Astera Labs Inc (ALAB) 2025 Q2 法說會逐字稿

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

午安.我叫麗貝卡，今天我將擔任您的會議主持人。現在，我歡迎大家參加 Astera Labs 第二季財報電話會議。（操作員指示）謝謝。

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

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

Thank you, Rebecca. Good afternoon, everyone, and welcome to the Astera Labs second-quarter 2025 earnings conference call. Joining us on the call today are Jitendra Mohan, Chief Executive Officer and Co-Founder; Sanjay Gajendra, President, Chief Operating Officer, and Co-Founder; and Mike Tate, Chief Financial Officer.

謝謝你，麗貝卡。大家下午好，歡迎參加 Astera Labs 2025 年第二季財報電話會議。今天參加電話會議的有執行長兼聯合創辦人 Jitendra Mohan、總裁、營運長兼聯合創辦人 Sanjay Gajendra 和財務長 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 in the periodic reports and filings we file from time to time with the SEC, including the 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，這些信念、期望和假設本質上受到風險和不確定性的影響，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，包括我們最近的 10-K 表年度報告和即將提交的 10-Q 表文件中列出的風險。

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 statement. 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 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, except as required by law.

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。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掌握的資訊做出，除非法律要求，否則本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 US GAAP. A discussion of why we use non-GAAP financial measures and reconciliation 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。這些非公認會計準則財務指標是對根據美國公認會計準則編製的財務結果的補充，而不是替代。我們今天發布的收益報告中討論了我們為何使用非 GAAP 財務指標以及 GAAP 和非 GAAP 財務指標之間的對帳情況，您可以透過我們網站的投資者關係部分存取該報告。

And 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 second-quarter conference call for fiscal year 2025. Today, I'll provide an overview of our Q2 results, followed by a discussion around our rack scale connectivity vision. I will then turn the call over to Sanjay to walk through Astera Labs' near and long-term growth profile. Finally, Mike will give an overview of our Q2 2025 financial results and provide details regarding our financial guidance for Q3.

謝謝你，萊斯利。大家下午好，感謝您參加我們 2025 財年第二季電話會議。今天，我將概述我們的第二季業績，然後討論我們的機架規模連結願景。然後，我將把電話轉給桑傑，讓他介紹一下 Astera Labs 的近期和長期成長狀況。最後，Mike 將概述我們 2025 年第二季的財務業績，並提供有關第三季財務指導的詳細資訊。

Astera Labs delivered strong results in Q2 with all financial metrics coming in favorable to our guidance. Quarterly revenue of $191.9 million was up 20% from the prior quarter and up 150% versus Q2 of last year. Growth within the quarter was driven by both our signal conditioning and switch fabric product lines, establishing a meaningful new revenue baseline for the company to build upon.

Astera Labs 在第二季取得了強勁的業績，所有財務指標均符合我們的預期。季度營收為 1.919 億美元，較上一季成長 20%，較去年第二季成長 150%。本季的成長是由我們的訊號調節和交換結構產品線推動的，為公司的發展建立了有意義的新收入基準。

This quarter, we achieved a key milestone with our market-leading Scorpio P-Series switches, supporting PCIe 6 scale-out applications, ramping into volume production to support the deployment and general availability of customized rack scale AI system designs based on merchant GPUs. Strong demand for our PCIe 6 solution helped to drive material top-line upside during the quarter. Scorpio exceeded 10% of total revenue, making it the fastest ramping product line in the history of Astera Labs.

本季度，我們憑藉市場領先的 Scorpio P 系列交換器實現了一個重要里程碑，支援 PCIe 6 橫向擴展應用，並開始大量生產，以支援基於商用 GPU 的客製化機架式 AI 系統設計的部署和普遍可用性。對我們的 PCIe 6 解決方案的強勁需求幫助推動了本季材料收入的上漲。Scorpio 的營收佔總營收的 10% 以上，成為 Astera Labs 史上成長最快的產品線。

Furthermore, we continue to see strong activity and engagement across both our Scorpio P-Series and X-Series PCIe fabric switches, and we're pleased to report that we won new designs across multiple new customers during the quarter. We remain on track for Scorpio to exceed 10% of total revenue in 2025, while becoming the largest product line for Astera Labs over the next several years.

此外，我們繼續看到 Scorpio P 系列和 X 系列 PCIe 結構交換機的強勁活動和參與度，我們很高興地報告，我們在本季度贏得了多個新客戶的新設計。我們仍有望讓 Scorpio 在 2025 年佔據總收入的 10% 以上，並在未來幾年成為 Astera Labs 最大的產品線。

Our Aries product family grew during the quarter and continues to diversify across both GPU and custom ASIC-based systems for a variety of applications, including scale-up and scale-out connectivity. Additionally, our first-to-market Aries 6 solution supporting PCIe 6 began volume ramp during the quarter within rack scale merchant GPU-based systems. The Taurus product family demonstrated strong growth driven by AEC demand, supporting the latest merchant GPUs, custom AI accelerators as well as general-purpose compute platforms. Leo continues to ship in pre-production quantities as customers expand their development rack clusters to qualify new systems, leveraging the recently introduced PX-L capable data-center GPU platforms.

我們的 Aries 產品系列在本季度得到了擴展，並繼續在 GPU 和基於定制 ASIC 的系統方面實現多樣化，以適應各種應用，包括縱向擴展和橫向擴展連接。此外，我們率先上市的支援 PCIe 6 的 Aries 6 解決方案在本季開始在機架式商用 GPU 系統中大量成長。Taurus 產品系列在 AEC 需求的推動下表現出強勁成長，支援最新的商用 GPU、客製化 AI 加速器以及通用運算平台。隨著客戶擴大其開發機架集群以滿足新系統的認證要求，Leo 繼續以預生產數量出貨，利用最近推出的支援 PX-L 的資料中心 GPU 平台。

In addition to strong financial and operational performance during Q2, we continue to expand our strategic relationships across both customers and ecosystem partners as the industry pushes forward with innovative new technologies. First, we broadened our collaboration with NVIDIA to support NVLink Fusion, providing additional optionality for customers to deploy NVIDIA AI accelerators while leveraging high-performance scale-up networks based on NVLink technology.

除了第二季強勁的財務和營運業績外，隨著產業創新技術的不斷推進，我們也將繼續擴大與客戶和生態系統合作夥伴的策略關係。首先，我們擴大了與 NVIDIA 的合作，以支援 NVLink Fusion，為客戶提供部署 NVIDIA AI 加速器的額外選擇，同時利用基於 NVLink 技術的高效能擴展網路。

Next, we announced a partnership with Alchip Technologies to advance the silicon ecosystem for AI rack scale infrastructure by combining our comprehensive connectivity portfolio with their custom ASIC development capability. Within the CXL ecosystem, industry progress continues with SAP recently highlighting their collaboration with Microsoft featuring Intel Xeon 6 processors to optimize SAP HANA database performance by utilizing CXL memory expansion.

接下來，我們宣布與 Alchip Technologies 合作，透過將我們全面的連接產品組合與他們的客製化 ASIC 開發能力相結合，推進 AI 機架規模基礎設施的矽生態系統。在 CXL 生態系統中，產業不斷進步，SAP 最近強調了他們與微軟的合作，採用英特爾至強 6 處理器，透過利用 CXL 記憶體擴充來優化 SAP HANA 資料庫效能。

Lastly, we joined AMD on stage during their Advancing AI 2025 keynote presentation as a trusted partner to showcase UALink, which is the only truly open memory semantic-based scale-up fabric purpose-built for AI workloads. To continue the relentless pursuit of AI model performance, data center infrastructure providers are beginning a transformation to what we call AI Infrastructure 2.0.

最後，我們作為值得信賴的合作夥伴在 AMD 的 Advancing AI 2025 主題演講中與 AMD 同台展示 UALink，這是唯一真正開放的基於內存語義的擴展結構，專為 AI 工作負載而構建。為了繼續不懈追求 AI 模型效能，資料中心基礎設施供應商正在開始向我們所謂的 AI 基礎設施 2.0 轉型。

We define this AI Infrastructure 2.0 transition as the proliferation of open standards-based AI rack scale platforms that leverage broad innovation, interoperability, and a diverse multi-vendor supply chain. This transition is in its early stages, and we are strategically crafting our roadmaps to help lead the secular connectivity trends over the coming years. The transition to AI Infrastructure 2.0 is especially significant at the rack level, as modern AI workloads demand ultra-low latency communication between hundreds of tightly integrated accelerators over a scale-up network.

我們將此 AI 基礎設施 2.0 轉型定義為基於開放標準的 AI 機架規模平台的激增，這些平台利用廣泛的創新、互通性和多樣化的多供應商供應鏈。這一轉變尚處於早期階段，我們正在策略性地制定路線圖，以幫助引領未來幾年的長期連通趨勢。向 AI 基礎設施 2.0 的轉變在機架層級尤其重要，因為現代 AI 工作負載要求透過擴展網路在數百個緊密整合的加速器之間進行超低延遲通訊。

Astera Labs is well positioned to support this infrastructure transformation as an anchor solution partner with expertise across the entire connectivity stack. We support a variety of interconnect protocols, including UALink and PCIe for scale-up, Ethernet for scale-out, and CXL for memory. We are very excited about the momentum behind the UALink scale-up connectivity standard, which exemplifies the open ecosystem approach by combining the low latency of PCIe and the fast data rates of Ethernet to deliver best-in-class end-to-end latency and bandwidth.

Astera Labs 作為一家擁有整個連接堆疊專業知識的核心解決方案合作夥伴，完全有能力支持這項基礎設施轉型。我們支援多種互連協議，包括用於縱向擴展的 UALink 和 PCIe、用於橫向擴展的乙太網路以及用於記憶體的 CXL。我們對 UALink 擴展連接標準背後的發展勢頭感到非常興奮，它結合了 PCIe 的低延遲和以太網的快速數據速率，提供了一流的端到端延遲和頻寬，體現了開放生態系統的方法。

Next, we provide a broad suite of intelligent connectivity products to address the entire rack across both purpose-built silicon and hardware solutions, all featuring our COSMOS software for best-in-class speed monitoring and management.

接下來，我們提供廣泛的智慧連接產品套件，以滿足專用矽片和硬體解決方案的整個機架需求，所有產品均採用我們的 COSMOS 軟體，實現一流的速度監控和管理。

Lastly, our deep partnerships across the entire ecosystem continue to expand as we work closely with ASIC and GPU vendors to align features, interoperability, and roadmaps to solve the rack scale connectivity challenges of tomorrow.

