC 部署以支援其關鍵基礎架構和公共服務，超大規模的需求仍然強勁。本季度，阿里巴巴、AWS、Google、甲骨文、騰訊等公司推出了 30 多個新實例，其中包括首批第五代 EPYC 轉向實例。

In addition, AWS launched new FPGA accelerated instances in the quarter powered by EPYC processors with Xilinx Virtex FPGAs that are optimized for data and compute-intensive workloads like genomics, multimedia processing, network security, and cloud-based video broadcasting. Every major cloud provider is deep in development on turn programs, with a steady stream of public instances and internal deployments expected to ramp into production over the coming quarters.

此外，AWS 在本季度推出了新的 FPGA 加速實例，該實例由 EPYC 處理器和 Xilinx Virtex FPGA 提供支持，針對基因組學、多媒體處理、網路安全和基於雲端的視訊廣播等數據和計算密集型工作負載進行了優化。每個主要的雲端供應商都在深入開發轉向程序，預計未來幾季將有源源不斷的公共實例和內部部署投入生產。

Enterprise adoption of EPYC instances was very strong in the quarter. The number of EPYC-powered cloud instances activated by Forbes 2000 enterprise customers more than doubled year over year, including new wins with internet native streaming, transportation, financial services, and social media companies. For example, CrowdStrike achieved major performance in cost improvements by broadly deploying EPYC instances across its multi-cloud infrastructure.

本季企業對 EPYC 實例的採用非常強勁。福布斯 2000 強企業客戶啟動的 EPYC 雲端實例數量較去年同期成長一倍以上，其中包括網路原生串流媒體、運輸、金融服務和社群媒體公司的新客戶。例如，CrowdStrike 透過在其多雲基礎架構中廣泛部署 EPYC 實例，在成本改善方面取得了顯著的成效。

At the same time, we're also actively partnering with leading application and cloud providers to deploy EPYC-optimized solutions tailored for specialized industry verticals. Siemens launched their latest software-defined vehicle solution powered by EPYC CPUs and Radeon PRO GPUs on Azure, leveraging digital twin technology to significantly speed up automotive design and validation. Oracle launched a new version of its Exadata database platform, which is used by more than half of the Fortune Global 100.

同時，我們也積極與領先的應用程式和雲端提供者合作，部署針對專業垂直產業量身定制的 EPYC 最佳化解決方案。西門子在 Azure 上推出了由 EPYC CPU 和 Radeon PRO GPU 驅動的最新軟體定義汽車解決方案，利用數位孿生技術顯著加快汽車設計和驗證速度。Oracle 推出了新版本的 Exadata 資料庫平台，超過一半的《財星》全球 100 大企業都在使用該平台。

The latest Exadata X11M has been optimized for fifth-gen EPYC processors to deliver up to 25% faster performance in transaction processing and analytics compared to the prior generation.

最新的 Exadata X11M 針對第五代 EPYC 處理器進行了最佳化，與上一代相比，交易處理和分析效能提高了 25%。

Turning to enterprise on-prem adoption. EPYC CPU sales grew by a large double-digit percentage year over year for the seventh straight quarter, driven by new public sector wins and high-volume deployments with large automotive, semiconductor, financial services, retail, energy, and technology companies. We have built significant enterprise momentum over the last few years as our partners expanded the number of EPYC-based platforms to more than 450 and we scaled our joint go-to-market programs.

轉向企業內部採用。EPYC CPU 銷售額連續第七個季度同比增長兩位數，這得益於新的公共部門訂單以及大型汽車、半導體、金融服務、零售、能源和技術公司的大批量部署。在過去幾年中，隨著我們的合作夥伴將基於 EPYC 的平台數量擴展到 450 多個，我們擴大了聯合上市計劃，我們已經建立了顯著的企業發展勢頭。

As a result, EPYC is now deployed by all of the top 10 telecom, aerospace, and semiconductor companies; 9 out of the top 10 automotive; 7 out of the top 10 manufacturing; and 6 out of the top 10 energy companies on the Forbes 2000. We expect enterprise adoption to accelerate over the coming quarters as more than 150 Turin platforms become broadly available from Dell, Cisco, HPE, Lenovo, Supermicro, and others.

因此，EPYC 現已被所有十大電信、航空航天和半導體公司部署；前 10 名汽車企業中的 9 名；製造業前 10 名中有 7 名；並佔據《福布斯》2000 強能源公司前 10 名中的 6 名。隨著戴爾、思科、HPE、聯想、Supermicro 等公司廣泛提供超過 150 個 Turin 平台，我們預計未來幾季企業採用率將會加速。

Looking forward, we see a clear path to continued share gains as customers ramp their fifth-gen EPYC offerings that deliver unmatched performance, efficiency, and TCO across every major cloud and enterprise data center workload. We passed key milestones in April to begin manufacturing fifth-gen EPYC at TSMC's new Arizona fab, with first production shipments expected in the second half of 2025.

展望未來，隨著客戶加大對第五代 EPYC 產品的投入，我們將看到持續成長的清晰路徑，這些產品可在每個主要雲端和企業資料中心工作負載中提供無與倫比的效能、效率和 TCO。我們在 4 月邁出了關鍵的里程碑，開始在台積電位於亞利桑那州的新工廠生產第五代 EPYC，預計首批產品將於 2025 年下半年出貨。

Longer term, we announced our next-gen EPYC Venice processors or the lead HPC products for TSMC's 2-nanometer process node. Vena Silicon is in our labs and performing well with bring-up and validation progressing to plan to support a 2026 launch.

從長遠來看，我們宣布推出下一代 EPYC Venice 處理器或台積電 2 奈米製程節點的領先 HPC 產品。Vena Silicon 目前在我們的實驗室中運作良好，啟動和驗證工作正在按計劃進行，以支援 2026 年的發射。

Turning to our Data Center AI business. Revenue increased by a significant double-digit percentage year over year as MI325x shipments ramped to support new enterprise and cloud deployments. More than 35 MI300 Series platforms are in production from all the leading service providers, supporting the expanding number of GPU deployments with cloud, enterprise and AI customers.

轉向我們的資料中心 AI 業務。由於 MI325x 出貨量激增以支援新企業和雲端部署，營收年增了顯著的兩位數百分比。所有領先的服務供應商均已生產超過 35 個 MI300 系列平台，支援雲端、企業和 AI 客戶不斷成長的 GPU 部署。

Several hyperscalers expanded their use of Instinct accelerators to cover an increasing range of generative AI search, ranking, and recommendation use cases. We also added multiple Tier 1 cloud and enterprise customers in the quarter, including one of the largest frontier model developers that is now using Instinct GPUs to serve a significant portion of their daily inference traffic.

一些超大規模企業擴大了 Instinct 加速器的使用範圍，以涵蓋越來越多的生成式 AI 搜尋、排名和推薦用例。本季度，我們還增加了多個一級雲端客戶和企業客戶，其中包括最大的前沿模型開發人員之一，該開發人員目前正在使用 Instinct GPU 來滿足其日常推理流量的很大一部分需求。

The depth and breadth of our customer engagements continues to expand as breakthroughs in large-scale AI models like OpenAI's o3 and DeepSeek's R1 drive increased demand for traditional inferencing and increasingly as a critical part of pre-training. The industry-leading memory capacity and bandwidth of our Instinct portfolio is ideally suited for these workloads, and we are actively working with multiple customers to scale Instinct from single-node deployments to distributed inferencing clusters.

隨著 OpenAI 的 o3 和 DeepSeek 的 R1 等大規模人工智慧模式的突破推動了對傳統推理的需求增加，並日益成為預訓練的關鍵部分，我們與客戶的合作深度和廣度不斷擴大。我們的 Instinct 產品組合具有業界領先的記憶體容量和頻寬，非常適合這些工作負載，並且我們正在積極與多個客戶合作，將 Instinct 從單節點部署擴展到分散式推理叢集。

Training engagements also ramped in the quarter as multiple Tier 1 hyperscale, AI, and enterprise customers scaled Instinct GPU clusters to train internal and next-gen frontier models. In parallel, we're making meaningful progress with sovereign AI deployments as countries expand investments to establish domestic nation-scale AI infrastructure. In February, we announced a strategic partnership with G42 to build one of France's most powerful AI compute facilities powered by Instinct accelerators.

隨著多個一級超大規模、人工智慧和企業客戶擴展 Instinct GPU 叢集來訓練內部和下一代前沿模型，本季的訓練活動也大幅增加。同時，隨著各國加大投資，建立國家級人工智慧基礎設施，我們在自主人工智慧部署方面也取得了有意義的進展。今年 2 月，我們宣布與 G42 建立戰略合作夥伴關係，共同打造由 Instinct 加速器驅動的法國最強大的 AI 運算設施之一。

On the AI software front, we significantly accelerated our release cadence in the first quarter, shifting from quarterly ROCm updates to delivering ready-to-deploy training and inferencing containers on a biweekly basis that include performance optimizations and support for the latest libraries, kernels, and algorithms. We expanded our open source community enablement in the quarter, making significantly more Instinct compute infrastructure available to enable developers to automatically build, test, and deploy updates to ROCm code nightly. As a result, more than 2 million models on Hugging Face now run out of the box on AMD.

在人工智慧軟體方面，我們在第一季大幅加快了發布節奏，從每季發布一次 ROCm 更新轉變為每兩週提供一次可部署的訓練和推理容器，其中包括效能優化以及對最新程式庫、核心和演算法的支援。我們在本季度擴大了開源社群支持，提供了更多的 Instinct 運算基礎設施，使開發人員能夠每晚自動建置、測試和部署 ROCm 程式碼更新。因此，Hugging Face 上的超過 200 萬個型號現在可以在 AMD 上開箱即用。

We're also enabling an increasing number of models to launch with day zero support for Instinct accelerators, including Meta's Llama 4, Google's Gemma 3, and DeepSeek's R1 models that were released in the first quarter. Beyond launch, we are delivering regular software updates that increase performance for new models. For example, in the weeks following the launch of DeepSeek's R1 model, we introduced ROCm optimizations that enabled MI300 to deliver leadership inferencing throughput.

