AMD（AMD） 宣布 AMD 与 OpenAI 建立战略合作伙伴关系会议记录
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Company Participants
Company Participants
Matthew Ramsay - Vice President of Financial Strategy & Investor Relations
Lisa Su - Chair, President & CEO
Jean Hu - Executive VP, CFO, Treasurer & Interim Chief Accounting Officer
Matthew Ramsay - 财务战略与投资者关系副总裁
Lisa Su - 董事会主席、总裁兼首席执行官
Jean Hu - 执行副总裁、首席财务官、司库兼临时首席会计官
Conference Call Participants
Conference Call Participants
Timothy Arcuri - UBS Investment Bank, Research Division
Vivek Arya - BofA Securities, Research Division
Joshua Buchalter - TD Cowen, Research Division
James Schneider - Goldman Sachs Group, Inc., Research Division
Ross Seymore - Deutsche Bank AG, Research Division
Timothy Arcuri - 瑞银投资银行，研究部
Vivek Arya - 美国银行证券，研究部
Joshua Buchalter - TD Cowen，研究部
James Schneider - 高盛集团有限公司，研究部
Ross Seymore - 德意志银行股份公司，研究部
Presentation
Presentation
Operator
Operator
Greetings. Welcome to the AMD Conference Call. [Operator Instructions] Please note, this conference is being recorded.
您好，欢迎参加AMD电话会议。[操作员说明] 请注意，本次会议正在录音。
At this time, I'll turn the conference over to Matt Ramsay, Vice President, Financial Strategy, and Investor Relations. Thank you, Matt. You may begin.
现在，我把会议交给财务战略和投资者关系副总裁马特·拉姆齐。谢谢，马特，请开始吧。
Matthew RamsayVice President of Financial Strategy & Investor Relations
Matthew RamsayVice President of Financial Strategy & Investor Relations
Thank you, everyone, for joining on such short notice this morning, and welcome to our call to discuss the significant new AI partnership between AMD and OpenAI. By now, you should have had the opportunity to review a copy of our press release and our Form 8-K filing discussing this partnership. If you have not had the chance to review these materials, they can be found on the Investor page of amd.com.
感谢各位今天上午在如此短的时间内参与本次会议，欢迎大家参加此次电话会议，共同讨论 AMD 与 OpenAI 之间重要的全新人工智能合作伙伴关系。截至目前，大家应该已经有机会查阅了我们的新闻稿以及提交的 8-K 表格文件，其中详细说明了此项合作。如果您尚未有机会查看这些资料，可以在 amd.com 的投资者页面上找到。
Participants on today's conference call are Dr. Lisa Su, our Chair and CEO; and Jean Hu, our Executive Vice President, CFO and Treasurer.
今天电话会议的参会人员有我们的董事长兼首席执行官苏姿丰博士，以及我们的执行副总裁、首席财务官兼司库胡恩华。
This is a live call and will be replayed via webcast on our website. Before we begin, I would like to note that AMD will be reporting our full Q3 financial results on Tuesday, November 4, after the market close and remind you that AMD will host our Financial Analyst Day in New York on Tuesday, November 11, and we look forward to seeing many of you there.
这是实时电话会议，稍后将在我们的网站上通过网络直播回放。在开始之前，我想提醒大家，AMD 将于美国东部时间 11 月 4 日星期二收盘后报告第三季度完整财务业绩，并提醒各位，AMD 将于 11 月 11 日星期二在纽约举办财务分析师日活动，我们期待届时与诸位见面。
Today's discussion will contain forward-looking statements based on current beliefs, assumptions, expectations, speaks only of today and as such, involves risks and uncertainties that could cause actual results to differ materially from our expectations. Please refer to the cautionary statement in our press release for more information on those factors.
今天的讨论将包含基于当前信念、假设和预期的前瞻性陈述，仅反映今天的情况，因此涉及各种风险和不确定性，可能导致实际结果与我们的预期存在重大差异。有关这些因素的更多信息，请参阅我们新闻稿中的警示性声明。
With that, I will hand the call over to Lisa.
