AMD 2023 Q2 Earnings Call
发布时间 2023-08-02 20:22:53 来源
中英文字稿 
Thank you and welcome to AMD's second-quarter 2023 Financial Results Conference Call. By now you should have had the opportunity to review a copy of our earnings release and accompanying slide wear. If you have not reviewed these documents, they can be found on the investor relations page at AMD.com. We will refer primarily to non-gapped financial measures during this call. The full non-gapped to gap reconciliations are available in today's press release and slides posted on our website.
感谢您参加AMD2023年第二季度财务业绩电话会议，并欢迎您的到来。现在您应该已经有机会阅读我们的盈利发布和相关幻灯片。如果您尚未阅读这些文件，可以在AMD.com的投资者关系页面找到它们。在本次电话会议中，我们将主要参考非调整财务指标。完整的非调整与调整后的对账信息可以在今天发布的新闻稿和我们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, our executive vice president chief financial officer and treasurer. This is a live column and will be replaced via webcast on our website. Before we begin, I would like to note that Jean Hu will attend the Jeffrey's Semiconductor IT Hardware and Communications Summit on Tuesday, August 29th, and the Deutsche Bank Technology Conference on Thursday, August 31st. Dr. Lisa Sue will attend the Goldman Sachs 2023 CommuniCopia and Technology Conference on Tuesday, September 5th.
今天电话会议的参与者是我们的主席兼首席执行官Lisa Sue博士，以及我们的执行副总裁兼首席财务官兼司库Jean Hu。本栏目为直播栏目，将在我们的网站上通过网络直播取代。在开始之前，我想提醒大家Jean Hu将于8月29日星期二参加Jeffrey's半导体信息技术硬件和通信峰会，以及8月31日星期四参加德意志银行技术峰会。Lisa Sue博士将于9月5日星期二参加高盛2023 CommuniCopia和科技峰会。
Our third quarter 2023 Quiet Period is expected to begin at the close of business on Friday, September 15th. Finally, today's discussion contains four 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 differently from our current expectations. Please refer to the cautionary statement and our press release for more information on factors that could cause actual results to different materially.
我们预计2023年第三季度的安静期将在9月15日星期五收盘后开始。最后，今天的讨论包含了四个根据目前信念、假设和预期所做出的展望性陈述。这些陈述仅截至今天有效，并且涉及风险和不确定性，可能导致实际结果与我们目前的预期有所不同。请参阅警示性陈述和我们的新闻发布，获取有关可能导致实际结果不同的因素的更多信息。
With that, I'll hand the call over to Lisa. Lisa? Thank you, Mitch, and good afternoon to all those listening in today. We executed well in the second quarter, launching multiple leadership products, significantly expanding our AI engagements, and ramping our latest N4, Epic, and Ryzen product families.
随着这一点，我将把电话交给丽莎。丽莎？谢谢，米奇，下午好，大家今天都在倾听。在第二季度，我们表现出色，推出了多个领导产品，极大地扩大了我们的人工智能合作，并推出了最新的N4、Epic和Ryzen产品系列。
Second quarter revenue declined 18% year over year to 5.4 billion. Sales were flat sequentially as client and data center segment growth was offset by expected declines in our gaming and embedded segments. AI customer engagements grew by more than seven times sequentially as multiple customers initiated or expanded programs supporting future deployments of Instinct MI250 and MI300 hardware and software at scale.
第二季度营收同比下降了18%，达到54亿美元。销售额环比持平，因为客户和数据中心板块的增长被我们游戏和嵌入式板块的预期下降所抵消。与此同时，人工智能客户的参与增长了超过七倍，因为多个客户启动或扩大了支持Instinct MI250和MI300硬件和软件大规模部署的计划。
Looking at the second quarter business results, data center segment revenue of 1.3 billion was down 11% year over year and up 2% sequentially. Although market demand remains mixed, fourth gen Epic CPU adoption accelerated in the quarter with revenue nearly doubling sequentially as cloud providers expanded deployments to power their internal infrastructure and public instance offerings.
观察第二季度的业务结果，数据中心部门的营收为13亿美元，同比下降了11%，环比增长了2%。尽管市场需求仍然参差不齐，但第四代Epic CPU的采用在这一季度加速，因为云服务提供商扩大了部署，以为其内部基础设施和公共实例提供更强的支持。
In cloud, 30 new AMD instances launched in the second quarter with multiple Genoa instances announced by AWS, Alibaba, Microsoft, and Oracle. Genoa delivers up to 1.9 times more performance in enterprise and cloud applications and 1.8 times more performance per watt than the competition, making it by far the industry's highest performance and most efficient server processor.
在云计算领域，第二季度推出了30个新的AMD实例，并有AWS、阿里巴巴、微软和甲骨文等公司宣布了多款Genoa实例。Genoa在企业和云应用中提供高达1.9倍的性能，并且每瓦特性能比竞争对手高出1.8倍，使其成为目前业界性能最高、最高效的服务器处理器。
As an example, AWS announced its M7A Genoa instance, which is the highest performance and best price performance general purpose x86 instance they offer. In total, there are now more than 670 AMD powered cloud instances publicly available and we expect that number to grow 30% to nearly 900 by the end of the year driven largely by new Genoa deployments.
以一个例子，AWS宣布推出了M7A Genoa实例，这是他们提供的性能最高、性价比最好的通用x86实例。目前，已经有超过670个基于AMD的云实例公开可用，我们预计到今年年底，这个数字将增长30%，接近900个，主要受到新的Genoa部署的推动。
We also expanded our Zen4 server product portfolio in the quarter with the launches of Bergamo and Genoa X. Microsoft Azure announced the first Genoa X HPC instances that offer more than five times higher performance in technical computing workloads compared to their prior generation. With Bergamo, we deliver more than double the performance than competitive offerings for cloud native applications while offering full x86 software compatibility.
在该季度，我们还扩展了Zen4服务器产品系列，推出了Bergamo和Genoa X。微软Azure宣布了第一批Genoa X HPC实例，与之前的一代相比，在技术计算工作负载上性能提高了五倍以上。通过Bergamo，我们在为云原生应用提供全面x86软件兼容性的同时，提供了比竞争对手产品更多一倍的性能。
We were excited to be joined at our launch event by Meta, where they announced plans to deploy Bergamo broadly across their global data center infrastructure to power applications including Facebook, Instagram, and WhatsApp. Looking ahead, Dell, HPE, Lenovo, Super Micro, and other large server providers are on track to begin launching their new Bergamo platforms in the third quarter.
我们非常兴奋地在我们的发布活动上得到了Meta的加入，他们宣布计划在全球数据中心基础设施上广泛部署Bergamo，以支持Facebook、Instagram和WhatsApp等应用程序。展望未来，戴尔、惠普企业、联想、超微和其他大型服务器提供商有望在第三季度开始推出他们的新Bergamo平台。
In enterprise, while macroeconomic uncertainty resulted in weaker customer demand year over year, sales of Epic processors for enterprise servers grew sequentially as we close multiple wins with large energy technology, financial services, and healthcare companies. Overall, pull from large enterprises continued to grow. For example, Beko de Brazil, BMP, Peri-Brus, Petronas, Uber, and other large enterprises all adopted Epic processors in the quarter, and SAP selected Epic processors to power rise with SAP applications hosted on Google Cloud.
在企业领域中，尽管宏观经济的不确定性导致了客户需求年度下降，但我们与大型能源技术、金融服务和医疗保健公司达成了多个重要合作，使得企业服务器上的Epic处理器销量出现连续增长。总体而言，大型企业的需求持续增长。例如，Beko de Brazil，BMP，Peri-Brus，Petronas，Uber以及其他大型企业都在本季度采用了Epic处理器，而SAP则选择了Epic处理器来提升托管在谷歌云上的SAP应用的功能。
We expect Epic revenue to grow by a double digit percentage sequentially in the third quarter led by the expanding 4th gen Epic CPU ramp. In addition, Sienna, our first Epic processor, optimized for leadership, edge server, and telco infrastructure, is on track to launch this quarter.
我们预计Epic收入在第三季度将以两位数的百分比逐步增长，主要受到扩大的第四代Epic CPU的推动。此外，我们的首款Epic处理器Sienna，专为领导力、边缘服务器和电信基础设施进行了优化，计划在本季度推出。
Turning to our broader data center business and networking, the largest cloud providers expanded their adoption of Pensando DPUs in the quarter, highlighted by new deployments with Alibaba and Oracle Cloud.
在我们更广泛的数据中心业务和网络方面，最大的云服务提供商在本季度扩大了对Pensando数据处理单元（DPU）的采用，其中包括与阿里巴巴和甲骨文云的新部署。该消息突显了这些云服务提供商对Pensando DPU的重视和推崇。
In super computing, Epic and Instinct processors continued to be the solutions of choice for the most powerful supercomputers in the world, powering 121 of the fastest systems on the latest top 500 list, and seven of the 10 most efficient systems on the green 500 list.
在超级计算领域，Epic和Instinct处理器继续成为全球最强大的超级计算机的首选解决方案，为最新的Top 500榜单中的121个最快系统提供动力，并且在Green 500榜单中，7个最高效系统中有7个是由它们驱动的。
In AI, we made strong progress in the second quarter as we met key hardware and software milestones to address the growing customer pull for our data center AI solutions. Our AI strategy is focused on three areas. First, deliver a broad portfolio and multi-generation roadmap of leadership GPUs, CPUs, and adaptive computing solutions for AI inferencing and training. Second, extend the open and proven software platform we have established that enables our AI hardware to be deployed broadly and easily. And third, expand the deep and collaborative partnerships we have established across the ecosystem to accelerate deployments of AMD-based AI solutions at scale.
在人工智能领域，我们在第二季度取得了强劲的进展，我们实现了关键的硬件和软件里程碑，以应对日益增长的客户需求，为我们的数据中心人工智能解决方案提供支持。我们的人工智能战略专注于三个方面。首先，提供广泛的领先GPU、CPU和适应性计算解决方案的多代产品线和路线图，用于人工智能推理和训练。其次，扩展我们已建立的开放和经过验证的软件平台，使我们的人工智能硬件能够广泛且容易地部署。第三，扩大我们在生态系统中建立的深度合作伙伴关系，加速部署基于AMD的大规模人工智能解决方案。
We delivered on all three fronts in the second quarter. On the software and partnership side, hugging face announced plans to optimize thousands of their models for AMD Instinct, Ryzen, Epic, Radeon, Versal, and Alveo platforms. To make it easier for developers to tap into the full performance and features of our AI hardware, we delivered a significant performance and feature update in our latest RACAM software and expanded support for AMD silicon across the leading frameworks, including PyTorch, TensorFlow, Onyx, and technologies like OpenAI Triton. We are receiving positive feedback on the improvements and the new capabilities of our latest RACAM software stack from our AI customers and ecosystem partners. As an example, leading AI software company Mosaic ML recently highlighted that our Instinct MI250 accelerator delivers competitive training performance with minimal or no changes to the underlying AI software.
