超微半導體 (AMD) 2025 Q3 法說會逐字稿

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

大家好，歡迎參加 AMD 2025 年第三季財報電話會議。（操作員說明）提醒各位，本次電話會議正在錄音。

It is now my pleasure to introduce to you Matt Ramsay, VP, Financial Strategy and Investor Relations. Thank you, Matt. 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馬特·拉姆齊。謝謝你，馬特。你可以開始了。

Thank you, and welcome to AMD's third-quarter 2025 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 opportunity to review these materials, they can be found on the Investor Relations page of amd.com, we will refer primarily to non-GAAP financial measures during today's call. The full non-GAAP to GAAP reconciliations are available in today's press release and the slides posted on our website. Participants in today's conference call are Dr. Lisa Su, our Chair and CEO; and Jean Hu, our Executive Vice President, CFO and Treasurer. This is a live call and will be replayed via webcast on our website.

謝謝，歡迎參加AMD 2025年第三季財務業績電話會議。現在，您應該已經有機會審查我們的獲利新聞稿和隨附的幻燈片了。如果您還沒有機會查閱這些資料，可以在amd.com的投資者關係頁面上找到它們。在今天的電話會議中，我們將主要參考非GAAP財務指標。完整的非GAAP與GAAP調整表可在今天的新聞稿和我們網站上發布的幻燈片中找到。今天參加電話會議的有：董事長兼執行長蘇姿豐博士；以及執行副總裁、財務長兼財務主管胡靜。這是一次現場直播，之後會在我們的網站上透過網路直播進行回放。

Before we begin the call, I would like to note that Dr. Lisa Su, along with members of AMD's executive team will present our long-term financial strategy at our Financial Analyst Day next Tuesday, November 11 in New York. Dr. Lisa Su will present at the UBS Global Technology and AI Conference on Wednesday, December 3. And finally, Jean Hu will present at the 23rd Annual Barclays Global Technology Conference on Wednesday, December 10.

在電話會議開始之前，我想指出，蘇姿豐博士將與 AMD 的高階主管團隊成員一起，於下週二（11 月 11 日）在紐約舉行的財務分析師日上介紹我們的長期財務策略。蘇姿豐博士將於12月3日星期三在瑞銀全球科技與人工智慧大會上發表演講。最後，胡靜將於 12 月 10 日星期三在第 23 屆巴克萊全球科技年會上發表演講。

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

今天的討論包含基於我們當前信念、假設和預期的前瞻性陳述，這些陳述僅代表截至今日的觀點，因此涉及風險和不確定性，可能導致結果與我們目前的預期有重大差異。有關可能導致實際結果與預期結果存在重大差異的因素的更多信息，請參閱我們新聞稿中的警示聲明。

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

接下來，我將把電話交給麗莎。

Thank you, Matt, and good afternoon to all those listening today. We delivered an outstanding quarter with record revenue and profitability, reflecting broad-based demand across our data center, AI, server and PC businesses.

謝謝你，馬特，也祝今天所有收聽節目的朋友們下午好。本季業績斐然，營收和獲利能力均創歷史新高，反映了我們資料中心、人工智慧、伺服器和個人電腦業務的廣泛需求。

Revenue grew 36% year over year to $9.2 billion. Net income rose 31% and free cash flow more than tripled led by record EPYC, Ryzen and Instinct processor sales.

營收年增 36%，達到 92 億美元。淨利潤成長 31%，自由現金流成長超過三倍，這主要得益於 EPYC、Ryzen 和 Instinct 處理器創紀錄的銷售額。

Our record third quarter performance marks a clear step-up in our growth trajectory as the combination of our expanding compute franchise and rapidly scaling data center AI business drives significant revenue and earnings growth.

我們創紀錄的第三季業績標誌著我們的成長軌跡明顯加快，不斷擴大的運算業務和快速發展的資料中心人工智慧業務共同推動了營收和利潤的顯著成長。

Turning to our segments. Data Center segment revenue increased 22% year over year to a record $4.3 billion led by the ramp of our Instinct MI350 series GPUs and server share gains. Server CPU revenue reached an all-time high as adoption of fifth-gen EPYC turn processors accelerated rapidly, accounting for nearly half of overall EPYC revenue in the quarter. Sales of our prior generation EPYC processors were also very robust in the quarter, reflecting their strong competitive positioning across a wide range of workloads.

接下來進入我們的節目環節。資料中心業務營收年增 22%，達到創紀錄的 43 億美元，這主要得益於 Instinct MI350 系列 GPU 的快速成長和伺服器市場份額的提升。隨著第五代 EPYC 處理器的快速普及，伺服器 CPU 營收創歷史新高，佔該季度 EPYC 總營收的近一半。本季我們上一代 EPYC 處理器的銷量也非常強勁，反映出它們在各種工作負載中都具有強大的競爭優勢。

In loud, we had record sales as hyperscalers expanded EPYC CPU deployments to power both their own first-party services and public cloud offerings. Hyperscalers launched more than 160 EPYC-powered instances in the quarter, including new turn offerings from Google, Microsoft Azure, Alibaba, and others that deliver unmatched performance and price performance across a wide range of workloads. There are now more than 1,350 public EPYC cloud instances available globally, a nearly 50% increase from a year ago. Adoption of EPYC in the cloud by large businesses more than tripled year over year as our on-prem share gains are driving increased demand from enterprise customers for AMD cloud instances to support hybrid compute.

在 Loud 方面，我們創下了銷售紀錄，因為超大規模企業擴大了 EPYC CPU 的部署，以支援他們自己的第一方服務和公有雲產品。本季度，超大規模資料中心營運商推出了超過 160 個基於 EPYC 處理器的實例，其中包括來自 Google、Microsoft Azure、阿里巴巴等公司的全新實例，這些實例在各種工作負載下都能提供無與倫比的效能和性價比。目前全球已有超過 1350 個公用 EPYC 雲端實例可用，比一年前成長了近 50%。隨著我們在本地部署市場份額的成長，企業客戶對 AMD 雲端實例的需求增加，以支援混合運算，大型企業在雲端採用 EPYC 的比例同比增長超過三倍。

We expect cloud demand to remain very strong as hyperscalers are significantly increasing their general purpose compute capacity as they scale their AI workloads. Many customers are now planning substantially larger CPU build-outs over the coming quarters to support increased demands from AI, serving as a powerful new catalyst for our server business.

我們預計雲端需求將保持強勁，因為超大規模資料中心正在大幅增加其通用運算能力，以擴展其人工智慧工作負載。為了滿足人工智慧日益增長的需求，許多客戶計劃在未來幾季大幅增加 CPU 的部署規模，這將成為我們伺服器業務的強大新催化劑。

Turning to enterprise adoption. EPYC server sell-through increased sharply year over year and sequentially, reflecting accelerating enterprise adoption. More than 170 fifth-gen EPYC platforms are in market from HPE, Dell, Lenovo, Super Micro, and others, our broadest portfolio to date with solutions optimized for virtually every enterprise workload.

轉向企業應用。EPYC 伺服器的銷售量較去年同期均大幅成長，反映出企業採用率的加速上升。目前市場上已有超過 170 個第五代 EPYC 平台，分別來自 HPE、戴爾、聯想、超微等公司，這是我們迄今為止最廣泛的產品組合，提供幾乎所有企業工作負載優化的解決方案。

We closed large new wins in the quarter with leading Fortune 500 technology, telecom, financial services, retail, streaming, social, and automotive companies as we expand our footprint across major verticals. The performance and TCO advantages of our EPYC portfolio, combined with our increased go-to-market investments and the expanded breadth of offerings from the leading server and solutions providers position us well for continued enterprise share gains.

本季度，我們與多家財富 500 強科技、電信、金融服務、零售、串流媒體、社交和汽車公司達成了多項重大新合作，進一步擴大了我們在各大垂直領域的業務版圖。我們的 EPYC 產品組合在性能和總擁有成本方面的優勢，加上我們不斷增加的市場推廣投資以及領先的伺服器和解決方案提供商提供的更廣泛的產品，使我們在企業市場份額方面處於有利地位，能夠繼續獲得增長。

Looking ahead, we remain on track to launch our next-generation 2-nanometer Venice processors in 2026. Venice silicon is in the labs and performing very well, delivering substantial gains in performance, efficiency and compute density. Customer pull and engagement for Venice are the strongest we have seen, reflecting our competitive positioning and the growing demand for more data center compute. Multiple cloud OEM partners have already brought their first Venice platforms online, setting the stage for broad solution availability and cloud deployments at launch.

展望未來，我們仍按計劃於 2026 年推出下一代 2 奈米 Venice 處理器。Venice 矽晶片在實驗室中表現非常出色，在效能、效率和運算密度方面均取得了顯著提升。威尼斯的客戶需求和參與度是我們迄今為止所見過的最強的，這反映了我們的競爭地位以及對更多資料中心運算能力日益增長的需求。多家雲端 OEM 合作夥伴已將其首批 Venice 平台上線，為發佈時廣泛的解決方案可用性和雲端部署奠定了基礎。

Turning to data center AI, our Instinct GPU business continues to accelerate. Revenue grew year over year driven by the sharp ramp of MI350 Series GPU sales and broader MI300 series deployments. Multiple MI350 series deployments are underway, with large cloud and AI providers with additional large-scale rollouts on track to ramp over the coming quarters.

轉向資料中心人工智慧領域，我們的 Instinct GPU 業務持續加速發展。受 MI350 系列 GPU 銷量大幅成長和 MI300 系列產品廣泛部署的推動，營收年增。目前，MI350 系列產品正在多地部署，大型雲端服務和人工智慧供應商也將在未來幾季進行更大規模的推廣。

Oracle became the first hyperscaler to publicly offer MI355X instances, delivering significantly higher performance for real-time inference and multimodal training workloads on OCI's set of scale supercluster. Neo cloud providers Crusoe, DigitalOcean, TensorWave, Vultr, and others also began ramping availability of their MI350-series public cloud offerings in the quarter.

