超微半導體 (AMD) 2025 Q2 法說會逐字稿

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

謝謝，歡迎參加 AMD 2025 年第二季財務業績電話會議。現在，您應該已經有機會查看我們的收益新聞稿和隨附的幻燈片的副本了。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。

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

在今天的電話會議中，我們將主要參考非公認會計準則財務指標。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。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、財務長兼財務主管胡錦濤。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, Executive Vice President, Chief Financial Officer and Treasurer, will present at Citi's 2025 Global TMT Conference on Wednesday, September 3; and Forrest Norrod, Executive Vice President and General Manager of Data Center Solutions business unit, will present at the Goldman Sachs Communacopia and Technology Conference on Monday, September 8.

在我們開始之前，我想指出的是，執行副總裁、財務長兼財務主管 Jean Hu 將於 9 月 3 日星期三出席花旗 2025 年全球 TMT 大會；執行副總裁兼資料中心解決方案業務部總經理 Forrest Norrod 將於 9 月 8 日星期一出席高盛 Communacopia 和技術大會。

Today's discussion contains forward-looking statements based on our current beliefs, assumptions and expectations, speaks only as of today and as such, involve risks and uncertainties that could cause actual results to differ materially from our current expectations. Please refer to the cautionary statement in our press release for more information on factors that could cause actual results to differ materially. With that, I will hand the call over to Lisa.

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，因此涉及可能導致實際結果與我們當前預期存在重大差異的風險和不確定性。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。說完，我會把電話交給麗莎。

Thank you, Matt, and good afternoon to all those listening today. We delivered very strong second quarter results, with revenue exceeding the midpoint of guidance as higher EPYC and Ryzen processor sales more than offset headwinds from export controls that impacted Instinct sales.

謝謝你，馬特，祝今天收聽節目的各位下午好。我們取得了非常強勁的第二季業績，營收超過了預期中點，因為 EPYC 和 Ryzen 處理器銷售的成長足以抵消出口管制對 Instinct 銷售的影響。

We set records for both EPYC and Ryzen CPU sales, reflecting the broad-based demand for our differentiated high-performance data center, PC, and embedded processors. Second quarter revenue increased 32% year over year to a record $7.7 billion, and we delivered over $1 billion in free cash flow. Excluding the $800 million inventory write-down related to data center AI export controls, gross margin was 54%, marking our sixth consecutive quarter of year-over-year margin expansion led by a richer product mix.

我們創下了 EPYC 和 Ryzen CPU 銷售記錄，反映了對我們差異化高效能資料中心、PC 和嵌入式處理器的廣泛需求。第二季營收年增 32%，達到創紀錄的 77 億美元，我們實現了超過 10 億美元的自由現金流。不計與資料中心 AI 出口管制相關的 8 億美元庫存減記，毛利率為 54%，這標誌著我們連續第六個季度實現利潤率同比增長，這得益於更豐富的產品組合。

According to the segments, Data Center segment revenue increased 14% year over year to $3.2 billion. We saw robust demand across our EPYC portfolio to power cloud and enterprise workloads and increasingly for emerging AI use cases. In particular, adoption of agentic AI is creating additional demand for general-purpose compute infrastructure, as customers quickly realize that each token generated by a GPU triggers multiple CPU-intensive tasks.

從細分市場來看，資料中心部門營收年增 14%，達到 32 億美元。我們看到 EPYC 產品組合對雲端和企業工作負載以及新興 AI 用例的需求強勁。特別是，代理 AI 的採用正在對通用運算基礎架構產生額外的需求，因為客戶很快就意識到 GPU 產生的每個令牌都會觸發多個 CPU 密集型任務。

Against this backdrop, fifth-gen EPYC Turin shipments ramped significantly, and we had sustained demand for our prior-generation EPYC processors. As a result, we set records for both cloud and enterprise CPU sales and delivered our 33rd consecutive quarter of year-over-year share gains.

在此背景下，第五代 EPYC Turin 的出貨量大幅成長，我們對上一代 EPYC 處理器的需求持續成長。因此，我們創下了雲端和企業 CPU 銷售記錄，並連續第 33 個季度實現市場份額同比增長。

In cloud, adoption expanded with the largest hyperscalers as they deployed EPYC to power more of their mission-critical infrastructure, services, and public cloud products. More than 100 new AMD-powered cloud instances launched in the quarter, including multiple Turin instances from Google and Oracle Cloud that deliver up to twice the performance of our previous generation, which were already the industry’s highest-performing offerings.

在雲端運算領域，隨著最大的超大規模企業部署 EPYC 來為其更多關鍵任務基礎設施、服務和公有雲產品提供支持，其採用率也隨之擴大。本季推出了 100 多個新的由 AMD 提供支援的雲端實例，其中包括來自 Google 和 Oracle Cloud 的多個 Turin 實例，其效能是我們上一代產品的兩倍，而上一代產品已經是業界效能最高的產品。

There are now nearly 1,200 EPYC cloud instances available globally as providers continue expanding both the breadth and regional availability of their AMD offerings. This continued expansion is accelerating enterprise adoption of EPYC in the cloud, with deployments growing significantly from the prior quarter as we closed large wins with dozens of large aerospace, streaming, financial services, retail, and energy companies.

隨著供應商不斷擴大其 AMD 產品的廣度和區域可用性，目前全球共有近 1,200 個 EPYC 雲端實例可用。這種持續的擴張正在加速企業在雲端採用 EPYC，隨著我們與數十家大型航空航太、串流媒體、金融服務、零售和能源公司達成重大合作，部署量較上一季大幅成長。

EPYC adoption also grew with telecom customers as providers modernized their infrastructure for next-generation networks. For example, KDDI announced plans to deploy EPYC processors to power its 5G virtualized network; and Nokia selected EPYC for its cloud platform used by service providers to build, deploy, and manage core network functions.

隨著電信業者為下一代網路更新其基礎設施，EPYC 的採用率也隨之成長。例如，KDDI宣布計劃部署EPYC處理器為其5G虛擬化網路提供支援；諾基亞選擇EPYC作為其雲端平台，供服務供應商用於建置、部署和管理核心網路功能。

Turning to enterprise on-prem adoption, HPE, Dell, Lenovo, and Supermicro launched 28 new Turin platforms in the quarter that deliver leadership performance, efficiency, and TCO across a wide range of enterprise workloads. EPYC enterprise deployments grew significantly from the prior quarter, supported by new wins with large technology, automotive, manufacturing, financial services, and public sector customers.

談到企業內部部署採用，HPE、戴爾、聯想和 Supermicro 在本季推出了 28 個新的 Turin 平台，可在廣泛的企業工作負載中提供領先的效能、效率和 TCO。EPYC 企業部署較上一季大幅成長，這得益於大型科技、汽車、製造、金融服務和公共部門客戶的新勝利。

To extend our momentum with SMB and hosted IT service customers, we launched the EPYC 4005 series that combined enterprise-grade performance and features and cost-optimized platforms purpose-built for smaller-scale deployments.

為了擴大我們在 SMB 和託管 IT 服務客戶中的發展勢頭，我們推出了 EPYC 4005 系列，該系列結合了企業級性能和功能以及專為小規模部署構建的成本優化平台。

Turning to HPC, AMD now powers more than one-third of the world’s fastest supercomputers, including El Capitan and Frontier, which retain the number one and number two spots on the latest top 500 list. We also powered 12 of the top 20 systems on the Green500, highlighting the performance-per-watt advantages of EPYC and Instinct for large-scale deployments.

談到 HPC，AMD 目前為全球超過三分之一的最快超級電腦提供支持，其中包括 El Capitan 和 Frontier，這兩款電腦在最新的 500 強榜單中分別位居第一和第二。我們還為 Green500 上排名前 20 的系統中 12 個提供動力，凸顯了 EPYC 和 Instinct 在大規模部署中的每瓦性能優勢。

Looking ahead, we remain bullish on our server CPU business driven by durable tailwinds including growing demand for cloud and on-prem compute, sustained share gains, and the growing investments in general-purpose infrastructure required to enable AI.

展望未來，我們仍然看好我們的伺服器 CPU 業務，這得益於持久的順風因素，包括對雲端和本地運算不斷增長的需求、持續的份額增長以及對實現 AI 所需的通用基礎設施不斷增長的投資。

Turning to our data center AI business, revenue declined year over year as US export restrictions effectively eliminated MI308 sales to China, and we began transitioning to our next-generation MI350 series accelerators.

談到我們的資料中心 AI 業務，由於美國出口限制實際上消除了 MI308 對中國的銷售，並且我們開始向下一代 MI350 系列加速器過渡，因此收入同比下降。

We made solid progress with MI300 and MI325 in the quarter, closing new wins and expanding adoption with Tier 1 customers, next-generation AI cloud providers, and end users. Today, seven of the top 10 model builders and AI companies use Instinct, underscoring the performance and TCO advantages of our data center AI solutions.

本季度，我們在 MI300 和 MI325 方面取得了堅實進展，贏得了新的勝利，並擴大了一級客戶、下一代 AI 雲端供應商和最終用戶的採用。如今，全球十大模型建構者和人工智慧公司中有七家都使用 Instinct，這凸顯了我們的資料中心人工智慧解決方案在效能和 TCO 方面的優勢。

We launched our Instinct MI350 series with industry-leading memory bandwidth and capacity and broad adoption across hyperscalers, AI companies, and OEMs. From a competitive standpoint, MI355 matches or exceeds B200 in critical training and inference workloads and delivers comparable performance to GB200 for key workloads at significantly lower cost and complexity.

我們推出了 Instinct MI350 系列，具有業界領先的記憶體頻寬和容量，並被超大規模企業、人工智慧公司和 OEM 廣泛採用。從競爭角度來看，MI355 在關鍵訓練和推理工作負載方面達到或超過 B200，並且在關鍵工作負載方面提供與 GB200 相當的性能，但成本和複雜性卻顯著降低。

For at-scale inferencing, MI355 delivers up to 40% more tokens per dollar, providing leadership performance and clear TCO advantages. With the MI350 series, we're also expanding our system-level capabilities to support deployments powered by AMD CPUs, GPUs, and NICs.

對於大規模推理，MI355 每美元可提供高達 40% 的代幣，提供領先的性能和明顯的 TCO 優勢。借助 MI350 系列，我們還擴展了系統級功能，以支援由 AMD CPU、GPU 和 NIC 驅動的部署。

As one example, Oracle is building a 27,000-plus node AI cluster, combining MI355X accelerators, 5th-gen EPYC Turin CPUs, and Pollara 400 SmartNICs. We began volume production of the MI350 series ahead of schedule in June and expect a steep production ramp in the second half of the year to support large-scale production deployments with multiple customers.