在第二季度，我们在三个方面都取得了成果。在软件和合作伙伴方面，Hugging face宣布计划为AMD Instinct，Ryzen，Epic，Radeon，Versal和Alveo平台优化数千个模型。为了让开发者更容易地利用我们的AI硬件的全部性能和功能，我们在最新的RACAM软件中提供了重大的性能和功能更新，并扩大了对AMD硅片在主要框架上的支持，包括PyTorch，TensorFlow，Onyx，以及像OpenAI Triton这样的技术。我们正在从我们的AI客户和生态系统合作伙伴那里收到对我们最新的RACAM软件堆栈改进和新功能的积极反馈。例如，领先的AI软件公司Mosaic ML最近强调我们的Instinct MI250加速器在训练性能方面具有竞争力，并且几乎不需要对底层AI软件进行任何改动。
On the hardware side, we announced our new Instinct MI300x GPUs, designed to be the world's most advanced accelerators for generative AI. MI300x combines our next-gen CDNA3 architecture with the industry's largest memory footprint and fastest memory bandwidth. These are critical factors in AI inferencing performance. Customer interest in our Instinct MI300A and MI300x GPUs is very high. Engagements with top-tier cloud providers, large enterprises, and numerous leading AI companies significantly expanded in the quarter. We are providing early system access and sampling both products with our lead AI, HPC, and cloud customers now, and remain on track to launch and ramp production in the fourth quarter.
在硬件方面，我们宣布推出了全球最先进的生成式人工智能加速器Instinct MI300x GPU。MI300x将我们的下一代CDNA3架构与业界最大的内存容量和最快的内存带宽相结合。这些都是人工智能推理性能的关键因素。我们的Instinct MI300A和MI300x GPU受到了客户的高度关注。与顶尖云服务提供商、大型企业和众多领先的人工智能公司的合作在本季度显著增加。我们正在为我们领先的人工智能、高性能计算和云客户提供早期系统访问和样品服务，并计划在第四季度推出和扩大生产。
Turning to our client segment, revenue declined 54% year over year to 1 billion. Client segment revenue increased 35% sequentially as Ryzen's 7000 series CPU sales grew significantly, led by the launches of new notebooks from the largest OEMs. We also launched new commercial offerings with our first Ryzen Pro Notebook and desktop processors powered by our leadership Zen4 architecture. More than 100 AMD powered commercial PC platforms are on track to launch this year from HP, Lenovo, and other leading OEMs as we grow this important part of our client business. We expect our client segment will grow in the seasonally stronger second half of the year based on the strength of our product portfolio and increased adoption of our Ryzen 7000 CPUs, including the ramp of our Ryzen 7040 mobile CPUs that deliver leadership performance and energy efficiency and are the industry's first x86 processors with a dedicated AI engine. Going forward, we see AI as a significant PC demand driver as Microsoft and other large software providers incorporate generative AI into their offerings. We are executing a multi-generational Ryzen AI processor roadmap which together with our ecosystem partners will fundamentally change the PC experience.
转向我们的客户分部，收入同比下降了54%，达到10亿美元。客户分部的收入环比增长了35%，因为Ryzen的7000系列CPU销量大幅增长，其中最大的OEM推出了新的笔记本电脑。我们还推出了新的商业产品，包括我们首款由领先的Zen4架构驱动的Ryzen Pro笔记本电脑和台式机处理器。今年将有超过100款由惠普、联想和其他主要OEM推出的AMD商用PC平台按计划上市，我们将发展这个重要的客户业务。基于我们产品组合的实力以及我们的Ryzen 7000 CPU的日益普及，尤其是我们的Ryzen 7040移动CPU的产量增长，我们预计我们的客户分部将在年后半年的旺季里增长，这款移动CPU拥有领先的性能和能源效率，并且是行业首款具备专用AI引擎的x86处理器。展望未来，我们认为人工智能将成为重要的PC需求驱动因素，因为微软和其他大型软件提供商在其产品中融入生成式人工智能。我们正在推行多代Ryzen AI处理器路线图，这将与我们的生态系统合作伙伴一起从根本上改变PC体验。
Now, turning to our gaming segment. Revenue declined 4% year over year to 1.6 billion as higher semi-custom revenue was more than offset by lower gaming graphics sales. Sequentially, segment revenue declined 10%. Semi-custom SOC sales were strong in the quarter as Microsoft and Sony had healthy console demand based on improved retail availability globally and the launches of new AAA games. In gaming graphics, we expanded our Radeon 7000 GPU series in the second quarter with the launch of our mainstream RX 7600 cards for 1080p gaming. We are on track to further expand our RDNA3 GPU offerings with the launch of new enthusiast class Radeon 7000 series cards in the third quarter.
现在，我们转向我们的游戏板块。由于高额半定制收入超过了较低的游戏图形销售，收入同比下降了4％，达到16亿美元。环比上看，板块收入下降了10％。季度半定制SOC销售强劲，因为微软和索尼基于全球零售可用性的改善以及新AAA游戏的推出而有了良好的游戏机需求。在游戏图形方面，我们在第二季度推出了主流RX 7600卡片，扩大了Radeon 7000 GPU系列，适用于1080p游戏。我们计划在第三季度推出新的高端Radeon 7000系列卡片，进一步扩大我们的RDNA3 GPU产品线。
Turning to our embedded segment, revenue increased 16% year over year to 1.5 billion. Sequentially, revenue declined 7% as solid demand with industrial vision and healthcare. Automotive and broadcast customers was offset by softness with communications customers as some operators slowed their infrastructure upgrades.
转向我们的嵌入式部分，收入同比增长16%，达到15亿美元。从季度上看，收入下降了7%，工业视觉和医疗领域的稳定需求得以弥补了汽车和广播客户方面的不足，而通信客户方面的需求不足则是由于一些运营商推迟了基础设施升级。
We expanded our leadership adaptive computing product portfolio in the quarter launching our new virtual premium VP1902 adaptive SOC with advanced chiplet packaging, the industry's largest and most performance solution for emulating and verifying next generation ASICs and SOCs. In the low end, we announced our Spartan UltraScale Plus FPGA family to address a new range of cost-optimized industrial, computer vision, healthcare and robotics applications. We also released enhanced versions of our Vivado and VITA software platforms that make it easier for customers to develop highly performant applications for our versatile adaptive SOCs.
在本季度，我们扩大了我们的领导地位，推出了全新的虚拟高级VP1902自适应SOC，采用先进的芯片模块封装。这是业界最大、性能最强的解决方案，用于仿真和验证下一代ASIC和SOC。在低端产品方面，我们宣布推出Spartan UltraScale Plus FPGA系列，以满足成本优化型工业、计算机视觉、医疗和机器人应用的需求。我们还发布了增强版的Vivado和VITA软件平台，使客户能够更轻松地开发高性能应用程序，以适用于我们多功能的自适应SOC。
Embedded CPU sales grew in the quarter with the launches of new AMD powered security, storage and networking solutions from HPE, Fortinet and other leading vendors. Looking into the second half of the year, after delivering six quarters of very strong year over year growth, we expect embedded segment revenue to decline in the back half of the year as lead times normalize and some customers reduce their inventory levels. We continue to be very pleased with our embedded design with momentum and in particular the growing revenue synergy opportunities we see based on our combined adaptive and embedded processing product portfolio.
在本季度，由于惠普企业、Fortinet和其他领先供应商推出了新的由AMD驱动的安全、存储和网络解决方案，嵌入式CPU销量不断增长。展望下半年，经历了六个季度非常强劲的同比增长后，由于交货时间正常化以及一些客户减少库存水平，我们预计嵌入式领域的收入将在年后半段出现下降。我们对嵌入式设计的发展势头非常满意，特别是我们根据整合的自适应和嵌入式处理产品组合看到的日益增长的收入协同机会。
In summary, we executed well in the quarter against our strategic priorities. Looking at the second half of the year, we expect the PC market to grow seasonally with more normalized inventory levels across the supply chain. In the data center market, we see a mixed environment as AI deployments are expanding. However, cloud customers continue optimizing their data center compute and enterprise customers remain cautious with new deployments. Against this backdrop, we expect strong growth driven by higher fourth gen epic and rising 7,000 processor sales and initial shipments of our instinct MI 300 accelerators in the fourth quarter.
总结一下，本季度我们在战略重点方面表现出色。展望下半年，我们预计个人电脑市场将随着供应链库存水平的逐步正常化而季节性增长。在数据中心市场，我们看到人工智能部署正在扩大，但云客户继续优化其数据中心计算，企业客户在新部署方面仍持谨慎态度。在这种背景下，我们预计第四代Epic处理器和七千系列处理器的销售将带来强劲增长，并在第四季度初开始出货我们的Instinct MI 300加速器。
Longer term, while we are still in the very early days of the new era of AI, it is clear that AI represents a multi-billion dollar growth opportunity for AMD across cloud, edge and an increasingly diverse number of intelligent endpoints. In the data center alone, we expect the market for AI accelerators to reach over 150 billion by 2027. We have increased our AI related R&D ecosystem enablement and go-to market investments to capture a significant share of this emerging market. The strong progress we are making executing our AI roadmaps and the rapid pace at which we are expanding our ecosystem of AI hardware and software partners makes us very confident we can deliver leadership training and inference solutions powered by our instinct epic rising AI, versatile and alveo platforms for our customers and partners.
从长远来看，尽管我们仍处在AI新时代的早期阶段，但很明显，AI代表着一个跨云计算、边缘计算和越来越多种类的智能终端的数十亿美元的增长机遇。仅在数据中心领域，我们预计到2027年，用于AI加速器的市场规模将超过1500亿美元。为了在这个新兴市场中占据重要份额，我们已经加大了与AI相关的研发生态系统和市场推广的投资。我们正在不断推进AI路线图的执行，快速扩展与硬件和软件合作伙伴的生态系统，这使我们对能够为客户和合作伙伴提供基于我们的Instinct Epic Rising AI、Versal和Alveo平台的领先培训和推理解决方案充满信心。
Now I'd like to turn the call over to Jean to provide additional color on our second quarter results and our outlook for Q3.
现在我想把电话转给Jean，让她对我们第二季度的业绩和第三季度的展望提供额外的说明。
Jean. Thank you Lisa and good afternoon everyone. I'll start with a review of our financial results for the second quarter and then provide our current outlook for the third quarter of fiscal 2023.
