Astera Labs Inc (ALAB) 2025 Q1 法說會逐字稿

Good afternoon. My name is Amy, and I will be your conference operator today. At this time, I would like to welcome everyone to the Astera Labs first-quarter 2025 earnings conference call. (Operator Instructions) Thank you.

午安.我叫艾米，今天我將擔任您的會議主持人。現在，我歡迎大家參加 Astera Labs 2025 年第一季財報電話會議。（操作員指示）謝謝。

It is now my pleasure to turn the call over to Leslie Green, Investor Relations with Astera Labs. Leslie, you may begin.

現在我很高興將電話轉給 Astera Labs 投資者關係部的 Leslie Green。萊斯利，你可以開始了。

Thank you, Amy. Good afternoon, everyone, and welcome to the Astera Labs first-quarter 2025 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.

謝謝你，艾米。大家下午好，歡迎參加 Astera Labs 2025 年第一季財報電話會議。今天參加電話會議的有執行長兼聯合創辦人 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, the 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 our risks set forth in our most recent annual report on Form 10-K and our upcoming filing on Form 10-Q.

在我們開始之前，我想提醒大家，今天電話會議上發表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表現、策略和計劃、未來營運以及我們營運的市場等。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制於風險和不確定性，這些風險和不確定性在今天的收益報告以及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有詳細討論，包括我們在最近的 10-K 表年度報告和即將提交的 10-Q 表中列出的風險。

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 statements.

公司管理階層不可能預測可能對這些前瞻性陳述產生影響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 the forward-looking statements discussed during this call may not occur, and actual results could differ materially from those anticipated or implied. All of our statements are 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, 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截至今天管理層可獲得的信息，除非法律要求，否則公司不承擔在本次電話會議日期之後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 for financial results prepared in accordance with U.S. 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.

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 GAAP 財務指標是依照美國會計準則編製的財務結果的補充，而非替代。公認會計準則。有關我們使用非 GAAP 財務指標的原因以及 GAAP 和非 GAAP 財務指標之間的對帳的討論，請參閱我們今天發布的收益報告，您可以透過我們網站的投資者關係部分存取該報告。

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

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

Thank you, Leslie. Good afternoon, everyone, and thanks for joining our first-quarter conference call for fiscal year 2025. Today, I'll provide an overview of our Q1 results, followed by a high-level discussion around our long-term growth strategy. I will then turn the call over to Sanjay to walk through the key AI and cloud infrastructure applications that are driving our market opportunity. Finally, Mike will give an overview of our Q1 2025 financial results and provide details regarding our financial guidance for Q2.

謝謝你，萊斯利。大家下午好，感謝您參加我們 2025 財年第一季電話會議。今天，我將概述我們的第一季業績，然後圍繞我們的長期成長策略進行高層討論。然後，我將把電話轉給桑傑，介紹推動我們市場機會的關鍵人工智慧和雲端基礎設施應用程式。最後，Mike 將概述我們 2025 年第一季的財務業績，並提供有關第二季財務指導的詳細資訊。

Astera Labs had a strong start to 2025, with Q1 results coming in above guidance. Quarterly revenues of $159.4 million was up 13% from the prior quarter and up 144% versus Q1 of last year. Our Aries product family continues to see strong demand and is diversifying across both GPU and custom ASIC-based systems for a variety of applications, including scale-up and scale-out connectivity. Our Taurus product family also demonstrated strong growth driven by continued deployment on AI and general-purpose systems at our leading hyperscaler customer.

Astera Labs 在 2025 年取得了強勁開局，第一季業績超乎預期。季度營收為 1.594 億美元，較上一季成長 13%，較去年第一季成長 144%。我們的 Aries 產品系列持續受到強勁需求，並且在 GPU 和客製化 ASIC 系統方面實現多樣化，適用於各種應用，包括縱向擴展和橫向擴展連接。我們的 Taurus 產品系列也表現出強勁的成長勢頭，這得益於我們領先的超大規模客戶在人工智慧和通用系統上的持續部署。

Leo continues to shift in preproduction volumes as customers progress through the qualification of their next-generation systems, leveraging new CXL-capable data center server CPUs. Finally, we expect our Scorpio PCB switches and Aries 6 Retimers to shift from preproduction builds to volume production in the late Q2 time frame to support the ramp of customized GPU-based rack-scale AI-system design.

隨著客戶不斷完善其下一代系統的認證，Leo 利用新的支援 CXL 的資料中心伺服器 CPU 繼續進行預生產量轉變。最後，我們預計我們的 Scorpio PCB 交換器和 Aries 6 Retimer 將在第二季末從預生產階段轉向大量生產，以支援基於客製化 GPU 的機架式 AI 系統設計的發展。

On the organizational front, we are very excited to announce the appointment of Dr. Craig Barratt as an addition to our Board of Directors. Craig brings a wealth of experience across execution and innovation that will help Astera Labs expand our connectivity leadership position in cloud and AI infrastructure.

在組織方面，我們非常高興地宣布任命 Craig Barratt 博士為董事會成員。Craig 在執行和創新方面擁有豐富的經驗，這將有助於 Astera Labs 擴大我們在雲端和人工智慧基礎設施方面的連結領導地位。

Our vision is to provide a broad portfolio of connectivity solutions for the entire AI rack through purpose-built silicon hardware and software to support computing platforms based on both custom ASICs and merchant GPUs. Significant progress towards this vision began in the second half of 2024 as the company transitioned from primarily supplying PCIe retimers for NVIDIA AI servers to now becoming an integral supplier for AI rack-level connectivity topologies.

我們的願景是透過專用矽硬體和軟體為整個 AI 機架提供廣泛的連接解決方案，以支援基於客製化 ASIC 和商用 GPU 的運算平台。隨著公司從主要為 NVIDIA AI 伺服器提供 PCIe 重定時器轉型為現在成為 AI 機架級連接拓撲結構的重要供應商，這一願景在 2024 年下半年開始取得重大進展。

We are in an ideal position to enable these new rack-level connections with our broadening portfolio Scorpio Fabric Switches, Ethernet and PCIe active cable modules, retimers, TXL memory expansion, optical interconnects, and other products under development.

我們處於理想的位置，可以透過不斷擴大的 Scorpio Fabric 交換器、乙太網路和 PCIe 主動電纜模組、重定時器、TXL 記憶體擴展、光纖互連和其他正在開發的產品來實現這些新的機架級連接。

Our revenue is diversifying across multiple AI platforms based on both custom ASICs and merchant GPUs across different product families, thereby enhancing our revenue profile and delivering increasing value across the AI rack. We are well positioned to continue to deliver above-market growth over the long term, and we will continue to increase our investments in R&D to support our vision to own the connectivity infrastructure within the AI rack.

我們的收入在基於不同產品系列的客製化 ASIC 和商用 GPU 的多個 AI 平台上實現多樣化，從而增強了我們的收入狀況並在整個 AI 機架上實現了不斷增長的價值。我們已做好準備，在長期內繼續實現高於市場的成長，並且我們將繼續增加對研發的投資，以支持我們擁有 AI 機架內連接基礎設施的願景。

On the product front, we recently expanded our market-leading PCIe 6 connectivity portfolio to now also include gearboxes and optical connectivity technology to complement our existing fabric switches, retimers and smart cable modules. The new Aries 6 PCIe Smart Gearbox is purpose built to bridge the speed gap between the latest generation PCIe 6 devices and the existing PCIe 5 ecosystem. Multiple hyperscalers are designing our gearbox into both AI and general-purpose compute platforms.

在產品方面，我們最近擴展了市場領先的 PCIe 6 連接產品組合，現在還包括變速箱和光學連接技術，以補充我們現有的結構交換器、重定時器和智慧電纜模組。全新 Aries 6 PCIe 智慧變速箱專為彌合最新一代 PCIe 6 裝置與現有 PCIe 5 生態系統之間的速度差距而設計。多家超大規模企業正在將我們的變速箱設計成人工智慧和通用運算平台。

We also demonstrated our PCIe 6 over optics technology to enable AI accelerator scale-up clustering across racks. This holistic portfolio approach is essential given the increasing complexity of PCIe 6 topology. Point solutions are no longer sufficient. Our broad first-to-market PCIe 6 connectivity portfolio once again puts us in a leadership position to deliver the most reliable and widely interoperable solutions into the ecosystem.

我們也展示了 PCIe 6 over optics 技術，以實現跨機架的 AI 加速器擴展叢集。鑑於 PCIe 6 拓撲日益複雜，這種整體組合方法至關重要。單點解決方案已不再足夠。我們廣泛的率先上市的 PCIe 6 連結產品組合再次使我們處於領導地位，為生態系統提供最可靠、最廣泛可互通的解決方案。

Increasing our market opportunity also remains a crucial focus for external apps. We believe we are in a great position to address a large emerging opportunity associated with the scale of connectivity, open industry standard Ultra Accelerator link, or UALink. Last month, the UALink 1.0 specification was released to enable 200 gig per lane connections by supporting up to 1,024 accelerators.

增加我們的市場機會對於外部應用程式來說仍然是一個關鍵的關注點。我們相信，我們處於有利地位，可以抓住與連接規模、開放產業標準超級加速器鏈路（UALink）相關的巨大新興機會。上個月，UALink 1.0 規範發布，透過支援多達 1,024 個加速器實現每通道 200 千兆的連接。

UALink combines the best of two worlds, natively offering memory semantics of PCIe and the fast speed of Ethernet, but without the software complexity and performance limitations of Ethernet. The adoption of UALink will enable the industry to move beyond proprietary solutions towards a scalable and interoperable AI ecosystem. With broad industry support and adoption, the proliferation of UALink can represent a multibillion-dollar additional market opportunity for Astera Labs by 2029.