舉例來說，Oracle 正在建立一個擁有 27,000 多個節點的 AI 集群，結合了 MI355X 加速器、第五代 EPYC Turin CPU 和 Pollara 400 SmartNIC。我們已於 6 月提前開始批量生產 MI350 系列，預計下半年產量將大幅提升，以支援多個客戶的大規模生產部署。

Our sovereign AI engagements accelerated in the quarter as governments around the world adopt AMD technology to build secure AI infrastructure and advance their economies. As one example, we announced a multi-billion dollar collaboration with HUMAIN to build AI infrastructure powered entirely on AMD CPUs, GPUs, and software.

隨著世界各國政府採用 AMD 技術建構安全的人工智慧基礎設施並推動經濟發展，我們在本季加速了自主人工智慧的參與。例如，我們宣布與 HUMAIN 進行數十億美元的合作，建構完全基於 AMD CPU、GPU 和軟體驅動的 AI 基礎架構。

Initial deployments are underway in key regions with quarterly expansions planned over the coming years. In addition, we have more than 40 active engagements globally and see significant opportunities to power an increasingly larger portion of national computing centers and sovereign AI initiatives.

目前，主要地區正在進行初步部署，並計劃在未來幾年內按季度擴展。此外，我們在全球擁有 40 多個活躍項目，並看到了為越來越多的國家計算中心和主權人工智慧計劃提供支援的重大機會。

On the AI software front, we made significant progress this quarter, increasing the performance, improving the usability, and expanding the adoption of ROCm. We announced ROCm 7 with major upgrades across every layer of the stack, delivering more than 3x higher inferencing and training performance compared to our prior generation and adding support for large-scale training, distributed inference, and lower precision data types.

在人工智慧軟體方面，我們本季取得了重大進展，提高了效能，改善了可用性，並擴大了 ROCm 的採用。我們宣布推出 ROCm 7，對堆疊的每一層都進行了重大升級，與上一代產品相比，推理和訓練效能提高了 3 倍以上，並增加了對大規模訓練、分散式推理和低精度資料類型的支援。

To deepen developer engagement, we introduced nightly ROCm builds and expanded access to instant compute infrastructure, including launching our first Developer Cloud that provides preconfigured containers for instant access to AMD GPUs.

為了加深開發人員的參與度，我們推出了夜間 ROCm 建置並擴展了對即時運算基礎設施的訪問，包括推出我們的第一個開發人員雲，它提供預先配置的容器以即時存取 AMD GPU。

We also expanded native support for ROCm across key frameworks including vLLM and SGLang, enabling frontier models like Llama 4, Gemma 3, and DeepSeek-R1 to launch with Day zero AMD support. To accelerate enterprise adoption, we introduced ROCm Enterprise AI, a full-stack platform that integrates seamlessly with existing IT infrastructure and includes everything needed for an enterprise to deploy, manage, and scale AI across their business.

我們還在包括 vLLM 和 SGLang 在內的主要框架中擴展了對 ROCm 的原生支持，使 Llama 4、Gemma 3 和 DeepSeek-R1 等前沿模型能夠在 Day zero AMD 支持下啟動。為了加速企業採用，我們推出了 ROCm Enterprise AI，這是一個全端平台，可與現有 IT 基礎架構無縫集成，並包含企業在其業務中部署、管理和擴展 AI 所需的一切。

Looking ahead, the development of our next-generation MI400 series is progressing rapidly. These are the most advanced GPUs we have ever built, with up to 40 petaflops of FP4 AI performance and 50% more memory bandwidth and scale-out throughput than the competition.

展望未來，我們下一代 MI400 系列的開發正在快速進展。這些是我們迄今為止打造的最先進的 GPU，其 FP4 AI 性能高達 40 petaflops，記憶體頻寬和橫向擴展吞吐量比競爭對手高出 50%。

With the MI400 series, we're bringing together everything we've learned across silicon, software, and systems to deliver Helios, a full-stack rack-scale AI platform. Helios is purpose-built for the most demanding AI workloads, with each rack connecting up to 72 GPUs that can operate as a single massive AI accelerator.

透過 MI400 系列，我們匯集了在矽片、軟體和系統方面學到的所有知識，從而推出了全端機架式 AI 平台 Helios。Helios 專為最嚴苛的 AI 工作負載而設計，每個機架可連接多達 72 個 GPU，可作為單一大型 AI 加速器運作。

Helios is expected to deliver up to a 10x generational performance increase for the most advanced frontier models, and we believe it will be the highest performance AI system in the world when it launches. MI400 series development is progressing well towards our planned launch in 2026, with significant interest in large-scale deployments from multiple high-profile customers.

Helios 預計將為最先進的前沿車型帶來高達 10 倍的世代性能提升，我們相信它在推出時將成為世界上性能最高的 AI 系統。MI400 系列開發進展順利，預計於 2026 年推出，多個知名客戶對大規模部署表現出濃厚興趣。

To accelerate our development, we have invested significantly to expand our AI software and hardware capabilities, both organically and inorganically with a number of acquisitions and strategic investments. We strengthened our software stack last quarter with the addition of the Brium and Lamini teams, building on our acquisitions of Nod.ai, Mipsology, and Silo AI.

為了加速我們的發展，我們透過一系列收購和策略性投資，以有機和無機的方式投入大量資金來擴展我們的人工智慧軟體和硬體能力。上個季度，我們在收購 Nod.ai、Mipsology 和 Silo AI 的基礎上，加入了 Brium 和 Lamini 團隊，從而增強了我們的軟體堆疊。

On the hardware side, we added a world-class rack and data center scale design team in the second quarter with our acquisition of ZT Systems. The ZT team is integrated seamlessly, and they are actively engaging with multiple customers to accelerate deployments of our Helios solutions at scale. We also announced last quarter that Sanmina intends to acquire ZT's US-based manufacturing business, becoming our lead partner for AI rack manufacturing.

在硬體方面，我們在第二季度收購了 ZT Systems，增加了一支世界一流的機架和資料中心規模設計團隊。ZT 團隊無縫集成，他們積極與多個客戶合作，以加速大規模部署我們的 Helios 解決方案。我們也在上個季度宣布，Sanmina 打算收購 ZT 在美國的製造業務，成為我們 AI 機架製造的主要合作夥伴。

Turning to the AI regulatory environment, earlier this quarter, we were notified by the Department of Commerce that it is moving forward with the review of our license applications to export MI308 to China. We appreciate the focus the Trump administration is placing on assuring that US technology remains central to global AI infrastructure, and we expect to resume MI308 shipments as licenses are approved, subject to end customer demand and supply chain readiness.

談到人工智慧監管環境，本季早些時候，我們收到商務部的通知，正在推進審查我們向中國出口 MI308 的許可申請。我們讚賞川普政府致力於確保美國技術仍然是全球人工智慧基礎設施的核心，我們預計在許可證獲得批准後將恢復 MI308 的發貨，但要視最終客戶的需求和供應鏈準備情況而定。

As our licenses are still under review, we are not including any MI308 revenue in our third quarter guidance. Despite that, we expect Instinct revenue to grow year over year in the third quarter, driven by the ramp of MI350 at multiple customers.

由於我們的許可證仍在審查中，因此我們沒有在第三季指引中包括任何 MI308 收入。儘管如此，我們預計，受多家客戶 MI350 銷售成長的推動，Instinct 營收在第三季將較去年同期成長。

In client and gaming, segment revenue increased 69% year over year to $3.6 billion, driven by record client CPU sales and strong demand for our semi-custom game console SoCs and Radeon GPUs. Client revenue increased 67% year over year to $2.5 billion, led by record desktop CPU sales.

在客戶端和遊戲領域，該部門營收年增 69%，達到 36 億美元，這得益於創紀錄的客戶端 CPU 銷售以及對我們的半客製化遊戲機 SoC 和 Radeon GPU 的強勁需求。客戶營收年增 67% 至 25 億美元，其中桌上型電腦 CPU 銷售額創下歷史新高。

Demand for our latest generation Ryzen 9000 series was strong, especially for our differentiated X3D processors. We delivered record desktop channel CPU sales as Ryzen processors consistently topped the best-selling CPU lists at major global e-tailers throughout the quarter.

我們最新一代 Ryzen 9000 系列的需求強勁，尤其是我們差異化的 X3D 處理器。由於 Ryzen 處理器在整個季度一直位居全球主要電子零售商最暢銷 CPU 榜首，我們實現了創紀錄的桌上型電腦通路 CPU 銷售額。

We also expanded our Zen 5 desktop portfolio with the launch of our latest Threadripper processors that feature up to 96 cores and deliver up to double the performance of the competition in many popular content creation and design workloads.

我們還擴展了 Zen 5 桌上型電腦產品組合，推出了最新的 Threadripper 處理器，該處理器具有多達 96 個內核，在許多流行的內容創作和設計工作負載中可提供比競爭對手高出兩倍的性能。

In mobile, demand for AMD-powered notebooks was strong, with sell-out growing by a large double-digit percentage year over year. We drove a richer mix of higher ASP mobile parts year over year as we expanded our share in the premium notebook segment where our Ryzen AI 300 CPUs deliver leadership performance and value for both general-purpose and AI workloads.

在行動領域，對搭載 AMD 處理器的筆記型電腦的需求強勁，銷量較去年同期成長了兩位數。隨著我們擴大在高階筆記型電腦領域的份額，我們逐年推出了更豐富的更高 ASP 行動零件組合，我們的 Ryzen AI 300 CPU 為通用和 AI 工作負載提供了領先的效能和價值。

In commercial PCs, Ryzen adoption accelerated as OEM consumption increased more than 25% year over year. We saw a strong sell-through for AMD commercial notebooks with Lenovo and HP and a significant uptick in Dell sales as they ramp availability of their AMD commercial portfolio.

在商用 PC 領域，隨著 OEM 消費量年增超過 25%，Ryzen 的採用也隨之加速。我們看到聯想和惠普的 AMD 商用筆記型電腦銷售強勁，而戴爾的銷售也隨著其 AMD 商用產品組合的普及而大幅上升。

We also closed new enterprise wins with Forbes 2000 pharma, tech, automotive, financial services, aerospace, and healthcare companies. We expect to continue growing our commercial client share based on the strength of our product portfolio and expanded breadth of OEM offerings.