Oracle 成為第一個公開提供 MI355X 執行個體的超大規模資料中心營運商，在 OCI 的大規模超級叢集上為即時推理和多模態訓練工作負載提供了顯著更高的效能。新雲端供應商 Crusoe、DigitalOcean、TensorWave、Vultr 等也在本季開始逐步推出其 MI350 系列公有雲產品。

MI300 Series GPU deployments with AI developers also broadened in the quarter. IBM and Zyphra will train multiple generations of future multimodal models on a large-scale MI300x cluster. And Cohere is now using MI355X at OCI to train its command family of models. For Inference, a number of new partners, including Character.AI and Luma AI, are now running production workloads on MI300 series, demonstrating the performance and TCO advantages of our architecture for real-time AI applications.

本季度，MI300 系列 GPU 在 AI 開發人員的部署範圍也擴大了。IBM 和 Zyphra 將在大規模 MI300x 集群上訓練多代未來的多模態模型。Cohere 現在正在使用 OCI 的 MI355X 來訓練其命令系列模型。對於推理應用，包括 Character.AI 和 Luma AI 在內的許多新合作夥伴現在都在 MI300 系列上運行生產工作負載，這證明了我們的架構在即時 AI 應用方面的性能和總體擁有成本優勢。

We also made significant progress on the software front in the quarter. We launched ROCm 7, our most advanced and feature-rich release to date, delivering up to 4.6x higher inference and 3x higher trading performance compared to ROCm 6. ROCm 7 also introduces seamless distributed inference, enhanced code portability across hardware and new enterprise tools that simplify the deployment and management of instant solutions. Importantly, our open software strategy is resonating with developers. Hugging Face, VLFM, SGLang, and others contributed directly to ROCm 7, as we make ROCm the open platform for AI development at scale.

本季我們在軟體方面也取得了重大進展。我們推出了 ROCm 7，這是我們迄今為止最先進、功能最豐富的版本，與 ROCm 6 相比，推理能力提高了 4.6 倍，交易效能提高了 3 倍。ROCm 7 還引入了無縫分散式推理、增強了跨硬體的程式碼可移植性以及新的企業工具，從而簡化了即時解決方案的部署和管理。重要的是，我們的開源軟體策略引起了開發者的共鳴。Hugging Face、VLFM、SGLang 等開發者直接為 ROCm 7 做出了貢獻，我們致力於將 ROCm 打造成大規模 AI 開發的開放平台。

Looking ahead, our data center AI business is entering its next phase of growth with customer momentum building rapidly ahead of the launch of our next-gen MI400 series accelerators and Helios rack scale solutions in 2026. The MI400 series combines a new compute engine with industry-leading memory capacity and advanced networking capabilities to deliver a major leap in performance for the most demanding AI training and inference workloads. The MI400 series brings together our silicon, software, and systems expertise to power Helios, our rack scale AI platform designed to redefine performance and efficiency at data center scale.

展望未來，隨著我們下一代 MI400 系列加速器和 Helios 機架式解決方案於 2026 年推出，我們的資料中心 AI 業務正進入下一個成長階段，客戶動能正在迅速增強。MI400 系列結合了全新的運算引擎、業界領先的記憶體容量和先進的網路功能，為要求最嚴苛的 AI 訓練和推理工作負載帶來了效能的重大飛躍。MI400 系列融合了我們在晶片、軟體和系統方面的專業知識，為 Helios 提供強大動力。 Helios 是我們機架級 AI 平台，旨在重新定義資料中心規模的效能和效率。

Helios integrates our Instinct MI400 series GPUs, Venice EPYC CPUs and Pensando Nick in a double-wide rack solution optimized for the performance, power, cooling, and serviceability required for the next generation of AI infrastructure and supports Meta's new open rack wide standard. Development of both our MI400 series CPUs and Helios rack is progressing rapidly, supported by deep technical engagements across a growing set of hyperscalers, AI companies and OEM and ODM partners to enable large-scale deployments next year.

Helios 將我們的 Instinct MI400 系列 GPU、Venice EPYC CPU 和 Pensando Nick 整合到一個雙寬機架解決方案中，針對下一代 AI 基礎設施所需的性能、電源、散熱和可維護性進行了優化，並支援 Meta 的全新開放式機架標準。在與越來越多的超大規模資料中心、人工智慧公司以及 OEM 和 ODM 合作夥伴進行深入的技術合作支援下，我們的 MI400 系列 CPU 和 Helios 機架的開發正在快速推進，這將為明年的大規模部署提供支援。

The ZT Systems team we acquired last year is playing a critical role in Helios development, leveraging their decades of experience building infrastructure for the world's largest cloud providers to ensure customers can deploy and scale Helios quickly within their environments. In addition, last week, we completed the sale of the ZT manufacturing business to Sanmina and entered a strategic partnership that makes them our lead manufacturing partner for Helios. This collaboration will accelerate large customer deployments of our rack scale AI solutions.

我們去年收購的 ZT Systems 團隊在 Helios 的開發中發揮著至關重要的作用，他們利用數十年來為全球最大的雲端供應商建立基礎設施的經驗，確保客戶能夠在自己的環境中快速部署和擴展 Helios。此外，上週我們完成了將 ZT 製造業務出售給 Sanmina 的交易，並與其建立了戰略合作夥伴關係，使其成為我們 Helios 的主要製造合作夥伴。此次合作將加速我們機架級人工智慧解決方案在大客戶中的部署。

On the customer front, we announced a comprehensive multiyear agreement with OpenAI to deploy 6 gigawatts of Instinct GPUs, with the first gigawatt of MI450 series accelerators scheduled to start coming online in the second half of 2026. The partnership establishes AMD as a core compute provider for OpenAI and underscores the strength of our hardware, software and full stack solution strategy.

在客戶方面，我們宣布與 OpenAI 達成全面的多年協議，部署 6 吉瓦的 Instinct GPU，其中首批 1 吉瓦的 MI450 系列加速器計劃於 2026 年下半年開始上線。此次合作確立了 AMD 作為 OpenAI 核心運算供應商的地位，並凸顯了我們在硬體、軟體和全端解決方案策略方面的實力。

Moving forward, AMD and OpenAI will work even more closely on future hardware, software, networking, and system-level road maps and technologies. OpenAI's decision to use AMD instant platforms for its most sophisticated and complex AI workloads sends a clear signal that our instinct GPUs and ROCm open software stack deliver the performance and TCO required for the most demanding deployments. We expect this partnership will significantly accelerate our data center AI business with the potential to generate well over $100 billion in revenue over the next few years.

展望未來，AMD 和 OpenAI 將在未來的硬體、軟體、網路和系統級路線圖及技術方面進行更緊密的合作。OpenAI 決定使用 AMD Instant 平台來處理其最複雜、最精密的 AI 工作負載，這清楚地表明，我們的 Instinct GPU 和 ROCm 開源軟體堆疊能夠提供最苛刻部署所需的效能和總擁有成本。我們預計此次合作將顯著加速我們的資料中心人工智慧業務發展，並有可能在未來幾年內創造超過 1,000 億美元的收入。

Oracle announced they will also be a lead launch partner for the MI450 series, deploying tens of thousands of MI450 GPUs across Oracle Cloud Infrastructure beginning in 2026 and expanding through 2027 and beyond. Our Instinct platforms are also gaining traction with sovereign AI and national supercomputing programs.

Oracle 宣布，他們也將成為 MI450 系列的主要發布合作夥伴，從​​ 2026 年開始在 Oracle 雲端基礎架構上部署數萬個 MI450 GPU，並將持續到 2027 年及以後。我們的 Instinct 平台也正在獲得主權人工智慧和國家超級運算專案的青睞。

In the UAE, Cisco and G42 will deploy a large-scale AI cluster powered by Instinct MI350x GPUs to support the nation's most advanced AI workloads. In the US, we are partnering with the Department of Energy and Oak Ridge National Labs to build Lux AI, the first AI factory dedicated to scientific discovery together with our industrial partners, OCI and HPE. Powered by our instinct MI350 series GPUs, EPYC CPUs, and Pensando networking, Lux AI will provide a secure open platform for large-scale training and distributed inference when it comes online in early 2026.

在阿聯酋，思科和 G42 將部署一個由 Instinct MI350x GPU 提供支援的大規模 AI 集群，以支援該國最先進的 AI 工作負載。在美國，我們正與能源部和橡樹嶺國家實驗室合作，與我們的工業合作夥伴 OCI 和 HPE 一起，建造 Lux AI，這是第一個致力於科學發現的 AI 工廠。Lux AI 由我們的 Instinct MI350 系列 GPU、EPYC CPU 和 Pensando 網路提供支持，將於 2026 年初上線，屆時將提供一個安全開放的平台，用於大規模訓練和分散式推理。

The US Department of Energy also selected our upcoming MI430x GPUs and EPYC Venice CPUs to power discovery the next flagship supercomputer at Oak Ridge designed to set the standard for AI-driven scientific computing and extend US high-performance computing leadership. Our MI430X GPUs are designed specifically to power nationscale AI and supercomputing programs, extending our leadership, powering the world's most powerful computers to enable the next generation of scientific breakthroughs.

美國能源部也選擇了我們即將推出的 MI430x GPU 和 EPYC Venice CPU，為橡樹嶺國家實驗室的下一代旗艦超級電腦提供動力，該超級電腦旨在為人工智慧驅動的科學運算樹立標準，並擴大美國在高效能運算領域的領先地位。我們的 MI430X GPU 專為國家級人工智慧和超級運算程式而設計，進一步鞏固了我們的領先地位，為世界上最強大的電腦提供動力，從而推動下一代科學突破。

In summary, our AI business is entering a new phase of growth and is on a clear trajectory towards tens of billions in annual revenue in 2027, driven by our leadership rack scale solutions, expanding customer adoption, and an increasing number of large-scale global deployments. I look forward to providing more details on our data center AI growth plans at our Financial Analyst Day next week.

