超微半導體 (AMD) 2026 Q2 法說會逐字稿

Greetings, and welcome to the AMD second quarter 2026 conference call. (Operator Instructions) And please note that this conference is being recorded. I will now turn the conference over to Matt Ramsay, VP, Financial Strategy and IR. Thank you, Matt. You may begin.

各位好，歡迎參加 AMD 2026 年第二季財報電話會議。(接線員指示) 並請注意，本次會議將被錄音。現在我將把會議交給財務策略與投資人關係副總裁 Matt Ramsay。謝謝你，Matt。你可以開始了。

Thank you, and welcome to AMD's second quarter '26 financial results conference call. By now, you should have had the opportunity to review a copy of our earnings press release and the accompanying slides. If you have not had the chance to review these materials, they can be found on the investor relations page of amd.com. Today, we will refer primarily to non-GAAP financial measures during the call. The full non-GAAP reconciliations are available in today's press release and slides posted on our website.

謝謝，歡迎參加 AMD 2026 年第二季財務業績電話會議。此時各位應已有機會查閱我們的財報新聞稿及隨附投影片。若尚未查閱，相關資料可在 amd.com 的投資人關係頁面找到。今天的電話會議中，我們將主要引用非 GAAP 財務衡量指標。完整的非 GAAP 調節表已收錄於今日的新聞稿以及我們網站上發布的投影片中。

As a reminder, our second quarter 2025 results included approximately $800 million of inventory and related charges associated with US export control restrictions on MI308 shipments to China. Unless otherwise noted, comments making year-over-year comparisons exclude the impact of those charges to provide a more comparable and meaningful view of our underlying business performance today 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.

提醒各位，我們 2025 年第二季的業績包含約 8 億美元的庫存及相關費用，係與美國出口管制限制 MI308 對中國出貨有關。除非另有說明，所有年度同比比較的評論均排除上述費用影響，以提供對我們當前基礎業務表現更具可比性且更有意義的觀點。今天參加電話會議的有我們的董事長暨執行長蘇姿丰博士，以及執行副總裁、財務長兼財務主管 Jean Hu。本次為即時電話會議，並將透過我們網站的網路直播提供重播。

Before we begin, I would like to note that AMD will participate in the following events for the financial community. Key Bank's Technology Leadership Forum on Tuesday, August 11. Citi's 2026 Global TMT Conference on Tuesday, September 8, and the Goldman Sachs Communacopia and Technology Conference on Friday, September 11.

在開始之前，我想說明 AMD 將參與以下面向金融社群的活動。KeyBank 科技領導力論壇，於 8 月 11 日（週二）。花旗 2026 全球 TMT 大會，於 9 月 8 日（週二），以及高盛 Communacopia 與科技大會，於 9 月 11 日（週五）。

Today's discussions contain forward-looking statements based on the current beliefs, assumptions, expectations including forward-looking statements regarding financial projections, business and industry trends that speak only as of today and as such, involve risks and uncertainties that could cause actual results to differ materially from our current expectations.

今天的討論包含以前瞻性陳述為主的內容，係基於目前的信念、假設與預期，包括關於財務預測、業務與產業趨勢的前瞻性陳述；這些陳述僅截至今日有效，因此涉及可能導致實際結果與我們目前預期存在重大差異的風險與不確定性。

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

關於可能導致實際結果與預期存在重大差異之因素的更多資訊，請參閱我們新聞稿中的警示性聲明。

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

接下來，我把電話交給 Lisa。

Thank you, Matt, and good afternoon to all those listening today. We delivered another outstanding quarter with record revenue and profitability as adoption of our leadership products continue to expand. Revenue increased 50% year-over-year to $11.5 billion, driven by significantly higher sales of EPYC, Instinct, Ryzen and embedded processors. Data center revenue more than doubled year-over-year and now represents 58% of total revenue, up from 42% a year ago, reflecting the rapidly expanding scale of our server and data center AI businesses.

謝謝你，Matt，也向今天收聽的各位致上下午好。隨著我們領先產品的採用持續擴大，我們再度交出一個表現出色的季度，營收與獲利能力皆創下新高。營收年增 50% 至 115 億美元，主要由 EPYC、Instinct、Ryzen 與嵌入式處理器銷售大幅成長所帶動。資料中心營收年增逾一倍，現已占總營收的 58%，高於一年前的 42%，反映我們伺服器與資料中心 AI 業務規模正快速擴張。

Our record results mark another clear step up in AMD's financial performance and demonstrates the strength of our product portfolio and execution. We are still in the early stages of a multiyear AI adoption cycle as deployments grow across a broad set of markets and workloads. Driving demand for more compute and creating a clear path to significant revenue growth and earnings power in the years ahead.

我們創紀錄的成果，標誌著 AMD 財務表現再次明顯躍升，並展現我們產品組合與執行力的強勁實力。隨著部署在廣泛市場與工作負載中持續成長，我們仍處於多年期 AI 採用循環的早期階段。這正推動對更多運算能力的需求，並為未來數年顯著的營收成長與獲利能力提升奠定清晰路徑。

Turning to our segments. Data center revenue grew 107% year-over-year to a record $6.7 billion, driven by strong demand for EPYC processors and Instinct accelerators. In server, we delivered our fifth consecutive quarter of record server CPU revenue with cloud and enterprise sales each growing more than 70% year-over-year, exceeding the outlook we provided last quarter. We gained x86 server revenue share year-over-year as customers expanded deployments of both fifth-gen EPYC turn and fourth gen EPYC general lease.

接著看各事業部門。資料中心營收年增 107% 至創紀錄的 67 億美元，主要受 EPYC 處理器與 Instinct 加速器的強勁需求帶動。在伺服器方面，我們連續第五季創下伺服器 CPU 營收新高，雲端與企業銷售皆年增超過 70%，並優於我們上季提供的展望。隨著客戶擴大部署第五代 EPYC Turin 與第四代 EPYC Genoa，我們的 x86 伺服器營收市占率較去年同期提升。

In cloud, hyperscalers continued expanding EPYC across their internal infrastructure and public cloud offerings, including AWS, Microsoft, full Oracle and others. Fifth-gen EPYC picture now powers nearly 1/3 of the more than 1,600 EPYC public cloud instance types available globally as providers broaden their offerings with new database storage and AI workloads. That expanding footprint is translating into growing adoption of EPYC in the cloud with health care, financial services, media and technology companies, adding tens of millions of instances last quarter.

在雲端方面，超大規模業者持續在其內部基礎設施與公有雲產品中擴大採用 EPYC，包括 AWS、Microsoft、Oracle 等。第五代 EPYC 目前已為全球超過 1,600 種 EPYC 公有雲執行個體類型中的近三分之一提供運算能力，因各家供應商以新的資料庫、儲存與 AI 工作負載擴充其產品組合。這種持續擴大的佈局正轉化為雲端對 EPYC 的更高採用率，醫療保健、金融服務、媒體與科技公司在上季新增了數千萬個執行個體。

In enterprise, we delivered record sales in our fourth consecutive quarter of record sell-through as on-prem adoption accelerated driven by the leadership performance and TCO advantages of our EPYC portfolio. Growth was broad-based as we won large deployments with leading financial services, manufacturing, telecom, retail, and technology companies.

在企業市場方面，隨著本地端採用加速，受惠於我們 EPYC 產品組合的領先效能與總持有成本（TCO）優勢，我們在連續第四季創下出貨量（sell-through）新高的同時，也交出創紀錄的銷售表現。成長動能廣泛，我們在金融服務、製造、電信、零售與科技等領先企業客戶中贏得大型部署案。

More than 230 fifth-gen EPYC platforms are now in market from HPE, Dell, Lenovo, Super Micro and others, our broadest enterprise portfolio to date. Looking ahead, agentic AI is creating a new growth vector for server CPUs, spanning high-frequency AI host nodes, high-density agentic servers and general-purpose cloud and enterprise workloads.

目前市場上已有超過 230 款第五代 EPYC 平台，來自 HPE、Dell、Lenovo、Super Micro 等合作夥伴，這是我們迄今最完整的企業產品組合。展望未來，代理式 AI（agentic AI）正為伺服器 CPU 創造新的成長動能，涵蓋高頻 AI 主機節點、高密度代理式伺服器，以及通用型雲端與企業工作負載。

Our sixth gen EPYC Ventas family is purpose-built for this expanding range of workloads and delivers one of the largest generational performance gains in EPYC history. Built on our all-new N6 core and two nanometer technology, Metis extends EPYC leadership in performance and efficiency, delivering more than twice performance per watt of leading x86 CPUs. And up to 3.3 times the performance per watt of leading ARM-based CPUs.

我們第六代 EPYC Venice 系列正是為這一日益擴大的工作負載範圍量身打造，並帶來 EPYC 歷史上最大的世代效能躍升之一。基於全新的 N6 核心與 2 奈米製程技術打造，Metis 進一步延伸 EPYC 在效能與效率上的領先地位，提供相較於領先 x86 CPU 超過 2 倍的每瓦效能。並且相較於領先的 ARM 架構 CPU，最高可達 3.3 倍的每瓦效能。

The Venice family includes more than 30 processors that combine leadership per core and per-socket performance with a broad range of memory configurations, giving customers greater flexibility to optimize performance, efficiency, and TCO across the most widely used cloud, enterprise, and HPC workloads. Venice is in production now with every major OEM on track to launch platforms and the leading cloud providers planning deployments beginning later this year.

Venice 系列包含超過 30 款處理器，結合每核心與每插槽的領先效能，以及多樣化的記憶體配置選項，讓客戶能在最常見的雲端、企業與 HPC 工作負載中，更靈活地最佳化效能、效率與總持有成本（TCO）。Venice 目前已進入量產階段，所有主要 OEM 均按計畫推出平台，領先的雲端服務供應商也規劃自今年稍晚開始部署。

Customer demand for Venice is stronger than for any prior EPYC generation, and we expect to continue growing market share across cloud and enterprise in the coming quarters. Turning to our data center AI business. Revenue more than doubled over year driven by strong demand for Instinct accelerators. MI355x adoption continued to broaden as leading AI companies scale deployments across a growing range of inferencing and training workloads and cloud providers expanded MI350-series availability.

