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 年第一季度財報電話會議。 （操作員說明）作為提醒，本次會議正在錄製中。現在我很高興將電話轉給投資者關係公司副總裁 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 年第一季度財務業績電話會議。到目前為止，您應該有機會查看我們的收益新聞稿和隨附幻燈片的副本。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它們。今天，我們將討論 AMD 第一季度業績，包括收購賽靈思（Xilinx）的部分季度貢獻，該收購於 2022 年 2 月 14 日結束。我們還將單獨討論 AMD 2022 年第一季度的業績。

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 到 GAAP 對賬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是我們的主席兼首席執行官蘇麗莎博士； Devinder Kumar，我們的執行副總裁、首席財務官兼財務主管。 AMD 自適應與嵌入式計算事業部總裁 Victor Peng 也將加入我們的問答環節。這是一個現場通話，將通過我們網站上的網絡廣播重播。

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?

在開始之前，我想指出 AMD 將於 6 月 9 日星期四舉辦 2022 年金融分析師日，我們的第二季度靜默時間預計將在 6 月 17 日星期五營業結束時開始。今天的討論包含前瞻性基於當前信念、假設和預期的陳述僅代表今天，因此涉及可能導致實際結果與我們當前預期產生重大差異的風險和不確定性。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。有了這個，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，勞拉，今天所有收聽的人下午好。在過去的幾年裡，我們一直在擴展和改造 AMD 的旅程。我們始終如一地執行我們的戰略，擴大我們的領先產品組合，並使我們的業務多樣化，同時推動一流的增長。在 2022 年的頭幾個月，我們在旅程中達到了一個重要的轉折點，因為我們採取了幾個重大步驟，從根本上重塑了我們的業務。

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.

除了提供創紀錄的財務業績外，我們還完成了對 Xilinx 的戰略收購，並宣布了收購 Pensando 的計劃。收購賽靈思對我們長期目標的戰略重要性怎麼強調都不為過。作為業界排名第一的 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。 Xilinx 還增加了多個高利潤率的長期收入來源，跨越了一系列新的市場和客戶，進一步加強和多樣化了我們的業務模式。重要的是，隨著自適應芯片在數據中心、通信、汽車和其他大型嵌入式市場中的採用越來越多，賽靈思近年來成功地執行了自己的增長戰略。

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.

通過 Pensando，我們將進一步擴展我們的數據中心解決方案能力。 Pensando 將增加一支久經考驗的團隊，該團隊已開發出行業領先的 DPU 和軟件堆棧，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，並使 AMD 能夠在芯片、軟件和平台級別進行創新，從而為我們的雲、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.

現在轉向我們的第一季度財務業績。我們今年開局非常強勁，季度收入和淨收入創歷史新高。第一季度收入（包括賽靈思 6 週的貢獻）同比增長 71%，達到創紀錄的 59 億美元。我們將毛利率提高了 7 個百分點至 53%，營業收入和淨收入同比增長了一倍以上。不包括賽靈思，收入同比增長 55%，達到創紀錄的 53 億美元，毛利率增長 5 個百分點，達到 51%，營業收入翻了一倍多，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門。收入同比增長 33% 至 28 億美元，主要受我們最新銳龍和 Radeon 產品的推動。基於 Ryzen 移動和桌面處理器銷售額的增長，客戶端計算收入同比增長了兩位數。因此，我們相信我們連續第八個季度獲得了客戶處理器收入份額。在台式機方面，我們推出了 7 款全新銳龍 CPU，包括業界最快的遊戲 CPU 銳龍 5800 X3D CPU 和首款採用 3D 堆棧小芯片的台式機處理器，從而擴展了我們的處理器產品組合。

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.

在筆記本電腦方面，創紀錄的移動處理器收入是由我們推出的 Rembrandt Ryzen 6000 移動處理器推動的，該處理器擴展了我們移動處理器的領先計算、遊戲和電池壽命能力。在商業方面，我們最近推出了具有領先性能和電池壽命以及現代安全性和可管理性功能的最新 Ryzen 6000 Pro 處理器。我們有能力在 2022 年加速我們在商業筆記本電腦方面的增長，這要基於即將推出的更多設計勝利。

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 PC 市場因多個季度接近創紀錄的出貨量而出現疲軟，但我們的重點仍然是市場的高端、遊戲和商業部分，我們看到了強勁的增長機會，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.

在圖形方面，收入同比增長強勁的兩位數百分比，桌面圖形渠道銷售額創歷史新高。由於我們的 Radeon 6000 系列顯卡的銷售強勁，桌面 GPU 的銷售額同比幾乎翻了一番。在移動領域，第一款配備我們最新的 Radeon 6000 移動 GPU 的筆記本電腦在本季度推出，我們預計未來幾個季度的銷量將會增長。隨著我們推出 Instinct MI210 加速器，數據中心圖形收入同比持平。我們在本季度擴大了與大型雲客戶的合作，並推出了 ROCm 5 軟件套件，針對百億億級 HPC 和 AI 應用程序。

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、嵌入式和半定制部分。受創紀錄的服務器半定制和嵌入式處理器銷售的推動，收入同比增長 88% 至 25 億美元。基於對索尼和微軟遊戲機以及 Valve 新 Steam 平台的強勁需求，半定制銷售額同比大幅增長兩位數。這一代遊戲機的銷量繼續超過前幾代，我們預計 2022 年將是我們半定制業務創紀錄的一年。

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。在汽車增長的帶動下，收入同比增長了一倍以上。我們還獲得了來自一級網絡提供商的下一代安全和防火牆設備的多項設計勝利。轉向服務器。我們又迎來了一個創紀錄的季度，因為收入同比增長了一倍多，並且環比增長了兩位數。在過去 10 個季度中的 8 個季度，我們的服務器處理器收入同比增長了一倍以上，突顯了雲、企業和 HPC 客戶對我們的 EPYC 處理器的不斷增長的需求。

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 AMD 驅動實例，雲收入同比增長了一倍多。現在有超過 460 個基於 AMD 的雲實例可從最大的超大規模提供商處獲得，更多的實例有望在未來幾個季度推出。

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.

