Astera Labs Inc (ALAB) 2025 Q3 法說會逐字稿

Good afternoon. My name is Eric, and I will be your conference operator today. At this time, I would like to welcome everyone to the Astera Labs Q3 '25 earnings conference call. (Operator Instructions)

午安.我叫艾瑞克，今天我將擔任你們的會議接線生。在此，我謹代表 Astera Labs 公司，歡迎各位參加 2025 年第三季財報電話會議。（操作說明）

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

現在我將把電話交給 Astera Labs 的投資者關係負責人 Leslie Green。萊斯利，你可以開始了。

Good afternoon, everyone, and thank you, Eric. Welcome to Astera Labs third 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.

大家下午好，謝謝你，艾瑞克。歡迎參加 Astera Labs 2025 年第三季財報電話會議。今天參加電話會議的有：執行長兼聯合創辦人 Jitendra Mohan；總裁兼營運長兼聯合創辦人 Sanjay Gajendra；以及財務長 Mike Tate。

Before we get started, I would like to remind everyone that certain comments made in this call today may include forward-looking statements regarding, among other things, expected future financial results strategies and plans, future operations and the markets in which we operate.

在正式開始之前，我想提醒大家，今天電話會議中某些評論可能包含有關預期未來財務業績、策略和計劃、未來營運以及我們所處市場的前瞻性陳述。

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 filed and filings we filed 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. 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.

這些前瞻性聲明反映了管理層目前對未來事件的信念、預期和假設，這些信念、預期和假設本身就存在風險和不確定性，這些風險和不確定性已在今天的收益發布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進行了詳細討論，包括我們在最新的 10-K 表格年度報告和即將提交的 10-Q 表格文件中列出的風險。表格文件中列出的風險。公司管理階層無法預測所有可能對這些前瞻性陳述產生影響的風險和不確定性，也無法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所包含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 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 conference 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所反映的結果、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。我們所有聲明均基於管理層截至今日可獲得的信息，除法律要求外，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 U.S. GAAP. The 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，我們將提及一些非GAAP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，而不是替代。GAAP。關於我們為何使用非公認會計準則財務指標以及公認會計準則和非公認會計準則財務指標之間的調節的討論，請參閱我們今天發布的盈利報告，該報告可透過我們網站的投資者關係部分訪問。

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

接下來，我將把電話交給 Astera Labs 的執行長 Jitendra Mohan。吉滕德拉？

Thank you, Leslie. Good afternoon, everyone, and thanks for joining our third quarter conference call for fiscal year 2025.

謝謝你，萊斯利。各位下午好，感謝各位參加我們2025財年第三季電話會議。

Today, I'll provide an overview of our Q3 results, followed by a discussion around the current trends within AI Infrastructure 2.0. 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 Q3 2025 financial results and provide details regarding our financial guidance for Q4.

今天，我將概述我們第三季的業績，然後討論人工智慧基礎設施 2.0 的當前趨勢。之後，我將把電話會議交給 Sanjay，讓他詳細介紹 Astera Labs 的近期和長期成長前景。最後，Mike 將概述我們 2025 年第三季的財務業績，並提供有關我們第四季度財務指導的詳細資訊。

Astera Labs delivered strong results in Q3 with our revenue and profitability metrics coming in above our outlook. Quarterly revenue of $230.6 million was up 20% from the prior quarter and up 104% versus Q3 of last year. Growth within the quarter was broad-based across our signal conditioning, smart cable module, and switch fabric products. Scorpio P-Series continued its initial volume ramp at our lead customer, and we are excited that our P-Series revenue will further broaden with recent new design wins across a variety of AI platforms at multiple hyperscaler customers.

Astera Labs 第三季業績表現強勁，營收和獲利能力指標均超乎預期。季度營收為 2.306 億美元，比上一季成長 20%，比去年第三季成長 104%。本季度，我們的訊號調理、智慧電纜模組和交換結構產品均實現了全面成長。Scorpio P 系列產品在我們主要客戶處繼續實現初步的銷售成長，我們很高興 P 系列產品的收入將隨著近期在多個超大規模客戶的各種 AI 平台上贏得的新設計訂單而進一步擴大。

Scorpio X-Series is shipping in preproduction quantities with a volume ramp expected throughout 2026. Our Aries portfolio continues to perform well with PCIe 6 solutions contributing robust growth during the quarter. Our Aries 6 products are the industry's first and only PCIe 6 retimer solutions ramping in high volume today.

Scorpio X 系列目前正以預生產數量出貨，預計將在 2026 年逐步提高產量。我們的 Aries 產品組合繼續表現良好，其中 PCIe 6 解決方案在本季度實現了強勁增長。我們的 Aries 6 產品是業界首款也是唯一一款目前正大規模量產的 PCIe 6 重定時器解決方案。

Taurus drove strong growth during the quarter as incremental opportunities began shipping in volume across both AI and general purpose systems, and we expect further growth in 2026 as we expand to 800-gig switching platforms. For Leo CXL memory expansion products, customers are exploring AI inference use cases, especially to offload memory from expensive on-package HPM to large pools of DDR5 memory. This will broaden Leo opportunities beyond the current general purpose compute applications that we continue to support.

Taurus 在本季度實現了強勁成長，因為人工智慧和通用系統領域的增量機會開始批量交付，我們預計隨著我們擴展到 800G 交換平台，2026 年將進一步成長。對於 Leo CXL 記憶體擴充產品，客戶正在探索 AI 推理用例，特別是將記憶體從昂貴的封裝內 HPM 卸載到大型 DDR5 記憶體池。這將使 Leo 的應用範圍超越我們目前持續支援的通用運算應用領域。

On the organizational front, we have grown aggressively and plan to exit 2025 with a global team of more than 700 employees, up 60% compared with the beginning of the year. Lastly, we are happy to report that our non-GAAP operating margin of 41.7% marked a new record level for the company. In addition to our strong financial performance and new design wins, we continue to lay the foundation for future growth with the advancement of our technology roadmap and scaling of our team and capabilities.

在組織方面，我們實現了快速成長，並規劃到 2025 年底，我們的全球團隊將擁有 700 多名員工，比年初成長 60%。最後，我們很高興地宣布，我們的非GAAP營業利潤率達到41.7%，創下公司歷史新高。除了強勁的財務業績和新設計訂單之外，我們還透過推進技術路線圖和擴大團隊及能力，不斷為未來的成長奠定基礎。

In October, we announced that Astera Labs had entered into a definitive agreement to acquire Xscale Photonics, a provider of leading-edge fiber chip coupling technologies. This acquisition will help enable us to develop photonic scale-up solutions by combining Xscale's fiber chip coupling capabilities with Astera Labs connectivity and signal conditioning expertise.

10 月，我們宣布 Astera Labs 已達成最終協議，收購 Xscale Photonics，後者是一家領先的光纖晶片耦合技術提供商。此次收購將有助於我們開發光子規模化解決方案，將 Xscale 的光纖晶片耦合能力與 Astera Labs 的連接和訊號調理專業知識相結合。

We envision future Scorpio scale-up switches to be enabled with photonic solutions to optically expand rack scale cluster sizes containing hundreds of connected AI accelerators. This acquisition represents an important step within our long-term optical journey to intercept a large additive market opportunity associated with scale-up photonics.

我們設想未來的 Scorpio 擴展交換器將採用光子解決方案，以光學方式擴展機架級集群規模，從而容納數百個連接的 AI 加速器。此次收購是我們長期光學發展歷程中的重要一步，旨在抓住與光子學規模化相關的龐大積層製造市場機會。

The industry continues to see strong momentum with major announcements pointing to ongoing rapid growth in large-scale AI infrastructure deployments. Increasing AI use cases are driving higher monetization and surging demand for compute as evidenced by token generation doubling every two months and significant year-over-year increases in LLM user activity.

該產業持續保持強勁發展勢頭，多項重大公告表明，大規模人工智慧基礎設施部署將繼續快速成長。人工智慧應用案例的增加推動了更高的貨幣化和運算需求的激增，代幣生成量每兩個月翻一番，LLM 用戶活躍度也逐年顯著增長，這都證明了這一點。

To meet this demand, the industry is rapidly adopting rack-scale infrastructure, which analysts forecasting CapEx at the top 4 US hyperscalers to surpass $500 billion in 2026. This shift to AI Infrastructure 2.0 will require ultra-low latency all-to-all connectivity for large workloads, and Astera Labs is advancing its intelligent connectivity platform to deliver high-performance, energy-efficient fabric switching solutions that maximize AI platform efficiency and productivity.

為了滿足這項需求，業界正迅速採用機架級基礎設施，分析師預測，到 2026 年，美國前 4 大超大規模資料中心營運商的資本支出將超過 5,000 億美元。向 AI 基礎設施 2.0 的轉變將需要超低延遲的全連接來處理大型工作負載，Astera Labs 正在推進其智慧連接平台，以提供高效能、節能的交換架構解決方案，從而最大限度地提高 AI 平台的效率和生產力。

To achieve the goal of providing our customers with a wide choice of innovative, flexible and efficient connectivity solutions, we are building our portfolio based on open standards. Our full portfolio of standard-based solutions was in display at the 2025 Open Compute Project Global Summit with the support of 15 industry partners, all highlighting the importance of an open ecosystem for AI rack-scale infrastructure. We believe the proliferation of open standards-based AI rack-scale platforms will allow the industry to leverage broad innovation and enable interoperability while providing a diverse multi-vendor supply chain.