我們也與福布斯 2000 強製藥物、科技、汽車、金融服務、航空航太和醫療保健公司達成了新的企業合作。我們希望憑藉我們強大的產品組合和不斷擴大的 OEM 產品範圍，繼續擴大我們的商業客戶份額。

Looking more broadly, we remain confident we can continue growing client processor revenue ahead of the market over the coming quarters, driven by increased adoption of our desktop and notebook products, growing commercial momentum, and a richer product mix.

從更廣泛的角度來看，我們仍然有信心，在未來幾個季度，我們的客戶端處理器收入可以繼續保持領先於市場的成長，這得益於我們的桌上型電腦和筆記型電腦產品的普及、不斷增長的商業勢頭以及更豐富的產品組合。

In gaming, revenue increased 73% year over year to $1.1 billion. Semi-custom revenue increased by a large double-digit percentage year over year as console inventories normalized and our customers began preparing for the holiday season.

遊戲業務營收年增 73%，達到 11 億美元。半客製化隨著遊戲機庫存恢復正常以及我們的客戶開始為假期做準備，收入同比增長了兩位數。

We announced a new multi-year collaboration with Microsoft for custom chips that will power the next generation of Xbox devices, including consoles, PCs, and handhelds. We also deepened our collaboration with Sony through Project Amethyst, a co-engineering program that will use machine learning to power the next wave of immersive gaming experiences.

我們宣布與微軟達成一項新的多年期合作，共同開發客製化晶片，為下一代 Xbox 設備（包括遊戲機、個人電腦和掌上型電腦）提供支援。我們還透過紫水晶計畫深化了與索尼的合作，紫水晶計畫是一個聯合工程項目，將利用機器學習來推動下一波沉浸式遊戲體驗。

In PC gaming, demand for our latest generation Radeon 9000 series GPUs was very strong, with desktop GPU sell-through accelerating in the quarter as demand outpaced supply. We launched the Radeon 9600 XT, extending the performance advantages of our RDNA 4 to mainstream gamers and delivering a significant uplift in gaming performance, including more than double the ray tracing of our prior generation.

在 PC 遊戲領域，我們最新一代 Radeon 9000 系列 GPU 的需求非常強勁，由於需求超過供應，本季桌上型電腦 GPU 的銷售加速。我們推出了 Radeon 9600 XT，將 RDNA 4 的性能優勢擴展至主流遊戲玩家，並顯著提升了遊戲性能，其中包括比上一代產品多一倍以上的光線追蹤功能。

As part of our end-to-end AI strategy, we introduced the Radeon AI Pro R9700 GPU for local inferencing, model fine-tuning, and other data-intensive workloads. The R9700 features more memory, full ROCm support, and multi-GPU scalability, enabling advanced AI development and deployment directly on the desktop.

作為我們端到端 AI 策略的一部分，我們推出了 Radeon AI Pro R9700 GPU，用於本地推理、模型微調和其他資料密集型工作負載。R9700 具有更大的記憶體、完整的 ROCm 支援和多 GPU 可擴充性，可直接在桌面上進行進階 AI 開發和部署。

Turning to our embedded segment, revenue decreased 4% year over year to $824 million. Demand continues recovering gradually with sell-through in the second quarter picking up as strength in most markets was offset by a few pockets of softness and inventory reduction actions, largely with industrial customers. We expanded our embedded portfolio with the first production shipments of Spartan UltraScale+ FPGAs that deliver leadership performance and advanced security for cost-sensitive, low-power applications.

談到我們的嵌入式部門，營收年減 4% 至 8.24 億美元。需求持續逐步復甦，第二季銷售量回升，因為大多數市場的強勁表現被少數地區的疲軟和庫存削減行動所抵消，其中主要針對工業客戶。我們透過首批 Spartan UltraScale+ FPGA 的生產出貨擴展了我們的嵌入式產品組合，這些產品為成本敏感、低功耗應用提供了領先的性能和先進的安全性。

Adoption of our Versal adaptive SoCs continues expanding in high-end applications, including next-generation robotaxi platforms developed by Bosch in Europe, where Versal serves as a high-performance controller, enabling real-time processing, security, and encryption in fully electric automated vehicles. Looking ahead, we expect improving demand in the test and measurement, communications, and aerospace markets will drive a return to sequential growth in the second half of 2025.

我們的 Versal 自適應 SoC 在高端應用中的應用不斷擴大，包括博世在歐洲開發的下一代機器人計程車平台，其中 Versal 用作高性能控制器，實現全電動自動駕駛汽車的即時處理、安全和加密。展望未來，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 年下半年恢復連續成長。

Longer-term design win momentum continues to build, tracking ahead of this point last year and putting us on pace to surpass the record $14 billion in design wins we achieved in 2024. In summary, demand is very strong across our product portfolio, and we are well positioned to deliver significant growth in the second half of the year, led by the steep ramp of MI350 series accelerators and ongoing EPYC and Ryzen share gains.

長期設計勝利的勢頭持續增強，超過了去年的這一水平，並有望超越我們在 2024 年實現的創紀錄的 140 億美元設計勝利。總而言之，我們產品組合的需求非常強勁，我們已做好準備，在 MI350 系列加速器的急劇增長以及 EPYC 和 Ryzen 份額的持續增長的帶動下，在今年下半年實現顯著增長。

Our server and PC CPU businesses are accelerating, driven by growing demand for high-performance compute, sustained share gains, the strength of our product portfolio, and expanded go-to-market investments. Our embedded and gaming businesses are returning to growth and are well positioned for long-term success, supported by strong design win momentum.

我們的伺服器和 PC CPU 業務正在加速發展，這得益於對高效能運算不斷增長的需求、持續的份額增長、我們產品組合的實力以及擴大的市場投資。在強勁的設計勝利勢頭的支持下，我們的嵌入式和遊戲業務正在恢復成長，並為長期成功做好了準備。

And in AI, we are seeing strong adoption of our MI350 series and ROCm 7 as we deliver leadership performance and TCO advantages across a broader range of workloads and real-world deployments with an expanded set of cloud and enterprise customers.

在人工智慧領域，我們看到 MI350 系列和 ROCm 7 的廣泛採用，因為我們透過擴大的雲端和企業客戶群，在更廣泛的工作負載和實際部署中提供領先的效能和 TCO 優勢。

Looking ahead, we see a clear path to scaling our AI business to tens of billions of dollars in annual revenue. We are very excited about our next-generation MI400 series, which is another giant step forward on our roadmap and has been designed to deliver leadership performance at the chip, server, and rack levels.

展望未來，我們看到了一條將我們的人工智慧業務擴大到年收入數百億美元的清晰道路。我們對下一代 MI400 系列感到非常興奮，這是我們路線圖上的另一個重大進步，旨在在晶片、伺服器和機架層級提供領先的效能。

Customer interest for the MI400 series is very strong, and we're actively engaging with an expanding set of customers to support large-scale deployments in 2026. We are in the early stages of an industry-wide AI transformation that will drive a step-function increase in compute demand across all of our markets, positioning us for significant revenue and earnings growth over the coming years. Now I'd like to turn the call over to Jean to provide some additional color on our second quarter results. Jean.

客戶對 MI400 系列的興趣非常濃厚，我們正在積極與越來越多的客戶合作，以支援 2026 年的大規模部署。我們正處於全行業人工智慧轉型的早期階段，這將推動我們所有市場對計算的需求呈階躍式增長，為我們未來幾年實現顯著的收入和盈利增長做好準備。現在我想將電話轉給 Jean，以便他能對我們第二季的業績提供一些補充說明。吉恩。

Thank you, Lisa, and good afternoon, everyone. I'll start with the review of our financial results and then provide our outlook for the third quarter of fiscal 2025. We're pleased with our strong second quarter financial results. We delivered a record revenue of $7.7 billion, exceeding the midpoint of our guidance, up 32% year over year, reflecting strong momentum across our business.

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 財年第三季的展望。我們對第二季強勁的財務業績感到滿意。我們實現了創紀錄的 77 億美元營收，超過了預期的中位數，年增 32%，反映出我們整個業務的強勁發展勢頭。

Record sales of Ryzen and EPYC processors and the higher semi-custom shipments more than offset the impact of the US export controls restricting MI308 sales to China. Revenue increased 3% sequentially due to strong growth in the client and gaming segments, partially offset by the data center revenue decrease due to export controls.

Ryzen 和 EPYC 處理器的創紀錄銷售以及更高的半客製化出貨量抵消了美國出口管制限制 MI308 向中國銷售的影響。由於客戶端和遊戲部門的強勁成長，營收季增 3%，但出口管制導致的資料中心收入下降部分抵消了這一成長。

Gross margin was 43%, down 10 points from 53% a year ago. The decrease was due to the $800 million inventory and related charges associated with the export restrictions. Excluding this charge, non-GAAP gross margin would have been approximately 54%.

毛利率為43%，較去年同期的53%下降10個百分點。下降的原因是價值 8 億美元的庫存以及與出口限制相關的費用。不計此費用，非公認會計準則毛利率約 54%。

Operating expenses were approximately $2.4 billion, an increase of 32% year over year as we continue to invest aggressively in go-to-market activities for revenue growth and in R&D to capitalize on significant future AI expansion opportunities.

營運費用約為 24 億美元，年增 32%，因為我們繼續積極投資於市場推廣活動以實現收入成長，並投資於研發以利用未來重大的人工智慧擴展機會。

Operating income was $897 million, representing a 12% operating margin compared to $1.3 billion or 22% a year ago. The decline was primarily due to the inventory and related charges. Taxes, interest expense, and other totaled $126 million.

營業收入為 8.97 億美元，營業利益率為 12%，而去年同期為 13 億美元，營業利益率為 22%。下降主要是由於庫存和相關費用。稅金、利息支出及其他總計 1.26 億美元。

For the second quarter of 2025, diluted earnings per share was $0.48 compared to $0.69 a year ago. The inventory and related charges reduced earnings per share by approximately $0.43.

2025 年第二季度，每股攤薄收益為 0.48 美元，去年同期為 0.69 美元。庫存和相關費用使每股收益減少約 0.43 美元。

Now turning to our report for segments, starting with the Data Center. Data Center segment revenue was $3.2 billion, up 14% year over year, driven by strong EPYC CPU revenue and share gains across both cloud and enterprise customers. On a sequential basis, Data Center revenue decreased 12% due to the impact of the export controls on MI308.

