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2021-10-26

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AMD Q3 Earnings: Beat And Raise Ahead<blockquote>AMD第三季度收益：超越并提高</blockquote>

Summary With Intel disappointing this earnings season and with red flags on Chromebook demand, how

AMD Q3 Earnings: Beat And Raise Ahead<blockquote>AMD第三季度收益：超越并提高</blockquote>

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{"i18n":{"language":"zh_CN"},"data":{"magic":2,"id":856291110,"tweetId":"856291110","gmtCreate":1635179174855,"gmtModify":1635179176246,"author":{"id":3585873168332779,"idStr":"3585873168332779","authorId":3585873168332779,"authorIdStr":"3585873168332779","name":"ilovekirby","avatar":"https://static.tigerbbs.com/150e39396270b3385fcaa9d5b241a4e1","vip":1,"userType":1,"introduction":"","boolIsFan":false,"boolIsHead":false,"crmLevel":12,"crmLevelSwitch":0,"individualDisplayBadges":[],"fanSize":79,"starInvestorFlag":false},"themes":[],"images":[],"coverImages":[],"extraTitle":"","html":"<html><head></head><body>Go AMD!</body></html>","htmlText":"<html><head></head><body>Go AMD!</body></html>","text":"Go AMD!","highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":3,"repostSize":0,"favoriteSize":0,"link":"https://laohu8.com/post/856291110","repostId":1149530520,"repostType":2,"repost":{"id":"1149530520","kind":"news","pubTimestamp":1635132617,"share":"https://www.laohu8.com/m/news/1149530520?lang=zh_CN&edition=full","pubTime":"2021-10-25 11:30","market":"us","language":"en","title":"AMD Q3 Earnings: Beat And Raise Ahead<blockquote>AMD第三季度收益：超越并提高</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1149530520","media":"Seeking Alpha","summary":"Summary\n\nWith Intel disappointing this earnings season and with red flags on Chromebook demand, how ","content":"Summary<blockquote>总结</blockquote> <ul> <li>With Intel disappointing this earnings season and with red flags on Chromebook demand, how will AMD do this earnings season?</li> <li>The article explains the many tailwinds that AMD is witnessing due to its strong product portfolio and how they may shape Q3 and the future.</li> <li>The article also estimates the impact of huge momentum AMD has in HPC and the impact of some less well known supercomputer wins.</li> </ul> <img src=\"https://static.tigerbbs.com/08c1648ab993b936505e940848901a89\" tg-width=\"1536\" tg-height=\"1024\" width=\"100%\" height=\"auto\">JHVEPhoto/iStock Editorial via Getty Images<blockquote><ul><li>由于英特尔在本财报季令人失望，Chromebook需求出现危险信号，AMD在本财报季将如何表现？</li><li>这篇文章解释了AMD因其强大的产品组合而见证的许多顺风，以及它们可能如何塑造第三季度和未来。</li><li>文章还估计了AMD在HPC领域的巨大势头的影响，以及一些鲜为人知的超级计算机胜利的影响。</li></ul>JHVEPhoto/iStock社论来自Getty Images</blockquote> Intel(NASDAQ:INTC)&nbsp;disappointed investors with its Q3 results and guidance as&nbsp;forecasted. After Intel results, especially the&nbsp;Chromebook meltdown&nbsp;hat many investors seem to not have noticed, the investment community may be wondering if Advanced Micro Devices(NASDAQ:AMD)&nbsp;will also disappoint. It is a reasonable concern given the worries about the COVID demand peak and the end of the semiconductor cycle.<blockquote>英特尔（纳斯达克股票代码：INTC）第三季度业绩和指引的预期令投资者失望。在英特尔业绩公布后，尤其是许多投资者似乎没有注意到的Chromebook崩溃，投资界可能想知道Advanced Micro Devices（纳斯达克股票代码：AMD）是否也会令人失望。考虑到对新冠疫情需求高峰和半导体周期结束的担忧，这是一个合理的担忧。</blockquote> On the contrary, AMD management has been telegraphing a strong H2 and 2022 for a while now. As such, during the Q2 earnings call, and in subsequent investor events, AMD management has guided that the Company is growing in H2 in all key segments including datacenter CPU, client CPU, GPU, and Consoles.<blockquote>相反，AMD管理层一段时间以来一直在预测下半年和2022年会表现强劲。因此，在第二季度财报看涨期权以及随后的投资者活动中，AMD管理层表示，该公司下半年在所有关键领域都在增长，包括数据中心CPU、客户端CPU、GPU和控制台。</blockquote> After reviewing Q3 customer and channel developments as well as the upcoming product releases,Beyond the Hype&nbsp;assesses that AMD is operating at a different level than Intel and, unlike its peer, is likely to deliver a solid beat and provide for strong guidance.<blockquote>在回顾了第三季度客户和渠道发展以及即将发布的产品之后，超越炒作评估认为AMD的运营水平与英特尔不同，并且与同行不同，AMD可能会提供稳健的表现并提供强有力的指导。</blockquote> Data Center Business Is Booming<blockquote>数据中心业务蓬勃发展</blockquote> AMD’s earning highlight for Q3, by a wide margin, is likely to be its data center business.Beyond The Hypeestimates that the growth in this highly desirable segment in Q3 will be spectacular. Intel results apart, indications are that cloud service provider demand was very strong during the quarter. Intel’s weakness with cloud SPs seems to be stemming mainly from AMD taking market share, especially with large core devices where Intel has no good alternatives to offer. Outside of cloud service providers, AMD management has guided for, and reiterated, strong corporate demand in Q3 – strong corporate demand has also been validated by Intel, Micron(NASDAQ:MU), and others during their respective earnings calls.<blockquote>AMD第三季度的盈利亮点很可能是其数据中心业务。超越炒作据估计，第三季度这一非常受欢迎的细分市场的增长将非常惊人。