1. 标的：AMD.US (例 2330.TW 台积电) 2. 分类：讨论 3. 分析/正文： 以下是电话会议文字稿,非常长(1500+),附有中英对照. 其中[]内为提问/回答者姓名,只有Lisa的部分改称苏妈. 我这份是整理来自己看得,想想顺便分享出来. 如果英文有错的话基本上是不会特别去改,请见谅 [Ruth Cotter]——全球营销、人力资源和投资者关系高级副总裁 Before we begin today's call, we would like to note that Jean Hu will attend the JPM Annual Technology, Media and Communications Conference on Tuesday, May 23rd; Dan McNamara, senior vice president and general manager, server business unit, will attend the Bank of America Global Technology Conference on Tuesday, June 6th. And our second quarter 2023 quiet time is expected to begin at the close of business on Friday, June 16th. Today's discussion contains forward-looking statements based on current beliefs, assumptions, and expectations, speak only as of today and as such, involve risks and uncertainties that could cause actual results to differ materially from our current expectations. Please refer to the cautionary statement in our press release for more information on factors that could cause actual results to differ materially. Now with that, I'll hand the call over to Lisa. Lisa? 在我们开始今天的电话会议之前，我们想指出， Jean Hu 将於 5 月 23 日星期二参加 JPM 年度技术、媒体和通信会议； 伺服器业务部高级副总裁兼总经理 Dan McNamara 将於 6 月 6 日星期二出席美国银行 全球技术大会。 我们的 2023 年第二季度静默期预计将於 6 月 16 日星期五营业结束时开始。 今天的讨论包含基於当前信念、假设和预期的前瞻性陈述，仅针对今天的情况发表， 因此涉及可能导致实际结果与我们当前预期存在重大差异的风险和不确定性。请参阅我们 新闻稿中的警告声明，了解有关可能导致实际结果出现重大差异的因素的更多信息。 现在，我将把电话交给丽莎。丽莎？ [苏妈]——总裁兼首席执行官 Thank you, Ruth, and good afternoon to all those listening in today. We executed very well in the first quarter as we delivered better-than-expected revenue and earnings in a mixed demand environment, launched multiple leadership products across our businesses and made significant progress accelerating our AI road map and customer engagements across our portfolio. First-quarter revenue was $5.4 billion, a decrease of 9% year over year. Sales of our data center and embedded products contributed more than 50% of overall revenue in the quarter as cloud and embedded revenue grew significantly year over year. 谢谢你，Ruth，下午好所有听众。我们在第一季度的表现非常出色，因为我们在混合需求 环境中实现了好於预期的收入和收益，在我们的业务中推出了多个领先产品，并在加速我 们的 AI 路线图和我们产品组合中的客户参与方面取得了重大进展。第一季度收入为 54 亿美元，同比下降 9%。由於云计算和嵌入式产品收入同比大幅增长，我们数据中心和嵌 入式产品的销售额占本季度总收入的 50% 以上。 Looking at the first-quarter business results. Data Center segment revenue of $1.3 billion was flat year over year with higher cloud sales, offset by lower enterprise sales. In cloud, the quarter played out largely as we expected. EPYC CPU sales grew by a strong double-digit percentage year over year but declined sequentially as elevated inventory levels with some MDC customers resulted in a lower sell-in TAM for the quarter. 查看第一季度的业务结果。数据中心部门收入 13 亿美元，同比持平，云销售额增加，被 企业销售额下降所抵消。在云端，本季度的表现基本符合我们的预期。 EPYC（霄龙） CPU 销售额同比实现强劲的两位数百分比增长，但由於一些 MDC 客户的库存水平升高导 致本季度销量 TAM 下降，因此环比下降。 Against this backdrop, we were pleased the largest cloud providers further expanded their AMD deployments in the quarter to power a larger portion of their internal workloads and public instances. 28 new AMD instances launched in the first quarter, including multiple confidential computing offerings from Microsoft Azure, Google Cloud and Oracle Cloud that take advantage of the unique security features of our EPYC processors. In total, we now have more than 640 AMD-powered public instances available. Enterprise sales declined year over year and sequentially as end customer demand softened due to near-term macroeconomic uncertainty. 在此背景下，我们很高兴最大的云提供商在本季度进一步扩展了他们的 AMD 部署，以支 持他们更大一部分的内部工作负载和公共实例。第一季度推出了 28 个新的 AMD 实例， 包括来自 Microsoft Azure、Google Cloud 和 Oracle Cloud 的多个机密计算产品，它 们利用了我们 EPYC（霄龙）处理器的独特安全特性。我们现在总共有 640 多个 AMD 支 持的公共实例可用。由於近期宏观经济的不确定性导致终端客户需求疲软，企业销售额同 比和环比下降。 We continued growing our enterprise pipeline and closed multiple wins with Fortune 500 automotive, technology, and financial companies in the quarter. We made strong progress in the quarter, ramping our Zen 4 EPYC CPU portfolio. All of our large cloud customers have generally running in their data centers and are on track to begin broad deployments to power their internal workloads and public instances in the second quarter. For the enterprise, Dell, HPE, Lenovo, Super Micro and other leading providers entered production on new general server platforms that complement their existing third-gen EPYC platforms. 我们继续扩大我们的企业管道，并在本季度与财富 500 强的汽车、技术和金融等领域的 公司达成多项合作。我们在本季度取得了长足进步，扩大了我们的 Zen 4 EPYC CPU 产品 组合。我们所有的大型云客户通常都在他们的数据中心运行，并有望在第二季度开始广泛 部署以支持他们的内部工作负载和公共实例。对於企业，戴尔、HPE、联想、超微和其他 领先供应商开始生产新的通用服务器平台，以补充其现有的第三代 EPYC（霄龙）平台。 We are on track to launch Bergamo, our first cloud-native server CPU and Genoa, our fourth Gen EPYC processor with 3D chiplets for leadership in technical computing workloads later this quarter. Although we expect server demand to remain mixed in the second quarter, we are well-positioned to grow our cloud and enterprise footprint in the second half of the year based on the strong customer response to the performance and TCO advantages of Genoa, Bergamo, and GenX. Now looking at our broader data center business. In networking, Microsoft Azure launched their first instance powered by our Pensando DPU and software stack that can significantly increase application performance for networking intensive workloads by enabling 10 times more connections per second compared to non-accelerated instances. 我们有望在本季度晚些时候推出我们的第一个云原生服务器 CPU Bergamo 和我们的第四 代 EPYC 处理器 Genoa，它具有 3D 小晶片，在技术计算工作负载方面处於领先地位。尽 管我们预计服务器需求在第二季度仍将喜忧参半，但基於客户对热那亚、贝加莫和 Bergamo 的性能和 TCO 优势的强烈反响，我们有能力在下半年扩大我们的云和企业足迹 。 X世代。现在看看我们更广泛的数据中心业务。在网络方面，Microsoft Azure 推出了 他们的第一个实例，该实例由我们的 Pensando DPU 和软件堆栈提供支持，与非加速实例 相比，每秒连接数增加 10 倍，可显着提高网络密集型工作负载的应用程序性能。 We expanded our data center product portfolio with the launch of our first ASIC-based Alveo data center media accelerator that supports four times the number of simultaneous video streams compared to our prior generation. In supercomputing, the MAX Plug Society announced plans to build the first supercomputer in the EU, powered by fourth-gen EPYC CPUs and instinct MI-300 accelerators that is expected to deliver a three times increase in application performance and significant TCO improvements compared to their current system. Our AI activities increased significantly in the first quarter, driven by expanded engagements with a broad set of data center and embedded customers. We expanded the software ecosystem support for our instinct GPUs in the first quarter, highlighted by the launch of the widely used Pie Torch 2.0 framework, which now offers native support for our software. 我们推出了首款基於 ASIC 的 Alveo 数据中心媒体加速器，扩展了我们的数据中心产品 组合，该加速器支持的同步视频流数量是上一代产品的四倍。在超级计算方面，MAX Plug Society 宣布计划在欧盟建造第一台超级计算机，由第四代 EPYC CPU 和 instinct MI-300 加速器提供支持，与他们相比，预计应用程序性能提高三倍，TCO 显 着改善当前系统。我们的 AI 活动在第一季度显着增加，这得益於与广泛的数据中心和嵌 入式客户的广泛合作。我们在第一季度扩展了对本能 GPU 的软件生态系统支持，突出体 现在广泛使用的 Pie Torch 2.0 框架的发布，该框架现在为我们的软件提供本地支持。 In early April, researchers announced they used the LUMI supercomputer powered by third-gen EPYC CPUs and instinct MI250 accelerators to train the largest finished language model to date. Customer interest has increased significantly for our next-generation instinct MI300 GPUs for both AI training and inference of large language models. We made excellent progress achieving key MI300 silicon and software readiness milestones in the quarter, and we're on track to launch MI300 later this year to support the El Capitan exascale supercomputer win at Lawrence Livermore National Laboratory and large cloud AI customers. To execute our broad AI strategy and significantly accelerate this key part of our business, we brought together multiple AI teams from across the company into a single organization under Victor Peng. 4 月初，研究人员宣布他们使用由第三代 EPYC CPU 和本能 MI250 加速器驱动的 LUMI 超级计算机来训练迄今为止最大的成品语言模型。客户对我们用於 AI 训练和大型语言模 型推理的下一代 instinct MI300 GPU 的兴趣显着增加。我们在本季度取得了关键的 MI300 晶片和软件就绪里程碑的出色进展，我们有望在今年晚些时候推出 MI300，以支 持 El Capitan 百亿亿级超级计算机在劳伦斯利弗莫尔国家实验室和大型云 AI 客户中获 胜。为了执行我们广泛的 AI 战略并显着加速我们业务的这一关键部分，我们将来自整个 公司的多个 AI 团队整合到一个由 Victor Peng 领导的组织中。 The new AI group has responsibility for owning our end-to-end AI hardware strategy and driving development of a complete software ecosystem, including optimized libraries, models, and framework expanding our full product portfolio. Now turning to our client segment. Revenue declined 65% year over year to $739 million as we shipped significantly below consumption to reduce downstream inventory. As we stated on our last earnings call, we believe the first quarter was the bottom for our client processor business. 