超微半導體 (AMD) 2025 Q4 法說會逐字稿

Greetings, and welcome to the AMD fourth-quarter and full year 2025 conference call. (Operator Instructions). And please note that this conference is being recorded.

大家好，歡迎參加 AMD 2025 年第四季及全年業績電話會議。（操作說明）請注意，本次會議正在錄影。

I will now turn the conference over to Matt Ramsay, VP of Financial Strategy and IR. Thank you. You may begin.

現在我將把會議交給財務策略和投資者關係副總裁馬特·拉姆齊。謝謝。你可以開始了。

Thank you, and welcome to AMD's fourth-quarter and 2025 full year financial results conference call. By now, you should have had the opportunity to review a copy of our earnings press release and 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.

謝謝，歡迎參加AMD第四季及2025年全年財務業績電話會議。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。

Today, we will refer primarily to non-GAAP financial measures on the call. The full non-GAAP to GAAP reconciliations are available in today's press release and in 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.

今天，我們將在電話會議上主要討論非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, I would like to note that Mark Papermaster, Executive Vice President, and CTO, will present at Morgan Stanley's TMT Conference on Tuesday, March 3. Today's discussions contain forward-looking statements based on our current beliefs, assumptions and expectations, speak only as of today and as such, involve risks and uncertainties that could cause actual results to differ materially from our current expectations. Please refer to the cautionary statement in our press release for more information on factors that could cause actual results to differ materially.

在開始之前，我想指出，執行副總裁兼首席技術長馬克·帕珀馬斯特將於 3 月 3 日星期二在摩根士丹利的 TMT 會議上發表演講。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，僅代表截至今日的觀點，因此涉及風險和不確定性，可能導致實際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。

With that, I will hand the call to Lisa.

這樣，我就把電話交給麗莎了。

Thank you, Matt, and good afternoon to all those listening today. 2025 was a defining year for AMD with record revenue, net income and free cash flow driven by broad-based demand for our high-performance computing and AI products. We ended the year with significant momentum with every part of our business performing very well.

謝謝馬特，也祝各位下午好。 2025年是AMD具有里程碑意義的一年，得益於市場對我們高效能運算和人工智慧產品的廣泛需求，公司營收、淨利和自由現金流均創歷史新高。我們以強勁的發展勢頭結束了這一年，公司各個業務板塊都表現出色。

We saw demand accelerate across the data center, PC, gaming and embedded markets, launched the broadest set of leadership products in our history, gained significant server and PC processor share and rapidly scaled our Data Center AI business as Instinct and ROCm adoption increased with cloud, enterprise and AI customers.

我們看到資料中心、PC、遊戲和嵌入式市場的需求加速成長，推出了公司歷史上最廣泛的領先產品系列，獲得了顯著的伺服器和PC處理器市場份額，並且隨著雲端、企業和人工智慧客戶對Instinct和ROCm的採用率增加，我們的資料中心人工智慧業務也迅速擴大。

Looking at our fourth-quarter, fourth-quarter revenue grew 34% year-over-year to $10.3 billion, led by record EPYC, Ryzen and Instinct processor sales. Net income increased 42% to a record $2.5 billion and free cash flow nearly doubled year-over-year to a record $2.1 billion. For the full year, revenue grew 34% to $34.6 billion, and we added more than $7.6 billion of Data Center segment and Client revenue.

從第四季來看，第四季營收年增 34% 至 103 億美元，主要得益於 EPYC、Ryzen 和 Instinct 處理器創紀錄的銷售額。淨利潤成長 42%，達到創紀錄的 25 億美元；自由現金流年增近一倍，達到創紀錄的 21 億美元。全年營收成長 34% 至 346 億美元，其中資料中心業務和客戶業務營收新增超過 76 億美元。

Turning to our fourth-quarter segment results. Data Center segment revenue increased 39% year-over-year to a record $5.4 billion, led by accelerating Instinct MI350 Series GPU deployments and server share gains. In server, adoption of fifth gen EPYC turn CPUs accelerated in the quarter, accounting for more than half of the total server revenue. Fourth gen EPYC sales were also robust as our prior generation CPUs continue to deliver superior performance and TCO compared to competitive offerings across a wide range of workloads.

接下來來看看我們第四季的分部業績。資料中心業務營收年增 39%，達到創紀錄的 54 億美元，這主要得益於 Instinct MI350 系列 GPU 部署加速和伺服器市場份額的成長。在伺服器領域，第五代EPYC Turn CPU的採用在本季加速，佔伺服器總收入的一半以上。第四代 EPYC 的銷售情況也十分強勁，因為我們上一代 CPU 在各種工作負載下，與競爭產品相比，繼續提供卓越的性能和更低的整體擁有成本。

As a result, we had record server CPU sales to both cloud and enterprise customers in the quarter and exited the year with record share. In cloud, hyperscaler demand was very strong as North American customers expanded deployments. EPYC-powered public cloud offerings grew significantly in the quarter with AWS, Google and others launching more than 230 new AMD instances. Hyperscalers launched more than 500 AMD-based instances in 2025, increasing the number of EPYC cloud instances more than 50% year-over-year to nearly 1,600.

因此，本季我們面向雲端客戶和企業客戶的伺服器 CPU 銷售量均創歷史新高，並以創紀錄的市佔率結束了這一年。在雲端運算領域，隨著北美客戶擴大部署規模，超大規模雲端服務的需求非常強勁。本季度，基於 EPYC 的公有雲產品實現了顯著成長，AWS、Google 等公司推出了超過 230 個新的 AMD 實例。超大規模資料中心營運商在 2025 年推出了 500 多個基於 AMD 的實例，使 EPYC 雲端實例的數量年增超過 50%，達到近 1600 個。

In the enterprise, we are seeing a meaningful shift in EPYC adoption, driven by our leadership performance, expanded platform availability, broad software enablement, and increased go-to-market programs. The leading server providers now offer more than 3,000 solutions powered by fourth and fifth gen EPYC CPUs that are optimized for all major enterprise workloads. As a result, the number of large businesses deploying EPYC on-prem more than doubled in 2025, and we exited the year with record server sell-through.

在企業中，我們看到 EPYC 的採用發生了顯著變化，這得益於我們的領導表現、平台可用性的擴大、軟體的廣泛應用以及市場推廣計劃的加強。目前，領先的伺服器供應商提供超過 3,000 種解決方案，這些解決方案採用第四代和第五代 EPYC CPU，針對所有主要企業工作負載進行了最佳化。因此，到 2025 年，在本地部署 EPYC 的大型企業數量增加了一倍多，並且我們以創紀錄的伺服器銷售量結束了這一年。

Looking ahead, server CPU demand remains very strong. Hyperscalers are expanding their infrastructure to meet growing demand for cloud services and AI while enterprises are modernizing their data centers to ensure they have the right compute required to enable new AI workflows. Against this backdrop, EPYC has become the processor of choice for the modern data center, delivering leadership performance, efficiency, and TCO.

展望未來，伺服器CPU的需求依然非常強勁。超大規模資料中心營運商正在擴展其基礎設施，以滿足不斷增長的雲端服務和人工智慧需求，而企業也在對其資料中心進行現代化改造，以確保擁有啟用新的人工智慧工作流程所需的運算能力。在此背景下，EPYC 已成為現代資料中心的首選處理器，在效能、效率和總擁有成本方面均處於領先地位。

Our next-generation Venice CPU extends our leadership across each of these metrics. Customer pull for Venice is very high with engagements underway to support large-scale cloud deployments and broad OEM platform availability when Venice launches later this year.

我們的下一代威尼斯CPU進一步鞏固了我們在這些指標上的領先地位。Venice 的客戶需求非常高，目前正在進行合作，以支援大規模雲端部署和廣泛的 OEM 平台可用性，Venice 將於今年稍後推出。

Turning to our Data Center AI business. We delivered record Instinct GPU revenue in the fourth-quarter, led by the ramp of MI 350 Series shipments. We also had some revenue from MI308 sales to customers in China. Instinct adoption broadened in the quarter. Today, 8 of the top 10 AI companies use Instinct to power production workloads across a growing range of use cases. With the MI350 series, we are entering the next phase of instinct adoption, expanding our footprint with existing partners and adding new customers.

接下來談談我們的資料中心人工智慧業務。第四季度，我們實現了創紀錄的 Instinct GPU 收入，這主要得益於 MI 350 系列顯示卡出貨量的提升。我們也從向中國客戶銷售 MI308 產品中獲得了一些收入。本季本能應用範圍擴大。如今，排名前 10 的 AI 公司中有 8 家使用 Instinct 來支援日益增長的各種用例中的生產工作負載。憑藉 MI350 系列，我們正進入直覺式技術應用的下一個階段，擴大與現有合作夥伴的合作範圍，並吸引新客戶。

In the fourth-quarter, hyperscalers expanded MI350 Series availability, leading AI companies scale their deployments to support additional workloads and multiple neocloud providers launched MI350 Series offerings that deliver on-demand access to instinct infrastructure in the cloud.

第四季度，超大規模資料中心擴大了 MI350 系列的可用性，領先的 AI 公司擴大了其部署規模以支援更多工作負載，多家新雲端供應商推出了 MI350 系列產品，可在雲端提供對 Instinct 基礎架構的隨選存取。

Turning to our AI software stack. We expanded the ROCm ecosystem in the fourth-quarter, enabling customers to deploy Instinct faster and with higher performance across a broader range of workloads. Millions of large language and multimodal models run out of the box on AMD with the leading models launching with day zero support for Instinct GPUs. This capability highlights our rapidly expanding open source community enablement, including new upstream integration of AMD GPUs in DLLM, one of the most widely used inference engines.