現在轉向我們的細分報告，從資料中心開始。資料中心部門營收為 32 億美元，年成長 14%，這得益於 EPYC CPU 收入強勁以及雲端和企業客戶的份額成長。由於受到 MI308 出口管制的影響，資料中心收入較上季下降 12%。

The Data Center segment operating loss was $155 million compared to operating income of $743 million a year ago or 26% of revenue. The loss was primarily due to the inventory and related charges. Client and Gaming segment revenue was $3.6 billion, up 69% year over year and 20% sequentially, driven by record client CPU sales and strong demand for our PC and console gaming products.

資料中心部門的營運虧損為 1.55 億美元，而去年同期的營運收入為 7.43 億美元，佔營收的 26%。損失主要是由於庫存和相關費用造成的。客戶端和遊戲部門營收為 36 億美元，年成長 69%，季增 20%，這得益於創紀錄的客戶端 CPU 銷售以及對我們的 PC 和遊戲機遊戲產品的強勁需求。

In the Client business, revenue was a record $2.5 billion, up 67% year over year, driven by record sales of our Ryzen desktop CPUs and a richer product mix. Gaming revenue rose to $1.1 billion, up 73% year over year, reflecting strong demand for our newly launched gaming GPUs and higher semi-custom revenue as inventory has now normalized and customers prepare for the holiday season.

在客戶端業務方面，營收達到創紀錄的 25 億美元，年增 67%，這得益於我們的 Ryzen 桌上型電腦 CPU 創紀錄的銷售量和更豐富的產品組合。遊戲收入增至 11 億美元，年增 73%，這反映了對我們新推出的遊戲 GPU 的強勁需求，以及由於庫存現已正常化且客戶為假期做準備而導致的半定制收入增加。

Client and Gaming segment operating income was $767 million or 21% of revenue compared to $166 million or 8% a year ago, driven by a richer client product mix and operating leverage on higher revenue. Embedded segment revenue was $824 million, down 4% year over year and flat sequentially as embedded end market demand remains mixed.

客戶端和遊戲部門的營業收入為 7.67 億美元，佔營收的 21%，而去年同期為 1.66 億美元，佔營收的 8%，這得益於更豐富的客戶產品組合和更高收入的營運槓桿。嵌入式部門營收為 8.24 億美元，年減 4%，與上一季持平，因為嵌入式終端市場需求仍好壞參半。

Embedded segment, operating income was $275 million or 33% of revenue compared to $345 million or 40% a year ago. The decline in operating income was primarily due to product mix. Before I review the balance sheet and cash flow, as a reminder, we closed the acquisition of ZT Systems early in the second quarter. As we had announced our intend to divest the ZT manufacturing business. The financial results of the ZT manufacturing business are reported separately in our financial statements as discontinued operations and are excluded from our non-GAAP financials.

嵌入式部門的營業收入為 2.75 億美元，佔營收的 33%，而去年同期為 3.45 億美元，佔營收的 40%。營業收入的下降主要是因為產品結構所致。在我審查資產負債表和現金流之前，需要提醒的是，我們在第二季初完成了對 ZT Systems 的收購。正如我們之前宣布的，我們打算剝離 ZT 製造業務。ZT 製造業務的財務結果在我們的財務報表中作為已終止經營的業務單獨報告，並且不包含在我們的非 GAAP 財務報表中。

Subsequently, in May, we entered into an agreement with the Sanmina Corporation to sell the ZT manufacturing business for $3 billion in cash and stock, inclusive of contingent payment. The transaction is expected to close near the end of 2025, subject to regulatory approvals and a customary closing conditions.

隨後，我們在 5 月與 Sanmina Corporation 達成協議，以 30 億美元現金和股票（包括或有付款）出售 ZT 製造業務。該交易預計將於 2025 年底完成，但需獲得監管部門的批准並滿足慣例成交條件。

Turning to the balance sheet and cash flow, during the quarter, we generated $1.5 billion in cash from operating activities of continuing operations, and free cash flow was a record $1.2 billion. We returned $478 million to shareholders through share repurchases, resulting in $1.2 billion in share repurchases for the first half of 2025.

談到資產負債表和現金流，在本季度，我們從持續經營的經營活動中產生了 15 億美元的現金，自由現金流達到創紀錄的 12 億美元。我們透過股票回購向股東返還了 4.78 億美元，2025 年上半年的股票回購總額達到 12 億美元。

In May, our Board of Directors approved an additional $6 billion authorization. Exiting the quarter, we have $9.5 billion remaining in our share repurchase program. At the end of the quarter, cash, cash equivalents, and short-term investments were $5.9 billion. Our long-term debt was $3.2 billion. During the quarter, we paid down $950 million of commercial paper used to finance the ZT Systems acquisition close.

五月，我們的董事會批准了額外的 60 億美元授權。本季結束時，我們的股票回購計畫還剩餘 95 億美元。本季末，現金、現金等價物及短期投資為59億美元。我們的長期債務為32億美元。本季度，我們償還了用於資助 ZT Systems 收購交易的價值 9.5 億美元的商業票據。

Now turning to our third quarter 2025 outlook. Please note that our third quarter outlook does not include any revenue from AMD Instinct MI308 shipments to China, as our license applications are currently under review by the US government.

現在來談談我們對 2025 年第三季的展望。請注意，我們的第三季展望不包括 AMD Instinct MI308 運往中國的任何收入，因為我們的許可申請目前正在接受美國政府的審查。

For the third quarter of 2025, we expect revenue to be approximately $8.7 billion, plus or minus $300 million. The midpoint of our guidance represents approximately 28% year over year revenue growth, driven by strong double-digit growth in our Client, and Gaming, and Data Center segments. Sequentially, we expect revenue to grow by approximately 13%, driven by strong double-digit growth in the Data Center segment with the ramp of our AMD Instinct MI350 series GPU products, modest growth in our Client and Gaming segments with Client revenue increasing and Gaming revenue to be flattish.

對於 2025 年第三季度，我們預計營收約為 87 億美元，上下浮動 3 億美元。我們的預期中點代表營收年增約 28%，這得益於客戶端、遊戲和資料中心部門強勁的兩位數成長。環比而言，我們預計營收將成長約 13%，這得益於資料中心部門的強勁兩位數成長（隨著 AMD Instinct MI350 系列 GPU 產品的普及），以及客戶端和遊戲部門的適度成長（客戶端營收增加，遊戲營收持平）。

And our Embedded segment revenue to return to growth. In addition, we expect third quarter non-GAAP gross margin to be approximately 54%, and we expect non-GAAP operating expenses to be approximately $2.55 billion. We expect net interest and other expenses to be a gain of approximately $10 million. We expect our non-GAAP effective tax rate to be 13%, and diluted share count is expected to be approximately 1.63 billion shares.

我們的嵌入式部門收入將恢復成長。此外，我們預計第三季非公認會計準則毛利率約為 54%，非公認會計準則營運費用約為 25.5 億美元。我們預計淨利息和其他費用將獲利約 1,000 萬美元。我們預計非公認會計準則有效稅率為 13%，稀釋股數預計約為 16.3 億股。

In closing, we executed very well in the first half of the year, delivering record revenue and building strong momentum for growth in the second half. The strategic investments we're making position us to capitalize on the expanding AI opportunities across all our end markets, driving sustainable long-term revenue growth and earnings expansion for compelling value creation. With that, I'll turn it back to Matt for the Q&A session.

總而言之，我們上半年表現非常出色，實現了創紀錄的收入，並為下半年的成長累積了強勁的勢頭。我們正在進行的策略性投資使我們能夠利用所有終端市場不斷擴大的人工智慧機會，推動可持續的長期收入成長和獲利擴張，從而創造引人注目的價值。說完這些，我將把時間交還給馬特進行問答環節。

Operator, will you please, pull the audience for questions? Thank you.

接線生，請您讓觀眾提問好嗎？謝謝。

(Operator Instructions) Thomas O'Malley, Barclays. Please proceed with your question.

（操作員指示）巴克萊銀行的托馬斯·奧馬利。請繼續您的問題。

Hey, thank you for taking my questions, and I appreciate it, Lisa. I wanted to start on the Client business. So you had previously laid out a second-half outlook that was roughly flattish with the first half as you're kind of protecting against some pull-forwards. So first, do you think that your Q2 results included some pull-forwards, and the second half should still be flattish?

嘿，謝謝你回答我的問題，我很感激，麗莎。我想開始從事客戶業務。因此，您先前對下半年的展望與上半年大致持平，因為您在某種程度上是為了防止一些提前預期。那麼首先，您是否認為您的第二季業績包含一些前瞻，而下半年應該仍然持平？

And longer term, after the Intel commentary regarding 18A, maybe what that means is a knee-jerk reaction just right away for AMD longer term in terms of share and ASPs.

從長遠來看，在英特爾對 18A 做出評論之後，這可能意味著 AMD 在長期份額和平均售價方面會立即做出下意識的反應。

Sure, Tom, thanks for the question. So first of all, our Client and Gaming segment, and particularly our Client business, just performed very well in the first half of the year. I think if you look at the entire first half, it was up 68% year over year.

當然，湯姆，謝謝你的提問。首先，我們的客戶和遊戲部門，特別是我們的客戶業務，在今年上半年表現非常出色。我認為，如果縱觀整個上半年，它比去年同期成長了 68%。

I think if you look underneath that, what we're seeing is strength in every part of our Client business. So we saw very strong sales in our desktop channel area. We have a leadership product there, best gaming CPUs with our X3D CPUs. We've had strong Ryzen AI adoption as well in the first half of the year. We see that in sell-through. And in addition, we've had strong enterprise sell-through as we brought that forward.

我想，如果你深入觀察，你會發現我們客戶業務的各個部分都實力雄厚。因此，我們的桌面通路領域的銷售非常強勁。我們在那裡擁有領先的產品，即採用 X3D CPU 的最佳遊戲 CPU。今年上半年，我們的 Ryzen AI 的採用率也很高。我們在銷售過程中看到了這一點。此外，隨著我們推出這項產品，我們的企業銷售業績也十分強勁。

So to your question of how much is pull-forward, we don't think a whole lot of that is. We actually -- when we look at the sell-through patterns, the end-user consumption is actually quite strong for Client, in terms of going into the second half of the year.

