Lisa Su: I think we expect the CPU business from a market standpoint to grow, Ross. As we go into 2024, I think the rate and pace of growth will depend a little bit on the macro and just overall CapEx trends. But from our standpoint, we are starting to see some of our larger customers plan their refresh cycles. There’s a lot of let’s call it older equipment that has yet to be refreshed and the value proposition for refresh is so strong because the energy efficiency and sort of the footprint of the newer generations are so much better than sort of the four or five year old infrastructure that we do see that refresh cycle happening as we get into 2024. I think the exact timing, we will have to understand more as it, as the market evolves as we go through the year.
Operator: And the next question comes from the line of Vivek Arya with Bank of America Securities. Please proceed with your question.
Vivek Arya: Thanks for taking my questions. So first one, Lisa, from you gave us the $2 billion plus number for MI before, now you’ve have raised it to over $3.5 billion. And I’m curious what drove the change, was it incremental demand signals, was it supply? And can you supply more of, let’s say, demand is $4 billion or $5 billion or $6 billion, right, what is the limitation? And sort of related to that, on the competition side, your competitor will launch their B100 later in the year, do you think that will change the competitive landscape in anyway?
Lisa Su: Yes. Sure, Vivek. So, I think what we said is as we went from $2 billion to $3.5 billion, it really is mostly customer demand signals. So as orders have come on books and as we’ve seen programs moved from, let’s call it, pilot programs into full manufacturing programs, we have updated the revenue forecast. As I said earlier, from a supply standpoint, we are planning for success. And so, we worked closely with our supply chain partners to ensure that we can ship more than $3.5 billion, substantially more depending on what customer demand is as we go into the second half of the year. And then, in terms of again roadmaps, as I said, we are very focused on a competitive roadmap this — that sort of what the next generations are beyond MI300. So, I do believe that we have a strong roadmap in-place and continue to work with our customers to sort of adopt our roadmap as quickly as possible.
Vivek Arya: Got it. And a longer-term question, Lisa. If I look at the success that AMD has enjoyed, its many factors, but a few of them included your early adoption of chiplets and the strong partnerships you have had with TSMC. But now we are seeing your x86 competitor Intel also adopt chiplet or tile technology as they call it. And then I think recently the manufacturing update they gave, they said, they are two years ahead in terms of incorporating gate all-around and backside our delivery. So, let’s assume they are right and they have either caught up to TSMC or maybe they are ahead. What impact does that have on AMD in kind of the medium to longer term?
Lisa Su: Yeah. Sure, Vivek. Look, we’re always looking at what’s next, right? So, on the chiplet technology, I mean, we’re sort of on the fourth generation of the chiplet technologies. I think we’ve learned a lot about how to optimize performance there. We are very aggressive with our adoption of leading-edge technology as it’s needed. But I think those are only a few of the pieces. We’re also focused on continuing to innovate on architecture and design. So, I think the longer-term question that you ask is I think we’re expecting that the competition is going to be on a similar process technology and even in that case, I think we feel like we have a very strong roadmap going forward and will continue to drive both the CPU and the GPU roadmap very aggressively.
Operator: And the next question comes from the line of Harsh Kumar with Piper Sandler. Please proceed with your question.
Harsh Kumar: Yes, hey, thanks for letting me ask the question, guys. I have two questions. Let me start-off with the accelerator side. The question we get a lot from our customers is they want to understand the value proposition of the MI300. So, Lisa, I was hoping you could give us some understanding of price versus power comparison or compute power? And then today, are you seeing your customers that are buying the MI300 are they primarily buying it for inferencing today or are they using it primarily for tooling? And maybe for Jean. Jean, do you think is it possible for MI300 to finish the year at a run-rate of about $1.5 billion?
Lisa Su: Okay, Harsh. So, let me start, to your question about the value proposition for MI300. Again, customers are using it for different reasons, but presume that there is a performance per dollar benefit to using AMD. So that’s one piece of it. The other piece of it though is we intrinsically have more bandwidth and memory capacity on MI300X compared to the competition. And what that means is for large language models that are many tens of billions of parameters you make — you could potentially do the workload in fewer GPUs. So, it’s a substantial system savings and allows you to do much more work within the same system. In terms of what customers are using MI300 for today, I would say there are a number of customers using it for large language model inferencing and there are also customers that are using it for training.
So I think the whole point is being a strong partner. When you put these AI systems in-place, they are sometimes mixed-use systems. So they would be used for both training and inference.
Mitch Haws: John, we have time for two more questions.
Jean Hu: Yeah, Harsh. Let me answer your question about the MI300. Exiting Q4 2024, is it possible to get to $1.5 billion? It is possible, right, because Lisa mentioned earlier, we’ll see sequential increase in each quarter and more back-end loaded in second-half and we do have a supplies more than $3.5 billion. And of course we will continue to make progress with our customers. So the math, yeah, it’s possible, but right now we are really looking at focus on the execution of the current $3.5 billion plus.
Operator: And the next question comes from the line of Stacy Rasgon with Bernstein Research. Please proceed with your question.
Stacy Rasgon: Hi, guys. Thanks for taking my questions. For the first one, you talked about the — you expected a more shallow ramp of the MI300 and it’s clearly doing better than that. So, some of the upside I guess in the near-term is that being pulled forward from the second-half or is this like a step-up or is it more of a step-up in-demand both in the first half and the second-half relative to what you were seeing before? Like how do I interpret that by shallow comment that you made?
Lisa Su: Sure, Stacy. I don’t think it’s a pull-forward of demand. I think what it is we wanted to see how long it would take for customers to fully qualify and get their workloads performance. So, yeah, that depends a lot on the actual engineering work that’s done and now that we’re, let’s call it a quarter later, we’ve seen that it’s gone really well. So, it’s actually gone a bit better, then our original forecast. And as a result, we’ve seen stronger demand signals and customers are gaining confidence in their ability to deploy a significant number of MI300 this year.
Stacy Rasgon: Got it. Thank you. For my follow-up I wanted to ask Matt’s question a little more directly, you didn’t quite answer it. That the $400 billion number that you’ve got out there, is that just silicon in chips or is there hardware and servers and stuff like that in that number as well, like what’s in that number?