我們也讓越來越多的模型能夠在零日支援下推出 Instinct 加速器，包括第一季發布的 Meta 的 Llama 4、Google 的 Gemma 3 和 DeepSeek 的 R1 模型。除了發布之外，我們還會定期提供軟體更新，以提高新機型的效能。例如，在 DeepSeek 的 R1 模型推出後的幾週內，我們引入了 ROCm 優化，使 MI300 能夠提供領先的推理吞吐量。

We released ROCm 6.4 in the quarter with major upgrades that increased training and inferencing performance across popular AI frameworks like PyTorch, JAKKS, and VLLM. The release also adds multiple ease-of-use features, including new cluster management tools that simplify the scaling and optimization of large-scale Instinct deployments.

我們在本季發布了 ROCm 6.4，進行了重大升級，提高了 PyTorch、JAKKS 和 VLLM 等流行 AI 框架的訓練和推理性能。此版本還增加了多個易於使用的功能，包括簡化大規模 Instinct 部署的擴展和最佳化的新叢集管理工具。

Turning to our AI solutions capabilities. Earlier this quarter, we completed our acquisition of ZT Systems, adding world-class systems design expertise to complement our silicon and software leadership. With ZT, we can provide ready-to-deploy rack-level AI solutions based on industry standards built with AMD CPUs, GPUs, and networking, reducing deployment time for hyperscalers and accelerating time to market for OEM and ODM partners.

轉向我們的人工智慧解決方案能力。本季度早些時候，我們完成了對 ZT Systems 的收購，增加了世界一流的系統設計專業知識，以補充我們在矽片和軟體方面的領先地位。借助 ZT，我們可以提供基於使用 AMD CPU、GPU 和網路建置的業界標準的可立即部署的機架級 AI 解決方案，從而縮短超大規模企業的部署時間並加快 OEM 和 ODM 合作夥伴的產品上市時間。

The team is fully engaged and already co-designing with key customers and rack-level designs optimized for our upcoming MI400 series and working with customers and OEM partners to accelerate time to market for our MI350 series. We have received significant interest in ZT's manufacturing business and expect to announce a strategic partner shortly.

團隊全力投入，已與主要客戶共同設計並針對我們即將推出的 MI400 系列優化機架級設計，並與客戶和 OEM 合作夥伴合作，以加快我們的 MI350 系列的上市時間。我們對 ZT 的製造業務表現出濃厚的興趣，並預計很快就會宣布戰略合作夥伴。

We began sampling our next-gen MI350 series with multiple customers in the first quarter and remain on track to begin accelerated production by midyear. MI350 series performance is very strong based on the advances in our CDNA 4 architecture. We designed CDNA 4 to deliver leadership performance across a wide range of AI workloads, increasing memory capacity and bandwidth 1.5x, adding support for new data types, and improving network efficiency to deliver 35x higher throughput and performance compared to MI300x.

我們在第一季開始向多個客戶提供下一代 MI350 系列樣品，並預計在年中開始加速生產。基於我們 CDNA 4 架構的進步，MI350 系列的效能非常強大。我們設計 CDNA 4 是為了在廣泛的 AI 工作負載中提供領先的性能，將內存容量和頻寬提高 1.5 倍，增加對新數據類型的支持，並提高網絡效率，與 MI300x 相比，可提供高 35 倍的吞吐量和性能。

Customer interest in the MI350 series is very strong, setting the stage for broad deployment in the second half of this year. As one example, we are partnering with Oracle to deploy a large-scale cluster powered by MI355x accelerators, fifth-gen EPYC turn processors, and Polera400 AI NICs. This multibillion-dollar initiative highlights the expanding AMD and OCI partnership and the growing demand for AMD Instinct to power the next wave of large-scale AI infrastructure.

客戶對MI350系列的興趣非常濃厚，為今年下半年的廣泛部署奠定了基礎。舉個例子，我們正在與 Oracle 合作部署一個由 MI355x 加速器、第五代 EPYC 轉向處理器和 Polera400 AI NIC 驅動的大規模叢集。這項耗資數十億美元的計畫凸顯了 AMD 和 OCI 合作夥伴關係的不斷擴大，以及對 AMD Instinct 為下一波大規模 AI 基礎設施提供動力的日益增長的需求。

Looking ahead, our MI400 series development remains on track to launch next year. The MI400 series is designed to deliver leadership performance for both inferencing and training, scaling seamlessly from single servers to full data center deployments. Early customer feedback has been very positive, marking a major step forward in our Instinct roadmap and significantly expanding our AI accelerator TAM as customers plan broader Instinct deployments to power a larger share of their AI infrastructure.

展望未來，我們的 MI400 系列開發仍有望在明年推出。MI400 系列旨在提供推理和訓練方面的領先效能，可從單一伺服器無縫擴展到完整的資料中心部署。早期客戶的回饋非常積極，這標誌著我們的 Instinct 路線圖向前邁出了重要一步，並顯著擴展了我們的 AI 加速器 TAM，因為客戶計劃更廣泛的 Instinct 部署，以支援更大份額的 AI 基礎設施。

I'm looking forward to sharing more details on the MI350 Series, future MI400 rack-scale solutions, and the growing customer adoption of our Instinct platforms at our Advancing AI event on June 12.

我期待在 6 月 12 日的 Advancing AI 活動上分享有關 MI350 系列、未來 MI400 機架規模解決方案以及越來越多的客戶採用我們的 Instinct 平台的更多詳細資訊。

Turning to our Client and Gaming segment. Segment revenue increased 28% year over year to $2.9 billion. Client revenue grew 68% year over year, marking our fifth consecutive quarter of revenue share gains. We delivered record client CPU ASP, driven by a richer mix of high-end desktop and mobile Ryzen processors.

轉向我們的客戶和遊戲部門。分部營收年增28%至29億美元。客戶營收年增 68%，這是我們連續第五個季度實現營收份額成長。我們實現了創紀錄的客戶端 CPU ASP，這得益於高階桌上型電腦和行動 Ryzen 處理器的更豐富的組合。

Desktop channel sell-out increased by more than 50% year over year. We set new sell-out records in multiple regions as our latest-generation Ryzen processors became the CPU of choice for gamers, topping bestseller lists at leading global e-tailers. To build on this momentum, we extended our desktop CPU portfolio with the launch of our 16-core Ryzen 9950 X3D processor that delivers significantly higher gaming and productivity performance than the competition.

桌面通路銷售量較去年同期成長超過50%。隨著我們最新一代的 Ryzen 處理器成為遊戲玩家的首選 CPU，並在全球領先的電子零售商的暢銷榜上名列前茅，我們在多個地區創下了新的銷售記錄。為了保持這一勢頭，我們擴展了桌上型電腦 CPU 產品線，推出了 16 核心 Ryzen 9950 X3D 處理器，其遊戲和生產力效能明顯高於競爭對手。

In mobile, AMD-based notebook sell-through was very strong in the quarter. We also saw strong demand for our latest generation AI PC processors as sales ramped, increasing by more than 50% quarter on quarter. The first notebooks powered by our new high-end Ryzen AI MAX+ and the first mainstream Ryzen AI 7 and 5 300 series processors launched to very positive reviews. These new processors set the standard for traditional computing and graphics performance while also delivering unmatched AI capabilities in battery life, positioning Ryzen as a CPU of choice for gaming, ultrathin, and commercial notebooks.

在行動領域，本季基於 AMD 的筆記型電腦銷售非常強勁。我們也看到最新一代 AI PC 處理器的需求強勁，銷量較上季成長超過 50%。首批搭載我們全新高階 Ryzen AI MAX+ 和首款主流 Ryzen AI 7 和 5 300 系列處理器的筆記型電腦獲得了非常正面的評價。這些新處理器為傳統運算和圖形效能樹立了標準，同時在電池壽命方面也提供了無與倫比的 AI 功能，使 Ryzen 成為遊戲、超薄和商用筆記型電腦的首選 CPU。

Demand for AMD-based commercial PCs was also very strong in the quarter. Ryzen Pro PC sell-through grew more than 30% year over year, driven by new end customer wins and an 80% increase from 2024 in the number of AMD-powered commercial systems from HP, Lenovo, Dell, and Asus. We closed multiple wins with large auto, energy, healthcare, financial services, and telecom companies in the quarter.

本季對基於 AMD 的商用電腦的需求也非常強勁。Ryzen Pro PC 的銷量年增超過 30%，這得益於新終端客戶的成功，以及惠普、聯想、戴爾和華碩採用 AMD 晶片的商用系統數量較 2024 年增長 80%。本季度，我們與多家大型汽車、能源、醫療保健、金融服務和電信公司達成了合作。

Looking more broadly across the PC market, we remain confident we can grow client processor revenue well ahead of the market in 2025, led by expanding adoption of our desktop channel and consumer and commercial notebook portfolio as well as a richer mix.

放眼整個 PC 市場，我們仍然有信心，到 2025 年，我們的客戶端處理器收入將遠遠超過市場，這得益於桌上型電腦通路、消費和商用筆記型電腦產品組合的不斷擴大以及更豐富的產品組合。

Turning to our Gaming business results. Gaming revenue decreased 30% year over year as higher Radeon Graphics sales were more than offset by lower semi-custom sales. While our semi-custom SoC sales declined year over year, console channel inventories have normalized as demand sales have strengthened for 2025.

談到我們的遊戲業務成果。遊戲營收年減 30%，因為 Radeon Graphics 銷售額的成長被半客製化銷售額的下降所抵消。雖然我們的半客製化 SoC 銷量年減，但隨著 2025 年需求銷售的增強，遊戲機通路庫存已恢復正常。

For PC gaming, we launched our Radeon 9070 series to strong demand as our new RDNA 4 architecture delivers leadership performance for mainstream gamers. First week sell-out set a record and was more than 10x higher than our previous best Radeon launch. Demand remains very strong, and we are working closely with our Board partners to replenish inventory weekly and need to sustain demand.

