超微半導體 (AMD) 2022 Q1 法說會逐字稿

Hello, and welcome to the AMD First Quarter 2022 Earnings Call. (Operator Instructions) As a reminder, this conference is being recorded. It's now my pleasure to turn the call over to Laura Graves, Corporate Vice President, Investor Relations. Laura, please go ahead.

您好，歡迎參加 AMD 2022 年第一季財報電話會議。 （操作員指示）提醒一下，本次會議正在錄音。現在我很高興將電話轉給公司投資者關係副總裁勞拉·格雷夫斯 (Laura Graves)。勞拉，請繼續。

Thank you, and welcome to AMD's First Quarter 2022 Financial Results Conference Call. By now, you should have had the opportunity to review a copy of our earnings press release and accompanying slides. If you have not reviewed these documents, they can be found on the Investor Relations page of amd.com. Today, we will discuss AMD first quarter results, including partial quarter contributions from the acquisition of Xilinx, which closed on February 14, 2022. We will also discuss AMD results on a stand-alone basis for the first quarter of 2022.

謝謝，歡迎參加 AMD 2022 年第一季財務業績電話會議。現在，您應該已經有機會查看我們的收益新聞稿和隨附幻燈片的副本了。如果您尚未查看這些文件，可以在 amd.com 的投資者關係頁面上找到。今天，我們將討論 AMD 第一季的業績，包括 2022 年 2 月 14 日完成的收購賽靈思的部分季度貢獻。我們也將單獨討論 AMD 2022 年第一季的業績。

We will refer primarily to non-GAAP financial measures during this call. The full non-GAAP to GAAP reconciliations are available in today's press release and in the slides posted on our website. Participants on today's conference call are Dr. Lisa Su, our Chair and Chief Executive Officer; and Devinder Kumar, our Executive Vice President, Chief Financial Officer and Treasurer. Victor Peng, President of AMD's Adaptive & Embedded Computing Group, will also join us for Q&A. This is a live call and will be replayed via webcast on our website.

在本次電話會議中，我們將主要參考非公認會計準則財務指標。完整的非 GAAP 與 GAAP 對帳表可在今天的新聞稿和我們網站上發布的幻燈片中找到。今天電話會議的參與者包括我們的董事長兼執行長蘇姿豐博士；以及我們的執行副總裁、財務長兼財務主管 Devinder Kumar。 AMD 自適應與嵌入式運算事業部總裁 Victor Peng 也將加入我們的問答環節。這是一場現場通話，將透過我們網站上的網路直播重播。

Before we begin, I would like to note AMD will host its 2022 Financial Analyst Day on Thursday, June 9, and our second quarter quiet time is expected to begin at the close of business on Friday, June 17. Today's discussion contains forward-looking statements based on current beliefs, assumptions and expectations, speak only as of today and, as such, involve risks and uncertainties that could cause actual results to differ materially from our current expectations. Please refer to the cautionary statement in our press release for more information on factors that could cause actual results to differ. With that, I would like to turn the call over to Lisa Su. Lisa?

在我們開始之前，我想指出 AMD 將於 6 月 9 日星期四舉辦 2022 年財務分析師日，我們的第二季度靜默期預計將於 6 月 17 日星期五下班後開始。今天的討論包含基於當前信念、假設和期望的前瞻性陳述，僅代表今天的觀點，因此涉及風險和不確定性，可能導致實際結果與我們當前的預期有重大差異。有關可能導致實際結果不同的因素的更多信息，請參閱我們新聞稿中的警告聲明。說完這些，我想把電話轉給 Lisa Su。麗莎？

Thank you, Laura, and good afternoon to all those listening in today. For the last several years, we have been on a journey to both scale and transform AMD. We have consistently executed our strategy, expanded our portfolio of leadership products and diversified our business all while driving best-in-class growth. We reached a significant inflection point in our journey during the first few months of 2022 as we took several major steps that fundamentally reshaped our business.

謝謝你，蘿拉，祝今天收聽節目的各位下午好。過去幾年來，我們一直致力於擴大 AMD 的規模並實現轉型。我們始終如一地執行我們的策略，擴大我們的領導產品組合，並實現業務多元化，同時推動一流的成長。 2022 年頭幾個月，我們邁出了從根本上重塑業務的幾大重要舉措，迎來了發展歷程中的一個重要轉捩點。

In addition to delivering record financial results, we closed our strategic acquisition of Xilinx and announced our plans to acquire Pensando. The strategic importance of the Xilinx acquisition to our long-term goals cannot be overstated. As the industry's #1 provider of FPGA and adaptive computing solutions, Xilinx significantly expands our technology and product portfolio. Xilinx also adds multiple high-margin long-term revenue streams, spanning a new set of markets and customers, further strengthening and diversifying our business model. Importantly, Xilinx has successfully executed its own growth strategy in recent years with the increased adoption of adaptive silicon across data center, communications, automotive and other large embedded markets.

除了取得創紀錄的財務表現外，我們還完成了對 Xilinx 的策略性收購，並宣布了收購 Pensando 的計畫。收購 Xilinx 對我們的長期目標具有重要的策略意義，無論如何強調也不為過。作為業界第一的 FPGA 和自適應計算解決方案提供商，Xilinx 顯著擴展了我們的技術和產品組合。賽靈思也增加了多個高利潤的長期收入來源，涵蓋了一系列新市場和客戶，進一步加強和多樣化了我們的業務模式。重要的是，近年來，賽靈思成功執行了自己的成長策略，自適應矽片在資料中心、通訊、汽車和其他大型嵌入式市場的採用率不斷提高。

With Pensando, we will further expand our data center solutions capabilities. Pensando will add a proven team that has developed an industry-leading DPU and software stack already deployed with key customers, including IBM, HPE, Microsoft, Oracle and Goldman Sachs. Pensando's differentiated technology further expands our product portfolio and will enable AMD to innovate at the silicon, software and platform levels to deliver leadership solutions for our cloud, enterprise and edge customers.

借助 Pensando，我們將進一步擴展我們的資料中心解決方案能力。 Pensando 將增加一支經驗豐富的團隊，該團隊已經開發出業界領先的 DPU 和軟體堆疊，並已與 IBM、HPE、微軟、甲骨文和高盛等主要客戶部署。 Pensando 的差異化技術進一步擴展了我們的產品組合，並將使 AMD 能夠在矽片、軟體和平台層面進行創新，為我們的雲端、企業和邊緣客戶提供領先的解決方案。

Now turning to our first quarter financial performance. We started the year very strong with record quarterly revenue and net income. First quarter revenue, including the contributions from 6 weeks of Xilinx, grew 71% year-over-year to a record $5.9 billion. We expanded gross margin 7 percentage points to 53% and more than doubled both operating and net income year-over-year. Excluding Xilinx, revenue grew 55% year-over-year to a record $5.3 billion, gross margin expanded 5 percentage points to 51% and operating income more than doubled to a record $1.6 billion.

現在來談談我們的第一季財務表現。我們今年開局非常強勁，季度營收和淨收入創下新高。第一季營收（包括賽靈思 6 週的貢獻）年增 71%，達到創紀錄的 59 億美元。我們的毛利率提高了 7 個百分點，達到 53%，營業收入和淨收入比去年同期成長了一倍以上。不計賽靈思，營收年增 55%，達到創紀錄的 53 億美元，毛利率擴大 5 個百分點，達到 51%，營業收入成長一倍以上，達到創紀錄的 16 億美元。

Turning to our Computing and Graphics segment. Revenue increased 33% year-over-year to $2.8 billion, driven primarily by the ramp of our latest Ryzen and Radeon products. Client Compute revenue grew by a strong double-digit percentage year-over-year based on higher Ryzen mobile and desktop processor sales. As a result, we believe we gained client processor revenue share for the eighth straight quarter. In desktop, we expanded our processor portfolio with the introduction of 7 new Ryzen CPUs, including the Ryzen 5800 X3D CPU, which is the industry's fastest gaming CPU and first desktop processor featuring 3D stack chiplets.

轉向我們的計算和圖形部分。營收年增 33% 至 28 億美元，主要得益於我們最新的 Ryzen 和 Radeon 產品的成長。由於 Ryzen 行動和桌上型處理器銷量的成長，客戶端運算收入年增了兩位數。因此，我們相信我們連續第八個季度獲得了客戶端處理器收入份額。在桌面領域，我們擴大了處理器產品組合，推出了 7 款新型 Ryzen CPU，其中包括 Ryzen 5800 X3D CPU，它是業界速度最快的遊戲 CPU 和首款採用 3D 堆疊晶片的桌上型處理器。

In notebooks, record mobile processor revenue was driven by the launch of our Rembrandt Ryzen 6000 mobile processors that extend the leadership compute, gaming and battery life capabilities of our mobile processors. In commercial, we recently introduced our latest Ryzen 6000 Pro processors with leadership performance and battery life and modern security and manageability features. We are well positioned to accelerate our growth in commercial notebooks in 2022 based on the expanded number of design wins on track to launch.

在筆記型電腦領域，創紀錄的行動處理器收入得益於我們推出的 Rembrandt Ryzen 6000 行動處理器，該處理器擴展了我們行動處理器在運算、遊戲和電池壽命方面的領先地位。在商業領域，我們最近推出了最新的 Ryzen 6000 Pro 處理器，具有領先的性能和電池壽命以及現代的安全性和可管理性功能。基於即將推出的設計勝利數量的增加，我們已準備好在 2022 年加速商用筆記型電腦的成長。

Although the PC market is experiencing some softness coming off multiple quarters of near-record unit shipments, our focus remains on the premium, gaming and commercial portions of the market where we see strong growth opportunities, and we expect to continue gaining overall client revenue share.

儘管個人電腦市場在經歷了多個季度接近創紀錄的出貨量後出現了一些疲軟，但我們的重點仍然放在高端、遊戲和商業市場，我們看到了強勁的成長機會，我們預計將繼續獲得整體客戶收入份額。

In Graphics, revenue grew by a strong double-digit percentage year-over-year with record desktop graphics channel sales. Desktop GPU sales nearly doubled year-over-year as sales of our Radeon 6000 Series graphics cards were strong. In mobile, the first notebooks featuring our latest Radeon 6000 mobile GPUs launched in the quarter, and we expect sales to ramp over the coming quarters. Data center graphics revenue was flat year-over-year as we launched our Instinct MI210 accelerators. We expanded our engagements with large cloud customers in the quarter and launched our ROCm 5 software suite targeting exascale-class HPC and AI applications.