在企業領域，隨著關鍵垂直領域的強勁增長，包括 IT 基礎設施、金融服務和數據庫應用程序，收入同比增長了一倍以上。我們的銷售渠道仍然非常強勁，我們看到第一季度我們的贏得率在廣泛的企業最終客戶中有所增長。我們在本季度推出了第一款帶有 3D 堆疊小芯片的 EPYC（霄龍）處理器。與上一代相比，這項技術將我們在技術計算工作負載方面的性能領先優勢提高了 66%。 Atos、Cisco、Dell、HPE、Lenovo 和 Supermicro 在本季度都推出了採用新 CPU 的服務器。

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.

隨著我們在本季度擴大客戶和合作夥伴樣品，我們對下一代熱那亞服務器處理器的熱情繼續增長。我們預計 Genoa 將成為業界性能最高的通用服務器 CPU，進一步擴展我們 EPYC 處理器的性能、能效和 TCO 優勢。我們仍有望在今年下半年推出熱那亞，並預計基於擴大的雲、企業和 HPC 客戶採用率繼續我們的份額增長軌跡。此外，我們針對高吞吐量雲工作負載優化的更高核心數的 Bergamo 處理器的開發繼續取得良好進展，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.

轉向賽靈思業務。在收購完成後的 6 週內，Xilinx 的收入為 5.59 億美元。在整個季度的備考基礎上，賽靈思連續第四個季度實現了超過 20% 的同比收入增長，連續第二個季度實現了超過 10 億美元的收入。在數據中心，第一季度的需求主要來自於一級超大規模企業擴展的 FPGA 即服務和 SmartNIC 部署，以及與金融科技公司的低延遲網絡解決方案。

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.

我們看到了有線需求和接入以及光傳輸引領的通信實力。在無線方面，基於 Versal 的 5G 部署在多個地區繼續擴大，我們與一級通信設備供應商獲得了戰略設計勝利，通過 Versal ACAP 解決方案為其下一代基帶解決方案提供動力。我們看到整個 Xilinx 嵌入式市場的需求強勁，這得益於汽車、工業、視覺和醫療保健以及消費者領域創紀錄的全季度備考收入。展望未來，我們看到所有 Xilinx 終端市場的需求都非常強勁，並專注於增加供應。

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.

轉向我們的集成工作。在交易結束後的頭幾個月，我們的客戶、合作夥伴和員工都非常興奮，我們希望看到顯著的產品和收入協同效應。我們現在擁有業內最佳的高性能和自適應計算引擎產品組合，並且我們看到了利用我們擴展的技術組合來提供更強大產品的多種機會。

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.

例如，我們將 Xilinx 的差異化 AI 引擎集成到我們的 CPU 產品組合中，以在 2023 年推出首批產品，從而實現行業領先的推理能力。我們還發現了與一些最大客戶的顯著額外收入協同機會，因為我們現在可以通過我們擴展的產品組合滿足他們大部分的計算需求。

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.

總之，2022 年初是 AMD 的一個重要轉折點，其標誌是創紀錄的頂線和底線財務業績，這得益於我們領先的產品組合和強大的執行力以及我們對 Xilinx 的收購結束。我們現在已經連續 7 個季度實現了超過 45% 的同比收入增長，過去 10 個季度的淨收入同比增長了 60% 以上。基於更高的 AMD 有機增長以及 Xilinx 在多個終端市場的強勁需求，我們現在預計年收入將同比增長約 60%，高於我們在年初指導的約 31% 的增長那一年。

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，我對我們的額外增長機會感到非常興奮。基於我們更廣泛的領先計算引擎產品組合和擴展的解決方案功能，我們現在看到 AMD 在各種終端市場中擁有更大的 TAM 機會。我期待在 6 月的金融分析師日分享更多有關產品和技術的信息，這些產品和技術將使我們進入下一階段的增長之旅。

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

現在我想把電話轉給 Devinder，為我們的第一季度財務業績提供一些額外的色彩。德溫德？

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，大家下午好。第一季度是今年的一個良好開端，對我們領先產品的強勁需求導致了創紀錄的季度收入、持續的毛利率擴張、創紀錄的盈利能力和創紀錄的現金流量。此外，我們很高興完成了 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.

第一季度綜合收入為 59 億美元，比去年同期增長 71%，這得益於所有業務的顯著增長以及賽靈思部分期間的收入。剔除賽靈思的貢獻，AMD 收入為 53 億美元，同比增長 55%，數據中心收入同比翻番。毛利率為 53%，比一年前增加了 660 個基點，這得益於服務器處理器收入和高利潤 Xilinx 收入的增長。 AMD（不包括賽靈思）的毛利率為 51%，同比增長 480 個基點，主要受服務器處理器收入增加的推動。

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.

