Astera Labs Inc (ALAB) 2025 Q4 法說會逐字稿

Good afternoon. My name is Karly, and I will be your conference operator today. At this time, I would like to welcome everyone to the Astera Labs Q4 '25 earnings conference call. (Operator Instructions) I will now turn the call over to Leslie Green, Investor Relations for Astera Lab. Leslie, you may begin.

午安.我叫卡莉，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 年第四季財報電話會議。（操作員指示）現在我將把電話轉交給 Astera Lab 的投資者關係負責人 Leslie Green。萊斯利，你可以開始了。

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

謝謝你，卡莉。各位下午好，歡迎參加 Astera Labs 2025 年第四季財報電話會議。今天參加電話會議的有：執行長兼聯合創辦人 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 in the periodic reports 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.

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 表格年度報告中列出的風險。

It is not possible for the company's management to predict all risks and uncertainties that could have an impact on these forward-looking statements, or the extent to which any factor or combination of factors may cause actual results to differ materially from those contained in any forward-looking statements.

公司管理階層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 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 US GAAP. A discussion of why we use non-GAAP financial measures and reconciliations between our GAAP and non-GAAP financial measures is available in the earnings release we issued today, which can be accessed through the Investor Relations portion of our website.

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財務指標是對根據美國GAAP編制的財務結果的補充，而不是替代方案。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，我想把電話交給 AStera Labs 的執行長 Jitendra Mohan。 Jitendra？

Thank you, Leslie. Good afternoon, everyone, and thanks for joining our fourth-quarter conference call for fiscal year 2025. Today, I'll provide an overview of our Q4 and full year 2025 results followed by a discussion around the current trends within the AI infrastructure market. I will then turn the call over to Sanjay to walk through Astera Lab's near-and long-term growth profile. Finally, Mike will give an overview of our Q4 2025 financial results and provide details regarding our financial guidance for Q1 2026.

謝謝你，萊斯利。各位下午好，感謝各位參加我們2025財年第四季電話會議。今天，我將概述我們 2025 年第四季和全年業績，然後討論人工智慧基礎設施市場的當前趨勢。然後我將把電話交給 Sanjay，讓他詳細介紹 Astera Lab 的近期和長期成長概況。最後，Mike 將概述我們 2025 年第四季的財務業績，並提供有關我們 2026 年第一季財務指導的詳細資訊。

Astera Labs delivered strong results in Q4 with revenue at $270.6 million, up 17% from the prior quarter and up 92% versus Q4 of last year. For full year 2025, revenue was $852.5 million, up 115% versus the prior year. Growth within the quarter and for the year was broad-based, spanning across our signal conditioning, smart cable module, and switch fabric product portfolios as we continue to diversify our business profile with several new design wins across multiple customers.

Astera Labs 第四季業績強勁，營收達 2.706 億美元，比上一季成長 17%，比去年同期成長 92%。2025 年全年營收為 8.525 億美元，較上年成長 115%。本季和全年的成長基礎廣泛，涵蓋了我們的訊號調理、智慧電纜模組和交換結構產品組合，我們不斷拓展業務範圍，贏得了多個客戶的多個新設計項目。

Secular trends remain robust within the AI and cloud infrastructure space, supported by exceptionally strong spending commentary coming from the top US hyperscalers. with Google and AWS alone, guiding nearly $400 billion in total CapEx spending for 2026. We are benefiting from this increased spending both in the near term and long term. Furthermore, the market opportunity for our intelligent connectivity platform is substantially larger than we initially anticipated, encompassing multiple product lines, physical media types, form factors, and protocols for both standard and custom applications.

人工智慧和雲端基礎設施領域的長期發展趨勢依然強勁，美國頂級超大規模雲端服務商的強勁支出計畫也印證了這一點。光是谷歌和AWS兩家公司就預計2026年的總資本支出將接近4,000億美元。我們將在短期和長期內受益於支出的增加。此外，我們的智慧連接平台的市場機會比我們最初預期的要大得多，涵蓋了多種產品線、實體介質類型、外形尺寸以及標準和客製化應用的協定。

Starting with Scorpio, our PCD family continued its volume ramp at our lead customer with growth coming from both existing and incremental platform designs. For the full year, Scorpio PCDs exceeded our target of 10% of revenue and remains the only PCIe 6 fabric shipping in volume in the market.

從 Scorpio 開始，我們的 PCD 系列產品在我們的主要客戶那裡繼續擴大銷售量，成長來自現有平台設計和新增平台設計。全年來看，Scorpio PCD 的營收佔比超過了我們 10% 的目標，並且仍然是市場上唯一批量出貨的 PCIe 6 架構。

Looking into 2026, we anticipate continued growth for Scorpio P-Series at our lead customers as well as commencing shipments into at least two additional major hyperscalers on their next-generation AI platforms.

展望 2026 年，我們預計 Scorpio P 系列產品在我們主要客戶中的銷售將繼續成長，並開始向至少兩家其他大型超大規模資料中心交付產品，用於其下一代 AI 平台。

Moving to Scorpio X-Series. We expect to incrementally grow revenue in the first half of 2026, followed by a transition to high-volume production in the second half. We continue to make excellent progress with additional engagements looking to leverage PCIe for scale-up networking.

升級到天蠍座X系列。我們預計 2026 年上半年營收將逐步成長，隨後在下半年過渡到大規模生產。我們繼續在利用 PCIe 實現可擴展網路的其他專案中取得優異進展。

As previously communicated, we are engaged with 10-plus customers for Scorpio X family. And our current expectation is that we will ship initial quantities of Scorpio X series to support new customer platforms in the second half of 2026 with volume ramp set for 2027.

正如之前溝通的那樣，我們正在與 10 多位客戶洽談 Scorpio X 系列車型。我們目前的預期是，我們將在 2026 年下半年開始交付 Scorpio X 系列的首批產品，以支援新的客戶平台，並計劃在 2027 年實現產量成長。

Solid traction continues to develop with respect to UALink with a vibrant ecosystem, including product announcements, broad IP availability and compliant methodologies being finalized. Recent public roadmap announcements from AWS and AMD, along with other ongoing engagements indicate a broad adoption. UALink remains the highest performance, lowest latency, fully open solution for AI scale of connectivity, and we will be ready to intersect the initial customer platform ramps in 2027.

UALink 的發展勢頭強勁，生態系統充滿活力，包括產品發布、廣泛的 IP 可用性和合規方法的最終確定。AWS 和 AMD 最近發布的公開路線圖，以及其他正在進行的合作，都顯示這種做法得到了廣泛應用。UALink 仍然是人工智慧規模連接的最高效能、最低延遲、完全開放的解決方案，我們將在 2027 年準備好與首批客戶平台展開合作。

Our Aries portfolio continues to perform well. with [ PCI6 ] solutions contributing robust growth during the quarter, and the overall portfolio growing nearly 70% year-over-year in 2025. The demand for Aries is driven by increasing deployments of custom AI accelerators at large hyperscalers. Our Aries Gen 6 products are the industry's only PCIe 6 DSP retimer solutions shipping to customers in high volume today, and we are well positioned to maintain our leadership role in the market.

我們的 Aries 產品組合繼續表現良好，其中 [ PCI6 ] 解決方案在本季度實現了強勁增長，預計到 2025 年，整個產品組合將同比增長近 70%。大型超大規模資料中心不斷部署客製化 AI 加速器，推動了對 Aries 的需求。我們的 Aries Gen 6 產品是目前業界唯一大規模向客戶出貨的 PCIe 6 DSP 重定時器解決方案，我們完全有能力維持在市場上的領先地位。

We remain very early in the PCIe 6 transition cycle and anticipate additional customers will launch PCIe 6 6 capable AI accelerators and systems throughout 2026 and into 2027. As a result, we expect our Aries product line to continue growing in 2026 and beyond.

我們仍處於 PCIe 6 過渡週期的早期階段，預計在 2026 年和 2027 年，將有更多客戶推出支援 PCIe 6 的 AI 加速器和系統。因此，我們預計 Aries 產品線將在 2026 年及以後繼續成長。

Taurus was our strongest performing product family during Q4 as new programs began shipping in volume to support designs across both AI and general purpose systems. In 2025, we saw Taurus revenue grew by more than 4x year-over-year, driven by a breadth of 400 gig designs that will serve as a baseline for continued growth in 2026. We look for the transition to 800 gig switching platforms to be the next catalyst for market expansion, driving further growth opportunities for Taurus.

在第四季度，Taurus 是我們表現最強勁的產品系列，因為新程式開始大量交付，以支援人工智慧和通用系統的設計。2025 年，Taurus 的營收年增超過 4 倍，這得益於 400 個不同規模的設計，這些設計將成為 2026 年持續成長的基準。我們認為向 800 千兆交換平台的過渡將成為市場擴張的下一個催化劑，為 Taurus 帶來進一步的成長機會。

Finally, we made good progress with our Leo CXL memory expansion products in 2025 and look to build upon that in 2026. We are excited to announce our partnership with Microsoft, Intel, and SAP to enable customers to evaluate CXL memory expansion capabilities for their specific workloads within Microsoft Azure M series CRs machines. This program represents the industry's first publicly announced deployment of CXL attached memory, and we expect initial production volumes to commence in the second half of 2026.

最後，我們在 2025 年的 Leo CXL 記憶體擴展產品方面取得了良好進展，並希望在 2026 年在此基礎上繼續發展。我們很高興地宣布與微軟、英特爾和 SAP 建立合作夥伴關係，使客戶能夠在 Microsoft Azure M 系列 CR 機器中評估 CXL 記憶體擴展功能，以滿足其特定工作負載的需求。該計畫代表了業界首次公開宣布部署 CXL 附加記憶體，我們預計首批產品將於 2026 年下半年開始量產。

Overall, we are proud of the progress we have made in 2025. We added new product lines to service more sockets and address customer applications, increased dollar content per accelerator, diversified our customer base with new design-ins and scale our operations. This progress and a strong track record of technology and operational execution has helped us forge tight relationships with key AI and cloud infrastructure providers. As an example, an update on our relationship with Amazon can be found in our 8-K filed today.