客戶對 Venice 的需求強於以往任何一代 EPYC，我們預期未來幾季將持續在雲端與企業市場擴大市占。接著談我們的資料中心 AI 業務。受 Instinct 加速器強勁需求帶動，營收年增逾一倍。MI355x 的採用持續擴大，領先的 AI 公司正將部署規模化至更多推論與訓練工作負載，同時雲端供應商也擴增 MI350 系列的可用性。

At our advancing AI event, we launched Helios, our rock scale AI platform combining EPYC Venice CPUs, MI450-Series GPUs, Pensando networking and ROCm Software. Across a broad range of inferencing workloads. Helios delivers up to 15% more throughput at the same rock power and up to 30% more tokens per dollar than the competition. Customer pull for Helios is very strong and tracking ahead of our initial forecast.

在我們的 Advancing AI 活動上，我們發表了 Helios——我們的機架級（rack-scale）AI 平台，整合 EPYC Venice CPU、MI450 系列 GPU、Pensando 網路與 ROCm 軟體。在廣泛的推論工作負載中，Helios 在相同機架功耗下可提供最高 15% 的吞吐量提升，且每美元可產生的 token 數最高較競品多 30%。客戶對 Helios 的拉動需求非常強勁，進度也超出我們最初的預測。

In addition to our multi-generation gigawatt scale deployments with OpenAI and Meta, we announced a new strategic partnership with Anthropic. Anthropic will deploy up to 2 gigawatts of MI450 series GPUs in Helios with deployment of the first gigawatt beginning in the first half of 2027. The partnership includes a multiyear joint engineering collaboration using Claude to optimize workloads for instinct GPUs and accelerate ROCm software development.

除與 OpenAI 與 Meta 的多世代、吉瓦級部署之外，我們也宣布與 Anthropic 建立新的策略合作夥伴關係。Anthropic 將在 Helios 中部署最多 2 吉瓦的 MI450 系列 GPU，首個 1 吉瓦的部署預計於 2027 年上半年開始。此合作亦包含多年期的聯合工程協作，使用 Claude 來最佳化 Instinct GPU 的工作負載，並加速 ROCm 軟體開發。

We also expanded our long-standing partnership with Microsoft. Microsoft will deploy Helios at scale on Azure for Frontier model inferencing across Microsoft, its AI customers and ad AI services. Together, these commitments broaden the group of leading AI companies and cloud providers building their next-generation infrastructure on AMD. Helios is now in production with initial shipments on track to begin later this quarter and ramp through the fourth quarter and into 2027 to meet very strong customer demand.

我們也擴大了與微軟長期以來的合作夥伴關係。微軟將在 Azure 上大規模部署 Helios，用於在微軟本身、其 AI 客戶以及廣告 AI 服務中的 Frontier 模型推論。這些承諾共同擴大了在 AMD 上打造下一代基礎設施的領先 AI 公司與雲端供應商陣容。Helios 現已投入量產，首批出貨預計將於本季稍晚開始，並在第四季及 2027 年持續爬坡，以滿足非常強勁的客戶需求。

Looking beyond Helios, we plan to launch a new rack scale AI platform every year with each generation delivering significant performance, efficiency, and TCO gains. In 2027, our next-generation platform combines MI500 series GPUs, Verano CPUs and Pensando networking with expanded scale-up domains in both copper and optical-based interconnects. Customer engagement on MI500 is very strong with multiple customers working closely with us as they plan their next-generation AI infrastructure.

展望 Helios 之後，我們計畫每年推出一個新的機櫃級（rack scale）AI 平台，每一代都將帶來顯著的效能、效率與總持有成本（TCO）改善。在 2027 年，我們的下一代平台將結合 MI500 系列 GPU、Verano CPU 與 Pensando 網路技術，並在銅纜與光學互連兩種架構中擴大 scale-up 網域。MI500 的客戶洽談非常熱絡，多家客戶正與我們密切合作，規劃其下一代 AI 基礎設施。

We expect MI500 to deliver the largest generational leap in instinct history is on track to increase inferencing performance more than 2,000 times in just four years. Turning to our AI software stack. ROCm has reached an important inflection point with the performance, capabilities and developer experience customers need to deploy AI in production at scale. The breadth of the ecosystem also continues to expand.

我們預期 MI500 將帶來 Instinct 歷史上最大幅度的世代躍升，並正按計畫在短短四年內將推論效能提升超過 2,000 倍。接著談談我們的 AI 軟體堆疊。ROCm 已達到一個重要的拐點，具備客戶在大規模量產部署 AI 所需的效能、能力與開發者體驗。生態系的廣度也持續擴大。

More than 3 million models now run out of the box on AMD, the leading open models launched with day zero support for Instinct and open source contributions to ROCm have increased more than tenfold over the past year. We introduced ROCm, our new AI-assisted development platform for AMD GPUs last month. ROCm.ai-led developers use today's leading coating agents, including Claude, Codex, and Cursor to create, port and optimize code for instinct, making it significantly faster and easier to bring new models and workloads to AMD.

目前已有超過 300 萬個模型可在 AMD 上開箱即用地運行；主流開放模型在推出當天即支援 Instinct，而對 ROCm 的開源貢獻在過去一年也增加了十倍以上。我們上個月推出了 ROCm.ai，這是我們針對 AMD GPU 的全新 AI 輔助開發平台。ROCm.ai 讓開發者可使用當今領先的程式碼代理工具，包括 Claude、Codex 與 Cursor，為 Instinct 建立、移植並最佳化程式碼，使將新模型與工作負載導入 AMD 變得顯著更快、更容易。

ROCm. AI delivers more than twice the trading performance and won 3 times the inferencing performance of ROCm 7 across a broad range of models. We are also working closely with the leading AI labs, including OpenAI, Anthropic, Meta and others to co-optimize ROCm for their models with the improvements benefiting the entire AMD ecosystem. Taking a step back, the overall data center market opportunity is expanding far more rapidly than we projected just 6 months ago.

ROCm.ai在廣泛的模型範圍內，提供超過兩倍的訓練效能，且推論效能較 ROCm 7 提升達 3 倍。我們也正與領先的 AI 實驗室密切合作，包括 OpenAI、Anthropic、Meta 等，共同為其模型協同最佳化 ROCm，而這些改進將惠及整個 AMD 生態系。退一步來看，整體資料中心市場機會的擴張速度，遠高於我們僅在 6 個月前的預估。

As AI moves into production across a broader range of applications and workloads, Demand for both accelerators and CPUs is growing well above our prior expectations. We now expect the data center AI accelerator market to grow more than 45% annually to approximately $1.4 trillion by 2030 and we expect the server CPU market to grow more than 50% annually to approximately $220 billion by 2030.

隨著 AI 在更廣泛的應用與工作負載中進入量產階段，加速器與 CPU 的需求成長都遠高於我們先前的預期。我們現在預期資料中心 AI 加速器市場將以每年超過 45% 的速度成長，至 2030 年約達 1.4 兆美元；同時我們也預期伺服器 CPU 市場將以每年超過 50% 的速度成長，至 2030 年約達 2,200 億美元。

For AMD, this larger opportunity, combined with the strength of our portfolio and growing customer visibility is creating a steeper growth trajectory for our data center business. In data center AI, the growing number and scale of Helios and MI450 Series instinct deployments, position the business for significant growth in the second half of the year with growth accelerating in 2027.

對 AMD 而言，這個更大的機會，加上我們產品組合的實力與日益提升的客戶能見度，正為我們的資料中心業務帶來更陡峭的成長軌跡。在資料中心 AI 方面，Helios 與 MI450 系列 Instinct 部署的數量與規模持續增加，使該業務在今年下半年具備顯著成長動能，並在 2027 年加速成長。

In server CPUs with very strong customer demand and improved supply, we now expect server revenue to grow more than 8% year-over-year in the second half of 2026 and more than 70% for the full year 2027, off a much higher. Taken together, we now expect data center segment revenue to more than double year-over-year in 2027. Turning to client and gaming. Segment revenue grew 6% year-over-year to $3.8 billion.

在伺服器 CPU 方面，受惠於非常強勁的客戶需求與供應改善，我們現在預期 2026 年下半年伺服器營收年增將超過 8%，而 2027 全年年增將超過 70%，且基期更高。綜合而言，我們現在預期 2027 年資料中心事業群營收將較去年增加一倍以上。接著談客戶端與遊戲。該事業群營收年增 6% 至 38 億美元。

In client, revenue increased 23% year-over-year to $3.1 billion, driven by record mobile processor revenue and continued share gains. Commercial adoption continued to expand in the quarter, with Ryzen Pro sales growing more than 50% year-over-year as we close new wins with large health care, technology, automotive, and financial services companies.

在客戶端方面，營收年增 23% 至 31 億美元，主要由行動處理器營收創新高以及市占持續提升所帶動。本季商用採用持續擴大，隨著我們在大型醫療保健、科技、汽車與金融服務公司取得新案，Ryzen Pro 銷售年增超過 50%。

To build on this momentum, Dell, HP, Lenovo, Asus and others launched a broad portfolio of new commercial PCs powered by our latest generation Ryzen AI Pro or 100 series processors. Demand was also strong for our Ryzen AI halo developer systems, which went on sale in the quarter. In July, we introduced our next-generation Ryzen AI Halo platform powered by our new Gorgon Halo processor, featuring an industry-leading 192 gigabytes of unified memory and can run models with up to 300 billion putters.

為延續這股動能，Dell、HP、Lenovo、Asus 等推出了廣泛的新商用 PC 產品組合，搭載我們最新一代 Ryzen AI Pro 或 100 系列處理器。我們的 Ryzen AI Halo 開發者系統在本季開賣，需求同樣強勁。7 月，我們推出了下一代 Ryzen AI Halo 平台，採用全新的 Gorgon Halo 處理器，具備業界領先的 192GB 統一記憶體，並可運行最高達 3,000 億參數的模型。

And to make it even easier for developers to build and test large AI models locally, we are partnering with Hugging face to include one year of Hugging face Pro with every Ryzen AI halo system beginning later this year. Looking to the second half of the year, we are planning for a softer PC market as higher memory and component costs weigh on demand. Against this backdrop, we expect our client business to perform better than the market, driven by the strength of our Ryzen portfolio and growing commercial adoption.