除了英特尔的业绩之外，有迹象表明本季度云服务提供商的需求非常强劲。英特尔在云SP方面的弱点似乎主要源于AMD抢占市场份额，特别是在英特尔没有好的替代品的大型核心设备方面。除了云服务提供商之外，AMD管理层还指导并重申了第三季度强劲的企业需求——英特尔、美光科技（纳斯达克股票代码：MU）和其他公司在各自的盈利评级上也验证了强劲的企业需求。</blockquote> In addition to cloud SP and corporate servers, there is a powerful High-Performance Computing, or HPC, dynamic at play at AMD that most market observers have not caught on. Unbeknownst to many, AMD is now dominating the HPC design win scene and taking serious market share from Intel and Nvidia(NASDAQ:NVDA). While NVDA’s GPU and accelerators continue to do well in AI, AMD is now becoming a major threat in the HPC accelerator business. Preliminary leaks suggest that AMD’s MI200 accelerator, which is set to be announced soon, is likely to beat Nvidia alternatives in many HPC applications. Note that MI200 is not vaporware or some futuristic pie-in-the-sky product. Management has already let it be known that AMD has shipped a small volume of MI200 GPU accelerators in Q2. These were likely shipped to the Frontier supercomputer project and other similar HPC applications.<blockquote>除了云SP和企业服务器之外，AMD还有一种强大的高性能计算(HPC)动态，但大多数市场观察家尚未了解。许多人不知道的是，AMD现在在HPC设计领域占据主导地位，并从英特尔和英伟达（纳斯达克：NVDA）手中夺取了大量市场份额。虽然NVDA的GPU和加速器在AI领域继续表现出色，但AMD现在正在成为HPC加速器业务的主要威胁。初步泄露表明，AMD即将发布的MI200加速器很可能会在许多HPC应用中击败Nvidia的替代品。请注意，MI200不是vaporware或一些未来派的天上掉馅饼产品。管理层已经宣布AMD在第二季度出货了少量MI200 GPU加速器。这些很可能被运送到前沿超级计算机项目和其他类似的HPC应用程序。</blockquote> A few next-generation Trento EPYC chips, optimized for HPC applications, are also being shipped with the MI200 GPUs to these same customers. Like MI200, Trento EPYC is unreleased, and not much is known about its performance. But that will not stop the Company from realizing revenues from this product during the quarter. Management commentary to date, as well as Frontier PR so far indicates that the system will be largely built out by the end of 2021. Furthermore, AMD will also be recognizing revenues for silicon and services into 2 more HPC systems in H2 - LUMI and Pawsey. Between these three projects, it seems reasonable to assume that AMD will record about $300M in revenues in Q3, another $300M in Q4, and another couple of hundred million in H1 2022. While these HPC volumes, especially from large supercomputers like Frontier, are lumpy, AMD will deliver strong revenues from this segment in 2021 and 2022. HPC should contribute meaningfully to AMD datacenter growth in Q3 and beyond.<blockquote>一些针对HPC应用进行了优化的下一代Trento EPYC芯片也与MI200 GPU一起交付给这些客户。与MI200一样，Trento EPYC尚未发布，人们对其性能知之甚少。但这不会阻止该公司在本季度实现该产品的收入。迄今为止的管理层评论以及Frontier PR表明，该系统将于2021年底基本建成。此外，AMD还将确认H2另外两个HPC系统（米露和波西）的硅和服务收入。在这三个项目之间，似乎有理由假设AMD将在第三季度实现约3亿美元的收入，在第四季度再实现3亿美元的收入，在2022年上半年再实现数亿美元的收入。虽然这些HPC量，尤其是来自Frontier等大型超级计算机的HPC量不稳定，但AMD将在2021年和2022年从这一领域带来强劲的收入。HPC应该会在第三季度及以后为AMD数据中心的增长做出有意义的贡献。</blockquote> All these items are pointing to substantial share gains for AMD in the data center CPU and GPUs fronts in Q2.Beyond The Hypeestimates that, in Q3, AMD grew data center CPU market share by at least 200 basis points and data center GPU market share by at least 300 basis points. This likely contributed to an incremental $300M to $400M or more data center demand for AMD from Q2 levels.<blockquote>所有这些都表明AMD在第二季度数据中心CPU和GPU领域的份额将大幅增长。超越炒作据估计，第三季度AMD的数据中心CPU市场份额增长了至少200个基点，数据中心GPU市场份额增长了至少300个基点。这可能导致AMD的数据中心需求较第二季度增加3亿至4亿美元或更多。</blockquote> Ryzen X86 Laptops Continue To Ramp But Chromebooks Are A Headwind<blockquote>Ryzen X86笔记本电脑继续增长，但Chromebook是一个阻力</blockquote> One of the key drivers of AMD’s growth during H1 was the company’s Ryzen laptop product line. Management has claimed that its new 5000 series products have garnered 150+ designs which are expected to ramp throughout the year. Management guidance suggests that laptops will continue to ramp in Q3. Checks show companies such as Lenovo continuing to introduce new products steadily. On the flip side, Chromebook sales have plummeted in the quarter. Although Intel has much of the Chromebook business, it is reasonable to expect that AMD too would have seen some softness on this front during the quarter. The high-end Ryzen laptop ramp may be offset somewhat by the slowdown in Chromebooks, and it is possible that there may not be significant revenue upside on the laptop revenue front in Q3.<blockquote>AMD上半年增长的关键驱动力之一是该公司的Ryzen笔记本电脑产品线。管理层声称，其新的5000系列产品已获得150多种设计，预计全年将增加。管理层指导表明，笔记本电脑将在第三季度继续增长。检查显示，联想等公司继续稳步推出新产品。另一方面，Chromebook的销量在本季度直线下降。尽管英特尔拥有大部分Chromebook业务，但有理由预计AMD在本季度也会在这方面出现一些疲软。高端锐龙笔记本电脑的增长可能会在一定程度上被Chromebooks的放缓所抵消，并且第三季度笔记本电脑收入方面可能不会有显着的收入增长。</blockquote> Nevertheless,Beyond The Hype&nbsp;predicts that AMD gained at least 400 basis point market share in the laptop CPU segment in Q3.<blockquote>然而，超越炒作预测AMD在第三季度在笔记本电脑CPU领域获得了至少400个基点的市场份额。