Astera Labs Inc (ALAB) 2024 Q4 法說會逐字稿

Good afternoon. My name is Jale, and I will be your conference operator today. At this time, I would like to welcome everyone to the Astera Labs Q4 Earnings Call. (Operator Instructions)

午安.我叫 Jale，今天我將擔任您的會議主持人。現在，我歡迎大家參加 Astera Labs 第四季財報電話會議。（操作員指令）

I will now turn the conference over to Leslie Green, Investor Relations of Astera Labs. Leslie, you may begin.

現在，我將會議交給 Astera Labs 投資者關係部 Leslie Green。萊斯利，你可以開始啦。

Thank you, Jale. Good afternoon, everyone, and welcome to the Astera Labs fourth-quarter 2024 earnings conference call. Joining us today on the call 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.

謝謝你，Jale。大家下午好，歡迎參加 Astera Labs 2024 年第四季財報電話會議。今天參加電話會議的有執行長兼聯合創始人 Jitendra Mohan； Sanjay Gajendra，總裁兼營運長兼聯合創辦人；以及財務長 Mike Tate。

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 detail in today's earnings release and the periodic reports and filings we file from time to time with the SEC, including the risk set forth in the final prospectus relating to our IPO and our upcoming filing on Form 10-K.

在我們開始之前，我想提醒大家，今天電話會議上提出的某些評論可能包括前瞻性陳述，其中包括預期的未來財務績效策略和計劃、未來營運以及我們營運的市場。這些前瞻性陳述反映了管理層當前對未來事件的信念、期望和假設，而這些信念、期望和假設本質上受到今天的收益報告和我們不時向美國證券交易委員會提交的定期報告和文件中詳細討論的風險和不確定性的影響，包括與我們的 IPO 和即將提交的 10-K 表格相關的最終招股說明書中規定的風險。

It is not possible for the company's management to predict all risks and uncertainties and 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 stakes.

公司管理階層不可能預測所有風險和不確定性，這可能會對這些前瞻性陳述產生影響，或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的結果有重大差異的程度。

In light of these risks, uncertainties and assumptions, the results, events, or circumstances reflected in forward-looking statements discussed during this call may not occur, and actual results could differ materially those anticipated or implied. 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 conform to these as a result of new information, future events, or changes in our expectations, except as required by law.

鑑於這些風險、不確定性和假設，本次電話會議中討論的前瞻性陳述中反映的結果、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有重大差異。我們的所有聲明均基於管理層截至今日掌握的資訊做出，除非法律另有規定，否則公司不承擔在本次電話會議召開之日後根據新資訊、未來事件或我們預期的變化更新此類聲明的義務。

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

此外，在本次電話會議中，我們將參考某些非公認會計準則財務指標，我們認為這些指標是衡量公司績效的重要指標。這些非公認會計準則財務指標是依照美國公認會計準則編製的財務結果的補充，而非替代或優於這些結果。有關我們使用非公認會計準則財務指標的原因以及我們的公認會計準則和非公認會計準則財務指標之間的調節表的討論，可在我們今天發布的收益報告中查閱，該報告可透過我們網站的投資者關係部分查閱，同時也將包含在我們向美國證券交易委員會 (SEC) 提交的文件中，該文件也可可透過我們網站的投資者關係部分查閱。

With that, I would like to turn the call over to Jitendra Mohan, CEO of Astera. Jitendra?

接下來，我想將電話轉給 Astera 執行長 Jitendra Mohan。吉滕德拉？

Thank you, Leslie. Good afternoon, everyone, and thanks for joining our fourth quarter conference call for fiscal year 2024. Today, I'll provide an overview of our Q4 and full year 2024 results, followed by a discussion around the key secular trends and the company-specific drivers that will help Astera Labs deliver above-industry growth in 2025 and beyond. I will then turn the call over to Sanjay to discuss our medium- and long-term growth strategy in more detail. Finally, Mike will provide details of our Q4 2024 financial results in addition to our financial guidance for Q1 of 2025.

謝謝你，萊斯利。大家下午好，感謝您參加我們 2024 財年第四季電話會議。今天，我將概述我們的 2024 年第四季和全年業績，然後討論關鍵的長期趨勢和公司特定的驅動因素，這些趨勢和因素將幫助 Astera Labs 在 2025 年及以後實現高於行業的成長。然後，我將把電話轉給桑傑，更詳細地討論我們的中長期成長策略。最後，Mike 將提供我們 2024 年第四季財務業績的詳細資訊以及 2025 年第一季的財務指導。

Astera Labs delivered strong Q4 results and set our sixth consecutive record for quarterly revenue at $141 million, which was up 25% from last quarter and up 179% versus Q4 of the prior year. Revenue growth during Q4 was primarily driven by Aries PCIe retimer, and Taurus Ethernet smart cable module product families. Within these product families, we saw additional diversification, driven by strong demand for both AI scale-up and scale-out connectivity. Leo and Scorpio momentum also continued with both products shipping in preproduction volumes during the first quarter to support our customers' qualifications across multiple platforms for a variety of use cases.

Astera Labs 第四季業績表現強勁，連續第六次創下季度營收紀錄，達 1.41 億美元，較上一季成長 25%，較去年同期成長 179%。第四季的營收成長主要得益於 Aries PCIe 重定時器和 Taurus 乙太網路智慧電纜模組產品系列。在這些產品系列中，我們看到了額外的多樣化，這是由對 AI 縱向擴展和橫向擴展連接的強勁需求所推動的。Leo 和 Scorpio 的發展勢頭也持續下去，這兩款產品均在第一季度進行了預生產批量出貨，以支持我們的客戶在多個平台上滿足各種使用案例的資格要求。

Looking at the full year, our strong Q4 finish culminated in an outstanding 2024, which saw full year sales increase by 242% year over year to $396 million. The value of our expanding product portfolio across both hardware and software was reflected in our robust fiscal 2024 non-GAAP gross margin of 76.6%. Over the past 12 months, we have aggressively broadened our technology capabilities by investing in our R&D organization to solve next-generation connectivity infrastructure challenges.

縱觀全年，我們第四季的強勁表現為 2024 年的出色表現畫上了句號，全年銷售額同比增長 242%，達到 3.96 億美元。我們不斷擴展的硬體和軟體產品組合的價值反映在我們 2024 財年強勁的非 GAAP 毛利率 76.6% 上。在過去的 12 個月裡，我們透過投資研發機構來解決下一代連結基礎設施挑戰，積極拓展我們的技術能力。

We successfully increased our head count in 2024 by nearly 80% to 440 full-time employees. In Q4, we also closed a small, but strategic acquisition that included a talented group of architects and engineers to help accelerate our product development, strengthen our foundational IP capability and provide holistic connectivity solutions for our hyperscaler customers at a rack scale. Our revenue growth in 2024 was largely driven by Aries products, along with a strong ramp of Taurus in the fourth quarter.

2024 年，我們成功將員工人數增加了近 80%，達到 440 名全職員工。在第四季度，我們還完成了一項規模雖小但具有戰略意義的收購，其中包括一群才華橫溢的建築師和工程師，他們幫助我們加速產品開發，增強我們的基礎 IP 能力，並為我們的超大規模客戶提供機架規模的整體連接解決方案。我們 2024 年的營收成長主要得益於 Aries 產品，以及第四季 Taurus 的強勁成長。

We expect 2025 to be a breakout year as we enter a new phase of growth, driven by production revenue from all four of our product families to support a diverse set of customers and platforms. In 2025, Aries and Taurus retimers are on track to continue their strong growth trajectory. Also, Astera Labs is poised to be a key enabler of CXL proliferation over the next several years with the volume ramp of our LEO family expected to start in second half of '25.

我們預計 2025 年將是突破性的一年，因為我們將進入新的成長階段，這得益於我們所有四個產品系列的生產收入，以支持多樣化的客戶和平台。2025 年，白羊座和金牛座的回歸者將繼續保持強勁的成長軌跡。此外，Astera Labs 預計將成為未來幾年 CXL 擴散的關鍵推動者，我們的 LEO 系列的產量預計將在 2025 年下半年開始成長。

Finally, our Scorpio smart fabric switches will begin ramping this year with new and broadening engagements for scale up with our X-Series and scale out with our P-Series switches. In time, we expect Scorpio fabric switches to become our largest product line, given the size and growth of the market opportunity for AI fabrics.

最後，我們的 Scorpio 智慧結構交換機將在今年開始擴大規模，並透過新的和更廣泛的合作來與我們的 X 系列進行擴展以及與我們的 P 系列交換機進行擴展。考慮到 AI 架構的市場機會的規模和成長，我們預期 Scorpio 架構交換器將成為我們最大的產品線。

Across our industry, hyperscalers are pushing the boundaries of scale up compute to support large language models that continue to grow in capacity and complexity. Recent algorithmic improvements have shown the potential to deliver AI applications with better return on investment for AI infrastructure providers. These innovations enable increased adoption and broader use cases for AI across the industry.

在我們的產業中，超大規模企業正在突破擴大運算規模的極限，以支援容量和複雜性不斷增長的大型語言模型。最近的演算法改進表明，人工智慧基礎設施提供者有可能為人工智慧應用帶來更好的投資回報。這些創新使得整個產業對人工智慧的採用率提高，使用範圍擴大。

The secular trends underlying our business are projected to be robust in 2025, driven by growing CapEx investments by hyperscalers in AI and cloud infrastructure. Hyperscalers are deploying internal ASIC-based rack-scale AI servers that use end-to-end scale network to deliver larger higher performance in more efficient clusters.

受超大規模企業在人工智慧和雲端基礎設施領域資本支出不斷增長的推動，我們業務的長期趨勢預計將在 2025 年保持強勁。超大規模伺服器正在部署基於內部 ASIC 的機架級 AI 伺服器，這些伺服器使用端對端規模網路在更高效的叢集中提供更高效能。

The scale of networks require every accelerator to connect with every other accelerator with fully nonblocking high throughput and low latency data pipes. This drives the need for more and faster interconnects and the homogeneity of such a system allows for many optimizations and innovations.