最後，隨著我們與 ASIC 和 GPU 供應商密切合作，協調功能、互通性和路線圖以解決未來機架規模連接挑戰，我們在整個生態系統中的深度合作夥伴關係不斷擴大。

In summary, Astera Labs has demonstrated strong momentum in our business, and the prospects for continued diversification and scale are driving our roadmaps and R&D investment. We're in the early stages of the AI Infrastructure 2.0 transformation, which Astera Labs is uniquely positioned to help proliferate over the coming years. Scale-up connectivity for rack scale AI infrastructure alone will add close to $5 billion of market opportunity for us by 2030, and we remain committed to supporting our customers as they choose the architectures and technologies that best suit their AI performance goals and business objectives.

總而言之，Astera Labs 在我們的業務中表現出強勁勢頭，持續多樣化和規模化的前景正在推動我們的路線圖和研發投資。我們正處於 AI 基礎設施 2.0 轉型的早期階段，Astera Labs 擁有獨特的優勢，可在未來幾年內協助普及。到 2030 年，光是機架式 AI 基礎設施的擴展連接將為我們增加近 50 億美元的市場機會，我們將繼續致力於支援我們的客戶選擇最適合其 AI 性能目標和業務目標的架構和技術。

With that, let me turn the call over to our President and COO, Sanjay Gajendra, to outline our vision for growth over the next several years.

接下來，請允許我將電話轉給我們的總裁兼營運長 Sanjay Gajendra，概述我們未來幾年的成長願景。

Thanks, Jitendra, and good afternoon, everyone. Today, I want to provide an update on our recent execution, followed by an overview of the meaningful market opportunities and growth catalysts that Astera Labs will address within the forthcoming transition to AI Infrastructure 2.0. Our goal is to deliver a purpose-built connectivity platform that includes silicon, hardware, and software solutions for rack scale AI deployments.

謝謝，Jitendra，大家午安。今天，我想介紹我們最近的執行情況，並概述Astera Labs在即將到來的AI基礎設施2.0轉型過程中將要抓住的重要市場機會和成長催化劑。我們的目標是提供一個專用的連接平台，涵蓋用於機架級AI部署的晶片、硬體和軟體解決方案。

To achieve this goal, our approach has been to increase our addressable dollar content in AI servers by rapidly expanding our product lines to provide a comprehensive connectivity platform and capture higher-value sockets that include smart cable modules, gearboxes, and fabric solutions. We also see increasing attach rates driven by higher speed interconnects in platforms deployed by customers who are collectively investing hundreds of billions of dollars on AI infrastructure annually.

為了實現這一目標，我們的方法是透過快速擴展我們的產品線來增加我們在人工智慧伺服器中的可尋址美元內容，以提供全面的連接平台並捕獲包括智慧電纜模組、變速箱和結構解決方案在內的更高價值的插座。我們也看到，客戶部署的平台的高速互連推動了連接率的提高，而客戶每年在人工智慧基礎設施上總共投資數千億美元。

Cutting in Q2 of 2025, Astera Labs executed the next step in its high-growth evolution by ramping our PCIe Scorpio fabric switches and Aries 6 retimers into volume production. This latest wave of growth has further diversified our overall business, as we now have three product lines contributing about 10% of total sales. During this transition, our silicon dollar content opportunity has expanded into the range of multiple hundreds of dollars per AI accelerator, which has effectively established a new revenue baseline for the company.

2025 年第二季度，Astera Labs 將 PCIe Scorpio 結構交換器和 Aries 6 重定時器投入量產，邁出了高成長演進的下一步。最新一輪的成長進一步豐富了我們的整體業務，我們現在擁有三條產品線，貢獻了總銷售額的 10% 左右。在此轉型期間，我們的矽美元內容機會已擴展到每個AI加速器數百美元的範圍，這有效地為公司建立了新的收入基準。

Looking ahead, we are excited about the opportunities enabled by scale-up interconnect topologies. Given the extreme importance of scale-up connectivity to overall AI infrastructure performance and productivity, we see Scorpio X-Series solution as the anchor socket with the next-generation AI rack. We are engaged with over 10 unique AI platform and cloud infrastructure providers who are looking to utilize our fabric solutions for their scale-up networking requirements.

展望未來，我們對擴展互連拓撲所帶來的機會感到興奮。鑑於擴展連接對整體 AI 基礎設施效能和生產力的極端重要性，我們將 Scorpio X 系列解決方案視為下一代 AI 機架的錨點。我們與 10 多家獨特的 AI 平台和雲端基礎設施供應商合作，他們希望利用我們的結構解決方案來滿足其擴大網路需求。

We look for Scorpio X-Series to begin shipping for customized scale-up architectures in late 2025, with a shift to high-volume production over the course of 2026. With the ramp of Scorpio X-Series for scale-up connectivity topologies next year, we expect our overall silicon dollar content opportunity per AI accelerator to significantly increase. Overall, we expect this to be another step up from a baseline revenue standpoint.

我們預計 Scorpio X 系列將於 2025 年底開始出貨客製化的擴展架構，並在 2026 年轉向大量生產。隨著明年 Scorpio X 系列在擴展連接拓撲方面的發展，我們預計每個 AI 加速器的整體矽美元內容機會將顯著增加。總體而言，我們預計從基準收入角度來看這將是另一個進步。

Also, given the size of the scale-up connectivity opportunity, we expect our Scorpio X-Series revenue to quickly outgrow Scorpio P-Series revenue. In 2026 and beyond, cloud platform providers and hyperscalers will begin to deploy next-generation platforms as the industry transitions to AI Infrastructure 2.0. We believe the fastest path to this transformation lies in purpose-built solutions developed within open ecosystems with a multivendor supply chain.

此外，考慮到擴大連接機會的規模，我們預計 Scorpio X 系列的營收將迅速超過 Scorpio P 系列的營收。2026年及以後，隨著產業向AI基礎設施2.0轉型，雲端平台供應商和超大規模企業將開始部署下一代平台。我們認為，實現這一轉型的最快途徑是在擁有多供應商供應鏈的開放生態系統中開發專用解決方案。

For Astera Labs, this transformation will be the catalyst for the next wave of overall market opportunity and revenue growth. Our expertise and support for major interconnect protocols, including PCIe, Ethernet, CXL, and UALink, puts us in an excellent position to participate in these next-generation design conversations. UALink represents the cleanest and most optimized scale-up strategy for AI accelerator providers, given its robust performance potential, open ecosystem, diverse supply chain, and purpose-built approach.

對 Astera Labs 來說，這種轉變將成為下一波整體市場機會和營收成長的催化劑。我們對主要互連協定（包括 PCIe、乙太網路、CXL 和 UALink）的專業知識和支援使我們處於有利地位來參與這些新一代設計對話。UALink 代表了 AI 加速器供應商最清晰、最優化的擴展策略，因為它具有強大的效能潛力、開放的生態系統、多樣化的供應鏈和專用方法。

Early industry momentum has been very encouraging, with multiple hyperscalers and several compute platform providers looking to incorporate UALink into their accelerator roadmaps and engaging with RFPs as an indication of strong interest. As the leading promoter of UALink, Astera Labs is committed to developing and commercializing a broad portfolio of UALink connectivity solutions ranging from AI fabrics to signal conditioning solutions and other I/O components. Proliferation of UALink in 2027 and beyond will represent a long-term growth vector for Astera Labs.

早期的產業發展勢頭非常令人鼓舞，多個超大規模企業和多家運算平台供應商希望將 UALink 納入其加速器路線圖，並透過 RFP 參與其中，以顯示其濃厚的興趣。作為 UALink 的主要推動者，Astera Labs 致力於開發和商業化廣泛的 UALink 連接解決方案，包括從 AI 結構到訊號調理解決方案和其他 I/O 元件。2027 年及以後 UALink 的普及將成為 Astera Labs 的長期成長方向。

In conclusion, we are proud of our execution over the past several years, demonstrating strong and profitable revenue growth, diversification of customers and applications, and exposure to a broadening range of AI infrastructure applications and use cases. We believe this momentum is in its early stages as we fully embrace the industry transition to AI Infrastructure 2.0, which will expand our opportunity across even more customers and platforms.

總而言之，我們對過去幾年的業績感到自豪，實現了強勁且盈利的收入成長、客戶和應用的多樣化，並接觸到更廣泛的人工智慧基礎設施應用和用例。我們相信，隨著我們全面擁抱產業向 AI 基礎設施 2.0 的轉型，這一勢頭正處於早期階段，這將擴大我們在更多客戶和平台上的機會。

Over the next several years, we look to build upon this newly established baseline of business as we partner tightly with our customers and the broader ecosystem to deliver and deploy best-in-class rack scale solutions to fuel the next wave of AI evolution.

在接下來的幾年裡，我們希望在這個新建立的業務基礎上，與我們的客戶和更廣泛的生態系統緊密合作，提供和部署一流的機架規模解決方案，為下一波人工智慧發展提供動力。

With that, I will turn the call over to our CFO, Mike Tate, who will discuss our Q2 financial results and our Q3 outlook.

接下來，我將把電話轉給我們的財務長 Mike Tate，他將討論我們的第二季財務業績和第三季展望。

Thanks, Sanjay, and thanks to everyone for joining the call. This overview of our Q2 financial results and Q3 guidance will be on a non-GAAP basis. The primary difference in Astera Labs' non-GAAP metrics stock-based compensation is 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 Q3 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。我們第二季財務業績和第三季指引的概述將以非 GAAP 為基礎。Astera Labs 非 GAAP 指標股票薪酬的主要差異在於相關的所得稅影響。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 第三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 Q2 of 2025, Astera Labs delivered quarterly revenue of $191.9 million, which is up 20% versus the previous quarter and 150% higher than the revenue in Q2 2024. During the quarter, we enjoyed 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. Scorpio smart fabric switches transitioned to volume production in Q2, with our P-Series product line for PCIe 6 scale-up applications deployed within leading GPU-customized rack scale systems. Leo CXL controllers shipped in pre-production volumes as customers continued to work towards qualifying platforms ahead of volume deployment.