让我开始回顾我们在2023财年第二季度的财务成果，然后给出我们对第三季度的当前展望。首先，感谢Lisa和大家下午好。
We're pleased to read our second quarter results with the revenue of 5.4 billion and the diluted earning per share of 58 cents. On a year-over-year basis, revenue decline 18% as growth in the invited segment revenue was more than offset primarily by lower client segment revenue. Revenue was flat compared to the first quarter as growth imposed the client and the data center segments was offset by expected declines in the gaming and the embedded segment. Growth margin was 50% down approximately 4 percentage points from a year ago, primarily driven by lower client segment performance partially offset by strong embedded segment performance.
我们很高兴阅读到我们第二季度的业绩报告，其中收入达到54亿美元，每股摊薄收益为58美分。与去年同期相比，收入下降了18%，因为受邀客户的收入增长被客户端收入的下降所抵消。与第一季度相比，收入基本持平，客户端和数据中心领域的增长被游戏和嵌入式领域的预期下降所抵消。增长利润率为50%，较一年前下降了约4个百分点，主要是因为客户端表现不佳，但部分被嵌入式领域的强劲表现所抵消。
Operating expenses were 1.6 billion and increased over 3% year-over-year, primarily due to higher R&D investments. Operating income was 1.1 billion, down 914 million year-over-year and the operating margin was 20%. Interest expense Texas and other was 100 and the 20 million. For the second quarter, diluted earning per share was 58 cents compared to $1.05 in the same period last year. EPS declined on a year-over-year basis primarily due to client segment performance.
运营费用为16亿美元，并同比增长了3%以上，主要原因是研发投资增加。运营收入为11亿美元，同比减少了9.14亿美元，运营利润率为20%。德克萨斯州和其他地区的利息支出为1亿美元和20万美元。第二季度，每股稀释收益为58美分，而去年同期为1.05美元。每股收益同比下降，主要是由于客户业务表现不佳。
Now turning to our reportable segment for the second quarter. Starting with the data center segment, revenue was 1.3 billion, down 11% year-over-year, mainly due to lower third generation IPAC processor sales as enterprise demand was softer and inventory levels were elevated at certain MDC customers. Data center revenue grew sequentially with strong sales over our fourth generation IPAC processors, specifically GenWA, partially offset by decline in adaptive SOC product sales.
现在转向我们第二季度的报告细分部门。首先是数据中心细分，收入为13亿美元，同比下降11%，主要是因为企业需求较弱和某些MDC客户库存水平升高，导致第三代IPAC处理器销售下滑。与此同时，数据中心收入在销售强劲的第四代IPAC处理器（特别是GenWA）上实现了环比增长，但自适应SOC产品销售下降部分抵消了增长。
Data center segment operating income was 147 million or 11% of revenue compared to 472 million, also 2% year-over-year. Lower operating income was primarily due to lower revenue and increased R&D investment to support future growth.
数据中心业务部门的运营收入为1.47亿美元，占总营收的11%，相较于去年的4.72亿美元下降了2%。较低的运营收入主要是由于收入减少以及为未来增长提供支持所增加的研发投资所致。
Client segment revenue was 98 million, down 54% year-over-year due to reduced process shipment resulting from weaker PC market and significant inventory correction across the PC supply chain. On a sequential basis, revenue grew 35% as we dreamt out rising 7,000 series processors and the PC market conditions improved. Client segment operating loss was 69 million compared to operating income of 676 million a year ago, primarily due to lower revenue. We expect client segment to return to profitability in the third quarter.
客户细分收入为9800万美元，同比下降54%，主要是由于弱势个人电脑市场和个人电脑供应链中的大规模库存调整导致的减少生产出货量。从环比来看，收入增长了35%，这得益于我们推出的7000系列处理器以及个人电脑市场条件的改善。客户细分运营亏损为6900万美元，而去年同期为运营利润6760万美元，主要是由于收入下降。我们预计客户细分将在第三季度恢复盈利能力。
Gaming segment revenue was 0.6 billion, down 4% year-over-year. Semi-customer revenue grew year-over-year which was more than offset by lower gaming graphics revenue. On a sequential basis, gaming revenue declined 10% in line with our expectations. Gaming segment operating income was 225 million of 14% of revenue compared to 187 million or 11% year-over-year due to higher semi-customer revenue.
游戏业务板块的收入为6亿美元，同比下降4%。半导体客户收入同比增长，但受到游戏图形收入的下降所抵消。从季度角度看，游戏收入按照我们的预期下降了10%。游戏业务板块的运营利润为2.25亿美元，占收入的14%，相比去年的1.87亿美元或11%有所增长，这归因于较高的半导体客户收入。
Embedded segment revenue was 1.5 billion. Up 16% year-over-year, primarily driven by strengths in industrial, patient, healthcare, automotive, test, and emulation market. On a sequential basis, embedded segmented revenue declined 7% primarily due to weaker communication market demand. Embedded segment operating income was 757 million or 52% of revenue compared to 641 million or 51% a year ago, primarily driven by higher revenue.
嵌入式分割收入为15亿美元，同比增长16%，主要受益于工业、医疗、汽车、测试和仿真市场的强劲表现。按照季度比较，嵌入式分割收入下降了7%，主要是由于通信市场需求疲软。嵌入式分割运营收入为7.57亿美元，占收入的52%，相比一年前的6.41亿美元或51%，主要是由于收入增加所致。
Turning to the balance sheet and cash flow, during the quarter, we generated 379 million in cash from operations. Free cash flow was 254 million. Inventory increased by 332 million to support the continued ramp of advanced technology products. We expect inventory to decline as we ship this product to customers in the second half of the year. At the end of the quarter, cash equivalent and the short-term investment was drawn at 6.3 billion.
转向资产负债表和现金流量表，本季度我们从经营活动中产生了3.79亿的现金。自由现金流量为2.54亿。库存增加了3.32亿，以支持先进技术产品持续增长。我们预计随着这款产品在下半年向客户发货，库存将会减少。本季度末，现金及短期投资总额为63亿。
Now, turning to our third quarter, 2023 outlook. We expect revenue to be approximately 5.7 billion, plus or minus 300 million, an increase of approximately 2.5% year-over-year, and approximately 6.5% sequentially. Year-of-year, we expect revenue for the client segment to be up, data center segment to be flatish, and the gaming and embedded segments to decline. Sequentially, we expect the client and the data center segment to each grow by a double-digit percentage, and the gaming and embedded segments to decline. Nangagap growth margin to be approximately 51%. Nangagap operating expenses to be approximately 1.65 billion. Nangagap effective tax rates to be 13%, and the diluted share account is expected to be approximately 1.63 billion shares.
现在，我们转向2023年第三季度的展望。我们预计营收将约为57亿美元，上下浮动3亿美元，同比增长约2.5％，环比增长约6.5％。同比而言，我们预计客户端部分的营收将增长，数据中心部分将保持平稳，而游戏和嵌入式部分将下降。环比而言，我们预计客户端和数据中心部分的增长都将达到两位数百分比，而游戏和嵌入式部分将下降。我们预计净销售利润率约为51％。我们预计运营费用约为16.5亿美元。我们预计有效税率为13％，稀释后的股份约为16.3亿股。
In closing, I'm pleased to read our second quarter, top line, and bottom line execution. We expect our new product ramps across the data center and the client segment to drive sequential growth into the third quarter. Importantly, our leadership product portfolio, data center, and AI investment priorities, and the financial strength positioned us well for long-term growth. With that, I'll turn it back to Mitch for Q&A session. Thank you, Jay. John, we're happy to pull the audience for questions. Thank you.
在结束时，我很高兴看到我们在第二季度在营收和利润方面的执行情况。我们预计我们在数据中心和客户领域的新产品增长将驱动第三季度的顺序增长。重要的是，我们领先的产品组合、数据中心和人工智能的投资优先事项以及财务实力使我们在长期增长方面处于良好的位置。现在，我将把话题转给米奇进行问答环节。谢谢，杰伊。约翰，我们乐意听取观众的问题。谢谢。
We will now be conducting a question and answer session. If you would like to ask a question, please press star 1 on your telephone keypad. A confirmation tone will indicate that your line is in the question queue. You may press star 2 if you would like to remove your question from the queue. For participants using speaker equipment, it may be necessary to pick up your handset before pressing the star keys. We ask that you please limit yourself to one question and one follow-up. Thank you.
现在我们将进行问答环节。如果您想提问，请在您的电话键盘上按下星号1。确认音所示将表示您的电话已进入问答队列。如果您想要从队列中删除您的问题，可以按下星号2。对于使用扬声器设备的参与者，在按下星号键之前可能需要拿起听筒。我们请您仅限于一个问题和一个追问。谢谢。
One moment, please, will we pull for questions. And the first question comes from the line of Matt Ramsey with TD Cowan. Please proceed with your question.
请稍等一下，我们将开始提问。第一个问题来自TD Cowan的Matt Ramsey。请发表您的问题。
Yes, good afternoon. Thanks for taking my questions. Congrats on the results. I guess, Lisa, my first question is around the data center business. I think we're all across the industry observing a shift in workload and spending patterns like maybe we've arguably never seen. And your company is in a great position to participate on both sides of that, on the CPU strength and obviously in the AI space.
是的，下午好。感谢您回答我的问题。恭喜您取得的成绩。我猜，莉莎，我第一个问题是关于数据中心业务的。我认为我们都能够观察到工作负载和支出模式的变化，可能是我们从未见过的。而贵公司正处于参与这一变化的绝佳位置，无论是在处理器性能方面还是在人工智能领域。
Last quarter, you had given us some metrics around potentially being able to grow your data center business by 50% in the second half of the year versus the first half. And maybe you could give us a little bit of an update on how you're thinking about that milestone and the drivers of growth across CPU and accelerator for the back half. Thanks.
上个季度，您提到过有可能使数据中心业务在下半年相较于上半年增长50%的数据指标。或许您可以向我们更新一下您对这个目标的看法，以及在CPU和加速器方面推动增长的因素。谢谢。
Yeah, sure, Matt. Thanks for the question. So you're absolutely right. You know, it's a very dynamic market right now in the data center. We certainly see, you know, let me go through some of the pieces. So on the positive side, we certainly see that acceleration of AI demand from our standpoint, we see it in a couple ways. You know, we have a number of design wins in AI deployments as, you know, sort of the CPU that goes with GPUs as well as other accelerators. So in the head nodes, we've seen that positive on the CPU side. We've also seen some strong interest in our MI 250 accelerator, which is currently shipping right now. And we see very strong pull on the MI 300 accelerators that are starting production in the fourth quarter. So those are the positive market dynamics as we go into the second half of the year.