新的 AI 团队负责拥有我们的端到端 AI 硬件战略，并推动完整软件生态系统的开发，包 括优化的库、模型和扩展我们完整产品组合的框架。现在转向我们的客户群。收入同比下 降 65% 至 7.39 亿美元，因为我们的出货量大大低於消耗量以减少下游库存。正如我们 在上次财报电话会议上所说，我们认为第一季度是我们客户端处理器业务的底部。 We expanded our leadership desktop and notebook processor portfolio significantly in the quarter. In desktops, we launched the industry's fastest gaming processors with our Ryzen 7000 X3D series CPUs that combine our Zen 4 core with industry-leading 3D chiplet packaging technology. In mobile, the first notebooks powered by our Dragon range CPUs launched a strong demand, with multiple third-party reviews highlighting how our 16-core Ryzen 9 7945HS CPU is now the fastest mobile processor available. We also ramped production of our Zen 4-based Phoenix Ryzen 7040 series CPUs in the first quarter for ultrathin and gaming notebooks to support the more than 250 ultrathin gaming and commercial notebook design wins on track to launch this year from Acer, Asus, Dell, HP, and Lenovo. 我们在本季度显着扩展了领先的PC和NB处理器产品组合。 在PC方面，我们推出了业界最快的游戏处理器，配备 Ryzen 7000 X3D 系列 CPU，结合 了我们的 Zen 4 内核和业界领先的 3D 小晶片封装技术。 在移动领域，第一批采用我们的 Dragon 系列 CPU 的笔记本电脑引发了强烈的需求， 多个第三方评论强调了我们的 16 核锐龙 9 7945HS CPU 现在是可用的最快的移动处理器 。 我们还在第一季度提高了基於 Zen 4 的 Phoenix Ryzen 7040 系列 CPU 的产量，用於 超薄和游戏笔记本电脑，以支持今年从宏碁、华硕、戴尔、惠普和联想。 Looking at the year, we continue to expect the PC TAM to be down approximately 10% for 2023 to approximately 260 million units. Based on the strength of our product portfolio, we expect our client CPU sales to grow in the second quarter and in the seasonally stronger second half of the year. Now turning to our Gaming segment. Revenue declined 6% year over year to $1.8 billion as higher semi-custom revenue was offset by lower gaming graphics sales. 展望这一年，我们继续预计 PC TAM 到 2023 年将下降约 10% 至约 2.6 亿台。 基於我们产品组合的实力，我们预计我们的客户 CPU 销售额将在第二季度和季节性强劲的下半年 增长。现在转向我们的游戏部门。由於较高的半定制收入被较低的游戏图形销售额所抵消 ，收入同比下降 6% 至 18 亿美元。 Semi-custom SoC revenue grew year over year as demand for premium consoles remain strong following the holiday cycle. In gaming graphics, channel sell-through of our Radeon 6000 and Radeon 7000 series GPUs increased sequentially. We saw strong sales of our high-end Radeon 7900 XTX GPUs in the first quarter, and we're on track to expand our RDNA 3 GPU portfolio with the launch of new mainstream Radeon 7000 series GPUs this quarter. Looking at our Embedded segment. 半定制 SoC 收入同比增长，因为在假期周期之後对高端游戏机的需求依然强劲。 在游戏图形方面，我们的 Radeon 6000 和 Radeon 7000 系列 GPU 的销量环比增长。 第一季度，我们的高端 Radeon 7900 XTX GPU 销量强劲，我们有望在本季度推出新的主流 Radeon 7000 系列 GPU，从而扩展我们的 RDNA 3 GPU 产品组合。看看我们的嵌入式部 分。 Revenue increased significantly year over year to a record $1.6 billion. We saw strength across the majority of our embedded markets, led by increased demand from industrial, vision and healthcare, test and emulation, communications, aerospace and defense, and automotive customers. Demand for our adaptive computing solutions continues to grow as industrial vision and healthcare customers actively work to add more advanced compute capabilities across their product lines. We also released new Vitis AI software libraries to enable advanced visualization and AI capabilities for our medical customers and launched our next-generation platform that provides a turnkey solution to deploy our leadership adaptive computing capabilities for smart camera, industrial, and machine vision applications. 收入同比大幅增长，达到创纪录的 16 亿美元。在工业、视觉和医疗保健、测试和仿真、 通信、航空航天和国防以及汽车客户不断增长的需求的带动下，我们看到了大多数嵌入式 市场的实力。随着工业视觉和医疗保健客户积极致力於在其产品线中添加更先进的计算功 能，对我们的自适应计算解决方案的需求持续增长。我们还发布了新的 Vitis AI 软件库 ，为我们的医疗客户提供高级可视化和 AI 功能，并推出了我们的下一代平台，该平台提 供了一个交钥匙解决方案，可以为智能相机、工业和机器视觉应用部署我们领先的自适应 计算功能。 In communications, we saw strength with wired customers as new infrastructure design wins ramped into production. We also launched Zinc RF SoC products to accelerate 4G and 5G radio deployments in cost-sensitive markets and formed our first telco solutions lab to validate end-to-end solutions based on AMD CPU, adaptive SoCs, FPGAs, DPUs, and software. In automotive, deployments of our adaptive silicon solutions for high-end ADAS and AI features grew in the quarter, highlighted by Subaru rolling out its AMD-based iSIGHT four platform across their full range of vehicles. In addition, we expanded our embedded processor portfolio with the launches of Ryzen 5000 and EPYC 9000 embedded series processors with leadership performance and efficiency as we focus on growing share in the security, storage edge server, and networking markets. 在通信方面，随着新的基础设施设计成功投入生产，我们看到了有线客户的优势。我们还 推出了 Zinc RF SoC 产品，以加速成本敏感型市场中的 4G 和 5G 无线电部署，并成立 了我们的第一个电信解决方案实验室，以验证基於 AMD CPU、自适应 SoC、FPGA、DPU 和 软件的端到端解决方案。在汽车领域，我们用於高端 ADAS 和 AI 功能的自适应矽解决方 案的部署在本季度有所增长，突出表现是斯巴鲁在其全系列车辆中推出了基於 AMD 的 iSIGHT 4 平台。此外，随着我们专注於增加安全、存储边缘服务器和网络市场的份额， 我们通过推出具有领先性能和效率的锐龙 5000 和 EPYC 9000 嵌入式系列处理器扩展了 我们的嵌入式处理器产品组合。 Looking more broadly across our embedded business, we are making great progress in bringing together our expanded portfolio and scale to drive deeper engagements with our largest embedded customers. In summary, I'm pleased with our operational and financial performance in the first quarter. In the near term, we continue to see a mixed demand environment based on the uncertainties in the macro environment. Based on customer demand signals, we expect second-quarter revenue will be flattish sequentially with growth in our client and data center segments, offset by modest declines in our Gaming and Embedded segments. 从更广泛的角度来看我们的嵌入式业务，我们在整合我们扩展的产品组合和规模以推动与 我们最大的嵌入式客户更深入的合作方面取得了巨大进展。总而言之，我对我们第一季度 的运营和财务业绩感到满意。短期内，我们继续看到基於宏观环境不确定性的混合需求环 境。根据客户需求信号，我们预计第二季度收入将与我们的客户端和数据中心部门的增长 持平，但被我们的游戏和嵌入式部门的适度下滑所抵消。 We remain confident in our ability to grow in the second half of the year, driven by adoption of our Zen 4 product portfolio, improving demand trends in our client business and the early ramp of our instinct MI300 accelerators for HPC and AI. Looking longer term, we have significant growth opportunities ahead based on successfully delivering our road maps and executing our strategic data center and embedded property priorities, led by accelerating adoption of our AI products. We are in the very early stages of the AI computing era, and the rate of adoption and growth is faster than any other technology in recent history. And as the recent interest in generative AI highlights, bringing the benefits of large language models and other AI capabilities to cloud, edge, and endpoints require significant increases in compute performance. 在采用我们的 Zen 4 产品组合、改善客户业务的需求趋势以及我们用於 HPC 和 AI 的本 能 MI300 加速器的早期增长的推动下，我们对下半年的增长能力充满信心。从长远来看 ，基於成功交付我们的路线图并执行我们的战略数据中心和嵌入式财产优先事项，以及加 速采用我们的 AI 产品，我们将面临巨大的增长机会。我们正处於人工智能计算时代的早 期阶段，采用率和增长速度比近代历史上的任何其他技术都要快。正如最近对生成 AI 的 兴趣所强调的那样，将大型语言模型和其他 AI 功能的优势带到云、边缘和端点需要显着 提高计算性能。 AMD is very well-positioned to capitalize on this increased demand to compute based on our broad portfolio of high-performance and adaptive compute engines, the deep relationships we have established with customers across a diverse set of large markets, and our expanding software capabilities. We are very excited about our opportunity in AI. This is our No. 1 strategic priority, and we are engaging deeply across our customer set to bring joint solutions to the market, led by our upcoming instinct MI300 GPUs, Ryzen 7040 Series CPUs with Ryzen AI, Zynq UltraScale+ MPSoCs, LVO V70 data center inference accelerators and Versal AI adaptive data center and edge SoCs. 基於我们广泛的高性能和自适应计算引擎产品组合、我们与各种大型市场的客户建立的深 厚关系以及我们不断扩展的软件功能，AMD 处於有利地位，可以利用这种不断增长的计算 需求。我们对我们在人工智能领域的机会感到非常兴奋。这是我们的首要战略重点，我们 正在深入参与我们的客户群，以将联合解决方案推向市场，由我们即将推出的本能 MI300 GPU、配备 Ryzen AI 的 Ryzen 7040 系列 CPU、Zynq UltraScale+ MPSoC、LVO V70 数据中心引领推理加速器和 Versal AI 自适应数据中心和边缘 SoC。 I look forward to sharing more about our AI progress over the coming quarters as we broaden our portfolio and grow the strategic part of our business. Now I'd like to turn the call over to Jean to provide some additional color on our first-quarter results. Jean? 随着我们扩大我们的产品组合并发展我们业务的战略部分，我期待在未来几个季度分享更 多关於我们人工智能进展的信息。现在我想把电话转给 Jean，为我们的第一季度业绩提 供一些额外的色彩。Jean？ [Jean Hu] -- 执行副总裁、首席财务官兼财务主管 Thank you, Lisa, and good afternoon, everyone. I'll start with a review of our financial results for the first quarter and then provide our current outlook for the second quarter of fiscal 2023. As a reminder, for comparative purposes, first-quarter 2022 results included the only partial quarter financial results from the acquisition of Xilinx, which closed in February 2022. Revenue in the fourth quarter was $5.4 billion, a decrease of 9% year over year as Embedded segment strength was offset by lower Client segment revenue. 