總的來說，我們對2025年的進展感到自豪。我們增加了新的產品線，以服務更多插座並滿足客戶應用需求，提高了每個加速器的美元價值，透過新的設計使我們的客戶群多樣化，並擴大了我們的營運規模。這項進展以及我們在技術和營運執行方面的出色表現，幫助我們與主要的人工智慧和雲端基礎設施供應商建立了緊密的合作關係。例如，您可以在我們今天提交的 8-K 文件中找到有關我們與亞馬遜關係的最新資訊。

Looking at the combination of growing AI infrastructure deployments and the increasing complexity of high-speed interconnect architectures is poised to drive significant growth for the AI connectivity space. We estimate our served addressable market opportunity will expand by more than 10x over the next five years to reach $25 billion. This market opportunity spans our existing and announced copper-based product families, including Aries and Taurus signal conditioning solutions, Scorpio AI fabric switches, Leo CXL Memory Controllers, and our recently announced custom solutions for scale up connectivity.

人工智慧基礎設施部署的不斷增長以及高速互連架構日益複雜化，必將推動人工智慧連接領域的顯著成長。我們預計，未來五年內，我們所服務的潛在市場規模將擴大 10 倍以上，達到 250 億美元。這項市場機會涵蓋了我們現有的和已發布的銅基產品系列，包括 Aries 和 Taurus 訊號調理解決方案、Scorpio AI 交換矩陣交換器、Leo CXL 儲存控制器，以及我們最近發布的用於擴展連接的客製化解決方案。

While these numbers and opportunities are substantial and exciting, there is a significant amount of work that needs to be done. Astera labs is deeply committed to building an A+ team with an execution mindset and capabilities to essential to support our customers' technology roadmap and maximize our share of the large market opportunity ahead of us.

雖然這些數字和機會相當可觀且令人振奮，但仍有大量工作要做。Astera labs 致力於打造一支具有執行思維和能力的 A+ 團隊，以支援客戶的技術路線圖，並最大限度地掌握我們面前的巨大市場機會。

Therefore, we are strategically investing in the expansion of our team and capabilities to execute against a broadening set of revenue opportunities generated by our customers. We took an exciting step in this direction this week with the announcement of a significant expansion in our global engineering operations through the establishment of an advanced design center in Israel. Our investment in this talented ASIC engineering team substantially increases our resource pool and will help accelerate development of cutting-edge, high-bandwidth and custom AI fabrics and emerging AI inference technology.

因此，我們正在策略性地投資於團隊和能力的擴張，以抓住客戶帶來的日益增長的收入機會。本週，我們朝著這個方向邁出了激動人心的一步，宣布將在以色列建立一個先進的設計中心，從而大幅擴展我們的全球工程業務。我們對這支才華橫溢的 ASIC 工程團隊的投資大幅增加了我們的資源池，並將有助於加速尖端、高頻寬和客製化 AI 架構以及新興 AI 推理技術的開發。

I would like to take a moment to thank our global team of Astera, our partners and our vendors who work tirelessly in 2025 to deliver world-class AI connectivity solutions to the market. Their steadfast focus and effort have placed Astera Labs in a position of strength heading into 2026 as we continue solving next-generation AI connectivity challenges.

我想藉此機會感謝 Astera 的全球團隊、我們的合作夥伴和供應商，感謝他們在 2025 年不懈努力，為市場提供世界一流的 AI 連接解決方案。他們堅定不移的專注和努力使 Astera Labs 在邁向 2026 年之際處於有利地位，我們將繼續解決下一代人工智慧連接方面的挑戰。

Finally, we announced today that Mike Tate will transition from the CFO role into a full-time role as a strategic adviser reporting to me. Mike has been instrumental in Astera Labs growth and development since inception, and we are very grateful for his many contributions. We're also very excited to announce Desmond Lynch will join Astera as our new CFO effective March 2. Desmond brings great semiconductor financial experience to the company, and we look forward to drawing on his expertise as we enter our next phase of growth.

最後，我們今天宣布，Mike Tate 將從財務長一職轉任全職策略顧問，直接向我報告工作。自 Astera Labs 成立以來，Mike 一直對公司的發展和壯大起著至關重要的作用，我們非常感謝他所做的許多貢獻。我們也非常高興地宣布，Desmond Lynch 將於 3 月 2 日加入 Astera 擔任財務長。Desmond 為公司帶來了豐富的半導體產業財務經驗，我們期待在他帶領下進入下一個成長階段時，能夠充分發揮他的專業知識。

We're also thankful that Mike will continue to work full time in his new role to support the company and ensure a smooth transition to Desmond. With that, let me turn the call over to our President and CEO, Sanjay Gajendra to outline our vision for growth over the next several years.

我們也感謝麥克將繼續全職擔任新職務，為公司提供支持，並確保順利過渡到德斯蒙德的工作。接下來，我將把電話交給我們的總裁兼執行長桑傑·加金德拉，讓他概述我們未來幾年的發展願景。

Thanks, Jatin, 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 our growth over the next several years. Astera Labs mission is to deliver a purpose-built intelligent connectivity platform with a portfolio of solutions, including silicon hardware and software for rack-scale AI deployments.

謝謝賈廷，大家下午好。今天，我想向大家報告我們最近的執行情況，然後概述未來幾年將推動我們成長的重要市場機會。Astera Labs 的使命是提供一個專用的智慧連接平台，以及一系列解決方案，包括用於機架級 AI 部署的矽硬體和軟體。

Over the past several years, we have been building our portfolio, expanding our capabilities with foundational IP, growing our talent pool and demonstrating the technical and operational execution, which has helped us to establish multi-generation partnerships with leading AI platform and cloud service providers.

過去幾年，我們不斷建立產品組合，透過基礎智慧財產權擴展自身能力，壯大人才庫，並展示技術和營運執行力，這幫助我們與領先的人工智慧平台和雲端服務供應商建立了多代合作夥伴關係。

Looking ahead, we plan to deliver technology enhancements to our core portfolio of AI fabric, signal conditioners and memory controllers, while also expanding our breadth of capabilities to new categories, including custom connectivity solutions, products to address memory bottlenecks in inference applications, optical engines and other optical solutions for scale up and scale-out networks.

展望未來，我們計劃為我們的核心產品組合（人工智慧架構、信號調節器和內存控制器）提供技術增強功能，同時將我們的能力擴展到新的類別，包括定制連接解決方案、解決推理應用中內存瓶頸的產品、光引擎以及用於縱向擴展和橫向擴展網絡的其他光解決方案。

Let me now provide an update on our future product strategy. Starting with AI fabrics. We have been thrilled with the initial traction of Scorpio P-Series and X-Series over the last 18 months. Looking into 2026, we are poised to see diversification with our P-Series solutions for head node connectivity at new hyperscaler customers in addition to the volume ramp of our X-Series solutions for scale-up networking.

現在讓我來介紹一下我們未來的產品策略。從人工智慧面料開始。在過去 18 個月裡，Scorpio P 系列和 X 系列的初步市場反應令我們感到非常興奮。展望 2026 年，我們準備好看到面向新的超大規模資料中心客戶的 P 系列解決方案（用於頭節點連接）實現多元化發展，同時我們的 X 系列解決方案（用於擴展網路）也將實現量產。

Exiting 2026, we expect Astera Labs to continue being the market leading provider of PCIe 6 switching solutions and will become a leading provider of merchant scale-up AI fabrics. Our early engagements have been crucial to our understanding of the nuances of deploying complex AI fabrics at scale while also identifying new and innovative approaches to expand our roadmap. Furthermore, hyperscalers are demanding flexible connectivity solutions optimized for their unique architectural approaches and application needs i.e., one size does not fit all.

預計到 2026 年，Astera Labs 將繼續保持 PCIe 6 交換解決方案市場領先地位，並將成為商家級 AI 架構的領先供應商。我們早期的參與對於我們理解大規模部署複雜人工智慧架構的細微差別至關重要，同時也有助於我們找到新的創新方法來擴展我們的路線圖。此外，超大規模企業需要靈活的連接解決方案，以優化其獨特的架構方法和應用需求，也就是說，沒有一種方案適合所有情況。

These requirements lend themself to our software-defined architecture for silicon products, which will now extend to wider radix configuration multi-protocol support in-network computing and ultimately, the incorporation of photonic switched to accelerator link. These new requirements coupled with larger XPU cluster sizes, are expanding the merchant scale-up switching market opportunity, which we believe will grow to roughly $20 billion annually by 2030.

這些要求非常適合我們為矽產品設計的軟體定義架構，該架構現在將擴展到更廣泛的基數配置多協定支援網路內運算，並最終將光子交換到加速器鏈路。這些新要求，加上更大的 XPU 叢集規模，正在擴大商家規模化交換市場的機會，我們相信到 2030 年，該市場規模將成長到每年約 200 億美元。

Our current road map across PCIe, UALink and platform-specific scale-up topologies put us in pole position to service at least half of this market merchant silicon opportunity in the near to medium term with aspirations to address the entire market opportunity over the next several years.

我們目前在 PCIe、UALink 和特定平台擴展拓撲結構方面的路線圖使我們處於領先地位，能夠在近期到中期內滿足至少一半的市場商用晶片需求，並希望在未來幾年內滿足整個市場需求。

Moving to our signal conditioning portfolio, we saw tremendous growth in 2025 with both Aries and Taurus. Looking into 2026, we anticipate strong additional growth fueled by robust secular trends and technology evolution.

再來看我們的訊號調理產品組合，我們預期 2025 年 Aries 和 Taurus 兩大產品組合將實現巨大成長。展望 2026 年，我們預計在強勁的長期趨勢和技術進步的推動下，將實現強勁的進一步成長。

Across the portfolio, we are well positioned to benefit from forthcoming protocol specification upgrades for PCIe and Ethernet that will double bandwidth capabilities and therefore, drive additional reach extension content. Given the market size and growth rate, we'll continue to heavily invest in these portfolios with current development stretching out to PCIe Gen 7, UALink 200-gig and 1.60 Ethernet applications.

