超微半導體 (AMD) 2006 Q3 法說會逐字稿

At this time, I would like to welcome everyone to the Advanced Micro Devices third-quarter 2006 earnings conference call. All lines have been placed on mute to prevent any background noise. After the speakers' remarks, there will be a question-and-answer period. (OPERATOR INSTRUCTIONS).

現在，我歡迎大家參加 AMD 公司 2006 年第三季財報電話會議。所有線路均已靜音，以防止任何背景噪音。發言人發言後，將進行問答環節。 （操作員指令）。

It is now with great pleasure to turn the floor over to your host, Mr. Mike Haase, Director of Investor Relations. Sir, you may begin your conference.

現在我們非常高興地將發言權交給主持人、投資者關係總監 Mike Haase 先生。先生，您可以開始您的會議了。

Thank you, and welcome to AMD's third-quarter earnings conference call. Our participants today are Hector Ruiz, our Chairman of the Board and CEO; Dirk Meyer, our President and COO; Bob Rivet, our CFO; and Henri Richard, our Chief Sales and Marketing Officer.

謝謝，歡迎參加 AMD 第三季財報電話會議。我們今天的參與者是我們的董事會主席兼執行長 Hector Ruiz；我們的總裁兼營運長 Dirk Meyer；我們的財務長 Bob Rivet；以及我們的首席銷售和行銷長 Henri Richard。

This call is a live broadcast, and will be replayed at amd.com. A telephone replay will also be available for the next 10 days, starting at 8PM Eastern time tonight. The telephone replay number is 877-519-4471. Outside of the United States, the number is 973-341-3080. The access code for both is 7952575.

本次電話會議為現場直播，並將在 amd.com 上重播。從今晚東部時間晚上 8 點開始，接下來的 10 天內還將提供電話重播。電話回放號碼是877-519-4471。美國境外的電話號碼是 973-341-3080。兩者的存取代碼都是 7952575。

I would also like to call to your attention that our Q4 earnings quiet time will begin at the close of business Friday, December 15th. Also, as a reminder, our next analyst day is scheduled for the morning of December 14th in New York City.

我還想提請大家注意，我們的第四季收益靜默期將於 12 月 15 日星期五下班後開始。另外，提醒一下，我們的下一個分析師日定於 12 月 14 日上午在紐約市舉行。

Before we begin today's call, I would like to caution everyone that we will be making forward-looking statements about management's expectations. Investors are cautioned that our forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from our current expectations, as set forth in the forward-looking statements.

在我們開始今天的電話會議之前，我想提醒大家，我們將對管理階層的期望做出前瞻性的陳述。敬請投資人注意，我們的前瞻性陳述涉及風險和不確定性，可能導致實際結果與前瞻性陳述中所述的當前預期有重大差異。

The semiconductor industry is generally volatile, and market conditions are particularly difficult to forecast. Because our actual results may differ materially from our plans and expectations today, I encourage you to review our filings with the SEC, where we discuss in detail our business and risk factors, setting forth information that could cause actual results to differ materially from those in our forward-looking statements. You will find detailed discussions in our most recent SEC filings, including AMD's annual report on Form 10-K for the year ended December 25, 2005 and AMD's quarterly report on Form 10-Q for the quarter ended July 2, 2006.

半導體產業整體波動較大，市場狀況尤其難以預測。由於我們的實際結果可能與我們今天的計劃和預期存在重大差異，我鼓勵您查看我們向美國證券交易委員會提交的文件，我們在其中詳細討論了我們的業務和風險因素，並列出了可能導致實際結果與前瞻性陳述中的結果存在重大差異的信息。您可以在我們最近提交給美國證券交易委員會 (SEC) 的文件中找到詳細的討論，包括 AMD 截至 2005 年 12 月 25 日的 10-K 表年度報告和 AMD 截至 2006 年 7 月 2 日的 10-Q 表季度報告。

With that, I will turn the call over to Dirk Meyer.

說完這些，我將把電話轉給 Dirk Meyer。

Thanks, Mike. In the third quarter, our microprocessor unit shipments were up 18% sequentially. We had unit growth in all three of our product segments, most notably with our mobile processors. Sales were up 9% from the prior quarter and 32% year over year.

謝謝，麥克。第三季度，我們的微處理器出貨量較上季成長18%。我們的三個產品領域的銷量均有所增長，其中最顯著的是行動處理器。銷售額較上一季成長 9%，較去年同期成長 32%。

Overall, it was a solid quarter, but I think we could have done still better. We completed a major transition from DDR1 to DDR2-based products while ramping two new factories and their associated supply chains. This, coupled with increased customer demand, put an unprecedented burden on our operations. While we responded reasonably well to this challenge, we learned a lot and will do even better in the future.

總體而言，這是一個穩健的季度，但我認為我們可以做得更好。我們完成了從基於 DDR1 到基於 DDR2 的產品的重大轉變，同時建立了兩家新工廠及其相關供應鏈。再加上客戶需求的增加，為我們的營運帶來了前所未有的負擔。雖然我們對這項挑戰做出了相當好的回應，但我們學到了很多東西，並且將來會做得更好。

Overall, our manufacturing strategy remains on track. Fab 36 continues to ramp to plan, and we have begun to transition that factory to 65-nm technology on schedule. We will begin 65-nm shipments this quarter, and will begin our transition to 45-nm technology output by mid-2008.

總體而言，我們的製造策略仍在按計劃進行。Fab 36 繼續按計劃推進，我們已經開始按計劃將工廠過渡到 65 奈米技術。我們將於本季開始出貨 65 奈米產品，並將於 2008 年中期開始向 45 奈米技術輸出過渡。

In addition, we continue to ramp Chartered Semiconductor, and will convert its output to 65-nm technology next year. Our cost structure will improve as we move to 65-nm technology and complete our transition to 300-mm facilities.

此外，我們將繼續增加特許半導體的產能，並將於明年將其產量轉換為 65 奈米技術。隨著我們轉向 65 奈米技術並完成向 300 毫米設施的過渡，我們的成本結構將會改善。

The industry is encouraged by the global antitrust scrutiny of our competitor, and our customers continue to take advantage of the benefits of innovation, choice and growth that we offer. Examples in the third quarter include -- Dell launched its first AMD64 processor-based Dimension desktop system for consumers and small businesses; Founder joined Lenovo and [Tonquon] as leading customers of AMD in China with their announcement to launch a full range of AMD64-based desktop, notebook and server systems; IBM unveiled five new quad-core-ready, Opteron-based mainstream server platforms; and HP and Lenovo launched their first AMD client systems targeted at large enterprise customers. We're looking forward to launching our next-generation microprocessor core in both native quad-core and dual-core implementations next year.

全球對我們競爭對手的反壟斷審查鼓舞了整個產業，我們的客戶也持續利用我們提供的創新、選擇和成長所帶來的優勢。第三季的例子包括－戴爾為消費者和小型企業推出了首款基於 AMD64 處理器的 Dimension 桌上型電腦系統；方正科技與聯想、[同昆]一起成為AMD在中國的主要客戶，並宣布推出全系列基於AMD64的桌上型電腦、筆記型電腦和伺服器系統；IBM 推出了五款新的四核心、基於 Opteron 的主流伺服器平台；惠普和聯想則推出了首款針對大型企業客戶的 AMD 用戶端系統。我們期待明年推出原生四核心和雙核心的下一代微處理器核心。

Our acquisition of ATI continues to progress has planned. We expect the transaction to close next week, and are pleased to have received all regulatory and shareholder approvals necessary to close that transaction.

我們對ATI的收購繼續按計劃進行。我們預計交易將於下週完成，並很高興收到完成交易所需的所有監管和股東批准。

In summary, while we are pleased with our results for the quarter, we know that we could have done better. But despite that, we remain optimistic on both the short term and long term, and are very excited about the opportunities customers are offering to us.

總而言之，雖然我們對本季的業績感到滿意，但我們知道我們可以做得更好。但儘管如此，我們對短期和長期前景仍然保持樂觀，並對客戶為我們帶來的機會感到非常興奮。

With that, I would like to ask Bob to review the results of the quarter, as well as the outlook.

因此，我想請鮑伯回顧一下本季的業績以及前景。

Thanks, Dirk. Before I get started, I would like to remind you that as a result of the Spansion IPO, year-over-year comparisons do not include the results of our memory product segment.

謝謝，德克。在我開始之前，我想提醒您，由於 Spansion 首次公開募股 (IPO)，同比比較不包括我們的記憶體產品部門的結果。

Third-quarter AMD sales of $1.33 billion were up 9% compared to the second quarter of 2006, and up 32% compared to the third quarter of 2005, driven by strong demand for server, mobile and desktop processors. Server and mobile ASPs were up, and desktop ASPs were down sequentially.

AMD 第三季的銷售額為 13.3 億美元，比 2006 年第二季成長 9%，比 2005 年第三季成長 32%，這得益於伺服器、行動和桌上型電腦處理器的強勁需求。伺服器和行動 ASP 均上漲，而桌面 ASP 則持續下降。

We established a new record for total microprocessor shipments, up 18 percent sequentially and up 34% year over year, driven by increased server, mobile and desktop shipments. Further, customer adoption of AMD Turion 64 processors resulted in a greater than 50% sequential growth and 70% year-over-year growth in mobile dollar sales and units.

受伺服器、行動和桌上型電腦出貨量成長的推動，我們的微處理器總出貨量創下了新紀錄，比上一季成長 18%，比去年同期成長 34%。此外，客戶對 AMD Turion 64 處理器的採用使得行動產品美元銷售額和銷售量較上季成長超過 50%，較去年同期成長 70%。

Gross margin was 51.4%, down from 56.8% in the second quarter of 2006, largely due to lower desktop ASPs, as prices declined faster than cost reductions, primarily in the desktop area. However, this cost pressure will be relieved as we move to 65-nm and begin to fully utilize our 300-mm facilities.

毛利率為 51.4%，低於 2006 年第二季的 56.8%，主要是由於桌上型電腦平均售價較低，因為價格下降速度快於成本下降速度，主要是在桌上型電腦領域。然而，隨著我們轉向 65 奈米並開始充分利用我們的 300 毫米設施，這種成本壓力將得到緩解。

Total operating expenses, which include R&D and SG&A, were down $25 million from the prior quarter, better than our previous guidance.

總營運費用（包括研發和銷售、一般及行政費用）較上一季下降 2,500 萬美元，優於我們先前的預期。

Net income for the quarter was $134 million or $0.27 per share. These results included a non-cash employee stock-based compensation expense of $16.5 million or $0.02 per share; a $10 million loss or $0.02 per share associated with our 38% ownership in Spansion LLC; and a tax credit of $20.9 million or $0.04 per share, reflecting a lower effective tax rate for the year.

