超微半導體 (AMD) 2026 Q3 法說會逐字稿

Greetings. Welcome to the AMD third quarter 2026 conference call. (Operator Instructions) And please note that this conference is being recorded.

各位好。歡迎參加 AMD 2026 年第三季財報電話會議。(接線員指示) 並請注意，本次會議將被錄音。

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

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 third quarter 2026 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. We will refer primarily to non-GAAP financial measures during today's call. The full non-GAAP to GAAP reconciliations are available in today's press release and slides posted on our website.

謝謝，歡迎各位參加 AMD 2026 年第三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。若您尚未查閱這些資料，可至 amd.com 的投資人關係頁面取得。我們在今日電話會議中將主要引用非 GAAP 財務衡量指標。完整的非 GAAP 與 GAAP 調節表已收錄於今日的新聞稿以及我們網站上張貼的投影片中。

Participants on today's conference call include Dr. Lisa Su, our Chair and CEO; and Jean Hu, Executive Vice President, CFO and Treasurer. This is a live call and will be replayed via webcast on our website. Before we begin, I would like to note that AMD will participate in the following events with the financial community this quarter. The UBS Technology and AI Conference on Tuesday, December 1; and Barclays 24th Annual Global Technology Conference on Wednesday, December 9.

今日電話會議的與會者包括：我們的董事長暨執行長蘇姿丰博士（Dr. Lisa Su）；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。在開始之前，我想說明 AMD 本季將參與以下與金融界相關的活動。12 月 1 日（週二）的 UBS 科技與 AI 大會；以及 12 月 9 日（週三）的 Barclays 第 24 屆年度全球科技大會。

Today's discussion contains forward-looking statements based on our current beliefs, assumptions and 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. Please refer to the cautionary statement in our press release for more information on the factors that could cause actual results to differ materially.

今日討論包含以前瞻性陳述為主的內容，係基於我們目前的信念、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；這些陳述僅反映截至今日的情況，因此涉及可能使實際結果與我們目前預期出現重大差異的風險與不確定性。更多可能導致實際結果與預期出現重大差異之因素，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. The third quarter was the largest and most profitable in our history as we began ramping our next-generation data center products. Revenue increased 45% year-over-year to $13.4 billion, driven by record EPYC and Instinct sales and strong embedded growth. Earnings per share grew even faster, increasing 74% to $2.09. We executed very well in the quarter with Helios production ramping as planned and EPYC adoption expanding across cloud, enterprise and super intelligence workloads.

謝謝你，Matt，也向今天所有收聽的朋友們問候，下午好。第三季是我們歷史上規模最大且獲利最高的一季，因為我們開始加速導入下一代資料中心產品。營收年增 45% 至 134 億美元，主要受創紀錄的 EPYC 與 Instinct 銷售，以及強勁的嵌入式業務成長所帶動。每股盈餘成長更快，年增 74% 至 2.09 美元。本季我們執行表現非常出色，Helios 依計畫進行量產爬坡，且 EPYC 在雲端、企業與超級智慧工作負載中的採用持續擴大。

Data center revenue growth has accelerated sequentially every quarter this year, with the segment contributing 64% of total revenue in the third quarter, up from 47% just one year ago. We expect that acceleration to continue in the fourth quarter, driven by increased demand for inference and agentic workloads and the ramp of our newest products. Turning to our segments. Data center revenue grew 97% year-over-year to a record $8.5 billion. In server, both cloud and enterprise sales more than doubled year-over-year.

今年以來，資料中心營收成長每一季都較前一季加速；第三季該部門貢獻了總營收的 64%，高於一年前的 47%。我們預期第四季這種加速將持續，主要受推論（inference）與代理型（agentic）工作負載需求增加，以及我們最新產品放量所帶動。接著談各事業部門。資料中心營收年增 97% 至創紀錄的 85 億美元。在伺服器方面，雲端與企業銷售皆較去年同期成長逾一倍。

We significantly exceeded our previous outlook of more than 80% growth as we gained revenue share. Customers deploy EPYC across more applications with agentic workloads contributing significant growth. In cloud, hyperscalers deployed substantial volumes of EPYC servers in the quarter to run more internal services and expand their public cloud offerings. Turin is now the most widely deployed EPYC generation in the public cloud with more than 540 instance types available globally from the largest providers. Cloud providers also added significant EPYC capacity in the quarter for personal and enterprise agents, which are quickly becoming the next killer app for CPUs in the cloud.

由於我們取得營收市占，本季表現大幅超越先前「成長超過 80%」的展望。客戶在更多應用中部署 EPYC，其中代理型工作負載帶來顯著成長貢獻。在雲端方面，超大規模業者（hyperscalers）於本季部署了大量 EPYC 伺服器，用以執行更多內部服務並擴展其公有雲產品。Turin 現已成為公有雲中部署最廣泛的 EPYC 世代，全球最大供應商提供的執行個體類型（instance types）已超過 540 種。雲端供應商本季也為個人與企業代理新增了大量 EPYC 容量；這些代理正迅速成為雲端 CPU 的下一個殺手級應用。

Meta's Muse and OpenAI's Dots illustrate how quickly personal agents are growing with more than 10 million people activating Muse agents in the first six weeks. Enterprises are moving fast as well, putting agents to work across software development, supply chain and IT operations. These agents work continuously and in parallel across applications and enterprise systems, adding to accelerator demand while creating a substantial increase in CPU demand. Adoption is just starting, and we expect demand to grow sharply as agents are deployed more broadly and take on more complex work. In head nodes, we won major deployments with several of the largest model developers and cloud providers in the quarter, which will ramp over the coming quarters.

Meta 的 Muse 與 OpenAI 的 Dots 顯示個人代理成長速度之快：在前六週就有超過 1,000 萬人啟用 Muse 代理。企業端也在快速推進，將代理應用於軟體開發、供應鏈與 IT 營運等領域。這些代理會在各應用與企業系統間持續且並行運作，在推升加速器需求的同時，也帶來 CPU 需求的大幅增加。目前採用才剛開始；我們預期隨著代理更廣泛部署並承擔更複雜的工作，需求將急遽成長。在 head nodes 方面，我們本季在多家最大模型開發商與雲端供應商中贏得重大部署案，並將在未來幾季逐步放量。

EPYC's leadership performance and mature ecosystem proven at scale have made it the host CPU of choice for custom accelerators. As one example, OpenAI selected Turin EPYC processors as the host CPUs for its first custom accelerator platforms. In enterprise, EPYC server sell-through was a record with strong demand from new and existing customers. We added dozens of first-time EPYC customers in the quarter, including large financial services, communications, retail and health care companies. Existing customers are also making EPYC their primary compute platform, extending adoption from specific workloads to a much larger share of their overall infrastructure.

EPYC 的領先效能與在大規模環境中驗證成熟的生態系，使其成為客製化加速器首選的主機 CPU。舉例而言，OpenAI 選擇 Turin EPYC 處理器作為其首個客製化加速器平台的主機 CPU。在企業端，EPYC 伺服器的終端銷售（sell-through）創下新高，新舊客戶需求皆強勁。本季我們新增數十家首次採用 EPYC 的客戶，包括大型金融服務、通訊、零售與醫療保健公司。既有客戶也正將 EPYC 作為其主要運算平台，從特定工作負載的採用擴展到其整體基礎設施中更大比例的部署。

We began revenue shipments of EPYC Venice processors in the third quarter, and the first OEM systems are on track for availability this quarter. Early demand is the strongest we have seen for any new EPYC generation. Our OEM and ODM partners have committed more than 240 Venice platforms, 20% more than Turin, and cloud providers are deploying Venice this quarter ahead of instance rollouts planned for early 2027. We recently launched Helion, a Venice reference design that enables turnkey EPYC rack-scale systems for agentic infrastructure. Customers can configure Helion for their workloads from all CPU racks for hyperscalers to enterprise systems combining Venice and Instinct GPUs that can run agents and models together.

我們在第三季開始進行 EPYC Venice 處理器的營收出貨，首批 OEM 系統也按計畫將於本季上市。早期需求是我們在任何新一代 EPYC 產品中所見最強勁的一次。我們的 OEM 與 ODM 夥伴已承諾推出超過 240 個 Venice 平台，比 Turin 多 20%；雲端供應商也在本季部署 Venice，領先於預計 2027 年初推出的執行個體（instance）上線時程。我們近期推出 Helion——一個 Venice 參考設計，可為代理型基礎設施提供交鑰匙的 EPYC 機櫃級（rack-scale）系統。客戶可依其工作負載配置 Helion，從供超大規模業者使用的全 CPU 機櫃，到結合 Venice 與 Instinct GPU、可同時運行代理與模型的企業系統。

In the all CPU configuration, a single Helion rack has up to 144 Venice processors with nearly 74,000 threads, delivering the highest agent density in the industry. Every major server OEM and ODM plans to offer Helion, with the first system shipping this quarter. Looking more broadly, demand for server compute is accelerating across cloud, enterprise, agentic and super intelligence infrastructure.

在全 CPU 配置下，單一 Helion 機櫃最多可搭載 144 顆 Venice 處理器、近 74,000 個執行緒，提供業界最高的代理密度。所有主要伺服器 OEM 與 ODM 都計畫提供 Helion，首套系統將於本季出貨。更廣泛來看，伺服器運算需求正於雲端、企業、代理型與超級智慧基礎設施等領域加速成長。

EPYC is the industry's broadest portfolio spanning all of these markets with per-socket leadership for cloud and agents, per core leadership for enterprise and head nodes and memory and I/O options tuned to each workload. Venice builds on that leadership with significantly better performance per watt, performance per core and performance per dollar than any other x86 or ARM server CPU, positioning us to gain share and significantly grow our server business as the TAM grows to approximately $220 billion by 2030.