就此，我把电话交给丽莎。
Lisa SuChair, President & CEO
Lisa SuChair, President & CEO
Great. Thank you, Matt, and good morning, and thanks to all of you for joining us on this call. Today marks an important milestone for AMD as we announced a strategic partnership and definitive agreement with OpenAI that places AMD at the center of the global AI infrastructure build-out.
很好。谢谢，Matt，早上好，也感谢各位参加本次电话会议。今天对AMD而言是一个重要的里程碑，因为我们宣布了与OpenAI达成一项战略合作和最终协议，这将使AMD处于全球人工智能基础设施建设的核心位置。
AI is the most transformative technology of the last 50 years, and we are in the very early stages of the largest deployment of compute capacity in history. Over the last several years, we have been laser-focused on making AMD the trusted provider for the industry's most demanding AI workloads. And we've done this by delivering an annual cadence of leadership data center GPUs, significantly strengthening our ROCm software stack to enable millions of models to run out of the box on AMD, and expanding our Rack Scale solutions capabilities.
AI 是过去 50 年来最具变革性的技术，而我们正处在历史上最大规模计算能力部署的初期阶段。在过去几年中，我们一直专注于让 AMD 成为行业最严苛 AI 工作负载的可信赖供应商。为此，我们每年持续推出领先的数据中心 GPU，大幅增强 ROCm 软件堆栈，使数以百万计的模型能够开箱即用地在 AMD 平台上运行，并扩展了我们的机架级解决方案能力。
Our differentiated strategy and strong execution are paying off with AMD Instinct GPU adoption expanding rapidly. Today, 7 out of the top 10 model builders and AI companies are using Instinct, including large-scale deployments with Microsoft, Meta, Oracle, Tesla, xAI, and others.
我们差异化的战略和强大的执行力正在取得成效，AMD Instinct GPU 的采用正迅速扩大。目前，全球十大顶尖模型构建公司和人工智能企业中有七家正在使用 Instinct，其中包括与微软、Meta、Oracle、特斯拉、xAI 等公司的大规模部署。
In addition, there are more than 35 Instinct platforms now in production from the leading OEMs and ODMs, and we are actively engaged in a growing number of sovereign AI initiatives. Against this backdrop, I'm very happy to announce that OpenAI and AMD have signed a comprehensive multiyear multi-generation definitive agreement to deploy 6 gigawatts of AMD Instinct GPUs.
此外，目前领先的OEM和ODM厂商已有35个以上的Instinct平台投入生产，我们正积极参与越来越多的主权AI项目。在此背景下，我很高兴地宣布，OpenAI与AMD已签署一项全面的多年期、多代次最终协议，将部署6吉瓦的AMD Instinct GPU。
AMD and OpenAI will begin deploying the first gigawatt of Instinct MI450 Series GPU capacity in the second half of 2026, making them a lead customer for both MI450 and Helios at massive scale.
AMD 和 OpenAI 将从 2026 年下半年开始部署首千兆瓦的 Instinct MI450 系列 GPU 算力，这将使它们成为大规模采用 MI450 和 Helios 的主要客户。
Today's announcement builds on our long-standing collaboration with OpenAI that has spanned across the Instinct MI300 and MI350 series, our ROCm software stack and open-source software like Triton.
今天的公告进一步深化了我们与 OpenAI 长期以来的合作，该合作已涵盖 Instinct MI300 和 MI350 系列、我们的 ROCm 软件堆栈以及 Triton 等开源软件。
OpenAI has also been a key contributor to the requirements of the design of our MI450 Series GPUs and Rack Scale solutions. Under this agreement, we are deepening our strategic partnership, making AMD a core strategic compute partner to OpenAI, and powering the world's most ambitious AI build-out to train and serve the next generation of frontier models.