</blockquote> GPU Sales Up Strongly In Q3<blockquote>第三季度GPU销量强劲增长</blockquote> After several quarters of having severe constraints on GPU supply, AMD was able to ship a decent volume of existing and new GPUs in the quarter. At the end of the quarter, in addition to increasing gaming laptops, channel checks suggested that several of Radeon 6000 series GPUs were available in the retail channel. The 6600 series, catering to low-end gaming, was also launched in the quarter and has been outselling other GPUs at key retailers. Although these were priced well over MSRP, even having stock in the channel is a refreshing change from prior quarters.<blockquote>经过几个季度GPU供应受到严重限制后，AMD在本季度能够出货相当数量的现有和新GPU。在本季度末，除了增加游戏笔记本电脑外，渠道检查表明，零售渠道中有几款Radeon 6000系列GPU。迎合低端游戏的6600系列也在本季度推出，在主要零售商的销量一直超过其他GPU。尽管这些产品的价格远高于建议零售价，但与前几个季度相比，即使渠道中有库存也是一个令人耳目一新的变化。</blockquote> It appears likely that AMD shipped $100M to $200M, or more, of additional GPU products in Q3 compared to Q2. The upside here could be substantial – limited only by AMD’s supply chain.<blockquote>与第二季度相比，AMD第三季度的GPU产品出货量可能会增加1亿至2亿美元，甚至更多。这里的上升空间可能是巨大的——仅受到AMD供应链的限制。</blockquote> Console Business Picking Up<blockquote>主机业务回暖</blockquote> It is well known that AMD supplies gaming console chips to two of the largest console customers – Sony(NYSE:SONY)and Microsoft(NASDAQ:MSFT). The second half of the year is seasonally strong for consoles and indications are that both Sony and Microsoft have seen an uptick in console sales in Q3. Furthermore, AMD is also designed into the upcoming portable Steam Deck console. Strong demand from existing customers as well as ramp-up of the new Steam Deck console suggests that AMD could have about $50M of console upside during Q3 compared to Q2 levels.<blockquote>众所周知，AMD向两个最大的游戏机客户——索尼（纽约证券交易所股票代码：SONY）和微软（纳斯达克股票代码：MSFT）供应游戏机芯片。今年下半年游戏机季节性强劲，有迹象表明，索尼和微软在第三季度的游戏机销量都有所上升。此外，AMD还被设计到即将推出的便携式Steam Deck控制台中。现有客户的强劲需求以及新Steam Deck游戏机的增长表明，与第二季度的水平相比，AMD第三季度的游戏机上涨空间可能约为5000万美元。</blockquote> Tying It All Up<blockquote>把一切都绑起来</blockquote> Based on how the quarter has proceeded, it is exceedingly likely that AMD will ship $300M-$400M incremental EPYC revenues in enterprise and datacenter, $100M to $200M incremental revenues in GPUs, and about $50M incremental console sales between the new Steam Deck console, and existing PS5 and Xbox consoles. In other words, AMD could potentially ship between $450M to $650M in incremental revenues compared to Q2.<blockquote>根据本季度的进展情况，AMD极有可能在企业和数据中心领域增加3亿至4亿美元的EPYC收入，在GPU领域增加1亿至2亿美元的收入，以及新的Steam Deck游戏机之间增加约5000万美元的游戏机销售额，以及现有的PS5和Xbox游戏机。换句话说，与第二季度相比，AMD可能会增加4.5亿至6.5亿美元的收入。</blockquote> On a $3.85B Q2 baseline, this suggests revenue potential between $4.3B to $4.5B in revenues as opposed to $4.1B in guidance. As such, it is possible that AMD had much more demand, and ship more, especially on the data center CPU and client GPU fronts. The challenge for AMD is not product demand but if AMD has the supply to meet the demand.<blockquote>在$38.5亿Q2基线上，这表明收入潜力在$43亿至$45亿之间，而指导值为$41亿。因此，AMD的需求可能会更多，出货量也会更多，尤其是在数据中心CPU和客户端GPU方面。AMD面临的挑战不是产品需求，而是AMD是否有供应来满足需求。</blockquote> A nice revenue beat is only half the story. The other half of the story is gross margins. Keen readers may have noticed that much of the incremental Q3 revenue discussed above comes with juicy margins. AMD’s margins on EPYC and MI200 GPU are much higher than the corporate average. Thanks to insatiable crypto demand and elevated GPU prices, GPU margins are also likely to be healthy. Considering the mix involved, Q3 gross margin is likely to be at least 100 basis points above guidance.<blockquote>不错的收入增长只是故事的一半。故事的另一半是毛利率。敏锐的读者可能已经注意到，上面讨论的第三季度增量收入大部分都带有丰厚的利润。AMD在EPYC和MI200 GPU上的利润率远高于企业平均水平。由于永不满足的加密需求和GPU价格上涨，GPU利润率也可能保持健康。考虑到所涉及的组合，第三季度毛利率可能比指导值高出至少100个基点。</blockquote> Guidance For 2022 And Beyond<blockquote>2022年及以后的指导</blockquote> As strong as Q3 likely was, AMD’s strong product offerings for servers, clients, and consoles mean that AMD is likely to continue to grow rapidly – especially in the data center where its products are most advantaged. This will drive strong revenues and strengthen margins for the foreseeable future. Note also that the Xilinx(NASDAQ:XLNX)acquisition is expected to close before the end of the year and all future estimates will have to include Xilinx contributions. And Xilinx’s average margins are much higher than AMD’s and could push up AMD’s combined gross margin by a few hundred basis points. Thanks to organic margin growth and a kicker from Xilinx, AMD should comfortably deliver 50%+ gross margins in 2022. As such, in 2022, it is highly likely that AMD’s gross margins will surpass Intel’s gross margins. If Xilinx acquisition closes before the end of the month, it is possible that AMD’s gross margin could cross Intel’s gross margin in Q4 itself.<blockquote>尽管第三季度可能表现强劲，但AMD针对服务器、客户端和控制台的强大产品意味着AMD可能会继续快速增长，尤其是在其产品最具优势的数据中心。在可预见的未来，这将推动强劲的收入并提高利润率。另请注意，赛灵思（纳斯达克股票代码：XLNX）的收购预计将在今年年底前完成，所有未来的估计都必须包括赛灵思的贡献。赛灵思的平均利润率远高于AMD，可能会将AMD的综合毛利率推高数百个基点。得益于有机利润率的增长和Xilinx的推动，AMD应该会在2022年轻松实现50%以上的毛利率。因此，到2022年，AMD的毛利率很有可能超过英特尔的毛利率。如果Xilinx收购在本月底之前完成，AMD的毛利率可能会在第四季度超过英特尔的毛利率。