2025 年第二季度，Astera Labs 的季度營收為 1.919 億美元，較上一季成長 20%，比 2024 年第二季的營收高出 150%。在本季度，我們的 Aries 和 Taurus 產品線的收入均有所增長，支援 AI 機架級配置的縱向和橫向擴展 PCIe 和乙太網路連接。Scorpio 智慧結構交換器於第二季度轉入量產，我們的用於 PCIe 6 擴展應用的 P 系列產品線部署在領先的 GPU 定制機架規模系統中。Leo CXL 控制器已在預生產批量中出貨，因為客戶在批量部署之前繼續努力打造合格的平台。

Q2 non-GAAP gross margin was 76% and was up 110 basis points from March quarter levels, with product mix remaining largely constant across higher volumes. Non-GAAP operating expenses for Q2 of $70.7 million were up roughly $5 million from the previous quarter as we continue to scale our R&D organization to expand and broaden our long-term market opportunity. Within Q2 non-GAAP operating expenses, R&D expenses were $48.9 million, sales and marketing expenses were $9.4 million, and general and administrative expenses were $12.4 million.

第二季非公認會計準則毛利率為 76%，較 3 月季度水準上升 110 個基點，產品組合在銷量增加的情況下基本保持不變。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，第二季的非公認會計準則營運費用為 7,070 萬美元，比上一季增加了約 500 萬美元。在第二季非公認會計準則營運費用中，研發費用為 4,890 萬美元，銷售和行銷費用為 940 萬美元，一般和行政費用為 1,240 萬美元。

Non-GAAP operating margin for Q2 was 39.2%, up 550 basis points from the previous quarter. Interest income in Q2 was $10.9 million. Our non-GAAP tax rate for Q2 was 9.4%. Non-GAAP fully diluted share count for Q2 was 178.1 million shares, and our non-GAAP diluted earnings per share for the quarter was $0.44. Cash flow from operating activities for Q2 was $135.4 million, and we ended the quarter with cash, cash equivalents, and marketable securities of $1.07 billion.

第二季非公認會計準則營業利益率為 39.2%，較上一季上升 550 個基點。第二季利息收入為 1,090 萬美元。我們第二季的非公認會計準則稅率為 9.4%。第二季非公認會計準則 (Non-GAAP) 完全稀釋股本總數為 1.781 億股，本季非公認會計準則 (Non-GAAP) 稀釋每股收益為 0.44 美元。第二季經營活動產生的現金流為 1.354 億美元，本季末現金、現金等價物及有價證券總額為 10.7 億美元。

Now turning to our guidance for Q3 of fiscal 2025. We expect Q3 revenues to increase to within a range of $203 million to $210 million, up roughly 6% to 9% from the second-quarter levels. For Q3, we expect Aries, Taurus, and Scorpio to provide growth in the quarter. For Aries, we are seeing growth from a number of end-customer platforms where we support scale-up and scale-out connectivity. Taurus growth is driven by new designs going into volume production for scale-out connectivity. Scorpio will primarily be driven by the continued deployment of our P-Series solutions for scale-out applications on third-party GPU platforms.

現在談談我們對 2025 財年第三季的指引。我們預計第三季營收將增至 2.03 億美元至 2.1 億美元之間，較第二季水準成長約 6% 至 9%。對於第三季度，我們預計白羊座、金牛座和天蠍座將在本季度實現成長。對於 Aries，我們看到許多最終客戶平台都在成長，我們支援這些平台的縱向和橫向擴展連接。金牛座的成長是由橫向擴展連接新設計的大量生產所推動的。Scorpio 將主要由我們在第三方 GPU 平台上繼續部署用於橫向擴展應用程式的 P 系列解決方案所驅動。

We expect non-GAAP gross margins to be approximately 75%, with the mix between our silicon and hardware module business remaining largely consistent with Q2. We expect third-quarter non-GAAP operating expenses to be in the range of approximately $76 million to $80 million. Operating expense growth in Q3 is driven by the continued investment in our research and development function as we look to expand our product portfolio and grow our addressable market opportunity.

我們預計非 GAAP 毛利率約為 75%，矽片和硬體模組業務的組合與第二季基本保持一致。我們預計第三季非公認會計準則營運費用約為 7,600 萬美元至 8,000 萬美元。第三季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。

Interest income is expected to be $10 million. Our non-GAAP tax rate should be approximately 20%. The increase in our non-GAAP Q3 tax rate reflects the impact of the recent change in the tax law passed in July, with an expectation that our full-year non-GAAP tax rate for 2025 to now be approximately 15% following this tax law change. Our non-GAAP fully diluted share count is expected to be approximately 180 million shares.

預計利息收入為1000萬美元。我們的非公認會計準則稅率應約為20%。我們非公認會計準則第三季稅率的增加反映了 7 月通過的稅法最新變化的影響，預計此次稅法變更後，我們 2025 年全年非公認會計準則稅率將達到約 15%。我們的非公認會計準則完全稀釋股數預計約為 1.8 億股。

Adding this all up, we are expecting non-GAAP fully diluted earnings per share of a range of $0.38 to $0.39. This concludes our prepared remarks, and once again, we appreciate everyone joining the call.

綜合以上數據，我們預期非公認會計準則（Non-GAAP）每股完全稀釋收益將介於0.38美元至0.39美元之間。我們的準備演講到此結束，再次感謝各位參加電話會議。

And now we will open the line for questions. Operator?

現在我們將開放提問熱線。操作員？

(Operator Instructions)

（操作員指示）

Harlan Sur, JPMorgan.

摩根大通的 Harlan Sur。

Congratulations on the very strong results. Within your Scorpio family of switching parts, it's good to see the strong ramp of Scorpio P this past quarter. Within the same portfolio, it looks like the team is qualified and set around its Scorpio X-Series for XPU to XPU ASIC connectivity. You talked about 10 platform wins. What's been the biggest differentiator? Is it performance, i.e., latency, throughput? Is it fully optimized with your signal conditioning products? Is that a consideration?

恭喜您取得如此優異的成績。在您的天蠍座家族切換部件中，很高興看到天蠍座 P 在過去一個季度的強勁增長。在同一個產品組合中，看起來團隊具備資質，並圍繞其 Scorpio X 系列實現 XPU 到 XPU ASIC 的連接。您談到了 10 個平台的勝利。最大的差別是什麼？是效能，即延遲、吞吐量嗎？它是否已針對您的訊號調理產品進行了全面最佳化？這是一個考慮嗎？

And how much does the familiarity with COSMOS software play a role? And you guys have always called this an anchor product which pulls in more of your solutions alongside your COSMOS software suite. Is this how it's playing out with your basic XPU customers? You lead with Scorpio X, and you've been successful at driving higher attach with your other products?

那麼對 COSMOS 軟體的熟悉程度有多大呢？你們一直稱之為主力產品，它可以與 COSMOS 軟體套件一起提供更多的解決方案。這對你的 XPU 基本客戶來說是否也是如此？您以 Scorpio X 為主導，並且已經成功推動了其他產品的更高附加價值？

You're absolutely right. The success that we have enjoyed so far is rooted in primarily, I would say, three things. First is just our closeness to our customers. So over the time period, we have earned a trusted partner status with our customers, so we get a ringside view of what their plans are, what it is that they're planning to deploy, and when.

你說得完全正確。我認為，我們迄今所取得的成功主要源自於三件事。首先是我們與客戶的密切關係。因此，隨著時間的推移，我們贏得了客戶的信賴，成為他們的合作夥伴，因此我們可以隨時了解他們的計劃、他們計劃部署的內容和時間。

The second part of that is really our execution track record. We have shown time and again that our team executes with purpose, and we deliver on our promises. So with both of these, we get the first call for developing new products for going into new product platforms with our customers.

第二部分其實是我們的執行記錄。我們一次又一次地證明，我們的團隊有目標地執行，並且我們兌現了我們的承諾。因此，透過這兩項舉措，我們首先接到了與客戶一起開發新產品、進入新產品平台的請求。

And that's where the COSMOS software suite comes in. COSMOS, for the audience here, is our software suite that unites all of our products together. And this is how we allow our products to be customized and optimized for unique applications, as well as collect a lot of very rich diagnostic information that allows our customers to really see how their connectivity infrastructure is operating.

這就是 COSMOS 軟體套件的作用所在。對於在座的各位來說，COSMOS 是將我們的所有產品整合在一起的軟體套件。這就是我們如何讓我們的產品針對獨特的應用進行客製化和優化，以及收集大量非常豐富的診斷信息，讓我們的客戶真正了解他們的連接基礎設施是如何運作的。

So with the use of COSMOS, we can customize our products to deliver higher performance, which translates to sometimes lower latency, sometimes higher throughput, sometimes different diagnostic features for our customers. And as a result of that, we've been able to use Scorpio as an anchor socket in these applications because this is something that gets designed upfront. And then we figure out conditioning opportunities with our Aries and Taurus products in these platforms.

因此，透過使用 COSMOS，我們可以客製化我們的產品以提供更高的效能，這意味著有時可以降低延遲，有時可以提高吞吐量，有時可以為客戶提供不同的診斷功能。因此，我們能夠在這些應用程式中使用 Scorpio 作為錨插座，因為這是預先設計好的。然後，我們在這些平台上利用我們的 Aries 和 Taurus 產品找出調理機會。

And in particular -- the Scorpio is in particular because the customers use derivatives of PCI Express, we have been able to customize Scorpio X to deliver this lower latency and higher throughput.

特別是 - Scorpio 尤其如此，因為客戶使用 PCI Express 的衍生產品，我們已經能夠定制 Scorpio X 來提供更低的延遲和更高的吞吐量。

And for my second question, just over the past 90 days, we've heard a lot of focus and announcements on scale-up networking connectivity and UALink, as you mentioned, whereas the team did the Wall Street teach-in back in May. Obviously, the team is a key member of the UALink Consortium. AMD recently fully endorsed UALink as its scale-up networking architecture of choice for all future generations of its rack scale solutions, and we know of at least one other basic XPU vendor that's going to be moving to UALink as well.

關於我的第二個問題，就在過去的 90 天裡，正如您所說，我們聽到了很多關於擴大網路連線和 UALink 的關注和公告，而該團隊早在 5 月就進行了華爾街的示威活動。顯然，該團隊是 UALink 聯盟的關鍵成員。AMD 最近完全認可 UALink 作為其所有未來機架規模解決方案的首選擴展網路架構，並且我們知道至少有另一家基本 XPU 供應商也將轉向 UALink。

Beyond this, what has been the reception and interest level on UALink, and can or will the Astera team speed up its time to market on UALink-based products, or is the timing still to sample products next year with volume deployment in calendar '27?