UALink 結合了兩全其美的優勢，原生提供 PCIe 的記憶體語意和乙太網路的快速速度，但沒有乙太網路的軟體複雜性和效能限制。UALink 的採用將使業界超越專有解決方案，走向可擴展且可互通的 AI 生態系統。憑藉廣泛的行業支持和採用，到 2029 年，UALink 的普及將為 Astera Labs 帶來數十億美元的額外市場機會。

Beyond UALink, we look for next-generation standards, including PCIe Gen 7, 800-gig Ethernet and CXL 3 to drive additional market opportunity for Astera Labs to increase unit shipments and higher dollar content per platform. Scaling our platform approach is another important strategic priority for the company. Our rack scale connectivity focus encompasses our complete product portfolio, spanning stand-alone silicon, hardware solutions, and the COSMOS software suite.

除了 UALink 之外，我們還尋找下一代標準，包括 PCIe Gen 7、800-gig 乙太網路和 CXL 3，以推動 Astera Labs 獲得更多市場機會，從而增加單位出貨量並提高每個平台的美元含量。擴大我們的平台方法是公司的另一個重要策略重點。我們的機架規模連接重點涵蓋了我們的完整產品組合，包括獨立矽片、硬體解決方案和 COSMOS 軟體套件。

The Astera Labs Intelligent Connectivity Platform provides technology breadth to our hyperscaler customers while also enhancing performance and productivity driven by our better-together-product-portfolio design approach. As an example, our customers can integrate Scorpio and Aries solutions in combination to be even more advanced diagnostics and telemetry capabilities.

Astera Labs 智慧連接平台為我們的超大規模客戶提供了技術廣度，同時透過我們更好的產品組合設計方法提高了效能和生產力。例如，我們的客戶可以將 Scorpio 和 Aries 解決方案組合在一起，以獲得更先進的診斷和遙測功能。

While Aries can track the reliability and robustness of PCIe 6 links, Scorpio provides packet level visibility for increased observation of data center traffic. The synergy between our products, underpinned by COSMOS, ensures comprehensive support and seamless connectivity to drive system efficiency and performance across various applications.

Aries 可以追蹤 PCIe 6 連結的可靠性和穩健性，而 Scorpio 則提供資料包級可見性，以增強對資料中心流量的觀察。在 COSMOS 的支援下，我們的產品之間的協同作用確保了全面的支援和無縫的連接，從而提高了各種應用的系統效率和性能。

In summary, we continue to take advantage of robust secular trends and strong business momentum by accelerating the pace of our R&D investments to access new and emerging market-growth opportunities to service the entire AI rack. With that, let me turn the call over to our President and COO, Sanjay Gajendra, to discuss our growth strategy in more detail.

總而言之，我們將繼續利用強勁的長期趨勢和強勁的業務發展勢頭，加快研發投資步伐，並獲得新興的市場成長機會，為整個 AI 機架提供服務。接下來，請允許我將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. Today, I want to provide an update on our progress and opportunities within three key AI and cloud infrastructure application categories as we establish Astera as a critical connectivity supplier for the entire AI rack.

謝謝，Jitendra，大家午安。今天，我想介紹我們在三個關鍵 AI 和雲端基礎設施應用類別中的進展和機遇，因為我們正在將 Astera 確立為整個 AI 機架的關鍵連接供應商。

First off, scale-up connectivity for AI and cloud infrastructure represents a significant and rapidly growing marketplace. Increasing accelerator cluster sizes, faster interconnect requirements and overall system complexity challenges are creating substantial dollar-content opportunities. These opportunities are driving strong demand for our reach extension solutions in the near term, and we expect these trends to drive additional revenue growth across multiple product lines over the longer term.

首先，人工智慧和雲端基礎設施的擴大連接代表著一個重要且快速成長的市場。不斷增加的加速器集群規模、更快的互連要求以及整體系統複雜性挑戰正在創造巨大的獲利機會。這些機會在短期內推動了對我們的覆蓋範圍擴展解決方案的強勁需求，我們預計這些趨勢將在長期內推動多個產品線的額外收入成長。

We're also pleased by the growing interest in Scorpio X-Series solutions for scale-up connectivity, designed to maximize AI accelerator utilization with consistent performance and reliability, Scorpio X solutions will be central to next-generation AI racks. This trend will increase our silicon content opportunity to hundreds of dollars per accelerator and serve as an anchor socket for integrating additional Astera Labs connectivity solutions, along with our COSMOS software suite at a rack scale. I'm excited to share that we will begin shipping preproduction volumes for Scorpio X-Series starting late this quarter.

我們也很高興看到人們對 Scorpio X 系列擴展連接解決方案的興趣日益濃厚，該解決方案旨在透過一致的性能和可靠性最大限度地提高 AI 加速器的利用率，Scorpio X 解決方案將成為下一代 AI 機架的核心。這一趨勢將使我們的矽含量機會增加到每台加速器數百美元，並作為在機架規模上整合其他 Astera Labs 連接解決方案以及我們的 COSMOS 軟體套件的錨點。我很高興地告訴大家，我們將從本季末開始出貨 Scorpio X 系列的預生產量。

Longer term, hyperscalers will also look to the UALink protocol to deliver faster data transfer rates with a more scalable architecture. Our expanding road map is providing customers with a long-term strategy towards scaling their AI-accelerated clusters and infrastructure. We expect to deliver UALink solutions in 2026 to solve scale-up connectivity challenges for next-generation AI infrastructure.

從長遠來看，超大規模企業也將尋求 UALink 協定以更具可擴展性的架構提供更快的資料傳輸速率。我們不斷擴展的路線圖為客戶提供了擴展其 AI 加速叢集和基礎設施的長期策略。我們預計將在 2026 年推出 UALink 解決方案，以解決下一代 AI 基礎架構的擴展連接挑戰。

Next, the scale-out connectivity application. [Trend] and scale-out connectivity topologies are becoming increasingly intricate as next-generation AI accelerators necessitate faster speeds while also supporting comprehensive interoperability with other peripherals. Over the past few years, we have established a robust business within scale-out topologies through our [reach] extension portfolio of Aries and Taurus products across PCIe and Ethernet protocols.

接下來是橫向擴展連接應用程式。 [趨勢]隨著下一代人工智慧加速器需要更快的速度，同時也要支援與其他週邊設備的全面互通性，橫向擴展連接拓撲變得越來越複雜。在過去的幾年中，我們透過跨 PCIe 和乙太網路協定的 Aries 和 Taurus 產品擴展組合，在橫向擴展拓撲中建立了強大的業務。

As the market transitions to PCIe 6-capable GPUs, we now see an expanded market opportunity that includes our Scorpio P-Series product family and Aries 6 Retimer and Gearbox solutions. Our COSMOS software framework enables seamless expansion into these additional sockets in our customers' platforms. Utilizing PCIe 6 data rates to support 800-gig scale-out connectivity will be a primary focus for AI infrastructure providers in the coming years. The Scorpio P-Series, combined with Aries 6, represents the first-to-market solution specifically designed to achieve this objective.

隨著市場向支援 PCIe 6 的 GPU 過渡，我們現在看到了擴大的市場機會，其中包括我們的 Scorpio P 系列產品系列以及 Aries 6 Retimer 和 Gearbox 解決方案。我們的 COSMOS 軟體框架能夠無縫擴展到客戶平台中的這些附加插槽。利用 PCIe 6 資料速率支援 800 千兆橫向擴充連接將成為未來幾年 AI 基礎架構供應商的主要關注點。Scorpio P 系列與 Aries 6 結合，代表了專為實現這一目標而設計的首個上市解決方案。

Looking ahead to Q2, we anticipate accelerated shipments of Scorpio P-Series switches and Aries 6 Retimers on customized rack scale AI platform based on market-leading GPUs. Additionally, we continue to identify further opportunities for Scorpio P-Series outside of rack-scale systems with multiple engagements on modular topologies that support enhanced customization.

展望第二季度，我們預計基於市場領先的 GPU 的客製化機架式 AI 平台上的 Scorpio P 系列交換器和 Aries 6 Retimer 的出貨量將加速。此外，我們將繼續在機架級系統之外為 Scorpio P 系列尋找更多機會，並在支援增強定制的模組化拓撲上進行多項合作。

Our reference design and collaboration with Wistron on NVIDIA Blackwell-based MGX systems exemplifies this expanding opportunity set as we aim to bolster our presence within OEM and enterprise channels. We remain the sole connectivity provider that has demonstrated complete end-to-end PCIe 6 interoperability with NVIDIA's Blackwell GPUs, and we are actively working across the ecosystem to enable future-proof infrastructure capable of leveraging the increased throughput and performance of the PCIe 6 standard.

我們的參考設計以及與緯創在基於 NVIDIA Blackwell 的 MGX 系統上的合作體現了這一不斷擴大的機會集，我們的目標是加強我們在 OEM 和企業管道中的地位。我們仍然是唯一一家展示了與 NVIDIA Blackwell GPU 完全端到端 PCIe 6 互通性的連接提供商，並且我們正在積極地與整個生態系統合作，以實現能夠利用 PCIe 6 標準增加的吞吐量和性能的面向未來的基礎設施。

Finally, we continue to see large and growing opportunities within the general-purpose compute infrastructure market. We expect revenue growth from general compute-based platform opportunities featuring next-generation CPUs, network cards, and SSDs with our Aries PCIe 6 Retimers, Aries PCIe Gearboxes, Taurus Ethernet SCMs, and Leo CXL product families. For the next couple of years, the transition of data center server CPUs to support PCIe 6 will be a catalyst for additional unit growth and higher ASPs for our Aries product family.