谢谢你，丽莎，大家下午好。我将首先回顾我们第一季度的财务业绩，然後提供我们目前 对 2023 财年第二季度的展望。提醒一下，出於比较目的，2022 年第一季度的业绩仅包 括来自对 Xilinx 的收购於 2022 年 2 月完成。第四季度收入为 54 亿美元，同比下降 9%，原因是嵌入式部门的实力被客户端部门收入的下降所抵消。 Gross margin was 50%, down 2.7 percentage points from a year ago, primarily impacted by Client segment performance. Operating expenses were $1.6 billion, increasing 18% year over year, primarily due to inclusion of a full quarter of expenses from Xilinx and Pensando acquisitions. Operating income was $1.1 billion, down $739 million year over year, and the operating margin was 21%. Interest expense, taxes and other was $128 million. 毛利率为 50%，较上年同期下降 2.7 个百分点，主要受客户细分市场业绩的影响。运营 费用为 16 亿美元，同比增长 18%，这主要是由於包括了 Xilinx 和 Pensando 收购的整 个季度费用。营业收入为 11 亿美元，同比下降 7.39 亿美元，营业利润率为 21%。利息 支出、税收和其他费用为 1.28 亿美元。 For the first quarter, diluted earnings per share was $0.60 due to better-than-expected revenue and operating expenses. Now turning to our reportable segment for the first quarter. Starting with the Data Center segment, revenue was $1.3 billion, flat year over year, driven primarily by higher sales of EPYC processors to cloud customers, offset by lower enterprise server processor sales. Data Center segment operating income was $148 million or 11% of revenue, compared to $427 million or 33% a year ago. 第一季度，由於收入和运营支出好於预期，每股摊薄收益为 0.60 美元。现在转向我们第 一季度的可报告部分。从数据中心部分开始，收入为 13 亿美元，同比持平，这主要是由 於 EPYC 处理器对云客户的销售额增加，被企业服务器处理器销售额下降所抵消。数据中 心部门营业收入为 1.48 亿美元，占收入的 11%，而一年前为 4.27 亿美元，占收入的 33%。 Lower operating income was primarily due to product mix and increased R&D investments to address large opportunities ahead of us. Client segment revenue was $739 million, down 65% year over year as we shipped significantly below consumption to reduce downstream inventory. We expect an improvement in second-quarter Client segment revenue and a seasonally stronger second half. Client segment operating loss was $172 million, compared to operating income of $692 million a year ago, primarily due to lower revenue. 较低的营业收入主要是由於产品组合和增加研发投资以应对我们面前的巨大机遇。客户部 门收入为 7.39 亿美元，同比下降 65%，因为我们的出货量大大低於消耗量以减少下游库 存。我们预计第二季度客户部门收入将有所改善，下半年将出现季节性增长。客户部门运 营亏损为 1.72 亿美元，而一年前的运营收入为 6.92 亿美元，主要原因是收入下降。 Gaming segment revenue was $1.8 billion, down 6% year over year. Semi-customer revenue grew double-digit percentage year over year, which was more than offset by lower gaming graphics revenue. Gaming segment operating income was $314 million or 18% of revenue, compared to $358 million or 19% a year ago. Decrease was primarily due to lower gaming graphics revenue. 游戏部门收入为 18 亿美元，同比下降 6%。半客户收入同比增长两位数，这被较低的游 戏图形收入所抵消。游戏部门营业收入为 3.14 亿美元，占收入的 18%，而一年前为 3.58 亿美元，占收入的 19%。减少主要是由於游戏图形收入减少。 Embedded segment revenue was $1.6 billion, up $967 million year over year, primarily due to full quarter of Xilinx revenue and the strong performance across multiple end markets. Embedded segment operating income was $798 million or 51% of revenue, compared to $277 million or 46% a year ago, primarily driven by the inclusion of a full quarter of Xilinx. Turning to the balance sheet and the cash flow. During the quarter, we generated $486 million in cash from operations, reflecting our strong financial model despite the mixed demand environment. 嵌入式部门收入为 16 亿美元，同比增长 9.67 亿美元，这主要是由於 Xilinx 整个季度 的收入以及多个终端市场的强劲表现。嵌入式部门营业收入为 7.98 亿美元，占收入的 51%，而一年前为 2.77 亿美元，占收入的 46%，这主要是受赛灵思整个季度的影响。转 向资产负债表和现金流量。本季度，我们从运营中产生了 4.86 亿美元的现金，反映出尽 管需求环境复杂，但我们的财务模式依然强劲。 Free cash flow was $328 million. In the first quarter, we increased inventory by $464 million, primarily in anticipation of the ramp of new Data Center and Client product in advanced process node. At the end of the quarter, cash, cash equivalents, and such short-term investment were $5.9 billion, and we returned $241 million to shareholders through share repurchases. We have a $6.3 billion in remaining authorization for share repurchases. 自由现金流为 3.28 亿美元。第一季度，我们增加了 4.64 亿美元的库存，主要是因为预 计新数据中心和高级流程节点中的客户端产品会增加。本季度末，现金、现金等价物和此 类短期投资为 59 亿美元，我们通过股票回购向股东返还了 2.41 亿美元。我们还有 63 亿美元的剩余股票回购授权。 In summary, in an uncertain macroeconomic environment, the AMD team executed very well, delivering better-than-expected top-line revenue and earnings. Now turning to our second quarter 2023 outlook. We expect revenue to be approximately $5.3 billion, plus or minus $300 million, a decrease of approximately 19% year over year and approximately flat sequentially. year over year, we expect the Client, Gaming, and the Data Center segment to decline, partially offset by Embedded segment growth. 总而言之，在不确定的宏观经济环境下，AMD 团队执行得很好，实现了好於预期的收入和 收益。现在转向我们对 2023 年第二季度的展望。我们预计收入约为 53 亿美元，上下浮 动 3 亿美元，同比下降约 19%，环比基本持平。与去年同期相比，我们预计客户端、游 戏和数据中心部分将下降，部分被嵌入式部分的增长所抵消。 Sequentially, we expect Client and Data Center segment growth to be offset by modest Gaming and Embedded segment decline. In addition, we expect non-GAAP gross margin to be approximately 50%. Non-GAAP operating expenses to be approximately $1.6 billion. Effective tax rate to be 13%. 因此，我们预计客户端和数据中心部门的增长将被适度的游戏和嵌入式部门下滑所抵消。 此外，我们预计非 GAAP 毛利率约为 50%。非 GAAP 运营费用约为 16 亿美元。有效税率 为13%。 And the diluted share count is expected to be approximately 1.62 billion shares. In closing, I'm pleased with our strong top-line and bottom-line execution. We have a very strong financial model, and we'll continue to invest in our long-term strategic priorities, including accelerating our AI offerings to drive sustainable value creation over the long term. With that, I'll turn it back to Ruth for Q&A session. 摊薄後的股份数量预计约为 16.2 亿股。最後，我对我们强大的顶线和底线执行感到满意 。我们拥有非常强大的财务模型，我们将继续投资於我们的长期战略重点，包括加速我们 的 AI 产品以推动长期可持续的价值创造。有了这个，我会把它转回 Ruth 进行问答环节 。 [Ruth Cotter]——全球营销、人力资源和投资者关系高级副总裁 Thank you, Jean. And Kevin, we're happy to pull the audience for questions. 谢谢你，Jean。凯文，我们很高兴邀请听众提问。 Questions & Answers: 问题和答案： [Vivek Arya]--美国银行美林--分析师 Thanks for the question. For my first one, Lisa, when I look at your full-year Data Center outlook for some growth, that implicitly suggest Data Center, right, could be up 30% in the second half versus the first half, right? And I'm curious, what is your confidence and visibility and some of the assumptions that go into that view? Is it -- do you think there is a much bigger ramp in the new products? Is it enterprise recovery? Is it pricing? So just give us a sense for how we should think about the confidence and visibility of the strong ramp that is implied in your second-half Data Center outlook? 谢谢你的问题。对於我的第一个，丽莎，当我看到你的全年数据中心增长前景时，这暗示 下半年数据中心可能比上半年增长 30%，对吗？我很好奇，您的信心和知名度以及进入该 观点的一些假设是什麽？是吗 - 你认为新产品的增长速度要快得多吗？是企业复苏吗？ 是定价吗？因此，让我们了解一下我们应该如何考虑下半年数据中心前景中暗示的强劲增 长的信心和可见性？ [苏妈]——总裁兼首席执行官 Right. So, Vivek, thanks for the question. Maybe let me give you some context on what's going on in the Data Center right now. First of all, we have said that it's a mixed environment in the Data Center. 正确的。 Vivek，谢谢你提出这个问题。也许让我为您介绍一下数据中心目前正在发生的 事情。首先，我们说过它是数据中心的混合环境。 So the first half of the year, there are some of the larger cloud customers that are working through some inventory and optimization as well as a weaker enterprise. As we go into the second half of the year, we see a couple of things. First, our road map is very strong. So the feedback that we're getting working with our customers on, it's ramping well. 因此，今年上半年，一些较大的云客户以及较弱的企业正在通过一些库存和优化工作。当 我们进入今年下半年时，我们看到了几件事。首先，我们的路线图非常强大。因此，我们 与客户合作获得的反馈进展顺利。 It is very differentiated in terms of TCO and overall performance. So we think it's very well-positioned. Much of the work that we've done in the first half of the year -- in the first quarter and here in the second quarter is to ensure that we complete all of that work such that we can ramp across a broader set of workloads as we go into the second half of the year. And then I would say, from an overall market standpoint, I think enterprise will still be mixed with the notion that we expect some improvement. 它在 TCO 和整体性能方面差异很大。所以我们认为它的定位非常好。我们在今年上半年 （第一季度和第二季度）所做的大部分工作是为了确保我们完成所有这些工作，以便我们 能够跨越更广泛的工作负载，因为我们进入下半年。然後我会说，从整体市场的角度来看 ，我认为企业仍然会混合我们期望有所改善的观念。 It depends a little bit on the macro situation. And then as we go into the second half of the year, in addition to Genoa, we're also ramping Bergamo. So that's on track to launch here in the second quarter and will ramp in the second half of the year. And then as we get toward the end of the year, we also have our GPU ramp of MI300. 这有点取决於宏观情况。然後，当我们进入今年下半年时，除了热那亚之外，我们还在增 加贝加莫。因此，这有望在第二季度在这里推出，并将在今年下半年实现增长。然後当我 们接近年底时，我们还有 MI300 的 GPU 斜坡。 