總而言之，我們的人工智慧業務正在進入一個新的成長階段，並朝著 2027 年實現數百億美元的年收入穩步邁進，這得益於我們領先的機架式解決方案、不斷擴大的客戶採用率以及越來越多的大規模全球部署。我期待在下週的財務分析師日上提供更多關於我們資料中心人工智慧成長計畫的細節。

In Client and Gaming, segment revenue increased 73% year over year to $4 billion. Our PC processor business is performing exceptionally well with record quarterly sales as a strong demand environment and breadth of our leadership Ryzen portfolio accelerates growth.

在客戶端和遊戲業務方面，該部門的營收年增 73%，達到 40 億美元。我們的PC處理器業務表現異常出色，季度銷售額創歷史新高，強勁的需求環境和我們領先的Ryzen產品組合的廣泛性加速了成長。

Desktop CPU sales reached an all-time high with record channel sell-in and sellout led by robust demand for our Ryzen 9000 processors which deliver unmatched performance across gaming, productivity, and content creation applications. OEM sell-through of Ryzen-powered notebooks also increased sharply in the quarter, reflecting sustained end customer pull for premium gaming and commercial AMD PCs. Commercial momentum accelerated in the quarter, with Ryzen PC sell-through up more than 30% year over year as enterprise adoption grew sharply, driven by large wins with Fortune 500 companies across healthcare, financial services, manufacturing, automotive, and pharmaceuticals.

桌上型電腦 CPU 銷量創歷史新高，通路銷售和售罄均創歷史新高，這主要得益於市場對我們 Ryzen 9000 系列處理器的強勁需求，該系列處理器在遊戲、生產力和內容創作應用方面均能提供無與倫比的性能。本季 Ryzen 筆記型電腦的 OEM 銷售量也大幅成長，反映出終端客戶對高階遊戲和商用 AMD PC 的持續需求。本季商業動能加速，Ryzen PC 的銷售量年增超過 30%，企業採用率大幅成長，這主要得益於與財富 500 強企業在醫療保健、金融服務、製造、汽車和製藥等行業的合作取得的重大成功。

Looking ahead, we see significant opportunity to continue growing our client business faster than the overall PC market based on the strength of our Ryzen portfolio, broader platform coverage and expanded go-to-market investments.

展望未來，憑藉我們強大的 Ryzen 產品組合、更廣泛的平台覆蓋範圍和擴大的市場推廣投資，我們看到了巨大的發展機遇，可以繼續以比整個 PC 市場更快的速度增長我們的客戶業務。

In gaming, revenue increased 181% year over year to $1.3 billion. Semi-custom revenue increased as Sony and Microsoft prepared for the upcoming holiday sales period. In gaming graphics, revenue and channel sell-out grew significantly, driven by the performance per dollar leadership of our Radeon 9000 family. FSR 4, our machine learning upscaling technology that boosts frame rates and creates more immersive visuals saw rapid adoption this quarter with the number of supported games doubling since launch to more than 85.

遊戲產業營收年增181%，達到13億美元。半客製化隨著索尼和微軟為即將到來的假期銷售旺季做準備，收入有所增長。在遊戲圖形領域，營收和通路銷售大幅成長，這主要得益於 Radeon 9000 系列顯示卡每美元效能的領先地位。FSR 4 是我們的機器學習放大技術，可以提高幀率並創造更具沉浸感的視覺效果。本季度，該技術已迅速普及，自發布以來，支援的遊戲數量翻了一番，超過 85 款。

Turning to our Embedded segment. Revenue decreased 8% year over year to $857 million. Sequentially, revenue and sell-through increased as the demand environment strengthened across multiple markets, led by test and emulation, aerospace and defense and industrial vision and healthcare. We expanded our Embedded product portfolio with new solutions that extend our leadership across adaptive and x86 computing.

接下來我們來看嵌入式系統部分。營收年減 8% 至 8.57 億美元。從順序來看，隨著多個市場（包括測試與模擬、航空航太與國防以及工業視覺和醫療保健）的需求環境增強，收入和銷售額均有所增長。我們透過新的解決方案擴展了嵌入式產品組合，進一步鞏固了我們在自適應運算和 x86 運算領域的領先地位。

We began shipping industry-leading Versal Prime series Gen 2 adaptive SoCs to lead customers, delivered our first virtual RF development platform to support several next-generation design wins and introduced the Ryzen Embedded 9000 series with industry-leading performance per watt and latency for robotics, edge computing, and smart factory applications. The design momentum remains very strong across our Embedded portfolio. We are on track for a second straight year of record design wins already totaling more than $14 billion year to date, reflecting the growing adoption of our leadership products across a broad range of markets and expanding set of applications.

我們開始向領先客戶交付業界領先的 Versal Prime 系列第二代自適應 SoC，交付了我們的第一個虛擬射頻開發平台，以支援多個下一代設計項目，並推出了 Ryzen Embedded 9000 系列，該系列在每瓦性能和延遲方面具有業界領先優勢，適用於機器人、邊緣運算和智慧工廠應用。我們的嵌入式產品組合的設計勢頭依然非常強勁。我們預計將連續第二年創下設計訂單總額新高，截至目前已超過 140 億美元，這反映出我們的領先產品在廣泛的市場和不斷擴大的應用領域中得到越來越廣泛的採用。

In summary, our record third-quarter results and strong fourth quarter outlook reflect the significant momentum building across our business, driven by sustained product leadership and disciplined execution.

總而言之，我們創紀錄的第三季業績和強勁的第四季度前景反映了我們業務的顯著成長勢頭，這得益於我們持續的產品領先地位和嚴謹的執行力。

Our data center AI, server, and PC businesses are each entering periods of strong growth, led by an expanding TAM, accelerating adoption of our Instinct platforms and EPYC and Ryzen CPU share gains. The demand for compute has never been greater as every major breakthrough in business, science and society now relies on access to more powerful, efficient and intelligent computing. These trends are driving unprecedented growth opportunities for AMD. I look forward to sharing more on our strategy, road maps and long-range financial targets at our Financial Analyst Meeting next week.

在市場規模不斷擴大、Instinct 平台加速普及以及 EPYC 和 Ryzen CPU 市場份額不斷增長的推動下，我們的資料中心 AI、伺服器和 PC 業務均進入了強勁增長期。如今，商業、科學和社會領域的每項重大突破都依賴更強大、更有效率、更智慧的運算能力，因此對運算的需求從未如此之大。這些趨勢正在為AMD帶來前所未有的成長機會。我期待在下週的財務分析師會議上與大家分享更多關於我們的策略、路線圖和長期財務目標的資訊。

Now, I'll turn the call over to Jean to provide additional color on our third quarter results. Jean?

現在，我將把電話交給 Jean，讓她為我們第三季的業績做進一步介紹。珍妮？

Thank you, Lisa, and good afternoon, everyone. I'll start with a review of our financial results and then provide our outlook for the fourth quarter of fiscal 2025.

謝謝你，麗莎，大家午安。我將先回顧我們的財務業績，然後展望2025財年第四季。

We are pleased with our strong third quarter financial results. We delivered record revenue of $9.2 billion, up 36% year over year, exceeding the high end of our guidance, reflecting strong momentum across our business. Our third quarter results do not include any revenue from shipments of the MI308 GPU products to China. Revenue increased 20% sequentially, driven by strong growth in the Data Center, and the Client and Gaming segment, and modest growth in the Embedded segment.

我們對第三季強勁的財務業績感到滿意。我們實現了創紀錄的 92 億美元營收，年增 36%，超過了我們預期的上限，反映出我們業務的強勁成長勢頭。我們第三季的業績不包括向中國出貨的 MI308 GPU 產品的任何收入。營收季增 20%，主要得益於資料中心、用戶端和遊戲領域的強勁成長，以及嵌入式領域的適度成長。

Gross margin was 54%, up 40 basis points year over year, primarily driven by product mix. Operating expenses were approximately $2.8 billion, an increase of 42% year over year, as we continue to invest aggressively in R&D to capitalize on significant AI opportunities and go-to-market activities for revenue growth.

毛利率為 54%，較去年成長 40 個基點，主要得益於產品組合的最佳化。營運支出約 28 億美元，年增 42%，因為我們繼續大力投資研發，以抓住人工智慧帶來的巨大機遇，並透過市場推廣活動實現收入成長。

Operating income was $2.2 billion, representing a 24% operating margin. Taxes, interest expense, and other totaled $273 million. For the third quarter of 2025, diluted earnings per share were $1.20, compared to $0.92 a year ago, an increase of 30% year over year.

營業收入為 22 億美元，營業利益率為 24%。稅金、利息支出和其他費用總計 2.73 億美元。2025 年第三季度，稀釋後每股收益為 1.20 美元，去年同期為 0.92 美元，較去年同期成長 30%。

Now turning to our reportable segments, starting with the Data Center. Data Center segment revenue was a record of $4.3 billion, up 22% year over year, primarily driven by the strong demand for fifth-generation EPYC processors and Instinct MI350 series GPUs. On a sequential basis, Data Center revenue increased 34%, primarily driven by a strong ramp of our AMD Instinct MI350 series GPUs.

現在來看我們的可報告部分，首先是資料中心。資料中心業務收入創下 43 億美元的紀錄，年增 22%，主要得益於對第五代 EPYC 處理器和 Instinct MI350 系列 GPU 的強勁需求。資料中心營收季增 34%，主要得益於 AMD Instinct MI350 系列 GPU 的強勁成長。

The Data Center segment operating income was $1.1 billion or 25% of revenue compared to $1 billion a year ago or 29% of revenue, driven by higher revenue, partially offset by higher R&D investment to capitalize on significant AI opportunities.

資料中心部門的營業收入為 11 億美元，佔營收的 25%，而去年同期為 10 億美元，佔營收的 29%，這主要得益於營收的成長，但部分被為抓住人工智慧領域重大機會而增加的研發投資所抵銷。

Client and Gaming segment revenue was a record of $4 billion, up 73% year over year and 12% sequentially, driven by strong demand for the latest generation of client and graphic processors and stronger sales of console gaming products.

