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Speaker 1: Bloomberg Audio Studios, podcasts, radio news.

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Speaker 2: Welcome to our global audience across Bloomberg television and radio.

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Speaker 2: We're joined by AMD's CEO, Lisa Sue. And it was

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Speaker 2: such an interesting quarter to look back at data center

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Speaker 2: in particular CPU strength, not just accelerators, strong AI outlook

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Speaker 2: on accelerators, gaming PC and then some concern about the

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Speaker 2: future of the China business. But Caroline and I Lisa

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Speaker 2: have talks for quite a while now about AMD as

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Speaker 2: the best performing chip stock so far this year. I

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Speaker 2: wondered if we start by just asking what in the

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Speaker 2: quarter changed for AMD, what the kind of biggest move

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Speaker 2: forward was, do you think.

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Speaker 3: Yeah, absolutely so, first of all, and Caroline, great to

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Speaker 3: be here with you. We always look at these things,

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Speaker 3: and so when we have a business where all of

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Speaker 3: our businesses are actually performing extremely well, it's a good

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Speaker 3: it's a good place to be. So we had a

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Speaker 3: very strong first half of the year, you know, second

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Speaker 3: quarter up thirty two percent.

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Speaker 4: Year over year.

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Speaker 3: We're guiding to a third quarter you know, up twenty

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Speaker 3: eight percent. And underneath that what you see is, you know,

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Speaker 3: first of all, data center business is doing extremely well.

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Speaker 3: Our server CPUs are continuing to gain share in cloud

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Speaker 3: and in enterprise. One of the things that we're seeing

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Speaker 3: with AI is the AI investments from the largest hyperscalers

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Speaker 3: are actually pulling you know, both GPU and CPU revenue, you.

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Speaker 4: Know, which is good for us overall.

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Speaker 3: You know, agentic AI actually requires lots and lots of

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Speaker 3: compute going forward. We're also seeing strength in you know,

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Speaker 3: PCs as well as gaming. Our products are extremely well positioned,

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Speaker 3: whether you're talking about you know, consumer or commercial. And

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Speaker 3: then we're also seeing you know, some improvement in the

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Speaker 3: embedded side of our business as you know, that is

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Speaker 3: also you know, going to I would say, a return

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Speaker 3: to growth in the second half of the year. So

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Speaker 3: we've seen a lot of positive signals over the last

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Speaker 3: ninety days in terms of, you know, what the market

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Speaker 3: needs from computing and sort of the investment and things.

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Speaker 2: You know.

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Speaker 3: There are some questions about China, of course, which you know,

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Speaker 3: we can certainly talk about.

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Speaker 2: Well, let's talk first about the AI Accelerator outlook, because

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Speaker 2: actually from analysts to investors to the develop a community,

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Speaker 2: when we say that you're coming on the show, we

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Speaker 2: get questions from all quarters. You had said that the

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Speaker 2: AI Accelerator business will grow to the tens of billions.

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Speaker 2: And what I'm kind of seeing is people just want

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Speaker 2: granularity from me, Lisa a little bit like when does

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Speaker 2: that happen? And when does it happen? And you talked

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Speaker 2: about the hyperscalers, but what's the growth pathway to tens

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Speaker 2: of billions in accelerator revenue?

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Speaker 4: Yeah?

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Speaker 3: Absolutely, ed, So let me give you a few important markers.

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Speaker 3: So what we said is the second half of the year,

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Speaker 3: our growth would be primarily driven in the data center

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Speaker 3: by accelerators. We've launched a new product just in ju

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Speaker 3: I three fifty five product. It's extremely competitive. We really

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Speaker 3: like how we stack up in terms of total cost

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Speaker 3: of ownership for inferencing and training workloads. Customers really like

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Speaker 3: that product. That's driving some of our second half growth,

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Speaker 3: and certainly when we talk about our sequential growth into

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Speaker 3: Q three, that's being primarily driven by.

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Speaker 4: That accelerator capability.

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Speaker 3: And now when you extend forward, you know, I've said

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Speaker 3: that the AI TAM for accelerators and data center will

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Speaker 3: be over five hundred billion over the next couple of years.

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Speaker 3: You know, we expect to get a large portion of

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Speaker 3: that new accelerator TAM and that's how we get to

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Speaker 3: tens of billions of dollars. Very key is also you know,

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Speaker 3: we've accelerated our roadmap and so we are on an

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Speaker 3: annual cadence, and next year we'll have yet a new

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Speaker 3: capability with our MI four hundred series, which will bring

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Speaker 3: full rack level solutions, which will be another giant step

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Speaker 3: forward in terms of capability.

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Speaker 4: For you know, AI solutions.

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Speaker 3: So I think that's the roadmap and path for the

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Speaker 3: next couple of years. We're really excited about the traction.