為了實現為客戶提供廣泛、創新、靈活、高效的連接解決方案的目標，我們正在基於開放標準建立我們的產品組合。在 2025 年開放運算專案全球高峰會上，我們展示了基於標準的全套解決方案，並得到了 15 家產業合作夥伴的支持，所有這些都強調了開放生態系統對於人工智慧機架級基礎設施的重要性。我們相信，基於開放標準的 AI 機架級平台的普及將使該行業能夠利用廣泛的創新並實現互通性，同時提供多樣化的多供應商供應鏈。

We are particularly enthusiastic about the continued 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. UALink was built from the ground up with broad contributions from market-leading AI infrastructure participants to specifically solve the mounting challenges of scale-up networking.

我們對 UALink 擴展連接標準的持續發展勢頭感到格外興奮，該標準結合了 PCIe 的低延遲和以太網的高速數據速率，從而實現了一流的端到端延遲和頻寬，體現了開放生態系統方法的典範。UALink 從零開始構建，匯集了市場領先的 AI 基礎設施參與者的廣泛貢獻，旨在專門解決規模化網路日益增長的挑戰。

We believe UALink delivers the bandwidth efficiency and the ultra-low latency needed to unlock full accelerator performance and enable effective scaling as AI clusters expand. Customer activity around UALink continues to be strong. We are engaged with several leading hyperscalers and AI platform providers in the RFP and RFQ stages to align on the designs and applications that fit best with their technology and business requirements. We continue to expect a portfolio of UALink solutions to be available to customers in the second half of 2026 with early revenues generated in 2027.

我們相信 UALink 能夠提供所需的頻寬效率和超低延遲，從而釋放加速器的全部效能，並隨著 AI 叢集的擴展實現有效擴展。UALink 的客戶活躍度持續強勁。我們正在與幾家領先的超大規模資料中心和人工智慧平台供應商進行 RFP 和 RFQ 階段的洽談，以確定最符合其技術和業務需求的方案和應用。我們仍預期 UALink 的一系列解決方案將於 2026 年下半年向客戶提供，並在 2027 年開始產生初步收入。

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，我將把電話交給我們的總裁兼營運長桑傑·加金德拉，讓他概述我們未來幾年的發展願景。

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 that will fuel Astera Labs growth over the next several years. Astera Labs has a singular goal to deliver a purpose-built intelligent connectivity platform, including silicon, hardware and software solutions to customers for rack-scale AI deployments.

謝謝吉滕德拉，大家午安。今天，我想向大家報告我們最近的執行情況，然後概述一下未來幾年將推動 Astera Labs 成長的重要市場機會。Astera Labs 的目標只有一個，那就是為客戶提供專用的智慧連接平台，包括晶片、硬體和軟體解決方案，以支援機架級 AI 部署。

The forthcoming evolution to AI Infrastructure 2.0 will not only be defined by faster silicon and larger AI clusters, but also by open connectivity standards and software that promote innovation at scale. In short, standardized high-speed interconnect technologies will be essential to deliver AI open racks that are highly performant while operating as one cohesive unit.

即將到來的 AI 基礎設施 2.0 的演進不僅將以更快的晶片和更大的 AI 集群為特徵，還將以開放的連接標準和促進大規模創新的軟體為特徵。簡而言之，標準化的高速互連技術對於交付高效能且整體運作的 AI 開放式機架至關重要。

During Q3 of 2025, Astera Labs continued its high-growth trajectory and further diversified our overall business to deliver another record quarter. We are excited to report several new design wins at multiple hyperscalers during the quarter for Scorpio P-Series fabric switches across a variety of AI platforms supported by both merchant GPUs, including NVIDIA's GB300 and B300 as well as designs based on custom AI accelerators.

2025 年第三季度，Astera Labs 繼續保持高速成長勢頭，並進一步實現了業務多元化，從而又創下了季度業績紀錄。我們很高興地宣布，本季我們在多家超大規模資料中心營運商處獲得了多個新的設計訂單，這些訂單涵蓋了各種 AI 平台，包括支援商用 GPU 的 NVIDIA GB300 和 B300，以及基於客製化 AI 加速器的設計。

Additionally, our Aries PCIe 6 smart retimer business and customer opportunities are now expanding as AI racks built around custom AI accelerators and new merchant accelerators begin to adopt PCIe 6. This dynamic is poised to further accelerate the broader adoption of PCIe 6 across the ecosystem and further drive our dollar content opportunity. Overall, our PCIe 6 solutions contributed in excess of 20% of our Q3 revenues, illustrating our market-leading position. We see a similar dynamic taking shape within the Ethernet market with the transition to 800-gig links putting additional strain on signal integrity.

此外，隨著圍繞定制 AI 加速器和新型商用加速器構建的 AI 機架開始採用 PCIe 6，我們的 Aries PCIe 6 智慧重定時器業務和客戶機會正在擴大。這種動態有望進一步加速 PCIe 6 在整個生態系統中的廣泛應用，並進一步推動我們的美元內容機會。總體而言，我們的 PCIe 6 解決方案貢獻了我們第三季營收的 20% 以上，這反映了我們在市場上的領先地位。我們看到乙太網路市場也出現了類似的動態，向 800G 連結的過渡給訊號完整性帶來了額外的壓力。

Given faster speeds and larger AI cluster sizes, system architects are turning to Ethernet AEC applications to solve the reach challenges of passive cabling. This transition is expected to drive market growth with increasing overall volumes and a generation over generation ASP lift. While we expect strong continued demand for our 400-gig solutions throughout 2026, we also believe our customer base will diversify with 800-gig solutions, driving a new layer of growth for our Ethernet smart cable modules. We believe our approach to enable multiple cable partners with our smart cable modules, supports the scale and flexibility that is preferred by hyperscalers.

鑑於速度更快、AI 叢集規模更大，系統架構師正在轉向乙太網路 AEC 應用，以解決被動佈線的傳輸距離挑戰。預計這一轉變將推動市場成長，整體銷售將增加，平均售價也將逐代提升。雖然我們預計 2026 年對我們的 400G 解決方案的需求將持續強勁，但我們也相信我們的客戶群將隨著 800G 解決方案的普及而多元化，這將推動我們的乙太網路智慧電纜模組實現新的成長。我們相信，我們透過智慧電纜模組賦能多個電纜合作夥伴的方法，能夠滿足超大規模企業所追求的規模和靈活性。

Looking ahead, we are gearing up for Scorpio X-Series to shift to high-volume production over the course of 2026. With this ramp of Scorpio X-Series for scale-up connectivity topologies next year, we expect our overall dollar content opportunity per AI accelerator to significantly increase, representing another step-up from a baseline revenue standpoint.

展望未來，我們正在為 Scorpio X 系列在 2026 年實現大規模量產做好準備。隨著 Scorpio X 系列明年在擴展連接拓撲方面的投入使用，我們預計每個 AI 加速器的整體美元內容機會將大幅增加，從基本收入的角度來看，這將代表著另一個進步。

Overall, given the extreme importance of scale-up connectivity to AI infrastructure performance and productivity, we see Scorpio X-Series solutions as the anchor socket within next-generation AI racks. Our early engagements are providing us valuable insights in terms of both hardware and software requirements to deploy scale-up switching networks for a diverse set of GPUs and AI accelerators.

總而言之，鑑於擴展連接對 AI 基礎設施效能和生產力的極端重要性，我們認為 Scorpio X 系列解決方案是下一代 AI 機架中的核心插槽。我們早期的參與為我們提供了寶貴的見解，包括部署可擴展交換網路所需的硬體和軟體要求，以支援各種 GPU 和 AI 加速器。

Beyond the connectivity protocol like PCIe, UALink or Ethernet, there are additional functions, both in the data part and management of scale-up networks that can make or break the performance and deployment of scale-up networks. We are learning this every day, building a competitive moat and ensuring our solutions are ready for real-world deployments at scale.

除了 PCIe、UALink 或乙太網路等連接協定之外，資料部分和縱向擴展網路的管理中還有一些附加功能，這些功能可能會決定縱向擴展網路的效能和部署成敗。我們每天都在學習這些知識，建立競爭優勢，並確保我們的解決方案能夠大規模地應用於現實世界。

From an implementation perspective, the architecture of our Scorpio X family was built to support multiple platform-specific scale-up protocols and customizations. We are actively expanding our PCIe-based scale-up fabric solutions.

從實現角度來看，我們的 Scorpio X 系列架構旨在支援多種平台特定的擴展協議和客製化。我們正在積極擴展基於 PCIe 的可擴展架構解決方案。

And in parallel, we are working on future UALink products for applications that need higher bandwidth. For PCIe, we are engaged with over 10 AI platform providers with opportunities that are expected to drive revenue growth across multiple generations of AI platforms over the next several years. We view UALink opportunities to be meaningfully additive to our PCIe scale-up revenues.

同時，我們正在研發面向需要更高頻寬的應用的未來 UALink 產品。對於 PCIe，我們正在與 10 多家 AI 平台供應商合作，這些合作預計將在未來幾年內推動多代 AI 平台的營收成長。我們認為 UALink 的機會將對我們的 PCIe 擴展收入產生顯著的正面影響。

Our flexible fabric architecture, hands-on experience with scale-up networks, support for diverse workloads that run on training and inference clusters of various scale and complexity and open approach puts us in an excellent position to win next-generation designs.