除此之外，UALink 的接受度和興趣程度如何？ Astera 團隊是否可以或是否會加快基於 UALink 的產品的上市時間？還是仍計劃明年推出樣品，2027 年進行大量部署？

To your point, absolutely, we see tremendous amount of interest with UALink. There are obviously the technical advantages that you get with low latency and familiarity with how the transport layer work based on its roots, which is PCIe. Also, the fact that it supports memory semantics natively is a strong reason why customers are liking that interface.

正如您所說，我們確實看到人們對 UALink 產生了濃厚的興趣。顯然，低延遲和熟悉基於其根源（即 PCIe）的傳輸層工作方式會帶來技術優勢。此外，它本身支援記憶體語義也是客戶喜歡該介面的一個重要原因。

The big upside, of course, is the physical layer, which now has been upgraded to support up to 200 gig on the Ethernet side. So there are several technical reasons that are going in favor of UALink. So customers that were using PCIe or PCIe-like fabric see this as an actual progression in order to support the AI infrastructure needs going forward.

當然，最大的優勢是實體層，它現在已經升級到支援乙太網路端高達 200 千兆的水平。因此，有幾個技術原因有利於 UALink。因此，使用 PCIe 或類似 PCIe 結構的客戶將此視為一種實際進步，以支援未來的 AI 基礎架構需求。

Now what we’ll also note is that it’s not just about technical stuff, it’s about ecosystem and broad availability of components that are required for scale-up. And that’s again where UALink shines, in the sense that it’s truly an open standard, it’s truly a multivendor supply chain, and those are additional reasons why customers tend to gravitate towards UALink.

現在我們還要注意的是，這不僅涉及技術問題，還涉及生態系統和擴大規模所需的組件的廣泛可用性。這也是 UALink 的優勢所在，因為它是一個真正的開放標準，一個真正的多供應商供應鏈，這些都是客戶傾向於選擇 UALink 的額外原因。

And we do have, like I noted, several customers, we’re counting 10-plus right now, that are looking at leveraging some of these open standards, whether it’s PCIe in the short term, a combination of PCIe and UALink in the midterm, and transitioning perhaps to a broader UALink deployment in 2027 and later.

正如我所提到的，我們確實有幾個客戶，目前我們統計有 10 多個，他們正在考慮利用其中一些開放標準，無論是短期內的 PCIe，還是中期的 PCIe 和 UALink 的組合，以及可能在 2027 年及以後過渡到更廣泛的 UALink 部署。

So overall, I think the momentum is shifting positively, and we’re excited to be in the middle of it and driving the adoption of open and scalable supply chain in the market.

所以總的來說，我認為勢頭正在朝著正面方向轉變，我們很高興能夠身處其中，推動市場採用開放且可擴展的供應鏈。

Ross Seymore, Deutsche Bank.

德意志銀行的羅斯·西摩。

Congrats on the strong results and guidance. Maybe to no surprise, I want to stay on the Scorpio family. The diversity of engagements is also interesting to me, and as far as you're talking about it as an anchor tenant, I just wondered if you could go into a little bit of the profile, the types of customers, how it's changed from your initial customer.

恭喜您取得的出色成果和指導。也許這並不奇怪，我想留在天蠍座家族。我對參與的多樣性也非常感興趣，就您作為主力租戶所談論的而言，我只是想知道您是否可以稍微介紹一下概況、客戶類型，以及它與最初的客戶相比有何變化。

And then perhaps how much incremental business and interest those customers are showing in other products as they realize as well it's an anchor tenant? Sort of, how are you leveraging that Scorpio relationship to bring in more business? Any sort of illustrations of that would be helpful.

那麼，當這些客戶意識到這是一個主力租戶時，他們可能會對其他產品表現出多少增量業務和興趣？那麼，您如何利用天蠍座的關係來帶來更多業務呢？任何形式的例證都會有幫助。

Yeah, absolutely. So just to kind of remind, we have two product series within Scorpio. One is the Scorpio P-Series that just started ramping to production to support some of the third-party GPUs that are ramping. And the P-Series is designed for scale-out connectivity, a very broad use case from interconnecting GPUs to custom NICs to storage and things like that.

是的，絕對是如此。提醒一下，Scorpio 有兩個產品系列。一個是剛開始量產的 Scorpio P 系列，以支援一些正在量產的第三方 GPU。P 系列專為橫向擴展連接而設計，用途非常廣泛，從互連 GPU 到定制 NIC 再到存儲等等。

So Scorpio P-Series, we have a broad base of customers that are leveraging the solution, designing in, going to production, deep in technical evaluations, and so on. So that would be a broad play for us with PCIe-based scale-out interconnect and storage-type interconnect.

因此，對於 Scorpio P 系列，我們擁有廣泛的客戶群，他們正在利用解決方案、進行設計、投入生產、深入進行技術評估等等。因此，對於我們來說，基於 PCIe 的橫向擴展互連和儲存類型互連將是一個廣泛的應用。

Scorpio X-Series, which is scale-up networking to interconnect the GPUs and accelerators. This, we see, like you noted, as an anchor socket because that is truly the socket that holds all the GPUs together. And today, like we noted, we have 10-plus customers that we're engaging with when it comes to scale-up networking using Scorpio X-Series. And this is also pulling in the rest of our products, both because of the advantages that COSMOS brings to the table by unifying all of our products, plus at the same time, the fact that someone is using a fabric solution and they would need a gearbox or retimer or other controller-type of products.

Scorpio X 系列是一種用於連接 GPU 和加速器的擴展網路。正如您所說，我們將其視為錨插座，因為它確實是將所有 GPU 固定在一起的插座。今天，正如我們所指出的，在使用 Scorpio X 系列擴展網路方面，我們已經與 10 多個客戶進行了合作。這也帶動了我們其他產品的加入，這既是因為 COSMOS 透過統一我們所有的產品而帶來的優勢，同時也因為有人正在使用結構解決方案，他們需要變速箱或重定時器或其他控制器類型的產品。

Those are all playing into having that first call with the customer or having that early access at an architectural stage, which translates into an opportunity for us where we can not only offer the fabric device but also the surrounding components that come along with it at the connectivity platform.

所有這些都與與客戶的首次通話或在架構階段的早期訪問有關，這對我們來說是一個機會，我們不僅可以提供結構設備，還可以在連接平台上提供隨之而來的周邊組件。

I guess, my second question, one for Mike, and I think the first one's going to be pretty quick, so I might have a clarification in there as well. The gross margin has beaten, and you're staying solidly above your 70% long-term target. So I guess the question is, is there anything that slows down your trajectory to the 70%? And the clarification would be the tax rate at 20%, is that just this year but not next year? Which is the number we should think of going forward—the 15%, the 20%, or the 10% you used to be?

我想，我的第二個問題是問麥克的，我認為第一個問題會很快，所以我可能也會在其中做出澄清。毛利率已超預期，並且穩居 70% 的長期目標之上。所以我想問題是，有什麼因素會減慢你達到 70% 的速度嗎？需要澄清的是，稅率為 20%，是不是只在今年，而不是明年？我們應該考慮未來的數字是哪一個——15%、20%、還是過去的 10%？

Okay, thanks, Ross. I'll start with the taxes. The 20% is specifically for Q3 because that was the quarter that the tax law changed, so we had to catch up for the previous two quarters. For Q4, you should expect it to normalize around 15%, and then longer term, with this new tax law in place, it's probably in the around 13% range.

好的，謝謝，羅斯。我先從稅收開始。20% 是專門針對第三季度的，因為這是稅法變化的季度，所以我們必須趕上前兩個季度的稅率。對於第四季度，你應該預期它會恢復到 15% 左右的正常水平，然後從長遠來看，隨著新稅法的實施，它可能會在 13% 左右的範圍內。

For the gross margins, when we have a deflection up in revenues like we did, you do have the benefit of higher revenues over fixed operating costs, so that was the incremental benefit for us. We do expect to see some pretty good growth from our hardware modules going into the back half of this year and into 2026. So as we make it through 2026, we still encourage people to think of our long-term target model, 70%, as something that we'll be delivering.

就毛利率而言，當我們的收入像我們一樣偏向上升時，您確實可以獲得高於固定營運成本的收入收益，因此這對我們來說是增量收益。我們確實預計，今年下半年和 2026 年我們的硬體模組將實現相當不錯的成長。因此，當我們邁向 2026 年時，我們仍然鼓勵人們將我們的長期目標模式 70% 視為我們將要實現的目標。

Blayne Curtis, Jefferies.

布萊恩‧柯蒂斯，傑富瑞集團。

Hey, guys. I'll echo the congrats on the results. I guess I want to ask on the Scorpio products. I mean, I think 10% in the June quarter was ahead of what many people were looking at. So maybe you can just help us with the shape of that product. I mean, you still said 10% for the year, I'm assuming it's or greater than 10%, but I'm sure it's much greater than that. I mean, can you help us a little bit with as you look to September, you have $15 million of growth, how to think about Aries or Scorpio and any kind of thoughts on how to guide us to model the Scorpio product line this year.

嘿，大家好。我將對這一結果表示祝賀。我想問一下有關天蠍座的產品。我的意思是，我認為 6 月季度的 10% 成長率超出了許多人的預期。所以也許您可以幫助我們設計該產品的形狀。我的意思是，你仍然說今年的成長率是 10%，我假設它是 10% 或更大，但我確信它會比這大得多。我的意思是，您能否幫我們一點忙，展望 9 月份，您有 1500 萬美元的增長，如何看待白羊座或天蠍座，以及如何指導我們今年塑造天蠍座產品線的任何想法。

Yeah. This is Mike. Yes. For Q2, the Scorpio P launched into volume production a little ahead of what we anticipated. So it provided the upside in the quarter. From this base level now, it continues to grow in Q3 and Q4. But we have more P-Series designs coming into play to layer on top of it. That's more in 2026.

是的。這是麥克。是的。對於第二季度，Scorpio P 的量產比我們預期的要早一些。因此它為本季帶來了好處。從現在的這個基準水準開始，它在第三季和第四季繼續成長。但我們還有更多 P 系列設計要在其上發揮作用。到 2026 年，這一數字還會更高。

For the X-Series, we do have preproduction volumes here, but really, that starts to go into high-volume production during the course of 2026 and layering even more growth. Ultimately, what we called out is the X-Series is going to grow to be bigger than P-Series. So it's a very exciting opportunity, just given the dollar value of the design opportunities are much higher than the P-Series just given the use cases of the scale-up connectivity, so both will grow.