EPYC 擁有涵蓋上述所有市場的業界最完整產品組合：在雲端與代理方面具備每插槽（per-socket）領先優勢；在企業與 head nodes 方面具備每核心（per-core）領先優勢；並提供針對各工作負載調校的記憶體與 I/O 選項。Venice 在此領先基礎上更進一步，於每瓦效能、每核心效能與每美元效能方面均顯著優於任何其他 x86 或 ARM 伺服器 CPU，使我們得以在總可服務市場（TAM）預計於 2030 年成長至約 2,200 億美元的背景下，持續提升市占並大幅擴張伺服器業務。

Turning to our data center AI business. Frontier labs, hyperscalers and cloud providers expanded Instinct deployments for inferencing and training driving record revenue. We started shipping MI455X in volume in the quarter, and lead customers, including Anthropic, Meta, Microsoft, OpenAI and Oracle, brought their first Helios racks online quickly.

接著談我們的資料中心 AI 業務。前沿實驗室（frontier labs）、超大規模業者與雲端供應商擴大 Instinct 在推論與訓練上的部署，帶動營收創新高。我們本季開始大量出貨 MI455X，包含 Anthropic、Meta、Microsoft、OpenAI 與 Oracle 在內的領先客戶，迅速讓其首批 Helios 機櫃上線。

Customers are now running their latest models and workloads on Helios, and we are seeing very strong performance with the initial deployments. We expect Helios deployments to increase substantially in the fourth quarter as production continues to ramp and HPE, Dell, Lenovo, Super Micro and other OEM and ODM partners begin shipping systems.

客戶目前已在 Helios 上運行其最新模型與工作負載，我們在初期部署中看到非常強勁的效能表現。隨著產能持續爬坡，以及 HPE、Dell、Lenovo、Super Micro 與其他 OEM、ODM 夥伴開始出貨系統，我們預期第四季 Helios 的部署將大幅增加。

We are very pleased with the overall performance we are seeing at the rack level. MI455X leads in compute flops, memory capacity and scale-out bandwidth. And as Helios comes to market, it delivers an even larger lead in memory bandwidth and higher scale-up bandwidth than the competition. We are working closely with our manufacturing and OEM partners to scale production as customers expand their deployments. In supercomputing, EuroHPC selected Instinct MI430X GPUs and 6th Gen EPYC processors for LUMI-AI, Europe's next flagship supercomputer planned to come online in the second half of 2027.

我們對目前在機櫃層級所看到的整體表現感到非常滿意。MI455X 在運算 FLOPS、記憶體容量與橫向擴展頻寬方面領先。隨著 Helios 推向市場，它在記憶體頻寬以及縱向擴展頻寬方面相較競爭對手取得更大的領先優勢。隨著客戶擴大部署，我們正與製造與 OEM 夥伴緊密合作以擴大產能。在超級運算方面，EuroHPC 已選用 Instinct MI430X GPU 與第六代 EPYC 處理器用於 LUMI-AI——歐洲下一代旗艦超級電腦，預計於 2027 年下半年上線。

MI430X delivers nearly 9x the double precision performance of the competition, which is critical for scientific simulations. As a result, MI430X has now been selected to power next-generation systems around the world, and we are well positioned to win additional designs as governments and research centers plan their next major investments.

MI430X 的雙精度效能接近競品的 9 倍，這對科學模擬至關重要。因此，MI430X 現已被選用來驅動全球各地的下一代系統；隨著各國政府與研究中心規劃下一波重大投資，我們也具備良好條件贏得更多設計導入。

In software, we launched ROCm 10 with major enhancements for production deployments at scale, including faster start-up across large GPU clusters and greater resilience for long-running workloads. ROCm 10 also adds agentic performance tuning with ROCm.AI, which profiles workloads, identifies bottlenecks and applies and validates improvements, turning weeks of engineering optimization into hours. Customers are also using their own agents to optimize models on our open software stack.

在軟體方面，我們推出 ROCm 10，針對大規模量產部署帶來重大強化，包括在大型 GPU 叢集上更快的啟動速度，以及對長時間執行工作負載更高的韌性。ROCm 10 也透過 ROCm.AI 新增代理式（agentic）效能調校功能，可剖析工作負載、找出瓶頸並套用與驗證改善，將原本需要數週的工程最佳化縮短為數小時。客戶也在我們的開放軟體堆疊上使用自有代理來最佳化模型。

For example, Anthropic highlighted that 1 engineer used Claude to bring up their latest model on Instinct MI355X racks over a single weekend with strong performance. Our work with frontier labs is already enabling their models to handle complex software development and performance tuning for Instinct. And as those capabilities continue to improve, the benefits extend to everyone in the AMD ecosystem. We announced two acquisitions in the quarter to strengthen our Super Intelligence portfolio. Taalas brings a highly experienced engineering team and specialized silicon built for low latency, efficient inference.

例如，Anthropic 強調有 1 位工程師使用 Claude，在單一週末內就讓其最新模型在 Instinct MI355X 機櫃上完成上線（bring up），且效能表現強勁。我們與前沿實驗室的合作，已在協助其模型處理針對 Instinct 的複雜軟體開發與效能調校。隨著這些能力持續提升，效益也將擴及 AMD 生態系中的所有人。本季度我們宣布兩項收購，以強化我們的超級智慧（Super Intelligence）產品組合。Taalas 帶來一支經驗豐富的工程團隊，以及專為低延遲、高效率推論打造的專用矽晶片。

We plan to integrate their technology across our solutions portfolio to address the growing demand for low latency super intelligence applications. World Labs, led by Co-Founder and CEO, Dr. Fei-Fei Li, brings a world-class research team with expertise in spatial intelligence and models that understand the physical world, giving us deeper insight into how frontier models and workloads are evolving. Fei-Fei will join AMD as Chief Scientist, leading our model research and helping shape our future hardware, software and systems road maps. We expect both acquisitions to close by the end of the year.

我們計畫將其技術整合至我們的解決方案產品組合中，以因應對低延遲超級智慧應用日益成長的需求。由共同創辦人兼執行長李飛飛博士（Dr. Fei-Fei Li）領導的 World Labs，帶來世界級研究團隊，具備空間智慧（spatial intelligence）專長，以及理解物理世界的模型，讓我們能更深入洞察前沿模型與工作負載的演進。李飛飛將以首席科學家身分加入 AMD，領導我們的模型研究，並協助塑造未來硬體、軟體與系統的產品藍圖。我們預期兩項收購都將在年底前完成交割。

Looking ahead, our focus is on execution at scale. The racks of Venice, the MI450 series and Helios are still early, and all three are on track to grow significantly. We now expect data center segment revenue growth to accelerate in the fourth quarter and full-year segment revenue to more than double from 2025. Our visibility into 2027 also continues to strengthen. Last quarter, we said we expected annual server revenue to grow more than 70% and data center segment revenue to more than double for the year.

展望未來，我們的重點在於大規模執行落地。Venice 機櫃、MI450 系列與 Helios 仍處於早期階段，三者皆按計畫將顯著成長。我們目前預期資料中心事業群營收成長將在第四季加速，且全年事業群營收將較 2025 年增加至兩倍以上。我們對 2027 年的能見度也持續提升。上季我們表示，預期全年伺服器營收將成長超過 70%，資料中心事業群營收將在全年增加至兩倍以上。

Since then, customers have expanded their EPYC and Instinct deployment plans, and we have secured more supply to support that growth. We now expect server revenue to double year-over-year in 2027 and data center AI revenue to grow even faster than we projected 90 days ago. As a result, we expect data center to be more than 80% of our total revenue in 2027 and to drive the majority of our revenue and earnings growth. Looking further out, customer engagements for MI500 continued to progress very well. Interest is very high as it is another significant leap forward in performance.

自那之後，客戶已擴大其 EPYC 與 Instinct 的部署計畫，而我們也取得更多供應以支援成長。我們現在預期 2027 年伺服器營收將年增一倍，且資料中心 AI 營收成長將比 90 天前的預測更快。因此，我們預期 2027 年資料中心將占我們總營收的 80% 以上，並帶動我們大部分的營收與獲利成長。再往後看，MI500 的客戶洽談持續進展非常順利。市場興趣非常高，因為它在效能上是另一個重大躍升。

We are working very closely with multiple frontier labs to optimize MI500 for their workloads as they plan multi-gigawatt deployments. Turning to client and gaming. Segment revenue decreased 8% year-over-year to $3.7 billion. In client, revenue increased 7% year-over-year to $2.9 billion, driven by strong sales of our Ryzen mobile processors. Commercial is becoming a larger part of our client business as large enterprises adopt Ryzen PRO PCs across their employee base.

我們正與多家前沿實驗室非常緊密合作，針對其工作負載最佳化 MI500，因其正規劃多 GW（gigawatt）等級的部署。接著談到用戶端與遊戲。事業群營收年減 8% 至 37 億美元。在用戶端方面，營收年增 7% 至 29 億美元，主要受惠於 Ryzen 行動處理器的強勁銷售。隨著大型企業在員工端全面採用 Ryzen PRO PC，商用業務正成為我們用戶端業務中更大的組成。

8 of the 10 largest banks in the world and 7 of the 10 largest health care and automotive companies now use Ryzen PRO PCs. OEMs continue expanding their AMD-based commercial lineups from everyday business PCs to high-end workstations. HP, Lenovo and others launched the first commercial notebooks and small form factor desktops featuring our newest Ryzen AI Max PRO 400 series processors. These systems deliver workstation class performance and run super intelligence models with up to 300 million parameters locally. Looking at the market, PC sell-through slowed late in the quarter as higher memory and component costs weighed on demand.