我們靈活的架構、豐富的網路擴展經驗、對運行在各種規模和複雜度的訓練和推理叢集上的多樣化工作負載的支援以及開放的方法，使我們在贏得下一代設計方面處於非常有利的地位。

As we look to 2026 and beyond, our playbook remains the same: one, stay closely aligned with the multigenerational technology roadmaps of our customers and partners; two, innovate exponentially in everything we do; and three, separate the noise from reality and continue to be laser-focused on execution needed for a thriving, durable business.

展望 2026 年及以後，我們的策略仍然不變：第一，與客戶和合作夥伴的多代技術路線圖保持緊密聯繫；第二，在我們所做的每一件事中實現指數級創新；第三，區分噪音與現實，繼續專注於實現業務繁榮和可持續發展所需的執行。

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

總之，我們深受眼前機會的鼓舞，將繼續透過加強技術能力和投資未來，竭誠為客戶提供支援。

With that, I will turn the call over to our CFO, Mike Tate, who will discuss our Q3 financial results and our Q4 outlook.

接下來，我將把電話交給我們的財務長麥克·泰特，他將討論我們第三季的財務表現和第四季的展望。

Thanks, Sanjay, and thanks to everyone for joining the call. This overview of our Q3 financial results and Q4 guidance will be on a non-GAAP basis. The primary difference in Astera Labs non-GAAP metrics is stock-based compensation and its related income tax effects. Please refer to today's press release available on the Investor Relations section of our website for more details on both our GAAP and non-GAAP Q4 financial outlook as well as a reconciliation of our GAAP to non-GAAP financial measures presented on this call.

謝謝桑傑，也謝謝所有參加電話會議的各位。我們將以非公認會計準則 (non-GAAP) 為基礎，對第三季財務業績和第四季業績展望進行概述。Astera Labs 非 GAAP 指標的主要差異在於股票選擇權誘因及其相關的所得稅影響。有關我們 GAAP 和非 GAAP 第四季度財務展望的更多詳情，以及我們在本次電話會議上提出的 GAAP 與非 GAAP 財務指標的調整表，請參閱我們網站投資者關係部分今天發布的新聞稿。

For Q3 of 2025, Astera Labs delivered quarterly revenue of $230.6 million, which was up 20% versus the previous quarter and 104% higher than the revenue in Q3 of 2024. During the quarter, we enjoyed revenue growth from our Scorpio, Aries and Taurus product lines supporting both scale-up and scale-out PCIe and Ethernet connectivity for AI rack-level configurations. Scorpio P-Series demand for PCIe Gen 6 scale-out applications was robust during the quarter. Aries demonstrated solid growth during the quarter for both Gen 5 and Gen 6 solutions.

2025 年第三季度，Astera Labs 的季度營收為 2.306 億美元，比上一季成長 20%，比 2024 年第三季的營收成長 104%。本季度，我們的 Scorpio、Aries 和 Taurus 產品線實現了營收成長，這些產品線支援 AI 機架級配置的縱向擴展和橫向擴展 PCIe 和乙太網路連接。本季度，Scorpio P 系列對 PCIe Gen 6 橫向擴展應用的需求強勁。本季度，Aries 的第五代和第六代解決方案均實現了穩健成長。

With the transition to PCIe Gen 6, we gained increased dollar opportunities with both our Scorpio and Aries Gen 6 products as demonstrated with our Gen 6 revenues exceeding 20% of our Q3 revenues. Taurus growth during the quarter was driven by increasing shipments for 400-gig scale-out connectivity and AI systems. Q3 non-GAAP gross margin was 76.4% and was up 40 basis points from the June quarter levels with product mix remaining largely constant across higher volumes. Non-GAAP operating expenses for Q3 of $80 million were up $9.4 million from the previous quarters due to higher payroll taxes and the continued expansion of our R&D organization. Within Q3 non-GAAP operating expenses, R&D expenses were $57.2 million. Sales and marketing expenses were $10 million, and general and administrative expenses were $12.8 million.

隨著 PCIe Gen 6 的推出，我們的 Scorpio 和 Aries Gen 6 產品獲得了更多獲利機會，Gen 6 產品的收入佔第三季總收入的 20% 以上，證明了這一點。本季金牛座的成長主要得益於 400G 橫向擴展連接和人工智慧系統的出貨量增加。第三季非GAAP毛利率為76.4%，比6月季度水準提高了40個基點，產品組合基本上保持不變，銷量有所提高。第三季非GAAP營運費用為8,000萬美元，比前幾季增加了940萬美元，原因是薪資稅增加以及研發機構的持續擴張。第三季非GAAP營運費用中，研發費用為5,720萬美元。銷售及行銷費用為 1,000 萬美元，一般及行政費用為 1,280 萬美元。

Non-GAAP operating margins for Q3 reached a new record level of 41.7%, up 250 basis points from the previous quarter. Interest income in Q3 was $11.5 million. Our non-GAAP tax rate for Q3 was 18%. Non-GAAP fully diluted share count for Q3 was 180.6 million shares, and our non-GAAP diluted earnings per share for the quarter was $0.49. Cash flow from operating activities for Q3 was $78.2 million, and we ended the quarter with cash, cash equivalents and marketable securities of $1.13 billion.

第三季非GAAP營業利潤率達到創紀錄的41.7%，較上一季成長250個基點。第三季利息收入為1150萬美元。第三季的非GAAP稅率為18%。第三季非GAAP完全稀釋後股數為1.806億股，非GAAP稀釋後每股盈餘為0.49美元。第三季經營活動產生的現金流量為7,820萬美元，季末我們持有的現金、現金等價物及有價證券為11.3億美元。

Now turning to our guidance for Q4 of fiscal 2025. We expect Q4 revenues to increase within a range of $245 million and $253 million, up roughly 6% to 10% from third quarter levels. For Q4, we expect growth across our Aries, Taurus and Scorpio product families with particular strength from our Taurus smart cable modules. We expect Aries growth to be driven by a number of end customer platforms where we support scale-up and scale-out connectivity.

現在來看看我們對 2025 財年第四季的業績預期。我們預計第四季度營收將在 2.45 億美元至 2.53 億美元之間成長，比第三季水準成長約 6% 至 10%。預計第四季度 Aries、Taurus 和 Scorpio 產品系列將實現成長，其中 Taurus 智慧電纜模組將表現尤為強勁。我們預計 Aries 的成長將由多個終端客戶平台推動，我們在這些平台上支援縱向擴展和橫向擴展的連接。

Strong Taurus growth is expected to be driven by increased volumes on 400-gig designs for AI scale-out connectivity. Scorpio growth will be primarily driven by the continued deployment of our P-Series solutions for scale-out applications on third-party GPU platforms, while we expect Scorpio X-Series to ship initial volumes.

Taurus 的強勁成長預計將受到 400G AI 橫向擴展連接設計銷售增加的推動。Scorpio 的成長將主要得益於我們在第三方 GPU 平台上持續部署用於橫向擴展應用的 P 系列解決方案，同時我們預計 Scorpio X 系列將開始出貨。

We expect Q4 non-GAAP gross margins to be approximately 75% with the increased mix of our Taurus hardware modules in the quarter. We expect fourth quarter non-GAAP operating expenses to be in the range of approximately $85 million to $90 million. Anticipated operating expense growth in Q4 is driven by the expectation of continued investment in research and development functions and also the incremental operating expenses from the Xscale acquisition anticipated to close during the quarter. Interest income is expected to be approximately $11 million. Our non-GAAP tax rate should be approximately 15%. Our non-GAAP fully diluted share count is expected to be approximately 183 million shares. Adding this all up, we are expecting non-GAAP fully diluted earnings per share to be approximately $0.51.

我們預計第四季非GAAP毛利率將達到75%左右，這得益於本季Taurus硬體模組所佔的提高。我們預計第四季非GAAP營運費用將在8,500萬美元至9,000萬美元之間。預計第四季度營運費用成長將主要受研發投入持續增加以及預計本季完成的 Xscale 收購帶來的額外營運費用的影響。預計利息收入約1100萬美元。我們的非GAAP稅率應該在15%左右。我們以非GAAP完全稀釋後的股份數量預計約為1.83億股。綜合以上因素，我們預期非GAAP完全稀釋後每股盈餘約為0.51美元。

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

我們的發言稿到此結束。再次感謝各位參與通話。現在我們將開放提問環節。操作員？

(Operator Instructions) Harlan Sur, JPMorgan.

（操作說明）哈蘭‧蘇爾，摩根大通。

Again, great execution by the team. Post the announcement of UALink 1.0 specification in April, this is the industry's first standard scale-up networking architecture. There have been a plethora of new scale-up announcements, mostly Ethernet-based scale-up architectures. I think the market has been concerned about these competitive architectures, but we know that GPU and XPU chip design cycle times are anywhere from 18 to 24 months and the scale-up architecture associated with these designs have been spec out like way in advance. So in other words, I assume that your design win pipeline and engagements, XPUs or GPUs that either have decided to use Scorpio X or UALink has not changed at all since the last earnings, maybe even expanded, but wanted to get the team's view.

