Advanced Micro Devices, Inc. (AMD) Earnings Call Transcript & Summary

I love it. Thank you, Matt.

Thanks, Lisa. Thank you.

Okay. Lots of systems will be out there. But now let's move into desktops. And I know a few of you may be waiting for some desktop chips a bit perhaps, right? Yes, no, maybe. So one of the biggest recent innovations in gaming PCs has been our introduction of 3D V-Cache memory technology in our Ryzen 5800X3D CPUs last year. What we did is we use 3D packaging to stack memory on top of CPUs to deliver substantially more performance in gaming. When Ryzen 5800X3D launched, it launched as the world's fastest gaming processor. And tonight, I'm very excited to announce that we are now bringing 3D V-Cache technology to our Ryzen 7000 processors. The Ryzen 7 7800X3D is 8 cores, 16 threads, up to 5 gigahertz frequency and 104 megabytes of cache, which more than doubles the cache compared to the Ryzen 7700X non-X3D version. And these larger caches are important, especially in gaming. Now let's take a look at some of this performance. The 7800X3D delivers, on average, 15% more performance than the 5800X3D across popular games. Is that okay? But guys, as great as the 7800X3D is, I've had a lot of our fans asking me for even higher-end options. So for tonight, I'm very happy to announce that we're also bringing 3D V-Cache technology to 12- and 16-core Ryzen 7000 processors. We've been working hard on this. The Ryzen 9 7950X3D is our first 16-core Ryzen processor with V-Cache Technology and our fastest 3D stack chip ever. It features 16 high-performance CPU cores, boost speeds up to 5.7 gigahertz and a huge 144-megabyte cache. So let's take a look at some of this performance. In 1080P gaming performance versus the competition, you can see that the 7950X3D is faster across a wide range of games consistently delivering much higher frames per second, which makes this the ultimate processor for gamers and creators. So when you think about processors, you also need great games. And what I'd like to show you now is one of the most anticipated new games of 2023, Star Wars Jedi: Survivor from our friends at [indiscernible]. This title has actually been developed on Ryzen, and it's been optimized for Ryzen processors. So let's take a look at some gameplay footage. [Presentation]

It looks great, doesn't it? So I'm very excited to announce that we will be bundling the game with our select Ryzen 7000 Series CPUs starting later this month. And when I look at all of these things, what I'm very happy to say is we're going to have an incredible portfolio for you with Ryzen desktop processors. The new 7800, 7900 and 7950 X3D parts will launch in February, and we are also launching new low-power 65-watt Ryzen 7000 processors and an expanded portfolio of entry-level AM5 motherboards that will make Ryzen the best CPU at every price point in the desktop market. So let's switch gears now and transition to a very different world where tech is making a huge difference. This is the world of adaptive computing. [Presentation]

So last year, we acquired Xilinx, which gave us leadership in a whole new set of technologies and a whole new set of markets. Adaptive computing solutions are unique in that the hardware can be changed and optimized multiple times to perform whichever task you need. And this allows a chip to be adopted for optimal performance for a specific application, or actually changed on the fly to add new features. We are very proud to be #1 in adaptive computing with 10 of the top auto manufacturers, 6 of the top 7 5G wireless equipment manufacturers and more than 6,000 different customers across health care, aerospace, industrial and other embedded markets that are using our products. Let's start with health care. This is actually something that's very personal for me. I believe that technology should do good and there's nothing more important than using technology to improve our health care. And this is being used in a number of areas. So to help us understand more about this. Let's welcome a true expert in this field and one of our deepest health care partners, Bob DeSantis, EVP and Chief Product Officer at Intuitive Surgical. Thank you, Bob. Welcome. Thank you so much for being here.

Well, it's exciting to be here. Thank you, Lisa.

I would say that there's so much we have to learn about what technology can do in health care. So can you tell us a little bit about what Intuitive does and what it means to health care?

