AMD 2023 Q1 Earnings Call
发布时间 2023-05-03 09:26:24 来源
中英文字稿 
Hello and welcome to the AMD first quarter 2023 earnings conference call. If anyone should require operator assistance please press star zero under telephone keypad. A question and answer session will follow the formal presentation. As a reminder this conference is being recorded.
欢迎参加 AMD 2023 年第一季度收益电话会议。如果有人需要操作员协助，请在电话键盘上按星号零。正式演示后将进行问答环节。请注意，本次电话会议正在录音。
It's time my pleasure to turn the call over to Ruth Cotter. Please go ahead Ruth. Thank you and welcome to AMD's first quarter 2023 financial results conference call. By now you should have had the opportunity to review a copy of our earnings press release and accompanying slide wear. If you've not reviewed these documents they can be found on the investor relations page of AMD.com. We will refer primarily to non-gap financial measures during this call. The full non-gap to gap reconciliation are available in today's press release and slides posted on our website.
现在，我很荣幸地将通话转给Ruth Cotter。请开始发言，Ruth。非常感谢大家参加AMD 2023年第一季度财务业绩电话会议。相信你们已经有机会阅读我们的盈利新闻公告和相关幻灯片了。如果你还没有阅读这些文件，可以在AMD.com的投资者关系页面上找到它们。在本次通话中，我们主要参考非财务指标。完整的非财务指标与财务指标调和表可在今天发布的新闻公告和网站上发布的幻灯片中找到。
Participants on today's conference call are Dr Lisa Sue, our chair and chief executive officer and Jean Hu are executive vice president, chief financial officer and treasurer. This is a live call and will be replayed via webcast on our website. Before we begin today's call we would like to note that Jean Hu will attend the JP Manual Technology Media and Communications Conference on Tuesday May 23rd. Dan McNamara, Senior Vice President and General Manager Server Business Unit will attend the Bank of America Global Technology Conference on Tuesday June 6th. And our second quarter 2023 quiet time is expected to begin at the close of business on Friday June 16th.
今天的电话会议参与者包括我们的主席兼首席执行官Lisa Sue博士和执行副总裁、首席财务官和财务主管Jean Hu。这是一次直播电话会议，并将通过我们的网站进行回放。在开始今天的电话会议之前，我们想要提醒大家，Jean Hu将于5月23日星期二参加JP Manual Technology Media and Communications Conference。高级副总裁兼服务器业务总经理Dan McNamara将于6月6日星期二参加美国银行全球技术会议。而我们的2023年第二季度静默期将于6月16日周五下班前开始。
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 materially. Now with that I'll hand the call over to Lisa.
今天的讨论包含基于当前信仰、假设和期望的前瞻性声明，仅代表今天的情况，因此涉及风险和不确定性，可能会导致实际结果与我们目前的期望有很大的差异。请参考我们的新闻发布会中的警示声明，以获取更多有关可能导致实际结果差异的因素的信息。现在，我将把话筒递给丽莎。
Thank you Ruth and good afternoon to all those listening in today. We executed very well in the first quarter as we delivered better than expected revenue and earnings in a mixed demand environment, launched multiple leadership products across our businesses and made significant progress accelerating our AI roadmap and customer engagement across our portfolio.
谢谢你，Ruth。下午好，所有收听今天演讲的人们。我们在第一季度表现出色，以超出预期的收入和利润，在需求不稳定的环境中推出了多项业务领先产品，并在加速我们的人工智能路线图和客户参与方面取得了重大进展。
First quarter revenue was 5.4 billion, a decrease of 9% year over year. Sales of our data center and embedded products contributed more than 50% of overall revenue in the quarter as cloud and embedded revenue grew significantly year over year. Looking at the first quarter business results, data center segment revenue of 1.3 billion was flat year over year with higher cloud sales offset by lower enterprise sales.
第一季度收入为54亿美元，同比下降9%。数据中心和嵌入式产品的销售贡献超过了总收入的50%，因为云和嵌入式收入同比大幅增长。就第一季度业绩而言，数据中心业务收入13亿美元同比持平，云销售增长抵消了企业销售下降。
In cloud the quarter played out largely as we expected. FX CPU sales grew by a strong double digit percentage year over year but declines sequentially as elevated inventory levels with some MDC customers resulted in a lower sell in 10 for the quarter. Against this backdrop we were pleased that the largest cloud providers further expanded their AMD deployments in the quarter to power a larger portion of their internal workloads and public instances.
在云计算领域，这一季度的表现基本符合我们的预期。FX CPU销售同比增长了强劲的两位数百分比，但由于某些MDC客户库存水平升高导致季度销售下降。在这种背景下，我们很高兴看到最大的云服务提供商在此季度进一步扩大了他们的AMD部署，以为其内部工作负载和公共实例提供更多动力。
28 new AMD instances launched in the first quarter including multiple confidential computing offerings from Microsoft Azure, Google Cloud and Oracle Cloud that take advantage of the unique security features of our epic processors. In total we now have more than 640 AMD powered public instances available. Enterprise sales declined year over year and sequentially as end customer demand soften due to near term macro economic uncertainty.
在第一季度，AMD推出了28款新的实例，包括多款来自Microsoft Azure、Google Cloud和Oracle Cloud的机密计算提供方案，充分利用我们epic处理器的独特安全功能。总体而言，我们现在拥有超过640个由AMD提供支持的公共实例。由于近期宏观经济环境不确定性导致最终用户需求减弱，企业销售同比和环比均有所下降。
We continued growing our enterprise pipeline and closed multiple wins with Fortune 500 automotive technology and financial companies in the quarter. We made strong progress in the quarter ramping our Zen 4 FX CPU portfolio. All of our large cloud customers have Genoa running in their data centers and are on track to begin broad deployments to power their internal workloads and public instances in the second quarter.
我们在这一季度继续拓展我们的企业业务，并与多个财富500强的汽车科技和金融公司取得了合作。我们在这一季度在Zen 4 FX CPU产品组合方面取得了重要进展。所有我们的大型云客户都已在他们的数据中心中安装了Genoa，并计划在第二季度开始广泛部署以支持他们的内部工作负载和公共实例。
For the enterprise Dell HPE Lenovo Supermicro and other leading providers entered production on new Genoa server platforms that complement their existing third gen epic platforms. We are on track to launch Bergamo our first cloud native server CPU and Genoa X our fourth gen epic processor with 3d chiplets for leadership and technical computing workloads later this quarter.
戴尔、HPE、联想、超微等企业领导者进入了新款Genoa服务器平台的生产，这些平台是为了补充现有的第三代超级平台的。我们将按计划在本季度后期推出Bergamo，这是我们的第一个云原生服务器CPU，以及Genoa X，我们的第四代超级处理器，采用3D芯片组，适用于领先和技术计算工作负载。
Although we expect server demand to remain mixed in the second quarter we are well positioned to grow our cloud and enterprise footprint in the second half of the year based on the strong customer response to the performance and TCO advantages of Genoa Bergamo and Genoa X.
尽管我们预计第二季度服务器需求将保持不稳定，但我们仍有良好的机会在下半年扩大我们的云端和企业版图，因为Genoa Bergamo和Genoa X的高性能和TCO优势得到了客户的强烈响应。
Now looking at our broader data center business in networking Microsoft Azure launched their first instance powered by our Pensando DPU and software stack that can significantly increase application performance for networking intensive workloads by enabling 10X more connections per second compared to non accelerated instances. We expanded our data center product portfolio with the launch of our first ASIC based alvio data center media accelerator that supports 4 times the number of simultaneous video streams compared to our prior generation. In supercomputing the Max Planck society announced plans to build the first supercomputer in the EU powered by fourth gen epic CPUs and instinct MI300 accelerators that is expected to deliver a three times increase in application performance and significant TCO improvements compared to their current system. Our AI activities increased significantly in the first quarter driven by expanded engagements with a broad set of data center and embedded customers. We expanded the software ecosystem support for our instinct GPUs in the first quarter highlighted by the launch of the widely used PyTorch 2.0 framework which now offers native support for a rockham software. In early April researchers announced they used the looming supercomputer powered by third gen epic CPUs and instinct MI250 accelerators to train the largest finished language model today. Customer interest has increased significantly for our next generation instinct MI300 GPUs for both AI training and inference of large language models. We made excellent progress achieving key MI300 silicon and software readiness milestones in the quarter and were on track to launch MI300 later this year to support the El Capitan Exascale supercomputer win at Lawrence Livermore National Laboratory and large cloud AI customers. To execute our broad AI strategy and significantly accelerate this key part of our business we brought together multiple AI teams from across the company into a single organization under Victor Peng. The new AI group has responsibility for owning our end-to-end AI hardware strategy and driving development of a complete software ecosystem including optimized libraries models and frameworks spanning our full product portfolio.
现在，我们来看看我们在网络数据中心业务方面更广泛的情况。微软Azure推出了首个由我们的Pensando DPU和软件堆栈驱动的实例，能够显著提高网络密集型工作负载的应用性能，使每秒连接数比非加速实例高出10倍。我们通过推出基于ASIC的alvio数据中心媒体加速器来扩展我们的数据中心产品组合，支持与我们之前一代相比同时播放4倍的视频流。在超级计算方面，马普学会宣布计划建造欧盟第一台由第四代epic CPU和instinct MI300加速器驱动的超级计算机，预计与当前系统相比可以提供三倍的应用性能和显著的成本效益改进。我们的人工智能活动在第一季度与广泛的数据中心和嵌入式客户扩展的推动下显著增加了。我们在第一季度扩大了对我们的instinctGPU的软件生态系统支持，其中重点推出了广泛使用的PyTorch 2.0框架，现在提供对rockham软件的本机支持。4月初，研究人员宣布他们使用由第三代epic CPU和instinct MI250加速器驱动的即将到来的超级计算机训练了目前最大的完整语言模型。对于我们下一代instinct MI300GPU的客户兴趣显著增加，可以用于大型语言模型的AI训练和推断。我们在本季度在实现关键的MI300硅和软件准备里程碑方面取得了卓越进展，并计划今年晚些时候推出MI300以支持El Capitan Exascale超级计算机的赢得，并为大型云AI客户提供支持。为了执行我们广泛的AI战略并显著加速我们业务的关键部分，我们将公司各个AI团队纳入维克多·彭领导的一个单一组织中。新的AI团队负责拥有我们的端到端AI硬件战略，并推动开发一个完整的软件生态系统，其中包括为我们全面的产品组合优化的库、模型和框架。
Now turning to our client segment, revenue declined 65% year-over-year to 739 million as we shipped significantly below consumption to reduce downstream inventory. As we stated on our last earnings call we believe the first quarter was the bottom four client processor business. We expanded our leadership desktop and notebook processor portfolio significantly in the quarter. In desktops we launched the industry's fastest gaming processors with our Ryzen 7000X3D series CPUs that combine our Zen 4 core with industry leading 3D-chiplit packaging technology. In mobile the first notebooks powered by our Dragon Range CPUs launched a strong demand with multiple third-party reviews highlighting how our 16 core Ryzen 9-7945 HX CPU is now the fastest mobile processor available. We also ramped production of our Zen 4 base Phoenix Ryzen 7040 series CPUs in the first quarter for Ultra-Thin and Gaming notebooks to support the more than 250 Ultra-Thin gaming and commercial notebook design wins on track to launch this year from Acer, Asus, Dell, HP and Lenovo. Looking at the year we continue to expect the PC-TEM to be down approximately 10% for 2023 to approximately 260 million units. Based on the strength of our product portfolio we expect our client CPU sales to grow in the second quarter and in the seasonally stronger second half of the year.