因此，對於您關於前拉幅度有多大的問題，我們認為前拉幅度並不大。實際上，當我們查看銷售模式時，我們發現，就下半年而言，客戶的最終用戶消費實際上相當強勁。

As we said in our Q3 guide, the primary driver of our Q3 guide is a very strong Data Center, driven by MI350 ramping. We are expecting some growth in the Client business, so I wouldn't say it'll be flat to the first half, but we're planning for it to be a little bit less than seasonal, just given some of the uncertainties out there.

正如我們在第三季指南中所說，第三季指南的主要驅動力是一個非常強大的資料中心，由 MI350 的成長所推動。我們預計客戶業務會有所成長，因此我不會說它會與上半年持平，但考慮到一些不確定因素，我們計劃其成長速度會比季節性略低一些。

But the Client business is performing extremely well for us. And we believe we are gaining share in all the right places. So if you look at the numbers in the first quarter, and it'll show through in the second quarter as well, a lot of the uplift in revenue is in ASPs. And that is basically we're selling up the stack on the strength of our portfolio.

但我們的客戶業務表現非常好。我們相信，我們正在所有正確的領域中獲得市場份額。因此，如果你看第一季的數據，你會發現第二季的營收成長很大一部分來自於平均銷售價格。這基本上就是我們憑藉投資組合的優勢來出售股票。

And I think we're still quite underrepresented in the enterprise portion of the business. That is where we have increased our go-to-market resources and focus. And we're seeing nice traction there, especially with the portfolios that we have from HP and Lenovo in Enterprise PCs. And now we're adding Dell as well as it's ramping here, started in the second quarter, will ramp more in the second half of the year. So I think all of those are tailwinds for our Client business beyond the second half of 2025, but really into the next number of quarters as we think about the portfolio and the opportunities for us.

我認為我們在企業業務領域的代表性仍然很低。這就是我們增加市場資源和關注的地方。我們在那裡看到了良好的發展勢頭，尤其是惠普和聯想在企業電腦領域的產品組合。現在，我們也加入了戴爾，它在第二季開始擴大規模，並將在今年下半年進一步擴大規模。因此，我認為所有這些都對我們 2025 年下半年以後的客戶業務有利，但實際上，當我們考慮投資組合和我們面臨的機會時，這些都會影響接下來的幾個季度。

Super helpful. And then secondly, I was hopeful you could provide us a little more color on China. So the guide doesn't include MI308, but perhaps you could comment on when you get approval, if the supply chain's ready, what's currently in inventory? And maybe compare what you think the contribution will look like versus the $700 million in Q2 and the $800 million for the second half you spoke about in April?

超有幫助。其次，我希望您能為我們提供更多有關中國的資訊。因此，該指南不包括 MI308，但也許您可以評論一下，當您獲得批准時，如果供應鏈準備就緒，目前庫存是什麼？也許您可以比較一下您認為的貢獻程度與您在 4 月談到的第二季的 7 億美元和下半年的 8 億美元相比如何？

Sure, Tom. So yeah, let me answer some of the questions on China. I'm sure that there are some questions. Look, we're very pleased with the progress that's been made with the administration over the last couple of months. We've been working very closely with the administration.

當然，湯姆。是的，讓我回答一些關於中國的問題。我確信存在一些疑問。瞧，我們對過去幾個月政府的進展感到非常高興。我們一直與政府密切合作。

I think the focus here on ensuring that US technology gets utilized throughout the world is something that we certainly support and very much want to contribute to. China is an important market for us.

我認為，我們當然支持並非常希望為確保美國技術在世界範圍內得到應用而重點關注的事情。中國對我們來說是一個重要的市場。

Given the timing of licenses, we have a number of licenses that are under review now. We are working with the Department of Commerce to get those reviewed. We do expect that once those licenses are approved, we will start MI308 shipments.

考慮到許可證的時間安排，我們現在有許多許可證正在接受審核。我們正在與商務部合作，對這些內容進行審查。我們確實希望，一旦這些許可證獲得批准，我們將開始 MI308 發貨。

In terms of the supply chain, most of our inventory was not in finished goods, so it was work-in-process. And it'll take us a couple of quarters to run through that. The exact timing of revenue and contribution will depend a bit on when the licenses are actually granted.

就供應鏈而言，我們的大部分庫存不是成品，而是在製品。我們需要幾個季度的時間來完成這項任務。收入和貢獻的具體時間將取決於許可證的實際授予時間。

But overall, I think this is a better position than we were 90 days ago, and we certainly view China as a market that we would like to service with MI308. And we're working closely with the administration to do that.

但總體而言，我認為這比 90 天前的情況要好，而且我們當然將中國視為我們希望透過 MI308 服務的市場。我們正在與政府密切合作以實現這一目標。

Vivek Arya, Bank of America Securities.

Vivek Arya 的美國銀行證券。

Thank you for taking my question. Lisa, if we look into 2026, right, that's when I think the sovereign opportunity could get quite meaningful for AMD. What is the right way to size that? What does this JV structure mean with some of the contracts that you signed?

感謝您回答我的問題。麗莎，如果我們展望 2026 年，那麼我認為那時主權機會對 AMD 來說可能變得非常有意義。確定其尺寸的正確方法是什麼？這種合資結構對於您簽署的一些合約意味著什麼？

And would you consider this incremental to the kind of growth rate that you're seeing with your current MI business, or would this be instead of? So just if you could give us a way to size what is that incremental opportunity from sovereign customers when it comes to 2026?

您是否認為這會對您目前的 MI 業務的成長率產生增量作用，還是會取代它？那麼，您能否告訴我們，到 2026 年，主權客戶帶來的增量機會是什麼？

Does it depend on the MI400, right, in which case it might be more back-end dated, etc. So just some ways to think about sovereign for AMD next year.

這是否取決於 MI400，對嗎？在這種情況下，它可能會更加後端化，等等。所以，這只是一些思考 AMD 明年主權的方法。

Yeah, absolutely, Vivek. Thanks for the question. So look, we're really excited about the overall AI opportunity for us with MI355 and the MI400 series as we go through the back half of this year and into 2026.

是的，絕對是，維韋克。謝謝你的提問。所以，我們對 MI355 和 MI400 系列在今年下半年和 2026 年為我們帶來的整體 AI 機會感到非常興奮。

I think there's a very large opportunity with, let's call it, hyperscalers, some of the leading AI companies, as well as sovereign. I think sovereign is additive to that for sure. From the standpoint of what to expect, there are also some regulatory things that need to be worked through on the sovereign side, but again, we are working closely with the administration as they go through the various regulatory decisions that need to be made.

我認為，對於超大規模企業、一些領先的人工智慧公司以及主權企業來說，這是一個非常大的機會。我認為主權絕對會對此起到補充作用。從預期來看，主權方面也需要解決一些監管問題，但我們正在與政府密切合作，幫助他們制定需要做出的各種監管決策。

But from my perspective, I think that the fact that countries want their own sovereign computing capability is very clear. I think we see that all over the world. The HUMAIN opportunity that you're referring to, that we announced with the Kingdom of Saudi Arabia, I think is a great example of where, together with their ambitions and our technology -- I think you heard from Tarik, he was at our event saying that that would start with MI355 that we would expect -- that would continue on.

但從我的角度來看，我認為各國希望擁有自己的主權運算能力這一事實非常明確。我想我們在世界各地都看到過這種情況。您提到的我們與沙烏地阿拉伯王國共同宣布的 HUMAIN 機會，我認為是一個很好的例子，結合他們的雄心和我們的技術——我想您聽到了 Tarik 的話，他在我們的活動中說，這將從我們期望的 MI355 開始——並將繼續下去。

I think what's attractive about our offering is our open ecosystem. And I think that really resonates with the sovereign community. But to your original question, I think it's an additive opportunity, and it's one that we believe will continue to be very important for us going forward with both MI355 as well as the MI400 series.

我認為我們的產品吸引人的地方在於我們的開放生態系統。我認為這確實引起了主權社會的共鳴。但對於您最初的問題，我認為這是一個附加機會，我們相信這對於我們未來推出 MI355 和 MI400 系列將繼續非常重要。

All right, and for my follow-up, I wanted to ask about gross margins for your MI product. So I understand in the early days, right, it has been dilutive. What kind of sales level is required for it to start becoming additive to margins?

好的，作為我的後續問題，我想問問你們的 MI 產品的毛利率。所以我理解在早期，它已經被稀釋了。需要達到什麼樣的銷售水準才能開始增加利潤？

And let's say if I fast forward to Q4 and assume that your Q4 sales are growing year on year roughly the same rate as Q3 sales, should we expect gross margins to kind of stay at these Q3 levels, or are there other plus-minus drivers we should think about in terms of gross margins as you go into Q4?

假設我快進到第四季度，並假設您的第四季度銷售額同比增長率與第三季度銷售額大致相同，我們是否應該預期毛利率會保持在第三季度的水平，或者在進入第四季度時，我們還應該考慮其他影響毛利率的正負因素？

Yeah, Vivek, thank you for the question. The gross margin of our my product, we said it's a little bit below corporate average. I think at this point our priority is really to address the larger, faster growing revenue opportunities that we have and provide customers a better TCO to really expand our presence in the Marketplace.

是的，Vivek，謝謝你的提問。我們產品的毛利率略低於公司平均值。我認為目前我們的首要任務是真正抓住我們擁有的更大、成長更快的收入機會，並為客戶提供更好的 TCO，以真正擴大我們在市場上的影響力。

I think that the way to think about our gross margin, there are different dynamics, right, different customers, different generations, but also our operation team has been continuing to really drive operational efficiency to improve our MI family's gross margin that has been ongoing.

我認為，在思考我們的毛利率時，有不同的動態，對，不同的客戶，不同的世代，但我們的營運團隊也一直在持續真正推動營運效率，以提高我們 MI 家族的毛利率。

So it's not necessarily really tied to, okay, the revenue level each quarter, but you should think about is a trend in the longer term. It should improve continually going forward. Overall, the way I think about these gross margin dollars, right, this is one of the fastest growing market opportunities for any financial metrics. Gross margin dollars is what we try to grab as much as we can. Hopefully that helped your question.

因此，它不一定與每個季度的收入水平真正相關，但你應該考慮的是長期趨勢。它應該會不斷改進。總的來說，我認為這些毛利率對於任何財務指標來說都是成長最快的市場機會之一。我們盡力追求的是毛利率。希望這對您的問題有幫助。

Timothy Arcuri, UBS.