本季淨收入為 1.34 億美元，即每股 0.27 美元。這些結果包括非現金員工股票薪酬費用 1,650 萬美元或每股 0.02 美元；與我們在 Spansion LLC 的 38% 所有權相關的損失為 1,000 萬美元或每股 0.02 美元；以及 2,090 萬美元或每股 0.04 美元的稅收抵免，反映了本年度較低的有效稅率。

Now, let me turn to the balance sheet. Capital expenditures were $425 million in the third quarter, as we continued to build out Fab 36 and associated final manufacturing capacity. We continue with our Lean Manufacturing methodologies for inventory management, and in preparation for a strong fourth quarter, we built inventory by $60 million. The build primarily comprised of dual-core products. Days of inventory outstanding at 66 days declined 10 days from the second quarter.

現在，讓我來看看資產負債表。由於我們繼續建立 Fab 36 和相關的最終製造能力，第三季的資本支出為 4.25 億美元。我們繼續採用精益製造方法進行庫存管理，為了迎接強勁的第四季度，我們增加了 6,000 萬美元的庫存。此版本主要由雙核心產品組成。庫存未清天數為66天，較第二季減少10天。

Now, let's turn to the outlook. AMD's outlook statement is based on current expectation, and excludes ATI operations and ATI-related acquisition charges. The following statements are forward-looking, and actual results could differ materially, depending on market conditions.

現在，讓我們來看看前景。AMD 的展望聲明是基於目前預期，不包括 ATI 營運和 ATI 相關的收購費用。以下聲明具有前瞻性，實際結果可能因市場狀況而有重大差異。

AMD expects demand for its products to be seasonally strong in the fourth quarter and sales to increase sequentially. Operating expenses for the fourth quarter are expected to be up approximately 10% from the third quarter. Non-cash employee stock-based compensation expense in the fourth quarter is expected to be approximately $20 million at the current share price. Our 2006 tax rate is now expected to be between 5% and 10%, down from our prior guidance of approximately 15%. Capital expenditures for the fourth quarter are expected to be approximately $700 million.

AMD 預計第四季其產品的需求將呈現季節性強勁，銷售額也將較上季成長。預計第四季的營運費用將比第三季成長約10%。以目前股價計算，預計第四季非現金員工股票薪資費用約為 2,000 萬美元。我們目前預計 2006 年的稅率將在 5% 至 10% 之間，低於我們先前預測的約 15%。第四季的資本支出預計約為7億美元。

As previously mentioned, we are not providing any guidance today that includes ATI operations. We look forward to providing you with additional financial details for the combined company at our December 14th analyst day in New York. At the time, we will provide fourth-quarter acquisition charges and 2007 guidance. We look forward to seeing you there.

如前所述，我們今天不提供任何包括 ATI 操作在內的指導。我們期待在 12 月 14 日紐約分析師日上為您提供合併後公司的更多財務細節。屆時，我們將提供第四季的收購費用和2007年指引。我們期待在那裡見到您。

Now, I will turn it over to Hector.

現在，我將把它交給赫克托。

Thank you, Bob. Less than 100 days ago, at the recent announcement of our groundbreaking acquisition of ATI Technologies, you might remember that I said that we were determined to drive growth, innovation and choice for our customers. In this recent quarter, I'm pleased to announce that we're approaching this acquisition with a full head of steam on each of these key dimensions. The AMD growth story continues across customers, geographies and across our product families.

謝謝你，鮑伯。不到 100 天前，在我們最近宣布對 ATI Technologies 進行開創性收購時，您可能還記得我說過，我們決心為客戶推動成長、創新和選擇。在最近這個季度，我很高興地宣布，我們將全力以赴地完成此次收購的各個關鍵方面。AMD 的成長故事在客戶、地理和我們的產品系列中持續延續。

Our third quarter was the 13th consecutive quarter of over 20% year-over-year revenue growth. AMD Turion 64 processor sales are accelerating, a sign of growing customer demand for best-of-breed solutions in the mobile segment. AMD Opteron processor sales are strong and growing, a reflection of our system-level power-per-watt leadership and seamless upgradeability to native quad-core in the same thermal envelope.

我們的第三季已連續第 13 季實現年比超過 20% 的營收成長。AMD Turion 64 處理器的銷售正在加速成長，這表明客戶對行動領域最佳解決方案的需求不斷增長。AMD Opteron 處理器的銷售勢頭強勁且不斷增長，這體現了我們在系統級每瓦功率方面的領先地位以及在相同散熱範圍內無縫升級到原生四核處理器的能力。

Our desktop franchise continues to expand, with continued adoption of AMD-based commercial-class systems and AMD LIVE! PCs, whereas industry analysts' current analysis reported in less than half a year, AMD LIVE! PC systems surpassed the competition in US retail sales. We look forward to the launch of Microsoft Vista early next year, a mainstream operating system that will finally allow users to exploit the full potential of AMD64, the industry's first 64-bit-capable x86 platform.

我們的桌上型電腦特許經營權繼續擴大，並繼續採用基於 AMD 的商用級系統和 AMD LIVE！PC，而產業分析師目前的分析報告顯示，不到半年的時間，AMD LIVE！個人電腦系統在美國零售額上超越了競爭對手。我們期待明年初推出 Microsoft Vista，這是一款主流作業系統，最終將允許用戶充分利用 AMD64（業界首個支援 64 位元的 x86 平台）的潛力。

While impressive, we know that growth like this is really an end product, the result of a lot of hard work and a continuous stream of innovation -- innovations like our Torrenza, our open innovation initiative which we announced during the quarter. Torrenza is our industry's first open x86 innovation platform, allowing our customers and partners to capitalize on the unique capabilities of AMD's Direct Connect Architecture. World-class customers including Sun, Cray, Fujitsu Siemens, Dell, HP and IBM all announced their support for this unprecedented effort.

雖然令人印象深刻，但我們知道，這樣的成長實際上是最終產品，是大量辛勤工作和持續創新的結果——例如我們在本季度宣布的開放式創新計劃 Torrenza。Torrenza 是我們業界首個開放式 x86 創新平台，使我們的客戶和合作夥伴能夠利用 AMD 直接連接架構的獨特功能。Sun、Cray、富士通西門子、戴爾、惠普和IBM等世界級客戶都宣布支持這項前所未有的努力。

Our manufacturing team has been recognized for innovation for many years, and the Fab 36 team in Dresden continues to deliver on their promise to begin 65-nm revenue shipments this quarter. We're on target to be largely converted by the summer of 2007.

我們的製造團隊多年來一直以創新而聞名，德累斯頓的 Fab 36 團隊繼續履行其承諾，本季開始 65 奈米收入出貨。我們的目標是在 2007 年夏季之前完成大部分轉換。

In the meantime, we continue to aggressively grow the world's best and brightest team of design resources, highlighted by the opening of our new Shanghai R&D center and a new advanced microprocessor development facility in Fort Collins, Colorado -- which leads me to choice. As I have said many times, with our customers who feel completely free to make a choice, innovation and growth inevitably stall. We are reassured by the courage of our customers to provide real choice to their customers. AMD continues to offer a better, more customer-centric value proposition for our customers and their customers.

同時，我們繼續積極發展世界上最優秀、最聰明的設計資源團隊，其中最突出的是我們在上海開設了新的研發中心，並在科羅拉多州柯林斯堡建立了一個新的先進微處理器開發設施——這讓我做出了選擇。正如我多次說過的，當我們的客戶感到完全自由地做出選擇時，創新和成長不可避免地會停滯。我們的客戶有勇氣為他們的客戶提供真正的選擇，這讓我們感到放心。AMD 持續為我們的客戶及其客戶提供更好、更以客戶為中心的價值主張。

Still, our value proposition to the industry is artificially constrained by the abusive practice of our industry's monopoly. So, in addition to being optimistic about the continued vote of confidence among our customers, I remain optimistic that global antitrust regulatory bodies will work to create a fair and open competitive environment in the microprocessor industry. Of course, we believe strongly that our US litigation will result in a verdict declaring that Intel engaged in all of the kinds of illegal conduct that our complaint details.

然而，我們對產業的價值主張卻因產業壟斷的濫用而受到人為限制。因此，除了對客戶持續的信任投票感到樂觀之外，我仍然對全球反壟斷監管機構將努力在微處理器產業創造公平、開放的競爭環境感到樂觀。當然，我們堅信，我們在美國提起的訴訟將最終導致一項裁決，宣布英特爾涉嫌從事我們投訴中詳述的所有非法行為。

The microprocessor industry is a growth industry, perhaps one of the most exciting and dynamic in the technology arena. As an emerging leader in this category, we're dedicated to creating a sustained flow of meaningful customer-centric innovation, creating downstream opportunities, growth and choice for all customers and end users worldwide.

微處理器產業是一個成長型產業，也許是科技領域最令人興奮和最具活力的產業之一。作為該領域的新興領導者，我們致力於創造持續的、有意義的以客戶為中心的創新，為全球所有客戶和最終用戶創造下游機會、成長和選擇。

I want to thank the nearly 10,000 AMDers worldwide who are committed and working hard to continue our progress. In addition, I look forward to welcoming to the AMD family the 4,000 or so ATI employees who will continue their fine work in helping the new AMD create value for customers and shareholders.

我要感謝全球近 10,000 名 AMD 員工，他們致力於並努力推動我們的進步。此外，我熱切地歡迎約 4,000 名 ATI 員工加入 AMD 大家庭，他們將繼續出色地工作，幫助新的 AMD 為客戶和股東創造價值。

I would now like to turn it to Mike Haase for the Q&A.

現在我想請 Mike Haase 進行問答。

Thanks, Hector. Operator, let's begin the polling process, please.

謝謝，赫克托。接線員，請讓我們開始投票程序。

(OPERATOR INSTRUCTIONS). Adam Parker, Sanford Bernstein.

（操作員指令）。亞當帕克、桑福德伯恩斯坦。

You said there flat revenue in desktops. This implies, I guess, your server plus notebook revenue combined grew quite a bit. Could I assume your server business grew more than 20% sequentially on a revenue basis?

您說桌上型電腦的收入持平。我想這意味著您的伺服器和筆記型電腦的總收入成長了不少。我是否可以假設您的伺服器業務的收入環比增長超過 20％？

Also, can you comment about maybe did notebook units grow 30% or 40% sequentially or more? Can you just give us some color there?

另外，您能否評論一下筆記型電腦銷量是否較上季成長 30% 或 40% 或更多？您能給我們講講這個嗎？

No, the numbers are not quite in that mix. As you heard from Bob Rivet's comments during his discussion, our mobile products experienced a fairly significant growth. As a matter of fact, it was sequentially greater than 50% for both units and revenue quarter on quarter.

不，數字並不完全如此。正如您在討論中聽到的 Bob Rivet 的評論，我們的行動產品經歷了相當顯著的成長。事實上，銷量和收入環比成長均超過 50%。

50?

50？

50.

50.

Oh, so you gained massive share in notebook in the quarter, then?

