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1. 標的：AMD.US       (例 2330.TW 台積電)

2. 分類：討論

3. 分析/正文：



我這份是整理來自己看得,想想順便分享出來.


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?

在我們開始今天的電話會議之前，我們想指出，
Jean Hu 將於 5 月 23 日星期二參加 JPM 年度技術、媒體和通信會議；
伺服器業務部高級副總裁兼總經理 Dan McNamara 將於 6 月 6 日星期二出席美國銀行
全球技術大會。

我們的 2023 年第二季度靜默期預計將於 6 月 16 日星期五營業結束時開始。
今天的討論包含基於當前信念、假設和預期的前瞻性陳述，僅針對今天的情況發表，
因此涉及可能導致實際結果與我們當前預期存在重大差異的風險和不確定性。請參閱我們
新聞稿中的警告聲明，了解有關可能導致實際結果出現重大差異的因素的更多信息。
現在，我將把電話交給麗莎。麗莎？

[蘇媽]——總裁兼首席執行官

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.



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.

查看第一季度的業務結果。數據中心部門收入 13 億美元，同比持平，雲銷售額增加，被
企業銷售額下降所抵消。在雲端，本季度的表現基本符合我們的預期。 EPYC（霄龍）
CPU 銷售額同比實現強勁的兩位數百分比增長，但由於一些 MDC 客戶的庫存水平升高導
致本季度銷量 TAM 下降，因此環比下降。

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.



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.


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.




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.

我們推出了首款基於 ASIC 的 Alveo 數據中心媒體加速器，擴展了我們的數據中心產品
組合，該加速器支持的同步視頻流數量是上一代產品的四倍。在超級計算方面，MAX
Plug Society 宣布計劃在歐盟建造第一台超級計算機，由第四代 EPYC CPU 和

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，研究人員宣布他們使用由第三代 EPYC CPU 和本能 MI250 加速器驅動的 LUMI
超級計算機來訓練迄今為止最大的成品語言模型。客戶對我們用於 AI 訓練和大型語言模
型推理的下一代 instinct MI300 GPU 的興趣顯著增加。我們在本季度取得了關鍵的


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.



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.

我們在本季度顯著擴展了領先的PC和NB處理器產品組合。
在PC方面，我們推出了業界最快的遊戲處理器，配備 Ryzen 7000 X3D 系列 CPU，結合
了我們的 Zen 4 內核和業界領先的 3D 小晶片封裝技術。

在移動領域，第一批採用我們的 Dragon 系列 CPU 的筆記本電腦引發了強烈的需求，
多個第三方評論強調了我們的 16 核銳龍 9 7945HS CPU 現在是可用的最快的移動處理器
。

我們還在第一季度提高了基於 Zen 4 的 Phoenix Ryzen 7040 系列 CPU 的產量，用於
超薄和遊戲筆記本電腦，以支持今年從宏碁、華碩、戴爾、惠普和聯想。

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.

展望這一年，我們繼續預計 PC TAM 到 2023 年將下降約 10% 至約 2.6 億台。
基於我們產品組合的實力，我們預計我們的客戶 CPU 銷售額將在第二季度和季節性強勁的下半年
增長。現在轉向我們的遊戲部門。由於較高的半定制收入被較低的遊戲圖形銷售額所抵消
，收入同比下降 6% 至 18 億美元。

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 收入同比增長，因為在假期週期之後對高端遊戲機的需求依然強勁。
在遊戲圖形方面，我們的 Radeon 6000 和 Radeon 7000 系列 GPU 的銷量環比增長。
第一季度，我們的高端 Radeon 7900 XTX GPU 銷量強勁，我們有望在本季度推出新的主流
 Radeon 7000 系列 GPU，從而擴展我們的 RDNA 3 GPU 產品組合。看看我們的嵌入式部
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.



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.




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.



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.



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.


 MI300 GPU、配備 Ryzen AI 的 Ryzen 7040 系列 CPU、Zynq UltraScale+ MPSoC、LVO
V70 數據中心引領推理加速器和 Versal AI 自適應數據中心和邊緣 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?



[Jean Hu] -- 執行副總裁、首席財務官兼財務主管

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.



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.



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.


 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.



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.

遊戲部門收入為 18 億美元，同比下降 6%。半客戶收入同比增長兩位數，這被較低的遊
戲圖形收入所抵消。遊戲部門營業收入為 3.14 億美元，佔收入的 18%，而一年前為
 3.58 億美元，佔收入的 19%。減少主要是由於遊戲圖形收入減少。

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.

嵌入式部門收入為 16 億美元，同比增長 9.67 億美元，這主要是由於 Xilinx 整個季度
的收入以及多個終端市場的強勁表現。嵌入式部門營業收入為 7.98 億美元，佔收入的


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.



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.



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%.



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.