瑞銀的提摩西·阿庫裡。

Thanks a lot, Lisa. So my question is on Data Center GPU. You did say that June is up year over year, so it sounds like it's maybe a little more than $1 billion dollars.

非常感謝，麗莎。所以我的問題是關於資料中心 GPU。您確實說過 6 月份的銷售額同比增長，因此聽起來可能略高於 10 億美元。

And you used words like strong ramp into the back half of the year. Can you give us just any color on what that means? Can you get to say $7 billion for the year, and can you give us maybe a milepost on what you're assuming for Q3 would be great.

您也使用了「下半年將強勁成長」這樣的字眼。您能具體解釋一下這代表什麼嗎？您能否說今年的銷售額能達到 70 億美元？您能否給我們一個里程碑，說明您認為第三季的銷售額能達到什麼水準？

Yeah, thanks, Tim, for the question. I think what we said in the prepared remarks is that we are seeing a strong ramp from Q2 into Q3. MI355, we actually started production in June, so we had some shipments in the month of June. But it really is ramping as we go through this quarter in the third quarter.

是的，謝謝蒂姆提出這個問題。我認為我們在準備好的評論中說過，我們看到從第二季到第三季的強勁成長。MI355，我們實際上是在六月開始生產的，所以我們在六月有一些發貨。但隨著我們進入第三季度，這一趨勢確實正在加速。

So, in terms of guideposts, we said it would grow year over year from last year, and that I think is a strong ramp. And then, you know, we would expect it to grow into the fourth quarter as well.

因此，就指導方針而言，我們說它將比去年同期增長，而且我認為這是一個強勁的成長勢頭。然後，您知道，我們預計它在第四季度也會成長。

The demand, I should say, what we're seeing from customers is, I think, really positive around MI355. Sort of the way I would contrast it with maybe the MI300 ramp. I think MI300 started with perhaps some smaller deployments. I think what we're seeing with MI355 is very competitive versus the B200, GB200 family of products.

我應該說，我們從客戶那裡看到的對 MI355 的需求是相當積極的。我會將它與 MI300 坡道進行某種程度的對比。我認為 MI300 可能從一些較小的部署開始。我認為 MI355 與 B200、GB200 系列產品相比非常具有競爭力。

I think there's a strong desire to really use us at scale. The MI355 is very strong for inferencing. We're also working with a number of customers on training, and this is also an opportunity for us to build into the MI400 series as we go into 2026. So we're bullish on MI355 and where the AI opportunity is for us, and I think we're right on track to what we expected to be as we were going through the development of the roadmap.

我認為人們有強烈的願望真正大規模地使用我們。MI355 的推理能力非常強。我們也與許多客戶合作進行培訓，這也是我們在 2026 年融入 MI400 系列的機會。因此，我們看好 MI355 以及人工智慧為我們帶來的機會，我認為我們在製定路線圖的過程中正朝著預期的方向前進。

Thanks a lot. And then Lisa, just on that point also, you did talk about a new Developer Cloud. So obviously you're beginning to lease back some of the capacity that you're selling into the clouds and the neo-clouds. Is that going to be a material portion of the revenue you're going to recognize for MI355 in the back half of the year? Can you just talk about that and maybe how to think about how much demand that's going to stimulate and what the ultimate goal is for that cloud? Thanks.

多謝。然後麗莎，就這一點而言，你確實談到了新的開發者雲。因此顯然您開始回租部分您出售給雲端和新雲端的容量。這是否會成為您今年下半年 MI355 收入的重要組成部分？您能否簡單談談這個問題，以及如何看待這將刺激多少需求以及雲端運算的最終目標是什麼？謝謝。

Yeah, so there are a couple of things in that question. So let me answer it. So the Developer Cloud is simply we want to make it super easy for developers to get on AMD Instinct GPUs. One could say, again, if we look back at the MI300 family, we were very focused on the largest hyperscalers and the largest customers. But there's a lot of interest in our GPUs across a number of customers who just wanted easier access.

是的，這個問題包含幾個面向。那麼就讓我來回答一下。因此，開發者雲端就是我們希望讓開發人員能夠非常輕鬆地使用 AMD Instinct GPU。我們可以再次說，如果我們回顧 MI300 系列，我們非常關注最大的超大規模用戶和最大的客戶。但是很多客戶對我們的 GPU 很感興趣，他們只是希望更容易存取。

And so by ensuring that a Developer Cloud is there, that it has ready-to-deploy containers, you can run training and inference easily. You don't necessarily have to make longer-term commitments. I think that's the purpose of the Developer Cloud.

因此，透過確保開發者雲端存在，並且它具有可隨時部署的容器，您可以輕鬆地執行訓練和推理。您不一定需要做出長期承諾。我認為這就是開發者雲端的目的。

I don't think it adds meaningfully to revenue in the second half of the year, but it certainly adds to customers getting experience with AMD. I think the larger revenue opportunities for us are really with large customer adoption as they ramp to larger deployments. And we're very actively trying to get those deployments up and running as soon as possible.

我認為它不會對下半年的收入產生顯著的增加，但它肯定會增加客戶對 AMD 的體驗。我認為，我們更大的收入機會實際上在於大量客戶採用並擴大部署規模。我們正在積極嘗試盡快啟動並運行這些部署。

One of the things, just as a reminder, is that the MI355, given that it's a similar infrastructure to MI300, we actually think it's going to ramp very quickly and very well for customers. And I think that's one of the attractive portions of it as well.

需要提醒的是，鑑於 MI355 與 MI300 具有類似的基礎設施，我們實際上認為它將非常快速且很好地為客戶帶來好處。我認為這也是它的一個吸引人的部分。

Ross Seymore, Deutsche Bank.

德意志銀行的羅斯·西摩。

Hi, thanks for letting me ask a question. Lisa, I want to go back to the Instinct side of things and the MI355 ramp. Looks like the second half is going to ramp really significantly. You said it's going to be up year over year in the third quarter.

你好，謝謝你讓我問問題。麗莎，我想回到本能方面和 MI355 坡道。看起來下半年將會有顯著的成長。您說第三季的銷售額將年增。

I believe a quarter ago you said roughly the same thing, and the MI308 is out of both numbers. So that shouldn't really matter, and I guess it would be upside. But I just wondered, how have things changed from a quarter ago as far as the MI350 family adoption, especially because you launched a little bit early? Is the growth a little bit more than you would have expected a quarter ago, about the same, or a little worse? Just any sort of color on that would be helpful.

我相信一個季度前您說了大致相同的話，並且 MI308 超出了這兩個數字。所以這其實並不重要，而且我猜這會帶來好處。但我只是想知道，就 MI350 系列的採用而言，與一個季度前相比情況發生了哪些變化，特別是因為你們推出得有點早？與一個季度前相比，成長速度是略有提高，還是基本上持平，還是略有下降？任何顏色都會有幫助。

Yeah, Ross, thanks for the question. I think the main thing I would say is I think the adoption is a bit faster than we might have expected. Again, whenever you launch a product, we want to make sure that we go through the full validation and all of that with our customers.

是的，羅斯，謝謝你的提問。我想說的是，我認為採用的速度比我們預期的要快一些。再次強調，無論何時推出產品，我們都希望確保與客戶一起進行全面的驗證。

I think there's a lot of interest -- broad-based interest in MI355. And so I feel like over the last 90 days, I think we've had significant sort of new customer interest, and that's certainly positive. I will say -- Ross, I was just going to add, our engagements are -- I think the other piece is, I think there's also a lot of excitement around MI400 and what we can do with the Helios rack. And so there are a number of customers who, based on the strong roadmap that we're showing, want to get familiar and really work with us earlier in the lifecycle, which I think is again positive.

我認為人們對 MI355 有廣泛的興趣。因此我覺得在過去的 90 天裡，我們已經獲得了大量新客戶的興趣，這當然是正面的。我要說的是——羅斯，我只是想補充一下，我們的協議是——我認為另一點是，我認為人們對 MI400 以及我們可以用 Helios 機架做什麼也感到非常興奮。因此，許多客戶根據我們展示的強大路線圖，希望在生命週期的早期熟悉我們並與我們真正合作，我認為這也是積極的。

Great, thank you for that. I guess my follow-up. An earlier question you talked about a little bit below seasonality in the second half of the year for your Client business. It seems like there's just, I don't even know if seasonality is a framework that matters. But how are you thinking about for the second half as a whole for Client?

太好了，謝謝你。我想這是我的後續行動。您之前提到過一個問題，即下半年客戶業務的季節性略低於正常水平。看起來好像只是，我什至不知道季節性是否是一個重要的框架。但是您對於客戶下半年的整體狀況有什麼看法？

And then Gaming was just up a huge amount sequentially. In the second quarter, you described a little bit of what you're expecting there. But how do you think about seasonality for the second half in its entirety on the Gaming side as well?

然後遊戲業務連續大幅成長。在第二季度，您描述了一些您所期望的事情。但是您如何看待整個下半年遊戲產業的季節性呢？

Yeah, let me try and then Jean might add if you want a little bit more color. So the way to think about it is, we do expect some growth -- sequential growth in Client as we go into the third quarter. I would say sort of single-digit type growth.

是的，讓我試試，然後如果您想要更多一點顏色，Jean 可能會補充。因此，我們可以這樣想，隨著進入第三季度，我們確實預期客戶數量將出現一定成長——連續成長。我想說的是某種個位數的成長。

We continue to see good traction for our products and that portfolio. On the Gaming side, I would call it flattish to Q2, and we're coming off such a strong Q2 that I think flattish is actually to be expected. As we go into the fourth quarter, the dynamics that we would see is, we would see that the console business would actually be down substantially. So think about it as down strong double digits.

我們繼續看到我們的產品和產品組合的良好發展勢頭。在遊戲方面，我認為第二季度表現平淡，而且我們在第二季度表現如此強勁，所以我認為平淡實際上是可以預料的。進入第四季度，我們將會看到遊戲機業務實際上會大幅下滑。因此，可以將其視為強勁的兩位數下降。

The customers usually build for the holiday season before that, and then that will be completed by the fourth quarter. So we would expect, as the Client and Gaming segment, that the segment would probably be down in the fourth quarter. So hopefully that helps. Jean, did I -- did you want to add to that?

客戶通常會在此之前的假期期間進行建設，然後在第四季度完成。因此，我們預期客戶端和遊戲部門在第四季可能會出現下滑。希望這能有所幫助。吉恩，我──你想補充一下嗎？

No, I think you covered it.