客戶端和遊戲業務部門的收入創下 40 億美元的紀錄，年增 73%，環比增長 12%，這主要得益於對最新一代客戶端和圖形處理器的強勁需求以及主機遊戲產品銷售的強勁增長。

In the Client business, revenue was a record $2.8 billion, up 46% year over year and 10% sequentially, driven by record sales of our Ryzen processors and richer product mix. Gaming revenue rose to $1.3 billion, up 181% year over year and 16% sequentially, reflecting higher semi customer revenue and strong demand for our Radeon GPUs.

在客戶端業務方面，營收達到創紀錄的 28 億美元，年增 46%，季增 10%，這主要得益於 Ryzen 處理器創紀錄的銷售量和更豐富的產品組合。遊戲業務收入成長至 13 億美元，年增 181%，季增 16%，反映出半導體客戶收入增加以及市場對我們 Radeon GPU 的強勁需求。

Client and Gaming segment operating income was $867 million or 21% of revenue compared to $288 million or 12% a year ago, driven by higher revenue, partially offset by increase in go-to-market investment to support our revenue growth.

客戶和遊戲部門的營業收入為 8.67 億美元，佔收入的 21%，而去年同期為 2.88 億美元，佔收入的 12%，這主要得益於收入的增長，但部分被為支持收入增長而增加的市場推廣投資所抵消。

Embedded segment revenue was $857 million, down 8% year over year. Embedded was up 4% sequentially as we saw certain end market demand strengthen. Embedded segment operating income was $283 million or 33% of revenue compared to $372 million or 40% a year ago. The decline in operating income was primarily due to lower revenue and end market mix.

嵌入式業務部門營收為 8.57 億美元，年減 8%。嵌入式業務較上季成長 4%，因為我們看到某些終端市場需求有所增強。嵌入式業務部門的營業收入為 2.83 億美元，佔營收的 33%，而去年同期為 3.72 億美元，佔營收的 40%。營業收入下降主要是由於收入減少和終端市場組合變化所致。

Before I review the balance sheet and the cash flow, as a reminder, we closed the sale of ZT System manufacturing business to Sanmina last week. The third quarter 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.

在審查資產負債表和現金流量表之前，提醒一下，我們上週完成了將 ZT System 製造業務出售給 Sanmina 的交易。ZT製造業務的第三季財務表現在我們的財務報表中作為終止經營業務單獨列報，且不包含在我們的非GAAP財務報表中。

Turning to the balance sheet and cash flow. During the quarter, we generated $1.8 billion in cash from operating activities of continuing operations and the free cash flow was a record of $1.5 billion.

接下來來看資產負債表和現金流量表。本季度，我們從持續經營活動的經營活動中產生了 18 億美元的現金，自由現金流創下 15 億美元的紀錄。

We returned $89 million to shareholders through share repurchases resulting in $1.3 billion in share repurchases for the first three quarters of 2025. Exiting the quarter, we have $9.4 billion authorization remaining under our share repurchase program. At the end of the quarter, cash, cash equivalent and short-term investments were $7.2 billion. Our total debt was $3.2 billion.

我們透過股票回購向股東返還了 8,900 萬美元，使得 2025 年前三個季度的股票回購總額達到 13 億美元。截至本季末，我們的股票回購計畫還剩餘94億美元的授權額度。截至季末，現金、現金等價物和短期投資為 72 億美元。我們的總債務為32億美元。

Now turning to our fourth quarter 2025 outlook. Please note that our fourth quarter outlook does not include any revenue from AMD Instinct MI308 shipment to China. For the fourth quarter of 2025, we expect revenue to be approximately $9.6 billion, plus or minus $300 million. The midpoint of our guidance represents approximately 25% year-over-year revenue growth driven by strong double-digit growth in our Data Center and Client and Gaming segment, and a return to growth in our Embedded segment.

現在來看看我們對2025年第四季的展望。請注意，我們第四季度的展望不包括來自 AMD Instinct MI308 在中國的出貨量的任何收入。我們預計 2025 年第四季的營收約為 96 億美元，上下浮動 3 億美元。我們預測的中點代表約 25% 的年成長率，這主要得益於資料中心、客戶端和遊戲業務的強勁兩位數成長，以及嵌入式業務的恢復成長。

Sequentially, we expect revenue to grow by approximately 4% driven by double-digit growth in the Data Center segment with strong growth in server and the continued ramp of our MI350 series GPUs. A decline in our Client and Gaming segment with client revenue increasing and the gaming revenue down strong double digits and double-digit growth in our Embedded segment.

從環比來看，我們預計營收將成長約 4%，這主要得益於資料中心業務的兩位數成長，其中伺服器業務成長強勁，以及 MI350 系列 GPU 的持續量產。我們的客戶端和遊戲業務板塊出現下滑，客戶端收入成長，遊戲收入大幅下降（兩位數），而我們的嵌入式業務板塊則實現了兩位數成長。

In addition, we expect fourth quarter non-GAAP gross margin to be approximately 54.5%. And we expect non-GAAP operating expenses to be approximately $2.8 billion. We expect net interest and other expenses to be a gain of approximately $37 million. We expect our non-GAAP effective tax rate to be 13% and diluted share count is expected to be approximately 1.65 billion shares.

此外，我們預計第四季非GAAP毛利率約為54.5%。我們預計非GAAP營運費用約為28億美元。我們預計淨利息和其他費用將帶來約 3,700 萬美元的收益。我們預計非GAAP有效稅率為13%，稀釋後股份數量預計約為16.5億股。

In closing, we executed very well, delivering record revenue for the first three quarters of the year. The strategic investments we are making position us well to capitalize on expanding AI opportunities across all our end markets, driving sustainable long-term revenue growth and earnings expansion for compelling shareholder value creation.

總之，我們執行得非常出色，今年前三個季度的營收都創下歷史新高。我們正在進行的策略性投資使我們能夠更好地掌握人工智慧在我們所有終端市場不斷擴大的機遇，從而推動可持續的長期收入成長和獲利擴張，為股東創造可觀的價值。

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

接下來，我將把問答環節交還給馬特。

Thank you very much, Jean. John, we can go ahead and pull the audience for questions now.

非常感謝你，珍妮。約翰，我們現在可以開始向觀眾提問了。

(Operator Instructions) Vivek Arya, Bank of America Securities.

（操作員說明）Vivek Arya，美國銀行證券。

Thank you for the question. I had a near-term and medium-term question. For the near term, please, I was hoping if you could give us some sense of the CPU-GPU mix in Q3 and Q4. And just tactically, how are you managing this transition from your MI355 towards MI400 in the second half of next year? Can you continue to grow in the first half of next year from these Q4 levels? Or should we expect some kind of pause or digestion before customers get on board the MI400 series?

謝謝你的提問。我有一個近期和中期問題。就近期而言，我希望您能為我們介紹一下第三季和第四季 CPU-GPU 的組合情況。從戰術層面來說，你們是如何管理明年下半年從 MI355 向 MI400 過渡的？你們能否在明年上半年延續第四季的成長動能？或者我們應該預期在客戶接受 MI400 系列產品之前，會經歷某種程度的停滯或消化過程？

Sure, Vivek. Thanks for the question. So a couple of comments. We had a very strong Q3 for the Data Center business. I think we saw a strong outperformance in both the server as well as the data center AI business. And a reminder that, that was without any MI308 sales.

當然可以，維韋克。謝謝你的提問。有幾點要補充說明。我們的資料中心業務第三季表現非常強勁。我認為我們在伺服器和資料中心人工智慧業務方面都看到了強勁的超額收益。需要提醒的是，這段期間並沒有售出任何 MI308。

The MI355 has ramped really nicely. We expected a sharp ramp into the third quarter, and that proceeded well. And as I mentioned, we've also seen some strengthening of the server CPU sales and not just, let's call it, near term, but we're seeing our customers are giving us some visibility in the next few quarters that they see elevated demand, which is positive.

MI355 的爬坡效果非常好。我們預期第三季會迎來快速成長，而實際情況也確實如此。正如我之前提到的，我們也看到伺服器 CPU 的銷售有所增強，而且不僅僅是短期內，我們的客戶也讓我們看到了未來幾季的需求成長，這是一個正面的訊號。

Going into the fourth quarter, again, a strong Data Center performance, up double digits sequentially; and up in both server and data center AI, again, on the strength of those businesses. And to your question, I mean, we're not guiding into 2026 yet, obviously. But given what we see today, we see a very good demand environment into 2026. So we would expect that MI355 continue to ramp in the first half of '26.

進入第四季度，資料中心業務再次表現強勁，較上季成長兩位數；伺服器和資料中心人工智慧業務也同樣成長，這再次得益於這些業務的強勁表現。至於你的問題，我的意思是，顯然我們現在還沒有對 2026 年的情況進行預測。但就目前的情況來看，我們認為到 2026 年需求環境將會非常好。因此，我們預計 MI355 在 2026 年上半年將持續加速成長。

And then, as we mentioned, MI450 series comes online in the second half of 2026, and we would expect a sharper ramp as we go into the second half of 2026 of our data center AI business.

然後，正如我們所提到的，MI450 系列將於 2026 年下半年上線，我們預計隨著資料中心 AI 業務進入 2026 年下半年，其成長速度將會更快。

And for my follow-up, there is some industry debate, Lisa, about OpenAI's ability to kind of simultaneously engage with all three merchant and the ASIC suppliers, just given the constraints around power and CapEx and their existing kind of PSC partners and so forth. So how are you thinking about that? Like what is your level of visibility in the initial engagement?

麗莎，我的後續問題是，業內對 OpenAI 能否同時與所有三家商家和 ASIC 供應商合作存在一些爭議，因為在電力和資本支出以及他們現有的 PSC 合作夥伴等方面存在限制。你對此有何想法？例如，在最初的互動階段，您的曝光度如何？

And then more importantly, how it kind of broadens out into '27, is there a way that one can model what the allocation would be? Or just how should we think about the level of visibility in this very important customer?