在圖形領域，營收年增了兩位數，桌面圖形通路銷售額創下了歷史新高。由於 Radeon 6000 系列顯示卡的銷售強勁，桌上型 GPU 的銷量比去年同期幾乎翻了一番。在行動領域，首批採用我們最新的 Radeon 6000 行動 GPU 的筆記型電腦於本季推出，我們預計未來幾季的銷量將會成長。由於我們推出了 Instinct MI210 加速器，資料中心圖形收入比去年同期持平。我們在本季擴大了與大型雲端客戶的合作，並推出了針對百億億次級 HPC 和 AI 應用的 ROCm 5 軟體套件。

Turning to our Enterprise, Embedded and Semi-Custom segment. Revenue increased 88% year-over-year to $2.5 billion, driven by record server semi-custom and embedded processor sales. Semi-Custom sales grew by a significant double-digit percentage year-over-year based on strong demand for Sony and Microsoft consoles as well as Valve's new Steam deck. Sales for this game console generation continued to outpace all prior generations, and we expect 2022 to be a record year for our Semi-Custom business.

轉向我們的企業、嵌入式和半客製化領域。受創紀錄的伺服器半客製化和嵌入式處理器銷售的推動，營收年增 88% 至 25 億美元。由於對索尼和微軟遊戲機以及 Valve 新 Steam 平台的強勁需求，半客製化遊戲的銷售額比去年同期增長了兩位數。這一代遊戲機的銷售量持續超過前幾代，我們預計 2022 年將成為我們半客製化業務創紀錄的一年。

Turning to our Embedded business. Revenue more than doubled year-over-year, led by growth in automotive. We also secured multiple design wins in next-generation security and firewall devices from Tier 1 networking providers. Turning to Server. We had another record quarter as revenue more than doubled year-over-year and increased by a double-digit percentage sequentially. We have more than doubled server processor revenue year-over-year in 8 of the last 10 quarters, highlighting the growing demand for our EPYC processors with cloud, enterprise and HPC customers.

轉向我們的嵌入式業務。在汽車業務成長的帶動下，營收年增一倍以上。我們還從一級網路供應商那裡獲得了下一代安全和防火牆設備的多個設計勝利。轉向伺服器。我們又迎來了一個創紀錄的季度，營收年增一倍以上，並且環比增長了兩位數百分比。在過去 10 個季度中，有 8 個季度我們的伺服器處理器營收年增了一倍以上，凸顯了雲端、企業和 HPC 客戶對我們的 EPYC 處理器的需求不斷增長。

Cloud revenue more than doubled year-over-year as hyperscalers expanded their internal infrastructure deployments, and 70 new AMD-powered instances launched from Alibaba, Amazon, Baidu Cloud, Microsoft Azure, Google and others. There are now more than 460 AMD-based cloud instances available from the largest hyperscalers, with additional instances on track to launch in the coming quarters.

隨著超大規模企業擴大其內部基礎設施部署，以及阿里巴巴、亞馬遜、百度雲、微軟 Azure、谷歌等公司推出了 70 個新的由 AMD 驅動的實例，雲端運算收入年增了一倍以上。目前，最大的超大規模供應商已提供 460 多個基於 AMD 的雲端實例，並且未來幾季還將推出更多實例。

In Enterprise, revenue more than doubled year-over-year with strong growth in key verticals, including IT infrastructure, financial services and database applications. Our sales pipeline continues to be very strong, and we saw our win rate grow in the first quarter across a broad set of Enterprise end customers. We launched our first EPYC processors with 3D-stacked chiplets in the quarter. This technology extends our performance leadership in technical computing workloads by up to 66% compared to our prior generation. Atos, Cisco, Dell, HPE, Lenovo and Supermicro all launched servers featuring the new CPUs in the quarter.

企業業務收入年增一倍以上，IT 基礎設施、金融服務和資料庫應用等關鍵垂直領域均實現強勁成長。我們的銷售管道持續保持強勁，第一季度，我們看到廣大企業終端客戶的成功率有所成長。我們在本季推出了首款採用 3D 堆疊晶片的 EPYC 處理器。與上一代產品相比，這項技術使我們在技術運算工作負載方面的效能領先優勢提高了 66%。 Atos、思科、戴爾、HPE、聯想和 Supermicro 在本季推出了採用新 CPU 的伺服器。

Excitement for our next-generation Genoa server processors continues to grow as we expanded customer and partnering sampling in the quarter. We expect Genoa will be the industry's highest-performance general-purpose server CPU, further extending the performance, energy efficiency and TCO advantages of our EPYC processors. We remain on track to launch Genoa in the second half of the year and expect to continue our share gain trajectory based on expanded cloud, enterprise and HPC customer adoption. In addition, development of our higher core count Bergamo processors optimized for high throughput cloud workloads continues to progress well, with shipments on track to begin in the first half of 2023.

隨著我們在本季擴大客戶和合作夥伴的採樣，人們對我們下一代 Genoa 伺服器處理器的興奮感持續增長。我們預計 Genoa 將成為業界效能最高的通用伺服器 CPU，進一步擴展我們的 EPYC 處理器的效能、能源效率和 TCO 優勢。我們仍計劃在今年下半年推出 Genoa，並希望憑藉雲端、企業和 HPC 客戶的持續擴大採用繼續保持市場份額的成長軌跡。此外，針對高吞吐量雲端工作負載進行最佳化的更高核心數 Bergamo 處理器的開發持續進展順利，預計將於 2023 年上半年開始出貨。

Turning to the Xilinx business. For the 6 weeks following acquisition close, Xilinx revenue was $559 million. On a pro forma basis for the full quarter, Xilinx delivered its fourth straight quarter of greater than 20% year-over-year revenue growth and the second straight quarter of greater than $1 billion of revenue. In data center, first quarter demand was led by expanded FPGA-as-a-Service and SmartNIC deployments at Tier 1 hyperscalers as well as low latency networking solutions with fintech companies.

談到 Xilinx 業務。收購結束後的 6 週內，賽靈思的營收為 5.59 億美元。以整個季度的預測，賽靈思連續第四個季度實現營收年增超過 20%，連續第二季營收超過 10 億美元。在資料中心，第一季的需求主要來自一級超大規模企業的 FPGA 即服務和 SmartNIC 部署的擴展，以及金融科技公司的低延遲網路解決方案。

We saw strength in communications led by wired demand and access and optical transport. In wireless, Versal-based 5G deployments continue ramping in multiple regions, and we secured a strategic design win with a Tier 1 communications equipment provider to power their next-gen baseband solutions with a Versal ACAP solution. We saw strong demand across the Xilinx embedded markets, led by record pro forma full quarter revenue in automotive, industrial, vision and health care and consumer. Looking forward, we see very strong demand across all of the Xilinx end markets and are focused on increasing supply.

我們看到了由有線需求和接入以及光傳輸引領的通訊領域的強勁成長。在無線領域，基於 Versal 的 5G 部署在多個地區持續加速，並且我們與一級通訊設備供應商達成了策略設計協議，以 Versal ACAP 解決方案為他們的下一代基頻解決方案提供支援。我們看到 Xilinx 嵌入式市場的需求強勁，其中汽車、工業、視覺和醫療保健以及消費領域創紀錄的全季度收入居首。展望未來，我們看到所有 Xilinx 終端市場的需求都非常強勁，因此我們專注於增加供應。

Turning to our integration work. In the first few months since close, we have seen tremendous excitement from our customers, partners and employees, and we expect to see significant product and revenue synergies. We now have the best portfolio of high-performance and adaptive computing engines in the industry, and we see multiple opportunities to leverage our expanded technology portfolio to deliver even stronger products.

轉向我們的整合工作。自交易完成後的頭幾個月裡，我們看到了客戶、合作夥伴和員工的極大興奮，我們期待看到顯著的產品和收入協同效應。我們現在擁有業內最好的高效能和自適應運算引擎組合，並且我們看到了利用擴展的技術組合來提供更強大產品的多個機會。

As 1 example, we're integrating Xilinx' differentiated AI engine across our CPU product portfolio to enable industry-leading inference capabilities with the first products expected in 2023. We have also identified significant additional revenue synergy opportunities with some of our largest customers as we can now address a larger portion of their compute needs with our expanded product portfolio.

舉個例子，我們正在將賽靈思的差異化 AI 引擎整合到我們的 CPU 產品組合中，以實現業界領先的推理能力，首批產品預計將於 2023 年推出。我們也與一些最大的客戶發現了重要的額外收入協同機會，因為我們現在可以透過擴展的產品組合來滿足他們更大一部分的運算需求。

In summary, the start of 2022 is a significant inflection point for AMD, marked by record top and bottom line financial results, driven by our leadership product portfolio and strong execution and the close of our Xilinx acquisition. We have now delivered greater than 45% year-over-year revenue growth for 7 straight quarters and increased net income by more than 60% year-over-year for the last 10 quarters. Based on higher AMD organic growth as well as the addition of Xilinx with strong demand across multiple end markets, we now expect annual revenue to grow by approximately 60% year-over-year, up from approximately 31% growth we guided at the beginning of the year.

總而言之，2022 年初對於 AMD 來說是一個重要的轉折點，其特點是創紀錄的營收和利潤，這得益於我們領先的產品組合、強大的執行力以及對 Xilinx 收購的完成。我們已連續 7 個季度實現營收年增 45% 以上，過去 10 個季度淨收入年增 60% 以上。基於 AMD 更高的有機成長以及 Xilinx 在多個終端市場的強勁需求，我們現在預計年收入將年增約 60%，高於年初預測的約 31% 的增幅。

Longer term, I'm incredibly excited about our additional growth opportunities as we add the Xilinx and Pensando teams. We now see a significantly larger TAM opportunity for AMD across a diverse set of end markets based on our broader portfolio of leadership compute engines and expanded solutions capabilities. I look forward to sharing more about the products and technologies that will enable the next stage of our growth journey at Financial Analyst Day in June.

從長遠來看，隨著 Xilinx 和 Pensando 團隊的加入，我對我們的額外成長機會感到無比興奮。現在，基於我們更廣泛的領導運算引擎組合和擴展的解決方案功能，我們看到 AMD 在各種終端市場中擁有更大的 TAM 機會。我期待在六月的財務分析師日上分享更多有助於我們邁入下一階段成長之旅的產品和技術。

Now I'd like to turn the call over to Devinder to provide some additional color on our first quarter financial performance. Devinder?

現在我想將電話轉給 Devinder，讓他為我們第一季的財務表現提供一些額外的資訊。德文德？

Thank you, Lisa, and good afternoon, everyone. The first quarter was an excellent start to the year with strong demand for our leadership products resulting in record quarterly revenue, continued gross margin expansion, record profitability and record cash flow generation. In addition, we are very pleased to have closed the Xilinx transaction and announced our intention to acquire Pensando.

謝謝你，麗莎，大家午安。第一季是今年的一個好開始，由於市場對我們領先產品的強勁需求，我們的季度營收創歷史新高，毛利率持續擴大，獲利能力和現金流均創歷史新高。此外，我們非常高興完成 Xilinx 交易並宣布了收購 Pensando 的意向。

First quarter consolidated revenue was $5.9 billion, up 71% from a year ago, driven by significant growth across all businesses and the inclusion of Xilinx revenue for the partial period. Excluding the Xilinx contribution, AMD revenue was $5.3 billion, up 55% from a year ago, with data center revenue doubling year-over-year. Gross margin was 53%, up 660 basis points from a year ago, driven by higher server processor revenue and high-margin Xilinx revenue. Gross margin for AMD, excluding Xilinx, was 51%, up 480 basis points year-over-year, primarily driven by higher server processor revenue.

