Astera Labs Inc (ALAB) 2024 Q3 法說會逐字稿

Hello, good afternoon. My name is Jeremy and I will be your conference operator today. At this time, I would like to welcome everyone to the Astera Labs Q3 2024 Earnings Conference Call. All lines have been placed on mute to prevent any background noise.

你好，下午好。我叫傑瑞米，今天我將擔任你們的會議操作員。此時，我歡迎大家參加 Astera Labs 2024 年第三季財報電話會議。所有線路均已靜音，以防止任何背景噪音。

After management's remarks, there will be a question-and-answer session. (Operator Instructions)

管理層發言後，將進行問答環節。（操作員說明）

Thank you. I will now turn the call over to Leslie Green Investor Relations for their labs. Leslie, you may begin.

謝謝。我現在將把電話轉給 Leslie Green 投資者關係部的實驗室。萊斯利，你可以開始了。

Thank you, Jeremy and good afternoon, everyone and welcome to the Astera Labs third quarter 2024 earnings conference call. Joining us on the call today are Jitendra Mohan Chief Executive Officer and co-founder, Sanjay Gajendra President and Chief Operating Officer and Co-founder and Mike Tate Chief Financial Officer.

謝謝 Jeremy，大家下午好，歡迎參加 Astera Labs 2024 年第三季財報電話會議。今天加入我們電話會議的包括 Jitendra Mohan 執行長兼聯合創始人、Sanjay Gajendra 總裁兼營運長兼聯合創始人以及 Mike Tate 首席財務長。

Before we get started, I would like to remind everyone that certain comments made in this call today may include forward-looking statements regarding among other things expected, future financial results, strategies and plans, future operations and the markets in which we operate. These forward-looking statements reflect management's current beliefs, expectations and assumptions about future events which are inherently subject to risks and uncertainties that are discussed in today's earnings release and the periodic reports we file from time to time with the SEC including risks set forth in the final prospectus relating to our IPO.

在我們開始之前，我想提醒大家，今天的電話會議中發表的某些評論可能包括有關預期、未來財務業績、策略和計劃、未來營運以及我們經營所在市場等的前瞻性陳述。這些前瞻性陳述反映了管理層目前對未來事件的信念、預期和假設，這些事件本質上受到今天的收益發布和我們不時向 SEC 提交的定期報告中討論的風險和不確定性的影響，包括與我們的首次公開發行有關的最終招股說明書。

It is not possible for the company's management to predict all risks and uncertainties that could have an impact on these forward-looking statements or the extent to which any factor or combination of factors may cause actual results to differ materially from those contained in any forward-looking statement. In light of these risks and uncertainties and assumptions, the results, events or circumstances related and reflected in the forward-looking statements discussed during this call may not occur and actual results could differ materially from those anticipated or implied.

公司管理階層不可能預測可能影響這些前瞻性陳述的所有風險和不確定性，也不可能預測任何因素或因素組合可能導致實際結果與任何前瞻性陳述中包含的結果有重大差異的程度。 。鑑於這些風險、不確定性和假設，本次電話會議期間討論的前瞻性陳述中所討論和反映的結果、事件或情況可能不會發生，實際結果可能與預期或暗示的結果存在重大差異。

All of our statements are made based on information available to management as of today and the company undertakes no obligation to update such statements after the date of this call to confirm to these as a result of new information, future events or changes in our expectations except as required by law.

我們的所有聲明均基於截至今日管理層掌握的信息，本公司不承擔在本次電話會議之後因新信息、未來事件或我們的預期變化而更新此類聲明以確認這些聲明的義務，除非根據法律要求。

Also, during this call, we will refer to certain non-GAAP financial measures which we consider to be important measure of the company's performance. These non-GAAP financial measures are provided in addition to and not as a substitute for or superior to financial results prepared in accordance with US GAAP.

此外，在這次電話會議中，我們將提及某些我們認為是衡量公司績效的重要指標的非公認會計準則財務指標。這些非公認會計原則財務指標是根據美國公認會計原則編制的財務結果的補充，而不是替代或優於根據美國公認會計原則編制的財務結果。

A discussion of why we use non-GAAP financial measures and reconciliations between our GAAP and non-GAAP financial measures is available in the earnings release we issued today, which can be accessed through the investor relations portion of our website and will also be included in our filings with the SEC, which will also be accessible through the investor relations portion of our website. With that, I would like to turn the call over to Jitendra Mohan CEO of Astera Labs.

我們今天發布的收益報告中討論了我們為什麼使用非公認會計原則財務指標以及我們的公認會計原則和非公認會計原則財務指標之間的調節，您可以透過我們網站的投資者關係部分訪問該報告，該報告也將包含在我們向 SEC 提交的文件，也可以透過我們網站的投資者關係部分存取。說到這裡，我想將電話轉給 Astera Labs 執行長 Jitendra Mohan。

Thank you, Leslie. Good afternoon, everyone. And thanks for joining our third quarter conference call for fiscal year 2024.

謝謝你，萊斯利。大家下午好。感謝您參加我們 2024 財年第三季的電話會議。

Today, I will provide a quick Q3 financial overview, discuss several of our recent company specific product and strategic announcements followed by a discussion around the key secular trends driving our market opportunity.

今天，我將提供第三季的財務概覽，討論我們最近發布的一些公司特定產品和策略公告，然後討論推動我們市場機會的主要長期趨勢。

I will then turn the call over to Sanjay to [delve] deeper into our growth strategy.

然後我會將電話轉給 Sanjay，以更深入地研究我們的成長策略。

Finally, Michael provide additional details on our Q3 results and our Q4 financial guidance. Astera Labs delivered strong QC results. Setting our fifth consecutive record for quarterly revenue at $113 million which was up 47% from the last quarter and up 206% versus the prior year.

最後，邁克爾提供了有關我們第三季度業績和第四季度財務指導的更多詳細資訊。Astera Labs 提供了強有力的品質控制結果。我們連續第五次創下季度營收記錄，達到 1.13 億美元，比上一季成長 47%，比上一年增長 206%。

Our business has entered a new growth phase with multiple product families ramping across AI platforms featuring both third party GPUs and internally developed AI accelerators which drove the Q3 sales upside versus our guidance.

我們的業務已進入新的成長階段，多個產品系列在人工智慧平台上不斷湧現，這些平台包括第三方GPU 和內部開發的人工智慧加速器，這推動了第三季度銷售額比我們的指導有所增長。

We also demonstrated strong operating leverage during Q3 with non-GAAP operating margin, expanding to over 32% and delivered non-GAAP EPS of $0.23.

我們在第三季也展示了強大的營運槓桿，非 GAAP 營運利潤率擴大至 32% 以上，非 GAAP 每股收益為 0.23 美元。

Looking into Q4, we expect our revenue momentum to continue largely driven by the [AP Cie] and Taurus Ethernet product lines. The Scorpio Fabrics which are continuing to ship in pre-production volumes.

展望第四季度，我們預計我們的營收動能將繼續主要由 [AP Cie] 和 Taurus 乙太網路產品線推動。Scorpio Fabrics 繼續按預生產批量發貨。

The criticality of connectivity in modern AI clusters continues to grow with trillion parameter model sizes, multistep reasoning models and faster, more complex AI accelerators. These developments present a tremendous opportunity for Astera Labs intelligent connectivity platform to enhance AI server performance and productivity with our differentiated hardware and software solutions.

隨著萬億參數模型大小、多步驟推理模型以及更快、更複雜的人工智慧加速器，現代人工智慧叢集中連接的重要性不斷增長。這些發展為 Astera Labs 智慧連接平台提供了巨大的機會，可以透過我們差異化的硬體和軟體解決方案來增強人工智慧伺服器的效能和生產力。

At the start of Q4, we announced our fourth product line, the Scorpio Smart Fabric Switch family which expands our mission of solving the increasingly complex connectivity challenges within AI infrastructure both for scale out and for scale up networks, extending beyond our current market footprint of PC Express and Ethernet retainment class products and controller class devices for CXL memory. Our Scorpio Smart Fabric switch family delivers meaningfully higher functionality and value to our AI and cloud infrastructure customers.

在第四季度初，我們宣布了第四個產品線，即Scorpio 智慧光纖交換器系列，該系列擴展了我們解決AI 基礎設施中日益複雜的連接挑戰的使命，無論是橫向擴展還是縱向擴展網絡，都超出了我們目前的市場覆蓋範圍。我們的 Scorpio Smart Fabric 交換器系列為我們的 AI 和雲端基礎設施客戶提供了有意義的更高功能和價值。

We estimate that Scorpio will expand our total market opportunity for our four product families to more than [$12 billion] by 2028 Scorpio family unlocks a large and growing opportunity across AI server head notte scale out applications with the P-Series and AI accelerator scale up clustering use cases with the X-series.

我們估計，到2028 年，Scorpio 將把我們四個產品系列的總市場機會擴大到超過[120 億美元]，Scorpio 系列透過P 系列和AI 加速器擴展，在AI 伺服器頭條擴展應用程式中釋放了巨大且不斷增長的機會X 系列的叢集用例。

The P-Series devices directly address the challenge of keeping modern GPUs fed with data at ever increasing speeds. While the X-Series devices improve the efficiency and size of AI clusters.

P 系列裝置直接解決了以不斷提高的速度向現代 GPU 提供資料的挑戰。而X系列設備則提高了AI集群的效率和規模。

The Scorpio family was purpose built from the ground up for these AI specific workloads with close alignment with our Hypers Scalar and AI platform partners. At the recent 2024 OCP global summit, we demonstrated the industry's first PCIe Gen 6 fabric switch which is currently shipping in pre-production volumes for AI platforms.

Scorpio 系列專為這些 AI 特定工作負載而專門構建，並與我們的 Hypers Scalar 和 AI 平台合作夥伴密切配合。在最近舉行的 2024 年 OCP 全球高峰會上，我們展示了業界首款 PCIe Gen 6 結構交換機，目前正在為 AI 平台進行預生產批量發貨。

We are happy to report that we already have designed Windsor both Scorpio P-Series and X-Series and that our recent product launches further accelerated strong customer and ecosystem interest. Over the coming quarters we expect to further expand our business opportunities for the Scorpio product family across PCIe Gen 5 PCIe Gen 6 and platform specific customized connectivity platforms.

我們很高興地報告，我們已經設計了 Windsor Scorpio P 系列和 X 系列，而我們最近推出的產品進一步加速了客戶和生態系統的強烈興趣。在接下來的幾個季度中，我們預計將進一步擴大 Scorpio 產品系列在 PCIe Gen 5、PCIe Gen 6 和特定於平台的客製化連接平台上的業務機會。

Further expanding our market opportunity. Astera Labs has joined the ultra-accelerator link [UA] consortium as a promoting member on the Board of Directors along with industry leading hypers Scalar and AI platform providers.