更重要的是，它如何擴展到 2027 年，有沒有辦法模擬分配情況？或者，我們該如何看待這位非常重要的客戶所應有的關注度？

Yeah, absolutely, Vivek. Look, we're very obviously, very excited about our relationship with OpenAI. It's a very significant relationship. Think about it as it's a pretty unique time for AI right now. There's just so much compute demand across all of the workloads. I think in our work with OpenAI, we are planning multiple quarters out ensuring that the power is available, that the supply chain is available.

是的，當然，維韋克。很明顯，我們對與 OpenAI 的合作關係感到非常興奮。這是一段非常重要的關係。想想看，現在正是人工智慧發展的一個非常特殊的時期。所有工作負載對計算的需求都非常大。我認為，在我們與 OpenAI 的合作中，我們正在製定多個季度的計劃，以確保電力供應和供應鏈暢通。

The key point is the first gigawatt we will start deploying in the second half of '26, and that work is well underway. And we continue -- just given where lead times are and things like that, we are planning very closely with OpenAI, as well as the CSP partners to ensure that we're all prepared with Helios, so that we can deploy the technology as we stated.

關鍵在於我們將在 2026 年下半年開始部署的第一個吉瓦電力項目，目前該項目正在順利進行中。我們繼續——考慮到目前的交付週期等因素，我們正在與 OpenAI 以及 CSP 合作夥伴密切合作，以確保我們都為 Helios 做好準備，以便我們能夠按照我們所說的部署這項技術。

So I think overall, we're working very closely together. I think we have good visibility into the MI450 ramp and things are progressing very well.

所以我覺得整體來說，我們的合作非常緊密。我認為我們對MI450坡道的情況有很好的了解，一切進展順利。

Thomas O'Malley, Barclays.

Thomas O'Malley，巴克萊銀行。

Good morning, taking my question and congrats on the good results. I had a first question on Helios. Obviously, with the announcement at OCP, customer interaction has to be growing.

早安，我先問個問題，然後恭喜你取得好成績。我有一個關於 Helios 的問題。顯然，隨著 OCP 的發布，客戶互動必然會不斷成長。

Could you talk about into next year, what your view is on discrete sales versus system sales? When do you see that crossover kind of happening? And just what initial responses have been from customers after getting a better look at it at the shelf?

您能否談談您對明年獨立銷售與系統銷售的看法？你認為這種跨界融合什麼時候會發生？那麼，顧客在貨架上仔細查看後，最初的反應是什麼呢？

Yeah, sure. Tom, thanks for the question. There's a lot of excitement around MI450 and Helios. I think the OCP reception was phenomenal. We had numerous customers and, frankly, bringing their engineering teams to understand more about the system, more about how it's built.

當然可以。湯姆，謝謝你的提問。小米450和Helios引起了大家的極大興趣。我認為OCP的反應非常熱烈。我們有很多客戶，坦白說，他們帶著自己的工程團隊來了解這個系統，了解它的構造。

There's always been some discussion about just how complex these rack scale systems are, and they certainly are, and we are very proud of the Helios design. I think it has all the features, functions, reliability, performance, power performance that you would expect.

一直以來，人們都在討論這些貨架秤系統究竟有多複雜，它們確實很複雜，我們對 Helios 的設計感到非常自豪。我認為它具備你所期望的所有特性、功能、可靠性、性能和動力性能。

I think the interest in MI450 and Helios has just expanded over the last number of weeks, certainly with some of the announcements that we've made with OpenAI and OCI as well as the OCP show with Meta. I think overall, from our perspective, I think things are going really well in both the development as well as the customer engagements there.

我認為在過去的幾周里，人們對 MI450 和 Helios 的興趣有所增加，這當然得益於我們與 OpenAI 和 OCI 以及與 Meta 一起參加的 OCP 展會發布的一些公告。我認為總體而言，從我們的角度來看，無論是開發還是客戶互動，一切都進展得非常順利。

So in terms of rack scale Solutions, we would expect that the early customers for MI450 will really be around the rack-scale solutions. We will have other form factors as well for the MI450 series, but there's a lot of interest in the full rack scale solution.

因此，就機架式解決方案而言，我們預計 MI450 的早期客戶實際上將圍繞機架式解決方案。MI450 系列我們也會推出其他外型尺寸的產品，但市場對全機架式解決方案非常感興趣。

Super helpful. And then as my follow-up, it's a broader question as well and similar to kind of what Vivek asked. But -- if you look at the power requirements that are out there for some of the early announcements into next year, they're pretty substantial. And then you also have component issues that you're seeing across interconnected memory, just from your perspective as an industry leader, where do you think that the constraint will be? Will it come first with components not being available?

非常有用。然後，我的後續問題也更廣泛一些，有點像 Vivek 提出的問題。但是——如果你看看明年一些早期公告中提到的電力需求，你會發現它們相當巨大。此外，您還看到互連記憶體中存在一些元件問題。身為業界領導者，您認為瓶頸會在哪裡？會不會因為零件短缺而先推出？

Or do you think that both data center footprint in terms of infrastructure and/or power is the gating factor to some of these deployments into next year just as we really see some larger numbers starts to get deployed.

或者您是否認為，資料中心的基礎架構和/或電力規模是明年一些部署計畫無法實施的關鍵因素，而我們正準備看到更大規模的部署計畫開始實施。

Thank you. Yeah. Sure, Tom. I think what you're pointing out is what we, as an industry, have to do together, the entire ecosystem has to plan together, and that is exactly what we're doing. So we're working with our customers on their power plans over the next, actually, I would say, 2 years from a silicon and a memory and a packaging in a component supply chain. We're working with our supply chain partners to make sure all of that capacity is available.

謝謝。是的。當然可以，湯姆。我認為你所指出的正是我們整個產業必須共同努力的方向，整個生態系統必須共同規劃的方向，而這正是我們正在做的。因此，我們正在與客戶合作，制定未來兩年的電源計劃，涵蓋晶片、記憶體、封裝以及組件供應鏈等各個環節。我們正與供應鏈夥伴共同努力，確保所有產能都能充分利用。

I can tell you from our visibility, we feel very good that we have a strong supply chain that is prepared to deliver sort of these very significant growth rates and large amount of compute that is out there. And I think all of this is going to be tight. I think there is a -- you can see from some of the CapEx spending that there's a desire to put on more compute and we're working closely together.

從我們的市場洞察來看，我們非常有信心擁有強大的供應鏈，能夠滿足目前非常顯著的成長率和大量的運算需求。我認為這一切都會很膠。我認為——從一些資本支出可以看出，各方都希望增加運算能力，我們正在密切合作。

I will say that the ecosystem is very -- I would say, works very hard when there are these types of, let's call it, tightness out there. And so we also see things open up as that we're working -- getting more power, getting more supply, all of those things. So the net-net is I think we are well positioned to grow significantly as we transition into the second half of '26, into '27 with the MI450 and Helios.

我想說，當出現這種，我們姑且稱之為，緊張局面時，生態系統會非常努力地運作。因此，隨著我們努力工作，我們也看到很多事情正在好轉——獲得更多電力，獲得更多供應等等。所以總而言之，我認為隨著我們過渡到 2026 年下半年，進入 2027 年，憑藉 MI450 和 Helios，我們已經做好了充分的準備，實現顯著增長。

Joshua Buchalter, TD Cowen.

Joshua Buchalter，TD Cowen。

Hey guys, thank you for taking my question. Actually I wanted to start on the CPU side. So you and your largest competitor in that space have talked about near-term strength supporting AI workloads on general purpose servers from agentic, maybe you could speak to the sustainability of these trends. And they called out supply constraints. Are you seeing any of those in your supply chain? And like are we in a period where we should think about the CPU business on the data center side as being a seasonal?

各位好，感謝你們回答我的問題。其實我想先從CPU方面著手。所以，您和您在該領域最大的競爭對手已經討論過，在通用伺服器上支援 AI 工作負載的近期優勢來自 agentic，也許您可以談談這些趨勢的可持續性。他們指出了供應限制問題。你的供應鏈中是否出現了這些問題？我們是否應該將資料中心方面的 CPU 業務視為季節性業務？

Or should we expect normal seasonality in the first half of next year?

或者我們應該預期明年上半年會出現正常的季節性波動？

Thank you. Sure, Josh. A couple of comments on the CPU server side. I think we've been watching this trend for the last couple of quarters. And we started seeing, let's call it, some positive signs in CPU demand actually a couple of quarters ago. And what's happened as we've gone through 2025 is now we see sort of a broadening of that CPU demand. So we have a number of our large hyperscale clients are now forecasting significant CPU builds into 2026.

謝謝。當然可以，喬希。關於CPU伺服器端，有幾點需要說明。我認為我們在過去幾個季度一直在關注這一趨勢。大約幾個季度前，我們開始看到 CPU 需求出現了一些正面的跡象。而到了 2025 年，我們看到 CPU 需求出現了某種程度的擴大。因此，我們的一些大型超大規模客戶預測，到 2026 年，CPU 將會大幅成長。

And so from that standpoint, I think the positive demand environment. And it is because AI is requiring quite a bit of general-purpose compute, and that's great. It catches our cycle as we're ramping turns. So the turn ramp has gone extremely fast, and we see good pull for that product as well as consistent strong demand for our general product line as well.

因此從這個角度來看，我認為需求環境是正面的。這是因為人工智慧需要大量的通用運算能力，這很好。它捕捉了我們轉彎時的循環。因此，轉向坡道的銷售速度非常快，我們看到該產品的需求很好，同時我們的一般產品線也持續保持強勁的需求。

So back to seasonality as we go into 2026, I think we expect that the CPU demand environment into 2026 is going to be, let's call it, positive. And so we'll guide more as we get into the end of the year, but I would expect a positive demand environment for CPUs as we see this demand. I do feel like it's durable. It is not a short-term thing. I think it is a multi-quarter phenomenon as we're seeing just much more demand as these AI workloads really turn into -- you have to do real work.