Absolutely. So Intuitive was founded on a vision that surgery could be improved by leveraging advanced processing and electromechanical systems, i.e., robotics. So we really work at the intersection of health care and technology to enable surgeons to ultimately help patients. And the da Vinci surgical platform, the da Vinci Surgical System, is the realization of that vision. And just some numbers to give you a perspective for kind of the scope and the impact that Da Vinci is having. To date, over 11 million patients have benefited from having a surgical procedure performed on the da Vinci platform. Every day, every 18 seconds every day right now, somewhere around the globe, a patient is having another da Vinci procedure. So that means that in our short time here on stage, about another 12 patients will benefit from the da Vinci surgical platform. To give you a feel for how the platform actually works, I'd like to show you a video, and the video contains some stories from 2 of our most important customer categories: one, a surgeon and also the patient. And this patient happens to also be an employee. In the video, we'll see 3 of our surgical platforms. The first is called single port because all the instrumentation goes into the body through a single access point about the size of a quarter. The second is called the Ion platform -- and the ion makes no incisions at all. It goes through a natural orifice, this one goes through the mouth through the trachea. And the last is called multiport; multiple arms, multiple incisions, small incisions that go into the body. And that right now is really the bulk of our procedures right now. Multiport does a variety of procedures from the pelvis to the abdomen to the thoracic cavity. So let's take a look at the video. [Presentation]

That is truly wonderful. It is great to see how Intuitive is really improving the surgical process and helping the lives of so many patients every day. Can you talk a little bit about how AMD technology participates?

AMD is critical for us. Our engineering teams are focused on developing systems that, again, enable surgeons to obtain better outcomes, improving and sometimes saving lives. AMD's adaptive computing technology is a key component in achieving this for us. We worked very closely together to integrate your adaptive technology, handling multiple real-time functions concurrently with real-time compute and with low latency is key, which is why we use adaptive SoCs to power the precise motion control of the arms, the visualization, processing and augmentation and the safety mechanisms of our platform. And when it comes to surgery and especially robotic surgery, motion control, visualization and safety mechanisms are essential. Having a multigenerational, scalable and reasonable compute platform helps Intuitive integrate the same parts across multiple product platforms by programming, adapting them to suit our needs.

I love it. Now one of the things I found so interesting, Bob, was that Intuitive Technology can also help reduce the time to diagnose disease and really help patients get answers more quickly. So can you talk a little bit about this?

Absolutely. And I'll use lung cancer as an example. Due to current limitations with diagnosing lung cancer, it can take sometimes months, even years to get a definitive diagnosis and treatment. Our Ion platform, again, a robotically driven bronchoscopic catheter enables access deep inside the lung that wasn't previously possible. That helps physicians to get a biopsy and potentially diagnose lung cancer sooner, which can lead to earlier treatment. And as you can see from the graphic, these are 2 patients with a suspicious lung lesion that have gone through 2 different patient journeys. The one with the robotic approach allows a diagnosis and a treatment much sooner. And when it comes to lung cancer, time really matters.

We are so proud of our partnership and the role that adaptive computing plays to do things like this. Bob, I'm asking everyone. As you look out over the next few years, how are you thinking the future evolves and the role of AI in your products?

With everything we're doing with our platforms today, we really believe we're at the tip of the iceberg -- we currently have AI and AR integrated into our ecosystem and into our platform. We are further developing it, using it to enable surgeons to develop more efficient techniques to provide better, safer surgery. So safer surgery, whether it's planning before the surgery, during the surgery intraoperatively, the imaging, the planning, the stage, the adjunct of AR, AI is really helping us bring the future forward.

Sounds like our engineers are going to be pretty busy over the next few years. Bob. Thank you so much for the incredible partnership. We're truly honored to be your partner.

Thank you.

So medical imaging is another area where AMD technology is dramatically improving patient care, whether it's CT scans or ultrasound, our adaptive SoCs and FPGAs are used to create high-resolution scans in real time to diagnose medical conditions as early as possible. And tonight, we are announcing new Vitis medical imaging libraries that will make it even easier for medical device manufacturers to offer high-resolution imaging at 1,000 frames per second or more. Now let's hear from another partner who's using our technology, Clarius to transform access to health care in remote areas. [Presentation]

Those are great stories. And I'd like to talk about another one, which is also a very interesting area. There's a lot of talk these days about the metaverse, whether you're talking about virtual or augmented reality. But what really excites me most are applications that really help make our lives better. And we are seeing some amazing innovation in the operating room. Magic Leap is a true leader in AR and a longtime AMD partner. So to talk more about how AR is advancing health care. Let me welcome CEO, Peggy Johnson to the stage. Welcome, Peggy. It's so wonderful to have you here.

Thank you. Thanks for having me.

It's so much excitement. A lot of discussion around AR, VR, the metaverse. Talk a little bit about how Magic Leap sees the market?