此外，為讓開發者更容易在本地端建置與測試大型 AI 模型，我們正與 Hugging Face 合作，自今年稍晚起，每一套 Ryzen AI Halo 系統將隨附一年 Hugging Face Pro。展望下半年，隨著記憶體與零組件成本上升抑制需求，我們正為較疲弱的 PC 市場做準備。在此背景下，我們預期客戶端業務表現將優於整體市場，主要由 Ryzen 產品組合的實力與商用採用持續擴大所帶動。

In gaming, revenue declined 31% year-over-year to $779 million, primarily due to lower semi-custom sales at this stage of the console cycle. Gaming graphics revenue also declined year-over-year as higher industry-wide component costs contributed to higher graphics card prices and weighed on overall demand. Turning to our embedded segment. Revenue increased 19% year-over-year to $977 million, our strongest growth in more than three years.

在遊戲方面，營收年減 31% 至 7.79 億美元，主要因主機週期進入此階段後，半客製化（semi-custom）銷售下滑。遊戲顯示卡營收亦較去年下滑，因全產業零組件成本上升推高顯示卡價格，並抑制整體需求。接著談嵌入式事業群。營收年增 19% 至 9.77 億美元，為三年多來最強勁的成長。

Demand was broad-based with strength across networking, aerospace and defense, test measurement and emulation and communication customers. Our embedded X86 business grew significantly in the quarter as hyperscalers and networking customers increasingly adopted our CPUs to power critical networking and control plane functions in the data center. We also continued to expand our portfolio, introducing Ryzen AI embedded X100 processors for demanding real-time edge AI workloads and the Crea AI robotics platform for physical AI.

需求呈現廣泛成長，網路、航太與國防、測試量測與模擬（emulation），以及通訊客戶皆表現強勁。本季我們的嵌入式 x86 業務顯著成長，因超大規模業者與網路客戶日益採用我們的 CPU，為資料中心關鍵的網路與控制平面功能提供運算。我們也持續擴充產品組合，推出 Ryzen AI Embedded X100 處理器以因應嚴苛的即時邊緣 AI 工作負載，以及用於實體 AI 的 Crea AI 機器人平台。

Looking more broadly, the strategy we have been executing over the last few years is now delivering strong results. Embedded x86 is becoming a significant growth driver for the segment. Our overall embedded portfolio is outgrowing the market and gaining share, and our embedded semi-custom engagements are expanding. Design win momentum also remains very strong. We are tracking towards another record year with more than $18 billion of new design wins, led by major wins with networking, data center, communications test, and aerospace, and defense customers.

更宏觀地看，我們過去幾年所執行的策略如今正帶來強勁成果。嵌入式 x86 正成為該事業群的重要成長動能。我們整體嵌入式產品組合的成長速度高於市場並持續提升市占，同時嵌入式半客製化合作案也在擴大。設計導入（design win）動能仍然非常強勁。我們正朝向再創紀錄的一年邁進，新取得的設計導入金額超過 180 億美元，主要來自網路、資料中心、通訊測試，以及航太與國防客戶的重大勝利。

In summary, we delivered record revenue and profitability in the second quarter, reflecting our strong execution and the growing adoption of our leadership products. We entered the second half with strong momentum across our businesses. With MI455x now in production, initial Helio shipments set to begin this quarter, Ryzen Pro CPUs driving continued commercial share gains and our embedded segment returning to strong year-over-year growth.

總結而言，我們在第二季創下營收與獲利新高，反映出我們強勁的執行力以及市場對我們領先產品的採用持續提升。我們以強勁動能進入下半年，各項業務皆表現良好。隨著 MI455x 現已投入量產、Helios 首批出貨預計於本季開始、Ryzen Pro CPU 推動商用市占持續提升，以及嵌入式事業群恢復強勁的年增成長。

More than a decade of focused investment has given us the strongest and best product portfolio in the industry, deep strategic relationships with the companies driving the future of computing and a proven ability to deliver multigeneration road maps and ramp complex products at scale. At the same time, AI is driving demand for dramatically more compute across all of our markets.

十多年來專注的投資，讓我們擁有業界最強、最完整的產品組合，並與推動運算未來的公司建立了深厚的策略關係，同時也證明了我們具備交付跨世代產品藍圖、並以規模化方式量產複雜產品的能力。同時，AI 正在推動我們所有市場對運算能力出現大幅增加的需求。

We now see the overall market for high performance in AI computing growing approximately 40% annually over the next several years, approaching $2 trillion by 2030, and we expect to grow well above the market. As a result, we are tracking materially ahead of the long-term financial model we shared at our Financial Analyst Day last November. We now expect revenue to grow substantially above our prior target of greater than 35%, and we expect to significantly exceed our $20 annual EPS target within our strategic time frame.

我們目前看到，未來幾年 AI 運算的高效能整體市場將以約 40% 的年成長率擴張，至 2030 年接近 2 兆美元，而我們預期自身成長將遠高於市場。因此，我們目前的表現明顯超前於去年 11 月在金融分析師日所分享的長期財務模型。我們現在預期營收成長將大幅高於先前「超過 35%」的目標，並且預期在我們的策略時間範圍內，顯著超越每年 20 美元的 EPS 目標。

We are still in the early innings of a multiyear AI adoption cycle and the opportunity ahead is enormous. We are exceptionally well positioned to capitalize on this opportunity and deliver significant growth in the coming years. Now I will turn the call over to Jean to provide additional color on our second quarter results. Jean?

我們仍處於多年期 AI 採用循環的早期階段，前方機會極為龐大。我們具備極佳的有利位置，可把握這項機會並在未來幾年帶來顯著成長。接下來我把電話交給 Jean，請她就我們第二季的結果提供更多說明。Jean？

Thank you, Lisa, and good afternoon, everyone. I'll start with a review of our second quarter financial results and then provide our current outlook for the third quarter of fiscal 2026, we had an outstanding second quarter, marking our sixth consecutive quarter of greater than 30% year-over-year revenue growth. Revenue increased 50% year-over-year and 13% sequentially to a record $11.5 billion, driven by continued momentum across our businesses. Importantly, data center accounted for approximately 58% of total revenue, underscoring the continued shift in our business mix and its increasing contribution to AMD's growth.

謝謝你，Lisa，各位下午好。我將先回顧我們第二季的財務結果，接著提供我們對 2026 會計年度第三季的最新展望。我們第二季表現非常出色，這是我們連續第六季達成年增超過 30% 的營收成長。營收年增 50%、季增 13%，達到創紀錄的 115 億美元，主要受惠於各項業務持續的成長動能。重要的是，資料中心約占總營收的 58%，凸顯我們業務組合持續轉移，以及其對 AMD 成長的貢獻日益提升。

On comparable basis, diluted earnings per share increased approximately 82% year-over-year, significantly outpacing our revenue growth and demonstrating our earnings power as we scale our business.

以可比基礎計算，稀釋後每股盈餘年增約 82%，顯著超越我們的營收成長，展現我們在擴大業務規模時的獲利能力。

Gross margin for the quarter expanded to 56%, up over 200 basis points year-over-year and 80 basis points sequentially reflecting a favorable product mix and a growing contribution from our data center business. Operating expenses were $3.4 billion, an increase of 40% year-over-year as we continue to invest in R&D to expand our AI silicon systems and software capabilities to support our long-term growth opportunities. Operating income was $3.1 billion, representing a 27% operating margin.

本季毛利率擴張至 56%，年增超過 200 個基點、季增 80 個基點，反映有利的產品組合，以及資料中心業務貢獻提高。營業費用為 34 億美元，年增 40%，因我們持續加碼研發投資，以擴展 AI 矽晶系統與軟體能力，支援長期成長機會。營業利益為 31 億美元，營業利益率為 27%。

Now turning to our reportable segment, starting with the data center segment. Revenue was a record $6.7 billion, more than doubling year-over-year and up 16% sequentially. Growth was driven by greater than 70% year-over-year increase in EPYC sales with record enterprise sell-through and robust demand across our cloud customer base. Both unit shipments and ASP increased significantly year-over-year reflecting the continued mix shift powered to our latest SM5 generation processors.

接著看我們的可報導部門，先從資料中心部門開始。營收創紀錄達 67 億美元，年增逾一倍、季增 16%。成長主要來自 EPYC 銷售年增超過 70%，企業端出貨（sell-through）創新高，且在雲端客戶群中需求強勁。出貨量與 ASP 均較去年顯著提升，反映產品組合持續轉向我們最新的 SM5 世代處理器。

Instinct sales more than doubled year-over-year with the continued ramp of our MI350 Series product, as adoption broadened across the largest AI labs, cloud providers, leading AI start-ups national labs and the sovereign AI deployment. Data center segment operating income was $2.1 billion or 31% of revenue. Client Gaming segment revenue was $3.8 billion, up 6% year-over-year and 7% sequentially.

Instinct 銷售年增逾一倍，受惠於 MI350 系列產品持續放量，採用範圍擴大至最大型 AI 實驗室、雲端服務供應商、領先的 AI 新創、國家實驗室，以及主權 AI 部署。資料中心部門營業利益為 21 億美元，占營收 31%。Client Gaming 部門營收為 38 億美元，年增 6%、季增 7%。

The client business revenue was $3.1 billion, up 23% year-over-year and 6% sequentially, led by record mobile revenue. The gaming business revenue was $779 million, down 31% year-over-year, primarily due to lower semi customer revenue. Sequentially, gaming revenue increased 8%, driven by higher semi customer sales, partially offset by lower Radian shipments. Client gaming segment operating income was $582 million or 15% of revenue compared to $767 million or 21% a year ago.

Client 業務營收為 31 億美元，年增 23%、季增 6%，主要由行動產品營收創新高帶動。Gaming 業務營收為 7.79 億美元，年減 31%，主要因半客製化（semi-custom）客戶營收較低。就季比而言，Gaming 營收成長 8%，由較高的半客製化客戶銷售帶動，但部分被 Radeon 出貨下降所抵銷。Client Gaming 部門營業利益為 5.82 億美元，占營收 15%，相較一年前為 7.67 億美元、占營收 21%。

Reflecting continued investment in go-to-market activities and expanding product road map. In base segment revenue was $977 million, up 19% year-over-year and 12% sequentially as demand continued to improve across end markets and the new design wins with began ramping. Embedded segment, operating income was $386 million or 40% of revenue, compared to $275 million or 33% a year ago, driven by higher revenue and favorable product mix.