在整個產品組合中，我們已做好充分準備，將受益於即將到來的 PCIe 和乙太網路協定規範升級，這將使頻寬能力翻倍，從而推動更多擴展內容的推出。鑑於市場規模和成長率，我們將繼續大力投資這些產品組合，目前的開發工作已擴展到 PCIe Gen 7、UALink 200G 和 1.60 乙太網路應用。

We remain well positioned as market leaders in both areas, and we look to leverage our AI Fabric engagements to drive additional opportunities within these categories. During Q4, we announced an expansion of our product portfolio to include custom connectivity solutions to address next-generation AI infrastructure featuring heterogeneous compute resources.

我們在這兩個領域仍然保持著市場領先地位，我們希望利用我們在 AI Fabric 方面的合作，在這些領域創造更多機會。第四季度，我們宣布擴大產品組合，納入客製化連接解決方案，以滿足具有異質運算資源的下一代人工智慧基礎設施的需求。

Our initial prospects in the custom solutions space will help to enable NVIDIA's NVLink fusion scale-up architecture for hybrid racks. And we are seeing opportunities to support additional hyperscalers to provide interconnect flexibility and optionality.

我們在客製化解決方案領域的初步前景將有助於實現 NVIDIA 的 NVLink Fusion 混合式機架擴展架構。我們看到了支援更多超大規模資料中心的機會，以提供互連的靈活性和選擇性。

Through close collaboration with hyperscaler customers and leveraging a broad range of foundational technologies and operational expertise, Astera Labs is well positioned to provide a broad set of solutions tailored to custom applications. Next, we are working closely with key customers to define, develop, and build optical connectivity engines for scale-up networking. These silicon photonics solutions will ultimately help to enhance both our AI fabric and signal conditioning portfolios as XPU cluster density scales.

透過與超大規模客戶密切合作，並利用廣泛的基礎技術和營運專業知識，Astera Labs 能夠提供一系列針對客製化應用量身定制的解決方案。接下來，我們將與主要客戶緊密合作，定義、開發和建構用於擴展網路的光纖連接引擎。隨著 XPU 群集密度的擴展，這些矽光子解決方案最終將有助於增強我們的 AI 架構和訊號調理產品組合。

We believe that transition to optical connectivity for scale-up applications will be additive to the overall AI networking market sites with copper and optical link coexisting from a system standpoint. This could more than double the merchant scale-up switching opportunity.

我們認為，從系統角度來看，光纖連接的擴展將對整個人工智慧網路市場（銅纜和光纖鏈路共存的站點）起到促進作用。這可能會使商家規模擴張和轉換的機會增加一倍以上。

Additionally, the discrete high-density connectors added through our XK acquisition are seeing strong interest and are being qualified for scale-up applications. Along with our expanding portfolio of AI platform solutions, we continue to make meaningful progress towards further diversifying our cloud infrastructure customer base.

此外，我們透過收購 XK 而增加的獨立高密度連接器也受到了市場的強烈關注，並正在接受認證，以用於規模化應用。隨著我們人工智慧平台解決方案組合的不斷擴展，我們在進一步實現雲端基礎設施客戶群多元化方面持續取得實質進展。

In 2025, we have seen customer activity and engagement accelerate across all product categories as AI and cloud providers look to Astera Labs to help solve their next-generation infrastructure challenges. Many of these engagements have converted to design wins and will meaningfully broaden revenue across multiple hyperscalers as we exit 2026.

2025 年，我們看到客戶在所有產品類別中的活躍度和參與度都在加速提升，因為人工智慧和雲端供應商都在尋求 Astera Labs 的幫助，以解決其下一代基礎設施挑戰。這些合作項目中有許多已經轉化為設計訂單，到 2026 年底，這些合作項目將顯著擴大多家超大規模資料中心營運商的收入。

In conclusion, Astera Labs has arrived at a critical inflection point. Strong fundamental momentum has been generated over the past several years with solid execution helping to build mature, multi-generation customer relationships. Robust secular trends within rack-scale AI infrastructure and criticality of intelligent connectivity solutions are catalysts for a material expansion of our market opportunity.

總之，Astera Labs 已經到了一個關鍵的轉捩點。過去幾年，強勁的基本面發展勢頭和穩健的執行力幫助公司建立了成熟的、跨世代的客戶關係。機架級人工智慧基礎設施的強勁長期趨勢以及智慧連接解決方案的重要性，將推動我們的市場機會實現實質擴張。

These factors give us the confidence to reinvest in ourselves our customers and our partners to drive the deployment of AI infrastructure. We look forward to scaling our team with the continued strong emphasis on execution and invest to deliver on our rack scale vision throughout 2026.

這些因素讓我們有信心對自己、客戶和合作夥伴進行再投資，以推動人工智慧基礎設施的部署。我們期待在繼續大力加強執行力的基礎上擴大團隊規模，並進行投資，以實現我們在 2026 年的機架規模願景。

With that, I will turn the call over to our CFO, Mike Kate, who will discuss our Q4 financial results and Q1 outlook.

接下來，我將把電話交給我們的財務長麥克凱特，他將討論我們第四季的財務表現和第一季的展望。

Thanks, Sanjay, and thanks to everyone for joining the call. This overview of our Q4 financial results and Q1 guidance will be on a non-GAAP basis. The primary difference in Astera Labs' non-GAAP metrics is stock-based compensation, acquisition-related costs, and its related income tax effects. Please refer to today's press release available on the Investor Relations section of our website for more details on both our GAAP and non-GAAP Q1 financial outlook as well as a reconciliation of our GAAP to non-GAAP financial measures presented on this call.

謝謝桑傑，也謝謝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，對第四季度財務業績和第一季業績展望進行概述。Astera Labs 的非 GAAP 指標的主要差異在於股票選擇權費用、收購相關成本及其相關的所得稅影響。有關我們 GAAP 和非 GAAP 第一季財務展望的更多詳情，以及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 Q4 of 2025, Astera Labs delivered quarterly revenue of $270.6 million which was up 17% versus the previous quarter and 92% higher than the revenue of Q4 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 a wide range of AI rack-level configurations. Scorpio P-Series demand for PCIe Gen 6 switching applications was robust during Q4.

2025 年第四季度，Astera Labs 的季度營收為 2.706 億美元，比上一季成長 17%，比 2024 年第四季的營收成長 92%。本季度，我們的 Scorpio、Aries 和 Taurus 產品線實現了營收成長，這些產品線支援各種 AI 機架級配置的 PCIe 和乙太網路連接，既支援向上擴展也支援向外擴展。第四季度，Scorpio P 系列對 PCIe Gen 6 交換應用的需求強勁。

Scorpio X Series shipped preproduction quantities during the quarter. Aries demonstrated growth during the quarter with Aries 6 revenue growing strongly as we began shipping PCIe Gen 6 SCMs for scale-up topologies in high volume. Taurus displayed strong growth during the quarter driven by the ramp of new 400-gig programs for scale-out connectivity for both AI systems and general purpose platforms.

本季已交付 Scorpio X 系列的預生產數量。本季 Aries 實現了成長，Aries 6 的營收也強勁成長，因為我們開始大量出貨用於擴展拓撲結構的 PCIe Gen 6 SCM。Taurus 在本季度實現了強勁成長，這得益於 AI 系統和通用平台的橫向擴展連接的 400G 新專案的快速推進。

Q4 non-GAAP gross margin was 75.7% and was down 70 basis points from the September quarter levels, primarily due to a higher mix of hardware sales. Non-GAAP operating expenses for Q4 was $96 million or up $16 million from the previous quarter due to the continued expansion of our R&D organization, including the aiXscale acquisition that closed during the quarter. Within Q4 non-GAAP operating expenses, R&D expenses were $70.7 million. Sales and marketing expenses were $11.1 million and general and administrative expenses were $14.2 million.

第四季非GAAP毛利率為75.7%，比9月季度水準下降了70個基點，主要是由於硬體銷售佔比更高。由於研發機構的持續擴張，包括本季完成的對 aiXscale 的收購，第四季度非 GAAP 營運費用為 9,600 萬美元，比上一季增加了 1,600 萬美元。在第四季非GAAP營運費用中，研發費用為7,070萬美元。銷售及行銷費用為 1,110 萬美元，一般及行政費用為 1,420 萬美元。

Non-GAAP operating margins for Q4 was 40.2% down 150 basis points from the previous quarter. Interest income in Q4 was $12 million. Our non-GAAP tax rate for Q4 was 13%. Non-GAAP fully diluted share count for Q4 was 181.2 million shares, and our non-GAAP diluted earnings per share for the quarter was $0.58. Cash flow from operating activities for Q4 was $95.3 million, and we ended the quarter with cash, cash equivalents, and marketable securities of $1.19 billion.

第四季非GAAP營業利益率為40.2%，較上一季下降150個基點。第四季利息收入為1200萬美元。我們第四季的非GAAP稅率為13%。第四季非GAAP完全稀釋後股份數為1.812億股，該季非GAAP稀釋後每股收益為0.58美元。第四季經營活動產生的現金流量為9,530萬美元，季末我們持有的現金、現金等價物及有價證券為11.9億美元。

Now turning to our guidance for Q1 of fiscal 2026. We expect Q1 revenues to increase within a range of $286 million and $297 million, up roughly 6% to 10% from the fourth-quarter levels. For Q1, we expect Aries growth to be driven by a variety of AI platforms across both scale-up and scale-out connectivity.

現在來看看我們對 2026 財年第一季的業績預期。我們預計第一季營收將在 2.86 億美元至 2.97 億美元之間成長，比第四季水準成長約 6% 至 10%。我們預計，第一季 Aries 的成長將由各種 AI 平台在橫向擴展和縱向擴展連接方面的應用所驅動。

Taurus growth is expected to be driven by increased volumes of 400 gig designs for AI scale-out connectivity. And Scorpio growth will be primarily driven by the continued deployment of our P-Series solutions for scale-out applications and initial volumes of our Scorpio X-Series for scale-up switching.

