Meta 与 AMD 达成价值“数百亿美元”的交易 | 20
字幕摘录
| 时间 | 英文 | 中文 |
|---|---|---|
| 0:01 | Ian, I'm going to start with you, the basics of the deal, 6 gigawatts over time, AMD accelerators | 伊恩,我要从你开始,交易的基本原理, 6千兆瓦随时间推移,AMD加速器 |
| 0:07 | but also other gear, it's a big deal for them. | 但其他的装备,对他们来说是件大事 |
| 0:09 | Yeah, it's a real endorsement from one of the biggest buyers of this kind of equipment. | 是啊,这是真正的背书 从这种设备的最大买家之一。 |
| 0:13 | Obviously, they're playing catch up with Nvidia who had their own deal with Meta last week, | 显然,他们正在追赶Nvidia 他们上周和Meta有过交易, |
| 0:18 | so this is a real strong affirmation and it also includes a share of warrants as well | 因此,这是一个真正有力的确认,它还包括一部分逮捕令 |
| 0:23 | that are going to Meta. | 那会是去梅塔。 |
| 0:25 | Riley, this is all about Meta compute. | 莱利,这是关于梅塔计算。 |
| 0:27 | Talk us through just how large the scale is for demand for this sort of infrastructure right now. | 告诉我们,现在对这种基础设施的需求有多大。 |
| 0:33 | It's insatiable demand from Meta. | 这是Meta的无厌需求. |
| 0:35 | Mark Zuckerberg last month announced Meta compute with ambitions to get hundreds of gigawatts | 马克・扎克伯格上个月宣布了梅塔计算 以获得数百千兆瓦的野心 |
展开字幕全文（102 条）
| 序号 | 英文 | 中文 |
|---|---|---|
| 1 | Ian, I'm going to start with you, the basics of the deal, 6 gigawatts over time, AMD accelerators | 伊恩,我要从你开始,交易的基本原理, 6千兆瓦随时间推移,AMD加速器 |
| 2 | but also other gear, it's a big deal for them. | 但其他的装备,对他们来说是件大事 |
| 3 | Yeah, it's a real endorsement from one of the biggest buyers of this kind of equipment. | 是啊,这是真正的背书 从这种设备的最大买家之一。 |
| 4 | Obviously, they're playing catch up with Nvidia who had their own deal with Meta last week, | 显然,他们正在追赶Nvidia 他们上周和Meta有过交易, |
| 5 | so this is a real strong affirmation and it also includes a share of warrants as well | 因此,这是一个真正有力的确认,它还包括一部分逮捕令 |
| 6 | that are going to Meta. | 那会是去梅塔。 |
| 7 | Riley, this is all about Meta compute. | 莱利,这是关于梅塔计算。 |
| 8 | Talk us through just how large the scale is for demand for this sort of infrastructure right now. | 告诉我们,现在对这种基础设施的需求有多大。 |
| 9 | It's insatiable demand from Meta. | 这是Meta的无厌需求. |
| 10 | Mark Zuckerberg last month announced Meta compute with ambitions to get hundreds of gigawatts | 马克・扎克伯格上个月宣布了梅塔计算 以获得数百千兆瓦的野心 |
| 11 | to fuel its data centers and ultimately reach that super intelligence goal where AI can outpace | * 为其数据中心提供燃料,并最终达到AI能够超越的超级情报目标 |
| 12 | human intelligence and this is just the latest in a frenzy of deals. | 人类的智慧和这仅仅是 疯狂交易中的最新。 |
| 13 | Again, we're anticipating $135 billion in CapEx this year but now we know the spending won't stop. | 再说一遍,我们预计今年会投入1 350亿美元, 但是现在我们知道开支不会停止。 |
| 14 | The warrants part is very interesting. | 搜查令部分很有趣 |
| 15 | It's very similar to what AMD did with OpenAI. | 它与AMD对OpenAI的处理非常相似. |
| 16 | There are operational and financial milestones in both directions in order for Meta to potentially | 有两个方向的业务和财务里程碑,使Meta有可能 |
| 17 | become a very big shareholder of AMD. | 成为AMD的非常大股东. |
| 18 | Could you explain that Ian? | 你能解释一下伊恩吗? |
| 19 | Yeah, I mean the way to look at it, Lisa Su said, look this basically ties us closer to | 是啊,我的意思是看的方式,丽莎·苏说, 看这基本上 联系我们更接近 |
| 20 | They get these shares if we're in a very good position. | 如果我们处于非常有利的地位 他们就能拿到这些股份 |
| 21 | I mean the last tranche I believe is about $600. | 我的意思是,我认为最后一笔 大约600美元。 |
| 22 | Yesterday they closed at less than $200 so we've got a room to go before that becomes a reality. | 昨天,他们关闭 不到200美元 所以,我们有一个房间 去之前成为现实。 |
| 23 | But her point was that this kind of locks us together and tightens our relationship. | 但是她的意思是 这种方式把我们锁在一起 并收紧我们的关系。 |
| 24 | It was really interesting to read through the materials in our reporting, Riley. | 读一下我们报告里的材料 很有意思 Riley |
