1. 標的：AMD.US (例 2330.TW 台積電)
2. 分類：討論
3. 分析/正文：
以下是電話會議文字稿,非常長(1500+),附有中英對照.
其中[]內為提問/回答者姓名,只有Lisa的部分改稱蘇媽.
我這份是整理來自己看得,想想順便分享出來.
如果英文有錯的話基本上是不會特別去改,請見諒
[Ruth Cotter]——全球營銷、人力資源和投資者關係高級副總裁
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.
謝謝你，Ruth，下午好所有聽眾。我們在第一季度的表現非常出色，因為我們在混合需求
環境中實現了好於預期的收入和收益，在我們的業務中推出了多個領先產品，並在加速我
們的 AI 路線圖和我們產品組合中的客戶參與方面取得了重大進展。第一季度收入為 54
億美元，同比下降 9%。由於雲計算和嵌入式產品收入同比大幅增長，我們數據中心和嵌
入式產品的銷售額佔本季度總收入的 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.
在此背景下，我們很高興最大的雲提供商在本季度進一步擴展了他們的 AMD 部署，以支
持他們更大一部分的內部工作負載和公共實例。第一季度推出了 28 個新的 AMD 實例，
包括來自 Microsoft Azure、Google Cloud 和 Oracle Cloud 的多個機密計算產品，它
們利用了我們 EPYC（霄龍）處理器的獨特安全特性。我們現在總共有 640 多個 AMD 支
持的公共實例可用。由於近期宏觀經濟的不確定性導致終端客戶需求疲軟，企業銷售額同
比和環比下降。
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.
我們繼續擴大我們的企業管道，並在本季度與財富 500 強的汽車、技術和金融等領域的
公司達成多項合作。我們在本季度取得了長足進步，擴大了我們的 Zen 4 EPYC CPU 產品
組合。我們所有的大型雲客戶通常都在他們的數據中心運行，並有望在第二季度開始廣泛
部署以支持他們的內部工作負載和公共實例。對於企業，戴爾、HPE、聯想、超微和其他
領先供應商開始生產新的通用服務器平台，以補充其現有的第三代 EPYC（霄龍）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.
我們有望在本季度晚些時候推出我們的第一個雲原生服務器 CPU Bergamo 和我們的第四
代 EPYC 處理器 Genoa，它具有 3D 小晶片，在技術計算工作負載方面處於領先地位。儘
管我們預計服務器需求在第二季度仍將喜憂參半，但基於客戶對熱那亞、貝加莫和
Bergamo 的性能和 TCO 優勢的強烈反響，我們有能力在下半年擴大我們的雲和企業足跡
。 X世代。現在看看我們更廣泛的數據中心業務。在網絡方面，Microsoft Azure 推出了
他們的第一個實例，該實例由我們的 Pensando DPU 和軟件堆棧提供支持，與非加速實例
相比，每秒連接數增加 10 倍，可顯著提高網絡密集型工作負載的應用程序性能。
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
instinct MI-300 加速器提供支持，與他們相比，預計應用程序性能提高三倍，TCO 顯
著改善當前系統。我們的 AI 活動在第一季度顯著增加，這得益於與廣泛的數據中心和嵌
入式客戶的廣泛合作。我們在第一季度擴展了對本能 GPU 的軟件生態系統支持，突出體
現在廣泛使用的 Pie Torch 2.0 框架的發布，該框架現在為我們的軟件提供本地支持。
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
MI300 晶片和軟件就緒里程碑的出色進展，我們有望在今年晚些時候推出 MI300，以支
持 El Capitan 百億億級超級計算機在勞倫斯利弗莫爾國家實驗室和大型雲 AI 客戶中獲
勝。為了執行我們廣泛的 AI 戰略並顯著加速我們業務的這一關鍵部分，我們將來自整個
公司的多個 AI 團隊整合到一個由 Victor Peng 領導的組織中。
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 團隊負責擁有我們的端到端 AI 硬件戰略，並推動完整軟件生態系統的開發，包
括優化的庫、模型和擴展我們完整產品組合的框架。現在轉向我們的客戶群。收入同比下
降 65% 至 7.39 億美元，因為我們的出貨量大大低於消耗量以減少下游庫存。正如我們
在上次財報電話會議上所說，我們認為第一季度是我們客戶端處理器業務的底部。
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.