So with that, we start the ramp in the fourth quarter of our supercomputing wins as well as our early cloud AI wins. So those are all the factors. Of course, we'll have to see how the the year play about how we're positioned from an overall product and road map standpoint for Data Center. 因此，我们在第四季度开始了我们的超级计算胜利以及我们早期的云 AI 胜利。所以这些 都是因素。当然，我们必须看看今年如何从数据中心的整体产品和路线图的角度来定位我 们的定位。 [Vivek Arya]--美国银行美林--分析师 All right. And for my follow-up, Lisa, how do you see the market share evolve in the Data Center in the second half? Do you think that the competitive gap between your and your competitors' products, has that narrowed? Or you still think that in the second half, you have a chance to gain market share in the Data Center? 好的。对於我的後续行动，丽莎，你如何看待下半年数据中心的市场份额变化？您认为您 与竞争对手产品之间的竞争差距是否缩小了？或者您仍然认为在下半年，您有机会获得数 据中心的市场份额？ [苏妈]——总裁兼首席执行官 Yeah. Absolutely, Vivek. Well, I mean, we've gained share nicely over the last four years. When you look at our Data Center progression, it's actually been pretty steady. 是的。当然，维维克。好吧，我的意思是，我们在过去四年中获得了很好的份额。当您查 看我们的数据中心进展时，它实际上非常稳定。 As we go into the second half of this year, I think we continue to believe that we have a very strong competitive position. So we do think that positions us well to gain share. In the conversations that we're having with customers, I think they're enthusiastic about Zen 4 and what it can bring into cloud workloads as well as enterprise workloads. I think actually Genoa is extremely well-positioned for enterprise where we have been underrepresented. 随着我们进入今年下半年，我认为我们仍然相信我们拥有非常强大的竞争地位。因此，我 们确实认为这使我们能够很好地获得份额。在我们与客户的对话中，我认为他们对 Zen 4 以及它可以为云工作负载和企业工作负载带来什麽充满热情。我认为实际上热那亚在我 们代表性不足的企业中处於非常有利的位置。 So we feel good about the road map. I mean, obviously, it's competitive, but we feel very good about our ability to continue to gain share. 所以我们对路线图感觉良好。我的意思是，很明显，它具有竞争力，但我们对继续获得份 额的能力感到非常满意。 [Toshiya Hari]——高盛——分析师 Hi. Good afternoon. Thank you so much for taking the question. Lisa, I wanted to ask about the Embedded business. 你好。下午好。非常感谢你提出这个问题。丽莎，我想问一下嵌入式业务。 It's been a really strong business for you since the acquisition of Xilinx, you're guiding the business down sequentially in Q2. Is this sort of the macro/cycle kicking in? Or is it something supply related? If you can kind of expand on the Q2 outlook there and your expectations for the second half, that would be helpful. 自收购 Xilinx 以来，这对您来说是一项非常强大的业务，您在第二季度引导业务连续下 滑。这种宏观/周期开始了吗？还是与供应有关？如果你能在某种程度上扩展第二季度的 前景和你对下半年的期望，那将是有帮助的。 [苏妈]——总裁兼首席执行官 Yeah. Absolutely, Toshiya. Thanks for the question. I mean I think the Embedded business has performed extremely well over the last four or five quarters. 是的。没错，东芝。谢谢你的问题。我的意思是，我认为嵌入式业务在过去四五个季度中 表现非常出色。 Q1 was another record for the Embedded business. When we look underneath it, there is a broad set of market segments that we have exposure to, and the majority of them are actually doing very well. Our thought process for sort of modest decline into Q2 is that we did have a bunch of backlog that we're in the process of clearing and that backlog will clear in Q2, and then we expect that the growth will moderate a bit. We still very much like the positioning of sort of our aerospace and defense, our industrial, our test and emulation business our automotive business. 第一季度是嵌入式业务的另一个记录。当我们深入研究时，会发现我们涉足的细分市场范 围很广，其中大多数实际上都做得很好。我们对第二季度适度下降的思考过程是，我们确 实有一堆积压，我们正在清理这些积压，积压将在第二季度清除，然後我们预计增长会有 所放缓。我们仍然非常喜欢我们的航空航天和国防、我们的工业、我们的测试和仿真业务 以及我们的汽车业务的定位。 We expect wireless trends to be a little bit weaker as well as consumer trends. So those are the kind of the puts and takes in the market. But I would say the business has performed well above our expectations. 我们预计无线趋势和消费者趋势都会有所减弱。所以这些就是市场上的看跌期权和收益。 但我要说的是，该业务的表现远远超出了我们的预期。 [Toshiya Hari]——高盛——分析师 That's helpful. And then as my follow-up, maybe one for Jean on the gross margin side of things. In your slide deck, I think you're guiding gross margins up half over half in the second half. Can you maybe speak to the puts and takes and the drivers as you think about gross margins over the next six to nine months? 这很有帮助。然後作为我的後续行动，也许是 Jean 在毛利率方面的一个。在你的幻灯片 中，我认为你在下半年将毛利率提高了一半以上。在考虑未来六到九个月的毛利率时，您 能否谈谈看跌期权和驱动因素？ [苏妈]——总裁兼首席执行官 Yeah. Thank you for the question. Our gross margin is primarily driven by mix. If you look at the first half -- first-quarter performance and second-quarter guide, we are very pleased with the strong gross margin performance in both the Data Center and the embedded segment. 是的。感谢你的提问。我们的毛利率主要受组合驱动。如果你看一下上半年——第一季度 业绩和第二季度业绩指南，我们对数据中心和嵌入式领域强劲的毛利率表现感到非常满意 。 We haven't been seeing headwinds from a Client segment impacting our gross margin. Going to the second half, we do expect gross margin improvement because Data Center is going up and the Embedded continue to be relatively strong. The pace of improvement in the second half actually will be largely dependent on the Client segment. We think the Client segment gross margin is also going to improve. 我们没有看到来自客户群的逆风影响我们的毛利率。进入下半年，我们确实预计毛利率会 有所改善，因为数据中心正在上升，嵌入式继续相对强劲。下半年的改善速度实际上在很 大程度上取决於客户群。我们认为客户部门的毛利率也将提高。 But overall, it's going to be below corporate average. So the pace of improvement of gross margin could be dependent on the pace for the Client business recovery in second half. But in the longer term, right, when we look at our business opportunities, the largest incremental revenue opportunities are going to come from Data Center and Embedded segment. So we are building very good about longer-term gross margin going up continuously. 但总体而言，它将低於公司平均水平。因此，毛利率的改善速度可能取决於下半年客户业 务复苏的速度。但从长远来看，当我们审视我们的商业机会时，最大的增量收入机会将来 自数据中心和嵌入式领域。因此，我们正在建立非常好的长期毛利率持续上升。 [Aaron Rakers] - 富国银行证券 - 分析师 Yeah. Thanks for taking the question. I've got two as well. I guess the first question going back on just like the cadence of the server CPU cycle with Genoa and Bergamo. 是的。感谢您提出问题。我也有两个。我想第一个问题就像热那亚和贝加莫的服务器 CPU 周期节奏一样。 And I think it's great to hear that you guys are on track to launch Bergamo here. But there's been some discussion here throughout this last quarter around some DDR5 challenges. I think there's PMEC issues. I'm just curious of how you -- if those issues have presented themselves or how you would characterize the cadence of the ramp cycle of Genoa at this point? 我认为很高兴听到你们有望在这里推出 Bergamo。但在上个季度，围绕 DDR5 的一些挑战 进行了一些讨论。我认为存在 PMEC 问题。我只是想知道你如何 - 如果这些问题已经出 现，或者你如何描述此时热那亚斜坡周期的节奏？ [苏妈]——总裁兼首席执行官 Yeah. Sure, Aaron. So yes, look, I think Genoa, we always said, as we launched it, that it would be a little bit more of a longer transition compared to Milan because it is a new platform. So it is the new DDR5, it's PCI Gen 5. 是的。当然，亚伦。所以是的，看，我认为热那亚，我们总是说，当我们推出它时，与米 兰相比，它的过渡时间会更长一些，因为它是一个新平台。所以它是新的 DDR5，它是 PCI Gen 5。 And for many of our top customers, they're also doing other things other than upgrading the CPUs. So from that standpoint, I would say the ramp is going about as we expected. We've seen a lot of interest, a lot of customer engineering work that we're doing together in the data centers with our customers, we feel great about the set of workloads, and we see expansion in the workloads going forward. So overall, our expectation is, particularly as we go into the second half, we'll see Genoa ramp more broadly. 对於我们的许多顶级客户，除了升级 CPU 之外，他们还在做其他事情。所以从这个角度 来看，我会说斜坡正在按照我们的预期进行。我们看到了很多兴趣，我们与客户在数据中 心一起做的很多客户工程工作，我们对工作负载集感觉很好，并且我们看到工作负载的扩 展。所以总的来说，我们的预期是，尤其是在我们进入下半场时，我们会看到热那亚更广 泛地崛起。 But Genoa and Milan are going to coexist throughout the year, just given sort of the breadth of platforms that we have. 但 Genoa 和 Milan 将全年共存，只是考虑到我们拥有的平台的广度。 [Aaron Rakers] - 富国银行证券 - 分析师 And anything specific on the DDR5 questions that come up? And then I'm curious if my second question just real quick is the MI300, if we look out beyond just the deployment through the course of this year, how do you guys think about success in that data center GPU market to we think about beyond just? 出现的有关 DDR5 的任何具体问题？然後我很好奇我的第二个问题是否真的很快就是 MI300，如果我们不仅仅关注今年的部署，你们如何看待数据中心 GPU 市场的成功，我 们会考虑超越只是？ [苏妈]——总裁兼首席执行官 Yeah. Sure, Aaron. So back to the DDR5 question, we haven't seen anything specific on DDR5. And it's just normal platform bring up that we're seeing. 是的。当然，亚伦。回到 DDR5 问题，我们还没有看到任何关於 DDR5 的具体信息。我们 看到的只是正常的平台启动。 Now as it relates to your question about MI300, look, we're really excited about the AI opportunity. I think that is success for us is having a significant part of the AI overall opportunity. AI for us is broader than cloud. I mean it also includes what we're doing in Clients and Embedded. 现在关於你关於 MI300 的问题，看，我们对人工智能的机会感到非常兴奋。我认为这对 我们来说是成功的，因为我们拥有 AI 整体机会的重要部分。人工智能对我们来说比云更 广泛。