所以，回到季節性因素，展望 2026 年，我認為我們預期 2026 年 CPU 需求環境將呈現正向態勢。因此，隨著年底臨近，我們將提供更多指導，但鑑於目前的需求，我預計 CPU 的需求環境將保持積極態勢。我覺得它很耐用。這不是短期的事。我認為這是一個持續多個季度的現象，因為我們看到隨著這些人工智慧工作負載真正變成——你必須做真正的工作——需求越來越大。

Got it. Thank you both. So Josh, on the supply side, we have supply to support our growth and especially in 2026 well prepared for the ramp.

知道了。謝謝你們兩位。所以，Josh，從供應方面來看，我們有足夠的供應來支持我們的成長，尤其是在 2026 年，我們已經為產能爬坡做好了充分準備。

Got it. And for my follow-up, Lisa, in your prepared remarks, you highlighted progress you guys have made on ROCm 7. I know this has been an area of focus. And can you maybe spend a minute or two talking about where you feel you're at competitively with ROCm? How wide is the breadth of support you're able to offer to the developer community?

知道了。麗莎，我的後續問題是，你在事先準備好的演講稿中重點介紹了你們在 ROCm 7 上取得的進展。我知道這一直是重點關注的領域。您能否花一兩分鐘時間談談您認為自己在 ROCm 的競爭地位如何？您能夠為開發者社群提供多廣泛的支援？

And what areas do you still have work to do to close any potential competitive gap?

為了縮小潛在的競爭差距，你們在哪些領域還需要努力？

Thank you. Yes, Josh, thanks for the question. Look, we've made great progress with ROCm. ROCm 7 is a significant step forward in terms of performance and sort of all the frameworks that we support. It's been really, really important for us to get sort of day zero support of all the newest models and native support for all the newest frameworks.

謝謝。是的，喬希，謝謝你的提問。你看，我們在 ROCm 方面取得了巨大進展。ROCm 7 在效能方面以及我們支援的所有框架方面都是一項重大的進步。對我們來說，獲得所有最新型號的首日支援以及所有最新框架的原生支援真的非常重要。

I would say most customers who are starting with AMD now have a a very smooth experience as they're bringing on their workloads to AMD. There's obviously always more work to do. We're continuing to augment the libraries and the overall environments that we have, especially as we go to some of the newer workloads where you see training and inference really coming together with reinforcement learning. But overall, I think very strong progress with ROCm. And by the way, we're going to continue to invest in this area because it's so important to really make our customer development experience as smooth as we can.

我認為，現在大多數從 AMD 平台開始使用 AMD 平台的客戶，在將工作負載遷移到 AMD 平台的過程中，都能獲得非常流暢的體驗。顯然，總是有更多的工作要做。我們正在不斷擴充現有的庫和整體環境，尤其是在一些新的工作負荷中，訓練和推理真正透過強化學習結合在一起。但總的來說，我認為 ROCm 取得了非常強勁的進展。順便說一句，我們將繼續在這個領域進行投資，因為讓我們的客戶開發體驗盡可能順暢至關重要。

CJ Muse, Cantor Fitzgerald.

CJ Muse，坎托·菲茨杰拉德。

Yeah, good afternoon. Thank you for taking the question. I guess first question, as you think about the 355 to 400 transition and moving to full rack scale, is there a framework that we should be thinking about for gross margins throughout calendar '26?

午安.感謝您回答這個問題。我想問的第一個問題是，當您考慮從 355 到 400 的過渡以及向全機架規模過渡時，我們是否應該考慮 2026 年全年毛利率的框架？

Yes, CJ, thanks for the question. I think in general, as we said in the past, for our data center GPU business, the gross margin continued to improve when we ramp a new generation of products, typically at the beginning of the ramp, you go through a transition period, then you will normalize the gross margin. We're not guiding 2026, but our priority in data center GPU business is to really expand the top line revenue growth and the gross margin dollars, and of course, at the same time, it will continue to drive the gross margin percentage up, too.

是的，CJ，謝謝你的提問。我認為總的來說，正如我們過去所說，對於我們的資料中心 GPU 業務而言，當我們推出新一代產品時，毛利率會持續提高。通常在產品推出初期，會經歷一個過渡期，然後毛利率就會趨於正常。我們不打算預測 2026 年的業績，但我們在資料中心 GPU 業務方面的首要任務是真正擴大營收成長和毛利，當然，同時，我們也會繼續提高毛利率。

Very helpful. And I guess maybe, Lisa, to kind of probe kind of your growth expectations through '26 and beyond. And you talked about tens of billions of dollars in '27. Can you kind of speak at a high level how you're thinking about OpenAI and other large customers? And how we should be thinking about the breadth of your customer kind of penetration throughout calendar '26, '27.

很有幫助。麗莎，我想或許可以探究一下你對 2026 年及以後的發展預期。你談到了2027年數百億美元的數字。您能否大致談談您對 OpenAI 和其他大型客戶的看法？我們應該如何思考在 2026 年和 2027 年期間，您的客戶滲透範圍會有多廣。

Any help on that would be super.

任何幫助都將不勝感激。

Sure, CJ. And we'll certainly address this topic in more detail at our Analyst Day next week. But let me give you some maybe higher level points. Look, I think we're really excited about our road map. I think we have seen great traction amongst the largest customers.

當然可以，CJ。我們一定會在下週的分析師日上更詳細地探討這個主題。但我想提出一些更高層次的觀點。你看，我覺得我們對我們的發展路線圖感到非常興奮。我認為我們已經在大客戶群中看到了巨大的發展勢頭。

The OpenAI relationship is extremely important to us, and it's great to be able to talk at the multi-gigawatt scale because I think that really is what we believe we can deliver to the marketplace.

與 OpenAI 的合作關係對我們來說極為重要，能夠以千兆瓦級的規模進行對話真是太好了，因為我認為這才是我們真正相信能為市場帶來的成果。

But there are numerous other customers that we are in deep engagement with. We talked about OCI. We also announced a couple of systems with the Department of Energy that are significant systems. And we have many other engagements. So the way you should think about it is there are multiple customers that we would expect to have, let's call it, very significant scale in the MI450 generation.

但我們與許多其他客戶也保持著深入的合作關係。我們討論了OCI。我們也與能源部宣布了幾個意義重大的系統。我們還有很多其他安排。所以你應該這樣想：我們預計有很多客戶會在 MI450 系列產品中擁有非常大的規模。

And that's sort of the breadth of the customer engagements that we've built, and it's also how we're (inaudible) the supply chain to ensure that we can supply certainly our OpenAI partnership as well as the numerous other partnerships that are well underway.

這就是我們所建立的客戶合作的廣度，也是我們如何（聽不清楚）建立供應鏈，以確保我們能夠為 OpenAI 合作夥伴關係以及其他眾多正在進行中的合作夥伴關係提供支援。

Stacey Razian, Bernstein Research

Stacey Razian，伯恩斯坦研究公司

Hi guys, thanks for taking my questions. My first one is for data center in the quarter, what grew more year over year on a dollar to percentage basis? The servers or the GPUs --

大家好，感謝你們回答我的問題。我的第一個問題是關於本季資料中心業務的，以美元金額和百分比計算，哪些業務的年成長幅度更大？伺服器或GPU——

Yes. Stacy, I think our commentary was data center grew nicely year over year in both of the areas, both for servers as well as data center AI.

是的。Stacy，我認為我們的評​​論是，資料中心在伺服器和資料中心人工智慧這兩個領域都實現了逐年穩步增長。

Yes. But could you -- I mean, just directionally, did one -- which one grew more than the other? I'm not even asking for numbers just directionally.

是的。但是，你能——我的意思是，僅從方向上來說——哪一個比另一個長得更多嗎？我甚至都沒問具體數字，只是了解一下方向。

Directionally, they are similar, but server is a little bit better.

從方向上看，它們很相似，但伺服器稍微好一些。

Okay. And then on the guidance, you said that servers -- I mean, data center overall up double digits. You said server is up strong double digits. What does that mean? Is that like more than 20%?

好的。然後，在指導意見中，您提到伺服器——我的意思是，資料中心整體實現了兩位數的成長。你說伺服器運作速度強勁，達到了兩位數。這意味著什麼？那是不是超過20%？

Or like how do I -- how do I think about what you mean by strong double digits? Because again, I'm trying to -- like I mean, for the GPUs for the year, like do you think you're -- I mean, you were saying roughly like $6.5 billion or something last quarter for the year. Do you think it's still in that range? It kind of feels like you're still there.

或者，我該如何理解你所說的「強勁的兩位數」是什麼意思？因為我再次嘗試——我的意思是，就今年的GPU市場而言，你認為——我的意思是，你上個季度說過，今年的GPU市場規模大約是65億美元左右。你認為它仍然在這個範圍內嗎？感覺就像你還在那裡一樣。

Stacy, here is what we guided. We guided sequentially data center will be up double digits. And we said server will go up strongly. And at the same time, we also said that MI350 also going to ramp. So we did not -- I don't think what you just mentioned was what we guided.

史泰西，這是我們指導的內容。我們預計資料中心將按順序實現兩位數成長。我們說過伺服器效能會大幅提升。同時，我們也表示小米350也將逐步增產。所以我們沒有——我認為你剛才提到的並不是我們採取的策略。

Okay. So I mean if you say servers are up strongly, does that mean they're up more than the Instinct because you didn't really make that commentary on Instinct.

好的。所以我的意思是，如果你說伺服器運作良好，那是不是代表它們的運作狀況比 Instinct 更好？因為你並沒有對 Instinct 做出類似的評論。

No. Look, Stacy, let me say it. So data center sequentially, double-digit percentage, both server and data center AI are going to be up as well. And from the standpoint of where they are, I think we're pleased with how both of them are performing. The strong double-digit percentage comment perhaps was applying to the year over year commentary.

不。史泰西，聽我說。因此，資料中心將按順序實現兩位數百分比的成長，伺服器和資料中心人工智慧也將隨之成長。從他們目前所處的位置來看，我認為我們對他們兩人的表現都很滿意。這位強勁的兩位數百分比的評論或許指的是同比數據。

Stacy, here's what we guided. We guided the sequentially data center will be up double-digits. And we said several will go at the same time. We also said that M 350 also going to ramp.