是的，当然，马特。感谢你的问题。你完全正确。你知道，在数据中心这个市场上，现在是一个非常动态的时期。我们当然可以看到一些积极的方面。让我来解释一下其中的一些方面。就积极的一面来说，我们确实看到了人工智能需求的加速。我们从几个方面看到了这一点。我们有一些与GPU以及其他加速器配套的CPU方面的设计赢得了合同。所以在主节点上，我们在CPU方面看到了积极的动态。我们还看到了对我们的MI 250加速器的浓厚兴趣，该加速器目前正在发货。而且我们还看到了对MI 300加速器的非常强烈的需求，该加速器将在第四季度开始生产。所以这些是我们进入下半年所看到的积极市场动态。
You know, we also see some of the softer cloud spend that is happening outside of AI as some of the cloud vendors are optimizing, you know, sort of their, their CAPEX and enterprise, I would say, is still on the weaker side. But with all of that in place, we are expecting a large ramp in the second half for our data center business and weighted towards the fourth quarter. And we are still looking at a zip code of let's call it 50% plus or minus second half to first half. So it's a lot of, it's a big ramp. But, you know, when we looked at all the components, I think the customer pull is certainly there. And it's exciting to be in this part of the industry.
你知道，除了人工智能以外，我们还可以看到一些更软性的云计算支出，因为一些云计算供应商在优化他们的资本支出和企业方面仍然比较薄弱。但是在所有这些情况下，我们预计在下半年我们的数据中心业务将有大幅增长，重点集中在第四季度。我们仍然预计下半年到上半年的比例在50%左右。所以这是一个很大的增长。但是，当我们考虑到所有的因素时，我认为客户需求肯定存在。能够参与到这个行业的这一部分是令人兴奋的。
Thank you for that, Lisa. I guess it's my follow-up still sticking with the data center business. Your company is aggressively trying to ramp up the hardware and the software side of the MI 300 programs to support AI. There's been some conflicting reports as to whether all of those deployments are on time. I think you've in the prepared script said what you guys think about that. I guess my question is really around the software work and the hardware itself that you're doing with your lead customers. Maybe you could give a little bit about, I guess, firstly, how the customer feedback has been on the performance of the hardware itself. And secondly, how you think the software work you're doing with your lead customers will translate into other customer deployments as we work there next year. Thanks.
谢谢你，丽莎。我想我还是在关注数据中心业务的后续发展。你们公司正在积极努力提高MI 300计划的硬件和软件方面，以支持人工智能。关于这些部署是否都按时完成，有一些相互矛盾的报道。我想你们在准备好的脚本中已经说了你们对此的看法。我想我的问题实际上是关于与主要客户合作的软件工作和硬件本身的情况。也许你可以简单介绍一下，首先客户对硬件性能的反馈如何。其次，你们与主要客户合作的软件工作如何可以转化为明年与其他客户合作的结果。谢谢。
Yeah, sure, absolutely. So, you know, if I give you just some color on, you know, sort of how the customer engagements are going, you know, there's very strong customer interests across the board in our AI solutions. That includes what's called multiple tier one hyperscalers that we're engaged with. It includes some large enterprises. And it also includes sort of this new category of some of these AI centric companies that are, you know, sort of very forward looking in terms of how they're deploying and building AI solutions. So, you know, from that aperture, we've made a lot of progress with our Rockam Software Stack. You know, I'm actually, you know, there's a lot more to do, but I would say the progress that we've made has been significant. We're getting lots of feedback from those lead customers. You know, we're seeing, you know, the benefits of the optimization. So, you know, working, you know, also on the higher level, you know, model frameworks, the work that we're doing with the PyTorch Foundation, the work that we're doing with Onyx, with Triton. And the key is we're getting, you know, significant real time feedback from some of these lead customers. So, we're learning at a very fast pace.
是的，当然，绝对是这样。所以，你知道，如果我给你一些客户参与的情况说明，我们AI解决方案的客户兴趣非常浓厚，这包括我们正在合作的一些一级超大规模云服务提供商，也包括一些大型企业。同时，还包括这个新的类别，一些将AI解决方案部署和构建前瞻性的AI中心化公司。所以，从这个角度看，我们在Rockam软件平台方面取得了很大进展。虽然还有很多工作要做，但我可以说我们已经取得了重要的进展。我们正在从这些领先客户那里得到很多反馈。我们正在看到优化带来的好处。此外，我们还在高层面上与模型框架合作，与PyTorch Foundation、Onyx和Triton合作。关键是，我们正在从一些领先客户那里获得大量的实时反馈。所以，我们正在以非常快的速度学习。
In terms of the feedback on, you know, performance, you know, a number of companies have now been able to look at MI250 across a broad range of workloads. And that's a good translation as you go to MI300, and the feedback's been, you know, quite positive. We have, you know, customer sampling either on our, you know, sort of lab systems, they're accessing the hardware or sampling in their labs. And I would say, you know, so far very positive. The pull is there. There's a lot of work to be done, but we feel very good about the progress of our overall, you know, AI solutions for the data center.
就反馈而言，很多公司现在已经能够针对各种工作负载评估MI250了。这是一个很好的过渡，因为随着MI300的推出，反馈也非常正面。我们有客户在我们的实验室系统上进行抽样测试，也有他们在自己的实验室中进行抽样测试。到目前为止，反馈非常积极。需求是存在的。虽然还有很多工作要做，但我们对数据中心的整体人工智能解决方案的进展感到非常满意。
Thanks, Lisa. Thanks, Matt. And the next question comes from the line of Aaron Rakers with Wells Fargo. Please proceed with your question.
谢谢，Lisa。谢谢，Matt。下一个问题来自华尔街的Aaron Rakers，请继续提问。
Yeah, thanks for taking the question. Just kind of building on Matt's, you know, Matt's comments or questions. I just want to go back to kind of the implied, you know, revenue for the data center business for the back half the year. Gene, I think last quarter you alluded to, you know, for the full year, the expectation is still growing 10% or double digits, I should say, for the full year of the data center business. Just confirming that. And I guess what I'm really trying to ask is I guess given the guidance of flat year over your growth in data center in 3.2, it would seem if my math's correct, you're implying a 50% or so increase, you know, sequentially into 4Q. I'm just trying to frame exactly how you're thinking about the cadence of what, you know, 4Q looks like underpinning that expectation.
是的，感谢您解答问题。我想在马特的问题上进一步发展，你知道，马特的评论或问题。我只是想回到隐含的数据中心业务在下半年的收入上。吉恩，我想上一季度你提到，预计整个年度数据中心业务仍将增长10%或两位数。只是确认一下。我想问的是，鉴于3.2中数据中心年度增长的平坦指导，如果我的计算正确的话，您似乎在四季度中暗示了约50%的增长。我只是试图明确您对支撑这一预期的四季度走势的思考方式。
Hey, Aaron, thanks for the question. I think as Lisa just mentioned earlier, it's very dynamic market. Their puts and the takes, we have a tremendous strong momentum with our product portfolio. But there's continued softness in enterprise market and also cloud optimization is still ongoing. So overall, on balance, we think a year of year, it's probably more like a high single digit. It's really, you know, strong ramp, not only in Q3, right? Sequentially, it means double digit, strong double digit, and the Q4, of course, we're going to see continue the sequential strong ramp.
嗨，亚伦，谢谢你的提问。我认为正如莉莎刚才提到的，这是一个非常动态的市场。他们的推出和接受，我们在产品组合方面具有强大的势头。但企业市场仍然持续疲软，云优化工作仍在进行中。所以总体而言，我们认为年度来看，可能更接近高个位数。实际上，在第三季度不仅有强劲的增长，而且环比增长达到了两位数，当然，在第四季度，我们将会继续看到环比强劲增长。
Yep. That's helpful, Gene. And I'm just kind of following up on that as well. I mean, how are you guys, how have you guys kind of managed through, with that ramp in mind, the supply chain side? I know that, you know, your manufacturing partners talked about expanding their capacity significantly, just curious of what you're seeing as far as being able to fulfill that, that degree of demand as we look into, not just this quarter, but into into 4Q.
是的，Gene，那非常有帮助。我也想稍微追问一下。我是说，你们是如何应对供应链方面的问题的呢？我知道你们的制造伙伴已经谈论过大幅扩展产能，我很好奇你们是否能够满足这种需求，不仅仅是这个季度，还有第四季度。
Yeah, sure. Aaron, so, you know, we have been really investing in our supply chain, you know, sort of the data center growth is so strategic to us that this has been, you know, part of the strategy. So if you look at all aspects of the supply chain from the wafers to the back end capacity, to some of the, you know, specific components that you need to do something of the class of MI 300, we've worked with, you know, the entire supply chain. We feel that we have, you know, ample supply for an aggressive ramp in the fourth quarter and into 2024. But this is certainly one of the areas that, you know, we spent quite a bit of time to ensure that we do have that confidence.
是的，艾伦，你知道的，我们确实在投资供应链方面付出了很多努力。数据中心的增长对我们来说非常战略，这一点是我们策略的一部分。所以，如果你从晶圆到后端能力，再到某些需要完成MI 300级别的特定组件，我们与整个供应链进行了合作。我们确信我们在第四季度和2024年进一步加大产能方面有足够的供应。但这当然是我们花了很多时间确保自己有足够信心的一个领域。
Thank you. Thanks, Aaron. And the next question comes from the line of Toshia Hari with Goldman Sachs. Please proceed with your question.
谢谢。感谢你，Aaron。下一个问题来自高盛的Toshia Hari。请您提出您的问题。
Hi. Thank you so much for taking the question. My first one is on the data center business as well. I just wanted to follow up on sort of a Q3 to Q4 dynamic. And I do apologize if I missed this. But in the implied growth rate in data center and Q4, can you speak to, you know, what percentage of that is supercomputing? I think there's a big project that's slated to ship in Q4. And is there any contribution from the instinct series outside of supercomputing as well? Or is it primarily your server CPU franchise?
你好。非常感谢您回答我的问题。我的第一个问题是关于数据中心业务的。我只是想对三季度到四季度的情况进行一下追踪。如果我错过了这个信息，我向您道歉。那么在数据中心业务的暗示增长率中，您能否谈一谈其中多少比例来自超级计算？我认为在第四季度有一个重要项目要发货。除了超级计算外，Instinct系列是否也有一定贡献？或者说主要还是由您的服务器CPU系列产品支持？
Yeah, sure, Toshia. Thanks for the question. So, you know, as Gene said, into the third quarter, we expect double-digit sequential growth in data center. That's primarily epic. So that's primarily the Zen4, let's call it the combination of, you know, Genoa Bergamo as that continues to ramp. As we go into the fourth quarter, there is an implied significant ramp in revenue. I think there are multiple components to that. So there is the server CPU side will continue to ramp as we see Zen4 ramp. There is a, you know, sort of large, you know, called lumpy supercomputer wins. So our El Capitan win will be in the fourth quarter primarily with the little bit in the first quarter. And then we will have contribution from, you know, both MI 300X going to, you know, large AI customers as they start their initial ramps, as well as MI 250s with a number of customers who have, you know, now, you know, view that as a very, very good option for some of the workloads that are not necessarily the largest language models or the largest parameters. Let's call it, you know, more, you know, sort of the other AI workloads. So those are the components of the fourth quarter, you know, sort of implied growth. You know, lots of pieces to it, but, you know, clearly a big piece of it is the MI 300 ramp.