這反映我們持續投資於市場推廣（go-to-market）活動並擴展產品藍圖。Base 部門營收為 9.77 億美元，年增 19%、季增 12%，因終端市場需求持續改善，且新的設計導入（design wins）開始放量。Embedded 部門營業利益為 3.86 億美元，占營收 40%，相較一年前為 2.75 億美元、占營收 33%，主要受惠於較高營收與有利的產品組合。

Turning to the balance sheet and the cash flow. During the quarter, we generated $2.4 billion in cash from continuing operations and $1.6 billion in free cash flow. Inventory increased sequentially to approximately $8.5 billion to support strong data center demand. At the end of the quarter, cash, cash equivalents and short-term investments were $13.1 billion. Now turning to our third quarter 2026 outlook.

接著看資產負債表與現金流。本季我們自持續營運產生 24 億美元現金流入，自由現金流為 16 億美元。為支援強勁的資料中心需求，存貨季增至約 85 億美元。季末現金、約當現金及短期投資為 131 億美元。接下來談我們對 2026 年第三季的展望。

We expect revenue to be approximately $13 billion plus or minus $300 million.

我們預期營收約為 130 億美元，上下浮動 3 億美元。

At the middle point of our guidance, revenue is expected to be up 41% year-over-year, driven by very strong double-digit growth in our data center segment. Strong double-digit growth in our embedded segment and the decline in client gaming segment with growth in our client business more than offset by significant double-digit decline in gaming. Sequentially expect revenue to be up approximately 13%, driven by strong double-digit growth in both our data center and embedded segments and a modest decline in our client gaming segment with a slight growth in clients, offset by strong double-digit decline in gaming.

以指引中位數計算，營收預期年增 41%，主要由資料中心部門非常強勁的雙位數成長所帶動。Embedded 部門亦有強勁的雙位數成長；Client Gaming 部門則下滑，其中 Client 業務的成長，將被 Gaming 業務顯著的雙位數下滑所抵銷。以季比來看，我們預期營收約成長 13%，由資料中心與 Embedded 部門的強勁雙位數成長帶動；Client Gaming 部門小幅下滑，其中 Client 略有成長，但被 Gaming 的強勁雙位數下滑所抵銷。

In addition, we expect third quarter non-GAAP gross margin to be approximately 56%. Non-GAAP operating expenses to be approximately $3.65 billion. non-GAAP other income and expense to be again approximately $55 million. Non-GAAP effective tax rate to be 13% and the diluted share count is expected to be approximately 1.66 billion shares. In closing, we delivered another outstanding quarter of revenue growth and the significant earnings expansion, reflecting the strength of our execution and the strong momentum across the business.

此外，我們預期第三季非 GAAP 毛利率約為 56%。非 GAAP 營業費用約為 36.5 億美元。非 GAAP 其他收益與費用預期同樣約為 5,500 萬美元。非 GAAP有效稅率預期為 13%，稀釋後股數預期約為 16.6 億股。最後，我們再度交出一季亮眼的營收成長與顯著的獲利擴張，反映我們執行力的強勁，以及各項業務的強大動能。

As data center growth continue to accelerate, we entered the second half of the year, very well positioned to deliver continued profitable growth.

隨著資料中心成長持續加速，我們進入下半年時，已具備非常有利的位置，可持續實現獲利性的成長。

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

接下來我把時間交回給 Matt，進行問答環節。

Thank you very much, Jean. John, we'd like to go ahead and start the Q&A session now. Please do poll the audience for questions. We ask that each caller ask one question with one brief follow-up. Thank you.

非常感謝你，Jean。John，我們現在想開始進行問答環節。請協助讓聽眾提問。我們請每位來電者提出一個問題，並可有一個簡短追問。謝謝。

(Operator Instructions) Tom O'Malley with Barclays.

(接線員指示) Barclays 的 Tom O'Malley。

Lisa, you laid out the Analyst Day $1.4 trillion on the Accelerator side, you laid out the $220 billion on the CPU side. But the share dynamics within those are very different. So I think the genesis of the question here is when do you see that crossover point happening in the data center GPU business and the CPU business. Is that something that comes this calendar year? And when you look at the relative contributions between those two buckets, into calendar year '27 from a dollars perspective, where are you seeing the most strength?

Lisa，你在分析師日提出加速器端為 1.4 兆美元、CPU 端為 2,200 億美元。但這兩者內部的市占動態非常不同。所以我這個問題的出發點是：你們何時會看到資料中心 GPU 業務與 CPU 業務出現交叉點？這會在今年曆年內發生嗎？另外，從金額貢獻的角度來看，展望到 2027 曆年，在這兩個類別之間，你們在哪一邊看到最強的動能？

Yes. Tom, thanks for the question. So look, we are certainly seeing a very, very strong compute market demand over both the data center accelerator as well as the server CPU. I think the server CPU is a little bit newer, and so we've been giving updates on that. As we go forward, certainly, looking at our Q3 guide our Q4 guide, we see very strong growth across both server and data center AI.

是的。Tom，謝謝你的提問。所以你看，我們確實看到運算市場需求非常、非常強勁，涵蓋資料中心加速器以及伺服器 CPU。我認為伺服器 CPU 相對較新，因此我們一直在提供相關更新。展望未來，從我們的 Q3 指引與 Q4 指引來看，我們看到伺服器與資料中心 AI 兩者都呈現非常強勁的成長。

So we're seeing server grow over 80% in the second half of the year year-over-year.

因此我們看到伺服器在今年下半年年對年成長超過 80%。

We're seeing very strong data center AI growth and that reflects into our 2027. The way to think about it is both businesses are going to grow a lot. The data center AI TAM is certainly larger. And as a result, as we ramp the large strategic customers that we have on Helios in 2027, you would expect substantial growth in that business in 2027. But both businesses are very significant drivers of our 2027 growth and beyond.

我們看到資料中心 AI 成長非常強勁，這也反映在我們對 2027 年的展望中。可以這樣理解：兩項業務都會大幅成長。資料中心 AI 的 TAM（總可服務市場）確實更大。因此，當我們在 2027 年於 Helios 上擴大量產並導入我們的大型策略客戶時，你會預期該業務在 2027 年將有顯著成長。但這兩項業務都是推動我們 2027 年及之後成長的非常重要動能。

And then maybe under that framework with both growing very strongly into next year. Maybe this one is for you, Jean. You obviously have some headwinds in the, on the GPU side as you're ramping Helios, but also on the server processor side, you would imagine that you're getting above corporate gross margins there. Maybe as you look at the trade-offs to gross margins into next year, is one kind of offsetting the other? Or could you maybe think that directionally, just given some of the tailwinds you're seeing with pricing directionally with the mix shift to more CPUs, could you see a tailwind more so than a headwind into calendar year '27?

接著也許在這個框架下，兩者在明年都會非常強勁地成長。Jean，這題可能是問你的。你在 GPU 端隨著 Helios 放量顯然會有一些逆風，但同時在伺服器處理器端，你會想像那邊的毛利率高於公司整體毛利率。所以當你看明年毛利率的取捨時，是否一邊會抵消另一邊？或者你是否可以從方向性來看，考量你在定價上看到的一些順風，以及產品組合轉向更多 CPU，是否在 2027 曆年會看到更多順風而非逆風？

Yes, Tom, that's a great question. Thank you for that. I think as we talked before, our gross margin is primarily driven by the mix, business mix. We're actually very pleased with our gross margin progress in the first half of 2026 and our guidance for Q3 2026. I think the way to think about the 2027 is there are a few puts and takes, the first thing is, right, as Lisa just mentioned, the Altera business is expanding very significantly with the increased TAM and the pace of our business continue to grow, which from a gross margin perspective is accretive to our overall gross margin.

是的，Tom，這是個很好的問題。謝謝你。我想如同我們之前談過的，我們的毛利率主要由組合所驅動，也就是業務組合。我們其實對 2026 年上半年毛利率的進展以及對 2026 年 Q3 的指引感到非常滿意。至於 2027 年，可以這樣看：有幾個因素此消彼長。第一點是，正如 Lisa 剛提到的，Altera 業務在 TAM 擴大以及我們業務持續成長的速度帶動下，正在非常顯著地擴張；從毛利率角度來看，這會增厚我們的整體毛利率。

On the other side, you are right, the pace of data center AI ramp is also very important because from a revenue opportunity perspective, we see large incremental revenue opportunity from data center AI once it ramps not only added tremendous revenue for the company, but also gross profit. The gross margin is slightly below copper average, I think the mix will determine how we go through 2027. But overall, we actually feel good about how we can really navigate through the transition of the business and continue to improve our gross margin to manage the balance of the gross margin plus our embedded business is recovering significantly. We actually think the Embedded business will give us additional tailwind on the gross margin side in 2027.

另一方面，你說得沒錯，資料中心 AI 的放量速度也非常重要，因為從營收機會的角度來看，一旦資料中心 AI 放量，我們看到很大的增量營收機會，不僅為公司帶來可觀的新增營收，也帶來毛利。其毛利率略低於公司平均，我認為組合將決定我們在 2027 年的走勢。但整體而言，我們其實對於如何在業務轉型期間有效掌舵並持續改善毛利率感到樂觀，同時我們的嵌入式業務正在顯著復甦。我們也認為嵌入式業務在 2027 年會在毛利率面帶來額外順風。

So I feel really good about that.

所以我對此非常有信心。

Timothy Arcuri with UBS.

UBS 的 Timothy Arcuri。

Lisa, I wonder if you could give us any color just what's embedded in the guidance in terms of data center. So, the question really is like of the growth between Q2 and Q3, which will grow more on a dollar basis CPU or GPU? And I ask because if I take your up 80% half-on-half number, it sort of implies that the server CPU might not grow that much in Q4. So I'm not sure if I'm doing that wrong. Can you just give us some color there?

