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 将于 5 月 23 日星期二参加 JPM 年度技术、媒体和通信会议；
服务器业务部高级副总裁兼总经理 Dan McNamara 将于 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于 6 月 16 日星期五营业结束时开始。
今天的讨论包含基于当前信念、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
环境中实现了好于预期的收入和收益，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%。由于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，但由于一些 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。由于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。对于企业，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 小芯片，在技术计算工作负载方面处于领先地位。尽
管我们预计服务器需求在第二季度仍将喜忧参半，但基于客户对热那亚、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，可显著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.
我们推出了首款基于 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
著改善当前系统。我们的 AI 活动在第一季度显著增加，这得益于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。客户对我们用于 AI 训练和大型语言模
型推理的下一代 instinct MI300 GPU 的兴趣显著增加。我们在本季度取得了关键的
MI300 芯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 战略并显著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于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.
我们在本季度显著扩展了领先的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 小芯片封装技术。
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于 Zen 4 的 Phoenix Ryzen 7040 系列 CPU 的产量，用于
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。
基于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。由于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，因为在假期周期之后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于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，以验证基于 AMD CPU、自适应 SoC、FPGA、DPU 和
软件的端到端解决方案。在汽车领域，我们用于高端 ADAS 和 AI 功能的自适应硅解决方
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于 AMD 的
iSIGHT 4 平台。此外，随着我们专注于增加安全、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，我们继续看到基于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于 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
，基于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。我们正处于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、边缘和端点需要显著
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.
基于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 处于有利地位，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
多关于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]