是的，没问题，Toshia，谢谢你的问题。就像Gene说的那样，我们预计在第三季度，数据中心将会有两位数的环比增长，主要是由于Epic的推动。这主要是指Zen4的产品组合，也就是Genoa Bergamo的产品组合，因为它们的推广越来越顺利。而到了第四季度，我们预计收入将有显著增长的暗示。我认为其中有多个原因。首先，随着Zen4的推广，服务器CPU端将继续增长。其次，我们还将有一些大型超级计算机项目的获胜。我们的El Capitan项目主要将在第四季度实施，并在第一季度略有贡献。此外，我们还将从多个大型AI客户处收到来自MI 300X的贡献，因为他们开始进行初始的推广，以及来自许多客户的MI 250的贡献，他们认为这是一种非常好的选项，适用于一些不是最大的语言模型或最大参数的工作负载。以上就是第四季度暗示性增长的组成部分。它是由许多方面组成的，但其中一个明显的方面是MI 300的推广。
That's helpful. Thank you, Lisa.
这很有帮助。谢谢，Lisa。
And then shifting gears a little bit, follow up question on the client side. You talked about the business returning to profitability in Q3, which is great. But you're still well below where you were in 21 and 22 from an operating margin perspective.
然后稍微转换一下话题，对于客户端还有一个后续问题。你提到企业在第三季度恢复了盈利，这非常好。但从运营利润的角度来看，你的表现仍远低于2012年和2013年。
Can you speak to the competitive landscape in the client business? Is there a path back to, you know, call it 20%, 30% operating margins there? And do you have any cost initiatives ongoing to get you back to that level of profitability in client?
您能谈谈客户业务的竞争环境吗？是否有重返20%、30%的营运利润率的途径？并且在客户业务上，您是否有任何成本倡议来使利润率恢复到那个水平？
Thank you.
谢谢你。
Yeah, sure. Maybe let me start and then maybe Jean can add some comments. So look, I think, you know, the PC business has been, you know, sort of fairly, fairly volatile over the last number of quarters from the pandemic highs to some of the inventory digestion that we were all dealing with.
是的，当然可以。也许我可以先开始，然后让Jean添加一些评论。所以，看吧，我认为，你知道，过去几个季度PC业务一直相当波动，从疫情高峰到我们都在处理的库存消化。
I can say that I'm pleased to say that, you know, I think the growth that we're seeing that we saw here in the second quarter and that, you know, we see in the second half is, you know, the strength of our product portfolio. I think the rise in 7000 series is doing well. There's good customer pull.
我可以说，我很高兴地说，你知道的，我认为我们在第二季度所见到的增长以及我们在下半年所看到的增长，是我们产品组合实力的体现。我认为7000系列的增长良好，有着良好的客户需求。
I think from a competitive dynamic standpoint, you know, the business is always competitive, but we feel good about, you know, the most important thing that was a little bit of a drag on operating margins was the revenue, you know, the revenue being low as well as, you know, some of the, you know, we had a case where the, the sell-in was below consumption as we were normalizing inventory levels in the supply chain.
从竞争动态的角度来看，我觉得，你知道，商业始终是竞争的，但是我们对某些事情感觉良好，你知道，对经营利润率有一定拖累的最重要的因素是收入，你知道，收入很低，同时也有一些情况，你知道，我们有一个案例，销售量低于消费量，因为我们正在调整供应链中的库存水平。
As we get past that, what we see is, you know, I think the client business, you know, continues to grow. You know, we believe that, you know, client will grow into 2024 as well. In terms of some of the cost initiatives, we have been, let's call it, optimizing, you know, sort of the overall, you know, R&D footprint, but maybe I'll let Jean come in some more.
随着我们克服这个问题，我们发现客户业务依然在持续增长。我们相信客户业务在2024年也会继续增长。在一些成本方面的举措上，我们一直在进行所谓的优化，包括研发方面的整体规划，但是也让Jean来补充一些。
Yeah, on the OPEC side, the team has done a great job during this process to really optimize the investment in client on the segment to be more efficient and effective. If you look at the overall company level, our OPEC has been largely flatish, but we are investing in AI data center and strategic priorities we have, which generate a much higher return on investment. So we have optimized it. We feel pretty good about this level of operating expense to continue to invest in client on the segment.
是的，在OPEC方面，团队在这个过程中做得很出色，真正优化了客户在这一领域的投资，使其更加高效和有效。如果你看整个公司层面，我们的OPEC基本上保持平稳，但我们正在投资于人工智能数据中心和我们拥有的战略重点，这会带来更高的投资回报。所以我们进行了优化。我们对这个经营费用水平感到非常满意，会继续在客户端上继续投资。
As Lisa mentioned, it's really about revenue. The model will leverage it to generate profitability. We should be able to get back to 20%.
正如丽莎所提到的，这实际上是关于收入的。这个模型将利用它来实现盈利能力。我们应该能够回到20%。
Thank you.
谢谢您。
And the next question comes from the line of Harlan, sir, with JP Morgan. Please proceed with your question.
下一个问题来自JPMorgan的哈兰先生，请提出您的问题。
Yeah, good afternoon. Thank you for taking my question. Good to see the quarter over quarter inflection in your epic business targeted enterprise customers. You did mention the continued muted environment in enterprise. But the team continues to drive share gains with global corporations or ramping Genoa. Are you anticipating your enterprise segment to contribute to the strong second half growth profile of your data center business?
嗨，下午好。感谢您回答我的问题。很高兴看到您在史诗业务的针对企业客户方面季度对比呈现转折点。您确实提到了企业市场继续平淡的环境。但是团队继续与全球企业或正在推广的Genoa合作，并取得了份额增长。您是否预计企业业务板块将为您的数据中心业务在下半年实现强劲增长做出贡献呢？
Yeah, thanks for the question, Harlan. Look, enterprise business is very strategic to us. We feel that we're underrepresented. It's a place that we're putting more resources because, again, when we look at the value proposition of Genoa and the entire sort of Zen4 portfolio, we think it plays very well into the enterprise. So pleased to see the growth in the second quarter. We do believe that we're on a path to continue to grow into the second half of the year and beyond. And the key here is also investment in some of the go-to-market activities. So investing in more business development folks that can call directly on these enterprise customers together with our OEM partners and ensure that our value proposition is very well understood.
是的，非常感谢这个问题，哈兰。看，对于我们来说，企业业务非常战略重要。我们觉得我们在这方面的代表力不足。因此，我们正在投入更多资源，因为当我们看到Genoa和整个Zen4产品系列的价值主张时，我们认为它在企业领域表现非常出色。很高兴看到第二季度的增长。我们确信自己正在继续增长，并会持续增长到下半年乃至未来。关键在于加大一些销售推广活动的投资。因此，我们正在投资更多的业务拓展人员，可以直接拜访这些企业客户，与我们的OEM合作伙伴一起确保我们的价值主张被充分理解。
Perfect. Thank you. And then on the accelerated compute side, you know, general purpose compute demand might be muted in China, but there's a significant amount of unmet demand for accelerated compute in this region. I know there were performance thresholds, put in place last year. Maybe US government might lower that performance threshold again soon. I'm not sure, but let's say barring that, right? Has the team looked into developing China's specific SKUs of their MI250 or your new MI300 platforms? It seems like the opportunity here is quite large.
太好了，谢谢。然后就加速计算而言，你知道，在中国，对于通用计算的需求可能相对较少，但在这个地区，对于加速计算的需求仍然存在很大的未满足需求。我知道去年实施了一些性能门槛。也许美国政府可能会再次降低这一性能门槛。我不确定，但假设没有这一限制，团队是否考虑了开发针对中国市场的专用产品，例如MI250或新的MI300平台？看起来这里存在着相当大的机会。
Yeah, Harlan. Look, China is a very important market for us, you know, certainly across our portfolio. You know, as we think about, you know, certainly the accelerator market, you know, our plan is to, of course, be fully compliant with US export, you know, controls. But we do believe there's an opportunity to develop product, you know, for our customer set in China that is, you know, looking for, you know, AI solutions and we'll continue to work in that direction.
是的，哈兰。China对我们来说是一个非常重要的市场，你知道，在我们的投资组合中肯定是如此。当谈到我们的加速器市场时，我们计划当然是要完全遵守美国出口管制。但我们确实相信，在中国这个市场，我们有机会开发针对客户需求的人工智能解决方案，并且我们将继续朝着这个方向努力。
Thank you, Lisa.
谢谢你，莉莎。
Thanks, Harlan.
谢谢，哈兰。
And the next question comes from the line of ZVEC, Aria, with Bank of America Securities. Please proceed with your question. Thank you for taking my question.
下一个问题来自美国银行证券的ZVEC、Aria一行，请提出您的问题。谢谢您回答我的问题。
The first one, just a clarification. Would it be reasonable to assume that your GPU accelerator sales, right, could be about, say, 500-ish million this year, so about 7, 8% of data center sales? And if that is the right number, does it mean your server CPU sales are effectively flattish here on this year?
首先，只是澄清一下。我们是否可以合理地认为您的GPU加速器销售额今年大约达到5亿左右，大约占数据中心销售额的7、8%？如果是这个数字的话，这是否意味着您的服务器CPU销售额在今年基本持平？
Yeah, I mean, Vavic, I don't know that I would go into quite that granularity. What we will say is, you know, the GPU sales in the first half of the year were very low, as we were, you know, sort of in our product transition timing, as we go into the second half of the year, in particular, the fourth quarter will have MI-300 ramp. I think your number may be a little bit high in terms of the GPU sales, but overall, in general, I think our expectation is that, you know, as Gene said, the data center business, given all of the market dynamics, we see it up high single digits year on year. We see, you know, much better second half compared to first half, and I think the product portfolio and the ramp of Genoa and Bergamo, as well as the ramp of MI-300 are key components of the second half ramp. Thank you, Lisa.