Lisa，我想知道你是否能就指引中資料中心的內含假設提供一些說明。所以問題其實是：在 Q2 到 Q3 的成長之間，以金額（美元）計算，CPU 或 GPU 哪一個成長會更多？我之所以問，是因為如果我用你提到的下半年較上半年成長 80% 的數字來推算，似乎意味著伺服器 CPU 在 Q4 可能不會成長那麼多。所以我不確定是不是我算錯了。你能否就此提供一些說明？

I'm just looking at that, Tim. Look, I think we believe that the server CPU is going to grow substantially in Q3 and Q4, the way I would describe it in terms of dynamics is we have been, we have very strong demand across all of our customers in hyperscale and enterprise. And we have been adding additional supply as we've increased supply throughout the year. So we would, we're guiding the Q3 segment to grow sequentially double digits the both server and the data center AI will grow nicely within that.

Tim，我正在看這個。你看，我們認為伺服器 CPU 在 Q3 與 Q4 都會大幅成長；就動態而言，我會這樣描述：我們在超大規模與企業客戶的所有客戶群中都看到非常強勁的需求。而且隨著我們在全年逐步提升供應，我們也一直在增加額外供給。因此，我們指引 Q3 的該分部將呈現季對季雙位數成長，其中伺服器與資料中心 AI 都會在這之中有不錯的成長。

And then we should expect more growth for each of those businesses in Q4 with more supply coming on for server as well as for data center AI, the Helios ramp is just starting at the end of Q3, and it will be much more substantial in Q4, so that should sort of give you the picture of, we think Q3 is certainly a strong quarter as we look at the strong, very strong double-digit growth going into in data center segment. And in Q4, it will be higher than that.

接著在 Q4，隨著伺服器以及資料中心 AI 供應進一步到位，我們應該預期這兩項業務都會有更多成長。Helios 的放量在 Q3 末才剛開始，而在 Q4 會更為顯著；因此這應該能讓你對整體情況有個概念：我們認為 Q3 肯定是強勁的一季，因為資料中心分部將出現非常強勁的雙位數成長。而在 Q4，成長會高於此。

Okay. And then just as a follow-up. So relative to the TAM that you laid out Analyst Day. I think it's a 40% CAGR out through 2030. So, and do you think you can outgrow that CAGR out through 2030.

好的。接著再追問一題。相對於你在分析師日所提出的 TAM。我記得是到 2030 年約 40% 的 CAGR。所以，你認為你們到 2030 年能否跑贏這個 CAGR？

So is your plan to grow your revenue more than 40% during that period?

也就是說，你們的計畫是在那段期間讓營收成長超過 40% 嗎？

Yes. So as we look at the overall TAM, first of all, it's a very exciting time in the compute market. When you look at every part of our business, whether it's server CPU, data center AI or our embedded business and our PC business we sum all benefiting from the AI tailwinds. And beneath that, I think in each one of the segments, we see an opportunity to grow above the market. So from that standpoint, with our view of the TAM being greater than 40%.

是的。當我們看整體 TAM，首先，現在是運算市場非常令人振奮的時刻。你看我們業務的每一個部分，不論是伺服器 CPU、資料中心 AI、我們的嵌入式業務或 PC 業務，全部都在受惠於 AI 的順風。在此之下，我認為在每一個分部，我們都看到有機會成長快於市場。因此，從這個角度來看，在我們認為 TAM 大於 40% 的情況下。

We are also saying that we will grow greater than that from an overall revenue standpoint for the company.

我們也表示，從公司整體營收角度來看，我們的成長將高於這個水準。

Vivek Arya with Bank of America Securities.

美國銀行證券（Bank of America Securities）的 Vivek Arya。

Lisa, I'm curious with all the announcements that you have made, how many gigawatt of compute does AMD have line of sight into for 2027 and what is AMD's monetization per gigawatt. I think the current assumption from everything you've announced is about 3 gigawatts and I think from some of the warrant numbers that you had mentioned before, right? It seems to be at least $15 billion per gigawatt. But so I'm just curious if you agree with those views and then what is the upside or downside to either the gigawatt or the content assumption?

Lisa，我很好奇，基於你們已發布的所有公告，AMD 對於 2027 年可見的運算規模（以 gigawatt 計）有多少？以及 AMD 每 gigawatt 的變現能力是多少？我認為依據你們宣布的內容，目前市場的假設大約是 3 gigawatt，而且我想根據你之前提到的一些認股權證（warrant）數字，對吧？看起來每 gigawatt 至少是 150 億美元。所以我想知道你是否同意這些看法，以及不論是 gigawatt 或內容（content）假設，其上行或下行空間是什麼？

Yes. So Vivek, there are lots of pieces to that question. So maybe let me take them one at a time. From an overall data center standpoint, I think we have given a little bit of color on 2027, we believe that the server CPU portion of our data center business will grow by over 70% year-over-year off of a higher base. And we believe the overall segment will grow by over 100%, so we'll more than double due to the data center AI ramping.

是的。Vivek，這個問題包含很多部分。所以我可能逐一回答。就整體資料中心而言，我想我們已對 2027 年提供了一些說明：我們認為資料中心業務中的伺服器 CPU 部分，將在較高基期上年對年成長超過 70%。而我們認為整體分部將成長超過 100%，也就是因資料中心 AI 放量而使其超過倍增。

So we do see a very significant ramp into 2027.

因此，我們確實看到一路到 2027 年會有非常顯著的放量成長。

We are very happy with our strategic anchor customers in OpenAI, Meta, and Anthropic, they are all in the process of ramping compute demand is high, and this is very much aligning their data center build-outs and their work with their cloud service providers together with our ramp, the way I would describe it is we have supply to more than meet the guidance that we've talked about and the upside potential is there.

我們對於 OpenAI、Meta 與 Anthropic 這些策略性錨定客戶非常滿意；他們都正在放量擴增，運算需求很高，而這也非常符合他們的資料中心建置規劃，以及他們與雲端服務供應商的合作進度，並與我們的放量節奏相互對齊。我會這樣形容：我們的供給不僅足以滿足我們先前談到的指引，而且也存在上行潛力。

The key thing is to work very closely with our customers as they're planning their build-outs overall. So I think from a Helios ramp standpoint, we're expecting a very significant ramp over the next couple of quarters. We've said Q3 is the very beginning of the ramp. Q4 is a step-up, and then Q1 will be a further step up and we'll ramp as we go through 2027. So hopefully, that gives you a little bit of color on how that data center AI will play out.

關鍵在於，當客戶規劃其整體建置時，我們要與他們非常緊密地合作。因此我認為，從 Helios 放量的角度來看，我們預期未來幾個季度會有非常顯著的放量。我們已經說過，Q3 是放量的最初起點。Q4 會再上一步，接著 Q1 會再進一步上台階，並且我們會一路放量到 2027 年。希望這能讓你對資料中心 AI 的發展節奏有更多一些脈絡。

And in terms of the revenue per gigawatt, I think we've said double-digit billions. We're still in that range. I think there's, that looks like that's pretty much where it will be. And the key here will be continuing to work with our partners as they ramp because there's a demand for a lot more compute, and we would like to satisfy that demand.

至於每吉瓦的營收，我想我們說過是數百億美元等級（雙位數十億）。我們仍在這個區間內。看起來大致就是會落在這個水準。而這裡的關鍵是，隨著合作夥伴放量，我們要持續與他們合作，因為市場對更多運算的需求非常強，我們也希望能滿足這些需求。

And for my follow-up, a little of a technical question. When we look at the specs of Helios, it has, I think, almost 50% more HBM than the competition. And I think you have always had more HBM in your products. So how much of the benefit is because of having 50% more HBM and then doesn't that expose AMD more to memory cost inflation. So I'm just curious how are you ensuring that you're able to maintain margins, right, and get this memory allocation?

我再追問一個比較技術性的問題。當我們看 Helios 的規格時，它的 HBM 似乎比競品多了將近 50%。而且我想你們的產品一向都配置較多的 HBM。那麼，這個優勢有多少是來自於多了 50% 的 HBM？另外，這是否會讓 AMD 更暴露在記憶體成本上漲的風險之下？所以我想了解的是，你們如何確保能維持毛利率，並取得這些記憶體配置？

And I think Jean already suggested you are comfortable with the gross margin range. But I'm curious how much of the benefit is just because of the use of more HBM? And does that still enable you to meet your profitability targets and allocation requirements over time?

我想 Jean 也已經提到，你們對毛利率區間感到有信心。但我好奇的是，這個優勢有多少只是因為使用了更多 HBM？而從長期來看，這是否仍能讓你們達成獲利目標與配置（allocation）需求？

So look, Vivek, we're working very, very closely with our memory partners across the board on both our GPU, HBM memory as well as just the general memory for the systems across our data center business. And what I would say is we've worked with our memory partners for multiple years to ensure that we have a strong ramp in our business. There is very good visibility into HBM allocation for what we expect to deliver in 2027. And the other piece of it is in terms of the memory bandwidth and the memory capacity, it is one of the advantages of the AMD solutions, when you think about the larger model sizes, they really benefit from the larger memory footprint, and that goes into the total cost of ownership.

所以你看，Vivek，我們正與各家記憶體合作夥伴在各方面非常、非常緊密地合作，涵蓋我們的 GPU、HBM 記憶體，以及資料中心業務中系統所需的一般記憶體。我想說的是，我們已經與記憶體合作夥伴合作多年，以確保我們業務能有強勁的放量。對於我們預期在 2027 年交付的量，HBM 的配置有非常好的可視性。另外一點是，就記憶體頻寬與容量而言，這是 AMD 解決方案的優勢之一；當你考慮更大的模型尺寸時，它們確實能從更大的記憶體容量中受益，而這也會反映在總持有成本（TCO）上。

We do recognize in this memory environment though, every customer is looking at how to optimize their memory footprint. And we have the opportunity, if desired to also modify that memory footprint if the total cost of ownership is not as significant in certain workloads. So think about it as, the benefit of the memory is workload dependent. And we know a bunch of our customers are very, very happy with what that returns in terms of performance. But there are some workloads, let's call it, medium-sized models that may not get as much of a benefit.