對於 PC 遊戲，我們推出了 Radeon 9070 系列，需求強勁，因為我們的新 RDNA 4 架構為主流遊戲玩家提供了領先的效能。第一周的銷售量創下了紀錄，比我們之前最好的 Radeon 產品發布量高出 10 倍以上。需求仍然非常強勁，我們正在與董事會合作夥伴密切合作，每週補充庫存並維持需求。

We also introduced FSR 4, our first machine learning-based rendering technology that delivers significantly higher frame rates and more immersive gaming experiences. FSR 4 is already enabled in over 30 games with support expected to reach 75 titles by year-end.

我們還推出了 FSR 4，這是我們的第一個基於機器學習的渲染技術，可提供更高的幀速率和更身臨其境的遊戲體驗。FSR 4 已在 30 多款遊戲中啟用，預計到年底將支援 75 款遊戲。

Turning to our Embedded segment. First-quarter revenue decreased 3% year over year to $823 million. Embedded demand continues to recover gradually. We expect improving demand in the test and measurement, communications and aerospace markets will drive a return to growth in the second half of 2025.

轉向我們的嵌入式部分。第一季營收年減 3% 至 8.23 億美元。嵌入式需求持續逐步復甦。我們預計，測試與測量、通訊和航空航太市場的需求成長將推動 2025 年下半年恢復成長。

We completed initial shipments of our cost-optimized Spartan UltraScale+ FPGAs and second-generation Versal AI Edge SoCs to meet growing demand for AI at the Edge. As a part of continuing to grow our Embedded X86 business, we launched our EPYC Embedded 9005 Series CPUs that deliver leadership performance for networking, storage, and industrial edge applications.

我們完成了成本優化的 Spartan UltraScale+ FPGA 和第二代 Versal AI Edge SoC 的初始出貨，以滿足對邊緣 AI 日益增長的需求。作為繼續發展嵌入式 X86 業務的一部分，我們推出了 EPYC 嵌入式 9005 系列 CPU，可為網路、儲存和工業邊緣應用提供領先的效能。

Cisco selected our new EPYC Embedded processors for their latest high-end firewall solutions, and IBM is using them to power its latest storage scale System 6000 for performance-intensive enterprise analytics and AI workloads. We also released our latest Vitis AI software suite, expanding support for the latest models and accelerating Edge AI deployment across a broader range of applications, further strengthening our leadership in the rapidly emerging edge AI market.

思科為其最新的高階防火牆解決方案選擇了我們的新型 EPYC 嵌入式處理器，而 IBM 則使用它們為其最新的儲存規模 System 6000 提供支持，以滿足性能密集型企業分析和 AI 工作負載的需求。我們也發布了最新的Vitis AI軟體套件，擴大對最新模型的支持，並加速在更廣泛的應用範圍內部署邊緣AI，進一步加強我們在快速崛起的邊緣AI市場中的領導地位。

In summary, our strong first-quarter results and second-quarter outlook reflect the momentum we are building across our business. While we face some headwinds from the dynamic macro and regulatory environments, including the recently announced export controls for Instinct MI308 shipments to China, we believe they are more than offset by the powerful tailwinds from our leadership product portfolio.

總而言之，我們強勁的第一季業績和第二季前景反映了我們整個業務正在建立的勢頭。雖然我們面臨來自動態宏觀和監管環境的一些阻力，包括最近宣布的對 Instinct MI308 運往中國的出口管制，但我們相信，我們領先的產品組合帶來的強大順風足以抵消這些阻力。

Against this backdrop, we remain confident we can deliver strong double-digit percentage revenue growth in 2025 based on accelerating share gains with our latest generation of Zen 5 EPYC and Ryzen CPUs and Radeon GPUs and ramping production of our Instinct MI350 Series accelerators in the second half of the year to support an expanded set of customers and AI workloads.

在此背景下，我們仍然有信心，憑藉最新一代 Zen 5 EPYC 和 Ryzen CPU 和 Radeon GPU 加速的份額增長，以及下半年 Instinct MI350 系列加速器的產量增加，我們可以在 2025 年實現強勁的兩位數百分比收入增長，以支持更廣泛的客戶和 AI 工作負載。

We also expect full-year growth in our semi-custom business and for our Embedded business to return to year-over-year growth in the second half of the year, driven by the reduced inventory levels and improving band environment.

我們也預計，受庫存水準降低和頻段環境改善的推動，我們的半客製化業務將全年成長，而嵌入式業務將在下半年恢復同比成長。

To capitalize on our unprecedented growth opportunities and deliver our next major growth arc, we are expanding investments in our product and technology roadmaps, go-to-market initiatives, and full-stack AI software and Data Center solutions capabilities. We're also doubling down our execution to deliver and, where possible, accelerate our industry-leading road maps. We view the current environment as a strategic opportunity to further differentiate AMD as we deliver an expanding product portfolio that combine leadership compute and AI capabilities for data centers, edge, PCs, and embedded end devices.

為了利用我們前所未有的成長機會並實現下一個主要成長弧線，我們正在擴大對產品和技術路線圖、上市計劃以及全端人工智慧軟體和資料中心解決方案功能的投資。我們還將加倍努力，盡可能實現並加速我們行業領先的路線圖。我們將當前環境視為進一步區分 AMD 的策略機遇，因為我們提供不斷擴展的產品組合，將領先的運算和 AI 功能結合到資料中心、邊緣、個人電腦和嵌入式終端設備中。

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

現在我想將電話轉給 Jean，以便他能為我們的第一季業績提供一些額外的資訊。吉恩？

Thank you, Lisa, and good afternoon, everyone. I'll start with a review of our financial results and then provide our current outlook for the second quarter of fiscal 2025. As a reminder, for comparative purposes, our first quarter fiscal year 2025 financial statement disclosures include the combination of our Client and the Gaming businesses into a single reportable segment to align with how we manage the business. We continue to provide this team revenue disclosures for our Data Center, Client, Gaming and Embedded businesses.

謝謝你，麗莎，大家午安。我將首先回顧我們的財務業績，然後提供我們對 2025 財年第二季的當前展望。提醒一下，為了進行比較，我們 2025 財年第一季的財務報表揭露包括將我們的客戶和遊戲業務合併為一個可報告的部門，以符合我們的業務管理方式。我們將繼續向該團隊提供資料中心、客戶端、遊戲和嵌入式業務的收入揭露。

We are pleased with our record first-quarter revenue of $7.4 billion, exceeding the high end of our guidance, up 36% year over year, driven by 57% revenue growth in the Data Center segment and a 28% revenue growth in the Client and the Gaming segment. Revenue declined 3% sequentially due to lower revenue in the Embedded and Data Center segments, partially offset by sequential growth in the Client and Gaming segment.

我們對第一季創紀錄的 74 億美元營收感到滿意，超過了我們預期的高端，年增 36%，這得益於資料中心部門營收成長 57% 以及客戶端和遊戲部門營收成長 28%。由於嵌入式和資料中心部門收入下降，營收環比下降 3%，但客戶端和遊戲部門的環比成長部分抵消了這一影響。

Gross margin was 54%, up 140 basis points from a year ago. Operating expenses were $2.2 billion, an increase of 28% year over year as we continue to invest aggressively in go-to-market activities and in R&D to address the significant growth opportunities ahead of us.

毛利率為54%，較去年同期上升140個基點。營運費用為 22 億美元，年增 28%，因為我們繼續積極投資於市場推廣活動和研發，以抓住我們面臨的重大成長機會。

Operating income was $1.8 billion, representing a 24% operating margin. Taxes, interest expenses, and the other was $213 million. For the first quarter of 2025, diluted earnings per share was $0.96, an increase of 55% year over year.

營業收入為 18 億美元，營業利益率為 24%。稅金、利息支出及其他為2.13億美元。2025年第一季，每股攤薄收益為0.96美元，較去年同期成長55%。

Now turning to our reportable segments, starting with the Data Center. Data Center segment revenue was 3.7 billion, up 57% year over year, primarily driven by continued CPU server share gains across both the cloud and enterprise customers and strong growth of AMD Instinct GPUs. On a sequential basis, Data Center segment revenue decreased 5%. Data Center segment operating income was $932 million, or 25% of revenue, compared to $541 million, or 23% a year ago.

現在轉向我們的報告部分，從資料中心開始。資料中心部門營收為 37 億美元，年成長 57%，主要得益於雲端和企業客戶的 CPU 伺服器份額持續成長以及 AMD Instinct GPU 的強勁成長。與上一季相比，資料中心部門收入下降了 5%。資料中心部門的營運收入為 9.32 億美元，佔營收的 25%，去年同期為 5.41 億美元，佔營收的 23%。

Client and Gaming segment revenue was $2.9 billion, up 28% year over year, driven primarily by strong customer demand for our latest-generation Zen 5 AMD rising processors, partially offset by lower semi-customer revenue. Client revenue was $2.3 billion, up 68% year over year. More than half of the growth was driven by higher ASPs from a richer mix of high-end Ryzen processors.

客戶端和遊戲部門營收為 29 億美元，年增 28%，主要得益於客戶對我們最新一代 Zen 5 AMD 處理器的強勁需求，但半客戶收入的下降部分抵消了這一增長。客戶營收為 23 億美元，年增 68%。超過一半的成長是由更豐富的高階 Ryzen 處理器組合帶來的更高平均售價所推動的。

On a sequential basis, Client and Gaming segment revenue increased by 2%, primarily driven by stronger-than-seasonal performance of our Client product portfolio and increased semi-customer product revenue. Client and Gaming segment operating income was $496 million, or 17% of revenue, compared to $237 million, or 10% of a year ago, driven by operating leverage on higher revenue.

與上一季相比，客戶和遊戲部門收入成長了 2%，這主要得益於客戶產品組合表現強於季節性以及半客戶產品收入增加。客戶端和遊戲部門的營業收入為 4.96 億美元，佔營收的 17%，而去年同期為 2.37 億美元，佔營收的 10%，這得益於營收增加帶來的營業槓桿作用。

Embedded segment revenue was $823 million, down 3% year over year. Embedded demand continues to recover gradually. Sequentially, embedded was down 11%, consistent with our expectations. Embedded segment operating income was $328 million, or 40% of revenue, compared to $342 million, or 41% a year ago.