是的，我是说，Vavic，我不知道我会详细到那个程度。我们会说的是，你知道的，上半年的GPU销售很低，因为我们正处于产品过渡的时机，随着我们进入下半年，尤其是第四季度将有MI-300的增长。我认为你的GPU销售额可能有点高，但总体而言，我想我们的预期是，就像Gene说的，鉴于所有市场动态，数据中心业务年同比增长将达到高个位数。我们预计下半年会比上半年好得多，我认为Genoa和Bergamo的产品组合以及MI-300的推广是下半年增长的关键因素。谢谢，Lisa。
And for my follow-up, just kind of a broader question on AI accelerators in the commercial market, so I'm excluding the supercomputing, the L-capita projects, et cetera. What is the AMD specific edge in this market? You know, they are already strong and established. They're kind of merchant players. They're a number of ASIC options, you know, a number of your traditional competitors, Intel and others, and several startups are also ramping. So my question is, what is AMD specific niche in this market? What is your value proposition and how sustainable is it? Because you're just starting to sample the product now. So I'm trying to, you know, get some realistic sense of how big it can be and what the specific kind of niche and differentiation is for AMD in this market.
关于我的后续问题，是关于商业市场上的AI加速器，所以我排除了超级计算、L-资本项目等。AMD在这个市场上有什么特别的优势？你知道，他们已经强大且有地位。他们是一些ASIC选项之一，还有一些传统的竞争对手，如英特尔和其他公司，而且还有几家初创公司也在迅速崛起。所以我的问题是，AMD在这个市场上的特定领域是什么？你们的价值主张是什么，它的可持续性有多高？毕竟你们现在才开始提供样品产品。因此，我想要得到一些实际感觉，了解这个市场的规模有多大，以及AMD在这个市场中的具体领域和差异化是什么。
Yeah, sure, Vivek. So I think maybe let me take a step back and just talk about, you know, sort of our investments in AI. So our investments in AI are very broad. And, you know, I know there's a lot of interest around data center, but I don't want us to lose track of the investments on the edge as well as in the client. But to your question on, you know, what is our value proposition in the data center? You know, I think what we have shown is that, you know, we have a very strong capability with super computing, as you've mentioned. And then as you look at AI, there are, you know, many different types of AI. You know, if you look across training and inference, you know, sort of the largest language models and what drives some of the performance in there. When we look at MI 300, MI 300 is actually designed to be a highly flexible family of products that looks across, you know, all of these different segments. And in particular, where we've seen a lot of interest is in the, you know, sort of large language model inference. So MI 300 X has, you know, the highest memory bandwidth has the highest, you know, memory capacity. And if you look at that inference workload, it's actually a very, it's very dependent on those things. That being said, we also believe that we have a very strong value proposition and training as well when you look across those workloads and the investments that we're making, not just today, but, you know, going forward with our next generation, you know, MI 400 series and so on and so forth. We definitely believe that we have a very, you know, competitive and capable, you know, hardware roadmap.
是的，没问题，Vivek。所以我想，也许我可以退后一步，谈谈我们在人工智能方面的投资。我们在人工智能方面的投资非常广泛。我知道大家对数据中心非常感兴趣，但我不希望我们忽视对边缘和客户端的投资。但是针对你提出的关于我们在数据中心的价值主张的问题，我认为我们已经表明，我们在超级计算方面拥有非常强大的能力，正如你所提到的。而在人工智能领域，有许多不同类型的人工智能。如果你看过训练和推断方面的情况，最大的语言模型以及推动其性能的一些因素，当我们看MI 300时，MI 300实际上是一个非常灵活的产品系列，可以涵盖所有这些不同的领域。特别是我们看到很多人对大型语言模型推断非常感兴趣。MI 300 X的内存带宽和内存容量都是最高的。如果你看一下推断工作负载，它实际上非常依赖这些因素。话虽如此，我们也相信，当你在这些工作负载和我们正在进行的投资上进行考虑时，我们在训练方面也有非常强大的价值主张，不仅是现在，而且是对于我们接下来的下一代MI400系列等。我们绝对相信我们有一个非常有竞争力和能力的硬件路线图。
I think the discussion about AMD, frankly, has always been about the software roadmap. And we do see, you know, a bit of a change here on the software side, you know, number one, we've put a tremendous amount of resource on it. So, you know, bringing together our former Xilinx software team together with the AMD, you know, sort of a base software team, we've dramatically increased the resources. And also, the focus has now been on, you know, sort of optimizing at these higher level models. So if you, you know, think about the frameworks around, you know, PyTorch and Triton and Onyx, I think, you know, many of the new AI-centric companies are actually optimizing at a different level. And they're working very closely with us. So, you know, in this place where AI is tremendously exciting, I think there will be multiple winners and, you know, we will be first to say that there are multiple winners. But we think our portfolio is actually fairly unique in the sense that we do have CPUs, GPUs, you know, we have the accelerator technology with Ryzen AI on the PC side as well as in the embedded side with our Xilinx portfolio. So I think it's a pretty broad and capable portfolio.
我认为对于AMD的讨论一直都是关于软件规划的。在软件方面，我们确实看到了一些变化，首先我们投入了大量资源。所以，我们将过去的半导体软件团队与AMD的基础软件团队合并在一起，极大地增加了资源。而且，我们现在的重点是优化这些更高级别的模型。所以，如果你想到PyTorch、Triton和Onyx等框架，我认为许多新的以人工智能为中心的公司实际上是在不同的层面上进行优化。他们与我们的合作非常密切。所以，在这个人工智能非常令人兴奋的领域，我认为会有多个获胜者，我们也将首先表示有多个获胜者。但我们认为我们的产品组合实际上在某种程度上是独特的，因为我们拥有CPU、GPU，并且还有使用Ryzen AI技术的PC端加速器技术，以及在嵌入式领域拥有Xilinx产品组合。所以我认为这是一个相当广泛和功能强大的产品组合。
Thank you.
谢谢你。
And the next question comes from the line of Stacey Raskin with Bernstein Research. Please proceed with your question.
下一个问题来自伯恩斯坦研究的斯泰西·拉斯金。请继续提问。
Hi guys. Thanks for taking my questions. I wanted to first go back to the Q4 data center guide. So if I do my math right, it's something like $700 million sequentially in data center from Q3 to Q4. So how much of that is the MI300 versus CPU? And given the lumpiness of the LCAP 10 piece, what does that imply for the potential seasonality in the Q1 as most of it rolls off?
大家好。感谢你们回答我的问题。首先我想回到第四季度的数据中心指南。所以如果我计算正确，从第三季度到第四季度的数据中心收入大约为7亿美元。其中MI300和CPU的收入各占多少比例？考虑到LCAP 10部件的不稳定因素，这对于第一季度的潜在季节性意味着什么？因为大部分LCAP 10将从中间去除掉。
Yeah, sure. So it is a large ramp, Stacey, into the fourth quarter. I think, you know, the largest piece of that is the MI300 ramp. But there is also a significant component that's, you know, just the EPIC processor ramp with, as I said, the Zen4 portfolio. In terms of the lumpiness of the revenue and where it goes into 2024, let me give you, you know, kind of a few pieces.
是的，当然。所以斯泰西，这是一个庞大的斜坡，进入第四季度。我认为，你知道，其中最大的部分就是MI300的斜坡。但还有一个很重要的组成部分，就是我们说的EPIC处理器斜坡，还有Zen4系列产品。关于收入的不稳定性以及它在2024年的发展方向，让我列举几个要点。
So I think there was a question earlier about, you know, how much of the MI300 revenue was AI centric versus, you know, let's call it super computing centric. The larger piece is super computing, but it's meaningful revenue contribution from AI. You know, as we go into 2024, our expectation is, again, let me go back to the customer interest on MI300x is very high. There are a number of customers that are looking to deploy as quickly as possible. So we would expect, you know, early deployments as we go into the first half of 2024, and then we would expect more volume in the second half of 2024 as, you know, those things fully qualify. So it is going to be a little bit lumpy as we, you know, get through the next few quarters, but our visibility is such that, you know, there are multiple customers that are looking to deploy as soon as possible. And we're working very closely with them to do the coengineering necessary to get them ramped.
所以我觉得之前有个问题是关于MI300的收入中有多少是与人工智能有关，而有多少是与超级计算有关的。超级计算占据了更大的比例，但人工智能方面也有有意义的收入贡献。在2024年，我们预计MI300x的客户兴趣非常高。有很多客户希望尽快部署。因此我们预计在2024年的上半年会有早期的部署，然后在下半年会有更多的规模量产，因为这些事情完全符合要求。所以在接下来的几个季度中，情况可能会有些起伏，但我们有足够的可见度，知道有多个客户希望尽快部署。我们正在与他们密切合作，进行必要的共同工程，以帮助他们加速上线。
I mean, the like of the 700 million, it's like 400 million of the LCAP of 10, or is it 500 million or 300 million? Like, like how big is the LCAP of 10 piece?
我是说，那700 million中的400 million，是10个Low Carbon Adjustment Program（LCAP）的规模吗？还是500 million或300 million呢？就是说，10个LCAP的规模有多大？
You can assume that the LCAP of 10 is several hundred million. Several hundred.
你可以假设10的LCAP是数十亿。几百亿。
Okay. For my follow up, just, you know, growth margins, you know, coming up in the back in the second, I mean, they still kind of missed in the quarter. I know they rounded up to 50, but they were 49.7. I know you're getting 51 for Q3. Like, Jean, where do you see growth margins sitting like in Q4 as we exit the year?
好的。关于我的后续问题，就是关于增长幅度的问题，在第二季度背后，我是说，他们仍然有点跑输了。我知道他们把数字四舍五入到50，但实际是49.7。我知道你预测第三季度会达到51。比如说，琼，你认为在我们年底离开这一年时，增长幅度会如何？
Yeah, I think the growth margin is for us. The primary driver, as we discussed in the past, it really makes, and if you look at our guidance, our outlook of Q3 growth margin of 51%, it's more than one percentage point, the improvement sequentially, despite of very significant height when the firm embedded the business declining in Q3. So the data center and the client and the business are expected to grow double digits sequentially and provide a positive impact on the growth margin, which actually more than offset the height when the firm embedded the business. So going into Q4, again, we're not guiding Q4, and it's going to depend on mix. I would say one thing is you will have similar dynamics, right? The data center is expected to grow very significantly. At the same time, we're going to have the same height when the firm embedded the business declining sequentially. So overall, we do expect the growth margin to improve from this level going forward.