最後，我們繼續看到通用運算基礎設施市場中巨大且不斷增長的機會。我們預計，透過我們的 Aries PCIe 6 Retimer、Aries PCIe Gearboxes、Taurus 乙太網路 SCM 和 Leo CXL 產品系列，以下一代 CPU、網路卡和 SSD 為特色的通用運算平台機會將帶來收入成長。在接下來的幾年裡，資料中心伺服器 CPU 向 PCIe 6 的轉變將成為我們 Aries 產品系列額外單位成長和更高 ASP 的催化劑。

For Ethernet, Taurus continues to see growth on general-purpose platforms leveraging 400-gig switching port speeds. CXL will also expand our general-purpose compute exposure with expected volume ramps on hyperscaler customer programs in second half of 2025. Overall, general-purpose compute remains an important application for our intelligent connectivity platform and is expected to drive diversification of our revenue profile over the long term.

對於以太網，Taurus 利用 400 千兆交換埠速度繼續實現通用平台的成長。CXL 也將擴大我們的通用運算業務，預計在 2025 年下半年超大規模客戶計畫中，其數量將大幅增加。總體而言，通用運算仍然是我們智慧連接平台的重要應用，並有望長期推動我們收入結構的多樣化。

In conclusion, the strong customer traction with Scorpio, along with increasing opportunities in AI connectivity and general-purpose computing, allows us to drive future growth. By innovating and expanding our product offerings, we aim to meet the evolving needs of our customers and capitalize on our vision to deliver high-performance connectivity solutions for AI racks to support PCIe and UALink based scale-up, Ethernet-based scale-out, PCIe-based peripheral, and CXL-based memory connectivity, with all these components seamlessly integrated with our COSMOS software suite for advanced absorbability, fleet management and rapid market deployment.

總之，Scorpio 強大的客戶吸引力，以及人工智慧連接和通用運算領域不斷增加的機會，使我們能夠推動未來的成長。透過創新和擴展我們的產品，我們旨在滿足客戶不斷變化的需求，並利用我們的願景，為 AI 機架提供高效能連接解決方案，以支援基於 PCIe 和 UALink 的擴展、基於以太網的擴展、基於 PCIe 的外圍設備和基於 CXL 的記憶體連接，所有這些組件都與我們的無縫 COSMOS 驅動程式設計無縫

With that, I will turn the call over to our CFO, Mike Tate, who will discuss our Q1 financial results and our Q2 outlook.

接下來，我將把電話轉給我們的財務長 Mike Tate，他將討論我們的第一季財務業績和第二季展望。

Thanks, Sanjay, and thanks to everyone for joining the call. This overview of our Q1 financial results and Q2 guidance will be on a non-GAAP basis. The primary difference in Astera Labs's 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 Q2 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。我們第一季財務業績和第二季指引的概述將以非 GAAP 為基礎。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天的新聞稿，以了解有關我們的 GAAP 和非 GAAP 第二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 財務指標的對帳。

For Q1 of 2025, Astera Labs delivered quarterly revenue of $159.4 million, which was up 13% versus the previous quarter and 144% higher than the revenue in Q1 of 2024. During the quarter, we enjoyed strong revenue growth from both our Aries and Taurus product lines supporting both scale-up and scale-out PCIe and Ethernet connectivity for AI rack-level configurations. Leo CXL controllers and Scorpio Smart Fabric Switches both shipped preproduction volumes as our customers work to qualify their platforms for volume deployment in mid- to late-2025.

2025 年第一季度，Astera Labs 的季度營收為 1.594 億美元，較上一季成長 13%，比 2024 年第一季的營收成長 144%。在本季度，我們的 Aries 和 Taurus 產品線均實現了強勁的營收成長，這些產品線支援 AI 機架級配置的縱向和橫向 PCIe 和乙太網路連接。Leo CXL 控制器和 Scorpio Smart Fabric 交換器都已出貨預生產量，我們的客戶正在努力使其平台在 2025 年中後期實現批量部署。

Q1 non-GAAP gross margins was 74.9% and was up slightly from the December quarter levels as product mix remained largely constant. Non-GAAP operating expenses for Q1 of $65.6 million were up from the previous quarter as we continue to scale our R&D organization to expand and broaden our long-term market opportunity.

第一季非公認會計準則毛利率為 74.9%，由於產品組合基本保持不變，較 12 月季度水準略有上升。由於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，第一季的非公認會計準則營運費用為 6,560 萬美元，高於上一季。

Within Q1 non-GAAP operating expenses, R&D expenses were $45.4 million. Sales and marketing expenses were $9.4 million, and general and administrative expenses were $10.9 million. Non-GAAP operating margin for Q1 was 33.7%. Interest income in Q1 was $10.4 million. Our non-GAAP tax rate for Q1 was 7.1%. Non-GAAP fully diluted share count for Q1 was 178 million shares, and our non-GAAP diluted earnings per share for the quarter was $0.33. Cash flow from operating activities for Q1 was $10.5 million, and we ended the quarter with cash, cash equivalents and marketable securities of $925 million.

第一季非公認會計準則營運費用中，研發費用為 4,540 萬美元。銷售和行銷費用為 940 萬美元，一般和行政費用為 1090 萬美元。第一季非公認會計準則營業利益率為 33.7%。第一季利息收入為 1,040 萬美元。我們第一季的非公認會計準則稅率為 7.1%。第一季非公認會計準則完全稀釋股數為 1.78 億股，本季非公認會計準則每股稀釋收益為 0.33 美元。第一季的經營活動現金流為 1,050 萬美元，本季末我們的現金、現金等價物及有價證券總額為 9.25 億美元。

Now turning to our guidance for Q2 of fiscal 2025. We are aware and focused on navigating the rapidly changing and dynamic macro environment. Policy initiatives, including tariffs and changing export restrictions are few of the variables that are likely to have at least some impact on demand across the global economy, including the AI and cloud infrastructure markets. Despite these factors, our business continues to have strong momentum as we execute on our long-term growth strategy.

現在談談我們對 2025 財年第二季的指引。我們意識到並專注於應對快速變化和動態的宏觀環境。包括關稅和不斷變化的出口限制在內的政策舉措只是可能對全球經濟（包括人工智慧和雲端基礎設施市場）的需求產生一定影響的幾個變數。儘管存在這些因素，但隨著我們執行長期成長策略，我們的業務仍然保持強勁勢頭。

With that said, we expect Q2 revenue to increase to within a range of $170 million and $175 million, up roughly 7% to 10% from the prior quarter. For Q2, we expect Aries and Taurus revenues to grow on a sequential basis. Our Leo CXL controller family will continue shipping in preproduction quantities to support ongoing qualifications ahead of an expected production ramp in the second half of 2025. Finally, we expect our Scorpio product revenues to grow sequentially in Q2 as the initial designs of customized GPU-based rack-level systems begin to ramp in volume late in the quarter. We continue to expect Scorpio revenue to comprise at least 10% of our total revenue for 2025.

話雖如此，我們預計第二季營收將增至 1.7 億美元至 1.75 億美元之間，較上一季成長約 7% 至 10%。對於第二季度，我們預計 Aries 和 Taurus 的營收將季增。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 年下半年預計量產之前進行的持續認證。最後，我們預計，隨著定制的基於 GPU 的機架級系統的初始設計在本季末開始批量生產，我們的 Scorpio 產品收入將在第二季度環比增長。我們仍然預計到 2025 年 Scorpio 的收入將占我們總收入的至少 10%。

We expect non-GAAP gross margins to be approximately 74% as the mix between our silicon and hardware modules remains largely consistent with Q1. We expect second quarter non-GAAP operating expenses to be in a range of approximately $73 million to $75 million. Operating expense growth in Q2 is being driven by continued investment in our research and development function as we look to expand our product portfolio and grow our addressable market opportunity. Interest income is expected to be approximately $10 million.

由於我們的矽片和硬體模組的組合與第一季基本一致，我們預計非 GAAP 毛利率約為 74%。我們預計第二季非公認會計準則營運費用約為 7,300 萬美元至 7,500 萬美元。第二季度營運費用的成長得益於我們對研發功能的持續投資，因為我們希望擴大我們的產品組合併增加我們的潛在市場機會。預計利息收入約1000萬美元。

Our non-GAAP tax rate should be approximately 10%, and our non-GAAP fully diluted share count is expected to be approximately 178 million shares. Adding this all up, we are expecting our non-GAAP fully diluted earnings per share in a range of approximately $0.32 to $0.33.

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 1.78 億股。綜合以上所有因素，我們預期非公認會計準則每股完全稀釋收益約為 0.32 美元至 0.33 美元。

This concludes our prepared remarks. And once again, we appreciate everyone joining the call. And now we'd like to open the line for questions. Operator?

我們的準備好的演講到此結束。我們再次感謝所有參加此次電話會議的人。現在我們開始回答問題。操作員？

Thank you. The floor is now open for questions. (Operator Instructions)

謝謝。現在開始接受提問。（操作員指示）

Harlan Sur, JPMorgan.

摩根大通的 Harlan Sur。

Good afternoon. Thanks for taking my question. High-level question. On the overall AI and data center spending environment, there have been some concerns on the CapEx spending momentum potentially peaking this year, maybe some AI compute digestion. We also kind of recently saw some of the AI bands to China recently. And then obviously, tariff and trade concerns, as you guys articulated in your prepared remarks.

午安.感謝您回答我的問題。高層次的問題。在整體人工智慧和資料中心支出環境下，有人擔心資本支出動能可能在今年達到頂峰，或許是一些人工智慧運算的消化。我們最近也看到一些 AI 樂團來到中國。然後顯然還有關稅和貿易問題，正如你們在準備好的發言中所闡述的那樣。

On the flip side, you've got the strong ramp of your merchant-GPU customers on their next-generation AI platforms, strong new AI ASIC XPU ramps. So you've got new entrants into the AI ASIC XPU market. So since last earnings, I mean, has anything changed meaningfully positive or negative on the customer programs or the demand outlook for this year? And more importantly, your confidence level on continued strong growth for next year?