不過我們也認知到，在目前這樣的記憶體環境下，每一位客戶都在思考如何最佳化其記憶體配置。因此，如果客戶有需要，而在某些工作負載下總持有成本的重要性沒那麼高，我們也有機會去調整那個記憶體配置。所以可以這樣理解：記憶體帶來的效益取決於工作負載。我們知道有不少客戶對其在效能上的回報非常、非常滿意。但也有一些工作負載——例如中等規模模型——可能不會獲得那麼多的效益。

And in that case, we would address the memory footprint as you might expect.

在那種情況下，我們就會如你所預期地去調整記憶體配置。

Joshua Buchalter with TD Cowen.

TD Cowen 的 Joshua Buchalter。

Congrats on the very strong results. I wanted to also follow up on the server CPU assumptions for 2027, so it sounds like the supply for that is locked up, and you have ability to service higher demand if it continues to track that way. But I guess any help you can give us on sort of the unit and ASP assumptions that are baked in there? Like I think investors are struggling to model the CPU market overall. So like how should we think about, I guess, core count growth or whatever is the right proxy as we think about modeling this business.

恭喜你們交出非常強勁的成績。我也想追問一下 2027 年伺服器 CPU 的假設；聽起來相關供應已經鎖定，而且如果需求持續朝這個方向走，你們也有能力滿足更高的需求。但我想請你們協助我們理解一下，裡面隱含的出貨量（unit）與 ASP 假設大概是什麼？我覺得投資人對整體 CPU 市場要怎麼建模有些困難。所以在建模這個業務時，我們應該如何思考，例如核心數成長或其他合適的代理指標？

Yes. Sure, Josh. So let me maybe start with a little bit of grounding on the growth that we have seen so far. There are certainly both unit and ASP growth. So if you just look at our Q2 performance, when we said we grew over 70% in both cloud and enterprise.

是的。當然可以，Josh。我先從我們目前看到的成長做一些基礎說明。確實同時存在出貨量與 ASP 的成長。如果你只看我們第二季的表現，我們提到在雲端與企業兩個領域都成長超過 70%。

We actually had double-digit growth in both units and ASPs, but it was actually more unit. The unit growth was higher. That is very much the nature of our business. I mean we're seeing just very strong demand from an overall market standpoint.

實際上，我們在出貨量與 ASP 兩者都達到雙位數成長，但其實出貨量的貢獻更大。出貨量成長更高。這非常符合我們業務的特性。我的意思是，從整體市場角度來看，我們正看到非常強勁的需求。

On the ASP growth, we have ASP growth as we go to higher core counts or certainly, but as we go forward, you should expect both unit and ASP growth. And what we have been working on very diligently over the past couple of quarters is as soon as we saw the significant inflection point in server demand. We've been working across our supply chain. That's wafers, that's back-end capacity, that substrates, that's all of the components to raise the overall capacity for servers.

在 ASP 成長方面，當我們走向更高核心數時，ASP 會成長，當然是如此；但往前看，你應該預期出貨量與 ASP 都會成長。而我們在過去幾個季度非常努力在做的一件事是：一旦我們看到伺服器需求出現顯著的拐點，我們就開始在整個供應鏈上協同。包括晶圓、後段產能、載板，以及所有零組件，以提升伺服器的整體產能。

And we're seeing that play out through this year. That's one of the reasons we can raise the second half guidance. And we're seeing much more capacity coming in line in 2027 that supports the growth that we've been talking about. So you should think about both units and ASP in this framework.

我們看到這個效應正在今年逐步展現。這也是我們能上調下半年指引的原因之一。而我們也看到在 2027 年會有更多產能到位，以支撐我們一直在談的成長。因此，你應該在這個框架下同時考量出貨量與 ASP。

And Lisa, in your prepared remarks, you mentioned that Helios was ahead of your original forecast, can we unpack that comment a little bit? Was that a comment on volumes? Was it yields? And then if it yields, how should we think about sort of the first quarter or two of Helios gross margins compared to as it gets later into its ramp, should we expect gross margins to improve as it ramps?

Lisa，在你的事先準備發言中，你提到 Helios 的進展超出你們原先的預測，我們能否把這句話再拆解一下？這是指量（volumes）嗎？是良率（yields）嗎？另外，如果是良率，那我們應該如何看待 Helios 在前一兩個季度的毛利率，相較於後續放量階段？隨著放量進行，毛利率是否應該會改善？

Yes. So Josh, when I was talking about Helios was ahead of our initial forecast, it was as it relates to the overall volumes. So the, let's call it, the amount of demand there is for Helios in 2027. It's like an outstanding product. So what we're seeing from every one of our customers who's had a chance to not only spend time with Helios, but also spend time in our overall ecosystem.

是的。Josh，我提到 Helios 超出我們初始預測，主要是指整體出貨量。也就是說，2027 年對 Helios 的需求量。它是一款非常出色的產品。因此，我們從每一位客戶那裡看到的是：只要他們不僅有機會花時間了解 Helios，也花時間接觸我們整體生態系，他們的反饋都非常正面。

There is a high confidence that Helios will be a great addition to the AI portfolio, particularly around inference, and that was my comment about higher than our initial expectations.

我們高度有信心 Helios 會成為 AI 產品組合的一項重大補強，特別是在推論方面；這也是我所提到的、表現高於我們最初預期的原因。

As it relates to your comments about yields and performance and what do we expect as we go through the ramp. One would expect that the overall yields will improve as we go through the next few quarters, the starting quarter this quarter here in Q3, and we will be ramping over the next couple of quarters and we always would expect that the yields will continue to improve as we go through the first few quarters, especially on a product like this, which is highly complex.

至於你對良率與效能的評論，以及我們在爬坡過程中的預期。一般來說，隨著未來幾個季度的推進，整體良率應會改善；從本季 Q3 開始起步，接下來幾個季度會逐步放量，而我們一向預期良率在前幾個季度會持續提升，尤其是像這種高度複雜的產品。

Aaron Rakers with Wells Fargo.

Wells Fargo 的 Aaron Rakers。

As you can imagine, I'll stick with the server piece of the business as well. At your recent event, you highlighted the server market, the new $220 billion TAM that you're throwing out there as kind of in three buckets, right? General purpose, I think you called it or defined in the sandbox servers and then kind of the AI front end, node. So as we think about the growth that you're talking about, I'm wondering if you could help us conceptualize the sizing of those buckets at all?

如你所料，我也會聚焦在伺服器這一塊業務。在你們最近的活動中，你們強調了伺服器市場，也就是你們提出的 2,200 億美元新 TAM，並大致分成三個桶（類別），對吧？一般用途（你們好像這樣稱呼或定義）、沙盒伺服器，然後是 AI 前端／節點。因此，當我們思考你們所談的成長時，我想請你們協助我們概念化這些桶的規模，大概各有多大？

And how big is that kind of middle category, that sandbox AI market as we think about growing 80% plus this back half of the year and 70% plus, how big of that opportunity do you see that becoming.

以及那個中間類別，也就是沙盒 AI 市場有多大？當我們思考今年下半年成長 80% 以上、以及 70% 以上時，你們認為那個機會最終會變得多大？

Yes. So Aaron, what I would say is, maybe let me start from the end points. So when you think about the $220 billion TAM in 2030, we actually see this agentic AI or these agentic sandboxes being the largest piece of the TAM. It's the fastest-growing piece. It's also the smallest piece today.

是的。Aaron，我會這麼說，也許我先從終端（結果）講起。當你想到 2030 年 2,200 億美元的 TAM 時，我們其實認為這種代理式 AI（agentic AI）或這些代理式沙盒會是 TAM 中最大的一塊。它是成長最快的一塊。但它在今天也是最小的一塊。

So in the near term, I would say that there is certainly growth in that area. But as we go out over the next three, four, five years, we think that's the largest growth in the server market.

所以在短期內，我會說那個領域確實有成長。但往後看三、四、五年，我們認為那會是伺服器市場中最大的成長動能。

And I think the thing that is very strong about our portfolios. We believe we can grow in every one of those segments. So when you think about the types of CPUs you need for each of these workloads, you need sort of different optimization points. That's one of the things that we've really tried to point out. It's not just one CPU.

而我認為我們產品組合非常強的一點是：我們相信我們能在每一個細分市場都成長。因此，當你思考每一種工作負載所需要的 CPU 類型時，你需要的是不同的最佳化點。這也是我們一直努力強調的重點之一。不是只有一顆 CPU。

It's actually a real family of CPUs that you need, from our standpoint, Venice is absolutely leadership in all of the categories.

而是從我們的角度來看，你需要的是一個真正的 CPU 家族；Venice 在所有類別中都絕對具備領先地位。

So whether you're talking about per core performance or you're talking about overall socket performance and that gives us a very strong position across general purpose agentic-AI and also the head nodes for the AI accelerator business. So from our standpoint, when we look at our customer traction in our customer momentum going from turn into its turn was already extremely widely used, especially amongst the hyperscalers what we're seeing is when we go into Venice, the workloads actually expand. So there are more workloads that are going to be run on the next generation of EPYC than are run on the previous generation. And that's what gives us the confidence to say that we can grow substantially ahead of the market given the product positioning.

所以不論你談的是每核心效能，或是整體插槽效能，這都讓我們在一般用途、代理式 AI，以及 AI 加速器業務的 head node（前端節點）上，具備非常強的定位。因此，從我們的角度來看，當我們觀察客戶採用與客戶動能，從 Turin 轉向——Turin 本來就已經被非常廣泛地使用，特別是在超大規模客戶之中——我們看到的是，當我們進入 Venice 時，工作負載其實會擴大。也就是說，下一代 EPYC 將承載的工作負載會比上一代更多。這也讓我們有信心表示，憑藉產品定位，我們能夠大幅領先市場成長。

That's very helpful. And as a quick follow-up. I know it's probably lower on the radar for a lot of people. But I think in the past, you've talked about the client business even with some pressures in the PC market growing this year for you guys on a year-over-year basis. Do you still see that?

