- Address Phase (A): Master drives HADDR and Control signals. Lasts 1 cycle (usually).
- Data Phase (D): Slave drives HRDATA (or Master drives HWDATA). Can be extended by HREADY.
- Overlap: The Data Phase of Transfer N happens simultaneously with the Address Phase of Transfer N+1.
Unlike APB, where setup and access happen sequentially for one transfer before the next begins, AHB pipelines them. This means the bus is fully utilized; in every clock cycle, an address is being presented and data is being transferred (for the previous address).