進一步擴大我們的市場機會。Astera Labs 已與業界領先的超標量和人工智慧平台提供者一起作為董事會推廣成員加入超級加速器連結 [UA] 聯盟。

This important industry initiative places us at the forefront of developing and advancing an open high speed low latency interconnect for scale of connectivity between accelerators.

這項重要的產業舉措使我們處於開發和推進開放高速低延遲互連的最前沿，以實現加速器之間的連接規模。

Astera Labs deep expertise in developing advanced silicon-based connectivity solutions along with a strong track record of technology execution makes us uniquely suited to contribute to this compelling and necessary industry initiative.

Astera Labs 在開發先進矽基連接解決方案方面的深厚專業知識以及良好的技術執行記錄使我們非常適合為這一引人注目且必要的行業計劃做出貢獻。

With a shift towards shorter air platform refresh cycles, hyperscale's are increasingly relying on their trusted partners as they deploy new hardware in their data center infrastructure at an unprecedented pace and scale.

隨著空中平台更新周期的轉變，超大型企業越來越依賴其值得信賴的合作夥伴，以前所未有的速度和規模在資料中心基礎架構中部署新硬體。

To date, we have demonstrated strong execution with our (technical difficulty) Taurus, Leo and now Scorpio product families. Our products increase data, networking, memory bandwidth and capacity and our COSMOS software provides our hyperscale customers with the tools necessary to monitor and observe the health of their expensive infrastructure to ensure maximum system utilization

到目前為止，我們在（技術難度）Taurus、Leo 和現在的 Scorpio 產品系列中展現了強大的執行力。我們的產品增加了資料、網路、記憶體頻寬和容量，我們的 COSMOS 軟體為我們的超大規模客戶提供了監控和觀察其昂貴基礎設施運作狀況所需的工具，以確保最大限度地提高系統利用率

To conclude eternalized expanding product portfolio including the new Scorpio Smart Fabric switches. It's cementing our position as a critical part of AI connectivity infrastructure, delivering increased value to our hyperscale of customers and unlocking additional multiyear growth trajectories for Astera Labs. With that let me turn the call over to our President and CEO Sanjay Gajendra to discuss some of our recent product announcements in our long-term growth strategy.

總結永恆不斷擴展的產品組合，包括新型 Scorpio Smart Fabric 交換器。它鞏固了我們作為人工智慧連接基礎設施關鍵部分的地位，為我們的超大規模客戶提供了更高的價值，並為 Astera Labs 開啟了額外的多年成長軌跡。接下來，讓我將電話轉給我們的總裁兼執行長 Sanjay Gajendra，討論我們最近在長期成長策略中發布的一些產品。

Thanks, Jindra and good afternoon, everyone. We're pleased with our Q3 results and strong financial outlook for Q4. Overall, we believe we have entered a new phase as a company based on two key factors.

謝謝金德拉，大家下午好。我們對第三季的業績和第四季強勁的財務前景感到滿意。總的來說，我們相信基於兩個關鍵因素，我們公司已經進入了一個新階段。

First is the increased diversity of our business in Q3 our business diversified significantly with new product lines and form factors going to high volume production.

首先是我們第三季業務的多樣性增加，我們的業務顯著多元化，新產品線和外形尺寸將進入大批量生產。

We also started ramping on multiple new AI platforms based on internally developed AI accelerators at multiple customers to go along with the continued momentum with third party GPU based AI platforms. These together helped achieve a record sequential growth in Q3.

我們也開始在多個客戶基於內部開發的人工智慧加速器推出多個新的人工智慧平台，以配合基於第三方 GPU 的人工智慧平台的持續發展勢頭。這些共同幫助實現了第三季創紀錄的連續成長。

Second with the introduction of Scorpio Smart Fabric switches our market opportunity has significantly expanded; this new product line delivers increased value to our hyperscaler customers and for Astera Labs unlocks higher dollar content in AI platforms and additional multiyear growth trajectories.

其次，隨著 Scorpio Smart Fabric 交換器的推出，我們的市場機會大幅擴大；這條新產品線為我們的超大規模客戶提供了更高的價值，並為 Astera Labs 開啟了人工智慧平台中更高價值的內容和額外的多年成長軌跡。

Let me explain our business drivers in more detail.

讓我更詳細地解釋我們的業務驅動因素。

As noted, we now have multiple product lines generations and form factors in high volume production. This includes Aries Smart DSP Retimer and Smart cable modules for PCIe 5.O and Taurus Smart cable modules for 200-gig and 400-gig Ethernet active electrical cables. We are also shipping pre-production volumes for Leo CXL Memory Controllers, Aries retimer for PCIe 6 [auto] and Scorpio fabric switch solutions for PCIe head node connectivity.

如前所述，我們現在擁有多代產品線和大量生產的外形尺寸。其中包括用於 PCIe 5.O 的 Aries 智慧 DSP 重定時器和智慧電纜模組以及用於 200 GB 和 400 GB 乙太網路主動電纜的 Taurus 智慧電纜模組。我們還交付預生產批量的 Leo CXL 記憶體控制器、用於 PCIe 6 [自動] 的 Aries 重定時器以及用於 PCIe 頭節點連接的 Scorpio 結構交換器解決方案。

All these new products deliver increased value to our customers and therefore command higher [ASP S]. Our first market, Scorpio PCIe Gen 6 fabric switch addresses a multi-billion-dollar opportunity with a ground of architecture designed for AI data flows and delivers maximum predictable performance per watt in mixed mode PCIe head note connectivity compared to incumbent solutions.

所有這些新產品都為我們的客戶帶來了更高的價值，因此要求更高[ASP S]。我們的第一個市場Scorpio PCIe Gen 6 結構交換器透過專為AI 資料流設計的基礎架構解決了數十億美元的機遇，並且與現有解決方案相比，在混合模式PCIe 頭條連接中提供了最高的每瓦可預測性能。

We are currently shipping Scorpio P-Series in pre-production quantities to support qualification for customized AI platforms based upon leading third party GPUs, interest for Scorpio P-Series has accelerated since the former launch, given its differentiated features. And as a result, we are engaging in multiple design opportunities across a diverse spectrum of AI platforms. These include both PCIe GEN 6 and PCIe Gen 5 implementations on third party GPU and internal accelerator-based platforms.

我們目前正在以預生產數量發貨，以支援基於領先的第三方 GPU 的定制 AI 平台的資格認證，鑑於其差異化功能，自上次發布以來，人們對 Scorpio P 系列的興趣有所增加。因此，我們正在各種人工智慧平台上參與多種設計機會。其中包括第三方 GPU 和基於內部加速器的平台上的 PCIe GEN 6 和 PCIe Gen 5 實作。

Overall, we are very bullish on the market for our entire product portfolio across third party GPU based systems with increasing dollar content per GPU on our new design wins. And we believe that Astera opportunity with internally developed AI accelerator platforms can be even larger with opportunities both in the scale out and back end scale up clustering use cases.

總體而言，我們對基於第三方 GPU 的系統的整個產品組合的市場非常看好，隨著我們新設計的成功，每個 GPU 的美元含量不斷增加。我們相信，Astera 擁有內部開發的人工智慧加速器平台的機會可能會更大，無論是橫向擴展還是後端縱向擴展叢集用例。

This additional market opportunity has unlocked design activity for Aries and Taurus product lines for reach extension within and between racks and for our newly introduced Scorpio X-Series fabric switches for homogeneous accelerator to accelerator connectivity with maximum bandwidth.

這個額外的市場機會開啟了Aries 和Taurus 產品線的設計活動，以實現機架內和機架之間的範圍擴展，以及我們新推出的Scorpio X 系列結構交換機的設計活動，以實現具有最大頻寬的同質加速器到加速器連結。

Scorpio X-Series is built upon our software defined architecture and leverages our COSMOS software suite to support a variety of platform specific customization which provide hyperscalar with valuable flexibility.

Scorpio X 系列建立在我們的軟體定義架構之上，並利用我們的 COSMOS 軟體套件來支援各種特定於平台的客製化，從而為超標量提供寶貴的靈活性。

As we look ahead to 2025, we will begin to ramp designs across new internally developed AI accelerator-based platforms that will incorporate multiple Astera Labs, product families including Aries, Taurus and Scorpio.

展望 2025 年，我們將開始在新的內部開發的基於人工智慧加速器的平台上進行設計，該平台將整合多個 Astera Labs、包括 Aries、Taurus 和 Scorpio 在內的產品系列。

As a result, we will continue to benefit from increased dollar [content] per accelerator in these next generation AI infrastructure deployments.

因此，我們將繼續受益於下一代人工智慧基礎設施部署中每個加速器的美元[內容]增加。

So, we remain laser focused on AI platforms. We continue to see large and growing market opportunities within the general-purpose compute space for our PCIe Ethernet and CXL product families. While the transition to faster bandwidth requirements within general purpose computing trails the leading adoption across AI systems, the market size remains substantial.

因此，我們仍然專注於人工智慧平台。我們繼續在 PCIe 乙太網路和 CXL 產品系列的通用運算領域看到巨大且不斷增長的市場機會。儘管通用運算中向更快頻寬需求的轉變落後於人工智慧系統的領先採用，但市場規模仍然很大。

Our Aries business within general purpose compute is poised to benefit from the transition of PCIe peripherals to Gen 5 speeds and the introduction of new CPU generations from Intel and AMD. We are also ramping volume production of our Taurus SCMs for front end networking across hyperscaler general purpose server platforms.

我們在通用運算領域的 Aries 業務將受益於 PCIe 週邊向第 5 代速度的過渡以及英特爾和 AMD 新一代 CPU 的推出。我們也加大了 Taurus SCM 的大量生產，用於跨超大規模通用伺服器平台的前端網路。

We expect to see broadening adoption of LEO CXL Memory Controllers across the ecosystem as CXL capable server CPUs are deployed in new cloud infrastructure over the coming years.

隨著未來幾年支援 CXL 的伺服器 CPU 部署在新的雲端基礎架構中，我們預計 LEO CXL 記憶體控制器將在整個生態系統中廣泛採用。

In summary, we believe Astera Labs has entered a new growth phase, and we are well positioned to outpace industry growth rates through a combination of strong secular tailwinds and the expansion of a silicon content opportunity in AI and general-purpose cloud platforms.