</blockquote> In summary, AMD is set to deliver a strong beat and raise. AMD is in a period of explosive revenue and gross margin growth, and the Company’s valuation should continue to expand meaningfully going forward.<blockquote>总而言之，AMD将带来强劲的增长。AMD正处于收入和毛利率爆炸性增长时期，未来该公司的估值应该会继续大幅扩张。</blockquote> An earlier, more expansive, version of this article was published to Beyond The Hype subscribers on September 13th when AMD stock was trading below $105.<blockquote>9月13日，当AMD股票交易价格低于105美元时，本文的更早、更广泛的版本发布给Beyond The Hype订阅者。</blockquote>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>AMD Q3 Earnings: Beat And Raise Ahead<blockquote>AMD第三季度收益：超越并提高</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nAMD Q3 Earnings: Beat And Raise Ahead<blockquote>AMD第三季度收益：超越并提高</blockquote>\n</h2>\n<h4 class=\"meta\">\n\nSeeking Alpha2021-10-25 11:30\n\n</h4>\n</header>\n<article>\nSummary<blockquote>总结</blockquote> <ul> <li>With Intel disappointing this earnings season and with red flags on Chromebook demand, how will AMD do this earnings season?</li> <li>The article explains the many tailwinds that AMD is witnessing due to its strong product portfolio and how they may shape Q3 and the future.</li> <li>The article also estimates the impact of huge momentum AMD has in HPC and the impact of some less well known supercomputer wins.</li> </ul> <img src=\"https://static.tigerbbs.com/08c1648ab993b936505e940848901a89\" tg-width=\"1536\" tg-height=\"1024\" width=\"100%\" height=\"auto\">JHVEPhoto/iStock Editorial via Getty Images<blockquote><ul><li>由于英特尔在本财报季令人失望，Chromebook需求出现危险信号，AMD在本财报季将如何表现？</li><li>这篇文章解释了AMD因其强大的产品组合而见证的许多顺风，以及它们可能如何塑造第三季度和未来。</li><li>文章还估计了AMD在HPC领域的巨大势头的影响，以及一些鲜为人知的超级计算机胜利的影响。</li></ul>JHVEPhoto/iStock社论来自Getty Images</blockquote> Intel(NASDAQ:INTC)&nbsp;disappointed investors with its Q3 results and guidance as&nbsp;forecasted. After Intel results, especially the&nbsp;Chromebook meltdown&nbsp;hat many investors seem to not have noticed, the investment community may be wondering if Advanced Micro Devices(NASDAQ:AMD)&nbsp;will also disappoint. It is a reasonable concern given the worries about the COVID demand peak and the end of the semiconductor cycle.<blockquote>英特尔（纳斯达克股票代码：INTC）第三季度业绩和指引的预期令投资者失望。在英特尔业绩公布后，尤其是许多投资者似乎没有注意到的Chromebook崩溃，投资界可能想知道Advanced Micro Devices（纳斯达克股票代码：AMD）是否也会令人失望。考虑到对新冠疫情需求高峰和半导体周期结束的担忧，这是一个合理的担忧。</blockquote> On the contrary, AMD management has been telegraphing a strong H2 and 2022 for a while now. As such, during the Q2 earnings call, and in subsequent investor events, AMD management has guided that the Company is growing in H2 in all key segments including datacenter CPU, client CPU, GPU, and Consoles.<blockquote>相反，AMD管理层一段时间以来一直在预测下半年和2022年会表现强劲。因此，在第二季度财报看涨期权以及随后的投资者活动中，AMD管理层表示，该公司下半年在所有关键领域都在增长，包括数据中心CPU、客户端CPU、GPU和控制台。</blockquote> After reviewing Q3 customer and channel developments as well as the upcoming product releases,Beyond the Hype&nbsp;assesses that AMD is operating at a different level than Intel and, unlike its peer, is likely to deliver a solid beat and provide for strong guidance.<blockquote>在回顾了第三季度客户和渠道发展以及即将发布的产品之后，超越炒作评估认为AMD的运营水平与英特尔不同，并且与同行不同，AMD可能会提供稳健的表现并提供强有力的指导。</blockquote> Data Center Business Is Booming<blockquote>数据中心业务蓬勃发展</blockquote> AMD’s earning highlight for Q3, by a wide margin, is likely to be its data center business.Beyond The Hypeestimates that the growth in this highly desirable segment in Q3 will be spectacular. Intel results apart, indications are that cloud service provider demand was very strong during the quarter. Intel’s weakness with cloud SPs seems to be stemming mainly from AMD taking market share, especially with large core devices where Intel has no good alternatives to offer. Outside of cloud service providers, AMD management has guided for, and reiterated, strong corporate demand in Q3 – strong corporate demand has also been validated by Intel, Micron(NASDAQ:MU), and others during their respective earnings calls.<blockquote>AMD第三季度的盈利亮点很可能是其数据中心业务。超越炒作据估计，第三季度这一非常受欢迎的细分市场的增长将非常惊人。除了英特尔的业绩之外，有迹象表明本季度云服务提供商的需求非常强劲。英特尔在云SP方面的弱点似乎主要源于AMD抢占市场份额，特别是在英特尔没有好的替代品的大型核心设备方面。除了云服务提供商之外，AMD管理层还指导并重申了第三季度强劲的企业需求——英特尔、美光科技（纳斯达克股票代码：MU）和其他公司在各自的盈利评级上也验证了强劲的企业需求。</blockquote> In addition to cloud SP and corporate servers, there is a powerful High-Performance Computing, or HPC, dynamic at play at AMD that most market observers have not caught on. Unbeknownst to many, AMD is now dominating the HPC design win scene and taking serious market share from Intel and Nvidia(NASDAQ:NVDA). While NVDA’s GPU and accelerators continue to do well in AI, AMD is now becoming a major threat in the HPC accelerator business. Preliminary leaks suggest that AMD’s MI200 accelerator, which is set to be announced soon, is likely to beat Nvidia alternatives in many HPC applications. Note that MI200 is not vaporware or some futuristic pie-in-the-sky product. Management has already let it be known that AMD has shipped a small volume of MI200 GPU accelerators in Q2. These were likely shipped to the Frontier supercomputer project and other similar HPC applications.