AMD Earnings Call 2024 Q2

Greetings and welcome to the AMD 2nd quarter 2024 conference call. At this time all participants are in a list and only mode. A brief question and intercession will follow the formal presentation. If anyone should require operator assistance during the conference, please press star zero on your telephone keypad. As a reminder, this conference is being recorded. It is now my pleasure to introduce to you Mitch Hawz, Vice President and Best of Relations. Thank you Mitch, you may be GIM. Thank you and welcome to AMD 2nd quarter 2024 financial results conference call. By now you should have had the opportunity to review a copy of our earnings press release and the accompanying slides. If you have not had the chance to review these materials, they can be found on the investor relations page of AMD.com. We will refer primarily to non-gap financial measures during today's call. The full non-gap to gap reconciliation are available in today's press release and the slides posted on our website. 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 call and will be replayed via webcast on our website. Before we begin, I would like to note that Dr. Lisa Sue will attend the Goldman Sachs Technology, Communiocopia and Technology Conference on Monday, September 9th, and Mark Papermaster, Executive Vice President and Chief Technology Officer, will attend the Deutsche Bank Technology Conference on Wednesday, August 28th.

大家好，欢迎参加AMD 2024年第二季度财报电话会议。现在，所有与会者都处于只听模式。正式发言后将有简短的问答和讨论环节。如果在会议期间需要操作员帮助，请按电话键盘上的星号加零键。提醒一下，这次会议正在录音中。现在我很高兴向大家介绍Mitch Hawz，副总裁兼投资关系负责人。谢谢你，Mitch，你可以开始了。 谢谢，欢迎大家参加AMD 2024年第二季度财报电话会议。现在您应该已经有机会查看我们的财报新闻稿和相关幻灯片。如果还没有，请访问AMD.com投资者关系页面查看相关材料。今天的会议我们主要参考非GAAP财务指标。完整的GAAP到非GAAP的对账明细已在今天的新闻稿和我们网站上的幻灯片中提供。 今天会议的参与者有我们的董事长兼首席执行官苏姿丰博士，以及执行副总裁、首席财务官兼财务主管胡坚。此次电话会议是实时的，并将在我们的网站上通过网络直播重播。 在开始之前，我想提醒大家，苏姿丰博士将出席9月9日星期一的高盛技术、传媒和技术大会，执行副总裁兼首席技术官Mark Papermaster将出席8月28日星期三的德银技术大会。

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. With that, I will hand the call over to Lisa. Thank you, Mitch, and good afternoon to all those listening today. We delivered strong second quarter financial results with revenue coming in above the midpoint of guidance and profitability increasing by a double digit percentage driven by higher than expected sales of our instinct, rise in and epic processors. We continued accelerating our AI traction as leading cloud and enterprise providers expanded availability of instinct MI 300X solutions, and we also saw positive demand signals for general purpose compute in both our client and server processor businesses.

今天的讨论包含基于当前信念、假设和预期的前瞻性声明。它们只反映截至今天的情况，因此涉及可能导致实际结果与当前预期存在实质性差异的风险和不确定性。有关可能导致实际结果与预期存在重大差异的因素，请参阅我们新闻稿中的警示声明。接下来，我将把电话转交给Lisa。 谢谢你，Mitch，下午好，感谢今天所有收听的人。我们在第二季度取得了强劲的财务业绩，收入超过了预期指导的中点，利润率也增长了两位数，主要是由于我们Instinct、Ryzen和Epic处理器的销量高于预期。随着主要云和企业供应商扩展了Instinct MI 300X解决方案的可用性，我们在AI领域的进展持续加速。同时，我们在客户端和服务器处理器业务中也看到了对通用计算的积极需求信号。

As a result, second quarter revenue increased 9% year over year to 5.8 billion as significantly higher sales of our data center and client processors more than offset declines in gaming and embedded product sales. We also expanded gross margin by more than 3 percentage points and grew EPS 19% as data center product sales accounted for nearly 50% of overall sales in the quarter. Turning to the segments, data center segment revenue increased 115% year over year to a record 2.8 billion driven by the steep ramp of instinct MI 300 GPU shipments and a strong double digit percentage increase in epic CPU sales. Cloud adoption remains strong as hyperscalers deploy fourth gen epic CPUs to power more of their internal workloads and public instances. We are seeing hyperscalers select epic processors to power a larger portion of their applications and workloads, displacing incumbent offerings across their infrastructure with AMD solutions that offer clear performance and efficiency advantages.

因此，第二季度收入同比增长9%，达到58亿美元，这主要得益于我们数据中心和客户端处理器销量的显著增加，足以抵消游戏和嵌入式产品销售的下降。我们还将毛利率提高了3个百分点以上，每股收益增长了19%，因为数据中心产品销售在本季度占总销售额的近50%。 分部门来看，数据中心部门收入同比增长115%，达到创纪录的28亿美元，这主要是由于Instinct MI 300 GPU出货量大幅增加以及EPYC CPU销量大幅增长。随着超大规模数据中心运营商部署第四代EPYC CPU来支持更多的内部工作负载和公共实例，云采用保持强劲。我们看到超大规模数据中心运营商选择EPYC处理器来支持其更多的应用程序和工作负载，取代其基础设施上的现有解决方案，因为AMD的产品具有明显的性能和效率优势。

The number of AMD powered cloud instances available from the largest providers has increased 34% from a year ago to more than 900. We are seeing strong pull for these instances with both enterprise and cloud first businesses. As an example, Netflix and Uber both recently selected fourth gen epic public cloud instances as one of the key solutions to power their mission critical customer facing workloads. In the enterprise, sell through increase by a strong double digit percentage sequentially. We close multiple large wins in the quarter with financial services, technology, healthcare, retail, manufacturing and transportation customers, including Adobe, Boeing, industrial light and magic, Optiver and Siemens. Importantly, more than one third of our enterprise server wins in the first half of the year were with businesses deploying epic in their data centers for the first time, highlighting our success attracting new customers while also continuing to expand our footprint with existing customers.

全球最大的云服务提供商所提供的搭载AMD芯片的云实例数量相比去年增长了34%，达到了900多个。这些实例在企业和云优先业务中受到强烈需求。例如，Netflix和Uber最近都选择了第四代EPYC公有云实例，作为支持其关键客户工作负载的主要解决方案。在企业领域，销售环比增加了两位数的百分比。本季度，我们在金融服务、科技、医疗、零售、制造和交通等行业获得了多个重大客户，包括Adobe、波音、工业光魔、Optiver和西门子。更重要的是，今年上半年我们三分之一以上的企业服务器新订单来自首次在其数据中心部署EPYC的企业，这突显了我们在吸引新客户方面的成功，同时继续扩大了我们在现有客户中的市场份额。

Looking ahead, our next generation Turin family featuring our new Zen 5 core is looking very strong. Zen 5 is a grounds up new core design optimized for leadership performance and efficiency. Turin will extend our TCO leadership by offering up to 192 cores and 384 threads, support for the latest memory and IO technologies and the ability to drop into existing fourth gen epic platforms. We publicly previewed Turin for the first time in June demonstrating our significant performance advantages in multiple compute intensive workloads. We also passed a major milestone in the second quarter as we started Turin production shipments to lead cloud customers. Production is ramping now ahead of launch and we expect broad OEM and cloud availability later this year.

展望未来，我们新一代的都灵家族将搭载全新的Zen 5核心，看起来非常强劲。Zen 5是一款从零设计的全新核心，致力于在性能和效率方面达到领先水平。都灵将通过提供最多192个核心和384个线程，支持最新的内存和IO技术，并且能够兼容现有的第四代Epic平台，从而延续我们的总拥有成本（TCO）领导地位。我们在六月首次公开预览了都灵，展示了在多个计算密集型工作负载中的显著性能优势。在第二季度，我们也达到了一个重要的里程碑，开始向主要云客户发送都灵的生产订单。生产正在为发布做准备，我们预计今年晚些时候将会有广泛的OEM和云服务供应。

Turning to our data center AI business, we delivered our third straight quarter of record data center GPU revenue with MI 300 quarterly revenue exceeding 1 billion for the first time. Microsoft expanded their use of MI 300x accelerators to power GPT 4 turbo and multiple co-pilot services including Microsoft 365 chat, Word and Teams. Microsoft also became the first large hyperscaler to announce general availability of public MI 300x instances in the quarter. The new Azure VMs leveraged the industry leading compute performance and memory capacity of MI 300x in conjunction with the latest rock and software to deliver leadership influencing price performance when running the latest frontier models including GPT 4. Hugging face was one of the first customers to adopt the new Azure instances enabling enterprise and AI customers to deploy hundreds of thousands of models on MI 300x GPUs with one click. Our enterprise and cloud AI customer pipeline grew in the quarter and we are working very closely with our system and cloud partners to ramp availability of MI 300 solutions to address growing customer demand.