哦，那麼你們在本季度獲得了巨大的筆記型電腦市場份額嗎？

Yes, sir. We believe.

是的，先生。我們相信。

So that implies, maybe, that you lost a shade of server revenue share, then? Is that correct?

那麼這可能意味著您損失了一些伺服器收入份額？對嗎？

Based on the numbers that we see, we believe that we did not lose share in the server space, and we grew, of course, quarter on quarter as well as significantly year on year.

根據我們看到的數字，我們相信我們在伺服器領域的份額並沒有丟失，而且我們當然是逐季增長，而且同比也顯著增長。

But did you grow double-digit revenues in server sequentially?

但是你們的伺服器收入是否連續實現了兩位數的成長？

No.

不。

I'm just a little confused about the gross margins, just because with that kind of revenue growth, I wouldn't have expected your actual gross profit dollars to be lower. So can you -- Dimension -- I know it was tough desktop pricing. But were there other moving parts there? It was just a surprising fall-off to get out of your target business model, despite pretty good revenue growth.

我只是對毛利率有點​​困惑，因為在這種收入成長的情況下，我不會期望你的實際毛利會更低。所以你能嗎——Dimension——我知道桌面定價很難。但那裡還有其他活動部件嗎？儘管營收成長相當不錯，但脫離目標商業模式還是令人驚訝地失敗了。

No, I really -- it is mostly characterized by the ASP issue. Clearly, there's a little bit of cost increase as we continue to produce more dual-core products. But the lion's share of the issue was the price pressure drop in desktop, which manifested across the whole portfolio on the average ASP of AMD.

不，我真的——它主要表現為 ASP 問題。顯然，隨著我們繼續生產更多雙核心產品，成本會增加。但問題的最大部分是桌上型電腦的價格壓力下降，這體現在 AMD 整個產品組合的平均 ASP 上。

Right, but I -- okay, so how do I think about this going forward, then, Bob? Because you grow your revenue, whatever, $100 million plus sequentially; the operating profit dollars are not up all that much. So I'm just trying to figure out what the new incremental gross margin is here. Or how do I think about price stabilization, or how do I forecast your margins, given this kind of pricing volatility?

好的，但是我——好吧，那麼鮑勃，我該如何考慮這個問題？因為你的收入不斷增加，不管怎樣，連續增加 1 億美元以上；營業利潤並沒有增加太多。所以我只是想弄清楚這裡的新增量毛利率是多少。或者我該如何看待價格穩定，或者在這種價格波動的情況下我該如何預測你的利潤率？

I think maybe one way to look at it, perhaps, would be, as Dirk mentioned in his remarks, is we have some, we would call it, some transitionary hurdles to overcome in the third quarter, with a transition to a new memory technology, with a transition to a new product, Rev F. All of that places a phenomenal burden on our organization.

我認為也許可以這樣看待這個問題，正如 Dirk 在演講中提到的那樣，我們在第三季度需要克服一些過渡障礙，需要過渡到新的記憶體技術，需要過渡到新的產品 Rev F。所有這些都給我們的組織帶來了巨大的負擔。

Also, frankly, the demand for mobile product was a lot stronger than we had anticipated, and in shifting a rather complicated system of supply chain logistics while doing all this product transitions to got toward more mobile and less desktop, we lost some efficiencies. We believe that somewhere on the order of 2 of the 5 percentage points that we lost in margin were lost to just not being able to execute as well as we would have liked, as Dirk mentioned. But the other 3 points, the 60% or so of the margin, is really to a rather precipitous decline in desktop ASPs.

而且坦白說，對行動產品的需求比我們預期的要強烈得多，在進行所有這些產品轉型以更多地依賴行動裝置、減少桌面裝置的同時，轉變一個相當複雜的供應鏈物流系統時，我們損失了一些效率。我們認為，在利潤率損失的 5 個百分點中，大約有 2 個百分點是因為執行效果不如我們所希望，正如 Dirk 所提到的。但另外 3 個點，即 60% 左右的利潤率，實際上是由於桌面 ASP 的急劇下降。

To your point, thinking forward, clearly, we're at a situation where everything we shipped was non-65-nm, so it's the 90-nm variety. We will ship for revenue, as we stated, in the fourth quarter. Every day that goes by, we will get bigger and bigger beyond the fourth quarter. We continue -- we are still not at full utilization of 300-mm. As a matter of fact, we're not even at half of the productive capacity. So again, every day will make the wafer costs go down, because we will have better utilization, and the dye costs will go down, due to conversion to 65-nm. So in what we control, we see a path to continued cost reduction from [last time].

就您的觀點而言，從長遠來看，顯然，我們現在所處的情況是，我們運送的所有產品都不是 65 奈米的，所以是 90 奈米的。正如我們所說的，我們將在第四季度實現收入。隨著時間一天天過去，我們將在第四季之後變得越來越強大。我們繼續下去——我們仍然沒有充分利用 300 毫米。事實上，我們的生產能力甚至還不到一半。因此，晶圓成本每天都會下降，因為我們的利用率會更高，而且由於轉換為 65 奈米，染料成本也會下降。因此，在我們所控制的範圍內，我們看到了一條比上次持續降低成本的途徑。

ASPs -- again, we will manage them the best we can. But that one's the harder one to forecast of the two.

ASP—再次強調，我們將盡力管理它們。但這兩個因素中，後者更難預測。

Yes, I hear you. Was desktop unit up double-digit but decline in pricing down double-digit, or can you give us some kind of balance on --?

是的，我明白。桌上型電腦銷量是否成長了兩位數，但價格卻下降了兩位數，或者您能否給我們一些平衡點？

Yes, that's kind of in the ballpark.

是的，大致是如此。

JoAnne Feeney, FTN Midwest.

JoAnne Feeney，FTN 中西部地區。

Just a question, please, on the memory and the transition difficulty. It sounds like the switchover to DDR2 and the Rev F were a bit of a challenge. Are those going to go away in Q4, first of all? How much of a bump up in the gross margin will we expect from that being eliminated?

請問一下，關於記憶和過渡難度的問題。聽起來切換到 DDR2 和 Rev F 有點困難。首先，這些會在第四季消失嗎？如果取消這項服務，我們預計毛利率將上升多少？

First of all, clearly, the product transition complexity that we've dealt with in our operations is behind us. As I said in the opening comments, we are ramping two new wafer fabs, Fab 36 and Chartered. In the context of this product transition, and in the context of increased customer demand, resulted in us having a hard time matching that customer demand to supply availability in the weeks the demand was really there.

首先，顯然，我們在營運中處理的產品轉型複雜性已經過去了。正如我在開場白中所說，我們正在建造兩座新的晶圓廠，Fab 36 和 Chartered。在產品轉型和客戶需求不斷增加的背景下，我們很難在真正有需求的幾週內將客戶需求與供應量相匹配。

So, in aggregate, we did a pretty good job operationally. On a week-to buy-week basis, we didn't always have exactly the mix of product that our customers would have wanted, which is clearly not good from our perspective as a customer-centric organization, and operating that way doesn't allow us to maximize the value we can draw out of the business. Those issues are largely behind us.

因此，總的來說，我們的營運做得相當不錯。在每週的採購基礎上，我們並不總是能提供客戶想要的產品組合，從我們作為以客戶為中心的組織的角度來看，這顯然不是好事，而且這種運作方式無法讓我們最大限度地發揮業務價值。這些問題基本上已經過去了。

In the server space, your competitor is claiming to have been quite well there, too. Are you seeing particular increase in competition in one area of the server space, 2P versus 4P, for example?

在伺服器領域，您的競爭對手也聲稱自己表現相當出色。您是否發現伺服器領域某個領域的競爭特別激烈，例如 2P 與 4P 之間的競爭？

There's no question that if you look at the technological capabilities of our product, we're by far the most differentiated in the 4P category. As a result of Intel's announcement of their recent server product, we are facing a bit more competition in the 2P category. So I'd say that's a fair characterization.

毫無疑問，如果你看一下我們產品的技術能力，我們迄今為止在 4P 類別中是最具差異化的。由於英特爾發布了其最新的伺服器產品，我們在 2P 類別中面臨更激烈的競爭。所以我認為這是一個公平的描述。

Michael Masdea, Credit Suisse.

瑞士信貸的麥可‧馬斯迪亞 (Michael Masdea)。

What I want to clarify is the strategy on the desktop side. It sounds like you're talking about cost reductions -- help me out there -- but your competitor is being a little bit more aggressive with their manufacturing plant. What's your longer-term view, especially in terms of trade-offs between market share and profitability?

我想澄清的是桌面端的策略。聽起來您正在談論降低成本——幫幫我——但您的競爭對手對其製造工廠的態度更積極一些。您的長期觀點是什麼，特別是在市場佔有率和獲利能力之間的權衡方面？

First of all, relative to desktop, we're going to serve the demands that our customers expose to us. Over time, I would expect that as we grow into a broader part of the marketplace, namely commercial, we've got a huge opportunity to grow our gross margin pool in aggregate. As Bob said, the ASP issue is a little harder to have direct control over, because we respond to a competitive environment. We do so in a way that allows us to make our relationships with the customers we care most about broader and deeper, while at the same time managing profitability.

首先，相對於桌面，我們將滿足客戶向我們提出的需求。隨著時間的推移，我預計隨著我們成長為更廣泛的市場，即商業領域，我們將有巨大的機會來增加我們的整體毛利率。正如鮑伯所說，ASP 問題有點難以直接控制，因為我們會對競爭環境做出反應。我們這樣做是為了讓我們與我們最關心的客戶建立更廣泛、更深層的關係，同時管理獲利能力。

Understood. So, on the server side, maybe that's a place worth spending a little bit of time. Where is your kind of customer -- or, excuse me, on the enterprise side, in the mobile and desktop, where is your customer traction now? Where do you expect it to be about a year from now?

明白了。因此，在伺服器端，也許這是一個值得花一點時間的地方。您的客戶在哪裡？或者，請問，在企業方面，在行動和桌面方面，您的客戶吸引力現在在哪裡？您預計一年後它會發展到什麼程度？

As you have noticed, we're continuing to add not only customers that are playing in that space, but within the customers and we're already doing business with we're seeing a broadening of their product portfolio. So that alone is enabling us, looking forward, to hope to gain share in that particular segment of the market. We've clearly seen strong demand on the mobile side, and you now have on the Turion platform enterprise-class mobile platforms that we did not have last year. So I expect us to grow both desktop and notebook, but Turion is definitely proving to be a very valid platform for the enterprise market, with all the new products that have been introduced, frankly, in the first and second quarter are now coming to life.