<blockquote>除了云SP和企业服务器之外，AMD还有一种强大的高性能计算(HPC)动态，但大多数市场观察家尚未了解。许多人不知道的是，AMD现在在HPC设计领域占据主导地位，并从英特尔和英伟达（纳斯达克：NVDA）手中夺取了大量市场份额。虽然NVDA的GPU和加速器在AI领域继续表现出色，但AMD现在正在成为HPC加速器业务的主要威胁。初步泄露表明，AMD即将发布的MI200加速器很可能会在许多HPC应用中击败Nvidia的替代品。请注意，MI200不是vaporware或一些未来派的天上掉馅饼产品。管理层已经宣布AMD在第二季度出货了少量MI200 GPU加速器。这些很可能被运送到前沿超级计算机项目和其他类似的HPC应用程序。</blockquote> A few next-generation Trento EPYC chips, optimized for HPC applications, are also being shipped with the MI200 GPUs to these same customers. Like MI200, Trento EPYC is unreleased, and not much is known about its performance. But that will not stop the Company from realizing revenues from this product during the quarter. Management commentary to date, as well as Frontier PR so far indicates that the system will be largely built out by the end of 2021. Furthermore, AMD will also be recognizing revenues for silicon and services into 2 more HPC systems in H2 - LUMI and Pawsey. Between these three projects, it seems reasonable to assume that AMD will record about $300M in revenues in Q3, another $300M in Q4, and another couple of hundred million in H1 2022. While these HPC volumes, especially from large supercomputers like Frontier, are lumpy, AMD will deliver strong revenues from this segment in 2021 and 2022. HPC should contribute meaningfully to AMD datacenter growth in Q3 and beyond.<blockquote>一些针对HPC应用进行了优化的下一代Trento EPYC芯片也与MI200 GPU一起交付给这些客户。与MI200一样，Trento EPYC尚未发布，人们对其性能知之甚少。但这不会阻止该公司在本季度实现该产品的收入。迄今为止的管理层评论以及Frontier PR表明，该系统将于2021年底基本建成。此外，AMD还将确认H2另外两个HPC系统（米露和波西）的硅和服务收入。在这三个项目之间，似乎有理由假设AMD将在第三季度实现约3亿美元的收入，在第四季度再实现3亿美元的收入，在2022年上半年再实现数亿美元的收入。虽然这些HPC量，尤其是来自Frontier等大型超级计算机的HPC量不稳定，但AMD将在2021年和2022年从这一领域带来强劲的收入。HPC应该会在第三季度及以后为AMD数据中心的增长做出有意义的贡献。</blockquote> All these items are pointing to substantial share gains for AMD in the data center CPU and GPUs fronts in Q2.Beyond The Hypeestimates that, in Q3, AMD grew data center CPU market share by at least 200 basis points and data center GPU market share by at least 300 basis points. This likely contributed to an incremental $300M to $400M or more data center demand for AMD from Q2 levels.<blockquote>所有这些都表明AMD在第二季度数据中心CPU和GPU领域的份额将大幅增长。超越炒作据估计，第三季度AMD的数据中心CPU市场份额增长了至少200个基点，数据中心GPU市场份额增长了至少300个基点。这可能导致AMD的数据中心需求较第二季度增加3亿至4亿美元或更多。</blockquote> Ryzen X86 Laptops Continue To Ramp But Chromebooks Are A Headwind<blockquote>Ryzen X86笔记本电脑继续增长，但Chromebook是一个阻力</blockquote> One of the key drivers of AMD’s growth during H1 was the company’s Ryzen laptop product line. Management has claimed that its new 5000 series products have garnered 150+ designs which are expected to ramp throughout the year. Management guidance suggests that laptops will continue to ramp in Q3. Checks show companies such as Lenovo continuing to introduce new products steadily. On the flip side, Chromebook sales have plummeted in the quarter. Although Intel has much of the Chromebook business, it is reasonable to expect that AMD too would have seen some softness on this front during the quarter. The high-end Ryzen laptop ramp may be offset somewhat by the slowdown in Chromebooks, and it is possible that there may not be significant revenue upside on the laptop revenue front in Q3.<blockquote>AMD上半年增长的关键驱动力之一是该公司的Ryzen笔记本电脑产品线。管理层声称，其新的5000系列产品已获得150多种设计，预计全年将增加。管理层指导表明，笔记本电脑将在第三季度继续增长。检查显示，联想等公司继续稳步推出新产品。另一方面，Chromebook的销量在本季度直线下降。尽管英特尔拥有大部分Chromebook业务，但有理由预计AMD在本季度也会在这方面出现一些疲软。高端锐龙笔记本电脑的增长可能会在一定程度上被Chromebooks的放缓所抵消，并且第三季度笔记本电脑收入方面可能不会有显着的收入增长。</blockquote> Nevertheless,Beyond The Hype&nbsp;predicts that AMD gained at least 400 basis point market share in the laptop CPU segment in Q3.<blockquote>然而，超越炒作预测AMD在第三季度在笔记本电脑CPU领域获得了至少400个基点的市场份额。</blockquote> GPU Sales Up Strongly In Q3<blockquote>第三季度GPU销量强劲增长</blockquote> After several quarters of having severe constraints on GPU supply, AMD was able to ship a decent volume of existing and new GPUs in the quarter. At the end of the quarter, in addition to increasing gaming laptops, channel checks suggested that several of Radeon 6000 series GPUs were available in the retail channel. The 6600 series, catering to low-end gaming, was also launched in the quarter and has been outselling other GPUs at key retailers. Although these were priced well over MSRP, even having stock in the channel is a refreshing change from prior quarters.<blockquote>经过几个季度GPU供应受到严重限制后，AMD在本季度能够出货相当数量的现有和新GPU。在本季度末，除了增加游戏笔记本电脑外，渠道检查表明，零售渠道中有几款Radeon 6000系列GPU。迎合低端游戏的6600系列也在本季度推出，在主要零售商的销量一直超过其他GPU。尽管这些产品的价格远高于建议零售价，但与前几个季度相比，即使渠道中有库存也是一个令人耳目一新的变化。</blockquote> It appears likely that AMD shipped $100M to $200M, or more, of additional GPU products in Q3 compared to Q2. The upside here could be substantial – limited only by AMD’s supply chain.<blockquote>与第二季度相比，AMD第三季度的GPU产品出货量可能会增加1亿至2亿美元，甚至更多。这里的上升空间可能是巨大的——仅受到AMD供应链的限制。