[Ruth Cotter]——全球營銷、人力資源和投資者關係高級副總裁

Thank you, Jean. And Kevin, we're happy to pull the audience for questions.

謝謝你，Jean。凱文，我們很高興邀請聽眾提問。


Questions & Answers: 問題和答案：

[Vivek Arya]--美國銀行美林--分析師

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?



[蘇媽]——總裁兼首席執行官

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.

正確的。 Vivek，謝謝你提出這個問題。也許讓我為您介紹一下數據中心目前正在發生的
事情。首先，我們說過它是數據中心的混合環境。

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.



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.



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.



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.



[Vivek Arya]--美國銀行美林--分析師

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?




[蘇媽]——總裁兼首席執行官

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。當然，維維克。好吧，我的意思是，我們在過去四年中獲得了很好的份額。當您查
看我們的數據中心進展時，它實際上非常穩定。

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.

隨著我們進入今年下半年，我認為我們仍然相信我們擁有非常強大的競爭地位。因此，我
們確實認為這使我們能夠很好地獲得份額。在我們與客戶的對話中，我認為他們對 Zen
4 以及它可以為雲工作負載和企業工作負載帶來什麼充滿熱情。我認為實際上熱那亞在我
們代表性不足的企業中處於非常有利的位置。

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.

所以我們對路線圖感覺良好。我的意思是，很明顯，它具有競爭力，但我們對繼續獲得份
額的能力感到非常滿意。



[Toshiya Hari]——高盛——分析師

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。非常感謝你提出這個問題。麗莎，我想問一下嵌入式業務。

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.




[蘇媽]——總裁兼首席執行官

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。沒錯，東芝。謝謝你的問題。我的意思是，我認為嵌入式業務在過去四五個季度中
表現非常出色。

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.



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.

我們預計無線趨勢和消費者趨勢都會有所減弱。所以這些就是市場上的看跌期權和收益。
但我要說的是，該業務的表現遠遠超出了我們的預期。


[Toshiya Hari]——高盛——分析師

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?



[蘇媽]——總裁兼首席執行官

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.



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.



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.




[Aaron Rakers] - 富國銀行證券 - 分析師

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。感謝您提出問題。我也有兩個。我想第一個問題就像熱那亞和貝加莫的服務器
 CPU 週期節奏一樣。

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?



[蘇媽]——總裁兼首席執行官

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。當然，亞倫。所以是的，看，我認為熱那亞，我們總是說，當我們推出它時，與米
蘭相比，它的過渡時間會更長一些，因為它是一個新平台。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.



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 將全年共存，只是考慮到我們擁有的平台的廣度。


[Aaron Rakers] - 富國銀行證券 - 分析師

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?

出現的有關 DDR5 的任何具體問題？然後我很好奇我的第二個問題是否真的很快就是
 MI300，如果我們不僅僅關註今年的部署，你們如何看待數據中心 GPU 市場的成功，我
們會考慮超越只是？


[蘇媽]——總裁兼首席執行官

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。當然，亞倫。回到 DDR5 問題，我們還沒有看到任何關於 DDR5 的具體信息。我們
看到的只是正常的平台啟動。

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.



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.



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，這是雲中 AI 增長的重要組成部分。而且我認為我們對
我們在那裡的定位感覺很好。



[Matt Ramsey]  - Cowen and Company - 分析師

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。謝謝。大家下午好。麗莎，我的第一個問題，我認為企業和中國數據中心市場的趨
勢最近有點疲軟，而且這種趨勢似乎會持續到第二季。

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.



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.




[蘇媽]——總裁兼首席執行官

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.



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.



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.



[Matt Ramsey]  - Cowen and Company - 分析師

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?




[蘇媽]——總裁兼首席執行官

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.



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.



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.



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，出貨量和消費量應該會更加正常化，我們預計下半年會有一些季節性改善。

[Joe Moore] - 摩根士丹利 - 分析師

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.

謝謝。是的。我想在雲業務方面也有同樣的問題。你提到了某種消化支出和減少庫存的組
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?

你能告訴我們超大規模有多少庫存嗎？降了多少？您在該細分市場中的出貨需求有多少？


[蘇媽]——總裁兼首席執行官

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。我認為，喬，這有點難，因為每個客戶都是不同的。我們看到的是，不同的客戶在
他們的整個週期中處於不同的位置。但是讓我這樣說吧。

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.



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，每個客戶都處於不同的周期。但總的來說，我們相信，在接下來
的幾個季度中，他們將使用 AMD 的工作負載數量將會增加。


[Joe Moore] - 摩根士丹利 - 分析師

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?



[蘇媽]——總裁兼首席執行官

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。我會說，喬，我們已經討論了很長時間了。因此，人工智能在相當長一段時間內一
直是 AMD 的戰略重點。有了 MI250，我們實際上已經取得了長足的進步。

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.



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.