正如您所注意到的，我們不僅在繼續增加在該領域開展業務的客戶，而且在客戶中，我們已經看到他們的產品組合不斷擴大。因此，僅憑這一點，我們就有希望在該特定市場領域中獲得份額。我們清楚地看到了行動方面的強勁需求，現在 Turion 平台上有我們去年沒有的企業級行動平台。因此，我預計我們的桌上型電腦和筆記型電腦都會成長，但事實證明，Turion 是企業市場非常有效的平台，坦白說，第一季和第二季推出的所有新產品現在都已開始活躍起來。

The last quick one for me is really on the capacity side. If you listened to the call on Intel last night, and listen to you guys and look at your forecast, it seems like both companies are building capacity in the future based on market share -- at least, gain for you and at least holding for Intel. How does that ultimately play out? Why is that not going to be a problem for the overall pricing dynamic for many years to come? Is there some point when someone yells "Uncle!" and pulls back a little bit?

對我來說，最後一個問題實際上是關於容量方面的。如果您聽了昨晚有關英特爾的電話會議，聽了你們的發言並看了你們的預測，似乎兩家公司都在根據市場份額建設未來的產能——至少對您來說是有利的，對英特爾來說至少是保有的。最終結果如何？為什麼這不會對未來許多年的整體定價動態造成問題？當有人喊「叔叔！」時有什麼意義嗎？然後稍微往後拉？

We have outlined before that our strategy on capacity has been to continuously and steadily gain share over time. We've engaged -- we have gone from a significantly skewed profile of our customer base a few years ago, towards distribution and consumer, to one that has shifted over the years rather significantly towards OEMs, particularly Tier 1 OEMs, and beginning to make inroads into the commercial space. We carefully planned that out with our customers, and we planned it out over a period of more than just a quarter or two, an outlook of three years or so. Based on that, we put our plans for capacity in place.

我們之前曾概述過，我們的產能策略是隨著時間的推移持續穩定地獲得份額。我們已經參與其中——幾年前，我們的客戶群嚴重偏向分銷商和消費者，而這些年來，我們的客戶群已經顯著轉向原始設備製造商 (OEM)，特別是一級 OEM，並開始進入商業領域。我們與客戶一起仔細規劃了這項計劃，並且規劃的時間不只是一個或兩個季度，而是三年左右的時間。基於此，我們制定了產能計畫。

So far, every capacity plan that we have and that we have outlined has been based on input from our customers, those that we have had for quite some time in addition to the newly acquired ones, to continue to execute to that. The plans that you have heard us talk about is the expansion of Fab 36, the conversion of Fab 30 to 300-mm, the use of Chartered, as well as the potential new factory in New York are all based on all those plans that we have collected from our customers. So we don't base it on just a guess on our part and hoping we can sell it later. They are really carefully thought out in conjunction with our customers.

到目前為止，我們所製定的和概述的每一個產能計畫都是基於客戶的意見，這些客戶是我們合作了很長時間的客戶，也是新收購的客戶，我們會繼續執行這些計畫。您聽到我們談論的計劃是 Fab 36 的擴建、Fab 30 向 300 毫米的轉換、Chartered 的使用以及紐約的潛在新工廠，所有這些都基於我們從客戶那裡收集的所有計劃。因此，我們不會僅僅基於自己的猜測並希望以後能夠將其出售。他們確實與我們的客戶一起仔細考慮過。

That makes sense. I guess, just a really quick follow-up, it would be -- even if you have that environment, you take that share, is the extra capacity in the industry going to cause a problem and take away -- drives into a profitless kind of prosperity environment for the industry? What keeps that from happening if Intel has all this extra capacity?

這很有道理。我想，只需快速跟進一下，那就是——即使你有這樣的環境，你佔據了那個份額，行業中的額外產能是否會引起問題並帶走——推動行業進入一種無利可圖的繁榮環境？如果英特爾擁有所有這些額外產能，那麼什麼可以阻止這種情況發生？

Here again, I would just reference and reiterate Hector's comment that we are putting capacity in place based on what our customers tell us their plans for us are. There's no question, as we expand in the new segments -- example, commercial desktop -- we will introduce price competition into those segments where previously there was none, because those segments were dominated by a monopoly. We are not afraid of that, and in fact, that's our strategy.

在這裡，我再次引用並重申赫克託的評論，即我們根據客戶告訴我們的計劃來安排產能。毫無疑問，隨著我們在新領域的擴張——例如商用桌上型電腦——我們將在以前沒有價格競爭的領域引入價格競爭，因為這些領域一直被壟斷企業所主導。我們並不害怕這一點，事實上，這就是我們的策略。

Glen Yeung, Citigroup.

花旗集團的 Glen Yeung。

I guess this is a question for Dirk. You saw a lot of inventory build in the quarter, and I recognize at the beginning of the quarter you said you wanted to do that. But I wonder if the inventory build was exactly what you wanted, particularly given that you referenced you thought you could have done things better during the quarter.

我想這是問德克的問題。您看到本季庫存增加了很多，而且我知道您在本季初就說過您想這樣做。但我想知道庫存建設是否正是您想要的，特別是考慮到您提到您認為您在本季可以做得更好。

Actually, most of the inventory build that we did was WIP that is being built in preparation for Q4 sales. The issue within the quarter wasn't so much one of building inventory of finished goods that we couldn't sell, but rather having the right product and the right mix available for the right customer at the right time.

實際上，我們建立的大部分庫存都是為第四季度銷售做準備的在製品。本季的問題不在於累積無法銷售的成品庫存，而是在正確的時間為正確的客戶提供正確的產品和正確的組合。

If I can to add to it, not to argue with the numbers, but I think our days of inventory went down by 10 days quarter on quarter. So we don't see any of the WIP that Dirk referred to as being anything other than strategically positioning the product for what we believe will be a strong seasonal growth in the fourth quarter.

如果我可以補充一點，不要與數字爭論，但我認為我們的庫存天數比上一季減少了 10 天。因此，我們認為 Dirk 提到的 WIP 只不過是對產品進行策略性定位，以便我們認為第四季度將出現強勁的季節性成長。

So, assuming that you are better able to manage the mix in Q4, should we assume that inventories then start to go down?

那麼，假設您能夠在第四季度更好地管理組合，我們是否應該假設庫存開始下降？

Yes. Our normal seasonal pattern would be inventories would drop. We would drain inventories and fourth quarter. But again, our inventories are based on our projection of continuing to service our customers. We continue to acquire more customers, and we continue to ramp Fab 36 and Chartered Semiconductor. So I am actually hoping that we will build inventory a little bit to go out of fourth quarter in preparation of 2007.

是的。我們的正常季節性模式是庫存會下降。我們將消耗庫存並進入第四季。但同樣，我們的庫存是基於我們繼續為客戶提供服務的預測。我們將繼續獲得更多客戶，並將繼續擴大 Fab 36 和特許半導體的規模。因此，我實際上希望我們能夠稍微建立一些庫存，以便在第四季度為 2007 年做好準備。

It begs an interesting question about gross margin. I think you talked about some efficiencies that were worth 200 basis points in the third quarter; ASPs, which were worth 300 basis points in the quarter; and now we have got potentially rising inventories in the fourth quarter, or hopefully rising inventories. Assuming that inventories go up, assuming that the inefficiencies disappear, we're already talking about 200-plus basis point increase in gross margins. Intel is suggesting that pricing is not as bad. So is it fair to say that under that assumption that pricing is not that bad, that we could see a greater than 200 basis point, maybe greater than 300 basis point increase in gross margins?

這引出了一個關於毛利率的有趣問題。我認為您談到了第三季價值 200 個基點的一些效率；平均售價，本季價值 300 個基點；現在我們第四季的庫存可能會增加，或希望庫存會增加。假設庫存增加，假設低效率消失，我們已經在談論毛利率增加 200 多個基點。英特爾表示定價並沒有那麼糟。那麼，是否可以公平地說，在定價不是那麼糟糕的假設下，我們可以看到毛利率增加 200 個基點以上，甚至 300 個基點以上？

Your math logic is fine. The only part I would counter with, that I'm not sure you got it right -- I said we would grow less inventory in fourth quarter than we did in third. I'm trying to grow inventory in fourth to be positioned for 2007. So it's actually less than what we just did. But your math is not too far off.

你的數學邏輯很好。我唯一要反駁的是，我不確定你是否理解正確——我說的是第四季的庫存成長將低於第三季。我正在努力增加第四季的庫存，為 2007 年做好準備。所以實際上比我們剛才做的還要少。但你的數學並不太差。

What is normal seasonal growth for you in the fourth quarter? Just what is your interpretation of that?

第四季的正常季節性成長是多少？您對此的解釋是什麼？

Market conditions would say this over, I call it, a recent history of time. That is, on the low end is 6, on the high end is 13, and most likely averages around 10.

市場狀況會證明這一點，我稱之為近期歷史。也就是說，最低為 6，最高為 13，平均約為 10。

I think this was kind of asked, but I'm not quite sure I caught the answer. If I would think about 2007 just broadly, your strategy in the year, what is your position on share versus margin?

我認為這有點像問的問題，但我不太確定我是否得到了答案。如果我從整體上回顧 2007 年，您今年的策略是，在市場佔有率和利潤率方面您的立場是什麼？

I don't think we look at our business from that point of view. We look at it more as what do our customers want? We are very customer-centric, and we go from there. Overall, at a pretty high level, I would tell you that it appears that we are on track this year to grow units somewhere on the order of 35%. Our plans for next year is to grow units approximately the same amount.

我認為我們不會從這個角度看待我們的業務。我們更多考慮的是我們的客戶想要什麼？我們非常以客戶為中心，並從那裡開始。整體而言，從相當高的水平來看，我想告訴大家，今年我們的銷量預計將成長 35% 左右。我們明年的計劃是增加大約相同數量的單位。

And to the margin question, we still -- while, this current quarter, we bounced for the first time in a long time below our zone, I'd call it, of 55% to 60%, that's our goal. Our goal is to live in that zone. Obviously, every quarter is dependent on the situation that appears at hand, and we will deal with it accordingly. But our long-term model is to try to get into that 55% to 60% zone for our microprocessor business.

至於利潤率問題，我們仍然——儘管本季度我們的利潤率在很長一段時間內首次低於我們的區域，我稱之為 55% 至 60%，這是我們的目標。我們的目標是生活在那個區域。顯然，每個季度都取決於當前出現的情況，我們將相應地處理。但我們的長期目標是努力將微處理器業務的份額達到 55% 至 60%。

Tim Luke, Lehman Brothers.

雷曼兄弟公司的提姆·盧克。

Just a question with respect to the pricing environment, in terms of the linearity of how you saw that as you moved through the quarter. Did the environment, in terms of ASP movement lower, get more challenging towards the end of the quarter?

我只想問一個關於定價環境的問題，就您在本季度看到的情況的線性而言。從平均售價 (ASP) 變動來看，本季末的環境是否變得更具挑戰性？

As I think Glen mentioned, Intel has talked about some firming, potentially, of the ASP environment going forward. Is that something that you might anticipate, or do you think it's somewhat premature to consider that?