| 25 | Like AMD has played this card before, the emphasis is on inference. | 像AMD之前打过这张牌一样,强调的就是推论. |
| 26 | So MI450 generation of Accelerator, the engineering teams will work together. | 因此,MI450代加速器,工程团队将合作. |
| 27 | But the inference part, is there anything unique about this different to what Meta is doing with Nvidia? | 但推论部分 和Meta对Nvidia所做的有什么不同吗? |
| 28 | Because we had a very similar deal very recently. | 因为我们最近有类似的交易 |
| 29 | It's a really good question. | 这是一个非常好的问题。 |
| 30 | Not only is it similar to what Meta is doing with Nvidia, but Meta also has its own internal | 不仅和Meta和Nvidia一起做的类似,而且Meta也有自己的内部 |
| 31 | pipeline of custom chips that it's building for AI purposes. | 管道的定制芯片 它正在建造的AI目的。 |
| 32 | What we heard yesterday is that they see different applications, different workloads here being | 我们昨天听到的是 他们看到不同的申请 不同的工作量是 |
| 33 | supported by all three of those verticals. | 由这三根竖杆支撑。 |
| 34 | And so they're trying to diversify as they pursue this massive scale in terms of compute. | 因此,他们试图在计算上 追求这种大规模的多样化。 |
| 35 | Ian, take us back to Nvidia, because we've got their earnings coming up tomorrow. | 伊恩 带我们回恩维迪亚 因为我们明天有他们的收入 |
| 36 | And how much does this show that there is anxiety that companies are diversifying, | 这多少表明公司正在多样化, |
| 37 | looking at AMD, looking at their own in-house chips? | 看AMD,看他们自己的内部芯片? |
| 38 | Or actually does it still not concern Nvidia is still dominant? | 还是恩维迪亚仍然占主导地位? |
| 39 | I mean, at this point, all we can do is say, look at the numbers and the numbers, | 我的意思是,在这一点上,我们所能做的是说, 看看数字和数字, |
| 40 | assuming Nvidia comes in and executes on what Wall Street thinks it's going to do. | 假设Nvidia进来 执行华尔街认为会做的事 |
| 41 | The numbers say there's no anxiety here. | 数字显示这里没有焦虑 |
| 42 | All boats are floating. | 所有船只都漂浮着. |
| 43 | Everybody is benefiting from the same massive spending in equal measure. | 每个人都在同等程度上受益于同样的大规模开支。 |
| 44 | And I guess what would change that would be if Nvidia does not hit those targets, | 我想如果Nvidia没有击中那些目标 将会有什么变化 |
| 45 | does not exceed those targets. | 不超过这些目标。 |
| 46 | That, I think, would change the conversation considerably. | 我认为,这将大大改变对话。 |
| 47 | And Riley, the conversation is nuanced when it comes to capital expenditure. | 而莱利,对话在资本支出方面是细微的. |
| 48 | Many would say, yes, a lot of it is about the chips. | 很多人会说,是的,很多都是关于筹码的。 |
| 49 | It is about the data centers, but it's also about the power. | 这是关于数据中心, 但它也是关于电源。 |
| 50 | Can we understand really how much Metra is having to focus in on where they can spend | 我们是否真的能理解 Metra 需要专注于他们能花多少钱 |
| 51 | on GPUs or their own homegrown chips and where they do it globally as well? | 在GPU上,或者他们自己的土生土长的芯片 以及他们在全球做什么? |
| 52 | So we asked yesterday where they thought they would deploy these chips, | 我们昨天问他们想在哪里部署这些芯片 |
| 53 | and they couldn't specify which data centers. | 他们无法说明哪个数据中心 |
| 54 | We know that some of their biggest projects are targeting five gigawatts, right? | 我们知道,他们的一些最大项目 是针对五千兆瓦,对不对? |
| 55 | But they need to get certain regulatory approvals and they need energy companies | 但他们需要得到某些监管批准 需要能源公司 |
| 56 | to be able to deliver. | 能够提供。 |
| 57 | They're on the ground. | 诸人于地. |
| 58 | So as for the merging of the energy and the compute here, time will tell as we home | 所以,对于这里的能量和计算, 时间会告诉我们 当我们回家 |
| 59 | in on where those chips will actually go. | 说到那些芯片实际去的地方 |
| 60 | It's probably time for a bit of a reality check in. | 也许是时候做个真实的检查了 |
| 61 | And I'm hoping that you'll provide it for us. | 我希望你能为我们提供它。 |
| 62 | Like in any given quarter right now, AMD is going to do $10 billion of revenue, | 就像现在的任何季度 AMD都会赚100亿美元的收入 |
| 63 | all told, every single segment. | 都说了,每个部分 |
