It >implies CPU capex is flat or shrinking.
Yep, this was addressed in the earnings call too and Lisa seemed to acknowledge it but still showed confidence that AMD could continue to grow outside of DC GPUs. My impression was that AMD is looking to the following for growth in 2025, in order of % growth:
- AI spend continuing like crazy and AMD's Data center GPU being able to capture a good piece of it (still lagging way behind NV, but strong growth for AMD).
- Data center enterprise modernization cycle with Epyc gaining market share in this area.
- Continued cloud market share gains for Epyc.
- Windows 10 EOL forcing a client upgrade cycle.
- FPGAs slowly recovering.
- RDNA4 release.
3 and 4 might be flipped. Not much was said about 6 so maybe put it at 5, but with it being a limited SKU release, I'm putting it at 6.