總而言之，我們認為 Astera Labs 已經進入了一個新的成長階段，並且我們處於有利位置，可以透過強大的長期推動力以及人工智慧和通用雲端平台中矽內容機會的擴展來超越行業成長率。

We have become a trusted and strategic partner to our customers with over $10 million Smart connectivity solutions widely deployed and field tested across nearly all major AI infrastructure programs globally. The introduction of the Scorpio Smart Fabric Switch family and our strategic involvement with the UA link standard for scale up connectivity is the next critical step in our corporate journey.

我們已成為客戶值得信賴的策略合作夥伴，擁有超過 1000 萬美元的智慧連接解決方案，在全球幾乎所有主要人工智慧基礎設施專案中廣泛部署和進行了現場測試。Scorpio 智慧光纖交換器系列的推出以及我們對用於擴展連接的 UA 鏈路標準的策略參與是我們企業旅程中的下一個關鍵步驟。

We are hard at work collaborating with our partners to identify and develop new technologies that will expand Astera's footprint from Retimer solutions for connectivity or copper within the rack to fabric and optical solutions that connect AI accelerators across the data centre.

我們正在努力與合作夥伴合作，識別和開發新技術，將 Astera 的足跡從用於連接或機架內銅纜的 Retimer 解決方案擴展到連接整個資料中心的 AI 加速器的結構和光學解決方案。

While we have come a long way, it's a remarkable sense of urgency and energy within the company for the opportunities that lay ahead. With that I will turn the call over to our CFO Mike Tate who will discuss our Q3 financial results and our Q4 outlook.

雖然我們已經取得了長足的進步，但公司內部對未來的機會表現出非凡的緊迫感和活力。接下來，我將把電話轉給我們的財務長 Mike Tate，他將討論我們第三季的財務表現和第四季的前景。

Thanks Sanjay and thanks to everyone for joining the call. This overview of our Q3 financial results in Q4 guidance will be on a non-GAAP basis.

感謝 Sanjay 並感謝大家加入通話。第四季指導中對第三季財務表現的概述將基於非公認會計原則。

The primary difference in the Astera Labs non-GAAP metrics is stock based compensation and its related income tax effects. Please refer to today's press release available on the investor relations section of our website for more details on both our GAAP and Non-GAAP Q4 financial outlook as well as a reconciliation of our GAAP to non-GAAP financial measures presented on this call. For Q3 of 2024 the Astera Labs delivered record quarterly revenue of $113.1 million which was up 47% versus the previous quarter and 206% higher than the revenue in Q3 of 2023.

Astera Labs 非 GAAP 指標的主要差異在於以股票為基礎的薪酬及其相關的所得稅影響。請參閱我們網站投資者關係部分今天發布的新聞稿，以了解有關我們的GAAP 和非GAAP 第四季度財務前景的更多詳細信息，以及本次電話會議中提出的GAAP 與非GAAP 財務指標的調節表。2024 年第三季度，Astera Labs 的季度營收達到創紀錄的 1.131 億美元，比上一季成長 47%，比 2023 年第三季的營收成長 206%。

During the quarter, we ship products to all major hyperscalers and AI accelerator manufacturers and we recognize revenue across all four of our product families.

在本季度，我們向所有主要的超大規模提供者和人工智慧加速器製造商交付產品，並在所有四個產品系列中確認收入。

Our Aries product family continues to be our largest sales contributor and help drive the upside in our revenues this quarter, Aries revenues are being driven by continued momentum with third party GPU based AI platforms as well as strong ramps on new platforms featuring internally developed AI accelerators from multiple hyperscaler customers.

我們的Aries 產品系列仍然是我們最大的銷售貢獻者，並有助於推動我們本季營收的成長。推動了Aries 的營收成長來自多個超大規模客戶。

Also, in Q3 Taurus revenue started to diversify beyond 200-gig applications with an initial production ramp of our 400-gig Ethernet based systems which are designed into both AI and general-purpose compute systems.

此外，在第三季度，Taurus 的收入開始多元化，超過 200 GB 應用程序，我們基於 400 GB 以太網的系統已開始量產，這些系統設計用於人工智慧和通用計算系統。

Q3 LEO CXL revenues continue to be driven by our customers purchasing pre-production volumes for the development of their next generation CXL capable compute platforms. Lastly, we began to ship pre-production volumes of our recently announced Scorpio Smart Fabric Switch Family during Q3.

第三季 LEO CXL 收入繼續受到我們的客戶購買預生產量以開發其下一代支援 CXL 的運算平台的推動。最後，我們在第三季開始交付最近發布的 Scorpio 智慧光纖交換器系列的預生產量。

Q3 non-GAAP gross margins was 77.8% and was down 20 basis points compared with 78% in Q2 of 2024 and better than our guidance of 75% driven by higher sales volume and a favourable product mix.

第三季非 GAAP 毛利率為 77.8%，較 2024 年第二季的 78% 下降 20 個基點，優於我們因銷量增加和有利的產品組合而設定的 75% 的指引。

Non-GAAP operating expenses for Q3 were $51.2 million up from $41.1 million in the previous quarter, driven by greater than expected hiring conversion during the quarter as we aggressively pushed to support additional commercial opportunities.

第三季的非 GAAP 營運費用為 5,120 萬美元，高於上一季的 4,110 萬美元，這是由於我們積極推動支持更多商業機會，本季的招募轉換率高於預期。

Within Q3 non-GAAP offering expenses. R&D expenses was $36 million, Sales and marketing expenses was [$7 million] and General and Administrative expenses was $8.3 million.

第三季非公認會計原則發行費用。研發費用為 3,600 萬美元，銷售和行銷費用為 [700 萬美元]，一般及行政費用為 830 萬美元。

Non-GAAP operating margin for Q3 was 32.4% up from 24.4% in Q2 and demonstrate strong operating leverage as revenue growth outpaced higher operating expenses, interest income in Q3 was $10.9 million.

非公認會計原則第三季的營業利潤率為 32.4%，高於第二季的 24.4%，並且由於收入增長超過了較高的營業費用，顯示出強勁的營業槓桿，第三季的利息收入為 1,090 萬美元。

Our non-GAAP tax provision was $7.3 million for the quarter which represented a tax rate of 15% on a non-GAAP basis.

本季我們的非 GAAP 稅項準備金為 730 萬美元，以非 GAAP 稅率計算，稅率為 15%。

Non-GAAP fully diluted share [count] for Q3 was [$173.8 million] shares and our non-GAAP diluted earnings per share for the quarter was $0.23.

第三季的非 GAAP 完全稀釋股票數量為 [1.738 億美元]股，本季非 GAAP 稀釋每股收益為 0.23 美元。

Cash flow from operating activities for Q3 was $63.5 million and we ended the quarter with cash [secl] and marketable securities of $887 million.

第三季經營活動產生的現金流量為 6,350 萬美元，本季末我們的現金 [secl] 和有價證券為 8.87 億美元。

Now turning to our guidance for Q4 of fiscal 2024 we expect Q4 revenue to increase to within a range of $126 million and $130 million up roughly 11% to 15% from the prior quarter.

現在轉向我們對 2024 財年第四季的指導，我們預計第四季營收將成長至 1.26 億美元至 1.3 億美元之間，較上一季成長約 11% 至 15%。

For Q4 we expect continued strong growth from our Aries product family across a diverse set of AI platforms, some of which are just [starting to ramp] and also from our Taurus SCM for Foreigner gig applications and additional pre-production shipments of our Scorpio P-Series switches.

對於第四季度，我們預計我們的Aries 產品系列在各種人工智慧平台上將持續強勁增長，其中一些平台剛剛開始[開始增長]，我們的Taurus SCM 用於外國人演出應用程式以及我們的Scorpio P的額外預生產出貨量也將持續強勁成長-系列開關。

We expect non-GAAP gross margins to be approximately 75%. The sequential decline in gross margins is driven by an expected product mix shift towards hardware solutions during the quarter.

我們預計非 GAAP 毛利率約為 75%。毛利率連續下降是由於本季預期產品組合轉向硬體解決方案所致。

We expect non-GAAP operating expenses to be in a range of approximately $54 million to $55 million as we continue to expand our R&D resource pool across head count and intellectual property, interest income is expected to be approximately $10 million.

隨著我們繼續擴大研發資源庫的人員數量和智慧財產權，我們預計非公認會計準則營運費用將在約 5,400 萬美元至 5,500 萬美元之間，利息收入預計約為 1,000 萬美元。

Our non-GAAP tax rate should be approximately 10% and our non-GAAP fully diluted share count is expected to be approximately $179 million shares. Adding this all up we are expecting non-GAAP fully diluted earnings per share of a range of approximately $0.25 to $0.26.

我們的非 GAAP 稅率應約為 10%，我們的非 GAAP 完全稀釋股數預計約為 1.79 億美元。將所有這些加起來，我們預計非 GAAP 完全稀釋每股收益約為 0.25 美元至 0.26 美元。

This concludes our prepared remarks and once again, we appreciate everyone joining the call and now we will open the line up for questions, operator.

我們準備好的演講到此結束，我們再次感謝大家加入電話會議，現在我們將開放提問隊列，接線員。

All right. (Operator Instructions).

好的。（操作員說明）。

Harlan Sur, JP Morgan.

哈蘭‧蘇爾，摩根大通。

Good afternoon and congratulations on the strong results, on your core retimer business looks like very strong this year, looks strong next year, majority of the [XPU] shipments are still going to be, I think Gen 5 based where your market share is still somewhere in the range of 95%. And your customers both merchant and [Asic] are ramping new skews starting second half of this year, first half of next year, you have also got the ramp of your Gen 6 products, retimers, (technical difficulty) switch products with your lead GPU customer which they are ramping now. [But AC firing. SCM is firing].

下午好，祝賀您的強勁業績，您的核心重定時器業務今年看起來非常強勁，明年看起來也很強勁，大部分[XPU] 出貨量仍將是，我認為基於Gen 5 的市場份額仍然如此在 95% 的範圍內。從今年下半年、明年上半年開始，您的商家和 [Asic] 客戶都會增加新的偏差，您還可以使用您的領先 GPU 來增加第 6 代產品、重定時器、（技術難度）開關產品他們現在正在增加的客戶。[但是交流電點火。 SCM 正在發射]。

So given all of this activity, I assume your visibility and backlog is quite strong. Maybe if you can just qualitatively sort of articulate your confidence on driving sequential growth over the next several quarters or at least visibility for a strong first half of next year versus second half of this year.

因此，考慮到所有這些活動，我認為您的可見性和積壓工作非常強大。也許如果你能定性地表達你對推動未來幾季連續成長的信心，或者至少對明年上半年與今年下半年相比強勁的可見度。

Yeah, thanks. Yeah. Right now, our visibility is very strong on both is always with our backlog position, but also the, the breadth of designs we have right now we are really kind of entering a new phase of growth here where our revenue streams are clearly diversifying if you look at right now versus a year ago. We are very excited about the breadth, the breadth of designs and, and product lines that we are ramping in.