第一季綜合營收為 59 億美元，較去年同期成長 71%，這得益於所有業務的顯著成長以及部分期間納入賽靈思營收。不計入賽靈思的貢獻，AMD 營收為 53 億美元，較去年同期成長 55%，其中資料中心營收年增一倍。毛利率為 53%，比去年同期成長 660 個基點，這得益於伺服器處理器收入的增加以及高利潤的 Xilinx 收入。不包括賽靈思在內的 AMD 毛利率為 51%，較去年同期成長 480 個基點，主要得益於伺服器處理器收入的增加。

Operating expenses were $1.3 billion compared to $830 million a year ago as we increased investments in our long-term product road maps to support the future growth of our business. Operating income more than doubled from a year ago to a record $1.8 billion, up $1.1 billion, primarily driven by significant revenue growth and higher gross margin. Operating margin was 31%, up from 22% a year ago. Net income was a record $1.6 billion, up $947 million from a year ago. Diluted earnings per share was $1.13 per share compared to $0.52 per share a year ago.

由於我們增加了長期產品路線圖的投資以支持未來業務的成長，營運費用為 13 億美元，而去年同期為 8.3 億美元。營業收入較去年同期成長一倍多，達到創紀錄的 18 億美元，成長了 11 億美元，主要得益於營收的大幅成長和毛利率的提高。營業利益率為 31%，高於去年的 22%。淨收入達到創紀錄的 16 億美元，比去年同期成長 9.47 億美元。每股攤薄收益為 1.13 美元，去年同期為每股 0.52 美元。

Now turning to first quarter business segment results. Computing and Graphics segment revenue was $2.8 billion, up 33% year-over-year, driven by higher client and graphics processor revenue. Computing and Graphics segment operating income was $723 million or 26% of revenue compared to $485 million or 23% of revenue a year ago. The increase in operating income was driven primarily by higher revenue, partially offset by higher operating expenses.

現在來看看第一季業務部門的業績。計算和圖形部門收入為 28 億美元，年增 33%，這得益於客戶端和圖形處理器收入的增加。計算和圖形部門的營業收入為 7.23 億美元，佔營收的 26%，而去年同期為 4.85 億美元，佔營收的 23%。營業收入的成長主要得益於收入的增加，但部分被營業費用的增加所抵銷。

Enterprise, Embedded and Semi-Custom segment revenue was $2.5 billion, up 88% from $1.3 billion in the prior year. The strong revenue increase was driven by higher Server, Semi-Custom and Embedded revenue. EESC segment operating income grew significantly to $881 million or 35% of revenue compared to $277 million or 21% of revenue a year ago. The higher operating income and margin were driven by increased revenue, richer product mix and an $83 million licensing gain.

企業、嵌入式和半客製化部門營收為 25 億美元，較前一年的 13 億美元成長 88%。強勁的收入成長得益於伺服器、半客製化和嵌入式收入的增加。 EESC 部門的營業收入大幅成長至 8.81 億美元，佔營收的 35%，而去年同期為 2.77 億美元，佔營收的 21%。營業收入和利潤率的提高得益於收入的增加、產品組合的豐富以及 8,300 萬美元的許可收益。

Xilinx revenue for the partial quarter was $559 million with operating income of $233 million or 42% of revenue. On a pro forma basis for the full quarter, Xilinx generated over $1 billion of revenue, up 22% compared to a year ago, with growth across all Xilinx' major end market categories. We are on track to achieve our cost synergy goals for the acquisition and expect the addition of Xilinx to be accretive to non-GAAP earnings per share for 2022.

賽靈思本季營收為 5.59 億美元，營業收入為 2.33 億美元，佔營收的 42%。以整個季度的預測，賽靈思的營收超過 10 億美元，比去年同期成長 22%，賽靈思所有主要終端市場類別均實現成長。我們預計將實現此次收購的成本協同目標，並預期賽靈思的加入將增加 2022 年非 GAAP 每股收益。

Turning to the balance sheet. Cash, cash equivalents and short-term investments were $6.5 billion at the end of the first quarter. We deployed $1.9 billion to repurchase common stock in the first quarter. To date, we have utilized $3.7 billion of our initial $4 billion stock repurchase program. We also announced a new $8 billion share repurchase program during the quarter. In total, we had $8.3 billion in remaining authorization at the end of the first quarter. Quarterly free cash flow was a record $924 million compared to $832 million in the same quarter last year and $736 million in the prior quarter.

轉向資產負債表。第一季末的現金、現金等價物和短期投資為 65 億美元。我們在第一季投入了 19 億美元回購普通股。到目前為止，我們已經使用了最初 40 億美元股票回購計畫中的 37 億美元。我們也在本季宣布了一項新的 80 億美元股票回購計畫。總體而言，第一季末我們的剩餘授權金額為 83 億美元。季度自由現金流達到創紀錄的 9.24 億美元，去年同期為 8.32 億美元，上一季為 7.36 億美元。

We successfully executed a 5-year $3 billion sustainability-linked credit facility to replace our existing $500 million facility. This further demonstrates our commitment to our corporate ESG goals. Inventory was $2.4 billion, up $476 million from the prior quarter due to the addition of Xilinx inventory.

我們成功執行了一項為期 5 年、金額為 30 億美元的永續發展掛鉤信貸安排，以取代我們現有的 5 億美元信貸安排。這進一步證明了我們對企業 ESG 目標的承諾。庫存為 24 億美元，由於增加了 Xilinx 庫存，比上一季增加了 4.76 億美元。

Before I turn to our financial outlook, let me cover our financial segment reporting. Beginning with the second quarter of fiscal 2022, we plan to change our segment reporting to the following 4 segments: Data Center, Client, Gaming and Embedded, which will align our financial reporting with our strategic end markets. I look forward to sharing further details with you at our Financial Analyst Day.

在談到我們的財務展望之前，讓我先介紹一下我們的財務部門報告。從 2022 財年第二季開始，我們計劃將分部報告更改為以下 4 個分部：資料中心、客戶端、遊戲和嵌入式，這將使我們的財務報告與我們的策略終端市場保持一致。我期待在我們的財務分析師日與您分享更多細節。

Today's outlook is based on current expectations and contemplates the current global supply environment and customer demand signals. For the second quarter of 2022, we expect revenue to be approximately $6.5 billion, plus or minus $200 million, an increase of approximately 69% year-over-year and approximately 10% quarter-over-quarter. The year-over-year increase is expected to be driven by the addition of Xilinx revenue plus higher server, semi-custom and client revenue. The quarter-over-quarter increase is expected to be primarily driven by Xilinx revenue plus higher server revenue.

今天的展望基於當前的預期，並考慮了當前的全球供應環境和客戶需求訊號。對於 2022 年第二季度，我們預計營收約為 65 億美元，上下浮動 2 億美元，年增約 69%，較上季成長約 10%。預計同比增長將得益於賽靈思收入的增加以及伺服器、半客製化和客戶端收入的增加。預計季度環比成長主要得益於賽靈思收入以及伺服器收入的增加。

In addition, for Q2 2022, we expect non-GAAP gross margin to be approximately 54%, non-GAAP operating expenses to be approximately $1.56 billion or 24% of revenue, non-GAAP interest expense, taxes and other to be approximately $270 million based on the 13% effective tax rate and the diluted share count to be approximately 1.64 billion shares. For the full year 2020 (sic) [2022] we now expect revenue to be approximately $26.3 billion, an increase of approximately 60%, driven by Xilinx and higher Server and Semi-Custom revenue. We expect non-GAAP gross margin to be approximately 54%, non-GAAP operating expenses to be approximately 24% of revenue, non-GAAP effective tax rate to be 13% and non-GAAP cash tax rate to be approximately 10% due primarily to U.S. tax requirement to capitalize R&D and the full utilization of our U.S. net operating losses and tax credits in 2022. Fiscal year 2022 will be a 53-week year and include an additional week in the fourth quarter.

此外，對於 2022 年第二季度，我們預計非 GAAP 毛利率約為 54%，非 GAAP 營運費用約為 15.6 億美元或占收入的 24%，非 GAAP 利息支出、稅金及其他費用約為 2.7 億美元（基於 13% 的有效稅率），稀釋後股份數量約為 16.4 億股。我們現在預計 2020 年全年 [原文如此] [2022] 的收入約為 263 億美元，增長約 60%，這得益於賽靈思以及伺服器和半定制收入的增加。我們預計非公認會計準則毛利率約為 54%，非公認會計準則營業費用約為收入的 24%，非公認會計準則有效稅率為 13%，非公認會計準則現金稅率約為 10%，這主要歸因於美國對研發資本化的稅收要求以及我們在 2022 年充分利用美國淨營業虧損和稅收抵免。 2022 財年將為 53 週，其中包括第四季的額外一週。

In closing, we had an excellent start to 2022 with strong revenue growth across all businesses. We are pleased to have completed the Xilinx acquisition, which strengthens our business model with revenue diversification, accretive gross margin and increased cash generation. We are very delighted to welcome the Xilinx team to AMD. Looking ahead, AMD is very well positioned for long-term growth, margin expansion and cash generation, driven by our leadership products and road maps. With that, I will turn the call back over to Laura to begin the Q&A portion of our call. Laura?

最後，我們在 2022 年取得了良好的開端，所有業務的收入都實現了強勁成長。我們很高興完成了對賽靈思的收購，這將透過收入多元化、增加毛利率和增加現金產生來增強我們的業務模式。我們非常高興地歡迎 Xilinx 團隊加入 AMD。展望未來，在領先的產品和路線圖的推動下，AMD 在長期成長、利潤率擴大和現金創造方面處於非常有利的地位。說完這些，我將把電話轉回給勞拉，開始我們通話的問答部分。勞拉？

Thank you very much, Devinder. Operator, we're ready to go ahead and begin our first question.

非常感謝，Devinder。接線員，我們已準備好開始我們的第一個問題。

(Operator Instructions) Our first question today is coming from Matt Ramsay from Cowen.

（操作員指示）我們今天的第一個問題來自 Cowen 的 Matt Ramsay。

Congratulations, Lisa on, obviously, getting Xilinx closed and the strong results. I guess there's a lot going on from a macro perspective in the markets that you serve and in the supply chains, Lisa. So I mean, in the first half of the year, I think you're doing, I don't know, 54%, 55% organic growth in the first quarter. Maybe you could talk me through a bit the puts and takes in the quarter. I think there's a perception that you have additional supply coming online. There's obviously supply constraints and lockdowns in China. Your Server business doing extraordinarily well in the numbers that you just printed and then maybe some perception of a softening in the PC market. So there's a lot going on, and I'd kind of love you to walk me through the puts and takes of the quarter, if you could.