Taurus 的成長預計將受到用於 AI 橫向擴展連接的 400 Gb 設計數量的增加的推動。Scorpio 的成長將主要由我們面向橫向擴展應用的 P 系列解決方案的持續部署以及面向縱向擴展交換的 Scorpio X 系列的初始產量所驅動。

We expect Q1 non-GAAP gross margins to be approximately 74% with the increased mix of our hardware-based solutions in the quarter. We expect first-quarter non-GAAP operating expenses to be in the range of approximately $112 million to $118 million. As previously outlined, our customers continue to present us numerous large revenue opportunities for AI connectivity solutions. The planned increase in operating expenses will enable us to capitalize on these opportunities.

由於本季硬體解決方案的佔比增加，我們預計第一季非GAAP毛利率約為74%。我們預計第一季非GAAP營運費用將在1.12億美元至1.18億美元之間。如前所述，我們的客戶不斷為我們提供人工智慧連接解決方案方面的大量巨大收入機會。計劃增加的營運費用將使我們能夠抓住這些機會。

This guidance includes expenses related to an aquihire transaction we closed this quarter, which helped us rapidly scale our recently announced Israel Design Center. Interest income is expected to be approximately $11 million. Our non-GAAP tax rate should be approximately 12%, our non-GAAP fully diluted share count is expected to be approximately 184 million shares. Adding this all up, we are expecting non-GAAP fully diluted earnings per share to be approximately $0.53 to $0.54.

該指導方針包括與我們本季完成的收購交易相關的費用，該交易幫助我們迅速擴大了最近宣布成立的以色列設計中心的規模。預計利息收入約1100萬美元。我們的非GAAP稅率約為12%，我們的非GAAP完全稀釋後股份數量預計約為1.84億股。綜合以上因素，我們預期非GAAP完全稀釋後每股盈餘約為0.53美元至0.54美元。

Lastly, I would like to welcome Desmond as our new incoming CFO, and I believe is a perfect fit for the company at this exciting stage of the company's growth trajectory. I look forward to continuing to support the company in my new role, while also ensuring a smooth CFO transition. This concludes our prepared remarks. And once again, we appreciate everyone joining the call. And now we will open the line for questions.

最後，我謹代表公司歡迎 Desmond 加入我們，擔任財務長一職。我相信，在公司發展歷程中這個令人興奮的階段，Desmond 是公司非常合適的財務長人選。我期待在新職位上繼續支持公司發展，同時確保財務長的平穩過渡。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。

Operator?

操作員？

(Operator Instructions)

（操作說明）

Blayne Curtis, Jefferies.

布萊恩·柯蒂斯，傑富瑞。

Congrats on the results and congrats, Mike, on the new role. I just want to ask you, obviously, this warrant $6.5 billion is a huge number. So I might already know the answer, but I wanted to ask you about -- it seems like one of the biggest debates is still the acceptance of UALink for these next-gen designs. You mentioned two lead customers mentioning it. I'm just kind of curious, as people think about your UALink switch opportunity, particularly your largest customer versus the custom connectivity and maybe them using NVLink.

恭喜你們取得好成績，也恭喜麥克榮任新職。我只想問你，很顯然，這份價值 65 億美元的認股權證是一個巨大的數字。我可能已經知道答案了，但我還是想問你——目前最大的爭論之一似乎是 UALink 在這些下一代設計中的接受度。您提到有兩個主要客戶提到了這一點。我只是有點好奇，當人們考慮你們的 UALink 交換器機會時，特別是你們最大的客戶與定制連接以及他們可能使用 NVLink 的情況相比如何。

Just kind of curious with this deal, is there any better visibility if you can kind of think about that mix between hybrid boxes and native UALink for these (technical difficulty) customers.

我只是有點好奇，對於這些（技術難題）客戶來說，如果能考慮一下混合型機上盒和原生 UALink 的組合，是否會有更好的可見性。

Thanks, Blayne. Maybe let me start and then Mike can chime in on the warrant itself. So yes, clearly, AWS announced at re:Inven that the Trainium 4, which is slated to ramp in 2027, will support UALink which was a very positive endorsement of UALink as well as support for NVLink Fusion. Subsequently, AMD has also announced that their MI 500 series will also support UALink again in 2027. So these are two very good public announcements in support of UALink and there are several other discussions that are ongoing.

謝謝你，布萊恩。或許我可以先開始，然後麥克可以就搜索令本身發表意見。所以，很明顯，AWS 在 re:Inven 大會上宣布，計劃於 2027 年推出的 Trainium 4 將支持 UALink，這無疑是對 UALink 的非常積極的認可，同時也支持 NVLink Fusion。隨後，AMD 也宣布其 MI 500 系列將於 2027 年再次支援 UALink。所以，這是兩項非常好的公開聲明，支持 UALink，目前還有其他幾項討論正在進行中。

UALink ecosystem is humming. We've got great availability of IP, a lot of vendor announcements and so on. And so we will be ready with our UALink solution to intercept the ramp that happens in 2027. Now for NVLink Fusion, this also represents a meaningful opportunity for us. And then before we jump into what the opportunities, I do want to call out the fact that both Amazon, the hyperscaler as well as NVIDIA have chosen Astera as a partner.

UALink 生態系運作良好。我們擁有大量的智慧財產權資源，廠商也發布了許多公告等等。因此，我們將利用 UALink 解決方案做好準備，以應對 2027 年出現的成長高峰。對 NVLink Fusion 而言，這也代表著一個意義重大的機會。在我們深入探討機會之前，我想指出，亞馬遜（一家超大規模資料中心營運商）和英偉達都選擇了 Astera 作為合作夥伴。

And that's a very important statement in terms of the trust that they place in the Astera Labs. So the opportunity itself is to take the native protocol that the XPU or the ASIC speaks and translate that into NVLink. This is a sophisticated question, and we have a solution that we will deploy to address this and given the fact that the solution attaches to the XPU on a one to one basis, we anticipate the overall revenues to be in line with [ a switch ] opportunity where we might be selling a UVLink switch.

這充分體現了他們對 Astera Labs 的信任，意義非凡。因此，機會在於將 XPU 或 ASIC 所使用的原生協定轉換為 NVLink 協定。這是一個複雜的問題，我們有一個解決方案，我們將部署該方案來解決這個問題。鑑於該解決方案與 XPU 一對一連接，我們預計整體收入將與我們銷售 UVLink 交換器的機會相符。

So all in all, exact mix of how much NVLink Fusion would be deployed versus a native solution would be deployed remains to be seen. But for us, the opportunity is roughly the same for both.

總而言之，NVLink Fusion 和原生解決方案的具體部署比例仍有待觀察。但對我們來說，兩者的機會大致相同。

Yes. And just to point out, we did file under 8-K warrant agreement with Amazon today. It demonstrates our strong relationship with Amazon. Under the terms of the warrant agreement, we're issuing 3.3 million warrant shares that best upon the achievement of performance conditions comprised specified tranches of payments to purchase up to $6.5 billion of our Smart Fabric switches, signal conditioning products and also our optical engine solutions.

是的。另外要指出的是，我們今天確實根據 8-K 認股權證協議向亞馬遜提交了申請。這體現了我們與亞馬遜的牢固關係。根據認股權證協議的條款，我們將發行 330 萬股認股權證，在達到業績條件後，我們將分期支付款項，用於購買價值高達 65 億美元的智慧光纖交換器、訊號調理產品以及光引擎解決方案。

I actually wanted to ask you on the last part. I thought it was interesting you've been talking more about optical; it's part of that warrant agreement. Can you maybe just talk about -- you talked about it doubling your TAM maybe timing on that?

我其實想問你最後一部分的問題。我覺得你最近更多地談到光學方面很有意思；這是授權協議的一部分。您能否談談—您之前提到將TAM翻倍，以及相關的時機安排？

So we think that -- when we think that the optical for scale up, the timing should be somewhere in 2028. We do believe that the initial deployment for optical technology CPO, in particular, might happen with scale out and that might precede the deployment of scale-up.

所以我們認為——當我們認為光學技術需要擴大規模時，時間應該在 2028 年左右。我們相信，特別是光技術 CPO 的初始部署可能會以橫向擴展的方式進行，並且可能會先於縱向擴展的部署。

Joe Moore, Morgan Stanley.

喬摩爾，摩根士丹利。

You talked a little bit about the OpEx increase. I guess, it's a pretty big step function up. Can you talk about was the acquisition part of that? I know it was small. And then as you look out to these optical scale-up aspirations, I assume that's expensive. Just kind of any incremental sense of why the OpEx is coming up so much so quickly?

您剛才稍微談到了營運成本的成長。我想，這算是相當大的階躍式提升吧。您能談談收購是否是其中的一部分嗎？我知道它很小。然後，當你展望這些光學規模化發展的目標時，我認為那會很昂貴。只是想了解為什麼營運支出成長得這麼快？

Yes, Joe, over the last couple of quarters, we've been coming -- having a lot of advanced dialogues with our customers, and they're presenting us significant revenue opportunities that we really felt now is the time to really invest in. As we spoke on the call, the TAM is much bigger than we originally expected, just when we measured it just 12, 18 months ago, so we are increasing our investments to pursue these opportunities.

是的，喬，在過去的幾個季度裡，我們與客戶進行了很多深入的對話，他們向我們展示了重要的收入機會，我們真的覺得現在是真正投資的時候了。正如我們在電話會議中所說，TAM 比我們最初預期的要大得多，而我們僅在 12 到 18 個月前才對其進行了評估，因此我們正在增加投資以抓住這些機會。

Last quarter in Q4, we did close the aiXscale acquisition. So now we have a full quarter in Q1. And then just recently, in this quarter, we closed another aquahire, where we got a very sizable capability to help us scale up our new Israel design center, where we just also brought in a very exciting capable leadership as well. So this is all to pursue these opportunities. Our customers are pushing us to develop for them.

上個季度（第四季），我們完成了對 aiXscale 的收購。現在我們已經完整地完成了第一季。就在最近，在本季度，我們完成了另一項招聘，獲得了相當可觀的能力，以幫助我們擴大在以色列的新設計中心的規模，同時我們也引進了一支非常優秀且能力出眾的領導團隊。這一切都是為了抓住這些機會。我們的客戶不斷推動我們為他們開發產品。

Okay. And then you talked about UALink I know there was also a fair amount of noise over the course of the quarter about ESUN Ethernet scale up. Can you just kind of talk about the handicapping those two technologies and how you see those technologies coexisting going forward?