</blockquote> Console Business Picking Up<blockquote>主机业务回暖</blockquote> It is well known that AMD supplies gaming console chips to two of the largest console customers – Sony(NYSE:SONY)and Microsoft(NASDAQ:MSFT). The second half of the year is seasonally strong for consoles and indications are that both Sony and Microsoft have seen an uptick in console sales in Q3. Furthermore, AMD is also designed into the upcoming portable Steam Deck console. Strong demand from existing customers as well as ramp-up of the new Steam Deck console suggests that AMD could have about $50M of console upside during Q3 compared to Q2 levels.<blockquote>众所周知，AMD向两个最大的游戏机客户——索尼（纽约证券交易所股票代码：SONY）和微软（纳斯达克股票代码：MSFT）供应游戏机芯片。今年下半年游戏机季节性强劲，有迹象表明，索尼和微软在第三季度的游戏机销量都有所上升。此外，AMD还被设计到即将推出的便携式Steam Deck控制台中。现有客户的强劲需求以及新Steam Deck游戏机的增长表明，与第二季度的水平相比，AMD第三季度的游戏机上涨空间可能约为5000万美元。</blockquote> Tying It All Up<blockquote>把一切都绑起来</blockquote> Based on how the quarter has proceeded, it is exceedingly likely that AMD will ship $300M-$400M incremental EPYC revenues in enterprise and datacenter, $100M to $200M incremental revenues in GPUs, and about $50M incremental console sales between the new Steam Deck console, and existing PS5 and Xbox consoles. In other words, AMD could potentially ship between $450M to $650M in incremental revenues compared to Q2.<blockquote>根据本季度的进展情况，AMD极有可能在企业和数据中心领域增加3亿至4亿美元的EPYC收入，在GPU领域增加1亿至2亿美元的收入，以及新的Steam Deck游戏机之间增加约5000万美元的游戏机销售额，以及现有的PS5和Xbox游戏机。换句话说，与第二季度相比，AMD可能会增加4.5亿至6.5亿美元的收入。</blockquote> On a $3.85B Q2 baseline, this suggests revenue potential between $4.3B to $4.5B in revenues as opposed to $4.1B in guidance. As such, it is possible that AMD had much more demand, and ship more, especially on the data center CPU and client GPU fronts. The challenge for AMD is not product demand but if AMD has the supply to meet the demand.<blockquote>在$38.5亿Q2基线上，这表明收入潜力在$43亿至$45亿之间，而指导值为$41亿。因此，AMD的需求可能会更多，出货量也会更多，尤其是在数据中心CPU和客户端GPU方面。AMD面临的挑战不是产品需求，而是AMD是否有供应来满足需求。</blockquote> A nice revenue beat is only half the story. The other half of the story is gross margins. Keen readers may have noticed that much of the incremental Q3 revenue discussed above comes with juicy margins. AMD’s margins on EPYC and MI200 GPU are much higher than the corporate average. Thanks to insatiable crypto demand and elevated GPU prices, GPU margins are also likely to be healthy. Considering the mix involved, Q3 gross margin is likely to be at least 100 basis points above guidance.<blockquote>不错的收入增长只是故事的一半。故事的另一半是毛利率。敏锐的读者可能已经注意到，上面讨论的第三季度增量收入大部分都带有丰厚的利润。AMD在EPYC和MI200 GPU上的利润率远高于企业平均水平。由于永不满足的加密需求和GPU价格上涨，GPU利润率也可能保持健康。考虑到所涉及的组合，第三季度毛利率可能比指导值高出至少100个基点。</blockquote> Guidance For 2022 And Beyond<blockquote>2022年及以后的指导</blockquote> As strong as Q3 likely was, AMD’s strong product offerings for servers, clients, and consoles mean that AMD is likely to continue to grow rapidly – especially in the data center where its products are most advantaged. This will drive strong revenues and strengthen margins for the foreseeable future. Note also that the Xilinx(NASDAQ:XLNX)acquisition is expected to close before the end of the year and all future estimates will have to include Xilinx contributions. And Xilinx’s average margins are much higher than AMD’s and could push up AMD’s combined gross margin by a few hundred basis points. Thanks to organic margin growth and a kicker from Xilinx, AMD should comfortably deliver 50%+ gross margins in 2022. As such, in 2022, it is highly likely that AMD’s gross margins will surpass Intel’s gross margins. If Xilinx acquisition closes before the end of the month, it is possible that AMD’s gross margin could cross Intel’s gross margin in Q4 itself.<blockquote>尽管第三季度可能表现强劲，但AMD针对服务器、客户端和控制台的强大产品意味着AMD可能会继续快速增长，尤其是在其产品最具优势的数据中心。在可预见的未来，这将推动强劲的收入并提高利润率。另请注意，赛灵思（纳斯达克股票代码：XLNX）的收购预计将在今年年底前完成，所有未来的估计都必须包括赛灵思的贡献。赛灵思的平均利润率远高于AMD，可能会将AMD的综合毛利率推高数百个基点。得益于有机利润率的增长和Xilinx的推动，AMD应该会在2022年轻松实现50%以上的毛利率。因此，到2022年，AMD的毛利率很有可能超过英特尔的毛利率。如果Xilinx收购在本月底之前完成，AMD的毛利率可能会在第四季度超过英特尔的毛利率。</blockquote> In summary, AMD is set to deliver a strong beat and raise. AMD is in a period of explosive revenue and gross margin growth, and the Company’s valuation should continue to expand meaningfully going forward.<blockquote>总而言之，AMD将带来强劲的增长。AMD正处于收入和毛利率爆炸性增长时期，未来该公司的估值应该会继续大幅扩张。</blockquote> An earlier, more expansive, version of this article was published to Beyond The Hype subscribers on September 13th when AMD stock was trading below $105.<blockquote>9月13日，当AMD股票交易价格低于105美元时，本文的更早、更广泛的版本发布给Beyond The Hype订阅者。</blockquote>\n<div class=\"bt-text\">\n\n\n 来源：<a href=\"https://seekingalpha.com/article/4461703-amd-q3-earnings-beat-and-raise-ahead\">Seeking Alpha</a>\n为提升您的阅读体验，我们对本页面进行了排版优化\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"AMD":"美国超微公司"},"source_url":"https://seekingalpha.com/article/4461703-amd-q3-earnings-beat-and-raise-ahead","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1149530520","content_text":"Summary\n\nWith Intel disappointing this earnings season and with red flags on Chromebook demand, how will AMD do this earnings season?