是的，我认为增长幅度对我们来说是合适的。正如我们之前讨论的那样，最主要的推动力是真正产生了效果的，如果你看我们的指引，我们对于第三季度增长幅度为51%的展望，与之前相比，这是一个超过百分之一的逐步改善，尽管在第三季度公司嵌入业务出现了非常显著的下滑。因此，数据中心、客户和业务都有望逐步增长，并对增长幅度产生积极影响，这实际上弥补了在公司嵌入业务之际的下滑。所以进入第四季度，再次强调，我们不会指导第四季度，并且这将取决于组合。我可以说一件事情是你将会看到类似的动态，对吧？数据中心预计将有非常显著的增长。同时，嵌入业务在逐步下滑。因此，总体而言，我们确实预计增长幅度将会在目前水平上有所改善。
Okay, thank you.
好的，谢谢你。
And the next question comes from the line of Joe Moore with Morgan Stanley. Please proceed with your question.
下一个问题来自根斯坦利摩根斯坦利的乔·摩尔，请您发表您的问题。
Great, thank you. You've talked about the embedded business declining as you move into the second half. Can you give us a sense for how much and is that decline a function of the common infrastructure market or are you seeing weakness beyond that part of the market?
太好了，谢谢您。在谈到下半年时，您提到了嵌入式业务的下降情况。您能否告诉我们具体下降了多少，并且这种下降是由于通用基础设施市场的原因，还是其他市场部分出现了弱势情况？
Yeah, for Joe, thanks for the question. So look, when I look at the embedded business, I think we should start by remembering that we're coming off of six quarters of very strong growth. I mean, this business has performed extremely well and very pleased with the overall momentum in the business. To your exact question of what we're seeing in the markets, we're actually seeing the core markets hold up pretty well. So let's call it aerospace and defense, strong industrial vision and healthcare, strong testing, emulation, strong. We are seeing communications weakness. So that is the primary driver of the second half commentary. And there's also some inventory optimization, as you might expect, since our lead times have come down over the last several months. So in terms of zip code, I would say, think of it as double digit down sequentially in the third quarter. And that's the current view that we have. But overall, the business has been extremely strong for us. So I think this is an expected decline as we come off the cycle.
是的，对于乔，谢谢你的问题。所以看到嵌入式业务，我认为我们应该首先记住，我们经历了六个季度非常强劲的增长。我的意思是，这个业务表现得非常好，我对业务的整体动力感到非常满意。关于你具体问到市场情况，我们实际上看到核心市场表现相当不错。比如航空航天和国防、强劲的工业视觉和医疗、强劲的测试和仿真。不过我们也看到通信方面存在一些弱点。这也是对下半年的评论的主要驱动因素。同时也存在一些库存优化，这是可以预料的，因为我们的交货时间在过去几个月有所缩短。所以从这个角度来看，我会说，第三季度环比下降的幅度应该是两位数。这是我们目前的观点。但总的来说，对我们来说，整个业务一直非常强劲。所以我认为这是一个周期性的预期下降。
Great. And any sense for beyond this quarter? Since we've asked you so many Q4 questions already today, but any sense for, you know, is that kind of the bottom level or do you expect it to be some continued contraction?
好的。对于这个季度之外有什么感觉吗？因为今天我们已经问了你那么多关于第四季度的问题，但是你有没有感觉，这是一个底线还是你预计还会有些持续的收缩？
As Gene would say, we're not guiding for the fourth quarter, but I think you should expect embedded sort of in that similar zip code. Yeah, that's what I would say. Okay, great. Thank you.
正如Gene所说，我们不会对第四季度进行预测，但我认为你应该期望在同一范围内出现类似情况。是的，这就是我会说的。好的，非常感谢。
And the next question comes from the line of Timothy or Corey with UBS. Please proceed with your question. Thanks a lot. Gene, my first question is on inventory. You said it's going to come down a bit as you ramp into the Q4. Obviously, you have a big Q4. Can you sort of shape that out for us? Before this, normalize inventory days were kind of 90 to 100 days. Where do you think you're going to exit Q4 in terms of inventory days?
下一个问题来自于瑞银UBS的Timothy或Corey。请继续您的问题。非常感谢。Gene，我第一个问题是关于库存的。你说在Q4的逐步增加中，它会有所下降。显然，你们有一个重要的Q4。你能具体说明一下吗？在此之前，库存日常规情况下是90到100天。你认为在Q4结束时你们的库存天数会达到多少？
Yeah, Tim, thanks for the question. I think as we ramp those product lines in Q3 and Q4, you will see inventory come down first in Q3 and in Q4 again. I think the inventory days of inventory probably will be around 100 to 10 to 120 days. The key thing is, right, if you look at a multivile product, they are like advanced process technology, 5 nanometer, 4 nanometer, 6. The manufacturing cycle tends to be long. So in the longer term, you should expect us from days of inventory to be around 100 to 120 days versus traditionally, like 80 days or 75 days. That will be too short for really most advanced process technologies. Thanks a lot.
是的，Tim，谢谢你的问题。我认为随着我们在第三季度和第四季度推进这些产品线，你会看到存货首先在第三季度下降，然后在第四季度下降。我认为存货周转天数可能会在100到110到120天左右。关键是，对于多层产品来说，它们采用了先进的工艺技术，如5纳米、4纳米、6纳米。制造周期往往较长。因此从长远来看，你应该期望我们的存货周转天数约为100到120天，而传统上是80天或75天。对于大多数先进的工艺技术来说，这将太短了。非常感谢。
Then my follow up is for you, Lisa. If you add up the units, the customer interest, you can easily get to several 100,000 units. It seems to me for the MI300X next year. The question really is on the supply chain and particularly COOS. Do you think that's going to be a bottleneck for you? I know that they've been expanding capacity. I know you've been trying to procure more there. Can you talk about that? Do you think that supply could become a limiting factor for you next year?
那么，我的后续问题是给你，Lisa。如果你把销售量和客户兴趣加在一起，很容易就能达到几十万单位。对于明年的MI300X型号来说，我觉得真正的问题在于供应链，尤其是成本与制造。你认为这会成为你的瓶颈吗？我知道你们一直在扩大产能，也在尝试获得更多资源。你能谈谈这个问题吗？你认为供应可能会成为明年制约你们的因素吗？
Thanks. Absolutely. I'm not going to comment on the exact units, but what I will say is that we've been focused on the supply chain for MI300 for quite some time. It is tight. There's no question that it's tight in the industry. However, we have sort of commitments for significant capacity across the entire supply chain. So COOS is one piece of it, high bandwidth memory is another piece of it, and then just the general capacity requirements. And look, our goal is to make this a significant growth driver for AMD. I think it's a great market opportunity. We love the engagements with customers. And it's our responsibility to provide the supply for the demand. And so that's what we've been working on. Thanks a lot. Thanks, Tim.
谢谢。当然。我不打算评论具体的单位，但是我要说的是，我们一直在关注MI300的供应链。它是紧张的。毫无疑问，整个行业都很紧张。然而，我们已经在整个供应链上做了重大的承诺。所以，首席运营官是其中的一部分，高带宽内存是另一部分，还有一般的容量要求。我们的目标是使其成为AMD的重要增长驱动力。我认为这是一个很好的市场机会。我们喜欢与客户的交流。我们有责任为需求提供供应。这就是我们一直在努力的方向。非常感谢。谢谢，Tim。
And the next question comes to the line of Christopher Roland with SIG. Please proceed with your question. Hey, guys. Thanks for the question. And more on the MI300 opportunity that you guys called out as a multi-billion dollar growth opportunity. I was wondering if perhaps you could put a time frame around that multi-billion dollar opportunity, but more specifically, have you guys ported over MI300 LLMs to MI300? Have you looked at the performance? How do they perform? Are you excited about that? And then in terms of hyperscale uptake, is it the X version, the GPU only version that you expect to be the biggest seller here? And have you had any semi-custom kind of configurations here that potentially might even include an SPGA or other kind of LEGO movements on the MI300?
接下来的问题转给SIG的Christopher Roland。请继续提问。
嗨，伙计们。感谢你们的问题。关于你们所提到的多十亿美元增长机会MI300，我想知道这个多十亿美元的机会的时间范围，但更具体地说，你们是否已经将MI300 LLM移植到MI300上？你们看过它们的性能吗？它们的表现如何？你们对此感到兴奋吗？至于超大规模的接受程度，你们预计最畅销的是GPU版本的X版吗？在MI300上，你们是否有任何半定制的配置，这些配置可能甚至包括SPGA或其他的类似乐高的动作？
Thank you. Sure. So there were a lot of aspects to that question, Chris. So let me try to give you some framework here. I don't think we're ready to talk about timing yet of revenue numbers. What we will say is we do believe it's a multi-billion dollar opportunity. I think 2024 is a very important year for us. Ramping MI300 in multiple customers is sort of in over the next several quarters is very important. I think I mentioned earlier in the Q&A that the customer interest is actually diverse, which is great. It includes sort of what you would expect in terms of the large tier one hyperscalers. But I think these new class of AI-focused companies have been working very closely with us. And then some of the large enterprises are also looking at ramping up their efforts. The performance that we see is strong. I think the large language model work that we've done, we've done a lot of it on MI250 and we've seen very good results. That's on both training as well as inference. I think as we go through MI300, again, the early results are strong. For AI applications, what we're seeing now is MI300x. So let's call it the GPU-only version is the one that is sort of most prevalent in the AI customer engagements. But the MI300A actually, which is sort of where we have the CPU and the GPU more closely coupled together, is also of interest. So I think the key is I think we built the platform that does allow people to choose what is best for the models and for the workloads that they're trying to enable. And that's what we're working on.
当然。克里斯，这个问题涉及到很多方面，让我尝试给你提供一些框架。我认为我们还没有准备好讨论收入数字的时间问题。但我们可以说的是，我们确实认为这是一个价值数十亿美元的机会。我认为2024年对我们来说非常重要。在接下来的几个季度，在多个客户中推广MI300非常重要。在问答环节中，我之前提到客户的兴趣实际上是多样化的，这非常好。这包括一些大型一级超大规模数据中心服务提供商的需求，但我们也与一些新型的以人工智能为重点的公司密切合作。并且一些大型企业也在考虑加大力度。我们看到的性能非常强大。我们已经在MI250上做了很多大型语言模型的工作，并取得了很好的结果，无论是训练还是推理方面。我认为当我们继续使用MI300时，初步结果也很好。对于人工智能应用程序来说，我们现在看到的是MI300x。让我们称之为仅使用GPU的版本，这是人工智能客户参与中最普遍的一个版本。但实际上MI300A（即CPU和GPU更紧密耦合的版本）也很有吸引力。我认为关键在于，我们已经建立了一个平台，可以让人们根据模型和工作负载的需求选择最适合的方案。这就是我们正在努力的方向。
Great. And just as a quick follow-up then, Sienna, you know, Telco is a market kind of owned by your competitor there. They have a lot of software around Telco. What kind of share do you think you can take in the Telco market from them over the next few years?
