Astera Labs, Inc. (ALAB) 2026 Q2 法說會逐字稿

Good afternoon. My name is Holly, and I will be your conference operator today. At this time, I would like to welcome everyone to the Astera Labs Q2 2026 earnings conference call. (Operator Instructions)

下午好。我叫 Holly，今天將擔任各位的電話會議接線員。此刻，我謹代表主辦方歡迎各位參加 Astera Labs 2026 年第二季財報電話會議。（接線員指示）

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

謝謝。現在我將把電話交給 Astera Labs 投資人關係的 Leslie Green。Leslie，請開始。

Thank you, Holly, and good afternoon, everyone, and welcome to the Astera Labs second-quarter 2026 earnings conference call. Joining us on the call today is Jitendra Mohan, Chief Executive Officer and Co-Founder; Sanjay Gajendra, President and Chief Operating Officer and Co-Founder; and Desmond Lynch, Chief Financial Officer.

謝謝你，Holly。各位下午好，歡迎參加 Astera Labs 2026 年第二季財報電話會議。今天與會的還有 Jitendra Mohan，執行長暨共同創辦人；Sanjay Gajendra，總裁暨營運長暨共同創辦人；以及 Desmond Lynch，財務長。

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.

在開始之前，我想提醒各位，今天電話會議中的某些評論可能包含前瞻性陳述，內容涉及（但不限於）預期的未來財務結果、策略與計畫、未來營運，以及我們所處的市場。

These forward-looking statements reflect management's current beliefs, expectations, and assumptions about future events, which are inherently subject to risks and uncertainties that are discussed in detail in today's earnings release and the periodic reports and filings we file from time to time with the SEC, including the risks set forth in our most recent annual report on Form 10-K.

這些前瞻性陳述反映管理層目前對未來事件的信念、預期與假設，而這些事件本質上存在風險與不確定性；相關內容已在今日的財報新聞稿，以及我們不時向美國證券交易委員會（SEC）提交的定期報告與文件中詳細說明，包括我們最近一期 Form 10-K 年度報告所列示的風險。

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

公司管理層無法預測所有可能影響這些前瞻性陳述的風險與不確定性，亦無法預測任何單一因素或多項因素的組合在何種程度上可能導致實際結果與任何前瞻性陳述所載內容出現重大差異。

In light of these risks and uncertainties and assumptions, the results, events, or circumstances reflected in the forward-looking statements discussed during this call may not occur, and actual results could differ materially from those anticipated or implied. All of our statements are based on information available to management as of today, and the company undertakes no obligation to update such statements after the call, except as required by law.

鑑於上述風險、不確定性與假設，本次電話會議所討論之前瞻性陳述中反映的結果、事件或情況可能不會發生，實際結果亦可能與所預期或暗示者有重大差異。我們所有陳述均以截至今日管理層可得資訊為基礎；除法律要求外，公司不承擔在本次電話會議後更新此等陳述之義務。

Also during this call, we will refer to certain non-GAAP financial measures, which we consider to be important measures of the company's performance. For example, the overview of our Q2 financial results and Q3 financial guidance refer to various non-GAAP financial measures.

此外，在本次電話會議中，我們將提及若干非 GAAP 財務衡量指標，我們認為這些是衡量公司表現的重要指標。例如，我們對第二季財務結果的概述以及第三季財務指引，均會引用多項非 GAAP 財務衡量指標。

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 and outlook are available in the earnings release we issued today, which can be accessed through the Investor Relations portion of our website.

這些非 GAAP 財務衡量指標係作為依照美國一般公認會計原則（US GAAP）編製之財務結果的補充，而非替代。關於我們使用非 GAAP 財務衡量指標的原因，以及 GAAP 與非 GAAP 財務衡量指標與展望之間的調節表，均已載於我們今日發布的財報新聞稿中，可透過本公司網站的投資人關係專區取得。

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 執行長 Jitendra Mohan。Jitendra？

Thank you, Leslie. Good afternoon, everyone, and thanks for joining our second quarter conference call for fiscal year 2026. Today, I'll provide an update on AI infrastructure market trends, our Q2 results, and recent announcements. I'll then turn the call over to Sanjay to discuss Astera Lab's long-term growth profile. Des will then cover our Q2 financial results and Q3 guidance.