好的。然後你談到了 UALink，我知道本季也有很多關於 ESUN 乙太網路規模擴張的討論。您能否談談這兩種技術的局限性，以及您認為這兩種技術未來將如何共存？

Yes. So the scale up networking, Joe, it remains a very large market, and it will include proprietary approaches such as NVLink or Google's (technical difficulty) and will also include the merchant and standard approaches such as PCi Express, UALink, Ethernet and ESUN. What we are seeing is that hyperscalers are going to leverage the type of solutions that their software stack is designed for.

是的。所以，Joe，規模化網路仍然是一個非常大的市場，它將包括 NVLink 或 Google 的專有方法（技術難度），還將包括 PCi Express、UALink、乙太網路和 ESUN 等商用和標準方法。我們看到的是，超大規模資料中心營運商將會利用其軟體堆疊所設計的解決方案類型。

So for example, if a customer is using a memory-centric protocol like NVLink or like PCI Express, they are likely to continue to use that and transition to UALink as those solutions become available. At the same time, the customers that are using Ethernet are likely to stay with Ethernet and then maybe move to ESUN and when ESUN becomes available.

例如，如果客戶正在使用像 NVLink 或 PCI Express 這樣的以記憶體為中心的協議，他們可能會繼續使用該協議，並在 UALink 等解決方案可用時過渡到 UALink。同時，使用乙太網路的客戶可能會繼續使用以太網，然後可能會在 ESUN 可用時遷移到 ESUN。

This is overall a very big market, and there is a lot of room for different solutions will coexist. And we do indeed think that these solutions will coexist. We are primarily developing solutions where our customers are asking us to, which happens to be PC Express UALink and now increasingly on NVLink fusion.

整體而言，這是一個非常大的市場，各種不同的解決方案完全可以共存。我們確實認為這些解決方案可以共存。我們主要開發客戶要求的解決方案，目前包括 PC Express UALink，以及現在越來越多的 NVLink Fusion。

Vivek Arya, Bank of America.

Vivek Arya，美國銀行。

On Scorpio, I'm curious if it achieved that 20% of sales, I think, milestone that you had set in Q4. And if it did, is this kind of $200-ish million -- with this $200 million run rate, where do you see the outlook for Scorpio at a high level for 2026?

關於 Scorpio，我很好奇它是否達到了您在第四季度設定的 20% 的銷售額里程碑。如果真是如此，這大概是 2 億美元左右的水平——以 2 億美元的運行速度，你認為 Scorpio 在 2026 年的高水準前景如何？

Yes, Scorpio continues to perform very well. It just launched for the first time in Q2 of this year, and it did break above our 15% for the year, and it grew very nicely in Q4. This is all on the Scorpio P primarily, which is scale-out switching. We did say we just started to ship initial volumes here in Scorpio we'll have increasing volumes as we enter into 2026 with a much more material ramp in the back half of the year. So Scorpio by far is our biggest TAM right now. So it's growing at a very fast clip as a result of that.

是的，天蠍座的表現依然非常出色。它在今年第二季度首次推出，並且確實突破了我們全年 15% 的目標，並且在第四季度增長得非常好。這主要都發生在 Scorpio P 上，它採用的是橫向擴展交換技術。我們之前說過，我們剛開始在 Scorpio 出貨，隨著進入 2026 年，出貨量將會增加，下半年的產量將大幅成長。所以，就目前而言，天蠍座是我們最大的潛在市場。因此，它的成長速度非常快。

Okay. And for my follow-up, Jitendra, how do you see your content as NVIDIA moves to the Vera Rubin generation versus the Blackwell generation, right? And how do you see whatever the NVIDIA racks are deployed in the Vera Rubin, do you think they let them capture more of their proprietary content? Or do you still see enough opportunity for Astera, wherever Vera Rubin is installed?

好的。Jitendra，我的後續問題是，隨著 NVIDIA 從 Vera Rubin 時代過渡到 Blackwell 時代，你如何看待你的內容？那麼，您如何看待 NVIDIA 在 Vera Rubin 部署的機架呢？您認為它們是否能幫助 NVIDIA 捕獲更多其專有內容？或者，您仍然認為，無論 Vera Rubin 在哪裡，Astera 都有足夠的機會？

Yes, great question. So as we have established now that the opportunity for Astera arises when our customers do custom deployments of the (technical difficulty) well or in the future Vera Rubin reference design. We have very minimal opportunity with the reference design itself. The initial ramps that Mike just referred to are what happening as part of these customized deployment of Grace Blackwell platform by our lead hyperscaler customers. And as the hyperscaler customer announced at their public event, they want to continue to deploy Vera Rubin also as a custom deployment.

是的，問得好。因此，正如我們現在已經確定的，當我們的客戶對（技術難題）井或未來的 Vera Rubin 參考設計進行客製化部署時，Astera 的機會就出現了。我們利用參考設計本身所能獲得的機會非常有限。Mike 剛才提到的初步爬坡階段，正是我們領先的超大規模客戶對 Grace Blackwell 平台進行客製化部署時所經歷的階段。正如這家超大規模資料中心客戶在其公開活動中宣布的那樣，他們希望繼續以客製化部署的方式部署 Vera Rubin。

So we will certainly do our best to make sure that we are part of that solution as well as the designs transition from Grace Blackwell to Vera Rubin.

因此，我們一定會盡最大努力確保我們成為解決方案的一部分，以及設計從 Grace Blackwell 過渡到 Vera Rubin 的過程。

Tore Svanberg, Stifel.

Tore Svanberg，Stifel。

Congratulations on the results and Mike, congratulations on your new role. I had a follow-up question for Sanjay. Sanjay, when you talked about the SAM by 2030, $20 billion, you'll be able to address half of that today. But you said PCI, UALink and then platform-specific scale-up topologies. And I'm just curious, is the world changing a little bit where there's less reliance on standards and there's more platform-specific scale-up initiatives? And is that also why you're stepping up your OpEx as much as you are this quarter?

恭喜你們取得好成績，也恭喜麥克榮升新職。我還有一個後續問題想問桑傑。Sanjay，你之前提到到 2030 年 SAM 將達到 200 億美元，現在你就能解決其中的一半了。但你提到了 PCI、UALink，以及特定於平台的縱向擴展拓樸。我很好奇，世界是否正在發生一些變化，對標準的依賴性降低，而針對特定平台的規模化發展計畫增加？這也是你們本季大幅增加營運支出的原因嗎？

So if you think of a scale-up topology, you're interconnecting accelerators. And to that standpoint, the accelerators could be a merchant silicon or could be an internal custom ASIC. And because these are homogeneous planes and everyone is trying to eke out the maximum amount of bandwidth and performance on the connectivity side, so in general, what you will expect is there is quite a bit of customization that will be needed.

所以，如果你考慮一個可擴展的拓樸結構，你就是將加速器互連。從這個角度來看，加速器可以是商用晶片，也可以是內部客製化的ASIC晶片。因為這些都是同質化的平台，每個人都試圖在連接方面榨取最大的頻寬和性能，所以總的來說，你會預料到需要進行相當多的客製化。

Now with Astera, we are unique in the sense that our fabrics are designed to be software defined in the sense that they can be updated to do certain things that are custom and optimized for the specific scale-up topology. So what we have tried to do is not do one silicon for every opportunity, but to be able to leverage the same piece of silicon, but to be able to customize that in many different ways.

現在，Astera 的獨特之處在於，我們的網路架構是軟體定義的，也就是說，它們可以進行更新，以執行某些針對特定擴展拓撲結構進行客製化和最佳化的功能。因此，我們嘗試做的不是為每個機會開發一種晶片，而是能夠利用同一塊晶片，但能夠以多種不同的方式對其進行自訂。

So in some ways, we are making sure that the investment that we do is [ banish ] and the differentiation comes from software rather than keep doing a unique silicon for everyone. Now having said that, the thing that we are seeing is a tremendous influx of opportunities. And that's largely coming from the fact that we have spent about 12 to 15 months, sort of being in the scale-up domain, and we have learned a lot.

因此，在某種程度上，我們正​​在確保我們所做的投資是[摒棄]，差異化來自軟體，而不是繼續為每個人開發獨特的晶片。話雖如此，我們現在看到的是大量機會的湧入。這主要是因為我們花了大約 12 到 15 個月的時間，處於規模化發展階段，學到了很多東西。

There's a lot of unique things that become critical when you're designing kilo fabrics and that learning has enabled us to better present our solution as well as the feature set that we're incorporating in our new product lines, and those are gaining interest and support from several new customers. And to support that is where we see a need to step up our R&D meaning the time to invest is now. And this will help us as we think about the longer-term growth of the company as well as our position in the scale of market.

在設計公斤級布料時，有許多獨特的因素會變得至關重要，而這些經驗使我們能夠更好地展示我們的解決方案以及我們在新產品線中加入的功能集，這些解決方案和功能集正在獲得一些新客戶的興趣和支持。為了支持這一點，我們認為需要加大研發投入，這意味著現在是投資的時候了。這將有助於我們思考公司的長期發展以及我們在市場規模中的地位。

That's great color. And also a follow-up for you to Jitendra. Just to clarify, I think you said Scorpio X. Pre-production is still first half of this year, then you start the ramp with your lead customer second half. But I think you also said that you expect to have some preproduction with additional customers beyond your lead customer in the second half with ramps in '27? I just want to make sure that I got that right.

顏色真好看。還有一點要跟進，Jitendra。我澄清一下，我想你說的是 Scorpio X。預生產階段仍在今年上半年，然後下半年開始為主要客戶量產。但我記得你也說過，你預計在下半年會與主要客戶以外的其他客戶進行一些預生產，並在 2027 年啟動專案？我只是想確認一下我理解得是否正確。

Yes, that's correct. There is a lot of traction for the Scorpio X family for customers who are trying to use PCI Express in the memory-centric protocol further scale up. We are feeling so many different costs, and we expect some of those to get qualified towards the end of this year and then ramp in '27.