運營費用為 13 億美元，而一年前為 8.3 億美元，因為我們增加了對長期產品路線圖的投資，以支持我們業務的未來增長。營業收入比一年前翻了一倍多，達到創紀錄的 18 億美元，增加了 11 億美元，這主要是由於收入顯著增長和毛利率提高。營業利潤率為 31%，高於一年前的 22%。淨收入達到創紀錄的 16 億美元，比一年前增加了 9.47 億美元。稀釋後每股收益為每股 1.13 美元，而一年前為每股 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.

現在轉向第一季度業務部門的結果。計算和圖形部門收入為 28 億美元，同比增長 33%，主要受客戶端和圖形處理器收入增長的推動。計算和圖形部門的營業收入為 7.23 億美元，佔收入的 26%，而一年前為 4.85 億美元，佔收入的 23%。營業收入的增加主要是由於收入增加，部分被營業費用增加所抵消。

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、嵌入式和半定制部門收入為 25 億美元，比上一年的 13 億美元增長 88%。強勁的收入增長是由更高的服務器、半定制和嵌入式收入推動的。 EESC 部門營業收入大幅增長至 8.81 億美元，佔收入的 35%，而一年前為 2.77 億美元，佔收入的 21%。更高的營業收入和利潤率是由收入增加、產品組合更豐富和 8300 萬美元的許可收益推動的。

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.

Xilinx 部分季度的收入為 5.59 億美元，營業收入為 2.33 億美元，佔收入的 42%。在整個季度的備考基礎上，賽靈思創造了超過 10 億美元的收入，與一年前相比增長了 22%，賽靈思所有主要終端市場類別均實現了增長。我們有望實現收購的成本協同目標，並預計賽靈思的加入將增加 2022 年非公認會計準則的每股收益。

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。第一季度末現金、現金等價物和短期投資為 65 億美元。我們在第一季度部署了 19 億美元回購普通股。迄今為止，我們已經使用了最初 40 億美元的股票回購計劃中的 37 億美元。我們還在本季度宣布了一項新的 80 億美元股票回購計劃。截至第一季度末，我們總共有 83 億美元的剩餘授權。季度自由現金流達到創紀錄的 9.24 億美元，而去年同期為 8.32 億美元，上一季度為 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、價值 30 億美元的與可持續發展相關的信貸額度，以取代我們現有的 5 億美元額度。這進一步表明了我們對企業 ESG 目標的承諾。由於賽靈思庫存的增加，庫存為 24 億美元，比上一季度增加 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分部報告。從 2022 財年第二季度開始，我們計劃將我們的部門報告更改為以下 4 個部門：數據中心、客戶端、遊戲和嵌入式，這將使我們的財務報告與我們的戰略終端市場保持一致。我期待在我們的金融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信號。對於 2022 年第二季度，我們預計收入約為 65 億美元，上下浮動 2 億美元，同比增長約 69%，環比增長約 10%。預計同比增長將受到賽靈思收入的增加以及更高的服務器、半定制和客戶端收入的推動。預計環比增長主要受賽靈思收入和更高的服務器收入的推動。

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，我們預計非美國通用會計準則毛利率約為 54%，非美國通用會計準則運營費用約為 15.6 億美元或收入的 24%，非美國通用會計準則利息費用、稅收和其他費用約為 2.7 億美元根據 13% 的有效稅率和稀釋後的股份數量約為 16.4 億股。在賽靈思和更高的服務器和半定制收入的推動下，我們現在預計 2020 年（原文如此）[2022] 全年收入約為 263 億美元，增長約 60%。我們預計非 GAAP 毛利率約為 54%，非 GAAP 運營費用約為收入的 24%，非 GAAP 有效稅率為 13%，非 GAAP 現金稅率約為 10%，主要到期2022 年將研發資本化並充分利用我們的美國淨營業虧損和稅收抵免的美國稅收要求。2022 財年將是 53 週的一年，其中包括第四季度的額外一周。

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增長。我們很高興完成對 Xilinx 的收購，這通過收入多元化、增加的毛利率和增加的現金產生來加強我們的業務模式。我們非常高興地歡迎 Xilinx 團隊加入 AMD。展望未來，在我們領先的產品和路線圖的推動下，AMD 在長期增長、利潤率擴張和現金產生方面處於非常有利的地位。有了這個，我將把電話轉回勞拉，開始我們電話的問答部分。勞拉？

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

非常感謝你，德溫德。接線員，我們準備好開始我們的第一個問題了。

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

（操作員說明）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.

恭喜麗莎，顯然，讓 Xilinx 關閉並取得了驕人的成績。我想從宏觀的角度來看，你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，我認為你正在做，我不知道，第一季度 54%，55% 的有機增長。也許你可以在本季度告訴我一些看跌期權。我認為有一種看法是你有額外的供應上線。中國顯然存在供應限制和封鎖。您的服務器業務在您剛剛打印的數字方面表現非常出色，然後可能會感覺到 PC 市場的疲軟。所以有很多事情要發生，如果可以的話，我希望你能帶我完成本季度的看跌期權。

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。謝謝你的問題。所以我們確實有一個非常強勁的第一季度。毫無疑問，這個行業正在發生很多事情。我想說，如果你看看我們第一季度的業務實力，它的基礎非常廣泛。非常非常強大的服務器結果。我們繼續獲得份額。我們繼續在那裡提供更多的在線供應。

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.