目前全球前十大銀行中有 8 家，以及前十大醫療保健與汽車公司中有 7 家，已使用 Ryzen PRO PC。OEM 持續擴大其採用 AMD 的商用產品線，從日常商務 PC 到高階工作站皆涵蓋。HP、Lenovo 等廠商推出首批搭載我們最新 Ryzen AI Max PRO 400 系列處理器的商用筆電與小型桌機。這些系統提供工作站等級效能，並可在本地端執行最高達 3 億參數的超級智慧模型。從市場面來看，由於記憶體與零組件成本上升壓抑需求，本季後段 PC 終端銷售（sell-through）放緩。

We are managing the business accordingly, aligning sell-in with sell-through to keep customer and channel inventory healthy. In 2027, we are planning for PC market unit shipments to decline by a double-digit percentage. In this environment, we expect to outperform the market as we deliver our rising road map and grow our commercial footprint. In gaming, revenue declined 40% year-over-year to $773 million, primarily due to lower semi-custom sales as expected at this stage of the console cycle. Gaming graphics revenue declined year-over-year, while Radeon GPU channel sell-through increased sequentially.

我們據此調整營運，讓出貨給通路（sell-in）與終端銷售（sell-through）對齊，以維持客戶與通路庫存健康。在 2027 年，我們規劃 PC 市場出貨量將以雙位數百分比下滑。在此環境下，隨著我們推出持續升級的產品藍圖並擴大商用版圖，我們預期將優於市場表現。在遊戲方面，營收年減 40% 至 7.73 億美元，主要因主機週期此階段如預期般半客製化（semi-custom）銷售較低。遊戲顯示卡營收年減，但 Radeon GPU 通路終端銷售則較前一季增加。

Beyond gaming, Radeon AI Pro revenue grew significantly from the prior quarter as more developers choose AMD to run and fine-tune models locally. We expect strong growth for Radeon AI Pro to continue, driven by our leadership performance per dollar and an open software stack optimized for the latest open source models. Turning to our Embedded segment. Revenue increased 29% year-over-year to $1.1 billion, the fourth consecutive quarter of accelerating growth. Demand was very strong across all of our end markets, led by strong growth with aerospace and defense, automotive, communications and industrial customers.

除遊戲之外，Radeon AI Pro 營收較前一季大幅成長，因為更多開發者選擇 AMD 在本地端執行並微調模型。我們預期 Radeon AI Pro 將持續強勁成長，動能來自我們在每美元效能（performance per dollar）的領先優勢，以及針對最新開源模型最佳化的開放軟體堆疊。接著談我們的嵌入式事業群。營收年增 29% 至 11 億美元，為連續第四季成長加速。各終端市場需求皆非常強勁，其中以航太與國防、汽車、通訊與工業客戶的強勁成長為主。

Data center build-outs are also driving higher demand for our embedded CPUs and adaptive SoCs in control plane and optical networking applications. We remain on track to close more than $18 billion of design wins in 2026, our third consecutive record year. Adaptive design wins have increased every year since we acquired Xilinx with embedded x86 and semi-custom wins growing even faster.

資料中心建置也帶動我們的嵌入式 CPU 與可調適 SoC 在控制平面與光網路應用中的需求提升。我們仍按計畫在 2026 年完成超過 180 億美元的設計導入（design wins），將是連續第三年創下新高。自我們收購 Xilinx 以來，可調適（adaptive）設計導入每年都在增加，其中嵌入式 x86 與半客製化的設計導入成長更快。

As these wins ramp over the next few years, we expect our embedded business to deliver strong double-digit annual revenue growth and continue outgrowing the market. In summary, we delivered an excellent third quarter and expect an even stronger fourth quarter as data center and embedded segment growth more than offsets lower client CPU sales.

隨著這些設計導入在未來幾年逐步放量，我們預期嵌入式業務將帶來強勁的年度雙位數營收成長，並持續跑贏市場。總結而言，我們交出優異的第三季成績，並預期第四季將更強勁，因資料中心與嵌入式事業群的成長將足以抵消用戶端 CPU 銷售下滑。

We entered 2027 with the strongest product portfolio in our history and significant customer momentum. We have worked across our supply chain to secure the wafers, substrates, advanced packaging, memory and other key components needed to support much higher growth next year. Based on our current visibility, we now expect revenue to grow more than 80% in 2027, which is more than twice the long-term financial model we outlined at our Financial Analyst Day last November. Data center will be the largest contributor, driven by expanding Helios deployments and continued EPYC share gains. We also expect embedded growth to accelerate next year driven by adoption of our adaptive and x86 solutions.

我們以史上最強的產品組合與顯著的客戶動能進入 2027 年。我們已在供應鏈各環節努力，確保晶圓、基板、先進封裝、記憶體及其他關鍵零組件供應，以支援明年更高的成長。基於目前的能見度，我們現在預期 2027 年營收將成長超過 80%，這是去年 11 月金融分析師日（Financial Analyst Day）所提出長期財務模型的兩倍以上。資料中心將是最大貢獻來源，受惠於 Helios 部署擴大以及 EPYC 市占持續提升。我們也預期在可調適與 x86 解決方案採用帶動下，嵌入式成長將於明年加速。

Beyond 2027, we are increasing R&D investment across our silicon, software and systems road maps and working closely with our largest customers to support their ambitious infrastructure plans for the next 3 to 5 years. We are also deepening our collaboration with our supply chain partners and investing alongside them to secure the long-term capacity our growth will require. Taken together, these give us strong confidence in our ability to sustain exceptional revenue growth for years to come, with earnings growing even faster.

展望 2027 年之後，我們正提高在矽晶、軟體與系統路線圖上的研發投資，並與我們最大的客戶緊密合作，以支援其未來 3 至 5 年雄心勃勃的基礎設施規劃。我們也正深化與供應鏈夥伴的合作，並與其共同投資，以確保我們成長所需的長期產能。綜合而言，這些因素讓我們對未來多年維持卓越的營收成長充滿信心，且獲利成長速度將更快。

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

接下來我把電話交給 Jean，請他就我們第三季的業績提供更多說明。Jean？

Thank you, Lisa, and good afternoon, everyone. I'll start with a review of our financial results and then provide our outlook for the fourth quarter of fiscal 2026. We delivered an outstanding third quarter. Revenue increased 45% year-over-year to a record $13.4 billion, exceeding the high end of our guidance, driven by our data center segment, which nearly doubled year-over-year. Revenue increased 16% sequentially, driven by strong growth in the data center and embedded segments, partially offset by a decline in the client and gaming segment.

謝謝你，Lisa，各位下午好。我將先回顧我們的財務結果，接著提供 2026 會計年度第四季的展望。我們交出了一個非常出色的第三季。營收年增 45% 至創紀錄的 134 億美元，超越我們財測區間的上緣，主要由資料中心事業部帶動，其營收年增接近翻倍。營收季增 16%，由資料中心與嵌入式事業部的強勁成長帶動，但部分被客戶端與遊戲事業部的下滑所抵銷。

Our data center segment accounted for approximately 64% of total revenue, up from 58% last quarter, underscoring the continued shift in our business mix and its increasing contribution to AMD's growth. Gross margin was 56%, up 190 basis points year-over-year, reflecting a richer product mix. Operating expenses were $3.6 billion, an increase of 29% year-over-year as we continue to invest in R&D to expand our data center silicon systems and software capabilities. Operating income grew 75% year-over-year to a record $3.9 billion, significantly outpacing our revenue growth. Operating margin was 29%, expanding more than 5-percentage-points year-over-year, underscoring the operating leverage in the business as we scale.

資料中心事業部約占總營收的 64%，高於上季的 58%，凸顯我們業務組合持續轉移，以及其對 AMD 成長的貢獻日益提高。毛利率為 56%，年增 190 個基點，反映產品組合更佳。營業費用為 36 億美元，年增 29%，因我們持續投入研發，以擴展資料中心矽晶系統與軟體能力。營業利益年增 75% 至創紀錄的 39 億美元，顯著超越營收成長。營業利益率為 29%，年增超過 5 個百分點，顯示隨著規模擴大，業務具備明顯的營運槓桿。

In the third quarter, we began recognizing the accounting impact of warrants issued under our previously announced customer agreement as we shipped MI450 series GPUs. Our GAAP diluted earnings per share were $1.46, which included $1.1 billion non-cash charge in other income and expense, primarily reflecting the increase in our share price and the changes in the estimated probability of meeting the warrant conditions.

在第三季，隨著我們出貨 MI450 系列 GPU，我們開始認列先前公告之客戶協議下所發行認股權證的會計影響。我們的 GAAP 稀釋每股盈餘為 1.46 美元，其中包含其他收益與費用項下 11 億美元的非現金費用，主要反映股價上升以及對達成認股權證條件之估計機率的變動。

Going forward, these quarterly non-cash fair value adjustments are expect to increase as we and our customers progress under this agreement. The amount will vary each quarter based on AMD's stock price and other valuation assumptions. These noncash adjustments would not affect our non-GAAP results or free cash flow.

展望未來，隨著我們與客戶在此協議下的進展，預期這些每季的非現金公允價值調整將增加。金額將依每季 AMD 股價及其他估值假設而有所不同。這些非現金調整不會影響我們的非 GAAP 結果或自由現金流。

Our non-GAAP diluted earnings per share were $2.09. Now turning to our reportable segments, starting with the data center. Data center segment revenue was a record of $8.5 billion, up 97% year-over-year, driven by record server revenue and strong demand for our 5th generation EPYC processors and by record data center AI revenue, highlighted by the launch of our AMD Instinct MI450 Series GPUs. On sequential basis, data center revenue increased 27%, primarily driven by initial MI450 Series sales and strong server revenue growth. The data center segment operating income was $2.9 billion, up 168% year-over-year.