是的，沒錯。對於希望在以記憶體為中心的協議中使用 PCI Express 進一步擴展的客戶來說，Scorpio X 系列產品具有很大的吸引力。我們面臨著許多不同的成本，我們預計其中一些成本將在今年年底前獲得批准，然後在 2027 年逐步增加。

Ross Seymore, Deutsche Bank.

羅斯·西摩，德意志銀行。

And Mike, congrats on the new role, you'll be missed. I guess my first question is on the OpEx side of things. You're basically spending about $100 million run rate more than you were prior. I guess that the revenue opportunity is larger. But can you give us a little bit of idea on what the time to revenue would be in this when you say now is the time to invest.

麥克，祝賀你榮升新職，我們會想念你的。我想問的第一個問題是關於營運支出方面的。你們現在的年均支出比以前多了約 1 億美元。我認為獲利機會更大。但是，既然您說現在是投資的好時機，您能否給我們簡單介紹一下，這個專案需要多長時間才能產生收益？

I know the 2030 numbers are big, but is that when today's investment pays off? Or should we expect things sooner than that? Just any more color on the OpEx would be helpful.

我知道 2030 年的數字很大，但那時今天的投資就能獲得回報嗎？或者我們應該預期事情會更快發生？如果營運支出方面能提供更多細節資訊就更好了。

Yes. There is a range, but the technology that we're developing does have a longer lead time, but there are new opportunities that can be turned into silicon relatively shorter and then you have the qualification process with the customers. But you could see from start to revenues in 18, 24 months on the earlier side. But also keep in mind, we've been looking at optical from the inception of the company, knowing that at some point, it was going to be very important as a connectivity supplier.

是的。雖然存在多種可能性，但我們正在開發的技術確實需要更長的開發週期，不過也存在一些新的機會，可以相對較短地轉化為矽晶片，然後還需要經過客戶的認證流程。但從一開始到獲得收入，最快也只花了 18 到 24 個月。但也要記住，從公司成立之初，我們就一直在關注光纖技術，因為我們知道，在某種程度上，光纖作為連接供應商將會非常重要。

So we've been putting the pieces together internally and including the new acquisition that we had last year. But we're building something internal that other companies are paying billions of dollars for it to get externally. So -- and by doing this, we're doing it the right way, and we're building (technical difficulty) way along with the input from our customers. So our development is closely in line with input from our customers as well.

因此，我們一直在內部整合各方力量，包括去年新收購的公司。但我們正在內部建立的東西，其他公司卻要花費數十億美元才能從外部獲得。所以——透過這樣做，我們正以正確的方式進行，並且我們正在根據客戶的回饋逐步建立（技術難度）。因此，我們的研發工作也與客戶的回饋意見緊密相關。

I guess, Mike, as my follow-up on -- to the Scorpio family. I believe you said it crossed 15% of sales in 2025. So I just want to clarify if that was true. But perhaps more importantly, sort of bogeys as far as the growth rate this year. I believe in the past, you talked about it would cross over and become your biggest product line at some point this year. Is that still the case? Any updates on those sorts of timing and magnitude?

我想，麥克，作為我對——天蠍座家族的後續回應。我記得你說過，到 2025 年，它的銷售額將超過 15%。所以我想確認一下這件事是否屬實。但或許更重要的是，今年的成長率存在一些隱憂。我相信你之前說過，它會在今年某個時候成為你最大的產品線。現在情況仍然如此嗎？關於這類時間安排和規模方面有任何最新進展嗎？

Yes. So yes, so we originally set up for a 10% bogey, we did cross above 15% for 2025. And again, that's all just P-Series, X is for scale up is a much bigger, larger TAM for us and that we're starting to shift initial volumes in the first half, but the more material step up in the back half. So the commonization of those 2 will put us on a trajectory for it to be our biggest product line. But Aries and Taurus and Leo are all growing as well.

是的。是的，我們最初設定的偏差值為 10%，但到 2025 年，偏差值超過了 15%。再說一遍，以上都只是 P 系列，X 系列代表規模化，對我們來說，它代表著更大的市場規模，我們上半年開始逐步擴大初始產量，但下半年會有更多材料投入生產。因此，這兩項技術的整合將使我們走上發展道路，使其成為我們最大的產品線。但牡羊座、金牛座和獅子座也都在成長。

So it's hard to know exactly when we cross over. But definitely at some point, it will. It will -- it's going to drive very good revenue growth for us.

所以很難確切地知道我們何時會跨越這個界線。但肯定在某個時候，這種情況會發生。它會——它將為我們帶來非常好的收入成長。

Sebastien Naji, William Blair.

塞巴斯蒂安·納吉，威廉·布萊爾。

Congrats on the results. Just in terms of the more customized solutions that you're building, is it right to think that your average ASP for the solution or the content opportunity should go up meaningfully versus some of your existing products? And is there anything to call out in terms of maybe a different margin or different profitability profile for those solutions?

恭喜取得好成績。就您正在建立的更具客製化的解決方案而言，是否可以認為，與您現有的一些產品相比，該解決方案或內容機會的平均 ASP 應該有顯著提高？那麼，這些解決方案在利潤率或獲利能力方面是否有任何需要特別指出的地方呢？

And to confirm, you're referring to the Scorpio X?

再次確認一下，您指的是天蠍座X嗎？

That's right.

這是正確的。

Or the customs, sorry, I didn't hear the first part.

或是海關方面，抱歉，我沒聽清楚前半部。

Yes. Sir, for the customized solutions that you're building for some of your hyperscale customers?

是的。先生，您是為一些超大規模客戶建立客製化解決方案嗎？

Yes. So the custom solutions that we build like, for example, the NVLink Fusion opportunity that we noted. So the engagement model, of course, tends to be different. But the attach rate will also tend to be higher. So I think from a volume standpoint, it will be at a certain rate. But the ASP is there will be some considerations that have to be applied because there will be blocks that will come from the partners that we work with.

是的。因此，我們建立的客製化解決方案，例如我們提到的 NVLink Fusion 機會。因此，參與模式當然會有所不同。但附加率也往往會更高。所以我覺得從數量上看，它會保持一定的速度。但是，ASP 需要考慮一些因素，因為我們合作的夥伴可能會提出一些限制。

So end of the day, I think, like Jitendra highlighted, when it comes to our revenue content, both based on a native switch versus a custom solution, things sort of even up where on the native switches, it tends to be one switch being shared across a few accelerators whereas in the custom solution type of products, you are doing it on per accelerator, which means that you will have higher attach rate, although the ASP might not be at the same level.

所以歸根結底，我認為，就像 Jitendra 強調的那樣，就我們的收入內容而言，無論是基於原生交換機還是客製化解決方案，情況都差不多。原生交換器往往是一個交換器被幾個加速器共享，而客製化解決方案類型的產品則是每個加速器單獨進行，這意味著附加率會更高，儘管平均售價可能達不到相同的水平。

Sebastian, in general, a helpful thing that we've found is every generation of XPU, our content has grown up so far. And we continue to head in that direction to having more dollar content per XPU generation.

Sebastian，總的來說，我們發現一個很有幫助的方面是，每一代 XPU，我們的內容都得到了極大的提升。我們將繼續朝著這個方向努力，爭取每代 XPU 都包含更多價值美元的內容。

Got it. Okay. That's really helpful. And maybe as a quick follow-up just on the Taurus line. Is there a way to think about how much of the strong growth you're seeing there is coming from just strong underlying market growth versus Astera's ability to gain share in that market?

知道了。好的。這真的很有幫助。或許可以簡單跟進一下金牛座的話題。有沒有辦法判斷你看到的強勁成長有多少是源自於強勁的潛在市場成長，又有多少是源自於 Astera 在該市場中獲得份額的能力？

Yes. So it's -- I want to say both, but definitely the speeds have gone up from 400 to 800 gig. The need for active components, whether it's onboard or within cables in the form of AEC is growing. So that fact is not changing. Our business model is slightly different, as probably you're aware, we don't do the whole cable.

是的。所以——我想說兩者都有，但速度肯定從 400 Gbps 提高到了 800 Gbps。無論是板載或電纜中的主動元件，對主動元件的需求都在成長。所以這個事實並沒有改變。我們的商業模式略有不同，您可能也知道，我們不做整條電纜。

We do the modules that go inside the cable assemblies and rely on our cable partners to provide the at-scale deployment with multiple vendors supporting the same opportunity. So to that standpoint, what I would say is that we are seeing that transition happening.

我們負責生產電纜組件內部的模組，並依靠我們的電纜合作夥伴提供大規模部署，多個供應商共同支援同一專案。所以從這個角度來看，我想說的是，我們正在目睹這種轉變的發生。

You can see that with some of the numbers that we shared today. Our Taurus revenue has gone up Q4. And generally for the whole year, it's about four times. So we expect that trend to continue. Again, we won't be called in on day 1 because of the business model that we have.

從我們今天分享的一些數據中就可以看出這一點。我們的 Taurus 業務收入在第四季度有所成長。而一年下來，通常大約是四次。因此，我們預計這種趨勢將會持續下去。再次強調，由於我們採用的商業模式，我們不會在第一時間就被召集起來。

But as volume picks up even for 800 gig, what we're expecting is that Astera will come in strong with multiple cable suppliers using our module to support the high-volume brand.

但隨著 800 Gb 的銷量不斷增長，我們預計 Astera 將強勢崛起，多家線纜供應商將使用我們的模組來支持這個大批量品牌。

Sean O'Loughlin, TD Cowen

肖恩·奧洛克林，TD考恩

I have a question and congrats on nice results. And Mike, congrats on your retirement and hopefully, a little bit of an easier new role at the company here. I wanted to ask on the warrant agreement. And maybe get some background on sort of, one, there's a period of exercise to 2033, I believe. And then there's a dollar amount associated with it to the extent that you're able to talk about sort of what drove the two companies to reach the agreement?