嵌入式部門營收為 8.23 億美元，年減 3%。嵌入式需求持續逐步復甦。嵌入式業務季減 11%，符合我們的預期。嵌入式部門營業收入為 3.28 億美元，佔營收的 40%，去年同期為 3.42 億美元，佔營收的 41%。

Turning to the balance sheet and the cash flow. During the quarter, we generated $939 million in cash from operations, and our free cash flow for the quarter was $727 million. We returned $749 million to shareholders through the repurchase of common stock and our repurchase program. We have $4 billion remaining in our share repurchase authorization.

轉向資產負債表和現金流。本季度，我們從經營活動中產生了 9.39 億美元的現金，本季的自由現金流為 7.27 億美元。我們透過回購普通股和回購計畫向股東返還了 7.49 億美元。我們的股票回購授權還剩餘 40 億美元。

At the end of the quarter, cash, cash equivalents, and short-term investment was $7.3 billion. Within the quarter, we reached $1.5 billion of debt and issued $950 million of commercial paper to help fund our acquisition of ZT Systems, which was completed on March 31.

本季末，現金、現金等價物及短期投資為73億美元。本季度，我們的債務達到了 15 億美元，並發行了 9.5 億美元的商業票據，以資助我們對 ZT Systems 的收購，該收購於 3 月 31 日完成。

Now turning to our second-quarter 2025 outlook. As a reminder, in April, a new export license requirement was put in place for MI308 shipments to China, the impact of which is included in our guidance. We expect revenue to be approximately $7.4 billion, plus or minus $300 million. This includes an estimated $700 million revenue reduction as a result of the new export license requirement. Despite this headwind, the midpoint of our guidance represents 27% year-over-year revenue growth.

現在來談談我們對 2025 年第二季的展望。提醒一下，4 月份，對 MI308 出口到中國實施了新的出口許可證要求，其影響已包含在我們的指導中。我們預計營收約 74 億美元，上下浮動 3 億美元。其中包括因新的出口許可證要求而導致的約 7 億美元的收入減少。儘管面臨這種不利因素，我們的預期中位數仍代表著營收年增 27%。

For the full-year 2025, we estimated the revenue impact due to the export license requirement to be approximately $1.5 billion. Sequentially, we expect Client and Gaming segment revenue to increase by double-digit percentage, Embedded segment revenue to be flattish. And we expect Data Center segment revenue to decrease due to the exclusion of MI308 revenue.

對於 2025 年全年而言，我們估計出口許可證要求對收入的影響約為 15 億美元。連續，我們預期客戶端和遊戲部門的營收將以兩位數的百分比成長，嵌入式部門的營收將持平。我們預計，由於排除 MI308 收入，資料中心部門的收入將會減少。

In addition, we expect second-quarter non-GAAP gross margin is estimated to be 43%, inclusive of approximately $800 million in charges for inventory and related reserves. Excluding this charge, our non-GAAP gross margin would be approximately 54%; non-GAAP operating expenses to be approximately $2.3 billion, which includes approximately $50 million in OpEx due to the addition of the ZT Systems' design team.

此外，我們預計第二季非 GAAP 毛利率約為 43%，其中包括約 8 億美元的庫存和相關儲備費用。不包括這筆費用，我們的非公認會計準則毛利率約為 54%；非 GAAP 營運費用約為 23 億美元，其中包括因加入 ZT Systems 設計團隊而產生的約 5,000 萬美元的營運支出。

The financials for the ZT manufacturing business will be reported as discontinued operations starting in the second quarter. We expect net interest and other expenses to be $5 million due to the debt associated with the ZT System transaction. Non-GAAP effective tax rate to be 13% and the diluted share count is expected to be approximately 1.64 billion shares, which includes 9 million shares related to the ZT transaction.

從第二季開始，ZT 製造業務的財務狀況將被報告為已停止的業務。由於與 ZT System 交易相關的債務，我們預計淨利息和其他費用將達到 500 萬美元。非公認會計準則有效稅率為 13%，預計稀釋股數約為 16.4 億股，其中包括與 ZT 交易相關的 900 萬股。

Looking forward, despite ongoing macro and trade policy-related uncertainties, we believe the investments we are making will position us well to address the large growth opportunities ahead as AI expand use of high-performance computing across all our end markets.

展望未來，儘管宏觀和貿易政策相關的不確定性持續存在，但我們相信，隨著人工智慧在我們所有終端市場擴大高效能運算的使用，我們正在進行的投資將使我們處於有利地位，能夠應對未來的巨大成長機會。

In closing, 2025 is off to a strong start as we continue to execute on key strategic and financial goals. We delivered strong top-line revenue growth, expanded gross and operating margins, and closed the key acquisition of ZT Systems to expand and accelerate our data center GPU and the systems road maps.

最後，隨著我們繼續執行關鍵策略和財務目標，2025 年將迎來一個強勁的開局。我們實現了強勁的營收成長、毛利率和營業利潤率的提高，並完成了對 ZT Systems 的關鍵收購，以擴展和加速我們的資料中心 GPU 和系統路線圖。

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

說完這些，我將把時間交還給馬特進行問答環節。

Thank you very much, Jean. John, can you go ahead and pool the callers for the Q&A session, please? Thank you.

非常感謝，Jean。約翰，您能繼續總結問答環節的來電者嗎？謝謝。

(Operator Instructions) Joshua Buchalter, TD Cowen.

（操作員指示）Joshua Buchalter，TD Cowen。

Congrats on the results. I was hoping you may expand on the drivers of upside in both footprint and in particular, the guide. How should we think about 2Q growth by segment?

恭喜取得成果。我希望您可以進一步闡述足跡和指南方面的優勢驅動因素。我們該如何看待第二季度各細分領域的成長？

And wanted to double-click on Client in particular. That business is up 67% year over year in the first quarter, and there's obviously a lot of concerns on pull-in. So I was hoping you could walk through some of the drivers of the strength in client in particular and how you're thinking about that in 2Q. Thank you.

並特別想雙擊客戶端。該業務第一季同比增長 67%，但顯然存在許多關於拉動的擔憂。所以我希望您能具體介紹一下客戶實力的一些驅動因素，以及您對第二季的看法。謝謝。

Okay, great, Josh. Thanks for the question. Look, we were very pleased with our performance in Q1. We actually saw a strength across a number of our businesses. We saw strength certainly in the client business, very strong desktop performance. We saw strength in our gaming business as well, which was really due to our strong Radeon launch.

好的，太好了，喬希。謝謝你的提問。看，我們對第一季的表現非常滿意。我們實際上看到了我們多項業務的優勢。我們確實看到了客戶端業務的實力，桌面效能非常強勁。我們的遊戲業務也表現出色，這主要歸功於我們強勁的 Radeon 推出。

And we also saw some strength in our data center business across both stronger CPU and GPU. So those are some of the drivers for our Q1 performance. And in particular, on your question of Client performance, we've certainly looked very carefully at the ordering patterns and what customers are telling us. We have not seen a lot of tariff-related activity in that business. I would say, though, what we have seen is a real stronger mix and strength in our overall ASPs.

我們也看到資料中心業務在 CPU 和 GPU 方面的實力增強。這些就是我們第一季業績的一些驅動因素。特別是關於客戶表現的問題，我們確實非常仔細地研究了訂購模式以及客戶告訴我們的情況。我們尚未看到該行業出現大量與關稅相關的活動。不過，我想說的是，我們看到的是我們的整體平均售價確實更加強勁、實力更加雄厚。

So the desktop channel, which is an area where we have a very strong gaming products right now actually performed well above seasonality in Q1, and that is really the strength of the ASPs there. So that's what we saw in Q1.

因此，桌面通路是我們目前擁有非常強大的遊戲產品的領域，其第一季的表現實際上遠高於季節性，而這正是該領域平均售價的優勢所在。這就是我們在第一季看到的情況。

And then to your question about the guide for Q2, as Jean mentioned, we do have the new export control limitation on MI308. So we have taken out that revenue, which is a $700 million headwind in Q2. But with that, we have a strong outlook, given the strength across the rest of our businesses. So we continue to see strength in Client going into the second quarter.

然後回答您關於第二季度指南的問題，正如 Jean 所提到的，我們確實對 MI308 有新的出口管制限制。因此，我們取消了這筆收入，這對第二季來說是一個 7 億美元的逆風。但鑑於我們其他業務的強勁表現，我們對前景充滿信心。因此，我們繼續看到客戶在第二季的強勁表現。

Again, the desktop business continues to perform above typical seasonality. We're also seeing the beginning of the commercial ramp, which is a place where we have traditionally been quite underrepresented.

再次，桌面業務的表現繼續高於典型的季節性。我們也看到了商業成長的開始，而傳統上我們在商業領域的代表性還很不足。

We see continued strength in Gaming, I would say, much better than typical seasonality. That is really our AIB business with the Radeon products ramping as well as consoles have now drained all of their inventory. And so they are starting their ramp into the year.

我想說，我們看到遊戲產業持續走強，比典型的季節性表現好得多。這實際上是我們的 AIB 業務，其中 Radeon 產品正在不斷增加，並且遊戲機現在已耗盡所有庫存。因此他們開始在新的一年邁出步伐。

And from a Data Center side, we see sequential growth on the CPU side. We see the GPU right on track minus the China export controls. And so for all of those reasons, we're pleased with where the performance of the business is right now.

從資料中心方面來看，我們看到 CPU 方面的連續成長。我們認為，如果沒有中國出口管制，GPU 的計畫將會順利進行。因此，由於所有這些原因，我們對目前的業務表現感到滿意。

Yeah. I'll just add 1 point to what Lisa just said on the Client business. We had really strong performance in Q1.

是的。我只想對麗莎剛才關於客戶業務的說法補充一點。我們在第一季的表現非常強勁。

Sequentially, Client revenue is largely flattish versus Q4. When you look behind it, our units actually declined double digit. So the revenue flattish is largely driven by the ASP increase sequentially due to the richer mix Lisa just mentioned.