接下來，我們來看看我們的人工智慧軟體棧。我們在第四季度擴展了 ROCm 生態系統，使客戶能夠更快地部署 Instinct，並在更廣泛的工作負載中獲得更高的效能。數百萬個大型語言和多模態模型可在 AMD 上開箱即用，領先型號在發布之初就支援 Instinct GPU。這項能力凸顯了我們快速發展的開源社群賦能，包括將 AMD GPU 整合到 DLLM（最廣泛使用的推理引擎之一）中。

To drive Instinct adoption with industry-specific use cases, we're also adding support for domain-specific models in key verticals. As one example, in health care, we added ROCm Support for the leading medical imaging framework to enable developers to train and deploy highly performing deep learning models on Instinct GPUs. For large businesses, we introduced our enterprise AI suite, a full stack software platform with enterprise-grade tools, inference microservices and solutions blueprints designed to simplify and accelerate production deployments at scale.

為了推動 Instinct 在產業特定用例中的應用，我們還在關鍵垂直領域增加了對特定領域模型的支援。例如，在醫療保健領域，我們為領先的醫學影像框架添加了 ROCm 支持，使開發人員能夠在 Instinct GPU 上訓練和部署高效能的深度學習模型。對於大型企業，我們推出了企業級 AI 套件，這是一個全端軟體平台，包含企業級工具、推理微服務和解決方案藍圖，旨在簡化和加速大規模生產部署。

We also announced a strategic partnership with Tata Consultancy Services to co-develop industry-specific AI solutions and help customers deploy AI across their operations. Looking ahead, customer engagements for our next-gen MI400 series and Helios platform continue expanding. In addition to our multi-generation partnership with OpenAI to deploy 6 gigawatts of Instinct GPUs, we are in active discussions with other customers on at-scale multiyear deployments starting with Helios and MI450 later this year.

我們也宣布與塔塔諮詢服務公司建立策略合作夥伴關係，共同開發行業特定的人工智慧解決方案，並幫助客戶在其營運中部署人工智慧。展望未來，我們下一代 MI400 系列和 Helios 平台的客戶合作將持續擴大。除了與 OpenAI 進行多代合作，部署 6 吉瓦的 Instinct GPU 之外，我們還在積極與其他客戶討論大規模多年部署事宜，從今年稍後開始部署 Helios 和 MI450。

With the MI400 series, we are also expanding our portfolio to address the full range of cloud, HPC and enterprise AI workloads. This includes MI455X and Helios for AI superclusters, MI430X for HPC and sovereign AI and MI440X servers for enterprise customers requiring leadership training and inference performance in a compact eight-GPU solution that integrates easily into existing infrastructure.

透過 MI400 系列，我們也擴展了產品組合，以滿足各種雲端、高效能運算和企業人工智慧工作負載的需求。這包括用於 AI 超級叢集的 MI455X 和 Helios，用於 HPC 和主權 AI 的 MI430X，以及用於企業客戶的 MI440X 伺服器，這些伺服器需要在緊湊的八 GPU 解決方案中實現領導力訓練和推理效能，並且可以輕鬆整合到現有基礎架構中。

Multiple OEMs publicly announced plans to launch Helios systems in 2026 with deep engineering engagements underway to support smooth production ramps. In December, HPE announced that they will offer Helios racks with purpose-built HPE Juniper Ethernet switches and optimized software for high-bandwidth scale-up networking. And in January, Lenovo announced plans to offer Helios racks. MI430X adoption also grew in the quarter with new exascale class supercomputers announced by GENCI in France and HLRS in Germany.

多家原始設備製造商 (OEM) 公開宣布計劃於 2026 年推出 Helios 系統，目前正在進行深入的工程合作，以支援順利的量產。去年 12 月，HPE 宣布將提供 Helios 機架，該機架配備專用的 HPE Juniper 乙太網路交換器和針對高頻寬擴展網路最佳化的軟體。今年1月，聯想宣布計畫推出Helios機架。本季度，隨著法國 GENCI 和德國 HLRS 宣布推出新的百億億次級超級計算機，MI430X 的採用率也有所提高。

Looking further ahead, development of our next-generation MI500 series is well underway. MI500 is powered by our CDNA six architecture built on advanced two-nanometer process technology and features high-speed HBM4E memory. We are on track to launch MI500 in 2027 and expect MI500 to deliver another major leap in AI performance to power the next wave of large-scale multimodal models.

展望未來，我們的下一代 MI500 系列的研發工作正在順利進行中。MI500 採用我們基於先進的 2 奈米製程技術建構的 CDNA 六架構，並具有高速 HBM4E 記憶體。我們正按計劃於 2027 年推出 MI500，並期望 MI500 能帶來人工智慧性能的另一個重大飛躍，從而為下一波大規模多模態模型提供動力。

In summary, our AI business is accelerating with the launch of MI400 series and Helios representing a major inflection point for the business as we deliver leadership performance and TCO at the chip, compute tray and rack level. Based on the strength of our EPYC and Instinct road maps, we are well positioned to grow Data Center segment revenue by more than 60% annually over the next three to five years and scale our AI business to tens of billions in annual revenue in 2027.

總而言之，隨著 MI400 系列的推出，我們的 AI 業務正在加速發展，Helios 的推出標誌著該業務的一個重大轉折點，因為我們在晶片、計算托架和機架層面實現了領先的性能和 TCO。憑藉我們強大的 EPYC 和 Instinct 路線圖，我們有能力在未來三到五年內將資料中心業務的收入每年增長 60% 以上，並在 2027 年將我們的人工智慧業務的年收入擴大到數百億美元。

Turning to Client and Gaming. Segment revenue increased 37% year-over-year to $3.9 billion. In client, our PC processor business performed exceptionally well. Revenue increased 34% year-over-year to a record $3.1 billion, driven by increased demand for multiple generations of Ryzen desktop and mobile CPUs.

轉向客戶端和遊戲。該業務部門營收年增 37%，達到 39 億美元。在客戶方面，我們的PC處理器業務表現非常出色。受多代 Ryzen 桌面和行動 CPU 需求增加的推動，營收年增 34%，達到創紀錄的 31 億美元。

Desktop CPU sales set a record for the fourth consecutive quarter. Ryzen CPUs topped the bestseller list at major global retailers and e-tailers throughout the holiday period with strong demand across all price points in every region, driving record desktop channel sell-out.

桌上型電腦CPU銷售連續第四個季度創下紀錄。在整個假期期間，Ryzen CPU 在各大全球零售商和電商平台的暢銷榜單上名列前茅，各個地區各個價位的需求都很強勁，推動了台式機通路創紀錄的銷售業績。

In mobile, strong demand for AMD-powered notebooks drove record Ryzen PC sell-through in the quarter. That momentum extended into commercial PCs, where Ryzen adoption accelerated as we established a new long-term growth engine for our client business. Sell-through of Ryzen CPUs for commercial notebooks and desktops grew by more than 40% year-over-year in the fourth-quarter, and we closed large wins with major telecom, financial services, aerospace, automotive, energy and technology customers.

在行動領域，市場對搭載 AMD 處理器的筆記型電腦的強勁需求推動了 Ryzen PC 在本季創紀錄的銷售量。這股動能也延伸到了商用 PC 領域，隨著我們為客戶業務建立起新的長期成長引擎，Ryzen 的普及速度也隨之加快。第四季度，Ryzen CPU 在商用筆記型電腦和桌上型電腦上的銷量年增超過 40%，我們與主要的電信、金融服務、航空航太、汽車、能源和技術客戶達成了重大合作。

At CES, we expanded our Ryzen portfolio with CPUs that further extend our performance leadership. Our new Ryzen AI 400 mobile processors deliver significantly faster content creation and multitasking performance than the competition.

在 CES 展會上，我們推出了 Ryzen 系列 CPU，進一步鞏固了我們在效能方面的領先地位。我們全新的 Ryzen AI 400 行動處理器在內容創作和多工效能方面，比競爭對手的產品有了顯著提升。

Notebooks powered by Ryzen AI 400 are already available with the broadest lineup of AMD-based consumer and commercial AI PCs set to launch throughout the year. We also introduced our Ryzen AI Halo platform, the world's smallest AI development system, featuring our highest-end Ryzen AI MAX processor with 128 gigabytes of unified memory that can run models with up to 200 billion parameters locally.

搭載 Ryzen AI 400 處理器的筆記型電腦已經上市，而基於 AMD 處理器的消費級和商用 AI PC 的產品線也將在今年陸續推出。我們還推出了 Ryzen AI Halo 平台，這是世界上最小的 AI 開發系統，配備了我們最高端的 Ryzen AI MAX 處理器和 128 GB 的統一內存，可以在本地運行高達 2000 億個參數的模型。

In gaming, revenue increased 50% year-over-year to $843 million. Semi-custom sales increased year-over-year and declined sequentially as expected. For 2026, we expect semi-custom SoC annual revenue to decline by a significant double-digit percentage as we enter the seventh year of what has been a very strong console cycle.

遊戲業務營收年增 50%，達到 8.43 億美元。半客製化銷售額年增，但環比下降，符合預期。預計到 2026 年，隨著主機市場進入強勁成長的第七年，半客製化 SoC 的年收入將出現兩位數的顯著下降。

From a product standpoint, Valve is on track to begin shipping, its AMD-powered steam machine early this year and development of Microsoft's next-gen Xbox featuring an AMD semi-custom SoC is progressing well to support a launch in 2027. Gaming GPU revenue also increased year-over-year with higher channel sell-out driven by demand throughout the holiday sales period for our latest generation Radeon RX 9000 series GPUs. We also launched FSR 4 Redstone in the quarter, our most advanced AI-powered upscaling technology, delivering higher image quality and smoother frame rates for gamers.

