AMD关键信息: Jean Hu - EVP CFO & Treasurer
美股投资网获悉，AMD: Jean Hu-执行副总裁、首席财务官兼财务主管
Key Message: positive outlook for data center growth (2027+2x) with MI450 ramping this qtr (significant step up in Q4& Q1:27), and greater CPU supply driving strong growth into 2027. GM is less clear to me given the movingparts in the mix.
关键信息:对数据中心增长持积极展望(2027年增长至+2倍)，MI450将于本季度开始放量(第四季度和Q1:27将实现显著提升)，CPU供应增加将推动增长强劲延续至2027年。鉴于产品组合中的诸多变动，GM对我而言尚不明朗。
This room is even more packed/standing room only than AMD(AMAT was crowded in the back of the room but AMD has folks along the wall too).
这个会场比AMD的会场更加拥挤，甚至只能站立(AMAT会场后方人很多，但AMD会场连墙边也站满了人
Reiterated 2027 Data Center growth +2X重申2027年数据中心增长至+2倍
GPU ramp for MI450 starts this qtr and ramping into 2027Some revenue in Q3, then significant step up in Q4:26 and again in Q1:27.
MI450的GPU产能爬坡将于本季度开始，并持续爬坡至2027年。Q3将产生部分收入，随后在Q4:26大幅提升，并在 Q1:27再次提升。
CPU supply is increasing and can grow 80% in H2:26 and70% in 2027 despite still constrained.
CPU供应正在增加，尽管仍受到限制，但H2:26可增长80%，2027年可增长70%。
GM Puts/Takes: will be impacted by the MI450 ramp(lower margin, but drives Gross Profit), but there are some offsets with Server CPU (strong and high margin), rebound in Embedded (high margin and broad-based recovery) and Gaming mix (lower margin).
毛利率增减因素:将受到MI450产能爬坡的影响(毛利率较低，但可带动毛利润增长);不过，Server CPU(表现强劲且毛利率较高)、Embedded业务反弹(毛利率较高且呈广泛复苏)以及Gaming业务组合(毛利率较低)将带来部分抵消
CPU pricing: function of units (smaller) and ASP (increased core count per generation also impacts pricing). Work with customers on best L-T relationship/TCO. Not looking to increase pricing just to increase GM.
CPU定价:取决于出货量(规模较小)和ASP(每代核心数增加也会影响定价)。与客户合作，以实现最佳的长期关系/TCO。并不打算仅为提高GM而提价。