\nThe article explains the many tailwinds that AMD is witnessing due to its strong product portfolio and how they may shape Q3 and the future.\nThe article also estimates the impact of huge momentum AMD has in HPC and the impact of some less well known supercomputer wins.\n\nJHVEPhoto/iStock Editorial via Getty Images\nIntel(NASDAQ:INTC) disappointed investors with its Q3 results and guidance as forecasted. After Intel results, especially the Chromebook meltdown hat many investors seem to not have noticed, the investment community may be wondering if Advanced Micro Devices(NASDAQ:AMD) will also disappoint. It is a reasonable concern given the worries about the COVID demand peak and the end of the semiconductor cycle.\nOn the contrary, AMD management has been telegraphing a strong H2 and 2022 for a while now. As such, during the Q2 earnings call, and in subsequent investor events, AMD management has guided that the Company is growing in H2 in all key segments including datacenter CPU, client CPU, GPU, and Consoles.\nAfter reviewing Q3 customer and channel developments as well as the upcoming product releases,Beyond the Hype assesses that AMD is operating at a different level than Intel and, unlike its peer, is likely to deliver a solid beat and provide for strong guidance.\nData Center Business Is Booming\nAMD’s earning highlight for Q3, by a wide margin, is likely to be its data center business.Beyond The Hypeestimates that the growth in this highly desirable segment in Q3 will be spectacular. Intel results apart, indications are that cloud service provider demand was very strong during the quarter. Intel’s weakness with cloud SPs seems to be stemming mainly from AMD taking market share, especially with large core devices where Intel has no good alternatives to offer. Outside of cloud service providers, AMD management has guided for, and reiterated, strong corporate demand in Q3 – strong corporate demand has also been validated by Intel, Micron(NASDAQ:MU), and others during their respective earnings calls.\nIn addition to cloud SP and corporate servers, there is a powerful High-Performance Computing, or HPC, dynamic at play at AMD that most market observers have not caught on. Unbeknownst to many, AMD is now dominating the HPC design win scene and taking serious market share from Intel and Nvidia(NASDAQ:NVDA). While NVDA’s GPU and accelerators continue to do well in AI, AMD is now becoming a major threat in the HPC accelerator business. Preliminary leaks suggest that AMD’s MI200 accelerator, which is set to be announced soon, is likely to beat Nvidia alternatives in many HPC applications. Note that MI200 is not vaporware or some futuristic pie-in-the-sky product. Management has already let it be known that AMD has shipped a small volume of MI200 GPU accelerators in Q2. These were likely shipped to the Frontier supercomputer project and other similar HPC applications.\nA few next-generation Trento EPYC chips, optimized for HPC applications, are also being shipped with the MI200 GPUs to these same customers. Like MI200, Trento EPYC is unreleased, and not much is known about its performance. But that will not stop the Company from realizing revenues from this product during the quarter. Management commentary to date, as well as Frontier PR so far indicates that the system will be largely built out by the end of 2021. Furthermore, AMD will also be recognizing revenues for silicon and services into 2 more HPC systems in H2 - LUMI and Pawsey. Between these three projects, it seems reasonable to assume that AMD will record about $300M in revenues in Q3, another $300M in Q4, and another couple of hundred million in H1 2022. While these HPC volumes, especially from large supercomputers like Frontier, are lumpy, AMD will deliver strong revenues from this segment in 2021 and 2022. HPC should contribute meaningfully to AMD datacenter growth in Q3 and beyond.\nAll these items are pointing to substantial share gains for AMD in the data center CPU and GPUs fronts in Q2.Beyond The Hypeestimates that, in Q3, AMD grew data center CPU market share by at least 200 basis points and data center GPU market share by at least 300 basis points. This likely contributed to an incremental $300M to $400M or more data center demand for AMD from Q2 levels.\nRyzen X86 Laptops Continue To Ramp But Chromebooks Are A Headwind\nOne of the key drivers of AMD’s growth during H1 was the company’s Ryzen laptop product line. Management has claimed that its new 5000 series products have garnered 150+ designs which are expected to ramp throughout the year. Management guidance suggests that laptops will continue to ramp in Q3. Checks show companies such as Lenovo continuing to introduce new products steadily. On the flip side, Chromebook sales have plummeted in the quarter. Although Intel has much of the Chromebook business, it is reasonable to expect that AMD too would have seen some softness on this front during the quarter. The high-end Ryzen laptop ramp may be offset somewhat by the slowdown in Chromebooks, and it is possible that there may not be significant revenue upside on the laptop revenue front in Q3.