我認為格倫提到過，英特爾已經談到未來 ASP 環境可能會有所穩固。這是您可能預料到的事情嗎？或者您認為現在考慮這個還為時過早嗎？

I think the third quarter was largely impacted at the beginning of the quarter by the ripple effect of Q2 and the movement of the competition then. I think, when the middle of the summer was behind us, we saw some stabilization in the marketplace. It remains a very competitive marketplace, but I would agree that there has been some stabilization in the second half of the quarter.

我認為第三季在很大程度上受到了第二季連鎖反應和當時競爭情勢的影響。我認為，當夏季中旬過去時，我們會看到市場穩定。它仍然是一個競爭非常激烈的市場，但我同意本季下半段市場已經趨於穩定。

So perhaps a decline in gross margin, given that ASPs are broadly in line, perhaps, with your expectations, related to what you are referring to, in terms of this mix and match, in terms of what your customers wanted and what you were able to deliver? Maybe you could expand a little on that mix and match point you made?

因此，考慮到平均售價 (ASP) 大致符合您的預期，毛利率可能會下降，這與您提到的混合搭配、客戶需求和您能夠提供的產品有關？也許您可以稍微擴展一下您提出的混搭觀點？

I'm not sure I got the question.

我不確定我是否理解了這個問題。

You mentioned the ability to match demand with what you had available as a factor influencing your margin, or perhaps you were relating to the efficiency. Perhaps you could just expand on what you meant by that?

您提到將需求與現有資源相匹配的能力是影響利潤的一個因素，或者也許與效率有關。也許您可以進一步解釋一下您這樣說的意思？

Well, I think one of the things that happens, as we get more skewed towards having a higher mix of Tier 1/Tier 2 customers, we have a better understanding of with expectations are from them in terms of forecasting. But frankly, one of the challenges that we had in the third quarter is that a lot of the people that are involved in the go-to-market channel of retail, for example, did not anticipate such a rapid move towards mobile, just as an example. Therefore, when you take roughly, in round numbers, 100 days from the time you get an order to the time you can actually produce it, it is very challenging environment to try to adjust mix within a quarter.

嗯，我認為發生的事情之一是，隨著我們越來越傾向於擁有更高比例的一級/二級客戶，我們在預測方面對他們的期望有了更好的理解。但坦白說，我們在第三季面臨的挑戰之一是，許多參與零售市場通路的人並沒有預料到向行動端的轉變會如此迅速，這只是一個例子。因此，從接到訂單到實際生產大約需要 100 天的時間，嘗試在一個季度內調整產品組合是非常具有挑戰性的。

So we are learning from that in the third quarter. We spend a considerable amount of time with customers anticipating the fourth quarter being strong, trying to understand their needs better. We think we have done a better job, as Dirk pointed out, in anticipating what we're going to need to do this quarter, and we expect that mix to be better managed, and make our customers a lot happier this quarter than we did last quarter.

因此，我們將在第三季吸取教訓。我們花了大量時間與客戶溝通，預測第四季度的業績將強勁成長，試圖更了解他們的需求。正如德克指出的那樣，我們認為我們在預測本季需要做什麼方面做得更好，並且我們預計這種組合將得到更好的管理，並使我們的客戶在本季度比上一季更加滿意。

Just to be clear, in terms of the revenue, Bob, when you're saying seasonality, the average is 10%, so stronger-than-normal seasonality would imply that your target would be above 10% revenue? Is that how we should basically figure that?

鮑勃，需要明確的是，就收入而言，當您說季節性時，平均值是 10%，那麼強於正常的季節性是否意味著您的目標收入將高於 10%？我們基本上應該這樣理解嗎？

That's a good characterization. We'd say average is 10.

這是一個很好的描述。我們假設平均值是 10。

Lastly, just on your OpEx, it went down a lot in the quarter. Now you're guiding it up 10%. Could you just give us some color on that volatility there?

最後，僅就您的營運支出而言，本季下降了很多。現在你將其引導至 10% 以上。您能否為我們介紹一下那裡的波動性？

Clearly, always, fourth quarter is a heavy consumer quarter, a lot of merchandising and I'll call it market development funds are associated with that. So I'm signaling Christmas is going to happen. We're going to have that kind of activity from that perspective.

顯然，第四季度始終是一個消費旺季，大量的商品銷售以及我稱之為市場開發基金都與此相關。所以我發出信號，聖誕節即將到來。我們將從這個角度進行此類活動。

Then, on the other side, we continue to expand these design centers we just opened. We're trying to ramp and hire the appropriate engineers to continue to accelerate, keep our roadmaps where they need to be and accelerate roadmaps and add new things to the roadmaps.

然後，另一方面，我們繼續擴大我們剛剛開設的這些設計中心。我們正在嘗試招募和聘用合適的工程師來繼續加速發展，使我們的路線圖保持在需要的位置，並加速路線圖並在路線圖中添加新內容。

So it's a combination of both. We were a little bit Hunter, to be honest, in the current quarter. So, it's kind of balancing your way through it.

所以這是兩者的結合。說實話，在本季度，我們有點像亨特。所以，這就像是以一種平衡的方式解決問題。

Joe Osha, Merrill Lynch.

美林證券的喬·奧沙 (Joe Osha)。

I'm wondering if I can drill down a little bit on the manufacturing output. Can you give me some sense roughly for the current quarter, and then for the fourth quarter, what portion of your output is coming from 25 (indiscernible) Fab 30 versus Fab 36 versus Chartered? Obviously, units you probably don't want to talk about, but maybe just in 200-mm equivalents?

我想知道我是否可以深入了解製造業的產出。您能否大致介紹一下當前季度以及第四季度的情況，您的產量有多少來自 25（音頻不清晰）Fab 30、Fab 36 和 Chartered？顯然，您可能不想談論單位，但也許只是 200 毫米當量？

I can certainly give you a feel for where the wafers are coming from, from our internal factories. We started ramping Fab 36 in Q4 of last year, and it's roughly a two-year ramp to get to the 20,000 a month point. We're on a schedule that says that we are at about the 10,000 a month output level now.

我當然可以讓您了解晶圓來自哪裡，來自我們的內部工廠。我們從去年第四季開始擴大 Fab 36 的產量，大約花了兩年的時間才達到每月 20,000 件的產量。根據我們的計劃，我們現在的產量大約是每月 10,000 份。

And that's 300-mm. That's 300-mm you're talking about.

那是 300 毫米。你說的是300毫米。

That's right. It's 300-mm. Fab 30 is really pretty stable at -- now I'm going to have to go to 200-mm starts a week (multiple speakers).

這是正確的。是300毫米。Fab 30 確實非常穩定 - 現在我每週要進行 200 毫米啟動（多個揚聲器）。

So it's around 28,000, 30,000 a month?

那麼每月大概是 28,000 或 30,000 嗎？

28,000 to 30,000 200-mm. We don't, I think, want to be to specific on how we are loading Chartered at this time.

28,000 至 30,000 200 毫米。我認為，我們目前還不想具體說明我們如何裝載 Chartered。

But it's a much smaller number, yes?

但這個數字小得多，是嗎？

Very much smaller.

小得多。

Now, are you all still thinking that -- I knew you talked about Fab 30 maybe being kind of incrementally brought down, or at least partially brought down and converted to 300-mm starting in late 2007? Is that still on the table?

現在，你們還在想——我知道你們談到 Fab 30 可能會逐步關閉，或者至少從 2007 年底開始部分關閉並轉換為 300 毫米？這件事還在討論中嗎？

Actually, we will start taking Fab 30's 200-mm output down in about the second quarter of 2007.

實際上，我們將在 2007 年第二季左右開始減少 Fab 30 的 200 毫米產量。

I'm sorry? Second quarter of 2007?

對不起？2007 年第二季？

2007. Then, we will be getting 300-mm output back out of that facility in very early 2008.

2007年。然後，我們將在 2008 年初從該工廠重新獲得 300 毫米的產量。

Will Fab 30 continue to produce for that? Will it completely go away, or --?

Fab 30 會繼續為此生產嗎？它會完全消失嗎，還是──？

The total utilization of the floorspace does not really dip any lower than about 40% over the course of the transition.

在轉型過程中，總建築面積利用率實際上不會低於 40% 左右。

But I could see Fab 30 drop to, say, 10,000 -- 10,000, 12,000 a month while you were in the midst of this, yes?

但是，當您處於這種情況時，我可以看到 Fab 30 下降到每月 10,000-10,000、12,000，對嗎？

A quarter.

四分之一。

I'm sorry, a quarter.

抱歉，四分之一。

Absolutely.

絕對地。

Yes. No. Yes. Just to remind everyone, we built an additional facility on the site to kind of deal with I'll call it the transition facility. So there will be a dip, but we're not actually shutting down the facility. We continue to run it. We will take it down a bit, transition to 300-mm and, in 2008, be completely flipped over to a 300-mm facility. Again, roughly the same size as Fab 36, in the 20,000 wafer per month level.

是的。不。是的。只是提醒大家，我們在現場建造了一個額外的設施來處理類似的事情，我稱之為過渡設施。因此會出現下降，但我們實際上並沒有關閉該設施。我們繼續運行它。我們將把它縮小一點，過渡到 300 毫米，並在 2008 年完全轉變為 300 毫米設施。同樣，其規模與 Fab 36 大致相同，每月產量為 20,000 片晶圓。

In 2008?

2008年？

In 2008.

2008年。

Bob, while that fab is being converted, how does that work financially? Does that create any kind of unabsorbed overhead or period costs that are not correlated with output?

鮑勃，當工廠進行改造時，財務方面如何運作？這是否會產生與產出無關的未吸收間接費用或期間成本？

No. We think, between the needs of Fab 36 and the needs of Fab 38, we're going to call it, we will actually have the appropriate staffing. The tools on the 200-mm are almost all fully depreciated, anyway. So to some degree, we will actually be able to -- and the chemicals and gasses, of course, will flex down with the appropriate volumes. So we actually feel like it's not actually a big cost penalty to do the transition.

不。我們認為，在 Fab 36 的需求和 Fab 38 的需求之間，我們實際上會配備適當的人員。無論如何，200 毫米上的工具幾乎都已完全折舊。因此，在某種程度上，我們實際上能夠——當然，化學物質和氣體將隨著適當的體積而彎曲。所以我們其實覺得進行這種轉變並不會造成很大的成本損失。

You mentioned that Fab 38 -- I'm sorry, Bob. Since you kind of put that on the table, can you give us (multiple speakers)?

您提到了 Fab 38——對不起，鮑勃。既然您已經把這個問題擺到了桌面上，您能給我們（多位發言者）嗎？

Fab 30 is going to be renamed and called Fab 38. That was part of a strategy to actually get more grants and subsidies on the new toolset going in there, because we are really recasting to a new facility, a 300-mm facility.

Fab 30 將更名為 Fab 38。這是我們策略的一部分，實際上是為了獲得更多有關新工具集的補助和補貼，因為我們實際上正在重建一個新設施，一個 300 毫米設施。

So, no comments on New York State, then?