另一方面，您的商用 GPU 客戶在其下一代 AI 平台上獲得了強勁的成長，即強大的新型 AI ASIC XPU 成長。因此，AI ASIC XPU 市場已經有了新進入者。那麼，自上次獲利以來，我的意思是，今年的客戶計畫或需求前景是否發生了有意義的正面或負面變​​化？更重要的是，您對明年持續強勁成長的信心如何？

Thanks, Harlan. Yes. First off, on the tariffs, we have not seen any material impact on our business, but it is fluid, and the rules are still subject to change. So it's something we're watching closely. But so far, we have not seen an impact. We do note that the hyperscalers stuck to their CapEx in the recent calls, and one actually increased. So that was encouraging. So we'll continue to monitor that.

謝謝，哈蘭。是的。首先，關於關稅，我們尚未看到其對我們的業務產生任何實質影響，但它是不斷變化的，規則仍可能發生變化。所以我們正在密切關注此事。但到目前為止，我們還沒有看到影響。我們確實注意到，超大規模企業在最近的電話會議中堅持了他們的資本支出，而且實際上有一個企業也增加了資本支出。這令人鼓舞。因此我們會繼續監控。

In regards to restrictions to China, we did see an impact on that in this year. We do have designs that we were the retimer on those programs. So to the extent our customers cannot procure the GPUs, that does have a headwind for us that we've contemplated in our guidance. (multiple speakers)

關於對中國的限制，我們今年確實看到了影響。我們確實有設計，我們是這些程式的重定時器。因此，如果我們的客戶無法採購 GPU，這對我們來說確實是一個阻力，我們已經在指導中考慮到了這一點。（多位發言者）

Yes. On the customer on the business side, just to touch on that question that you asked. The great thing about our overall revenue profile is that there are multiple ways in which we are approaching the market, the diversity across both custom ASIC-based platforms versus merchant GPU-based platforms. Scale up versus scale out and the multiple product lines that we have enables us to approach the market in many different ways.

是的。從業務方面來說，我只是想談談您提出的問題。我們整體收入狀況的優點在於，我們以多種方式進入市場，既有基於客製化 ASIC 的平台，也有基於商用 GPU 的平台。擴大規模與擴大規模以及我們擁有的多條產品線使我們能夠以多種不同的方式進入市場。

And to that standpoint, for us, for first half, what we are expecting is that our revenue would be driven largely by the PCIe scale-up and the Ethernet scale-out opportunities along with the initial shipment of Scorpio P-Series and Aries 6 going into the customized rack. And second half, of course, lays nicely on top with some of the production ramps that we're expecting with the customized racks, which again, for us, is the Scorpio switches, along with the PCIe 6 retimers. These are now qualified. So we are starting to see that shipments start becoming significant.

從這個角度來看，對於我們來說，對於上半年，我們預計我們的收入將主要受到 PCIe 擴展和乙太網路擴展機會以及 Scorpio P 系列和 Aries 6 的首次出貨量驅動。當然，下半年將很好地覆蓋我們期望的一些定制機架的生產坡道，對於我們來說，這些機架是 Scorpio 交換機以及 PCIe 6 重定時器。這些現在都合格了。因此我們開始看到出貨量開始變得顯著。

So that's part of the second half, and second half, of course, we have CXL initial shipments that we're expecting for production volumes and the Scorpio X switches for the scale up going into the custom ASICs. Those are also expected to start hitting initial production volumes in the second half of this year, which essentially gives us multiple ways, if you will, and sets us up nicely for future revenue growth even beyond '25.

所以這是下半年的一部分，當然，下半年我們有 CXL 初始出貨量，我們預計其將達到生產量，而 Scorpio X 交換機將擴大規模並進入定制 ASIC。預計這些產品也將在今年下半年開始達到初始產量，這實際上為我們提供了多種方式，為我們未來甚至 25 年以後的收入成長奠定了良好的基礎。

Blayne Curtis, Jefferies.

布萊恩‧柯蒂斯，傑富瑞集團。

Hey, guys. Nice [results]. And thanks for taking my question. I wanted to talk about scale up. You mentioned it several times. I think you even said a couple of hundred dollars per accelerator. Today, I think you're selling some retimers and then some PCIe cabling. Can you walk us through the progression of scale up in your participation and kind of can you maybe set some timing? Because I know UAL is probably later next year. So what's the scale-up opportunity for you in between now and then?

嘿，大家好。好的[結果]。感謝您回答我的問題。我想談談擴大規模。您多次提到這一點。我想你甚至說過每個加速器要花幾百美元。今天，我認為您正在銷售一些重定時器和一些 PCIe 電纜。您能否向我們介紹一下您參與的擴大進程，是否可以設定一些時間？因為我知道 UAL 可能在明年晚些時候舉行。那麼從現在到那時，您有哪些擴大規模的機會呢？

Hey, Blayne, this is Jitendra. Scale up presents a very good opportunity for us. As you know, so far, our revenues have been driven primarily by scale-out opportunities. But for the first half, as Sanjay laid out, we have a significant contribution from scale-up. And the reason that's so important for us is scale up is really a very rich opportunity of high-speed interconnects that need to deliver low latency and high throughput.

嘿，布萊恩，這是吉滕德拉。擴大規模對我們來說是一個非常好的機會。如您所知，到目前為止，我們的收入主要來自於擴展機會。但就上半年而言，正如桑傑所說，我們在擴大規模方面做出了重大貢獻。這對我們來說非常重要，因為擴大規模對於需要提供低延遲和高吞吐量的高速互連來說確實是一個非常豐富的機會。

And that's where we play today with our Aries retimer products and starting shipments of Scorpio X family. And we do expect this opportunity to continue to grow as cluster sizes grow and the data rates increase. So we have significant opportunities that we are working on for PCI Express base scale-up networks based on our current Scorpio X family. But then it also dovetails very nicely into UAL, and we expect this to be a multibillion-dollar opportunity as we provide a full-holistic portfolio of devices to address UAL infrastructure.

這就是我們今天推出的 Aries 重定時器產品以及開始出貨的 Scorpio X 系列產品。我們確實預計，隨著集群規模的擴大和數據速率的提高，這種機會將繼續增長。因此，我們有很大機會在基於我們目前的 Scorpio X 系列的 PCI Express 基礎擴充網路上開展工作。但它也與 UAL 完美契合，我們預計這將是一個價值數十億美元的商機，因為我們提供了全套設備組合來解決 UAL 基礎設施問題。

And as far as the UAL itself is concerned, the spec is not final. It's been released, the 1.0 spec. And so you can imagine that the products will start to be worked on now and start to see first samples in 2026 with the revenue contribution the following year. So that is a very big opportunity that we are very well positioned to take advantage of.

就 UAL 本身而言，其規格還不是最終版本。1.0 規範已經發布。因此你可以想像，產品現在就開始研發，2026 年開始看到第一批樣品，第二年就會帶來收入貢獻。所以這是一個非常大的機會，我們完全有能力利用它。

Thanks so much. And then I want to ask you on Taurus. You called outgrowth in March and then continued growth in June. Can you talk about, I don't know if you want to frame how big that business has gone, whether there's some rough metrics you can kind of give us? And then just kind of curious, the diversity of the customer base beyond the lead customer as well?

非常感謝。然後我想問你關於金牛座的問題。您在三月稱之為過度增長，然後在六月繼續增長。您能談談嗎？我不知道您是否想描述一下該業務的規模，您是否可以提供一些粗略的指標？我只是有點好奇，除了主要客戶之外，客戶群的多樣性如何？

Currently, we're shipping the 50-gig solution that continues to grow. We have multiple designs at our lead customer, which are -- the largest one being the internal AI accelerator-based platform, which is still in a kind of a ramp phase. We do look to broaden out the [honor the] customer. That's probably give you on the next technology jump to 100-gig speeds.

目前，我們正在交付持續成長的 50 千兆解決方案。我們的主要客戶有多種設計，其中最大的是基於內部 AI 加速器的平台，該平台仍處於上升階段。我們確實希望擴大對客戶的尊重。這可能將使您的技術速度達到 100 千兆。

Ross Seymore, Deutsche Bank.

德意志銀行的羅斯·西摩。

Hi, guys. Thanks for my ask a question. On last quarter's call, you really made a big point about the diversification of your customer base. Tonight, it seems like it's a lot more about the diversification of your products that you're offering. So I guess if we kind of blend those two together, what are you seeing as the changes in the environment on the ASIC side versus the merchant GPU and how you're broadening technology is being applied differently between them?

嗨，大家好。謝謝我的提問。在上個季度的電話會議上，您確實強調了客戶群的多樣化。今晚，似乎更多的是關於您所提供的產品的多樣化。所以我想，如果我們將這兩者融合在一起，您認為 ASIC 方面與商用 GPU 方面的環境變化是什麼，以及您擴展的技術在它們之間的應用有何不同？

Yes. So for us, can we play in both the space with different strategies and different products. Now the key thing that we are excited about is the growing interest on Scorpio X family. So these are fabric switches that are used to interconnect multiple accelerators together. So to that standpoint, A, it's not only a significant dollar opportunity because the ASP of this product tends to be high.

是的。那麼對我們來說，我們能否在兩個領域採用不同的策略和不同的產品呢？現在令我們興奮的關鍵事情是人們對 Scorpio X 家族的興趣日益濃厚。這些是用於將多個加速器互連在一起的結構交換器。因此從這個角度來看，A，這不僅是一個重要的美元機會，因為該產品的平均售價往往很高。

But these are also products that are turning out to be anchor sockets for us. If you think of an AI rack being built, you have the accelerators and then you have the fabric that interconnects the accelerators. So what we are transitioning and what we're excited about is that the Scorpio X device is now translating to be an anchor socket. Think of it as like a mothership around which we are able to now add a lot more products that go along with it, whether it's the silicon-level products or module or other form factors that we're considering.