與第四季相比，客戶收入基本持平。如果你回顧一下，你會發現我們的單位數量實際上下降了兩位數。因此，收入持平主要是由於 Lisa 剛才提到的更豐富的產品組合導致 ASP 連續增加所致。

Thank you for that color. To follow up, I want to ask about how the ex-China X308 Instinct family performed in the quarter and how you're thinking about the back half of the year. I think you mentioned in the prepared remarks, significant double-digit year over year. Could you maybe provide some color on how Instinct did in the first quarter, how you're thinking about the first half ahead of the 350 ramp in next month? Thank you.

謝謝你的那個顏色。接下來，我想問中國以外的 X308 Instinct 系列在本季的表現如何，以及您對今年下半年的看法。我想您在準備好的發言中提到過，同比增長顯著達到兩位數。您能否介紹 Instinct 在第一季的表現，以及在下個月 350 輛汽車銷售成長之前，您對上半年的表現有何看法？謝謝。

Sure. So on the Instinct ramp, I would say, Q1 performance of Data Center GPU was in line with -- maybe a little bit better than expected. I think the key point that we've always said about the Instinct ramp is very excited about the MI350 launch. We're right on track for that launching midyear.

當然。因此，在 Instinct 升級方面，我想說，資料中心 GPU 的第一季表現與預期一致 - 可能略好於預期。我認為我們一直在談論的 Instinct 坡道的關鍵點是對 MI350 的推出感到非常興奮。我們正按計劃於年中推出該產品。

I would say customer interest has been very high. So from a competitiveness standpoint, we feel really good about where it's positioned. Overall, I think one of the advantages that we have with the MI350 launch is that from a systems overall environment, it's actually very similar to the MI300.

我想說顧客的興趣一直很高。因此，從競爭力的角度來看，我們對它的定位感到非常滿意。總的來說，我認為推出 MI350 的優勢之一是，從系統整體環境來看，它實際上與 MI300 非常相似。

So we believe it's going to ramp fast. And we already have a couple of deals that have been announced, including a very important relationship with Oracle in terms of the MI350 series for a number of joint customers.

因此我們相信它會快速成長。我們已經宣布了幾筆交易，包括與 Oracle 就 MI350 系列為一些聯合客戶提供非常重要的合作關係。

So we're excited about the overall AI business. I think we continue to see strength there. I know there are some uncertainties as it relates to tariffs and other things. But this is one of those areas where, from an infrastructure standpoint, there continues to be investment in AI infrastructure. And so with that, we would expect strong growth into the second half of the year.

因此，我們對整個人工智慧業務感到興奮。我認為我們將繼續看到那裡的力量。我知道在關稅和其他方面存在一些不確定性。但從基礎設施的角度來看，這是繼續對人工智慧基礎設施進行投資的領域之一。因此，我們預計今年下半年將出現強勁成長。

Timothy Arcuri, UBS.

瑞銀的提摩西·阿庫裡。

Lisa, you said that Data Center GPU grew significant double digit, but it was like $600 million last March. So I would think that -- I mean, I think a lot of us thought it was going to be like $1.7 billion to $1.75 billion. So is that the wrong way to sort of interpret that? Because it seems like it more than -- it went up triple digits at least. So can you help us there?

Lisa，您說資料中心 GPU 實現了顯著的兩位數成長，但去年 3 月的銷售額只有 6 億美元。所以我認為——我的意思是，我想我們很多人都認為這個數字會是 17 億美元到 17.5 億美元。那麼，這是錯誤的解讀方式嗎？因為看起來至少上漲了三位數。那你能幫助我們嗎？

And also, I'm curious, the additional $100 million that sort of has to come out from the ban, does that all come out in September? Or is there some remnants to have to come out in the fourth quarter as well?

另外，我很好奇，禁令中額外支出的 1 億美元，會在 9 月全部支出嗎？或者第四季是否還會出現一些殘餘？

Yeah. So again, what I would say is the Data Center GPU business did perform very well in the first quarter. I think we have to go back and look at what you had for first-quarter 2024. But overall standpoint, it performed right where we would expect.

是的。所以，我想說的是，資料中心 GPU 業務在第一季的表現確實非常好。我認為我們必須回顧一下 2024 年第一季的情況。但從整體來看，它的表現正如我們所預期的。

Relative to your conversation as to where does it come out, I would say the vast majority already comes out in the September quarter. So think about Jean mentioned $1.5 billion. You would see the majority of it in Q2 and Q3 with very little in Q4. So we had always expected that the fourth quarter because it would be very focused on the MI350 family would be non-China revenue, and that's how it was planned.

關於您所說的數據何時公佈，我想說絕大多數數據已在 9 月季度公佈。所以想想 Jean 提到的 15 億美元。您會發現大部分出現在第二季度和第三季度，而第四季度則很少。因此，我們一直預計第四季度的收入將來自非中國地區，因為第四季度我們將重點關注 MI350 系列，這就是計劃。

Got it. And then Jean, just on the inventory, it was up a lot. Is that just due to ZT or is there something else happening there? Thanks.

知道了。然後 Jean，僅就庫存而言，它就增加了很多。這僅僅是因為 ZT 還是發生了其他事情？謝謝。

Well, on the inventory side, we built some inventory primarily to support very strong client and the server ramp and also the second-half Data Center GPU ramp. As you probably know, the lead time is really long to build. For the Q3, Q4 ramp, we really need to start the wafers right now. That's why the inventory has increased.

嗯，在庫存方面，我們建立了一些庫存，主要是為了支援非常強大的客戶端和伺服器的成長以及下半年資料中心 GPU 的成長。您可能知道，建造的準備時間確實很長。為了滿足第三季和第四季的產量需求，我們現在確實需要開始生產晶圓。這就是庫存增加的原因。

Harlan Sur, JPMorgan.

摩根大通的 Harlan Sur。

I know there's been a lot of focus in your upcoming MI350 series, Lisa, but MI400 next year is where you potentially close the competitive gap in a big way, right? You're bringing frontier class, model training, performance, GPU, and a rack-scale solution. More and more of the challenges has been standing up these rack-scale platforms, power, cooling, footprint, networking, connectivity, telemetry, et cetera, right? Lots of well telegraphed issues with standing up these rack-scale architectures.

麗莎，我知道您即將推出的 MI350 系列備受關注，但明年的 MI400 是您可能大大縮小競爭差距的時機，對嗎？您將帶來前沿類別、模型訓練、效能、GPU 和機架規模解決方案。越來越多的挑戰是建立這些機架規模的平台、電源、冷卻、佔用空間、網路、連接、遙測等等，對嗎？在建立這些機架規模架構時，存在著許多眾所周知的問題。

So as you shared your MI400 rack-scale solution architecture with customers, like what is the AMD team doing to potentially address the ease of these deployments with the MI400? And just in general, what's been the overall feedback been like on MI400?

因此，當您與客戶分享 MI400 機架式解決方案架構時，AMD 團隊正在採取哪些措施來解決使用 MI400 進行這些部署的簡易性？整體而言，MI400 的整體回饋如何？

Yeah, Harlan, thank you for the question. I think, look, we're excited about the MI350 series launch that's coming up, but we are extremely excited as well about the MI400 series and the roadmap there. I think we've been very active with customers on our roadmap. As you know, this is one of those areas where you absolutely have to be planning many quarters in advance for that.

是的，哈蘭，謝謝你的提問。我認為，我們對即將推出的 MI350 系列感到非常興奮，但我們對 MI400 系列及其路線圖也感到非常興奮。我認為我們在路線圖上與客戶非常積極地合作。如您所知，這是您必須提前多個季度進行規劃的領域之一。

One of the primary reasons we acquired ZT Systems was exactly to address this rack-scale architecture. And so from that standpoint, the closing of the ZT acquisition has been very timely. What we're doing right now is, together with our ZT design team as well as our customers' design teams and our own systems design capability, really actively planning what those rack-scale systems are going to look like.

我們收購 ZT Systems 的主要原因之一正是為了解決這個機架規模架構。因此從這個角度來看，ZT 收購的完成非常及時。我們目前正在做的是與我們的 ZT 設計團隊以及我們客戶的設計團隊和我們自己的系統設計能力一起積極規劃這些機架規模系統將會是什麼樣子。

I would say the MI400 series enthusiasm from customers is high. And there's a lot of activities that are going on right now to ensure that we do, in fact, learn from some of the, let's call it, some of the challenges that have occurred with some of the recent deployments.

我想說客戶對 MI400 系列的熱情很高。目前正在進行許多活動，以確保我們確實能從最近的部署中遇到的一些挑戰中學習。

And then I continue to be impressed, I mean, seven consecutive quarters of strong year-over-year growth in your EPYC enterprise and on-prem traction, right? You have high-30s, low-40s type of share of the overall server market in enterprise and on-prem.

然後我繼續印象深刻，我的意思是，您的 EPYC 企業和本地牽引力連續七個季度實現強勁同比增長，對嗎？在企業和本地伺服器市場中，你們佔了 30% 到 40% 左右的份額。

Your share is probably in the sort of low-20% range but significant share momentum. Can you just remind us like what has the AMD team done? What have you put in place sort of go-to-market wise to drive the strong tailwind here in what has been a very, very tough market segment to crack?

您的份額可能處於 20% 以下，但份額勢頭強勁。您能否提醒我們一下 AMD 團隊做了什麼？在這個非常難以攻克的細分市場中，您採取了哪些市場進入措施來推動強勁的順風？

I think there are a couple of things, Harlan. First of all, the strength of the product cannot be undersold, right? At this moment, with fifth-gen EPYC, the overall, cloud adoption has been fantastic. And then on the enterprise side, we've really broadened the product portfolio for Turin. That includes, let's call it, low core count up through the highest core count and frequency ranges. So that's very helpful.

我認為有幾件事，哈蘭。首先，產品的實力是不能低估的，對吧？目前，有了第五代 EPYC，整體雲端運算採用非常好。在企業方面，我們確實擴大了都靈的產品組合。我們稱之為，這包括從低核心數到最高核心數和頻率範圍。這非常有幫助。

But probably the largest impact has been in go-to-market. In the go-to-market space, we have added significant headcount and capability to address end users directly. And with the use cases, I think some of the things that we talked about across industries, we're actually learning from each deployment and replicating that across many of the industrial partners.