顯然，恭喜 Lisa 成功關閉 Xilinx 並取得了出色的成績。我想從宏觀角度來看，您所服務的市場和供應鏈中發生了很多事情，麗莎。所以我的意思是，在今年上半年，我認為你們在第一季實現了 54% 或 55% 的自然成長。也許您可以跟我談談本季的得失。我認為人們認為會有額外的供應上線。中國顯然存在供應限制和封鎖的情況。從您剛剛公佈的數據來看，您的伺服器業務表現異常出色，但也許有人認為 PC 市場正在走弱。所以有很多事情要做，如果可以的話，我希望你能向我介紹本季的情況。

Yes, absolutely, Matt. Thanks for the question. So we did have a very strong first quarter. There is a lot going on, without a doubt, in the business. I would say, if you look at the strength in our business in the first quarter, it was really broad-based. So very, very strong Server results. We continue to gain share. We continue to bring more supply online there.

是的，絕對是，馬特。謝謝你的提問。因此，我們的第一季表現確實非常強勁。毫無疑問，這個行業正在發生很多事情。我想說，如果你看我們第一季的業務表現，你會發現它確實是廣泛的。伺服器結果非常非常強勁。我們的份額持續增加。我們將繼續在網上提供更多的供應。

Also very strong results in our Semi-Custom or game console business as well as in the Client and Graphics businesses. There is some softness in the PC market. But we had, for the last number of quarters, actually been shifting our mix to the higher end or the more premium segments of the PC market, and so that's where more of our exposure is. And we actually saw significant growth in our PC business sequentially as we started ramping our Ryzen 6000 notebooks. And that resulted in strong ASP growth as well as just our key market segments of premium, commercial and gaming being covered there.

我們的半定製或遊戲機業務以及客戶端和圖形業務也取得了非常強勁的業績。個人電腦市場有些疲軟。但在過去的幾個季度裡，我們實際上一直在將產品組合轉向個人電腦市場的高端或更高端的領域，因此我們的曝光度更高。隨著我們開始增加 Ryzen 6000 筆記型電腦的銷量，我們的 PC 業務實際上實現了連續顯著成長。這導致了 ASP 的強勁成長，我們的關鍵市場領域（高端、商業和遊戲）也得到了覆蓋。

As we go forward, obviously, all of the things that you talked about are in play. That being the case, I think we've managed through the supply situations very well. We continue to work with our customers and ensure that we're optimizing our builds to their builds. And with the addition of Xilinx, we also have another set of end markets that have very strong demand that are all additive to our business.

隨著我們不斷前進，顯然，您談到的所有事情都在發揮作用。既然如此，我認為我們已經很好地解決了供應問題。我們將繼續與客戶合作，並確保根據他們的構建優化我們的構建。隨著賽靈思的加入，我們也擁有了另一組需求非常強勁的終端市場，這些市場對我們的業務都有補充。

Got it. I appreciate all the color. I guess as my follow-up question, I wanted to examine the full year guidance that you've given. Obviously, it includes Xilinx so it's a little bit apples and oranges from last year. But I think in the press release, you guys mentioned that you expect some upside from the original 31% organic growth guidance. If you have any comments on magnitude there, that would be helpful.

知道了。我欣賞所有的色彩。我想作為我的後續問題，我想檢查您給出的全年指導。顯然，它包括 Xilinx，因此與去年相比，它有點像蘋果和橘子。但我認為在新聞稿中，你們提到最初的 31% 有機成長預期會有一些上升。如果您對那裡的幅度有任何評論，那將會很有幫助。

And then I think just what investors would love to hear from you is maybe your view on the data center CapEx spending environment and also on the PC market. I think you guys had been maybe a bit more conservative than some of your competition in your market commentary about PCs maybe being flattish coming into this year. I imagine there's some new puts and takes to that. So just some thoughts on how you guys constructed the guidance for the year, especially relative to the original 31% would be really helpful.

然後我想投資者最想聽到的可能是您對資料中心資本支出環境以及個人電腦市場的看法。我認為你們在市場評論中可能比一些競爭對手更保守，認為今年個人電腦市場可能會持平。我想這其中必定存在一些新的想法和做法。因此，關於你們如何制定年度指導方針的一些想法，特別是相對於最初的 31% 的想法，將會非常有幫助。

Yes. So lots of questions in there, Matt, so let me try to go through them. So first on the full year 2022 guide, it is a significant increase in guidance, up 60%. There are a couple of pieces to that. On the organic side of the AMD business, we originally guided up 31% based on what we saw in the market in January. As we look at the market now and our own sort of customer and supply situation, we see that organic growth higher, into the mid-30s. That's primarily driven by very strong demand in our Server business, very strong demand in our Console or Semi-Custom business, additional supply coming online.

是的。馬特，這裡面有很多問題，讓我試著解答一下。首先，關於 2022 年全年指引，指引大幅增加，增幅達 60%。其中有幾部分內容。在 AMD 業務的有機成長方面，我們最初根據 1 月的市場表現預計將成長 31%。當我們觀察現在的市場和我們自己的客戶和供應情況時，我們發現有機成長率更高，達到了 30% 左右。這主要是由於我們的伺服器業務需求非常強勁、我們的控制台或半客製化業務需求非常強勁以及上線額外供應所致。

We have taken a bit more of a conservative perspective on the PC market. Again, I think the softness is in certain parts of the market. It's not in all parts of the market. And our focus is on where we add the most value in the market and that is in the premium segments.

我們對個人電腦市場持較保守的看法。再次，我認為市場某些部分出現了疲軟。但並非整個市場都存在這種情況。我們的重點是在市場上創造最大價值的領域，也就是高端領域。

In terms of the Xilinx piece of it, the full year addition, 3.5 quarters of Xilinx is a significant add. On a pro forma basis, the Xilinx business is also growing very well, and it's growing sort of like in the low 20s, if you consider full year compared to calendar year 2021. So overall, I think we have a lot -- a broad-based set of growth drivers and multiple levers for growth as we go through the year. And we continue to work on working with our customers on where the demand is and ensuring that we're satisfying that demand.

就賽靈思部分而言，全年新增 3.5 個季度的賽靈思業務是一個顯著的成長。從備考角度來看，賽靈思業務也成長得非常好，如果將全年與 2021 日曆年進行比較，其增長率大概在 20% 出頭。所以總的來說，我認為我們有很多——一套廣泛的成長動力和多種成長槓桿，可以推動我們度過這一年。我們將繼續與客戶合作，了解他們的需求，並確保滿足他們的需求。

Our next question is coming from Toshiya Hari from Goldman Sachs.

我們的下一個問題來自高盛的 Toshiya Hari。

Congrats on the strong results and completing the acquisition as well. I had 2 questions myself. I guess, first on the supply chain situation, Lisa. Obviously, there's a lot going on in terms of wafer supply and substrates and now the China lockdowns. What are some of the bigger pain points for you? And to the extent the China lockdowns are impacting your business directly or indirectly, are you assuming any impact to revenue and profitability in the second quarter?

祝賀您取得優異的業績並完成收購。我自己有兩個問題。我想，先談談供應鏈的情況，麗莎。顯然，晶圓供應和基板方面發生了很多事情，現在中國又實施了封鎖。您面臨的最大痛點是什麼？並且，如果中國封鎖對您的業務產生直接或間接影響，您是否認為這會對第二季的收入和獲利能力產生任何影響？

Sure, Toshiya. Thanks for the question. So on the supply environment, we've been working on this really for the last 18 months. We've made a lot of progress on both the wafer side and significant investments on the substrates. I would say that we continue to get sort of very good support from our suppliers. That's one of the reasons we can increase our guidance the way it is.

當然，東也。謝謝你的提問。因此，在供應環境方面，我們過去 18 個月一直在努力解決這個問題。我們在晶圓方面取得了很大進展，並在基板方面進行了大量投資。我想說的是，我們繼續從供應商那裡獲得非常好的支援。這就是我們能夠以這種方式增加指導的原因之一。

From an overall -- you mentioned the China COVID situation. From our standpoint, we haven't had any significant impact on our own shipments in our own supply chain. We have been working with some customers that have had some customer build delays and that is contemplated in our second quarter guidance. We're going to continue to work on supply optimization with the addition of Xilinx, some of the, let's call it, more mature nodes. 16-nanometer and above wafer supply is still somewhat constrained. We're working with sort of the larger scale of AMD to try to bring more supply on board there as well as continuing to ramp our overall capacity to support a very strong sort of next few quarters. Hopefully, that answered your supply questions.

從總體上看——您提到了中國的新冠疫情。從我們的角度來看，我們自己的供應鏈中的貨運量並沒有受到任何重大影響。我們一直在與一些遇到客戶建立延遲的客戶合作，這已在我們的第二季指導中考慮到。我們將繼續致力於供應最佳化，並加入 Xilinx 的一些更成熟的節點。 16奈米及以上晶圓供應仍受到一定限制。我們正在與 AMD 進行更大規模的合作，試圖在那裡提供更多的供應，並繼續提高我們的整體產能，以支持未來幾季的強勁成長。希望這能解答您的供應問題。

Yes, for sure. And then my second question, my follow-up question was on the data center business. It's great to hear that you've decided to re-segment your business, so thank you for that. Curious how meaningful data center was as a percentage of revenue in the quarter, server CPU, data center GPU and now FPGAs from Xilinx.

是的，當然。我的第二個問題，我的後續問題是關於資料中心業務的。很高興聽到您決定重新細分您的業務，對此我深表感謝。好奇的是資料中心在本季的收入中所佔百分比有多大，伺服器 CPU、資料中心 GPU 以及現在 Xilinx 的 FPGA。

And I guess, more importantly, how are you thinking about the medium- to long-term opportunity in both your classic data center GPU business as well as the FPGA business. I think in data center GPU, you mentioned that it was flat in the quarter but you also talked about being engaged with more cloud customers. So curious what you're seeing there. And then on the FPGA side, I think Victor and team, prior to the deal announcement, was pretty vocal about the long-term growth opportunity there as well. So any update from your perspective would be great.

我想，更重要的是，您如何看待經典資料中心 GPU 業務和 FPGA 業務的中長期機會。我認為在資料中心 GPU 方面，您提到本季持平，但您也談到了與更多雲端客戶的合作。很好奇你在那裡看到了什麼。然後在 FPGA 方面，我認為 Victor 和他的團隊在交易宣布之前也非常重視那裡的長期成長機會。因此，從您的角度來看，任何更新都是很棒的。

Right, okay. So again, a few pieces to that. Let me try to give you some color and then maybe Victor will add on the FPGA side. So in terms of -- yes, we are going to change our segment reporting, as Devinder said, as of the second quarter to be -- to give you -- to more alignment to the markets. In terms of this quarter for the pieces that you mentioned, on higher revenue, the data center for those pieces was, let's call it, low 20s percentage of our overall revenue.