Yes. It is such an exciting time to be working in this field right now because the progress being made in augmented reality is accelerating, businesses are beginning to really understand the value this technology can deliver today. And let me start by saying that augmented reality and virtual reality are 2 very different technologies with very different capabilities and use cases. Virtual reality is great for things like gaming, entertainment and providing you with a total escape from your physical world. Augmented reality is the merging of your physical world with your digital world. And you still see your physical world as it is, but we merge digital content into your field of view. So with highly immersive augmented reality, like that enabled by Magic Leap 2, that digital content can now become a digital twin of a factory or 3D visualization of the data or even a surgical plan where you can overlay on the patient a guide for the surgeon to operate. So it can also connect you with a remote expert who can guide you through perhaps a complicated procedure and even annotate your physical space from afar from anywhere in the world really using Magic Leap 2 or even a laptop.

Well, it's fascinating technology. And I know we've been working on it together for a number of years. Congratulations on the launch of Magic Leap 2. Can you tell us a little bit more about what makes Magic Leap 2 so special?

Yes. So a couple of things. First is Magic Leap 2's optical stack. That's the thing that enables this industry-leading image quality, when you put the headset on, the text legibility is very, very clear. There's a large field of view to put that digital content in front of. And then we have a first-to-market feature called dynamic dimming. That is a capability, which allows you to darken the area behind the digital content so it appears even more solid in brightly lit settings like an operating room, it's really needed in there. And then to power these capabilities, we needed a high-performance processor. There's a lot going on here, and there's -- it needed to be capable of driving experiences and use cases that our customers needed. And because of AMD's leadership in Zen Cores and Radeon graphics, we partnered with your team to define a custom processor for Magic Leap 2. And we also developed a custom computer vision and AI processing engine that's been a key component to how Magic Leap 2 maps and then understands that physical world. And our collaboration with AMD has resulted in the industry's most advanced augmented reality platform for enterprise. So thank you for that.

Thank you. Thank you. What I love about this again is this is back to the model of you have to optimize silicon system and software together to get the best result. Now health care is clearly one of the most promising areas for AR. So -- and I know you're very active in it with lots of partners. So can you talk about how customers are using Magic Leap?

Yes. And you're right. Today, health care probably has some of the most advanced AR use cases and they actually generate today positive outcomes for patients and for doctors. So think of surgical planning and 3D visualizations of MRIs that can help a practitioner get a better understanding of the patient's anatomy before surgery and even guide them through an operation, and we've got a really great partner in SentiAR. They've developed the solution that connects physicians to live clinical data and the image of those on the Magic Leap 2 platform and certain procedures, physicians have to actually guide a catheter through the blood vessels of the heart and they do that now while looking at a 2D screen in front of them. But with SentiAR, the physician is able to see the 3D map of the patient's heart in front of their eyes and the location of the catheter all in real time. So this is absolutely game-changing for the industry, and it's a use case that's really only possible with augmented reality.

It's amazing technology really. So what's next for Magic Leap 2?

Okay. Well, I'm excited to announce that we are now what's called 60601 certified, and that means we are approved to take into the operating room, the surgeon can wear it in. And we're currently the only AR device with this certification in place. In fact, the SentiAR solution is now under that standard review by the FDA, and we hope to see their software on our platform a little bit later this year in the market.

It's fantastic, fantastic. It's clear that there's tremendous potential in health care. Now I know you're also looking at a number of other use cases. What's next for this industry?

So the industry, first, we really need to focus on growing the content ecosystem that sits on top of the platform like Magic Leap 2, and that will bring more and more utility to devices like this. And then we need to make it smaller. We want to have just [ class this ] format at some point. But to do that, we need to offload a lot of the compute to cloud instances like those powered by EPYC CPUs. Pervasive AI will also play a big part by maximizing the value of the data that Magic Leap 2 can process, so it can turn into actionable insights for the user. And it goes without saying that all of this will require very close collaboration with the industry.

I think, Peggy, again, our engineers love working with your team because it really is about collaboration and doing something that you might have thought was impossible. So we're very proud to partner with you. Congratulations on Magic Leap 2, and we look forward to making this next era of computing a reality.

Thank you, Lisa. Thanks for having me.