網路規模要求每個加速器都透過完全無阻塞的高吞吐量和低延遲資料管道與每個其他加速器連接。這推動了對更多、更快的互連的需求，而這種系統的同質性可以實現許多最佳化和創新。

Our PCIe-based scale up clusters are innovative Scorpio X Series and Aries retimer family are perfectly suited to provide a custom-built interconnect solution. In addition to PCIe-based scale-up opportunities, we are excited about the next potentially broader opportunity with Ultra Accelerator Link, or UALink. This is an impactful initiative by the AI industry to develop and open scale up interconnect fabric for the entire market.

我們基於 PCIe 的擴展集群是創新的 Scorpio X 系列和 Aries 重定時器系列，非常適合提供客製化的互連解決方案。除了基於 PCIe 的擴展機會之外，我們還對超級加速器連結 (UALink) 帶來的下一個潛在的更廣闊機會感到興奮。這是人工智慧產業的一項有影響力的舉措，旨在為整個市場開發和開放擴大互連結構。

Early in 2025, significant progress has been made advancing the development of UALink to provide the industry with a high-speed scale-up interconnect for next-generation AI clusters. The UALink Consortium recently expanded its Board of Directors to include several more technology leaders, including Alibaba Cloud and Apple.

2025年初，UALink研發取得重大進展，為業界提供下一代AI叢集的高速擴展互連。UALink 聯盟最近擴大了董事會，吸收了阿里雲和蘋果等多位技術領袖加入。

Given our intimate involvement within this open standard, we are seeing overall engagement accelerate for Astera Lab's next-generation high-speed activity solutions. In summary, we anticipate the market opportunity for high-speed connective to increase at a faster rate than underlying AI accelerator shipments.

鑑於我們密切參與這項開放標準，我們看到 Astera Lab 下一代高速活動解決方案的整體參與度正在加速。總而言之，我們預期高速連線的市場機會將以比底層 AI 加速器出貨量更快的速度成長。

We look to take full advantage of these robust trends by broadening our existing product portfolio with differentiated hardware and software solutions across multiple protocols and interconnect media. We are accelerating our pace and level of development driven by our customers to deliver new products that address the rapidly growing market opportunity ahead of us.

我們希望充分利用這些強勁趨勢，透過跨多種協定和互連媒體的差異化硬體和軟體解決方案來擴大我們現有的產品組合。在客戶的推動下，我們正在加快我們的發展步伐和水平，以推出新產品來應對我們面前快速增長的市場機會。

With that, let me turn the call over to our President and COO, Sanjay Gajendra, to discuss our growth strategy in more detail.

接下來，我將把電話轉給我們的總裁兼營運長 Sanjay Gajendra，以更詳細地討論我們的成長策略。

Thanks, Jitendra, and good afternoon, everyone. 2024 was a significant year for Astera Labs as we diversified our business across multiple vectors. We launched our Scorpio fabric switches generated revenue from all four of our product lines and transitioned into high-volume production for Aries and Taurus smart cable modules.

謝謝，吉滕德拉，大家午安。 2024 年對 Astera Labs 來說是重要的一年，因為我們實現了業務多元化，涉及多個領域。我們推出了 Scorpio 結構交換機，從所有四條產品線產生了收入，並轉向 Aries 和 Taurus 智慧電纜模組的大量生產。

We also started ramping multiple new AI platforms based on internally developed AI accelerators at multiple customers to go along with continued momentum with third-party GPU-based AI platforms. This expansion to internal accelerator-based platforms took off in the third quarter and helped us establish a new revenue baseline for our business with continued growth in the fourth quarter.

我們也開始在多個客戶處推出基於內部開發的 AI 加速器的多個新 AI 平台，以配合第三方基於 GPU 的 AI 平台的持續發展勢頭。內部加速器平台的擴展在第三季開始實施，並幫助我們為業務建立了新的收入基準，並在第四季度繼續成長。

As we look into 2025, we see strong secular trends across the industry, supported by higher CapEx spent by our customers, broadening deployment of AI infrastructure driven by more efficient AI models and company-specific catalysts that should drive above-market growth rates for Astera Labs.

展望 2025 年，我們將看到整個行業呈現強勁的長期趨勢，這得益於客戶更高的資本支出、更高效的 AI 模型推動的 AI 基礎設施的擴大部署以及公司特定的催化劑，這些都將推動 Astera Labs 實現高於市場的增長率。

Specifically for 2025, we expect three key business drivers: one is the continued deployment of internally developed AI accelerator platforms that incorporate multiple Astera Labs product families, including Aries, Taurus, and Scorpio. As a result, we'll continue to benefit from increased dollar content per accelerator in this next-generation AI infrastructure systems.

具體來說，對於 2025 年，我們預計有三個關鍵的業務驅動因素：一是繼續部署內部開發的 AI 加速器平台，該平台包含多個 Astera Labs 產品系列，包括 Aries、Taurus 和 Scorpio。因此，我們將繼續受益於下一代人工智慧基礎設施系統中每個加速器的價值增加。

Based on known design wins backlog and forecast from multiple customers, we see strong continued growth of our Aries, PCIe Gen 5 products in 2025. As AI accelerator cluster size scale within the rack and rack to rack, we see meaningful opportunities to drive reach extension with our Aries retimer solutions in both chip onboard and smart cable module formats.

根據已知的設計勝利積壓和來自多個客戶的預測，我們預計 2025 年我們的 Aries、PCIe Gen 5 產品將繼續強勁成長。隨著 AI 加速器集群規模在機架內和機架到機架的擴大，我們看到了透過 Aries 重定時器解決方案（包括晶片板載和智慧電纜模組格式）來推動覆蓋範圍擴展的重大機會。

Our Taurus product family has demonstrated strong growth over the past several quarters, paving the way for solid revenue contributions in 2025. We continue to see good demand for Taurus' 400-gig Ethernet solutions utilizing our smart cable modules, both for AI and general-purpose compute infrastructure applications. Looking ahead, we view the transition to 800 gig Ethernet at the late 2025 event for a broader market opportunity in 2026.

我們的金牛座產品系列在過去幾個季度表現出強勁的成長，為 2025 年穩健的營收貢獻鋪平了道路。我們繼續看到 Taurus 利用我們的智慧電纜模組的 400 千兆乙太網路解決方案的良好需求，無論是用於人工智慧還是通用運算基礎設施應用。展望未來，我們預計 2025 年底將過渡到 800G 以太網，為 2026 年帶來更廣闊的市場機會。

Additionally, design activity for Scorpio X-Series products across next-generation scale-up architectures in AI accelerator platforms is also showing exciting momentum as we continue to broaden our customer engagements. The Scorpio X-Series is built upon a software-defined architecture and leverages our COSMOS software suite and support a variety of platform-specific customization, which enables valuable flexibility for our customers.

此外，隨著我們不斷擴大客戶參與度，人工智慧加速器平台中下一代擴展架構的 Scorpio X 系列產品的設計活動也顯示出令人興奮的勢頭。Scorpio X 系列建立在軟體定義的架構之上，利用我們的 COSMOS 軟體套件並支援各種特定於平台的定制，從而為我們的客戶提供寶貴的靈活性。

We are pleased to report that we have received the first preproduction orders for our Scorpio X-Series product family. The second driver for our 2025 business is the expected production ramp of custom AI racks picked on industry-leading third-party GPUs. We are shipping preproduction quantities to support qualification of design, utilizing our Scorpio P-Series and Aries PCIe Gen 6 solutions to maximize GPU throughput while leveraging our customers' own internal networking hardware and software capabilities. These programs are driving higher dollar content opportunities for Astera Labs on a per rack and per accelerator basis, and we expect volume deployments to begin in the second half of this year.

我們很高興地報告，我們已經收到了 Scorpio X 系列產品系列的首批預生產訂單。我們 2025 年業務的第二個驅動力是採用業界領先的第三方 GPU 的客製化 AI 機架的預期產量提升。我們正在運送預生產數量以支援設計資質，利用我們的 Scorpio P 系列和 Aries PCIe Gen 6 解決方案來最大化 GPU 吞吐量，同時利用我們客戶自己的內部網路硬體和軟體功能。這些計劃將為 Astera Labs 帶來按每個機架和每個加速器計算的更高美元內容機會，我們預計批量部署將於今年下半年開始。

At the DesignCon 2025 trade show, we demonstrated the Better Together combination of PCIe fabric switch, PCIe retimer and 100-gig per lane Ethernet retimer solutions utilizing our COSMOS software suite. This provides deeper levels of telemetry to pinpoint connectivity issues in complex topologies, while enabling tighter integration of COSMOS APIs into our customers' operating stack.

在 DesignCon 2025 貿易展上，我們利用 COSMOS 軟體套件展示了 PCIe 結構交換器、PCIe 重定時器和每通道 100 千兆乙太網路重定時器解決方案的 Better Together 組合。這提供了更深層的遙測，以查明複雜拓撲中的連接問題，同時支援將 COSMOS API 更緊密地整合到我們客戶的操作堆疊中。

We also showcased the first public demonstration of end-to-end interoperability between Scorpio fabric switches, Aries retimers, and Micron's PCIe Gen 6 SSDs. This demonstration highlighted the maturity of our PCIe Gen 6 solutions, growing PCIe Gen 6 ecosystem and our performance leadership by doubling the maximum storage throughput possible today and setting a new industry benchmark.

我們也首次公開展示了 Scorpio 結構交換器、Aries 重定時器和 Micron 的 PCIe Gen 6 SSD 之間的端對端互通性。此次演示凸顯了我們的 PCIe Gen 6 解決方案的成熟度、不斷發展的 PCIe Gen 6 生態系統和我們的性能領導地位，將當今的最大存儲吞吐量提高了一倍，並樹立了新的行業標竿。

The third driver for our 2025 business is general compute in the data center. We expect revenue growth from general compute-based platform opportunities, featuring new CPUs, new network cards and SSDs with our Aries PCIe retimers, Taurus Ethernet SCM and the Leo CXL product families.