對於 X 系列，我們確實有預生產量，但實際上，它將在 2026 年開始投入大量生產，並實現進一步成長。最終，我們所說的是 X 系列將會變得比 P 系列更大。所以這是一個非常令人興奮的機會，考慮到設計機會的美元價值遠高於 P 系列，考慮到擴大連接的用例，因此兩者都會成長。

We did reiterate that it will exceed 10% of our revenues for the year, which is quite an accomplishment first year to have a product line. It is poised to be our largest product line of the company as we make it through the following two years.

我們確實重申過，它將超過我們今年收入的 10%，對於擁有產品線的第一年來說，這是一個相當大的成就。在接下來的兩年裡，它將成為我們公司最大的產品線。

And I just want to ask, I think, in terms of the scale-up opportunity, clearly, you were clear that X will be more material next year kind of preproduction this year. Just wanted to ask this because there was a lot of rumors out there in terms of are there any opportunities for scale up with Scorpio P or maybe in short, are you going to be shipping anything material this year for scale up versus the scale out you already talked about?

我只是想問一下，我認為，就擴大規模的機會而言，顯然，您很清楚 X 明年將會是今年預生產中的更多材料。我只是想問一下，因為有很多傳言說 Scorpio P 是否有機會擴大規模，或者簡而言之，今年您是否會運送任何材料來進行擴大規模，而不是您已經談到的擴大規模？

The scale up this year is predominantly preproduction volumes. And these systems are pretty complex that they're shipping into. So we like to try to be conservative on how we telegraph those going forward. But the volume opportunities scale up connectivity for switching is a much bigger dollar opportunity for us as we look forward. But those designs really will start to enter into full volume production during the course of 2026, so not a driver in the next couple of quarters.

今年的擴大主要是預生產量的擴大。這些運送到的系統相當複雜。因此，我們希望在未來傳達這些訊息時保持保守態度。但從我們的角度來看，擴大交換連結的數量機會對我們來說是一個更大的獲利機會。但這些設計實際上將在 2026 年開始進入全面量產，因此不會成為未來幾季的驅動因素。

Joe Moore, Morgan Stanley.

摩根士丹利的喬摩爾。

I wonder if you could talk about UALink versus other architectures, and I guess your involvement with NVLink Fusion. Are you agnostic to those various solutions? Are you more favorable towards open source or proprietary? Just kind of walk us through the potential outcomes for you with these battles that are being fought.

我想知道您是否可以談談 UALink 與其他架構的比較，以及您參與 NVLink Fusion 的情況。您對這些不同的解決方案是否持懷疑態度？您更傾向於開源還是專有？請向我們介紹這些正在進行的戰鬥可能會為您帶來的結果。

Joseph, this is Jitendra. Happy to do that. So let's start with NVLink just because NVLink is perhaps the most widely deployed scale-up architecture that's available today. And we are very happy to be part of the NVLink-Fusion ecosystem. So if you look at the history of NVLink, it really is a fabric that is built ground up for AI.

約瑟夫，這是吉滕德拉。很高興這樣做。因此，讓我們從 NVLink 開始，因為 NVLink 可能是當今部署最廣泛的擴展架構。我們非常高興成為 NVLink-Fusion 生態系統的一部分。因此，如果你回顧一下 NVLink 的歷史，你會發現它確實是專為 AI 建構的結構。

It uses memory semantics to make sure that all of the GPUs can be addressed as the one large GPU, it has low latencies, it does add Ethernet-based sets to get the higher speeds. And of course, NVIDIA has popularized that with their NVL72 deployment.

它使用記憶體語義來確保所有 GPU 都可以作為一個大型 GPU 進行尋址，它具有低延遲，並且它確實添加了基於以太網的集合以獲得更高的速度。當然，NVIDIA 已經透過其 NVL72 部署推廣了這一點。

If you go from there to, let's say, UALink, you find many similarities. UALink also has this genesis in PCI Express. It is a memory semantics-based protocol. It uses lossless networking, several other technical advancements that are suitable for AI workloads. And then the whole protocol is really custom-built for optimizing the throughput for AI type of traffic. So I think it does offer several advantages over other more proprietary protocols, some of which happened to be Ethernet-based and some are completely proprietary as well.

如果你從那裡轉到 UALink，你會發現許多相似之處。UALink 也起源於 PCI Express。它是一種基於記憶體語義的協定。它使用無損網路和其他幾項適合人工智慧工作負載的技術進步。然後整個協議實際上是為優化 AI 類型流量的吞吐量而定制的。因此我認為它確實比其他專有協定具有幾個優勢，其中一些協定恰好基於以太網，而有些也是完全專有的。

The other advantage of UALink is it's an open ecosystem. We know that many hyperscalers are part of the promoter Board members as well as many vendors frankly who are working to deploy solutions for this UALink. And as a result, we expect to see a very vibrant ecosystem of vendors and customers with the UALink. And I think that will be a defining characteristic and why we believe UALink will be adopted widely over time.

UALink 的另一個優點是它是一個開放的生態系統。我們知道，許多超大規模企業都是發起人董事會成員，坦白說，還有許多供應商正在努力為這個 UALink 部署解決方案。因此，我們期望看到 UALink 形成一個由供應商和客戶組成的非常活躍的生態系統。我認為這將是一個決定性特徵，也是我們相信 UALink 隨著時間的推移將被廣泛採用的原因。

And as promoter members of the UALink Consortium ourselves, we are very happy to both participate in this standard and not only participate but come up with a full portfolio of solutions that includes switches, retimers, cables, and what have you to enable our customers to build a full UALink.

作為 UALink 聯盟的發起成員，我們非常高興能夠參與該標準，不僅參與其中，而且還提供了全套解決方案，包括交換器、重定時器、電纜等，使我們的客戶能夠建立完整的 UALink。

So to answer the question, the other question that you asked, with UALink, we have a lot of dollar content opportunity. But at the same time, we will continue to service our customers who are today using PCI Express, and we have a huge opportunity there as well as the Ethernet for scale-out applications, for cabling applications, and over time also within NVLink fusion.

所以要回答這個問題，也就是您提出的另一個問題，有了 UALink，我們就有很多賺錢的內容機會。但同時，我們將繼續為目前使用 PCI Express 的客戶提供服務，我們在這方面擁有巨大的機會，並且在以太網的橫向擴展應用、佈線應用以及隨著時間的推移在 NVLink 融合方面也擁有巨大的機會。

That's very helpful. And then I get this question a lot. If you guys can size your exposure to merchant GPU platforms versus ASIC, I know there's probably a little bit higher content opportunity for you on the ASIC side. But any sense for what that split looks like and where that may be going over time?

這非常有幫助。我常被問到這個問題。如果你們能夠衡量自己在商用 GPU 平台和 ASIC 方面的曝光度，我知道在 ASIC 方面你們可能會有更高的內容機會。但您知道這種分裂是什麼樣子的嗎？隨著時間的推移，這種分裂將走向何方？

Yes. Joseph, we do address both of these opportunities. Our opportunity on the merchant GPU platform comes when our customers customize the rack designs. This is the opportunity for both our Aries and Scorpio P series that Sanjay and Mike touched upon earlier, we saw a lot of ramp happening with that in this last quarter. In addition to that, we are also shipping the Taurus Ethernet cables for scale-out applications.

是的。約瑟夫，我們確實解決了這兩個機會。當我們的客戶客製化機架設計時，我們在商用 GPU 平台上的機會就來了。這是 Sanjay 和 Mike 之前提到的白羊座和天蠍座 P 系列的機會，我們在上個季度看到了很多這樣的發展。除此之外，我們還運送用於橫向擴展應用的 Taurus 乙太網路電纜。

But when you go to the scale up, that becomes a very big opportunity for us just because of the density of interconnect when you're trying to connect all of these GPUs together. And when that network happens to be based on PCI Express, we have an even larger attach rate, which drives our dollar content on these XPU platforms into several hundreds of dollars per XPU.

但是當你擴大規模時，這對我們來說是一個非常大的機會，因為當你試圖將所有這些 GPU 連接在一起時，互連密度很高。當該網路恰好基於 PCI Express 時，我們的附加率甚至會更高，這使得我們在這些 XPU 平台上的美元內容達到每個 XPU 數百美元。

So over time, we do see the Scorpio X family is our largest revenue contributor and largely deployed on XPUs.

因此，隨著時間的推移，我們確實看到 Scorpio X 系列成為我們最大的收入貢獻者，並且主要部署在 XPU 上。

Tom O'Malley, Barclays.

巴克萊銀行的湯姆·奧馬利。

You mentioned that you were engaged with 10-plus customers on the [expert] side. Could you just give us a picture of how many of those are engaged on PCIe today and how many of those are engaged on the UAL side? And if you're engaged with one on PCIe, are you often engaged with one on UAL as well? Can you maybe talk about that split right now?

您提到您在[專家]方面與 10 多位客戶進行了接觸。您能否向我們簡單介紹一下目前在 PCIe 上參與的人數以及在 UAL 方面參與的人數？如果您與 PCIe 上的某個公司合作，那麼您是否也經常與 UAL 上的某個公司合作？現在您可以談論一下那次分裂嗎？

Yeah. So this is Sanjay here. So what we can note is that the 10-plus opportunities that we highlighted, these are both hyperscalers as well as AI platform providers. And these are all today based on PCIe. So these are nearer-term opportunities that we're tracking.

是的。這是桑傑。因此，我們可以注意到，我們強調的 10 多個機會既是超大規模企業，也是 AI 平台提供者。如今這些都是基於 PCIe 的。這些是我們正在追蹤的近期機會。

Having noted that, like Jitendra highlighted, UALink is a standard and open standard that contemplates the requirements of scale-up networking in terms of speed and other capabilities going forward. So many of these customers that we're engaging with today with PCIe are also looking at UALink.

正如 Jitendra 所強調的那樣，UALink 是一個標準的開放標準，它考慮了未來擴展網路在速度和其他功能方面的要求。今天與我們透過 PCIe 接觸的許多客戶也在關注 UALink。

Some of them might continue to stay with PCIe. Some of them will transition to UALink in the midterm. But longer term, as UALink ecosystem develops and matures, we do expect that UALink will continue to be a solution that both the merchant GPU as well as custom accelerator provides would standardize on.