我有個問題，恭喜你取得了不錯的成績。麥克，恭喜你退休，希望你在公司裡能找到一份輕鬆的新工作。我想問一下關於授權協議的問題。或許還可以了解一下背景，例如，我相信，到 2033 年會有一段運動期。然後，這其中還涉及到具體的金額，因此，你能否談談是什麼促使這兩家公司達成協議？

And is this -- should we think about this as maybe like incremental to what you already had expected to be doing with that customer over that time frame? And then anything you could give on linearity that would be great.

那麼，我們是否應該將此視為您在預期的時間範圍內為該客戶所做工作的增量呢？如果您能提供任何關於線性方面的信息，那就太好了。

Yes. I can't go into much more detail than what we publicly disclosed. In the 8-K, we did file the full warrant agreement. So you can get some of the more material terms out of that filing. It does demonstrate the strong relationship that we have with Amazon.

是的。我無法透露比我們公開披露的資訊更多細節。我們在 8-K 文件中提交了完整的認股權證協議。這樣你就可以從這份文件中獲得一些更重要的條款。這確實體現了我們與亞馬遜之間的牢固關係。

This is a follow-on warrant. We've had a previous warrant agreement in place. And what happens is the warrants are earned as revenue milestones are achieved, which is the $6.5 billion that we outlined. This -- to account for the warrant, you do take a noncash charge for the value of what Vest, and that goes directly against revenue and effectively directly against gross margins as well. So as the warrants are achieved, we are kind of modelling a noncash hit to gross margins of about two points a quarter starting kind of in the Q2 time frame. The warrants have a like you outlined for seven years.

這是一份後續搜索令。我們之前已經簽訂認股權證協議。具體來說，當達到營收里程碑時，即可獲得認股權證，而我們先前提到的目標就是 65 億美元。為了核算認股權證，您需要對 Vest 的價值提列非現金費用，這直接影響收入，實際上也直接影響毛利率。因此，隨著認股權證的兌現，我們預計從第二季開始，毛利率將受到約每季兩個百分點的非現金衝擊。逮捕令的內容正如你所描述的，有效期為七年。

Great. And if I could ask another, unfortunately, financial follow-up. On the NVLink Fusion agreements and whether it's with Amazon or whether it's with any other hyperscaler that might adopt that topology. What is the -- what does that financial arrangement look like? Is that a license that the hyperscaler is paying directly to NVIDIA and they sort of grant you the IP?

偉大的。如果可以的話，我想再問一個問題，很遺憾，是關於財務方面的後續問題。關於 NVLink Fusion 協議，以及是與亞馬遜還是與任何其他可能採用該拓撲結構的超大規模營運商。這種財務安排具體是什麼樣的呢？這是超大規模資料中心業者直接向英偉達支付授權費，然後英偉達授予你智慧財產權的許可嗎？

Or is that something that gets incorporated into the ASP and the margin profile of that product?

或者說，這部分因素已經計入該產品的平均售價和利潤率了？

Yes. obviously, we can't answer that question just given all the NDAs and other things that we need to be respectful of. In general, what I would say is that it opens up a completely new set of opportunities for us to play in NVLink ecosystem, which we did not had a play so far. So to that standpoint, this is additive to everything that we are talking about. In terms of the exact business model, I think we'll let hyperscalers or NVIDIA provide more color.

是的，顯然，鑑於我們需要遵守的保密協議和其他規定，我們不能回答這個問題。總的來說，我認為這為我們在 NVLink 生態系統中開展業務開闢了全新的機遇，而我們以前從未涉足過這個領域。所以從這個角度來看，這可以作為我們正在討論的所有內容的補充。至於具體的商業模式，我認為我們還是讓超大規模資料中心或英偉達來詳細介紹吧。

Karl Ackerman, BNP Paribas.

卡爾‧阿克曼，法國巴黎銀行。

Yes. Mike, you know that some of the increase in OpEx is being driven by your investments in optical and follow our acquisition of aiXscale. Do you anticipate your customer opportunity for integrating your optical (technical difficulty) technology is larger for a switch portfolio than your signal conditioning and SCM products. And I have a follow-up.

是的。麥克，你知道營運支出增加的部分原因是你對光學領域的投資，以及我們收購 aiXscale 之後的情況。您是否預計，對於交換器產品組合而言，您的客戶將光纖（技術難度較高）技術整合到交換器產品組合中的機會，比您的訊號調理和SCM產品更大？我還有一個後續問題。

Yes,. I would -- maybe let me take that and then Mike can chime in afterwards. I would say that the opportunity for including optical into scale up is actually a very large opportunity, probably larger than the signal conditioning opportunity that we have of the order of what we are saying for scale of fabric connectivity.

是的，。我倒是可以——或許讓我先說，然後麥克之後再補充。我認為，將光纖技術納入規模化生產的機會實際上非常大，可能比我們所說的規模化光纖連接的訊號調理機會還要大。

We have not quite sized it up exactly, but it is a very large opportunity and we are working very closely with our customers to understand what their requirements are and what their time frames are, and we'll be ready to intercept those. We believe for scale up, in particular, that's likely to be in 2028.

我們還沒有完全評估清楚，但這確實是一個很大的機會，我們正在與客戶密切合作，了解他們的需求和時間安排，我們將做好準備抓住這些機會。我們認為，特別是規模擴大方面，很可能是在 2028 年。

Also just to maybe add to that, right? I know optical is an important area for us to invest, and we are doing that with some unique architecture and capabilities. I'd also say that the increase in investments we're doing like Mike outlined, these are also servicing opportunities on the fabric side, which are much more based upon existing engagement and as customers are seeing the value of what we offer, they're coming back with requests for additional lane count or Radix configurations or features and things like that.

或許還可以補充一點，對吧？我知道光學領域是我們重點投資的領域，我們正在透過一些獨特的架構和能力來做到這一點。我還要補充一點，正如 Mike 所概述的那樣，我們正在增加投資，這些也是在面料方面提供服務的機會，這些機會更多地基於現有的合作關係，隨著客戶看到我們提供的產品或服務的價值，他們會提出增加通道數量、Radix 配置或功能等要求。

So the investment that we're talking about, including the Israel team that we set up, which will focus on AI fabrics, it's been done in a way that we get the near-term, midterm and long-term growth, setting us up nicely for building on the momentum we have and getting to a different scale from a revenue standpoint.

因此，我們正在談論的投資，包括我們成立的以色列團隊（該團隊將專注於人工智慧面料），其運作方式能夠實現近期、中期和長期增長，為我們鞏固現有勢頭並從收入角度達到不同規模奠定了良好的基礎。

Got it. Very helpful. you indicated that you have Scorpio P design wins now with 3 hyperscalers, 2 of which are new. Are your Scorpio P designs based on custom compute designs? Or are they also being designed on custom GPU racks as well?

知道了。非常有幫助。您提到您目前已成功拿下 Scorpio P 設計方案，客戶包括 3 家超大規模資料中心，其中 2 家是新客戶。你們的Scorpio P設計是基於客製化運算設計嗎？還是它們也是在客製化的GPU機架上設計的？

And then clearly, you're having traction here. So you could perhaps address the opportunity that you see with Scorpio P extending into 2026. I know there's a lot of focus on Scorpio X, but perhaps you could spend some time on the engagements you have as well as the opportunity that you see on Scorpio P into '26?

很顯然，你在這裡取得了一些進展。所以，或許你可以考慮天蠍座 P 延續到 2026 年所帶來的機會。我知道大家都很關注天蠍座 X，但或許你可以花點時間關註一下你現有的安排，以及你在天蠍座 P 到 2026 年這段時間裡看到的機會？

Scorpio has been really -- I mean it's mostly going into scale out use cases -- now that we have granted a chip in reasonable volume over the last three, four quarters, we are seeing additional customers, specifically like we called out two new hyperscalers that have adopted it. They go into production a little bit later towards the end of this year. These design-ins are supporting platforms that are both merchant GPU-based as well as custom accelerators.

Scorpio 的發展勢頭非常強勁——我的意思是，它主要應用於橫向擴展用例——在過去的三個、四個季度裡，我們已經以合理的數量交付了這款晶片，我們看到了更多客戶，特別是像我們提到的兩家新的超大規模數據中心運營商已經採用了它。它們將於今年年底晚些時候投入生產。這些設計支援基於商用 GPU 的平台以及客製化加速器。

And we do expect these to add meaningful revenue for us in 2027. But beyond this, again, these are the ones we called out, just given the significance of these design wins. But in general, I want to say for the P-Series ever since we announced, it's been a attracting a lot of customer interest and traction, and we do have several design wins on that in different lane configurations and so on.

我們預計這些將在 2027 年為我們帶來可觀的收入。但除此之外，再次強調，鑑於這些設計得獎作品的重要性，我們才特別提到了這些作品。但總的來說，我想說的是，自從我們宣布推出 P 系列以來，它就吸引了大量的客戶興趣和關注，我們在不同的車道配置等方面也贏得了幾個設計訂單。

So that continues to be a device that has been. Now I want to say at this point, we are probably still the only one that's in high volume production with our Gen 6 switches. So it's serving many customers and use cases.

所以它仍然是一個一直在使用的設備。現在我想說的是，目前我們可能仍然是唯一一家大規模生產第六代交換器的公司。因此，它服務於眾多客戶和多種使用場景。

Srini Pajjuri, RBC Capital Markets.

Srini Pajjuri，加拿大皇家銀行資本市場。

And let me echo my congrats to Mike. I look forward to, I guess, continuing to work with you, but it's been pleasure over the past 20-plus years. My question, there's been a lot of skepticism about the growth of Aries retimers, and you continue to show that this -- obviously, this segment continues to grow and you're projecting growth for this year as well. if you could talk to us about what's driving that growth? Is it primarily the units?

我也要向麥克表示祝賀。我想，我期待著繼續與您共事，過去二十多年來，與您共事一直非常愉快。我的問題是，很多人對白羊座計時器的成長持懷疑態度，而你們的數據表明，這個細分市場顯然在持續成長，而且你們也預測今年會繼續成長。能否請你們談談推動這成長的因素？主要是單位的問題嗎？

Or is it the PCIe 6 transition and that -- or is it new customers? And then as we go into '27 '28, how should we think about any potential implications as the market goes from copper to optical?