我們 2025 年業務的第三個驅動力是資料中心的通用計算。我們預計營收成長將來自基於通用運算的平台機會，包括我們的 Aries PCIe 重定時器、Taurus Ethernet SCM 和 Leo CXL 產品系列的新 CPU、新網路卡和 SSD。

Though general compute is a smaller portion of our business compared to AI servers, we benefit from the diversity with multiple layers of growth. Overall, we are excited by the many opportunities and secular trends in front of us to drive 2025 revenues. We're also encouraged by our customers and partners, increasing their trust in us and opening new opportunities for new product lines to support their platform road maps. As a result, we'll continue to aggressively invest in R&D to further expand our product and technology portfolio as we work to increase our total addressable market.

雖然與人工智慧伺服器相比，通用運算只占我們業務的一小部分，但我們受益於多層次成長的多樣性。整體而言，我們對眼前推動 2025 年營收的許多機會和長期趨勢感到非常興奮。我們的客戶和合作夥伴也鼓勵我們，他們對我們的信任日益增加，並為新的產品線開闢了新的機會來支持他們的平台路線圖。因此，我們將繼續積極投資研發，進一步擴大我們的產品和技術組合，並努力擴大我們的整體目標市場。

We'll build upon our semiconductor, software and hardware capabilities to address comprehensive connectivity solutions at a rack scale to ensure robust performance, maximum system utilization and capital efficiency.

我們將基於我們的半導體、軟體和硬體能力，提供機架規模的綜合連接解決方案，以確保強大的性能、最高的系統利用率和資本效率。

As we look to 2026 and beyond, our playbook remains the same: one, stay closely aligned with our customers and partners; two, innovate exponentially in everything we do; and three, continue to be laser focused on product and technology execution.

展望 2026 年及以後，我們的策略保持不變：一、與我們的客戶和合作夥伴保持緊密聯繫；二、在我們所做的一切事情中大力創新；第三，繼續專注於產品和技術的執行。

Our long-term growth strategy is to aggressively attack the large and growing high-speed connectivity market. We estimate our portfolio of hardware and software solutions across retimers, controllers and fabric switches will address a $12 billion market by 2028. Significant portions of this market opportunity such as AI fabric solutions for back-end scale-up applications are greenfield in nature.

我們的長期成長策略是積極進軍龐大且不斷成長的高速連結市場。我們預計，到 2028 年，我們的重定時器、控制器和結構交換器硬體和軟體解決方案組合將覆蓋 120 億美元的市場。這個市場機會的很大一部分（例如用於後端擴展應用程式的 AI 結構解決方案）本質上都是綠地。

With a diverse and broad set of technology capabilities, we are partnering with key AI ecosystem players to help solve the increasingly difficult system-level interconnect challenges of tomorrow. By helping to eliminate data networking and memory connectivity bottlenecks, our value proposition expands and will drive our dollar content opportunity higher.

憑藉多樣化和廣泛的技術能力，我們正在與主要的人工智慧生態系統參與者合作，幫助解決未來日益困難的系統級互連挑戰。透過幫助消除數據網路和記憶體連接瓶頸，我們的價值主張得到擴展，並將推動我們的美元內容機會更高。

In conclusion, we are motivated by the meaningful opportunity that lies before us and will continue to passionately support our customers by strengthening our technology capabilities and investing in the future.

總之，我們對眼前有意義的機會充滿信心，並將繼續透過加強我們的技術能力和投資未來來熱情地支持我們的客戶。

Before I turn the call over to our CFO, Mike Tate, to discuss Q4 financial results and our Q1 outlook, I want to take a quick moment to thank our customers, partners, and most importantly, to our team and families for a great 2024. With that, Mike?

在我將電話轉給我們的財務長 Mike Tate 討論第四季度財務業績和第一季度展望之前，我想花一點時間感謝我們的客戶、合作夥伴，最重要的是，感謝我們的團隊和家人，祝我們度過美好的 2024 年。就這樣，麥克？

Thanks, Sanjay, and thanks to everyone for joining the call. This overview of our Q4 financial results and Q1 2025 guidance will be on a non-GAAP basis. The primary difference to 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 Q1 financial outlook as well as a reconciliation of our GAAP to non-GAAP financial measures presented on this call.

謝謝，桑傑，也謝謝大家參加電話會議。我們第四季度財務業績和 2025 年第一季指引的概述將以非 GAAP 為基礎。與 Astera Labs 非 GAAP 指標的主要差異在於股票薪酬及其相關的所得稅影響。請參閱我們網站“投資者關係”部分提供的今日新聞稿，以了解有關我們的 GAAP 和非 GAAP 第一季度財務展望的更多詳細信息，以及本次電話會議上提供的 GAAP 與非 GAAP 財務指標的對賬表。

For Q4 of 2024, Astera Labs delivered record quarterly revenue of $141.1 million, which was up 25% versus the previous quarter and 179% higher than the revenue in Q4 of 2023. During the quarter, we enjoyed strong revenue growth of both our Aries and Taurus smart cable module products supporting both scale up and scale out PCIe and Ethernet connectivity for AI rack-level configurations.

2024 年第四季，Astera Labs 實現了創紀錄的季度營收 1.411 億美元，較上一季成長 25%，比 2023 年第四季的營收高出 179%。在本季度，我們的 Aries 和 Taurus 智慧電纜模組產品的收入均實現強勁成長，這些產品支援 AI 機架級配置的縱向和橫向擴展 PCIe 和乙太網路連接。

For Leo CXL and Scorpio smart fabric switches, we ship preproduction volumes as our customers work to qualify their products for production deployments later in 2025. Q4 non-GAAP gross margins was 74.1%. It was down from the September quarter levels due to a product mix shift towards hardware-based solutions with both our Aries and Taurus smart cable modules. Non-GAAP operating expenses for Q4 were $56.2 million, up from $51.3 million in the previous quarter as we continue to scale our R&D organization to expand and broaden our long-term market opportunity.

對於 Leo CXL 和 Scorpio 智慧結構交換機，我們會在客戶努力使其產品符合 2025 年下半年的生產部署要求的同時，出貨預生產量。第四季非公認會計準則毛利率為74.1%。由於產品組合轉向基於硬體的解決方案（包括 Aries 和 Taurus 智慧電纜模組），該數字較 9 月季度水準有所下降。第四季非公認會計準則營業費用為 5,620 萬美元，高於上一季的 5,130 萬美元，因為我們繼續擴大研發機構規模，以擴大和拓寬我們的長期市場機會。

As previously mentioned on this call, we closed a small acquisition toward the latter half of the quarter, which also contributed to slightly higher spending during the period. Within Q4, non-GAAP operating expenses, R&D expense was $37.8 million. Sales and marketing expense was $8.1 million and general and administrative expenses was -- I'm sorry, $10.4 million. Non-GAAP operating margin for Q4 was 34.3%, up from 32.4% in Q3, which demonstrated strong operating leverage as revenue growth outpaced increased operating expenses. Interest income in Q4 was $10.6 million.

正如先前在電話會議上提到的，我們在本季後半段完成了小規模收購，這也導致本期間的支出略有增加。第四季度，非 GAAP 營業費用中，研發費用為 3,780 萬美元。銷售和行銷費用為 810 萬美元，一般和行政費用為 - 對不起，1040 萬美元。第四季非公認會計準則營業利潤率為 34.3%，高於第三季的 32.4%，顯示由於營收成長速度超過營業費用成長速度，營業槓桿率強勁。第四季的利息收入為 1060 萬美元。

On a non-GAAP basis, given our cumulative history of non-GAAP profitability, starting in Q4, we will no longer be accounting for a full valuation allowance on our deferred tax assets. As a result, in the fourth quarter, we realized an income tax benefit for this change, resulting in a Q4 tax benefit of $7.6 million and an income tax benefit rate of 13%, which compares to our previous guidance of an income tax expense rate of 10%. Non-GAAP fully diluted share count for Q4 was $177.6 million -- I'm sorry, shares and our non-GAAP diluted earnings per share for the quarter was $0.37.

在非公認會計準則基礎上，鑑於我們非公認會計準則盈利的累計歷史，從第四季度開始，我們將不再對遞延所得稅資產進行全額提列準備。因此，在第四季度，我們因這項變更實現了所得稅收益，導致第四季度稅收收益為 760 萬美元，所得稅收益率為 13%，而我們先前預期的所得稅費用率為 10%。第四季非 GAAP 完全稀釋股數為 1.776 億美元 - 抱歉，本季度我們的非 GAAP 每股攤薄收益為 0.37 美元。

Excluding the impact of the Q4 tax benefit just noted and based on a 10% non-GAAP income tax rate during the quarter, as previously guided, non-GAAP EPS would had been $0.30. Cash flow from operating activities for Q4 was $39.7 million, and we ended the quarter with cash, cash equivalents and marketable securities of $914 million.

不包括剛剛提到的第四季度稅收優惠的影響，並且按照先前的預測，本季 10% 的非 GAAP 所得稅率，非 GAAP 每股收益將為 0.30 美元。第四季的經營活動現金流為 3,970 萬美元，本季末我們的現金、現金等價物及有價證券總額為 9.14 億美元。

Now, turning to our guidance for Q1 of fiscal 2025. We expect Q1 revenues to increase to within a range of $151 million and $155 million, up roughly 7% to 10% from the prior quarter. For Q1, we expect continued growth from our Aries product family across multiple customers over a broad range of AI platforms. We look for our Taurus SCM revenue for 400-gig applications to also provide strong contribution to the top line in Q1. Our Leo CXL controller family will continue shipping in preproduction quantities to support ongoing qualification ahead of volume ramp in the second half of 2025.