关于我们的数据中心人工智能业务，我们连续第三个季度实现了创纪录的数据中心GPU收入，其中MI 300的季度收入首次超过10亿美元。微软扩大了对MI 300x加速器的使用，用于驱动GPT-4 Turbo和多个协同办公服务，包括Microsoft 365聊天、Word和Teams。微软也成为首个宣布MI 300x公共实例全面开放的大型超大规模用户。新的Azure虚拟机利用了MI 300x的行业领先计算性能和内存容量，结合最新的硬件和软件，在运行最新的前沿模型（如GPT-4）时提供了具竞争力的性价比。Hugging Face成为第一个采用这些新Azure实例的客户之一，使企业和AI客户能够一键部署数十万模型在MI 300x GPU上。我们的企业和云人工智能客户数量在本季度有所增长，我们正与系统和云合作伙伴密切合作，加速MI 300解决方案的供应，以应对不断增长的客户需求。

Dell, HPE, Lenovo and Super Micro all have instinct platforms in production and multiple hyperscale and tier 2 cloud providers are on track to launch MI 300 instances this quarter. On the AI software front, we made significant progress enhancing support and features across our software stack making it easier to deploy high performance AI solutions on our platforms. We also continued to work with the open source community to enable customers to implement the latest AI algorithms. As an example, AMD support for flash attention to algorithm was upstream providing out of the box support for AMD hardware in the popular library that could increase training and inference performance on large transformer models. Our work with the model community also continued accelerating highlighted by the launches of new models and frameworks with day one support for AMD hardware.

戴尔、惠普企业、联想和超微计算都已在生产中采用了Instinct平台，多家超大规模和二级云服务提供商也计划在本季度推出MI 300实例。在人工智能软件领域，我们在增强软件栈的支持和功能方面取得了显著进展，使在我们的平台上部署高性能人工智能解决方案变得更加容易。我们还继续与开源社区合作，帮助客户实现最新的人工智能算法。例如，AMD对Flash Attention算法的支持上游化，这使得在流行库中开箱即用地支持AMD硬件，从而可以提高大型Transformer模型的训练和推理性能。我们与模型社区的合作也在持续加速，标志性事件包括推出了在第一时间就支持AMD硬件的新模型和框架。

At Computex, I was joined by the co CEO of stable diffusion to announce that MI 300 is the first GPU to support their latest SD 3.0 image generation LLM. Last week, we were proud to note that multiple partners used rock them and MI 300 X to announce support for the latest llama 3.1 models, including their 405 billion parameter version that is the industry's first frontier level open source AI model. llama 3.1 runs seamlessly on MI 300 accelerators. And because of our leadership memory capacity, we're also able to run the FP 16 version of the llama 3.1 405 B model in a single server, simplifying deployment and fine tuning of the industry leading model and providing significant TCO advantages.

在台北国际电脑展上，我与Stable Diffusion的联合首席执行官一起宣布，MI 300是首个支持他们最新的SD 3.0图像生成LLM的GPU。上周，我们自豪地指出，多个合作伙伴使用Rocket Them和MI 300 X宣布支持最新的Llama 3.1模型，包括其拥有4050亿参数的版本，这是业界首个前沿级别的开源AI模型。Llama 3.1在MI 300加速器上运行非常顺畅。由于我们在内存容量方面的领先优势，我们还能够在单台服务器上运行Llama 3.1 405B模型的FP 16版本，简化了该行业领先模型的部署和微调，并提供了显著的总拥有成本（TCO）优势。

Earlier this month, we announced our agreement to acquire silo AI. Europe's largest private AI lab with extensive experience developing tailored AI solutions for multiple enterprise and embedded customers, including Allianks, Ericsson, Finair, Corber, Nokia, Philips, T-Mobile and Unilever. The silo team significantly expands our capability to service large enterprise customers looking to optimize their AI solutions for AMD hardware. Silo also brings deep expertise in large language model development, which will help accelerate optimization of AMD inference and training solutions. In addition to our acquisitions of silo AI, oopsology and not.ai, we have invested over 125 million across a dozen AI companies in the last 12 months to expand the AMD AI ecosystem, support partners and advanced leadership AMD computing platforms.

本月早些时候，我们宣布了收购 Silo AI 的协议。Silo AI 是欧洲最大的私人 AI 实验室，拥有为多个企业和嵌入式客户定制 AI 解决方案的丰富经验，这些客户包括 Allianz（安联保险）、Ericsson（爱立信）、Finnair（芬兰航空）、Cobra（眼镜蛇）、Nokia（诺基亚）、Philips（飞利浦）、T-Mobile（T-移动）和 Unilever（联合利华）。Silo AI 的团队大大提升了我们为大型企业客户服务的能力，这些客户希望优化其 AI 解决方案以适配 AMD 硬件。Silo 还带来了在大型语言模型开发方面的深厚专业知识，有助于加速 AMD 推理和训练解决方案的优化。除了收购 Silo AI、Oopsology 和 Not.ai 之外，我们在过去12个月内投资了超过1.25亿美元，涵盖十几家 AI 公司，以扩展 AMD 的 AI 生态系统，支持合作伙伴并提升 AMD 计算平台的领先地位。

Looking ahead from a roadmap perspective, we are accelerating expanding our Instinct roadmap to deliver an annual cadence of AI accelerators, starting with the launch of MI 325 X later this year. MI 325 X leverages the same infrastructure as MI 300 and extends our generative AI performance leadership by offering twice the memory capacity and 1.3 times more peak compute performance than competitive offerings. We plan to follow MI 325 X with the MI 350 series in 2025 based on the new CDNA4 architecture, which is on track to deliver a 35 X increase in performance compared to CDNA3. And our MI 400 series powered by the CDNA next architecture is making great progress in development and is scheduled to launch in 2026.

从路线图的角度展望，我们正在加速扩展我们的Instinct路线图，以实现每年发布AI加速器的节奏，今年晚些时候将首发MI 325 X。MI 325 X利用与MI 300相同的基础架构，并通过提供两倍的内存容量和1.3倍的峰值计算性能，继续在生成性AI性能上保持领先地位。我们计划在2025年推出基于新CDNA4架构的MI 350系列，其性能预计将比CDNA3提升35倍。而基于下一代CDNA架构的MI 400系列也在稳步开发中，计划于2026年推出。

Turning to our AI solutions work, Broadcom Cisco HP enterprise Intel Google, Meta and Microsoft all joined us to announce ultra accelerator link and industry standard technology to connect hundreds of AI accelerators that is based on AMD's proven infinity fabric technology. By combining UA link with the widely supported ultra ethernet consortium specification, the industry is coming together to establish a standardized approach for building the next generation of high performance data centers, AI solutions at scale. In summary, customer response to our multi year Instinct and Rockam roadmap is overwhelmingly positive and we're very pleased with the momentum we are building. As a result, we now expect data center GPU revenue to exceed 4.5 billion in 2024 up from the 4 billion we guided in April.

转向我们的AI解决方案工作，博通、思科、惠普企业、英特尔、谷歌、Meta和微软都加入我们，宣布了超加速器链接（Ultra Accelerator Link）和行业标准技术，以连接基于AMD经过验证的Infinity Fabric技术的数百个AI加速器。通过将UA链接与广泛支持的超以太网联盟规范相结合，行业正在共同努力建立一种标准化的方法，用于构建下一代高性能数据中心，以大规模部署AI解决方案。总之，客户对我们多年Instinct和Rockam路线图的反应非常积极，我们对我们正在构建的势头感到非常满意。结果，我们现在预计2024年数据中心GPU收入将超过45亿美元，高于我们在四月份指引的40亿美元。

Turning to our client segment, revenue was 1.5 billion and increase of 49% year over year driven by strong demand for our prior generation rise in processors and initial shipments of our next generation Zen 5 processors. In PC applications, Zen 5 delivers an average of 16% more instructions per clock than our industry leading previous generation of rising processors. For desktops, our upcoming Ryzen 9000 series processors dropped into existing AM5 motherboards and extends our performance and energy efficiency leadership across productivity, gaming and content creation workloads. For notebooks, we announced our Ryzen AI 300 series that extends our industry leading CPU and GPU performance and introduces the industry's fastest NPU with 50 tops of AI compute performance for co pilot plus PCs. The first Ryzen AI 300 series notebooks went on sale over the weekend to strong reviews and more than 100 Ryzen AI 300 series premium gaming and commercial platforms are on track to launch from Acer, ASUS, HP, Lenovo and others over the coming quarters. Customer excitement for our new Ryzen processors is very strong and we are well positioned for ongoing revenue share gains based on the strength of our leadership portfolio and design with momentum.

转向我们的客户业务，收入达到了15亿美元，同比增长49%，这主要得益于我们上一代处理器的强劲需求以及下一代Zen 5处理器的初步出货。在PC应用中，Zen 5平均每时钟周期的指令数比我们行业领先的前一代锐龙处理器提高了16%。在桌面端，我们即将发布的Ryzen 9000系列处理器可以直接插入现有的AM5主板，并延续我们在生产力、游戏和内容创作负载方面的性能和能效领导地位。在笔记本方面，我们发布了Ryzen AI 300系列，它不仅延续了我们在CPU和GPU性能的行业领先地位，还引入了业界最快的NPU，其AI计算性能达到50 TOPS，适用于Co Pilot Plus PC。首批Ryzen AI 300系列笔记本电脑在周末开售，评价很好，并且预计未来几个季度将有超过100款Ryzen AI 300系列高端游戏和商用平台由宏碁、华硕、惠普、联想等公司推出。客户对我们的新款锐龙处理器充满期待，并且凭借我们的领导产品组合和设计势头，我们在持续增加收入份额方面处于有利地位。

Now turning to our gaming segment, revenue declined 59% year over year to 648 million as semi custom SOC sales declined in line with our projections. Semi custom demand remains soft as we are now in the fifth year of the console cycle and we expect sales to be lower in the second half of the year compared to the first half. In gaming graphics, revenue increased year over year driven by improved sales of our Radeon 6000 and 7000 series GPUs in the channel. Turning to our embedded segment, revenue decreased 41% year over year to 861 million. The first quarter marked the bottom for our embedded segment revenue. Although second quarter revenue was flatish sequentially, we saw early signs of order patterns improving and expect embedded revenue to be more than a year. We would be able to gradually recover in the second half of the year. Longer term we are building strong design with momentum for expanded embedded portfolio.