So it's not just on our planet where we're seeing the profound impact of high-performance and adaptive computing, AMD has also been a trusted partner in aerospace for decades, and we continue to work with the industry that innovates beyond boundaries of our planet. AMD solutions have been part of many recent space missions from Mars curiosity and perseverance, to the recently launched Artemis moon Mission. We've also been working with commercial partners in adaptive computing for space travel as well as for communications. To hear more about how AMD technology is helping to power the future of space exploration, I'm pleased to welcome a former NASA astronaut and Air Force colonel with more than 180 days in space. She was part of 2 space shuttle missions and led a 6-month expedition to the International Space Station, where she served as the lead Robotics and Science Officer. Please welcome Dr. Cady Coleman to the stage. Cady, it is such an honor to have you with us today. I know that everyone is dying to hear about your experiences. Not many people can say they've been to space. So as someone with more than 24 years of experience in space exploration, can you tell us a little bit about your missions?

Well, as a material scientist, and Lisa, just thank you for having me here. It's been really amazing for me to learn all the different things that go into what I actually got to do. So as a material scientist, I was really excited that my very first space shuttle mission was a science mission. And our results actually helped design the International Space Station as an orbiting laboratory. The second mission was led by Colonel Eileen Collins, first woman commander of the space shuttle. And our crew successfully deployed the Chandra X-ray Observatory. This is a telescope that literally everything that any of us know about black holes was revealed by this telescope. And my third mission was my favorite. I have to say, because I got to live on the space station, and I got to work there, and it's a test bed for going to the moon and mars. And the weightless environment allows us to do experiments that we literally can't do here on earth. And it forms not just space exploration, but it's pivotal for improving lives down here on earth as well.

It's absolutely amazing, absolutely amazing. Now for a long time, we've been working with the space industry and adaptive computing products like our Xilinx FPGAs play an important part. Can you give us a sense of how this technology is used in space?

Well, so when you ask me to be part of tonight, I, of course, had to do some homework. And it was really fascinating for me to understand more about what a difference adaptive computing can make. I mean for explorers, it gives them literally a whole new toolbox of tools that can solve many of the challenges that we face at every turn. I mean, space exploration is hard. And by definition, is about investigating into the unknown, and it's seldom straightforward and it's never ever easy, especially when you put people on board those missions. And so whether it's a planetary probe or a space station or a Rover, they take years to design and launch these kinds of missions. And resources are limited. We have to plan the missions with the technology we have at the time. And so it's really imperative that these critical technologies be adaptable. We need to be able to modify instruments and detectors. This was really big for me, [ bringing ] instruments and detectors that -- so that after the mission is launched, then their functions could be changed. We can take advantage of innovation and optimize their functionality. For example, on the Perseverance Mars Rover, adaptive technologies are used to help Perseverance or Perse as many call her, it's true, to navigate on the surface of Mars using object recognition and terrain avoidance, and so that same technology is actually used for being able to analyze rock and soil samples. And this is really critical right now at this moment, where Perseverance is collecting these samples because some of those samples will be actually brought back here to Earth by the Mars sample return mission that is upcoming. So it's really important, and it's really invaluable to be able to adapt both hardware and software as missions evolve?

Yes. I mean it's such a special use case to think about how the technology is being used. Now I love hearing about how our technology is being used. Now all of us at AMD are extremely excited that we participated in the recent Artemis-I mission. We had a lot of tech in Artemis. So can you tell us a little bit about why that's so important for the future of space exploration?

First, can I ask did anybody either see the launch in person or watch it on TV? It was simply amazing to see. I did actually get to see it in person, but I mean this is a test mission and the Artemis program is designed to return human kind to the moon, not just to work there for a few days, but to stay and to use the lunar surface as a testing ground for sending humans to Mars. Now Artemis-I was a test flight of both the space launch system and the Orion capsule. And NASA launched the most powerful rocket that we have launched in 50 years to the moon and it returned, the Orion spacecraft returned 26 days later. The next mission will have humans on the moon. I mean this one tested. No, I'll say that again. This mission tested integrated systems for launching, for navigation and for reentry. And the next mission will have humans upboard; upboard that spacecraft in preparation for landing on the moon in future missions. So they used adaptive technology for systems like engine controllers for displays, for command systems, and the Orion capsule had more than 5,000 unique sensors. And that was just on the manikins inside of the capsule, okay?

And so there's really a lot, this is helping us understand the effects of the deep space environment on people. And I think it's amazing, really, if you think about all that we were able to put there. And it's just something that we can't even imagine.