但這些產品也正在成為我們的錨固插座。如果您想建造一個 AI 機架，那麼您就有加速器，然後就有連接加速器的結構。因此，我們正在進行的轉變以及讓我們興奮的是，Scorpio X 設備現在正在轉變為錨固插座。可以把它想像成一艘母艦，我們現在可以圍繞它添加更多與之配套的產品，無論是矽級產品、模組還是我們正在考慮的其他外形尺寸。

So overall, I want to say that from an opportunity standpoint, for Astera, the custom ASIC-based implementation tends to offer a lot more opportunities. And with Scorpio X becoming more and more -- or gaining more and more traction, we do believe that we are in a good position looking forward not just to service near-term business, but also longer term, with potentially UALink being the industry-wide standard for scale-up topologies.

所以總的來說，我想說，從機會的角度來看，對於 Astera 來說，基於客製化 ASIC 的實現往往會提供更多的機會。隨著 Scorpio X 變得越來越重要，或者說獲得越來越多的關注，我們確實相信我們處於一個良好的地位，不僅可以為短期業務提供服務，而且可以長期服務，而 UALink 有可能成為擴展拓撲的行業標準。

Thanks for all those details. I guess as my follow-up, just sticking on the custom silicon side of things. Does the competitive environment change at all there? I think this was a question that was asked on the last call as well. But considering the XPU providers are oftentimes your primary connectivity competitors, I know the best technology always wins, but does the bundling capability that could occur in that XPU market actually lead to more competition on your side? Or is that something you're not seeing?

謝謝你提供這些詳細資訊。我想作為我的後續行動，只是堅持訂製矽片方面的事情。那裡的競爭環境有什麼改變嗎？我認為這也是上次通話中提出的問題。但考慮到 XPU 提供者通常是您主要的連結競爭對手，我知道最好的技術總是會獲勝，但是 XPU 市場中可能出現的捆綁能力是否真的會為您帶來更多競爭？或者這是你沒有看到的東西？

The competition will always be there and competition will always try to sell more. I think that's a given. What you need to keep in mind is that we are working with large hyperscalers that needs to also consider the supply chain and ecosystem and other considerations from a risk management standpoint. So that's where we -- is what we see. And in general, it also comes down to technology differentiation.

競爭永遠存在，競爭對手也總是試圖銷售更多產品。我認為這是理所當然的。您需要記住的是，我們正在與大型超大規模企業合作，他們還需要從風險管理的角度考慮供應鏈、生態系統和其他考慮因素。這就是我們所看到的。總的來說，這也歸結為技術差異化。

For us, the fabric devices, and in fact, all of our connectivity devices are developed ground up for AI type of workloads. So there is a clear advantage and benefit that we offer, which is recognized and valued by our customers. Our COSMOS software provides unprecedented visibility into what's happening in the network, being able to predict performance, being able to predict upcoming failures, and so on, which are all critical requirements if you think about how complex an AI rack looks like and then will continue to become more complex.

對我們來說，結構設備，事實上，我們所有的連接設備都是為 AI 類型的工作負載而開發的。因此，我們提供的服務具有明顯的優勢和好處，並得到了客戶的認可和重視。我們的 COSMOS 軟體提供了前所未有的網路可見性，能夠預測效能，能夠預測即將發生的故障等等，如果你想想 AI 機架的複雜性，然後繼續變得更加複雜，這些都是關鍵要求。

So all in all, for the reasons I like noted, both from a risk management, commercial, and technology differentiation standpoint, we are seeing that customers continue to work with us. And we see an increasing interest for our Scorpio line of products.

總而言之，出於我喜歡指出的原因，無論是從風險管理、商業或技術差異化的角度來看，我們都看到客戶繼續與我們合作。我們發現人們對我們的 Scorpio 系列產品的興趣日益濃厚。

Thomas O'Malley, Barclays.

巴克萊銀行的托馬斯·奧馬利。

Hey, guys. Thanks for taking my questions and then nice results. First one is for you, Mike. You mentioned that there was a China impact on your sales. It's never been a significant portion of your model. But could you give us a feeling just how large that impact was and what that impact will be over the next couple of quarters?

嘿，大家好。感謝您回答我的問題並取得了很好的結果。第一個是給你的，麥克。您提到中國對您的銷售產生了影響。它從來都不是你的模型的重要組成部分。但您能否讓我們了解一下這種影響到底有多大，以及在接下來的幾季中會產生什麼影響？

Yes. So we ship into China with our retimers predominantly right now. and they were attached to third-party merchant GPU systems, both were restricted hard stop during the quarter. So there was a modest impact that we have to overcome. China revenues, when you look at end customer demand, is less than 10% of our revenues. So it's been manageable enough and given the strength of our business and other product lines to continue to grow through this challenge.

是的。因此，我們目前主要將重定時器運往中國。並且它們都連接到第三方商家 GPU 系統，在本季度都受到了限制和嚴格停止。因此我們必須克服一定程度的影響。從最終客戶需求來看，中國的收入不到我們收入的 10%。因此，這是足夠可控的，並且考慮到我們業務和其他產品線的實力，我們可以繼續克服這一挑戰。

Helpful. And then, Jitendra, maybe a broader question. So you guys have been very consistent kind of describing the year as first half PCIe scale up, Ethernet scale out and a lot of the custom silicon. With the second half, you see more Scorpio, more retimers. There's been a ton of noise in the market, and that's just the price you pay from being very visible and attached to NVIDIA.

很有幫助。然後，吉滕德拉，也許這是一個更廣泛的問題。所以你們一直非常一致地將今年描述為上半年 PCIe 擴展、乙太網路擴展和大量客製化矽片。在下半場，你會看到更多的天蠍座，更多的重定時器。市場上存在大量噪音，而這只是對 NVIDIA 高度關注和依賴所付出的代價。

But you heard about a lot of differences in terms of like what the ramp cadence was coming into this year versus where we were today. Some large hyperscalers, maybe some weakness in their programs. And then potentially with your large customers, some systems that are maybe delayed and moving to more DGX-style solutions.

但您聽說今年的坡道節奏與今天的坡道節奏有許多不同之處。一些大型超大規模企業的程式可能存在一些弱點。然後，對於您的大客戶來說，一些系統可能會延遲並轉向更多 DGX 風格的解決方案。

I understand you have to be sensitive about talking about customers, but to the best extent you can, coming into this year versus where you are today, could you maybe describe if there's any differences to what you saw in the ramp of your revenue? And maybe comment on anything that maybe has changed that can help us understand what's going on? Thank you.

我理解您在談論客戶時必須保持敏感，但請盡您所能，與現在的情況相比，您能否描述一下今年的收入成長是否存在差異？也許對任何可能發生的變化進行評論可以幫助我們了解正在發生的事情？謝謝。

Tom, that's a good thing, a good point that you bring up. These systems are incredibly complex. And a lot of things have to go right in order for the full system to not only get deployed but then get deployed at scale. And we, of course, try to do our best to make sure that we are never the bottleneck in terms of the deployment of these systems. And as Sanjay mentioned earlier, we have done a pretty good job so far with our preproduction shipments and getting the products qualified and so on.

湯姆，這是一件好事，你提出的觀點很好。這些系統極為複雜。為了使整個系統不僅能夠部署，而且能夠大規模部署，很多事情都必須順利進行。當然，我們會盡力確保我們不會成為這些系統部署的瓶頸。正如桑傑之前提到的，到目前為止，我們在預生產發貨和產品合格等方面做得相當不錯。

But we always have to take some buffer or some kind of conservativeness in terms of what it would take for our end customers to kind of complete that qualification and deployment. And so far, I would say that our expectations have come through largely unchanged from when we started the year, which is what our judgment was based on what we were hearing from our customers.

但就我們的最終客戶需要完成的資格認證和部署而言，我們總是要採取一些緩衝或某種保守態度。到目前為止，我想說的是，我們的預期與年初相比基本上沒有變化，這是我們根據從客戶那裡聽到的意見做出的判斷。

Sanjay, do you want to add any more color?

Sanjay，你想添加更多色彩嗎？

Yes. I think the -- so we will always continue to be conservative, just to underline what Jitendra said. But having said that, the revenue models and the guidance that we are providing or the outlook that we're sharing comprehends all this because we are so close to this customer that we see a lot of stuff, and we're able to consider and contemplate that when we provide guidance.

是的。我認為——所以我們將始終保持保守，只是為了強調 Jitendra 所說的話。但話雖如此，我們提供的收入模式和指導或我們分享的展望涵蓋了這一切，因為我們非常接近這個客戶，我們可以看到很多東西，並且我們在提供指導時能夠考慮和思考這一點。

So to that step point, we do feel comfortable and confident about where we are. We just need to continue to make sure that we execute and deliver our part of the subsystem. And then rest of it, like we noted, will account for that in a conservative model, knowing how complex the systems are to get deployed.

因此，對於這一步，我們確實對自己的處境感到滿意和自信。我們只需要繼續確保執行並交付我們自己的子系統部分。然後，正如我們指出的那樣，其餘部分將在保守模型中考慮到這一點，因為我們知道系統部署的複雜程度。

Joe Moore, Morgan Stanley.

摩根士丹利的喬摩爾。

Great. Thank you. I guess we've heard a lot of the large language model developers talk about sort of tightness in inference markets and kind of a lack of hardware to deal with inference. Are you guys seeing that? Does that translate into strength in any part of the business for you? Or just anything you can do to corroborate or mitigate those concerns.