團隊再次展現了出色的執行力。UALink 1.0 規範於 4 月發布，這是業界首個標準縱向擴展網路架構。已經發布了大量新的擴展規模解決方案，其中大部分是基於乙太網路的擴展規模架構。我認為市場一直在關注這些競爭架構，但我們知道 GPU 和 XPU 晶片的設計週期在 18 到 24 個月之間，而與這些設計相關的擴展架構的規格早已製定完畢。換句話說，我假設你們的設計得標管道和合作項目，以及決定使用 Scorpio X 或 UALink 的 XPU 或 GPU，自上次財報發布以來沒有任何變化，甚至可能有所擴大，但我想聽聽團隊的看法。

Yeah, absolutely, Harlan. We continue to see our market opportunity grow for our scale-up products, particularly Scorpio X product like you noted. Scale up, as you can imagine, it's a very large market. We estimate it to be in tens of billions of dollars. And like you correctly noted, some of these design wins take last over multiple generations simply because of the investment that goes into developing the software and the hardware required for scale-up topologies.

是的，沒錯，哈蘭。正如您所指出的，我們看到我們的規模化產品，特別是 Scorpio X 產品，市場機會持續成長。規模擴大後，正如你所想，這是一個非常大的市場。我們估計金額高達數百億美元。正如您所指出的，有些設計方案的成功應用可以持續好幾代，這僅僅是因為在開發可擴展拓撲所需的軟體和硬體方面投入了大量資金。

For us, if you think about our business, today, we are getting ready to ramp into production with our PCIe-based scale-up solutions. It's been extremely popular. There are several customers that are using PCIe like protocols for scale-up. A new entrant was Qualcomm that publicly announced their new AI 200 inference racks that feature PCIe-based scale-up.

對我們來說，就我們的業務而言，今天，我們正準備將基於 PCIe 的擴展解決方案投入生產。它非常受歡迎。有好幾家客戶都在使用類似 PCIe 的協定進行擴充。新晉廠商高通公開宣布推出其新型 AI 200 推理機架，該機架具有基於 PCIe 的擴展功能。

For Astera, we have engaged with over 10 AI platform providers, and we expect that these design wins and engagements that we have will continue to ramp. In fact, we expect this to go 2029 just based on some of the multi-generation nature of these design wins. For us, UALink is also a very meaningfully additive opportunity as customers start adopting it just based on the higher data rate support. The spec has been around, like you noted, for over a year now in terms of the consortium being formed. The spec is stable. The ecosystem is forming. Silicon development is in full gear. And many of these customers, we have currently engaged with RFPs and RFQs.

對於 Astera，我們已經與 10 多家 AI 平台供應商進行了合作，我們預計這些設計專案和合作將會繼續增加。事實上，我們預期這種情況會持續到 2029 年，這僅僅是基於這些設計方案的多代特性。對我們來說，UALink 也是一個意義重大的增值機會，因為客戶會因為其更高的資料速率支援而開始採用它。正如您所指出的，就組建該聯盟而言，這項規範已經存在一年多了。規格穩定。生態系統正在形成。矽谷研發正在全面展開。目前，我們已經與其中許多客戶開展了 RFP 和 RFQ 洽談。

So the momentum is really built up very nicely and continues to grow. So we do expect meaningful revenue from UALink to start coming in, in 2027. There are, of course, other standards being defined, and that is to be expected. This is a market that will have multiple standards that will coexist. But for us, the bottom line is that we are in a good position to address all of the emerging scale-up market opportunities with the engagements we have, the learnings that we have had by being in the trenches over the last, let's say, 9 to 12 months, developing scale-up solutions, understanding what is needed and what is not needed, and with production ramps happening in 2026.

所以勢頭已經累積得很好，而且還在持續成長。因此，我們預計 UALink 將於 2027 年開始帶來可觀的收入。當然，還有其他標準正在製定中，這是意料之中的。這是一個多種標準並存的市場。但對我們來說，最重要的是，憑藉我們現有的合作關係，以及過去 9 到 12 個月在一線累積的經驗，我們能夠很好地應對所有新興的規模化市場機會。我們開發了規模化解決方案，了解了哪些是必需的，哪些是不需要的，並且計劃在 2026 年實現量產。

So overall, we feel very confident that this is going to present multiple opportunities for us, resulting in a multi business -- multibillion-dollar business on the scale-up side based on all the opportunities that we see in the market.

因此，總的來說，我們非常有信心這將為我們帶來多個機會，基於我們在市場上看到的所有機會，最終將發展成為一個多元化、數十億美元的業務規模。

No, I appreciate that. And the team has talked about the Scorpio X as an anchor product, right? In other words, customers design your switch fabric solution. This creates the opportunity for additional content pull in, right, whether that's your signal conditioning products, your AEC, optical cable modules. Is this strategy playing out? In other words, if you look at, let's say, all of your Scorpio X engagements, what percentage of these engagements are also using your retimers, your AEC or optical cable module solutions? And do you have a sense of the average content uplift per XPU on these incremental attach?

不，我很感激。團隊之前也討論過將 Scorpio X 作為一款主力產品，對吧？換句話說，客戶負責設計您的交換結構解決方案。這為引入更多內容創造了機會，對吧，無論是您的訊號調節產品、AEC、光纜模組。這項策略奏效了嗎？換句話說，假設你查看所有 Scorpio X 項目，那麼其中有多少百分比的項目也使用了你的重定時器、AEC 或光纜模組解決方案？您能否大致了解這些增量附加操作中，每個 XPU 的平均內容提升量？

Yeah. So like you correctly noted, if you are a system designer at a hyperscaler, on day one, when you decide on building a new platform, you generally think of two things. One is the accelerator and other one is the scale-up switch and the topology for it. So fortunately, we get invited to the conversation very early. And some of these conversations are multigenerational.

是的。正如你正確指出的那樣，如果你是一家超大規模資料中心的系統設計師，那麼在第一天，當你決定建立一個新平台時，你通常會想到兩件事。一個是加速器，另一個是擴展交換器及其拓樸。幸好，我們很早就被邀請參與這場對話。有些對話甚至跨越了好幾代。

So it gives us a good outlook for not just on requirements that we have in the near term, but also on the long term. We announced the acquisition that we are working towards for Xscale. And that was driven based on similar insights that we've been able to gather in terms of what is needed for us.

因此，它不僅讓我們對近期需求有了良好的展望，也讓我們對長期需求有了良好的展望。我們宣布了我們正在努力完成的對 Xscale 的收購。這是基於我們對自身需求的類似見解而做出的決定。

In terms of content itself, once that we are in the sockets for our scale-up solution, it naturally opens up conversations around other products that we have, whether it's retimers, gearbox devices, controllers and things like that, which we have been able to maximize in terms of how we can service. In terms of dollar content, what I would say is that overall, if you look at some of these future design wins that will ramp up, they scale up to multiple thousands of dollars if you look at it from an accelerator and a rack level.

就內容本身而言，一旦我們為我們的擴展解決方案找到了合適的接口，自然就會引發關於我們其他產品的討論，無論是定時器、變速箱設備、控制器等等，我們都能夠最大限度地利用我們的服務。就美元價值而言，我想說的是，總體而言，如果你看看這些未來將會大規模發展的設計項目，從加速器和機架層面來看，它們的價值可以達到數千美元。

So in general, we do see that having a strong presence in the scale-up network allows us to pull in several other products and technology that we currently have and also working on in terms of future product lines that we intend to offer to our customers.

因此，總的來說，我們看到，在規模化網路中擁有強大的影響力，使我們能夠引入我們目前擁有的以及正在研發的未來產品線中的其他幾種產品和技術，這些產品和技術我們打算提供給我們的客戶。

Ross Seymore, Deutsche Bank.

羅斯·西摩，德意志銀行。

The first one I wanted to follow on to the switch fabric side of things with Scorpio. You talked about more design wins across several platforms and more customers. I guess where I really want to get some more color is on the diversification theme. How are you seeing that business diversify? And when Scorpio X launches, does that naturally come back to some concentration? Or does that further diversify the business? And what I appreciate is a naturally concentrated market. But within that framework, how do you see that business diversifying over time?

首先，我想跟進一下天蠍座在交換布料方面的工作。您提到在多個平台上贏得了更多設計訂單，並擁有了更多客戶。我想讓我更深入探討的是多元化這個主題。您認為該業務應該如何多元化發展？那麼，當 Scorpio X 發佈時，是否自然而然地會回歸到某種專注狀態呢？或者，這樣做是否進一步實現了業務多元化？我欣賞的是一種天然集中的市場。但在這個框架內，您認為該業務會如何隨著時間的推移而多元化發展？

Yeah. So in general, the theme that we have been working towards is to ensure that there is a good diversity, both with our product lines and customer base that we have. Like you correctly noted, the hyperscaler market is fairly concentrated. I mean that's the occupational hazard that we all have to deal with. But to your point, today, like we have noted for things like PCIe-based scale-up and in the future, UALink and other protocols.

是的。所以總的來說，我們一直努力的方向是確保我們的產品線和客戶群都具有良好的多樣性。正如你所指出的，超大規模資料中心市場集中度相當高。我的意思是，這是我們所有人都要面對的職業風險。但正如您所指出的，如今，正如我們之前提到的，基於 PCIe 的擴展技術以及未來的 UALink 和其他協定。

Today, we have over 10 customer platforms that we are engaged with. We have made tremendous progress in the last quarter, making progress in terms of not just design wins, but also for some of the opportunities moving them forward from a technical POC software development and other aspects that are needed to deploy this technology at scale.