史泰西，這是我們指導的內容。我們預期資料中心產能將逐期提升兩位數，多個資料中心將同時上線。我們也提到，M350資料中心也將逐步提升產能。

So we have to, I don't think what you just mentioned what the, what we guided. 00, okay. So I mean if you say servers are up strongly, does that mean they're up more than the instinct because you didn't really make that commentary on instinct.

所以我們必須…我覺得你剛才提到的，我們指導的內容…好的。我的意思是，如果你說伺服器運作良好，那是不是代表它們的運作速度比預期更快？因為你並沒有對預期的情況做出評論。

No, look, Stacy, let me say it. So data center. Sequentially double-digit percentage both server and data center AI are going to be up, as well, and from the standpoint of, where they are, I think we're pleased with how both of them are performing the strong double-digit percentage comments of perhaps was applying to the year over year commentary.

不，聽著，史泰西，讓我來說說。在資料中心方面，伺服器和資料中心人工智慧都將實現兩位數的環比增長，而且從它們目前的狀況來看，我們對它們的表現都很滿意，之前提到的兩位數的強勁增長可能指的是同比增速。

Timothy Arcuri, UBS.

提摩西‧阿庫裡，瑞銀集團。

Thanks a lot. Lisa, I know it's only been a month since you announced this idea with OpenAI, but can you give us maybe some anecdotes of how this has influenced your position in the market with other customers? Like are you engaged with customers that you wouldn't have been engaged with if you hadn't done this deal? That's the first part of the question.

多謝。Lisa，我知道你和 OpenAI 宣布這個想法才一個月，但你能給我們舉幾個例子，說說這個想法是如何影響你在其他客戶眼中的市場地位的嗎？例如，如果沒有達成這筆交易，你是否會接觸到一些原本不會接觸到的客戶？這是問題的第一部分。

And then the second part relates to a prior question, which is that it looks like they could be something like half of your data center GPU revenue in the 2027, 2028 timeframe. So how much risk in your mind is there around that single customer for you?

第二部分與先前的問題有關，那就是，它們似乎有可能在 2027 年、2028 年期間占到您資料中心 GPU 收入的一半左右。那麼，在你看來，這位客戶會為你帶來多大的風險呢？

Sure, Tim. So let me say a couple of things. First of all, the OpenAI deal has been in the works for quite some time. We're happy to be able to talk about it broadly and also talk about the scale of the deployments and the scale of the engagement being multiyear, multi-gigawatt. I think all those things were very positive.

當然可以，提姆。讓我說幾句話。首先，OpenAI 的這筆交易已經醞釀了相當長一段時間。我們很高興能夠廣泛地討論這個問題，並討論部署規模和參與規模，這是多年、多吉瓦的合作。我認為這些都是非常正面的方面。

We've had a number of other engagements as well. I think over the last -- if you were to ask specifically over the last month, I would say that it's been a number of factors. I think the OpenAI deal was one of them. I think having -- being able to show the Helios rack in full force at Open Compute was also a very important milestone because people could see the engineering and sort of the capabilities of the Helios rack. And if you're asking whether we've seen a increase of interest or an acceleration of interest.

我們也安排了其他一些活動。我認為在過去——如果你具體問的是過去一個月的情況，我會說這是多種因素共同作用的結果。我認為OpenAI的交易就是其中之一。我認為能夠在 Open Compute 上全面展示 Helios 機架也是一個非常重要的里程碑，因為人們可以看到 Helios 機架的工程設計和功能。如果你問的是我們是否看到了興趣的成長或興趣的加速成長。

I think the answer is yes. I think customers are broadly engaged and perhaps broadly engaged at a higher scale, which is a good thing.

我認為答案是肯定的。我認為顧客的參與度很高，而且參與規模可能更大，這是一件好事。

And then from the standpoint of customer concentration, I think a very key foundation for us in this business is to have a broad set of customers. We've always been engaged with a number of customers. I think we're (inaudible) the supply chain in such a way that we would have ample supply to have multiple customers at similar scale as we go into the '27, '28 time frame, and that's certainly the goal.

從客戶集中度的角度來看，我認為我們在這個行業中一個非常關鍵的基礎是擁有廣泛的客戶群。我們一直與許多客戶保持聯繫。我認為我們（聽不清楚）的供應鏈能夠確保我們在進入 2027 年、2028 年期間擁有充足的供應，以類似的規模服務多個客戶，這當然是我們的目標。

Aaron Rakers, Wells Fargo.

Aaron Rakers，富國銀行。

Yeah, thanks, for taking the questions. I'm curious on the server strength that you're seeing if there's a way to unpack how we think about unit growth versus ASP expansion as we move through the turn product cycle? And how do you guys just kind of think about that going forward?

謝謝你回答這些問題。我很好奇你們看到的伺服器效能表現，有沒有辦法分析一下我們在產品生命週期中如何看待單位成長與平均售價擴張之間的關係？那麼，你們對未來有什麼打算呢？

Yes. So Aaron, on the server CPU side, turn certainly is more content. So we see ASPs grow as turn ramps. But I also mentioned in the prepared remarks that we're actually seeing a very good mix of general still there. So turn is ramping very quickly.

是的。所以 Aaron，從伺服器 CPU 的角度來看，內容一定會更多。因此，我們看到平均售價隨著轉彎坡度的增加而成長。但我也在事先準備好的演講稿中提到，我們實際上看到整體情況仍然非常良好。所以轉彎坡度變化非常快。

But we are also seeing general demand continue well as the hyperscalers are not able to move everything to the latest generation immediately.

但我們也看到，由於超大規模資料中心無法立即將所有產品升級到最新一代，因此整體需求仍然良好。

So from our standpoint, I think it's broad-based CPU demand across a number of different workloads. This is -- a little bit of this is, let's call it, server refresh, but it seems like from our customer conversations, the workloads are broadly due to the fact that AI workloads are spawning to more traditional compute, so more build-out is necessary.

所以從我們的角度來看，我認為這是多種不同工作負載對 CPU 的廣泛需求。這其中一部分可以稱之為伺服器更新，但從我們與客戶的交流來看，工作負載的增加主要是由於人工智慧工作負載正在向更傳統的運算領域轉移，因此需要進行更多的建設。

I think going forward, one of the things that we see is there is more of a desire for the latest generation. And so as much as we're happy with how turn is ramping. We're seeing actually a strong pull on Venice and a lot of early engagement in Venice, which kind of says a lot about kind of the importance of general purpose compute at this point in time.

我認為展望未來，我們看到的一個趨勢是，人們對最新一代產品的需求會越來越高。所以，儘管我們對轉彎的幅度感到滿意。我們看到威尼斯計畫實際上受到了強烈的關注，並且早期參與度很高，這在某種程度上說明了通用計算在現階段的重要性。

Yeah, thanks. As a quick follow-up, I'm curious not to feel maybe the discussion from next week. But Lisa, you've been very consistent, like $500 billion of total AI silicon TAM opportunity and obviously progressing above that. I'm curious as we think about these large megawatt kind of deployments, how you think about the updated views on that AI silicon TAM as we look forward?

嗯，謝謝。作為後續補充，我很好奇下週的討論會是什麼情況。但 Lisa，你一直都很有遠見，例如人工智慧矽晶片的總市場規模達到了 5000 億美元，而且顯然你一直在超越這個數字。我很好奇，當我們考慮這些兆瓦級的大規模部署時，您如何看待未來人工智慧晶片市場規模的最新變化？

Well, Aaron, as you said, not to take too much away from what we're going to talk about next week. Look, we're going to give you a full picture of how we see the market next week. But suffice it to say, from everything that we see, we see the AI compute TAM just going up. So we'll have some updated numbers for you. But the view is, whereas $500 billion sounded like a lot when we first talked about it, we think there is a larger opportunity for us over the next few years, and that's pretty exciting.

嗯，亞倫，正如你所說，不要過度影響我們下週要討論的內容。下週，我們將向你們全面闡述我們對市場的看法。但總而言之，從我們所看到的來看，人工智慧運算的TAM（總市場規模）只會不斷成長。所以我們會為您提供一些更新後的數據。但我們認為，雖然 5000 億美元在我們最初討論時聽起來很多，但未來幾年我們將迎來更大的機遇，這令人非常興奮。

Antoine Chkaiban, New Street Research.

Antoine Chkaiban，新街研究公司。

Thank you so much for taking my question. So I'd like to ask about whether the developing relationship with OpenAI could be a tailwind to the development of your software stack. Can you maybe tell us about how the collaboration works in practice and whether the partnership contributed in making ROCm more robust?

非常感謝您回答我的問題。因此，我想請問與 OpenAI 建立的合作關係是否能為貴公司軟體堆疊的開發帶來助力。您能否談談這種合作在實踐中是如何運作的，以及這種夥伴關係是否有助於增強 ROCm 的穩健性？

Yeah, Antoine, thanks for the question. I think the answer is yes. I think all of our large customers contribute to, let's call it, a broadening and deepening of our software stack overall. I think the relationship with OpenAI is certainly one where our plans are to work deeply together on hardware as well as software as well as systems and future road map.

是的，安托萬，謝謝你的提問。我認為答案是肯定的。我認為我們所有的大客戶都為我們整體軟體堆疊的擴展和深化做出了貢獻。我認為我們與 OpenAI 的關係肯定是這樣的：我們計劃在硬體、軟體、系統以及未來的發展路線圖方面進行深入合作。

And from that standpoint, the work that we're doing together with them on [Triton] is certainly very valuable.

從這個角度來看，我們與他們一起在 [Triton] 上所做的工作無疑是非常有價值的。

But I will say beyond OpenAI, the work that we do with all of our largest customers are super helpful to strengthening the software stack. And we have put significant new resources into not just the largest customers, but we are working with a broad set of AI native companies who are actively developing on the ROCm stack. We get lots of feedback. I think we've made significant progress in the training and inference stack, and we're going to continue to double down and triple down in this area.