其中一些可能會繼續使用 PCIe。其中一些將在中期過渡到 UALink。但從長遠來看，隨著 UALink 生態系統的發展和成熟，我們確實預計 UALink 將繼續成為商用 GPU 和客製化加速器提供的標準化解決方案。

Helpful. And then as my follow-up, I'm curious, and there's been obviously a lot of news articles intraquarter about switching attach rates with XPUs and then also general purpose silicon. So if you look at the large guy in the market in a 72, already there's nine switch trays, a couple of switches per. So like a 25% switching attach rate to a single XPU or general piece of silicon in that instance, like when you're ramping an XPU with a custom silicon customer, can you maybe walk us through like specifically with the X switch, if that attach rate is higher or lower? Or what's the reason for that?

很有幫助。然後作為我的後續問題，我很好奇，顯然本季有很多新聞文章談論使用 XPU 和通用矽片轉換連接率。因此，如果你看市場上 72 中的大人物，你會發現已經有 9 個開關托盤，每個托盤有幾個開關。那麼，在這種情況下，單一 XPU 或通用矽片的交換配售率為 25%，例如當您為客製化矽片客戶增加 XPU 時，您能否具體介紹 X 交換機，看看配售率是更高還是更低？或者說這其中的原因是什麼？

That would be super helpful.

那將會非常有幫助。

Yes. So the obviously, we don't comment on individual platforms and customer deployment scenario. But in general, the Scorpio switches, X Series switches, interconnect GPUs, and there are depending on the platform, there are different configurations for number of GPUs in their port. So within [indiscernible] and the product portfolio that we are developing is designed in a way that it addresses a variety of different use cases and the attach rate vary. So it probably will be a broad answer to your question.

是的。因此顯然我們不會對單一平台和客戶部署場景發表評論。但一般來說，Scorpio 交換器、X 系列交換器互連 GPU，並且根據平台的不同，其連接埠中的 GPU 數量有不同的配置。因此，在[音訊不清晰]範圍內，我們正在開發的產品組合的設計方式可以解決各種不同的用例，並且附加率會有所不同。因此，這可能是對你的問題的一個廣泛的回答。

But in general, we have the engagements.

但總體來說，我們有約定。

We have the design wins. Now it's a matter of all of these platforms getting qualified and ramping to production. With due course, of course, as they get into production, we'll be able to add more color on how that's shaping our revenue and our growth.

我們獲得了設計勝利。現在的問題是所有這些平台都要獲得認證並投入生產。當然，隨著它們投入生產，我們將能夠更多地了解它們如何影響我們的收入和成長。

Tore Svanberg, Stifel Financial Corp.

Tore Svanberg，Stifel 金融公司

And let me add my congratulations as well. I guess my first question is on you talked about this new revenue base. I mean you now have three product lines in production, that obviously doubled your revenue base now you're talking about Infrastructure 2.0 and Scorpio series or X series really sort of creating a new revenue level. So I mean, should we sort of infer with that you will double the sort of run rate again as X Series starts to ramp? Is that the way we should look at it?

我也向你表示祝賀。我想我的第一個問題是關於您談到的這個新的收入基礎。我的意思是，你們現在有三條產品線投入生產，這顯然使你們的收入基礎翻了一番，現在你們談論的是基礎設施 2.0 和天蠍系列或 X 系列，它們確實創造了新的收入水平。所以我的意思是，我們是否可以推斷，隨著 X 系列開始增加，您的運行率將再次翻倍？我們應該這樣看待它嗎？

Yeah. Great question, but I always like to make this correction. It's not retimer, it's 3-timer just to keep our engineering folks happy. But you make a great point, and that's exactly, we believe, is the beauty of our business model where we have approached the business in a series of growth steps. We started the journey being on all the NVIDIA-based platforms with the PCIe retimers which got the company off the ground from a revenue growth standpoint. The second step that we hit was to expand our PCIe retimer and Ethernet retimer business to go after custom ASICs, so this transition happened in Q3 of last year.

是的。好問題，但我總是喜歡做這個糾正。它不是重定時器，而是 3 定時器，只是為了讓我們的工程人員滿意。但您說得很有道理，而這正是我們認為的我們的商業模式的美妙之處，我們透過一系列的成長步驟來開展業務。我們開始在所有基於 NVIDIA 的平台上使用 PCIe 重定時器，從收入成長的角度來看，這有助於公司起步。我們採取的第二步是擴展我們的 PCIe 重定時器和乙太網路重定時器業務以追逐客製化 ASIC，因此這一轉變發生在去年第三季。

Now where we are is our third step in that growth journey where we are ramped up our Scorpio P-Series, PCIe-based switch products, along with our Aries 6 retimers. So that's going on all the third-party NVIDIA-based GPU platforms that are ramping. The fourth step that we are highlighting as part of the call today is the Scorpio X-Series which is designed for scale up networking, and that transition is currently underway in the sense that we are still in preproduction.

現在，我們已經邁出了增長之旅的第三步，我們正在加強我們的 Scorpio P 系列、基於 PCIe 的交換器產品以及我們的 Aries 6 重定時器。因此，所有基於 NVIDIA 的第三方 GPU 平台都在不斷壯大。我們在今天的電話會議中重點強調的第四步是 Scorpio X 系列，該系列專為擴大網路規模而設計，目前這一轉變仍在進行中，我們仍處於預生產階段。

And like we highlighted, throughout 2026, we expect that wave to transition to high-volume production, providing us a new baseline for revenue. And these are, of course, higher value sockets, meaning the dollar content with the Scorpio X-Series switches are significantly higher than what we have done so far. So you could expect that to play into the overall revenue projections that we would have as we get towards 2026.

正如我們所強調的那樣，在整個 2026 年，我們預計這股浪潮將轉向大量生產，為我們提供新的收入基準。當然，這些都是更高價值的插座，這意味著 Scorpio X 系列交換器的美元含量明顯高於我們迄今為止所做的。因此，您可以預期這將影響我們到 2026 年的整體收入預測。

And the fifth step that we called out as part of the communication is the UALink, that is going to be a growth story in 2027, and that is a greenfield application for us with a much broader deployment of scale-up networking along with a variety of other products that we intend to develop for UALink. And that is going to be the fifth step that we are executing towards.

我們在溝通中提到的第五步是 UALink，它將在 2027 年實現成長，這對我們來說是一個全新的應用，可以更廣泛地部署擴展網絡，同時我們打算為 UALink 開發各種其他產品。這將是我們正在執行的第五步。

And as my follow-up, and related to UALink, it does feel like the standard is regaining a lot of traction. I'm just curious why that is. Is it because of AI moving more into inferencing? Is it because of the 128-gig version? It just feels like there has been a little bit of a change over the last few months. So any color you can add on that would be great.

根據我的後續觀察以及與 UALink 相關的觀察，我確實感覺到該標準正在重新獲得很大的發展動力。我只是好奇為什麼會這樣。這是因為人工智慧正在更多地轉向推理嗎？是因為 128G 版本嗎？感覺過去幾個月發生了一點變化。因此，只要添加任何顏色就可以了。

If you don't mind, could you repeat your question? We didn't quite get the question that you asked.

如果您不介意的話，您能重複您的問題嗎？我們不太明白你問的問題。

Yeah, I was asking about UALink sort of regaining a lot of traction, at least that's the way it feels to us. And I'm just wondering why that is. Is it because of AI moving more towards inferencing? Is it because of the 128-gig version? Or is there anything else that's going on there?

是的，我問的是 UALink 是否重新獲得了極大的發展動力，至少我們感覺是這樣。我只是想知道這是為什麼。這是因為人工智慧正在更傾向於推理嗎？是因為 128G 版本嗎？或者那裡還發生其他什麼事嗎？

UALink is gaining actually a lot of traction. If you just -- as a reminder, UALink was only introduced -- the specification was only introduced in towards the end of Q1 of this year. So since then, it has gained tremendous amount of traction. We've got AMD talked about it very recently in Taipei as part of the OCP Summit. And several of the hyperscalers are very closely engaged in figuring out what their roadmap intercepts would look like for UALink for all the reasons that we talked about earlier in the call.

UALink 實際上正在獲得很大的發展動力。如果你只是——提醒一下，UALink 只是在今年第一季末推出的——該規範是在今年第一季末推出的。從那時起，它就獲得了巨大的發展動力。我們最近在台北舉行的 OCP 峰會上與 AMD 討論了這個問題。出於我們在電話會議早些時候討論過的所有原因，一些超大規模企業正在密切關注他們的路線圖攔截對於 UALink 來說是什麼樣子。

And I will also say that majority of these engagements are a 200-gigabit per second per lane rate and not at the 128.

我還要說的是，這些活動中的大多數都是每通道每秒 200 千兆位元的速率，而不是 128 千兆位元。

Sebastien Naji, William Blair.

塞巴斯蒂安·納吉，威廉·布萊爾。

A lot of the focus is rightfully on the AI tailwinds. But could you maybe comment on what you're seeing in non-AI adoption and in particular, which you might be seeing on Gen 5 PCIe adoption and general-purpose servers. And could that be a meaningful contributor to Aries growth going forward?

人們的注意力理所當然地集中在人工智慧的順風上。但是您能否評論一下您在非 AI 採用方面看到的情況，特別是您在 Gen 5 PCIe 採用和通用伺服器上看到的情況。這是否會對 Aries 未來的發展產生重大影響？

Yes, absolutely. Thanks for highlighting that. We always overlook the general compute nowadays. But to your point, that's a transition that we're tracking. AMD released their Venice CPU which does support PCIe Gen 6 as well. So we do see that sort of playing out in terms of design opportunities and a new set of production ramps happening for our Aries product line, both on the retimer class devices as well as other sockets that we develop, whether it is a Taurus modules or gearbox devices. So in general, those are additional opportunities for us to grow our business, and we are tracking those things as part of our overall outlook.

是的，絕對是。感謝您強調這一點。如今我們總是忽略一般計算。但正如您所說，這是我們正在追蹤的轉變。AMD 發布了 Venice CPU，它也支援 PCIe Gen 6。因此，我們確實看到了設計機會和 Aries 產品線的新一輪生產提升，包括重定時器類設備以及我們開發的其他插座，無論是 Taurus 模組還是變速箱設備。因此，總的來說，這些都是我們發展業務的額外機會，我們正在將這些事情作為我們整體前景的一部分進行追蹤。

And let's not forget LEO products, which are our CXL controllers, these are designed for memory expansion for CPUs in particular. So finally, we have CPUs that support CXL technology and ready for deployment. So we are excited about the opportunities that we're tracking between all the three product lines: Aries, Taurus, and LEO going into the general compute use cases.