在我們的半定製或遊戲機業務以及客戶端和圖形業務方面也取得了非常強勁的成績。個人電腦市場有些疲軟。但在過去的幾個季度中，我們實際上一直在將我們的組合轉移到 PC 市場的高端或更高端的細分市場，所以這就是我們更多曝光的地方。實際上，隨著我們開始增加銳龍 6000 筆記本電腦，我們的 PC 業務連續顯著增長。這導致了強勁的 ASP 增長以及我們主要的高端、商業和遊戲細分市場。

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.

顯然，隨著我們的前進，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應對了供應情況。我們將繼續與我們的客戶合作，並確保我們針對他們的構建優化我們的構建。隨著賽靈思的加入，我們還擁有另一組需求非常強勁的終端市場，這些市場都對我們的業務產生了影響。

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。我欣賞所有的顏色。我想作為我的後續問題，我想檢查您提供的全年指導。顯然，它包括賽靈思，所以它是去年的蘋果和橘子。但我認為，你們在新聞稿中提到，你們預計最初的 31% 有機增長指導會有一些上行空間。如果您對那裡的震級有任何意見，那將很有幫助。

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.

然後我認為投資者最想听到的可能是您對數據中心資本支出支出環境以及個人電腦市場的看法。我認為你們在關於 PC 的市場評論中可能比你們的一些競爭對手更加保守，今年可能會變得平淡。我想會有一些新的投入和投入。因此，關於你們如何構建今年的指導的一些想法，尤其是相對於最初的 31%，將非常有幫助。

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。那裡有很多問題，馬特，所以讓我嘗試解決它們。因此，首先在 2022 年全年指引上，指引顯著增加，增長 60%。有幾個部分。在 AMD 業務的有機方面，我們最初根據 1 月份的市場情況指導上漲了 31%。當我們審視現在的市場以及我們自己的客戶和供應情況時，我們看到有機增長更高，一直到 30 年代中期。這主要是由於我們的服務器業務需求非常強勁，我們的控制台或半定制業務需求非常強勁，以及額外的供應上線。

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 PC 市場採取了更為保守的觀點。同樣，我認為市場的某些部分出現疲軟。它不是在市場的所有部分。我們的重點是我們在市場上增加最大價值的地方，那就是高端市場。

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 Xilinx 的份額而言，全年增加，Xilinx 的 3.5 個季度是一個顯著的增加。在備考基礎上，Xilinx 業務也增長得很好，如果你考慮全年與 2021 日曆年相比，它的增長有點像在 20 多歲的時候。所以總的來說，我認為我們有很多——廣泛的- 在我們度過這一年的過程中，基於一組增長驅動因素和多個增長槓桿。我們將繼續與客戶合作，確定需求所在，並確保我們滿足這一需求。

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?

祝賀強勁的業績並完成收購。我自己有2個問題。我想，首先是關於供應鏈的情況，麗莎。顯然，在晶圓供應和基板方面發生了很多事情，現在中國的封鎖。你有哪些更大的痛點？就中國的封鎖直接或間接影響您的業務而言，您是否假設對第二季度的收入和盈利能力有任何影響？

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.

沒錯，東芝。謝謝你的問題。因此，在供應環境方面，我們在過去 18 個月裡一直在努力解決這個問題。我們在晶圓方面和對基板的重大投資方面都取得了很大進展。我想說的是，我們繼續從供應商那裡得到很好的支持。這就是我們可以按原樣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 COVID 情況。從我們的角度來看，我們在自己的供應鏈中對自己的出貨量沒有任何重大影響。我們一直在與一些客戶合作，這些客戶有一些客戶構建延遲，這在我們的第二季度指導中有所考慮。隨著賽靈思的加入，我們將繼續致力於供應優化，我們稱之為更成熟的節點。 16 納米及以上晶圓供應仍受到一定限制。我們正在與規模更大的 AMD 合作，試圖在那裡帶來更多的供應，並繼續提高我們的整體能力，以支持未來幾個季度的強勁勢頭。希望這回答了您的供應問題。

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.

是肯定的。然後我的第二個問題，我的後續問題是關於數據中心業務的。很高興聽到您決定重新細分您的業務，所以謝謝您。好奇數據中心在本季度、服務器 CPU、數據中心 GPU 以及現在來自 Xilinx 的 FPGA 中佔收入的百分比有多大意義。

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，您如何看待經典數據中心 GPU 業務和 FPGA 業務中的中長期機會。我認為在數據中心 GPU 方面，你提到它在本季度持平，但你也談到了與更多雲客戶的接觸。很好奇你在那裡看到了什麼。然後在 FPGA 方面，我認為 Victor 和團隊在交易宣布之前，也對那裡的長期增長機會直言不諱。因此，從您的角度來看，任何更新都會很棒。

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.

對，好吧。再說一次，有幾件。讓我試著給你一些顏色，然後也許 Victor 會在 FPGA 方面添加。因此，就 - 是的，我們將改變我們的分部報告，正如 Devinder 所說，從第二季度開始 - 讓你 - 更加適應市場。就本季度你提到的那些部分而言，在更高的收入方面，這些部分的數據中心，讓我們稱之為，占我們總收入的 20% 低。

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.