謝謝你，Leslie。各位下午好，感謝參加我們 2026 會計年度第二季的電話會議。今天我將更新 AI 基礎設施市場趨勢、我們第二季的業績，以及近期公告。接著我會把電話交給 Sanjay，討論 Astera Labs 的長期成長輪廓。之後 Des 將說明我們第二季財務結果與第三季指引。

Since our last earnings call, investment in AI infrastructure has continued to accelerate. Multiple industry forecasts now point to hyperscalers, AI, and cloud infrastructure spending in 2027 reaching into the $1 trillion range with sovereign AI initiatives, inference workloads, and enterprise adoption expanding globally. These secular trends are increasing the need for intelligent connectivity and expanding our long-term growth opportunity.

自上次財報電話會議以來，AI 基礎設施的投資持續加速。多項產業預測目前指出，超大規模業者（hyperscalers）、AI 與雲端基礎設施支出在 2027 年將達到 1 兆美元規模；同時，主權 AI 計畫、推論工作負載，以及企業採用正在全球擴張。這些長期結構性趨勢正在提升對智慧連結的需求，並擴大我們的長期成長機會。

Astera Lab's delivered outstanding results in Q2 with record revenue of $392.4 million, up 27% sequentially and up 104% year over year. This strong performance was driven by broad-based strength across our entire product portfolio, reflecting the diversification of our business as we continue to win new designs across multiple customers and product categories.

Astera Labs 在第二季交出亮眼成果，營收創新高達 3.924 億美元，季增 27%，年增 104%。這項強勁表現來自我們整體產品組合的全面性成長，反映出在我們持續於多家客戶與多個產品類別贏得新設計案之際，業務正日益多元化。

PCIe's momentum further accelerated in Q2, representing more than 50% of our total revenue driven by both Scorpio AI Fabric switches and Aries retimers. This milestone demonstrates the maturity and scale of our Gen 6 portfolio and clear market leadership.

PCIe 在第二季的動能進一步加速，在 Scorpio AI Fabric 交換器與 Aries retimer 的帶動下，PCIe 相關營收占我們總營收超過 50%。此一里程碑展現我們第 6 代產品組合的成熟度與規模，以及明確的市場領導地位。

On the AI Fabric front, Scorpio delivered significant growth in Q2. High-radix Scorpio X-Series has entered volume production and will continue to scale materially in the second half of this year. We expect Scorpio to become our largest product family in Q3, which is one quarter ahead of our prior expectations, marking an important strategic milestone. We are now shipping multiple configurations of Scorpio X-Series into scale-up applications to our initial customers, and we remain on track to ship Scorpio X-Series to additional customers by year-end.

在 AI Fabric 方面，Scorpio 於第二季實現顯著成長。高 radix 的 Scorpio X-Series 已進入量產，並將在今年下半年持續大幅擴張。我們預期 Scorpio 將在第三季成為我們最大的產品系列，較先前預期提前一季，這是一項重要的策略里程碑。我們目前正向首批客戶出貨多種 Scorpio X-Series 組態，用於 scale-up 應用；同時我們仍按計畫在年底前向更多客戶出貨 Scorpio X-Series。

Scorpio-P series also continued to expand across multiple customers with new shipments to hyperscalers and AI infrastructure providers. These programs are currently in preproduction and are expected to ramp more meaningfully in 2027.

Scorpio-P 系列也持續在多家客戶間擴展，並新增對超大規模業者與 AI 基礎設施供應商的出貨。這些專案目前處於試產階段，預期在 2027 年將更具規模地放量。

We're also closely engaged with our customers to support their future system architectures with purpose-built AI fabric, including next-generation PCI Express and UALink protocols.