现在转向我们的客户细分市场，由于我们大大降低下游库存，出货量显著低于消费量，导致收入同比下降65％至73.9亿美元。正如我们在上一季度财报电话会议上所述，我们认为这一季度是客户处理器业务的低谷。我们在本季度大大扩展了我们的桌面和笔记本处理器产品组合。在桌面上，我们推出了业界最快的游戏处理器Ryzen 7000X3D系列CPU，该处理器将我们的Zen 4核心与行业领先的3D芯片封装技术结合了起来。在移动端，由我们的Dragon Range CPU提供动力的第一批笔记本电脑受到了强烈的需求，多个第三方评测强调了我们的16核Ryzen 9-7945 HX CPU现在是最快的移动处理器。我们还在第一季度增加了Zen 4基础版Phoenix Ryzen 7040系列CPU的生产，以支持Acer、Asus、戴尔、惠普和联想等公司今年即将推出超薄游戏和商用笔记本电脑的250多个设计赢得。展望整个2023年，我们仍然预计PC-TEM销售量将下降约10％至约2.6亿台。基于我们产品组合的强大实力，我们预计我们的客户CPU销售将在第二季度以及季节性较强的下半年增长。
Now turning to our gaming segment revenue declined 6% year over year to 1.8 billion as higher semi-custom revenue was offset by lower gaming graphics sales. Semicustom SLC revenue grew year over year as demand for premium consoles remained strong following the holiday cycle. In gaming graphics channel self-true of our radion 6000 and radion 7000 series GPUs increased sequentially. We saw strong sales of our high-end radion 7900 XTX GPUs in the first quarter and were on track to expand our RDNA3 GPU portfolio with the launch of new mainstream radion 7000 series GPUs this quarter.
转向我们的游戏部分，我们的收入同比下降了6％，达到18亿美元，由于半定制收入增加，但游戏图形销售下降。半定制SLC收入同比增长，因为节日销售后，对高端游戏机的需求持续强劲。在游戏图形通道中，我们的Radion 6000和Radion 7000系列GPU的自身销售呈顺序递增趋势。我们在第一季度看到了高端Radion 7900 XTX GPU的强劲销售，并计划在本季度推出新的主流Radion 7000系列GPU，以扩展我们的RDNA3 GPU组合。
Looking at our embedded segment revenue increased significantly year over year to a record 1.6 billion. We saw strength across the majority of our embedded markets led by increased demand from industrial vision and healthcare, test and emulation, communications, aerospace and defense, and automotive customers. Demand for our adaptive computing solutions continues to grow as industrial vision and healthcare customers actively work to add more advanced compute capabilities across their product lines. We also released new virus AI software libraries to enable advanced visualization and AI capabilities for our medical customers and launched our next generation Crea platform that provides a turnkey solution to deploy our leadership adaptive computing capabilities for smart camera, industrial and machine vision applications.
我们的嵌入式市场收入在去年显著增长，创下了16亿的纪录。我们看到在工业视觉和医疗、测试和仿真、通信、航空和国防以及汽车客户等大部分嵌入式市场都有增长的趋势。工业视觉和医疗客户努力在他们的产品线上增加更高级别的计算能力，使得我们适应性计算解决方案的需求不断增长。我们还发布了新的病毒AI软件库，为我们的医疗客户提供先进的可视化和AI功能，并推出我们的下一代Crea平台，为智能相机、工业和机器视觉应用提供完整的解决方案以部署我们领先的适应性计算能力。
In communications, we saw strength with wired customers as new infrastructure design winds ramped into production. We also launched Zinc RF-SOC products to accelerate 4G and 5G radio deployments in cost-sensitive markets and formed our first telco solutions lab to validate end-to-end solutions based on AMDC CPUs, adaptive SOCs, FPGA's, DPUs and software. In automotive, deployments of our adaptive silicon solutions for high-end ADAS and AI features grew in the quarter, highlighted by Subaru rolling out its AMD-based iSight 4 platform across their full range of vehicles. In addition, we expanded our embedded processor portfolio with the launches of Ryzen 5000 and Epic 9000 embedded series processors with leadership performance and efficiency as we focus on growing share in the security, storage, edge server and networking markets. Looking more broadly across our embedded business, we are making great progress in bringing together our expanded portfolio and scale to drive deeper engagements with our largest embedded customers.
在通信领域，随着新基础设施设计逐步投入生产，我们看到有线客户的实力增强。我们还推出了Zinc RF-SOC产品，以加速成本敏感市场的4G和5G无线电部署，并成立了第一个电信解决方案实验室，验证基于AMDC CPU、自适应SOC、FPGA、DPU和软件的端到端解决方案。在汽车领域，我们的自适应硅解决方案部署用于高端ADAS和人工智能功能，该功能在第一季度得到了增长，其中Subaru推出了基于AMD的iSight 4平台，覆盖其所有车型。此外，我们还推出了Ryzen 5000和Epic 9000嵌入式系列处理器，并扩展了嵌入式处理器组合，以领导性能和效率为重点，专注于在安全、存储、边缘服务器和网络市场扩大份额。从更广泛的嵌入式业务来看，我们正在取得巨大进展，将扩展的组合和规模结合起来，以与我们最大的嵌入式客户进行更深入的合作。
In summary, I'm pleased with our operational and financial performance in the first quarter. In the near term, we continue to see a mixed-demand environment based on the uncertainties in the macro environment. Based on customer demand signals, we expect second quarter revenue will be flatish sequentially with growth in our client and data center segments offset by modest declines in our gaming and embedded segments. We remain confident in our ability to grow in the second half of the year driven by adoption of our Zen 4 product portfolio, improving demand trends in our client business and the early ramp of our instinct MI 300 accelerators for HPC and AI.
总之，我对我们第一季度的业务和财务表现感到满意。短期内，由于宏观环境的不确定性，我们继续看到需求环境呈现混合状态。根据客户需求信号，我们预计第二季度收入在客户和数据中心业务增长的同时，游戏和嵌入式业务将略有下降，整体趋势将趋于平稳。我们对自己增长的能力充满信心，因为我们将推广Zen4产品组合，改善客户业务的需求趋势，以及早期启动针对高性能计算和人工智能的Instinct MI 300加速器。
Looking longer term, we have significant growth opportunities ahead based on successfully delivering our roadmaps and executing our strategic data center and embedded properties led by accelerating adoption of our AI products. We are in the very early stages of the AI computing error and the rate of adoption and growth is faster than any other technology in recent history. And as the recent interest in generative AI highlights, bringing the benefits of large language models and other AI capabilities to cloud, edge and endpoints requires significant increases in compute performance. AMD is very well positioned to capitalize on this increased demand for compute based on our broad portfolio of high performance and adaptive compute engines. The deep relationships we have established with customers across a diverse set of large markets and our expanding software capabilities. We are very excited about our opportunity in AI. This is our number one strategic priority and we are engaging deeply across our customer set to bring joint solutions to the market led by our upcoming instinct MI 300 GPUs. Ryzen 7040 series CPUs with Ryzen AI, zinc ultra scale plus MPSOCs, LVOV 70 data center inference accelerators, and versatile AI adaptive data center and edge SOCs.
从长远的角度来看，我们面临着重大的增长机遇，这是基于我们成功地实现了路线图和执行了我们的战略数据中心和嵌入式产品，还因为我们会加速智能产品的采用。我们处在AI计算时代的非常早期，而其采用率和增长速度比近期历史上的任何其他技术都要快。就像最近对生成AI的兴趣所凸显的一样，将大型语言模型和其他AI能力的好处带到云端、边缘以及端点需要大幅提高计算性能。AMD非常有能力利用这种对计算能力的需求增加，这是基于我们广阔的高性能和适应性计算引擎组合。我们在许多大市场建立了业务伙伴关系，而这些关系正不断扩大，同时也拥有更多软件能力。我们对于我们在AI方面的机遇感到非常兴奋。这是我们的头等战略重点，我们正在与客户深入合作，通过我们即将推出的Instinct MI 300 GPU带领市场提供联合解决方案。我们还有Ryzen 7040系列CPU、 Ryzen AI、锌超大规模MPSOC、LVOV 70数据中心推理加速器以及多功能AI自适应数据中心和边缘SOC。
I look forward to sharing more about our AI progress over the coming quarters as we broaden our portfolio and grow this strategic part of our business. Now I'd like to turn the call over to Jean to provide some additional color on our first quarter results.
我期待在未来的几个季度中分享我们的AI进展情况，随着我们扩展我们的产品组合并发展我们业务的战略部分。现在我想把电话交给Jean，让他就我们第一季度的业绩进行一些额外的说明。
Jean? Thank you, Lisa. In the good afternoon, everyone. I'll start with a review of our financial results for the first quarter and then provide our current outlook for the second quarter of fiscal 2023. As a reminder, for comparative purposes, first quarter 2022 results included the only partial quarter financial results from the acquisition of the ZIMC, which closed in February 2022.
大家好，下午好。首先，我将回顾我们在第一季度的财务成果，然后提供关于财政2023年第二季度的最新展望。需要提醒的是，为了比较，第一季度2022年的结果包括了ZIMC收购的部分季度财务结果，收购于2022年2月结束。
Revenue in the fourth quarter was 5.4 billion, a decrease of 9% year-over-year, as embedded segmented strengths was offset by lower client segment revenue. Gold margin was 50% down 2.7% to point from a year ago, primarily impacted by client segment performance. Operating expenses were 1.6 billion increasing 18% year-over-year, primarily due to inclusion of full quarter of expenses from ZIMC and the Pansendo acquisition. Operating income was 1.1 billion, down 739 million year-over-year, and the operating margin was 21%. Intrace expense, taxes, and other was 128 million. For the first quarter that voted the earning per share was 60 cents, due to better than expected revenue and operating expenses.