然後就長期數據中心的前景而言，我們對數據中心的機會感到非常興奮。當您查看我們現在擁有的產品時，我的意思是，CPU 專營權非常強大，並且會繼續變得更強大。我們對熱那亞的外觀、貝加莫的外觀以及與那裡的客戶的互動感到興奮。我們也對 GPU 產品組合感到興奮。對我們而言，GPU 是一種長期的路線圖，類似於我們在 CPU 方面所做的。我們更專注於，讓我們稱之為超級計算和 HPC，所以去年這對我們來說很強大，這就是我們同比持平的原因。我們現在非常專注於人工智能領域，繼續投資於我們的軟件堆棧，並與雲計算人員合作優化我們的軟件堆棧。

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。我認為我們現在擁有的只是一個非常強大的產品組合，無論您是在談論最大的雲超大規模企業還是在談論企業。然後使用 Pensando 和 Xilinx，它也讓我們接觸到了邊緣。等等——我們擁有所有的計算引擎並且能夠對其進行優化。因此，我認為您應該期待在數據中心聽到更多來自我們的消息，當然是在我們的財務分析師日，但那裡的機會確實很大。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。我認為你覆蓋得很好。我唯一要補充的是，我認為我們不僅擁有所有計算引擎的非常廣泛的產品組合，而且我們在網絡方面加倍努力，對吧？既然我們在 SmartNIC 和 Pensando 方面都有實力，我們可以在整體基礎架構中為客戶提供那種解決方案，對嗎？這不是重點，而是整體解決方案。正如您可能知道的那樣，橫向擴展和很多這樣的應用程序，您可能會被網絡[束縛]，因此我們真的可以優化所有這些應用程序。客戶真正想要優化的定制解決方案。而且我認為這就是我們可以對以前的 Xilinx SmartNIC 以及 Pensando 做的更進一步的事情。

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.

麗莎，我的第一個 1 在服務器市場上。米蘭幫助您並繼續幫助您在市場上獲得大量份額。我很好奇，從 2 個角度來看，次世代 Genoa 與 Sapphire Rapids 服務器週期的比賽狀態如何？首先，僅從行業對 DDR5 的採用來看，這會成為採用這些下一代服務器的瓶頸嗎？第二個觀點是，您將擁有 2 種不同風格的熱那亞，稍後會推出雲優化版本。因此，請讓我們了解一下這個下一代周期的表現與迄今為止您在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，維維克。所以考慮它的方式是數據中心市場，特別是在服務器市場，人們對工作負載的優化越來越多，所以有不同的風格。即使在今天的米蘭，我們也看到了米蘭和我們的 Milan-X、X3D——我們引入的 X3D。所以我認為這些解決方案並排放置是很自然的。我認為，當您進入下一代平台 Genoa 時，我們會再次期待採用 - Genoa 令人興奮，並且對 Genoa 有很多客戶需求。我確實希望熱那亞會再次與米蘭並肩坐很長一段時間，因為你不會立即將基礎設施轉移過來。

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，當您考慮針對雲優化的貝加莫時，我認為這將更具體地適用於特定的大型超大規模企業，他們需要（我們稱之為）更高的每美元性能、每瓦性能的解決方案。因此，Vivek 認為，隨著我們業務的增長，我們可以進行更廣泛的投資，這將為我們的客戶 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.

很有幫助。然後是麗莎，我的第二個問題，關於 PC 市場的 2 或 3 個相互關聯的問題。那麼，您對今年 PC TAM 的新感覺與您之前的想法有何不同？然後我認為作為其中的一部分，您的競爭對手已經多次提到他們通過 Alder Lake 重新進入市場並且他們正在佔據很多份額，所以我想知道您在那裡看到了什麼。最後，與去年相比，您今天在商業市場中的份額是多少？所以只是關於 TAM、競爭和商業曝光的一些東西。

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，當我們開始這一年時，我們認為 PC TAM 可以平到，讓我們稱之為，下降，讓我們稱之為低中個位數。我認為考慮到我們今年開始的方式以及市場上的其他一些事情，我們對 PC TAM 採取了更為保守的方法。因此，對於我們全年指導的建模，我們正在建模類似低個位數的模型。

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.

現在很多事情都可能在此期間發生，所以我想說我認為這是我們建模的好地方。在此範圍內，我們一直非常關注我們可以在哪些方面增加最大價值和高端細分市場，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位置。我們有許多商業的、非常好的系統正在啟動過程中。我認為我們對此感到興奮。

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.

對於您關於商業份額的問題，我們在商業市場中的代表性仍然不足，我們知道這一點，這是我們的重點領域。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，即使在我們稱之為疲軟的 PC 市場的背景下，我們也將繼續期望在此過程中獲得收入份額。這就是我們的總體戰略。

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.

但我認為另一部分是我們現在在業務中擁有如此多的槓桿，因為我們正在前進。我認為業務的優勢在於整體數據中心產品組合、PC 產品組合、遊戲產品組合和賽靈思產品組合，有很多增長槓桿。在我們度過這一年的過程中，我們看到這非常有幫助。

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

我們今天的下一個問題來自 Bernstein Research 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?

我的第一個問題是，我想問關於數據中心的問題。所以去年翻了一倍多。本季度又翻了一番多。你們是否有足夠的供應使全年業務再次翻倍？就像你能得到 - 我猜如果供應在那裡，你認為它可以實現嗎？

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，我認為數據中心業務，特別是服務器 CPU 業務，對我們來說仍然非常強大。我不會宣布某個，它會每季度翻一番。我會說，我們預計在接下來的幾個季度中增長非常強勁。我們將繼續提供額外的供應來做到這一點。需求就在那裡。這真的是關於繼續與我們的客戶合作。但我認為我們對數據中心增長的信心非常高。

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?