现在转向我们的游戏业务，收入同比下降59%，达到6.48亿美元，这是由于半定制SOC销售如预期下降。由于现在已经进入主机循环的第五年，半定制需求仍然疲软，我们预计下半年销售额将比上半年更低。在游戏显卡方面，由于Radeon 6000和7000系列GPU渠道销售改善，收入同比增长。 转向我们的嵌入式业务，收入同比下降41%，达到8.61亿美元。第一季度标志着我们嵌入式业务收入的低谷。尽管第二季度收入环比持平，但我们观察到订单模式有早期改善的迹象，预期嵌入式收入将在全年内逐步恢复。长期来看，我们正在为扩展的嵌入式产品组合建立强劲的设计动能。

Design wins in the first half of the year increased by more than 40% from the prior year to greater than 7 billion, including multiple triple digit million dollar wins combining our adaptive and x86 compute products. We announced our LVO V80 accelerators that deliver leadership capabilities in memory intensive workloads and entered early access on next generation edge AI solutions with more than 30 key partners on our upcoming second gen virtual adaptive SOCs. Last week, we also announced Victor Peng, President of AMD, would retire at the end of August. Victor has made significant contributions to Xilinx and AMD, including helping scale our embedded business and leading our cross company AI strategy. On a personal note, Victor has been a great partner to me, ensuring the success of our Xilinx acquisition and integration. On behalf of all of the AMD employees and board, I want to thank Victor for all of his contributions to AMD success and wish him all the best in his retirement.

今年上半年，我们的设计获胜数量同比增长了40%以上，超过了70亿美金，其中包括多笔数亿美元的订单，这些订单结合了我们的自适应计算和x86计算产品。我们发布了LVO V80加速器，这些加速器在内存密集型工作负载方面具有领先的性能，并且与超过30个关键合作伙伴一起，针对下一代边缘AI解决方案开启了早期使用计划，这些解决方案基于我们即将推出的第二代虚拟自适应系统级芯片（SOC）。 上周，我们还宣布了AMD总裁彭胜(Hector Peng)将在8月底退休。他对赛灵思（Xilinx）和AMD做出了重大贡献，包括帮助扩大我们的嵌入式业务和领导公司的跨部门AI战略。从个人的角度来说，彭胜一直是我的好伙伴，确保了我们对赛灵思的收购和整合取得成功。代表所有AMD员工和董事会，我要感谢彭胜对AMD成功做出的所有贡献，并祝愿他在退休生活中一切顺利。

In summary, we delivered strong second quarter results in our well positioned to grow revenues significantly in the second half of the year driven by our data center and client segments. Our data center GPU business is on a steep growth trajectory as treatments ramp across an expanding set of customers. We're also seeing strong demand for our next generation Zen 5 epic and rising processors that deliver leadership performance and efficiency in both data center and client workloads. Looking ahead, the rapid advances in generative AI and development of more capable models are driving demand for more compute across all markets. Under this backdrop, we see strong growth opportunities over the coming years and are significantly increasing hardware, software and solutions investments with a laser focus on delivering an annual cadence of leadership data center GPU hardware.

总结来说，我们在第二季度取得了强劲的业绩，并且在数据中心和客户业务的推动下，有望在下半年显著增长收入。我们的数据中心GPU业务正处于快速增长的轨道上，客户不断增加，需求不断攀升。此外，我们的下一代Zen 5 EPYC处理器也表现强劲，能够在数据中心和客户端工作负载中提供领导性能和高效能。 展望未来，生成式人工智能的快速进步和更强大模型的发展正在推动各个市场对计算能力的需求。在这种背景下，我们看到了未来几年内的强劲增长机遇。我们正大力增加硬件、软件和解决方案的投资，专注于每年推出领先的数据中心GPU硬件。

Integrating industry leading AI capabilities across our entire product portfolio, enabling full stack software capabilities, amplifying our rock and development with the scale and speed of the open source community, and providing customers with turnkey solutions that accelerate the time to market for AMD based AI systems. We are excited about the unprecedented opportunities in front of us and are well positioned to drive our next phase of significant growth. Now I'd like to turn the call over to Jean to provide some additional color on our second quarter results. Jean? Thank you Lisa and good afternoon everyone. I'll start with a review of our financial results and then provide our current outlook for the third quarter.

整合业界领先的人工智能能力到我们整个产品组合中，实现全栈软件功能，借助开源社区的规模和速度增强我们的研发，并为客户提供即插即用的解决方案，从而加快基于AMD的人工智能系统上市时间。我们对眼前前所未有的机遇感到非常兴奋，并且有良好的优势推动我们进入下一阶段的重要增长。现在，我想把电话交给Jean，请他详细讲述一下我们的第二季度业绩。Jean？谢谢你，Lisa。大家下午好。我先来回顾一下我们的财务业绩，然后再介绍一下我们对第三季度的展望。

We're very pleased with our overall second quarter financial results that came in above expectations. Our year over year basis data center segment revenue more than double client segment revenue growth significantly and we expand the growth margin by 340 basis point. For the second quarter of 2024 revenue was 5.8 billion, up 9% year over year as revenue growth in the data center and the client segments was partially offset by lower revenue in our gaming and embedded segment. Revenue increases 7% sequentially, primarily driven by growth in the data center and the client segments revenue. Growth margin was 53% up 340 basis points year over year, primarily driven by higher data center revenue. Operating expenses were 1.8 billion and the increase of 15% year over year as we continue to invest in R&D to address the significant AI growth opportunities at height of us and the intensive go to market activities. Operating income was 1.3 billion representing a 22% operating margin. Taxes, interest expense and other was 138 million. That loaded the earning per share was 69 cents and increase of 19% year over year.

我们对第二季度的总体财务结果感到非常满意，超出了预期。同比来看，数据中心业务收入增长超过了一倍，客户业务收入也有显著增长，我们的毛利率扩大了340个基点。2024年第二季度的收入为58亿美元，同比增长9%，因为数据中心和客户业务的收入增长部分抵消了游戏和嵌入式业务收入的下降。收入环比增长7%，主要是由于数据中心和客户业务收入的增加。毛利率为53%，同比提升了340个基点，主要归功于数据中心收入的增加。运营费用为18亿美元，同比增长15%，这是因为我们继续在研发领域投资，以应对我们面前的重大人工智能增长机会，同时也进行大量市场推广活动。运营收入为13亿美元，代表了22%的运营利润率。税费、利息支出和其他费用为1.38亿美元。每股收益为69美分，同比增长19%。

Now turning to our reportable segment. Starting with the data center, data center delivered record quarterly segment revenue of 2.8 billion, up 115%, 1.5 billion increase year over year. The data center segment accounted for nearly 50% of total revenue, led primarily by the steep ramp of AMD instinct GPUs and strong double digit percentage epic server revenue growth. As sequential basis, revenue increases 21% driven primarily by strong momentum in AMD instinct GPUs. Data center segment operating income was 743 million or 26% of revenue compared to 147 million or 11% year ago. Operating income was up more than five times from the prior year driven by higher revenue and operating leverage even as we significantly increase our investment in R&D. Client segment revenue was 1.5 billion, up 49% year over year and 9% sequentially driven primarily by AMD rising processor sales. Client segment operating income was 89 million or 6% of revenue compared to operating loss of 69 million a year ago.

现在让我们转向我们的可报告部门。首先是数据中心，数据中心实现了创纪录的季度部门收入，达到28亿美元，同比增长115%，即增加了15亿美元。数据中心部门几乎占总收入的50%，主要得益于AMD Instinct GPU的迅猛增长和EPYC服务器收入强劲的两位数百分比增长。从环比来看，收入增长了21%，主要由于AMD Instinct GPU的强劲势头。数据中心部门的营业收入为7.43亿美元，占收入的26%，相比去年同期的1.47亿美元或11%，增长了超过五倍。这得益于较高的收入和经营杠杆，即便我们大幅增加了在研发方面的投资。 客户端部门收入为15亿美元，同比增长49%，环比增长9%，主要受到AMD Ryzen处理器销售的推动。客户端部门的营业收入为8900万美元，占收入的6%，而去年同期的营业亏损为6900万美元。

Gaming segment revenue was 648 million down 59% year over year and 30% sequentially. The decrease in revenue was primarily due to semi-customer inventory digestion and lower end market demand. Gaming segment operating income was 77 million or 12% of revenue compared to 225 million or 14% a year ago. Embedded segment revenue was 861 million down 41% year over year as customers continue to normalize their inventory levels. On sequential basis, embedded segment revenue was up 2%. Embedded segment operating income was 345 million or 40% of revenue compared to 757 million or 52% a year ago.