我們不要忘記 LEO 產品，它們是我們的 CXL 控制器，專為 CPU 記憶體擴充而設計。所以最終，我們有了支援 CXL 技術並準備部署的 CPU。因此，我們對在這三條產品線之間追蹤的機會感到非常興奮：Aries、Taurus 和 LEO 進入通用計算用例。

And if I could, a second question. I want to ask about the use of Ethernet and scale up going forward? You have Broadcom positioning itself to address both the scale out and scale up part of the network with its latest generation of Ethernet chips.

如果可以的話，我想問第二個問題。我想問一下乙太網路的使用和未來的擴展？博通 (Broadcom) 將自己定位為利用其最新一代乙太網路晶片解決網路的擴展和擴展部分。

And I'm wondering how do you see scale up Ethernet potentially eating into that PCIe part of the market where Astera has such a strong position?

我想知道您如何看待擴展乙太網路可能蠶食 Astera 佔據強勢地位的 PCIe 市場？

This is Jitendra. Maybe I'll take this question. So if you look at our customers today, they are deploying the scale of network with the technologies that are available to them, which is NVLink for NVIDIA designs, of course, PCI Express for several of the customers that we touched upon earlier in the call. And some of the customers are also using Ethernet. And largely, this has to do with the availability of the switching infrastructure.

這是吉滕德拉。也許我會回答這個問題。因此，如果您看看我們今天的客戶，他們正在利用可用的技術部署大規模網絡，其中 NVIDIA 設計使用的是 NVLink，當然，我們在通話中早些時候提到的幾個客戶使用的是 PCI Express。而有些客戶也在使用乙太網路。這在很大程度上與交換基礎設施的可用性有關。

The two protocols, PCI Express as well as NVLink, are basically kind of custom built for memory access for memory semantics.

PCI Express 和 NVLink 這兩種協定基本上是為記憶體存取和記憶體語意而客製化的。

So you can use that to make your multiple GPUs in a cluster look like one large GPU. Ethernet is a fantastic protocol, but it was never designed for scale up. It was designed for kind of large-scale Internet traffic, and it is very, very good at that. However, because of the availability of the switches, some of the customers have tried to run RDMA and other proprietary protocols or Ethernet to do scale up. And in that scenario, it does suffer from higher latencies and throughput.

因此，您可以使用它來使叢集中的多個 GPU 看起來像一個大型 GPU。乙太網路是一種出色的協議，但它的設計初衷並不是擴大規模。它是為大規模網路流量而設計的，並且在這方面表現非常出色。然而，由於交換器的可用性，一些客戶嘗試運行 RDMA 和其他專有協定或乙太網路來進行擴充。在這種情況下，它確實會遭受更高的延遲和吞吐量。

Now I think what you're referring to is scale up Ethernet, where Broadcom is tried to actually borrow several of the same features that are present in PCI Express and UALink such as memory semantics, lossless networking, et cetera, and put them on top of Ethernet.

現在我認為您指的是擴展以太網，其中 Broadcom 實際上試圖借用 PCI Express 和 UALink 中存在的幾個相同功能，例如內存語義、無損網絡等，並將它們置於以太網之上。

At that point, it looks something quite different from Ethernet. And so the switching infrastructure as well as the XP infrastructure has to evolve for somebody to use that. But I believe that the real differentiation between the two has to do with the openness of the ecosystem. The SUV is still dominated by Broadcom whereas if you look at UALink, it's a very open ecosystem, very vibrant ecosystem with multiple vendors working on products and multiple hyperscalers looking to really take their destiny in their own hands and relying UALink over time.

從這一點來看，它看起來與乙太網路有很大不同。因此，交換基礎設施以及 XP 基礎設施必須不斷發展，才能供人們使用。但我相信兩者之間的真正差異與生態系統的開放性有關。SUV 仍然由博通主導，而如果你看看 UALink，它是一個非常開放的生態系統，非常活躍的生態系統，有多個供應商致力於產品開發，多個超大規模企業希望真正掌握自己的命運，並長期依賴 UALink。

Quinn Bolton, Needham & Company.

奎因·博爾頓，Needham & Company。

Hey, Jitendra, just wanted to follow up on that question about SUE. Broadcom introduced their Tomahawk Ultra switch recently with a 250-nanosecond latency which seems like it significantly reduces the latency problems that traditionally Internet has had. Can you give us some sense how does that 250-nanosecond latency for SUE compared to what you're able to achieve on PCI Express and UALink? And then I've got a follow-up.

嘿，Jitendra，我只是想跟進一下有關 SUE 的問題。Broadcom 最近推出了 Tomahawk Ultra 交換機，延遲為 250 奈秒，似乎大大減少了傳統網路所存在的延遲問題。您能否告訴我們，與 PCI Express 和 UALink 上實現的延遲相比，SUE 的 250 奈秒延遲如何？然後我有一個後續行動。

Yeah. So we are able to achieve even lower latencies with some of the products that we have and the other products that we have in development. But again, it comes back to designing something that is purpose-built for it is not about just the point-to-point latency. If you look at the end-to-end latency in the system, we believe that UALink and PCI Express today is going to be lower latency. And the second point about that is utilization of bandwidth even though over time, the current offering from Broadcom uses 100 gigabit per second per lane.

是的。因此，我們能夠透過現有的一些產品和正在開發的其他產品實現更低的延遲。但同樣，它又回到了設計專門的東西的問題上，而不僅僅是點對點的延遲。如果您查看系統中的端對端延遲，我們相信當今的 UALink 和 PCI Express 的延遲將會更低。第二點是頻寬利用率，儘管隨著時間的推移，Broadcom 目前提供的頻寬每通道使用 100 千兆位元每秒。

But over time, every standard will migrate towards 200 gigabit per second per lane, both UALink Ethernet as well as NVLink is already there today.

但隨著時間的推移，每個標準都將遷移到每通道每秒 200 千兆位，UALink 乙太網路和 NVLink 目前都已實現。

However, how efficiently you use that raw data rate depends, varies from protocol to protocol. UALink has been designed to be extremely efficient with that, and really I see very high utilization of the data pipe that is available. So on a technical basis, I do think that UALink will be superior to other protocols. But again, not to sort of mention this yet again, but the big advantage of UALink is in its openness that it's an open standard that our customers, the hyperscalers can build their infrastructure once and then ideally plug in whichever GPU or XPU, they want that supports an open interoperable ecosystem like UALink.

然而，如何有效地使用原始數據速率取決於不同的協定。UALink 的設計非常高效，而且我確實看到可用資料管道的使用率非常高。因此從技術角度來看，我確實認為 UALink 將優於其他協定。但是，再次強調，UALink 的一大優勢在於其開放性，它是一個開放標準，我們的客戶，超大規模企業可以構建他們的基礎設施一次，然後理想地插入他們想要的任何 GPU 或 XPU，以支援像 UALink 這樣的開放可互通的生態系統。

Got it. My follow-up question, I think in the script, you guys talked about an expansion in the opportunities with Taurus. And I'm kind of wondering if you could expand on that. Is that -- are you seeing sort of adoption of higher per lane speeds on that Taurus product and adoption of 800-gig cables? Are you seeing adoption beyond your lead customer in Taurus? Just any additional color you could provide on Taurus would be helpful.

知道了。我的後續問題是，我認為在劇本中，你們談到了金牛座機會的擴展。我想知道您是否可以進一步闡述這一點。那是——您是否看到 Taurus 產品採用更高的每通道速度並採用 800 千兆電纜？您是否看到了 Taurus 以外主要客戶的採用？只要您在金牛座上提供任何額外的顏色都會有所幫助。

Yes. So like you correctly said, and what we have shared in the past as well is that we expect broader adoption of ACs when the Ethernet that rate transitions to 800 gig that's starting to happen. We expect most of the deployments to be ramping up in volume in 2026. And to that standpoint, again, we are tracking and we are engaged with the customers that are deploying it One point to keep in mind is that our business model for AUCs is designed for scale. In other words, we developed this cable modules that fit into the cable assemblies of existing cable vendors and there are a variety of them that service the data center market.

是的。所以就像您正確說的，以及我們過去也分享過的，當乙太網路速率轉換到 800G 時，我們預計 AC 將會得到更廣泛的採用。我們預計大多數部署的數量將在 2026 年增加。從這個角度來看，我們正在追蹤並與部署它的客戶進行接觸。要記住的一點是，我們的 AUC 商業模式是為規模而設計的。換句話說，我們開發的這種電纜模組可以適用於現有電纜供應商的電纜組件，並且有多種電纜模組可以服務資料中心市場。

So our business model is to go after the ramp and not necessarily the initial few volume that might be deployed.

因此，我們的商業模式是追求成長，而不一定是最初可能部署的少量數量。

So to that standpoint, we're tracking and we're engaged with the right customers. And as the volume starts ramping, we do expect to have a significant diversification and growth in our tours module business, but most of this, we are modeling it in 2026 versus this year.

因此從這個角度來看，我們正在追蹤並與合適的客戶互動。隨著業務量開始增加，我們確實預計我們的旅遊模組業務將實現顯著的多樣化和成長，但其中大部分是針對 2026 年而不是今年進行建模的。

Got it. So it sounds like the volume this year continues to be more 50 gig per lane and then you see that diversification in 2026 is 100 gig per land becomes more sees wider adoption?

知道了。因此聽起來今年的容量繼續保持在每車道 50 千兆以上，然後您認為 2026 年的多樣化程度是每車道 100 千兆，從而得到更廣泛的採用？

Exactly. And our business model, like you noted, is designed for that multi-vendor cable supply chain. And we do believe that's the right strategy, and that's what hyperscalers look for. the initial POCs limited volume deployment, they might go with 1 vendor but very quickly, each 1 of these hyperscalers do want to have the diversity and as well as the supply chain capacity to drive volume, and that has essentially been our focus when it comes to our business model on the AEC side.

確切地。正如您所說，我們的商業模式是針對多供應商電纜供應鏈而設計的。我們確實相信這是正確的策略，這也是超大規模企業所尋求的。最初的 POC 限制了部署量，他們可能會選擇 1 家供應商，但很快，這些超大規模企業中的每一家都希望擁有多樣性以及推動產量的供應鏈能力，而這基本上一直是我們在 AEC 方面的商業模式的重點。

Papa Sylla, Citi.