不，我想你已經涵蓋了。

Joshua Buchalter, TD Cowen. Please proceed with your question.

約書亞·布查爾特（Joshua Buchalter），考恩公司 (TD Cowen) 的董事。請繼續您的問題。

Hey guys, thank you for taking my question. I wanted to ask about lead times on the Instinct family, both for the MI350 group family and MI400. I mean, as you move into larger cluster sizes, which it sounds like you're doing at least with Oracle on MI350 and then endeavor to do more so on MI400, how much visibility and lead time do you need from your customers? Because I would imagine the lead time for your parts is measured in months, but on the infrastructure side, in particular for the larger scale deployments, those things are measured in years at this point. So maybe you could speak to the visibility specifically on the MI400. Thank you.

嘿夥計們，謝謝你們回答我的問題。我想詢問 Instinct 系列的交貨時間，包括 MI350 組系列和 MI400。我的意思是，當您進入更大的叢集規模時，聽起來您至少在 MI350 上使用 Oracle 來做，然後努力在 MI400 上做更多的事情，您需要從客戶那裡獲得多少可見性和交貨時間？因為我可以想像，零件的交付週期是以月來計算的，但在基礎設施方面，特別是對於更大規模的部署，這些事情目前是以年來計算的。所以也許您可以具體談談 MI400 的可見性。謝謝。

Yes, sure, Josh. So yes, I mean our lead times are long given all of the processing steps that we have to go through. Think about it as somewhere between eight, nine months, that type of thing. We have a very, very strong supply chain. We've been preparing for these ramps of both MI350 series and MI400 series, and that preparation is ongoing. So we feel like we have a very strong supply chain there.

是的，當然，喬希。是的，考慮到我們必須經歷的所有處理步驟，我們的交貨時間很長。想像一下大約八、九個月左右的時間，諸如此類的事情。我們擁有非常非常強大的供應鏈。我們一直在為 MI350 系列和 MI400 系列的坡道做準備，並且準備工作仍在進行中。所以我們覺得我們在那裡擁有非常強大的供應鏈。

In terms of visibility with customers, we're absolutely working with customers very closely on near-term MI350 series deployments, getting those deployments up as quickly as possible. Again, one of the things about the MI350 series that is good is that it can go into existing data centers, just given the platform that it’s in. So we have been certainly working with our customers there.

在客戶可見性方面，我們絕對會與客戶密切合作，進行近期的 MI350 系列部署，並儘快完成這些部署。再次強調，MI350 系列的優點之一是，只要有其所在的平台，它就可以進入現有的資料中心。所以我們確實一直在與那裡的客戶合作。

And then for the MI400 series, there are lots and lots of details and full rack-scale design implementation. And we're actively working with the largest customers right now, just ensuring that our Helios rack is fully compatible with their data center buildouts as we go into 2026.

對於 MI400 系列，有大量的細節和完整的機架規模設計實現。目前，我們正在積極與最大的客戶合作，以確保我們的 Helios 機架在 2026 年與他們的資料中心建設完全相容。

So that visibility is important. I think that co-development, co-engineering is important as we get into the rack-scale architecture. And the ZT team that we've brought in has been extremely helpful in terms of both internal platform buildout as well as ensuring that we're working closely with our customers on their data center needs.

因此可見性很重要。我認為，當我們進入機架規模架構時，共同開發、共同工程非常重要。我們引入的 ZT 團隊在內部平台建置以及確保我們與客戶密切合作以滿足其資料中心需求方面提供了極大的幫助。

Thank you for that, Lisa. And maybe for Jean, I wanted to follow up on Vivek's question earlier on gross margins. So if we add back the charges in Q2, and then your gross margin implied in the guidance is roughly flat sequentially. And that's despite what's implied to be Data Center GPUs up meaningfully sequentially.

謝謝你，麗莎。也許對於 Jean 來說，我想跟進 Vivek 之前關於毛利率的問題。因此，如果我們將第二季的費用加回來，那麼指引中隱含的毛利率將與上一季大致持平。儘管暗示資料中心 GPU 的數量將按順序顯著增加，但情況仍然如此。

It doesn't seem like consoles are falling off in the third quarter. Can you maybe talk to the underlying drivers of how you're able to keep the flat gross margins despite what sounds like still margin-dilutive Data Center GPUs up significantly within the mix? Thank you.

看起來遊戲機銷量在第三季並沒有下滑。您能否談談為什麼能夠維持穩定的毛利率，儘管聽起來資料中心 GPU 的利潤率仍然大幅下降？謝謝。

Yeah, Josh, thanks for the question. Yeah, we are guiding our Q3 gross margin around 54%. And Q2, you're right, excluding the $800 million charge, it was close to 54%. I think the Gaming business actually is quite high, so the mix actually is unfavorable. But we do have some tailwinds we have been really driving.

是的，喬希，謝謝你的提問。是的，我們預計第三季的毛利率在 54% 左右。而第二季度，您說得對，除去 8 億美元的費用，這一比例接近 54%。我認為遊戲業務實際上相當高，因此組合實際上是不利的。但我們確實有一些一直在努力推動的順風。

First is, we have been expanding our Server business, which has a really nice gross margin. And on the Client business side, we are expanding the Commercial PC business that really helps us to drive the gross margin up.

首先，我們一直在擴大我們的伺服器業務，該業務的毛利率非常好。在客戶端業務方面，我們正在擴大商用個人電腦業務，這確實有助於我們提高毛利率。

In addition, we do have a really strong operational team. They are driving the gross margin improvement just from operational efficiency perspective across the Board. So overall, our objective is to continue to improve gross margin. Despite MI350 very strong ramp in Q3, we are able to continue to drive the margin up.

此外，我們確實擁有一支非常強大的營運團隊。他們僅從整體營運效率的角度推動毛利率的提高。所以總的來說，我們的目標是繼續提高毛利率。儘管 MI350 在第三季成長強勁，我們仍能持續提高利潤率。

Joseph Moore, Morgan Stanley.

摩根士丹利的約瑟夫·摩爾。

Great, thank you. You've used this language before of the kind of tens of billions opportunity around MI400. Can you talk about that -- the time frame when that might occur? And not to pin you down too much, what would help you get to that level sooner rather than later? Should we think of that as a 2027 realistic outcome that you could be looking at $20 billion-plus? Just a little bit more color on that tens of billions coming.

太好了，謝謝。您以前曾使用過這種語言來描述 MI400 周圍的數百億機會。您能談談這個嗎—這個可能發生的時間範圍？我不想給你太多的限制，什麼能幫助你盡快達到這個水準？我們是否應該將其視為 2027 年的現實結果，價值將超過 200 億美元？稍微詳細地描述一下即將到來的數百億美元。

Yeah, I mean, maybe without being specific, Joe, I can give you sort of the way I look at it. And back to this notion of are we incrementally more confident, I think we're seeing a lot of positive signs in our AI customer adoption. I think the strength of the MI350 series, the very positive feedback that we're getting on MI400 from customers, the work that we're doing in terms of ensuring that we are fully ready for large-scale deployments of not just inference but training.

是的，我的意思是，也許不用具體說明，喬，我可以告訴你我的看法。回到我們是否越來越有信心這個問題上，我認為我們在人工智慧客戶採用方面看到了很多積極的跡象。我認為 MI350 系列的優勢、我們從客戶那裡獲得的 MI400 的非常積極的回饋，以及我們正在做的工作，確保我們為大規模部署做好充分準備，不僅是推理，還有訓練。

I think when we get to tens of billions of dollars, we're talking about significant gigawatt-scale type deployments, and those would be important for us to get there. And we're certainly, I think, engaged with all the right customers that can enable that type of ramp. But I won't necessarily speculate on the exact time other than to say certainly that would be our set of aspirations.

我認為，當我們達到數百億美元時，我們談論的是重要的千兆瓦級部署，這對我們實現目標至關重要。我認為，我們確實與所有能夠實現這種成長的合適客戶進行了合作。但我不會推測特定的時間，但可以肯定地說這是我們的願望。

Right, that's helpful. Thank you. And then as these workloads evolve, I mean, you've sort of talked about inference and training as sort of different opportunities for AMD. Are you seeing those start to come together?

對，這很有幫助。謝謝。然後隨著這些工作負載的發展，我的意思是，您已經談到推理和訓練是 AMD 的不同機會。你看到它們開始融合在一起了嗎？

It seems like with inference, the reasoning models are requiring much higher complexity. Is rack scale more important to the inference market than you thought it might be? Just any color around how that complexity of inference is impacting you guys.

似乎透過推理，推理模型需要更高的複雜性。機架規模對於推理市場來說是否比您想像的更重要？只是關於推理的複雜性如何影響你們的任何顏色。

Yeah, I think that's absolutely true, Joe. I think with the proliferation of models, I think, what we're seeing is GPUs continue to be very -- the computing of choice as you think about all the models that are out there. And then as you go into distributed inference and some of the newer techniques, we are seeing the importance of the scale and the scale-out architecture, which we are investing in.

是的，喬，我認為完全正確。我認為隨著模型的激增，我們看到的是，考慮到所有現有的模型，GPU 仍然是首選的計算方式。然後，當你進入分散式推理和一些較新的技術時，我們看到了規模和橫向擴展架構的重要性，我們正在投資這一點。

But I think the overarching thing is, we have a very competitive roadmap across the next couple of generations. I think that has now gotten strong customer validation. We're getting a lot of feedback from customers on where they would like to see us continue to add more resources and add more focus. And so that is very helpful. And the key is to be a full-scale solution provider for these large customer deployments, and that's what we're working on.

但我認為最重要的是，我們在未來幾代產品中擁有非常有競爭力的路線圖。我認為這現在已經得到了客戶的強烈認可。我們收到了很多來自客戶的回饋，他們希望我們繼續增加更多資源並更加關注。這非常有幫助。關鍵是要成為這些大型客戶部署的全方位解決方案提供商，這就是我們正在努力的方向。

Aaron Rakers, Wells Fargo.

富國銀行的 Aaron Rakers。

Yeah, thanks for taking the question. I do have a follow-up as well. I guess the first question is, when we look at the Data Center guide, Jean, you alluded to double-digit sequential growth. Obviously the MI355 series is kind of ramping.

是的，感謝您提出這個問題。我確實也有一個後續行動。我想第一個問題是，當我們查看資料中心指南時，Jean，您提到了兩位數的連續成長。顯然，MI355 系列正在逐漸壯大。

I'm curious, how could we conceptualize what you're expecting in the Server side? And where do you think your market share is today in traditional enterprise servers outside of cloud?