游戏部门的收入为6.48亿美元，同比下降了59%，环比下降了30%。收入下降主要是由于半导体客户库存消化和终端市场需求减少。游戏部门的营业收入为7700万美元，占收入的12%，而去年同期为2.25亿美元，占收入的14%。 嵌入式部门的收入为8.61亿美元，同比下降了41%，因为客户继续使其库存水平正常化。按环比基准来算，嵌入式部门的收入增长了2%。嵌入式部门的营业收入为3.45亿美元，占收入的40%，而去年同期为7.57亿美元，占收入的52%。

Turning to the balance sheet and cash flow. During the quarter, we generated 593 million in cash from operations and free cash flow was 439 million. Inventory increased sequentially by 339 million to 5 billion primarily to support the continued ramp of data center GPU products. At the end of the quarter, cash equivalent and short term investments were 5.3 billion. In the second quarter, we returned 352 million to shareholders, repurchasing 2.3 million shares. And we have 5.2 billion of authorization remaining. During the quarter, we retired 750 million of debt that matured this past June utilizing existing cash.

转向资产负债表和现金流。本季度，我们从运营中产生了5.93亿美元的现金，自由现金流为4.39亿美元。库存环比增加了3.39亿美元，达到50亿美元，主要是为了支持数据中心GPU产品的持续增长。截至本季度末，现金等价物和短期投资为53亿美元。在第二季度，我们向股东返还了3.52亿美元，回购了230万股股票，并且还有52亿美元的授权余额。在本季度，我们利用现有现金偿还了今年6月到期的7.5亿美元的债务。

Now, turning to our third quarter 2024 outlook. We expect revenue to be approximately 6.7 billion plus or minus 300 million. Sequentially, we expect revenue to grow approximately 15% primarily driven by strong growth in the data center and the client segment. We expect embedded segment revenue to be up and the gaming segment to decline by double digit percentage. Year over year, we expect revenue to grow approximately 16% driven by the steep ramp of our AMD in-stink processors and strong silver and client revenue growth to more than offset the declines in the gaming and embedded segment. In addition, we expect third quarter non-depth growth margin to be approximately 53.5%. Non-depth operating expenses to be approximately 1.9 billion. Non-depth effective tax rate to be 13%.

现在，让我们来看看2024年第三季度的展望。我们预计收入大约为67亿美元，浮动范围在正负3亿美元之间。按季度比较，我们预计收入将增长约15%，主要是由于数据中心和客户端领域的强劲增长。我们预计嵌入式部门收入将上升，而游戏部门的收入将下降双位数百分比。与去年同期相比，我们预计收入将增长约16%，主要是由于我们的AMD in-stink处理器的快速增长，以及强劲的服务器和客户端收入增长，这将超过游戏和嵌入式部门的下降。此外，我们预计第三季度的非GAAP毛利率约为53.5%。非GAAP运营费用大约为19亿美元，非GAAP有效税率为13%。

And the diluted share account is expected to be approximately 1.64 billion shares. Also, during the third quarter, we expect to close the acquisition of silo AI for approximately 665 million in cash. In closing, we made significant progress during the quarter toward achieving our financial goals. We delivered records IMI 300 driven revenue that exceeded 1 billion and demonstrated solid attraction with our next-gen, rising and I take a product. We expect growth margin significantly and drove earnings growth while increasing investment in AI. Looking forward, the opportunities of hydrofasts are unprecedented. Our unprecedented growth and investment will remain focused on executing our long-term growth strategy while driving financial discipline and operational excellence. With that, I will turn it back to me for the Q&A session.

稀释后的股票数量预计约为16.4亿股。此外，我们预计在第三季度完成以约6.65亿美元现金收购Silo AI。总结来说，在这一季度，我们在实现财务目标方面取得了显著进展。我们创下了IMI 300驱动的收入记录，超过了10亿美元，并展示了新一代产品的强劲吸引力。我们显著增加了毛利率并推动了收益增长，同时加大了对人工智能的投资。展望未来，Hydrofasts的机会是前所未有的。我们的前所未有的增长和投资将继续聚焦于执行长期增长战略，同时保持财务纪律和运营卓越。现在进入问答环节。

Thank you, Jane. John, we're happy to pull the audience for questions. Thank you, Mitch. We will now be conducting the 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 queue. You may press star 2 to remove any question from the queue. For participants using speaker equipment, it may be necessary to pick up your handset before pressing the star key. One moment, please, while we pull for questions. And the first question comes from the line of Ben Reitzes with Amelia's research. Please proceed with your question.

谢谢你，Jane。John，我们很高兴向观众征集问题。谢谢你，Mitch。现在我们将进行问答环节。如果您想提问，请按下电话键盘上的星号1键。确认音将表明您的线路已进入队列。您可以按星号2键将任何问题从队列中移除。使用免提设备的参与者，可能需要先拿起听筒再按星号键。请稍等，我们正在征集问题。第一个问题来自Amelia's研究公司的Ben Reitzes。请继续提问。

Hey, thanks a lot. Congratulations on these results. Lisa, I wanted to ask you about MI 300, how you see playing out sequentially for the rest of the year. I guess there's about 2.8 billion left to hit your annual target. So I'm wondering if you see things picking up in the fourth quarter and how that's going sequentially. And if you don't mind, I wanted to also ask about next year, if you see potential for rapid growth, you're probably aware of some of the chatter out there. And I just was wondering if you're already seeing signs that you can grow significantly given your roadmap for next year. Thank you so much. Yeah, great. Thanks for the question. So first of all, on, you know, sort of MI 300 and the customer evolution, we're very happy with how MI 300 is progressed. You know, when we started the year, I think the key point for us was to get our products into our customers' data centers, to have them qualify their workloads to really ramp in production, and then see what, you know, the production capabilities are, especially performance. And I think that's a lot of those things. And I can say, you know, now being, you know, sort of more than halfway through the year, we've seen great progress across the board. As we look into the second half of the year, I think we would expect that MI 300 revenue would continue to ramp in the third quarter and the fourth quarter. And we're continuing to expand both, you know, current deployments with our existing customers, as well as, you know, we have, you know, a large pipeline of customers that we're working through that are, you know, getting familiar with our architecture.

嘿，非常感谢。祝贺你们取得这些成果。丽莎，我想询问一下关于 MI 300 的情况，你认为今年剩余时间会如何发展。我猜还有大约 28 亿的目标要实现。所以我想知道你是否认为第四季度会有所回升，以及这个过程的顺序如何。如果你不介意，我还想问一下明年的情况，你是否看到快速增长的潜力。我知道外面有一些讨论，所以我想知道你是否已经看到了根据你们明年计划可以显著增长的迹象。非常感谢。 好的，非常感谢你的提问。首先，关于 MI 300 和客户的进展情况，我们对 MI 300 的发展非常满意。当我们年初开始时，关键是将我们的产品送到客户的数据中心，让他们验证工作负载，真正加速生产，然后看看生产能力，特别是性能方面的表现。对于这些方面，我们现在已经过了大半年的时间，总体来说取得了很好的进展。 展望下半年，我们预计 MI 300 的收入将在第三季度和第四季度继续增长。我们也在扩展现有客户的部署，同时还有一大批新的客户在熟悉我们的架构。

And, you know, software and all that stuff. So I would say overall, very pleased with the progress and really continuing right on track to what we expected from the capabilities of the product. You know, as we go into next year, I mean, one of the important things that we announced at Computex was, you know, increasing and expanding our roadmap. I think we feel really good about our roadmap. You know, we're on track to launch MI 325 later this year. And then next year our MI 350 series, which would be very competitive with, you know, Blackwell solutions. And then, you know, we're well on our way to our CDNA next as well. So I think overall, you know, we remain, you know, quite bullish on the overall AI market. I think the market continues to need more compute. And we also feel very good that our, you know, hardware and software solutions are getting, you know, good traction and, you know, continuing to expand that pipeline. And the next question comes in the line of Aaron Rakers with Wells Fargo. Please proceed with your question. Yeah, thanks for taking a question and congrats on the quarter as well. I guess, sticking on the data center side, you know, as we look forward and you think about the full year. I'm curious of how you're currently thinking about the Epic server CPU growth expectations. You know, as we go forward and any kind of updated thoughts on your ability to kind of continue to gain share in the server market, just kind of just update us on how to get it. How do you see the server market playing out over the next couple of quarters? Yeah, sure, Aaron. Thanks for the question. So, you know, we're very pleased with the progress that we've made with Epic. I think a couple of things. First of all, in terms of, you know, competitive positioning and, you know, just the traction in the market, our fourth gen epic between Gen 1 Bergamo is really doing very well. We've seen a broad adoption across cloud. And then, you know, we've been very focused on enterprise as well as third party cloud instances. And, you know, as I said in the prepared remarks, we're starting to see very nice traction in enterprise with both new customers as well as existing customers.