偉大的。謝謝。我想我們已經聽到很多大型語言模型開發人員談論推理市場的緊張程度以及處理推理的硬體的缺乏。你們看到了嗎？這是否會轉化為您業務中任何部分的優勢？或者您可以採取任何措施來證實或減輕這些擔憂。

Thanks, Joe. For us, to the first level, inference and training are about the same. Same products get used in both of these systems. So we do benefit from both training and inference. And as you look at some of these larger models, a mixture of exports and so on, what we are finding is that the amount of compute that's required to draw inference from these models is even higher, 10x higher than previously.

謝謝，喬。對我們來說，對於第一層次來說，推理和訓練是差不多的。這兩個系統都使用相同的產品。因此，我們確實從訓練和推理中受益。當你查看一些較大的模型、混合的出口等等時，我們發現從這些模型中得出推理所需的計算量甚至更高，比以前高出 10 倍。

And as a result, the basic unit of compute is starting to become kind of a rack-level system of GPU, which also happens to be the same basic unit for training. And so with the increased complexity of the rack-level systems, we actually see more opportunities overall for both inference as well as for training.

因此，計算的基本單元開始變成機架級 GPU 系統，這也恰好是訓練的基本單元。因此，隨著機架級系統複雜性的增加，我們實際上看到了更多推理和訓練的機會。

As Sanjay mentioned earlier, this quarter, we also released a Scorpio-based inference system for smaller-scale inference. So that should allow us to kind of benefit from some of the smaller-scale inference systems as well. So having said all of that, we do see today that our customers are also using the same set of systems to do both inference and training, and we benefit from both.

正如 Sanjay 之前提到的，本季度我們也發布了基於 Scorpio 的推理系統，用於小規模推理。因此這也應該使我們從一些小規模的推理系統中受益。所以說了這麼多，我們今天確實看到我們的客戶也在使用同一套系統進行推理和訓練，並且我們從中受益。

Great. That's helpful. And for my follow-up, you mentioned racks. A lot of the rack-scale systems seem to be sort of tricky to get up and running. I guess those issues seem to be worse a few months ago. But does that affect you guys? I know you have good content across both rack and non-rack merchant solutions and ASICs. But is that kind of change in ramp schedule, is that having any impact on you guys?

偉大的。這很有幫助。在我的後續問題中，您提到了機架。許多機架規模系統的啟動和運作似乎有些棘手。我想這些問題幾個月前似乎更嚴重。但這會影響你們嗎？我知道您在機架和非機架商家解決方案以及 ASIC 方面都有很好的內容。但是，這種坡道時間表的改變會為你們帶來影響嗎？

It is always complex, Joe, I would say. But like we noted, we are modeling that and providing guidance that takes a conservative view on how some of the systems are being built and deployed. That's probably the right thing to do from a business outlook standpoint. But having said that, going forward, what we're doing is also something I do want to share, Joe, which is to take more of an AI rack-level view in how we approach the market. The vision that we outlined is to be the connectivity supplier for the entire AI rack.

我想說，喬，事情總是很複雜的。但正如我們所指出的，我們正在對此進行建模並提供指導，對某些系統的建置和部署方式持保守的看法。從商業前景的角度來看，這或許是正確的做法。但話雖如此，展望未來，我們正在做的事情也是我想分享的，喬，那就是在我們如何進入市場時更多地採取人工智慧機架級別的視角。我們概述的願景是成為整個 AI 機架的連接供應商。

And like I noted in my prepared remarks, focused on four main protocols, which is PCIe and UALink scale-up, Ethernet for scale-out, PCIe for peripheral connectivity and CXL for memory expansion and approach it holistically so we are providing a variety of different products, whether it's retimers, gearboxes, fabric devices, switches across both copper and optical so that going forward for next-generation AI system, at least from a connectivity infrastructure standpoint, it's a holistic solution that not only considers silicon products, but also hardware and software.

正如我在準備好的演講中提到的那樣，我們重點關註四種主要協議，即 PCIe 和 UALink 縱向擴展、以太網橫向擴展、PCIe 外圍連接和 CXL記憶體擴展，並採取整體方法，因此我們提供各種不同的產品，無論是重定時器、變速箱、結構設備、跨銅和光纖的交換機，以便展望下一代人工智慧系統，至少從連接基礎設施的角度來看，它是一個整體解決方案，不僅考慮硬體矽產品，還考慮硬體和軟體。

That's how we see the evolution, if you will. And Astera, we believe, is well suited to deliver the entire connectivity at the rack level, which we are executing both in terms of what we are servicing today and then going forward, of course, with UALink.

如果你願意的話，這就是我們看待演化的方式。我們相信，Astera 非常適合提供機架層級的完整連接，我們正在執行當前的服務，當然，也將透過 UALink 進行後續工作。

Tore Svanberg, Stifel.

托爾·思文伯格，Stifel。

Yes, thank you and congrats on the quarter. Jitendra, I was hoping you could elaborate a little bit more on the Aries 6 upgrade cycle here, especially in reference to gearbox products. If you could add any color on how diversified are the use case is going to be for Aries 6 gearbox products?

是的，謝謝你，恭喜本季取得佳績。Jitendra，我希望您能在這裡更詳細地介紹一下 Aries 6 升級週期，特別是有關變速箱產品的部分。您能否詳細說明一下 Aries 6 變速箱產品的使用有多麼多樣化？

Yes. So let me just take a second to kind of explain what a gearbox device does. It's primarily used to match two generation of the same standard. Meaning in this particular case, one side of the device talks PCIe Gen 5, the other side talks Gen 6. The reason these products are essential is if you look at the CPUs today, they are still at Gen 5, GPUs have already transitioned for Gen 6. The same thing could happen with the networking and storage interfaces.

是的。因此，請容許我花一點時間來解釋變速箱裝置的作用。主要用於匹配同一標準的兩代產品。這意味著在這種特殊情況下，裝置的一側使用 PCIe Gen 5，另一側使用 Gen 6。這些產品至關重要的原因是，如果你看看今天的 CPU，它們仍處於第 5 代，而 GPU 已經過渡到第 6 代。同樣的事情也可能發生在網路和儲存介面上。

So what a gearbox device does is two things. One, it takes care of the signal quality, similar to a retimer. And on top of that, takes care of matching the protocol generations on two ends of the check. So in terms of opportunities, we have multiple engagements today that we're servicing for the gearbox device. In fact, we have already started shipping preproduction volume for supporting some of the opportunities.

因此變速箱裝置的作用有兩個。首先，它負責處理訊號質量，類似於重定時器。除此之外，還要負責配對檢查兩端的協議代。因此，就機會而言，我們今天有多個為變速箱設備提供服務的項目。事實上，我們已經開始運送預生產量以支持一些機會。

And this would, again, not create an additional TAM to our Aries business because it's adding to the retimer TAM, but essentially bringing in a higher level of ASP simply because you're able to not only do retiming, but also do some of the speed matching that I noted. And we will continue to offer products like that, which is critical because if you think of it of a typical engineer that's working on an AI system, they need multiple tools. And Astera is providing that to them, both in terms of retimers, gearboxes, fabric devices, providing the software.

而且這不會為我們的 Aries 業務創造額外的 TAM，因為它增加了重定時器 TAM，但本質上帶來了更高水平的 ASP，因為你不僅能夠進行重定時，還能進行我提到的一些速度匹配。我們將繼續提供這樣的產品，這至關重要，因為如果你想到一個典型的從事人工智慧系統的工程師，他們需要多種工具。Astera 正在為他們提供這些服務，包括重定時器、變速箱、結構設備以及軟體。

So overall, we are providing a holistic portfolio that is also opening up that added interest and momentum for customers to use our products.

總的來說，我們提供的整體產品組合也為客戶使用我們的產品增加了興趣和動力。

Thank you for that color, Sanjay. As my follow-up for Mike, not to nitpick here, but I mean your DSOs came in at 40 days. I think throughout most of last year, they were around mid-20s. Anything going on there to note?

謝謝你的那個顏色，桑傑。作為我對 Mike 的後續關注，這裡不是吹毛求疵，但我的意思是您的 DSO 在 40 天內就到了。我認為去年大部分時間他們的年齡都在 25 歲左右。那裡有什麼值得注意的事情嗎？

It's really just the linearity was more balanced in the quarter than previous quarters. I think this going forward will be a more typical level of DSOs as we grow as a company and have more multiple product line shipping.

事實上，本季的線性比前幾季更加平衡。我認為，隨著我們公司的發展和多條產品線的運輸，這將成為更典型的 DSO 水平。

Thank you, Mike.

謝謝你，麥克。

Quinn Bolton, Needham & Company.

奎因·博爾頓，Needham & Company。

Maybe just a quick clarification, guys. Mike, I think in your prepared comments, you said that Aries and Taurus would grow in the June quarter. Just wanted to make sure that Aries, is that only the on-the-board retimer products, does that include the Aries SCM for scale-up applications? I know you talked about strength in scale-up, but just wondered -- just wanted to see if you could make a specific comment on the Aries SCM product? Because it certainly sounds like the lead ASIC platform is still in the ramp phase.

夥計們，也許只是快速澄清一下。麥克，我想在你準備好的評論中，你說過白羊座和金牛座將在六月季度增長。只是想確認一下 Aries 是否只有板載重定時器產品，是否包含用於擴展應用的 Aries SCM？我知道您談到了擴大規模的優勢，但我只是想知道——只是想看看您是否可以對 Aries SCM 產品發表具體評論？因為這聽起來確實像領先的 ASIC 平台仍處於上升階段。

Yes. It is. The Aries SCM is doing very well for us, but also other internal AI-accelerator cloud-platform providers are also ramping. So we're seeing growth, and that's more chip on board for scale out. And the Aries [that seems] for scale up sourcing both contributing growth. So these are on internal AI accelerator systems.