花旗銀行的 Papa Sylla。

Congrats for the great real guess my first question is kind of following your announcement of a partnership with a high kind of performance basic leader recently. I just can you touch a little bit more on the kind of extent of that collaboration. You did more at a chip level in terms of the IO chip type of kind of partnership? Or is it more the kind of device level with your Aries and Scorpio portfolio?

恭喜您取得如此出色的成績，我的第一個問題是關於您最近宣布與高績效基礎領導者建立合作關係。我能否請您稍微談談這種合作的程度。就 IO 晶片類型的合作而言，您在晶片層面做得更多嗎？或者它更接近您的牡羊座和天蠍座產品組合的設備等級？

Yes. So I'll answer that question by sort of sharing our vision and goal that we are executing towards. So our vision is to provide purpose-built connectivity platform for AI infrastructure that includes silicon products, hardware products and software products. Of course, the focus for us has been on the connectivity side of the AI rack when you think of an AI RAC, there are other components that go, which primarily includes the compute nodes, whether it's based on third-party merchant GPUs and CPUs or custom ASICs that chip and others develop for hyperscalers. So what we are a strong believer in is that the AI RAC, the way it's defined today is not scalable in the sense that it's more proprietary as the industry transitions to what we are calling AI infrastructure 2.0.

是的。因此，我將透過分享我們正在實現的願景和目標來回答這個問題。因此，我們的願景是為人工智慧基礎設施提供專用的連接平台，其中包括矽產品、硬體產品和軟體產品。當然，當您想到 AI RAC 時，我們的重點一直放在 AI 機架的連接方面，還有其他組件，主要包括計算節點，無論它是基於第三方商用 GPU 和 CPU 還是晶片和其他公司為超大規模開發的定制 ASIC。因此，我們堅信，隨著產業向我們所說的 AI 基礎設施 2.0 過渡，AI RAC （其目前定義的方式）在某種意義上是不可擴展的，因為它更具專有性。

The entire AI rack has to be based on an open, scalable, -vendor type of approach. And to that standpoint, what we're doing is not only developing the connectivity products for addressing the various aspects of an AI rack, whether it's scale up or scale out and other connectivity. At the same time, we are partnering with third-party GPU vendors, we talked about the announcement that we did with AMD. We are also engaging with custom ASIC providers, including ALCIP so that end of the day, the hyperscalers who are our common customers get a rack that is well tested interoperable, the software is all consistent and so on to ensure that it delivers the highest level of performance.

整個 AI 機架必須基於開放、可擴展、供應商類型的方法。從這個角度來看，我們所做的不僅僅是開發用於解決 AI 機架各個方面的連接產品，無論是縱向擴展還是橫向擴展以及其他連接。同時，我們正在與第三方 GPU 供應商合作，我們談到了與 AMD 合作發布的公告。我們也與客製化 ASIC 供應商（包括 ALCIP）合作，以便最終，作為我們共同客戶的超大規模企業能夠獲得經過良好互通測試的機架，軟體都是一致的，以確保它提供最高水準的效能。

So that is the scope of the collaboration that we are having with [indiscernible] and other providers and over time, you will see us announce more partnerships as we seek to establish the open rack that we believe is critical for deploying AI at scale.

這就是我們與[音訊不清晰]和其他供應商合作的範圍，隨著時間的推移，你會看到我們宣布更多的合作夥伴關係，因為我們正在尋求建立我們認為對於大規模部署人工智慧至關重要的開放式機架。

Got it. No, that's very helpful. And if I can squeeze just one more, and this might be more for Mike. On the gross margin, it seems like over the last 2 quarters, partially since the Scorpio announcement kind of gross margin keeps going up. But in the September quarter, you are adding it to 5% which at the varies at the midpoint seems to be kind of down a little bit.

知道了。不，這非常有幫助。如果我能再擠出一點，這對麥克來說可能就更多了。就毛利率而言，似乎在過去兩個季度中，部分原因是自 Scorpio 發布以來，毛利率一直在上升。但在 9 月季度，這一數字增加到了 5%，中間值似乎略有下降。

I'm just curious on just any additional color on that? Because it seems like by all indications, Scorpio will continue to go up and the mix trend we are seeing currently seems to be kind of moving in the same direction in September as well. So we were just kind of curious on that guide down in gross margin in the September quarter.

我只是好奇上面還有沒有其他顏色？因為從所有跡象來看，天蠍座似乎將繼續上漲，而且我們目前看到的混合趨勢似乎在 9 月也朝著同一方向發展。因此，我們對 9 月季度毛利率下降的原因感到很好奇。

Yes. We do see growth from Scorpio, but we also see a good solid growth in taurus as well during the quarter. So Taurus as a module, it's hardware. So it carries a little bit lower gross margin to stay on silicon, so you'll see that dynamic play out to a smaller extent in the quarter. And as we move into 2026, we still want to have people thinking of us going towards our longer-term model of 70%.

是的。我們確實看到了天蠍座的成長，但本季我們也看到金牛座也實現了良好的穩健成長。因此，Taurus 作為一個模組，它是硬體。因此，為了繼續留在矽片上，它的毛利率會稍微低一些，所以你會看到這種動態在本季度發揮的作用較小。當我們進入 2026 年時，我們仍然希望人們能夠想到我們正朝著 70% 的長期模式邁進。

Suji Desilva, ROTH Capital.

羅仕資本（ROTH Capital）的蘇吉·德席爾瓦（Suji Desilva）。

Hi, Jitendra, Sanjay, Mike, congrats on the strong quarter here. Maybe you could give us a framework on the retimer content for a link that for scale out versus scale up. Maybe it's similar but maybe there's some differences would be curious to understand what the unit opportunities might be and how they might be different.

嗨，Jitendra、Sanjay、Mike，恭喜你們本季表現強勁。也許您可以為我們提供一個關於重定時器內容的框架，用於擴展和擴大的連結。也許是相似的，但也許有一些不同，很想知道單位機會可能是什麼，以及它們可能有何不同。

Yes. So when you look at the retimers, the contrast with the switches is the following, which is the switches get designed in right at the inception at the architecture stage. Customers will think about how they are going to connect either their GPU to other GPUs in a scale-up or the GPU to NICs storage as part of that scale-out system. So once the switch is designed in and as the rack starts to get put together, then we look at the question of reach. And sometimes you find that you need retimers in a link, Other times, actually, you don't need retimers in the link.

是的。因此，當您查看重定時器時，它與開關的對比如下，即開關在架構階段的開始就被設計出來。客戶會考慮如何將他們的 GPU 連接到擴充系統中的其他 GPU，或將 GPU 連接到 NIC 儲存。因此，一旦交換器設計完成並且機架開始組裝，我們就會考慮覆蓋範圍的問題。有時您會發現連結中需要重定時器，但有時實際上您不需要連結中的重定時器。

Sometimes the retimers go on the board as they kind of a chip down format. At other times, they are better suited to be put in cables in an AEC format. The good news with us with Astera is that we provide this full portfolio of devices for our customers to choose from switches to gearboxes to chip down retimers to retimers in active electrical cables.

有時重定時器會以晶片向下格式出現在電路板上。在其他時候，它們更適合以 AEC 格式放入電纜中。我們與 Astera 合作的好消息是，我們為客戶提供全套設備，從開關到變速箱，從晶片重定時器到主動電纜中的重定時器，供客戶選擇。

So they can look at one company, one Astera to figure out their entire all the solutions at the rack level.

因此，他們可以專注於一家公司、一家 Astera 公司，以找出機架層級的全部解決方案。

Okay. And just to either 1 to be higher than the other necessarily, just to be clear.

好的。只是為了清楚起見，任一個都必須高於另一個。

Can u repeat that?

你能重複一遍嗎？

Neither won't be higher than the other scales to scale out necessarily.

兩者不一定會比其他尺度更高。

Yes, it really depends upon the system architecture. In scale up, there are many, many more links than there are in scale out. However, it is prohibitive from a power standpoint to put retimers and all the links. So typically, you will see the links that are shorter where you're able to go from the switch to the GPU over a shorter distance will not use retimers, but the links that are longer will potentially use retimers.

是的，這確實取決於系統架構。在擴大規模時，連結數量比擴大規模時多得多。然而，從功率角度來看，放置重定時器和所有連結是不被允許的。因此通常情況下，您會看到較短的連結（您可以從交換器到 GPU 的距離較短）不會使用重定時器，但較長的連結可能會使用重定時器。

Sometimes we have scale up domains that exceed one rack. So you might have two racks side by side that are part of a scale of domain and in which case, you end up with cable solution and you need retimers in the scale up in those scenarios.

有時，我們的擴充域會超過一個機架。因此，您可能有兩個並排的機架，它們屬於某個域的規模，在這種情況下，您最終會採用電纜解決方案，並且在這些場景中您需要在擴大規模時使用重定時器。

Helpful. And then my follow-up on Scorpio X, you talked about 10 customer engagements. I'm wondering if that implies multiple programs per customer, if they're going to think about using you standard in their platforms? Any color on how those are kind of shaping up would be helpful in programs versus customers.

很有幫助。然後我對 Scorpio X 進行了跟進，您談到了 10 次客戶互動。我想知道這是否意味著每個客戶都有多個程序，他們是否會考慮在他們的平台上使用您的標準？任何關於這些如何形成的細節都會對專案與客戶有幫助。

Yes. So 10 plus we noted are unique customers now within each customer, there are multiple opportunities that we're tracking. Some of them are design wins, and some of them are ramping to production. Some of them are design ins going through qualification. Some of those are early engagement.

是的。因此，我們注意到現在每個客戶中都有 10 多個獨特的客戶，我們正在追蹤多個機會。其中一些是設計勝利，還有一些正在加速生產。其中一些是正在通過資格審查的設計。其中一些是早期參與。

So in general, we are very pleased with the amount of traction that we're seeing for our Scorpio family.

總的來說，我們對天蠍座家族所取得的進展感到非常高興。

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

目前沒有其他問題。我將把電話轉回給萊斯利·格林 (Leslie Green) 做最後發言。

Thank you, everyone, for your participation today and questions, and please refer to our Investor Relations website for information regarding upcoming financial conferences and events. Thanks so much.

感謝大家今天的參與和提問，有關即將舉行的金融會議和活動的信息，請參閱我們的投資者關係網站。非常感謝。

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。