從產品角度來看，Valve 的 AMD 驅動的 Steam 主機預計在今年年初開始出貨，而微軟的下一代 Xbox 主機（採用 AMD 半客製化 SoC）的開發進展順利，預計在 2027 年發布。遊戲 GPU 營收也較去年同期成長，這主要得益於假期銷售期間對我們最新一代 Radeon RX 9000 系列 GPU 的需求，而通路銷售量也隨之增加。本季我們也推出了 FSR 4 Redstone，這是我們最先進的 AI 驅動的影像放大技術，可為遊戲玩家提供更高的影像品質和更流暢的幀速率。

Turning to our Embedded segment. Revenue increased 3% year-over-year to $950 million, led by strength with test and measurement and aerospace customers and growing adoption of our Embedded x86 CPUs. Channel sell-through accelerated in the quarter as end customer demand improved across several end markets, led by test, measurement, and emulation.

接下來我們來看嵌入式系統部分。營收年增 3% 至 9.5 億美元，主要得益於測試測量和航空航太客戶的強勁表現以及嵌入式 x86 CPU 的日益普及。本季通路銷售加速成長，因為在測試、測量和模擬的推動下，多個終端市場的終端客戶需求有所改善。

Design win momentum remains one of the clearest indicators of long-term growth for our embedded business, and we delivered another record year. We closed $17 billion in design wins in 2025, up nearly 20% year-over-year as we've now won more than $50 billion of embedded designs since acquiring Xilinx.

設計專案中標勢頭仍然是我們嵌入式業務長期成長的最清晰指標之一，我們又取得了創紀錄的一年。2025 年，我們獲得了價值 170 億美元的設計訂單，同比增長近 20%，自收購 Xilinx 以來，我們已贏得了超過 500 億美元的嵌入式設計訂單。

We also strengthened our Embedded portfolio in the quarter. We began production of our Versal AI Edge Gen 2 SoCs for low-latency inference workloads and started shipping our highest-end Spartan UltraScale+ devices for cost-optimized application.

本季我們也加強了嵌入式產品組合。我們開始生產低延遲推理工作負載的 Versal AI Edge Gen 2 SoC，並開始出貨用於成本優化應用的高階 Spartan UltraScale+ 裝置。

We also launched new embedded CPUs, including our EPYC 2005 series for network security and industrial edge applications, Ryzen P100 series for in-vehicle infotainment and industrial systems and Ryzen X100 series for physical AI and autonomous platforms.

我們還推出了新的嵌入式 CPU，包括用於網路安全和工業邊緣應用的 EPYC 2005 系列、用於車載資訊娛樂和工業系統的 Ryzen P100 系列以及用於實體 AI 和自主平台的 Ryzen X100 系列。

In summary, 2025 was an excellent year for AMD, marking the start of a new growth trajectory for the company. We are entering a multiyear demand super cycle for high performance and AI computing that is creating significant growth opportunities across each of our businesses. AMD is well positioned to capture that growth with highly differentiated products, a proven execution engine, deep customer partnerships and significant operational scale.

總而言之，2025 年對 AMD 來說是輝煌的一年，標誌著該公司開啟了新的成長軌跡。我們正進入一個對高效能和人工智慧運算的多年需求超級週期，這將為我們各個業務部門創造巨大的成長機會。AMD憑藉著高度差異化的產品、成熟的執行引擎、深厚的客戶合作關係和顯著的營運規模，完全有能力抓住這一成長機會。

And as AI reshapes the compute landscape, we have the breadth of solutions and partnerships required for end-to-end leadership from Helios in the cloud for at-scale training and inference to an expanded instinct portfolio for sovereign, supercomputing and enterprise AI deployment. At the same time, demand for EPYC CPUs is surging as Agentic and emerging AI workloads require high-performance CPUs to power head nodes and run parallel tasks alongside GPUs.

隨著人工智慧重塑運算格局，我們擁有從雲端大規模訓練和推理所需的各種解決方案和合作夥伴關係，從而實現端到端的領先地位，從擴展的 Instinct 產品組合到主權、超級運算和企業級人工智慧部署。同時，隨著智慧體和新興人工智慧工作負載需要高效能 CPU 來驅動頭部節點並與 GPU 一起運行並行任務，對 EPYC CPU 的需求正在激增。

And at the edge and in PCs where AI adoption is just beginning, our industry-leading Ryzen and Embedded processors are powering real-time on-device AI. As a result, we expect significant top line and bottom line growth in 2026, led by increased adoption of EPYC and Instinct, continued client share gains and a return to growth in our Embedded segment.

在人工智慧剛起步的邊緣設備和個人電腦領域，我們業界領先的 Ryzen 和嵌入式處理器正在為即時設備端人工智慧提供動力。因此，我們預計 2026 年營收和利潤將大幅成長，這主要得益於 EPYC 和 Instinct 的普及、客戶份額的持續成長以及嵌入式業務的恢復成長。

Looking further ahead, we see a clear path to achieve the ambitious targets we laid out at our Financial Analyst Day last November, including growing revenue at greater than 35% CAGR over the next three to five years, significantly expanding operating margins and generating annual EPS of more than $20 in the strategic time frame, driven by growth in all of our segments and the rapid scaling of our Data Center AI business.

展望未來，我們看到了實現去年 11 月財務分析師日上製定的雄心勃勃的目標的清晰路徑，包括在未來三到五年內實現超過 35% 的複合年增長率，大幅提高營業利潤率，並在戰略時間框架內實現超過 20 美元的年度每股收益，這得益於我們所有業務部門的增長以及數據中心人工智能業務的快速擴張。

Now I'll turn the call over to Jean to provide additional color on our fourth-quarter results and full year results. Jean?

現在我將把電話交給 Jean，讓她為我們第四季和全年業績提供更多細節。珍妮？

Thank you, Lisa, and good afternoon, everyone. I'll start with a review of our financial results and then provide our current outlook for the first-quarter of fiscal 2026.

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 2026 財年第一季的展望。

AMD executed very well in 2025, delivering record revenue of $34.6 billion, up 34% year-over-year, driven by 32% growth in our Data Center segment and 51% growth in our Client and Gaming segment. Gross margin was 52%, and we delivered record earnings per share of $4.17, up 26% year-over-year while continuing to invest aggressively in AI and the data center to support our long-term growth.

AMD 在 2025 年表現出色，實現了創紀錄的 346 億美元收入，年增 34%，這主要得益於資料中心業務成長 32% 以及客戶端和遊戲業務成長 51%。毛利率為 52%，每股盈餘創下 4.17 美元的歷史新高，年增 26%。同時，我們繼續大力投資人工智慧和資料中心，以支持我們的長期成長。

For the fourth-quarter of 2025, revenue was a record $10.3 billion, growing 34% year-over-year, driven by strong growth in the Data Center and Client and Gaming segment, including approximately $390 million in revenue from MI308 sales to China, which was not included in our fourth-quarter guidance. Revenue was up 11% sequentially, primarily driven by continued strong growth in Data Center from both server and data center AI business as well as a return to year-over-year growth in the Embedded segment.

2025 年第四季度，營收達到創紀錄的 103 億美元，年成長 34%，這主要得益於資料中心、客戶端和遊戲業務的強勁成長，其中包括 MI308 對華銷售帶來的約 3.9 億美元收入，而這部分營收並未計入我們第四季的業績預期。營收季增 11%，主要得益於資料中心伺服器和資料中心 AI 業務的持續強勁成長，以及嵌入式業務恢復年成長。

Gross margin was 57%, up 290 basis points year-over-year. We benefited from the release of $360 million in previously writing down MI308 inventory reserves. Excluding the inventory reserve release and MI308 revenue from China, gross margin would have been approximately 55%, up 80 basis points year-over-year, driven by favorable product mix.

毛利率為 57%，年增 290 個基點。我們受益於先前減記的 MI308 庫存準備金釋放出的 3.6 億美元。如果不計入庫存準備金釋放和來自中國的 MI308 收入，毛利率約為 55%，較去年同期成長 80 個基點，這主要得益於有利的產品組合。

Operating expenses were $3 billion, an increase of 42% year-over-year as we continue to invest in R&D go-to-market activities to support our AI road map and long-term growth opportunities as well as higher employee performance-based incentives. Operating income was a record $2.9 billion, representing a 28% operating margin. Tax, interest and other resulted in a net expense of approximately $335 million.

營運支出為 30 億美元，年增 42%，因為我們繼續投資於研發和市場推廣活動，以支持我們的人工智慧路線圖和長期成長機會，以及提高員工績效激勵。營業收入創下29億美元的紀錄，營業利益率為28%。稅金、利息和其他費用導致淨支出約 3.35 億美元。

For the fourth-quarter, diluted earnings per share was a record $1.53, an increase of 40% year-over-year, reflecting strong execution and operating leverage in our business model.

第四季度稀釋後每股收益達到創紀錄的 1.53 美元，年增 40%，這反映了我們業務模式的強勁執行力和營運槓桿作用。

Now turning to our reportable segment. Starting with the Data Center segment. Revenue was a record $5.4 billion, up 39% year-over-year and 24% sequentially, driven by strong demand for EPYC processors and the continued ramp of MI350 products. Data Center segment operating income was $1.8 billion or 33% of revenue compared to $1.2 billion or 30% a year ago, reflecting higher revenue and inventory reserve release, partially offset by continued investment to support our AI hardware and software road maps.

