Financial Data and Key Metrics Changes - The company reported a significant revenue increase from virtually zero in 2023 to $5 billion in 2024 for its MI300 product, marking the fastest ramp of any product in its history [13] - The client business revenue grew by 68% year-over-year in the first quarter, with two-thirds of that growth attributed to average selling price (ASP) increases [48] Business Line Data and Key Metrics Changes - The MI300 and MI325 are AMD's first explicit data center accelerator products, with a strong ramp in AI capabilities over the past year [12][13] - The company is focusing on enhancing its Instinct family, particularly in inference workloads, which have shown significant performance advantages over competitors [21][22] Market Data and Key Metrics Changes - There has been a substantial investment in AI capabilities across the industry, leading to a rationalization phase where businesses are now targeting specific areas for productivity improvements [7][8] - The enterprise market is increasingly adopting AI, with a hybrid model emerging where companies utilize both on-premises and cloud solutions for their AI workloads [29][30] Company Strategy and Development Direction - The company is committed to a fast cadence of new product releases, aiming to maintain leadership in both CPU and GPU markets while focusing on total cost of ownership advantages [16] - The strategy includes enhancing networking capabilities and partnerships to broaden the inference workloads and customer engagements [25][26] Management's Comments on Operating Environment and Future Outlook - Management highlighted the importance of AI in driving overall demand for computation and the need for businesses to refresh their IT infrastructure to support both traditional and AI workloads [11][52] - There is confidence in margin strength for the second half of the year, driven by a favorable mix in the client and server segments, despite challenges in the data center GPU franchise [51][56] Other Important Information - The company has transitioned to biweekly software releases for its ROCm stack to improve performance and support for the community [35][36] - The acquisition of ZT Systems has strengthened the company's capabilities in RackScale design, enhancing performance and manufacturability [40][41] Q&A Session Summary Question: What are the key problems that customers are trying to solve today? - The focus is on scaling AI capabilities and driving technology forward, with a significant investment in AI infrastructure over the past 12-18 months [7][8] Question: How is the company positioned in the AI market? - The company has seen a strong ramp in its MI300 product and is committed to a fast cadence of new product releases to maintain leadership in AI [12][16] Question: What is the outlook for the enterprise AI adoption? - Enterprises are increasingly adopting a hybrid model for AI, leveraging both on-premises and cloud solutions, particularly in industries like health sciences [29][30] Question: How does the company plan to address software maturity? - The company has focused on hardening its software stack and is now releasing updates biweekly to improve performance and support for the community [35][36] Question: What is driving confidence in margin strength for the second half of the year? - The company anticipates strong growth in commercial PCs and server segments, with a favorable mix contributing to margin improvements [52][56]

• AMD 2025 年第一季度业绩超出预期，收入同比增长 36%至 74 亿美元， 主要得益于数据中心业务（增长 57%）和客户业务（增长 28%）的强劲 表现，以及 Instinct AI 加速器和 CPU 销售额的大幅增长。 • 数据中心业务增长主要由第五代 EPYC 处理器和第四代 EPYC 处理器的持 续需求驱动，超大规模客户需求强劲，多家云服务提供商推出了超过 30 个新的 EPYC 实例。 • 数据中心 AI 业务收入大幅增长，受益于 MI 325X 的出货量增加，超过 35 个 MI 300 系列平台正在所有主要服务提供商生产中，以支持不断增加的 Instinct GPU 部署。 • AMD 完成了对 ZT Systems 的收购，提供基于行业标准的即插即用机架 级 AI 解决方案，加速了超大规模部署和 OEM/ODM 合作伙伴的上市进程， 并与客户共同设计针对 MI 400 系列优化的方案。 • AMD 预计 2025 年实现两位数百分比收入增长，主要驱动力包括 Zen5 架 构 Epyc 处理器市场份额提升、CPU 和 GPU 销量持续上升，以及 Instinct MI350 系列加速器产 ...