是的，謝謝。是的。現在，我們的知名度非常高，無論是我們的積壓訂單，還是我們現在擁有的設計的廣度，我們確實進入了一個新的增長階段，我們的收入來源明顯多樣化，如果你看看現在與一年前的情況。我們對我們正在投入的設計和產品線的廣度感到非常興奮。

So, in the back half of this year, obviously, Taurus has been very incremental. And that is continues in Q4 and, the programs that we are ramping on Taurus are just getting started so we have good confidence that Taurus will continue to grow nicely into 2025.

所以，今年下半年，很明顯，金牛座的增量非常大。這種情況將在第四季度繼續，我們針對 Taurus 實施的計劃才剛開始，因此我們很有信心 Taurus 將在 2025 年繼續良好發展。

Aries as you [alluded] to the Gen 5 story is still, I got a lot of legs. We, have both with the merchant GPUs but also on these internal Asic designs. A lot of those programs are just starting. And with the Gen 5 we have both the front-end connectivity and the back-end connectivity. Incrementally Gen 6 will start to play out as well. And with Gen 6 we get an [ASP] boost on top of that.

牡羊座，正如你[提到]第五代的故事一樣，我有很多腿。我們既有商用 GPU，也有這些內部 Asic 設計。其中許多計劃才剛開始。借助第五代，我們同時擁有前端連接和後端連接。第 6 代也將逐漸開始發揮作用。借助 Gen 6，我們在此基礎上獲得了 [ASP] 提升。

And then finally with Leo we have been talking about Leo for quite a while, but these are new types of technologies that are being adopted in the marketplace and we are happy to report that we do have line of sight to our first production shipments starting in the middle of the year next year.

最後，對於Leo，我們已經談論Leo 很長一段時間了，但這些都是市場上正在採用的新型技術，我們很高興地報告說，我們確實已經看到了從2017 年開始的第一批生產發貨。

Okay. Thank you for that. And then on the early traction you are getting with your Scorpio Switch portfolio. Team has talked on some of the performance benefits both at the silicon level and chip level. But how much of the differentiator is your COSMOS software stack that your customers have already built into their data centre management systems. Adopted it with three timer products. And now you got the same software stack is integrated into your switch products that enables telemetry link performance, link monitoring, tuning up parameters, all that kind of stuff, which is so critical for data centre managers, right? If the software stack familiarity, current adoption, you know, sort of a big differentiator on the [traction] with Scorpio.

好的。謝謝你。然後，您透過 Scorpio Switch 產品組合獲得了早期的關注。團隊討論了矽級和晶片級的一些性能優勢。但是，您的客戶已經將 COSMOS 軟體堆疊內建到其資料中心管理系統中，這在多大程度上是與眾不同的。與三種定時器產品一起採用。現在，您的交換器產品中整合了相同的軟體堆疊，可實現遙測鏈路效能、連結監控、調整參數以及所有此類內容，這對於資料中心經理來說非常重要，對吧？如果軟體堆疊的熟悉程度、目前的採用率，你知道，那麼與天蠍座的[吸引力]有很大的區別。

Yeah, this is Jitendar and you are absolutely right. There are several things that differentiate the Scorpio family. First and foremost, I would say that we build this ground up from for AI applications.

是的，這是 Jitendar，你說得完全正確。天蠍座家族有幾個與眾不同的地方。首先，我想說的是，我們是為人工智慧應用奠定基礎的。

If you think about historical deployments of PCI express switches, they were generally built for server applications for storage and things like that, which are quite different from AI. So, we designed the chip for AI applications we put in the performance that's required for these AI applications.

如果您考慮 PCI Express 交換器的歷史部署，它們通常是為儲存等伺服器應用程式而建置的，這與 AI 有很大不同。因此，我們為人工智慧應用設計了晶片，並提供了這些人工智慧應用所需的效能。

In addition, even the form factor has been designed for AI. So rather than building a large switch, we ended up building a smaller device such that you are not running these high-speed signals all over the board. So, all of that is very purpose built for AI.

此外，就連外型也是為人工智慧而設計的。因此，我們最終沒有建造一個大型交換機，而是建造了一個較小的設備，這樣您就不會在整個板上運行這些高速訊號。所以，所有這些都是專門為人工智慧而建造的。

Now to your point about software, as you remember, our chips are architected the software first approach. So, we can deliver a lot of customization based on COSMOS, which is something that our hyper skilled customers are looking for.

現在談談關於軟體的問題，正如您所記得的，我們的晶片是按照軟體優先的方法構建的。因此，我們可以基於 COSMOS 提供大量客製化服務，這正是我們的高技能客戶所尋求的。

Especially for the X family, which is deployed in a more homogeneous [GP] to GPU connectivity where the Scorpio family sits, we have access to a lot more diagnostics information and we can couple that with the information that we are collecting from our other families deployed such as Aries and even Taurus to provide a holistic view of the AI infrastructure to the data centre operators.

特別是對於 X 系列，它部署在 Scorpio 系列所在的更同質的 [GP] 到 GPU 連接中，我們可以獲得更多診斷信息，並且可以將其與我們從其他系列收集的信息結合起來部署白羊座甚至金牛座，為資料中心營運商提供人工智慧基礎設施的整體視圖。

So, both from the hardware side, that kind of purpose-built nature of these devices as well as the software stack that comes with, it is a, is a big differentiator for us.

因此，從硬體方面來看，這些設備的專用性質以及附帶的軟體堆疊對我們來說是一個很大的差異化因素。

Very insightful. Thank you.

非常有見地。謝謝。

Joe Moore, Morgan Stanley.

喬摩爾，摩根士丹利。

Great. Thank you and congratulations on the numbers. I wonder if you could talk about the Scorpio business in terms of you gave a number for 2028. Can you give us a sense for what that ramp looks like? Any kind of qualitative discussion of how big it could be in calendar '25 would be very helpful. Thank you.

偉大的。謝謝你並祝賀這些數字。我想知道您是否可以根據您給出的 2028 年數字來談論天蠍座業務。可以跟我們介紹一下那個坡道是什麼樣子嗎？任何關於 25 年日曆中的規模有多大的定性討論都會非常有幫助。謝謝。

Yeah, thank you. What's exciting is since our public release, we are getting a lot of incremental excitement from the customer base. And what really need about the Scorpio product family is a diversity designs that we are seeing so clearly being first of the Gen 6, there is a lot of interest in that application,

是的，謝謝。令人興奮的是，自從我們公開發布以來，我們從客戶群中得到了越來越多的興奮。Scorpio 產品系列真正需要的是多樣性設計，我們清楚地看到，這是第 6 代產品中的第一個，人們對該應用程式很感興趣，

But there is still a lot of Gen 5 opportunities that are developing that we are addressing as well because with a Gen 6 capable switch, it's backwards compatible. So, both design opportunities are open for us and then incrementally, we have the X-Series that does the back-end connectivity and that is kind of a green field opportunity as well.

但仍有許多正在開發的第 5 代機會，我們也在解決這些機會，因為使用支援第 6 代的交換機，它是向後相容的。因此，這兩種設計機會都對我們開放，然後逐漸地，我們擁有了可實現後端連接的 X 系列，這也是一種綠色機會。

So, these designs are, are generally a little more customized system. So, the bring up in the qualification cycle is a little bit more, a lot long. So, we, we take a conservative view on how they ramp with like we always do with most of our business.

所以，這些設計，一般來說都是更客製化的系統。所以，資格認證週期的培養週期有點長。因此，我們對他們如何發展持保守態度，就像我們對大多數業務的一貫做法一樣。

But overall, given that we expect the Scorpio to exceed 10% of our revenues in 2025 as the deployments get, production during the course of the year and exit the year at a very good run rate and good momentum going into 2026.

但總體而言，鑑於我們預計隨著部署的完成，Scorpio 將在 2025 年占我們收入的 10% 以上，在這一年中進行生產，並以非常好的運行率和良好的勢頭進入 2026 年。

That's great. Thank you. And then on Leo, you talked about some of the ramps there, I guess this application, in particular of these large memory servers being able to actually reduce the CPU count and maintain this high memory bandwidth. Can you just talk about that application? And are you seeing that as a material factor next year as well?

那太棒了。謝謝。然後在 Leo 上，您談到了那裡的一些斜坡，我猜這個應用程序，特別是這些大型記憶體伺服器能夠真正減少 CPU 數量並保持這種高記憶體頻寬。您能簡單談談該應用程式嗎？您是否也將其視為明年的重要因素？

Yeah. Sanjay here. So, I think, like we have been maintaining with any new technology, takes a little bit of time for things to mature. So right now, because the way we look at CXL, it's a transition from the sort of the crawl stage to walk stage.

是的。桑傑在這裡。所以，我認為，就像我們一直在維護的任何新技術一樣，需要一點時間才能成熟。所以現在，因為我們看待 CXL 的方式，它是從爬行階段到步行階段的過渡。

There are three or four key use cases that have emerged. One of them is what you noted, which is the large in memory database applications. And there the use case becomes one of how you enable more of memory capacity in the past. This was done by adding additional CPUs into the server box to provide for more memory channels.

已經出現了三、四個關鍵用例。其中之一就是您所提到的，即內存較大的資料庫應用程式。在那裡，用例成為過去啟用更多記憶體容量的方式之一。這是透過在伺服器機箱中添加額外的 CPU 以提供更多記憶體通道來實現的。

But what we have demonstrated is that by using LEO you are not only able to get the higher performance by the added memory, but from an overall TCO standpoint, it's significantly less than adding additional CPUs.

但我們已經證明，透過使用 LEO，您不僅能夠透過添加記憶體來獲得更高的效能，而且從整體 TCO 的角度來看，它比添加額外的 CPU 要少得多。

So, that is one key use case that we see from a deployment standpoint. But having said that I think at OCP this year, you might have seen some of our videos and all that. There has been tremendous amount of different platform level solutions that we are being deployed for various high bandwidth applications, HPC applications including some of the rack level desegregation type of use cases.

因此，從部署的角度來看，這是我們看到的關鍵用例。但話雖如此，我想在今年的 OCP 上，你可能已經看過我們的一些影片等等。我們正在為各種高頻寬應用程式、HPC 應用程式部署大量不同的平台級解決方案，包括一些機架級取消隔離類型的用例。

So, to that standpoint, there are many different ways in which the technology can develop but just like any new technology, it will take some time before the requisite ecosystem and software is built. So, we are in that period right now, getting those pieces in place in 2025 is when we expect the production volumes to begin.