但可能最大的影響是在市場進入方面。在市場推廣方面，我們增加了大量員工，並增強了直接面向最終用戶的能力。對於用例，我認為我們在各個行業討論過的一些事情，我們實際上是從每次部署中學習，並在許多行業合作夥伴中複製這些事情。

So overall, I think it's been a strong effort on enterprise. And we're really still in the very early stages of that. I would say we're still quite underrepresented in enterprise, but with the platform coverage and the processor coverage, I think we feel good about the opportunities.

所以總的來說，我認為這對企業來說是一項巨大的努力。而我們確實仍處於這一領域的早期階段。我想說我們在企業中的代表性仍然很低，但隨著平台覆蓋和處理器覆蓋，我認為我們對這些機會感到樂觀。

Aaron Rakers, Wells Fargo.

富國銀行的 Aaron Rakers。

Going back to kind of the Data Center business and particularly the GPU business. I think last quarter, you had alluded to the fact that you had expected the Data Center revenue to be roughly flat in the first half of the year. I guess if we were to take out the $700 million impact from China, would the expectation still be flat for the year? Is that a fair assumption?

回到資料中心業務，特別是 GPU 業務。我認為上個季度您曾暗示，您預計資料中心收入將在上半年基本持平。我想，如果我們去掉來自中國的 7 億美元的影響，今年的預期還會持平嗎？這是一個合理的假設嗎？

So, Aaron, so you're right. Last time, we did mention the first-half Data Center GPU, it's flattish versus second half. The way to think about what Lisa mentioned is the $1.5 billion impact largely will be in Q2 and Q3. And so when you take out $700 million in Q2 and the majority in Q3, that is what impacted in Q2 and Q3.

那麼，亞倫，你是對的。上次我們確實提到了上半年的資料中心 GPU，它與下半年相比持平。思考麗莎提到的問題的方式是，15 億美元的影響主要將在第二季和第三季。因此，當您在第二季拿出 7 億美元並在第三季拿出大部分資金時，這就是對第二季和第三季產生影響的原因。

But remember what Lisa mentioned is we do see second-half weighted. As we launch MI355, we will see significant ramp. Year over year, we see strong double-digit growth of our Data Center business and the GPU business also.

但請記住麗莎提到的是我們確實看到了下半年的加權。隨著我們推出 MI355，我們將看到顯著的成長。與去年同期相比，我們的資料中心業務和 GPU 業務也實現了強勁的兩位數成長。

Okay. And then as a quick follow-up, kind of thinking about the gross margin, obviously, this quarter's guidance reflective of the charge that you're taking. Should we assume that in the back half with mix attributes to be considered, that you would see a return to that 54%-plus gross margin in the second half of the year? Is that a fair assessment?

好的。然後作為一個快速的後續問題，考慮一下毛利率，顯然，本季的指導反映了你所收取的費用。我們是否應該假設，考慮到混合屬性，下半年的毛利率將回升至 54％ 以上？這是一個公平的評價嗎？

Yeah, Aaron. Thank you for the question. Yeah, there are a few puts and takes on the gross margin. If you think about the Q2, excluding $800 million charge related to MI308, our gross margin actually is around 54%. So at the company level, the mix is less favorable because the Client and the Gaming business is growing sequentially, but we do have a few drivers to drive the gross margin up.

是的，亞倫。謝謝你的提問。是的，毛利率存在一些影響。如果你考慮第二季度，不包括與 MI308 相關的 8 億美元費用，我們的毛利率實際上約為 54%。因此，從公司層面來看，由於客戶和遊戲業務連續成長，因此組合不太有利，但我們確實有一些驅動因素可以提高毛利率。

First, as I mentioned earlier, if you look at our Client business, the gross margin has been improving because the return mix of our latest-generation product portfolio, that really helps. And also secondly, within Data Center, when we expand the enterprise market share, we do see gross margin improvement. Of course, in addition, MI308 Data Center GPU gross margin is on the low end for our Data Center GPU margin. So that also helps us overall.

首先，正如我之前提到的，如果你看看我們的客戶業務，毛利率一直在提高，因為我們最新一代產品組合的回報組合確實有幫助。其次，在資料中心內，當我們擴大企業市場佔有率時，我們確實看到毛利率的提高。當然，此外，MI308 資料中心 GPU 的毛利率對於我們的資料中心 GPU 利潤率來說處於較低水準。所以這對我們整體也有幫助。

When we think about the second half, we actually think the gross margin will improve slightly because Data Center continues to be a very strong growth driver -- number one growth driver, second half versus the first half, which will be partially offset by continued strength on the client and the gaming side. Hope that answer your question.

當我們考慮下半年時，我們實際上認為毛利率會略有提高，因為數據中心仍然是一個非常強勁的增長動力 - 下半年與上半年相比是第一大增長動力，這將被客戶端和遊戲方面的持續強勁增長部分抵消。希望這能回答你的問題。

Thomas O'Malley, Barclays.

巴克萊銀行的托馬斯·奧馬利。

I just wanted to understand your view on system-based architectures and whether you feel like you have what you need right now. Obviously, Link 1.0 coming out, you can use third-party providers to kind of do the interconnect.

我只是想了解您對基於系統的架構的看法，以及您是否覺得現在擁有了所需的東西。顯然，Link 1.0 推出後，您可以使用第三方提供者來實現互連。

ZT System does do a lot for you in terms of the system architecture. But from the interconnect side, do you think that you need more? Is that something that you're going to do internally, externally? Just want to understand where you think the portfolio is today and whether you can address system-based architectures with what you have today.

ZT系統在系統架構方面確實為您做了很多。但是從互連方面來看，您認為還需要更多嗎？這是您要在內部還是外部做的事情？只是想了解您認為目前的投資組合處於什麼位置，以及您是否可以利用現有資源來解決基於系統的架構問題。

Sure, Tom. Absolutely. I think we feel like we have all the pieces required as well as deep partnerships in the ecosystem. And I consider it a system-level optimization between GPU networking capability, rack-scale architecture. I think all of those pieces are things that we are investing in. And we're also partnering with others in the industry who are offering these capabilities.

當然，湯姆。絕對地。我認為我們已經具備了所有必要的要素，並且在生態系統中建立了深厚的合作關係。我認為這是 GPU 網路能力和機架規模架構之間的系統級最佳化。我認為所有這些都是我們正在投資的東西。我們也與業內提供這些功能的其他公司合作。

I think when we look at the architectures that our customers want, our customers are really asking for one that we have a reference architecture that works but also that we work with them as they want to interchange various pieces, particularly on the networking side. I think there are a couple of different solutions out there. And we are very much focused on ensuring that we interoperate across the spectrum.

我認為，當我們研究客戶想要的架構時，客戶真正要求的是我們有一個可行的參考架構，而且我們還可以與他們合作，因為他們想要交換各個部分，特別是在網路方面。我認為有幾種不同的解決方案。我們非常注重確保我們能夠在整個頻譜範圍內進行互通。

Helpful. And then if we look at the full year, I mean, we'll get the units with the filing, but it looks like there's some material share gains here in the first quarter. When you look at the full year, just to level set us on share gains versus market growth, could you maybe talk about what you see the Client business growing at a base level?

很有幫助。然後，如果我們看全年，我的意思是，我們會得到提交的單位，但看起來第一季有一些實質性的份額增長。當您回顧全年時，只是為了讓我們了解股票收益與市場成長的水平，您能否談談您認為客戶業務在基本層面上的成長情況？

And then just obviously, it's difficult to kind of predict where share will go. But just any comments on what you're seeing thus far is a couple of points of shares kind of what you're seeing in the first quarter as well. We'll get a little more later, but mostly just on the market growth for 2025. Thank you.

顯然，很難預測份額的走向。但是，對於您迄今為止所看到的情況的任何評論，都只是幾點與您在第一季所看到的類似的股票觀點。稍後我們會詳細介紹，但主要討論 2025 年的市場成長。謝謝。

Sure, Tom. So if you're asking about share in the Client business, I think that was the conversation. Look, we are very pleased with our Client business performance over the last couple of quarters. I think we are seeing unit growth, particularly in desktop, but where we're seeing probably the most growth is overall revenue share.

當然，湯姆。因此，如果您詢問的是客戶業務的份額，我想這就是談話內容。瞧，我們對過去幾季的客戶業務表現非常滿意。我認為我們看到了單位數量的成長，特別是在桌面領域，但我們可能看到的最大成長是整體收入份額。

And so we're gaining share in the right places, which is in sort of high-end notebook and commercial as well as in desktop overall. So from that standpoint, that's where we think we're going.

因此，我們在正確的領域獲得了份額，即高端筆記型電腦和商用電腦以及整體桌上型電腦領域。所以從這個角度來看，這就是我們要去的地方。

As we go through the year, I know there's a good amount of conversation about what happens in the macro and what happens with tariffs and does that change things going forward. We are spending quite a bit of time ensuring that we are aligning with our customers, looking at inventory levels, looking at sort of consumption and overall sell-through. And we believe that we have a good overall inventory position, and there is not, let's call it, a tremendous amount of pull-ins or other things that are coming into play. And we will continue to be very agile in how we look at that going forward.

隨著這一年過去，我知道人們會進行大量的討論，討論宏觀經濟會發生什麼、關稅會發生什麼，以及這是否會改變未來的情況。我們花了大量的時間來確保與客戶保持一致，專注於庫存水準、消費情況和整體銷售情況。我們相信，我們的整體庫存狀況良好，並且不存在所謂的大量拉入或其他因素。我們將繼續以非常敏捷的方式看待未來這個問題。

Vivek Arya, Bank of America Securities.

Vivek Arya 的美國銀行證券。

Thank you. I had two questions as well. On the first one, just near term. Lisa, your GPU sales grew sequentially in Q1. How much was MI308 in that number? And if you look at 2025 overall, do you think GPUs can still grow despite this China headwind that you've mentioned relative to the $5 billion-plus you did last year?