| 64 | Nvidia's data center business is at more than $50 billion a quarter. | Nvidia的数据中心业务每季度超过500亿美元. |
| 65 | Yes, that includes networking, but they're now one and the same, right? | 是的,这包括联网, 但是现在他们是一个,对不对? |
| 66 | You can't have chips without the other. | 你不能有芯片 没有另一个。 |
| 67 | How do we know if this is evidence that AMD is catching up? | 我们怎么知道这是否是AMD追上的证据? |
| 68 | I mean, again, you have to go back to the percentages, the growth percentages. | 我的意思是,再次, 你必须回到百分比, 增长百分比。 |
| 69 | At the moment, both of them would say, you know, this isn't about competition. | 现在,他们都说, 你知道,这不是关于竞争。 |
| 70 | This is about there's so much demand. | 这是关于有这么多的需求。 |
| 71 | A company like Meta, which makes its own chips, is buying from both of us. | 像Meta这样的公司 制造自己的芯片 正在从我们两个那里买东西 |
| 72 | That would be the answer. | 这就是答案。 |
| 73 | But ultimately, when the market slows down, and you can be the judge of when that happens, | 但最终,当市场放缓, 你可以判断什么时候发生, |
| 74 | then we'll see the market share shift, because then it'll really matter. | 然后我们就会看到市场份额的变化, 因为那样的话,它真的会很重要。 |
| 75 | Meta is not a hyperscaler, but it operates its own data centers at hyperscale, | Meta不是超尺度的,但它在超尺度操作自己的数据中心, |
| 76 | if you know what I mean. | 你知道我的意思吗? |
| 77 | I'm thinking back to when Mark Zuckerberg was sat next to the president. | 我想回马克·扎克伯格坐在总统旁边的时候 |
| 78 | $600 billion over the next few years. | 后数年计六千亿. |
| 79 | And then he's also talked about this idea that they might misspend $200 billion here or there, | 然后他还谈到这个想法 他们可能错用两千亿美元在这里或那里, |
| 80 | here or there, but that's no bad thing. | 这里或那里, 但这不是坏事。 |
| 81 | He's frontloading purchases. | 他在前头装货 |
| 82 | Just explain his thesis a bit. | 解释一下他的论文 |
| 83 | Yeah, his strategy is just that. | 是的,他的策略就是这样。 |
| 84 | He's used the language of frontloading capacity. | 他使用了前装能力的语言. |
| 85 | They're going to try to get as much as they can, gobble it up while there's still availability. | 他们将尽可能多地 趁还有空闲时间把它挖出来 |
| 86 | And this, he says, could be applied not just for AI purposes, but for that core social | 他说,这不仅可用于AI目的,而且可用于核心社会 |
| 87 | media business, which still drives more than 98% of their revenue, right? | 媒体业务,它仍然驱动 98%以上的收入,对不对? |
| 88 | So they see applications across the board and they're not worried about getting too much in the interim. | 因此他们看到各种应用,他们并不担心在过渡期间得到太多. |
| 89 | Ian, why does AMD have to keep giving its shares away? | 伊恩 为什么AMD要继续放弃股份? |
| 90 | Again, we asked Lisa about this, and she said that this is Lisa Su, the CEO, and she said | 我们再次问丽莎这件事 她说这是丽莎·苏 首席执行官 她说 |
| 91 | this is different than the OpenAI ideal. | 这不同于OpenAI的理想. |
| 92 | The OpenAI ideal is a slightly different arrangement. | OpenAI理想是一种稍有不同的安排. |
| 93 | That is a company, obviously, that is seeking liquidity. | 显然,这是一家寻求流动性的公司。 |
| 94 | Meta clearly does not need liquidity. | Meta显然不需要流动性。 |
| 95 | This is just a way of showing Meta's commitment to what they're doing. | 这仅仅是表明梅塔致力于他们的行为的一种方式. |
| 96 | You've got to remember that AMD is only a couple of generations into being any type | 你必须记住AMD只是几代人成为任何类型 |
| 97 | of presence at all in this market. | 在这个市场上的存在。 |
| 98 | So if a big buyer of this stuff comes along and says, oh, we like your gear, or guess | 所以,如果一个大买家来了 说,哦,我们喜欢你的装备,或猜测 |
| 99 | what, we also like you as a company, like your prospects, then that is somehow a bigger | 什么,我们也喜欢你作为一个公司, 像你的前景, 那么这多少是一个更大的 |
| 100 | validation than just a straight purchase agreement. | 不只是直接购买协议 |
| 101 | And that really was what they were pushing as an idea that, look, this is how closely | 而这正是他们所推动的 一个想法,你看,这是如何接近 |
| 102 | we are tied together. | 我们被绑在一起。 |
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