AMD高盛 Communacopia 与技术大会纪要20250910【13页】

AdvancedMicroDevices,Inc.(AMD)在高盛Communacopia与技术大会上的演讲（文字记录） Sep.08,20257:56PMET|AdvancedMicroDevices,Inc.(AMD)Stock,AMD:CAStock|AMD,AMD:CA AdvancedMicroDevices,Inc.(NASDAQ:AMD)GoldmanSachsCommunacopiaandTechnologyConferenceSeptember8,20255:25PMEDT AdvancedMicroDevices,Inc.（纳斯达克代码：AMD）高盛Communacopia与技术大会2025年9月8日东部时间下午5:25 CompanyParticipants 公司参与者 ForrestNorrod-数据中心解决方案业务部执行副总裁兼总经理 ConferenceCallParticipants 电话会议参与者 JamesSchneider-GoldmanSachsGroup,Inc.,ResearchDivision JamesSchneider-高盛集团，研究部 Presentation 演讲 JamesSchneider 詹姆斯·施奈德 SeniorResearchAnalyst 高级研究分析师 Okay.Goodafternoon,everybody.WelcometotheGoldmanSachsCommunacopiaTechnologyConference.MynameisJimSchneider.I'mthesemiconductoranalysthereatGoldmanSachs.It'smypleasuretowelcomeAMDandtheEVPofDataCenterSolutions,ForrestNorrodiswithustoday. 好的。大家下午好。欢迎来到高盛Communacopia技术大会。我是JimSchneider，高盛的半导体分析师。很高兴欢迎AMD，数据中心解决方案执行副总裁ForrestNorrod今天与我们一同出席。 ForrestNorrod ExecutiveVP&GMofDataCenterSolutionsBusinessUnit 数据中心解决方案事业部执行副总裁兼总经理 Thanksalot.Pleasuretobehere. 非常感谢。很高兴来到这里。 Question-and-Answer Session 问答环节 James Schneider 詹姆斯·施奈德 Goldman Sachs Group, Inc., Research Division 高盛集团有限公司，研究部 Thanks for being here. Thank you. Forrest, maybe I want to start very big picture and talk about AI as abroad topic. In contrast, to many of the speakers here at the conference who were coming at AI from theperspective of applications, you're coming up from a perspective of infrastructure. What's your high-levelvision for where AI is going into technology? Why does the world need it? How useful do you think it'sgoing to be? And do you really think the reality is going to live up to the level of investment we're seeingtoday? 感谢大家的到来。谢谢。Forrest，也许我想从一个非常宏观的角度开始，谈谈人工智能这个广泛的话题。与本次会议上许多从应用角度切入人工智能的演讲者不同，您是从基础设施的角度出发。您对人工智能未来在技术领域的发展有何高层次的愿景？世界为什么需要它？您认为它会有多大用处？您是否真的认为现实会达到我们今天所见投资水平的预期？ Forrest Norrod Executive VP & GM of Data Center Solutions Business Unit 数据中心解决方案事业部执行副总裁兼总经理 Well, I think the story is still in the very early innings, but the indications are super positive. AMD has beenhonored to be in the discussion with many of the leaders in AI model development for quite a few years.And so we've had a bit of a good perspective to see the development of the technology and the applicationin a very early sense. And so we have -- we've seen itand we've used it ourselves for both business processas well as engineering development. I would say our assessment is it's still in its infancy, but super positive. Imean we're seeing -- on the software side, we're seeing some pretty substantial improvements inproductivity as well as time to develop code for both software as well as verification tasks, and increasinglyon the hardware design side, we're using it for chip development as well. 嗯，我认为这个故事还处于非常早期的阶段，但迹象非常积极。多年来，AMD 很荣幸能够与许多人工智能模型开发的领导者进行讨论。因此，我们对技术和应用的发展有了较早的良好视角。我们已经见证并亲自使用了这些技术，既用于业务流程，也用于工程开发。我想说我们的评估是，这项技术仍处于初期阶段，但非常积极。我的意思是，在软件方面，我们看到生产力以及软件和验证任务的代码开发时间都有相当大的提升，且在硬件设计方面，我们也越来越多地将其用于芯片开发。 So we're seeing all of the right early indications to say, look, this is going to develop or deliver, sorry, realbusiness value. And I think that's the fundamental question. If it does, and we feel confident that it will, thisis going to be a hugely transformative technology. 所以我们看到了所有正确的早期迹象，可以说，这将会带来真正的商业价值。对此我感到非常有信心，我认为这是根本性的问题。如果确实如此，我们相信它会，这将是一项极具变革性的技术。 James Schneider 詹姆斯·施奈德 Goldman Sachs Group, Inc., Research Division 高盛集团有限公司，研究部 In terms of the use cases, I think you as a company have stated that consumer AI applications are well aheadof the enterprise. I think that's borne out by a lot of the data points we see in the market. What consumeruse cases do you see in the industry today that excite you most in terms of both utility and monetization? 在用例方面，我认为贵公司已经表示消费者 AI 应用远远领先于企业。我认为市场上许多数据点都证明了这一点。您认为目前行业中哪些消费者用例在实用性和盈利能力方面最令您兴奋？ Forrest Norrod Executive VP & GM of Data Center Solutions Business Unit 数据中心解决方案事业部执行副总裁兼总经理 I think on the consumer side, actually, I'm going to pivot that a little bit because I think we're increasinglyseeing more indication of traction on the business side as well. Again, we are an engineering company. Andso the thing that gets us most excited is seeing productivity enhancements flowing from use of AI as part ofthe engineering process. And we're starting to see that really materialize in a major way. And so I think thatconsumer side is still going to be a fascinating area and everybody likes to use their chatbot. But where thisis really going to change the world is can we change business and development processes. And that's whereI think we're much more excited at this point. 我认为在消费者方面，实际上我会稍微调整一下，因为我认为我们越来越多地看到业务方面的进展迹象。同样，我们是一家工程公司。所以最让我们兴奋的是看到通过将 AI 作为工程过程的一部分带来的生产力提升。而且我们开始看到这真正以重大方式显现出来。因此，我认为消费者方面仍然是一个令人着迷的领域，每个人都喜欢使用他们的聊天机器人。但这真正改变世界的地方是，我们能否改变业务和开发流程。这正是我们目前更为兴奋的地方。 James Schneider 詹姆斯·施奈德 Goldman Sachs Group, Inc., Research Division 高盛集团有限公司，研究部 How do you think about some of the potential bott