你知道的，软件和所有那些东西。所以总体来说，我对进展感到非常满意，而且真的直接按照我们对产品能力的预期前进。你知道，随着我们进入明年，我的意思是，我们在Computex上宣布的一件重要事情是，增加和扩展我们的路线图。我认为我们对我们的路线图感到非常满意。你知道，我们计划在今年晚些时候推出MI 325。然后明年是我们的MI 350系列，它将与Blackwell解决方案非常有竞争力。而且，你知道，我们的CDNA的下一步也在顺利进行。所以总体来看，我们对整个AI市场依然充满信心。我认为市场对计算能力的需求依然很大。而且我们也感到非常高兴，我们的硬件和软件解决方案得到了很好的认可，并且正在继续扩大。 接下来是来自富国银行的Aaron Rakers提问。请继续你的问题。 是的，谢谢你接受我的提问，恭喜你们这个季度的成绩。我猜，继续谈谈数据中心方面的情况，展望未来并考虑整个年度。我很好奇你们当前如何看待Epic服务器CPU增长的预期。你知道，随着我们前进，你们是否有任何更新的看法，关于你们继续在服务器市场上获取份额的能力，只是给我们一个更新。你们怎么看待未来几个季度的服务器市场走势？ 好的，Aaron。谢谢你的提问。所以，你知道，我们对Epic取得的进展感到非常满意。我认为有几点。首先，在竞争定位和市场认可方面，我们的第四代Epic，尤其是Gen 1 Bergamo表现非常出色。我们在云计算领域看到了广泛的采用。然后，我们非常专注于企业和第三方云实例。正如我在准备好的发言中所说，我们开始在企业中看到非常不错的进展，包括新客户以及现有客户。

And then for third party cloud adoption also, you know, a good pickup, you know, there as well. So I think overall, I think our Epic portfolio has done well. Going into the second half of the year, I think we also feel good about it. You know, there are a couple of positives there. We see, first of all, you know, the market looks like it's improving. So we have seen some, you know, return to spending in, you know, both enterprise and cloud. And so I think those are positive market trends. And then in addition to that, we are in the process of launching turns. So we started production here in the second quarter and we're on track to launch broadly in the second half of the year.

然后在第三方云采纳方面，我们也看到一个不错的增长。所以总体来看，我认为我们的Epic产品组合表现良好。进入下半年，我们对此也感觉良好。首先，市场似乎在改善，我们看到企业和云计算的支出有所回升，这是一个积极的市场趋势。此外，我们正在推进新一代产品的发布。我们在第二季度已经开始生产，并计划在今年下半年全面推出。

We'll see some revenue of turn in the second half of the year contributing as well. Overall, I think the server market and our ability to continue to grow a share in the server market is one of the things that we see in the second half of the year. And the next question comes from the line of Timothy or Corey with UBS. Please press me with your question. Thanks a lot. Lisa, I wanted to ask about the data center GPU roadmap. As you said, three, you know, 25 launching later this year. So I guess I had two questions. Does the, you know, greater than 4.5 billion? Does that include any revenue from 325? And can you talk a little bit more about 350? Obviously, we're seeing a big, you know, rack scale or, you know, shift toward rack scale systems for the competition's product. And I'm wondering if that's what 350 is going to look like. Is it going to have liquid cooling? And is it going to have a rack scale aspect to it?

我们将在今年下半年看到一些收入的增长。我认为服务器市场以及我们在服务器市场中继续增加份额的能力是我们在今年下半年看到的一个发展方向。接下来是来自瑞银（UBS）的Timothy或Corey的提问。请问你的问题。谢谢。Lisa，我想问一下关于数据中心GPU路线图的问题。正如你所说，325将在今年晚些时候发布。所以我有两个问题。那个超过45亿数据中包含了325的任何收入吗？你能多谈谈350吗？显然，我们看到竞争对手的产品正在向机架级系统转变。我想知道350是否会也是这样。它会有液体冷却吗？会有机架规模的特点吗？

Yeah, absolutely. So, you know, let me start with your, you know, original question. I mean, I think looking at 325x, we are on track to launch later this year. From a revenue standpoint, there will be a small contribution in the fourth quarter, but it really is still, you know, mostly the MI 300 capabilities. And 325 will start in the fourth quarter and then ramp more in the first half of next year. And then as we look at the 350 series, you know, what we're seeing and the reason we call it a series is because there will be multiple SKUs in that series that will go, you know, through the range of what's called air cooled to liquid cooled. You know, in spending time with our customers, I think there are, you know, people who certainly want more rack level solutions. And, you know, we're certainly doing much more in terms of system level integration for our products. You'll see us invest more in system level integration. But we also have, you know, many customers who want to use their current infrastructure.

好的，当然。所以，让我从你的原始问题开始。我认为，看待325x时，我们会在今年晚些时候按计划发布。从收入角度来看，第四季度会有一小部分贡献，但主要还是 MI 300 的能力。325将在第四季度开始，然后在明年上半年进一步提升。然后，当我们看350系列时，我们称之为系列的原因是因为这个系列会有多种SKU，从风冷到液冷都有。在与客户交流时，我认为有些人确实希望有更多机架级解决方案。我们确实在系统级集成方面做了更多努力。你会看到我们在系统级集成方面投入更多。但我们也有很多客户希望使用他们现有的基础设施。

I think the beauty of the MI 350 series is it actually, you know, fits into the same infrastructure as the MI 300 series. And so it would lend itself to, let's call it a pretty fast ramp, you know, if you've already invested in 300 or 325. So we see the range of options and that's part of the expansion of the roadmap that we're planning.

我认为MI 350系列的美妙之处在于，它实际上能够与MI 300系列使用相同的基础设施。这意味着如果你已经投资了300或325系列，可以很快过渡到350系列。所以我们看到了各种选择，这是我们计划的产品路线图扩展的一部分。

And the next question comes in the line of Ross Seymour with Deutsche Bank. Please proceed with your question. Hi, thanks for having me ask a question and congrats on the strong results. Well, data center is obviously very important. I just want to pivot to the client side. Lisa, can you talk about the AIPC side of things? How do you believe AMD is positioned? Are you seeing any competitive intensity changing with the emergence of ARM-based systems? Just wanted to see how you're expecting that to roll out and what it means to second half seasonality?

接下来是来自德意志银行的Ross Seymour提问。请提问。您好，谢谢您让我提问，并祝贺您取得优异的业绩。数据中心显然非常重要，但我想转向客户方面。Lisa，您能谈谈AIPC方面的情况吗？您认为AMD的定位如何？随着基于ARM系统的兴起，您是否看到了竞争的变化？我想了解一下您对这种情况的预期，以及这对下半年季节性的影响是什么？

Yeah, sure Ross. So first, you know, we're very pleased with our client business results. I think we have a very strong roadmap. So I'm very pleased with the roadmap. The Zen5-based products, you know, we're launching both notebook and desktop in the middle of this year. What we've seen is actually, you know, very positive feedback on the product. So we just actually launched the first strict-spaced notebooks over the weekend. They went on sale. You may have seen some of the reviews. The reviews are very positive. You know, our view of this is the AI PC is an important ad to the overall PC category. As, you know, we go into the second half of the year. I think we have better seasonality in general. And we think we can do, you know, let's call it above typical seasonality given the strength of our product launches and when we're launching. And then into 2025, you're going to see AIPCs across, you know, sort of a larger set of price points, which will also, you know, open up more opportunities.

好的，罗丝。当然，首先，我想说我们对客户业务的结果非常满意。我认为我们有一个很强的路线图，所以我对这个路线图非常满意。我们基于Zen5的产品将在今年年中推出笔记本和台式机。我们看到的是，对这些产品的反馈非常积极。就在上周末，我们刚刚推出了第一批严格规格的笔记本电脑，它们已经开始销售了。你可能已经看过一些评价，这些评价都非常正面。我们认为，AI电脑是对整个PC类别的重要补充。在进入下半年时，我认为整体的季节性会更好。鉴于我们产品发布的强度和时间，我们认为可以做到，嗯，比典型的季节性表现更好。然后到2025年，你会看到AI电脑在更多的价格点上出现，这也将带来更多的机会。

So, you know, overall, I would say the PC market is a good revenue growth opportunity for us. The business is performing well. The products are strong. And we're working very closely with, you know, both the ecosystem partners as well as our OEM partners to have, you know, strong launches here into the second half of the year. And is the armside changing anything or not really? You know, look, I think at this point, the PC market's a big market and we are underrepresented in the market. You know, I would say that, you know, we take all of our competition, you know, very seriously. That being the case, I think our products are very well positioned.

总体来说，我认为PC市场对我们来说是一个良好的收入增长机会。我们的业务表现良好，产品也很强劲。我们正在与生态系统合作伙伴以及OEM伙伴紧密合作，确保下半年有强劲的产品发布。至于ARM架构是否会改变什么，目前来看，PC市场是一个很大的市场，而我们在其中的占有率较低。我们非常重视所有的竞争对手，但我认为我们的产品在市场中拥有很好的竞争力。

And the next question comes from a lot of Matt Ramsey with Cowen. Please proceed with your question. Thank you very much. Good afternoon. At least I wanted to maybe draw a parallel between the instinct portfolio that your company is rolling out now and what you guys did five or six years ago with Epic. And I remember when the Naples product launched, there was a lot of, I would say, reaction positively and negatively in sort of sentiment around where your roadmap might go to. Relatively small perturbations and what the volumes were super early. But if I remember back that, that was the most important was that was the toehold into the market for long term engagement, both on the software side and the hardware side.