對於我的後續行動，我只想在 PC 上問一個簡單的問題。因此，在您看到的 PC 市場 TAM 或高個位數建模的背景下，考慮到您的組合轉變和您的份額增長，您認為您是否真的可以在 2022 年全年實現客戶收入同比增長?

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，斯泰西。我們預計，在那個時間環境下，我們將逐年增加客戶收入。我們繼續混合轉變，讓我們稱之為更高端的細分市場，因此這是一份收入份額聲明。

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，年同比收入增長更多的是服務器和賽靈思之類的東西，數據中心、服務器和控制台比客戶端更多？

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，這是真的。但是，我們的期望是，我們再次在業務中擁有許多增長動力。但就使我們能夠從有機的角度增加全年指南而言，它是服務器方面的強大可見性，控制台方面的強大可見性，僅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。當我們考慮服務器市場和您的份額收益時，我想我的第一個問題，但更重要的是，我們還考慮產品組合的擴散或擴展。我很好奇您從競爭的角度看到了什麼，以及您對繼續在服務器市場方面繼續混合更高的想法，考慮到您的服務器業務中的混合 ASP 趨勢。當我們想到米蘭-X、熱那亞，我猜，貝加莫之後，我們應該如何看待這一點，只是這種趨勢向前看？

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，這取決於雲和企業之間的混合。但總的來說，隨著我們提供更多價值，讓我們稱之為更多性能、更多功能，我們預計我們的 ASP 會混淆。在任何給定的季度，這更像是雲與企業的組合。但是看，我對我們在雲計算和企業方面都實現了大幅增長這一事實感到非常高興。所以我認為這告訴你我們在整個服務器市場都在增長。我們將繼續，讓我們稱之為優化產品，這樣一來，我們的客戶獲得更多能力，我們為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.

然後第二個快速問題是關於容量的討論。我很好奇，當您將 Xilinx 納入模型中時，您會擴展業務，我們如何從容量的角度考慮靈活性？如果 PC 速度變慢，您的容量是否可以互換並將該容量轉移到服務器，甚至將 Xilinx 容量轉移到服務器 CPU 中？我只是好奇，當您考慮您的晶圓產能協議時，我們應該如何考慮跨產品細分的混合能力。

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，思考的方式是，Xilinx 產品組合和有機 AMD 產品組合都使用台積電，因此我們作為主要晶圓供應商是互補的。我們也使用非常相似的基板供應商。 Xilinx 產品組合往往位於更成熟的節點上。雖然有一些 7 納米，但大部分產品組合都在 16 納米及以上。所以我想說那裡沒有那麼多可替代性。

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，我想你已經從 Devinder 那裡聽說過。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，而且我們看到它已經上線。再說一次，我想做的是，正如你看到的那樣，它會在網上發布，屆時它將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.

但我對我們正在取得的進展感覺非常好。我們將繼續為公司規模更大的業務。因此，我們將大量供應放到網上。我們也與 Victor 和他的團隊密切合作，因為他有大量的積壓和強勁的需求，我們希望利用所有 AMD 資產來加速他的一些構建。

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?

祝賀取得了可靠的結果並完成了收購。 Lisa，該團隊在支持您最新一代 EPYC 上的所有主要企業工作負載方面做得非常出色，並與所有 OEM 服務器人員一起在企業方面取得了巨大的勝利。我只是想知道，強大的企業設計贏得牽引力在多大程度上推動了服務器業務的實力？考慮到您的成功和訂單管道，企業今年可能退出服務器業務的百分比有多大？

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。因此，我們在雲方面取得了很大進展，因此我們在內部和麵向外部的工作負載上都得到了大力採用。我們在企業版方面也取得了長足的進步。我的意思是，正如你所說，所有主要的 OEM 都在整個產品組合中擁有 EPYC。在過去的這個季度，總的來說，我們企業業務的發展速度與雲業務的發展速度大致相同。我們仍然是雲加權的，但我相信這兩個投資組合的增長將相當平衡。

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。然後可能是您或 Victor 的問題，但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 強大的市場定位，我的意思是，他們在一個很好的位置來催化 EPYC 附加，催化 Ryzen 附加到他們的 FPGA 解決方案。所以也許 Victor 可以幫助我們了解，例如嵌入式市場中 Xilinx FPGA 解決方案的百分比位於 x86 或高性能 ARM 處理器旁邊，因為我認為嵌入式中的工藝機會遠大於 FPGA 機會。而且我相信嵌入式在 AMD 的整體業務中只佔很小的比例。這麼大的機會，但想得到你的意見。

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。也許我會拿這個。我同意你的看法。實際上，自從我們加入 AMD 以來，許多真正令人興奮的事情之一是我們已經進行了一些客戶訪問，他們對這一點非常興奮。我們擁有更廣泛的產品組合和處理器，甚至在 GPU 的某些領域。同樣令人感興趣的是，（聽不清）的嵌入式業務一直在銷售服務器和客戶端產品的 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.