第四季度收入为54亿美元，同比下降9%，由于客户细分市场收入下降，嵌入式细分市场的强劲表现被抵消。黄金利润率为50%，较去年同期下降2.7个百分点，主要受客户细分市场表现的影响。营业费用为16亿美元，同比增长18%，主要是由于ZIMC和Pansendo收购的全季度费用的纳入。营业利润为11亿美元，同比下降7.39亿美元，营业利润率为21%。内部费用、税收和其他费用为1.28亿美元。对于投票选举的季度，每股收益为60美分，因预期之外的收入和营业费用表现更佳。
Now turning to our reputable segment for the first quarter. Starting with the data center segment, revenue was 1.3 billion, flat year-over-year, driven primarily by higher sales of epic processors to cloud customers, offset by lower enterprise server processors sales. Data center segment operating income was 148 million, or 11% of revenue, compared to 427 million, or 33% year ago. Lower operating income was primarily due to product mix and increased the R&D investment to address larger opportunities ahead of us.
现在，我们来看一下我们值得信赖的第一季度部分。首先看数据中心部门，收入为13亿美元，与上一年持平，主要因云客户对史诗处理器销量的提高所致，抵消了企业服务器处理器销售下降的影响。数据中心部门的运营收入为1.48亿美元，占收入的11%，相比去年同期的4.27亿美元或33%，运营收入降低。收入下降主要是因为产品结构混合以及为了应对面临的更大机遇而增加的研发投资。
Client segment revenue was 739 million, down 65% year-over-year, as we shipped significantly below consumption to reduce downstream inventory. We expected improvement in second quarter Client segment revenue and a seasonal may stronger second half. Client segment operating loss was 172 million, compared to operating income of 6 century and 92 million a year ago, primarily due to lower revenue.
客户细分市场收入为7.39亿美元，同比下降65％，因为我们出货量显著低于消费，以减少下游库存。我们预计第二季度客户细分市场收入将有所改善，并有一个季节性更强的下半年。客户细分运营亏损为1.72亿美元，而去年同期运营收入为6.92亿美元，主要是由于收入下降。
Gaming segment revenue was 1.8 billion, down 6% year-of-year. Seymour customer revenue grew double digit percentage year-of-year, which was more than offset by lower gaming graphics revenue. Gaming segment operating income was 314 million, or 18% of revenue, compared to 358 million, or 19% year ago. The decrease was primarily due to lower gaming graphics revenue.
游戏业务营收为18亿美元，同比下降6%。与去年相比，西摩（Seymour）客户营收增长了两位数百分比，但较低的游戏图形营收抵消了这一增长。游戏业务运营收入为3.14亿美元，占营收的18%，较去年的3.58亿美元或19%下降。这主要是由于游戏图形营收下降所致。
In better segment revenue was 1.6 billion, up 967 million year-of-year, primarily due to full-quarter over-signing revenue and the strong performance across multiple end-markets. In better segment operating income was 798 million, or 51% of revenue, compared to 277 million of 46% a year ago, primarily driven by the inclusion of a full-quarter over-signing.
在业务更好的细分领域，收入为16亿美元，同比增加9.67亿美元，主要是因为全季度的超额签约收入和多个终端市场的强劲表现。在业务更好的细分领域，营业收入为7.98亿美元，占收入的51%，而一年前为2.77亿美元的46%，主要是由于全季度超额签约的包含。
Turning to the balance sheet and the cash flow. During the quarter, we generated 486 million in cash from operations, reflecting our strong financial model despite the mixed demand environment. Three cash flow was 300 and 28 million. In the first quarter, we increased the inventory by 464 million, primarily in anticipation of the ramp of new data center and the Client product, in advance to process notes. At the end of the quarter, cash, cash equivalent, and the short term investment were 5.9 billion, and we returned 241 million to share holders through share purchases. We have a 6.3 billion in remaining authorization for share purchases.
我们回顾一下资产负债表和现金流。在这个季度，尽管市场需求环境有些混合，但我们强劲的财务模式仍帮助我们创造了4.86亿现金流。我们的自由现金流是3.28亿。在第一季度，我们增加了4.64亿的存货，主要是为预料到的新数据中心和客户产品的推广提前做好了处理准备。季末，我们持有款项、现金和短期投资总额为59亿，我们通过股票回购向股东返还了2.41亿。我们还有63亿的授权剩余可用于股票回购。
In summary, in an uncertain micro-economic environment, the AMD team execute very well, delivering by-trading expected top-line revenue and earnings. Now turning to our second quarter, 2023 outlook. We expect revenue to be approximate by 5.3 billion plus or minus 300 million. A decrease of approximately 19% year-of-year, and approximately flat sequentially. Year-of-year, we expect the Client, Gaming, and the data center segments to decline, partially offset by embedded segment growth. Sequentially, we expect Client and data center segment growth to be offset by modest gaming and the embedded segment to decline. In addition, we expect Nangab growth margin to be approximately 50%. Nangab already expenses to be approximately 1.6 billion. Effective tax rate to be 13%, and the diluted share count is expect to be approximately 1.62 billion shares.
总的来说，在一个不确定的微观经济环境中，AMD团队表现出色，达到了预期的收入和盈利。现在转向我们2023年第二季度的展望。我们预计收入将在53亿左右，上下波动300百万。同比下降约19％，顺序上大致相同。同比，我们预计客户端、游戏和数据中心细分市场将下降，而嵌入式细分市场增长部分抵消。顺序上，我们预计客户端和数据中心细分市场的增长将被适度的游戏和嵌入式细分市场下降所抵消。此外，我们希望Nangab增长率将约为50％。Nangab的费用将约为16亿美元。有效税率为13％，预计稀释后股数将约为16.2亿股。
In closing, I'm pleased to read out strong top-line and the bottom-line execution. We have a very strong financial model and will continue to invest in our long-term strategic priorities, including accelerating our AI offerings to drive sustainable value creation over the long-term. With that, I'll turn it back to Ruth for Q&A session. Thank you, Jane, and Kevin, we're happy to pull the audience for questions.
最后，我很高兴宣布我们的总体执行力和收益都非常强。我们有着非常强大的财务模型，将继续投资于我们的长期战略重点，包括加速我们的人工智能产品，以推动可持续的长期价值创造。
好的，现在我将把话题转回到 Ruth，让他接着来进行问答环节。谢谢，Jane 和 Kevin，我们很乐意接受听众提问。
Thank you. We're now beginning to talk about a question and answer session. We ask you, please ask one question, one follow-up, and return to the Q. If you'd like to be placed in the question, Q, please press star one at this time. A confirmation tone will indicate your line is in the question, Q. You may press star two if you'd like to remove your question from the Q. One moment, please, what we pull for questions.
谢谢。现在我们开始讨论提问和回答环节。我们要求您，请提出一个问题、一个后续问题，并回到"Q"的问题。如果您想要加入问题Q，请此时按*1。确认音会提示您的电话线路已加入问题Q。如果您想要将问题移出问题Q，请按*2。请稍等，我们会为问题做准备。
Our first question today is coming from the Zekaria from Bank of America. Your line is now live. Thanks for the question. For my first one, Lisa, when I look at your full-lear data center outlook for some growth, that implicitly suggests data center could be up 30% in the second half versus the first half. I'm curious, what is your confidence and visibility and some of the assumptions that go into that view? Is it, you think there is a much bigger ramp in the new products? Is it enterprise? The recovery is it pricing? Just give us a sense for how we should think about the confidence and visibility of this strong ramp that is implied in your second half data center outlook.
今天的第一个问题来自银行家Zekaria，你现在可以发言了。感谢你的问题。我的第一个问题是，Lisa，在你的数据中心全景展望中，你预测增长，这意味着数据中心在下半年比上半年可能增长30%。我很好奇，你对这个观点的信心和可见度以及一些假设是什么？你认为是新产品的增长更大吗？还是企业的复苏？价格？只是让我们了解一下这个强劲增长的信心和可见度如何。
All right, so, in fact, thanks for the question. Maybe let me give you some context on what's going on in the data center right now. First of all, we have said that it's a mixed environment in the data center. The first half of the year, there are some of the larger cloud customers that are working through some inventory and optimization as well as a weaker enterprise. As we go into the second half of the year, we see a couple things.
好的，事实上，感谢您的问题。或许让我先给您一些关于数据中心现在的背景。首先，我们说数据中心是一个混合环境。上半年，一些大型云客户正在处理一些库存和优化问题，同时企业市场也较为疲弱。当我们进入下半年，我们看到了一些情况。
First, our roadmap is very strong. So the feedback that we're getting working with our customers on Genoa, it's ramping well. It is very differentiated in terms of TCO and overall performance. So we think it's very well positioned. Much of the work that we've done in the first half of the year, in the first quarter, and here in the second quarter is to ensure that we complete all of that work such that we can ramp across a broader set of workloads as we go into the second half of the year. And then I would say, from an overall market standpoint, I think enterprise will still be mixed with the notion that we expect some improvement, depends a little bit on the macro situation.
首先，我们的路线图非常强大。与我们的客户合作开发 Genoa 时得到的反馈非常不错，它在TCO和整体性能上非常独特。因此，我们认为它处于非常良好的位置。在上半年、第一季度和第二季度的大部分工作都是为了确保我们完成所有这些工作，这样我们就可以在下半年扩展更广泛的工作负载。然后我想说的是，从整体市场的角度来看，我认为企业仍然会有好坏参半的情况，我们希望能有所改善，但这也依赖于整体宏观情况。
And then as we go into the second half of the year, in addition to Genoa, we're also ramping Bergamo. So that's on track to launch here in the second quarter and we'll ramp in the second half of the year. And then as we get towards the end of the year, we also have our GPU ramp of MI300. So with that, we start the ramp in the fourth quarter of our supercomputing wins as well as our early cloud AI wins. So those are all the factors, of course, we'll have to see how the year plays out. But we feel very good about how we're positioned from an overall product and roadmap standpoint for data center.
接下来，当我们进入下半年，除了热那亚，我们也将加速推广贝尔加莫。所以它计划在第二季度推出，并将在下半年加速推广。然后当我们走向年底时，我们还会推广我们的GPU MI300。因此，我们将在第四季度开始加速推广超级计算机和早期的云AI获胜。当然，这些都是因素，我们必须看到今年的情况如何发展。但是，就数据中心的整体产品和路线图而言，我们感到非常满意。
And for my follow up, Lisa, how do you see the market share evolves in the data center in the second half? Do you think that the competitive gap between your and your competitors' products has that knadled? Or you still think that in the second half, you have a chance to gain market share in the data center?