好的，好的。再次強調，這是有幾點要注意的。讓我嘗試給你一些說明，然後也許 Victor 會在 FPGA 方面進行補充。所以就這一點而言——是的，正如 Devinder 所說，從第二季開始，我們將改變我們的分部報告方式，以便與市場更加一致。就本季您提到的部分而言，這些部分的資料中心收入較高，可以說占到了我們總收入的 20% 以下。

And then in terms of the longer-term data center picture, we are incredibly excited opportunity in data center. When you look at the pieces we have now, I mean, the CPU franchise is very strong, continuing to get stronger. We're excited with how Genoa looks and how Bergamo looks and sort of the engagements with customers there. We're excited about the GPU portfolio as well. GPUs for us are a longer-term sort of road map, similar to what we did on the CPU side. We had been more focused on, let's call it, supercomputing and HPC, so that was strong for us last year and that's why we're flattish year-on-year. We're very engaged on the AI front now, continuing our investments in our software stack and working with cloud guys to optimize our software stack.

就長期資料中心前景而言，我們對資料中心的機會感到非常興奮。當你看看我們現在擁有的產品時，我的意思是，CPU 特許經營權非常強大，而且還在繼續變得更強大。我們對熱那亞和貝加莫的面貌以及與那裡的客戶的互動感到非常興奮。我們對 GPU 產品組合也感到非常興奮。對我們來說，GPU 是一種長期路線圖，類似於我們在 CPU 方面所做的。我們更專注於超級運算和 HPC，因此去年我們的表現非常強勁，這也是為什麼我們的業績與去年同期持平的原因。我們現在非常投入於人工智慧領域，繼續對我們的軟體堆疊進行投資，並與雲端運算人員合作優化我們的軟體堆疊。

And then moving on to FPGAs and then also our adaptive SoCs and then the Pensando acquisition. I think what we now have is just an incredibly strong portfolio when we're dealing with whether you're talking about the largest cloud hyperscalers or you're talking about enterprise. And then with Pensando and Xilinx, it also gives us exposure to the edge as well. And so between -- we have all the compute engines and are able to optimize that. So I think you should expect to hear a lot more from us in the data center, certainly is -- at our Financial Analyst Day but really strong opportunities there. Maybe Victor, you want to add on to?

然後轉向 FPGA，然後是我們的自適應 SoC，然後是 Pensando 收購。我認為，無論您談論的是最大的雲端超大規模企業還是企業，我們現在擁有的是一個非常強大的產品組合。然後，透過 Pensando 和 Xilinx，我們也接觸到了邊緣技術。因此——我們擁有所有的計算引擎，並且能夠對其進行最佳化。因此，我認為您應該會在資料中心聽到更多關於我們的消息，當然在我們的財務分析師日，但那裡確實有很大的機會。也許維克多，你想補充一下？

Yes. I think you covered it well. The only thing I would add is just, again, I think not only do we have a really broad portfolio of all the compute engines but we're doubling down on the networking side, right? Since we had strength in that in SmartNIC and then with Pensando, the kind of solutions that we could provide to customers in the overall infrastructure, right? It's not about point things, it's about the total solution. And as you probably know, scale out and just a lot of these applications, you could be [thralled] by the network so we really can optimize all of it. And the customers really want optimized, customized solutions. And I think that's what we could do with both the former Xilinx SmartNIC as well as Pensando even going further.

是的。我認為你講得很好。我唯一想補充的是，我認為我們不僅擁有所有計算引擎的廣泛產品組合，而且我們在網路方面也加倍投入，對嗎？由於我們在 SmartNIC 和 Pensando 方面具有優勢，我們可以為客戶提供整體基礎設施的解決方案，對嗎？這不是關於點的事情，而是關於整體解決方案。您可能知道，對於許多此類應用程式來說，擴充功能可能會受到網路的限制，因此我們確實可以優化所有這些應用程式。客戶真正想要的是優化的、客製化的解決方案。我認為這就是我們可以利用前 Xilinx SmartNIC 以及 Pensando 所做的事情，甚至更進一步。

Your next question is coming from Vivek Arya from Bank of America.

您的下一個問題來自美國銀行的 Vivek Arya。

Lisa, my first 1 is on the Server market. Milan helped you take and continues to help you take a lot of share in the market. I'm curious, what's the state of play in front of the next-gen Genoa versus the Sapphire Rapids server cycle from 2 perspectives? First, just from the industry adoption of DDR5, can that be a bottleneck to adoption of these next-generation servers? And second perspective is that you will have 2 different flavors of Genoa with the cloud-optimized version coming later. So just give us your sense of how this next-generation cycle plays out versus the very strong success you've had with Milan so far.

Lisa，我的第一個是在伺服器市場。米蘭幫助您佔領了並將繼續幫助您佔領大量市場份額。我很好奇，從兩個角度來看，下一代熱那亞與 Sapphire Rapids 伺服器週期之前的狀況如何？首先，僅從業界對 DDR5 的採用來看，這會成為採用這些下一代伺服器的瓶頸嗎？第二個觀點是，您將擁有兩種不同風格的 Genoa，並稍後推出雲端優化版本。那麼，請您與我們談談對下一代周期的感受，以及迄今為止米蘭取得的巨大成功。

Yes, absolutely, Vivek. So the way to think about it is the data center market and particularly in servers, people are getting much more optimized for workloads, and so there are different flavors. And we see that even in Milan today with Milan and our Milan-X, X3D -- the X3D we introduced. And so I think it's natural for these solutions to sit side by side. I think as you go into Genoa, the next-generation platform, we would expect, again, the adoption -- there's a lot of excitement on Genoa and there's a lot of customer demand for Genoa. I do expect that Genoa will sit, again, side-by-side with Milan for quite some time because you're not going to move the infrastructure instantaneously over.

是的，絕對是，維韋克。因此，思考這個問題的方式是，資料中心市場，特別是在伺服器領域，人們對工作負載進行了更加優化，因此存在不同的風格。我們今天甚至在米蘭也看到了這一點，還有米蘭和我們推出的米蘭-X、X3D——X3D。因此我認為將這些解決方案並存是很自然的。我認為，當您進入下一代平台 Genoa 時，我們會再次期待採用——Genoa 引起了很多興奮，並且客戶對 Genoa 有很多需求。我確實希望熱那亞能夠在相當長的一段時間內再次與米蘭並肩而立，因為你不可能立即轉移基礎設施。

And then when you think about Bergamo, which is the cloud-optimized, I think that will be more specific for specific large hyperscalers who have the need for, let's call it, a more performance per dollar, performance per watt solution. So the way to think about this, Vivek, is as our business has grown, we can invest more broadly and that will give us just a more optimized solution for our customers' TAMs.

然後，當您想到針對雲端進行最佳化的貝加莫時，我認為這對於需要更高性價比、每瓦效能解決方案的特定大型超大規模企業來說更為具體。因此，Vivek，我們應該這樣思考：隨著業務的成長，我們可以進行更廣泛的投資，這將為我們的客戶的 TAM 提供更優化的解決方案。

Very helpful. And then Lisa, my second question, kind of 2 or 3 interrelated question on the PC market. So what is your new sense of what the PC TAM can be this year versus what you thought before? And then I think as part of that, your competitor has mentioned several times that they are back in the market with Alder Lake and they are taking a lot of share, so I'm wondering what you have seen there. And then finally, what's your share in the commercial market today versus what it was last year? So just something on TAM, competition and commercial exposure.

非常有幫助。然後是 Lisa，我的第二個問題，是關於 PC 市場的 2 或 3 個相互關聯的問題。那麼，與之前的想法相比，您對今年的 PC TAM 有何新認識？然後我認為，作為其中的一部分，您的競爭對手多次提到他們帶著 Alder Lake 重返市場，並且佔據了大量的份額，所以我想知道您在那裡看到了什麼。最後，與去年相比，您目前在商業市場的佔有率是多少？這只是關於 TAM、競爭和商業曝光的一些內容。

Sure. So Vivek, when we kind of started the year, we were thinking that the PC TAM could be flat to, let's call it, down, let's call it, low mid-single digits. I think given sort of how we've started this year and then some of the other things in the market, we're taking a more conservative approach to the PC TAM. So for our modeling for the full year guidance, we're modeling something like down high single digits.

當然。因此，Vivek，當我們開始新的一年時，我們認為 PC TAM 可能會持平，或者說下降，或者說中低個位數。我認為，考慮到我們今年的開局以及市場上的一些其他因素，我們對 PC TAM 採取了更保守的方法。因此，對於我們的全年指導模型，我們建模的是高個位數之類的數字。

Now a lot of things can happen between now and then, so I would say that I think that's a good place for us to model. Within that, we've always been very focused on where we can add the most value and the premium segments, Ryzen 6000, our Rembrandt product, is extremely well positioned from a battery life or performance standpoint. We have a number of commercial, very good systems that are in the process of being launched. I think we're excited about that.

從現在到那時，很多事情都可能發生，所以我想說，我認為這對我們來說是一個很好的榜樣。在此範圍內，我們始終非常注重能夠增加最大價值的領域和高端市場，我們的 Rembrandt 產品 Ryzen 6000 從電池壽命或性能的角度來看，處於非常有利的地位。我們有許多非常好的商業系統正在推出。我想我們對此感到興奮。

To your question about commercial share, we're still underrepresented in the commercial market, and we know that and that's a focus area for us. I think overall, from a market share standpoint, we believe we're focused in the right segments. And so even under the backdrop of, let's call it, a softer PC market, that we will -- we can continue to expect to gain revenue share in the process. And that's sort of our overall strategy.

關於商業份額的問題，我們在商業市場的代表性仍然不足，我們知道這一點，這是我們關注的重點領域。我認為總體而言，從市場份額的角度來看，我們相信我們專注於正確的細分市場。因此，即使在 PC 市場疲軟的背景下，我們仍然可以繼續期望在此過程中獲得收入份額。這就是我們的整體戰略。

But I think the other piece of it is we have so many levers in the business now as we go forward. I think the strength in the business is really looking at the overall data center portfolio, the PC portfolio, the gaming portfolio and the Xilinx portfolio together, there are lots of levers for growth. And as we go through this year, we see that being very helpful.

但我認為另一個原因是，隨著業務的推進，我們現在在業務上擁有很多槓桿。我認為業務的優勢實際上在於整體資料中心產品組合、PC 產品組合、遊戲產品組合和 Xilinx 產品組合的結合，其中有許多成長槓桿。隨著今年的過去，我們發現這非常有幫助。

Our next question today is coming from Stacy Rasgon from Bernstein Research.

今天的下一個問題來自伯恩斯坦研究公司的 Stacy Rasgon。

My first 1, I wanted to ask about data centers. So it more than doubled last year. It more than doubled again this quarter. Do you guys have the supply available to double that business again for the full year? Like if you can get the -- and I guess if the supply is there, like, do you think it can be fulfilled?

我的第一個問題，我想問一下有關資料中心的問題。因此，去年這一數字增加了一倍多。本季又成長了一倍以上。你們是否有足夠的供應量來讓全年的業務量再翻倍？例如，如果你能得到——我想如果有供應，你認為它能實現嗎？

Yes. So Stacy, I think the data center business, particularly the Server CPU business, continues to be very strong for us. I'm not going to proclaim a certain, will it double every quarter. I will say that we expect to grow very strongly over the next few quarters. And we are continuing to bring on additional supply to do that. The demand is there. And it really is about continuing to work with our customers on that. But I think our confidence level in data center growth is very high.