我們的非 GAAP 稀釋每股盈餘為 2.09 美元。接著看各可報導事業部，先從資料中心開始。資料中心事業部營收創紀錄達 85 億美元，年增 97%，主要由伺服器營收創新高、第五代 EPYC 處理器的強勁需求，以及資料中心 AI 營收創新高所帶動，並以我們推出 AMD Instinct MI450 系列 GPU 為亮點。以季比來看，資料中心營收成長 27%，主要由 MI450 系列初期銷售與伺服器營收強勁成長所帶動。資料中心事業部營業利益為 29 億美元，年增 168%。

And the operating margin increased to 34% compared to 25% a year ago, demonstrating strong operating leverage of data center business. Client and Gaming segment revenue was $3.7 billion, down 8% year-over-year due to lower semi-custom and graphics sales, partially offset by higher demand for the latest generation Ryzen mobile processors.

營業利益率提升至 34%，相較一年前的 25%，展現資料中心業務強勁的營運槓桿。客戶端與遊戲事業部營收為 37 億美元，年減 8%，主因半客製化與顯示卡銷售較低，但部分被最新一代 Ryzen 行動處理器需求增加所抵銷。

In the client business, revenue was $2.9 billion, up 7% year-over-year, driven by higher sales of Ryzen mobile processors. Sequentially, client revenue was down 4% as higher memory cost weighed on PC unit demand, partially offset by a richer mix of high-end processors. Gaming revenue was $773 million, down 40% year-over-year due to lower semi-custom revenue and lower graphics demand.

在客戶端業務方面，營收為 29 億美元，年增 7%，由 Ryzen 行動處理器銷售增加所帶動。以季比來看，客戶端營收下滑 4%，因記憶體成本上升壓抑 PC 出貨需求，但部分被高階處理器占比提升所抵銷。遊戲營收為 7.73 億美元，年減 40%，主因半客製化營收下降以及顯示卡需求較弱。

Sequentially, gaming revenue was essentially flat. Client and Gaming segment operating income was $573 million or 15% of revenue, compared to $867 million or 21% a year ago. Embedded segment revenue was $1.1 billion, up 29% year-over-year and 14% sequentially as demand strengthened across several end markets, led by growth in aerospace and defense, automotive, communication and industrial end markets. Embedded segment operating income was $453 million or 41% of revenue compared to $283 million or 33% a year ago. Turning to balance sheet and cash flow.

以季比來看，遊戲營收大致持平。客戶端與遊戲事業部營業利益為 5.73 億美元，占營收 15%，相較一年前為 8.67 億美元、占營收 21%。嵌入式事業部營收為 11 億美元，年增 29%、季增 14%，因多個終端市場需求轉強，成長主要由航太與國防、車用、通訊與工業終端市場帶動。嵌入式事業部營業利益為 4.53 億美元，占營收 41%，相較一年前為 2.83 億美元、占營收 33%。接著看資產負債表與現金流。

During the quarter, inventory increased approximately $3 billion sequentially to $11.5 billion to fulfill our strong data center demand. We generated $1.2 billion in cash from operating activities of continuing operations. Free cash flow was $554 million, reflecting increased working capital investment and ongoing capital expenditures to secure equipment and capacity for the rapid growth of our data center business, including back-end capacity dedicated to support our data center demand. We expect to continue to invest in inventory and capacity to support our strong growth in 2027. At the end of the quarter, cash, cash equivalents and short-term investments were $15.8 billion.

本季存貨較上季增加約 30 億美元至 115 億美元，以滿足我們強勁的資料中心需求。我們自持續營運的營業活動產生 12 億美元現金。自由現金流為 5.54 億美元，反映營運資金投資增加，以及為確保資料中心業務快速成長所需的設備與產能而持續進行的資本支出，其中包括專門用於支援資料中心需求的後段產能。我們預期將持續投資存貨與產能，以支援 2027 年的強勁成長。季末現金、約當現金及短期投資為 158 億美元。

Our total debt was $7.1 billion, including $4.75 billion senior notes offering we completed in August. Now turning to our fourth quarter 2026 outlook. We expect revenue to be approximately $17 billion, plus or minus 3%. The midpoint of our guidance represents approximately 66% year-over-year revenue growth, primarily driven by the acceleration of our data center segment. Sequentially, we expect revenue to grow by approximately 27%, driven by a sharp increase in our data center segment of approximately 50% growth, a decline in our client and the gaming segment of greater than 20% and a double-digit growth in our Embedded segment.

我們的總負債為 71 億美元，其中包含我們於 8 月完成的 47.5 億美元優先票據發行。接著看 2026 年第四季展望。我們預期營收約為 170 億美元，上下浮動 3%。以財測中值計算，代表營收年增約 66%，主要由資料中心事業部加速成長所帶動。以季比來看，我們預期營收成長約 27%，其中資料中心事業部大幅增加、約成長 50%；客戶端與遊戲事業部下滑超過 20%；嵌入式事業部則為兩位數成長。

In addition, we expect fourth quarter non-GAAP gross margin to be approximately 55%, and we expect non-GAAP operating expenses to be approximately $3.75 billion. We expect non-GAAP net interest and other expense to be a gain of approximately $4 million. We expect our non-GAAP effective tax rate to be 13%, and diluted share count is expected to be approximately 1.67 billion shares, including the estimated impact of closing the Taalas and the World Labs acquisitions in the fourth quarter.

此外，我們預期第四季非 GAAP 毛利率約為 55%，非 GAAP 營業費用約為 37.5 億美元。我們預期非 GAAP 淨利息及其他費用為約 400 萬美元的收益。我們預期非 GAAP 有效稅率為 13%，稀釋後股數預期約為 16.7 億股，其中包含第四季完成 Taalas 與 World Labs 收購案交割的估計影響。

We are not expecting our fourth quarter share count to be impacted by customer warrants. In closing, the third quarter was an outstanding quarter for AMD with record revenue, significant operating margin expansion and earnings growth, reflecting disciplined execution across the business. As our data center business continues to scale, we are very well positioned to drive increased profitability and long-term shareholder value.

我們預期第四季股數不會受到客戶認股權證的影響。最後總結，第三季對 AMD 而言是非常出色的一季，營收創新高、營業利益率顯著擴張且獲利成長，反映我們在各項業務上的紀律執行。隨著資料中心業務持續擴大規模，我們具備非常有利的定位，可推動更高的獲利能力與長期股東價值。

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

接下來我把電話交回給 Matt，進行問答環節。

(Operator Instructions)

(接線員指示)

Tom O'Malley, Barclays.

Tom O'Malley，巴克萊。

Hey, good evening, and thanks for taking my question. Congrats on the great results. I guess, Lisa, let's start off with the fact that you're giving some more color into 2027. It looks like revenue is growing 80%, but the data center component of that is growing much faster where data center is going to be a greater than 80% of your business. So maybe can you talk about, first and foremost, like is this backed up by supply, whether that be wafers, packaging, substrate, memory? And then if you look at the demand profile behind that, would demand outstrip that supply if you were able to get some more?

嗨，晚安，謝謝讓我提問。恭喜你們交出很棒的成績。我想，Lisa，我們先從你們對 2027 年提供更多細節談起。看起來營收成長 80%，但其中資料中心的部分成長更快，資料中心將占你們業務的 80% 以上。所以也許你可以先談談，最重要的是，這是否有供給端支撐，不論是晶圓、封裝、載板、記憶體？然後如果你看背後的需求輪廓，若你們能取得更多供給，需求是否會超過供給？

Yeah, sure, Tom. Thanks for the question. So look, we have a lot of momentum going into the fourth quarter and into 2027. We do see a situation where there is very strong demand.

好的，當然可以，Tom。謝謝你的問題。你看，我們在第四季以及邁向 2027 年都有很強的動能。我們確實看到需求非常強勁的情況。

So we see demand across the data center business, across our CPU business as well as our data center AI business. And when you look at the rate and pace of that growth, we've been planning for it for the last several years. So we've absolutely spent a significant amount of time with our customers planning what their needs are in terms of their deployments and their deployment schedules and also with our supply chain partners to ensure that we have the wafers, the substrates, the advanced packaging, the memory, all of the other components that go along with it. It is true that demand is higher than supply. So we continue to work with our supply chain partners to increase supply.

我們看到資料中心業務、CPU 業務以及資料中心 AI 業務的需求都很強。而就這個成長的速度與節奏而言，我們過去幾年一直在為此做規劃。所以我們確實花了大量時間與客戶一起規劃他們在部署方面的需求、部署時程，也與供應鏈夥伴合作，確保我們具備晶圓、載板、先進封裝、記憶體，以及所有其他相關元件。確實，需求高於供給。因此我們持續與供應鏈夥伴合作以提升供給。

And I do believe that there is a good opportunity for us to do that, just given the strong relationships we have throughout the ecosystem. But sitting where we are today to be able to say that the overall company will grow greater than 80%, especially the server business will approximately double from a fairly high point in 2026. And then the data center AI business, we continue to have strong visibility, and we see strong demand from our customers, and we continue to see also good follow-through on all of the other aspects of the infrastructure that are needed. So overall, we're very positive about the data center growth into 2027.

我也相信，考量到我們在整個生態系中建立的強健關係，我們有很好的機會做到這點。但以我們目前所處的位置，要能說整體公司將成長超過 80%，尤其是伺服器業務將在 2026 年相對高的基期上約莫倍增。此外，資料中心 AI 業務方面，我們持續有很高的能見度，看到客戶強勁需求，也持續看到支撐所需的其他基礎設施面向都有良好落實。總體而言，我們對 2027 年資料中心成長非常正向。

Super helpful. And then just as a follow-up on the client side, you're saying down greater than 20% in the fourth quarter. That's kind of in line with what we've heard from others so far in the market. But if you look at '27, I think something that's difficult that normally you see seasonality down in Q1 and then you wouldn't get a recovery kind of until Q2, Q3. So maybe talk about like what the longevity of this correction kind of looks like and why you've been able to kind of outperform a bit up until this point and how you see that kind of coming out of this trough into next year? Thanks, Lisa.