我們也與客戶保持密切合作，以支援其未來系統架構，提供為 AI fabric 量身打造的解決方案，包括下一代 PCI Express 與 UALink 協定。

Upcoming AI systems will employ more complex switching topologies to enable larger XPU cluster sizes and higher bandwidth. These designs are expected to drive a material increase in our silicon dollar content per XPU.

即將到來的 AI 系統將採用更複雜的交換拓撲，以支援更大的 XPU 叢集規模與更高頻寬。預期這些設計將顯著提升我們在每顆 XPU 上的矽含量（silicon dollar content）。

To summarize, our Scorpio fabric switch family is well positioned for a multiyear growth cycle driven by the falling factors: first, higher dollar content per XPU due to better attach rate and increased capabilities; second, expanding customer base with exceptional traction in designing pipeline; third, a greenfield TAM growing rapidly with broadening use cases across training and inferencing.

總結來說，我們的 Scorpio fabric 交換器產品系列已為一個多年的成長週期做好準備，成長動能來自以下因素：第一，因更高的搭載率（attach rate）與更強的功能，使每顆 XPU 的美元含量提高；第二，客戶基礎持續擴大，且在設計導入管線（design-in pipeline）中展現極佳的進展；第三，一個快速成長的綠地型 TAM，且在訓練與推論等更廣泛的使用情境中持續擴張。

Turning to our signal conditioning business. Aries delivered record quarterly revenue in Q2, driven by strong adoption of retimers and gearboxes across scale-up and scale-out topologies in AI and general-purpose compute platforms. Aries' growth is being fueled by increased AI system deployments, expanding AI accelerator cluster sizes, greater unit attach rates, and higher ASPs associated with the transition to PCIe 6.

接著談我們的訊號調理業務。Aries 在第二季創下單季營收新高，主要受惠於 retimer 與 gearbox 在 AI 與通用運算平台的 scale-up 與 scale-out 拓撲中被廣泛採用。Aries 的成長動能來自 AI 系統部署增加、AI 加速器叢集規模擴大、更高的單位搭載率，以及轉向 PCIe 6 所帶來的更高 ASP（平均售價）。

Taurus also provided strong revenue growth in Q2 with increased units shipped across a variety of AI and general purpose platforms. During the quarter, we also shipped preproduction volume of our 100 gig per lane Taurus smart cable modules for 800-gig AECs for scale-out applications.

Taurus 在第二季也帶來強勁的營收成長，於多種 AI 與通用平台的出貨量增加。本季我們亦出貨試產量的每通道 100G Taurus 智慧纜線模組，用於 scale-out 應用的 800G AEC。

We expect Taurus to continue its growth trajectory in the second half of the year as 800-gig deployments expand. Driving improved attach rates and higher ASPs compared to 400-gig solutions. We also expanded our Taurus portfolio with a new family of 3.2T Smart Retimers and Smart Redrivers supporting 200 gig per link for next-generation Ethernet and UALink connectivity.

我們預期 Taurus 將在下半年隨著 800G 部署擴大而延續成長軌跡。並帶動相較 400G 解決方案更佳的搭載率與更高的 ASP。我們也以新系列 3.2T Smart Retimers 與 Smart Redrivers 擴充 Taurus 產品組合，支援每鏈路 200G，用於下一代乙太網與 UALink 連結。

These are the industry's first solutions to enable Smart Swap, giving platform designers the flexibility to choose between low-power smart redrivers and long-reach smart retimers without requiring a board redesign. This architecture of flexibility is critical as AI systems evolve rapidly and designers need to address increasing signal integrity challenges at higher data rates while optimizing system power consumption. We expect our new high-speed 200-gig per lane retimers and redrivers to double our Taurus portfolio market opportunity to over $4 billion by 2030.