現在，讓我們來談談我們對 2025 財年第一季的指導。我們預計第一季營收將增至 1.51 億美元至 1.55 億美元之間，較上一季成長約 7% 至 10%。對於第一季度，我們預計 Aries 產品系列將在廣泛的 AI 平台上為多個客戶帶來持續成長。我們期待 400Gig 應用的 Taurus SCM 營收也能為第一季的營收做出強勁貢獻。我們的 Leo CXL 控制器系列將繼續以預生產數量出貨，以支援在 2025 年下半年大量生產之前持續進行認證。

Finally, we expect our Scorpio product revenue to grow sequentially in Q1 driven by growing preproduction volumes of designs for rack scale systems. We continue to expect Scorpio revenue to comprise at least 10% of our total revenue for 2025 with acceleration exiting the year. We expect non-GAAP gross margins to be approximately 74% and as the mix between our silicon and hardware modules remain consistent with Q4. We expect first quarter non-GAAP operating expenses to be in a range of approximately $66 million to $67 million.

最後，我們預計，由於機架式系統設計的預生產量不斷增長，我們的 Scorpio 產品收入將在第一季環比成長。我們繼續預計，到 2025 年，Scorpio 的收入將占我們總收入的至少 10%，並且今年年底將加速成長。我們預計非 GAAP 毛利率約為 74%，且我們的矽片和硬體模組之間的組合與第四季度保持一致。我們預計第一季非 GAAP 營業費用約為 6,600 萬美元至 6,700 萬美元。

Operating expenses will grow in Q1 is largely driven by three factors: one, continued momentum in expanding our R&D resource pool across headcount and intellectual property; two, seasonal labor expense step-ups associated with annual performance merit increases and payroll tax resets; and three, a full-quarter contribution of the strategic acquisition we executed in the latter part of Q4.

第一季營業費用將成長，主要受三個因素影響：一是持續維持擴大研發資源池的勢頭，包括員工數量和智慧財產權；二、與年度績效工資增加及工資稅重置相關的季節性勞動力費用增加；第三，我們在第四季後半段執行的策略性收購帶來了整個季度的貢獻。

We continue to be committed to driving operating leverage over the long term via strong revenue growth while reinvesting into our business to support the new market opportunities associated with next-generation AI and cloud infrastructure projects. Interest income is expected to be approximately $10 million. Our non-GAAP tax rate should be approximately 10%, and our non-GAAP fully diluted share count is expected to be approximately 180 million shares. Adding this all up, we are expecting non-GAAP fully diluted earnings per share in a range of approximately $0.28 to $0.29. This concludes our prepared remarks.

我們繼續致力於透過強勁的收入成長來長期推動營運槓桿，同時重新投資於我們的業務，以支援與下一代人工智慧和雲端基礎設施項目相關的新市場機會。預計利息收入約1000萬美元。我們的非公認會計準則稅率應約為 10%，我們的非公認會計準則完全稀釋股數預計約為 1.8 億股。綜合考慮這些因素，我們預計非 GAAP 完全稀釋每股收益約為 0.28 美元至 0.29 美元。我們的準備好的演講到此結束。

And once again, we appreciate everyone joining the call. And now, we will open the line for questions. Operator?

我們再次感謝所有參加此次電話會議的人。現在，我們將開放提問熱線。操作員？

(Operator Instructions) Harlan Sur, JPMorgan.

（操作員指示） Harlan Sur，摩根大通。

Good afternoon, and congratulations on the strong results and execution. The one big inflection in accelerated compute in AI, as you mentioned, is the ramp of numerous AI ASIC SPU programs like you've got you an EPU, a Google, Trainium at Amazon, MTI at Meta, also multiple new programs in the not-too-distant future. It looks like these customer and program ramps are growing actually faster than the overall merchant GPU market.

下午好，祝賀您取得的出色成果和執行力。正如您所說，人工智慧加速運算的一個重大轉折點是眾多人工智慧 ASIC SPU 程式的崛起，例如您的 EPU、Google、亞馬遜的 Trainium、Meta 的 MTI，以及在不久的將來的多個新程式。看起來這些客戶和程式的成長速度實際上比整體商用 GPU 市場成長得更快。

So the question is, what percentage of your business last year came from merchant GPU AI systems versus ASIC-based systems. And where do you expect that mix to be, say, exiting this year? I mean, ASIC programs seem to be on a faster growth trajectory. You have a very, very strong attach here across your products as you guys mentioned. I'm just wondering if the team agrees with me on this view.

所以問題是，去年您的業務中有多少比例來自商家 GPU AI 系統而不是基於 ASIC 的系統。您預計今年該組合將會達到什麼水準？我的意思是，ASIC 程式似乎正處於更快的成長軌跡。正如你們提到的那樣，你們的產品具有非常非常強的吸引力。我只是想知道團隊是否同意我的觀點。

Yeah. We're very excited about the addition of these internal AI accelerator programs. Also, in particular, on those programs to the extent you're doing the scale-up connectivity, the unit volumes up in a meaningful way. compared to the merchant GPU designs that we see right now. As we look into 2024, the first half of the year was predominantly merchant GPU since that was the first to really adopt our product lines.

是的。我們對於這些內部 AI 加速器計畫的加入感到非常興奮。此外，特別是在您進行擴大連接的那些程式中，單元音量會以有意義的方式增加。與我們現在看到的商用 GPU 設計相比。展望 2024 年，上半年主要是商用 GPU，因為這是第一個真正採用我們產品線的市場。

And then in Q3, that's the first quarter it inflected up with the internal AI accelerators, especially, you see that with our tourist and our Aries SCM business inflecting up. Q3 was a partial quarter and then Q4 was a full quarter. So it really sets up a nice baseline of revenues.

然後在第三季度，這是它隨著內部 AI 加速器而產生變化的第一個季度，特別是，你會看到我們的旅遊和 Aries SCM 業務正在產生變化。Q3 是一個部分季度，而 Q4 是一個完整季度。因此它確實設立了良好的收入基準。

Now, if you look into 2025, we see both contributing growth. The first half of the year will be more predominantly the AI internal AI accelerator programs. But if we get into the back half of the year, the transition on the merchant GPUs will also be very strong for us. This is where you'll see the custom rack configurations start to deploy, and that's where we see a big dollar increase in our content per GPU with Scorpio starting to ramp.

現在，如果展望2025年，我們會看到兩者都會促進成長。今年上半年將更多是AI內部AI加速器計畫。但如果我們進入今年下半年，商用 GPU 的轉型對我們來說也將非常強勁。在這裡，您將看到客製化機架配置開始部署，並且隨著 Scorpio 的開始普及，我們看到每個 GPU 的內容成本大幅增加。

I appreciate that. And on the balance sheet, inventories were up almost 80% sequentially in the December quarter. That's an all-time high for the team. I think it's up 60% versus the average inventory level over the last four quarters. Is the significant step-up reflective of a strong multi-quarter shipment profile across the overall portfolio or maybe reflective of a step in more of your board level solutions, or is it kind of a combination of both?

我很感激。資產負債表上，12 月季度庫存較上季成長了近 80%。這是該隊的歷史最高紀錄。我認為，與過去四個季度的平均庫存水準相比，這一數字上漲了 60%。這一顯著成長是否反映了整個產品組合多個季度的強勁出貨量，或者可能反映了董事會層級解決方案的進步，還是兩者兼而有之？

Well, if you remember, in Q3, our revenues were very strong. We were up 47% sequentially. A lot of that strength developed during the quarter. So we drew down our inventories pretty significantly in Q3.

嗯，如果你還記得的話，在第三季度，我們的營收非常強勁。我們的業績環比成長了 47%。本季度，這種實力得到了很大程度的體現。因此我們在第三季大幅減少了庫存。

Now, in Q4, we had time to build back to our more normalized level. So this level of inventory is actually where we feel most comfortable.

現在，在第四季度，我們有時間恢復到更正常的水平。因此，這個庫存水準實際上是我們感覺最舒適的。

We always want to be in a position to support upsides from our customers. And because most of our programs are sole sourced. This level reflects the growth in our business now.

我們始終希望能夠為客戶提供支援。而且因為我們的程式大多是單一來源的。這一水平反映了我們現在業務的成長。

Blayne Curtis, Jefferies.

布萊恩·柯蒂斯（Blayne Curtis），傑富瑞（Jefferies）。

Hey, good afternoon. Thank you for taking my question. I had two. I was just kind of curious, you mentioned the strength in Taurus. I don't know if you're going to tell as to how maybe big that was in December. And then, Mike, I wanted to ask on gross margin. I know it's a mix of hardware, and you're seeing strength for at least your basic customer there with multiple products.

嘿，下午好。感謝您回答我的問題。我有兩個。我只是有點好奇，你提到了金牛座的力量。我不知道您是否能告訴我 12 月的規模有多大。然後，麥克，我想問毛利率。我知道這是多種硬體的混合，而且你至少看到那裡的基本客戶擁有多種產品的優勢。

I'm just kind of curious as you think about '25 as Scorpio ramps, how that mix shifts and what the impacts are on the shape of gross margin for this year?

我只是有點好奇，隨著天蠍座的成長，您對 25 年的看法是，這種組合將如何變化，以及對今年毛利率形態有何影響？

Yeah. So for Q4, you see the margins did tick down. We did highlight the Taurus and Aries in the module form factors grew as a percentage of our total revenues and the upside in the quarter was, in particular, from Taurus as well. So that's the margin going down to 74.1%, which is reasonably close to what we had expected. Now as you go into 2025, we still see good contribution from Taurus and Aries SCM modules.

是的。所以對於第四季度，你會看到利潤率確實有所下降。我們確實強調了金牛座和白羊座的模組形式在我們總收入中的百分比有所增長，而本季度的增長也主要來自金牛座。因此利潤率下降至 74.1%，這與我們的預期相當接近。現在進入 2025 年，我們仍然看到金牛座和白羊座 SCM 模組的良好貢獻。

But as we make it through the year, the Aries board on chip as well as Leo and Scorpio are a positive for us as well. So we think Q1 -- in Q2, we should have a consistent margin profile of around 34%. And as we've highlighted, margins will be trending down closer to the longer-term model 70%, but it all depends on the mix of our hardware versus silicon.