現在來看我們的報告部分。首先從資料中心部分開始。營收達到創紀錄的 54 億美元，年成長 39%，季增 24%，這主要得益於對 EPYC 處理器的強勁需求以及 MI350 產品的持續成長。資料中心部門的營業收入為 18 億美元，佔收入的 33%，而去年同期為 12 億美元，佔收入的 30%，這反映了收入增加和庫存儲備釋放，但部分被持續投資以支持我們的人工智慧硬體和軟體路線圖所抵消。

Client Gaming segment revenue was $3.9 billion, up 37% year-over-year, driven primarily by strong demand for our leadership AMD Ryzen processors. On a sequential basis, revenue was down 3% due to lower semi customer revenue. The client business revenue was a record $3.1 billion, up 34% year-over-year and 13% sequentially, led by strong demand from both the channel and the PC OEMs and continued market share gains.

客戶端遊戲業務營收為 39 億美元，年增 37%，主要得益於市場對我們領先的 AMD Ryzen 處理器的強勁需求。由於半導體客戶收入下降，環比收入下降了 3%。客戶業務收入創下 31 億美元的紀錄，年增 34%，環比增長 13%，這主要得益於通路和 PC OEM 廠商的強勁需求以及市場份額的持續增長。

The gaming business revenue was $843 million, up 50% year-over-year, primarily driven by higher semi customer revenue and strong demand for AMD Radeon GPUs. Sequentially, gaming revenue was down 35% due to lower semi customer sales. Client and Gaming segment operating income was $725 million or 18% of revenue compared to $496 million or 17% a year ago.

遊戲業務營收為 8.43 億美元，年成長 50%，主要得益於半導體客戶營收增加和對 AMD Radeon GPU 的強勁需求。由於半導體客戶銷售額下降，遊戲收入較上季下降了 35%。客戶和遊戲部門的營業收入為 7.25 億美元，佔營收的 18%，去年同期為 4.96 億美元，佔營收的 17%。

Embedded segment revenue was $950 million, up 3% year-over-year and 11% sequentially as demand strengthened across several end markets. Embedded segment operating income was $357 million or 38% of revenue compared to $362 million or 39% a year ago.

嵌入式業務部門營收為 9.5 億美元，年增 3%，季增 11%，原因是多個終端市場的需求增強。嵌入式業務部門的營業收入為 3.57 億美元，佔營收的 38%，去年同期為 3.62 億美元，佔營收的 39%。

Before I review the balance sheet and cash flow, as a reminder, we closed the sale of ZT Systems manufacturing business to Sanmina in late October. The fourth-quarter financial results of the ZT manufacturing business are reported separately in our financial statement 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，我們在 10 月下旬完成了將 ZT Systems 製造業務出售給 Sanmina 的交易。ZT製造業務的第四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 a record $2.3 billion in cash from continuing operations and a record of $2.1 billion in free cash flow. Inventory increased sequentially by approximately $607 million to $7.9 billion to support strong data center demand. At the end of the quarter, cash, cash equivalents, and short-term investments were $10.6 billion. For the year, we repurchased 12.4 million shares and returned $1.3 billion to shareholders. We ended the year with $9.4 billion authorization remaining under our share repurchase program.

接下來來看資產負債表和現金流量表。本季度，我們從持續經營中產生了創紀錄的 23 億美元現金，自由現金流也創下了 21 億美元的紀錄。為滿足強勁的資料中心需求，庫存較上季增加約 6.07 億美元，達到 79 億美元。截至季末，現金、現金等價物和短期投資為 106 億美元。今年，我們回購了 1,240 萬股股票，向股東返還了 13 億美元。截至年底，我們的股票回購計畫還剩餘94億美元的授權額度。

Now turning to our first-quarter 2026 outlook. We expect revenue to be approximately $9.8 billion, plus or minus $300 million, including approximately $100 million of MI308 sales to China. At the midpoint of our guidance, revenue is expected to be up 32% year-over-year, driven by strong growth in our Data Center and Client and Gaming segments and modest growth in our Embedded segment.

現在來看看我們對 2026 年第一季的展望。我們預計營收約 98 億美元，上下浮動 3 億美元，其中包括 MI308 對中國的約 1 億美元銷售額。根據我們的預期，營收預計將年增 32%，這主要得益於資料中心、客戶端和遊戲業務的強勁成長以及嵌入式業務的適度成長。

Sequentially, we expect revenue to be down approximately 5%, driven by seasonal decline in our Client Gaming and Embedded segment, partially offset by growth in our Data Center segment. In addition, we expect fourth-quarter non-GAAP gross margin to be approximately 55% non-GAAP operating expense to be approximately $3.05 billion. Non-GAAP other net income to be approximately $35 million, non-GAAP effective tax rate to be 13% and diluted share count is expected to be approximately 1.65 billion shares.

預計環比收入將下降約 5%，主要原因是客戶端遊戲和嵌入式業務的季節性下滑，但資料中心業務的成長將部分抵消這一影響。此外，我們預計第四季非GAAP毛利率約為55%，非GAAP營業費用約為30.5億美元。其他淨收入約為 3,500 萬美元，非 GAAP 有效稅率為 13%，稀釋後股份數量預計約 16.5 億股。

In closing, 2025 was an outstanding year for AMD, reflecting disciplined execution across the business to deliver strong revenue growth, increased profitability and cash generation while investing aggressively in AI and innovation to support our long-term growth strategy.

綜上所述，2025 年對 AMD 來說是傑出的一年，這體現了公司各部門嚴謹的執行力，實現了強勁的收入增長、盈利能力的提升和現金流的增加，同時積極投資於人工智能和創新，以支持我們的長期增長戰略。

Looking ahead, we are very well positioned for continued strong top line revenue growth and earnings expansion in 2026 with a focus on driving data center AI growth, operating leverage and delivering long-term value to shareholders.

展望未來，我們已做好充分準備，在 2026 年繼續保持強勁的營收成長和獲利擴張，重點是推動資料中心人工智慧的成長、提高營運槓桿，並為股東創造長期價值。

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。

Yes. Thank you very much, Jean. Operator, please go ahead and open the Q&A session. Thank you.

是的。非常感謝你，珍妮。操作員，請開始問答環節。謝謝。

(Operator Instructions)

（操作說明）

Aaron Rakers, Wells Fargo.

Aaron Rakers，富國銀行。

Lisa, at your Analyst Day back in November, you seem to kind of endorse the high $20 billion AI revenue expectation that was out there on the Street for 2027. I know today, you're reaffirming the path to strong double-digit growth. So I guess my question is, can you talk a little bit about what you've seen as far as customer engagements, how those might have expanded?

Lisa，在去年 11 月的分析師日上，你似乎認可了華爾街對 2027 年人工智慧收入高達 200 億美元的預期。我知道今天，你們正在重申兩位數強勁成長的道路。所以我想問的是，您能否談談您觀察到的客戶互動情況，以及這些互動是如何擴展的？

I think you've alluded to in the past, multiple multi-gigawatt opportunities. Just any -- just double-click on what you've seen for the MI455 and Helios platform from a demands shaping perspective as we look into the back half of the year?

我想你之前也提到過，有很多千兆瓦級別的專案機會。只需雙擊您從需求塑造角度看到的 MI455 和 Helios 平台的內容，即可展望今年下半年？

Yes. Sure, Aaron. Thanks for the question. So first of all, I think the MI450 Series development is going extremely well. So we're very happy with the progress that we have. We're right on track for a second half launch and beginning of production. And as it relates to sort of the shape of the ramp and the customer engagements, I would say the customer engagements continue to proceed very well. We have obviously a very strong relationship with OpenAI, and we're planning that ramp starting in the second half of the year going into 2027. That is on track.

是的。當然可以，亞倫。謝謝你的提問。首先，我認為MI450系列的研發進展非常順利。所以我們對目前的進展非常滿意。我們正按計畫推動下半年的產品發布和生產啟動。至於坡道的形狀和客戶互動方面，我認為客戶互動進展得非常順利。我們與 OpenAI 的關係非常密切，我們計劃從今年下半年開始逐步擴大合作，一直持續到 2027 年。目前一切進展順利。

We're also working closely with a number of other customers who are very interested in ramping MI450 quickly, just given the strength of the product, and we see that across both inference and training. And that is the opportunity that we see in front of us. So we feel very good about sort of the data center growth overall for us in 2026 and then certainly going into 2027, we've talked about tens of billions of dollars of data center AI revenue, and we feel very good about that.

鑑於該產品的強大功能，我們也與許多其他客戶密切合作，他們對快速推廣 MI450 非常感興趣，我們在推理和訓練方面都看到了這一點。這就是我們面前的機會。因此，我們對 2026 年以及 2027 年資料中心的整體成長前景感到非常樂觀，我們已經談到資料中心 AI 收入將達到數百億美元，我們對此感到非常滿意。

Tim Arcuri, UBS.

提姆‧阿庫裡，瑞銀集團。

Jean, I'm wondering if you can maybe give us a little bit of detail under the hood for the March guidance. I know you basically told us that -- you told us about what Embedded is going to be up a bit year-over-year. Client sounds like it's down seasonally, which I take to be maybe down 10%. So can you give us a sense maybe of the other pieces?

Jean，我想請你詳細介紹三月的指導。我知道你基本上已經告訴我們了——你告訴我們嵌入式系統每年都會略有成長。客戶似乎受到了季節性因素的影響，我估計大概下降了 10%。那麼，您能否為我們介紹其他幾件作品呢？

And then also, can you give us a sense of how Data Center GPU is going to ramp through the year? I know it's a back half loaded year, but I think people are thinking at least somewhere in the $14 billion range this year. That's what investors are thinking. I don't -- I'm not asking you to endorse that. But if you can give us a little flavor for sort of how the ramp will look for the year, that would be great.