是的。所以 Stacy，我認為資料中心業務，特別是伺服器 CPU 業務，對我們來說仍然非常強勁。我不會宣布一定它會每季翻一番。我想說的是，我們預計未來幾季將實現強勁成長。為了實現這一目標，我們將繼續提供額外的供應。需求是存在的。這確實是為了繼續與我們的客戶合作。但我認為我們對資料中心成長的信心非常高。

For my follow-up, I wanted to ask just a quick question on PC. So in the context of a PC market TAM that you see down or modeling down high single digits, given your mix shifts and your share gains, do you think you can actually grow your client revenues year-over-year in 2022 for the full year?

作為後續事宜，我只想問一個關於 PC 的簡單問題。那麼，在您看到 PC 市場 TAM 下降或下降幅度高達個位數的背景下，考慮到您的產品組合變化和份額增長，您是否認為您實際上可以在 2022 年全年實現客戶收入的同比增長？

Yes, Stacy. We are expecting that we will grow client revenues on a year-over-year basis in that time environment. And we continue to mix shift to, let's call it, the more premium segments and so it's a revenue share statement.

是的，史黛西。我們預計，在那個時間環境下，客戶收入將逐年成長。我們繼續混合轉向，我們稱之為更高端的細分市場，因此這是一個收入份額報表。

Got it. But fair to say much more of the year-over-year revenue growth is things like servers and putting Xilinx aside for a minute, data centers and servers and consoles more than client?

知道了。但公平地說，年比收入成長更多的是來自伺服器之類的產品，除了 Xilinx 之外，資料中心、伺服器和控制台比客戶端更多嗎？

Yes, that is true. But our expectation, though is, again, we have a number of growth drivers in the business. But in terms of what has allowed us to increase the full year guide from an organic standpoint, it is a strong visibility in Server, strong visibility on the Console side, strong visibility just from an overall supply and demand perspective.

是的，確實如此。但我們的預期是，我們的業務中仍有許多成長動力。但就讓我們能夠從有機角度增加全年指南的原因而言，伺服器方面的強大可見度、控制台方面的強大可見性、以及從整體供需角度來看的強大可見性。

Your next question is coming from Aaron Rakers from Wells Fargo.

您的下一個問題來自富國銀行的 Aaron Rakers。

I'll stick to 2, if I can. I guess my first question as we think about the Server market and your share gains, but more importantly, we also think about the proliferation or expansion of the product portfolio. I'm curious of just what you're seeing from a competitive perspective and your thoughts around continuing to mix higher in terms of the server market, thinking about the blended ASP trends in your Server business. How should we think about that as we think about Milan-X, Genoa, I guess, Bergamo thereafter, just that trend looking forward?

如果可以的話，我會堅持 2。我想我的第一個問題是當我們考慮伺服器市場和您的份額成長時，但更重要的是，我們也考慮產品組合的擴散或擴展。我很好奇您從競爭角度看到了什麼，以及您對繼續在伺服器市場中實現更高混合的想法，思考伺服器業務中的混合 ASP 趨勢。當我們考慮米蘭 X、熱那亞，我想，以及隨後的貝加莫時，我們應該如何看待這一點，只是展望這一趨勢？

Yes. So Aaron, obviously, it depends on the mix between cloud and enterprise. But in general, as we offer more value, let's call it, more performance, more capability, we would expect our ASPs to mix up. And in any given quarter, it's more of a what is the cloud versus enterprise mix. But look, I'm very pleased with the fact that we're growing both cloud and enterprise very substantially. So I think that tells you that we're growing across the entire Server market. And we're going to continue to, let's call it, optimize products so that, one, our customers get more capability and we get more value for our technology.

是的。所以 Aaron，顯然，這取決於雲端和企業之間的結合。但總的來說，由於我們提供更多價值，我們稱之為更高的性能、更強的功能，我們希望我們的 ASP 能夠融合在一起。在任何一個季度，它都更像是雲端運算與企業組合的問題。但是，我很高興看到我們的雲端運算和企業業務都取得了長足的發展。所以我認為這說明我們在整個伺服器市場都在成長。我們將繼續優化產品，以便我們的客戶獲得更多功能，同時我們的技術獲得更多價值。

And then the second quick question is on the capacity discussion. I'm curious as you bring Xilinx into the model, you scale the business going forward, how could we think about flexibility from a perspective of capacity? If PCs slow down, can your capacity be fungible and move that capacity over to servers or even Xilinx capacity into Server CPUs? I'm just curious of how we should think about that ability to mix across product segments as you think about your wafer capacity agreements.

第二個快速問題是關於能力的討論。我很好奇，當您將 Xilinx 納入模型並擴大未來業務規模時，我們如何從容量的角度考慮靈活性？如果 PC 的速度變慢，您的容量是否可以互換並將該容量轉移到伺服器，甚至將 Xilinx 容量轉移到伺服器 CPU 中？我只是好奇，當您考慮晶圓產能協議時，我們應該如何看待跨產品細分市場的混合能力。

Yes. Aaron, the way to think about that is, so both the Xilinx portfolio and sort of the organic AMD portfolio do use TSMC, so we are complementary there as our primary wafer supplier. We use very similar substrate suppliers as well. The Xilinx portfolio tends to be on more mature nodes. Although there is some 7-nanometer, the majority of the portfolio is on 16-nanometer and above. So I would say there's not that much fungibility there.

是的。 Aaron，這樣想的話，Xilinx 產品組合和 AMD 有機產品組合都使用台積電，因此我們作為主要晶圓供應商具有互補性。我們也使用非常相似的基板供應商。 Xilinx 產品組合傾向於採用較成熟的節點。雖然也有一些 7 奈米工藝，但大部分產品組合都是 16 奈米以上工藝。所以我想說那裡沒有那麼多的可替代性。

However, on the back end, on the substrate side, there is very good fungibility across the portfolio. And from the standpoint of overall supply, I think you've heard it from Devinder. I mean, we have invested significantly over the last 18 months in sort of securing the supply and capacity and we're seeing it come online. And that's, again, what I'd like to do is, as you see it come online, that's when it will go into our revenue forecast.

然而，在後端，在基板方面，整個產品組合具有非常好的可替代性。從整體供應的角度來看，我想您已經從 Devinder 那裡聽說過了。我的意思是，在過去的 18 個月裡，我們在確保供應和產能方面投入了大量資金，我們看到它正在上線。這就是我想要做的，當你看到它上線時，它就會進入我們的收入預測。

But I feel very good about the progress that we're making. And we're continuing to dimension the company for just a much larger business. And so it's a lot of supply that we're bringing online. We're working very much with Victor and his team as well because he has a strong backlog and strong demand, and we're looking to use all of the AMD assets to also accelerate some of his builds.

但我對我們所取得的進展感到非常滿意。我們將繼續擴大公司規模，使之成為更大規模的企業。因此，我們在網上提供了大量的供應。我們也與 Victor 和他的團隊進行了密切合作，因為他有大量的積壓訂單和強勁的需求，我們希望利用所有 AMD 資產來加速他的一些建設。

Our next question today is coming from Harlan Sur from JPMorgan.

我們今天的下一個問題來自摩根大通的 Harlan Sur。

Congratulations on the solid results and closing the acquisition. Lisa, the team has done a great job of supporting all the major enterprise workloads on your latest generation EPYC and driving strong wins on the Enterprise side with all of the OEM server guys out there. I'm just wondering how much of the strength in the Server business is being driven by the strong enterprise design win traction? And given your pipeline of wins and orders, how big will Enterprise be as a percent of your Server business maybe exiting this year?

恭喜您取得豐碩的成果並完成收購。 Lisa，團隊在支援最新一代 EPYC 上的所有主要企業工作負載方面做得非常出色，並且與所有 OEM 伺服器人員一起在企業方面取得了強勁的勝利。我只是想知道伺服器業務的實力有多少是由強大的企業設計贏得的推動力？考慮到你們的勝利和訂單，企業業務佔今年可能退出的伺服器業務的百分比是多少？

Yes. So Harlan, thanks. So we've made great progress on the cloud side, so we have strong adoption on internal as well as external-facing workloads. We've also made strong progress on the Enterprise. I mean, as you said, all major OEMs have EPYC throughout the portfolio. And in this past quarter and in general, we've grown the Enterprise business about at the same pace as a cloud business. We're still cloud-weighted but I believe that it's going to be fairly balanced growth across both portfolios.

是的。所以，哈蘭，謝謝你。因此，我們在雲端取得了巨大進步，因此我們在內部和外部工作負載方面都得到了廣泛的應用。我們在企業方面也取得了長足的進步。我的意思是，正如你所說，所有主要 OEM 的整個產品組合中都有 EPYC。在過去的一個季度中，總體而言，我們的企業業務與雲端業務的成長速度大致相同。我們仍然以雲端運算為主，但我相信兩個投資組合都會實現相當均衡的成長。

Perfect. And then maybe a question for you or for Victor, but when I think about the embedded markets, auto, industrial, aerospace and defense, comm infrastructure, consumer, just given the strong market positioning here by Xilinx, I mean, they're in a good position to catalyze EPYC-attached, to catalyze Ryzen-attached to their FPGA solutions. So maybe Victor can help us understand, like what percentage of Xilinx FPGA solutions in the Embedded market sits next to either an x86 or high-performance ARM processor because I think that the process opportunity in Embedded is much larger than the FPGA opportunity. And I believe that Embedded is a pretty small percentage of overall business for AMD. So pretty big opportunity but wanted to get your views.

完美的。然後也許我要問您或 Victor 一個問題，但是當我想到嵌入式市場、汽車、工業、航空航天和國防、通信基礎設施、消費者時，考慮到 Xilinx 在這裡的強大市場定位，我的意思是，他們處於有利地位，可以催化與 EPYC 連接、催化與 Ryzen 連接的 FPGA 解決方案。因此，Victor 或許可以幫助我們了解，例如嵌入式市場中 Xilinx FPGA 解決方案中有多少比例與 x86 或高效能 ARM 處理器相當，因為我認為嵌入式的製程機會比 FPGA 機會大得多。我相信嵌入式業務在 AMD 整體業務中所佔比例相當小。所以這是一個很大的機會，但我想聽聽您的意見。

Yes. Maybe I'll take this one. I agree with you. Actually, one of the things that -- many things that's really exciting since we joined AMD is we've done some customer visits and they're really excited about exactly that point. We have a broader portfolio and processors and even in some areas in the GPUs. It's also of great interest, the Embedded business at (inaudible) has been selling APUs and Embedded versions of both the Server as well as the Client kind of products.