但是隨著我們度過這一年，白羊座以及獅子座和天蠍座的晶片對我們來說也是積極的。因此我們認為，在第一季和第二季度，我們的利潤率應該保持在 34% 左右的穩定水平。正如我們所強調的，利潤率將呈下降趨勢，接近長期模型的 70%，但這完全取決於我們的硬體與矽片的組合。

And then I was just kind of curious if you could -- now that you're a quarter removed from launching Scorpio. Just kind of comment on the design momentum you've had in terms of the number of engagements. And I'm just kind of curious in terms of from a competitive landscape-wise, for scale up outside of NVLink? What else is out there that you're seeing that you're competing against with those products?

然後我只是有點好奇你是否可以——現在你已經距離推出 Scorpio 僅剩四分之一了。只是從參與次數的角度來評論一下您所擁有的設計動力。我只是有點好奇，從競爭格局的角度來看，除了 NVLink 之外，還有什麼可以擴大規模的嗎？您認為還有什麼產品可以與這些產品競爭？

Blayne, this is Sanjay here. Let me help answer that. So for us, as you know, Scorpio has got two series, P-Series for PCIe and head no use case, which tends to be pretty broad. And then X series is for the GPU clustering on the back-end side. So overall, since we launched, we continue to pick up multiple design opportunities at this point, both for P-Series as well as for series.

布萊恩，這是桑傑。讓我來幫忙回答。所以對我們來說，如您所知，Scorpio 有兩個系列，用於 PCIe 的 P 系列和無用例的系列，這往往非常廣泛。X系列用於後端的GPU叢集。因此總體而言，自我們推出以來，我們繼續在這一點上獲得多個設計機會，包括 P 系列和系列。

X Series tends to be a more sort of a longer design-in and qualification just because it's going into the back-end GPU side, but the front end. The P-Series is what we expect to start contributing meaningful revenue starting second half of this year as the production volumes take off. We have been shipping preproduction for P-Series already. And then for X-series, we started receiving our first preproduction orders.

X 系列往往是一種更長的設計和鑑定過程，因為它不僅涉及後端 GPU，還涉及前端。我們預計，隨著產量的增加，P 系列將從今年下半年開始貢獻可觀的收入。我們已開始發售 P 系列的預生產產品。然後對於 X 系列，我們開始接收第一批預生產訂單。

So to that standpoint, what I want to share is that the momentum on Scorpio has been definitely more than what we expected, largely driven by the feature set that we have implemented, where Scorpio is the first set of fabric devices for PCIe and back-end connectivity that's been developed ground up for AI use cases.

所以從這個角度來看，我想分享的是，Scorpio 的發展勢頭絕對超出了我們的預期，這在很大程度上是由我們已經實現的功能集推動的，其中 Scorpio 是第一套用於 PCIe 和後端連接的結構設備，它是為 AI 用例而開發的。

So to that standpoint, the customers see the value in the features we have and the performance that we're delivering.

因此從這個角度來看，客戶看到了我們所擁有的功能和所提供的性能的價值。

Blayne, this is Jitendra. Your question on what else is out there. Of course, clearly, NVLink is the four that is most commonly deployed most widely deployed within the NVIDIA ecosystem, and we did play there. Other than that, there is, of course, the PCIe-based scale-up network that Sanjay just talked about. And the other alternative is Ethernet-based scale of networks.

布萊恩，這是吉滕德拉。你的問題是關於還有什麼。當然，顯然，NVLink 是 NVIDIA 生態系統中部署最普遍、最廣泛的一種，我們確實在那裡發揮了作用。除此之外，當然還有Sanjay剛才講的基於PCIe的擴充網路。另一種選擇是基於乙太網路的網路規模。

And the difference between the two is really Ethernet is a very commonly used standard but it was not designed for scale up. So the latencies are quite high and you don't quite get the performance of Ethernet, which is why we see many of our customers gravitate towards PCIe-based systems, which are inherently better suited for this application. Now what we see happening in the future is the industry might try to get behind UALink, which is a developing standard that we are very excited about.

兩者之間的差異在於，乙太網路是一種非常常用的標準，但它不是為擴大規模而設計的。因此延遲相當高，而且無法獲得乙太網路的效能，這就是為什麼我們看到許多客戶傾向於基於 PCIe 的系統，因為它們本質上更適合這種應用。現在我們看到的未來​​情況是，業界可能會嘗試支持 UALink，這是一項令我們感到非常興奮的正在發展的標準。

And with the UALink, you get the benefit of both Ethernet speeds as well as the lower latency and the memory-based IO of the PCA like protocols. Now over time, we do expect Scorpio to become our largest product line just because the market for scale of interconnect is so large. So very excited about what's coming in this space.

透過 UALink，您可以享受乙太網路速度、更低延遲以及類似 PCA 協定的基於記憶體的 IO 的優勢。現在隨著時間的推移，我們確實預期 Scorpio 將成為我們最大的產品線，因為互連規模的市場非常大。我對這個領域即將發生的事情感到非常興奮。

Joe Moore, Morgan Stanley.

摩根士丹利的喬摩爾。

Great. Thank you. I know there's a lot of attention on the DeepSeek innovations that we saw a couple of weeks ago. Can you talk about what you've seen, how you would position that with regards to other innovations that we've seen? Do you see it as inflationary to the long-term opportunity in AI? Just would love to get your perspective on this.

偉大的。謝謝。我知道大家對幾週前看到的 DeepSeek 創新非常關注。您能談談您所看到的嗎？您是否認為這會對人工智慧的長期機會產生通貨膨脹的影響？只是想聽聽你對此的看法。

Joseph, this is Jitendra again. So let me start on that. First of all, you're right, there is a lot of discussion, a lot of articles that have been written about DeepSeek. So I'm not sure exactly what they will be able to add. But what I do want to point out is what matters most is what our customers, the hyperscalers think about DeepSeek.

約瑟夫，我又是吉滕德拉。那麼就讓我從這個開始吧。首先，你是對的，關於 DeepSeek 有很多討論，也有很多文章。所以我不確定他們到底能加什麼。但我想指出的是，最重要的是我們的客戶，超大規模企業對 DeepSeek 的看法。

And in the face of that announcement, they have all gone and increased the CapEx spending. So that really shows that the hyperscalers believe in the future of AI and the continued demand for GPUs and accelerators is likely to continue. And I can kind of give you my perspective on why that is. If you break it down into two, first, if you look at inference, for inference, DeepSeek has shown that algorithmic improvements will drive the cost of inference lower. And we have seen time over again when the cost goes down, the adoption goes up.

面對這項聲明，他們都增加了資本支出。這確實表明超大規模企業相信人工智慧的未來，並且對 GPU 和加速器的需求可能會持續下去。我可以向您從我的角度解釋為什麼會發生這種情況。如果將其分為兩部分，首先，如果從推理的角度來看，對於推理，DeepSeek 已經表明演算法的改進將降低推理成本。我們一再看到，當成本下降時，採用率就會上升。

It happened with PCs. It happened with phones. It happened even with servers when virtualization kicked in, and we do think that AI will follow a similar trajectory, so it get more adoption. And then if you look at training, just consumers like you and I, we are all looking for better results from these models.

這在個人電腦上也曾發生過。這在手機上也發生過。當虛擬化開始發揮作用時，即使是伺服器也會發生這種情況，我們確實認為人工智慧也會遵循類似的軌跡，因此會得到更多的採用。然後，如果你看一下培訓，就像你和我這樣的消費者一樣，我們都在尋求從這些模型中獲得更好的結果。

And by embracing some of the innovations that the DeepSeek team has put forward, the quality of results from these models will go up and that again is beneficial for the overall AI ecosystem. So our focus has always been on enabling AI infrastructure with both the third-party GPUs as well as AC platforms. And to the extent that any of the dynamic exchange, we stand to benefit from the trends.

透過採用 DeepSeek 團隊提出的一些創新，這些模型的結果品質將會提高，這又有利於整個 AI 生態系統。因此，我們的重點一直是透過第三方 GPU 和 AC 平台支援 AI 基礎設施。就任何動態交流而言，我們都將從趨勢中受益。

It's very helpful. And then for my follow-up, you talked about Leo ramp in the second half of the year. I know you're seeing quite a bit of interest in kind of memory bandwidth boosting kind of capabilities. Can you help us size how important that could be in the second half?

這非常有幫助。然後作為我的後續提問，您談到了今年下半年 Leo 的成長。我知道您對提升記憶體頻寬之類的功能非常感興趣。您能幫我們評估一下這在下半年有多重要嗎？

Yes. So we've been working with our customers as a next-generation CPUs that support CXL come to market. These are going to initially be very high memory data intensive applications, high-performance compute type applications. So we'll see those start to deploy in the back half of the year. Ultimately, longer term, we do expect the CXL technology to be very beneficial for more mainstream general compute. So we hope to see that play out in 2026 to '27.

是的。因此，我們一直與客戶合作，推動支援 CXL 的下一代 CPU 上市。這些最初將是高記憶體資料密集型應用程式、高效能運算類型的應用程式。因此我們將看到它們在今年下半年開始部署。最終，從長遠來看，我們確實預計 CXL 技術將對更主流的通用計算非常有益。所以我們希望在 2026 年至 2027 年看到這項進展。

And to add to that, yes, to add to what Mike -- just to give you a little bit broader picture too, I think there are -- at this point, based on the fact that we have been working closely with the hyperscalers and the CEO vendors for quite some time now. It's become pretty clear that there are three or four sort of applications that are driving the ROI or the use cases for CXL. So at this point, we understand that the first one is getting deployed in the second half of this year, we do expect additional use cases and the associated opportunities to come along probably in 2026 and beyond.

除此之外，是的，為了給您提供更廣泛的信息，我認為在這一點上，基於我們已經與超大規模企業和 CEO 供應商密切合作了相當長一段時間的事實。已經很明顯了，有三、四種應用程式正在推動 CXL 的投資報酬率或用例。因此，在這一點上，我們了解到第一個將在今年下半年部署，我們確實預計更多用例和相關機會可能會在 2026 年及以後出現。

Tore Svanberg, Stifel.