接下来，Lisa，请问你认为下半年数据中心市场份额的变化趋势是怎样的？你认为你的产品与竞争对手之间的竞争差距是否得到缩小？还是你认为在下半年你们有机会在数据中心市场获得更多的市场份额？
Yeah, absolutely. Well, I mean, we've gained share nicely, you know, over the last four years. When you look at our data center progression, it's actually been pretty steady. As we go into the second half of this year, I think we continue to believe that we have a very strong competitive position. So we do think that positions as well to gain share, you know, in the conversations that we're having with customers, I think they're enthusiastic about Zen4 and what it can bring into, you know, cloud workloads as well as enterprise workloads. I think actually general is extremely well positioned for enterprise where we have been underrepresented. So we feel good about the roadmap. I mean, obviously it's competitive, but we feel a very good about our ability to continue to gain share.
是的，完全正确。我们在过去四年里取得了不错的市场份额增长。从我们的数据中心发展情况来看，进展非常稳定。进入今年下半年，我们仍然相信我们有非常强大的竞争优势。因此，我们认为有能力在与客户的谈判中获得更多市场份额。我们认为Zen4在云工作负载和企业工作负载方面能够带来巨大的优势，客户对此也非常期待。在企业市场方面，我们有着极好的定位，但我们的市场份额仍有待提升。我们对未来规划感到自信，虽然市场竞争激烈，但我们能够持续获得市场份额。
Thank you, Lisa. Thank you. Next question is coming from Toshiyahari from Goldman Sachsville. Is that live? Hi, good afternoon. Thank you so much for taking the question. Lisa, I wanted to ask about the embedded business.
谢谢，Lisa。非常感谢。下一个问题来自Goldman Sachsville的Toshiyahari。这是实况直播吗？下午好。非常感谢您回答问题。Lisa，我想询问嵌入式业务。
It's been a really strong business for you since the acquisition of Zylinx. You're guiding the business down sequentially in Q2. Is this sort of the macro, you know, slash cycle kicking in or is it something supply related? If you can kind of expand on, you know, the Q2 outlook there on your expectations of the second half, that would be helpful.
自从收购赛灵思以来，您的业务一直非常强劲。您在第二季度逐步降低了业务指导。这是宏观经济周期启动还是供应相关的问题？如果您能够进一步扩展，您对下半年的预期和第二季度展望将会有所帮助。
Yeah, absolutely, Toshiyah. So first, thanks for the question. I mean, I think the embedded business has performed extremely well over the last four or five quarters. You know, Q1 was another record for the embedded business. When we look underneath it, there is a broad set of market segments that we have exposure to and the majority of them are actually doing very well. Our thought process for, you know, sort of modest, modest decline into Q2 is that, you know, we did have a bunch of backlog that we're in the process of clearing and that backlog, that backlog will clear in Q2 and then we expect that the growth will moderate a bit.
We still very much like the positioning of sort of our aerospace and defense, our industrial, our test and emulation business, our automotive business. We expect, you know, wireless trends to be a little bit weaker as well as consumer trends. So those are the kind of the puts and takes in the market. But I would say, you know, the business has performed well above our expectations.
是的，谢谢您的提问，Toshiyah。我认为嵌入式业务在过去的四到五个季度中表现非常出色。您知道，第一季度对于嵌入式业务又创下了新纪录。我们对该业务的分析表明，我们面临着广泛的市场细分，并且绝大多数都表现非常出色。我们认为，虽然我们将面临轻微下降的局面，但这是一个可控的局面。原因是我们需要清除一些积压订单。然后我们期望在第二季度这些订单会清除干净，之后增长速度会有所减缓。
我们非常喜欢我们的航空和国防、工业、测试和仿真业务以及我们的汽车业务等领域的定位。我们预计无线趋势和消费者趋势会有所下降。这些都是市场上的一些好处和坏处。但是我想说的是，我们的业务表现优于我们的预期。
That's helpful. Thank you. And then as my follow-up, maybe one for Jean on the Gross margin, you know, side of things, in your slide deck, I think you're guiding Gross margins up half over half in the second half. Can you maybe speak to the puts and takes and, you know, the drivers, as you think about Gross margins over the next six and nine months? Thank you.
这很有帮助。谢谢。接下来，我想问一个关于毛利润方面的问题，可能需要向Jean询问。在你们的演示文稿中，我认为你们正在引导下半年毛利率增长一半以上。你能否谈谈你们在未来六到九个月中考虑毛利率方面的增长动力和影响因素吗？谢谢。
Yeah, thank you for the question. Our Gross margin is primarily driven by makes. If you look at the first half for first quarter performance and second quarter guide, we are very pleased that we did strong Gross margin performance in both the data center and the embedded segment. We haven't been seeing high winds from a client segment impacting our Gross margin. Going to the second half, we do expect Gross margin improvement because the data center is going up and the embedded continue to be relatively strong. The pace of improvement in the second half actually will be largely depend on the client segment.
谢谢您的提问。我们的毛利率主要受制于制造业。如果您看一下第一季度表现和第二季度预测，我们非常高兴在数据中心和嵌入式产品领域都取得了强劲的毛利润表现。我们并没有看到客户群体对我们的毛利率产生高风险影响。进入下半年，由于数据中心正在增长，嵌入式继续相对强劲，我们预计毛利率会有所提高。下半年的改进速度实际上将在很大程度上取决于客户群体。
We think a client segment Gross margin is also going to improve, but overall it's going to be below corporate average. So the pace of improvement of Gross margins could be depend on the pace of the client business recovery in second half. But in the longer term, right, when we look at our business opportunities, the largest incremental revenue opportunities are going to come from the data center and the embedded segment. So we are building very good about the longer term Gross margin going up continuously.
我们认为客户群体的毛利率也将改善，但总体上仍会低于公司平均值。因此，毛利率改善的速度可能取决于下半年客户业务复苏的速度。但从长期来看，当我们看到我们的业务机会时，最大的增量收入机会将来自数据中心和嵌入式市场。因此，我们对长期的毛利率不断提高感到非常乐观。
Very helpful. Thank you. Thank you. Next question is coming from Aaron Rakers from Wells Fargo. Your line is in our line.
非常有帮助，谢谢。谢谢您。下一个问题来自富国银行的Aaron Rakers。请您在我们的线路上发言。
Yeah, thanks for taking the question. I've got to as well. I guess the first question going back on just like the cadence of the server CPU cycle with Genoa and Bergamo. And I think it's great to hear that you guys are on track to launch Bergamo here. But there's been some discussion here throughout this last quarter around some DDR5 challenges. I think there's PMEC issues. I'm just curious if those issues have presented themselves or how you would characterize the cadence of the ramp cycle of Genoa at this point.
谢谢您接受此问题。我也有同样的问题。我想第一个问题是关于Genoa和Bergamo服务器CPU周期的。很高兴听到您们计划在这里发布Bergamo。但是，在这个季度期间，有些关于DDR5挑战的讨论。我认为有PMEC问题。我很好奇这些问题是否已经出现，或者您如何描述Genoa现在的推广周期。
Yeah, sure, Aaron. So yeah, look, I think Genoa, you know, we always said as we launched it, that it would be a little bit more of a longer transition compared to Milan because it is a new platform. So it is the new DDR5. It's PCI Gen 5. And for many of our top customers, they're also doing other things other than upgrading the CPUs. So from that standpoint, I would say the ramp is going about as we expected. We've seen a lot of interest, a lot of customer engineering work that we're doing together in the data centers with our customers. We feel great about the set of workloads and we see expansion in the workloads going forward. Overall, our expectation is particularly as we go into the second half, we'll see Genoa ramp more broadly, but Genoa and Milan are going to coexist throughout the year just given the breadth of platforms that we have.
是的，没错，Aaron。所以，我们在推出Genoa时就说过，它比Milan需要更长时间的过渡期，因为它是一个新平台。因此，它是新的DDR5和PCI第5代。对于我们的许多重要客户来说，他们除了升级CPU之外，还会做其他事情。从这个角度来看，我认为推广速度正在按照我们的预期进行。我们看到许多兴趣，我们和客户一起在数据中心进行工程设计，我们对一系列工作负载感到非常满意，我们也看到工作负载的扩展在未来将继续增加。总的来说，我们的预期特别是进入下半年，Genoa的推广将更加广泛，但由于我们拥有广泛的平台，Genoa和Milan将在全年共存。
Anything specific on the DDR5 questions that come up? And I'm curious, but my second question just real quick is the MI300, if we look out beyond just the LCAPATAN deployment through the course of this year, how do you guys think about success in that data center GPU mark?
有关DDR5的问题，有具体的内容吗？顺便问一下，如果我们超越今年的LCAPATAN部署，关于MI300的数据中心GPU市场，你们认为成功的因素是什么？
Do we think about beyond just LCAPATAN?
我们是否考虑了LCAPATAN之外的事情？意思是说，我们是否考虑了更多的事情，而不仅仅是LCAPATAN？
Yeah, sure, Aaron. So back to the DDR5 question. We haven't seen anything specific on DDR5. It's just normal platform bring up that we're seeing. Now as it relates to your question about MI300, look, we're really excited about the AI opportunity. I think that is success for us is having a significant part of the AI overall opportunity.
是的，没问题，Aaron。回到DDR5的问题上。我们还没有看到有关DDR5的具体消息，只是正在进行正常的平台启动。现在关于你关心的MI300的问题，看，我们非常兴奋地看到AI的机会。我们认为，在AI的整个机会中，我们能取得重大成功。
AI for us is broader than cloud. It also includes what we're doing in client and embedded, but specifically as it relates to MI300. MI300 is actually very well positioned for both HPCs or supercomputing workloads as well as for AI workloads. And with the recent interest in generative AI, I would say the pipeline for MI300 has expanded considerably here over the last few months and we're excited about that.
AI对我们来说比云计算更广泛。它还包括我们在客户端和嵌入式方面的工作，但特别是与MI300相关的工作。MI300实际上非常适合HPC和超级计算工作负载以及AI工作负载。随着最近对生成式AI的兴趣，我会说MI300的管道在过去几个月中在这个领域大大扩展，我们对此感到兴奋。
We're putting a lot more resources. I mentioned on the prepare remarks, the work that we're doing sort of taking our zilings and sort of the overall AMD AI efforts and collapsing them into a one organization that's primarily to accelerate our AI software work as well as platform work. So, success for MI300 is for sure a significant part of the growth in AI in the cloud. And I think we feel good about how we're positioned there.