另外，您能否大致介紹一下資料中心 GPU 在今年的發展趨勢？我知道今年是下半年，但我認為人們預計今年的收入至少會在 140 億美元左右。這就是投資人的想法。我沒有——我不是要你支持這件事。但如果你能為我們大致介紹一下今年坡道的佈局，那就太好了。

Tim, thanks for your question. We're guiding one quarter at a time, but I can give you some color about our Q1 guide. First is right, sequentially, we guided a decline around 5%, but Data Center is actually going to be up. And when you think about it, right, our CPU business seasonal actually in a regular seasonal pattern, it's going to be down high single digit. And in our current guide, we actually guide CPU revenue up sequentially very nicely.

提姆，謝謝你的提問。我們目前是按季度進行業績預測，但我可以先透露我們第一季的業績指引。首先，我們預測資料中心將依序下降約 5%，但實際上資料中心將會上漲。仔細想想，我們的 CPU 業務其實會受到季節性因素的影響，出現接近兩位數的下滑。而我們目前的預測顯示，CPU收入實際上將較上季穩定成長。

Also with the Data Center GPU side, we also feel really good about GPU revenue, including China, will be also up. So very nice guide for the Data Center overall. On the Client side, we do see seasonality sequentially decline. Embedded and Gaming, they also have a seasonal decline.

此外，我們對資料中心 GPU 的業務也非常樂觀，包括中國在內的 GPU 收入預計也會成長。總的來說，這是一份非常好的資料中心指南。從客戶方面來看，我們確實看到季節性因素逐年下降。嵌入式系統和遊戲領域也存在季節性下滑。

And maybe, Tim, if I just give you a little bit on the full year commentary. I think the important thing, as we look at the full year, we're very bullish on the year. We're not -- if you look at the key themes, we're seeing very strong growth in the Data Center, and that's across two growth vectors. We see server CPU growth actually very strong. I mean we've talked about the fact that CPUs are very important as AI continues to ramp. And we've seen the CPU order book continue to strengthen as we go through the last few quarters and especially over the last 60 days.

提姆，或許我可以給你簡單介紹一下全年的情況。我認為最重要的是，從全年來看，我們對今年的前景非常樂觀。我們並非如此——如果你看看關鍵主題，你會發現資料中心正在經歷非常強勁的成長，而且這種成長體現在兩個方面。我們看到伺服器CPU的成長勢頭非常強勁。我的意思是，我們已經討論過，隨著人工智慧的不斷發展，CPU 非常重要。我們看到，在過去的幾個季度裡，尤其是在過去 60 天裡，CPU 訂單量持續走強。

So we see that as a strong growth driver for us. As Jean said, we see server CPU growing from Q4 into Q1 in what normally is seasonally down, and that continues throughout the year. And then on the Data Center AI side, it's a very important year for us. It's really an inflection point. MI355 has done well, and we were pleased with the performance in Q4, and we continue to ramp that in the first half of the year.

因此，我們認為這是我們強勁的成長動力。正如 Jean 所說，我們看到伺服器 CPU 使用率從第四季度到第一季持續成長，而這通常是季節性下降的時期，而且這種情況會持續一整年。而在資料中心人工智慧方面，今年對我們來說也是非常重要的一年。這真是一個轉捩點。MI355 表現良好，我們對第四季的表現感到滿意，我們將繼續在今年上半年加大投入。

But as we get into the second half of the year, the MI450 is really an inflection point for us. So that revenue will start in the third-quarter, but it will ramp significant volume in the fourth-quarter as we get into 2027. So that gives you a little bit of sort of what the data center ramp looks like throughout the year.

但隨著我們進入下半年，MI450 對我們來說確實是一個轉捩點。因此，該項收入將從第三季開始產生，但隨著我們進入 2027 年，第四季的銷售將大幅成長。這樣你就能大致了解資料中心全年的負載成長了。

Vivek Arya, Bank of America.

Vivek Arya，美國銀行。

First, just a clarification on what you're assuming for your China MI308 sales beyond Q1. And then Lisa, specific to 2026, can your Data Center revenues grow at your target 60% plus growth rate? I realize that that's a multiyear target, but do you think that there are enough drivers, whether it's on the server CPU side or GPU side for you to grow at that target base even in 2026?

首先，請問您對中國 MI308 在第一季之後的銷售有何預期？那麼 Lisa，具體到 2026 年，您的資料中心收入能否達到您設定的 60% 以上的成長率目標？我知道這是一個多年目標，但您認為即使到了 2026 年，無論是在伺服器 CPU 方面還是 GPU 方面，是否有足夠的驅動因素能夠讓您實現該目標基數的成長？

Yes. Sure, Vivek. So let me talk a little bit about China first because that's, I think, important for us to make sure that's clear. Look, we were pleased to have some MI308 sales in the fourth-quarter. They were actually a license that was approved through work with the administration. And those orders were actually from very early in 2025. And so we saw some revenue in Q4, and we're forecasting for about $100 million of revenue in Q1. We are not forecasting any additional revenue from China just because it's a very dynamic situation.

是的。當然可以，維韋克。所以，我先來談談中國，因為我認為，確保這一點明確對我們來說很重要。你看，我們很高興在第四季度取得了一些 MI308 的銷售量。實際上，這是透過與政府部門協商而獲得的許可證。而這些訂單其實是2025年初的訂單。因此，我們在第四季度獲得了一些收入，我們預測第一季的收入約為 1 億美元。由於中國市場情況瞬息萬變，我們目前不預測會從中國獲得任何額外收入。

So given that it's a dynamic situation, we're still waiting for -- we've submitted licenses for the MI325, and we're continuing to work with customers and understanding sort of their customer demand. We thought it prudent not to forecast any additional revenue other than the $100 million that we called out in the Q1 guide.

鑑於目前情況瞬息萬變，我們仍在等待——我們已經提交了 MI325 的許可證，我們正在繼續與客戶合作，以了解他們的客戶需求。我們認為謹慎的做法是，除了我們在第一季業績指引中提到的 1 億美元之外，不預測任何其他額外收入。

Now as it relates to overall Data Center, as I mentioned in the question to Tim, like we're very bullish about data center. I think the combination of drivers that we have across our CPU franchise, I mean, the EPYC product line, both Turin and Genoa continue to ramp well. And in the second half of the year, we will be launching Venice, which we believe actually extends our leadership and the MI450 ramp, which is also very significant in the second half of 2026. We're not obviously guiding specifically by segment, but the long-term target of, let's call it, greater than 60% is certainly possible in 2026.

至於整個資料中心，正如我在問蒂姆的問題中提到的那樣，我們非常看好資料中心。我認為我們整個 CPU 產品線（包括 EPYC 產品線，Turin 和 Genoa）的驅動程式組合都持續表現良好。今年下半年，我們將推出威尼斯，我們相信這將進一步鞏固我們的領先地位；此外，我們還將推出 MI450 坡道，這對 2026 年下半年來說也意義重大。我們顯然沒有具體按細分市場進行指導，但長期目標（比如說）在 2026 年達到 60% 以上是完全有可能的。

(Operator Instructions)

（操作說明）

C.J. Muse, Cantor.

C.J. Muse，領唱。

I'm curious on the server CPU side of the house and given the dramatic tightness, curious your ability to source incremental capacity from TSMC and elsewhere. And I guess, how long will it take for that to see wafers out? And how should we think about the implications for kind of the growth trajectory throughout all of calendar '26? And I guess as part of that, if you could speak to how we should be thinking about inflection in pricing as well, that would be very helpful.

我對伺服器 CPU 方面的情況很感興趣，鑑於目前供應非常緊張，我很想知道你們能否從台積電或其他地方獲得額外的產能。我想，從那時到晶圓問世，還需要多久呢？那麼，我們該如何看待這對2026年全年成長軌跡的影響呢？我想，作為其中的一部分，如果您還能談談我們應該如何看待價格拐點，那將非常有幫助。

Sure, C.J. So a couple of points about the server CPU market. First of all, we think the overall server CPU TAM is going to grow, let's call it, strong double digits in 2026, just given the -- as we said, the relationship between CPU demand and overall AI ramp. So I think that's a positive.

當然，C.J.。關於伺服器CPU市場，有幾點需要說明。首先，我們認為，鑑於我們所說的 CPU 需求與 AI 整體成長之間的關係，到 2026 年，伺服器 CPU 的整體市場規模將實現強勁的兩位數成長。所以我認為這是個正面的訊號。

Relative to our ability to support that, we've been seeing the trend for the last couple of quarters. So we have increased our supply capacity capability for server CPUs. And that's one of the reasons we're able to increase our Q1 guide as it relates to the server business, and we see the ability to continue to grow that throughout the year.

就我們支持這方面的能力而言，我們已經看到了過去幾季以來的這種趨勢。因此，我們提高了伺服器CPU的供應能力。這也是我們能夠提高第一季伺服器業務預期的原因之一，而且我們認為今年全年都有能力繼續成長。

There's no question that demand continues to be strong. And so we're working with our supply chain partners to increase supply as well. But from what we see today, I think the overall server situation is strong, and we are increasing supply to address that.

毫無疑問，需求依然強勁。因此，我們也正與供應鏈合作夥伴共同努力，增加供應量。但就目前來看，我認為伺服器整體狀況良好，我們正在增加供應以滿足這一需求。

C.J., do you have a follow-up question?

C.J.，你還有後續問題嗎？

I do maybe for Jean, if you could kind of touch on gross margins through the year and as you balance kind of strengthening server CPU with perhaps greater GPU accelerating in the second half. Is there kind of a framework that we should be working off of?