OpenAI 也是我们 MI450 系列 GPU 和机架级解决方案设计需求的关键贡献者。根据此项协议，我们将进一步深化战略合作伙伴关系，使 AMD 成为 OpenAI 的核心战略计算合作伙伴，为全球最具雄心的人工智能建设提供动力，用于训练和部署下一代前沿模型。
To accomplish the objectives of this partnership, AMD and OpenAI will work even closer together on future road maps and technologies, spanning hardware, software, networking and system-level scalability. By choosing AMD Instinct platforms to run their most sophisticated and complex AI workloads, OpenAI is sending a clear signal that AMD GPUs and our open software stack deliver the performance and TCO required for the most demanding at scale deployments.
为实现本次合作的目标，AMD 与 OpenAI 将在未来路线图和技术方面展开更紧密的合作，涵盖硬件、软件、网络以及系统级可扩展性。OpenAI 选择采用 AMD Instinct 平台运行其最复杂、最先进的 AI 工作负载，这明确表明 AMD GPU 及其开放的软件堆栈能够提供大规模部署中最为严苛应用场景所需的性能和总体拥有成本（TCO）。
I want to thank Sam, Greg and the entire OpenAI engineering team for their collaboration and technical partnership. We are proud to work side-by-side with one of the most innovative organizations in the world as we advance the future of AI together. This partnership creates a true win-win for both companies, enabling very large-scale AI deployments and advancing the entire AI ecosystem.
我要感谢 Sam、Greg 以及整个 OpenAI 工程团队的合作与技术伙伴关系。在共同推进人工智能未来发展的道路上，我们很自豪能与全球最具创新力的组织之一并肩工作。这一合作为两家公司创造了真正的双赢局面，不仅实现了超大规模的人工智能部署，也推动了整个人工智能生态系统的进步。
As part of the agreement to strategically align the interest of both companies, we are issuing OpenAI a performance-based warrant for up to 160 million shares of AMD common stock.
作为双方公司战略利益协同协议的一部分，我们正在向OpenAI发行一项基于业绩表现的认股权证，可认购最多1.6亿股AMD普通股。
Now let me walk you through some of the specifics. The warrant vesting tranches upon gigawatt scale GPU deployments. The first tranche vests upon deployment of OpenAI's initial 1 gigawatt purchase and subsequent tranches vest at major deployment milestones with the last tranche vesting only after the deployment of all 6 gigawatts of GPU compute. Importantly, the vesting of each tranche is also directly tied to increasing AMD stock price milestones with the final tranche vesting at a price of $600 per share.
现在让我为你详细说明一些具体条款。认股权证的归属将根据千兆瓦规模的GPU部署情况分批进行。第一笔认股权证在OpenAI首次部署1千兆瓦采购时归属，后续各笔则在达到重大部署里程碑时归属，最后一笔只有在全部6千兆瓦GPU算力完成部署后才会归属。重要的是，每一批次的归属还与AMD股价逐步提升的目标直接挂钩，其中最后一批的归属条件为AMD股价达到每股600美元。
And to further align our interest, exercises of warrants are tied to OpenAI achieving key commercial and technical conditions that are important to ensure the success of their AMD Instinct deployments. This unique structure tightly aligns OpenAI and AMD, driving significant revenue and earnings growth for AMD, while allowing OpenAI to accelerate their AI build-out and share directly in the upside of our mutual success.
为进一步使双方利益保持一致，认股权证的行权与OpenAI达成关键的商业和技术条件挂钩，这些条件对于确保其AMD Instinct部署的成功至关重要。这一独特结构将OpenAI与AMD紧密联系在一起，不仅推动AMD实现显著的收入和盈利增长，同时也让OpenAI能够加速其人工智能基础设施建设，并直接分享双方共同成功带来的上行收益。
To provide some context on the financial aspects of the agreement. Overall, we expect this structure to be highly accretive to our revenue growth and earnings and create substantial long-term value for AMD and our shareholders.
为了说明协议在财务方面的背景，总体而言，我们预计这一架构将显著增厚我们的收入增长和收益，并为AMD及我们的股东创造可观的长期价值。
From a revenue standpoint, revenue begins in the second half of 2026 and adds double-digit billions of annual incremental data center AI revenue once it ramps. And it also gives us clear line of sight to achieve our initial goal of tens of billions of dollars of annual data center AI revenue starting in 2027.