[Harlan Sur]--摩根大通公司--分析師

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。感謝您提出我的問題。很高興看到嵌入式、非常多樣化的終端市場的強大
動力。

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?
鑑於他們在這裡的強大市場份額地位，Valens 團隊在催化 EPYC 附加或 Ryzen 附加到他
們的 FPGA 和自適應計算解決方案方面處於非常有利的位置，對吧？我認為嵌入式 x86
就像每年 60 億到 80 億美元的市場機會。那麼，麗莎，考慮到你在 Xilinx 的投資組合
中工作了一年，你能否向我們介紹一下協同解鎖和驅動更高的 AMD 計算附加到 Xilinx
插槽的最新情況？


[蘇媽]——總裁兼首席執行官

Yeah. Thanks, Harlan. It's a great question. The Xilinx portfolio has done
extremely well with us.

是的。謝謝，哈倫。這是一個很好的問題。 Xilinx 產品組合與我們合作得非常好。

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.



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.




[Harlan Sur]--摩根大通公司--分析師

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?


 SoC 的能力，對吧？團隊是否有策略來嘗試追求一些半定製或成熟的基於 ASIC 的超大
規模項目？


[蘇媽]——總裁兼首席執行官

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.



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.
我認為這對我們來說是一個長期機會，也是我們認為可以為我們最大的客戶增加價值的領
域之一。


[Ross Seymore]- 德意志銀行 - 分析師

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。謝謝。麗莎，我只想談談一般意義上的定價環境。你們在增加客戶利益以及提高價
格、轉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?




[蘇媽]——總裁兼首席執行官

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.



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.



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.




[Ross Seymore]- 德意志銀行 - 分析師

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.



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?



[蘇媽]——總裁兼首席執行官

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.



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.



And I think we feel confident that we can do that.
我認為我們有信心能夠做到這一點。



[Tim Arcuri] - 瑞銀 - 分析師

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.
多謝。麗莎，這次電話會議上有很多關於 AI 的討論。顯然，現在支持 ROCm 的
 PyTorch 2.0 向前邁出了一大步。但是您認為軟件在多大程度上決定了您在這些工作負
載上的成功程度？你提到過你正在組建這個新團隊，這個新的 AI 團隊。

Do you have the internal software capabilities to be successful in AI?
您是否具備在 AI 領域取得成功的內部軟件能力？


[蘇媽]——總裁兼首席執行官

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.



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.



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，我們對我們在 AI 領域的機會感到滿意。我想說這是一個多年的旅程。因此，這是
我們認為在未來三到五年內對我們來說非常重要的市場機會的開始。


[Tim Arcuri] - 瑞銀 - 分析師

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.




[蘇媽]——總裁兼首席執行官

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.



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，我們對嵌入式的增長、數據中心的增長感到滿意——在數據中心方面，半年
以兩位數的速度增長。然後我們將看到其餘部分的結果如何。



[Ambrish Srivastava] -- BMO 資本市場 -- 分析師

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——對不起。非常感謝你，麗莎。實際上，我想回到數據中心的第一季度。在您的業
務與英特爾的 Q-over-Q 基礎上，這是一個相當大的差距。

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?




[蘇媽]——總裁兼首席執行官

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。讓我確保我得到你的問題，Ambrish。所以你問的是第一季度數據中心，我們是否
認為我們已經連續失去了份額？


[Ambrish Srivastava] -- BMO 資本市場 -- 分析師

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.




[Jean Hu] -- 執行副總裁、首席財務官兼財務主管

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.




[蘇媽]——總裁兼首席執行官

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。沒錯，安布里什。所以我認為你只需要仔細檢查每一部分。但我認為，從 EPYC（
霄龍）或服務器的角度來看，我們不認為我們失去了份額。

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.

如果有的話，我們可能會有所收穫。但我認為總的來說，我不會逐個季度如此仔細地看待
它，因為互有消長。從我們所看到的總體情況來看，我們相信我們在這一年中的整體份
額增長良好。


[Ambrish Srivastava] -- BMO 資本市場 -- 分析師

And then the underlying assumptions for full year for Data Center?

然後是數據中心全年的基本假設？


[蘇媽]——總裁兼首席執行官

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.



And then we'll have the beginnings of our MI300 ramped in the fourth quarter
for both supercomputing and some early AI workloads.