因此，從這個角度來看，該技術的發展有很多不同的方式，但就像任何新技術一樣，建立必要的生態系統和軟體需要一些時間。因此，我們現在正處於這個時期，預計 2025 年這些零件就位後即可開始量產。

Great. Thank you.

偉大的。謝謝。

Blayne Curtis Jefferies

布萊恩·柯蒂斯·傑弗里斯

Hey, good afternoon and congrats on the results. I want to ask you last quarter, you kind of talked about the September growth. I think it was like $20 million and your kind of loosely said it was kind of [third timers, third of] the PCIe Cabling and (technical difficulty). I'm not expecting to dial us in completely, but you kind of double that.

嘿，下午好，祝賀結果。我想問您上個季度，您談到了 9 月的成長。我認為這大約是 2000 萬美元，你可以籠統地說，這是 PCIe 佈線的 [第三個計時器，第三個]（技術難度）。我並不指望完全撥通我們的電話，但你卻加倍了。

So I'm kind of just curious, the strength you are seeing between your products, if you could add a little bit more colour and then also just between AI accelerators and GPU. Obviously, the big GPU vendor has a ramp coming with Blackwell, but that is not exactly now. So, I'm just kind of curious, what is driving the strength in September and December a little bit more.

所以我有點好奇，你在你的產品之間看到的優勢，如果你可以添加更多的顏色，然後也只是在人工智慧加速器和 GPU 之間。顯然，大型 GPU 供應商已經與 Blackwell 合作，但現在還不是這樣。所以，我只是有點好奇，是什麼推動了 9 月和 12 月的強勢。

Yeah, thanks Blayne. Yeah, in Q3, our business is really benefiting from the strong contribution of multiple product lines. And the (technical difficulty) and Taurus both was really big strong ramp quarters. Those ramps kind of were consistent with our expectations, the upside to the guidance was driven largely from [Mary's] revenue, both for the third-party GPUs.

是的，謝謝布萊恩。是的，在第三季度，我們的業務確實受益於多個產品線的強勁貢獻。（技術難度）和金牛座都是非常大的強坡道宿舍。這些成長與我們的預期一致，指引的上行主要來自 [Mary 的] 收入，無論是第三方 GPU 的收入。

But also, as well with the strong ramps on new platforms on the internally developed AI accelerators and we are seeing that across multiple hyperscaler customers. So, it's not just one. So that the upside was largely driven by that area’s revenue.

而且，隨著內部開發的人工智慧加速器新平台的強勁成長，我們在多個超大規模客戶中看到了這一點。所以，這不僅僅是一個。因此，上漲主要是由該地區的收入推動的。

Thanks.

謝謝。

And then Mike, I want to ask you on with the addition of the Scorpio product line. But before you kind of talked about how when some of the products like Taurus or the PCIe modules ramped, it would be a little bit diluted to margins because it's not a chip sale.

然後麥克，我想問你關於增加天蠍座產品線的問題。但在您談到當 Taurus 或 PCIe 模組等某些產品大幅成長時，利潤會受到一點稀釋，因為它不是晶片銷售。

How do you think about it if you do have switches greater than 10% maybe switch margins or area, how do we think of that, that next year?

如果你確實有超過 10% 的轉換（可能是轉換利潤或面積），你如何看待這個問題，我們如何看待明年的情況？

Yeah. So, for Scorpio, there will be a broader range of margins. There is different use case. So, it depends on the functionality and the volume. But at this point, we believe Scorpio will not impact our long-term growth margin targets of 70% and it was kind of contemplated when we set up those targets.

是的。所以，對於天蠍座來說，將會有更廣闊的空間。有不同的用例。因此，這取決於功能和體積。但目前，我們認為 Scorpio 不會影響我們 70% 的長期成長率目標，我們在設定這些目標時就已經考慮到了這一點。

I would say overall beyond the Scorpio though, we are seeing a wider range of margin profiles across all our product portfolios. So, mix will be an important to contribute from a quarter-to-quarter perspective, but we still feel good about the 70% target.

我想說的是，總體而言，除了天蠍座之外，我們在所有產品組合中都看到了更廣泛的利潤狀況。因此，從季度到季度的角度來看，混合將是一個重要的貢獻，但我們仍然對 70% 的目標感到滿意。

Thanks.

謝謝。

Thomas O'malley, Barclays.

托馬斯·奧馬利，巴克萊銀行。

Hey guys, thanks for taking my questions. My first one is just on the, the X-Series for Scorpio. I think this is the first real kind of back-end switch that we have seen in the marketplace for PCIe.

嘿夥計們，謝謝你回答我的問題。我的第一個是關於天蠍座的 X 系列。我認為這是我們在 PCIe 市場上看到的第一個真正的後端交換器。

Could you talk about your positioning there? How far you think you are ahead? And would you the same kind of competitive dynamic that you are seeing in the P-Series switch? Just talk about where you are competitively and just from an opportunity perspective, do you think longer term, the X-Series is a bigger opportunity than the P-Series?

您能談談您在那裡的定位嗎？您認為自己領先多遠？您是否願意在 P 系列交換器中看到相同的競爭動態？談談你們的競爭優勢，從機會的角度來看，你認為從長遠來看，X 系列比 P 系列有更大的機會嗎？

Let me take the question, this is your thing. So, you have three questions in there. So, you don't get a follow up number just so the first question, let me, ask you the, the P-Series first.

讓我回答這個問題，這是你的事。所以，你有三個問題。所以，你不會得到後續號碼，所以第一個問題，讓我先問你，P 系列。

So, P-Series is actually broadly applicable to, you know, all of the accelerators, all of the accelerators require connectivity from the GPU of the accelerator to the head node or to the next and so on.

所以，P系列其實廣泛適用於所有加速器，所有加速器都需要從加速器的GPU到頭節點或到下一個節點等的連接。

So, P-Series is applicable to all of them. We the [P family] for us for PCIe express Gen 6. So that is where the deployment will happen. I already mentioned what are some of the advantages of the family.

因此，P 系列適用於所有這些。我們的 [P 系列] 適合 PCIe Express Gen 6。這就是部署將發生的地方。我已經提到過家庭的一些優點。

But at the same time, we should not estimate the Gen 5. There are also Gen 5 designs that are taking place right now, both with the third-party GPUs as well as with a [six] internally develop (technical difficulty). So, I think that's the market opportunity we see with the P-Series. We estimate that the time for this P-Series to be about a billion dollars plus or minus today and growing to double of that over time.

但同時，我們也不該低估Gen 5。目前也正在進行第 5 代設計，其中包括第三方 GPU 以及 [6] 個內部開發的（技術難度）。所以，我認為這就是我們在 P 系列上看到的市場機會。我們估計這個 P 系列的時間現在大約是 10 億美元左右，並且隨著時間的推移會增加一倍。

But you are also correct that we do think over the longer period X-Series will have a bigger time. The time today is nearly zero. It's not very commonly used outside of the [NVIDIA] ecosystem. We do expect many hyperscalers to start deploying this starting with the, the X family and the designs for which that we have.

但你也說對了，我們確實認為從長遠來看，X 系列將會有更大的發展空間。今天的時間幾乎是零。它在 [NVIDIA] 生態系統之外並不常用。我們確實預計許多超大規模企業會從 X 系列和我們現有的設計開始部署這一點。

And we are able to do that because of the architecture that we have because of our software defined architecture, we can customize many parts of the X-Series to cater to the specific requirements of the hyperscalers both on the side of performance, the exact configuration that they require lien counts and so on.

我們之所以能夠做到這一點，是因為我們擁有軟體定義的架構，我們可以定制 X 系列的許多部分，以滿足超大規模企業在性能、精確配置方面的特定要求他們需要留置權計數等等。

And also, the diagnostic framework that they require to monitor their infrastructure. So over time, we do expect X-Series to become a larger. Now, I also mentioned during the remarks that we have joined the UA link consortium and that gives us another market another opportunity where we can play with back-end interconnect.

此外，他們還需要監控其基礎設施的診斷框架。因此，隨著時間的推移，我們確實預期 X 系列會變得更大。現在，我在演講中也提到，我們已經加入了UA link聯盟，這為我們另一個市場提供了另一個機會，讓我們可以玩後端互連。

Helpful. Let me sneak in another one. I know I broke the rules there on the first one, but the second is just on the Taurus product family. So historically, you have been concentrated within one customer. Can you talk about the breadth of your engagements there has that kind of expanded to multiple customers and when you look out into next year, is that going to be largely consolidated to one or two customers? Do you see that kind of proliferating across multiple? Thanks again.

有幫助。讓我偷偷溜進另一張。我知道我在第一個方面違反了規則，但第二個只是在 Taurus 產品系列上。因此，從歷史上看，您一直集中在一個客戶身上。您能否談談您的業務範圍已擴展到多個客戶，當您展望明年時，這種業務是否會主要整合到一兩個客戶？您是否看到這種情況在多個領域激增？再次感謝。

Yeah, this Sanjay here. Let me take that. Yes, so 2025 is the year that we think the business will get broader, as we have always said, AC or active electrical cable is a case-by-case situation, meaning it's not like every hyperscaler uses active electrical cables.

是的，這個桑傑在這裡。讓我來吧。是的，所以2025 年是我們認為業務將變得更廣泛的一年​​，正如我們一直所說的，交流或有源電纜是具體情況而定，這意味著並不是每個超大規模企業都使用有源電纜。

So, to that standpoint, we do expect as data rates go higher with 800-gig and so on that market to be much more diversified than what it is today. Right? So, with the, with that said, I mean, today, if you look at our business, we do have our AC modules or Tarus modules going into both AI and compute platforms. There are different kinds of cables in terms of various different configurations that they need to support.

因此，從這個角度來看，我們確實預計，隨著 800G 數據速率的提高，該市場將比今天更加多元化。正確的？所以，話雖如此，我的意思是，今天，如果你看看我們的業務，我們確實有我們的 AC 模組或 Tarus 模組進入人工智慧和運算平台。根據需要支援的各種不同配置，電纜有多種類型。

So overall, I want to say we are fairly diversified with our business today. But as the speeds increase in 2025 and beyond, we do expect that the customer basis will continue to evolve with the note like an that I highlighted that every infrastructure will be different, the place where the AC would be used will differ between the various hyperscalers.

總的來說，我想說我們今天的業務相當多元化。但隨著2025 年及以後速度的提高，我們確實預期客戶基礎將繼續發展，就像我強調的那樣，每個基礎設施都會有所不同，使用AC 的地方在不同的超大規模企業之間也會有所不同。

Tore Svanberg, Stifel.