這些是業界首批可實現 Smart Swap 的解決方案，讓平台設計者能在不需重新設計電路板的情況下，在低功耗智慧 redriver 與長距離智慧 retimer 之間彈性選擇。隨著 AI 系統快速演進，設計者需要在更高資料速率下因應日益嚴峻的訊號完整性挑戰，同時最佳化系統功耗；因此，這種彈性架構至關重要。我們預期全新的高速每通道 200G retimer 與 redriver，將使 Taurus 產品組合的市場機會在 2030 年前倍增至超過 40 億美元。

In CXL, we are seeing renewed momentum as industry is recognizing its potential to unlock performance and utilization benefits in agentic AI applications. For a growing set of memory-intensive inference in agentic AI workloads, memory capacity and utilization are increasingly becoming system constraints and CXL-attached memory can offer attractive cost performance relative to local HBM.

在 CXL 方面，我們看到動能再起，因為產業正認識到其在代理式 AI 應用中釋放效能與使用率效益的潛力。對於代理式 AI 工作負載中日益增加的一系列記憶體密集型推論而言，記憶體容量與使用率正愈來愈成為系統限制，而透過 CXL 連接的記憶體相較於本地 HBM 可提供具吸引力的成本效能。

As our hyperscaler customers look to address current memory supply and pricing dynamics, we are also seeing additional opportunities for CXL in mainstream general-purpose server platforms. During Q2, we closed a new design win with our standard Leo memory controller at a US hyperscaler.

隨著我們的超大規模客戶希望因應當前記憶體供應與定價動態，我們也在主流通用伺服器平台上看到更多 CXL 的機會。在第二季，我們以標準版 Leo 記憶體控制器在一家美國超大規模客戶處拿下新的設計導入。

Looking into 2027, we expect to ship both standard and custom Leo CXL memory controllers in volume across general purpose compute and AI inferencing applications to two US hyperscalers. Activity and engagement within the CXL ecosystem continues to be robust, and we expect to convert additional designs in the coming quarters.

展望 2027 年，我們預期將向兩家美國超大規模客戶，在通用運算與 AI 推論應用中大量出貨標準版與客製化的 Leo CXL 記憶體控制器。CXL 生態系內的活動與互動仍然強勁，我們預期在未來幾季轉化更多設計案。

In closing, I'm out of the results we have delivered and what excites me most is the trajectory ahead for Astera Labs. Scorpio X-Series is in volume production, and we expect our Scorpio family to become our largest product category by revenue in Q3, a significant milestone in our evolution as a company.

最後總結，我對我們所交出的成果感到自豪，而最令我振奮的是 Astera Labs 未來的發展軌跡。Scorpio X 系列已進入量產，我們預期 Scorpio 產品家族將在第三季以營收計成為我們最大的產品類別，這是我們公司演進中的一個重要里程碑。

At the same time, new and existing designs across Aries, Taurus, and Leo are contributing to our broad-based growth. Intelligent connectivity is now fundamental to AI infrastructure. and we are winning with the customers and platforms that define the market. With [2-1] execution, deep customer partnerships, and growing design win visibility, we are confident in our ability to continue outgrowing the market.

同時，Aries、Taurus 與 Leo 的新設計與既有設計也正為我們的全面性成長做出貢獻。智慧連結如今已成為 AI 基礎設施的根本要素，而我們正與定義市場的客戶與平台一同勝出。憑藉[2-1]的執行力、深厚的客戶夥伴關係，以及日益提升的設計導入能見度，我們對持續跑贏市場的能力充滿信心。

With that, let me turn the call over to our President and COO, Sanjay Gajendra, to provide more details on our product momentum and strategic initiatives.

接下來，我把電話會議交給我們的總裁暨營運長 Sanjay Gajendra，請他提供更多關於我們產品動能與策略性計畫的細節。

Thanks, Jitendra, and good afternoon. I'll walk through our product execution and the expanding market dynamics that are positioning Astera Labs to capture a significantly larger share of AI infrastructure spend over the coming years.