目前，我們與超過 10 個客戶平台合作。我們在上個季度取得了巨大的進步，不僅在設計方面取得了進展，而且在一些機會方面也取得了進展，這些機會推動它們從技術概念驗證軟體開發以及其他大規模部署該技術所需的方面向前發展。

So at this point, given our presence with the fabric devices, that's truly allowing us to be very broad-based. And this not only includes third-party GPU-based platforms, but also custom accelerator-based products. And that's been an exciting momentum for us right now as we seek to add many more design wins to the customers that we have on Scorpio Series.

所以，目前憑藉我們在織物設備上的影響力，我們確實能夠擁有非常廣泛的業務基礎。這不僅包括第三方基於 GPU 的平台，還包括客製化的基於加速器的產品。目前，我們正努力為 Scorpio 系列的客戶贏得更多設計訂單，這為我們帶來了令人興奮的發展勢頭。

And I guess one for Mike on the gross margin side of things. It's very, very impressive. I understand the mix dynamic and why it might be going down a bit in the fourth quarter, but it's still well above your 70% long-term target. So I think investors are just wondering what would be the puts and takes that would drive it down from kind of the mid-70s to 70% over time, especially if the scale-up architectures and different products are going to become so important to you and as Sanjay said, are relatively accretive on the dollar amount, and I assume even on the gross margin side.

我想，關於毛利率方面，麥克也應該得到一份支持。真是太令人印象深刻了。我理解產品組合的動態變化，也明白為什麼第四季可能會略有下降，但這仍然遠高於您設定的 70% 的長期目標。所以我認為投資者只是想知道，隨著時間的推移，哪些因素會將其從 70% 左右降至 70%，尤其是在規模化架構和不同產品對你來說變得如此重要的情況下，而且正如 Sanjay 所說，它們在美元金額上相對增值，我猜想甚至在毛利率方面也是如此。

Yeah. So on the first order effect, generally, when we sell hardware products and modules versus silicon, that's margin dilutive. So we do see an uptick in tours in Q4. So that's the guidance to 75%. As we look longer term, we are going to greatly broaden our product portfolio and the design cycles are moving very fast. So in doing that, we will have a wider range of margins for our products generally because the market is moving so fast, we can't have very pointed products for every opportunity.

是的。因此，從第一層面來看，通常情況下，當我們銷售硬體產品和模組而不是矽晶片時，這會稀釋利潤率。因此，我們確實看到第四季度旅遊團數量增加。所以，這就是75%的指導方針。從長遠來看，我們將大幅擴展產品組合，設計週期也正在快速推進。因此，這樣做可以使我們的產品利潤率範圍更廣，因為市場變化太快，我們不可能針對每個市場機會都推出針對性很強的產品。

So some will have a cost structure which is a little more overburdened for the opportunity set, and that will be part of the mix. So we still encourage people to think about us going to our long-term model. But with that, we do see operating leverage as we grow our revenue dollars at a very good pace.

因此，有些項目的成本結構對於其所處的機會而言可能負擔過重，而這也會成為組合的一部分。所以我們仍然鼓勵大家考慮我們走向長期發展模式。但同時，隨著我們收入以非常快的速度成長，我們也看到了營運槓桿效應。

Blayne Curtis, Jefferies.

布萊恩·柯蒂斯，傑富瑞。

Great results. Maybe I just want to start off on just level set. Obviously, you beat by a wide amount. I think you mentioned kind of the first two you mentioned was single conditioning and these SCM modules. I'm just trying to figure out if you can kind of -- I know you don't want to break out certain segments, but can you give us a little bit more color as to what drove the beat and what changed during the quarter?

效果顯著。或許我只想先從水平儀開始。顯然，你大獲全勝。我想你提到的前兩個例子就是單一條件調節和這些 SCM 模組。我只是想弄清楚你是否可以——我知道你不想透露某些細節，但你能否更詳細地說明一下推動這一趨勢的因素以及本季度發生了哪些變化？

Yeah. We saw breadth through all the 3 product lines. We generally want to be conservative because a lot of the revenue growth that we have are from new programs, and these programs are very complex. So we just want to give a little cushion in case there's any delays in the product launches by our customers, but it was a very successful quarter for our customers in their deployments. So that enables us to deliver the upside.

是的。我們看到這 3 條產品線都涵蓋了廣泛的產品線。我們通常希望採取保守的做法，因為我們大部分的收入成長都來自新項目，而這些項目非常複雜。所以我們希望留出一些緩衝時間，以防客戶的產品發佈出現任何延誤，但就客戶的部署而言，這是一個非常成功的季度。這樣一來，我們就能達到收益最大化。

And I want to ask you, I mean, obviously, the -- what NVIDIA has done with retimers was a lot of the talking points throughout the year, but you're starting to see these ASIC platforms going to be more material next year. Is there a way to think about that Aries family as these ASICs ramp on a relative basis versus the retimer content you're seeing today?

我想問你，我的意思是，很顯然，NVIDIA 在重定時器方面所做的工作是今年以來人們談論的焦點，但你開始看到這些 ASIC 平台明年將變得更加重要。能否從相對角度來看待 Aries 系列 ASIC 晶片，將其與目前市面上的重定時器晶片進行比較？

Yeah. So just to level set, right? So we do expect a significant growth in Aries revenue this year, and we do expect the revenue growth for Aries family to continue to next year as well. So in general, obviously, the ASP of the retimer business is different compared to the Scorpio or the switch fabric business that we have. And we do expect that Scorpio to be our largest product line from a revenue standpoint. And there are obviously several different design wins that we have that -- that are expected to ramp to production volume in 2026.

是的。所以只是為了設定一個標準，對吧？因此，我們預計 Aries 今年的營收將大幅成長，並且預計 Aries 系列產品的營收成長動能將持續到明年。所以總的來說，很明顯，重定時器業務的平均售價與我們擁有的 Scorpio 或交換結構業務的平均售價是不同的。我們預計，從收入角度來看，Scorpio 將成為我們最大的產品線。顯然，我們贏得了幾個不同的設計項目，預計將在 2026 年實現量產。

So in general, what I want to say is that the business has transitioned to some of these larger sockets and the higher ASP business that we have, and that trend will continue with the inflection point happening sometime in 2026, when Scorpio will overtake Aries and other product lines from a revenue standpoint.

總的來說，我想說的是，公司業務已經轉型到一些更大的插座和更高的平均售價業務，這種趨勢將繼續下去，拐點將在 2026 年的某個時候出現，屆時 Scorpio 將在收入方面超過 Aries 和其他產品線。

Tore Svanberg, Stifel.

Tore Svanberg，Stifel。

Congrats on the strong results. So I had a question on the acquisition and you now penetration into the optical scale-up market. Just curious, material revenue time lines. I assume this is potentially the beginning of more to come. And maybe you could also discuss a little bit why you decided to intersect optical now versus perhaps prior or later.

恭喜你們取得優異成績。所以我有一個關於收購以及你們現在如何滲透到光學規模化市場的問題。只是好奇，具體是哪些方面的收入時間表？我估計這可能是更多事件發生的開端。或許你還可以稍微討論一下，為什麼你決定現在要進行光學交叉研究，而不是之前或之後。

Yeah. Thanks, Tore. Maybe I'll begin and then Mike can add on. Look, our vision has always been to deliver complete connectivity infrastructure at the rack scale. We have stated this many times, we call it AI Infrastructure 2.0, and we are laser-focused on building solutions for that. Today, we are focused on copper-based solutions, mainly because this is what our customers ask us to do. However, as data rates increase and scale-up domains go beyond one rack, clearly, at some point, you will need optical interconnects for scale-up. And there is already a big market for optical interconnects at a data center scale.

是的。謝謝你，托雷。也許我可以先開始，然後麥克可以接著寫。我們一直以來的願景都是提供機架級的完整連接基礎設施。我們已經多次聲明，我們稱之為人工智慧基礎設施 2.0，我們正全力以赴地建立相關解決方案。目前，我們專注於銅基解決方案，主要是因為這是客戶要求我們做的。然而，隨著資料速率的增加和擴展域擴展到一個機架以上，顯然，在某個時候，您將需要光互連來實現擴展。資料中心規模的光互連市場已經非常龐大。

So we view our entry into optical as a big additive opportunity, and we will intercept the market with unique solutions that are aligned with our customers' roadmaps in the sense of when they want to transition from copper to optical.

因此，我們將進軍光纖領域視為一個巨大的增值機會，我們將以獨特的解決方案搶佔市場，這些解決方案與客戶的路線圖相一致，即當他們希望從銅纜過渡到光纖時。

So as far as the timing is concerned, why now and why not earlier or why not later? It is part of the plan that we have with our customers on when we want to intercept with an optical solution. It is also important to note that with this acquisition of Xscale, we are adding capabilities to the company that we did not have before. Xscale allows us to get the glass components that are required to deliver a successful optical product, whether it is a CPO or an LPO or an NPO. But this is a technology, that's very complementary to the signal conditioning and switching expertise that we have.