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Speaker 3: We're getting lots of customer validation saying hey, you're on

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Speaker 3: absolutely the right path, and you know we're making you know,

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Speaker 3: strong progress towards those goals.

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Speaker 1: Lisa, the granularity there was demanded time and time again

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Speaker 1: on that earning score with analysts was around China though,

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Speaker 1: And I know it's so hard to give because in

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Speaker 1: many ways, as m I threeh eight, it's depending on

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Speaker 1: the licenses from the US government. How are those discussions

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Speaker 1: going with the US government. How quickly do you think

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Speaker 1: they can get through the backlog?

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Speaker 4: Yeah, Caroline, definitely.

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Speaker 3: Look, you know, I know people always want precision, and

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Speaker 3: what I will give you is exactly how things are

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Speaker 3: playing out from our standpoint, I think we've seen an

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Speaker 3: improvement over the last ninety days. You know, ninety days ago,

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Speaker 3: you know, we did not expect to believe to ship,

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Speaker 3: to be able to ship to China because of some

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Speaker 3: of the regulations. I think this administration, you know, the

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Speaker 3: Department of Commerce, the government has actually been very open

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Speaker 3: to trying to find the right balance between national security

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Speaker 3: and ensuring that we have AI USAI technologies proliferated across

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Speaker 3: the world.

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Speaker 4: So we think that's a great balance.

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Speaker 3: We now know that we have a number of licenses

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Speaker 3: that are under review. We've been given good indications that.

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Speaker 4: Those are moving through the review process.

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Speaker 3: And you know, we will certainly inform everyone when the

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Speaker 3: licenses are granted. But given that it's hard to predict

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Speaker 3: exact timing. Just given all of the things that are

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Speaker 3: in front of the government at the moment, we thought

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Speaker 3: the right thing to do right now is just say, hey,

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Speaker 3: let's not include that in the third quarter revenue. But

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Speaker 3: even with that, we're growing twenty eight percent year over year,

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Speaker 3: which is fantastic growth rate. And if you asked me,

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Speaker 3: you know, what we've learned in the last ninety days,

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Speaker 3: We've learned that the demand is even stronger in the

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Speaker 3: second half of the year. Then we necessarily thought maybe

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Speaker 3: just a few months ago.

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Speaker 1: And analysts really cooperated and thought it was right that

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Speaker 1: we should see such caution perhaps and not show up

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Speaker 1: in the numbers. But Lisa, I'm interested in the inventory

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Speaker 1: that you had been very clear about the eight hundred

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Speaker 1: million dollar knock on the fact that you couldn't access

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Speaker 1: China for a while. I know that most of those

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Speaker 1: manufacturing hadn't been complete, but do you think you can

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Speaker 1: unwind that eight hundred million how much do you think

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Speaker 1: can you bring that back to bear?

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Speaker 3: Well, we certainly expect that once licenses are approved that

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Speaker 3: we will restart our supply chain and get those in place.

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Speaker 3: We do have, you know, a bit of time that

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Speaker 3: it takes to complete those, but we would expect to

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Speaker 3: be able, you know, to ship some of those products

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Speaker 3: as licenses are approved. And you know, again the exact

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Speaker 3: timing will depend on when licenses are approved. But I

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Speaker 3: again would hope that we don't get caught up in

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Speaker 3: you know, something that I would say is moving actually

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Speaker 3: in the right direction, and really see like the overall

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Speaker 3: business is doing extremely well. Right when I look at

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Speaker 3: data center growth. When I look at client and gaming growth,

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Speaker 3: and really the return to growth in the embedded those

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Speaker 3: are the key aspects to really understand about where the

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Speaker 3: business is today.

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Speaker 2: Lisa. The final question that we have on China, if

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Speaker 2: I may, is something that we've also discussed quite often

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Speaker 2: with Nvideo and Jensen One, which is the idea that

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Speaker 2: in the interim period you just outlined, China's domestic chip

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Speaker 2: makers have made some progress on their own accelerators. Does

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Speaker 2: a m D make an assessment of that of how

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Speaker 2: performance a comparable Huawei or other Chinese accelerator is relative

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Speaker 2: to them? I three hundred family.

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Speaker 3: And of course I mean long it's a very competitive

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Speaker 3: market out there. At the end of the day, everybody

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Speaker 3: wants AI computing, like AI computing is the foundation for

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Speaker 3: you know, all the great things that we know that

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Speaker 3: AI can add to, you know, businesses and you know

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Speaker 3: sort of the overall capabilities. So yes, we're always looking

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Speaker 3: at the competitive environment. That being the case, you know,

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Speaker 3: I think we are well positioned overall. Our roadmap for

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Speaker 3: the rest of the world is very strong, and we

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Speaker 3: think it is just getting strong longer as we go forward,

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Speaker 3: and as it relates to China. It's something that we

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Speaker 3: have to work through with the administration, but as I said,

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Speaker 3: we've had very close conversations and we're making good progress there.