下一个问题来自Cowen的Matt Ramsey。请提问，非常感谢。下午好。我想大概可以比较一下贵公司现在推出的Instinct产品系列和五六年前发布的Epic产品系列。我记得当Naples产品推出时，在关于公司发展路线的情绪上，正反两方面的反应都有。我还记得早期阶段，尽管市场需求波动较小，但最重要的是，这是贵公司在软件和硬件方面进入市场并开展长期合作的立足点。

With your customers to three four generations forward. So is that an accurate parallel to where you guys are with the my 300 and maybe you could talk about the level of engagement. The intensity of engagement, the breadth of it across the customer base with 350 and 400. Yeah, absolutely Matt. So look, you know, as I said earlier, we're very pleased with the progress that we're making on the instinct roadmap. This is absolutely a long term play. So, you know, absolutely you're correct. It has a lot of parallels to the Epic journey where, you know, you really have to you gain, you know, more opportunities, broader workloads, larger deployment, as you go from generation to generation. So we are playing the long game here. Our conversations with our customers.

与您的客户保持联系至第三四代。因此，这是否与您的300项目的现状相符？也许您可以谈谈与客户在350和400项目上的参与度、参与的广度和强度。是的，Matt，完全正确。正如我之前所说，我们对本能路线图的进展非常满意。这绝对是一个长期的规划。所以，您说得对，这与Epic之旅有很多相似之处，随着一代代的推进，您会获得更多的机会，更广泛的工作负载，更大的部署。因此，我们是在打长期牌。我们与客户的对话也是如此。

So I would start with first in the near term. We had some very key milestones that we wanted to, you know, pass this year. And as I said, they related to getting hardware in volume in multiple hyperscalers, as well as, you know, large tier two customers. We've done that. We've now seen our software in a lot of different environments and it's matured substantially. You know, RACAM is in, you know, very from a standpoint of features, functions, at a box performance, getting to performance with customers. We've gained a lot of confidence and learned a lot in that whole process.

那我先谈谈短期目标吧。今年我们有一些非常关键的里程碑想要达到，比如在多个超大规模数据中心和一些大型二级客户中实现大规模硬件部署。我们已经完成了这些目标。现在，我们的软件已经在很多不同的环境中运行，并且变得非常成熟。你知道，RACAM在功能、特性和开箱即用性能方面都表现出色，与客户的合作表现也相当出色。在整个过程中，我们积累了很多信心并学到了许多东西。

The networking aspects of building out, you know, the rack scale and the system level items are areas that we're continuing to invest in. And then the point of having, you know, long term, you know, conversations across multiple generations is also really important. So I think all of those things have progressed well. We, you know, we view this as, you know, very good progress for MI 300, but we have a lot more to do. And I think the various road map will help us open up those opportunities over the next couple of years. Appreciate it. Thank you. Thanks, Beth.

在构建机架规模和系统级项目时，网络方面是我们继续投资的领域。进行长期的、跨多代的对话也非常重要。所以我认为这些方面都取得了不错的进展。我们认为这是MI 300的一个非常好的进步，但我们还有很多工作要做。我认为各种路线图将在未来几年帮助我们开拓这些机会。感谢你。谢谢，Beth。

And the next question comes from the line of the VEC, Aria, with Bank of America Securities. Please proceed with your question. Thanks for taking my question. Lisa, there seems to be this ongoing industry debate about the AI monetization and whether your customers are getting the right ROI on their CapEx. And, you know, today they have these three options, right? They can buy GPUs from your largest competitor with all the software bells and whistles and incumbency or they can do custom chips or they can buy from AMD.

下一个问题来自美国银行证券公司的Aria。请继续提问。感谢您接受我的提问。Lisa，似乎在行业内有一个关于人工智能盈利能力的持续讨论，以及客户是否在他们的资本支出上获得了正确的投资回报率。现在他们有三个选择：他们可以从你们最大的竞争对手那里购买带有所有软件功能的GPU；他们可以做定制芯片；或者他们可以从AMD购买。

So how do you think this plays out next year? Do you think your customers, given all this concern around monetization, does it make them consolidate their CapEx around just, you know, the other two suppliers? How is your visibility going into next year, given this industry debate and how will AMD continue to kind of carve a position between these two other competitive choices that are out there? Thank you. Yeah, sure, Vivek. Well, I mean, I think you talk to a lot of the same people that we talk to. I think the overall view on AI investment is we have to invest. I mean, the industry has to invest. The potential of AI is so large to impact the way enterprises operate and all that stuff. So I think the investment cycle will continue to be strong.

所以，你认为明年会怎样发展？考虑到大家对盈利问题的担忧，你的客户会不会因此而把资本支出集中在其他两家供应商上？在这种行业讨论下，你们对明年的预期是什么？AMD将如何在这两家竞争对手之间找到自己的定位？谢谢。 当然可以，Vivek。嗯，我认为你也和我们谈过的很多人交流过。总体来看，大家对AI投资的观点是必须投资。整个行业必须投资，因为AI的潜力太大，会影响企业运营等各方面。所以我认为投资周期会继续保持强劲。

And then relative to the various choices, you know, for the size of the market, I firmly believe that there will be multiple solutions. Whether you're talking about GPUs or you're talking about custom chips or ASICs, there will be multiple solutions. In our case, I think we've demonstrated a really strong roadmap and the ability to partner well with our customers. And from the standpoint of that deep engagement, hardware software co-optimization is so important in that.

相对于市场上的各种选择，我坚定地相信会有多种解决方案。无论是谈论GPU（图形处理单元）还是定制芯片或ASIC（专用集成电路），都会有多种解决方案。在我们的案例中，我认为我们已经展示了一个非常强大的路线图，并且与客户合作得非常好。从这种深入的合作来看，硬件和软件的共同优化是非常重要的。

And for large language models, GPUs are still the architecture of choice. So I think the opportunity is very large. And I think our piece of that is really strong technology with strong partnerships with the key AI market makers. Thank you, Lisa. Thanks, Vivek.

对于大型语言模型来说，GPU仍然是首选架构。所以我认为机会非常大。而我们的优势在于我们拥有非常强大的技术，并且与主要AI市场的核心公司有着牢固的合作关系。谢谢你，Lisa。谢谢你，Vivek。

And the next question comes from the line of Joe Moore with Morgan Stanley. Please proceed with your question. Great. Thank you. I also wanted to ask about MI 300. I wonder if you could talk about training versus inference. Do you have a sense? I know that a lot of the initial focus was inference, but do you have traction on the training side? And any sense of what that's what it may look like over time? Yeah, sure. Thanks for the question, Joe. So as we said on MI 300, there are lots of great characteristics about it. One of them is our memory bandwidth and memory capacity is leading the industry. From that standpoint, the early deployments have largely been inference in most cases, and we've seen fantastic performance from an inference standpoint. We also have customers that are doing training. We've also seen that from a training standpoint, we've optimized quite a bit our Rockham software stack to make it easier for people to train on AMD. And I do expect that we'll continue to ramp training over time. As we go forward, I think you'll see the belief is that inference will be larger than training from a market standpoint, but from an AMD standpoint, I would expect both inference and training to be growth opportunities for us.

接下来提问的是摩根士丹利的Joe Moore。请提问。 好的，谢谢。我也想问一下关于MI300的问题。我想了解一下训练和推理方面的情况。虽然我知道最初的重点是推理，但你们在训练方面有没有取得进展？你们觉得这在未来会是什么样子？ 好的，谢谢你的提问，Joe。正如我们所说，MI300有很多出色的特性。其中之一就是我们的内存带宽和内存容量在行业中处于领先地位。从这个角度来看，早期的部署大多数是用于推理，并且我们在推理方面看到了非常出色的性能。同时，我们也有一些客户在进行训练。我们在训练方面也进行了优化，比如我们的Rockham软件栈，使得在AMD上进行训练变得更加容易。我确实认为，随着时间的推移，我们的训练业务会持续增长。展望未来，从市场角度来看，推理可能会比训练更大，但从AMD的角度来看，我预计推理和训练都会成为我们的增长机会。

Great. Thank you. And the next question comes from the line of Toshiahari with Goldman Sachs. Please proceed with your question. Hi. Thank you so much for taking the question. I had a question on the MI 300 as well. Curious, Lisa, if you're currently shipping to demand, or if the updated annual forecast of $4.5 billion is in some shape or form supply constrained, I think last quarter you gave some comments on HBM and co-op curious if you could provide an update there. And then my part B to my question is on profitability for MI 300. I think in the past you've talked about the business being decorative and improving further over time as you sort of work through the kinks, if you will. Has that view evolved or changed at all given sort of the competitive intensity and your need to invest, whether it be through organic R&D or some of the acquisitions you've made? Or are you still confident that profit margins in the business continue to expand? Thank you.

好的，谢谢。接下来是来自高盛的Toshiahari的提问。请提出您的问题。 您好，非常感谢您回答我的问题。我也有一个关于MI 300的问题。Lisa，我想了解一下，目前你们是否已经按需发货，还是说4.5亿美元的最新年度预测在某种程度上受到供应限制的影响？我记得上个季度你提到了一些关于HBM和合作的问题，不知道能否在这方面提供一些更新的信息。然后，我的第二个问题是关于MI 300的盈利能力。过去，你们曾提到这个业务具有装饰性，并且随着问题的逐步解决，盈利能力会进一步提高。鉴于竞争激烈和你们在内部研发或收购方面的投资需求，这一观点是否有所变化或调整？你们是否仍然有信心业务的利润率会继续增长？谢谢。

Yeah, sure. Toshiah, thanks for the question. So on the supply side, let me make a couple of comments, and then maybe I'll let Gene comment on sort of the trajectory for the business. So on the supply side, we made great progress in the second quarter. We ramped up supply significantly, exceeding a billion dollars in the quarter. I think the team executed really well. We continue to see line of sight to continue increasing supply as we go through the second half of the year. But I will say that the overall supply chain is tight and will remain tight through 2025.