那麼就時機而言，為什麼是現在而不是更早或更晚？這是我們與客戶制定的計劃的一部分，該計劃旨在確定何時使用光學解決方案進行攔截。值得注意的是，透過收購 Xscale，我們為公司增加了以前不具備的能力。Xscale 讓我們能夠獲得成功交付光學產品所需的玻璃組件，無論是 CPO、LPO 或 NPO。但這項技術與我們擁有的訊號調理和交換技術非常互補。

So our vision would be to deliver a product line where our Scorpio family is optically enabled with photonic solutions to allow for higher data rates and longer reach in scale-up domains. With the Xscale acquisition, we get a phenomenal team that we can kickstart this development and this acquisition is just again our commitment to enter this market and intercept at the right time.

因此，我們的願景是打造一條產品線，使我們的 Scorpio 系列產品能夠透過光子解決方案實現光學功能，從而在規模化領域實現更高的資料速率和更遠的傳輸距離。透過收購 Xscale，我們獲得了一支非常優秀的團隊，可以啟動這項開發工作。此次收購再次體現了我們進入這個市場並在適當的時機搶先一步的決心。

I'm sorry, I'm sorry, Tore, you had a question on the timing of --

對不起，對不起，托雷，你剛剛問了一個關於時間安排的問題…--

Yes. As part of my first question, when can we start to expect material revenue coming from optical products from Astera? Is that '27, '28, '29?

是的。作為我第一個問題的一部分，我們什麼時候才能開始期待從 Astera 的光學產品中獲得實質的收入？是 '27、'28、'29 嗎？

More likely, the earliest for scale-up optical connections will be in the '28, 2029 time frame.

更有可能的是，光纖連接的規模普及最早也要到 2028 年至 2029 年之間。

Very good. And just as my follow-up, you talked about Taurus driving strong growth here in Q4. I think you mentioned 400 gig. Is that also diversified growth? Is this with more than one customer? And when do you see the inflection happening for Taurus for 800-gig in 2026?

非常好。正如我接下來要問的，您提到金牛座在第四季度推動了強勁的成長。我想你有提到400G。那也算是多元化成長嗎？這種情況涉及不只一位客戶嗎？你認為金牛座在 2026 年 800GB 的轉折點何時出現？

Yes. So the 800-gig deployments, I want to say, are just starting in terms of the market need. So for us, we are engaged with several customers. Our business model for AEC is to offer the smart cable modules that then gets enabled through multiple cable vendors. And generally speaking, there is a little bit of lag between when customers start their initial POC or initial deployment to when they start scaling. So overall, we believe that from an 800-gig standpoint, our business -- our revenue impact would start in 2026. I want to say, early part of '26 as the qualifications complete and start ramping to production.

是的。所以，我想說，就市場需求而言，800G 的部署才剛開始。所以，我們目前與多家客戶保持聯繫。我們面向建築、工程和施工 (AEC) 領域的商業模式是提供智慧電纜模組，然後透過多家電纜供應商啟用這些模組。總的來說，從客戶開始進行初步概念驗證或初步部署到開始擴大規模之間，會存在一些延遲。因此，總的來說，我們認為從 800G 的角度來看，我們的業務——我們的收入影響將從 2026 年開始。我想說的是，在 2026 年初，隨著資格認證完成並開始逐步投入生產。

Mehdi Hosseini, SFG.

Mehdi Hosseini，SFG。

A couple of follow-ups. I just want to go back to the target that Scorpio would be about 10% of your revenue. And if that's the case, then does it imply that Scorpio would be like closer to 20% of the revenue in the December quarter?

還有一些後續問題。我只想回到先前的目標，即 Scorpio 應該占到你們收入的 10% 左右。如果是這樣，那是不是代表 Scorpio 在 12 月季度的營收比例會接近 20%？

Yes. The 10% was for the full year. It started to launch materially in Q2. So the exit rate would be closer to the 20%. That's correct.

是的。這10%是全年的漲幅。它在第二季度開始大規模推出。因此，退出率將接近 20%。沒錯。

Okay. And then with the X ramping, let's say, spring of next year, that's when the contribution is going to actually accelerate. Am I thinking about this right?

好的。然後隨著 X 的逐步投入使用，比如說明年春天，貢獻量將會真正加速成長。我這樣想對嗎？

Yes. P will continue to grow given that we have new designs that will be ramping throughout the year. So P and itself is a nice growing piece of revenue for Scorpio. The X-Series is in kind of low initial volumes right now, but then it starts to ramp materially next year. What we said before is the X is ultimately a bigger opportunity, the scale-up opportunity. So at some point, and we're not saying exactly when, it will be bigger than P, and we're very excited about that potential.

是的。鑑於我們全年都會有新的設計方案逐步推出，P 將持續成長。所以 P 本身就是 Scorpio 一個不錯的、不斷成長的收入來源。X系列目前的初期產量比較低，但明年將開始大幅成長。我們之前說過，X 最終是一個更大的機會，一個規模化的機會。所以，在某個時候（我們不說具體是什麼時候），它將會比 P 更大，我們對此感到非常興奮。

Sure. And then I have a rather clarification question. I'm new to the name, maybe just me, but when you say you have 10 AI platforms involved with your Scorpio product, what does that mean? Does that mean 10 different CSPs, 10 different customers? The AI platform, if you could just elaborate on it, it would be great.

當然。然後我還有一個需要澄清的問題。我之前沒聽過這個名字，可能只有我一個人不熟悉，但是你們說Scorpio產品涉及10個AI平台，這是什麼意思呢？那是不是意味著10家不同的通訊服務供應商，10個不同的客戶？如果您能詳細介紹一下人工智慧平台，那就太好了。

Yes. So we refer to the customer base that we have that includes the folks that are developing their own accelerators. It also includes the hyperscalers that are buying some of the third-party accelerators and integrating it into their AI servers. So those are the two broad categories to think of in terms of the 10 customers that we noted.

是的。因此，我們指的是我們的客戶群，其中包括正在開發自己的加速器的人。它還包括那些購買第三方加速器並將其整合到自己的 AI 伺服器中的超大規模資料中心營運商。所以，以上就是我們提到的 10 位客戶可以歸納為的兩大類。

Okay. So that basically implies the diverse set of customers that are adopting the UALink, the open-source, right? Is that -- would that be fair?

好的。所以這基本上意味著採用 UALink 開源軟體的客戶群非常多元化，對吧？這樣公平嗎？

Yes. So that comment itself is correct. We do believe that there's quite a bit of momentum around UALink based on the fact that it's developed grounds up. But the 10-plus customer comment we made was in reference to folks that are using PCIe-like protocols for scale-up. However, we do believe that the folks that are using PCIe-like protocols would also be looking at UALink as an option to service platforms that require higher data rate, meaning from a physical layer standpoint. So to that standpoint, UALink would be additive to our PCIe customer base. At the same time, it will also provide an upgrade path for folks that want higher speed on specific AI platforms.

是的。所以這則評論本身是正確的。我們相信，UALink 目前發展勢頭強勁，因為它是從零開始開發的。但我們收到的 10 多則客戶評論指的是那些使用類似 PCIe 協議進行擴展的用戶。不過，我們相信，使用類似 PCIe 協定的使用者也會將 UALink 視為服務於需要更高資料速率（即從物理層角度來看）的平台的選項。因此從這個角度來看，UALink 將為我們的 PCIe 客戶群帶來成長。同時，它也將為那些希望在特定人工智慧平台上獲得更高速度的用戶提供升級途徑。

Quinn Bolton, Needham & Company.

奎因·博爾頓，尼德姆公司。

Let me offer my congratulations as well. I just wanted to come back to the Xscale Photonics acquisition as it's your first entry into the optical side of things. I think this technology looks like it's fiber chip coupling. It seems like you probably need some kind of silicon photonics capability to complete a scale-up CPO type solution. So just wondering, is that something you look to develop in-house? Would that be sort of an acquisition that you would look to pursue in the future? Just how do you complete that full scale-up CPO solution?

我也要向你表示祝賀。我只是想再談談收購 Xscale Photonics 這件事，因為這是你們首次涉足光學領域。我認為這項技術看起來像是光纖晶片耦合。看來您可能需要某種矽光子學能力才能完成大規模 CPO 類型的解決方案。所以我想問一下，這是你們打算內部開發的專案嗎？這會是您未來會考慮進行的收購嗎？如何才能完成這種全面的規模化 CPO 解決方案？

Quinn, good question. Yes. So as you have correctly pointed out, in order to build a full optical solution, you need three pieces. You need an electrical IC that takes the signals from, let's say, a switch chip or an XPU chip, converts it into a format that's applicable for a photonic chip. So that's the second component that you need, a photonic chip that will now convert these electrical signals into light. And then you need a packaging technology that will couple this light into fibers and so on. And there are very specific requirements for each one of them. With the acquisition of Xscale, we solved two of the three.

奎因，問得好。是的。正如您所正確指出的，要建立一個完整的光學解決方案，您需要三個部件。你需要一個電子積體電路，它可以接收來自開關晶片或 XPU 晶片等的訊號，並將其轉換為適用於光子晶片的格式。所以，你需要第二個組件，一個光子晶片，它可以將這些電訊號轉換成光訊號。然後你需要一種封裝技術，將這種光耦合到光纖中等等。而且每一種都有非常具體的要求。收購 Xscale 後，我們解決了三個問題中的兩個。

So they are working on some very cutting-edge technology on package development. Once the acquisition closes, we will be able to reveal more about what that means to us and how we will intend to use it. But they are, as you correctly pointed out, working on packaging technologies that is a very critical part of the equation. We also get a lot of photonics expertise as part of this acquisition as well.