托爾·思文伯格（Tore Svanberg），Stifel 公司。

Thank you, and congrats on the strong results. I had a question on Scorpio. I think you said you still expect it to be more than 10% of revenues in calendar '25. Obviously, that number is now higher. Is that going to be predominantly the P-Series, or are you going to get some contribution already from X-Series in calendar '25?

謝謝，並祝賀您取得的優異成績。我有一個關於天蠍座的疑問。我記得您說過，您仍預期它將占到 25 年收入的 10% 以上。顯然，這個數字現在更高了。那將主要是 P 系列嗎，還是你們將在 25 年從 X 系列獲得一些貢獻？

We expect contribution for both. The P-Series will be first to launch and then the X-Series we do expect contribution in the latter part of the year.

我們期望雙方都能做出貢獻。P 系列將首先推出，然後是 X 系列，我們預計該系列將在今年下半年推出。

Great. And as a follow-up on the Taurus, could you just talk a little bit about the revenue profile there? How diversified is it by the customer and use case? And how do you think about that business first versus second half? Because obviously, if it is more diversified in nature, then obviously, maybe second half will be even greater than first half. But yes, just some profile of that revenue base right now.

偉大的。作為對金牛座的後續關注，您能否簡單談談那裡的收入狀況？根據客戶和用例的不同，其多樣化程度如何？您認為上半年和下半年的業務狀況如何？因為顯然，如果它的性質更加多樣化，那麼顯然，下半年可能會比上半年更大。但確實，目前只是一些收入基礎的概況。

Yes. So we're shipping both 200 gig and 400 gig, 400 gig is what really launched here in Q3 and Q4. And we have multiple designs across different types of configurations, and we also support different cable providers and different form factors. The 400-gig opportunity is still relatively limited opportunity set out there. So we've been focusing primarily on our lead customer.

是的。因此，我們同時推出了 200G 和 400G，400G 實際上是在第三季和第四季推出的。我們有跨不同類型配置的多種設計，我們還支援不同的有線電視供應商和不同的外形尺寸。400Gig 的機會仍然是相對有限的機會。因此，我們一直主要關注我們的主要客戶。

This should continue to provide good strong growth for both in 2025 driven by both AI and general purpose. And then in the latter part of the year, then we see the market start to transition to 800 gig.

在人工智慧和通用用途的推動下，這應該會在 2025 年繼續為兩者帶來強勁的成長。然後在今年下半年，我們看到市場開始轉向 800G。

Tom O'Malley, Barclays.

巴克萊銀行的湯姆·奧馬利。

Hey, guys. Thanks for taking my questions. My first was in your prepared remarks, you mentioned that over time, Scorpio would become your biggest product line. I don't think you've mentioned that before. Perhaps you could talk about the timeframe the thinking about that product line taking over? Is this some that we should be seeing potentially as early as 2026. And is that a function of just Scorpio growing faster than you had originally thought or perhaps areas coming down to some extent, just understanding why you made that comment in the preamble.

嘿，大家好。感謝您回答我的問題。我的第一個問題是，在您準備好的發言中，您提到隨著時間的推移，天蠍座將成為您最大的產品線。我覺得你之前沒有提到這件事。也許您可以談談該產品線接管的時間框架考慮？我們是否可能早在 2026 年就能看到這些？這是天蠍座成長速度比您原先想像的要快，還是某種程度上有所下降，只是理解了為什麼您在序言中發表了這樣的評論。

Yeah. So I think to add some color to that, the ASP profile of a retimer class device and a switch device tends to be very different, meaning on the switch side, we do get a significantly higher ASP. And if you look at, at least for the customized AI racks are being deployed, we are actually adding a CPO socket to go along with the retimer socket. And given that attach rate configuration. What we also see is that the dog content per GP will go up.

是的。因此，我認為，為了補充一些信息，重定時器類設備和交換器設備的 ASP 配置文件往往非常不同，這意味著在交換機方面，我們確實獲得了明顯更高的 ASP。如果你看一下，至少對於正在部署的客製化 AI 機架，我們實際上正在添加一個 CPO 插槽以配合重定時器插槽。並給定該附加率配置。我們也看到，每位全科醫生所照顧的狗的數量將會增加。

But in general, the switch is a much bigger TAM out there. And then we get to play both in the front end with the PCs and the back end. Back end tends to be obviously a lot more fertile in many ways because you have many GPUs talking to each other. And we benefit from having a high ASP device like the exit switches and them being deployed in a scale that's much more significant compared to any of the products that we have released so far. It does not mean that retimers or CXL controllers are going to go away.

但總體而言，該交換器的潛在市場規模要大得多。然後我們就可以在 PC 上進行前端遊戲，也可以在後端遊戲。由於許多 GPU 可以相互通信，因此後端在許多方面都變得更加豐富。我們受益於擁有像出口開關這樣的高 ASP 設備，而且它們的部署規模比我們迄今為止發布的任何產品都要大得多。這並不意味著重定時器或 CXL 控制器將會消失。

It simply means that the TAM that we're able to address with Scorpio tends to be larger. And given the market momentum and opportunities that we're seeing, including some of the road map products we're developing, we feel confident that going forward, that will continue to evolve and become a flagship product, both from a technology and revenue standpoint.

這僅僅意味著我們能夠用 Scorpio 解決的 TAM 往往更大。鑑於我們看到的市場勢頭和機遇，包括我們正在開發的一些路線圖產品，我們相信，無論從技術還是收入的角度來看，它都將繼續發展並成為旗艦產品。

Super helpful. And then my follow-up was just, I think it was Mike's commentary, on one of the first questions here on the call. You talked about kind of the year 2025 on the Aries side. talking about how in the first half of the year, you would see more internal AI efforts followed by the second half of the year being more merchant GPU. That comment was a bit surprising to me given we're going through a big product transition now at the large customer of yours.

超有幫助。然後我的後續問題就是，我認為這是麥克對本次電話會議中第一個問題的評論。您談到了 2025 年牡羊座的情況。說到上半年，你會看到更多的內部 AI 努力，而下半年將出現更多的商用 GPU。考慮到我們目前正在為您的大客戶經歷重大的產品轉型，這個評論對我來說有點令人驚訝。

So is there any change in the way that you see the ramp of 2025 versus where you did before? I would have anticipated maybe the merchant GPU being a bit stronger earlier in the year? Just any reason behind those comments that caught me a little off guard.

那麼，您對 2025 年成長的看法與之前相比有什麼變化嗎？我原本預計今年早些時候商家 GPU 可能會更強大一些？這些評論背後的原因讓我有點措手不及。

Sure. Yes, so the -- first of all, the merchant GPU drives both Scorpio and Aries. So the big incremental piece of the merchant GPUs is the score field content which is all new for us. The designs that we have are complex in nature, they're all new. So the -- to get them -- to productize and ramp we're looking at that to start off in the back half of the year.

當然。是的，首先，商家 GPU 可以驅動 Scorpio 和 Aries。因此，商用 GPU 的最大增量部分是分數欄位內容，這對我們來說都是新的。我們的設計本質上很複雜，它們都是新的。因此，為了讓它們實現產品化並擴大產量，我們計劃在今年下半年開始進行。

Right now, in the first half of the year's preproduction. These are all for custom configuration. So the customization adds a little bit of lead time to the volume rates.

目前正處於上半年的前期製作階段。這些都是用於自訂配置。因此客製化會為批量費率增加一點準備時間。

Ross Seymore, Deutsche Bank.

德意志銀行的羅斯·西摩。

Hi, guys. Thanks. A couple of questions. First one is a little bit higher level. And it's on diversification. You guys talked from a product diversification point of view with Scorpio being over 10% of your revenues going forward. But there's also an admittedly concentrated batch of hyperscalers, there's also the customer concentration. So whether it be on the customer side or the product side or both? Anyway, you can give us a little bit of framework of how 2024 ended, and how you think 2025 will differ from a diversification lens?

嗨，大家好。謝謝。幾個問題。第一個稍微高級一點。這是關於多樣化的。你們從產品多樣化的角度進行了討論，天蠍座未來將佔你們收入的 10% 以上。但不可否認的是，超大規模企業也集中了一批，客戶也集中了一批。那麼無論是在客戶端還是產品端，還是兩者兼具？無論如何，您能否為我們提供一些關於 2024 年如何結束的框架，以及您認為 2025 年從多樣化角度來看會有何不同？

Yeah. So overall, 2024, in fact, 2025, as will, we are shipping to all the hyperscalers across multiple different product sets that we have. So there should not be any doubt or question about that. But having said that, there are some nuances that are important to keep in mind when you're dealing with the data center market. The first thing, like we always say, customer concentration is an occupation hazard in the data center market just because there are only a handful of hyperscalers.

是的。因此總體而言，到 2024 年，實際上是 2025 年，我們將向所有超大規模企業推出我們擁有的多個不同產品系列的產品。因此，對此不應有任何懷疑或疑問。但話雖如此，在處理資料中心市場時，有一些細微差別需要牢記。首先，就像我們常說的，客戶集中度是資料中心市場的一個職業危害，因為只有少數幾家超大規模企業。

The second thing to keep in mind is that the hyperscalers differ in terms of their maturity when it comes to internal accelerator chip development, some are more advanced than the others. For us when we are designing and counting revenue from internal accelerator program, obviously, there will be a difference between the hyperscalers where we get to play both on the merchant as well as internal Excel data programs compared to hyperscalers where we only have the merchant silicon opportunity. So there is that no one. The other one that is also true is that the appetite for new technology deployment differs from hyperscaler to hyperscaler. So there will be some hyperscalers that are pretty aggressive in terms of deploying new technology.