那麼，對紐約州沒有評論嗎？

That's still in the plan, as Hector said. But in the sequence, it's Fab 36, Fab 38, New York.

正如赫克託所說，這仍在計劃中。但按照順序，它是 Fab 36、Fab 38、紐約。

One thing that you were alluding to, I think, and I just want to make sure you understand, is that the combination of these conversions, as well as the 65-nm that is occurring as we speak, and the ramping-up of Chartered leads us to plan our capacity next year. So, while Fab 30 has a dip in the wafer starts in 200-mm, the overall unit output throughout the year increases. So we expect next year, as I mentioned earlier, to still be approximately 35% up in units from this year.

我認為您提到的一件事，我只是想確保您理解，就是這些轉換的結合，以及我們正在談論的 65 奈米，以及特許半導體的提升，使我們計劃明年的產能。因此，儘管 Fab 30 的 200 毫米晶圓產量有所下降，但全年整體單位產量卻有所增加。因此，正如我之前提到的，我們預計明年的銷量仍將比今年增加約 35%。

Cody Acree, Stifel Nicolaus.

科迪·阿克里（Cody Acree）、斯蒂費爾·尼古拉斯（Stifel Nicolaus）。

Maybe a point of clarification. The 200 basis points of inefficiency -- do you expect to fully get those back in the fourth quarter? Is that a ramp [of fleet] back in over the next few months?

也許需要澄清一點。200 個基點的低效率—您是否預計在第四季能夠完全恢復這些效率？未來幾個月內，（艦隊）數量是否會再次增加？

We expect to fully get them back in the fourth quarter.

我們預計第四季就能完全恢復。

Can you talk about the differential in gross margins? As you have talked about the Tier 1 and Tier 2 higher mix of revenue, is there anything meaningful in that gross margin line that we saw this quarter, as you have had more success at Dell and some of these Tier 1 OEMs?

能談談毛利率的差異嗎？正如您所說，一級和二級更高的收入組合，我們本季看到的毛利率線有什麼意義嗎，因為您在戴爾和一些一級 OEM 廠商取得了更大的成功？

No. I think that it's more complex than that, and I think it would not be productive to go into it. But just to give an example, a customer that buys an awful lot of product is more likely to get better pricing than a customer that buys a lot less product. So it's much more complex than just saying Tier 1, Tier 2 and channel.

不。我認為實際情況比這更複雜，而且我認為深入研究它不會有什麼成效。舉個例子，購買大量產品的客戶比購買少量產品的客戶更有可能獲得更優惠的價格。因此，它比僅僅說第 1 層、第 2 層和渠道要複雜得多。

It's a function of mix, in other words.

換句話說，它是混合的功能。

Yes, it's mix.

是的，是混合的。

The only other color I would add -- I want to remind you the strategy is still server, mobile, desktop in a priority sequence. Gross margin will fall in that direction, too. Although desktop and mobile at moments in time will be equal, they will still continue to flip positions. But clearly, server is where the higher gross margin is. We see that today and on a continuous basis.

我要添加的唯一另一種顏色——我想提醒您，該策略仍然是按伺服器、行動裝置、桌面的優先順序。毛利率也會下降。儘管桌上型電腦和行動裝置在某些時刻會處於同等地位，但它們仍將繼續互換位置。但顯然，伺服器是毛利率較高的領域。我們今天仍然看到這種情況，這種情況還在持續發生。

Average revenue growth in the fourth quarter, around 10%. Are you allowing any assumptions for Vista for Q4? What would you expect as we push into 2007 for normalized Vista impact?

第四季平均營收成長率在10%左右。您是否對第四季的 Vista 做出任何假設？當我們進入 2007 年時，您對 Vista 的影響有何預期？

We are not prepared to talk about 2007 at this point in time. We will do that at our analyst day on December 14th.

我們現在還沒準備好談論 2007 年。我們將在 12 月 14 日的分析師日上進行此項工作。

For the fourth quarter, are you allowing anything for a delay of purchases because of Vista?

對於第四季度，您是否允許因 Vista 而導致的購買延遲？

No. We don't see this to as a negative issue in the fourth quarter.

不。我們不認為這會成為第四季的負面問題。

[Sandeep Panjukhar], Morgan Stanley.

[Sandeep Panjukhar]，摩根士丹利。

It's Mark Edelstone. I had a couple questions. The first one, Hector, was just to get a sense for how big the OEM business is for you now. So can you give us a sense as to what percentage of your units is coming out of OEM, and how you expect that maybe to trend here as you go forward?

我是馬克‧艾德爾斯通。我有幾個問題。第一個問題，赫克托，只是想了解現在 OEM 業務對你來說有多大。那麼，您能否告訴我們，您的產品中有多少比例來自 OEM，以及您預計未來這一趨勢會如何？

I am not going to be too specific, but I will tell you that it has flipped from what it was four years ago. It is more than 50% today. I think we're beginning to approach a stable mix, give or take a little bit. So, we're pleased with the position that we have and especially, of course, with the latest customer acquisitions. I think that gets us to where we would like to be.

我不會說得太具體，但我可以告訴你，它與四年前相比已經改變了。如今已超過50%。我認為我們正在開始接近穩定的狀態，或多或少。因此，我們對目前的地位感到滿意，當然，尤其是對最近獲得的客戶感到滿意。我想這會讓我們達到我們想要的目標。

Just as a follow-on, using the third quarter, could you just give us what maybe the percentage breakdown would look like on units between notebook, desktop and server?

作為後續問題，您能否以第三季為例，告訴我們筆記型電腦、桌上型電腦和伺服器的出貨量百分比分佈？

I don't think we're prepared to give that kind of detail.

我認為我們還沒有準備好提供這種細節。

Chris Danely, JPMorgan.

摩根大通的克里斯丹尼利 (Chris Danely)。

You talked about gross margins popping back up in Q4. Can you just give us a sense of the trends in startup costs and depreciation going into 2007? Can we expect those to increase with the ramp of 65-nm and the CapEx going up?

您談到了第四季毛利率回升。您能否向我們介紹一下 2007 年啟動成本和折舊的趨勢？我們是否可以預期這些會隨著 65 奈米的普及和資本支出的增加而增加？

Break them into two. CapEx, as I signaled last time -- I didn't talk about it this time, but therefore I didn't change it -- is a large number next year, $2.5 billion. That is the continued, as what Dirk said, to fill out the equipment set in Fab 36 and start the conversion of Fab 30 to 200-mm facility to Fab 38, the 300-mm facility. And then, of course, the associated back-end capacities needed to turn that die into finished goods. So capital will continue to be at a fairly high rate next year as we build out capacity.

把它們分成兩半。正如我上次所暗示的——這次我沒有談論它，因此我沒有改變它——明年的資本支出將是一個很大的數字，達到 25 億美元。這就是繼續進行的工作，正如 Dirk 所說的，填充 Fab 36 中的設備組，並開始將 Fab 30 的 200 毫米設施轉換為 Fab 38 的 300 毫米設施。當然，還需要將晶片轉換為成品的相關後端產能。因此，隨著我們擴大產能，明年資本仍將繼續保持相當高的水準。

From a cost standpoint, we are, as I said to Joe Osha's comment, we believe there's not a huge penalty in the conversion of Fab 30 to Fab 38, and we're actually paying most of the costs today to develop the technology and put the 65-nm into production. So that actually get better as time goes on, not worse, from that perspective.

從成本角度來看，正如我在回答 Joe Osha 的評論時所說的那樣，我們認為將 Fab 30 轉換為 Fab 38 不會產生巨大的損失，而且我們實際上今天支付了大部分成本來開發該技術並將 65 奈米投入生產。從這個角度來看，隨著時間的推移，情況實際上會變得更好，而不是更糟。

On the gross margins, I remember last quarter you guys said you don't want to participate in any -- I think it was deeply discounted opportunities. But it seems like you might have participated in some of them in Q3. Can you just talk about that? Is that a true statement?

關於毛利率，我記得上個季度你們說過不想參與任何——我認為這是大幅折扣的機會。但看起來您可能在第三季參加了其中一些活動。你能簡單談談這個嗎？這是事實嗎？

That's a fair assumption. As Dirk was pointing out, we completed a transition from Rev E to Rev F. As we did that, we felt that it was appropriate to be a little more competitive at the low end of the market, as we completed that transition. But we're going to continue to be very selective going forward in the business that we participate in.

這是一個合理的假設。正如德克所指出的，我們完成了從 Rev E 到 Rev F 的轉變。在完成這項轉變的同時，我們認為在低端市場更具競爭力是合適的。但我們在未來參與的業務中將繼續保持高度選擇性。

It sounds like pricing got a little better at the end of the quarter. Can you just talk about why it got better at the end of the quarter? Do you anticipate pricing to be, I guess, competitive in Q4, or getting a little bit better because it's a stronger seasonal time period?

聽起來本季末的定價有所改善。您能談談為什麼本季末情況會好轉嗎？您是否預計第四季度的定價會具有競爭力，或者由於季節性因素而有所改善？

Well, as Einstein always said, everything is relative. After the disaster applied by the competition in the industry in the second quarter, effectively Q3 was somewhat mild.

正如愛因斯坦常說的那樣，一切都是相對的。在第二季產業競爭加劇之後，第三季業績其實較為溫和。

Going into the first half of next year, why wouldn't we see the price wars crank up again? How long or how low would you let profitability go before you would start to pull back, or will you just keep going and try to gain market share?

進入明年上半年，為什麼我們不會看到價格戰再次升級？在開始撤退之前，您會讓盈利能力維持多久或多低，或者您會繼續努力並嘗試獲得市場份額？

Here again, the way I would think about this is the market is not a homogenous blob; there are segments. Where we have historically competed or been present in the market, we have always had price competition. As we have had the opportunity to compete in new areas, we have brought price competition to those areas. So, from the AMD perspective, our share growth doesn't imply increased price competition on our business, because we have always had it. Does that make sense?

再次強調，我對此的看法是，市場並不是一個同質的整體；有片段。在我們歷史上參與競爭或存在於市場的地方，我們一直存在價格競爭。由於我們有機會在新的領域競爭，我們為這些領域帶來了價格競爭。因此，從 AMD 的角度來看，我們的份額成長並不意味著我們業務的價格競爭加劇，因為我們一直都存在價格競爭。這樣有道理嗎？

Yes, I guess. I don't remember the last time you guys had 51% gross margins in processors, so my concern is that we could go lower in the first half of next year. Does that make sense?

是的，我想。我不記得你們上次處理器的毛利率達到 51% 是什麼時候，所以我擔心明年上半年的毛利率可能會更低。這樣有道理嗎？

No. I'd say I think that's being fairly pessimistic. That's saying we wouldn't execute 65-nm, because 65-nm is a fairly steep cost reduction that takes place, and continued utilization of Fab 36 to fill it to the 20,000 wafers per month.