是的。這是。Aries SCM 對我們來說表現非常好，但其他內部 AI 加速器雲端平台供應商也在不斷進步。因此，我們看到了成長，並且有更多的晶片可供擴展。而白羊座似乎可以擴大採購規模並促進成長。這些都是內部 AI 加速器系統。

Got it. Okay. And then maybe Jitendra or Sanjay, just longer term, I know you're ramping Scorpio P-Series switches first, but it sounds like the X-Series is a larger TAM. As that starts to enter production late this year with higher dollar content per accelerator, would you expect X-Series to potentially cross over P revenue say, by the end of '26 or would that be more of a '27 event? Just trying to get some sense of what you think the pace of the ramp might be once X-Series enters production.

知道了。好的。然後也許是 Jitendra 或 Sanjay，只是長期而言，我知道您首先會推出 Scorpio P 系列交換機，但聽起來 X 系列的 TAM 更大。由於該產品將於今年稍後投入生產，且每台加速器的價格更高，您是否預計 X 系列的收入有可能在 26 年底超過 P 級，還是說這更像是 27 年的事情？我只是想了解一下，一旦 X 系列投入生產，您認為成長速度會是怎麼樣的。

Yes. So if you consider the P-series and the X-Series TAMs, we kind of outlined them to be both about $2.5 billion each. But if you look at the X-Series, that the available time today is nearly zero outside of NVIDIA. So it's a very rapidly growing market for us, and we do estimate that it will be the single largest sort of product line for us. As Sanjay mentioned earlier, the X family shipments are just going to start -- have just started in this quarter and will start to ramp later on this year, with the full volume of them really coming in 2026. So we do expect in the '26 and '27 time frame for the X family to become a larger contribution to our revenues.

是的。因此，如果考慮 P 系列和 X 系列的 TAM，我們將其概括為各約 25 億美元。但如果你看一下 X 系列，你會發現目前除了 NVIDIA 之外的可用時間幾乎為零。所以對我們來說這是一個成長非常迅速的市場，我們估計這將成為我們最大的單一產品線。正如桑傑之前提到的，X 系列的出貨量剛剛開始——本季度剛剛開始，並將在今年晚些時候開始增加，而全部出貨量將在 2026 年真正到來。因此，我們確實預計在 26 年和 27 年期間 X 系列將為我們的收入做出更大的貢獻。

If I can add to that, not just revenue, like noted, X-Series is our anchor socket. It's the socket around which we are building the entire product line. COSMOS operates at a completely higher level when it comes to supporting the X-Series. So overall, we do believe that that anchor socket and the fact that this is a greenfield TAM that's rapidly growing puts us in a great position to be able to offer multiple product lines in order to service the entire AI rack.

如果我可以補充一點的話，不僅僅是收入，正如所指出的，X 系列是我們的支柱。這是我們建造整個產品線所圍繞的插座。在支援 X 系列方面，COSMOS 的運作水準要高得多。因此，總的來說，我們確實相信，錨固插座以及快速增長的綠地 TAM 的事實使我們處於有利地位，能夠提供多條產品線，從而為整個 AI 機架提供服務。

Atif Malik, Citi.

花旗銀行的阿蒂夫馬利克 (Atif Malik)。

Thank you for taking my question. This is [Papa Sylla] in for Atif. I guess my first question might be more of a broader question for Jitendra or Sanjay. I believe one year ago, kind of Astera announced some progress made around PCIe over optics and this year at OFC, we saw various demos on the technology. I guess at a higher level, does Astera still see PCIe over optic as a path forward to extend PCIe beyond copper and beyond scale up? Or perhaps the focus is still on copper?

感謝您回答我的問題。這是 [Papa Sylla] 代替 Atif 的。我想我的第一個問題對 Jitendra 或 Sanjay 來說可能是一個更廣泛的問題。我記得一年前，Astera 宣佈在光學 PCIe 方面取得了一些進展，今年在 OFC 上，我們看到了有關該技術的各種演示。我想，從更高的層面來說，Astera 是否仍然將 PCIe over optic 視為將 PCIe 擴展到銅纜之外和擴展之外的一條前進的道路？或焦點仍然在銅上？

So a good question. The focus right now is definitely on copper, as we have discussed through the entirety of this call. But as Sanjay mentioned earlier, our job really is to provide all of the tools that our customers require in order for them to deploy their AI infrastructure. Our customers usually prefer to deploy over copper just because it's kind of more reliable, low power, better TCO, and so on. And so we will continue to support that for as long as we can.

這是個好問題。正如我們在整個電話會議中所討論的那樣，現在的重點肯定是銅。但正如桑傑之前提到的，我們的工作實際上是為客戶提供部署人工智慧基礎設施所需的所有工具。我們的客戶通常喜歡部署銅線，因為它更可靠、功耗更低、整體擁有成本更低等等。因此，我們將盡我們所能繼續支持這一點。

But at some point in time, as data rates go up and the [rec] requirements increase, we will have to go to optical solutions, and that's where we have a very innovative PCI Express over optical demonstration to provide that additional capability to our customers. More broadly speaking, as we go from PCI Express into UAL, where the line rates are even higher, we believe that copper will still be the dominant media at 200 bps per second. Now if you start looking at speed even beyond that, that's where optical may start to have a play, and we are very actively working with our customers to figure out what that intercept is and the different type of innovations that are required to deploy a scale of optic-based solutions at those data rates.

但在某個時間點，隨著資料速率的上升和[rec]要求的增加，我們將不得不採用光學解決方案，這就是我們有一個非常創新的 PCI Express 光學演示，可以為我們的客戶提供額外的功能。更廣泛地說，當我們從 PCI Express 進入 UAL 時，線路速率甚至會更高，我們相信銅仍將是每秒 200 bps 的主導媒介。現在，如果你開始考慮超越這個速度的速度，那麼光學技術就可能開始發揮作用，我們正在積極地與客戶合作，以弄清楚這個攔截點是什麼，以及在這些數據速率下部署大規模基於光學的解決方案所需的不同類型的創新。

Got it. No, that's helpful. And for my kind of follow-up, this question might be more for Mike. And I totally get you don't guide beyond the next quarter. But if our math is right, Scorpio sales in September and December could reach mid-teens to 20% of sales on a quarterly basis if you take into account the 10% plus sales you gave out for the year. With that in mind, can we think of actually, the second half gross margin actually being up within the first half qualitatively?

知道了。不，這很有幫助。就我的後續問題而言，這個問題可能更適合麥克。我完全明白你不會對下一季之後的情況做出指導。但如果我們的計算正確的話，如果考慮到全年 10% 以上的銷售額，那麼 9 月和 12 月天蠍座的銷售額可能會達到季度銷售額的十五到二十個百分點。考慮到這一點，我們是否可以認為下半年的毛利率實際上會比上半年增加？

Yes. Overall, for gross margins, as we diversify our product line, we're going to see a wider range of margins per product offering, just given how quick the market is moving, you have less time to optimize the product portfolio for cost optimization. You're always chasing the next generation for revenue growth. So with that wider range of margins, we still expect our longer-term gross margin targets of 70% to be the direction we're heading, not this year, but over time. So I would still encourage people to think about the margins as we grow the company to trend towards 70%.

是的。總體而言，就毛利率而言，隨著我們產品線的多樣化，我們將看到每種產品的利潤率範圍越來越大，但考慮到市場變化的速度，您沒有足夠的時間來優化產品組合以優化成本。您總是在追求下一代收入成長。因此，儘管利潤率範圍擴大，我們仍然預計 70% 的長期毛利率目標將是我們努力的方向，不是今年，而是隨著時間的推移。因此，當我們將公司發展到接近 70% 的水平時，我仍然鼓勵人們考慮利潤率。

Srini Pajjuri, Raymond James.

Srini Pajjuri，雷蒙德‧詹姆斯。

Thank you. A question on the custom racks and also, what sort of mix I think you're assuming for custom racks as we go into second half. Maybe first, you can talk about what's driving that inflection? I know it's always been middle of the year for custom racks, but is there any, I guess, software or is it related to the Blackwell Ultra? Or some other hardware component that's kind of enabling customers to switch over to custom racks? And as I said before, if you could talk about what sort of mix assumptions you're making as we go into the second half of the year?

謝謝。關於定制機架的一個問題，還有，當我們進入下半場時，我認為您對定制機架的混合類型有何看法。也許首先，您可以談談是什麼導致了這種轉變？我知道客製化機架總是在年中，但我猜有沒有什麼軟體或它與 Blackwell Ultra 有關？或者其他一些硬體組件可以讓客戶切換到客製化機架？正如我之前所說，您能否談談在進入下半年時您會做出什麼樣的混合假設？

Great question. It's unfortunately difficult to give out an exact mix because it actually keeps changing or keeps evolving. But to go back to the point that you made, Blackwell, first of all, is a fantastic architecture, a fantastic platform for customers to take advantage of. But they also have the challenges or restrictions of what their data center looks like and so on. So there is a lot of incentive for our customers to customize this rack to take advantage of their existing data centers, their existing hardware, the software infrastructure that they have, security, even their supply chain.

好問題。不幸的是，很難給出一個確切的組合，因為它實際上正在不斷變化或不斷發展。但回到您所提出的觀點，首先，Blackwell 是一個非常棒的架構，是一個可以讓顧客利用的絕佳平台。但他們也面臨著資料中心外觀等方面的挑戰或限制。因此，我們的客戶有很大的動力去客製化這個機架，以利用他們現有的資料中心、現有的硬體、他們擁有的軟體基礎設施、安全性，甚至他們的供應鏈。

So that's why we do believe that many of the hyperscalers will customize the racks and deploy in their data centers. However, the timing of that will vary. So hyperscaler customers that are kind of more focused on time-to-market or low engineering effort will likely side with the reference designs to get started and then customize the racks later on.