非常有幫助。接著追問一下客戶端（PC）方面，你們說第四季將下滑超過 20%。這大致符合我們目前從市場其他人那裡聽到的情況。但如果看 2027 年，我覺得比較困難的是，通常你會看到第一季季節性下滑，然後要到第二季、第三季才會回升。所以也許談談這次修正的持續時間大概會是什麼樣子、你們為何到目前為止能稍微跑贏，以及你們如何看待明年走出這個谷底？謝謝，Lisa。

Yeah, sure, Tom. Sure, Tom. So talking a little bit about the PC market. The PC market continues to be an important market to us. I think we were signaling all along in the last couple of calls that we were expecting a subseasonal second half of the year, and that's how it's played out.

好的，當然，Tom。當然，Tom。那我先談一下 PC 市場。PC 市場對我們仍然是重要市場。我想我們在過去幾次電話會議中一直在釋放訊號：我們預期下半年會弱於季節性，而實際發展也確實如此。

Our view is this is one of those times when component prices go up, it affects overall system pricing. One would expect the consumer markets to be more sensitive to that. And so we have seen a bit of slowdown in the sell-through. We're just managing the business very prudently, and we want to ensure that inventory stays healthy throughout the channel and throughout our customers. And so our planning assumption for 2027 is that the market will be double-digit percentage down.

我們的看法是，這是元件價格上漲、進而影響整體系統定價的時期。一般會預期消費性市場對此更敏感。因此我們確實看到終端銷售（sell-through）有些放緩。我們只是非常審慎地管理業務，並希望確保通路與客戶端的庫存都維持健康。因此我們對 2027 年的規劃假設是，市場將以雙位數百分比下滑。

We will certainly focus on the segments where we can add the most value, places like enterprise, where we continue to be underrepresented, premium consumer, desktop channel. These are really good markets for us. But we are planning with the current environment for a down year for 2027. And we will work through that. The good part about it is, our supply chain is quite fungible across our PC business and our data center business.

我們當然會聚焦在我們能創造最大價值的細分領域，例如企業市場（我們在那裡仍相對不足）、高階消費者、桌機通路。這些對我們而言都是非常好的市場。但在目前環境下，我們規劃 2027 年會是下滑的一年。我們會把這段期間走過去。好的一點是，我們的供應鏈在 PC 業務與資料中心業務之間具有相當的可替換性（fungible）。

And so that actually does afford us the ability to move supply around as we see these signals in the market. And overall, as I said earlier, we do have more demand than we have supply. And so we're continuing to work all of the aspects to increase supply as we go through the next few quarters.

因此，當我們看到市場訊號時，這確實讓我們有能力在不同業務之間調度供給。而且整體而言，如我先前所說，我們的需求仍高於供給。所以在接下來幾個季度，我們會持續在各個面向努力提升供給。

Vivek Arya, Bank of America Securities.

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

Thanks for taking my questions. Lisa, there's a lot of market debate about the financing of data centers and availability of land, power and shell, et cetera. So kind of a 2-parter, what's the level of confidence, right, that AMD has that your anchor customers have the financing and the physical infrastructure to support, I think it's roughly 3 gigawatts or so of planned AMD deployments into '27? And then, as we look beyond, many of your competitors are kind of investing in the ecosystem, providing residual value guarantees, and such. I'm saying there is a lot more fungibility of their products. So does that create kind of a competitive dynamic for AMD?

謝謝讓我提問。Lisa，市場上對資料中心的融資以及土地、電力、機房殼體（shell）等資源可得性有很多討論。所以我有兩個問題：第一，AMD 對你們的核心客戶是否具備融資能力與實體基礎設施的信心程度如何？我想你們規劃在 2027 年前後部署的 AMD 規模大約是 3GW 左右。第二，往後看，你們許多競爭對手正在對生態系投資、提供殘值保證（residual value guarantees）等，他們也在說他們的產品可替換性更高。這是否會對 AMD 形成某種競爭態勢？

So just curious to hear your perspective on '27 readiness and '28 competitive landscape?

想聽聽你對 2027 年準備度以及 2028 年競爭版圖的看法？

Sure, Vivek. Thanks for the question. So as I said earlier, we're seeing very strong demand from our lead data center AI customers. I think you can see that there's a strong demand for more compute and MI455 is positioned extremely well. When we look at Venice, MI455, Helios, I think we feel extremely good about the competitiveness.

當然可以，Vivek。謝謝你的問題。如我先前所說，我們看到領先的資料中心 AI 客戶帶來非常強勁的需求。我想你也看得到，市場對更多運算能力的需求很強，而 MI455 的定位非常好。當我們看 Venice、MI455、Helios，我們對競爭力感到非常有信心。

We have been planning for this ramp with our customers jointly. So we have good visibility into the 2027, as you said, land, power, shells, all of those, the data center infrastructure, and we are very much working hand-in-hand with our customers. So we know where the GPUs are going in terms of which data centers and which locations and all of that stuff. Going into 2028 and beyond, I guess, what I would say is the following. Look, I think we are seeing very strong growth overall.

我們一直與客戶共同規劃這次的放量（ramp）。因此，對於你提到的 2027 年土地、電力、機房殼體等資料中心基礎設施，我們有很好的能見度，並且確實與客戶密切合作。所以我們知道 GPU 會被部署到哪些資料中心、哪些地點等等。至於 2028 年及之後，我想我會這樣說。你看，我認為我們整體正看到非常強勁的成長。

I think we have a very strong business. We have a very strong balance sheet. And from that standpoint, our goal is, first and foremost, we're investing in our growth to support that, and that means investing in R&D, investing in supply chain and capacity, investing alongside our partners to ensure that we have the capacity for all of those things that we talked about earlier that are necessary for this type of ramp.

我認為我們的業務非常強健。我們的資產負債表也非常強健。在此基礎上，我們的首要目標是投資成長以支撐這些需求，包括投資研發、投資供應鏈與產能，並與合作夥伴共同投資，確保我們具備產能來支援我們先前提到、這類放量所需的所有事項。

And then we are selectively investing with our lead partners where we see it's helpful to have, for example, the data center infrastructure identified way in advance, and that's multiple years in advance. And I think that's the right thing to do to ensure that we are jointly ensuring that there's the right infrastructure as our new chips become available.

此外，我們也會在我們認為有幫助的地方，選擇性地與主要合作夥伴共同投資；例如，提前很久就把資料中心基礎設施先行確認下來，而這通常需要提前好幾年。我認為這樣做是正確的，能確保當我們的新晶片開始供貨時，我們能與夥伴共同確保具備正確的基礎設施。

But we are being selective and strategic in how we do that with the first principle being investing in our growth.

但我們在執行上會更有選擇性且更具策略性，而第一個原則是投資於我們的成長。

Got it. And for my follow-up, Lisa, one more on the competitive landscape. Many of your Frontier lab customers have been working on their custom ASICs. And I'm curious, how do they conceptually make the choice between using ASICs versus AMD products? Like what determines their allocation?

了解。接著我的追問，Lisa，再問一題關於競爭態勢。你們許多 Frontier 實驗室客戶一直在開發他們的客製化 ASIC。我很好奇，他們在概念上如何在使用 ASIC 與 AMD 產品之間做選擇？是什麼決定他們的配置比例？

Is it cost per token, power efficiency, software flexibility, time to deployment? Just what are the puts and takes in that decision making? And are there workloads where using an AMD GPU works better than the alternatives that they have?

是每 token 成本、功耗效率、軟體彈性、部署時間嗎？在決策過程中，取捨點到底是什麼？另外，有沒有某些工作負載是使用 AMD GPU 會比他們現有的替代方案更好？

So look, I think we feel extremely good about where we're positioned in terms of our performance and our total cost of ownership that we're delivering with Helios. That is fundamentally the most important factor when we think about sort of deployment scale and deployments going forward. I think there was a significant investment that we've made in the rack-scale systems and ensuring that Helios really ramped nicely. Third quarter was the first quarter that we shipped MI455 and Helios racks for revenue.

我想我們對於在效能以及 Helios 所提供的總持有成本（TCO）方面的定位感到非常有信心。當我們思考未來的部署規模與持續部署時，這基本上是最重要的因素。我們在機櫃級（rack-scale）系統上投入了相當大的資源，並確保 Helios 的爬坡非常順利。第三季是我們首次出貨 MI455 與 Helios 機櫃並認列營收的季度。

I think this is a very major milestone. We have a big step up in Q4. We'll continue to ramp throughout 2027. And the key is for us to continue to show that TCO advantage across workloads. It is true that from general purpose CPU standpoint, that we have more fungibility as you think about various workloads that occur.

我認為這是一個非常重大的里程碑。我們在第四季會有一個大幅提升，並將在 2027 年持續爬坡。關鍵在於我們要持續證明在各種工作負載下的 TCO 優勢。確實，從通用 CPU 的角度來看，當你考量各種不同工作負載時，我們的可替換性（fungibility）更高。

There has been also very strong codesign. So beyond the MI450 series, we're working on MI500 and MI600 as well to ensure that our technology gets even more, let's call it, tuned to what the frontier labs need. So I think that's -- those are the key factors in terms of deployment choices.

此外也有非常強的共同設計（codesign）。因此，除了 MI450 系列之外，我們也在開發 MI500 與 MI600，以確保我們的技術能更進一步、可以說更貼合 Frontier 實驗室的需求。所以我認為，這些就是在部署選擇上的關鍵因素。

Joshua Buchalter, TD Cowen.