要記住的第二件事是，超大規模器在內部加速器晶片開發的成熟度方面有所不同，有些比其他的更先進。對我們來說，當我們設計和計算內部加速器計畫的收入時，顯然，我們可以在商家和內部 Excel 資料程式上發揮作用的超大規模器與我們只有商家矽片機會的超大規模器之間會有差異。所以，根本就沒有人。另一個事實是，對於新技術部署的興趣因超大規模企業而異。因此，一些超大規模企業在部署新技術方面會相當積極。

Others take some time. So you can expect that in a given window of time, there will be a situation where our revenue would be coming more from a given hyperscaler versus the other. It does not mean that the second hyperscale is not a potential customer for us. It simply means that they take more time to deploy something just given their own workloads and other things that they're tracking. But overall, our goal is to make sure that the revenue contribution we get reflects the share that each hyperscaler has, meaning if a given hyperscaler has got a certain percentage of the market in terms of cloud services, then we expect that we are seeing similar numbers in our share.

其他人則需要一些時間。因此，你可以預期，在給定的時間段內，會出現這樣的情況：我們的收入更多來自於特定的超大規模器，而不是其他超大規模器。但這並不代表第二家超大規模企業對我們來說不是潛在客戶。這僅僅意味著，考慮到他們自己的工作量和他們正在追蹤的其他事項，他們需要花費更多的時間來部署某些東西。但總的來說，我們的目標是確保我們獲得的收入貢獻能夠反映每個超大規模供應商的份額，這意味著，如果某家超大規模供應商在雲端服務方面佔有一定比例的市場份額，那麼我們預期我們的份額也會有類似的數字。

That's very helpful. Mike, one for you. You mentioned earlier about the gross margin, why it was down a little bit below your guide in the fourth quarter, it stays flat in the first. It sounds like you said stayed flat in the second as well. Does that kind of hardware module mix shift in the second half? It sounded like from what you said that does go back away from the hardware side to a little bit more towards the chip level. Was I hearing that correct, or any sort of update on that would be helpful.

這非常有幫助。麥克，給你一個。您之前提到了毛利率，為什麼第四季的毛利率略低於您的預期，而第一季的毛利率則保持穩定。聽起來你也說過第二輪比賽仍保持平穩。這種硬體模組組合在下半年會改變嗎？從您所說的情況來看，這聽起來確實從硬體方面回歸到了晶片層面。我聽到的是否正確，或者任何有關這方面的更新是否有幫助。

Yes. We do see growth in the hardware, but it should stay at a similar level as rest of the business. So it's not growing as a percentage of the revenue in the first half of the year.

是的。我們確實看到硬體方面的成長，但它應該與其他業務保持類似的水平。因此，其佔上半年收入的百分比並沒有成長。

Quinn Bolton, Needham.

奎因博爾頓，尼德姆。

Hey, guys. I wanted to come back to Joe's question on DeepSeek. And obviously, one of the benefits is greater deployment of AI models probably means a shift towards inferencing. Do you guys see any entrancing side, the need for clusters that are as large as we've historically seen on the training side. And if we don't -- if we see greater adoption of sort of more inferencing clusters, but of smaller size. Is that a positive or a negative for the connectivity TAM?

嘿，大家好。我想回到喬關於 DeepSeek 的問題。顯然，其中一個好處是，更廣泛地部署人工智慧模型可能意味著向推理的轉變。你們是否看到了任何令人著迷的方面，對集群的需求與我們在訓練方面歷史上看到的一樣大。如果我們不這樣做——如果我們看到更多推理集群的採用，但規模較小。這對於連接性 TAM 來說是積極的還是消極的？

So let me take a crack at that. So I think, first of all, at the high level, I can say that our business is not strongly dependent on inferencing versus training. We stand to benefit from both of those. Now the point that you made is valid that you don't need as large of a cluster for inference as you need for training. Having said that, if you look at the DeepSeek announcement or even for that matter, other folks that are announcing as well, this chain of thought models which actually require far more compute than they have required historically.

所以讓我嘗試一下。因此我認為，首先，從高層次上講，我可以說我們的業務並不強烈依賴推理與訓練。我們將從這兩者中受益。現在，您所提出的觀點是正確的，即您不需要像訓練那樣大的集群來進行推理。話雖如此，如果你看看 DeepSeek 的公告，或者其他同樣發布的公告，你會發現這個思路模型鏈實際上需要的計算量遠遠超過歷史上所需的計算量。

So over time, we do expect that the unit of compute will become a kind of a rack level AI server. What typically used to be a two-year, a four-year server will now be at a rack level. And when you go to a rack level, you come up with these different connective challenges that we are very well positioned to address as we are doing with many of our different product lines.

因此隨著時間的推移，我們確實預期計算單元將成為一種機架級 AI 伺服器。過去通常為兩年、四年的伺服器現在將處於機架層級。當你進入機架層時，你會發現這些不同的連接挑戰，我們完全有能力解決這些挑戰，就像我們在許多不同的產品線上所做的那樣。

So all in all, as this unit of compute goes to rack level, we will see higher opportunity. We already are participating in other form factors with our Scorpio P and Aries retimer type products. And so overall, we don't see this as a headwind or a tailwind. We just tend to benefit from both of those.

總而言之，隨著這個計算單元進入機架級別，我們將看到更高的機會。我們已經在利用 Scorpio P 和 Aries 重定時器類型產品來參與其他形式的產品。因此整體而言，我們並不認為這是逆風或順風。我們只是傾向於從這兩者中受益。

Got it. That's very helpful. And then second question is just on the Scorpio P family. You mentioned that, that growth really driven by the sort of custom versions of merchant GP-based platforms. Wondering, do you guys have engagements for Scorpio P on the ASIC platforms as well?

知道了。這非常有幫助。第二個問題是關於天蠍座 P 家族的。您提到，這種成長實際上是由基於商家 GP 平台的定製版本所推動的。想知道你們是否也在 ASIC 平台上參與了 Scorpio P 的活動？

Yes, absolutely. So we are -- for the customers that we engage right now, we do see opportunities both for P-Series and X-Series as it relates to ASIC platforms. P-Series is more for the head node connectivity to interconnect GPUs with CPU, storage and networking and X-Series for the back end to interconnected GPU themselves.

是的，絕對是如此。因此，對於我們現在接觸的客戶，我們確實看到了與 ASIC 平台相關的 P 系列和 X 系列的機會。P 系列更多用於頭部節點連接，將 GPU 與 CPU、儲存和網路互連，而 X 系列則用於後端互連 GPU 本身。

Atif Malik, Citi.

花旗銀行的阿蒂夫馬利克 (Atif Malik) 說：

Hi. Thank you for taking my question. My first question is on co-packaged optics. Jitendra, Sanjay, there's a bit of discussion in terms of its timing. Can you share your thoughts on the volume of that and what impact it could have on your retimer and PCI opportunity?

你好。感謝您回答我的問題。我的第一個問題是關於共封裝光學元件的。吉滕德拉 (Jitendra)、桑傑 (Sanjay)，關於時間安排有一些討論。您能否分享一下關於其數量的想法以及它對您的重定時器和 PCI 機會有何影響？

So let me start. First of all, at the high level, we don't expect CPO to negatively impact our business in the near future. The current products that we have or even the next generation of products that we have. The way we look at it at 200 gigabit percent per lane at the rack level, the activity will remain largely copper. And as a matter of fact, I think the industry will work very hard to even keep it at copper at 400 gigabit per second.

那麼就讓我開始吧。首先，從高層來看，我們預計 CPO 不會在不久的將來對我們的業務產生負面影響。我們現有的產品，甚至是下一代產品。從機架級別每通道 200Gb 的角度來看，活動仍將主要以銅線為主。事實上，我認為業界會非常努力地將銅線速度維持在 400 千兆位元每秒。

The reason for that is our customers really prefer copper. The reason for that is it is easier to deploy. When we go to optical specifically CPO type solutions, you reduce a lot of additional components into what used to be a purely silicon-based pack, which has its own challenges for reliability as well as serviceability aspects. So in general, what we have seen from our customers is if they can stay with copper, they will stay with copper. If they cannot stay with copper because the bandwidths are too high and so on, they will go to pluggable optics.

原因在於我們的客戶確實更喜歡銅。原因是它更容易部署。當我們採用光學專用CPO類型解決方案時，您會將許多附加元件減少到先前純矽基封裝中，這對於可靠性和可維護性方面都有其自身的挑戰。因此，總體而言，我們從客戶那裡看到的情況是，如果他們可以繼續使用銅，他們就會繼續使用銅。如果他們因為頻寬太高等原因無法繼續使用銅線，那麼他們就會轉而使用可插拔光學元件。

And when in plug optics do not become feasible, only then do you go to co-package optics. As a result, we see the first instance of co-package optics happen when the data rates are the highest, the line speeds are the highest and the density of interconnect with the highest, which typically happens in Ethernet switches. So our view is that that's where CP will get deployed first, and that's not an area that we play in today. So it's not likely to impact our near- to medium-term revenues. And for the longer term, we will continue to explore different media types and keep watching the space for the solutions that our customers might like from us.

當插入式光學元件變得不可行時，才需要採用共同封裝光學元件。因此，我們看到，當資料速率最高、線路速度最高、互連密度最高時，首次出現了共封裝光學元件，這通常發生在乙太網路交換器中。因此，我們的觀點是，這是 CP 將首先部署的地方，而這不是我們今天所參與的領域。所以它不太可能影響我們的近期和中期收入。從長遠來看，我們將繼續探索不同的媒體類型，並持續專注於客戶可能喜歡的解決方案。

Great. And Mike, can you talk about how should we think about OpEx for the year?

偉大的。麥克，您能談談我們應該如何考慮今年的營運支出嗎？

Yeah. We -- like we highlighted, we're going to continue to invest aggressively in the business. Q1 is a bigger step-up difficult given for the reasons we outlined, including the small acquisition we did. So the rate of growth will hopefully normalize a little bit. But right now, we really believe it's the time to press our advantage and invest in the business.

是的。正如我們所強調的那樣，我們將繼續積極投資該業務。由於我們概述的原因，包括我們進行的小規模收購，Q1 的升級難度更高。因此，成長率可望稍微恢復正常。但現在，我們確實相信是時候發揮我們的優勢並進行業務投資了。

We do have a goal of hitting a long-term operating margin model of 40% operating margins. And that will be driven more by inflections in revenue growth versus our controlling our investment in R&D.