我们正在投入更多资源。我在准备的发言中提到了我们正在进行的工作，将我们的智能芯片和整个AMD人工智能的努力合并为一个组织，以加速我们的人工智能软件和平台工作。因此，MI300的成功对于云端人工智能的增长肯定是一个重要的部分。我认为我们对我们的位置感到满意。
That's great. Thank you. Thank you. Next question is coming from Matt Ramsey from TD Town. Your line is now live. Oh yes, thank you. Good afternoon everybody.
太好了，谢谢你。谢谢你。下一个问题来自TD镇的马特·拉姆齐。你现在可以发问了。哦，是的，谢谢。大家下午好。
Lisa, my first question, I think just the way the business has trended with enterprise and with China in the data center market being a bit softer recently and it seems like that's kind of continuing into the second quarter. It occurs to me that a big percentage of your data center business, particularly in server in the second half of the year, is going to be driven by US hyper scale. And I guess my question is the level of visibility you have to unit volumes to pricing, to timing of ramps.
Lisa，我的第一个问题是，我认为企业和中国在数据中心市场上的趋势最近有点疲软，似乎这种情况在第二季度仍在持续。我想知道你的数据中心业务的大部分，特别是在服务器方面，下半年将会由美国超大规模推动。我的问题是，你对单元体积、定价、上市时间等方面有多少的可见性。
If you could walk us through that a little bit given, it's customer concentrated. I imagine you'd have some level of visibility and you mentioned growth for the year in data center. If you could be a little bit more precise there, that's a, I understand there's market dynamics, but it's a bit of a vague comment and in terms of just pushed me to ask about quantifying the growth for the year. Thanks.
如果您能稍微详细地解释一下，因为它侧重于客户。我想您会有一定程度的可见性，并且您提到了数据中心的增长。如果您能够再更具体一些，我了解到市场动态，但这是一个有些模糊的评论，让我想要询问如何量化今年的增长。谢谢。
（建议：这句话涉及到一些商业术语，建议在翻译中加上对这些术语的解释或直接根据上下文做出翻译。）
Sure, Matt, thanks for the question. So, look, I think as we work with our largest cloud customers in the data center segments, particularly with our Epic CPUs, we have very good conversations in terms of what their ramp plans are, what their qualification plans are, which workloads, which instances. So I feel that we have good visibility.
当然，Matt，谢谢你的问题。看吧，我认为我们与数据中心领域的大型云客户一起使用我们的Epic CPU时，我们就有很好的交流，讨论他们的预备计划、资格计划、工作负载和实例等方面。因此，我认为我们有良好的视野。
Obviously, some of this is still dependent on overall macro situation and overall demand. But our view is that there is a lot of good progress in the data center. Now in terms of quantification, as I said, there's a lot of puts and takes. My view is that enterprise will improve as we go into the second half, and we're even seeing, I would say some very early signs of some improvement in China as well.
显然，这仍然取决于整体宏观形势和整体需求。但我们的观点是，数据中心取得了很多良好的进展。就数量方面而言，就像我所说的，有很多利与弊。我的看法是，企业将在下半年得到改善，我们甚至也看到一些早期迹象表明中国也在改善。
So our view is, I think, double digit data center growth is what we currently see. And certainly, we would like to ramp Genoa and Bergamo as a large piece given the strength of those products. We'd like to see them grow share over the next couple of quarters. Thank you for that, Lisa. That's helpful.
我们的看法是，目前我们看到双位数的数据中心增长。当然，考虑到Genoa和Bergamo产品的强大性，我们希望它们成为一大部分增长的推动力。我们希望在未来几个季度中增加它们的市场份额。谢谢你的回答，Lisa，这很有帮助。
For my follow-up question, I think in the prepared scripts, we're obviously undershipping self-through to clear the channel in the client business in the first half of the year. And I think the language that was used was seasonal improvements in the second half. So you guys expect to come back to shipping in line with self-throughs, so to stop undershipping demand, and then for on top of that seasonal improvements in the market.
在我的后续问题中，我认为在准备好的脚本中，我们显然正在低估自营业务的通道清理，这在上半年客户业务中是明显的。而且我认为使用的语言是在下半年季节性改善。所以你们希望能够恢复与自营业务同步，以满足需求，然后在市场上增加季节性改善。
Or, and if you could just kind of help me think about the magnitude and the moving pieces in client for the second half. Thanks.
请帮助我思考客户端在下半年的规模和动态。谢谢。
Yeah, so we've been undershipping sort of consumption in the client business for about three quarters now. And certainly our goal has been to normalize the inventory and the supply chain so that shipments would be closer to consumption. We expect that that will happen in the second half of the year.
是的，我们在客户业务的消耗方面已经处于低于预期的状态已有约三个季度了。我们的目标是规范库存和供应链，让货运更贴近消耗量。我们预计在下半年会实现这一目标。
And that's what the comment meant that we believe that there will be improvements in the overall inventory positioning. And then we also believe that the client market is stabilizing. So, you know, Q1 was the bottom for our business as well as for the overall market, you know, from what we see.
这则评论的意思是，我们相信整体库存定位将会有改善。同时，我们也相信客户市场正在稳定。所以，从我们了解的情况来看，对于我们的业务以及整个市场来说，Q1是底部。
Although it'll be a gradual set of improvements, we do see that, you know, the overall market should be better in the second half of the year. We like our product portfolio a lot. You know, I'm excited about, you know, having AI enabled on our, you know, Ryzen 7,000 series.
虽然改善的过程会逐渐展现，但我们认为整体市场在下半年会变得更好。我们非常喜欢我们的产品组合。我对我们的Ryzen 7000系列启用了人工智能感到兴奋。
And we have leadership notebook platforms with Dragon Range.
而且，我们拥有与Dragon Range搭配的领导力笔记平台。这意味着我们可以更好地记录和管理领导力笔记，并提高领导力能力。
You know, our desktop roadmap is also quite strong with our, you know, new launch of the Ryzen 7,000X3D products.
你知道，我们的桌面路线图也非常强大，因为我们推出了全新的Ryzen 7,000X3D产品。
And so, I think, you know, here in the second quarter, we'll still undership consumption a bit.
因此，我认为，在第二季度，我们的销售量仍然会稍微低于消费水平。
And by the second half of the year, we should be more normalized between shipments and consumption.
到了下半年，货运和消费之间应该会更加稳定。
And, you know, we expect some seasonal improvement into the second half.
你知道的，我们预计第二个半年会有一些季节性的改善。
Thanks, Lisa. Thank you.
谢谢你，丽莎。谢谢你。
意思是表示感谢。
Next question is coming from Joe Moore from Work and Stanley, your line is now live.
下一个问题来自Joe Moore，他来自Work and Stanley公司，你的话筒已打开。意思是：现在轮到来自Work and Stanley公司的Joe Moore提问了，请开始发言。
Thank you. Yeah, I guess same question in terms of the cloud business.
谢谢。是关于云业务的同样问题。
You mentioned some combination of kind of digestion of spending and inventory reduction.
你提到了某种消费和清库存的结合方式。
Can you give us a sense of, you know, how much inventory was there in hyperscale?
你能告诉我们，超大规模数据中心 (hyperscale) 的存货大概是多少吗？
How much is it come down, you know, and how much of how much of you sort of maybe undershiping demand in that segment?
价格下降了多少，你知道的，而在这一领域，你可能低估了多少需求？
Yeah, I think Joe, this is a bit harder because every customer is different.
嗯，我认为乔，这有点困难，因为每个客户都是不同的。
该句子的意思是，对于每个客户来说，情况都不尽相同，因此对这种情况需要做些不同的应对措施，这样才能更好地服务于客户。
What we're seeing is, you know, different customers are at, you know, a different place in their, you know, sort of overall cycle.
我们看到的是，不同的客户在整个周期中处于不同的位置。
But let me say it this way, though. I think we have, you know, good visibility with all of our large customers in terms of what they're trying to do, you know, for the quarter, for the year.
但让我这样说吧。我认为我们对于所有大客户正在为本季度、本年度做什么有着很好的了解。
Obviously, you know, some of that will depend on how the macro plays out.
显然，你知道，这有些取决于宏观经济状况如何发展。
But from our, you know, viewpoint, I think we're also going through a product transition between, you know, Milan and Genoa in some of these workloads.
但从我们的角度来看，我认为我们也正在一些工作负载上进行从米兰到热那亚的产品转换。
So, you know, if you put all those things into, you know, into the conversation, you know, that's why our comment was that we, we do believe that the second quarter will grow modestly and then they'll be more growth in the second half of the year as it relates to the data center business.
因此，你知道，如果你把所有这些东西都放到谈话中，我们的评论就是，我们相信第二季度会适度增长，然后在今年下半年数据中心业务方面将会有更多的增长。
So, you know, the lots of puts and takes, every customer's in a bit of a different cycle.
所以，你知道，有许多不同的影响因素，每个客户都处于不同的发展周期中。
But overall, the number of workloads that they're going to be using AMD on, we believe will expand as we go through the next few quarters.
总的来说，在未来几个季度中，我们相信会使用 AMD 的工作负载数量将会扩大。
Great.
太好了。
And then, from my follow up, I mean, you mentioned interest in MI 300 around generative AI.
然后，从我的后续交流中得知，您提到了对MI 300在生成式人工智能方面的兴趣。
翻译意思：我收到的后续信息显示，您表达了对MI 300在生成式人工智能领域的兴趣。
Can you talk to, you know, is that right now kind of a revenue pipeline with major hyper-scalers or is that sort of more indication of interest levels, trying to, you know, where you are in terms of establish yourself in that market?
你能和我说说，现在大型超级扩展商的收入管道是不是已经建立起来了，还是只是表明了兴趣水平，试图确定你在那个市场上的地位？
Yeah, I would say, Joe, you know, we've been, you know, at this for quite some time.
嗯，我会说，乔，你知道，我们已经做了相当长时间了。
意思是：已经做了一段时间了。
So, AI has been very much a strategic priority for AMD for quite some time.
因此，人工智能一直是AMD非常重视的战略重点很长一段时间了。
With MI250, we've actually made strong progress.
使用MI250，我们确实取得了很大进展。
You know, we mentioned the prepared remarks, some of the work that was done on the Lumi supercomputer with generative AI models.