是的。也許我會選擇這個。我同意你的看法。實際上，自從我們加入 AMD 以來，真正令人興奮的事情之一是我們進行了一些客戶拜訪，​​他們對此感到非常興奮。我們擁有更廣泛的產品組合和處理器，甚至在某些領域擁有 GPU。值得注意的是，(聽不清楚) 的嵌入式業務一直在銷售伺服器和客戶端產品的 APU 和嵌入式版本。

And now with the FPGAs and adaptive SoCs we have, we really can give a much more complete solution. And so that is definitely on the menu of things in terms of revenue synergies, which we'll discuss more at the Financial Analyst Day. But yes, we're really excited about what we have even with the existing products. And then we're already working on our road map for creating more value going forward. So it's a great observation.

現在，借助我們擁有的 FPGA 和自適應 SoC，我們確實可以提供更完整的解決方案。因此，這絕對是收入綜效方面的一項內容，我們將在財務分析師日上進行更多討論。但是的，即使對於現有的產品，我們也對所擁有的東西感到非常興奮。然後，我們已經開始製定未來創造更多價值的路線圖。這是一個很棒的觀察。

Our next question today is coming from Mark Lipacis from Jefferies.

我們今天的下一個問題來自 Jefferies 的 Mark Lipacis。

Lisa, I think maybe an easier way for investors to have thought about AMD historically, particularly more recently, is you've been successful in delivering server CPUs for data processing in the data center. And I think people, or at least I have thought about Xilinx historically doing networking and communications solutions for base stations as well as data centers, and they've kind of moved into this adaptive computing mode where they're doing more data processing also.

麗莎，我認為投資者從歷史上，特別是最近的角度來看待 AMD 的一個更簡單的方法是，你們已經成功地為資料中心的資料處理提供了伺服器 CPU。我認為人們，或至少我認為賽靈思歷來為基地台和資料中心提供網路和通訊解決方案，他們已經進入這種自適應計算模式，在這種模式下他們也在進行更多的資料處理。

And I wonder, you've seen other companies with general purpose computing solutions kind of adding communications capability. And I'm wondering, is there an opportunity for more data processing at the network edge, like say, at the base station where Xilinx has historically been really strong? And do you think the solutions, the architecture that you would have at the base station for the combination of data and communications network processing, do you think that ultimately, it looks very similar to what you see deep in the hyperscale data centers deep in the cloud?

我想知道，您是否看到其他公司在通用計算解決方案中添加了通訊功能。我想知道，是否有機會在網路邊緣進行更多的資料處理，比如說在 Xilinx 歷來非常強大的基地台？您是否認為，基地台中用於資料和通訊網路處理相結合的解決方案和架構最終與您在雲端深處的超大規模資料中心中看到的非常相似？

Yes. Sure, Mark. So I think the answer is yes, and maybe I'll generalize it a bit more. We're a big believer. I mean, the whole strategy behind AMD is to have the best sort of compute engines and then put them together in -- sort of in solutions for specific end markets. So I think our CPUs, GPUs, the FPGAs, the adaptive SoCs and then the DPU that we're adding from Pensando give us just a tremendous range of capability.

是的。當然，馬克。所以我認為答案是肯定的，也許我會進一步概括一下。我們對此深信不疑。我的意思是，AMD 背後的整個策略是擁有最好的運算引擎，然後將它們組合在一起——形成針對特定終端市場的解決方案。因此，我認為我們的 CPU、GPU、FPGA、自適應 SoC 以及我們從 Pensando 添加的 DPU 為我們提供了巨大的功能範圍。

So to your specific question in sort of comms infrastructure, I definitely think there's a strong opportunity there. As Victor mentioned, we've been to a number of our joint large customers, and there is absolute interest in trying to put these solutions together. And more broadly, though, I think what we see in terms of growth going forward, there will be more customization around solutions for large -- for these large customers, whether it's cloud customers or large telcos or even some edge opportunities. And having these compute engines will allow us to basically optimize those solutions together. So we look forward to telling you sort of a lot more about sort of how we're thinking about these road maps as we go into our Financial Analyst Day in June.

因此，對於您關於通訊基礎設施的具體問題，我確實認為那裡有很大的機會。正如 Victor 所提到的，我們已經拜訪過許多共同的大客戶，他們非常有興趣嘗試將這些解決方案整合在一起。但從更廣泛的角度來看，我認為就未來的成長而言，針對大型客戶（無論是雲端客戶還是大型電信公司，甚至是一些邊緣機會）的解決方案將會更加客製化。有了這些計算引擎，我們基本上可以一起優化這些解決方案。因此，我們期待在六月的財務分析師日到來之際，向您詳細介紹我們如何看待這些路線圖。

And a follow-up, if I may, how -- as you develop those more customized solutions for your larger customers, how important is it to have a -- have your own software ecosystem versus to kind of pull everything together versus to kind of rely more on the open source community or other players for that software layer to sit on top of that? And that's all I had.

那麼，如果可以的話，我想問一下，當您為大客戶開發那些更客製化的解決方案時，擁有自己的軟體生態系統有多重要？還是將所有東西整合在一起，還是更依賴開源社群或其他參與者來建立軟體層？這就是我所擁有的一切。

Yes, Mark. So the software is very, very important. And software across all of those engines is important, and Xilinx comes with a very strong software stack. We have our own software stack. You'll see us unify that, and that will be an important part of our road map going forward. And to your open source point, we do believe in open source. We think collaboration is an important part of the ecosystem as well. So all of those are things that we are working on to provide more complete solutions for our customers.

是的，馬克。所以軟體非常非常重要。所有這些引擎上的軟體都很重要，而 Xilinx 擁有非常強大的軟體堆疊。我們有自己的軟體堆疊。你會看到我們將其統一起來，這將是我們未來路線圖的重要組成部分。關於您的開源觀點，我們確實相信開源。我們認為協作也是生態系統的重要組成部分。因此，我們正在努力為客戶提供更完整的解決方案。

Our next question is coming from Ross Seymore from Deutsche Bank.

下一個問題來自德意志銀行的羅斯·西摩。

Congrats on the strong quarter and closing the Xilinx deal. Lisa, just again, a lot of moving parts, you've said that a bunch of times so forgive me if I dive into them a little bit. But as we think about your second quarter guide, I just wanted to get some of the moving parts that you're assuming there. Because I take up the Xilinx side or just give you the full quarter of it and a little bit of guidance there, it looks like the core AMD is kind of growing low single digits sequentially.

恭喜本季業績強勁以及與 Xilinx 的交易順利完成。麗莎，再說一遍，有很多活動部件，你已經說過很多次了，所以如果我深入探討一下，請原諒我。但是當我們考慮您的第二季度指南時，我只是想了解您在那裡假設的一些活動部分。因為我只考慮了 Xilinx 方面的情況，或者只是給出了整個季度的數據和一些指導，看起來核心 AMD 的環比增長幅度在個位數左右。

You've mentioned about the PC side seeing some weakness. You've talked about that a bunch and then the strength in the Server and the Semi-Custom side. So any sort of color about the puts and takes to get you that organic growth.

您提到 PC 端出現了一些疲軟。您已經談論了很多，然後談到了伺服器和半客製化方面的優勢。因此，任何有關投入和產出的顏色都可以幫助你實現有機成長。

Yes, sure, Ross. Thanks for the question. So for the second quarter, in particular, the second quarter guide is driven by sort of one is the full quarter of the Xilinx business and strength in our Server business primarily as we see the second quarter. There are other puts and takes, I would call them, on the smaller side of that. If you recall, I mean, if you think about whether you talk about the PC business or the gaming business, they tend to be more second half weighted. So the second quarter doesn't tend to be a strong quarter for those businesses, and so that's not the driver of the sequential increase.

是的，當然，羅斯。謝謝你的提問。因此，對於第二季而言，特別是第二季的指引主要受到賽靈思整個季度業務和伺服器業務實力的驅動，正如我們所見。我認為，還有其他一些較小的投入和產出。如果你回想一下，我的意思是，如果你想想你是否談論個人電腦業務或遊戲業務，它們往往更側重於下半年。因此，第二季度對於這些企業來說往往不是一個強勁的季度，因此這不是連續成長的驅動因素。

Perfect. And I guess a similar question, a perfect segue in your answer there. When I think about the full year guide, obviously, incredibly impressive. You talked about the organic increases. But it looks like, especially with that extra week, that you're kind of going up low -- or mid- to high single digits in one of those quarters and kind of flattish after that just to get to the full year.

完美的。我想，您的回答與類似的問題有著完美的連結。當我想到全年指南時，顯然令人印象深刻。您談到了有機增長。但看起來，尤其是在那額外的一周之後，在其中一個季度中，你的銷售額會呈低位或中高位個位數增長，然後趨於平穩，直到全年。

So a similar sort of question. What are the puts and takes there? Is the PC seasonality something you're kind of leaning against a little bit relative to the high single-digit drop you've talked about where you guys will still grow but maybe not as fast as in years past, given that backdrop? Or is there something else that plateaus out in the second half?

這是一個類似的問題。那裡有什麼投入和產出？您是否有點傾向於反對個人電腦的季節性，相對於您所說的高個位數下降，考慮到這種背景，您仍會增長，但可能不會像過去幾年那麼快？或者下半年還會出現其他停滯的情況嗎？

I'm not sure that I see a "plateau", Ross so I wouldn't say that. What I would say, though, is if I give you sort of the puts and takes of the second half of the year, the -- again, we expect that the Server business will continue to grow. As we said, good visibility there. We expect the Console business to grow in the second half versus the first half also, that's typical seasonality.

羅斯，我不確定我是否看到了“平台期”，所以我不會這麼說。不過，我想說的是，如果我告訴你今年下半年的利弊，我們再次預期伺服器業務將繼續成長。正如我們所說，那裡能見度很好。我們預計下半年遊戲機業務也將比上半年有所成長，這是典型的季節性現象。

Typical seasonality in PCs would also have the second half higher than the first half. I think we're modeling for a little bit sub-seasonal, just given sort of all the puts and takes in the market there. And then we expect the Xilinx business to also grow in the second half as more supply comes online, given the strong demand. So if you see all those pieces, I don't think there's a plateau. I think it's a continued improvement as we see one, strong demand and also more supply coming online in the second half of the year.

個人電腦的典型季節性也會導致下半年的銷售量高於上半年。我認為，我們建模時會考慮一點季節性，只是考慮到那裡的市場中的所有投入和產出。鑑於強勁的需求，我們預計隨著更多供應的到來，賽靈思業務在下半年也將成長。所以如果你看到所有這些片段，我不認為存在一個平台期。我認為這是一個持續的改善，因為我們看到強勁的需求，下半年還會有更多的供應。

Apologies for the plateau word.

抱歉，使用了“高原”一詞。

No one ever apologizes to me, so that's really nice, Ross.

從來沒有人向我道歉，所以這真的很好，羅斯。

Operator, we'll take 2 more questions, please.

接線員，我們還想回答 2 個問題。

Certainly. Our next question is coming from Timothy Arcuri from UBS.