好的，没问题。Toshiah，谢谢你的提问。关于供应方面，让我先说几句，然后可以让Gene谈谈业务的发展趋势。在供应方面，我们在第二季度取得了很大进展。我们大幅增加了供应量，季度供应超过十亿美元。我认为团队表现非常出色。我们预计在今年下半年会继续增加供应量。但我要说的是，整体供应链依然紧张，而且这种紧张状况将持续到2025年。

So under that backdrop, we have great partnerships across the supply chain. We've been building additional capacity and capability there. And so we expect to continue to ramp as we go through the year. And we'll continue to work both supply as well as demand opportunities. And really that's accelerating our customer adoption overall. And we'll see how things play out as we go into the second half of this year. On your second question about profitability, first, Jason, our team has done a tremendous job to ramp the product. I might 300. It's a very complex product. So we ramped successfully. At the same time, the team also started to implement operational optimization to continue to improve growth margin. So we continue to see the growth margin improvement. At the same time, in the longer term, we do believe growth margin will be a creative to corporate average. From a profitability perspective, AMD always invested in platforms. If you look at our data center platform, especially both the server and the data center GPU side, we are ramping the revenue. The business model can leverage very significantly. Even from GPU side, because the revenue ramp has been quite significant, the operating margin continues to expand. We definitely want to continue to invest as the opportunities are huge. At the same time, it is a profitable business already. Thank you very much.

在这样的背景下，我们在整个供应链中建立了出色的合作伙伴关系。我们一直在增加产能和能力。因此，我们预计在今年内会继续加速生产，同时我们也会持续关注供应和需求的机会。这将加速客户的整体采用率。随着今年下半年到来，我们会观察实际情况的发展。 关于你的第二个问题，关于盈利能力，首先，Jason，我们的团队在产品提升方面做得非常出色。I might 300是一个非常复杂的产品，但我们成功地进行了提升。同时，团队也开始实施运营优化，以继续提高毛利率。因此，我们会继续看到毛利率的提升。从长远来看，我们相信毛利率将会提升到公司平均水平。从盈利能力的角度来看，AMD一直在投资各个平台。看看我们的数据中心平台，特别是服务器和数据中心GPU方面，我们的收入在不断增加。这种商业模式可以显著扩大。从GPU方面来看，由于收入增长相当显著，运营利润率也在持续扩大。我们绝对会继续投资，因为机会巨大。同时，这已经是一个盈利的业务。非常感谢。

And the next question comes to the line of Stacy Raskin with Bernstein Research. Please proceed with your question. Hi guys. Thanks for taking my question. I wanted to dig into the guidance a little bit if I could. So with gaming down double digits, it probably means you've got close to a billion dollars of growth revenue across data center clients and embedded. I was wondering if you give us some color on how that billion ish without across those three businesses. Like if I had 70% of it going to data center and 20% going to client and 10% going to bed, would that be way off? How should I think about that apportioning out across the segment? Yeah, maybe Stacy, let me give you the following color. So the gaming business is down double digit as you state. Think of it as the data center is the largest piece of it, client next, and then on the embedded side, think of it as single digit sequential growth. So within that data center, how does that split out? Is the bulk of the data center growth instinct or is it equally weighted between instinct and epic? Or how does it, you got, I don't know, $4 to $600 million of sequential data center growth, something like that. How does it split up?

下面的问题来自Bernstein Research的Stacy Raskin。请开始提问。 嗨，大家好。感谢回答我的问题。我想深入了解一下公司给出的指导意见。由于游戏业务下降了两位数，可能意味着公司在数据中心、客户和嵌入式业务方面接近十亿美元的增长收入。我想请你们提供一些这些业务的相关信息。如果我将70%的增长归给数据中心，20%归给客户端，10%归给嵌入式，这样的分配会不合理吗？我该如何看待这些业务的分配呢？ 好的，Stacy，也许我可以给你一些解释。游戏业务确实像你说的下降了两位数。可以看作数据中心是最大的一部分，其次是客户端，然后在嵌入式方面可以认为是个位数的环比增长。 那么在数据中心内部，这种增长是如何分配的呢？数据中心的增长主要来自Instinct还是在Instinct和Epic之间均匀分配？或者你们的数据中心部分有四到六亿美元的环比增长，大约是这样的数目。这部分是如何分配的呢？

Yeah, so again, without being that granular, we will see both certainly the instinct GPUs will grow and we'll see also very nice growth on the server side. And the next question comes from the line of first Kumar with Piper Sandler. Please proceed with your question. Yeah, Lisa, from my rudimentary understanding, the large difference between your instinct product and the adoption versus your nearest competitor is kind of rack level performance and that rack level of perspective that you're maybe lacking. You talked a little bit about UI link. I was wondering if you could expand on that and give us some more color and when that gap might be closed or is this a major step for the industry to close that gap, just any color would be appreciated? Yeah, so harsh overall, maybe if I take a step back and just talk about how the systems are evolving, there's no question that the systems are getting more complex as, especially as you go into, you know, large training clusters and our customers need help to put those together. And that includes, you know, the sort of infinity fabric type solutions that are the basis for the UI link things as well as, you know, just, you know, general rack level, you know, system integration. I think what you should expect, Harsh, you know, first of all, we're very pleased with all of the partners that have come together for UI link. We think that's an important capability. But we have all of the pieces of this already, you know, within, you know, sort of the AMD umbrella with our infinity fabric, with the work, you know, with our networking capability through the acquisition of Pensando. And then you'll see us invest more in this area.

好的，那么再次强调一下，不深入细节的话，我们确实会看到Instinct GPU和服务器方面的增长。下一位提问者是来自Piper Sandler的Kumar，请提问。 Kumar：您好，Lisa，据我粗浅的理解，您的Instinct产品与最接近的竞争对手相比，主要差异在于机架级别的性能和您在这方面可能有所缺失的视角。您之前提到过UI link，我想知道能否详细说明一下，给我们更多的信息，这个差距什么时候能弥合，还是说这是行业需要迈出的重要一步？任何信息都会很有帮助。 Lisa：好的，Harsh，我先回顾一下系统是如何演变的，毫无疑问，系统变得越来越复杂，尤其是在大型训练集群方面，我们的客户需要帮助来组装这些系统。这包括以UI link为基础的Infinity Fabric等解决方案以及一般的机架级系统整合。我们对参与UI link的所有合作伙伴感到非常满意，我们认为这是一项重要的能力。实际上，我们已经在AMD的产品中具备了所有这些组件，包括Infinity Fabric，通过收购Pensando提升的网络能力。未来，你会看到我们在这一领域投入更多。

So, you know, this is part of, you know, how we help customers get to market faster is by, you know, investing in, you know, all of the components. So the CPUs, the GPUs, the networking capability, as well as, you know, system level solutions. Thank you, Lisa. Thanks, Harsh. And the next question comes from the line of Blaine Curtis with Jeffries. Please proceed with your question. Hey, good afternoon. Thanks for taking my question. I just want to ask another question on MMI 300. Just curious if you can kind of characterize the make of the customers in the first half. I know you had, you know, end of last year a government customer. Is there still a government contingency? And, you know, kind of the second part of it is really you've invested in all the software assets. Kind of curious, you know, the challenge of ramping the next wave of customers. I know there's been a lot of talk on some hardware challenges, you know, memory issues and such. But then you're investing in software. I'm sure that's a big challenge. You're just kind of curious what the biggest hurdle is for you to kind of get that next wave of customers ramp.

所以，你知道，这就是我们如何帮助客户更快地进入市场的一部分，通过投资于所有这些组件。包括CPU、GPU、网络功能以及系统级解决方案。谢谢，Lisa。谢谢，Harsh。下一个问题来自Jeffries的Blaine Curtis，请提问。 你好，下午好。感谢你回答我的问题。我想再问一个有关MMI 300的问题。能否描述一下上半年客户的构成？我知道去年年底有个政府客户，现在还有政府客户吗？另外一个问题是你们在所有的软件资产上都进行了投资。能否谈谈吸引下一波客户所面临的挑战？我知道在硬件方面有很多讨论，比如内存问题等等。但你们在软件上也进行投资，我相信这也是一个大挑战。想知道你们在吸引下一波客户时最大障碍是什么？

Yeah. So, Blaine, a lot of pieces to that question. So, let me try to address them. First on your question about, I think you're basically asking about the supercomputing piece. That was mainly Q4 and a bit in Q1. So, if you think about our Q2 revenue, think about it is, you know, almost all AI. So, it's MMI 300X. It's for, you know, large, you know, AI hyperscalers as well as, you know, OEM customers going to, you know, enterprise and tier 2 data centers. So, that's the makeup of the customer set. And then in terms of, you know, the various pieces of, you know, what we're doing, you know, I think, you know, first on your question about memory, I think there's a lot of noise in the system. I wouldn't really pay attention to all that noise in the system.