Well, and then these missions are continuing. And unfortunately, it's been rather long in between, and that's where the adaptive part, I think really comes in is we don't want to launch with many years ago technology. And so for me, I don't -- but what I think is really amazing about the Artemis missions is that the moon is not just a bright shape in the sky for me anymore. It's a place that we are going. And even the name Artemis is a sister of Apollo. It's very fitting because the first woman and the first person of color will take those first steps on the moon. I think Lisa and I both have our hands up. You never know. I am retired from there now. But these are really exciting times. I mean, you should know that your child or the children of your friends and neighbors could very well someday live on the moon or travel to Mars.

I have to say, Cady, looking at your career and what you've accomplished, I think I'm speaking for everybody in the audience here. You are such a role model and a true inspiration for so many people. Now I know you're very passionate about STEM education and how do we bring more people into these types of environments. Can you just tell us a little bit about what you think we should be doing as an industry?

Well, the challenge is, I think, that we face in exploration, I mean, they're big and they're hard. And I think they demand a courageous and inquisitive young people, younger than probably anybody in this room, that they bring their vision, their ingenuity and their cross-disciplinary scientific expertise to innovation and to design. And that is why STEM and STEAM are super critical.

I completely agree.

I think we can all help by making sure that all of us tell the stories of our work and our discoveries in ways that compel the next generation to play a part in exploration, whatever kind they choose. I mean, your stories can ignite curiosity, which is fundamental to science and exploration. And just 1 spark can make a difference. I know it did for me, I was -- it never occurred to me to become an astronaut until I was in college. And so I went to the same college that Lisa did, I really need technical school on the banks of the Charles River in Boston, and Dr. Sally Ride, the First American woman Astronaut came and she talked at MIT, and I went to listen to her. And that's when the [ light bulb ] really went off for me, which was that she was a person that I could relate to and she had applied for and qualified for this amazing job and for me, it really was a revelation to realize that maybe I too could try to be qualified for that. And as professionals in STEM fields, I think that we both understand the nature and the number of the challenges that we face. I mean -- and due to those, I mean, we really cannot leave behind any potential teammates, especially those who think differently than a lot of people on our team already. And I'm actually just certainly said that if a woman had walked on the moon 60 years ago, every one of us in this room would have a different horizon today. And that's one of the reasons that I'm so excited about Artemis and those goals becoming a reality. I mean on these first missions, we may be sending just a few people to the moon, but we'll definitely be changing the world.

Cady, I would say, I think you might have inspired a few people tonight. Thank you so much for being here, and thank you for all you do.

Thank you and your team for having me.

All right. So now for our final area of the night, let's turn to how we're bringing sustainable computing to the largest data centers in the world. [Presentation]

Every day, billions of people around the world use our EPYC data center CPUs and instinct accelerators, the leading cloud companies, including Amazon, Google, Microsoft, Meta, Oracle and many more have all deployed AMD technology in their data centers. And many of the largest enterprises in the world also use AMD technology, including financial services, health care, industrial, automotive and even Formula One. In entertainment, many of you may have seen Avatar, The Way of Water over the holidays, but what you probably didn't know is that to really produce these movies, you need incredible technology and the artists at water effects used AMD technology to build those stunning visuals. Let's take a look. [Presentation]