不。我想說我認為這是相當悲觀的。這就是說，我們不會執行 65 奈米工藝，因為 65 奈米製程可以大幅降低成本，並繼續利用 Fab 36 來實現每月 20,000 片晶圓的產量。

So in what we control, we feel like we have, clearly, a great path to pretty sizable cost reductions in our manufacturing capability for our output. Prices, to me, is a market-dependent issue. A question that came up before -- we think Vista is a good environment, not a bad environment. So, to some degree, 2007 is -- it doesn't look like a bad year. It looks like a good year. So we believe we're in pretty good position, again, to get back to the zone we want to be in, which is a gross margin of 55% to 60%.

因此，在我們所控制的範圍內，我們感覺我們顯然有一個很好的途徑來大幅降低我們的產出製造能力的成本。對我來說，價格是一個取決於市場的問題。之前出現過一個問題－我們認為 Vista 是一個好的環境，而不是一個壞的環境。因此，從某種程度上來說，2007 年看起來並不是個糟糕的一年。看起來這是個好年。因此，我們相信我們處於相當有利的位置，可以回到我們想要的區域，即 55% 至 60% 的毛利率。

That makes sense.

這很有道理。

David Wong, A.G. Edwards.

大衛黃、A.G.愛德華茲。

[Further on] the question of inventory and your inventory plan, will you be required to build [the bare] amount of finished goods inventory [staged] for customers that have just-in-time manufacturing in the future, or is your inventory profile, as it is at the moment, likely to remain unchanged?

[進一步]關於庫存和庫存計劃的問題，您是否需要為未來採用即時生產的客戶建立[階段性]成品庫存，或者您目前的庫存狀況是否可能保持不變？

All our customers have different requirements to have inventory staged or in their hubs or whatever. Clearly, as we continue to acquire new customers, those dynamics continue to change. I would say probably the big OEMs do like more product to be staged for them, so they can pool it as we see there their market demands move around. But that's also why we have Lean Manufacturing type thought process and organization put into the system, so that we can keep it as lean as possible, but still servicing what the customer wants.

我們所有的客戶對於庫存的分階段安排、中心存放等都有不同的要求。顯然，隨著我們不斷獲得新客戶，這些動態也不斷改變。我想說，大型原始設備製造商可能確實喜歡為他們準備更多的產品，這樣他們就可以在市場需求改變時集中這些產品。但這也是為什麼我們將精益製造類型的思考過程和組織納入系統的原因，以便我們可以盡可能保持精益，但仍然能夠滿足客戶的需求。

The bottom line of that is we're maniacally focused on inventory management. We will grow it where we see necessary strategically, but to make sure it's fresh, and just as much as we need to run the business.

最重要的是我們瘋狂地專注於庫存管理。我們將在策略上認為必要的地方擴大其規模，但確保其新鮮度以及滿足我們經營業務的需要。

So you won't have to do a significant inventory build in the December quarter to meet your customers' needs, then, for staged inventory?

那麼，您不需要在 12 月季度進行大量庫存建設來滿足客戶的分階段庫存需求嗎？

Correct.

正確的。

Krishna Shankar, JMP Securities.

克里希納·香卡 (Krishna Shankar)，JMP 證券。

As you look at two of the areas with the highest gross margins you have had in the past, sort of the high-end enthusiast and gaming PC market, and also servers, it appears that the competition is more aggressive, and perhaps has a better product lineup there. Can you outline your product plans to sort of regain the leadership in the high-end PC gaming market, and also regain your leadership in DP servers?

當您回顧過去毛利率最高的兩個領域，即高階發燒友和遊戲 PC 市場以及伺服器時，您會發現競爭似乎更加激烈，並且可能擁有更好的產品陣容。您能否概述一下您的產品計劃，以重新奪回高階 PC 遊戲市場的領導地位，並重新奪回 DP 伺服器的領導地位？

There's a lot being written and said about the high-end gamers market. We actually saw a double-digit increase in revenue in that segment in the third quarter, despite all the hype coming from the competition. So yet again, I want to insist on the fact that it's the platform that matters in that market, not just the core performance. From that perspective, we're going to launch, in the next few weeks, a new platform that for the first time was built from the ground up with the needs of the gamers in mind. Not only the processor needs, but basically the cooling needs, the power supply needs and the space on the motherboard needed to have a world-class platform. That platform will be out of the chute, optimized for Vista operation.

關於高端遊戲玩家市場的文章和言論很多。儘管競爭對手大肆宣傳，但我們第三季該部門的收入實際上實現了兩位數成長。因此，我再次強調，在這個市場上，平台才是最重要的，而不僅僅是核心效能。從這個角度來看，我們將在未來幾週內推出一個新平台，該平台首次從頭開始構建，以滿足遊戲玩家的需求。不僅需要處理器，而且基本上還需要冷卻需求、電源需求以及主機板上的空間來擁有世界一流的平台。該平台將突破常規，並針對 Vista 操作進行最佳化。

As far as the server market is concerned, the strength of the Opteron architecture remains intact, as demonstrated by our continued growth in that segment and the particular strength of our 4P offering. I think Fortune 500 companies that are looking at the two offerings are recognizing that, although the competition has improved their relative performance, they still have not answered the question of what is their future architecture, and they are shipping obsolete products.

就伺服器市場而言，Opteron 架構的優勢依然完好，這從我們在該領域的持續成長以及 4P 產品的特殊優勢可以看出。我認為，關注這兩款產品的財富 500 強公司認識到，儘管競爭對手已經提高了它們的相對性能，但它們仍然沒有回答未來架構是什麼的問題，而且它們正在推出過時的產品。

As a follow-on, can you also outline your relationship with NVIDIA with the ATI deal really closing now? Can you talk about the relationship with NVIDIA going forward?

接下來，您能否概述您與 NVIDIA 的關係，ATI 交易現在已經真正結束？能談談未來與 NVIDIA 的關係嗎？

We're standing for open and fair competition and platform innovation. I'll give you an example of that. Our launch partner for our upcoming gamer platform is NVIDIA. So our relationship with NVIDIA is excellent, and we're very happy to have them as a partner.

我們主張開放、公平的競爭和平台創新。我給你舉個例子。我們即將推出的遊戲平台的發布合作夥伴是 NVIDIA。因此，我們與 NVIDIA 的關係非常好，我們很高興能與他們合作。

Jim Covello, Goldman Sachs.

高盛的吉姆·科維洛。

A lot of good questions have been asked, so I just have one big-picture question. If I take a step back over the last couple of years, you've done a terrific job executing versus your plan and gaining share. Over the last couple quarters, though, last quarter was the first quarter in a while where we had a revenue miss. This quarter is the first quarter in a while where we had a margin miss.

已經有很多好問題被問到了，所以我只想問一個整體問題。如果我回顧過去幾年，你會發現，你們在執行計劃和獲得市場份額方面做得非常出色。然而，在過去的幾個季度中，上個季度是我們一段時間以來第一次收入未達預期。本季是我們一段時間以來第一次利潤率未達標。

As we head into next year, the bar for execution goes higher, because of the debt you are bringing on and because of the incremental depreciation. How do you get comfortable that you can get back to executing versus the plan when, admittedly, some of the things like ASPs are kind of out of your control, and your competitor now has a little more incentive to try and hurt the market a little bit, because of the debt and the depreciation that you guys are ramping? How comfortable can you feel around that?

隨著我們進入明年，由於您承擔的債務和增量折舊，執行的標準將會更高。不可否認的是，有些事情，例如平均售價，有點超出了你的控制範圍，而你的競爭對手現在有更多的動力去嘗試損害市場，因為你們的債務和貶值正在增加，你怎麼能放心地重新執行計劃呢？您對此感覺如何？

Well, first of all, we're very confident in the roadmap that we have, which we continuously share in intimate detail with our customers. We are excited about that roadmap and we are executing to that. As Dirk pointed out, next year we're introducing products that are going to continue to enhance that.

首先，我們對現有的路線圖非常有信心，我們會不斷與客戶分享詳細的資訊。我們對這個路線圖感到非常興奮，並且正在按照這個路線圖執行。正如德克所指出的，明年我們將推出能夠繼續增強這一點的產品。

In terms of managing to the [bumps] relative to ASPs that are artificially created by an event of the marketplace -- such as a competitor perhaps building way too much inventory, being late on their products and therefore having a lot of old products to unload -- frankly, we don't agonize over that. We don't control that. We felt terrible in the second quarter that that was the way it was handled, but we had complete confidence that, over the long run, that would not be a sustainable situation. (Multiple speakers).

對於因市場事件而人為造成的與平均售價相關的波動（例如，競爭對手可能積累了過多的庫存，產品延遲交付，因此有大量舊產品需要出售），坦白說，我們不會為此感到苦惱。我們無法控制這一點。我們對第二季度的處理方式感到非常糟糕，但我們完全有信心，從長遠來看，這種情況是不可持續的。 （多位發言者）

My question, if I can interrupt -- unfortunately, the shareholders and stakeholders do agonize over that, because you're leaving yourself not as much room for error by ramping the debt and ramping the depreciation. So I understand it's a long-term plan, and you have had an excellent roadmap, you continue to have an excellent roadmap. But that hasn't prevented outside influences from causing you guys to have issues the last two quarters. So, how can we know that those outside influences are not going to have continued influences over the next couple quarters, given that the bar is going higher?

我的問題是，如果我可以打斷一下的話——不幸的是，股東和利害關係人確實對此感到苦惱，因為透過增加債務和增加折舊，你給自己留下的容錯空間不大。所以我明白這是一個長期計劃，而且你們已經有了一個很好的路線圖，你們將繼續有一個非常好的路線圖。但這並沒有阻止外界影響導致你們在過去兩個季度遇到問題。那麼，考慮到標準越來越高，我們如何知道這些外部影響不會在接下來的幾季繼續產生影響？

Well, I think we are credible in the things that we tell you we are doing. One of the things we are is, as we have gone through this challenging couple of quarters for different reasons, we have become better at learning how to deal with those. We are better planners. We have a better idea of how to anticipate and move in those directions that are necessary in the marketplace.

嗯，我認為我們所做的事情是可信的。我們的情況之一是，由於不同的原因，我們經歷了這幾個季度的挑戰，我們已經更好地學會瞭如何應對這些問題。我們是更好的規劃者。我們對如何預測市場所需的方向並採取相應行動有了更好的想法。

But the best answer I can give you, frankly, it doesn't come from me; it comes from our customers. Our customers have spoken. You have the products that IBM has launched that are outstanding to penetrate the enterprise, are based on our products today and future existing products, because the enterprise, in particular, the products are quad-core-ready.