當然。我們的下一個問題來自瑞銀的 Timothy Arcuri。

My first question is really around Semi-Custom. The rest of the business has been asked quite a bit. So I guess my question on Semi-Custom is, Lisa, do you think that it can be a $4 billion business this year? It sounds like it can get pretty close, maybe you can get there. And I guess also as part of that question, I think you were thinking next year would be an up year also for Semi-Custom. But given some of the consumer uncertainty, do you still think that it can be up next year? And then I had a second question.

我的第一個問題其實是關於半客製化的。其餘業務已被問及不少。所以我想我關於半客製化的問題是，麗莎，你認為它今年能成為一項價值 40 億美元的業務嗎？聽起來好像已經很接近了，也許你可以到達那裡。我想，作為這個問題的一部分，我想您認為明年對於半定制來說也將是上升的一年。但考慮到消費者的一些不確定性，您仍然認為明年價格還會上漲嗎？然後我又有了第二個問題。

Yes. Sure, Tim. So without going into the exact numbers, I would say the Semi-Custom business is a strong growth driver. We have -- we work with these customers very closely. We have good views of where they think the demand is. We're still in a place, if you were to look into the retail channel, you would say that the demand is underserved today in the Semi-Custom business. And their real build is towards holidays. So the answer is we do believe that Semi-Custom will be at a record for us this year.

是的。當然，提姆。因此，無需考慮具體數字，我想說半客製化業務是一個強勁的成長動力。我們與這些客戶密切合作。我們對他們認為的需求所在有很好的看法。我們仍處於這樣的境地：如果你研究一下零售通路，你會發現，如今半客製化業務的需求尚未得到充分滿足。而他們真正的建設是為了假期。所以答案是，我們確實相信今年的半客製化將創下我們的紀錄。

We have more content. We also have the Valve Steam Deck that also has gotten very strong reviews and is ramping as we go into the second half of the year. And then on 2023, I do believe that 2023 will be another strong year for Semi-Custom and would be up. And again, if you look at the history of these ramps, it's really around the [fourth year] that you see -- that you really see the business kind of hit its peak. In addition to that, just knowing some of the game releases that are -- from a software standpoint, that are coming out, there are -- there's -- obviously, there's a good line of (inaudible) there's also an expected strong lineup as we go forward. So yes, that's our current view of the Semi-Custom business.

我們還有更多內容。我們還有 Valve Steam Deck，它也獲得了非常高的評價，隨著下半年的到來，其銷售量正在不斷攀升。然後談到 2023 年，我確實相信 2023 年對於半定制來說將是另一個強勁的一年，並且會上升。再說一次，如果你回顧這些成長的歷史，你會發現大約在第四年，業務才真正達到頂峰。除此之外，從軟體的角度來看，只要了解一些即將發布的遊戲，就有——有——顯然，有一系列不錯的（聽不清楚）隨著我們前進，預計還會有強大的陣容。是的，這就是我們目前對半客製化業務的看法。

And I guess just following up on the overall Server market. I know that you're not the best read because you're gaining so much market share. But there have been some comments from some of the big cloud customers about "moderating or slowing" investment. And there's some debate about does that mean that there's going to be some slowdown in procurement of servers. So if you strip out your sort of share gain, I'm curious of your assessment of just overall strength in the data center market. Do you see it slowing at all later on this year or even into next year?

我想這只是對整個伺服器市場的追蹤。我知道你不是最受讀者歡迎的，因為你已經獲得太多的市場份額了。但一些大型雲端運算客戶對「減少或放緩」投資發表了一些評論。有人爭論這是否意味著伺服器採購將會放緩。因此，如果您剔除份額成長，我很好奇您對資料中心市場整體實力的評估。您認為今年稍晚甚至明年這一增長速度會有所放緩嗎？

I would say, Tim, we haven't seen that. We haven't seen that particular phenomena. What we do see is that there needs to be good planning, so good planning with our server customers and our large cloud customers. And we're doing that. And our planning extends beyond 2022, extends into 2023 as well. And from what we can see, it's robust demand.

我想說，提姆，我們還沒有看到這一點。我們還沒有看到過這種特殊現象。我們確實看到需要進行良好的規劃，因此需要與我們的伺服器客戶和大型雲端客戶進行良好的規劃。我們正在這麼做。我們的規劃不僅會延續到 2022 年，還會延續到 2023 年。從我們所看到的情況來看，需求強勁。

Our next question is coming from Brett Simpson from Arete Research.

我們的下一個問題來自 Arete Research 的 Brett Simpson。

Lisa, I wanted to get your perspective on the AI silicon markets. And you've obviously focused on HPC with MI200s and you've got CPU road map on the Server side. That's a big host processor for AI. But can you share with us how we should think about AMD in the next sort of 2, 3 years around -- it is like AI training, it is like inference, particularly the GPU portfolio, MI300, et cetera? And when do you think this platform is really going to be able to sort of compete and win in the AI training and inference space?

麗莎，我想了解你對人工智慧矽片市場的看法。您顯然專注於 MI200 的 HPC，並且在伺服器端擁有 CPU 路線圖。這是一個用於人工智慧的大型主處理器。但您能否與我們分享我們應該如何看待未來 2、3 年內的 AMD——它就像 AI 訓練、推理，特別是 GPU 產品組合、MI300 等等？您認為這個平台何時才能真正在人工智慧訓練和推理領域參與競爭並獲勝？

Yes, absolutely. Let me start, Brett, and then I'll ask Victor to also make some comments. No question, AI is a huge opportunity for us and it's one where we're thinking about it very holistically in terms of how we address. So on the Server CPU side, a lot of inference is done on the Server CPU side. We've been investing in that area, on the GPU side for both training and inference. There are a lot of around the software stack, and so our focus is on optimizing our software stack with our large cloud customers and partners.

是的，絕對是。讓我先開始，布雷特，然後我會請維克多也發表一些評論。毫無疑問，人工智慧對我們來說是一個巨大的機遇，我們正在全面思考如何應對它。因此，在伺服器 CPU 方面，許多推理都是在伺服器 CPU 方面完成的。我們一直在該領域進行投資，在 GPU 方面進行訓練和推理。軟體堆疊周圍有很多內容，因此我們的重點是與大型雲端客戶和合作夥伴一起優化我們的軟體堆疊。

And then what Xilinx brings to our portfolio is actually a lot of capability on the AI inference side, in their current portfolio and then additive to the AMD portfolio. So I think you'll see a much broader set of offerings from us in AI as we start talking about sort of the broader product road maps. And maybe, Victor, do you want to give some more?

然後，Xilinx 為我們的產品組合帶來的實際上是 AI 推理方面的許多功能，這在他們目前的產品組合中是可以添加到 AMD 產品組合中的。因此，當我們開始討論更廣泛的產品路線圖時，我認為你會看到我們在人工智慧領域提供更廣泛的產品。或許，維克多，你還想再多給一點嗎？

Yes. I mean, look, we've been -- we have this AI engine that is already deployed in production in a number of embedded applications and endpoints and also edge devices like in cars, that are doing a lot of image recognition, all kinds of inference applications, and that same architecture can be scaled and brought into the CPU product portfolio. And as we've alluded to, that is exactly our plan.

是的。我的意思是，你看，我們已經有了這個人工智慧引擎，它已經部署在許多嵌入式應用程式和端點以及汽車等邊緣設備中，它們正在進行大量的圖像識別、各種推理應用程序，並且相同的架構可以擴展並納入 CPU 產品組合。正如我們所提到的，這正是我們的計劃。

We're also -- a moment ago, as a discussion about software, we're absolutely working on the unified overall software to enable the broad portfolio but also especially in AI. So you'll hear more about that at the Financial Analyst Day, but we're definitely going to be leaning in, in AI both inference and training, and I would say, end-to-end because we have endpoints, we have edge devices, both computing and embedded devices and in the cloud and enterprise. So we're very excited about that revenue synergy opportunity actually.

剛才我們在討論軟體時，我們也致力於統一的整體軟體，以實現廣泛的產品組合，尤其是在人工智慧領域。因此，您將在財務分析師日聽到更多有關這方面的信息，但我們肯定會傾向於人工智能推理和訓練，我想說，端到端，因為我們有端點，我們有邊緣設備，包括計算和嵌入式設備以及雲端和企業。因此，我們實際上對這種收入協同機會感到非常興奮。

Brett, did you have a follow-up?

布雷特，你有後續消息嗎？

Yes. Thanks, Laura. Yes, just as a follow-up, in terms of AMD from a software monetization perspective, we're obviously seeing big changes in -- and the way you're addressing software. You're moving up the software stack to a high level of abstraction. Is this somewhere you think over the next 2 or 3 years, will you -- do you plan to charge for software? And can you share with us maybe how we might think about AMD as a software business going forward?

是的。謝謝，勞拉。是的，作為後續問題，就 AMD 軟體貨幣化的角度來看，我們顯然看到了巨大的變化——以及您處理軟體的方式。您正在將軟體堆疊提升到更高的抽象層級。您是否認為在未來 2 到 3 年內，您會計劃對軟體收費嗎？您能否與我們分享我們如何看待 AMD 作為軟體公司的未來發展？

Yes. I think, Brett, we have -- maybe it's a broader conversation about our overall software strategy. But as Victor mentioned, the unified software capabilities around AI are very, very important. We also have, with the acquisition of Pensando, they have a very strong software team and effort around their DPUs and what we can do there. So I think as a total, you should see us investing a lot more in software. And then in terms of the monetization and stuff, I think we can address that more as we think about the overall solution space that we'll be offering across all of these compute engines. And again, much more -- a great conversation that we can have as we come into our Financial Analyst Day in June.

是的。布雷特，我想，也許這是關於我們整體軟體策略的更廣泛的討論。但如 Victor 所提到的，圍繞人工智慧的統一軟體功能非常非常重要。我們還收購了 Pensando，他們擁有一支非常強大的軟體團隊，並圍繞其 DPU 和我們可以在那裡做的事情做出了努力。所以我認為總的來說，你應該會看到我們在軟體方面投入更多。然後就貨幣化和其他方面而言，我認為我們可以在考慮將在所有這些計算引擎上提供的整體解決方案空間時更多地解決這個問題。再次強調，在六月的財務分析師日到來之際，我們可以進行更多精彩的對話。

Thank you, Lisa. And as a reminder to everyone on the call, our Financial Analyst Day will be on Thursday, June 9. We look forward to having you there, will also be webcast from our website. And thank you to everyone for your participation in today's earnings call. As always, we appreciate your support of our company and look forward to speaking with you again soon. Thank you, and take care.

謝謝你，麗莎。提醒所有參加電話會議的人，我們的財務分析師日將於 6 月 9 日星期四舉行。我們期待您的到來，我們的網站也會進行網路直播。感謝大家參加今天的收益電話會議。像往常一樣，我們感謝您對我們公司的支持，並期待很快再次與您交談。謝謝，保重。

Thank you. That does conclude today's teleconference and webcast. You may disconnect your line at this time, and have a wonderful day. We thank you for your participation today.

謝謝。今天的電話會議和網路直播到此結束。此時您可以斷開線路，祝您有美好的一天。我們感謝您今天的參與。