Joshua Buchalter，TD Cowen。

Hey guys, thanks for taking my question and congrats on the progress. I was wondering if you could give us insight into how we should be thinking about HBM costs impacting your model as the Instinct business ramps. I think investors have been asking how your revenue per gigawatt contribution in the last year or so, your outlook has been so consistent in that $15 billion to $20 billion per gigawatt range given what's going on with HBM pricing. Is that because early builds are fairly program-specific and pricing was agreed upon a long time ago? And again, as we think about that business longer term, do you have the ability to pass on these higher input costs even to your big three customers? Thank you.

各位好，謝謝讓我提問，也恭喜你們的進展。我想請你們分享一下，隨著 Instinct 業務爬坡，我們應該如何看待 HBM 成本對你們模型的影響。我想投資人一直在問，過去一年左右在 HBM 定價變動的情況下，你們每 GW 的營收貢獻展望為何仍能維持在每 GW 150 億到 200 億美元這麼一致的區間。這是因為早期建置相當程度是特定專案導向，而且定價在很久以前就談妥了嗎？另外，從長期來看，你們是否有能力把這些較高的投入成本轉嫁出去，即使是對你們前三大客戶也是如此？謝謝。

Sure, Josh. So the way to think about it is as we ramp, we have had, let's call it, long-term agreements with some of our suppliers as well as some of our customers. But given where the memory market is and not just the memory market, by the way, other component costs are also seeing some inflationary pressures in the sense of as there is more CapEx that's put into the overall supply chain environment. We are also working with our customers to include -- to ensure that those costs are shared as we go forward. So from my perspective, back to the question that Vivek had, this is all about TCO and ensuring that from a tokens per dollar standpoint, that we continue to offer very strong advantages for choosing AMD Instinct in our overall Helios system.

當然可以，Josh。看待這件事的方式是：隨著我們爬坡，我們與部分供應商以及部分客戶都有、可以說是長期協議。但考量目前記憶體市場的狀況，而且不只是記憶體市場，順帶一提，其他零組件成本也面臨一些通膨壓力，因為整體供應鏈環境投入了更多資本支出（CapEx）。我們也正與客戶合作，納入——並確保這些成本在未來能夠共同分攤。所以就我的觀點，回到 Vivek 的問題，這一切都關乎 TCO，並確保以每美元可產生的 token 數（tokens per dollar）來看，我們在整體 Helios 系統中選擇 AMD Instinct 仍能提供非常強的優勢。

And even with some of the inflationary pressures that are out there, we certainly believe that we are offering a leading TCO for the AI workloads.

即便外部存在一些通膨壓力，我們仍然相信，對於 AI 工作負載而言，我們提供的是領先的 TCO。

Thank you, Lisa. Maybe for Gene, it was good to see OpEx come in light in the third and fourth quarter. It's been a sticking point for investors for a little bit. But I guess given how steep the revenue growth is expected to be in 2027, we're flying a little blind given you're kind of at more than 2x your target model. How should we think about OpEx growth in '27? And I guess while we're in the neighborhood, do you think you can hold your target gross margin range sort of that 55%. Floor as we move through the year and Helios continues to ramp? Thank you.

謝謝你，Lisa。也許這題給 Gene：很高興看到第三季與第四季的 OpEx 低於預期。這段時間以來，這一直是投資人有點卡住的點。但我想，考量 2027 年預期的營收成長幅度很陡峭，而你們目前的 OpEx 大概是目標模型的 2 倍以上，我們有點像在盲飛。我們應該如何看待 2027 年的 OpEx 成長？另外順便問一下，隨著 Helios 持續爬坡、年度推進，你們覺得能否守住目標毛利率區間，大約 55% 的底線？謝謝。

Yeah, Josh, thank you for the question. On the OpEx, as you said, we have been investing aggressively. What you are seeing is the investments are translating to accelerating revenue growth we are seeing in 2026. We're actually quite pleased with the 2026, our operating leverage.

好的，Josh，謝謝你的問題。關於 OpEx，如你所說，我們一直在積極投資。你現在看到的是，這些投資正在轉化為我們在 2026 年看到的加速營收成長。我們其實對 2026 年的營運槓桿表現相當滿意。

We're expanding revenue much faster than OpEx growth, which is driving the operating margin increase. And if you think about the Q4 guide, we are guiding very significant revenue growth more than OpEx. That dynamic, we believe, will carry into 2027, Lisa talked about is that we expect the whole company growing more than 80%. We should expect OpEx to grow less than the top line revenue growth rate -- less half -- less than half of the top line revenue growth rate. So that will drive a very significant operating margin expansion in 2027.

我們的營收擴張速度遠快於 OpEx 成長，這也帶動營業利益率提升。如果你看第四季的指引，我們指引的是非常顯著的營收成長，且高於 OpEx 的成長。這樣的動態，我們相信會延續到 2027 年；Lisa 也提到，我們預期整家公司成長超過 80%。我們預期 OpEx 的成長會低於營收（top line）成長率——不到——不到營收成長率的一半。因此，這將在 2027 年帶來非常顯著的營業利益率擴張。

Going back to gross margin, we are actually very happy about where we are with our gross margin. In Q3, we are ramping MI450. Data center AI business is doing very well, actually better than our expectation when we got into the Q3 quarter. And in Q4, we are guiding sequentially revenue growing 50% for data center business. It's actually going to be the quarter data center AI business surpassed serve business.

回到毛利率，我們其實對目前的毛利率狀況非常滿意。在第三季，我們正在爬坡 MI450。資料中心 AI 業務表現非常好，實際上比我們進入第三季時的預期還要好。而在第四季，我們指引資料中心業務營收季增 50%。這實際上會是資料中心 AI 業務營收超越伺服器業務的季度。

So we all know their margin is a little bit dilutive to corporate average, but the gross margin dollars are increasing very significantly. I think looking ahead of 2027, we actually think that our data center business will be more than 80% of the total company revenue. So the mix of data center business is going to drive the company's gross margin significantly. The way to think about this data center AI will continue to ramp through 2027, and the server business is expected to double. So quarter-over-quarter, there may be variations because the mix of those businesses will be a little bit different.

我們都知道其毛利率對公司平均值會有些稀釋，但毛利額（gross margin dollars）正在非常顯著地增加。我想展望 2027 年，我們其實認為資料中心業務將占公司總營收的 80% 以上。因此，資料中心業務的組合將顯著驅動公司的毛利率表現。看待這件事的方式是：資料中心 AI 將在 2027 年持續爬坡，而伺服器業務預期將倍增。因此，按季來看可能會有波動，因為這些業務的組合會有些不同。

In addition, embedded business is strengthening in 2027, I think that will also help our gross margin. Overall, when you put the whole business model together, what you should expect us to do with significant top line revenue growth, significant gross profit expansion and OpEx growing less and revenue growth, which will result in very significant operating margin expansion and profitability expansion.

此外，嵌入式業務在 2027 年也在走強，我認為這也會有助於我們的毛利率。整體而言，當你把整個商業模型放在一起看，你應該預期我們會實現顯著的營收成長、顯著的毛利擴張，而 OpEx 的成長低於營收成長，這將帶來非常顯著的營業利益率擴張與獲利能力提升。

Timothy Arcuri, UBS.

Timothy Arcuri，UBS。

Thanks a lot. Lisa, I'm wondering if you can break down a little bit how data center is going to look like next year. You did revise server CPU up from up 70% to up more than 100%, but you're not being super specific about data center AI. So is the right way to think about it that.

非常感謝。Lisa，我想請你稍微拆解一下明年資料中心的樣貌會是如何。你們確實把伺服器 CPU 的成長從年增 70% 上修到年增超過 100%，但對資料中心 AI 的部分你們沒有講得非常具體。所以正確的理解方式是：

The GPU business will still be bigger in dollars than the server CPU business, but not much, is that the right way to think about the split and then how to think about the like shape of the year, I know that the GPU business is lumpy, but I imagine it's probably pretty ratable to the year, is that kind of fair to think?

GPU 業務以美元金額計仍會比伺服器 CPU 業務更大，但差距不大；這樣理解兩者的拆分是否正確？另外，該如何看待全年走勢的形狀？我知道 GPU 業務會有波動（lumpy），但我想它可能全年相對可預測、較為平滑；這樣想是否合理？

Maybe let me break down a couple of things. So first of all, we think 2027 is going to be a very strong momentum year for both the CPU business as well as the data center AI business. And when we gave you some of the markers, you should just consider them markers, right? So we've said the overall company will grow greater than 80%. And for the data center CPU business, we will about double. And for the data center AI business, it will significantly more than double. And from that standpoint, you should expect that the data center AI business continues to be, as Jean just said, Q4 is the first quarter where the data center AI business will cross over in terms of size compared to the CPU business. And we would expect both businesses to grow nicely throughout the year. So hopefully that gives you a bit of shape as we go through the year.

也許我先把幾件事拆開說明一下。首先，我們認為 2027 年將會是 CPU 業務以及資料中心 AI 業務都具有非常強勁動能的一年。而當我們給你一些指標時，你應該把它們視為指標就好，對吧？所以我們說過，整體公司將成長超過 80%。而在資料中心 CPU 業務方面，我們大約會翻倍。至於資料中心 AI 業務，將會是顯著地超過翻倍。從這個角度來看，你應該預期資料中心 AI 業務會持續成長；正如 Jean 剛剛說的，第四季是資料中心 AI 業務在規模上首次超越 CPU 業務的一季。而我們預期這兩項業務在全年都會有不錯的成長。希望這能讓你對我們接下來一年的走勢有個大致輪廓。

Thanks a lot. And then, Gene, I guess, can you help us on the warrants? How are they going to layer into the year? Any sort of like guardrails you can give us on sort of how to roll that into our model through the year and into 2027? Thanks.