我的意思是它还包括我们在客户端和嵌入式中所做的事情。 But specifically, as it relates to MI300, MI300 is actually very well-positioned for both HPC or supercomputing workloads as well as for AI workloads. And with the recent interest in generative AI, I would say the pipeline for MI300 has expanded considerably here over the last few months, and we're excited about that. We're putting a lot more resources. I mentioned on the prepared remarks, the work that we're doing, sort of taking our Xilinx and sort of the the overall AMD AI efforts and collapsing them into one organization that's primarily to accelerate our AI software work as well as platform work. 但具体而言，由於与 MI300 相关，MI300 实际上非常适合 HPC 或超级计算工作负载以及 AI 工作负载。由於最近对生成 AI 的兴趣，我想说 MI300 的管道在过去几个月里已经 大大扩展了，我们对此感到兴奋。我们正在投入更多资源。我在准备好的发言中提到了我 们正在做的工作，有点像 Xilinx 和整个 AMD AI 的努力，并将它们整合到一个组织中， 主要是为了加速我们的 AI 软件工作和平台工作。 So success for MI3100 is for sure, a significant part of sort of the growth in AI in the cloud. And I think we feel good about how we're positioned there. 因此，MI3100 的成功是肯定的，这是云中 AI 增长的重要组成部分。而且我认为我们对 我们在那里的定位感觉很好。 [Matt Ramsey] - Cowen and Company - 分析师 Yeah. Thank you. Good afternoon, everybody. Lisa, my first question, I think just the way the business has trended, right, with enterprise and with China in the data center market being a bit softer recently, and it seems like that's kind of continuing into the second quarter. 是的。谢谢。大家下午好。丽莎，我的第一个问题，我认为企业和中国数据中心市场的趋 势最近有点疲软，而且这种趋势似乎会持续到第二季。 It occurs to me that a big percentage of your data center business, particularly in server in the second half of the year is going to be driven by U.S. hyperscale. And I guess my question is the level of visibility you have to unit volumes, to pricing, to timing of ramps. If you could walk us through that a little bit, given it's customer concentrated. 在我看来，你们数据中心业务的很大一部分，尤其是今年下半年的服务器业务，将由美国 的超大规模数据中心驱动。我想我的问题是你对单位数量、定价和坡道时间的可见性水平 。考虑到它以客户为中心，请您稍微介绍一下。 I imagine you have some level of visibility. And you mentioned growth for the year-end data center. If you could be a little bit more precise there, that's -- I understand there's market dynamics, but it's a bit of a big comment and helps to just push me to ask about quantifying the growth for the year. 我想你有一定程度的知名度。你提到了年终数据中心的增长。如果你能在那里更精确一点 ，那就是——我知道市场动态，但这是一个很大的评论，有助於推动我询问量化今年的增 长。 [苏妈]——总裁兼首席执行官 Sure. Matt, thanks for the question. So look, I think as we work with our largest cloud customers in the Data Center segment, particularly with our EPYC CPUs, we have very good conversations in terms of what their ramp plans are, what their qualification plans are, which workloads, which instances. So I feel that we have good visibility. 当然。Matt，谢谢你的提问。所以看，我认为当我们与数据中心领域最大的云客户合作时 ，尤其是我们的 EPYC CPU，我们就他们的爬坡计划是什麽、他们的资格计划是什麽、哪 些工作负载、哪些实例进行了很好的对话.所以我觉得我们有很好的知名度。 Obviously, some of this is still dependent on overall macro situation and overall demand. But our view is that there is a lot of good progress in the Data Center. Now in terms of quantification, as I said, there's a lot of puts and takes. My view is that enterprise will improve as we go into the second half, and we're even seeing, I would say, some very early signs of some improvement in China as well. 显然，这部分还是要看整体宏观形势和整体需求。但我们的观点是数据中心有很多良好的 进展。现在就量化而言，正如我所说，有很多投入和投入。我的观点是，随着我们进入下 半年，企业将会有所改善，我什至会说，我们甚至看到了中国有所改善的一些非常早期的 迹象。 So our view is, I think, double-digit Data Center growth is what we currently see. And certainly, we would like to ramp Genoa and Bergamo as a large piece given the strength of those products, we'd like to see them grow share here over the next couple of quarters. 所以我们的观点是，我认为，两位数的数据中心增长是我们目前看到的。当然，考虑到这 些产品的实力，我们希望将热那亚和贝加莫作为一个大块，我们希望看到它们在接下来的 几个季度里在这里增加份额。 [Matt Ramsey] - Cowen and Company - 分析师 Lisa, that's helpful. For my follow-up question, I think in the prepared scripts, we're obviously under-shipping sell-through to clear the channel in the Client business in the first half of the year. And I think the language that was used was seasonal improvements in the second half. So are you guys expecting to come back to shipping in line with sell-through so to stop under-shipping demand? And then for on top of that seasonal improvements in the market? Or -- and if you could just kind of help me think about the magnitude and the moving pieces in Client for the second half? 丽莎，这很有帮助。对於我的後续问题，我认为在准备好的脚本中，我们显然在今年上半 年通过销售来清理客户业务的渠道。而且我认为使用的语言是下半年的季节性改进。那麽 ，你们是否希望根据销售情况恢复出货，以阻止出货需求不足？然後除了市场的季节性改 善之外？或者——如果你能帮我想想下半年客户端的规模和移动部分？ [苏妈]——总裁兼首席执行官 Yeah. So we've been under-shipping sort of consumption in the Client business for about three quarters now. And certainly, our goal has been to normalize the inventory in the supply chain so that shipments would be closer to consumption. We expect that, that will happen in the second half of the year, and that's what the comment meant that we believe that there will be improvements in the overall inventory positioning. 是的。因此，我们现在已经有大约三个季度的时间在客户业务中进行消费。当然，我们的 目标是使供应链中的库存正常化，以便发货更接近消费。我们预计，这将在今年下半年发 生，这就是评论的意思，我们相信整体库存定位将会有所改善。 And then we also believe that the client market is stabilizing. So Q1 was the bottom for our business as well as for the overall market. From what we see although it will be a gradual set of improvements, we do see that the overall market should be better in the second half of the year. We like our product portfolio a lot. 然後我们也相信客户市场正在稳定。所以第一季度是我们业务和整个市场的底部。从我们 看来，虽然这将是一个渐进的改善，但我们确实看到下半年整体市场应该会更好。我们非 常喜欢我们的产品组合。 I'm excited about having AI-enabled on our Ryzen 7000 series. And we have leadership notebook platforms with Dragon Range. Our desktop road map is also quite strong with our new launch of the Verizon 7000 X3D products. And so I think here in the second quarter, we'll still under-ship consumption a bit. 我很高兴在我们的 Ryzen 7000 系列上启用 AI。我们拥有带 Dragon Range 的领先笔记 本平台。随着我们新推出的 Verizon 7000 X3D 产品，我们的桌面路线图也非常强大。所 以我认为在第二季度，我们的船运消费仍然会有所下降。 And by the second half of the year, we should be more normalized between shipments and consumption, and we expect some seasonal improvement into the second half. 到下半年，出货量和消费量应该会更加正常化，我们预计下半年会有一些季节性改善。 [Joe Moore] - 摩根士丹利 - 分析师 Thank you. Yeah. I guess same question in terms of the cloud business. You mentioned some combination of kind of digestion of spending and inventory reduction. 谢谢。是的。我想在云业务方面也有同样的问题。你提到了某种消化支出和减少库存的组 合。 Can you give us a sense of how much inventory was there in hyperscale? How much has it come down? And how much are you sort of maybe under-shipping demand in that segment? 你能告诉我们超大规模有多少库存吗？降了多少？您在该细分市场中的出货需求有多少？ [苏妈]——总裁兼首席执行官 Yeah. I think, Joe, this is a bit harder because every customer is different. What we're seeing is different customers are at a different place in their sort of overall cycle. But let me say it this way though. 是的。我认为，乔，这有点难，因为每个客户都是不同的。我们看到的是，不同的客户在 他们的整个周期中处於不同的位置。但是让我这样说吧。 I think we have good visibility with all of our large customers in terms of what they're trying to do for the quarter, for the year. Obviously, some of that will depend on how the macro plays out. But from our viewpoint, I think we're also going through a product transition between Milan and Genoa and some of these workloads. So if you put all those things into the conversation, that's why our comment was that we will -- we do believe that the second quarter will grow modestly and then there'll be more growth in the second half of the year as it relates to the Data Center business. 我认为我们对所有大客户在本季度、今年试图做的事情都有很好的了解。显然，其中一些 将取决於宏的表现。但从我们的角度来看，我认为我们也在经历米兰和热那亚之间的产品 过渡以及其中一些工作量。因此，如果你把所有这些事情都放在谈话中，这就是为什麽我 们的评论是我们会——我们确实相信第二季度会温和增长，然後下半年会有更多的增长， 因为它与数据中心业务。 So there lots of puts and takes, every customers in a bit of a different cycle. But overall, the number of workloads that they're going to be using AMD on, we believe, will expand as we go through the next few quarters. 所以有很多投入和投入，每个客户都处於不同的周期。但总的来说，我们相信，在接下来 的几个季度中，他们将使用 AMD 的工作负载数量将会增加。 [Joe Moore] - 摩根士丹利 - 分析师 Great. And then for my follow-up, I mean, you mentioned interest in MI300 around generative AI. Can you talk to -- is that right now kind of a revenue pipeline with major hyperscalers? Or is that sort of more indication of interest level? Just trying to figure out where you are in terms of establishing yourself in that market? 太棒了。然後对於我的後续行动，我的意思是，你提到了围绕生成 AI 对 MI300 的兴趣 。你能谈谈 - 现在是主要超大规模的收入渠道吗？还是那种更多的兴趣水平指示？只是 想弄清楚你在那个市场中的位置？ [苏妈]——总裁兼首席执行官 Yeah. I would say, Joe, we've been at this for quite some time. So AI has been very much a strategic priority for AMD for quite some time. With MI250, we've actually made strong progress. 是的。