Now at AMD, our job is to always push the envelope, especially in areas like high-performance computing and AI, where we're focused on meeting the insatiable demand for more compute in the most sustainable fashion. At the center of the modern data center is a high-performance CPU. Last November, we launched our fourth Gen EPYC processor, and it featured up to 96 Zen 4 cores and supports next-generation memory and I/O. Fourth gen EPYC is truly the world's best data center CPU with more than 300 world records. It also delivers leadership energy efficiency that translates into the best total cost of ownership. And when you look at the performance, EPYC is up to 3x faster in cloud, enterprise and HPC applications and up to 2.6x faster in energy efficiency than the highest-end processor from our competition. And this is really critical as data center power consumption becomes a larger portion of the world's energy usage and IT departments manage higher energy costs and constrained energy supply. So let me put this in perspective in terms of numbers. If you take a typical rack in a data center, you can hold up to 15 servers. If you choose our competition servers, 15 servers would deliver 8,500 SPECrate performance. you can achieve that same level of performance with just 5 AMD Fourth Gen EPYC servers. And what this means if you own a data center, this is just a huge benefit in terms of CapEx and OpEx. And now when you look at a broader perspective of what it means for sustainability at the industry scale, last year we deployed about 15 million servers worldwide. If you consider the performance and energy efficiency advantages of our fourth gen EPYC processors, that level, the impact is really profound. If you choose EPYC, you could save 52 billion-kilowatt hours of electricity and avoid 26 million tons of CO2 emissions, and to remove this much CO2 from our atmosphere would require 28 million acres of forest. That's actually more than all of the national forest land in the state of California. This is why we spend so much time on energy efficiency at AMD. So now let me move to the world of data center AI where the industry is focused on how to turn data into insights and actions. Today, we're going to preview AMD's first inference accelerator. This is the AMD Alveo V70. It's built with AMD-XDNA technology, and that's the same AI engine processor that we talked about with Ryzen AI but it's scaled up for use in servers to deliver 400 million AI operations per second -- that's $400 trillion AI operations per second. We designed Alveo V70 to accelerate multiple AI models, including video analytics, customer recommendation engines while delivering just great compute efficiency in a small form factor. Let's take a look at some of this performance. In video analytics applications, you need things like object detection, classification and video code, decode real-time. Alveo V70 delivers 70% more street coverage for smart city applications, 72% more hospital bed coverage for patient monitoring and 80% more checkout lane coverage in a smart retail store than the competition. And all of this is within a 75-watt power envelope. And I'm very pleased to announce that we're going to take preorders for the V70 cards today with availability this spring. So let me finish off here by talking about the largest computers in the world; the supercomputers used for the most advanced scientific research. We are very proud of our leadership in HPC. Today, the world's fastest supercomputer and the first to break the exaFLOP barrier actually resides at Oak Ridge National Labs and is powered by our AMD EPYC and Instinct technology. And actually, 75% of the world's top 20 most energy-efficient supercomputers are powered by AMD. Now the next big challenge for the industry, it's about delivering the next step function of improvement in compute performance. That is processing even more data to enable the next generation of HPC and AI. To accomplish this, we've been developing the world's first data center processor that combines a CPU and GPU on a single chip. Our Instinct MI300 is the first chip that brings together a data center CPU, GPU and memory into a single integrated design. What this allows us to do is share system resources for the memory and I/O and it results in a significant increase in performance and efficiency as well as it's much easier to program. MI300 combines our next-generation CDNA 3 GPU architecture that's optimized for HPC and AI performance as well as 24 Zen 4 cores and to feed all those compute engines, we added 128 gigabytes of HPM 3 memory. And what we're doing here is it's actually extremely advanced technology. We're actually using 3D stacking to put multiple GPU and CPU chiplets on top of a base die, which connects the memory and the rest of the system. So let me show you one more chip tonight. This is a big one guys. I am super proud to show you MI300 for the very, very first time. This is actually the most complex chip we've ever built. It has nine 5-nanometer chiplets that are 3D stacked on top of four 6-nanometer chiplets with significant HPM surrounding it, and it has more than 146 billion transistors. From a performance standpoint, on AI workloads, MI 300 delivers 8x more performance and 5x better efficiency than our MI250X which was already powering the world's fastest supercomputer. And let me tell you what this means. MI300 can train much larger AI models faster, at lower cost, and with less power. And just to put this in perspective, over the holidays, there's been a lot of talk about ChatGPT and what you can do with these large language models. What you probably didn't know is that it takes months to train on thousands of GPUs that consume millions of dollars of electricity. MI300 can reduce the time to train these models from months to weeks with dramatically lower energy costs. And more importantly, it can also support much, much larger models that can be used for even more advanced and more powerful AI services in the future. So I'm very happy to say MI300 is currently in the labs and we'll be sampling to customers shortly and you can expect that we'll bring MI300 to market in the second half of this year for both HPC and AI solutions. So it's been absolutely wonderful being here with you tonight, but it is time to wrap up. We showed you a ton of technology today, highlighting everything that we can do with high performance of adaptive computing. Whether you're talking about mobile PCs or the best gaming processors or the next generation of AI, the way we look at it is, we, as an industry, have to come together with our partners and with the ecosystem to really solve some of the world's most important challenges. I am so happy and honored to be in this industry. This is the best time to be in semiconductors. It's the best time to be in tech. And I love what we're doing together. Thank you for being such a great audience here in Las Vegas, and thank you to everyone watching online. Have a great night.