謝謝你，Jitendra，大家午安。我將說明我們的產品執行，以及正在擴大的市場動態，這些因素正使 Astera Labs 在未來幾年有望取得 AI 基礎設施支出中顯著更高的份額。

Our laser focus on execution and innovation has delivered a purpose-built intelligent connectivity platform to our hyperscaler customers and is solving sophisticated technology challenges against aggressive timelines. This results-oriented mindset has helped us strengthen the trust that our customers and partners place in us.

我們對執行與創新的高度聚焦，為超大規模客戶交付了量身打造的智慧連結平台，並在緊迫時程下解決複雜的技術挑戰。這種以成果為導向的思維，幫助我們強化客戶與合作夥伴對我們的信任。

As a result, we continue to unlock many new opportunities in next-generation designs across multiple customers to rapidly expand our top-line growth. Let me deep dive into some of the key product categories, starting with AI fabrics.

因此，我們持續在多家客戶的下一代設計中解鎖許多新機會，以快速擴大營收成長。我將深入介紹幾個關鍵產品類別，先從 AI fabric（互連網路）開始。

Our broad portfolio of Scorpio switching solutions is perfectly suited to address the increasing complexity and bandwidth requirements in AI architectures. With leading hyperscalers planning large-scale training and inference deployments with ever-growing accelerator cluster sizes, our Scorpio X-Series high-radix fabric switch family provides intelligent AI fabric with industry-leading features to maximize token economics.

我們完整的 Scorpio 交換器解決方案產品組合，非常適合因應 AI 架構日益增加的複雜度與頻寬需求。隨著領先的超大規模業者規劃大規模訓練與推論部署，且加速器叢集規模持續擴大，我們的 Scorpio X 系列高 radix fabric 交換器家族提供具備業界領先功能的智慧 AI fabric，以最大化 token 經濟效益。

These capabilities are driving exceptional demand for our Scorpio X smart fabric switches to address the $20 billion merchant scale-up switching TAM. Scorpio X-Series differentiation comes from its intelligence layer. Hardware-accelerated HyperCast and in-network compute capabilities delivered up to 2x improvement in collective performance for large-scale training and inference workloads.

這些能力正推動我們的 Scorpio X 智慧 fabric 交換器出現極為強勁的需求，以因應規模擴展（scale-up）交換器約 200 億美元的商用（merchant）TAM。Scorpio X 系列的差異化來自其智慧層。硬體加速的 HyperCast 與網路內運算能力，讓大規模訓練與推論工作負載的集合通訊（collective）效能最高提升達 2 倍。

These capabilities are implemented through our COSMOS software platform, which now extends beyond basic fleet management functionality to enable dynamic traffic shaping and advanced real-time performance management.

這些能力透過我們的 COSMOS 軟體平台實現；該平台如今已不僅限於基本的機群管理功能，並可支援動態流量整形與進階的即時效能管理。

And we are not stopping here. Drawing on our multigenerational partnerships with customers and the lessons learned from deployments at scale, we are building an ambitious road map for our scale-up smart fabric switches.

而我們不會止步於此。憑藉我們與客戶跨世代的合作夥伴關係，以及從大規模部署中汲取的經驗教訓，我們正在為 scale-up 智慧 fabric 交換器打造一個雄心勃勃的產品藍圖。

Our Scorpio road map is closely aligned with our customers' next-generation XPU architectures enabling more complex topologies, larger cluster sizes, and higher bandwidth. Looking ahead, we expect the content opportunity for Scorpio X-Series solutions alone to grow well beyond $1,000 per XPU in future generations of AI platforms.

我們的 Scorpio 藍圖與客戶下一代 XPU 架構緊密對齊，可支援更複雜的拓撲、更大的叢集規模與更高的頻寬。展望未來，我們預期僅 Scorpio X 系列解決方案的內容價值機會，在未來幾代 AI 平台中就將成長到每顆 XPU 超過 1,000 美元。

Scorpio P-Series momentum also remains very strong. with both early stage and production deployments expanding across multiple AI platforms. We are shipping Scorpio P-Series to several customers to enable high-speed connectivity across AI networking applications.