因此，我們相信許多超大規模企業將客製化機架並部署在其資料中心。然而，具體時間將有所不同。因此，那些更注重上市時間或低工程工作量的超大規模客戶可能會選擇參考設計來開始，然後再客製化機架。

We can definitely talk about the information that's now publicly released. We are the first application for this customization was to use in-house smart mix in order to attach them to the Blackwell platform. And that's a fantastic opportunity for us, and we expect that to start to ramp in the second half of this year.

我們當然可以談論現在公開發布的信息。我們首次應用這種客製化技術是為了使用內部智慧混合，以便將它們連接到 Blackwell 平台。這對我們來說是一個絕佳的機會，我們預計它將在今年下半年開始蓬勃發展。

Got it. Thanks for that. And then more of a longer-term question, Jitendra. On UALink, obviously, it seems like a very large market potential out there. But at the same time, some of your competitors are focusing on Ethernet. These are obviously pretty large competitors.

知道了。謝謝。然後是一個更長期的問題，吉滕德拉。顯然，UALink 的市場潛力非常大。但同時，你們的一些競爭對手正專注於乙太網路。顯然，這些都是相當大的競爭對手。

And I'm guessing some of your customers are probably going to stick to Ethernet as well. Just wondering how you think about how the market might shake out longer term, Ethernet versus UALink in terms of what, I guess, sort of applications might adapt Ethernet for scale up versus UALink? Thank you.

我猜你們的一些客戶可能也會堅持使用乙太網路。我只是想知道，從長期來看，您如何看待乙太網路與 UALink 之間的市場動向，我猜，什麼樣的應用程式可能會採用乙太網路來擴大規模而不是 UALink？謝謝。

Yes. So UALink, as you correctly point out, it's a brand-new standard, right? It's been purpose built for AI for specific workloads around training as well as inference, whereas Ethernet has been very widely deployed. I mean, it's probably the most widely deployed protocol for scale out. And now what's happening is with the UEC, Ultra Ethernet Consortium, they're trying to retrofit Ethernet to maybe work on scale up.

是的。所以，正如您正確指出的那樣，UALink 是一個全新的標準，對嗎？它是專為人工智慧而設計的，用於訓練和推理等特定工作負載，而乙太網路則得到了非常廣泛的應用。我的意思是，它可能是部署最廣泛的橫向擴展協定。目前，超級以太網聯盟 (UEC) 正在嘗試改造以太網，以便擴大其規模。

So if you look at kind of longer-term horizon, probably fair to say that you would be able to build scale up networks using both UAL as well as UEC. However, there are pretty significant differences between the two. And I can maybe categorize them into two buckets. One is on technical performance, and the other one is ecosystem diversity.

因此，如果從長遠角度來看，可以公平地說，您將能夠使用 UAL 和 UEC 來建立擴大規模的網路。然而，兩者之間存在相當大的差異。我可以將它們分為兩類。一是技術性能，二是生態系多樣性。

So if you just look at this from a technical performance standpoint, UAL brings the best of two worlds, right? It gets the memory semantics, the ease of software, the lower latencies of a PCI Express protocol. And then combine it with the fastest speeds that are available for Ethernet. So the end of the day, you get a very efficient system with lossless packet transmission, very low latency and very high throughput.

因此，如果僅從技術性能的角度來看，UAL 就兼具了兩個領域的優點，對嗎？它具有記憶體語義、軟體的易用性以及 PCI Express 協議的較低延遲。然後將其與乙太網路可用的最快速度結合。因此，最終您將獲得一個非常高效的系統，具有無損資料包傳輸、非常低的延遲和非常高的吞吐量。

Whereas in the case of Ethernet, you are trying to retrofit some of these features while keeping Ethernet backwards compatible while keeping UEC backwards compatible. So overall, our belief is that just purely from a performance standpoint, UAL will be more performant compared to UEC.

而在乙太網路的情況下，您正在嘗試改造其中一些功能，同時保持乙太網路向後相容，同時保持 UEC 向後相容。因此總的來說，我們認為，僅從效能角度來看，UAL 的效能將優於 UEC。

The other part of it is ecosystem diversity and being on the Board of UAL, we see a lot of traction both from customers as well as for vendors to build products into this ecosystem. We believe that over time, we will have a rich ecosystem where multiple vendors are building different components that will go into a UAL-based rack of UAL infrastructure. And certainly, Astera Labs is also very well positioned to play into that ecosystem. Overall, we believe that hyperscaler customers will prefer this diverse ecosystem over one that is more proprietary or locked into one large component provider.

另一部分是生態系統的多樣性，作為 UAL 董事會成員，我們看到客戶和供應商都對將產品融入這個生態系統有很大興趣。我們相信，隨著時間的推移，我們將擁有一個豐富的生態系統，其中多個供應商正在建造不同的組件，這些組件將進入基於 UAL 的 UAL 基礎設施機架。當然，Astera Labs 也非常適合融入該生態系統。總體而言，我們相信超大規模客戶會更喜歡這種多樣化的生態系統，而不是專有的或鎖定在大型組件供應商的生態系統。

Suji Desilva, ROTH Capital Partners.

蘇吉‧德席爾瓦 (Suji Desilva)，羅仕資本合夥人。

Hi, Jitendra, Sanjay, Mike. Quick question on Scorpio products. Should we think of there being any appreciable price difference between the X product and the P product? Are they fairly similarly priced?

你好，Jitendra、Sanjay、Mike。關於 Scorpio 產品的快速問題。我們是否應該認為 X 產品和 P 產品之間存在明顯的價格差異？它們的價格差不多嗎？

Yes. So in general, the functionality is much more valuable, if you will, on the X-Series because it's used to interconnect GPUs, and the GPU utilization, of course, being a prime factor if you think of the overall performance of a training cluster or an inference cluster. So to that standpoint, X-Series does bring in a lot more value, and therefore, you can assume that the ASPs tend to be significantly higher. And again, there are different -- the X-Series is not one device, to be very clear, there are multiple part numbers. So there would be situations where maybe one part number is not at the same level as P-Series.

是的。因此，總的來說，X 系列的功能更有價值，因為它用於互連 GPU，當然，如果您考慮訓練叢集或推理叢集的整體效能，GPU 利用率是一個主要因素。因此從這個角度來看，X 系列確實帶來了更多價值，因此，您可以假設 ASP 往往會高得多。再次強調，X 系列並不是單一的設備，需要明確的是，它有多個零件編號。因此可能會出現某個零件編號與 P 系列不在同一等級的情況。

But in general, you can just look at it from a per lane standpoint or third port standpoint and look at the value delivered. And on that basis, the X-Series will always be a much more valuable, much more higher ASP product than P-Series.

但一般來說，您可以從每個通道或第三個連接埠的角度來看待它並查看交付的價值。基於此，X 系列永遠會比 P 系列更有價值，平均售價也更高。

Okay. Great. And then the other question I have is sort of updating on the thoughts versus kind of coming out of the IPO of mostly chips, but then Taurus being a paddleboard. Can you update on your thoughts on chips versus using board-level solutions or even do module level solutions make sense you've given how much content you have to integrate all of that?

好的。偉大的。然後我的另一個問題是更新一下想法，相對於 IPO 之後主要推出晶片，而金牛座則是一塊槳板。您能否更新一下您對晶片與使用板級解決方案的看法，或者模組級解決方案是否有意義，您已經給出了整合所有這些內容所需的內容量？

Yes. So I think like Jitendra laid out, right, our vision really is to be a connectivity supplier at an AI rack scale. Right? We want to solve our customers' needs and challenges. And we are sort of uniquely set up as a company in the sense that we have our silicon engineering team. We have our hardware engineering team. And we have a software engineering team that includes what the service on the COSMOS side.

是的。所以我認為就像 Jitendra 所說的那樣，我們的願景實際上是成為 AI 機架規模的連接供應商。正確的？我們希望解決客戶的需求和挑戰。我們是一家獨特的公司，因為我們擁有自己的矽工程團隊。我們有自己的硬體工程團隊。我們有一個軟體工程團隊，包括 COSMOS 方面的服務。

So what I want to say is, in that context, obviously, we are trying to provide a rack-scale solution to our customers with the 1 variable, which is the compute rate coming from either third-party or internally developed ASIC platforms. But the rest of the connectivity, whether it's based on copper or optical, we seek to address that and service that. And the exact form factors that we will take really depends on the customer needs.

所以我想說的是，在這種情況下，顯然，我們正在嘗試為客戶提供一個機架規模的解決方案，其第一個變數是來自第三方或內部開發的 ASIC 平台的計算率。但對於其餘的連接，無論是基於銅還是光纖，我們都致力於解決並提供服務。我們採用的具體外形尺寸實際上取決於客戶的需求。

But we have the capability to go from silicon to hardware or software. So we'll always look at trying to maximize the opportunity that's available to Astera so we can continue to grow and thrive as a company.

但我們有能力從矽片轉向硬體或軟體。因此，我們將始終致力於最大限度地利用 Astera 所擁有的機會，以便我們公司能夠繼續成長。

Thank you. There are no further questions at this time. So I'd like to turn the call back over to Leslie Green for closing remarks.

謝謝。目前沒有其他問題。因此，我想將電話轉回給萊斯利·格林 (Leslie Green) 做最後發言。

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

謝謝你，艾米，也謝謝大家的參與和提問。我們期待向您通報我們的進展。

As we announced today, we will be conducting a webinar hosted by JPMorgan on expanding opportunities in AI infrastructure with UALink. You can find full details in our press release, and you can also check the Investor Relations portion of our website for this and other upcoming financial conferences and events. Thank you.

正如我們今天宣布的那樣，我們將舉辦由摩根大通主辦的網路研討會，探討與 UALink 合作拓展人工智慧基礎設施領域的機會。您可以在我們的新聞稿中找到完整的詳細信息，也可以查看我們網站的投資者關係部分，以了解本次以及其他即將舉行的金融會議和活動。謝謝。

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

謝謝。今天的電話會議到此結束。您現在可以斷開連線。