托雷‧思文凱 (Tore Svanberg)、史蒂菲爾 (Stifel)。

Yes. Thank you and congrats on the strong results. You mentioned that PCIe Gen 6 is going to be in pre-production this quarter. When do you expect it to be an actual volume production? Would that be in the first half of next year Q1?

是的。謝謝並祝賀取得的優異成績。您提到 PCIe Gen 6 將於本季投入預生產。您預計什麼時候能夠達到實際量產？那是在明年第一季的上半年嗎？

I want to say it depends on the customer's timeline. So, we don't want to speak for any of our customers on what they are communicating. But in general, what I would say though, that similar to what we have shared with you in the past that our design and are in the customized rack implementation.

我想說這取決於客戶的時間表。因此，我們不想代表任何客戶談論他們正在溝通的內容。但總的來說，我想說的是，與我們過去與您分享的類似，我們的設計和客製化機架實施類似。

So, to that standpoint the timing of qualification and the deployment would be based on that. But in general, between the initial design wins, we had to where we are now, where we are engaging with multiple opportunities both for Gen 5 and Gen 6 and both for, third party GPUs as well as internally developed GPUs.

因此，從這個角度來看，資格認證和部署的時間將以此為基礎。但總的來說，在最初的設計勝利之間，我們必須達到現在的水平，我們正在為第 5 代和第 6 代以及第三方 GPU 和內部開發的 GPU 提供多種機會。

So to that standpoint, our opportunities on Scor continues to grow. And as you look at overall for 2025 like Mike suggested, we do expect our contribution from Scorpio to be to be in excess of 10% of our overall revenue.

因此，從這個角度來看，我們在 Scor 上的機會持續成長。正如 Mike 所建議的那樣，從 2025 年的整體情況來看，我們確實預計 Scorpio 的貢獻將超過我們總收入的 10%。

That is very helpful. And I had a follow up question on Scorpio in relation to your PCIe lead time of business. So, would, those typically pull each other? Meaning, could it be instances where there is a switch PCIe switch with somebody else's retimers or I mean, do they pretty much go hand in hand, especially given the customer software?

這非常有幫助。我有一個關於 Scorpio 的後續問題，涉及你們的 PCIe 業務交付時間。那麼，這些通常會互相拉扯嗎？意思是，是否存在交換器 PCIe 交換器與其他人的重定時器的情況，或者我的意思是，它們是否幾乎齊頭並進，特別是考慮到客戶軟體？

So if you look at today's deployment with Gen 5 , at least from an industry snapshot standpoint, it's mix and match, right? Meaning us re timer get used with switch products from other vendors. We have gone because of our software-based architecture, it allows us to uniquely customize and optimize for different system level configurations, so that is what it is today going forward with COSMOS we do see an advantage because we have integrated the management framework, the customization framework and the optimization type of feature set across all of our products.

因此，如果您看看今天第 5 代的部署，至少從行業快照的角度來看，它是混合搭配的，對嗎？這意味著我們的重新定時器可以與其他供應商的交換器產品一起使用。我們之所以這麼做是因為我們基於軟體的架構，它允許我們針對不同的系統級配置進行獨特的客製化和最佳化，所以這就是今天的 COSMOS，我們確實看到了一個優勢，因為我們整合了管理框架，我們所有產品的客製化框架和功能集的最佳化類型。

Meaning if a customer is using COSMOS today for a, they will very easily be able to extend the infrastructure that they have already built to run on top of our Scorpio devices. That is a unique advantage we bring compared to some of the alternatives out there.

這意味著，如果客戶現在使用 COSMOS，他們將能夠輕鬆擴展他們已經建造的基礎設施，以便在我們的 Scorpio 設備上運作。與其他一些替代方案相比，這是我們帶來的獨特優勢。

Very helpful. Thank you.

非常有幫助。謝謝。

Ross Seymore, Deutsche Bank AG.

羅斯·西莫爾，德意志銀行。

So I asked a couple questions and congrats on the strong results. The first question, Jatinder you mentioned and Sanjay you two about the importance of the [Asic] side of the business really ramping up strongly. What did the inflection point that's really driving that that's something where the market itself is just getting stronger or is there something with the inflection point of your technology that's being adopted and penetrating the market faster?

所以我問了幾個問題並祝賀我們取得了優異的成績。第一個問題，你們提到的 Jatinder 和 Sanjay 你們兩個都談到了業務 [Asic] 方面的重要性，確實在強勁增長。真正推動市場本身變得更強的拐點是什麼，或者您的技術的轉折點是否正在被更快地採用和滲透市場？

Yes. So, I think in terms of the Asic design, I think it's fairly public knowledge now that all the hyperscalers have doubled down on the amount of investment they are doing for their own internal Asic programs. The third-party GPUs obviously have done a great job but also hyperscaler are starting to realize where the money is in terms of their AI use cases and workloads.

是的。因此，我認為就 Asic 設計而言，現在所有超大規模企業都已加倍為其內部 Asic 專案進行投資，這是眾所周知的事情。第三方 GPU 顯然做得很好，但超大規模廠商也開始意識到人工智慧用例和工作負載的資金來源。

So, to that standpoint, we have we have been seeing an increased investment from hyper skills in terms of their internal programs and we are of course addressing those across all of our product lines. So if you look at our business today, like we highlighted in the prepared remarks, we have truly entered a new phase in terms of our overall business where we not only have the third party GPU based designs, we also have several internal AI internally developed a data based AI platforms and then we have multiple of our product lines that are ramping on these platforms.

因此，從這個角度來看，我們已經看到超級技能在內部計劃方面的投資增加，我們當然正在解決我們所有產品線中的這些問題。因此，如果你看看我們今天的業務，就像我們在準備好的發言中所強調的那樣，就我們的整體業務而言，我們確實進入了一個新階段，我們不僅擁有基於第三方GPU 的設計，我們還擁有內部開發的多個內部人工智慧基於數據的人工智慧平台，然後我們有多個產品線正在這些平台上發展。

The one additional point I would note is that for the internally developed AI platforms, we get to play, not only in the in the front-end network connecting the GPU to CPU and storage, but also get to play in the back end. We generally like generally tends to be like I call it a fertile land where there are multiple connectivity requirements that we can service with our Aries and Torus product line. And now of course, with the Scorpio X-Series product line.

我要指出的另一點是，對於內部開發的 AI 平台，我們不僅可以在連接 GPU 到 CPU 和儲存的前端網路中發揮作用，而且還可以在後端中發揮作用。我們通常喜歡我稱之為肥沃的土地，那裡有多種連接要求，我們可以透過我們的 Aries 和 Torus 產品線來滿足這些要求。當然，現在還有 Scorpio X 系列產品線。

Thanks for that. And I guess is my one follow up a quarter ago, we were having significant debates about your statements about the average content per GPU. Obviously, that's not as big a topic today. Now that we know about Scorpio with more detail, but if I revisit that and you talk still on this call about the average content going up, is that just because of Scorpio something you had in your back pocket before that you obviously could not tell us about? Or do you still believe the retimer content in some way, shape or form will still be bigger on most of these platforms going forward? Especially for the third-party merchant suppliers.

謝謝你。我想這是我一個季度前的後續行動，我們對您關於每個 GPU 的平均內容的陳述進行了激烈的辯論。顯然，這不是今天的大話題。現在我們對天蠍座有了更詳細的了解，但如果我重新審視這一點，而你在這次電話會議上仍然談論平均內容上升，這是否只是因為天蠍座，你之前口袋裡有一些東西，你顯然無法告訴我們關於？或者您仍然相信重定時器內容以某種方式、形式或形式在大多數這些平台上仍然會更大？特別是對於第三方商家供應商。

Yes. So, I think when we talked about it before, there were two reasons we highlighted. One is generally speaking with each new generation of a protocol like PCIe going from Gen 5 to Gen 6, there is an ASP uplift, that's number one.

是的。所以，我認為當我們之前討論這個問題時，我們強調了兩個原因。一般來說，每新一代協定（例如 PCIe）從第 5 代到第 6 代，都會出現 ASP 提升，這是第一位的。

Number two, of course, we were hinting at the Scorpio product line which because of the value it delivers to, to customers is at a higher ASP as you can imagine. So overall, if you look at the design wins, we have today the dollar content GPU goes up.

第二，當然，我們暗示了天蠍座產品線，由於它為客戶提供的價值，其平均售價更高，正如你可以想像的那樣。所以總的來說，如果你看看設計的勝利，我們今天的 GPU 的美元含量有所上升。

That is one way to look at it based on what we have shared before. The other way to also look at it is that for internally developed platform, we get to play also in terms of the back-end network. Like I noted we get to also address some of the scale of scale out networks that are based on Ethernet using our Taurus module.

這是根據我們之前分享的內容來看待它的一種方式。另一種看待它的方式是，對於內部開發的平台，我們也可以在後端網路方面發揮作用。正如我所指出的，我們也可以使用我們的 Taurus 模組來解決一些基於乙太網路的橫向擴展網路的問題。

So overall, if you look at sort of the increasing speed, additional product line, as well as the fact that the internally developed platforms, AI (technical difficulty) database platforms, they are starting to gain more and more traction. So when you look at all of them on an average, our content is on the app.

因此，總的來說，如果你看看不斷增長的速度、額外的產品線，以及內部開發的平台、人工智慧（技術難度）資料庫平台的事實，它們開始獲得越來越多的關注。因此，當您平均查看所有內容時，我們的內容就在應用程式上。

Thank you.

謝謝。

Quinn Bolton, Needham

奎因·博爾頓，李約瑟

Hey, thanks for squeezing me and I just wanted to follow up a clarification maybe. But for the Scorpio family being over 10% of revenues, is that largely from the P-Series or would you expect any X-Series production revenue in 2025? Given the longer I think designing cycle for the back end scale up networks.

嘿，謝謝你逼迫我，我只是想跟進澄清。但對於佔收入 10% 以上的 Scorpio 系列來說，這主要是來自 P 系列還是您預計 2025 年 X 系列的生產收入會增加？鑑於我認為後端擴展網路的設計週期較長。

We have designs for both in the both [P-Series and X-Series] will contribute to revenues. The [P designs] will generally be first, but we do see X starting in the back half of the year as well.

我們的 [P 系列和 X 系列] 的設計都將為收入做出貢獻。[P 設計] 通常會先出現，但我們確實看到 X 也會在今年下半年開始。

Excellent. And then can you give us some sense? for the P-Series and the X-Series? on the retimer, I think the market sort of, generally looked at the retimer attach rate per GPU or per accelerator.