所以他們正在研究一些非常前沿的軟體包開發技術。收購完成後，我們將能夠透露更多關於這對我們意味著什麼以及我們打算如何利用它的資訊。但正如你所正確指出的那樣，他們正在研究包裝技術，這是整個過程中非常關鍵的一部分。透過此次收購，我們也獲得了大量的光子學專業知識。

So we will look to put a team together internally to work on photonics. But at the same time, photonics is a very complex equation wherein customers also have a lot of say into what photonics to use. So we are open to not only work on our solution, but also use third-party photonics solutions to enable an overall optical solution that is suitable for our customers' requirements.

因此，我們將考慮在公司內部組成一個團隊來研究光子學。但同時，光子學也是一個非常複雜的問題，客戶對使用哪一種光子學技術也有很大的意見。因此，我們不僅願意致力於我們自己的解決方案，還願意使用第三方光子學解決方案，以實現適合客戶需求的整體光學解決方案。

And then when it comes to electrical, we've been doing electrical chips for many years as part of Astera Labs and a long time before that. So we feel pretty confident in building the electrical components. But all three of them put together is what makes a compelling optical solution. And we have some great ideas on how to build a unique solution as we enter -- as we contemplate entering this space.

至於電子方面，我們作為 Astera Labs 的一部分，多年來一直在從事電子晶片的研發，而且在此之前也已經做了很長時間了。因此，我們對製造電子元件相當有信心。但這三者結合起來，才構成了一個引人注目的光學解決方案。當我們進入——當我們考慮進入這個領域時，我們有一些關於如何建立獨特解決方案的好想法。

And then I guess just wanted to come back to the comment about initial Scorpio X shipments in the fourth quarter. Is that kind of pre-production more sample units? Or are you starting to see the initial Scorpio X design win going to production? Is this the initial build of a production system?

然後，我想回到之前關於第四季 Scorpio X 首批出貨量的評論。這種預生產方式比較像是樣品機嗎？或者，您是否開始看到 Scorpio X 的最初設計方案被採納並投入生產？這是生產系統的初始建置版本嗎？

Yes. So this is the initial build. So we've gone through the qualification stage and all the intermediate stages. So we start shipping into production volumes -- production systems end of the year, but the big ramp will happen in '26.

是的。這是初始版本。我們已經完成了資格賽階段和所有中間階段。因此，我們將在年底開始大量生產——生產系統，但大規模量產將在 2026 年實現。

Sean O'Loughlin, TD Cowen.

肖恩·奧洛克林，TD Cowen。

Congrats again on the results. I wanted to ask maybe a bit of a technical one on the PCIe switch transition to a UALink native switch as we look towards that product's launch next year. How much of a step change is that in terms of silicon complexity and design? Or is it much more on the, call it, firmware or SDK side and the silicon is largely similar since they're both based on memory semantics rather than networking semantics?

再次恭喜你取得好成績。我想問一些關於 PCIe 交換器過渡到 UALink 原生交換器的技術問題，因為我們期待該產品明年的發布。就矽晶片的複雜性和設計而言，這究竟是多大的飛躍？或者說，這與韌體或SDK有關，而晶片本身則大致相似，因為它們都基於記憶體語義而不是網路語義？

And then related to that, you talked about your customers taking a look at the UALink protocol, even though they're on PCIe today, how much of a lift is on their side when they're looking at the scale-up communication kernel and what can you do to sort of derisk that transition for them?

然後，您還提到，您的客戶正在考慮 UALink 協議，儘管他們目前使用的是 PCIe，但當他們考慮使用可擴展通訊核心時，他們需要付出多大的努力？您能做些什麼來降低他們過渡的風險？

Yes. It's a great question. And you are very correct in pointing out that there are similarities between both PCI Express and UALink from a protocol standpoint and also that customers have made good investments into their software stack that is tuned to a particular type of protocol. So let me answer them one by one.

是的。這是一個很好的問題。您指出 PCI Express 和 UALink 在協議方面確實存在相似之處，這一點非常正確；此外，客戶也對其軟體堆疊進行了良好的投資，使其能夠適應特定類型的協議。讓我逐一回答這些問題。

So to begin with our Scorpio X family today supports PCI Express and PCI Express like protocol. And when we transition from PCI Express to UALink, it will indeed be a new chip that addresses the future generation of these AI systems. However, when we designed Scorpio X, we took into account future generations of this product where the line rates will go up.

首先，我們目前的 Scorpio X 系列產品支援 PCI Express 和類似 PCI Express 的協定。當我們從 PCI Express 過渡到 UALink 時，確實會有一種新的晶片來滿足未來一代人工智慧系統的需求。但是，我們在設計 Scorpio X 時，考慮到了該產品未來幾代產品的價格上漲。

So the switching architecture and many of the features that go into the switching product, which are beyond the protocol are already ready for the next generation. So while it is going to be a new development for us to go to a UALink switch, we will certainly leverage the development that we have done for the current Scorpio X generation very heavily, including all of the software features that are part of our COSMOS software stack that are responsible for optimizing, customizing and delivering a lot of diagnostics and telemetry to our end customers. In terms of the similarities between PCI Express and UALink, they are both load store-based protocols. PCI Express has been around for many, many years. It is a memory semantic-based protocol.

因此，交換架構以及交換產品中許多超出協議範圍的功能已經為下一代做好準備。因此，雖然採用 UALink 交換器對我們來說是一個全新的發展方向，但我們肯定會充分利用我們為目前 Scorpio X 系列產品所做的開發工作，包括我們 COSMOS 軟體堆疊中的所有軟體功能，這些功能負責優化、客製化並向我們的最終客戶提供大量的診斷和遙測資料。就 PCI Express 和 UALink 的相似之處而言，它們都是基於加載儲存的協定。PCI Express已經存在很多很多年了。它是一種基於記憶體語義的協定。

So from an XPU perspective, the ASIC can simply say, I want to access this memory location, and it doesn't matter whether that memory location is in the same GPU or the same XPU or a remote XPU. This is the beauty of memory semantic-based protocol. And UALink carries forward the same thing. It carries forward the memory semantic-based protocol. It carries forward the lossless nature of the network and the software lift for an end customer is much easier. So we do see UALink as an evolutionary step for our PCI Express customers, as Sanjay mentioned before.

因此，從 XPU 的角度來看，ASIC 可以簡單地說，我想存取這個記憶體位置，而該記憶體位置是在同一個 GPU 中，還是在同一個 XPU 中，或者在遠端 XPU 中，都無關緊要。這就是基於記憶體語義的協定的優勢所在。UALink 也延續了這個理念。它沿用了基於記憶體語義的協定。它延續了網路的無損特性，終端用戶的軟體升級也更加容易。因此，正如 Sanjay 之前提到的那樣，我們認為 UALink 對於我們的 PCI Express 客戶而言是一個演進步驟。

At the same time, UALink does a few things that are very much customized for AI scale-up. The data rates are much faster. Obviously, we go from 64 and 128 gig to 200 and then beyond in the future. But more importantly, the protocol was built ground up for AI scale-up. It takes into account the AI workloads, the AI traffic patterns and simultaneously delivers low latency as well as increased throughput.

同時，UALink 也做了一些針對 AI 規模化擴展而特別客製化的事情。資料傳輸速度快得多。顯然，我們將從 64 和 128 GB 發展到 200 GB，未來將發展到更大容量。但更重要的是，該協議從一開始就是為人工智慧規模化而建構的。它考慮了人工智慧工作負載和人工智慧流量模式，同時實現了低延遲和高吞吐量。

And most importantly, UALink is also an open standard. So it's been around for one year now, one year officially, which in AI terms is probably a decade. And during this time, the IP ecosystem has become mature. The spec is very solid. And a lot of vendors are working on new silicon to deploy UAL-based switches in the 2026 time frame with revenues coming in, in 2027.

最重要的是，UALink 也是一個開放式標準。所以它現在已經存在一年了，正式來說是一年，但就人工智慧而言，這可能相當於十年。在此期間，知識產權生態系統已經發展成熟。規格非常可靠。許多供應商正在研發新的晶片，以便在 2026 年左右部署基於 UAL 的交換機，並在 2027 年獲得收入。

I really appreciate the color there. And I'll follow up with a quick clarification on the 20% PCIe Gen 6. I believe that was inclusive of both Scorpio P and Aries or was that an Aries-specific comment?

我非常喜歡那裡的顏色。接下來，我將快速澄清 PCIe Gen 6 的 20% 提升。我認為那句話既包括天蠍座P，也包括牡羊座，還是特別指牡羊座？

That's inclusive of Scorpio, which is all Gen 6 product -- in our Aries Gen 6 products.

這包括天蠍座，也就是我們白羊座第六代產品中的所有天蠍座。

Suji Desilva, ROTH Capital.

Suji Desilva，ROTH Capital。

Hi Jitendra, Sanjay Mike, congrats on the progress here. I know the optical revenue is down the line here. But just wondering in comparing pain points of bandwidth versus XPU density, which one kind of pushes customers faster to scale up using optical? Or is there a way to kind of handicap one versus the other?