謝謝。我也有兩個問題。第一個，只是近期。Lisa，你們的 GPU 銷量在第一季環比成長。那個數字中的 MI308 是多少？如果您整體看 2025 年，您是否認為儘管存在您提到的中國逆風，相對於去年的 50 多億美元，GPU 仍能實現增長？

Yeah, sure, Vivek. So let me answer the second question first. We absolutely believe the Data Center GPU will grow, and we think it will grow strong double digits. We had a plan that was second-half weighted and it still is. Relative to the MI308 situation, it's certainly a headwind, but one which we think is well contained, given everything else that we have going on.

是的，當然，維韋克。那麼讓我先回答第二個問題。我們絕對相信資料中心 GPU 將會成長，而且我們認為它將實現強勁的兩位數成長。我們有一個針對下半年的計劃，現在仍然如此。相對於 MI308 的情況，這無疑是一個阻力，但考慮到我們正在進行的其他所有工作，我們認為這個阻力已經得到很好的控制。

And relative to the Q1 performance of Data Center GPU, it was down very modestly from Q4, which is what we expected. We did see good overall demand actually in the first quarter driven by MI325. So we had a significant adoption by a large foundational model company, which was very positive there. And as we go forward, we expect that we will continue to broaden both customers as well as workloads within our current customers for the Instinct portfolio.

相對於資料中心 GPU 第一季的表現，它比第四季略有下降，這正是我們預期的。我們確實看到第一季在 MI325 的推動下整體需求良好。因此，我們被一家大型基礎模型公司廣泛採用，這對他們來說非常有正面意義。隨著我們不斷前進，我們期望我們將繼續擴大 Instinct 產品組合的客戶範圍以及現有客戶的工作量。

And Vivek, in Q1, MI325 and MI300 are majority of our revenue.

Vivek，在第一季度，MI325 和 MI300 占我們收入的大部分。

Great. And then longer term, Lisa, in the past, you described, I believe, almost a $500 billion or so addressable market for AI accelerators. How much of that roughly is China? Because that now seems to be somewhat restricted for US companies.

偉大的。從長遠來看，麗莎，我相信，過去你所描述的人工智慧加速器的潛在市場規模接近 5000 億美元。其中大約有多少是來自中國的？因為現在這對美國公司來說似乎受到了一定限制。

And then also kind of related to that, how should we think about these AI diffusion rules that I think there is an implementation date that is coming up on May 15? I'm curious what you have heard. So just sort of the implication of China restrictions and these AI diffusion rules on thinking about the addressable opportunity for you longer term. Thank you.

然後也與此相關的是，我們該如何看待這些人工智慧傳播規則？我認為實施日期是 5 月 15 日？我很好奇你聽到了什麼。因此，中國的限制和這些人工智慧傳播規則對你長期可尋址機會的思考有一定的影響。謝謝。

Yeah. Vivek, I think it's a good question. I think overall, it is a very dynamic market, so you will appreciate that. On the China export controls, I think we always expected that there would be some amount of, let's call it, limitation on sort of leading-edge GPUs going into China. So that was factored in to our TAM expectation when we talked about $500 billion. So I don't think that dramatically changes the TAM.

是的。Vivek，我認為這是個好問題。我認為總體而言，這是一個非常活躍的市場，所以你會欣賞這一點。關於中國的出口管制，我想我們一直預計，進入中國的尖端 GPU 會受到一定程度的限制。因此，當我們談到 5000 億美元時，這一點已計入我們的 TAM 預期。所以我不認為這會顯著改變 TAM。

But what I will say is, on the AI diffusion side, what we're very actively working with the government as they're thinking through these rules, and it's a very fine balance that we have to have. At the end of the day, when we look at sort of the US AI companies, we have leading-edge technology. We want to ensure that the rest of the world can really use us as the primary platform.

但我想說的是，在人工智慧傳播方面，我們正在與政府積極合作，共同思考這些規則，我們必須保持非常微妙的平衡。最終，當我們觀察美國的人工智慧公司時，我們擁有領先的技術。我們希望確保世界其他國家能夠真正將我們作為主要平台。

So I think it will be important to work through the AI diffusion rules and all of that as we think about longer-term TAM. And we're certainly spending quite a bit of efforts trying to ensure that it's well understood. The importance of the overall ecosystem and having the rest of the world really adopt the US ecosystem given our strength and leadership overall.

因此，我認為，當我們考慮長期 TAM 時，研究 AI 擴散規則等非常重要。我們確實花費了相當多的精力來確保它能夠被很好地理解。鑑於我們的整體實力和領導地位，整個生態系統非常重要，世界其他國家真正採用美國的生態系統。

C.J. Muse, Cantor Fitzgerald.

C.J. Muse，領唱費茲傑拉。

I wanted to revisit your sections around Client. If you were to just flatten the Q1 actual, you would grow the business about 30%. You're obviously very bullish on taking share. You talked about huge tailwinds from ASPs. But curious, when you put it all together, how should we think about traditional seasonality into the second half, particularly with the potential of some pull-ins here in the first half?

我想重新審視您有關客戶的部分。如果您只是將第一季的實際情況持平，那麼您的業務將成長約 30%。您顯然非常看好市場佔有率。您談到了來自 ASP 的巨大推動力。但令人好奇的是，當你把所有這些放在一起時，我們應該如何看待下半年的傳統季節性，特別是考慮到上半年可能出現的一些拉動因素？

Sure, C.J. It's a fair question. Look, we want to be very clear that our Client business performance is primarily driven by the strength of the product portfolio. And it's driven by some of the desktop channel products that traditionally are not so well tracked if you look at sort of the IDCs of the world.

當然，C.J. 這是一個公平的問題。瞧，我們想非常清楚地表明，我們的客戶業務績效主要取決於產品組合的實力。這是由一些桌面通路產品推動的，如果你看看世界上的 IDC 的話，這些產品傳統上並沒有得到很好的追蹤。

We are planning for, let's call it, second-half subseasonal, given that we're off to such a strong start in the first half of the year. And that is what we're putting into our sort of internal planning number. So you wouldn't see necessarily typical seasonality since the first half is better than seasonal. That being the case, I think we feel strongly that from a consumption basis standpoint, we see the data.

鑑於我們上半年的開局如此強勁，我們正在為下半年的亞季業務做計劃。這就是我們在內部規劃數字中所考慮的內容。因此，您不一定會看到典型的季節性，因為上半年的表現比季節性更好。既然如此，我認為我們強烈感覺到，從消費基礎的角度來看，我們看到了這些數據。

So when we look at the Q1 performance, it was a very, very strong Q1 in terms of sell-out and consumption for our desktop business. And as we start Q2, we're now four weeks into it, we see those patterns continuing. So we're in an upgrade cycle right now.

因此，當我們回顧第一季的表現時，我們會發現，從桌面業務的銷售和消費來看，這是一個非常非常強勁的季度。當我們開始第二季度時，已經過去了四周，我們看到這些模式仍在繼續。所以我們現在正處於升級週期。

Gaming CPUs are usually repurchased when there are gaming GPUs that come out in new cycles. And I think we're benefiting from that on both the CPU and the GPU side, which is great. I mean, we're very happy with that, and we're ramping up production to ensure that we keep the channel full.

當有新周期的遊戲 GPU 推出時，通常會重新購買遊戲 CPU。我認為我們在 CPU 和 GPU 方面都受益匪淺，這很好。我的意思是，我們對此感到非常高興，並且我們正在增加產量以確保通路保持滿載。

Very helpful. And then I guess looking to next year, can you talk about 400 series and rack-level solution go-to-market strategy? You talked about kind of trying to obtain partners. Is there a certain number that you're targeting? And then how are you thinking about kind of getting through some of the learning curve challenges of getting the rack-scale working with OEM partners such that you can deliver that ramp in 2026? Thanks so much.

非常有幫助。然後我想展望明年，您能談談 400 系列和機架級解決方案的市場進入策略嗎？您談到了嘗試尋找合作夥伴。您的目標數字有具體嗎？那麼，您如何考慮克服與 OEM 合作夥伴合作進行機架規模生產過程中的一些學習曲線挑戰，以便在 2026 年實現這一目標？非常感謝。

Sure, C.J. So I think the right answer is we're getting a very early start, and that's what we have to do so that we maximize the overall learning cycle that is required for rack-scale solutions. We are working very closely with a number of our hyperscale partners today to define those solutions and make sure that we're thinking about all of the various areas that could require work.

當然，C.J. 所以我認為正確的答案是，我們起步很早，這就是我們必須做的，以便最大限度地延長機架規模解決方案所需的整體學習週期。我們目前正在與許多超大規模合作夥伴密切合作，以確定這些解決方案，並確保我們考慮到可能需要工作的所有各個領域。

And we're also working with our OEM partners who also have, let's call it, learned quite a bit over the past couple of months and quarters as other rack-scale solutions have been coming online. So I think we're doing everything to, let's call it, move ahead the learning cycle. And again, we have the benefit of the MI350 series being a relatively, let's call it, not large lift. And so the focus on the rack-scale stuff is on MI400.

我們也與我們的 OEM 合作夥伴合作，他們在過去幾個月和幾季中也學到了很多東西，因為其他機架規模解決方案已經上線。所以我認為我們正在盡一切努力來推進學習週期。再次，我們受益於 MI350 系列，它是一種相對而言（我們姑且稱之為）升力不大的機型。因此機架規模產品的重點是 MI400。

Stacy Rasgon, Bernstein Research.

拉斯貢（Stacy Rasgon），伯恩斯坦研究公司。

For the first one, given the China data center GPU headwinds in Q2 and Q3, do you think that GPU business actually grows year over year in Q2 and Q3? Understanding your comments for the full year on it, but do you think given those headwinds in Q2 and Q3, it can actually grow year over year?

第一個問題，考慮到中國資料中心 GPU 在第二季和第三季面臨的阻力，您認為 GPU 業務在第二季和第三季實際上會年增嗎？我理解您對全年的評論，但考慮到第二季和第三季的不利因素，您認為它實際上可以實現同比增長嗎？

I think your -- let's see, Stacy. The best way to answer that question is in Q2, it's not going to grow year over year, just given what we've said about the $700 million coming out of Q2 and how we had previously talked about the evolution. But we do believe that we'll grow year over year going forward in Q3 and Q4 certainly for us to do the full year with strong double-digit growth.