Scorpio P 系列的動能也依然非常強勁，早期階段與量產部署都在多個 AI 平台上擴大。我們正向多家客戶出貨 Scorpio P 系列，以在 AI 網路應用中提供高速連結。

Over the long term, we aim to proliferate Scorpio P-Series across a broader set of applications spanning modular AI servers, disaggregated KV cache appliances, storage platforms, and enterprise level service.

長期而言，我們的目標是將 Scorpio P 系列擴展到更廣泛的應用，包括模組化 AI 伺服器、解耦式 KV cache 設備、儲存平台，以及企業級服務。

On signal conditioning, Aries delivered record quarterly performance in Q2 and is well positioned for sustained growth over the long term. PCIe 6 retimers and gearboxes have become critical infrastructure for AI servers where signal integrity directly determines whether systems achieve rated performance.

在訊號調理方面，Aries 在第二季創下單季歷史新高表現，並在長期具備持續成長的良好定位。PCIe 6 retimer 與 gearbox 已成為 AI 伺服器的關鍵基礎設施，因為訊號完整性將直接決定系統是否能達到標稱效能。

Aries established itself as a gold standard across major XPU and CPU platforms for PCIe 5, and this position has continued for PCIe 6. We continue to invest in our customers' technology road maps, and we expect to have PCIe 7 solutions ready to meet their timelines.

Aries 已在主要 XPU 與 CPU 平台的 PCIe 5 上建立起黃金標準地位，而這一地位在 PCIe 6 上也持續延伸。我們持續投入客戶的技術藍圖，並預期能準備好 PCIe 7 解決方案以符合其時程。

Taurus is also expected to deliver strong long-term growth propelled by 800-gig deployments for AI scale-out networks in the near term and 1.6T and 3.2T-based systems over the long term. We are pleased to report that Taurus has entered preproduction ramp for 100-gig per lane in Q2, which will support platforms utilizing 800-gig links.

Taurus 也預期將帶來強勁的長期成長：短期由 AI scale-out 網路的 800G 部署所推動，長期則由 1.6T 與 3.2T 系統所帶動。我們很高興報告 Taurus 已在第二季進入每通道 100G 的量產前爬坡（preproduction ramp），這將支援採用 800G 連結的平台。

Our Taurus portfolio expansion supporting 200-gig per lane for 1.6T and beyond, positions our road map through the next Ethernet generation and the forthcoming ramp of UALink driving continued content gains and above industry growth for the Taurus product family.

我們擴充 Taurus 產品組合以支援每通道 200G、面向 1.6T 及更高規格，讓我們的藍圖可延伸至下一代乙太網，並配合即將到來的 UALink 放量，推動 Taurus 產品家族持續提升內容價值、並實現高於產業的成長。

Moving to UALink. The consortium's 2.0 specification validates our architectural approach. UALink 2.0 codifies in-network compute, advanced RAS features, and 200-gig service as next-generation scale-up fabric requirements. These directly align with our investment areas.

接著談 UALink。該聯盟的 2.0 規格驗證了我們的架構方法。UALink 2.0 將網路內運算、進階 RAS 功能，以及 200G 服務，納入下一代 scale-up fabric 的需求。這些都與我們的投資重點直接一致。

We remain engaged with lead customers and ecosystem partners to enable UALink deployments supported by our upcoming fabric and signal conditioning solutions. We are on track to deliver UALink-enabled Scorpio X-Series scale-up switches in 2027.

我們持續與領先客戶及生態系夥伴合作，推動由我們即將推出的 fabric 與訊號調理解決方案所支援的 UALink 部署。我們正按計畫在 2027 年交付支援 UALink 的 Scorpio X 系列 scale-up 交換器。

Optical connectivity represents a substantial expansion vector with the potential to unlock tens of billions of dollars of additional market opportunity beyond our current corporate connectivity TAM. Over the past two years, we have assembled capabilities spanning analog and mixed-signal design, DSP, electronic, and photonic IC integration, and optical packaging through organic investment and the aiXscale acquisition.