我会说，乔，我们已经讨论了很长时间了。因此，人工智能在相当长一段时间内一 直是 AMD 的战略重点。有了 MI250，我们实际上已经取得了长足的进步。 We mentioned in the prepared remarks some of the work that was done on the LUMI supercomputer with generative AI models. We've continued to do quite a bit of library optimization with MI250 and software optimization to really ensure that we could increase the overall performance and capabilities. MI300 looks really good. I think from everything that we see, the workloads have also changed a bit in terms of -- whereas a year ago, much of the conversation was primarily focused on training. 我们在准备好的评论中提到了在 LUMI 超级计算机上使用生成 AI 模型完成的一些工作。 我们继续对 MI250 和软件优化进行了大量的库优化，以真正确保我们能够提高整体性能 和功能。 MI300 看起来真的不错。我认为从我们所看到的一切来看，工作量也发生了一 些变化——而一年前，大部分谈话主要集中在培训上。 Today, that has migrated to sort of large language model inferencing, which is particularly good for GPUs. So I think from an MI300 standpoint, we do believe that we will start ramping revenue in the fourth quarter with cloud AI customers and then it will be more meaningful in 2024. 今天，它已经迁移到某种大型语言模型推理，这对 GPU 尤其有用。所以我认为从 MI300 的角度来看，我们确实相信我们将在第四季度开始增加云 AI 客户的收入，然後在 2024 年会更有意义。 [Harlan Sur]--摩根大通公司--分析师 Hi. Good afternoon. Thanks for taking my question. Good to see the strong dynamics in Embedded, very diverse end markets. 你好。下午好。感谢您提出我的问题。很高兴看到嵌入式、非常多样化的终端市场的强大 动力。 And given their strong market share position here, the Valens team is in a really good position to catalyze EPYC attach or Ryzen attached to their FPGA and adaptive compute solutions, right? I think embedded x86 is like a $6 billion to $8 billion per year market opportunity. So, Lisa, given you're a year with Xilinx in the portfolio, can you just give us an update on the synergy unlock and driving higher AMD compute attached to Xilinx sockets? 监於他们在这里的强大市场份额地位，Valens 团队在催化 EPYC 附加或 Ryzen 附加到他 们的 FPGA 和自适应计算解决方案方面处於非常有利的位置，对吧？我认为嵌入式 x86 就像每年 60 亿到 80 亿美元的市场机会。那麽，丽莎，考虑到你在 Xilinx 的投资组合 中工作了一年，你能否向我们介绍一下协同解锁和驱动更高的 AMD 计算附加到 Xilinx 插槽的最新情况？ [苏妈]——总裁兼首席执行官 Yeah. Thanks, Harlan. It's a great question. The Xilinx portfolio has done extremely well with us. 是的。谢谢，哈伦。这是一个很好的问题。 Xilinx 产品组合与我们合作得非常好。 Very strong, I would say, we continue to get more content attached to the FPGAs and the adaptive SoCs. We have seen the beginnings of good traction with the cross-selling and that is opportunity to take both Ryzen and EPYC CPUs into the broader embedded market. I think the customers are very open to that. I think we have a sales force and a go-to-market capability across this customer set that is very helpful for that. 非常强大，我想说，我们将继续获得更多附加到 FPGA 和自适应 SoC 的内容。我们已经 看到交叉销售开始产生良好的牵引力，这是将 Ryzen 和 EPYC CPU 带入更广泛的嵌入式 市场的机会。我认为客户对此非常开放。我认为我们在这个客户群中拥有一支销售队伍和 进入市场的能力，这对此非常有帮助。 So I do believe that this is a long-term opportunity for us to continue to grow our embedded business. And we've already seen some design wins as a result of the the combination of the Xilinx portfolio and the AMD portfolio, and I think we'll see a lot more of that going forward. 所以我相信这是我们继续发展嵌入式业务的长期机会。由於 Xilinx 产品组合和 AMD 产 品组合的结合，我们已经看到了一些设计胜利，我认为我们会在未来看到更多这样的成果 。 [Harlan Sur]--摩根大通公司--分析师 Great. And in terms of other opportunities, there appears to be this trend toward more of your cloud and hyperscale customers opting to do their own silicon solutions around accelerated compute or AI offload ends, right? And if I look at it right, there are less than a handful of the world semiconductor companies that have the compute, graphics, connectivity IP portfolio that you guys have as well as the capabilities to design these very complex offload SoCs, right? Does the team have a strategy to try and go after some of the semi-custom or full-blown ASIC-based hyperscale programs? 伟大的。就其他机会而言，似乎有越来越多的云和超大规模客户选择围绕加速计算或 AI 卸载端做他们自己的矽解决方案的趋势，对吗？如果我没看错的话，世界上只有少数几家 半导体公司拥有你们拥有的计算、图形、连接 IP 组合以及设计这些非常复杂的卸载 SoC 的能力，对吧？团队是否有策略来尝试追求一些半定制或成熟的基於 ASIC 的超大 规模项目？ [苏妈]——总裁兼首席执行官 We do, Harlan, and I would put it more broadly. And the more -- the broader point is, I think we have a very complete IP portfolio across CPUs, GPUs, FPGAs, adaptive SoCs, DPUs, and a very capable semi-custom team. And so beyond hyperscalers, I think when we look at sort of higher volume opportunities, we think there are higher volume opportunities beyond game consoles that there are custom opportunities available. So I think that combination of IP is very helpful. 我们有，哈伦，我会把它说得更广泛。而且更广泛的一点是，我认为我们拥有非常完整的 IP 组合，涵盖 CPU、GPU、FPGA、自适应 SoC、DPU 和一个非常有能力的半定制团队。 因此，除了超大规模，我认为当我们看到更高容量的机会时，我们认为除了游戏机之外还 有更高容量的机会，即有可用的定制机会。所以我认为 IP 的组合非常有帮助。 I think it's a long-term opportunity for us, and it's one of the areas where we think we can add value to our largest customers. 我认为这对我们来说是一个长期机会，也是我们认为可以为我们最大的客户增加价值的领 域之一。 [Ross Seymore]- 德意志银行 - 分析师 Hi. Thanks. Lisa, I just want to talk about the pricing environment in a general sense. You guys have done a great job of increasing the benefits to your customers and being able to raise prices, pass along cost increases, those sorts of things. 你好。谢谢。丽莎，我只想谈谈一般意义上的定价环境。你们在增加客户利益以及提高价 格、转嫁成本增加等方面做得很好。 But the competitive intensity and the weakness in the market, at least currently seems to -- that it could work against that. So in the near term and then perhaps exiting this year into the next couple of years, can you just talk about where you think pricing is going to go across both your Data Center market, most importantly, but then also in your Client market? 但至少目前看来，竞争激烈和市场疲软可能会对此产生不利影响。因此，在短期内，然後 可能从今年退出到未来几年，您能否谈谈您认为定价将在您的数据中心市场（最重要的是 ）以及您的客户市场中发生的地方？ [苏妈]——总裁兼首席执行官 Yeah. I think, Ross, what I would say is a couple of things. I think in the Data Center market, the pricing is relatively stable. And what that comes from is -- our goal is to add more capability, right? So it's a TCO equation where as we're going from Milan to Genoa, we are adding more cores, more performance. 是的。我想，罗斯，我要说的是几件事。我认为在数据中心市场，定价相对稳定。那是什 麽——我们的目标是增加更多的能力，对吧？所以这是一个 TCO 等式，当我们从米兰到 热那亚时，我们正在添加更多的核心，更多的性能。 And the performance per dollar that we offer to our customers is one where it's advantageous for them to adopt our technologies and our solutions. So I expect that. I think in the Client business, given some of the inventory conditions in there, I think there's -- it's a more competitive environment. We're all -- from my standpoint, we're focused on normalizing the inventory levels. 我们为客户提供的每一美元的性能是他们采用我们的技术和解决方案的优势。所以我希望 如此。我认为在客户业务中，考虑到那里的一些库存情况，我认为这是一个更具竞争力的 环境。我们都是——从我的角度来看，我们专注於使库存水平正常化。 And with that normalization, the most important thing is to ensure that we get the shipments more in line with consumption because I think that's a healthier business environment overall. And then, again, it's back to product values, right? So we have to ensure that our products continue to offer superior performance per dollar, performance per watt capabilities in the market. 随着这种正常化，最重要的是确保我们的出货量更符合消费，因为我认为这总体上是一个 更健康的商业环境。然後，再次回到产品价值，对吗？因此，我们必须确保我们的产品继 续在市场上提供卓越的每美元性能、每瓦性能。 [Ross Seymore]- 德意志银行 - 分析师 And pivoting for my follow-up on the AI side and MI300. I just wanted to know what you would describe as your competitive advantages? Everybody knows that's a market that's exploding right now. There's tons of demand. You guys have all the IP to be able to attack it. 并为我在 AI 方面和 MI300 的後续行动提供支持。我只是想知道您认为您的竞争优势是 什麽？每个人都知道这是一个正在爆炸式增长的市场。有很多需求。你们拥有能够攻击它 的所有 IP。 But there's a very large incumbent in that space as well. So when you think about what AMD can bring to the market, whether it's hardware, software, heterogeneity of the products you can bring, etc., what do you think is the core competitive advantage that can allow you to penetrate that market successfully? 但在那个领域也有一个非常大的现任者。所以当你思考 AMD 能给市场带来什麽，无论是 硬件、软件，还是你能带来的产品的异构性等等，你认为能够让你成功打入那个市场的核 心竞争优势是什麽？ [苏妈]——总裁兼首席执行官 Yeah. There's a couple of aspects, Ross. And -- yes, since we haven't yet announced MI300, all of the specifications will -- some of those will come over the coming quarters. MI300 is the first solution that has both the CPU and GPU together, and that has been very positive for the supercomputing market. 是的。有几个方面，罗斯。而且——是的，因为我们还没有宣布 MI300，所有的规格都会 ——其中一些将在未来几个季度出现。 MI300 是第一个同时拥有 CPU 和 GPU 的解决方 案，这对超级计算市场非常有利。 I think as it relates to generative AI, and we think we have a very strong value proposition from both a hardware and again, it's a performance per dollar conversation, I think there's a lot of demand in the market. And there's also -- I think given our deep customer relationships on the EPYC side, there's actually a lot of synergy between the customer set between the EPYC CPUs and the sort of 300 GPU customers. So I think when we look at all these together, our view is that demand is strong for AI. And I think our position is also very strong given there are very, very few products that can really satisfy these large language model sort of needs. 