還是因為 PCIe 6 的過渡，又或者是因為新客戶？然後，當我們進入 2027 年和 2028 年時，隨著市場從銅纜轉向光纖，我們應該如何看待可能產生的影響？

Yes. So the -- if you think about PCI Express, PCI Express is really the nervous system inside of a server. All of the significant components, whether it's a GPU or a CPU or a NIC card, they talk to each other over PCI Express. And we established this early lead in PCI Express with PCI Express Gen 4 Gen 5 and now extending that into PCI Express Gen 6. We see not only the continued growth in the, what we call the chip-down applications, but we also see more growth of PCI Express in cabled applications where we set our smart cable modules that does give us an uplift in the ASPs.

是的。所以——如果你想想PCI Express，PCI Express其實就是伺服器內部的神經系統。所有重要元件，無論是 GPU、CPU 或網路卡，都透過 PCI Express 相互通訊。我們在 PCI Express Gen 4 和 Gen 5 領域建立了早期領先地位，現在又將這種領先地位擴展到了 PCI Express Gen 6。我們不僅看到所謂的晶片向下應用持續成長，而且看到 PCI Express 在有線應用中的進一步成長，我們設定的智慧電纜模組確實提高了我們的平均售價。

These devices are used in scale up applications. And again, as we all understand, scale up is a very rich opportunity where we have multiple connections and a lot of them. So we are definitely benefiting from that trend with PC Express going from Gen 5 to Gen 6.

這些設備用於規模化應用。而且，正如我們都明白的那樣，規模擴大是一個非常豐富的機會，我們可以建立多種聯繫，而且聯繫很多。因此，隨著 PC Express 從第五代產品升級到第六代產品，我們無疑地從這一趨勢中受益。

Now your question about transition from copper to optical. So most of our customers will continue to stay with copper for as long as they can. That has been their preference all this time. We will reach a stage where maybe the reach or the bandwidth is just high enough and is not able to be supported by copper. And in those cases, we do expect a transition to optical, but copper and optical will continue to coexist for a long period of time.

現在您問的是從銅到光纖的過渡問題。因此，我們的大多數客戶會盡可能長時間地繼續使用銅線。這始終是他們的選擇。我們將達到這樣一個階段：傳輸距離或頻寬可能已經足夠高，銅纜無法滿足需求。在這些情況下，我們確實預計會過渡到光纖傳輸，但銅纜和光纖傳輸將在很長一段時間內繼續共存。

The transition to optical will likely come in the form of first like pluggable optics may be followed by a new package optics and eventually the Holy Grail, which is the copackage optics, which all of us are working towards. But we expect to see the first deployments of co-packaged optics for scale up sometime in the 2028 time frame.

向光學領域的過渡很可能首先以可插拔光學元件的形式出現，隨後可能會出現新的封裝光學元件，最終達到我們所有人都在努力實現的終極目標——共封裝光學元件。但我們預計在 2028 年左右會看到首批用於規模化生產的共封裝光學元件部署。

Okay. Got it. And then the other debate, Jitendra, is obviously UALink versus ESUN. I guess, hypothetically, if the market moves more towards ESUN, I'm just curious, I mean, do you have the capability to give to ESUN? And if so, how quickly can you do that?

好的。知道了。Jitendra，另一個爭論點顯然是 UALink 與 ESUN 之間的較量。我想，假設市場更傾向ESUN，我只是好奇，你們有能力向ESUN提供產品？如果可以，你能多快做到？

And I'm just curious because, again, this is a debate that we can answer sitting here because it is something that's going to happen in the future. But just wondering if the market were to go to ESUN, how do you see your positioned? What kind of role do you anticipate playing in that market?

我只是好奇，因為，再說一遍，這是一個我們可以坐在這裡回答的問題，因為它是將來會發生的事情。但我想知道，如果市場轉向ESUN，您認為貴公司的定位如何？您預計在該市場中扮演什麼樣的角色？

Yes. So I would say that we are much closer to the action, so we understand who's doing what, largely for the initial deployments of the new scaler protocols, whether it's UALink, Ethernet or ESUN. From a capability standpoint, there's definitely within reach. We can -- if we choose to design an ESUN based solution we can. However, as has been the trend with Astera, we listen to our customers very closely.

是的。所以我覺得我們現在離實際情況更近了，我們了解了誰在做什麼，尤其是在新擴展協定的初始部署方面，無論是 UALink、乙太網路還是 ESUN。從能力角度來看，這絕對是可以實現的。我們可以—如果我們選擇設計基於 ESUN 的解決方案，我們就可以做到。但是，正如 Astera 一貫的做法，我們非常重視客戶的意見。

And so far, everybody is telling us to focus on UALink and that's what we are focusing on. As you say, if things were to shift towards ESUN, we certainly have the capability and with the addition of the additional resources that we are deploying, we can definitely go in the direction of additional solutions. As a matter of fact, I would say, over time, our aspiration really is to address the full connectivity TAM and not just limit to any 1 particular protocol.

到目前為止，大家都建議我們專注於 UALink，而我們也正是專注於此。正如您所說，如果情況朝著 ESUN 方向發展，我們當然有能力做到，而且隨著我們正在部署的額外資源的加入，我們肯定可以朝著其他解決方案的方向發展。事實上，我認為，隨著時間的推移，我們的真正目標是滿足完整的連接性 TAM，而不僅限於任何單一的特定協議。

Quinn Bolton, Needham & Company.

奎因·博爾頓，尼德姆公司。

This is Robert on for Quinn. First wanted just to double click more on to the (technical difficulty) product offering. Can you maybe discuss how qualifications for your 800 gig AECs are progressing? And do you expect to be shipping 800-gig AUCs to multiple hyperscalers this year?

這是羅伯特替奎因報道。首先，我只是想雙擊查看更多（技術上困難的）產品資訊。能否談談貴公司800G AEC認證的進展？你們預計今年將向多家超大規模資料中心交付 800G 的 AUC 嗎？

Yes. So 800 gig is obviously starting to ramp up right now. And to that standpoint, what I can say is that we are very closely engaged with that from a qualification process standpoint. Given our business model, which is slightly different, like I highlighted early on, we come in as the volume starts expanding. So to that standpoint, you can expect a similar transition happening to our business as well with more deployments for 800 gig.

是的。所以，800G 的市場顯然正在快速成長。從這個角度來看，我可以說，我們從資格認證流程的角度與此密切相關。鑑於我們的商業模式略有不同，正如我之前強調的那樣，我們會在市場規模開始擴大時進入市場。因此從這個角度來看，您可以預期我們的業務也會發生類似的轉變，800G 的部署量也會增加。

800 gig, like we highlighted before, is broad-based, meaning there are multiple customers that are using AECs for 800 gig. And those are opportunities that we expect to gain from a revenue standpoint.

正如我們之前強調的那樣，800 GIG 是廣泛應用的，這意味著有多個客戶正在使用 AEC 來實現 800 GIG。從收入角度來看，我們預期會獲得這些機會。

And then just quickly on Scorpio P. Just wanted to double-click a little bit more into that color. Do you expect these additional P-Series customers to reach kind of the size and scale I guess, down the line as volume ramps with them kind of in the second half of the year and beyond. I guess, 10 of these new customers be as big as your main hyperscale there?

然後，我快速地在天蠍座 P 上又點了一下，想再多雙擊那個顏色。您是否預期這些新增的 P 系列客戶會在今年下半年及以後隨著銷售量的成長而達到一定的規模？我猜，這十個新客戶加起來的規模可能和你們那裡的主要超大規模客戶差不多？

Yes, there is a potential for that. At least the ones that we called out now there are, like you noted many P-series opportunities and design wins we have, but specifically to the hyperscaler opportunities that we called out, these are mainstream use cases. So we do expect them to have the revenue impact like what we had so far.

是的，有這種可能性。至少我們現在提到的那些，就像你提到的，我們有很多 P 系列的機會和設計上的成功案例，但具體到我們提到的超大規模資料中心機會，這些都是主流用例。因此，我們預計它們對收入的影響將與我們目前所看到的影響類似。

Tom O'Malley, Barclays.

湯姆·奧馬利，巴克萊銀行。

I just had one quick one and then a longer-term one. So you announced two new hyperscalers for PCIe late in '26 or say in saying revenue in '27. Are those US hyperscalers? Or are those Chinese hyperscalers?

我先是談了一次短期戀愛，然後又談了一次長期戀愛。所以你在 2026 年底宣布了兩個新的 PCIe 超大規模資料中心，或者說，在 2027 年宣布了營收。這些是美國超大規模資料中心營運商嗎？還是它們是中國的超大規模資料中心？

And then on the longer term, I think you mentioned on the call about the MI 500 series, supporting UALink. Obviously, the 400 series supports UAL, but it's over Ethernet. Are you saying that the 500 series will be native UAL? Or is it still going to be Ethernet supporting, obviously, that's a big difference in what switches you're using.

從長遠來看，我想您在電話會議上提到了小米 500 系列，它將支援 UALink。顯然，400 系列支援 UAL，但它是透過乙太網路實現的。你是說500系列將原生支援UAL嗎？或者它是否仍然支援以太網？顯然，這取決於你使用的交換機，這會帶來很大的差異。

Thomas, I don't want to speak for our AI customer. But if you look at some of the publicly released information, they have said that they will continue to support both, but they've also said that they believe UALink native is the highest performance scaleup protocol.

湯瑪斯，我不想代表我們的人工智慧客戶發言。但如果你看看一些公開的信息，他們表示將繼續支持兩者，但他們也表示相信 UALink 原生協議是性能最高的縱向擴展協議。

There are no further questions at this time. I'll now turn the call back over to the presenters for any closing remarks.

目前沒有其他問題了。現在我將把電話交還給主持人，請他們作總結發言。

Thank you, Karlie, and thank you, everyone, for your participation and questions. Please refer to our Investor Relations website for information regarding upcoming financial conferences and events. Thanks so much. Have a great day.

謝謝卡莉，也謝謝大家的參與與提問。有關即將舉行的金融會議和活動的信息，請訪問我們的投資者關係網站。非常感謝。祝你有美好的一天。

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。