我認為你的——讓我們看看，史黛西。回答這個問題的最好方法是在第二季度，它不會同比增長，只是考慮到我們所說的第二季度的 7 億美元以及我們之前談論的演變。但我們確實相信，第三季和第四季我們的業績將逐年成長，全年也肯定會實現強勁的兩位數成長。

Okay. So you do think it can grow year over year in Q3. Okay.

好的。所以你確實認為它在第三季可以比去年同期成長。好的。

For my second question, I wanted to ask about kind of the trends in Q1. So you said it was Data Center GPU was down, I guess, modestly in Q1 as expected. But again, if I go back to your sort of double-digit year-over-year comments, I mean, it couldn't have been any more than like $1.4 billion in Q1 for and it feels like it's less than that, which means it would have been down at least 20% sequentially, maybe more, which also implies that the server CPUs in Q1 were up sequentially, which was also well above seasonal similar to Client.

對於我的第二個問題，我想問一下第一季的趨勢。所以你說的是資料中心 GPU 的下滑，我猜，第一季的下滑幅度符合預期。但是，如果我再次回顧您關於同比增長兩位數的評論，我的意思是，第一季的銷售額不可能超過 14 億美元，而且感覺上還少於這個數字，這意味著它至少會比上一季度下降 20%，甚至更多，這也意味著第一季度的伺服器 CPU 環比增長，也遠高於與客戶端類似的季節性增長。

I guess what I'm asking is, are those trends correct? Am I modeling that correct? And I guess, what are the implications in that case of server CPU is actually up well above seasonal in Q1, given this environment?

我想問的是，這些趨勢正確嗎？我的建模正確嗎？我想，在這種環境下，如果伺服器 CPU 在第一季的實際成長遠高於季節性，這將意味著什麼？

No. I think -- Stacy, this is Jean. I think when you think about the Q1 Data Center performance, it's declined 5%. So it's a little bit better from a server perspective because it has declined sequentially. Same thing like this GPU, like Lisa mentioned earlier, it did decline.

不。我認為－－史黛西，這是吉恩。我認為，當您考慮第一季資料中心的效能時，它下降了 5%。因此從伺服器角度來看情況會好一點，因為它已經連續下降了。就像這個 GPU 一樣，就像 Lisa 之前提到的，它確實下降了。

So I think that is the overall Data Center performance. I don't know about your model, but that is how we really look at the numbers, how we think about it.

所以我認為這就是整體資料中心的表現。我不知道你的模型，但這就是我們真正看待數字的方式，也是我們思考的方式。

Ross Seymore, Deutsche Bank.

德意志銀行的羅斯·西摩。

I'm going to go to the Embedded space. I know it's not the biggest one, but everything else has been addressed pretty detailed. You mentioned the second half getting up to year-over-year growth. It seems like that requires some significant double-digit growth sequentially in both quarters just to get the full half there. What gives you the confidence in that sort of ramp?

我要去嵌入式空間。我知道這不是最大的問題，但其他所有問題都已得到非常詳細的解決。您提到下半年將年成長。看起來，要達到上半年的目標，兩個季度就需要連續實現顯著的兩位數成長。是什麼讓您對這種坡道有信心？

Yeah. Ross, thank you for the question. On the Embedded side, we started to see a gradual recovery. I think there are signs, especially the order pattern, the book-to-bill ratios, we see improving in the -- like aerospace, defense, and also test management side, we see a very visible improvement industrial side. The improvement is less so, their inventory still among different customers.

是的。羅斯，謝謝你的提問。在嵌入式方面，我們開始看到逐步復甦。我認為有跡象表明，特別是訂單模式、訂單出貨比，我們看到航空航太、國防和測試管理方面有所改善，我們看到工業方面有非常明顯的改善。改進較少，他們的庫存仍然在不同的客戶之間。

But overall, the trend, the demand pattern does improve. I think Q2, we did guided sequentially flattish. And I think we'll start to see Q3, especially Q4, you will see a year-over-year increase, especially in Q4.

但整體而言，趨勢、需求模式確實有所改善。我認為第二季我們確實實現了連續平穩成長。我認為我們將開始看到第三季度，特別是第四季度，你會看到同比增長，特別是在第四季度。

Great. Thanks for that. And I guess as my last question would be on the OpEx side of things. You guided to the overall number for the second quarter, $2.3 billion. You said there's $50 million from ZT in there. Is that the entirety of the ZT side of things? Or what should we think for kind of full-year OpEx or the second half, however you want to discuss it?

偉大的。謝謝。我想我的最後一個問題是關於營運支出方面的問題。您預計第二季的總數字為 23 億美元。你說這裡面有來自 ZT 的 5000 萬美元。這就是 ZT 方面的事情的全部嗎？或者我們應該如何看待全年或下半年的營運支出，無論您想如何討論它？

Yeah, Ross, thank you for the question. For the ZT design team, we view it as the quarterly incremental OpEx is about $50 million. That $2.3 billion include everything from ZT because we closed the transaction on March 31. I think when you look at the overall, our OpEx increase year over year, we continue to drive revenue growth to increase more than OpEx.

是的，羅斯，謝謝你的提問。對於 ZT 設計團隊，我們認為每季增量營運支出約為 5,000 萬美元。這 23 億美元包括 ZT 的所有資產，因為我們在 3 月 31 日完成了交易。我認為，從整體來看，我們的營運支出逐年增加，我們將繼續推動收入成長超過營運支出。

Looking at Q2, at the middle point of our guidance, revenue will be increasing 27%, and we do expect the earnings per share growing much faster than the top-line revenue growth. So OpEx side, we'll be very disciplined to continue to manage it.

縱觀第二季度，在我們預期的中間點，營收將成長 27%，我們確實預期每股盈餘的成長速度將遠快於營收的成長速度。因此，在營運支出方面，我們將非常嚴格地繼續管理它。

Operator, I think we have time for one more caller, please. Thank you.

接線生，我想我們還有時間再接聽一位來電。謝謝。

Joe Moore, Morgan Stanley.

摩根士丹利的喬摩爾。

One of the things your cloud customers have been talking about is this kind of growth in inference costs, the sort of reasoning models using a lot of inference compute and some tightness. Can you talk about that from AMD's perspective? Are you seeing that in your business? Does that change the focus that you have going forward?

您的雲端客戶一直在談論的事情之一就是推理成本的成長，這種推理模型使用大量的推理計算和一定的緊密性。您能從 AMD 的角度談談這個問題嗎？您在自己的業務中看到了這一點嗎？這會改變您未來的關注點嗎？

Sure, Joe. So I think overall, what we're seeing is that with these new reasoning models, the inferencing is more important. And there's also a move to more distributed inferencing. So I think that plays into our strengths.

當然，喬。所以我認為總的來說，我們看到的是，對於這些新的推理模型，推理更為重要。此外，還有向更分佈式推理的轉變。所以我認為這發揮了我們的優勢。

I think we have demonstrated with MI300 that we are an excellent inference solution, and that holds true for 325 and 350 Seriies as well. So yeah, we continue to see with our memory bandwidth and memory capacity advantages, that's a positive.

我認為我們已經透過 MI300 證明了我們是一個出色的推理解決方案，而這對於 325 和 350 系列也同樣適用。是的，我們繼續看到我們的記憶體頻寬和記憶體容量優勢，這是積極的。

I will say that as we're going into this, the number of workloads that we're seeing overall is expanding. So we're seeing both training and inferencing as important workloads that we're working on and our customers continue to demonstrate.

我想說的是，隨著我們進入這個領域，我們看到的整體工作量正在擴大。因此，我們將訓練和推理視為我們正在努力的重要工作量，而我們的客戶也繼續證明這一點。

I think the desire that we're seeing probably from a trend standpoint is that there are many models that people are using today. So they're not necessarily using one model. They're actually using several different models, and so the optimizations around that are the things that we're doing with our ROCm software suite.

我認為，從趨勢的角度來看，我們看到的願望是當今人們正在使用許多模型。所以他們不一定會使用一種模型。他們實際上使用了幾種不同的模型，因此我們使用 ROCm 軟體套件針對這些模型進行了最佳化。

Great. And then just an update on your thoughts on competing with custom silicon with ASICs in the AI space. Most of your largest customers also have a custom silicon offering. So will they invest in both AMD and ASICs? And just how do they decide how to apportion that investment?

偉大的。然後，我再更新一下您對在 AI 領域使用 ASIC 與客製化矽片競爭的想法。您的大多數最大客戶也都提供客製化矽片產品。那麼他們會同時投資 AMD 和 ASIC 嗎？那麼他們如何決定分配這筆投資呢？

Yes. I mean, Joe, I view them as really two different things. I think one of the primary aspects as we've talked about the $500 billion TAM and the opportunities there, look, we think ASICs have a place. We happen to think GPU have a larger piece of that because the models are changing so much.

是的。我的意思是，喬，我認為它們實際上是兩種不同的東西。我認為，當我們談論 5000 億美元的 TAM 及其帶來的機會時，其中一個主要方面是，我們認為 ASIC 有一席之地。我們碰巧認為 GPU 佔據了更大的份額，因為模型變化很大。

And from our standpoint, it's really important to have competitive TCO. And people want choice to get there, especially as inference costs become so important, and we're working on trying to expand the overall inferencing sort of capability out there.

從我們的角度來看，擁有有競爭力的 TCO 非常重要。人們希望有選擇地實現這一目標，特別是當推理成本變得如此重要時，我們正在努力嘗試擴展整體推理能力。

So I don't think it's an either/or. I think it's a, let's get the best solutions out there, and we will certainly believe that we're very competitive in inferencing. And I think we are also becoming a much more sort of solution for training as well.

所以我不認為這是一個非此即彼的問題。我認為，讓我們找到最好的解決方案，我們一定會相信我們在推理方面非常有競爭力。我認為我們也正在成為一種更好的培訓解決方案。

And ladies and gentlemen, that does conclude the question-and-answer session, and that also concludes today's teleconference. We thank you for your participation. You may disconnect your lines at this time.

女士們、先生們，問答環節到此結束，今天的電話會議也到此結束。我們感謝您的參與。現在您可以斷開線路。