對於 Jean 來說，我可能可以談談全年的毛利率，以及您在下半年如何平衡加強伺服器 CPU 和可能增加 GPU 加速之間的關係。我們應該遵循某種框架嗎？

Yes. Thank you for the question. We are very pleased with our gross margin Q4 performance and the Q1 guide at 55%, which actually is 130 basis points up year-over-year, while we continue to ramp our MI355 year-over-year very significantly. I think we are benefiting from a very favorable product mix across all our business. If you think about in Data Center, we're ramping our new product, new generation product, Turin and MI355, which helps the gross margin in client. We continue to move up the stack and also gaining momentum in our commercial business. Our client business gross margin has been improving nicely.

是的。謝謝你的提問。我們對第四季度毛利率表現和第一季 55% 的預期非常滿意，這實際上比去年同期增長了 130 個基點，同時我們的 MI355 也繼續大幅同比增長。我認為我們所有業務都受益於非常有利的產品組合。如果你考慮資料中心，我們正在加強推廣我們的新產品、新一代產品 Turin 和 MI355，這有助於提高客戶的毛利率。我們不斷向上發展，並在商業業務方面也取得了長足進步。我們客戶的業務毛利率一直在穩步提升。

In addition, certainly, we see the recovery of our Embedded business, which is also margin accretive. So all those tailwinds we are seeing, we continue to see in the next few quarters. And when MI450 ramp, of course, in Q4, our gross margin will be driven largely by mix. And I think we'll give you more color when we get there. But overall, we feel really good about our gross margin progression this year.

此外，我們的嵌入式業務也出現了復甦，無疑地提高了利潤率。所以，我們目前看到的這些順風，在接下來的幾季裡還會繼續保持下去。當然，當 MI450 在第四季度量產時，我們的毛利率將主要取決於產品組合。我想我們到了那裡會為你帶來更多細節。但總體而言，我們對今年的毛利率成長感到非常滿意。

Joe Moore, Morgan Stanley.

喬摩爾，摩根士丹利。

On the MI455 ramp, will 100% of the business be racks? Will there be kind of an 8-way server business around that architecture? And then is the revenue recognition when you ship to the rack vendor? Or is there something to understand about that?

在 MI455 斜坡上，100% 的業務都是機架嗎？圍繞這種架構會不會出現類似八方伺服器業務的局面？那麼，當貨物運送給機架供應商時，是否確認收入？或者說，這其中有什麼需要理解的地方嗎？

Yes, Joe. So we do have multiple variants of the MI450 series, including an 8-way GPU form factor. But for 2026, I would say the vast majority of it is going to be Rack Scale solutions. And yes, we will take revenue when we ship to the rack builder.

是的，喬。我們確實有多種 MI450 系列顯示卡型號，包括 8 路 GPU 封裝。但就 2026 年而言，我認為絕大多數將是貨架秤解決方案。是的，我們會在向機架製造商出貨時收取費用。

Okay. Great. And then can you talk to any risks that you may have in terms of once you get silicon out, turning that into racks, any potential issues as you ramp that? I know your competitor had some last year, and you said you learned from that. Is there anything you've done with kind of pre-building racks to sort of ensure you won't have those issues? Just any risk that we need to understand around that?

好的。偉大的。那麼，您能否談談在矽晶片生產出來後，將其轉化為機架的過程中可能存在的風險，以及在規模化生產過程中可能出現的潛在問題？我知道你的競爭對手去年也遇到這種情況，你也說過你從中學到教訓了。你們有沒有採取什麼措施，例如預先搭建貨架，以確保不會有這些問題？我們需要了解這方面有哪些風險嗎？

Yes. I mean, I think, Joe, the main thing is the development is going really well. It is -- we're right on track with the MI450 series as well as the Helios rack development. We've done a lot of testing already both at the Rack Scale level as well as at the silicon level. So far, so good. We are getting, let's call it, a lot of input from our customers on things to test so that we can do a lot of testing in parallel. And our expectation is that we will be on track for our second half launch.

是的。我的意思是，喬，我認為最重要的是開發進展非常順利。沒錯——MI450系列以及Helios機架的開發都進展順利。我們已經進行了大量的測試，包括機架級測試和晶片級測試。到目前為止，一切都很好。我們從客戶那裡獲得了大量關於測試內容的回饋，以便我們可以並行進行大量測試。我們預計下半年的發布計劃將按計劃進行。

Stacy Rasgon, Research.

Stacy Rasgon，研究員。

First, Lisa, I just wanted to ask about OpEx. Like every quarter, you guys are guiding it up and then it's coming in even higher and then you're guiding it up again. And I understand, given the growth trajectory that you need to invest. But how should we think about the ramp of that OpEx and that spending number, especially as the GPU revenue starts to inflect? Do we get leverage on that? Or should we be expecting the OpEx to be growing even more materially as the AI revenue starts to ramp?

首先，Lisa，我只想問一下關於營運支出（OpEx）的問題。就像每個季度一樣，你們先是引導它上漲，然後它漲得更高，然後你們又再次引導它上漲。我理解，考慮到成長軌跡，你需要進行投資。但是，隨著 GPU 收入開始出現轉折點，我們應該如何看待營運支出和支出數字的成長呢？我們能利用這一點嗎？或者，隨著人工智慧收入開始成長，我們是否應該預期營運支出會大幅成長？

Yes. Sure, Stacy. Thanks for the question. Look, I think in terms of OpEx, we're at a point where we have very high conviction in the road map that we have. And so in 2025, as the revenue increased, we did lean in on OpEx, and I think it was for all the right reasons. As we get into 2026 and as we see some of the significant growth that we're expecting, we should absolutely see leverage.

是的。當然可以，斯黛西。謝謝你的提問。我認為就營運支出而言，我們現在對我們制定的路線圖非常有信心。因此，到了 2025 年，隨著收入的成長，我們確實加大了營運支出的力度，我認為這完全是出於正確的理由。隨著我們進入 2026 年，並且我們看到了一些預期中的顯著增長，我們肯定會看到槓桿效應。

And the way to think about it is we've always said in our long-term model that OpEx should grow slower than revenue, and we would expect that in 2026 as well, especially as we get into the second half of the year and we see inflection in the revenue. But at this point, I think the -- if you look at our free cash flow generation and the overall revenue growth, I think the investment in OpEx is absolutely the right thing to do.

思考這個問題的方式是，我們一直認為，在我們的長期模型中，營運支出成長速度應該低於收入成長速度，我們預計 2026 年也會如此，尤其是在進入下半年，收入出現拐點之後。但就目前而言，我認為——如果你看看我們的自由現金流產生和整體收入成長情況，我認為對營運支出進行投資絕對是正確的做法。

For my follow-up, I actually have two sort of one line answers I'm looking for. Just first, the $100 million in China revenue in Q1, does that also drop through a zero cost basis like we had in Q4? And is that a margin headwind? And number two, I know you don't give us the AI number, but could you just give us the annual like 2025 instinct number now that we're through the year? Like how big was it?

我的後續問題，其實有兩個可以用一句話概括的答案。首先，第一季在中國的 1 億美元收入，是否也像第四季一樣，是零成本計算的？這算不算利潤率方面的不利因素？第二，我知道你們不給我們人工智慧數據，但既然今年已經過去，你們能不能給我們提供一下像 2025 年這樣的年度直覺數據？它到底有多大？

So Stacy, let me answer your first question on the $100 million revenue in Q1. Actually, the inventory reserve reversed in Q4, which was $360 million, not only associated with the Q4 revenue, China revenue, but also covers the $100 million revenue we expect to ship in Q1 to China with our MI308. So the Q1 gross margin guide is a very clean guide.

那麼，Stacy，讓我來回答你關於第一季1億美元營收的第一個問題。事實上，第四季庫存準備金已轉回 3.6 億美元，這不僅與第四季度的收入、中國的收入有關，而且還涵蓋了我們預計在第一季透過 MI308 向中國發貨的 1 億美元收入。因此，第一季毛利率預期非常清晰明了。

And Stacy, for your second question, as you know, we don't guide at the business level, but to help you with your models, I think you can -- if you look at the Q4 data center AI number, even if you were to back out the China number, which was, let's call it, not a recurring number, you would still see growth -- you'll see growth from Q3 to Q4. So that should help you a little bit with your modeling.

Stacy，關於你的第二個問題，正如你所知，我們不提供業務層面的指導，但為了幫助你完善模型，我認為你可以——如果你看一下第四季度數據中心人工智能的數據，即使你剔除中國的數據（我們姑且稱之為非經常性數據），你仍然會看到增長——你會看到從第三季度到第四季度的增長。這應該對你的建模工作有幫助。

Joshua Buchalter, TD Cowen.

Joshua Buchalter，TD Cowen。

I want to ask about clients. So the segment beat pretty handily in the fourth-quarter and I recognize you guys have been gaining share with Ryzen. But I think given what we've been seeing in the memory market, there's a lot of concern about inflationary costs and the potential for pull-ins. Were there any changes in your order patterns during the quarter? And maybe bigger picture, how are you thinking about client growth and the health of that market into 2026?

我想詢問一下客戶的狀況。所以，該業務板塊在第四季度輕鬆超額完成任務，我也注意到你們憑藉 Ryzen 處理器獲得了市場份額。但我認為，鑑於我們在記憶體市場看到的情況，人們非常擔心通膨成本和潛在的損失。本季您的訂單模式是否有任何變化？從更宏觀的角度來看，您如何看待客戶成長以及到 2026 年該市場的健康狀況？

Yes. Thanks for the question, Josh. The client market has performed extremely well for us throughout 2025, very strong growth for us, both in terms of ASP mixing up the stack as well as just unit growth. Going into 2026, we are certainly watching the development of the business. I think the PC market is an important market. Based on everything that we see today, we're probably seeing the PC TAM down a bit just given some of the inflationary pressures of the commodities pricing, including memory.