然後我們將在第四季度開始為超級計算和一些早期的人工智能工作負載增加我們的 MI300
。


[Stacy Rasgon] - AllianceBernstein - 分析師

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。感謝您回答我的問題。對於我的第一個，麗莎，你能不能明確地為我澄清一
下。所以你說的是兩位數的數據中心。

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?
那是一份全年報表嗎？還是下半年的同比聲明？或者這是數據中心的一半對一半的聲明？


[蘇媽]——總裁兼首席執行官

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。讓我說清楚。這是一份同比聲明。因此，與 2022 年相比，2023 年全年的數據中
心增長率為兩位數。


[Stacy Rasgon] - AllianceBernstein - 分析師

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。考慮到您在第一季度所做的事情，這在某種程度上暗示第二季度需要在下半年實
現 50% 的同比增長才能實現目標。所以你支持那些 - 你現在支持那個？


[蘇媽]——總裁兼首席執行官

I am --

[Jean Hu] -- 執行副總裁、首席財務官兼財務主管

Yes. Your math is right.

是的。你的數學是正確的。


[Stacy Rasgon] - AllianceBernstein - 分析師

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?




[Jean Hu] -- 執行副總裁、首席財務官兼財務主管

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.



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.



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.

但它會更好，因為你沒有消化庫存，渠道資金，所有的東西，那種降價會少得多。所以我
們確實認為下半年會偏高，毛利率會好於上半年。


[Stacy Rasgon] - AllianceBernstein - 分析師

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，我也說錯了。 50% 的一半在數據中心，而不是同比。所以我們都在這
樣做。


[Blayne Curtis] - 巴克萊 - 分析師

Hey. Thanks for taking my question too. I had two. Maybe just to start with
following on Stacy's prior question.
嘿。也謝謝你提出我的問題。我有兩個。也許只是從關注 Stacy 之前的問題開始。

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?

您能否評論一下客戶 ASP 在 3 月季度的表現？我的意思是我假設他們下降了很多。您的
競爭對手錶現不佳，但您能提供關於 3 月份環境的任何顏色嗎？


[蘇媽]——總裁兼首席執行官

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.


And given that we're under shipping in the first quarter, the ASPs are lower.

鑑於我們在第一季度出貨量不足，平均售價較低。


[Blayne Curtis] - 巴克萊 - 分析師

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.



Can you just comment on why that drop in profitability in Data Center?

您能否評論一下為什麼數據中心的盈利能力下降？


[Jean Hu] -- 執行副總裁、首席財務官兼財務主管

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，布萊恩。這是個好問題。我認為當你逐年回顧時，你是絕對正確的。收入基本持平
，但營業利潤率大幅下降。

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.





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，我們還在 AI 投資下增加了 GPU 投資。這一切都在數據中心桶下。其次，我提到
了產品組合。 Lisa 表示，雲銷售額同比大幅增長兩位數，而企業實際上有所下降。

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.




[Blayne Curtis] - 巴克萊 - 分析師

But I guess the big decline was sequential. So I'm assuming cloud was down
sequentially?

但我猜測大幅下降是按順序進行的。 所以我假設雲服務是按順序下降的？


[Jean Hu] -- 執行副總裁、首席財務官兼財務主管

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，它下降得非常明顯，對吧？而且這種組合也更能
按順序與雲建立索引。


[蘇媽]——總裁兼首席執行官

Yeah. It's the same factors. 是的。都是一樣的因素。

[Jean Hu] -- 執行副總裁、首席財務官兼財務主管

Yes.

[蘇媽]——總裁兼首席執行官

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，考慮到我們在數據中心（尤其是人工智能）中擁有的巨大機會，雲的混合以及研發
費用都增加了。


[Harsh Kumar] - 派珀桑德勒 - 分析師

Yeah. Hey, guys. Thank you for squeezing me in. Lisa, I had a question.

是的。大家好。謝謝你把我擠進來。麗莎，我有一個問題。

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.



And then I had a follow-up.

然後我進行了跟進。


[蘇媽]——總裁兼首席執行官

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.



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.

我認為，考慮到 AI 的全面採用率，推理將成為一個更加重要的工作負載。而且我認為我
們會在 CPU 上看到較小的任務，但對於 GPU 上的較大任務。


[Harsh Kumar] - 派珀桑德勒 - 分析師

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。所以它仍然推遲到那些 GPU。然後是關於 MI300 系列的類似問題。我知道您談到
了很多關於 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?

但具體來說，我很好奇您是否可以談談您在 MI300 或 250 系列的生成人工智能方面可能
取得的任何勝利或任何類型的成功或成功故事？


[蘇媽]——總裁兼首席執行官

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.



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.

我們看到的是非常積極的結果。所以我們認為 MI300 對於生成 AI 非常有競爭力。
在接下來的幾個季度中，我們將更多地討論這種客戶和收入的演變。



[Ruth Cotter]——全球營銷、人力資源和投資者關係高級副總裁

Thank you. Operator, that concludes today's call. Thank you to everyone for
joining us.

謝謝。接線員，今天的電話會議到此結束。感謝大家加入我們。



4. 進退場機制：(非長期投資者，必須有停損機制。討論、心得類免填)


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※ 作者: Severine 2023-05-03 23:39:07
※ 文章代碼(AID): #1aKe0T0b (Stock)
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