非常感謝。接著，Gene，我想請你幫我們說明一下認股權證（warrants）。它們會如何在一年當中逐步反映？你能否給我們一些「護欄」之類的指引，讓我們知道該如何把它納入我們今年以及到 2027 年的模型？謝謝。

Yeah, thanks for the question. I think the simple way to think about it is there are 3 parts for the warrant. The first one is we report net revenue, the Q3 revenue, Q4 guide and whenever we talk about the revenue, it's always net revenue, which already incorporated the warrant revenue reduction piece, which is determined at the grant date of fair value. So that one you should not worry about it.

好的，謝謝你的問題。我認為最簡單的理解方式是：認股權證有三個部分。第一個部分是我們揭露的淨營收：第三季營收、第四季指引，以及我們談到營收時，都是淨營收，這已經納入了認股權證造成的營收減項，而該減項是在授予日以公允價值決定的。所以這一塊你不需要擔心。

It's always incorporated in our revenue whenever we talk about the revenue. The second piece is probably you're asking is the share count. The way to think about this, the share count only comes into diluted shares once all the vesting conditions and the exercising conditions are met by our customers. That means the shipments need to be there and some commercial conditions that need to be met. We are going to provide the guidance in 2027 to give you clear guidance when we believe the share vesting and exercising conditions are met.

我們每次談到營收時都已經把它包含在內了。第二個部分，我猜你問的是股數（share count）。理解方式是：只有在我們的客戶滿足所有歸屬條件與行使條件之後，股數才會進入稀釋後股數（diluted shares）。這代表必須有出貨量到位，並且還要滿足一些商業條件。我們會在 2027 年提供指引，讓你清楚知道我們認為何時會滿足股權歸屬與行使條件。

That is something we'll provide transparency once we get into 2027. The last piece is it's a noncash charge, quarterly noncash charge, which is a remeasurement of fair value, that actually does not impact our non-GAAP financial results and free cash flow. So on the share count, just wait for us to provide you a clear guidance when we get there.

一旦進入 2027 年，我們會就這點提供透明度。最後一個部分是非現金費用：每季的非現金費用，來自於公允價值的重新衡量；這其實不會影響我們的非 GAAP 財務結果與自由現金流。所以在股數方面，就等我們到時候提供明確指引即可。

C.J. Muse, Cantor Fitzgerald.

C.J. Muse，Cantor Fitzgerald。

Yeah, good afternoon. Thank you for taking the question. I guess first question, on the server CPU side, you've obviously taken your outlook higher. I'm curious how we should be thinking about units versus mix, including higher core count, as well as higher ASPs associated with metis. Is there a way to break that down to help us understand that 100% growth?

是的，午安。謝謝讓我提問。我想先問第一個問題，在伺服器 CPU 方面，你們顯然上調了展望。我很好奇我們應該如何看待出貨量（units）相對於產品組合（mix），包括更高的核心數，以及與 metis 相關的更高 ASP（平均售價）。有沒有辦法拆解一下，幫助我們理解那個 100% 的成長？

Sure, CJ. So on the server CPU side, when we talk about 100% growth, you should imagine that we are definitely shipping significantly more units in that, of course, some of those units have higher core counts as we go into Venice. But I would say the growth in revenue is mostly in units and core count and less so in ASPs, although there are some -- there's an ASP uplift as we increase core count.

當然可以，CJ。就伺服器 CPU 這邊，當我們談到 100% 成長時，你可以想像我們確實會出貨顯著更多的數量；當然，隨著我們進入 Venice，其中一些產品的核心數也會更高。但我會說營收成長主要來自出貨量與核心數，而較少來自 ASP，雖然隨著核心數提升，ASP 也會有一些上揚。

Great, thanks. And I guess as a follow-up, just button down one Q seasonality, based on what you said tonight, I'm interpreting that we should see kind of normal client and gaming down seasonally in Q1, kind of rateable data center above December. And I guess as part of that, any sort of vision for how to think about embedded?

很好，謝謝。接著追問一下，把第一季的季節性再釐清一下：根據你們今晚的說法，我的理解是第一季客戶端與遊戲業務會呈現比較正常的季節性下滑，而資料中心會在 12 月之上維持相對平穩的走勢。在此之下，對於嵌入式（embedded）該怎麼看，有沒有任何觀點？

For the embedded business, typically there is a seasonality, we do see overall when we look at 2027 for the whole year embedded business is actually going to grow significantly and also strengthening through the year, but typically Q1 actually there is some seasonality for embedded business.

就嵌入式業務而言，通常確實存在季節性；我們整體來看 2027 全年，嵌入式業務其實會顯著成長，並且在一年當中逐步走強，但一般來說第一季嵌入式業務確實會有一些季節性。

Stacy Rasgon with Bernstein Research.

Bernstein Research 的 Stacy Rasgon。

Hi, guys. Thanks for taking my questions. I was wondering, I know you said that you did crossover for GPU versus CPU in Q4 within the context of that 50% guide. I was wondering if you could help us. With the magnitude of that crossover? Is it just barely there, or is it significantly higher? I'm just trying to get the sizing in my head in terms of the entrance rate in the next year.

嗨，各位。謝謝回答我的問題。我想問一下，我知道你們說在第四季，在那個 50% 指引的脈絡下，GPU 相對於 CPU 已經出現交叉超越。我想請你們幫我們理解一下：那個交叉超越的幅度有多大？是剛剛好超過，還是顯著更高？我只是想在腦中建立一下規模，好理解明年進入時的起跑水位。

Yeah. Hi, Stacy. Maybe I'll give you some color, right? The way to think about it is if you think about the MI450 ramp, it's very significant step up sequentially from Q3 to Q4, and that really.

是的。嗨，Stacy。也許我補充一些背景，對吧？你可以這樣想：如果你看 MI450 的放量爬坡，從第三季到第四季的季增是非常顯著的一大步，而那確實……

Compared to server side, server is growing really nicely strongly, but the ramp of data center AI, which surpassed the server in Q4, that is a very significant step up. I think the way server business of course is very strong, but data center AI will be much higher than server business in Q4.

相較於伺服器端，伺服器業務成長非常好、非常強勁，但資料中心 AI 的放量爬坡在第四季超越了伺服器，這是一個非常顯著的躍升。我認為伺服器業務當然很強，但第四季資料中心 AI 會比伺服器業務高出很多。

In terms of dollars?

以金額來看？

In terms of dollars, yeah.

以金額來看，是的。

Okay, great. And thanks. And for my follow-up, Gene, there were some questions earlier about gross margins next year. I wasn't exactly quite sure how to interpret your answer in terms of the gross margins next year relative, I guess, to the Q4 rate. Do you think you could give us some colors, some highlights on like a good entrance rate and a good exit rate for gross margins in 2027?

好的，很好。謝謝。我的追問是，Gene，先前有人問到明年的毛利率。我不太確定該如何解讀你對明年毛利率相對於第四季水準的回答。你能否給我們一些方向、一些重點，例如 2027 年毛利率一個合理的起始水位（entrance rate）與年末水位（exit rate）該怎麼看？

I think that the ramps of the different products and everything that are happening.

我想這取決於不同產品的放量爬坡，以及所有正在發生的事情。

Yes, Stacy, the reason we're not able to provide you quarter-over-quarter is really because when you think about the data center mix is the primary driver in 2027. When you have a data center business, revenue is more than 80% or for the total company business. And then within data center, the interesting part is you have data center AI business continue to ramp significantly.

是的，Stacy，我們之所以無法提供逐季（quarter-over-quarter）的數字，主要是因為你若思考 2027 年，資料中心的組合（mix）是最主要的驅動因素。當你的資料中心業務營收占比超過 80%（以整體公司而言）。而在資料中心內部，更關鍵的是資料中心 AI 業務會持續顯著放量成長。

Server side, we did mention, Lisa mentioned that we're going to double in 2027.

伺服器端方面，我們也提到過，Lisa 提到我們在 2027 年會翻倍。

Of course, we also know the supply constraint environment and Lisa also mentioned that we're working with our suppliers to ensure we get more supplies. So the mix between those two business actually determine what the company's gross margin will be. Right now, I actually don't have that visibility. I think we hope both business. Going to do great and we know they are going to both doing great.

當然，我們也知道供應受限的環境，而 Lisa 也提到我們正與供應商合作，以確保取得更多供應。因此，這兩項業務之間的組合，實際上會決定公司的毛利率水準。就目前而言，我其實沒有那樣的能見度。我想我們希望兩項業務……都能表現得很出色，而且我們也知道它們都會表現得很出色。

Q4 actually is a good benchmark to think about it is because Q4 data center AI business is much higher than CPU business. So I think that give you some idea at that benchmark. Then in 2027, different quarter could be different. There could be variation there.

第四季其實是一個很好的基準可以用來思考，因為第四季資料中心 AI 業務規模遠高於 CPU 業務。所以我認為那能給你一些基準上的概念。而到了 2027 年，不同季度可能會不一樣。其中可能會有波動。

Joe Moore, Morgan Stanley.

Joe Moore，摩根士丹利。

Great, thank you. We've heard quite a bit of positive feedback on the Helion racks and I wonder if you could talk a little bit about that in the CPU only version of that, what's different for sort of these Agentic workloads versus a traditional rack and then do you anticipate an attach rate of the GPU blade in a lot of these?

很好，謝謝。我們聽到不少對 Helion 機櫃的正面回饋，我想請您談談其純 CPU 版本：針對這類 Agentic 工作負載，相較於傳統機櫃有哪些不同？另外，您是否預期在許多這類部署中，GPU 刀鋒模組的搭載率會很高？

Sure, Joe. Yeah, there is quite a bit of positive excitement around the Helion racks. And I think the main point there is these agentic racks, they really want to be optimized for the environment that they're in. So if they are in, let's call it hyperscaler or large cloud racks, you're going to have them in all CPU configurations. It's going to be quite dense. Venice is the, from a performance per socket standpoint, is.