出色的。然後你能給我們一些啟示嗎？對於 P 系列和 X 系列？關於重定時器，我認為市場通常會關注每個 GPU 或每個加速器的重定時器連接率。

Is there any framework you could provide for us for P-Series, X-Series would you look or expect a typical, you know, attach rate per GPU accelerator? Would that be 1 to 1? Would it be less than 1 to 1? Could it be higher than 1 to 1? Any, any thoughts on attach rates for P-Series and X-Series? Thank you.

您是否可以為我們提供適用於 P 系列、X 系列的框架？這會是1比1嗎？會不會小於1比1？會比1比1更高嗎？對 P 系列和 X 系列的附加費率有什麼想法嗎？謝謝。

Yes. So, it's a very broad question because there are all kinds of implementation that are out there, the high level I will probably share three points. The first is P-Series is, is broadly applicable in the sense that it could work for a, third party GPU or an internally developed accelerator.

是的。所以，這是一個非常廣泛的問題，因為有各種各樣的實現，我可能會分享三點。第一個是 P 系列，它具有廣泛的適用性，可以用於第三方 GPU 或內部開發的加速器。

Because every accelerator does not matter where it comes from, needs to connect to the head note site, which generally includes the networking storage as well as [ac pu] So to that standpoint, that will be a very broadly used device and when it's used, it's 1 to 1, meaning every GPU would need one of our Scorpio P-Series device. That's number one,

因為每個加速器並不重要它來自哪裡，都需要連接到頭注站點，該站點通常包括網絡存儲以及[ac pu]因此從這個角度來看，這將是一個非常廣泛使用的設備以及何時使用，它是1 比1，這意味著每個GPU 都需要我們的Scorpio P 系列設備之一。這是第一名，

Number two is the X-Series. Now, these are generally used for GPU-to-GPU interconnect, right? So, to that standpoint, depending on the configuration, the number of devices is a function of the number of ports that X-Series exposes.

第二名是 X 系列。現在，這些通常用於 GPU 到 GPU 互連，對吧？因此，從這個角度來看，根據配置，設備數量是 X 系列公開的連接埠數量的函數。

And really depends on how the back-end fabric is built. And to that standpoint, again, it really depends on how the configuration is being built. And this one like Mike noted is a green use case, meaning if you keep in media and there, and we switch aside, everyone else is starting to build configurations that are obviously going to need some kind of a switching functionality, which is what we are addressing with our X-Series device. So that's the second point to keep in mind.

實際上取決於後端結構的建構方式。從這個角度來看，這實際上取決於配置的建構方式。就像麥克指出的那樣，這是一個綠色用例，這意味著如果您保留在媒體中，並且我們切換到一邊，其他人都開始構建顯然需要某種切換功能的配置，這就是我們的功能正在使用我們的X 系列設備進行尋址。這是要記住的第二點。

And then in general, what I would say is that overall, depending on, on where things are and how big of a chip that we are building, the attach rate will continue to evolve. But in general, the dollar content that we are talking that is expected to continue to grow both because we are adding more functionality with devices like Scorpio. And the same time we are seeing additional pull in for products like Aries and Taurus and other things that we are working on.

總的來說，我想說的是，總的來說，取決於事物所在的位置以及我們正在建造的晶片有多大，附加率將繼續發展。但總的來說，我們正在談論的美元含量預計將繼續增長，因為我們正在為 Scorpio 等設備添加更多功能。同時，我們看到白羊座和金牛座等產品以及我們正在開發的其​​他產品受到了更多的關注。

[Mark Lipacis] from Evercore.

[馬克·利帕西斯]來自 Evercore。

Hi, thanks for taking my question. A question on the diversification. If you think just longer term, you can diversify by your customer base and then by your product line. So, pick your time in the future three years out, five years out. What do you think your split will be between the merchant GPU player versus, the custom AI accelerator player?

您好，感謝您提出我的問題。關於多元化的問題。如果您著眼長遠，您可以透過客戶群和產品線實現多元化。所以，選擇你未來三年、五年的時間。您認為商用 GPU 玩家與自訂 AI 加速器玩家之間的差異是什麼？

Like how your products will be attached to either type of solution. And then, let's just say three years out. You have [55] product lines is it, would you expect to have, I still have a [skew] to one or would you expect to have like 20% in each product line bucket or something like that if you could help us out, how are you thinking about diversification? Like three years out? I think that'd be helpful and then I had a follow up. Thanks.

就像您的產品如何連接到任一類型的解決方案。然後，我們就說三年後。你有[55] 個產品線，是嗎，你希望擁有，我仍然有一個[傾斜] 到1，或者你希望每個產品線桶中有20% 左右，或者類似的東西，如果你能幫助我們的話，您如何看待多元化？比如三年後？我認為這會有所幫助，然後我進行了跟進。謝謝。

Mark. Sorry, we are not going to be too much of some help. But what I will say, this is, by the way, what I will say is we like all of the growth vectors that you mentioned, we are going to grow with the third-party GPU's. We are already seeing significant growth with the internally developed basic platforms. All of our product families are contributing to revenue, Sanjay and Mike and we are hard at work building new products. Both new generations of the devices we already have as well as new product families that will come to bear fruit over the next 3 years to 5 years.

標記。抱歉，我們不會提供太多協助。但我要說的是，順便說一句，我要說的是，我們喜歡你提到的所有成長向量，我們將隨著第三方 GPU 的成長而成長。我們已經看到內部開發的基礎平台的顯著成長。我們所有的產品系列都在為收入做出貢獻，桑杰和麥克，我們正在努力開發新產品。我們已經擁有的新一代設備以及新產品系列將在未來 3 到 5 年內取得成果。

So, in terms of which will become more dominant or less dominant. Fortunately, we don't need to predict that we are very happy to service both opportunities. What I would say as Sanjay mentioned earlier is the hyperscaler are putting a lot of dollars into building out their own internal solutions and deploying them and customizing them to their own infrastructure requirements. And because we are able to play in the back-end interconnect with those customers, we do expect that to over time become a larger portion of our revenue.

因此，就其而言將變得更具主導性或更少主導性。幸運的是，我們不需要預測我們非常樂意為這兩個機會提供服務。正如 Sanjay 之前提到的，我想說的是，超大規模企業正在投入大量資金來建立自己的內部解決方案，並根據自己的基礎設施要求進行部署和客製化。由於我們能夠與這些客戶進行後端互連，我們確實預計隨著時間的推移，這將成為我們收入的更大一部分。

Got you very helpful and the follow up if I may-- maybe for Mike, you guys delivered a lot of upside to the outlook you originally provided. Can you help us understand the mechanics of how you're able to deliver that kind of upside? Is this, do you necessarily have to have the inventory on your balance sheet in order to meet that?

你們非常有幫助，如果可以的話，我會繼續跟進——也許對麥克來說，你們為你們最初提供的前景提供了許多好處。您能幫助我們了解您如何實現這種優勢的機制嗎？您是否必須在資產負債表上保留庫存才能滿足此要求？

Can you get an upside to an order and then have the chip [fab to a die] and then package assembled and test within a quarter. If you could just help us, think about how you met the upside and the potential to do that again going forward. Thanks.

您能否獲得訂單的優勢，然後在四分之一內將晶片[製造到晶片上]，然後進行封裝組裝和測試。如果您能幫助我們，請想想您是如何實現這一目標的，以及未來再次實現這一目標的潛力。謝謝。

Sure. Yeah, we always want to be able to supply to upside to customer’s needs. Given that we're such a critical component in their system. So, as you look at our balance sheet, we typically carry a pretty healthy level of weeks of inventory. Now have you seen in Q3 that those weeks dropped down, reasonably well from the previous quarter.

當然。是的，我們始終希望能夠滿足客戶的需求。鑑於我們是他們系統中如此重要的組成部分。因此，當你查看我們的資產負債表時，我們通常擁有相當健康的周庫存水準。現在您是否在第三季度看到了這些週數的下降，與上一季相比相當不錯。

So that was, inventory that was there to supply into the upsides. We are seeing that play out in Q3, we have already started to increase our inventory buys to get those days of weeks of inventory built up for Q4. But we never want to be in a position where we can't meet our customers’ demands either if they come in the short term, we also do that. So, they don't feel like they need to stock up on their end. So, we try to keep a very lean inventory channel at the same time.

也就是說，庫存可以提供上漲空間。我們看到這種情況在第三季度發揮作用，我們已經開始增加庫存購買，以便為第四季度累積數週的庫存。但我們絕不希望處於無法滿足客戶短期需求的境地，我們也會這樣做。因此，他們覺得自己不需要囤貨。因此，我們同時努力保持非常精簡的庫存管道。

Very helpful. Thank you just to add to that. And one thing I would say is that the way Taurus supply chain is designed from early days was designed to address the demand profile of what you would expect from hyperscaler, which folks that have service hyperscaler customers will understand.

非常有幫助。謝謝你補充一下。我要說的一件事是，Taurus 供應鏈的設計方式從早期就旨在滿足您對超大規模企業的期望，這一點為超大規模企業客戶提供服務的人們會理解。

It's a very volatile type of thing in terms of how the upsides come in. So, what we have done is for each one of our products, made sure that there are multiple sources if you will in terms of O[SAT] and substate vendors and all that stuff. So, it's been done very thoughtfully, very purpose built in some ways for the demand profile that we expect in this kind of market. So, we stand to gain from some of the work that's been done as part of the initial supply chain structure and how we have laid it down.

就其優點而言，這是一件非常不穩定的事情。因此，我們所做的就是針對我們的每一款產品，確保有多個來源（如果您願意的話），包括 O[SAT] 和 substate 供應商以及所有其他內容。因此，我們在某些​​方面是經過深思熟慮、非常有目的的，以滿足我們在此類市場中的預期需求。因此，我們將從作為初始供應鏈結構的一部分所做的一些工作以及我們如何制定它中獲益。

Very helpful. Thank you.

非常有幫助。謝謝。

Suji Desilva, Roth Capital.

蘇吉·德西爾瓦，羅斯資本。

Hi, Jitendar, Sanjay, Mike congrats on the strong quarter here on the mix of revenues. I'm not really sure where tourist is this year, but looking ahead to next year, does that, I'm curious how much that grows and helps diversify the products. Is it going to roughly a third kind of plus or minus? Is that too high? Just to get a sense of how areas and tourist diversify next year.

大家好，Jitendar、Sanjay、Mike 祝賀本季的營收組合表現強勁。我不太確定今年的遊客在哪裡，但展望明年，我很好奇遊客會成長多少，並有助於產品多樣化。它會大約有第三種加號或減號嗎？是不是太高了？只是為了了解明年地區和遊客將如何多樣化。

Well, clearly for Q4 is going to increase as a percentage of the Q4 revenues beyond that, given the broadening of a Scorpio and other contributors. I don't think we could be as granular as to predict what it represented percentage of revenues, but it definitely will, be one of our, nice strong growth drivers for the company.