我认为它与生成人工智能有关，我们认为我们在硬件和再次方面都有非常强大的价值主张 ，这是每美元谈话的表现，我认为市场上有很多需求。还有——我认为监於我们在 EPYC 方面的深厚客户关系，EPYC CPU 和 300 名 GPU 客户之间的客户群之间实际上存在很多 协同作用。所以我认为当我们把所有这些放在一起看时，我们的观点是对人工智能的需求 很强劲。而且我认为我们的地位也非常强大，因为很少有产品能够真正满足这些大型语言 模型的需求。 And I think we feel confident that we can do that. 我认为我们有信心能够做到这一点。 [Tim Arcuri] - 瑞银 - 分析师 Thanks a lot. Lisa, there was a lot more talk on this call about AI. And obviously, PyTorch 2.0 now supporting ROCm is a great step forward. But how much would you say software is going to dictate how successful you can be for these workloads? You had mentioned that you're forming this new group, this new AI group. 多谢。丽莎，这次电话会议上有很多关於 AI 的讨论。显然，现在支持 ROCm 的 PyTorch 2.0 向前迈出了一大步。但是您认为软件在多大程度上决定了您在这些工作负 载上的成功程度？你提到过你正在组建这个新团队，这个新的 AI 团队。 Do you have the internal software capabilities to be successful in AI? 您是否具备在 AI 领域取得成功的内部软件能力？ [苏妈]——总裁兼首席执行官 Tim, I think the answer is yes. I think we have made significant progress even over the last year in terms of our software capabilities. And the way you should think about our AI portfolio is it's really a broad AI portfolio across client sort of edge as well as cloud. And with that, I think the Xilinx team brings a lot of background and capability, especially in inference. 蒂姆，我认为答案是肯定的。我认为我们在软件功能方面甚至在去年取得了重大进展。你 应该考虑我们的 AI 产品组合的方式是，它实际上是一个广泛的 AI 产品组合，涵盖客户 端边缘和云。因此，我认为 Xilinx 团队带来了很多背景和能力，尤其是在推理方面。 We've added significant talent in our AI software as well. And the beauty of particularly the cloud opportunity is it's not that many customers, and it's not that many workloads. So when you have sort of very clear customer targets, we're working very, very closely with our customers on optimizing for a handful of workloads that generate significant volume. That gives us a very clear target for what winning is in the market. 我们还在 AI 软件中增加了重要人才。尤其是云机会的美妙之处在於它没有那麽多客户， 也没有那麽多工作负载。因此，当您有非常明确的客户目标时，我们会与我们的客户非常 非常密切地合作，以优化少数产生大量数据的工作负载。这给了我们一个非常明确的目标 ，即在市场上获胜是什麽。 So we feel good about our opportunities in AI. And I'd like to say that it's a multiyear journey. So this is the beginning what we think is a very significant market opportunity for us over the next three to five years. 因此，我们对我们在 AI 领域的机会感到满意。我想说这是一个多年的旅程。因此，这是 我们认为在未来三到五年内对我们来说非常重要的市场机会的开始。 [Tim Arcuri] - 瑞银 - 分析师 And I guess as my follow-up. So can I -- can you just give us a sense of sort of the overall profile that you see for revenue into the back half? I know you said that Data Center and Embedded will be up this year. It sounds like Data Center probably up double digits. But I also wanted to confirm that you think that total revenues also will be up this year, year over year. 我想作为我的後续行动。我也可以 - 你能不能让我们了解一下你看到的後半部分收入的 整体概况？我知道你说数据中心和嵌入式今年会起来。听起来数据中心可能增长了两位数 。但我也想确认你认为今年的总收入也将同比增长。 [苏妈]——总裁兼首席执行官 Right, Tim. So I think as we said, we're not guiding the full year just given all the puts and takes. So we see Q2 is flattish second-half return to growth. We'll have to see exactly how the macro plays out across PCs and enterprise. 对，蒂姆。因此，我认为正如我们所说，我们并没有根据所有的投入和投入来指导全年。 所以我们看到第二季度下半年恢复增长持平。我们必须确切地了解宏指令如何在 PC 和企 业中发挥作用。 But yes, we feel good about growth in Embedded, growth in Data Center -- on the data center side, double-digit growth sort of half year over year. And then we'll see how the rest of the segments play out. 但是，是的，我们对嵌入式的增长、数据中心的增长感到满意——在数据中心方面，半年 以两位数的速度增长。然後我们将看到其余部分的结果如何。 [Ambrish Srivastava] -- BMO 资本市场 -- 分析师 I think -- excuse me. Thank you very much, Lisa. Actually, I wanted to come back to the first quarter for Data Center. That's a pretty big gap between -- on a Q-over-Q basis on your business versus Intel. 我想——对不起。非常感谢你，丽莎。实际上，我想回到数据中心的第一季度。在您的业 务与英特尔的 Q-over-Q 基础上，这是一个相当大的差距。 And I think almost two times. This is the first time you would have lost share on a Q-over-Q basis in a long time. So could you please address that? And I acknowledge that quarters can be pretty volatile, but it seems to be a pretty large gap. And then for my follow-up, just remind us again, please, for the full-year growth for Data Center, kind of what's embedded in the assumptions for cloud as well as enterprise? 我想差不多两倍。这是很长一段时间以来你第一次在 Q-over-Q 的基础上失去份额。那麽 你能解决这个问题吗？而且我承认季度可能会非常不稳定，但这似乎是一个相当大的差距 。然後对於我的後续行动，请再次提醒我们，对於数据中心的全年增长，云和企业的假设 中嵌入了什麽？ [苏妈]——总裁兼首席执行官 Yeah. Let me make sure I get your question, Ambrish. So you're asking about Q1 Data Center and whether we think we've lost share on a sequential basis? 是的。让我确保我得到你的问题，Ambrish。所以你问的是第一季度数据中心，我们是否 认为我们已经连续失去了份额？ [Ambrish Srivastava] -- BMO 资本市场 -- 分析师 Right. If I look at just your report versus what Intel reported on a Q-over-Q basis, it clearly on a year-over-year basis, you have gained share. But I'm just comparing down $14 million versus what you reported, and so that would imply that you had a share loss versus them unless the Data Center GPU and the Xilinx business was down significantly also on a Q-over-Q basis. 正确的。如果我只看你的报告与英特尔在 Q-over-Q 基础上报告的内容，很明显，在同比 基础上，你已经获得了份额。但我只是将 1400 万美元与你所报告的进行比较，因此这意 味着你与他们相比有份额损失，除非数据中心 GPU 和 Xilinx 业务也在 Q-over-Q 基础 上显着下降。 [Jean Hu] -- 执行副总裁、首席财务官兼财务主管 Yeah. Ambrish, maybe I'll give you a little bit of color is definitely in Q1, the other networking business, including GPU, have been down that definitely is the case. But from a share perspective, when we look at overall Q1 reported revenue from both sides and analyze the data, we don't believe we lost the share. 是的。 Ambrish，也许我会给你一点颜色肯定是在第一季度，其他网络业务，包括 GPU， 已经下降了，肯定是这样。但从份额的角度来看，当我们查看双方第一季度报告的整体收 入并分析数据时，我们认为我们并没有失去份额。 [苏妈]——总裁兼首席执行官 Yeah. That's right, Ambrish. So I think you just have to go through each of the pieces. But I think from an EPYC or a server standpoint, we don't believe we lost share. 是的。没错，安布里什。所以我认为你只需要仔细检查每一部分。但我认为，从 EPYC（ 霄龙）或服务器的角度来看，我们不认为我们失去了份额。 If anything, we might have gained a little bit. But I think overall, I wouldn't look at it so closely on a quarter-by-quarter basis because there are puts and takes. From what we see overall, we believe that we have a good overall share progression as we go through the year. 如果有的话，我们可能会有所收获。但我认为总的来说，我不会逐个季度如此仔细地看待 它，因为互有消长。从我们所看到的总体情况来看，我们相信我们在这一年中的整体份 额增长良好。 [Ambrish Srivastava] -- BMO 资本市场 -- 分析师 And then the underlying assumptions for full year for Data Center? 然後是数据中心全年的基本假设？ [苏妈]——总裁兼首席执行官 Underlying assumptions for the full year. I think the key pieces that I talked about are Q2, let's call it, modest growth. We still expect some cloud optimization to be happening. As we go into the second half of the year, we'll see a stronger ramp of Genoa and the beginnings of the ramp of Bergamo, we think enterprise is still more dependent on macro, but we do believe that, that improves as we go into the second half of the year. 全年的基本假设。我认为我谈到的关键部分是第二季度，我们称之为适度增长。我们仍然 希望进行一些云优化。进入下半年，我们将看到热那亚的强劲增长和贝加莫的增长开始， 我们认为企业仍然更加依赖宏观经济，但我们确实相信，随着我们的发展，情况会有所改 善进入下半年。 And then we'll have the beginnings of our MI300 ramped in the fourth quarter for both supercomputing and some early AI workloads. 然後我们将在第四季度开始为超级计算和一些早期的人工智能工作负载增加我们的 MI300 。 [Stacy Rasgon] - AllianceBernstein - 分析师 Hi, guys. Thanks for taking my questions. For my first one, Lisa, can you just like clarify this explicitly for me. So you said double-digit Data Center. 嗨，大家好。感谢您回答我的问题。对於我的第一个，丽莎，你能不能明确地为我澄清一 下。所以你说的是两位数的数据中心。 Was that a full-year statement? Or was that a second-half year-over-year statement? Or was that a half-over-half statement for Data Center? 那是一份全年报表吗？还是下半年的同比声明？或者这是数据中心的一半对一半的声明？ [苏妈]——总裁兼首席执行官 Yeah. Let me be clear. That was a year-over-year statement. So double-digit Data Center growth for the full year of 2023 versus 2022. 是的。让我说清楚。这是一份同比声明。因此，与 2022 年相比，2023 年全年的数据中 心增长率为两位数。 [Stacy Rasgon] - AllianceBernstein - 分析师 Got it. Which just given what you did in Q1 and sort of are implying for Q2 needs something like 50% year-over-year growth in the second half to get there. So you're endorsing those -- you're endorsing that now? 知道了。考虑到您在第一季度所做的事情，这在某种程度上暗示第二季度需要在下半年实 现 50% 的同比增长才能实现目标。所以你支持那些 - 你现在支持那个？ [苏妈]——总裁兼首席执行官 I am -- [Jean Hu] -- 执行副总裁、首席财务官兼财务主管 Yes. Your math is right. 是的。你的数学是正确的。 [Stacy Rasgon] - AllianceBernstein - 分析师 OK. For my second question, Jean, you made a comment on gross margins where you said the increase of gross margins in the second half was dependent on gross margin in client getting better. I just want to make sure, did I hear that right? And why should I expect Client margins would get better, especially given what Intel has been doing in that space to protect everything? Like why is that something that's going to happen? 好的。关於我的第二个问题，让，你对毛利率发表了评论，你说下半年毛利率的增长取决 於客户毛利率的提高。我只是想确定一下，我没听错吗？为什麽我应该期望客户利润率会 变得更好，特别是考虑到英特尔在该领域一直在做的事情来保护一切？比如为什麽会发生 这样的事情？ [Jean Hu] -- 执行副总裁、首席财务官兼财务主管 Yeah, Stacy. That's a good question. The way to think about it is if you look at our Q1 gross margins and the Q2 guide around 50%. And as you know, both our Data Center and Embedded have a very strong gross margin performance. 是的，斯泰西。这是个好问题。考虑它的方法是，如果你看看我们第一季度的毛利率和第 二季度的指南，大约是 50%。如您所知，我们的数据中心和嵌入式产品都具有非常强劲的 毛利率表现。 And so what the headwinds that impact our gross margin is really PC client on the side, which, as we talked about, is we are shipping significantly under the consumption and also to digest inventory in the downstream supply chain. As you know, typically, that's the time you get a significant pressure on the ASP side and on the funding side, that's why our gross margin in the Client segment has been challenged. In second half, we know it's going to be normalized. That's very important fact is when you normalize the demand and the supply, and we continue to plan a very competitive environment, so don't get us wrong on that front. 因此，影响我们毛利率的不利因素实际上是 PC 客户端，正如我们所谈到的，我们正在显 着降低消费量并消化下游供应链中的库存。如您所知，通常情况下，这是您在 ASP 方面 和资金方面承受巨大压力的时候，这就是我们在客户领域的毛利率受到挑战的原因。下半 场，我们知道它将正常化。这是一个非常重要的事实，当您使需求和供应正常化时，我们 将继续规划一个非常有竞争力的环境，所以不要在这方面误解我们的意思。 But it will be better because you are not digesting the inventory, the channel funding, everything, those kind of price reduction will be much less. So we do think the second half will side, the gross margin will be better than first half. 但它会更好，因为你没有消化库存，渠道资金，所有的东西，那种降价会少得多。所以我 们确实认为下半年会偏高，毛利率会好於上半年。 [Stacy Rasgon] - AllianceBernstein - 分析师 Got it. And I apologize, I misspoke as well. 50% half of were half in Data Center, not year over year. So we're all doing it. 知道了。我道歉，我也说错了。 50% 的一半在数据中心，而不是同比。所以我们都在这 样做。 [Blayne Curtis] - 巴克莱 - 分析师 Hey. Thanks for taking my question too. I had two. Maybe just to start with following on Stacy's prior question. 嘿。也谢谢你提出我的问题。我有两个。也许只是从关注 Stacy 之前的问题开始。 Could you just comment on what client ASPs did in the March quarter? I mean I assume they're down a decent amount. Your competitor was down, but any color you could provide on what the environment was in March? 您能否评论一下客户 ASP 在 3 月季度的表现？我的意思是我假设他们下降了很多。您的 竞争对手表现不佳，但您能提供关於 3 月份环境的任何颜色吗？ [苏妈]——总裁兼首席执行官 Yeah. Sure, Blayne. So the ASPs were down quite a bit on a year-over-year basis, if you're talking about the overall Client business. And what that is, is that's also the Client ASPs were higher in the first half of '22, if you just think about what the supply environment was or the demand environment was in that. 是的。当然，布莱恩。因此，如果您谈论的是整体客户业务，那麽 ASP 同比下降了很多 。那就是，如果您只考虑供应环境或需求环境，那麽 22 年上半年的客户 ASP 也更高。 And given that we're under shipping in the first quarter, the ASPs are lower. 监於我们在第一季度出货量不足，平均售价较低。 [Blayne Curtis] - 巴克莱 - 分析师 Got it. And then I just wanted to ask you on the Data Center business, the operating profit is down a ton sequentially. And you talked about enterprise being down, I think that's part of it. But it's a big drop, and it looks like gross margin probably is down a bunch too. 知道了。然後我只想问你关於数据中心业务的问题，营业利润连续下降了很多。你谈到企 业倒闭，我认为这是其中的一部分。但这是一个很大的下降，看起来毛利率可能也下降了 很多。 Can you just comment on why that drop in profitability in Data Center? 您能否评论一下为什麽数据中心的盈利能力下降？ [Jean Hu] -- 执行副总裁、首席财务官兼财务主管 Yeah, Blayne. That's a good question. I think when you look at the year over year, you're absolutely right. Revenue is largely flattish, but operating margin dropped significantly. 是的，布莱恩。这是个好问题。我认为当你逐年回顾时，你是绝对正确的。收入基本持平 ，但营业利润率大幅下降。 There are two major drivers. The first is we have increased the investment significantly, especially in networking and AI. As you may recall, we closed the Pensando last May or June. So this is the full quarter for Pensando expenses versus last year. 有两个主要驱动因素。首先是我们大幅增加了投资，尤其是在网络和人工智能方面。您可 能还记得，我们在去年五月或六月关闭了 Pensando。所以这是 Pensando 支出与去年相比 的完整季度。 Plus we also increased GPU investment under AI investment. That's all under the Data Center bucket. Secondly, I mentioned about product mix. Lisa said year-over-year cloud sales grew double digits significantly and enterprise actually declined. 此外，我们还在 AI 投资下增加了 GPU 投资。这一切都在数据中心桶下。其次，我提到 了产品组合。 Lisa 表示，云销售额同比大幅增长两位数，而企业实际上有所下降。 So in Q1, our revenue in data center is heavily indexed to the cloud market. versus last year in Q1. Typically, cloud gross margin is lower than enterprise. We do expect, even in Q2, it will be balanced -- more balanced and going forward, we do think the enterprise side will come back. 因此，在第一季度，我们在数据中心的收入与云市场密切相关。与去年第一季度相比。通 常，云计算的毛利率低於企业。我们确实预计，即使在第二季度，它也会保持平衡——更 加平衡并向前发展，我们确实认为企业方面会回来。 [Blayne Curtis] - 巴克莱 - 分析师 But I guess the big decline was sequential. So I'm assuming cloud was down sequentially? 但我猜测大幅下降是按顺序进行的。 所以我假设云服务是按顺序下降的？ [Jean Hu] -- 执行副总裁、首席财务官兼财务主管 Yeah. Sequential, it's revenue. If you look at the revenue, it was down very significantly, right? And the mix also is a little bit more indexed to cloud sequentially too. 是的。依次是收入。如果你看一下收入，它下降得非常明显，对吧？而且这种组合也更能 按顺序与云建立索引。 [苏妈]——总裁兼首席执行官 Yeah. It's the same factors. 是的。都是一样的因素。 [Jean Hu] -- 执行副总裁、首席财务官兼财务主管 Yes. [苏妈]——总裁兼首席执行官 So both the mix to cloud as well as the R&D expense has increased just given the large opportunities that we have across the data center and especially AI. 因此，考虑到我们在数据中心（尤其是人工智能）中拥有的巨大机会，云的混合以及研发 费用都增加了。 [Harsh Kumar] - 派珀桑德勒 - 分析师 Yeah. Hey, guys. Thank you for squeezing me in. Lisa, I had a question. 是的。大家好。谢谢你把我挤进来。丽莎，我有一个问题。 I wanted to ask you about your views on the inferencing market for generative AI 3+. Specifically, I wanted to ask because I think there's some cross currents going on. We're hearing that CPUs are the best way to do inferencing, but then we're hearing the timeliness of CPUs is not there as a function to be able to enable these kind of instances. So I was curious what you guys think. 我想问一下您对生成式 AI 3+ 推理市场的看法。具体来说，我想问是因为我认为存在一 些交叉问题。我们听说 CPU 是进行推理的最佳方式，但随後我们又听说 CPU 的及时性不 具备启用此类实例的功能。所以我很好奇你们是怎麽想的。 And then I had a follow-up. 然後我进行了跟进。 [苏妈]——总裁兼首席执行官 Well, I think, Harsh, if you were saying -- I mean, I think today, inference is used a lot. CPUs are used a lot for inference. Now where the demand is highest right now is for generative AI and large language model inferencing, you need GPUs to have the horsepower to train sort of the most sophisticated model. So I think those are the two, as you say, crosscurrents. 好吧，我认为，Harsh，如果你说——我的意思是，我认为今天，推理被广泛使用。 CPU 大量用於推理。现在需求最高的是生成式 AI 和大型语言模型推理，您需要 GPU 具有足 够的能力来训练某种最复杂的模型。所以我认为这就是你所说的两个交叉流。 I think inference becomes a much more important workload just given the adoption rate of AI across the board. And I think we'll see that for smaller tasks on CPUs, but for the larger tasks on GPUs. 我认为，考虑到 AI 的全面采用率，推理将成为一个更加重要的工作负载。而且我认为我 们会在 CPU 上看到较小的任务，但对於 GPU 上的较大任务。 [Harsh Kumar] - 派珀桑德勒 - 分析师 OK. So it still defers back to GPUs for those. And then a similar question on the MI300 series. I know that you talked a lot about success in the HPC side. 好的。所以它仍然推迟到那些 GPU。然後是关於 MI300 系列的类似问题。我知道您谈到 了很多关於 HPC 方面的成功。 But specifically, I was curious if you could talk about any wins or any kind of successes or success stories you might have on the generative Ai side with MI300 or 250 series? 但具体来说，我很好奇您是否可以谈谈您在 MI300 或 250 系列的生成人工智能方面可能 取得的任何胜利或任何类型的成功或成功故事？ [苏妈]——总裁兼首席执行官 Yeah. So as we said earlier, we've done some really good work on MI250 with AI and large language models. The example that is public is what we've done with and the training of some of the finish models. We're doing quite a bit of work with large customers on MI300. 是的。所以正如我们之前所说，我们在 MI250 上用人工智能和大型语言模型做了一些非 常好的工作。公开的示例是我们所做的以及一些完成模型的培训。我们正在为 MI300 的 大客户做大量工作。 And what we're seeing is very positive results. So we think MI300 is very competitive for generative AI. we'll be talking more about sort of that customer and revenue evolution as we go over the next couple of quarters. 我们看到的是非常积极的结果。所以我们认为 MI300 对於生成 AI 非常有竞争力。 在接下来的几个季度中，我们将更多地讨论这种客户和收入的演变。 [Ruth Cotter]——全球营销、人力资源和投资者关系高级副总裁 Thank you. Operator, that concludes today's call. Thank you to everyone for joining us. 谢谢。接线员，今天的电话会议到此结束。感谢大家加入我们。 4. 进退场机制：(非长期投资者，必须有停损机制。讨论、心得类免填) --

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