這非常有幫助。再快速追問一下。我知道這可能不是很多人最關注的焦點。但我記得你們過去談過，即使 PC 市場有一些壓力，你們的用戶端（client）業務今年仍可年增。你們現在仍然這麼看嗎？

And are you willing to any kind of give any thoughts on what you might think of 2027 on the client CPU side?

另外，你們是否願意分享一些想法：你們對 2027 年用戶端 CPU 端可能會怎麼看？

Yes. Well, let me say, first of all, the client CPU business, we have continued to I think it's a very important business. I particularly think that local AI will continue become a larger and larger piece of how people experience AI. So I think AI PCs will become more important. As it relates to our client business in 2026, I think our first half performance has been very strong.

是的。我先說，用戶端 CPU 業務我們持續——我認為這是一個非常重要的業務。我尤其認為，本地端 AI 會在使用者體驗 AI 的方式中占比愈來愈大。因此我認為 AI PC 會變得更重要。至於我們 2026 年的用戶端業務，我認為我們上半年表現非常強勁。

And although we are expecting that the market will decline in the second half, the market has actually held up better than most people would have thought.

雖然我們預期下半年市場會下滑，但市場實際上比多數人原先想的更有韌性。

So our view is we will, we see the growth in 2026 on a year-over-year basis certainly there. And as we go into 2027, I think we have a strong product portfolio that is coming on board to address not just the traditional notebook and desktop markets, but also as you think about a more AI-centric PC experience like what we have been talking about with the Ryzen AI Halo. So I remain optimistic about the PC market as an important way for us to reach a broader set of users and our ability to grow ahead of the market. The market itself will depend a bit on some of the components. We're all watching the component costs and how that will how that will play out over the next couple of quarters.

所以我們的看法是：2026 年我們確實會看到年增成長。而進入 2027 年，我認為我們有強勁的產品組合即將到位，不僅能因應傳統筆電與桌機市場，也能因應更以 AI 為核心的 PC 體驗，例如我們一直在談的 Ryzen AI Halo。因此，我仍對 PC 市場抱持樂觀，認為它是我們觸及更廣泛使用者的重要途徑，也相信我們有能力領先市場成長。至於市場本身，會在某種程度上取決於一些零組件。我們都在關注零組件成本，以及未來幾個季度會如何發展。

But I think our portfolio and our rising content in enterprise are very positive for our client mix.

但我認為，我們的產品組合，以及我們在企業端內容占比的提升，對我們的用戶端產品組合（mix）都非常正面。

Stacy Rasgon with Bernstein Research.

Bernstein Research 的 Stacy Rasgon。

First thing, I wanted to pick on something in some of the press release. It tells you that data center accelerates in the second half. So it grew 107% year-over-year in Q2, you're guiding it up like in the '80s, though, like in Q3. So how do I interpret which is not acceleration, how do I interpret that statement? Is like the second half collectively higher than 107% that you see in Q2?

第一個問題，我想針對你們新聞稿中的一段話追問一下。你們說資料中心在下半年加速。但資料中心在 Q2 年增 107%，你們對 Q3 的指引卻是大概 80% 多。這樣看起來不是加速，我該怎麼解讀那句話？你們的意思是下半年合計會高於 Q2 的 107% 嗎？

Or were you just sort of, like how should I be interpreting what you guys wrote in the press release around data center accelerating as having house in second half.

還是你們只是——我應該如何解讀你們在新聞稿中寫的「資料中心在下半年加速」這句話？

Yes. Stacy, this is Jean. Good question. I think when we talk about the acceleration, we are talking about the second half versus the first half. If you look at the first half, our data center business year-over-year growth versus the second half, we do think there's an acceleration. That's the reflection there.

是的。Stacy，我是 Jean。好問題。我想我們談到「加速」時，是在比較下半年相對於上半年。如果你看上半年我們資料中心業務的年增成長，再對照下半年，我們確實認為會有加速。那句話反映的是這一點。

And then I think for my follow-up, I want to dig in a little more into the data center targets for next year. So you said like more, I think servers more than 70%. The total more than doubling. I guess what I'm asking is how much work is the more in that statement doing? Like is, like you seem to be on a trajectory that would take you like well above those numbers.

那接著我的追問，我想更深入了解你們明年資料中心目標。你們說例如伺服器「超過 70%」。總體「超過倍增」。我想問的是，這句話裡「超過」到底承擔了多少含義？因為看起來你們的軌跡似乎會遠高於那些數字。

I guess, just how should I be interpreting the more in the statement? understanding that we're only in August of '26, I get it. what is on your line there.

我想問的是，我該如何解讀聲明裡的「更多」這個說法？我理解我們現在才到 26 年 8 月，這點我明白。你們那條線上指的是什麼。

Stacey, you bring a smile to my face. So I would say, we're trying to give you a way to think about 2027. And yes, the server CPU we're seeing is more than 70%, which we think at this point is a very strong statement just given where the business is. And we do expect the overall data center business to be well over 100%. And the well over 100% comes because the data center AI business is going to be well over 100% just given the strength of our strategic customers, the ramp of Helios and all of the things that we've talked about.

Stacey，你讓我會心一笑。所以我會說，我們是在嘗試提供你一個思考 2027 年的方式。而且是的，我們看到的伺服器 CPU 會超過 70%，就目前業務所處的位置而言，我們認為這已經是非常強的表述。我們也預期整體資料中心業務會遠超過 100%。而「遠超過 100%」的原因在於，資料中心 AI 業務將會遠超過 100%，這主要是基於我們策略性客戶的強勁需求、Helios 的爬坡，以及我們談到的所有因素。

So hopefully, that answers your more questions.

希望這能回答你關於「更多」的問題。

Jim Schneider with Goldman Sachs.

高盛（Goldman Sachs）的 Jim Schneider。

As you think about the early days of your MI400 series ramp over the next few quarters, can you maybe talk about the customer diversity you expect in the early stages. I think you've noted four or five large customers that you've announced publicly. Can you maybe talk about how many of the customers will be contributing, let's say, in Q4 and how many in the first half of '27.

當你們思考未來幾季 MI400 系列在爬坡初期的情況時，能否談談你們在早期階段預期的客戶多元性？我想你們已經提到過四、五家已公開宣布的大型客戶。你們能否談談，例如在第四季會有多少客戶開始貢獻，以及在 27 年上半年會有多少客戶貢獻？

Let's see. So Jim, I guess, the way to say it is we've talked about sort of the large frontier model companies, OpenAI, Anthropic, Meta they will be consuming through a number of CSPs both hyperscalers and others, so the diversity of the business, and there are additional customers. There are lots of customers who are interested in Helios at, let's call it, a more regular scale than gigawatt scale. So I think we'll have a good diversity of customers as we go through the next couple of quarters.

我想想。所以 Jim，我想可以這麼說：我們談到的那些大型前沿模型公司——OpenAI、Anthropic、Meta——會透過多家 CSP（雲端服務供應商）來消耗算力，包含超大規模業者以及其他業者，因此業務的多元性很高，而且還有其他客戶。也有很多客戶對 Helios 感興趣，但規模更偏向一般規模，而不是以 GW（吉瓦）為單位的規模。所以我認為在接下來幾季，我們會有相當不錯的客戶多元性。

And what we're really doing is matching to when the larger data center build-outs are ready. And so we are working with each of our customers on their data center plans and ensuring that we are meeting their data center plans. But yes, I think there's a good diversity, especially as we get into the Q4, Q1 time frame.

而我們真正做的是配合更大型資料中心建置何時就緒。因此我們正與每一位客戶合作，對齊他們的資料中心規劃，並確保我們能滿足其資料中心計畫。但沒錯，我認為客戶多元性很好，尤其進入第四季、第一季這個時間點時更是如此。

And maybe as a follow-up, you mentioned data center readiness. And so I wanted to sort of test how you're seeing your various customers and their ability to accept your products into their data centers, whether that's land power shell or anything else? Any constraints that you see hanging into the first half of '27 or even the back half of '27 that would give you pause about hitting your targets.

再追問一下，你提到資料中心就緒度。我想確認你們如何看待不同客戶把你們產品導入其資料中心的能力，不論是機櫃上架、供電、機殼（power shell）或其他方面？你們是否看到任何限制會延續到 27 年上半年，甚至 27 年下半年，讓你們對達成目標有所顧慮？

Well, Jim, I don't think we see anything that would give us pause about hitting the targets. I mean we feel very good about the targets. Now when you ask me what the range could be there is a range, and the range will depend on the ability to bring on more capacity in a timely fashion. So the way I view it is we are building sort of the entire supply chain. So ensuring that we have the entire, our silicon CPU, GPU networking components that go into it, all of the Helios components, I think we feel very, very good about that part of the supply chain.

Jim，我不認為我們看到任何會讓我們對達成目標有所顧慮的事情。我們對這些目標感覺非常好。不過你問到可能的區間，確實會有一個區間，而這個區間取決於能否及時導入更多產能。所以我的看法是，我們正在打造幾乎整條供應鏈。也就是確保我們具備完整的——我們的矽晶 CPU、GPU、網路元件，以及所有 Helios 的元件；我認為在供應鏈這一段我們感覺非常、非常好。

We are working very closely on the data center operators and ensuring that we have good visibility into what's going on there. And that gives us, let's call it, strong confidence in what we've guided for the data center AI business so far. And we're going to be continuing to look at how to accelerate some of those bills. And I think there's a clear desire on the part of everyone in the ecosystem to bring on more AI compute faster.

我們也與資料中心營運商非常緊密合作，並確保我們能清楚掌握那邊的進展。這讓我們對目前為止針對資料中心 AI 業務所給出的指引，具備我們所說的高度信心。而我們也會持續觀察如何加速其中一些建置。我認為生態系中的每個人都明確希望能更快導入更多 AI 算力。

We are seeing every day more opportunities with operators to accelerate some of that capacity, and that's much of the work that we're doing together with our customers and partners.

我們每天都看到更多與營運商合作、加速部分產能導入的機會，而這正是我們與客戶及合作夥伴共同在做的大量工作。

C.J. Muse with Cantor.

Cantor 的 C.J. Muse。

If I take your data center guide, Lisa, it sort of implies instinct revenues of $30 billion, give or take. And so curious, two parts on this. How do you see kind of the revenue cadence first half, second half and then if we isolate the Instinct only and start thinking about 455X and Helios, how should we think about the underlying gross margins for that business starting in Q1 and then exiting in Q4?