从收入角度来看，收入将从2026年下半年开始，并在业务上量后，每年新增数百亿美金的十亿级数据中心AI收入。同时，这也让我们能够清晰地看到，有望实现自2027年起每年数十亿美金的数据中心AI收入的初步目标。
Overall, we expect it will be highly accretive to AMD's non-GAAP earnings per share immediately from first revenue. We also believe that with the massive scale of this deployment and the strong benefits to the overall AMD AI ecosystem, this partnership will enable additional revenue from existing and new customers deploying at scale and has the potential to generate well over $100 billion in revenue over the next few years.
总体而言，我们预计从首次产生收入开始，这笔交易将立即显著增厚AMD的非GAAP每股收益。我们还认为，鉴于此次部署的巨大规模以及对整个AMD人工智能生态系统的强大利好，这一合作将推动现有客户和新客户的大规模部署，从而带来额外收入，并有望在未来几年内产生超过1000亿美元的收入。
In summary, today represents a major milestone for AMD, OpenAI and the entire AI ecosystem. Our partnership with OpenAI accelerates our data center AI momentum, deepens our strategic alignment with one of the industry's leading AI companies and creates substantial long-term financial value for AMD.
总而言之，今天对 AMD、OpenAI 以及整个 AI 生态系统而言都是一个重要的里程碑。我们与 OpenAI 的合作将加快我们在数据中心 AI 领域的发展势头，深化与行业领先 AI 公司之一的战略协同，并为 AMD 创造可观的长期财务价值。
In addition to the work with OpenAI, we have a significant number of MI450 and Helios engagements underway with other major customers, placing us on a clear trajectory to capture a significant share of the global AI infrastructure build-out. This is a truly exciting time for all of us in the industry and at AMD. The pace of innovation in AI has never been faster, and it demands full partnerships and collaboration across the entire ecosystem to push the limits of what is possible. Today's announcement is a major inflection point for us as we expand the ecosystem of partners and customers who rely on AMD to power the global AI infrastructure.
除了与OpenAI的合作之外，我们还与其他主要客户开展了大量MI450和Helios项目，这使我们明确走在了抢占全球AI基础设施建设可观市场份额的道路上。对我们整个行业以及AMD而言，这确实是令人振奋的时刻。人工智能领域的创新速度前所未有，它要求整个生态系统中的各方进行全方位的合作与协作，以突破可能实现的技术极限。今天的公告对我们而言是一个重要的转折点，随着越来越多的合作伙伴和客户依靠AMD来驱动全球AI基础设施，我们的生态系统正在不断扩展。
Before I hand the call back to Matt for Q&A, I want to note that our focus today is on the OpenAI announcement. And we are in our third quarter quiet period, so we will not be commenting on the quarter's results today. Our near-term business momentum is strong, and we look forward to updating you on our results when we report earnings on November 4.
在我把电话交回给 Matt 进行问答环节之前，我想说明一下，我们今天的重点是OpenAI的公告。目前我们正处于第三季度的静默期，因此今天将不会对本季度的业绩进行评论。我们近期的业务势头强劲，期待在11月4日公布财报时向各位更新我们的业绩表现。
Now I'd like to turn the call back to Matt for the Q&A session. Matt?
现在我把电话交还给 Matt 进行问答环节。Matt？
Matthew RamsayVice President of Financial Strategy & Investor Relations
Matthew RamsayVice President of Financial Strategy & Investor Relations
Thank you, Lisa. Operator, we're going to start the Q&A session now. For the Q&A session, please analysts focus your questions on today's exciting announcement. Operator, please poll for the first question. We'll allow each caller to dial one question and one brief follow-up. Thank you.
谢谢，Lisa。各位，我们现在开始问答环节。在问答环节中，请分析师们将问题集中在今天令人振奋的公告上。请接线员准备第一个提问。我们将允许每位拨入者提出一个问题以及一个简短的后续问题。谢谢。
Question-and-Answer Session
Question-and-Answer Session