你知道的，我们提到了准备好的发言稿，其中包括使用生成式AI模型在Lumi超级计算机上完成的一些工作。这些工作是指使用新一代人工智能技术在Lumi超级计算机上开展的一些研究和开发工作。
We've continued to do quite a bit of library optimization with MI250 and software optimization to really ensure that that we could, you know, increase the overall performance and capabilities.
我们持续进行了大量MI250的图书馆优化和软件优化，以确保我们可以增加整体性能和功能。
MI300 looks really good.
MI300 的外观非常不错。
I think from everything that we see, you know, the workloads have also, you know, changed a bit in terms of, whereas a year ago, you know, much of the conversation was primarily focused on training, you know, today that has, you know, migrated to sort of large language model inferencing, which is particularly good for GPUs.
我认为从我们所看到的一切来看，工作量也有所改变。一年前，许多对话主要关注培训，而今天已转移至大型语言模型的推理，这对GPU特别有利。
So, I think from a MI300 standpoint, we do believe that we will start ramping revenue in the fourth quarter with, you know, cloud AI customers.
从MI300的角度而言，我们认为我们将开始为云AI客户在第四季度提高收入。
And then it'll be more meaningful in 2024.
随着时间的推移，到了2024年，这件事情将会变得更有意义。
Thank you. Thank you.
谢谢你。谢谢你。意思是非常感谢你。
Thank you.
谢谢你。这是表达感激之情的简单句子。它可以用于许多不同的情境，例如向朋友、家人或陌生人表示感谢。在商业或工作场合，也可以用它向客户、同事或领导表示感谢。无论是什么情况，这句话都是一种礼貌和示好的方式，这是我们道德和社交礼仪中不可或缺的一部分。
Next question is coming from Harlan Sir from JP Morgan. Your line is that live?
下一问题来自JP Morgan的哈兰先生。您的线路通畅吗？请表达您的意思。
Hi, good afternoon. Thanks for taking my question.
大家好，下午好。感谢您回答我的问题。
I'm good to see the strong dynamics and embedded, you know, very diverse at markets.
我很高兴看到市场上的强劲动态和内嵌性，这样非常多样化。
And given their strong market share position here, the Zalins team is in a really good position to catalyze Epic Attach or rise and attach to the FPGA and adaptive compute solutions, right?
考虑到他们在这里具有强大的市场份额，所以Zalins团队正处于一个非常好的位置，可以促进Epic Attach或上升并附加到FPGA和自适应计算解决方案，对吧？
简单地说，由于Zalins团队在市场上的强劲地位，他们可以很好地促进Epic Attach或采用FPGA和自适应计算解决方案。
I think embedded X86 is like a $6 to $8 billion per year market opportunity.
我认为嵌入式X86市场的机会每年可以达到60到80亿美元。
解释：作者认为嵌入式X86市场的规模非常大，每年能够创造60到80亿美元的收入。
So, yeah, so given your a year with Zalins in the portfolio, can you just give us an update on the synergy unlock and driving higher AMD compute attached to Zalins market?
所以，是的，考虑到你们与Zalins合作一年了，你能否就协同效应和推动更高的AMD计算与Zalins市场联系的最新情况向我们更新一下？
Yeah, thanks, Harlan. It's a great question.
是的，谢谢，哈兰。这是一个很好的问题。
You know, the Zalins portfolio has done extremely well with us, you know, very strong.
你知道，Zalins的投资组合在我们这里表现非常出色，非常强劲。
I would say, you know, we continue to, you know, get more content attached to the FPGA and the adaptive SOCs.
我想说的是，你知道，我们持续地为FPGA和自适应SOC添加更多的内容。
We have seen the beginnings of, you know, good traction with the cross-selling.
我们已经看到了跨销售方面的良好进展。
And that is, you know, opportunity to take, you know, both rising and Epic CPUs into the broader embedded market.
那就是，你知道的，机会来了，可以把不仅是升级版和史诗版的中央处理器推到更广泛的嵌入式市场中。
I think the customers are very open to that.
我觉得客户们非常愿意接受。
I think we have a, you know, a sales force and a go-to-market capability across this customer set that is very, you know, very helpful for that.
我认为我们在这个客户集合上拥有一个销售团队和营销能力，非常有助于这件事情。
So, I do believe that this is a long-term opportunity for us to continue to grow our embedded business.
因此，我相信这是我们持续发展嵌入式业务的长期机遇。
And we've already seen some design wins as a result of the the combination of, you know, the Zalins portfolio and the AMD portfolio. And I think we'll see a lot more of that going forward. Great. Thanks for that.
我们已经看到了一些设计方案的成功，这得益于Zalins产品组合和AMD产品组合的结合。我认为未来我们还会看到更多这样的成功案例。感谢你的分享。
And in terms of other opportunities, you know, there appears to be this trend towards more of your cloud and hard-to-skill customers opting to do their own silicon solutions around accelerated compute or AI offload engines, right? And if I look at it right there, less than a handful of the world, some even of the companies that have the compute graphics connectivity, I think that's a very powerful little bit that you guys have, as well as the capabilities to design these very complex offload SLCs, right?
在其他机遇方面，有一种趋势似乎是越来越多云端以及难以技术的客户选择自己的芯片解决方案，尤其是在加速计算或人工智能卸载引擎方面。如果我看得准确，全球只有少数甚至没有公司拥有计算图形连接能力，我认为你们拥有非常强大的一点，就是设计这些非常复杂的卸载SLC的能力。
Does the team have a strategy to try and go after some of these semi-custom or full-blown ASIC-based decar-skill programs? We do, Harlan, and I would put it more broadly. And the broader point is I think we have a very complete IP portfolio across CPUs, GPUs, FPGAs, adaptive SOCs, DPUs, and a very capable, you know, semi-custom, you know, team. And so, you know, beyond hyperscalers, I think, when you look at, you know, sort of higher volume opportunities, we think they're higher volume opportunities beyond game consoles that there are custom opportunities available. So I think that combination of IP is very helpful. I think it's a long-term opportunity, you know, for us. And it's one of the areas where we think we can add value to our largest customers.
团队是否有策略尝试追求一些半定制或全定制ASIC为基础的解码技能程序？是的，Harlan，我们有，并且我会将其表述得更广泛。更广泛的观点是，我们认为在CPU、GPU、FPGA、自适应SOC、DPU方面，我们拥有非常完整的IP组合，以及一个非常有能力的半定制团队。因此，除了超大规模的公司之外，我们认为在高产量的机会方面，除了游戏控制台之外，这里存在着定制机会。所以我认为这种IP组合非常有帮助，对我们来说是一个长期机会，并且这是我们认为可以为我们最大的客户增加价值的领域之一。
Perfect. Thank you, Lisa. Thanks. Thank you.
完美的。谢谢你，莉莎。谢谢。谢谢你。
意思是表达感谢之情。
Next question is coming from Ross Seymour from Deutsche Bank, your line is now live. Hi, thanks for letting me ask a question.
下一个问题来自德意志银行的Ross Seymour，你的话筒已经打开。嗨，感谢你让我提出问题。
Lisa, I just want to talk about the pricing environment in general sense. You guys have done a great job of increasing the benefits to your customers and being able to raise prices, pass along cost increases, those sorts of things. But the competitive intensity and the weakness in the market, at least currently, seems to that it could work against that. So in the near-term and then perhaps exiting this year into the next couple of years, can you just talk about where you think pricing is going to go across both your data center market, most importantly, but then also in your client market?
Lisa，我想就市场定价环境进行一般性的讨论。你们已经做得很好，增加了客户的利益并且能够提高价格，传递成本增加等方面。但是市场上竞争的强度和目前的弱势可能会对此产生负面影响。因此，在近期和未来几年退出本年度时，你能否就数据中心市场（最重要的）以及客户市场的定价走向进行讨论？
Yeah, I think, Ross, what I would say is a couple things, you know, I think of the data center market, you know, the pricing is relatively stable. And what that comes from is, you know, our goal is to add more capability, right? So it's a TCO equation where, you know, as we're going from, you know, Milan to Genoa, we are adding more cores, more performance, and the performance per dollar that we offer to our customers is one where it's advantageous, you know, for them to adopt our, you know, our technologies and our solutions.
嗯，对于数据中心市场，我认为Ross，有几点需要提到。首先，我的看法是，市场定价相对稳定。这主要源于我们的目标是增加更多的能力。因此，我们将其视为一个TCO方程，随着我们从米兰到热那亚不断增加更多的核心和性能，我们为客户提供的每美元性能是优势明显的。客户采用我们的技术和解决方案，也是因此。
So I expect that. I think in the client, you know, business, you know, given some of the inventory conditions in there, I think that, you know, there's, it's more competitive environment. You know, we're all, you know, from my standpoint, we're focused on normalizing the inventory levels. And, you know, with that normalization, the most important thing is to ensure that we get the shipments more in line with consumption, because I think that's a healthier business environment overall. And then again, it's back to, you know, product values, right? So we have to ensure that, you know, our products continue to offer, you know, superior, you know, performance per dollar, performance per watt, you know, capabilities in the market.
我希望得到这样的结果。在客户端，由于库存情况等原因，商业环境更具竞争力。从我的角度来看，我们都致力于使库存水平正常化。最重要的是，确保我们的装运与消费更加一致，因为我认为这是更健康的商业环境。再说一遍，这与产品价值有关。因此，我们必须确保我们的产品在市场上继续提供卓越的性能/价格，性能/瓦特等能力。
Thanks for that. And pivoting from my follow-up on to the AI side and the MI 300, I just wanted to know what you would describe as your competitive advantages. Everybody knows that the market that's exploding right now, there's tons of demand. You guys have all the IP to be able to attack it. But there's a very large incumbent in that space as well.
谢谢。接下来，我想从我的追问转到AI方面和MI 300，我想知道你认为你们有哪些竞争优势。现在市场需求剧增，大家都知道这一点，你们拥有攻击市场所需的所有知识产权。但该领域有一个很大的老牌公司存在。
So when you think about what AMD can bring to the market, whether it's hardware, software, heterogeneity of the products you can bring, etc. What do you think is the core competitive advantage that can allow you to penetrate that market successfully?
当你考虑AMD可以在市场上带来什么，无论是硬件、软件、产品的异构性等等，你认为是什么核心竞争优势可以让你成功地渗透这个市场呢？
Yeah, there's a couple of aspects, Ross, and you know, since we haven't yet announced MI 300, all of the specifications, you know, some of those will come over the coming quarters. You know, MI 300 is the first solution that has, you know, both the CPU and GPU, you know, together and that has been, you know, very positive for the supercomputing market.