現在有了我們擁有的 FPGA 和自適應 SoC，我們真的可以提供更完整的解決方案。因此，就收入協同效應而言，這絕對是在菜單上，我們將在金融分析師日進行更多討論。但是，是的，即使是現有產品，我們也對我們擁有的東西感到非常興奮。然後，我們已經在製定路線圖，以在未來創造更多價值。所以這是一個很好的觀察。

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，我認為對於投資者來說，從歷史上（尤其是最近）考慮 AMD 的一個更簡單的方法是，您已經成功地為數據中心的數據處理提供服務器 CPU。我認為人們，或者至少我曾經考慮過 Xilinx 歷史上為基站和數據中心提供網絡和通信解決方案，並且他們已經進入了這種自適應計算模式，他們也在進行更多的數據處理。

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，您是否已經看到其他具有通用計算解決方案的公司增加了通信能力。我想知道，是否有機會在網絡邊緣進行更多數據處理，例如在 Xilinx 歷來非常強大的基站？您是否認為解決方案，您將在基站上擁有的用於數據和通信網絡處理組合的架構，您是否認為最終，它看起來與您在深海中的超大規模數據中心中看到的非常相似雲？

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，也許我會更概括一下。我們是一個大信徒。我的意思是，AMD 背後的整個戰略是擁有最好的計算引擎，然後將它們組合在一起——某種特定終端市場的解決方案。所以我認為我們的 CPU、GPU、FPGA、自適應 SoC 以及我們從 Pensando 添加的 DPU 為我們提供了廣泛的功能。

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，對於您在某種通信基礎設施方面的具體問題，我絕對認為那裡有很大的機會。正如 Victor 所提到的，我們已經拜訪了一些我們共同的大客戶，並且絕對有興趣嘗試將這些解決方案組合在一起。不過，更廣泛地說，我認為我們在未來的增長方面所看到的，將會有更多圍繞大型解決方案的定制——對於這些大客戶，無論是雲客戶還是大型電信公司，甚至是一些邊緣機會。擁有這些計算引擎將使我們能夠基本上一起優化這些解決方案。因此，我們期待在 6 月進入財務分析師日時告訴您更多關於我們如何考慮這些路線圖的信息。

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.

如果可以的話，還有一個後續問題，當您為更大的客戶開發那些更加定制的解決方案時，擁有自己的軟件生態系統與將所有東西整合在一起與某種更多地依賴開源社區或其他玩家讓該軟件層位於其之上？這就是我所擁有的。

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。所以軟件非常非常重要。所有這些引擎的軟件都很重要，Xilinx 配備了非常強大的軟件堆棧。我們有自己的軟件堆棧。你會看到我們統一這一點，這將是我們未來路線圖的重要組成部分。就您的開源觀點而言，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。所以所有這些都是我們正在努力為我們的客戶提供更完整的解決方案的事情。

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

我們的下一個問題來自德意志銀行的 Ross Seymore。

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.

祝賀強勁的季度和完成 Xilinx 交易。麗莎，再說一遍，很多活動部件，你已經說過很多次了，如果我深入研究它們，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。因為我在 Xilinx 方面，或者只是給你它的整個季度和一些指導，看起來核心 AMD 是一種連續增長的低個位數。

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.

您提到了 PC 方面的一些弱點。你已經談到了一堆，然後是服務器和半定制方面的優勢。因此，任何關於看跌期權的顏色都可以為您帶來有機增長。

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。謝謝你的問題。因此，特別是對於第二季度，第二季度指南的驅動因素是賽靈思整個季度的業務和我們服務器業務的實力，主要是我們在第二季度看到的。還有其他的看跌期權，我會稱之為，在較小的一面。如果你回想一下，我的意思是，如果你考慮一下你是在談論 PC 業務還是遊戲業務，它們往往會在下半年得到更多的權重。因此，對於這些業務來說，第二季度往往不是一個強勁的季度，因此這不是連續增長的驅動力。

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。我猜一個類似的問題，在你那裡的答案中是一個完美的選擇。當我想到全年指南時，顯然，令人難以置信的令人印象深刻。你談到了有機增長。但看起來，尤其是在這額外的一周內，你在其中一個季度的漲幅有點低 - 或中高個位數，在那之後有點平淡，只是為了達到全年。

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?

所以類似的問題。那裡的看跌期權是什麼？相對於你所說的高個位數下降，你是否有點傾向於個人電腦的季節性，在這種背景下，你們仍然會增長，但可能不像過去幾年那麼快？或者下半場還有什麼其他的停滯不前嗎？

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.

我不確定我是否看到了“高原”，羅斯，所以我不會這麼說。不過，我想說的是，如果我給你一些下半年的看跌期權，那麼我們再次預計服務器業務將繼續增長。正如我們所說，那裡的能見度很好。我們預計控制台業務將在下半年與上半年相比增長，這是典型的季節性。

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.

PC 的典型季節性也會使下半年高於上半年。我認為我們正在為一些次季節建模，只是給出了那里市場的所有看跌期權。然後，鑑於強勁的需求，我們預計賽靈思業務將在下半年隨著更多供應上線而增長。因此，如果您看到所有這些作品，我認為沒有平台期。我認為這是一個持續的改善，因為我們看到一個強勁的需求和更多的供應將在下半年上線。

Apologies for the plateau word.

為高原詞道歉。

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

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，請我們再回答 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.