但我想說的是，除了 OpenAI 之外，我們與所有最大客戶所做的工作對於加強軟體堆疊都非常有幫助。我們不僅為最大的客戶投入了大量新資源，而且還與許多積極在 ROCm 技術堆疊上進行開發的 AI 原生公司合作。我們收到了很多回饋。我認為我們在訓練和推理堆疊方面取得了重大進展，我們將繼續在這個領域加倍投入。

So more customers that use AMD, I think all of that goes to enhancing the ROCm stack. And we're actually -- we'll talk a little bit more about this next week, but we're also using AI to help us accelerate the rate and pace of some of the ROCm kernel development and just the overall ecosystem.

因此，使用 AMD 的客戶越多，我認為所有這些都有助於增強 ROCm 堆疊。實際上，我們——下週我們會更詳細地談談這一點——我們也在利用人工智慧來幫助我們加快 ROCm 核心開發的速度和步伐，以及整個生態系統的發展。

Maybe as a quick follow-up. Could you tell us about the useful lives of GPUs? I know that most CSPs depreciate them over 5, 6 years. But in your conversations with them, I'm just wondering if you see or hear any early indication that in practice, they may be planning to sweat those GPUs for longer than that?

或許可以作為後續簡單說明。您能跟我們說說GPU的使用壽命嗎？我知道大多數雲端服務供應商會在 5 到 6 年內對這些設備進行折舊。但在您與他們的交談中，我只是想知道您是否看到或聽到任何早期跡象表明，實際上他們可能計劃讓這些 GPU 運行更長時間？

I think we have seen some early indications of that, Antione. I think the key point being, clearly, there's a desire to get on the latest and greatest GPUs when you're building new data center infrastructure. And certainly, when we're looking at MI355, they're often going into new liquid cooled facilities, MI450 series as well. But then we're also seeing the other trend, which is there's just a need for more AI compute. And from that standpoint, some of the older generation, MI300x is still doing quite well in terms of just where we see people deploying and using especially for inference.

安托萬，我認為我們已經看到了一些早期跡象。我認為關鍵在於，很明顯，在建立新的資料中心基礎設施時，人們都希望使用最新、最好的 GPU。當然，當我們查看 MI355 時，它們通常會採用新的液冷設備，MI450 系列也是如此。但我們也看到了另一種趨勢，那就是對人工智慧運算的需求越來越大。從這個角度來看，一些老一代的 MI300x 仍然表現得相當不錯，尤其是在推理方面，我們看到人們在部署和使用它們。

And from that standpoint, I think you see a little bit of both.

從這個角度來看，我認為兩者兼具。

Joe Moore, Morgan Stanley.

喬摩爾，摩根士丹利。

Great. Thank you. You mentioned MI308. I guess what's your posture there to the extent that if there is some relief that you're able to ship, do you have readiness to do that? Can you give us a sense for how much of a swing factor that could be?

偉大的。謝謝。你提到了MI308。我想問的是，如果出現一些緩解措施，你們能夠出貨，你們的態度如何？你們是否做好了出貨的準備？您能大概說說這會造成多大的影響嗎？

Sure, Joe. So look, it's still a pretty dynamic situation with MI308. So that's the reason that we did not include any MI308 revenue in the Q4 guide. We have received some licenses for MI308, so we're appreciative of the administration supporting some licenses for MI308. We're still working with our customers on the demand environment and sort of what the overall opportunity is.

當然，喬。所以你看，MI308的情況還是相當複雜多變。所以這就是我們在第四季業績指引中沒有包含 MI308 收入的原因。我們已經獲得了一些 MI308 的許可證，因此我們感謝政府對 MI308 許可證的支持。我們仍在與客戶探討需求環境以及整體機會。

And so we'll be able to update that more in the next couple of months.

因此，我們將在接下來的幾個月中對此進行更多更新。

Okay. But you do have product to support that market if it does open up? Or are you going to have to start to kind of rebuild inventory for that?

好的。但如果市場真的開放，你們有產品可以支持這個市場嗎？或者你打算為此重新建立庫存嗎？

We've had some work in process. I think we continue to have that work in process, but we'll have to see sort of how the demand environment shapes up.

我們正在進行一些工作。我認為這項工作仍在進行中，但我們需要觀察市場需求環境的發展。

Okay, thank you very much.

好的，非常感謝。

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

謝謝接線生。我想我們或許還能再接聽一位聽眾的電話。

Ross Seymour, Deutsche Bank.

羅斯·西摩，德意志銀行。

Thanks for squeezing me in. Lisa, this might take longer than the amount of time you have left before the top of the hour, but there's been so many of these multi-gigawatt announcements from OpenAI how does AMD truly differentiate in there? When you see that big customer signing deals with other GPU vendors and ASIC vendors, et cetera, how do you attack that market differently than those competitors to not only get the 6 gigawatt initially, but hopefully more after that.

謝謝你擠出時間幫我。Lisa，這可能比你剩下的時間還要長，但OpenAI已經發布了這麼多千兆瓦級別的公告，AMD究竟如何才能脫穎而出呢？當你看到大客戶與其他 GPU 供應商和 ASIC 供應商等簽訂協議時，你如何以不同於競爭對手的方式進入這個市場，不僅最初獲得 6 吉瓦的訂單，而且希望之後還能獲得更多訂單？

Sure, Ross. Well, look, what I see is actually this environment where the world needs more AI compute. And from that standpoint, I think OpenAI has kind of led in the quest for more AI compute. But they're not alone. I think when you look across the large customers, there is really a demand for more AI compute as you go forward over the next couple of years.

當然可以，羅斯。你看，我看到的其實是這樣一個環境：世界需要更多的人工智慧運算能力。從這個角度來看，我認為 OpenAI 在追求更多 AI 運算能力方面起到了引領作用。但他們並非孤例。我認為，縱觀大型客戶群，未來幾年對人工智慧運算的需求確實會越來越高。

I think we each have our advantages in terms of how we are positioning our products. I think MI450 series, in particular, I think, is an extremely strong product, rack-scale solution, overall. When we look at compute performance, when we look at memory performance, we think it's extremely well positioned for both inference as well as training.

我認為我們在產品定位方面各有優勢。我認為 MI450 系列尤其出色，整體而言是一款非常強大的機架級解決方案。當我們審視計算效能和記憶體效能時，我們認為它在推理和訓練方面都處於非常有利的地位。

I think the key here is time to market, it's total cost of ownership, it's deep partnership and thinking about not just MI450 series, but what happens after that. So we're deep in conversations on MI500 and beyond. And we certainly think we're well positioned to not only participate but participate in a very meaningful way across the sort of the demand environment here. And I think we have learned a ton over the last couple of years with our AI road map. We've made significant inroads in terms of just what the largest customer needs from a workload standpoint.

我認為關鍵在於上市時間、總擁有成本、深度合作，以及不僅要考慮 MI450 系列，還要考慮之後的發展。所以我們正在就 MI500 及其他相關事宜進行深入探討。我們當然認為，我們不僅有能力參與，而且能夠在這種需求環境下以非常有意義的方式參與其中。我認為，在過去幾年裡，我們從人工智慧路線圖中學到了很多。從工作負載的角度來看，我們已經在滿足最大客戶的需求方面取得了重大進展。

So I'm pretty optimistic about our ability to capture a significant piece of this market going forward.

因此，我對我們未來能夠佔據這個市場的重要份額感到非常樂觀。

Great. And I guess as my follow-up, it will be a direct follow-on to that. You did a unique structure by granting some warrants with this deal. And I know they're -- they best according to a price that would be very accretive and make everybody happy. Do you think that was a relatively unique agreement? Or given that the world needs more processing power that AMD is open to somewhat similar, conceptually similar creative ways to address that demand over time with other equity vehicles, et cetera.

偉大的。我想我接下來的內容將直接承接上文。你們透過授予認股權證的方式，在這筆交易中採用了獨特的架構。我知道他們——他們最理想的價格是能夠帶來豐厚收益並讓每個人都滿意的價格。你認為這是一項比較獨特的協議嗎？或者，鑑於世界需要更多的處理能力，AMD 願意採用一些類似、概念上類似的創意方式，透過其他股權工具等方式，隨著時間的推移來滿足這一需求。

Sure, Ross. So I would say it was a unique agreement from the standpoint that unique time in AI, what we wanted, what we prioritized was really deep partnership and multiyear, multigeneration significant scale. And I think we got that. We got a structure that has extremely aligned incentives, everybody wins, right? We win, OpenAI wins and our shareholder win -- sort of benefits from this.

當然可以，羅斯。因此，我認為從人工智慧的特殊時期來看，這是一項獨特的協議，我們想要的、我們優先考慮的是真正深入的合作關係以及多年、多代人的重大規模。我想我們明白了。我們建立了一個激勵機制高度一致的結構，每個人都能從中受益，對吧？我們贏了，OpenAI 贏了，我們的股東也贏了——某種程度上來說，我們都從中受益。

And all of that accrues to the overall road map.

所有這些都將匯入整體路線圖。

I think as we look forward, I think we have a lot of very interesting partnerships that are developing, whether they're with the largest AI users or you think about sovereign AI opportunities. And we look at each 1 of these as a unique opportunity where we're bringing sort of the whole of AMD, both technically as well as all the rest of our capabilities to the party. So I would say OpenAI was pretty unique, but I would imagine that there are lots of other opportunities for us to to bring our capabilities into the ecosystem and participate in a significant way.

展望未來，我認為我們正在發展許多非常有趣的合作夥伴關係，無論是與最大的 AI 用戶合作，還是考慮自主 AI 機會。我們把每一次機會都視為一次獨特的機遇，我們將把 AMD 的所有技術和所有其他能力都帶到這次機會中。所以我覺得 OpenAI 非常獨特，但我認為我們還有很多其他機會，可以將我們的能力帶入生態系統，並以重要的方式參與其中。

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。感謝您的參與。您可以在此時斷開線路。