这里有几个方面需要注意，Ross。由于我们还没有宣布MI 300的所有规格，一些规格会在未来的几个季度逐步公布。MI 300是首个在CPU和GPU方面实现了整合的解决方案，对于超算市场来说这是非常积极的。
I think as it relates to generative AI, and we think we have a very strong value proposition from both, you know, hardware. And again, it's a performance per dollar conversation. I think there's a lot of demand in the market. And there's also, you know, I think given our deep customer relationships on the epic side, there's actually a lot of synergy between the customer set up between the epic CPUs and the, you know, MI 300 GPU customers. So I think, you know, when we look at all of these together, our view is that demand is strong for AI, and I think our position is also very strong given.
我认为在生成式人工智能方面，我们在硬件方面有非常强的价值主张。这也是关于性能每美元的对话。市场上有很高的需求。同时，考虑到我们在epic方面深入的客户关系，客户群体与MI 300 GPU客户之间也存在很多协同效应。因此，当我们把这些因素结合起来看时，我们认为对于AI的需求是强劲的，而我们的地位也很强大。
They're very, very few, you know, sort of products that can really satisfy these large language model, you know, sort of needs. And I think we feel confident that we can do that. Thank you.
Thank you.
你知道的，能够真正满足大型语言模型需要的产品非常少。而我们相信自己可以做到。谢谢。
Next question is coming from Tim Mpricuri from UBS. You're right. It's our live. Thanks a lot.
下一个问题来自瑞银的蒂姆·姆普里库里。你说得对，这是我们直播的节目。非常感谢。
Lisa, there's, you know, a lot more talk on this call about AI. And, you know, obviously, PyTorch 2.0 now, you know, supporting RockM as a, you know, great step forward. But how much would you say software is going to dictate how, you know, how successful you can be for these workloads? You had mentioned that you're forming this new group, this new AI group. Do you have the internal software capabilities to be successful in AI?
Lisa，在这次电话会议上，有更多关于人工智能的讨论。显然，PyTorch 2.0现在支持RockM，这是很大的进步。但是，你认为软件将会对这些工作负载的成功有多大的影响？你提到你正在组建这个新的AI团队。你们有成功进行AI方面工作的内部软件能力吗？
Tim, I think the answer is yes. I think we have made significant progress, even over the last year in terms of our software capabilities. And, you know, the way you should think about our AI portfolio is, it's really a broad AI portfolio across client, you know, sort of edge as well as cloud. And with that, I think the Zylings team brings a lot of, you know, background and capability, especially in inference. We've added significant talent in our AI software as well.
蒂姆，我认为答案是肯定的。我认为我们在软件能力方面甚至在过去一年中都有了重大进展。你知道，你应该考虑我们的AI组合是跨客户端、边缘和云端的广泛AI组合。在这方面，我认为Zylings团队带来了很多背景和能力，特别是在推理方面。我们还在AI软件方面增加了重要的人才。
And, you know, the beauty of particularly the cloud opportunity is it's not that many customers and it's not that many workloads. So when you have, you know, sort of, you know, very clear, you know, customer targets, we're working very, very closely with our customers on optimizing for a handful of workloads that generate significant volume. That gives us, you know, a very clear target for, you know, what winning is in the market. So we feel good about our opportunities in AI.
而且，你知道，特别是云计算领域的优势在于它的客户数量并不多，工作负载也不多。因此，当您具有非常明确的客户目标时，我们可以与客户密切合作，针对少量产生大量数据的工作负载进行优化，这给我们提供了在市场上取得胜利的非常明确的目标。因此，我们对人工智能的机会感到非常乐观。
And, you know, I'd like to say that it's a multi-year journey. So this is the beginning of what we think is, you know, a very significant market opportunity for us over the next three to five years. Thanks a lot.
“我想说，这是一个多年的旅程。所以，我们认为这是一个非常重要的市场机会的开始，在未来三到五年中。非常感谢。”
And I guess as my follow up, so can I, can you just give us a sense of sort of the overall, you know, profile that you see for revenue to the back half? I know you said that data center and embedded will be up this year. It sounds like data center, you know, probably up double digits. But I also want to confirm that you think that total revenue is also will be up this year, year of year.
作为我的后续问题，您能不能给我们一个总体收入状况的概述？我知道您说数据中心和嵌入式产品今年会增长，听起来数据中心可能会增长两位数。但我也想确认一下，您认为整体收入今年也会同比增长。
Right, Tim. So I think, you know, as we said, we're not guiding the full year, just given all the puts and takes. So we see Q2 is flatish, and second half return of growth will have to, you know, see exactly how the macro plays out across, you know, PCs and an enterprise. But yes, we feel, you know, good about, you know, growth and embedded growth in data center, you know, on the data center side, double digit growth, sort of half to year over year. And then, you know, we'll see how the rest of the segments play out. Thank you.
嗯，蒂姆，我认为，就像我们之前说的那样，我们没有对全年进行指导，只是考虑所有的利弊，我们看到第二季度可能会持平，而后半年的增长将取决于宏观环境在个人电脑和企业方面的表现情况。但是，我们觉得在数据中心嵌入式增长和数据中心方面，增长表现良好，前者增长两位数，而后者同比增长一半。然后，我们将看看其他部门的表现如何。谢谢。
Thank you. Next question is coming from Omnipro Shibrasava from BMO Capital Market, Triline is now live.
谢谢。下一个问题来自来自BMO Capital Market的Omnipro Shibrasava，Triline现已上线。
意思是Omnipro Shibrasava是BMO资本市场的人，他要问关于Triline上线的问题。
I think, excuse me, thank you very much. So actually, we wanted to come back to the first quarter for data center. That's a pretty big gap between on a Q or Q basis, on your business versus Intel. And I think almost 2x. This is the first time you would have lost share on a Q or Q basis in a long time. So because you please address that and I acknowledge that quarters can be pretty volatile. But it seems to be pretty large gap. And then follow up, just remind us again, please for the, for the full year growth for data center, kind of what's embedded in the assumptions for cloud as well as enterprise. Thank you.
我认为，对不起，非常感谢。实际上，我们想回到数据中心的第一季度。在Q或Q基础上，您的业务与英特尔相比存在相当大的差距，几乎是两倍。这是您长时间以来在Q或Q基础上失去份额的第一次。因此，请您解决这个问题，并且我承认季度变化可能会很大，但这似乎是一个非常大的差距。然后，请再次提醒我们，对于数据中心在全年增长方面，云端和企业的假设有哪些。谢谢。
Now, let me make sure I get for question, Amber. So you're asking about Q1 data center and whether we think we've lost share on a sequential basis. Right. If I look at just your report versus what Intel reported on a Q or Q basis, it's clearly on a year or a year basis, you have gained share. But I'm just comparing down 14 versus what you reported. And so that would imply that you had to share loss versus them unless the data center GPU and the Zilenex business was down significantly also on a Q or Q basis. Yeah. Emberation, maybe I'll give you a little bit of color.
现在，让我确认一下你的问题，Amber。你关心Q1数据中心的情况，是否认为我们在连续基础上失去了份额。对的。如果我仅仅看你的报告和英特尔的季度对比，从年度的角度来看，你们确实获得了份额。但我在对比你们所报导的14号之前和现在的数字。因此，这意味着除非数据中心GPU和Zilenex业务也在季度对比上有大幅下降，否则你们必须面对份额损失的局面。对了，Emberation，或许我可以给一些参考意见。
That's certainly in Q1, the other networking business, including GPU, have been done. That definitely is the case. But from share perspective, when we look at overall Q1 reported revenue from both side and the analyzer the data, we don't be able to we lost share. Yeah, that's right. So I think you just have to go through each of the pieces.
那肯定是在第一季度之内，其他的网络业务，包括GPU，都已经完成了。这绝对是事实。但从股份角度来看，当我们从两方面综合考虑Q1报告的总收入和数据分析时，我们并没有失去份额。是的，没错。所以我认为你只需要逐个了解每个组成部分。
But I think from an epic or server standpoint, we don't believe we lost share if anything we might have gained a little bit. But I think overall, I wouldn't look at it so closely on a Q or Q basis because there are puts and takes. From what we see overall, we believe that we have a good overall share progression as we go through the year. And then the underlying assumptions for full year for days and?
但从史诗或服务器的角度来看，我们并没有失去市场份额，如果有什么变化，可能只是稍微增加了一点。但总体而言，我不会过于密切地关注季度基础上的情况，因为有好有坏。从我们总体上看到的情况来看，我们相信随着今年的推进，我们的整体份额将会不断提升。而完整的一年中的天数和预期呢？
Underlying assumptions for the full year. I think the key pieces that I talked about are, you know, Q2, let's call it modest growth. Still expect some cloud optimization to be happening. As we go into the second half of the year, we'll see a stronger ramp of Genoa and the beginnings of the ramp of Bergamo. We think enterprise is still more dependent on macro, but we do believe that that improves as we go into the second half of the year. And then we'll have the beginnings of our MI 300 ramp in the fourth quarter for both, you know, super computing and some early AI workloads.
全年的基本假设。我认为我谈到的关键点是，第二季度，让我们称之为适度增长。仍然期望进行一些云优化。随着我们进入下半年，我们将看到Genoa更强的上升和Bergamo上升的开端。我们认为企业在宏观上仍然更依赖，但我们相信随着我们进入下半年，这将会得到改善。然后我们将在第四季度开始我们的MI 300增长，包括超级计算和一些早期的AI工作负载。
Thank you very much. Sure. Thank you.
非常感谢。当然。谢谢。
Next question is coming from Stacey Rousey. I was coming from Bernstein Research. Your line is that live.
下一个问题来自来自Bernstein Research的Stacey Rousey。您的线路是直播。表述简单易懂，让人容易理解。
Hi guys. Thanks for taking my questions. From my first one, Lisa, can you just like clarify this explicitly for me? So you said double digit data center. Was that a full year statement or was that a second half year of your statement or was that a half-over half statement for data center? Yeah, let me be clear. That was a year-over-year statement. So double digit data center for the full year of 2023 versus 2022. Got it.
大家好。感谢您们回答我的问题。Lisa，从我的第一个问题开始，你可以明确地为我解释一下吗？你说的双位数数据中心是指整个年度的声明，还是仅指第二个半年的声明，或者是一半以上的数据中心声明？是的，让我明确一下。我们的意思是，2023年与2022年相比，整个年度的数据中心会增长两位数。明白了。
Which just given what you did in Q1 and sort of are impliting for Q2, need something like 50% year of year growth in the second half to get there. So you're endorsing those, you're endorsing that now? Yeah, you're my face right. Yeah, that's the choice.