我的第一個問題實際上是關於半定制的。其餘的業務已經被問了很多。所以我想我關於半定制的問題是，麗莎，你認為今年它可以成為 40 億美元的業務嗎？聽起來它可以很接近，也許你可以到達那裡。我想也是這個問題的一部分，我想你認為明年對於半定制來說也是一個上升的一年。但考慮到消費者的一些不確定性，你還認為明年還能漲嗎？然後我有第二個問題。

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，蒂姆。因此，在不涉及確切數字的情況下，我會說半定制業務是一個強勁的增長動力。我們有 - 我們與這些客戶密切合作。我們對他們認為需求在哪裡有很好的看法。我們仍然在一個地方，如果您要研究零售渠道，您會說今天半定制業務的需求不足。他們真正的建造是為了假期。所以答案是我們確實相信半定制今年對我們來說將是創紀錄的。

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.

我們有更多的內容。我們還有 Valve Steam Deck，它也獲得了非常強烈的評價，並且隨著我們進入下半年，它正在加速發展。然後在 2023 年，我相信 2023 年將是 Semi-Custom 的又一個強勁的一年，並且會上升。再一次，如果你看看這些斜坡的歷史，你看到的確實是在 [第四年] 左右——你真的看到業務達到頂峰。除此之外，只要知道一些遊戲版本——從軟件的角度來看，即將發布，有——有——顯然，有一條很好的路線（聽不清）還有一個預期的強大陣容我們前進。所以是的，這就是我們目前對半定制業務的看法。

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?

我想只是跟進整個服務器市場。我知道你不是最好的讀物，因為你獲得瞭如此多的市場份額。但一些雲計算大客戶已經發表了一些關於“放緩或放緩”投資的評論。關於這是否意味著服務器採購將有所放緩存在一些爭論。因此，如果您剔除您的份額收益，我很好奇您對數據中心市場整體實力的評估。你認為它會在今年晚些時候甚至明年放緩嗎？

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.

我會說，蒂姆，我們還沒有看到。我們還沒有看到這種特殊現象。我們所看到的是需要有良好的規劃，因此需要與我們的服務器客戶和我們的大型雲客戶進行良好的規劃。我們正在這樣做。我們的計劃延伸到 2022 年以後，也延伸到 2023 年。從我們所看到的，這是強勁的需求。

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?

Lisa，我想了解您對 AI 芯片市場的看法。而且您顯然專注於使用 MI200 的 HPC，並且您在服務器端獲得了 CPU 路線圖。這是 AI 的大型主機處理器。但是您能否與我們分享一下我們在接下來的 2 到 3 年應該如何看待 AMD——它就像 AI 訓練、推理，尤其是 GPU 產品組合、MI300 等等？你認為這個平台什麼時候才能真正能夠在人工智能訓練和推理領域競爭並獲勝？

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，一點沒錯。讓我開始吧，布雷特，然後我會請維克多也發表一些意見。毫無疑問，人工智能對我們來說是一個巨大的機會，我們正在從如何解決問題方面非常全面地考慮它。所以在 Server CPU 端，很多推理都是在 Server CPU 端完成的。我們一直在該領域投資，在 GPU 方面進行訓練和推理。軟件堆棧有很多，因此我們的重點是與我們的大型雲客戶和合作夥伴一起優化我們的軟件堆棧。

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 推理方面的很多功能，在他們當前的產品組合中，然後添加到 AMD 產品組合中。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 AI 領域提供的更廣泛的產品。也許，維克多，你想多給點嗎？

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，看，我們一直在——我們有這個人工智能引擎，它已經部署在許多嵌入式應用程序和端點的生產中，還有像汽車這樣的邊緣設備，它們正在做很多圖像識別，各種各樣的推理應用程序，並且可以擴展相同的架構並將其引入 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.

我們還 - 剛才，作為關於軟件的討論，我們絕對致力於統一的整體軟件，以支持廣泛的產品組合，尤其是在人工智能方面。所以你會在金融分析師日聽到更多關於這一點的信息，但我們肯定會在人工智能推理和訓練方面有所投入，我想說，端到端，因為我們有端點，我們有優勢設備，包括計算設備和嵌入式設備，以及雲和企業中的設備。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，你有跟進嗎？

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，作為後續行動，從軟件貨幣化的角度來看，就 AMD 而言，我們顯然看到了巨大的變化——以及你處理軟件的方式。您正在將軟件堆棧向上移動到高級抽象。這是您認為在未來 2 或 3 年內的某個地方嗎？您是否打算對軟件收費？您能否與我們分享一下我們如何看待 AMD 作為未來的軟件業務？

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。我認為，布雷特，我們 - 也許這是關於我們整體軟件戰略的更廣泛的對話。但正如維克多所說，圍繞人工智能的統一軟件能力非常非常重要。我們還擁有，通過收購 Pensando，他們擁有非常強大的軟件團隊，並圍繞他們的 DPU 以及我們可以在那裡做些什麼而努力。所以我認為總的來說，你應該看到我們在軟件上投入更多。然後在貨幣化和其他方面，我認為我們可以在考慮我們將在所有這些計算引擎中提供的整體解決方案空間時更多地解決這個問題。再一次，還有更多——當我們進入 6 月份的金融分析師日時，我們可以進行一次精彩的對話。

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。提醒大家，我們的財務分析師日將於 6 月 9 日星期四舉行。我們期待您的光臨，也將通過我們的網站進行網絡直播。感謝大家參加今天的財報電話會議。一如既往，我們感謝您對我們公司的支持，並期待很快再次與您交談。謝謝你，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.

謝謝你。今天的電話會議和網絡直播到此結束。你可以在這個時候斷開你的線路，並有一個美好的一天。我們感謝您今天的參與。