Lisa，如果我用你們的資料中心指引來推算，似乎意味著 Instinct 營收約 300 億美元、上下浮動一些。因此我有兩個部分想請教。第一，你們如何看待上半年、下半年的營收節奏？第二，如果我們只看 Instinct，並開始思考 455X 與 Helios，那麼從第一季開始、到第四季結束時，這項業務的底層毛利率應該如何看待？

I think, C.J. you're seeing $30 billion. Are you talking about the server? Or are you talking about which one are you, you're talking about '27, right?

我想，C.J. 你看到的是 300 億美元。你是在談伺服器嗎？還是你在談哪一個——你是在談 27 年，對吧？

'27 instinct yes.

是的，27 年的 Instinct。

Yes. 2027. Maybe let me help CJ, I think what you're hearing from us is that your data center AI number is probably too low. And maybe back to Stacy's question without going into exact numbers, I think this notion of over 100% should consider be well over 100%. And look, as we look at this, it's a progression over the next couple of quarters.

是的。2027 年。也許我來幫 C.J. 補充一下：我想你從我們這裡聽到的是，你的資料中心 AI 數字可能偏低。而且回到 Stacy 的問題，在不談精確數字的前提下，我認為「超過 100%」這個概念應該理解為「遠超過 100%」。而且你看，當我們看這件事時，它會在接下來幾季呈現逐步推進的過程。

And as we go through the next couple of quarters, we expect to continue growing Helios quarter-by-quarter. But yes, that's the best way of thinking about it. And I'm sure Jean can work on if you have further questions on that. But Jean, does that yes, yes, yes.

在接下來幾季，我們預期 Helios 會逐季成長。但沒錯，這是思考它的最佳方式。我也相信如果你還有進一步問題，Jean 可以再跟你討論。不過 Jean，是不是——對，對，對。

And on the gross margin side, if we isolate to instinct, how should we think about beginning 2027 and then exiting.

那在毛利率方面，如果我們只看 Instinct，應該如何看待 2027 年初以及到年底退出時的情況？

Yes. I think overall, when we think about the gross margin for 2027, as I said earlier, is really determined by both the pace of server CPU business ramp and the data center AI ramp. So I actually think overall, quarter-over-quarter, it could be a different mix. It could change differently. But overall, when we think about this, we are actually very optimistic about how we manage the ramp of the MI450.

是的。我認為整體而言，當我們思考 2027 年的毛利率時，如我先前所說，主要取決於伺服器 CPU 業務爬坡的速度，以及資料中心 AI 的爬坡。所以我其實認為整體上，逐季來看，組合可能不同。它可能會以不同方式變動。但整體而言，當我們看這件事時，我們對 MI450 的爬坡管理其實非常樂觀。

At the same time, with the server business continue to improve and grow significantly in 2027.

同時，伺服器業務在 2027 年也會持續改善並顯著成長。

Overall, I think they have a good offset. In general overall. But I do think it's important to remember we have multiple other levers from the company's factive not only embedded business, but also client on the business, we continue to improve gross margin and operation team continued to do a great job. So we'll give you more color when we get there to guide the 2027.

整體來看，我認為兩者之間會有不錯的相互抵銷效果。就整體而言。但我也認為很重要的一點是要記得，我們還有公司層面的多個其他槓桿，不僅是嵌入式業務，還有客戶端（client）業務；我們會持續改善毛利率，而營運團隊也一直做得非常出色。等到我們要提供 2027 年指引時，我們會再給你更多細節與色彩。

Joe Moore with Morgan Stanley.

摩根士丹利的 Joe Moore。

Great. In the server CPU business, are you supply constrained now? It seems like the market is very tight. And do you anticipate that tightness persisting? And when you sort of think about next year, just the general ability of the supply chain to support the level of growth that you're talking about specifically in CPU.

很好。在伺服器 CPU 業務方面，你們現在是否受到供應限制？看起來市場非常吃緊。你們是否預期這種吃緊狀況會持續？另外，當你們思考明年時，就供應鏈整體支援你們所談到的成長水準而言，特別是在 CPU 方面，整體能力如何？

Sure, Joe. I would say the server CPU supply chain is tight right now, and it has been tight for the first half of the year because much of this demand was unforecasted. As we get into 2027, the demand is better forecasted. And so we would expect that the 2027 server supply situation should be better than '26. We feel very good about being able to satisfy what we just talked about, which was over 70% year-over-year growth.

當然，Joe。我會說伺服器 CPU 的供應鏈目前確實吃緊，而且今年上半年一直都很緊，因為其中很大一部分需求先前並未被預測到。隨著我們進入 2027 年，需求的可預測性會更好。因此我們預期 2027 年的伺服器供應情況應該會比 2026 年更好。我們對於能夠滿足我們剛才談到的、也就是超過 70% 的年增長，感到非常有信心。

And I believe depending on how things play out, there may be opportunities for that growth to go higher as we get through the next few quarters.

而且我相信，視事情的發展而定，隨著未來幾個季度的推進，這個成長還可能有機會再更高。

Okay. And is it, you guys are ramping a lot on two nanometer, and there's been a lot of focus on three nanometer being in short supply. Is that helping? Or is it still challenging to bring up new capacity on the new note that way?

好的。另外，你們在 2 奈米上正在大幅拉升產能，而市場也一直很關注 3 奈米供應短缺。這是否有幫助？還是說，在新製程節點上擴充新產能仍然很具挑戰？

Yes. I think, Joe, it's always challenging to bring up new capacity on new node. I think what makes our approach a little bit special and different is that because we're using the chiplet technology we actually ramp in fewer wafers in the new node. And so that gives us the opportunity to Again, we're working very hard on ensuring we get the supply necessary to meet the very strong customer demand.

是的。我想，Joe，在新節點上導入新產能一向都很具挑戰。我認為我們的方法之所以有點特別、也有所不同，是因為我們採用 chiplet（小晶片）技術，實際上在新節點上需要拉升的晶圓數更少。因此這讓我們有機會——再次強調——我們正非常努力確保取得必要的供應，以滿足非常強勁的客戶需求。

So from my perspective, I think all of that is work that's being done, we're certainly looking at the overall supply chain, not just wafers, so that includes back-end capacity, packing capacity, substrates, all of those things. but we feel good about where we are to satisfy both the strong ramp in servers as well as the strong ramp in the data center AI business.

就我而言，我認為這些工作都在進行中；我們當然也在檢視整體供應鏈，而不只是晶圓，還包括後段產能、封裝產能、載板等所有這些環節。但我們對目前的狀況感到樂觀，能夠同時滿足伺服器的強勁拉升，以及資料中心 AI 業務的強勁拉升。

John, I think we have time for one more caller before we close out the call, please.

John，我想在結束電話會議前，我們還有時間再接一位來電，請。

Atif Malik with Citi.

花旗的 Atif Malik。

Lisa, you guys announced a partnership with Cerebras at your Advancing AI Day on disaggregate compute. Can you talk about just qualitatively, how do you expect the sales to grow in the fast inference market this year into next year?

Lisa，你們在 Advancing AI Day 上宣布與 Cerebras 在解耦運算（disaggregate compute）方面的合作夥伴關係。你能否從質性的角度談談，你們預期今年到明年在快速推論（fast inference）市場的銷售將如何成長？

Yes, absolutely. So I think the inference market overall is growing very substantially over this year into next year. The fast inference in particular, is an area which is, let's call it, starting to become more and more relevant. And so with our partnership with Cerebos, I think they have great technology together with Helios Plus their first scale engine, we get a very good solution for customers.

是的，當然可以。我認為整體推論市場從今年到明年都會大幅成長。尤其是快速推論，這個領域可以說正開始變得越來越重要。因此，透過我們與 Cerebos 的合作，我認為他們擁有很棒的技術，結合 Helios Plus（他們的第一個 scale engine），我們能為客戶提供非常好的解決方案。

And we would expect that solution to be, start becoming available in Q4 in the Cerebros crop cloud and extend into 2027. But from our view, this is an important part of the market, and we continue to look at ways to, I would say, customize and optimize our technologies for the various workloads out there. So we view this as just more of what we do in an open ecosystem.

我們預期該解決方案將在第四季開始於 Cerebros 的 crop cloud 中提供，並延伸到 2027 年。但從我們的角度來看，這是市場中很重要的一部分，我們也會持續尋找方法，我會說，是針對各種工作負載來客製化並最佳化我們的技術。因此我們把這視為我們在開放生態系中所做事情的延伸。

Great. And one for Jean. How should we think about OpEx growth relative to that overall 40% market growth that you talked about in the next few years?

很好。再問 Jean 一題。在未來幾年你提到整體市場成長 40% 的背景下，我們應該如何看待營運費用（OpEx）的成長相對關係？

Yes. I think Lisa talked about the TAM growth at 40%, and we'll be growing faster than, from an OpEx perspective, we'll continue to invest given the large opportunities we have had for us. But you should expect us to manage this OpEx increase less than the top line revenue growth. That's what our business model is designed for so we can drive in more operating leverage to deliver earnings per share, that is also consistent with Lisa said, our EPS will be significantly higher than $20. We outlined at our Financial Analyst Day.

是的。我想 Lisa 談到 TAM 以 40% 成長；而從 OpEx 的角度，我們會持續投資，因為我們面前有很大的機會。但你們應該預期，我們會把 OpEx 的增幅控制在低於營收（top line）成長的水準。這正是我們商業模式的設計目的，好讓我們能帶來更高的營運槓桿，以提升每股盈餘（EPS）；這也與 Lisa 所說一致——我們的 EPS 將顯著高於 20 美元。我們已在金融分析師日（Financial Analyst Day）上做了說明。

Thank you very much for all the analysts and investors that joined our call today. John, you can go ahead and wrap up the call. Thank you.

非常感謝今天加入我們電話會議的所有分析師與投資人。John，你可以開始做結語了。謝謝。

Thank you. 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.

謝謝。各位女士先生，問答環節到此結束，今天的電話會議也到此結束。感謝各位的參與。此時您可以掛斷電話。