我很好奇，我們如何概念化您在伺服器端所期望的東西？您認為目前您在雲端運算之外的傳統企業伺服器中的市場佔有率是多少？

Yeah, I think when you look at our Data Center business, we do have strong double-digit growth. Both the Server and MI, both sides are growing sequentially. Of course, MI ramp is the most significant one.

是的，我認為當你看看我們的資料中心業務時，我們確實實現了強勁的兩位數成長。無論是伺服器還是MI，雙方都在持續成長。當然，MI 斜坡是最重要的一個。

As far as the Server market share, we do think we continue to drive the market share up compared to Q1. A third party has not published a report yet, but we feel really good about the Q2 market share increase versus Q1.

就伺服器市場佔有率而言，我們確實認為與第一季相比，我們將繼續提高市場佔有率。第三方尚未發布報告，但我們對第二季度市佔率相對於第一季的成長感到非常滿意。

Aaron, if I just add to that, one of the things that I think is important for people to understand is, in some of the cloud CapEx numbers that have come out that have been quite positive, that is not only a GPU statement, but there's actually significant CPU CapEx in there as well.

Aaron，如果我補充一點的話，我認為人們需要理解的重要一點是，在一些已經公佈的相當積極的雲端運算資本支出數字中，這不僅是一個 GPU 聲明，而且其中實際上還有大量的 CPU 資本支出。

We've started to see more robust forecasts going out a number of quarters on the Server CPU side because all of that AI content really requires traditional CPUs as well. And so we're very bullish on the opportunity in Servers. I think the team has really executed extremely well.

我們已經開始看到伺服器 CPU 方面在幾個季度中出現了更強勁的預測，因為所有這些 AI 內容也確實需要傳統的 CPU。因此，我們非常看好伺服器領域的機會。我認為該團隊的表現確實非常出色。

I mean, if you look at our portfolio now, Turin and Genoa are very well adopted, garnering workloads. Enterprise adoption is also increasing. And so I think all of those are positive for the Server opportunity in the second half of 2025 as well as going into 2026 and beyond.

我的意思是，如果你現在看看我們的投資組合，你會發現都靈和熱那亞的採用情況非常好，工作量很大。企業採用率也不斷提高。因此，我認為所有這些都對 2025 年下半年以及 2026 年及以後的伺服器機會有利。

Yeah. And then as a follow-up, I'm kind of thinking about the China, the MI308 opportunity. When we do see a license, I think you alluded to this earlier, it's going to take a little bit of time to ramp and get the supply chain to satisfy the demand.

是的。然後作為後續行動，我正在考慮中國和 MI308 的機會。當我們確實看到許可證時，我想您之前提到過這一點，需要一點時間來提高產量並使供應鏈滿足需求。

But I'm curious, the $800 million write-down that you had taken, is there no kind of finished inventory there? Does that come back? Do you have any reversal aspects of that once a license gets approved?

但我很好奇，您記下的 8 億美元減值，裡面沒有成品庫存嗎？那還會回來嗎？一旦許可證獲得批准，您是否有任何逆轉的方面？

Let me start first, then Lisa can add. First, on the $800 million, majority of them are WIPs. We really don't have the on-the-shelf finished goods we can ship immediately. So we do need to take time if we get a license.

讓我先開始，然後麗莎可以補充。首先，在這 8 億美元中，大部分都是在製品。我們確實沒有可以立即出貨的現貨成品。因此，如果我們要獲得許可證，確實需要花一些時間。

Yeah, I think the [same].

是的，我認為[相同的]。

CJ Muse, Cantor Fitzgerald.

CJ Muse、康托·菲茨傑拉德。

Yeah, good afternoon. Thank you for taking the question. I guess Lisa, I was hoping you could level set us on the Instinct ramp into 2026. How are you thinking about the timing of the handoff from 350 to 400? How are you thinking about Helios contributions?

是的，下午好。感謝您回答這個問題。我想麗莎，我希望你能幫助我們在 2026 年達到本能水準。您如何考慮從 350 到 400 的交接時間？您如何看待 Helios 的貢獻？

And I guess very importantly, from a customer contribution perspective, how you might see that evolve from traditional hyperscalers to perhaps more sovereign and neo-cloud within the mix.

我認為非常重要的是，從客戶貢獻的角度來看，您可能會看到它如何從傳統的超大規模發展到可能更具主權和新雲端的組合。

Sure, CJ. So certainly, second half of this year, it's all about MI355 ramp into the first half of next year. I think the MI400 series development is right on track. The development of the Helios platform is also right on track.

當然，CJ。因此，可以肯定的是，今年下半年的一切都與 MI355 在明年上半年的成長有關。我認為 MI400 系列的開發正步入正軌。Helios平台的開發也正在順利進行中。

We would expect significant revenue contribution from Helios in 2026. And then relative to the contribution of the various things, hyperscalers versus neo-clouds versus sovereign, I think it's a little early to really talk about the different pieces other than to say you would expect that hyperscalers. And let's call it, neo-clouds that would be working for other large AI natives may be significant pieces of the initial ramp. And then sovereign may come a little bit later in time, just given the timing of when different buildouts would happen. So hopefully that gives you some color, CJ.

我們預計 Helios 在 2026 年將帶來可觀的收入貢獻。然後，相對於各種事物的貢獻，超大規模、新雲和主權，我認為現在談論不同的部分還為時過早，而不是說你會期望超大規模。我們稱之為「新雲」的人工智慧原生應用可能是初始階段的重要組成部分。然後主權可能會在稍後出現，只是考慮到不同建設發生的時間。希望這能給你一些啟發，CJ。

Yeah, very helpful. And then Jean, I guess the question for you. With the sale of ZT for $3 billion of cash and stock and you only have $3 billion of debt outstanding, how are you thinking about the use of proceeds? Is there saving for a rainy day or bolt-on acquisitions, perhaps more aggressive share buyback? How are you thinking about it today?

是的，非常有幫助。那麼 Jean，我想問的是你這個問題。ZT 以 30 億美元現金和股票的價格出售，而你們僅剩 30 億美元未償還債務，你們考慮如何使用這筆收益？是否有未雨綢繆的儲蓄或附加收購，或許是更積極的股票回購？您今天對此有何看法？

Yeah, thanks for the question. Our business model actually generated a lot of free cash flow. As you see in Q2, free cash flow generation was $1.2 billion. So if we close the ZT sale and we'll get more cash, overall, our capital allocation principle continues to be the first phase is investing, especially with the tremendous AI opportunities ahead of us. And then we will continue to return cash to shareholders.

是的，謝謝你的提問。我們的商業模式實際上產生了大量自由現金流。正如您在第二季度看到的，自由現金流產生了 12 億美元。因此，如果我們完成 ZT 銷售，我們將獲得更多現金，總體而言，我們的資本配置原則仍然是第一階段的投資，特別是在我們面臨巨大的人工智慧機會的情況下。然後我們將繼續向股東返還現金。

We did a $1.2 billion repurchase in the first half of the year. We are committed to continue to return cash to shareholders through share repurchase.

我們在今年上半年進行了12億美元的回購。我們致力於透過股票回購繼續向股東返還現金。

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

接線生，我想我們還有時間再接聽一位來電。

Ben Reitzes, Melius Research.

Ben Reitzes，Melius Research。

Hey, thanks for squeaking me in here. I wanted to clarify a little bit on the $1 billion increase in sequential sales. Would seem like it's coming from GPUs primarily. I was wondering if you could back that and that's with nothing in China. And if the answer to the prior question that GPUs are over $1 billion, that kind of puts you at a $2 billion run rate. And I was just wondering if that was accurate in terms of thinking. And then I have just a very quick follow-up.

嘿，謝謝你讓我進來。我想稍微澄清一下連續銷售額增加 10 億美元的情況。看起來它主要來自 GPU。我想知道您是否可以支持這一點，而且這在中國沒有任何意義。如果前面問題的答案是 GPU 的價格超過 10 億美元，那麼這意味著運行率將達到 20 億美元。我只是想知道從思考角度來說這是否準確。然後我有一個非常快速的後續問題。

Hi Ben. Thanks for the question. If you look at the sequential revenue increase, as I mentioned during the prepared remarks, we see Data Center a strong double-digit increase, which include both GPU and the CPU. But the GPU definitely drives largest incremental amount increase.

你好，本。謝謝你的提問。如果你看一下連續的收入成長，正如我在準備好的發言中提到的那樣，我們會看到資料中心實現了強勁的兩位數成長，其中包括 GPU 和 CPU。但 GPU 無疑推動了最大的增量成長。

We also mentioned the Client actually is going to increase sequentially. In addition, the Embedded business will return to sequential growth. So multiple business contributed to sequential increase, but the majority of the increase is really driven by MI355's strong ramp.

我們也提到客戶實際上會持續增加。此外，嵌入式業務將恢復連續成長。因此，多項業務促成了連續成長，但大部分成長實際上是由 MI355 的強勁成長所推動的。

Okay, great. And then if indeed, that gets you pretty close to a couple billion dollars, if the MI300 comes in, do you see it at the same run rate that you exited? And then you have the ability to get at the $800 million run rate right away? Or you think it will take several quarters to ramp when you get the license?

好的，太好了。然後，如果確實如此，那將為您帶來接近數十億美元的收益，如果 MI300 投入使用，您是否認為它的運行速度與您退出時相同？那麼，您有能力立即達到 8 億美元的運行率嗎？或者您認為獲得許可證後需要幾個季度才能實現量產？

Yes, Ben, it will take some time to ramp, just given -- particularly today, I mean, we're sitting already in early August, so I don't think you would see a lot of it in Q3. But certainly, as licenses would be approved, we would schedule that and it would take a little while to ramp.

是的，本，這需要一些時間來提升，特別是今天，我的意思是，我們已經到了八月初，所以我認為你不會在第三季度看到很多這樣的情況。但可以肯定的是，隨著許可證獲得批准，我們會安排好時間，並且需要一段時間才能完成。

All right, operator, thank you very much. We appreciate everybody that joined the call today, and we'd just like to end the call now. Thank you.

好的，接線員，非常感謝您。我們感謝今天參加電話會議的每個人，我們現在想結束電話會議。謝謝。

Ladies and gentlemen, that does conclude today's teleconference.

女士們、先生們，今天的電話會議到此結束。