收入同比大幅增長，達到創紀錄的 16 億美元。在工業、視覺和醫療保健、測試和仿真、
通信、航空航天和國防以及汽車客戶不斷增長的需求的帶動下，我們看到了大多數嵌入式
市場的實力。隨著工業視覺和醫療保健客戶積極致力於在其產品線中添加更先進的計算功
能，對我們的自適應計算解決方案的需求持續增長。我們還發布了新的 Vitis AI 軟件庫
，為我們的醫療客戶提供高級可視化和 AI 功能，並推出了我們的下一代平台，該平台提
供了一個交鑰匙解決方案，可以為智能相機、工業和機器視覺應用部署我們領先的自適應
計算功能。
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，隨著新的基礎設施設計成功投入生產，我們看到了有線客戶的優勢。我們還
推出了 Zinc RF SoC 產品，以加速成本敏感型市場中的 4G 和 5G 無線電部署，並成立
了我們的第一個電信解決方案實驗室，以驗證基於 AMD CPU、自適應 SoC、FPGA、DPU 和
軟件的端到端解決方案。在汽車領域，我們用於高端 ADAS 和 AI 功能的自適應矽解決方
案的部署在本季度有所增長，突出表現是斯巴魯在其全系列車輛中推出了基於 AMD 的
iSIGHT 4 平台。此外，隨著我們專注於增加安全、存儲邊緣服務器和網絡市場的份額，
我們通過推出具有領先性能和效率的銳龍 5000 和 EPYC 9000 嵌入式系列處理器擴展了
我們的嵌入式處理器產品組合。
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.
從更廣泛的角度來看我們的嵌入式業務，我們在整合我們擴展的產品組合和規模以推動與
我們最大的嵌入式客戶更深入的合作方面取得了巨大進展。總而言之，我對我們第一季度
的運營和財務業績感到滿意。短期內，我們繼續看到基於宏觀環境不確定性的混合需求環
境。根據客戶需求信號，我們預計第二季度收入將與我們的客戶端和數據中心部門的增長
持平，但被我們的遊戲和嵌入式部門的適度下滑所抵消。
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.
在採用我們的 Zen 4 產品組合、改善客戶業務的需求趨勢以及我們用於 HPC 和 AI 的本
能 MI300 加速器的早期增長的推動下，我們對下半年的增長能力充滿信心。從長遠來看
，基於成功交付我們的路線圖並執行我們的戰略數據中心和嵌入式財產優先事項，以及加
速採用我們的 AI 產品，我們將面臨巨大的增長機會。我們正處於人工智能計算時代的早
期階段，採用率和增長速度比近代歷史上的任何其他技術都要快。正如最近對生成 AI 的
興趣所強調的那樣，將大型語言模型和其他 AI 功能的優勢帶到雲、邊緣和端點需要顯著
提高計算性能。
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.
基於我們廣泛的高性能和自適應計算引擎產品組合、我們與各種大型市場的客戶建立的深
厚關係以及我們不斷擴展的軟件功能，AMD 處於有利地位，可以利用這種不斷增長的計算
需求。我們對我們在人工智能領域的機會感到非常興奮。這是我們的首要戰略重點，我們
正在深入參與我們的客戶群，以將聯合解決方案推向市場，由我們即將推出的本能
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?
隨著我們擴大我們的產品組合併發展我們業務的戰略部分，我期待在未來幾個季度分享更
多關於我們人工智能進展的信息。現在我想把電話轉給 Jean，為我們的第一季度業績提
供一些額外的色彩。Jean？
[Jean Hu]