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The additive margin softmax (AM-Softmax) loss has delivered remarkable performance in speaker verification. A supposed behavior of AM-Softmax is that it can shrink within-class variation by putting emphasis on target logits, which in turn improves margin between target and non-target classes. In this paper, we conduct a careful analysis on the behavior of AM-Softmax loss, and show that this loss does not implement real max-margin training. Based on this observation, we present a Real AM-Softmax loss which involves a true margin function in the softmax training. Experiments conducted on VoxCeleb1, SITW and CNCeleb demonstrated that the corrected AM-Softmax loss consistently outperforms the original one. The code has been released at https://gitlab.com/csltstu/sunine.

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