但坦白說，我能給你的最好答案不是來自我；它來自我們的客戶。我們的客戶已經發表了意見。IBM 推出的產品在企業級滲透方面表現優異，這些產品是基於我們目前的產品和未來的現有產品，因為對於企業來說，這些產品尤其適合四核心處理器。

You have one of the fastest-growing companies in the server segment today, which is Sun, is totally committed to our product line. You have a new customer that just signed up named Dell, who is also committed to working with us going forward. Frankly, we're not through with customer acquisitions. We still have a number of customers around the world that have yet to sign, and we are confident that in 2007, we will see additions to that, too.

Sun 是當今伺服器領域發展最快的公司之一，該公司完全致力於我們的產品線。您剛簽了一位新客戶，名叫戴爾，他也承諾今後繼續與我們合作。坦白說，我們的客戶獲取工作尚未完成。我們在全球仍有許多客戶尚未簽約，我們相信在 2007 年我們還會看到更多客戶簽約。

So yes, I recognize and I admit that there will be some short-term shareholders who are going to experience some concern and agony over a quarter or two where things don't go perfect. But we're confident, and we're hoping that we can convey that to you. We already conveyed that to our customers, and that is why they are signing up to uses long-term and in big ways.

所以是的，我意識到並承認，如果事情進展不順利，一些短期股東將會在一兩個季度內經歷一些擔憂和痛苦。但我們很有信心，我們希望能夠將這種信心傳達給你們。我們已經向客戶傳達了這一點，這就是他們簽約長期大規模使用的原因。

Doug Freedman, American Technology.

道格‧弗里德曼，美國科技公司。

If you could comment a little bit on any impact that you might have seen over the DDR1 pricing rises in the marketplace, and what impact that might have had on your business? And if you could give us some insights into the percentage of products that are presently supporting DDR1 versus DDR2?

您能否稍微評論一下 DDR1 價格上漲對市場的影響，以及這對您的業務可能產生什麼影響？您能否向我們介紹一下目前支援 DDR1 和 DDR2 的產品百分比？

First, the DDR1 and DDR2 prices have been kind of switching back and forth position over the course of the quarter. I don't think there's a real trend there; it's very spotty. Frankly, my insight in the market tells me that NAND has a bigger impact on DDR pricing than anything else, because a lot of the switching back and forth on the line is between Flash and DDR memory.

首先，DDR1 和 DDR2 的價格在本季一直在來回轉換。我不認為那裡存在真正的趨勢；它非常參差不齊。坦白說，我對市場的洞察告訴我，NAND 對 DDR 定價的影響比其他任何東西都大，因為生產線上的許多切換都是在快閃記憶體和 DDR 記憶體之間進行的。

As far as the second part of your question, there's still a large portion of the server sales that were executed in the third quarter that are based on DDR1 technology because, as you know, the cycles on those projects products are longer. So, even though there has been a lot of announcements from all our key partners of Rev F-based products, the reality is that those products will not hit to market until Q4 and in some cases Q1, and that's all per the plan.

就您問題的第二部分而言，第三季執行的伺服器銷售中仍有很大一部分是基於 DDR1 技術的，因為如您所知，這些專案產品的週期更長。因此，儘管我們所有主要合作夥伴都發布了大量基於 Rev F 的產品公告，但實際情況是，這些產品要到第四季度，有些甚至要到第一季度才會上市，這一切都按照計劃進行。

For the client side, it's essentially converted. Going forward, we are shipping DDR2-enabled products almost exclusively.

對客戶端來說，本質上就是轉換。展望未來，我們幾乎只發售支援 DDR2 的產品。

We have talked quite a bit on the call so far about the Fab 38 plan and expansion and moving into 65-nm. Would I be correct in believing that Fab 38 will be your first 45-nm facility? Any thoughts on how quickly we will be able to move from 65 into 45 nodes?

到目前為止，我們在電話會議上已經談論了很多關於 Fab 38 計劃、擴建和進入 65 奈米的事宜。我可以肯定地說，Fab 38 將成為你們的第一個 45 奈米工廠嗎？您是否想過我們能夠多快從 65 個節點轉移到 45 個節點？

Our plan is to begin to ramp 45-nm products from an output perspective in roughly mid-2008. For the current plan, we will actually start to do that more or less simultaneously between Fab 36 and Fab 38.

我們的計劃是大約在 2008 年中期開始從產量角度提高 45 奈米產品。對於目前的計劃，我們實際上將在 Fab 36 和 Fab 38 之間或多或少同時開始這樣做。

Ross Seymore, Deutsche Bank.

德意志銀行的羅斯·西摩。

Just one quick question, returning to the OEM versus Channel side of the equation. You talked about the OEM business getting up to now greater than 50%. Is there any difference in the margin structure, either on the gross margin line or with some sort of co-marketing dollars below COGS in the SG&A line, that would create different profitability for the customers on the OEM versus the channel side of the business?

只是一個簡單的問題，回到等式的 OEM 與通路方面。您談到 OEM 業務現在已經超過了 50%。無論是毛利率或銷售、一般及行政費用中低於銷貨成本的某種聯合行銷費用，利潤結構上是否存在差異，從而為 OEM 客戶和通路客戶帶來不同的獲利能力？

As we indicated, we have the long-term plan to stabilize our business by having a greater percentage of it derived from OEM. But even within the OEM, of course, there's large marketmakers that are very important, in order to secure long-term visibility on the market. We have made a lot of progress in that direction.

正如我們所指出的，我們有一個長期計劃，即透過增加來自 OEM 的業務比例來穩定我們的業務。但即使在 OEM 內部，當然也存在著非常重要的大型市場製造者，以確保長期的市場知名度。我們在這個方向上已經取得了很大進展。

Now, these customers, as Dirk was pointing out, are participating in various market segments. Typically, they have a wider product range, and participate in many more segments and in some cases many more geographies. So, again, there's no simple answer to your question, because it's a matter of mix -- mix of products and, of course, mix of geographies and, within those, mix of commercial versus consumer segments.

現在，正如德克所指出的，這些客戶正在參與各個細分市場。通常，它們擁有更廣泛的產品範圍，並參與更多的細分市場，在某些情況下涉及更多的地區。所以，再次強調，您的問題沒有簡單的答案，因為這是一個混合的問題——產品混合，當然還有地理混合，以及商業和消費者細分市場的混合。

So overall, it's very clear that the largest customers in the world want to command a premium over the smaller customers in the world. But the reality is that, again, you have to go case-by-case. As far as the cost of supporting those customers, frankly, we put dedicated teams on all of our key accounts, but we also have dedicated teams in the channels. So there's not real large deltas in terms of cost of support between OEMs and channels.

因此，整體而言，很明顯地世界上最大的客戶都希望比世界上較小的客戶享有更高的價格。但現實情況是，你必須根據具體情況來決定。至於支援這些客戶的成本，坦白說，我們在所有主要客戶上都安排了專門的團隊，但我們在通路上也有專門的團隊。因此，原始設備製造商 (OEM) 和通路之間的支援成本差異並不大。

By the way, the channel continues to be -- and will be for a long, long time -- an incredibly important part of our go-to-market strategy. Over the time, Henri and his team have reduced the complexity of working with the channel, and we have now what we believe is a very strong position in that space. When we are growing units, as I mentioned earlier, 35% plus a year, we have an opportunity for those channel partners to still grow, despite the fact that the mix continues to change towards the OEM.

順便說一句，通路仍然是——並且在很長一段時間內都將是——我們行銷策略中極其重要的一部分。隨著時間的推移，亨利和他的團隊降低了與通路合作的複雜性，現在我們在這個領域擁有了非常強大的地位。正如我之前提到的，當我們的銷售量成長 35% 以上時，儘管通路組合繼續向 OEM 轉變，但我們仍有機會讓這些通路合作夥伴實現成長。

Again, in that balance, how do I think about the substitution effect possibly kicking in, where your OEM business is ramping very nicely -- we're all well aware of the Dell side of things. I would imagine some of that is going to be targeted to areas where you already have current success. That 35% unit growth you are talking about -- how do we get our arms around what sort of substitution effect might be impacting you within that 35?

再次，在這種平衡中，我如何看待可能發揮作用的替代效應，您的 OEM 業務正在非常順利地發展——我們都很清楚戴爾方面的情況。我想其中一些將針對您目前已經取得成功的領域。您談到的 35% 的單位成長率——我們如何了解在 35% 的成長率內什麼樣的替代效應可能會對您產生影響？

I think, first, to assume that one customer ramping is automatically going to cannibalize existing business is a place where I'm not right now. It's too early to tell, anyhow, how things are going to shake out from that perspective. Again, go back to Dirk's point -- we are participating in a lot of new markets, whether they are geographies or segments of the market. So that's where most of the growth is going to come, and we're very careful in working with our partners to position each of the new platforms that we're bringing to market to maximize our opportunity.

我認為，首先，我認為一個客戶的成長會自動蠶食現有業務，這是我目前不認同的觀點。無論如何，從這個角度來看，現在判斷事情將會如何發展還為時過早。再次回到德克的觀點——我們正在參與許多新市場，無論是地理區域還是市場區隔。因此，大部分成長將來自這裡，我們非常謹慎地與合作夥伴合作，定位我們推向市場的每個新平台，以最大限度地利用我們的機會。

Fair enough. Then, the final question, to go back to a topic that has been hit on a couple times. You have mentioned about your customers dictating the expansion in your capacity, and you are building along the lines of their desires. Given the capital constraints that that might put you under -- what sort of reassurance or assurances can they give you on the pricing side of the equation? I would assume there's got to be a point at which they want capacity, but they also want the lowest-priced microprocessors they can get. So they have to have a balance with you being profitable. Help us understand how that trade-off works.

很公平。然後，最後一個問題，回到已經討論過幾次的話題。您曾提到，您的客戶要求擴大您的產能，而您正在按照他們的願望進行建造。考慮到這可能會給您帶來資本限制——他們可以在定價方面給您什麼樣的保證？我認為他們既想要容量，又想要盡可能最低價的微處理器。因此他們必須在盈利和你之間取得平衡。幫助我們理解這種權衡是如何進行的。

Well, I am not aware of any plan that we have built with any customer or any partner that, over a period of time, does not show a reasonable return to our shareholders and is financially sound. If that were not the case, we would not be able to do it.

嗯，我不知道我們與任何客戶或合作夥伴制定的任何計劃在一段時間內沒有給我們的股東帶來合理的回報並且在財務上是健全的。如果不是這樣，我們就無法做到這一點。

Fair enough, thank you.

夠公平，謝謝。

Great, thanks. We will conclude the call. I look forward to seeing everyone at our analyst day on December 14th.

太好了，謝謝。我們將結束通話。我期待在 12 月 14 日的分析師日上見到大家。

Thank you. This concludes Advanced Micro Devices' third-quarter 2006 earnings conference call. You may now disconnect your lines at this time, and have a wonderful evening.

謝謝。至此，美國超微公司 2006 年第三季財報電話會議結束。現在您可以斷開線路，享受美好的夜晚。