光學連結代表一個重要的擴張向量，具備在我們目前公司連結性 TAM 之外，解鎖額外數百億美元市場機會的潛力。在過去兩年中，我們透過有機投資與收購 aiXscale，建立了涵蓋類比與混合訊號設計、DSP、電子與光子 IC 整合，以及光學封裝等能力。

This enabled us to deliver complete optical engines in addition to optical components. Our optical strategy unfolds in three phases: first, high-density fiber attach solutions, leveraging our aiXscale core technology enables up to 50-meter fiber connectivity with ultra-low latency. Our initial opportunity with the Tier 1 AI platform provider is expected to enter volume production in 2027.

這使我們除了光學元件之外，也能交付完整的光學引擎。我們的光學策略分三個階段展開：第一，高密度光纖直連（fiber attach）解決方案，運用我們 aiXscale 的核心技術，可在超低延遲下提供最遠 50 公尺的光纖連結。我們與一家 Tier 1 AI 平台供應商的初始機會，預期將於 2027 年進入量產。

Second, near packaged optics, or NPO, chipsets enabling multi-rack scale-up clusters via optical links are also targeted for 2027 production.

第二，近封裝光學（near packaged optics，NPO）晶片組，可透過光學連結實現多機櫃（multi-rack）的 scale-up 叢集，也鎖定於 2027 年量產。

Third, fully integrated Scorpio X-Series fabric switches with CPO optical engine module represents our longer-term road map for 2028 and beyond, supporting larger fabric domains with terabits per second optical I/O per switch.

第三，完全集成的 Scorpio X 系列 Fabric 交換器搭配 CPO 光學引擎模組，代表我們 2028 年及以後的長期路線圖，支援更大的 Fabric 網域，並為每顆交換器提供每秒數太位元（Tbps）等級的光學 I/O。

Beyond standard products, we continue to make solid progress with our custom solutions, the increasingly diverse XPU landscape, and workloads are driving demand for custom connectivity solutions. We are executing across multiple vectors with custom solutions for hybrid rack architecture, including NVLink fusion-based designs and separately custom Leo memory controllers in specialized interface applications. We expect initial shipments for these custom design wins to commence in 2027.

除了標準產品之外，我們在客製化解決方案方面也持續取得扎實進展；日益多元的 XPU 生態與工作負載正推動對客製化連線解決方案的需求。我們正從多個面向推進混合機櫃（rack）架構的客製化解決方案，包括基於 NVLink Fusion 的設計，以及在特定介面應用中另行客製化的 Leo 記憶體控制器。我們預期這些客製化設計案的初始出貨將於 2027 年開始。

We're also engaged with multiple customers on additional high-value custom connectivity opportunity to deliver end-to-end purposeful silicon solutions. Together, these design wins and active opportunities validate our capability to deliver differentiated custom silicon and represents a multibillion dollar incremental opportunity over time.

我們也正與多家客戶就其他高價值的客製化連線機會合作，以提供端到端、具明確目的的矽解決方案。綜合而言，這些設計案與進行中的機會驗證了我們提供差異化客製化矽的能力，並代表隨時間推進可帶來數十億美元等級的增量機會。

Overall, our platform philosophy, which we call AI Your Way, reflects our strategy. Rather than prescribing a single architecture approach, we provide the broadest portfolio of connectivity solutions that let customers deploy AI infrastructure optimized for their specific workloads, whether that's standard spaced or custom or copper or optical interconnects and scale-up or scale-out connectivity across a plethora of standards. This architectural flexibility is becoming a competitive advantage as the market diversifies.