好吧，考慮到天蠍座和其他貢獻者的擴大，第四季顯然會增加第四季收入的百分比。我認為我們無法精確預測它佔收入的百分比，但它肯定會成為我們公司強勁的成長動力之一。

Okay. That's helpful. Thanks. And then just trying to understand the share situation on a in Gen 5. Clearly, you are very strong here. Is it the expectation that Gen 6, you guys maintain a similar share, they will be competitive share across that or just, what's the thoughts on Gen 6 share? Prairies versus a very strong Gen 5 share.

好的。這很有幫助。謝謝。然後只是想了解第 5 代中的共享情況。顯然，你在這裡很強。是期望第六代，你們保持類似的份額，他們將在這方面具有競爭力的份額，還是只是，對第六代份額有什麼想法？Prairies 與非常強勁的 5 代份額相比。

So, what I mean, obviously, we have a biased look on this. We have been [fing] our Gen 6 devices since February of this year. And clearly, we have learned a lot in the last 3-4 years by being deployed in, several different AI platforms worldwide. So, we have taken the learnings from it. We have already been engaged with the market with the Gen [63 timers].

所以，我的意思是，顯然我們對此有偏見。自今年二月以來，我們一直在[fing]我們的第六代設備。顯然，在過去 3-4 年裡，我們透過部署在全球多個不同的人工智慧平台中學到了很多。因此，我們從中吸取了教訓。我們已經與 Gen 一起參與市場[63 個定時器]。

We have already learned a lot about how some of the Gen 6 based systems are being designed and deployed, including some of the customization that are required for the various accelerators. So, to that standpoint, we do believe that we have a strong start, and we have backlog and everything to support that we have been shipping that for some time now from a pre-production standpoint.

我們已經了解了很多關於如何設計和部署一些基於 Gen 6 的系統的知識，包括各種加速器所需的一些客製化。因此，從這個角度來看，我們確實相信我們有一個良好的開端，並且我們有積壓的訂單和一切支持，從預生產的角度來看，我們已經發貨了一段時間了。

So overall, we do believe that we will continue to make grounds. But having said that there is a big market, and we do expect competition to come in. There are no surprises on that front.

總的來說，我們確實相信我們將繼續取得進展。但話雖如此，市場很大，我們確實預期競爭會到來。這方面並沒有什麼意外。

It’s very help College Centre. Thanks guys.

這對大學中心很有幫助。謝謝你們。

Richard Shannon, Craig Hallum.

理查德·香農，克雷格·哈勒姆。

Well, thanks guys taking my questions. Maybe one for, I guess for either to Jitender or Sanjay regarding COSMOS, maybe you can talk about any competitive response you are seeing from others who are, getting in this market, either from the time or switch side or both.

嗯，謝謝大家回答我的問題。也許是，我想對於Jitender 或Sanjay 來說，關於COSMOS，也許你可以談談你從其他進入這個市場的人那裡看到的任何競爭性反應，無論是從時間上還是從換邊或兩者兼而有之。

And it seems like their press releases have alluded to capabilities in this direction. Obviously, your first to market move is it seems to have a lot of stickiness. Plus, I'm sure you are not standing still and moving forward here, maybe you can talk about what you are seeing there from a competitive response, and how you are, trying to maintain that that barrier to switching place.

他們的新聞稿似乎已經暗示了這方面的能力。顯然，你的第一個市場舉措似乎有很大的黏性。另外，我確信你不會在這裡停滯不前並繼續前進，也許你可以談談你從競爭性反應中看到的情況，以及你是如何努力保持更換位置的障礙的。

Yes, it's a great question. So, you know, we have not, it's, we have been talking about our COSMOS software fairly openly for about a year now. And so, it's kind of fair to assume that other people will if they want to try to copy the something similar.

是的，這是一個很好的問題。所以，你知道，我們沒有，而是，我們已經相當公開地談論我們的 COSMOS 軟體大約一年了。因此，可以公平地假設其他人如果想嘗試複製類似的東西也會這樣做。

But what you have to realize is COSMOS software is not just a collection of [AP] is and so on. It. Absolutely is that there is also a lot of knowledge that has gone into the sot by us being in the trenches over the last 3 to 4 years, understanding what works in the ecosystem, what issues some of the, the [A six] and, and other products have and how we work around them. So, all of their learnings have gone into this COSMOS software to make it very rich.

但你必須認識到，COSMOS 軟體不僅僅是 [AP] 等等的集合。它。絕對是，在過去 3 到 4 年裡，我們在第一線工作，了解了生態系統中的哪些內容，以及其中的一些問題，[A 6] 中的一些問題，也積累了很多知識，和其他產品以及我們如何解決這些問題。因此，他們所有的學習都融入了這個 COSMOS 軟體中，使其變得非常豐富。

And as Sanjay mentioned, we been sampling our Gen 6 product for over six months now. And all of the learnings that we have seen firsthand by, by being shoulder to shoulder with our customers, they have again gone in to make our COSMOS system software very rich and, and reliable.

正如 Sanjay 所提到的，我們已經對第六代產品進行了六個多月的採樣。透過與客戶並肩作戰，我們親眼所見的所有經驗教訓再次使我們的 COSMOS 系統軟體變得非常豐富、可靠。

So, anybody who wants to come in will have to have that level of kind of experience and so time to make your software as good. Now, the other interesting thing is with the launch of the Scorpio family, we get even more access to diagnostics and what is going on with the network congestion and things like that, that we can now very uniquely enable for our customers with somebody without having all of these components in play would find it difficult to do. So, we believe COSMOS is a very differentiated software for us and we continue to make it better and better over time.

因此，任何想要加入的人都必須擁有這種程度的經驗，並有時間讓你的軟體變得同樣優秀。現在，另一件有趣的事情是，隨著 Scorpio 系列的推出，我們可以更多地訪問診斷以及網路擁塞的情況以及類似的情況，我們現在可以非常獨特地為我們的客戶提供幫助，而無需所有這些組件在發揮作用時都會發現很難做到。因此，我們相信 COSMOS 對我們來說是一款非常與眾不同的軟體，並且隨著時間的推移，我們將繼續使其變得越來越好。

And just to add to it, COSMOS, you got to look at it in two ways. There is a part that runs in in the operating stacks of the hyper scales, but there is also the part that runs within our chip. The point I'm trying to make is that our chips have been defined or developed in a software centric approach. So to that standpoint, it's not just about the diagnostics, it's about how the fundamental architecture of our chip has been done in order to make more of the eyes and years from a diagnostic and feed [Madin standpoint], but also in terms of customization and various different things that hyperscaler care about in terms of making it uniquely fit into their infrastructure requirements.

補充一下，COSMOS，你必須從兩個方面來看待它。有一部分在超大規模的操作堆疊中運行，但也有一部分在我們的晶片內運行。我想說的一點是，我們的晶片是以軟體為中心的方法定義或開發的。因此，從這個角度來看，這不僅僅是關於診斷，而是關於我們晶片的基本架構是如何完成的，以便從診斷和反饋中獲得更多的關注和時間[Madin 的立場]，而且還涉及客製化以及超大規模者關心的各種不同的事情，以使其獨特地適應其基礎設施要求。

Okay, wonderful. Thanks for all that detail. My follow-on question. Well, I would love to ask you another question, the Scorpio Line, which is obviously very interesting product announced that maybe I will ask one on the Leo product line in that general area here.

好吧，太棒了。感謝所有這些細節。我的後續問題。好吧，我很想問你另一個問題，天蠍座系列，這顯然是一個非常有趣的產品，也許我會在這裡問一個關於獅子座產品線的問題。

I guess maybe, you know, kind of looking back from say the beginning of the year or a year ago when Hypersscaler were looking at CXL and trying to examine the use cases that made sense. Want to get your sense of whether you think that they're developing and getting certainty on them and the pace and the time frame that you originally thought you obviously talked about it a design, I think ramping by, mid next year, is that kind of the time frames you expected back then or maybe just kind of talk about the hyperscaler experiences and figuring out those use cases.

我想也許是從年初或一年前回顧過去，當時 Hypersscaler 正在研究 CXL 並試圖檢查有意義的用例。想要了解您是否認為它們正在開發並確定它們以及您最初認為您顯然談論過它的設計的速度和時間框架，我認為明年中期會是這樣的您當時預期的時間範圍，或者只是談論超大規模體驗並弄清楚這些用例。

The combination of both, right, in the sense that CXL is a new technology. There needs to be a clear use case in ROI and that we believe at this point is starting to get established based on the work that, we have done, and others have done from [ac pu] memory vendor standpoint. So that's becoming clear.

兩者的結合，沒錯，從某種意義上說，CXL 是一項新技術。ROI 需要有一個明確的用例，我們相信此時已經開始根據我們已經完成的工作以及其他人從 [ac pu] 記憶體供應商的角度所做的工作來建立。所以這已經變得很清楚了。

But I think probably a year, two years ago, maybe there was a little bit of over hype on things like pooling and others that t made out. But I think those have been clarified now. So, the use cases are much more real and to that standpoint, it's really a matter of dollars flowing back into the general compute area.

但我認為可能在一兩年前，也許對池化和其他尚未實現的事情有一些過度炒作。但我認為這些現在已經澄清了。因此，用例更加真實，從這個角度來看，這實際上是資金回流到通用計算領域的問題。

The CPU launches, which of course both the Intel and AMD did recently with support for CXL. So, I think it's all starting to add up, but I will add the question like I noted before. I think we are still in that, you know, crawl to walk stage. There is some more work that needs to be done before we are up and running in full speed with CXL.

當然，Intel 和 AMD 最近都推出了 CPU，並支援 CXL。所以，我認為這一切都開始加起來，但我會像之前提到的那樣添加問題。我認為我們仍處於從爬行到行走的階段。在我們使用 CXL 啟動並全速運行之前，還有一些工作需要完成。

Wonderful. Thanks for that detail and congratulations on the great number's guys. Thank you.

精彩的。感謝您提供的詳細信息，並祝賀這些偉大的人。謝謝。

Thank you. Thank you.

謝謝。謝謝。

All right. There are no further questions at this time. I turn the call back over to Leslie Green for closing remarks.

好的。目前沒有其他問題。我將電話轉回給萊斯利·格林，讓其致閉幕詞。

Thank you, everyone for your participation and questions and we look forward to updating you on our progress.

感謝大家的參與與提問，我們期待向您通報我們的最新進展。

This concludes today's

今天的內容到此結束

conference call. You may now disconnect.

電話會議。您現在可以斷開連線。