\nNevertheless,Beyond The Hype predicts that AMD gained at least 400 basis point market share in the laptop CPU segment in Q3.\nGPU Sales Up Strongly In Q3\nAfter several quarters of having severe constraints on GPU supply, AMD was able to ship a decent volume of existing and new GPUs in the quarter. At the end of the quarter, in addition to increasing gaming laptops, channel checks suggested that several of Radeon 6000 series GPUs were available in the retail channel. The 6600 series, catering to low-end gaming, was also launched in the quarter and has been outselling other GPUs at key retailers. Although these were priced well over MSRP, even having stock in the channel is a refreshing change from prior quarters.\nIt appears likely that AMD shipped $100M to $200M, or more, of additional GPU products in Q3 compared to Q2. The upside here could be substantial – limited only by AMD’s supply chain.\nConsole Business Picking Up\nIt is well known that AMD supplies gaming console chips to two of the largest console customers – Sony(NYSE:SONY)and Microsoft(NASDAQ:MSFT). The second half of the year is seasonally strong for consoles and indications are that both Sony and Microsoft have seen an uptick in console sales in Q3. Furthermore, AMD is also designed into the upcoming portable Steam Deck console. Strong demand from existing customers as well as ramp-up of the new Steam Deck console suggests that AMD could have about $50M of console upside during Q3 compared to Q2 levels.\nTying It All Up\nBased on how the quarter has proceeded, it is exceedingly likely that AMD will ship $300M-$400M incremental EPYC revenues in enterprise and datacenter, $100M to $200M incremental revenues in GPUs, and about $50M incremental console sales between the new Steam Deck console, and existing PS5 and Xbox consoles. In other words, AMD could potentially ship between $450M to $650M in incremental revenues compared to Q2.\nOn a $3.85B Q2 baseline, this suggests revenue potential between $4.3B to $4.5B in revenues as opposed to $4.1B in guidance. As such, it is possible that AMD had much more demand, and ship more, especially on the data center CPU and client GPU fronts. The challenge for AMD is not product demand but if AMD has the supply to meet the demand.\nA nice revenue beat is only half the story. The other half of the story is gross margins. Keen readers may have noticed that much of the incremental Q3 revenue discussed above comes with juicy margins. AMD’s margins on EPYC and MI200 GPU are much higher than the corporate average. Thanks to insatiable crypto demand and elevated GPU prices, GPU margins are also likely to be healthy. Considering the mix involved, Q3 gross margin is likely to be at least 100 basis points above guidance.\nGuidance For 2022 And Beyond\nAs strong as Q3 likely was, AMD’s strong product offerings for servers, clients, and consoles mean that AMD is likely to continue to grow rapidly – especially in the data center where its products are most advantaged. This will drive strong revenues and strengthen margins for the foreseeable future. Note also that the Xilinx(NASDAQ:XLNX)acquisition is expected to close before the end of the year and all future estimates will have to include Xilinx contributions. And Xilinx’s average margins are much higher than AMD’s and could push up AMD’s combined gross margin by a few hundred basis points. Thanks to organic margin growth and a kicker from Xilinx, AMD should comfortably deliver 50%+ gross margins in 2022. As such, in 2022, it is highly likely that AMD’s gross margins will surpass Intel’s gross margins. If Xilinx acquisition closes before the end of the month, it is possible that AMD’s gross margin could cross Intel’s gross margin in Q4 itself.\nIn summary, AMD is set to deliver a strong beat and raise. AMD is in a period of explosive revenue and gross margin growth, and the Company’s valuation should continue to expand meaningfully going forward.\nAn earlier, more expansive, version of this article was published to Beyond The Hype subscribers on September 13th when AMD stock was trading below $105.","news_type":1,"symbols_score_info":{"AMD":0.9}},"isVote":1,"tweetType":1,"viewCount":2572,"commentLimit":10,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"symbols":[],"verified":2,"subType":0,"readableState":1,"langContent":"CN","currentLanguage":"CN","warmUpFlag":false,"orderFlag":false,"shareable":true,"causeOfNotShareable":"","featuresForAnalytics":[],"commentAndTweetFlag":false,"andRepostAutoSelectedFlag":false,"upFlag":false,"length":6,"xxTargetLangEnum":"ZH_CN"},"commentList":[],"hasMoreComment":false,"orderType":2}

AMD Q3 Earnings: Beat And Raise Ahead<blockquote>AMD第三季度收益：超越并提高</blockquote>

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