Jitendra、Sanjay Mike，你們好，祝賀你們取得的進展。我知道光學收入還在未來。但我想知道，在比較頻寬和 XPU 密度這兩個痛點時，哪一個更能促使客戶更快地使用光纖進行擴展？或者有沒有辦法讓其中一方相對於另一方處於劣勢？

Yes. I think what our customers have told us, and you can see this in the product announcements that various AI platform providers and hyperscalers have made is they prefer to stick with copper for as long as possible. And the reason for that is multifold. Clearly, copper is so far proven to be more reliable. It's lower power. It offers better TCO. And so as part of the focus that we have on copper, we'll continue to push copper for as long as possible. And that is copper is not going away anytime soon.

是的。我認為我們的客戶告訴我們，而且你也可以從各種人工智慧平台供應商和超大規模資料中心營運商的產品公告中看出，他們更傾向於盡可能長時間地使用銅纜。原因有很多。顯然，到目前為止，銅已被證明更加可靠。它的功率較低。它具有更低的總體擁有成本。因此，作為我們對銅的重點發展策略的一部分，我們將繼續盡可能長時間地推廣銅。也就是說，銅這種材料在短期內不會消失。

However, as the topologies of scale-up networks evolve, you will end up with a practical limitation of trying to provide megawatts of power into one rack. And so as a result, at some point in time, we will have to disaggregate the rack into multiple racks, which will then be beyond the reach of copper. So that is what we are planning for. And in the outer years, as Mike mentioned, in the 2028, 2029 time frame, we expect to see these optical deployments from POC and eventually turning into revenues.

然而，隨著規模化網路拓撲結構的演變，最終你會面臨一個實際的限制，即試圖在一個機架中提供兆瓦級的電力。因此，在某個時候，我們將不得不把機架拆分成多個機架，而這些機架將超出銅的傳輸範圍。這就是我們正在計劃的事情。正如 Mike 所提到的，在 2028 年、2029 年左右，我們預計這些光纖部署將從概念驗證階段開始，最終轉化為收入。

Okay. Great. So rack to rack. And then just a clarification on the 10 POC customers for PCIe, UALink for scale up. Are any of the customers pursuing anything Ethernet related with you? And are you working on any Ethernet stack efforts in-house yet? Or is it all PCIe to UALink roadmap today?

好的。偉大的。就這樣，一架接一架往上推。然後，需要澄清一下關於 PCIe 和 UALink 擴充的 10 個 POC 客戶。是否有客戶正在向貴公司諮詢任何與乙太網路相關的事宜？你們公司內部目前是否有任何乙太網路協定棧方面的工作正在進行中？或者說，這就是 PCIe 到 UALink 目前的發展路線圖嗎？

Yes. So again, we can't comment on what customers are looking at. But let me talk about what we are doing. Like we have highlighted many times, we are heavily engaged right now on scale up. Today, most of the deployments are PCIe like. And these are engagements that obviously will have -- will live for multiple generations, and that's probably something that perhaps is a little underappreciated.

是的。所以，我們再次聲明，我們無法評論客戶正在瀏覽的內容。但讓我談談我們正在做的事情。正如我們多次強調的那樣，我們目前正全力投入規模擴張。如今，大多數部署都採用類似 PCIe 的標準。這些承諾顯然會持續好幾個世代，而這一點或許有點被低估了。

We do expect the revenues to go into 2029. And in terms of like other protocols, what I would say is that think about it this way, we believe in open standards. We believe in doing what's right for the customers. Our Scorpio X-Series is developed today to support PCIe and it can easily upgrade to UALink, especially on the non-protocol-related functions.

我們預計收入將持續到 2029 年。至於其他協議，我想說的是，不妨這麼想，我們相信開放標準。我們始終堅持為客戶做正確的事。我們今天開發的 Scorpio X 系列支援 PCIe，並且可以輕鬆升級到 UALink，尤其是在非協定相關的功能方面。

So overall, what I would say is that if a time comes when customers require alternate implementations, we are well setup for it because one key thing to highlight is that although there is so much a focus on like the physical layer protocol, PCIe or Ethernet or other things, what we are learning is that the most important or some of the most important functionality is required in the data part, in the management side because these clusters are giant and having a link that is non-performing or a subsystem on the data part not delivering the right performance could significantly impact the overall performance of the cluster.

總而言之，我想說的是，如果將來客戶需要其他實現方式，我們已經做好了充分的準備，因為需要強調的一點是，儘管人們非常關注物理層協議、PCIe 或以太網或其他方面，但我們了解到，最重要的功能，或者說一些最重要的功能，需要在數據部分和管理端實現，因為這些性能規模龐大，如果鏈路上性能不佳，數據集可能會產生重大的子組性能。

So to that standpoint, what we are seeing is that there are several things that needs to be done at the upper levels, and those are things that will remain constant for us irrespective of the physical layer that we end up supporting based on market and customer requirements.

因此，從這個角度來看，我們看到的是，在高層有很多事情要做，無論我們最終根據市場和客戶需求支援哪個物理層，這些事情對我們來說都將保持不變。

Sebastien Naji, William Blair.

塞巴斯蒂安·納吉，威廉·布萊爾。

I wanted to ask about the opportunity for Astera in China and in particular, the willingness for Chinese hyperscalers to maybe use more open technologies like PCIe or UALink.

我想了解 Astera 在中國的發展機遇，特別是中國超大規模資料中心營運商是否願意使用 PCIe 或 UALink 等更開放的技術。

Yes. So there is a difference in the hyperscaler opportunities in the US relative to the hyperscaler opportunities in China. Because of the constraints that are placed on the availability of IP and technology, we actually see a lot of demand in China for PCI Express-based scale-up. And the reason that has to do with that is the IP availability there is limited in terms of the data rate, 200 gig is not readily available.

是的。因此，美國的超大規模資料中心機會與中國的超大規模資料中心機會存在差異。由於智慧財產權和技術的可用性受到限制，我們實際上看到中國對基於 PCI Express 的擴展性解決方案有很大的需求。造成這種情況的原因是，那裡的 IP 位址可用性有限，資料速率方面有限制，200G 的速率並不容易取得。

PCI Express Gen 5 and add-in card formats are most common in China. And in order to build a larger scale-up network so that they can address the same problems that you might be able to solve with an 8 GPU cluster here in the US might require 16 or 24 clusters of GPU to address the same problem.

PCI Express Gen 5 和擴充卡格式在中國最為常見。為了建立一個更大規模的網絡，以便解決在美國用 8 個 GPU 集群就能解決的相同問題，可能需要 16 或 24 個 GPU 集群才能解決相同的問題。

So when you have more GPUs, our revenues are typically indexed by the number of GPUs. So when you have more GPUs and more accelerators, it is a bigger opportunity for us to sell both our switching solutions as well as solve our retiming solutions from both chip-down opportunities as well as active cable opportunities.

因此，當您擁有更多 GPU 時，我們的收入通常會按 GPU 的數量進行調整。因此，當GPU和加速器數量增加時，我們就有更大的機會銷售我們的交換解決方案，並透過晶片級改進和主動電纜改進來解決我們的重新定時解決方案。

Got it. Okay. That's really helpful. And maybe if I could do just one follow-up. Just I'd love to get your thoughts on NVIDIA's shift to more of a cable-less design with their Rubin servers or Rubin rack. Does that design shift change Astera's opportunity with Aries or Taurus at all?

知道了。好的。這真的很有幫助。或許我可以再做一次後續跟進。我很想聽聽您對 NVIDIA 的 Rubin 伺服器或 Rubin 機架採用無線纜線設計有何看法。這種設計上的改變是否會對 Astera 與白羊座或金牛座的合作機會產生任何影響？

So as we have said before, the opportunity for us for NVIDIA-based designs is when hyperscaler customers customize their design to deploy in their own infrastructure. That has been true of the Blackwell platform, and we believe that something like this will happen for the Vera Rubin platform as well. The choice of using a cable backplane versus a PC board-based backplane has to do with the number of GPUs that are present in the design. And certainly, we should let NVIDIA explain the rationale from going from one to the other. But the opportunity for Astera comes when hyperscaler customers take the very performant high-performance GPU platform and customize it for their use cases.

正如我們之前所說，對於我們來說，基於 NVIDIA 的設計機會在於，當超大規模資料中心客戶自訂其設計以部署到自己的基礎設施時。Blackwell 平台的情況確實如此，我們相信 Vera Rubin 平台也會發生類似的事情。選擇使用電纜背板還是基於 PC 板的背板，取決於設計中 GPU 的數量。當然，我們應該讓英偉達解釋一下從一種方案過渡到另一種方案的理由。但 Astera 的機會在於，超大規模資料中心的客戶可以利用這款效能卓越的高效能 GPU 平台，並根據自己的使用案例進行客製化。

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

目前沒有其他問題了。我謹將電話交還給萊斯利·格林，請她作總結發言。

Thank you, everyone, for your participation and questions. And please refer to our Investor Relations website for ongoing information regarding upcoming financial conferences and events. Talk to you soon.

感謝大家的參與與提問。有關即將舉行的金融會議和活動的最新信息，請訪問我們的投資者關係網站。回頭再聊。

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了。