是的。謝謝你的提問，喬希。2025 年，客戶市場表現非常出色，實現了非常強勁的成長，無論是 ASP 混合技術堆疊還是單位成長方面都是如此。展望2026年，我們當然會密切關注該業務的發展。我認為個人電腦市場是一個重要的市場。根據我們今天看到的一切，考慮到包括記憶體在內的大宗商品價格上漲帶來的通膨壓力，個人電腦市場規模可能會略有下降。

The way we are modeling the year is, let's call it, second half a bit sub-seasonal to first half, just given everything that we see. Even in that environment with the PC market down, we believe we can grow the -- our PC business. And our focus areas are enterprise. That's a place where we're making a very nice progress in 2025, and we expect that into 2026 and just continuing to grow sort of at the premium higher end of the market.

根據我們目前觀察到的情況，我們對今年的預測是，下半年的季節性特徵會比上半年略弱。即使在個人電腦市場低迷的環境下，我們也相信我們可以成長——我們的個人電腦業務。我們的重點領域是企業。2025 年，我們在這個領域取得了非常好的進展，我們預計這種進展將持續到 2026 年，並在高端市場繼續成長。

And then I want to ask about the Instinct family. So we've seen your big GPU competitor make a deal with an SRAM-based spatial architecture provider and then OpenAI has reportedly been linked to one as well. Could you speak to the competitive implications of that? You've done well in inferencing, I think, partly because of your leadership in HBM content. So I was wondering if you could maybe address the pull seemingly motivated by lower latency inference and how Instinct is positioned to service this if you're indeed seeing it as well.

然後我想問關於 Instinct 家族的問題。我們看到你的主要 GPU 競爭對手與基於 SRAM 的空間架構提供者達成了協議，據報導 OpenAI 也與其中一個提供者有關。您能否談談這會對競爭格局產生哪些影響？我認為你在推理方面做得很好，部分原因是你對 HBM 內容的領導作用。所以我想知道，如果您也看到了這種現象，能否談談這種似乎是由更低延遲推理驅動的拉動，以及 Instinct 如何滿足這種需求？

Yes. I think, Josh, it's really, I think, the evolution that you might expect as the AI market matures. What we're seeing is as inference ramps, the -- really the tokens per dollar or the efficiency of the inference stack becomes more and more important. As you know, with our chiplet architecture, we have a lot of ability to optimize across inference training and even across sort of the different stages of inference as well.

是的。喬希，我認為，這確實是人工智慧市場成熟後必然會出現的演變過程。我們看到的是，隨著推理能力的提升，每美元的代幣數量或推理堆疊的效率變得越來越重要。如您所知，憑藉我們的晶片架構，我們有能力在推理訓練過程中進行最佳化，甚至在推理的不同階段也可以進行最佳化。

So I think I view this as very much as you go into the future, you'll see more workload optimized products. And you can do that with GPUs as well as with other more ASIC-like architectures. I think we have the full compute stack to do all of those things. And from that standpoint, we're going to continue to lean into inference as we view that as a significant opportunity for us in addition to ramping our training capabilities.

所以我認為，隨著未來發展，你會看到更多針對工作負載最佳化的產品。你可以使用 GPU 以及其他更像 ASIC 的架構來實現這一點。我認為我們擁有完成所有這些任務所需的完整計算堆疊。從這個角度來看，我們將繼續重視推理，因為我們認為這對我們來說是一個重要的機遇，同時也能提升我們的訓練能力。

Ben Reitzes, Melius Research.

本‧雷茨，梅利烏斯研究公司。

Lisa, I wanted to ask you about OpenAI. I'm sure a lot of the volatility out there is not lost on you. Is everything on track for the second half for starting the 6 gigawatts and the 3.5-year timeline as far as you know? And is there any other color that you'd just like to give on that relationship? And then I have a follow-up.

麗莎，我想問你關於OpenAI的事情。我相信你一定很清楚目前市場的波動。據您所知，下半年啟動6吉瓦計畫以及3.5年時間表的各項工作是否都按計畫進行？你還有什麼其他想為這段關係增添色彩的事嗎？然後我還有一個後續問題。

Yes. I mean I think, Ben, what I would say is we're very much working in partnership with OpenAI as well as our CSP partners to deliver on MI450 series and deliver on the ramp. The ramp is on schedule to start in the second half of the year. MI450 is doing great. Helios is doing well. We are in, let's call it, deep co-development across all of those parties. And as we look forward, I think we are optimistic about the MI450 ramp for OpenAI.

是的。我的意思是，Ben，我想說的是，我們正在與 OpenAI 以及我們的 CSP 合作夥伴密切合作，以交付 MI450 系列產品並按計劃交付。該坡道預計今年下半年按計畫開工。MI450表現非常優異。Helios運作良好。我們正在與所有這些參與者進行深入的合作開發。展望未來，我認為我們對 OpenAI 的 MI450 產能提升持樂觀態度。

But I also want to remind everyone that we have a broad set of customers that are very excited about MI450 series. And so in addition to the work that we're doing with OpenAI, there are a number of customers that we're working to ramp in that time frame as well.

但我也想提醒大家，我們有許多客戶對 MI450 系列產品感到非常興奮。因此，除了我們正在與 OpenAI 合作的工作之外，我們還在努力幫助許多客戶在這個時間段內擴大規模。

All right. I appreciate that. And I wanted to shift to the server CPU and just talk about x86 versus ARM. There's some view out there that x86 has a particular edge in agents, big picture, do you agree with that? And what are you seeing from customers? And in particular, obviously, your big competitor is going to be selling an ARM CPU separately now in the second half. So if there's just anything on that competitive dynamic versus ARM and what NVIDIA is doing and your views on that, that would be great to hear.

好的。我很感激。我想轉到伺服器 CPU 領域，談談 x86 與 ARM 的差異。有一種觀點認為，從整體來看，x86 在代理方面具有某種優勢，你同意這種觀點嗎？你從客戶那裡得到了哪些回饋？尤其值得注意的是，你的主要競爭對手將在下半年單獨銷售 ARM CPU。所以，如果您能談談英偉達與 ARM 之間的競爭動態，以及英偉達正在採取的行動和您對此的看法，那就太好了。

Yes, Ben, what I would say about the CPU market is there is a great need for high-performance CPUs right now. And that goes towards Agentic workloads where when you have these AI processes or AI agents that are spinning off a lot of work, in an enterprise, they're actually going to a lot of traditional CPU tasks and the vast majority of them are on x86 today. I think the beauty of EPYC is that we've optimized. We've done workload optimization.

是的，本，關於CPU市場，我想說的是，目前對高效能CPU的需求非常大。這也涉及到智能體工作負載，當企業中出現大量人工智慧進程或人工智慧代理時，它們實際上會執行許多傳統的 CPU 任務，而目前絕大多數 CPU 任務都是在 x86 架構上運行的。我認為EPYC的優點在於我們進行了最佳化。我們已經進行了工作負載優化。

So we have the best cloud processor out there. We have the best enterprise processor. We also have some lower-cost variants for storage and other elements. And I think all of that comes into play as we think about the entirety of the AI infrastructure that needs to be put in place.

所以我們擁有市面上最好的雲端處理器。我們擁有最好的企業級處理器。我們還有一些價格更低的儲存和其他元件版本。我認為，當我們考慮到需要建立的整個人工智慧基礎設施時，所有這些因素都會發揮作用。

I think the CPUs are going to continue to be as important as a piece of the AI infrastructure ramp. And that's one of the things that we mentioned at our Analyst Day back in November, is really this multiyear CPU cycle, and we continue to see that. I think we've optimized EPYC to satisfy all of those workloads, and we're going to continue to work with our customers to expand our EPYC footprint.

我認為CPU將繼續在人工智慧基礎設施建設中扮演重要角色。而這正是我們在去年 11 月的分析師日中提到的一件事，那就是 CPU 的多年周期性變化，我們繼續看到這種情況。我認為我們已經優化了 EPYC 以滿足所有這些工作負載，我們將繼續與客戶合作，擴大 EPYC 的應用範圍。

Tom O'Malley, Barclays.

湯姆·奧馬利，巴克萊銀行。

Lisa, I just wanted to ask, you mentioned on memory earlier as a sticking point in terms of inflationary cost. Different customers do this in different ways; different suppliers do this in different ways. But can you maybe talk about your procurement of memory, when that takes place, particularly on the HBM side? Is that something that gets done a year in advance, six months in advance? Different accelerator guys have talked about different timelines. I would be curious to kind of here when you do the procurement.

麗莎，我只是想問一下，你之前提到過，記憶力是通貨膨脹成本的一個困難。不同的客戶有不同的做法；不同的供應商也有不同的做法。但是，您能否談談您採購記憶體的情況，特別是 HBM 方面的採購情況？那件事需要提前一年或六個月完成嗎？不同的加速器計畫負責人談到了不同的時間表。我很想知道你們什麼時候進行採購。

Yes. I mean, given the lead times for things like HBM and wafers and these parts of the supply chain, I mean, we're working closely with our suppliers over a multiyear time frame in terms of what we see in demand, how we ramp, how we ensure that our development is very closely tied together. So I feel very good about our supply chain capabilities. We have been planning for this ramp.

是的。我的意思是，考慮到 HBM 和晶圓等供應鏈環節的交貨週期，我們正在與供應商密切合作，在未來幾年內根據我們看到的需求、我們的產能提升方式以及我們如何確保我們的研發工作緊密結合。所以我對我們的供應鏈能力感到非常滿意。我們一直在規劃建造這條坡道。

So independent of the current market conditions, we've been planning for a significant ramp in our -- both CPU as well as our GPU business over the past couple of years. And so from that standpoint, I think we're well positioned to grow substantially in 2026. And now we are also doing multiyear agreements that extend beyond that given the tightness of the supply chain.