當然可以，Joe。是的，市場對 Helion 機櫃確實有相當多正面的期待。我認為重點在於，這些 agentic 機櫃確實希望能針對其所處環境做最佳化。因此如果是在（我們稱之為）超大規模業者或大型雲端的機櫃環境中，你會看到它們採用全 CPU 的配置。密度會非常高。Venice 就每插槽效能而言，是。

The best in the industry, and so that will translate into a very strong agentic rack if you fully populate it with CPUs. But in enterprise areas, you will also see the opportunity to mix CPUs and GPUs, and it just allows people to really optimize for the workloads that they're in. And we have contributed to OCP, so it's a fully open.

業界最佳，因此若以 CPU 完整配置，將能形成非常強的 agentic 機櫃。不過在企業端，你也會看到混合 CPU 與 GPU 的機會，這讓客戶能真正針對其工作負載做最佳化。此外我們也對 OCP 做出貢獻，因此它是完全開放的。

Rack, and I think that is viewed as a positive. And from that standpoint, we've gotten very positive feedback from both OEMs and ODMs as well as customers.

機櫃，我認為這被視為一項正面因素。就此而言，我們從 OEM 與 ODM 以及客戶端都收到了非常正面的回饋。

Okay, thank you. And if I could follow-up, the 100% growth in server, do you think you're meeting demand at that level or do you think you still have kind of a shortage condition through all of next year?

好的，謝謝。如果我可以追問一下，伺服器 100% 的成長，您認為在這個水準上你們已經滿足需求了嗎？還是您認為明年全年仍會有某種供給短缺的情況？

Well, Joe, for us to grow that amount, we're meeting a lot of demand, and when you look at when we talked about the TAM growing, let's call it about 50% CAGR over the next three or four years, we saw growth in sort of three areas, right, so traditional cloud and enterprise, agentic. CPUs and agentic workloads and head nodes. We believe we're gaining share in each one of those segments as we give you that forecast of roughly 100%. I do believe there's more demand and we are actively working with our supply chain partners to satisfy additional demand. Obviously, we also have to make sure that the squared sets are there and DDR5 and all of the other components are there. But my view is we are taking a big step up in terms of the demand forecast from our customers.

Joe，以我們能達到那樣的成長幅度來看，我們確實滿足了大量需求。而當你回顧我們談到 TAM 成長時，我們說未來三到四年大約 50% 的年複合成長率，我們看到成長主要來自三個領域：傳統雲端與企業、agentic。CPU 以及 agentic 工作負載與 head node。在我們給出約 100% 的成長展望時，我們相信在上述每個區隔都在提升市占。我確實認為仍有更多需求，我們也正積極與供應鏈夥伴合作，以滿足額外需求。當然，我們也必須確保相關的晶片組與 DDR5 以及其他所有元件都到位。但我的看法是，我們正大幅上調來自客戶的需求預測。

I'm excited about the fact that our demand is broad-based, so it is really virtually across every customer in terms of their expansion of their footprint with AMD, and so that's positive. And we're going to continue to work on increasing supply to meet the additional demand as it comes to fruition.

我很振奮的一點是，我們的需求是廣泛分布的，幾乎在每一位客戶身上都能看到他們擴大採用 AMD 的部署規模，這是正面的。我們也會持續努力增加供給，以在需求逐步落地時滿足更多增量需求。

John, I'm actually going to ask you to have one more caller join us, please. I think we have time for one more question.

John，我想請你再讓一位來電者加入我們，謝謝。我想我們還有時間再問一題。

Thank you.

謝謝。

And the final question comes from the line of Jim Schneider with Goldman Sachs. Our final question comes from the line of Harsh Kumar with BMO Capital Markets.

最後一個問題來自高盛的 Jim Schneider。我們最後一個問題來自 BMO 資本市場的 Harsh Kumar。

Yeah. Hey, Lisa, question is on Helios. So you're one of two companies shipping complete racks. Can I ask you about what your share aspiration is? And the reason why I'm asking is you've done a wonderful job in servers, taking share from basically a very difficult competitor? And also, the second part of that question is, do you have aspirations to address the enterprise market with this -- with the Helios rack in the setup?

是的。嗨，Lisa，我的問題是關於 Helios。你們是兩家能出貨完整機櫃的公司之一。我想請教你們對市占的目標是什麼？我之所以這麼問，是因為你們在伺服器領域做得非常出色，從一個非常難纏的競爭對手手中取得市占。另外，這個問題的第二部分是：你們是否也有意圖用這個——用 Helios 機櫃的配置來切入企業市場？

And then I have a follow-up.

然後我還有一個追問。

So look, we're very happy with the progress that we've made with Helios. I think this is a significant -- the rack-scale solutions are significant R&D efforts. I think Helios has ramped very nicely. We saw a very a good initial quarter in Q3.

你看，我們對 Helios 目前取得的進展非常滿意。我認為這是一項重大的——機櫃級解決方案需要投入大量研發。我認為 Helios 的放量進展非常順利。我們在第三季看到非常不錯的初始季度表現。

We're ramping nicely into Q4 and into 2027. Our aspirations are to be a very significant compute supplier to our largest customers, both frontier labs as well as hyperscalers. And from that standpoint, the focus on Helios MI450 ramp is very much on our minds for Q4 and 2027. But we're in very active dialogues with our largest customers on MI500 and MI600 and beyond. And our aspirations are to continue to have a larger and larger piece of their compute needs.

我們在第四季以及一路到 2027 年都在穩健放量。我們的目標是成為最大客戶的重要運算供應商，包含前沿實驗室以及超大規模業者。就此而言，Helios MI450 的放量是我們在第四季與 2027 年非常關注的重點。但我們也正與最大客戶就 MI500、MI600 以及後續產品進行非常積極的對話。我們的目標是持續在他們的運算需求中取得越來越大的份額。

And from everything that we see, demand continues to go up. So I think that's the overall view on Helios. Was there another part of that question?

從我們看到的一切來看，需求仍在持續上升。所以我認為這就是對 Helios 的整體看法。你剛才的問題還有另一部分嗎？

Enterprise.

企業端。

Enterprise. Yes, certainly. I think we continue to see although enterprise is developing, let's call it, a little bit slower than the largest frontier labs and hyperscalers, we do believe that the enterprise business is quite important. We have made a lot of progress in enterprise CPUs. Many of our enterprise customers are actually asking for our advice as to how to deploy AI and how to ensure that they're deploying it as efficiently as possible when you think about both on-prem as well as cloud deployments.

企業端。是的，當然。我認為我們持續看到，雖然企業端的發展相較於最大型的前沿實驗室與超大規模業者來說（可以說）稍微慢一些，但我們確實相信企業業務相當重要。我們在企業 CPU 方面已取得很大進展。許多企業客戶其實也在向我們請益，如何部署 AI，以及在同時考量地端（on-prem）與雲端部署時，如何確保部署效率最高。

So we are expanding our portfolio. We've introduced some enterprise-specific GPUs, and that will be a place where we would like to grow our footprint to, again, be a very strategic supplier to our largest enterprise customers.

因此我們正在擴充產品組合。我們已推出一些企業專用 GPU，而這也會是我們希望擴大版圖的領域，讓我們再次成為最大型企業客戶非常具策略性的供應商。

Understood. And my follow-up is on the client side. Historically, you've done a great job managing this business through situations like this. What would be your share keep strategy if your chief competitor was to cut ASPs? Would you try to match them or would you have to just gauge the situation as it goes? Just be curious about how you're going to manage this.

了解。我的追問是關於用戶端（client）業務。過去你們在類似情況下管理這項業務做得很好。如果你們的主要競爭對手下調 ASP（平均銷售單價），你們會採取什麼樣的維持市占策略？你們會嘗試跟進匹配，還是會視情況發展再做判斷？我只是好奇你們打算如何管理。

Yeah, I think, Harsh, our view is PCs are an important market for us in the standpoint of I'm a big believer in end-to-end AI deployment, so from cloud to edge to clients, and we have a unique portfolio in that fashion. That being the case, I think we're always quite disciplined in how we manage. Our focus has really been on the highest value and most profitable segments of the PC market, enterprise, premium consumer. Desktop channel. These are places that we do very well.

是的，我想，Harsh，我們的看法是 PC 對我們而言是重要市場，因為我非常相信端到端的 AI 部署，也就是從雲端到邊緣再到用戶端，而我們在這方面擁有獨特的產品組合。在此情況下，我認為我們在管理上一直相當自律。我們的重點一直放在 PC 市場中價值最高、獲利能力最強的區隔：企業、優質消費者。桌機通路。這些都是我們表現非常好的領域。

We do recognize that there's a good amount of volatility in the low end of the market, and that's the place where we have the least exposure, frankly, to that portion of the market.

我們也確實注意到低階市場波動性很大，而坦白說，那正是我們曝險最小的市場部分。

All right. Thank you, John, for organizing the Q&A. Thank you, everybody, for joining our call. We really appreciate you spending some time with AMD and thank you very much for your questions and your attention. John, go ahead and close the call.

好的。謝謝 John 安排問答環節。也謝謝各位參與我們的電話會議。非常感謝大家撥冗與 AMD 共度這段時間，也非常感謝各位的提問與關注。John，請你來結束會議。

Thank you very much.

非常感謝。

Thank you, Matt. And ladies and gentlemen, thank you for your participation. This does conclude today's teleconference. You may disconnect your lines at this time, and have a wonderful day.

謝謝你，Matt。各位女士、先生，感謝各位的參與。今天的電話會議到此結束。各位現在可以掛線，祝各位有美好的一天。