好的。那么，Sienna，作为一个快速的跟进问题，你知道，电信市场是你们的竞争对手占据的市场。他们在电信领域有很多软件。你认为在接下来的几年里，你们能从他们那里获得多大的电信市场份额？
Yeah, we're excited about Sienna. I think Sienna fits, again, it's as you said, it's a niche that we haven't previously been focused on. I think our interactions with the Telco suppliers are there anxious to have Sienna be a part of their portfolio. Sienna is also one that will use for other edge applications or let's call it lower-end applications that need the performance of Zen4, but perhaps not the heavy platform that we have on the Gen1 Bergamo. So, you know, we do think we're starting from a very low point, so there's an opportunity to gain share over the next couple of years and, you know, we'll focus on that. Thanks so much, Lisa.
是的，我们对Sienna感到非常兴奋。我认为Sienna很适合，正如你所说的，这是我们之前没有关注过的一个利基市场。我认为与电信供应商的互动表明他们急切地希望将Sienna作为他们的一部分。Sienna还可以用于其他边缘应用，或者我们可以称之为不需要Gen 1 Bergamo上的重型平台但需要Zen4性能的较低端应用。所以，我们确实认为我们从一个非常低的起点开始，所以下面的几年有机会增加市场份额，我们会专注于这一点。非常感谢，Lisa。
Thanks, Chris. And the next question comes from the line of Chris Dainley with City. Please proceed with your question.
谢谢，克里斯。接下来的问题来自于Chris Dainley代表City的提问。请提出你的问题。
Hey, team, thanks for squeezing me in. Lisa, so if the MI, you know, 2.5300, etc. ramp or the revenue is mostly GPU-only. What kind of an impact would that have on the AMD gross margin? Would that still be gross margin accretive or dilutive or net neutrality or corporate gross margin?
嘿，团队，感谢你们安排了时间给我。Lisa，如果MI，也就是你知道的2.5300等等上升，或者收入主要来自GPU，这对AMD的毛利率会有什么影响？这仍然会增加毛利率、降低毛利率、保持净中立还是影响公司的毛利率呢？
Yeah, thanks, Chris. So, I think for the, let me just make sure I get the statement clear. So, you know, both MI 300A and MI 300X will be part of the ramp, particularly in the fourth quarter and as we go into next year. For the AI specific applications, we are more heavily weighted towards MI 300X, just given, you know, sort of where the software is written. And to your question about, you know, gross margins at the corporate level, so you would, we would expect that our AI business will be accretive to gross margins at the corporate level. And, you know, obviously, as you start the ramp, there's a little bit of learning, but, you know, overall we expect it to be accretive to our corporate gross margins.
是的，谢谢，克里斯。所以，我想就让我确保我清楚地理解陈述。所以，你知道，MI 300A和MI 300X都将成为生产中的一部分，特别是在第四季度和明年。对于AI特定应用程序，我们更加倾向于使用MI 300X，因为软件开发的方向。对于你关于公司层面的毛利率的问题，我们预计我们的AI业务将对公司的毛利率产生增值效应。当然，在启动阶段会有一些学习过程，但总体上我们预计其将对公司的毛利率产生增值效应。
Great. And then, from my follow-up, I just said, I guess, clarification. So, it sounds like most of the MI revenue you have in the hopper right now, or at least the committed revenue is LCAP. Is that true? And, you know, do you have other, I guess, confirmed or hard orders for that, or maybe just spend some time, you know, telling us, you know, how you're working with the customers or what it takes for them to go from, hey, we're interested to, here's a purchase order.
太好了。从我的追问中，我只是想澄清一下。所以，听起来你现在存货中的大部分MI收入，或者至少是已经承诺的收入，是来自于LCAP。对吗？此外，你是否还有其他的已确认或具体订单？或者，你可以花点时间告诉我们，你是如何与客户合作的，以及他们从感兴趣到下订单需要做什么。
Yeah. So, maybe if your question is, you know, do we have other customers who are committed to MI 300 other than LCAP, the answer is yes. You know, we have a number of customers who are actually committed. And the way these things go, actually, it's not different, not very different than how a server ramp goes, right? I mean, one starts with an initial deployment, you know, ensures that the software works, ensures that, you know, we have all the reliability and capability in the data center, and then they ramp from that. I will say the difference in AI deployments is, I think customers are willing to go very quickly. There is, you know, sort of a desire and a agility, because we all want to accelerate the amount of AI compute that's out there. And so, you know, the speed in which, you know, customers are engaged and customers are making decisions is actually, you know, at, you know, faster than they would in sort of a normal sort of regular environment. And that's great. I think that's helping us, as I said earlier, you know, learn, perfect the software, get all the capabilities in place for a significant ramp next year.
是的。所以，如果你的问题是，我们除了LCAP之外还有其他承诺使用MI 300的客户吗？答案是肯定的。实际上，我们有很多客户已经承诺使用MI 300。从进展来看，其实和服务器的推广过程并没有太大差异，你知道，一开始是进行初步部署，确保软件运行正常，确保数据中心的可靠性和能力，然后扩大规模。我要说的是，在AI部署方面的不同之处在于，我认为客户们愿意迅速行动。大家都希望加快AI计算的普及。因此，客户参与和决策的速度实际上比正常环境下的要快，这是个好事。正如我之前所说的，这有助于我们更好地学习，完善软件，并为明年的大规模扩张做好所有准备。
Great. Thanks, Lisa. Thanks. John, we have time for one more question.
太好了，谢谢你，莉萨。谢谢。约翰，我们还有时间再问一个问题。
Okay. And our final question comes from the line of Harsh Kumar with Piper Sandler. Please proceed with your question.
好的。我们的最后一个问题来自Piper Sandler的Harsh Kumar，请提出您的问题。
Yeah. Hey, guys. Thanks for letting me ask a question. Lisa, we're looking forward to an exciting second hop for your company. I had a good question on the server share. Do you think that there is a theoretical limit to the share that AMD can get? Historically, initially, we heard 80, 20 was a prevailing rule. Then you busted through that. Now we're hearing customers say, well, 70, 30 is more like it. More importantly, are there any large vendors for your server business where you have significantly more than 30% share, let's say 40 or even 50% share? And I have a follow-up.
是的。嘿，大家好。谢谢你们让我问问题。丽莎，我们期待你们公司有一个令人兴奋的第二次飞跃。我在服务器市场上有一个好问题。你认为AMD能够获得的市场份额有理论上的限制吗？从历史上看，最初我们听说80%和20%是一种普遍的规律。然后你们冲破了这一规律。现在我们听到客户说，70%和30%更符合实际情况。更重要的是，在你们的服务器业务中，是否有一些大型供应商的市场份额超过了30%，比如说达到了40%甚至50%？我还有一个后续问题。
Yeah, sure, Harsh. Thanks for the question. Look, I think the, you know, the, in the server business, I think the most important thing for our customers is that we have a strong roadmap and that it's a roadmap that they can count on. And we've been building that, you know, sort of working model, that roadmap and that trust over the past four or five years. So I don't think there's any theoretical cap on AMD share. I would say if we look today, there are multiple customers who have us deployed in their data centers at more than 50% share.
是的，当然，Harsh。谢谢你的问题。听着，我认为在服务器业务中，对我们的客户来说最重要的是我们有一个强大的路线图，并且这是一个他们可以依赖的路线图。在过去的四五年中，我们一直在建立这个工作模型、路线图和信任。所以我认为AMD的市场份额没有理论上的上限。如果我们现在看，有多个客户在他们的数据中心中使用我们，市场份额超过50%。
And, you know, from our view, you know, the place where we have perhaps been a bit more underrepresented is in the enterprise. And that's just a matter of, you know, sort of the breadth of enterprise customers and the breadth of enterprise software. So, you know, we believe that, you know, we have leadership today and we will very, very focused on ensuring that we continue leadership in the market. And, you know, with that, there's an opportunity to continue to gain share in the server market.
然后，你知道，从我们的角度来看，企业领域可能是我们在某种程度上欠缺代表性的地方。这只是因为企业客户的广度和企业软件的广度不同而已。因此，我们相信，我们今天已经具备领导地位，并且非常非常专注于确保我们在市场上继续保持领导地位。同时，我们有机会在服务器市场继续获得份额增长。
Thank you, Lisa. For my second one, can you help us think a little bit about the generative AI spend? Let's say, you know, if you can cite for us some kind of metric, as to how many dollars of spend today are you seeing from your customers on generative AI for, let's say, each dollar of regular, you know, service, even your spend. Is there a metric that we can think of? Is there a trend today? And where do you think it can be in a couple of years?
谢谢，Lisa。对于我的第二个问题，你能帮我们考虑一下生成式人工智能的支出吗？假设你能为我们提供一些指标，比如说现在你的客户在生成式人工智能上的每一美元支出，相较于他们在常规服务上的支出有多少。我们能想到一个指标吗？现在有什么趋势？你认为未来几年会怎样？
Yeah, I think, Harsh, the best way to answer that, and, you know, again, we're all, you know, sort of, you know, it's all of crystal ball as to what's going to happen over the next four or five years. There's no question that the demand for generative AI solutions is very high. And, you know, there's a lot of compute capacity that needs to put in. The way we've sized the market is, you know, it can perhaps grow at a rate of, let's call it, you know, 50% KAGR plus or minus over the next three or four years. So that would take us to, you know, a hundred and fifty billion dollar market by the time you get to 2027. Now, that's all accelerators in the data center. So that includes, you know, you know, GPUs that includes, you know, other A6 and other accelerators. But I think we have an opportunity to address a large portion of that market. So that, that makes it, you know, a very, you know, clear priority for us, you know, it's our number one strategic priority. And we'll, you know, continue to work closely with our customers as they optimize between CPU and GPU spend.
是的，我认为，Harsh，回答这个问题的最佳方式是，你知道，我们都是在猜测未来四五年会发生什么的水晶球。毫无疑问，对生成式人工智能解决方案的需求非常高。而且，你知道，需要投入大量计算能力。我们对市场的规模估计是，它可能以50%的复合年增长率增长，加减号之间。这将使市场在2027年达到1,500亿美元。现在，这包括数据中心中的各种加速器，包括GPU，还有其他A6和其他加速器。但我认为我们有机会在市场的很大一部分占据份额。所以，这使得它成为我们的首要战略重点。我们将继续与客户密切合作，帮助他们在CPU和GPU支出之间优化。
Thank you, Lisa. Thank you. Great, John. That concludes today's call. Thank you to everyone for joining us today. Please, gentlemen, you may not disconnect your lines at this time. Thank you for your participation.
谢谢你，Lisa。谢谢你。太好了，John。今天的电话会议到此结束。感谢今天所有与会者的加入。请各位先生们不要挂断电话线。感谢你们的参与。