因此，無論當前市場狀況如何，過去幾年我們一直在計劃大幅提升我們的 CPU 和 GPU 業務。因此從這個角度來看，我認為我們已做好充分準備，在 2026 年實現大幅成長。鑑於供應鏈的緊張狀況，我們現在也簽訂了期限更長的多年期協議。

And just as a follow-up, you've seen a variety of different things in the industry in terms of system accelerators, so cache offload, more discrete ASIC style compute, CPX. If you look at what your competitors are doing and you look at your first generation of system architecture coming out, maybe spend some time on -- do you see yourself following in the footsteps of some of these different type of architectural changes? Do you think that you'll go in a different direction? Anything just on the evolution of your system-based architecture and then the adjoining products and/or silicon within?

作為後續問題，您在系統加速器領域已經看到了業界各種不同的技術，例如快取卸載、更獨立的 ASIC 式運算、CPX 等。如果你看看你的競爭對手在做什麼，再看看你第一代系統架構的推出，也許可以花點時間思考一下——你是否認為自己會效仿這些不同類型的架構變革？你覺得你會走不同的路嗎？能否談談你們系統架構的演變，以及相關的產品和/或晶片？

I think, Tom, what we have is the ability with a very flexible architecture, with our chiplet architecture, and then we also have a flexible platform architecture that allows us to really have different system solutions for the different requirements. I think we're very cognizant that there will be different solutions. So there's no -- I've often said there's no one size fits all, and I'll say that again, there's no one size fits all.

我認為，湯姆，我們擁有的是一種非常靈活的架構，即我們的晶片組架構，此外，我們還有靈活的平台架構，這使我們能夠針對不同的需求提供不同的系統解決方案。我認為我們非常清楚，會有不同的解決方案。所以，我常說沒有一種方案適合所有人，我再說一遍，沒有一種方案適合所有人。

But that being the case, it's clear that the Rack Scale architecture is very, very good for the highest end applications when you're talking about inference -- distributed inference and training. But we also see an opportunity with enterprise AI to use some of these other form factors. And so we're investing across that spectrum.

但即便如此，很明顯，在推理（分散式推理和訓練）方面，機架規模架構對於高階應用來說非常非常好。但我們也看到了企業人工智慧領域利用這些其他外形尺寸的機會。因此，我們正在各個領域進行投資。

Ross Seymore, Deutsche Bank.

羅斯·西摩，德意志銀行。

A couple of I guess my first question is back on the gross margin side of things. As you go from the MI300 to the 400 to the 500 eventually, do you see any changes in the gross margin throughout that period? In the past, you've talked about optimizing dollars more so than percentages. But just on the percentage side, does it go up, down? Or is there volatility as you go from one to the next for any reason? Just wondered on the trajectory there.

我想問的第一個問題還是關於毛利率方面的。從 MI300 到 MI400 再到 MI500，您認為在此期間毛利率會有任何變化嗎？過去，你更多是談論如何優化資金，而不是優化百分比。但僅從百分比來看，它是上升還是下降？或者，無論出於何種原因，從一個過渡到另一個過渡時，是否存在波動性？只是好奇那裡的發展軌跡。

Ross, thank you for the question. At a very high level, each generation, we actually provide much more capabilities, more memory, help our customers more. So in general, the gross margin should progress each generation when you offer more capabilities to your customers.

羅斯，謝謝你的提問。從總體上看，每一代產品，我們實際上都提供了更多的功能、更大的內存，為我們的客戶提供了更多幫助。因此，一般來說，隨著你為客戶提供更多功能，每一代產品的毛利率都應該提高。

But typically, when you first ramp at the beginning of ramp of generation, it tends to be lower when you get to the scale, get to the yield improvement, the testing improvement and also overall performance improvement, you will see gross margin improving within each generation. So it's kind of a dynamic gross margin. But in the longer term, you should expect each generation should have a higher gross margin.

但通常情況下，在每一代產品的初期產能爬坡階段，毛利率往往會比較低；但隨著規模擴大、良率提高、測試改進以及整體性能提升，你會發現每一代產品的毛利率都會有所提高。所以，毛利率是一種動態變動的毛利率。但從長遠來看，每一代產品的毛利率都應該會更高。

And then one on a small segment of your business, but it seems quite volatile and you talked a little bit about further off than you usually do is the gaming side of things. What is the magnitude down you're talking about this year? Because in 2025, you thought it was going to be flat and it ended up growing 50%, which was a nice positive surprise. But now that you're talking about this year being down, but then the next-gen Xbox ramping in 2027, I just hope to get some color on what you see as kind of the annual trajectory there.

然後，關於您業務的一小部分，但它似乎波動很大，而且您談到了一些比您通常談論的更遙遠的事情，那就是遊戲方面。今年你所說的下跌幅度具體是多少？因為在 2025 年，你認為它會保持平穩，但結果卻增加了 50%，這是一個令人驚訝的正面結果。但既然你提到今年銷量下滑，但下一代 Xbox 將於 2027 年上市，我只希望你能詳細說說你​​認為的年度發展軌跡。

Yes. So Lisa can add more. So 2026, actually, it's the seventh year of current product cycle. Typically, when you're at this stage of the cycle, revenue tend to come down. We do expect the revenue on the semi customer revenue side to come down significantly double digit for 2026, as Lisa mentioned in her prepared remarks, the next generation?

是的。這樣麗莎就可以增加更多內容了。所以實際上，2026 年是目前產品週期的第七年。通常情況下，當企業處於這個週期階段時，收入往往會下降。正如 Lisa 在她準備好的演講稿中提到的那樣，我們預計 2026 年半導體客戶收入方面將出現兩位數的顯著下降，下一代產品呢？

Yes. I think we'll -- I mean we'll certainly talk about that going forward. But as we ramp the new generation, you would expect a reversal of that.

是的。我想我們——我的意思是，我們以後一定會討論這個問題。但隨著新一代產品的不斷湧現，這種情況預計會逆轉。

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

接線員，我想我們還有時間再接一位來電者。

Jim Schneider, Goldman Sachs.

吉姆‧施耐德，高盛集團。

Relative to the ramp of your recallable systems, would you expect any kind of bottleneck in terms of supply constraints in terms of the ramp as you ramp the second half of the year to potentially impact or limit the revenue growth? In other words, maybe talk about whether you expect supply to really kind of mute the growth in Q4 sequentially relative to -- sorry, Q3 relative to Q4?

相對於您可召回系統的產能提升，您是否預計在下半年產能提升過程中，供應限制方面會出現任何瓶頸，從而可能影響或限制收入成長？換句話說，或許可以談談您是否預期供應量會抑制第四季相對於第三季（相對於第四季）的成長？

Yes. Jim, we are planning this at the -- every component level. So I think relative to our data center AI ramp, I do not believe that we will be supply limited in terms of the ramp that we put in place. I think we have an aggressive ramp. I think it's a very doable ramp. And as we think about the size and scale of AMD, clearly, our priority is ensuring that the data center ramps go very well, and that's both on the data center AI, the GPU side as well as on the CPU side.

是的。吉姆，我們正在逐個組件層面進行規劃。因此，我認為就我們資料中心人工智慧的快速發展而言，我不認為我們會面臨供應不足的問題。我認為我們有一個積極的成長勢頭。我認為這是一個非常可行的坡道。當我們考慮 AMD 的規模時，很顯然，我們的首要任務是確保資料中心產能爬坡順利進行，這包括資料中心 AI、GPU 以及 CPU 兩方面。

And then maybe as a follow-up to the earlier question on OpEx. Could you maybe address what are some of the largest investment areas you made in 2025? And then what are the largest incremental OpEx investment areas for '26?

然後，或許可以作為對先前關於營運支出問題的後續討論。您能否談談您在 2025 年最大的投資領域有哪些？那麼，2026 年最大的新增營運支出投資領域是什麼？

Yes, Jim, on the 2025 investment, the priority, and the investment -- largest investment in Data Center AI. Our hardware road map, we accelerated that road map. We expand our software capabilities. We also acquired ZT Systems, which added significant system-level solutions and capabilities. Those are the primary investment in 2025.

是的，吉姆，關於 2025 年的投資、優先事項和投資——資料中心人工智慧領域最大的投資。我們加快了硬體路線圖的實施。我們擴充了軟體功能。我們也收購了 ZT Systems，這為我們增加了重要的系統級解決方案和功能。這些是2025年的主要投資項目。

We also invest heavily in go-to-market to really expand our go-to-market capabilities to support the revenue growth and also expand our commercial business and enterprise business for our CPO franchise. In 2026, you should expect us to continue to invest aggressively. But as Lisa mentioned earlier, we do expect revenue to expand faster than operating expense increase to drive the earnings per share expansion.

我們也大力投資於市場推廣，以真正擴大我們的市場推廣能力，從而支持收入成長，並擴大我們 CPO 特許經營的商業業務和企業業務。預計到2026年，我們將繼續加強投資力度。但正如 Lisa 先前提到的，我們預期營收成長速度將超過營運支出成長速度，從而推動每股盈餘成長。

All right. Thank you, everybody, for participating on the call. Operator, I think we can go ahead and close the call now. Thank you. Good evening.

好的。感謝各位參加本次電話會議。接線員，我想我們現在可以結束通話了。謝謝。晚安.

Thank you. And ladies and gentlemen, that does conclude the question-and-answer session, and that also concludes today's teleconference. You may disconnect your lines at this time and have a great rest of the day.

謝謝。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。現在您可以斷開線路了，祝您今天餘下的時間愉快。