我們的目標確實是實現 40% 營業利潤率的長期營業利潤率模型。這將更多地受到收入成長的變化而不是我們對研發投資的控制的推動。

Suji DeSilva, Roth Capital.

羅斯資本 (Roth Capital) 的蘇吉·德席爾瓦 (Suji DeSilva)。

Hi, Jitendra, Sanjay, Mike. First question, just to be clear on the customer focus. I know it's almost entirely hyperscale. I'm just curious if you've been approached by trying to engage the emerging AI companies versus the large established, or if that doesn't fit in your business model?

你好，Jitendra、Sanjay、Mike。第一個問題，只是想明確客戶關注點。我知道它幾乎完全是超大規模的。我只是好奇，您是否曾嘗試與新興人工智慧公司而非大型成熟公司合作，或者這是否不適合您的商業模式？

It absolutely fits. And just to be very clear, right, we talk about hyperscalers because they are the ones that are deploying the big infrastructure right now in terms of AI training and so on. But as a company, we are tracking both the OEM space for enterprise application as well as the emerging AI players in various different formats, right? So we are tracking it, but what we also believe is that the first generation of systems that are being rolled out right now take something that's directly available from a company that's providing GPUs or folks that are integrating that into OEM level boxes. So that is the first generation.

它絕對合適。為了非常清楚起見，我們談論超大規模企業，是因為他們目前正在部署大型基礎設施，包括人工智慧訓練等。但作為一家公司，我們既在追蹤企業應用的 OEM 領域，也在追蹤各種不同形式的新興 AI 參與者，對嗎？因此我們正在追蹤它，但我們也相信，目前正在推出的第一代系統需要直接從提供 GPU 的公司或將其整合到 OEM 級盒子中的人員那裡獲得的東西。這就是第一代。

Probably that will continue probably with a little bit more customization in Gen 2 before we start seeing more sort of hardware level decisions being made in future generations. So overall, we are tracking it, but the fact of the matter right now is bulk of the TAM that's available is through the hyper skills, and that's where we talked about. But at the same time, every OEM out there that's building AI servers. They are buying components from us, either directly or through base boards that they procure from GPU platform providers.

在我們開始看到未來幾代產品中做出更多硬體層級的決策之前，這種情況可能會持續，可能在第二代產品中會有更多的客製化。所以總的來說，我們正在追蹤它，但現在的事實是，大部分可用的 TAM 是透過超級技能獲得的，這就是我們所討論的。但同時，每個 OEM 都在建構 AI 伺服器。他們直接從我們這裡購買元件，或透過從 GPU 平台供應商採購基板。

Okay. Appreciate the color there. And then my other question is on UALink. I'm just wondering what you think the biggest challenges or timing impacts of cutting over from Ethernet, PCIe, UALink? And most importantly, for Astera, what's the shared content uplift implication, maybe UALink gaining traction?

好的。欣賞那裡的色彩。我的另一個問題是關於 UALink。我只是想知道您認為從乙太網路、PCIe 到 UALink 切換的最大挑戰或時間影響是什麼？最重要的是，對於 Astera 而言，分享內容提升有何意義，也許 UALink 正在獲得關注？

No, it's a great question. So UALink promises to be a very good initiative for the industry to try to bring everybody together for a standardized scale of cluster. So we see a lot of benefit for Astera Lab because of our prominent position on the board. Over time, we will develop a full UALink portfolio to address the connectivity requirement at that level, that our customers will have.

不，這是一個很好的問題。因此，UALink 有望成為業界的一項非常好的舉措，試圖將大家聚集在一起，實現集群的標準化規模。因此，我們看到 Astera Lab 因在董事會中的突出地位而受益匪淺。隨著時間的推移，我們將開發完整的 UALink 產品組合來滿足客戶在該層級的連線需求。

In terms of the timing, the standards group is working to release the standard, the final specification that is supposed to happen at the end of Q1. So we expect the earliest products to hit the market sometime in 2026, which is when we will start to see first instance of UALink.

從時間表來看，標準組正在努力發布該標準，最終規範預計將在第一季末發布。因此，我們預計最早的產品將在 2026 年的某個時候上市，屆時我們將開始看到 UALink 的第一個實例。

Richard Shannon, Craig-Hallum.

理查德·香農、克雷格·哈勒姆。

Hi, guys. Thanks for taking my question as well. Will ask a question to kind of the competitive dynamics here, kind of going in between your retimer and P-Series switch products. I guess, obviously, you have a really strong position with retimers. Coming into the market in the P-Series, we've got another competitor who's very strong there.

嗨，大家好。也感謝您回答我的問題。想問這裡的競爭動態，有點像是重定時器和 P 系列交換器產品之間的競爭動態。我想，顯然你在重定時器方面擁有非常強勢的地位。進入 P 系列市場後，我們又遇到了另一個非常強大的競爭對手。

And while you've got COMOS, the software barriers are switching there, switches are generally thought of as more of a secure kind of a chip. And so I'm wondering how the competitive dynamics play out here. Do we see kind of an attach rate similar to what you're seeing in the P-Series to the areas anytime soon?

當你有了 COMOS 時，軟體屏障就在那裡切換，而交換器通常被認為更是一種安全的晶片。所以我想知道這裡的競爭狀況如何。我們很快就會看到類似於您在 P 系列中看到的附加率？

Yeah. So first of all, this is a big market. So let's keep that in mind when you start thinking about a switch type of socket. There are many sockets, Gen 6, Gen 5, and so on, right? So there is several different areas that we can go.

是的。首先，這是一個很大的市場。因此，當您開始考慮開關類型的插座時，請記住這一點。有很多插座，Gen 6、Gen 5 等等，對嗎？所以我們可以去幾個不同的地方。

And surely, the market is seeing that the competitors are seeing that. And you have folks that are playing there. The angle that we have taken, there is a software across most point that you made, which brings in a lot of diagnostic telemetry and fleet management type of features, scales across all of our products, Scorpio, retimers, and everything that we do, right? But the bigger reason why Scorpio is gaining traction is how it's architected, the incumbent switches were ultimately designed for storage applicants. So obviously, the feature set that were incorporated were more tuned for addressing and attaching to an SSD drives.

當然，市場已經看到，競爭對手也看到了這一點。那裡還有人在玩。從我們的角度來看，有一個涵蓋您提到的大多數觀點的軟體，它帶來了許多診斷遙測和車隊管理類型的功能，可以擴展到我們所有的產品、Scorpio、重定時器以及我們所做的一切，對嗎？但 Scorpio 受到歡迎的更大原因在於它的架構，現有的交換器最終是為儲存應用者設計的。因此顯然，所包含的功能集更適合尋址和連接 SSD 驅動器。

What we have done is essentially created a device for the first time where the data flows are created for GPU to GPU traffic, the bandwidth optimization and other capabilities that are needed. So in general, the functionality itself is a lot better, and that's being appreciated by our customers.

我們所做的本質上是首次創建了一個設備，其中為 GPU 到 GPU 的流量創建資料流、頻寬最佳化和其他所需的功能。因此總體而言，功能本身要好得多，並且我們的客戶對此表示讚賞。

And based on that, we continue to build on the portfolio, and we do expect that we will be playing a significant role in that market. And in terms of the timing itself, yes, so there is a timing aspect here, obviously, Gen 6 windows now -- I mean, as far as we know, we are the only ones in the market providing PCIe in six switches. So many times in connectivity, what happens is the first vendor to provide a solid product that is scaling and getting qualified. Those things go a long way in terms of maintaining and building a competitive barrier.

在此基礎上，我們將繼續擴大產品組合，並期望在該市場發揮重要作用。就時間本身而言，是的，所以這裡有一個時間方面，顯然，現在是第六代窗口 - 我的意思是，據我們所知，我們是市場上唯一在六個交換機中提供 PCIe 的公司。在連接領域，很多時候都會出現這樣的情況：第一家供應商提供可靠的產品，該產品正在不斷擴展並獲得認證。這些對於維持和建立競爭障礙有很大作用。

Okay. Excellent. My second question is on the Scorpio X-Series. Wondering if you can kind of give us a picture looking forward here about the size of the scale-up domains that hyperscalers are looking to do. I can't remember the exact number what NVIDIA does for theirs today, but I imagine it's going to go up quite a bit here. And to what degree does the size play into your commentary about the Scorpio eventually being your largest product line at the time.

好的。出色的。我的第二個問題是關於 Scorpio X 系列的。想知道您是否可以為我們描繪超大規模企業希望擴大的領域規模。我不記得 NVIDIA 今天的具體數字，但我想它會上升相當多。您說 Scorpio 最終會成為您當時最大的產品線，那麼尺寸在多大程度上影響了它？

I play a crack at that. This is Jitendra. So we have mentioned previously that not counting NVLink NVIDIA, we expect the market for X family, the TAM to be $2.5 billion or more than that by 2028. And if you look at what it is today, it's effectively nearly zero. So it's a very, very rapidly growing TAM, and it's one of our -- the largest TAM that we have, which is why we are bullish on the prospects of stone becoming the largest product line over time.

我嘗試了一下。這是吉滕德拉。我們之前提到過，不算 NVLink NVIDIA，我們預計到 2028 年 X 系列的市場規模（TAM）將達到 25 億美元甚至更多。如果你看看今天的情況，它實際上幾乎為零。因此，它的 TAM 成長非常非常迅速，而且它是我們最大的 TAM 之一，這就是為什麼我們看好石材隨著時間的推移成為最大產品線的前景。

There are no further questions. I turn the call back over to Leslie Green for closing remarks.

沒有其它問題了。我把電話轉回給萊斯利‧格林 (Leslie Green)，請他作最後發言。

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

謝謝 Jale，也謝謝大家的參與與提問。我們期待向您通報我們的進展。

This concludes today's conference call. You may now disconnect.

今天的電話會議到此結束。您現在可以斷開連線。