好的，布莱恩，关于这个问题有很多方面，所以让我试着一一解答。首先，关于你提到的超算部分，这主要集中在第四季度和第一季度。如果考虑我们的第二季度收入，几乎全部都是来自人工智能的。具体来说，就是我们的MMI 300X，主要面向大型的人工智能超大规模用户以及OEM客户，这些客户涵盖企业和二级数据中心。这就是我们客户群的构成。然后对于我们正在做的各个方面，关于你提到的存储问题，我认为系统中有很多噪音，不必过于关注这些噪音。

I mean, this has been an incredible ramp. And I'm actually really proud of what the team has done in terms of, you know, definitely fastest product ramp that we've ever done, you know, to, you know, a billion dollars here in the, you know, over a billion dollars in the second quarter. And then, you know, ramping each quarter in Q3 and Q4. In terms of memory, you know, we have multiple suppliers that we've qualified on HBM3. And, you know, it's a tricky, you know, memory is a tricky business, but I think we've done it very well. And, you know, that's there. And then we're also qualifying HBM3E, you know, for future products with multiple, multiple memory suppliers as well.

我的意思是，这次发展真的令人难以置信。我其实非常自豪团队所取得的成就，这是我们有史以来最快的产品上线。从第二季度的超过十亿美元销售额开始，然后每个季度继续增长到第三和第四季度。在内存方面，我们已经通过了多个供应商的HBM3认证。内存业务确实很复杂，但我认为我们做得非常好。而且我们也在为未来的产品对HBM3E进行认证，同样也是与多个内存供应商合作。

So, to your overarching question of, you know, what are the things that we're doing, you know, the exciting part of this is that, you know, the rock-owned capability is really, you know, gotten substantially better because so many customers have been using it. And, you know, with that, what we look at is out-of-box performance. How long does it take a customer to get up and running on MI300? And we've seen, you know, depending on the software that, you know, companies are using it. You know, companies are using, particularly if you're based on some of the higher-level frameworks like PyTorch, etc. You know, we can be out-of-box running very well in a very short amount of time. Like, let's call it, you know, very small number of weeks. And that's great because that's expanding the overall portfolio.

所以，针对你的总问题，我们在做些什么呢？令人兴奋的是，我们的自有性能确实有了显著的提升，因为有很多客户在使用它。因此，我们关注的是开箱即用的性能。客户需要多长时间才能在MI300上开始运行？我们发现，这取决于公司使用的软件，特别是如果你基于一些高级框架，比如PyTorch等。我们可以在非常短的时间内实现开箱即用的良好运行，比如几个星期内。这非常棒，因为这扩展了我们的整体产品组合。

We are going to continue to invest in software. And that was, you know, one of the reasons that we did the Silo AI acquisition. It's a great acquisition for us. You know, 300, you know, scientists and engineers. These are engineers that have experience with AMD hardware and are very, very good at helping customers get up and running on AMD hardware. And that's, so we view this as the opportunity to expand the customer base with, you know, talent like silo.ai. You know, not.ai, which brought a lot of compiler talent. And then we continue to hire quite a bit organically.

我们将继续投资于软件领域。这也是我们收购Silo AI的原因之一。这次收购对我们来说非常有意义，因为Silo AI有大约300名科学家和工程师。这些工程师拥有使用AMD硬件的经验，并且非常擅长帮助客户快速适应AMD的硬件。因此，我们认为这是一个通过像Silo.ai这样的人才扩展客户群的机会。此外，我们还收购了not.ai，它带来了大量编译器方面的人才。与此同时，我们继续积极地进行内部招聘。

So I think, you know, Gene said earlier that, you know, we see leverage in the model, but we're going to continue to invest because, you know, this opportunity is huge. And we have all of the pieces. This is just about, you know, building out scale. Thanks so much. Thanks. And the next question comes from the line of Tom O'Malley with Barclays. Please proceed with your question. Hey, Lisa, thanks for taking my question. I'll give you a breather from the MI 300 for a second, but just focus on client in the second half. Yeah, no problem. Focus on client in the second half. You kind of said above seasonal for September, December. You're obviously launching a new notebook desktop product, but you're also talking about AI PC. Could you just break down where you're seeing those above seasonal trends? Is it the ASP uplift you're getting from the new products? Is it a unit assumption that's coming with AI PC? Just any kind of breakdown between those two and why you're seeing it a little bit better? Thank you.

所以我认为，Gene 之前提到，我们在这个模型中看到了杠杆作用，但我们会继续投资，因为这个机会非常大。我们拥有所有的要素，现在只是关于如何扩大规模的问题。非常感谢。谢谢。接下来的问题来自巴克莱的Tom O'Malley。请提问。 嗨，Lisa，谢谢你接受我的问题。我会暂时放过 MI 300，让我们专注于下半年客户方面的问题。没问题。专注于下半年客户方面的问题。你之前提到9月和12月表现会高于季节性表现。你显然是在推出新的笔记本和台式机产品，但你也在谈论 AI 个人电脑。你能否详细说明一下这些高于季节性趋势的具体来源？是新产品带来的ASP提升吗？还是伴随着AI个人电脑的单位假设？请详细解释为什么你认为表现会更好？谢谢。

Sure, Tom. So I think you actually said it well. We are launching, you know, Zen 5 desktops and notebooks, you know, with volume ramping in the third quarter. And that's the primary reason that we see above seasonal. You know, the AI PC element is certainly one element of that, but there is just the overall, you know, refresh. Usually desktop launches going into a third quarter are good for us. And we feel that the products are very well positioned. So those are the primary reasons. And our final question comes from the line of Chris Dainley with City. Please proceed with your question. Hey, gang, thanks for speaking me in just a question on gross margin.

好的，汤姆。我觉得你说得很好。我们将在第三季度推出Zen 5系列台式机和笔记本，并逐步增加产量。这是我们预计超过季节性增长的主要原因。人工智能电脑的元素确实是其中一个方面，但总体上，也就是产品更新换代。通常，台式机在第三季度的推出对我们来说是件好事。我们认为这些产品的市场定位非常好，这些就是主要原因。我们最后一个问题来自City的Chris Dainley。请提问。嘿，伙计们，谢谢你们接我的电话，我有一个关于毛利率的问题。

So if we look at your guidance, it seems like the incremental gross margin is dropping a little bit for Q3. Why is that happening? And then just the follow up on another part of the gross margin angle. Have you changed your gross margin expectations for the MI 300 as the accretion point moved out a little bit? Yeah, Chris, thanks for the question. I think first we have made a lot of progress. As you mentioned, this year to expand our gross margin from 2023 at the 50 percentage point to, you know, we actually guided the 53.5% for Q3. The primary driver is really the fast data center business growth. If you look at the data center business as the percentage of revenue from 37% in Q4 last year to now close to 50%. That faster expansion really help us with the gross margin. When you look at the second half, we'll continue to see data center to be the major driver of our top line revenue growth will help the margin expansion. But there are some other puts and takes. I think Lisa mentioned the PC business actually is going to do better in second half, especially typically seasonally, it tends to be more consumer focused. So that really is a little bit different dynamics there. Secondly, I would say, we are going to see embedded business to be up sequentially each quarter. But the recovery, as we mentioned earlier, is more gradual. So when you look at the balance of the picture, you know, that's why we see the gross margin, the pace of gross margin change a little bit, but we do see continued gross margin expansion.

那么，如果我们看您的指导意见，似乎第三季度的增量毛利率略有下降。为什么会这样呢？然后我们再讨论毛利率的另一个方面。MI 300的毛利率预期是否有所变化，因为收益点有所推迟？ 是的，Chris，谢谢你的提问。首先，我们在扩大毛利率方面取得了很大进展。正如您所提到的，今年我们将毛利率从2023年的50个百分点提高到了我们对第三季度的指导值53.5%。这主要是由于数据中心业务的快速增长。如果你看看数据中心业务，从去年第四季度收入的37%增长到现在接近50%。这种快速扩展确实帮助了我们的毛利率。 当你看下半年，我们会继续看到数据中心作为我们主要收入增长的驱动因素，这将有助于毛利率的扩展。但也有其他一些影响因素。我认为Lisa提到的PC业务在下半年实际上会表现更好，特别是在季节性上，它往往更多地面向消费者。因此，这确实带来了一些不同的动态。此外，我们还会看到嵌入式业务每个季度都在逐步增长，但正如我们之前提到的那样，恢复过程更为缓慢。所以，当你看整体情况时，这就是为什么我们看到毛利率的变化速度有所不同，但我们确实看到毛利率会继续扩展。

As far as the MI 300, we are quite confident over long term it will be a creative to our corporate average. We feel pretty good about overall data center business continue to be absolutely the driver of gross margin expansion. Thank you. Thank you. Thank you. I would like to turn the floor back over to Mitch for any closing comments. Great. That concludes today's call. Thanks to all of you for joining us today. And ladies and gentlemen, that does conclude today's teleconference. You may disconnect your lines at this time. Thank you for your participation.

关于MI 300，我们对其长期表现非常有信心，认为它会对我们公司的整体平均水平有所提升。我们对数据中心业务的总体表现感到非常满意，它无疑将继续成为提高毛利率的重要驱动力。谢谢大家。现在，我将把话语权交还给Mitch，请他做最后的总结。好的，这就结束了今天的电话会议。感谢各位的参与。女士们，先生们，今天的电话会议到此结束。您现在可以断开连接了。谢谢大家的参与。