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Speaker 3: So from that standpoint, you know, I think the overall

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Speaker 3: competitiveness of our AI roadmap has never been stronger, and

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Speaker 3: we're excited about what we can deliver across you know,

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Speaker 3: AI GPUs as well as you know, our our CPU

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Speaker 3: franchise and all of the rest of our portfolio.

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Speaker 2: This is Bloomberg Tech Live on Bloomberg Television and Bloomberg Radio,

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Speaker 2: and we're speaking with a m D CEO, Lisa Sue

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Speaker 2: Strong in PC strong in server, particularly CPU. Is that

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Speaker 2: an a m D capturing market share story or is

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Speaker 2: that just a rebound in demand generally story? Lisa Well, I.

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Speaker 4: Think it's both.

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Speaker 2: Ed.

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Speaker 3: I think the demand is is good. I think the

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Speaker 3: demand patterns are better. But clearly we're very very competitive

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Speaker 3: with our products. I think we leadership CPUs in both

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Speaker 3: server and client. We've shown significant traction in cloud as

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Speaker 3: well as enterprise, and I think going forward you're going

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Speaker 3: to see, you know, enterprise customers want the best solution

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Speaker 3: out there, and that is you know, a MD for computing.

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Speaker 1: And gaming NISA so strong. I'm interested into the nuance

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Speaker 1: of pull forward because you said on the call that

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Speaker 1: you didn't see a whole lot of pull forward. Are

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Speaker 1: people trying to get ahead of tarifs and price increases,

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Speaker 1: But did you see any.

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Speaker 4: You know, very little, Caroline.

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Speaker 3: I think what we look at mostly is not just

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Speaker 3: what we're selling in to customers, but we actually look

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Speaker 3: at what's being sold out at end customers, and what

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Speaker 3: we're seeing being you know, really transferred to end customers

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Speaker 3: is good demand. I mean, people are refreshing their data centers,

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Speaker 3: which is very positive. Right We're in a place where

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Speaker 3: computing is important, and so we're seeing strong refresh cycles

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Speaker 3: on the data center side. We're seeing strong pull through

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Speaker 3: of our of our solutions in the in the enterprise,

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Speaker 3: in PC, and then from a gaming standpoint, again, we

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Speaker 3: have a very strong product cycle. So you know, there's

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Speaker 3: it's always hard to tell exactly what the impact of

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Speaker 3: the current tariffs are, but I would say that that's

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Speaker 3: the smaller part of the impact on our business. The

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Speaker 3: larger part is just strong products, you know, very good

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Speaker 3: traction from customers and looking at a stronger second half.

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Speaker 1: Of the year, a stronger second half of the year

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Speaker 1: where you take some market share from Nvidia. Lisa, how

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Speaker 1: are you seeing that grow out and the ability to

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Speaker 1: compete with the next ranger chips.

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Speaker 3: Well, we are very bullish on our overall roadmap capability.

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Speaker 3: I think the second half of the year has a

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Speaker 3: number of customers, you know, really broadly adopting a MD.

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Speaker 2: Lisa, I have a question from our audience, if that's

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Speaker 2: okay a viewer of Bloomberg Tech and as you know,

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Speaker 2: like loads of AMD employees, your peers, technology industry people

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Speaker 2: want to hear what you have say. I'm just going

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Speaker 2: to read it to you. Can Lisa, please explain AMD's

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Speaker 2: winning and gaming and consoles. But AI is where the

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Speaker 2: margins are. Now, what's the plan to make a MD

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Speaker 2: indispensable to the next open AI and not just cost

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Speaker 2: effective alternative? I think to invideor is what they're saying.

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Speaker 4: Well ed.

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Speaker 3: The best way to say that is for you know,

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Speaker 3: those of you who know us as a company, you

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Speaker 3: know we execute extremely well.

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Speaker 4: You know, our roadmaps are strong.

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Speaker 3: We're very excited about all of the progress that we've made.

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Speaker 3: You know, I three hundred was an excellent product. I

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Speaker 3: three p fifty is you know, a big increase above that,

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Speaker 3: and then our next generation is also and the key

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Speaker 3: for us if you look at our history, our history

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Speaker 3: is doing what we say we're going to do, delivering

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Speaker 3: to customers, delivering total cost of ownership and with that,

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Speaker 3: you know, being a great partner. And so from that standpoint,

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Speaker 3: I think you can be very confident that we have

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Speaker 3: a strong roadmap and we're going to execute on it well.

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Speaker 3: And you know, our largest customers want to have a

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Speaker 3: dependable and good partner.

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Speaker 1: It's been wonderful spending time with you, Lisa sou A

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Speaker 1: m d CEO. We thank you very much