考虑到你在Q1的表现以及你在Q2中所暗示的情况，需要在下半年实现大约50%的同比增长才能达到目标。所以，你现在支持这些预测了吗？是的，你在我面前表示了支持。是的，这就是选择。
Thank you. For my second question, Gene, you made a common gross margins where you said that the increase of gross margins in the second half was dependent on gross margins in client getting better. I just want to make sure. Did I hear that right? And why should I expect client margins would get better, especially given what Intel has been doing in that space to protect everything? Why is that something that's going to happen?
感谢你。我的第二个问题是关于你所说的常见毛利率，你说第二年下半年的毛利率的提高是取决于客户的毛利率提高。我只是想确保我听到的是正确的。为什么我应该期望客户的利润会变得更好，特别是考虑到英特尔一直在保护这方面的一切？为什么这是即将发生的事情？
Yes, Daisy, that's a good question. The way to think about it is if you look at our Q1 gross margin and the Q2 guide around 50%, and as you know, both our data centers and the embedded have a very strong gross margin performance. And so what's the high-the-winded that impact our gross margin is really PC client side, which as we talk about it, is we are shipping significantly under the consumption and also to digest inventory in the downstream supply chain. As you know, typically that's the time you get significant pressure on the ASP side and on the funding side. That's why our gross margin in the client segment has been challenged. In second half, what we know is going to be normalized. That's a very important fact is when you normalize the demand and supply, and we continue to plan a very competitive environment, so don't get us wrong on that front, but it will be better because you are not digested inventory, the channel funding, everything, those kinds of price reduction will be marginalized. So we do think that second half will fly outside the gross margin will be better than first half.
嗯，黛西，这是一个很好的问题。考虑的方式是，如果你看我们的Q1毛利率和Q2指南大约是50％，正如你所知，我们的数据中心和嵌入式均有非常强的毛利表现。所以影响我们毛利的主要原因是个人电脑客户端，正如我们讨论的，我们在海外市场出货量显著低于消费水平，此外还需要消化下游供应链中的库存。通常这是您面临ASP和资金压力的时候。这就是为什么我们在客户端领域的毛利率受到挑战的原因。在下半年，我们知道会得到规范化。当您规范化需求和供应，并且我们继续计划一个非常具有竞争力的环境时，这是非常重要的，因此不要误解我们在这方面的意见，但会更好，因为您不需要消化库存、渠道资金等，这些降价将被缩小。因此，我们认为下半年的毛利率将会比上半年好。
Got it. Thank you. And I apologize. I misspoke as well. I'm 50% half of what happened data center, not year over year. So we're all doing it. Thank you very much. Appreciate it.
我明白了，谢谢你。同时我也道歉了。我之前讲错了，我们的数据中心只增长了50%，而不是同比增长50%。我们都犯了一些错误，非常感谢你的理解。
Operator, we'll take two more questions, please. Certainly.
操作员，我们还会有两个问题，请问。当然。
Our next question is coming from Blaine Curtis from Bark Lake, New York. Is that live?
我们的下一个问题来自纽约州巴克湖的布莱恩·柯蒂斯。它是实时的吗？
意思是主持人想从布莱恩·柯蒂斯那里得到一个实时提问。
Thank you. Thank you. Same question. I had to maybe just start with following on Stacy's fire question. Could you just comment on what client ASPs did in the March quarter? I mean, I assume they're down a decent amount, your competitor was down, but any color you could provide on what the environment was in March.
谢谢。谢谢。我想再问一个问题。我可能要从Stacy提出的问题开始。你可否评论一下客户ASP在三月份的情况？我的理解是客户ASP下降了相当多，竞争对手也有所下滑，但您提供一些有关三月环境的颜色信息吗？
Yeah, sure. Blaine, so the ASPs were down quite a bit on a year over year basis, if you're talking about the overall client business. And what that is is that's also the client ASPs were higher in the first half of 22 if you just think about what the supply environment was or the demand environment was in that. And given that we're undershipping in the first quarter, the ASPs are lower.
是的，布莱恩，如果您在谈论整体客户业务，那么从年度角度来看，ASP下降得相当多。实际上，这也表明，如果您考虑供应环境或需求环境，客户ASP在22年上半年较高。由于我们在第一季度出货不足，因此ASP较低。
Got you. And then I just wanted to ask you on the data center business, the operating profit is down a ton sequentially. And you talked about enterprise being down, I think that's part of it, but it's a big drop and it looks like gross margin probably is down a bunch too. Can you just comment on why that drop in profitability in data center?
好的，我明白了。我想就数据中心业务的运营利润下降问题向您提问。虽然您已经谈到企业部门的下降问题，但是数据中心的运营利润仍然有很大幅度的下降，而且毛利率也可能有所下降。请问您能否就数据中心盈利能力下降的原因发表一下评论呢？
Yeah, Blaine, that's a good question. I think when you look at the year for year, you're absolutely right. Revenue is largely flatish, but operating margin drop significantly. There are two major drivers. The first is that we have increased the investment significantly, especially in networking and the AI. As you may recall, we closed the Pansanto last May or June. So this is the full quarter of Pansanto expenses versus last year plus we also increased GPU investment and the AI investment. That's all under the data center bucket. Secondly, I mentioned about product mix. Lisa said year-of-year cloud sales grow double digit significantly and enterprise actually declined. So in Q1, our revenue in data center is heavily indexed to the cloud market versus last year in Q1. Typically, cloud growth margins lower than enterprise. We do expect even in Q2, it will be balanced, the more balanced and going forward, we do think the enterprise side will come back.
嗯，布莱恩，这是一个很好的问题。就年度数据来看，您是完全正确的，收入基本上保持不变，但经营利润显著下降。这主要有两个驱动因素。首先，我们在网络和人工智能方面的投资大幅增加。您可能还记得，去年五月或六月我们收购了Pansanto，并且这是全季度Pansanto开支，加上我们还增加了GPU投资和人工智能投资。这全部是在数据中心领域进行的。其次，我提到了产品组合。Lisa 说，云销售同比增长了两位数，而企业部门实际上下降了。因此，在第一季度，我们的数据中心收入与去年第一季度相比要更加依赖云市场。通常情况下，云增长利润较低。我们预计即使在第二季度，这种比重也会平衡，未来我们也认为企业端会回归。
Thanks, but I guess the big decline was sequential. So I'm assuming cloud was down.
谢谢，但我想巨大的下降可能是按顺序发生的。所以我猜测云服务可能出了问题。
Sequential. Sequential, it's a revenue. If you look at the revenue, it was down very significantly. The mix also is a little bit more indexed to cloud, sequentially too. Yeah, it's the same factors. Both the mix to cloud as well as the R&D expense has increased, just given the large opportunities that we have across data center and especially AI.
Sequential（按顺序），这是一项收入。如果您查看收入，它明显下降了。同时，混合物向云端更为索引化。是的，这是相同的因素。由于数据中心和特别是人工智能的大量机会，云端混合物和研发支出都增加了。
Okay, thank you. Thank you.
好的，谢谢你。谢谢。
Our final question today is from Harsh Kumar from Piper Sandler. Your line is now live.
今天的最后一个问题来自Piper Sandler的Harsh Kumar。您现在可以发言了。
（意思是今天最后一个发问者是Harsh Kumar，他来自Piper Sandler公司，他可以发问了）
Yeah, hey guys. Thank you for squeezing me in. Lisa, I had a question. I want to do ask you about your views on the infrancing market for generative AI 3+. Specifically, I wanted to ask because I think there's some cross-currents going on. We're hearing that CPUs are the best way to do infrancing, but then we're hearing that time-line sub-CPUs is not there as a function to be able to enable these kind of instances. So I was curious what do you guys think and then I had to follow up.
嗨，大家好。感谢你们给我时间。丽莎，我有一个问题。我想询问一下你对生成式AI 3+基础设施市场的看法。具体来说，我想问一下，因为我认为目前存在一些矛盾的声音。我们听说CPU是最好的推断方式，但我们也听说时间线子CPU还没有作为一种功能来启用这种实例。所以我很好奇，你们认为怎么样，然后我有一个后续问题。
Well, I think Harsh, if you were saying, I mean, I think today inferences used a lot. CPUs are used a lot for inference. Now, where the demand is highest right now is for generative AI and large language models, inferencing. You need GPUs to have the horsepower to train sort of the most sophisticated models. So I think those are the two, as you say, cross-currents. I think inference becomes a much more important workload, just given the adoption rate of AI across the board. And I think we'll see that for smaller tasks on CPUs, which for the larger tasks on GPUs.
我认为，Harsh，如果你说的话是表明今天很多推理都要用到CPU，特别是在生成式人工智能和大型语言模型的推理领域需求最高。为了训练最复杂的模型，你需要GPU的强大算力。因此，这两种趋势存在交叉。我认为推理变得更加重要，因为人工智能在各个领域的普及率越来越高。对于小型任务，CPU足够应对，大型任务则需要GPU。
Okay, so it's still the first back to GPUs for those. And then similar question on the MI300 series. I know that you talked a lot about success in the HPC side, but specifically, I was curious if you could talk about any wins or any kind of successes or success stories you might have on the generative AI side with the MI300 or 250 series.
好的，对于那些人来说，这仍然是首次回归GPU。然后我有一个关于MI300系列的类似问题。我知道您谈论了很多在高性能计算方面的成功案例，但我很好奇您是否能谈一谈在生成式人工智能方面使用MI300或250系列所取得的任何胜利或成功故事。
Yeah, so as we said earlier, we've done some really good work on MI250 with AI and large language models. The example that is public is what we've done with Lumi and the training of some of the finish models. We're doing quite a bit of work with large customers on MI300. And what we're seeing is very positive results. So we think MI300 is very competitive for generative AI. And we'll be talking more about sort of that customer and revenue evolution as we go over the next couple of quarters.
是的，就像我们之前所说的，我们已经在MI250上使用人工智能和大型语言模型做了一些非常出色的工作。公共示例是我们与Lumi合作并训练了一些完成模型。我们正在与大客户合作开展大量的MI300工作。而且我们正在看到非常积极的结果。所以我们认为MI300在生成式人工智能中很有竞争力。在未来几个季度我们会更多地谈论这种客户和收入的发展情况。
Thank you, Nisha. Great operator. That concludes today's call. Thank you to everyone for joining us. Nisha, thank you. You may now disconnect and have a wonderful day.
谢谢你，尼莎。你是一个出色的操作员。今天的电话就到这里。感谢大家的参加。尼莎，谢谢你。你现在可以挂断电话，祝你有愉快的一天。