整體而言，我們稱之為「AI Your Way」的平台理念反映了我們的策略。我們不會規定單一的架構路徑，而是提供最廣泛的連線解決方案組合，讓客戶能依其特定工作負載部署最佳化的 AI 基礎設施——無論是標準或客製、銅纜或光學互連，以及在眾多標準之上的 scale-up 或 scale-out 連線。隨著市場多元化，這種架構彈性正成為競爭優勢。

To summarize, Astera Labs has hit another important inflection point with Scorpio high-radix AI fabrics reaching volume production. This marks our evolution to a complete AI fabric infrastructure provider extending beyond signal conditioning and memory connectivity solutions. Our expansion into optical interconnects and custom solutions further broadens our addressable market in 2027 and beyond.

總結來說，Astera Labs 隨著 Scorpio 高 radix AI fabrics 進入量產，再次達到一個重要的拐點。這標誌著我們演進為完整的 AI Fabric 基礎設施供應商，範疇已延伸至訊號調理與記憶體連線解決方案之外。我們擴展至光學互連與客製化解決方案，進一步擴大了我們在 2027 年及以後的可服務市場。

With that, let me turn over the call to Des to walk through our Q2 financial results and Q3 guidance in more detail.

接下來，我把電話交給 Des，請他更詳細說明我們第二季的財務結果以及第三季的指引。

Thank you, Sanjay, and good afternoon, everyone. Today, I will review our Q2 financial results and then discuss our Q3 guidance, both presented on a non-GAAP basis. We delivered outstanding second quarter results with record revenue of $392.4 million, up 27% sequentially and up 104% year over year.

謝謝你，Sanjay，各位下午好。今天我將回顧我們第二季的財務結果，並接著討論第三季指引，兩者皆以非 GAAP 基礎呈現。我們第二季交出亮眼成績，營收創新高達 3.924 億美元，季增 27%，年增 104%。

Growth was broad-based across our AI fabric and signal conditioning portfolios led by PCIe 6 products and the initial production ramp of Scorpio X-Series. Our Scorpio product family delivered a strong Q2. Scorpio P-Series momentum continued during the quarter, driven by the scaling of existing customer deployments and the early ramp of new programs into production.

成長動能來自我們 AI Fabric 與訊號調理產品組合的全面性擴張，主要由 PCIe 6 產品以及 Scorpio X 系列初期量產爬坡所帶動。我們的 Scorpio 產品家族在第二季表現強勁。Scorpio P 系列在本季持續展現動能，受惠於既有客戶部署規模擴大，以及新專案早期導入量產的爬坡。

Scorpio X-Series also grew strongly as we began shipping initial production volumes across a variety of radix configurations. Aries revenue reached a new quarterly record, driven by strong PCIe 6 retimer adoption across both scale-up and scale-out applications.

隨著我們開始在多種 radix 配置下出貨初期量產數量，Scorpio X 系列也強勁成長。Aries 營收創下新的單季紀錄，主要由 PCIe 6 retimer 在 scale-up 與 scale-out 應用的強勁採用所驅動。

Overall, revenues from PCIe 6 across our AI fabric and signal conditioning portfolios represented more than 50% of total company revenue in Q2, up from one-third in Q1. Taurus revenue also grew strongly in Q2, driven by increased unit shipments across both AI and general purpose compute platforms.

整體而言，第二季我們 AI Fabric 與訊號調理產品組合中來自 PCIe 6 的營收占公司總營收超過 50%，高於第一季的三分之一。Taurus 營收在第二季也強勁成長，受惠於 AI 與通用運算平台的出貨量提升。

Non-GAAP gross margin for the second quarter was 73.7%, above our guidance of 73%. Non-GAAP operating expenses for the second quarter were $135.8 million, up 10% sequentially, reflecting continued investment in our road map.

第二季非 GAAP 毛利率為 73.7%，高於我們 73% 的指引。第二季非 GAAP 營業費用為 1.358 億美元，季增 10%，反映我們持續投資於產品路線圖。

Non-GAAP operating margin for the second quarter was 39.1%, up 290 basis points from Q1, driven primarily by strong revenue growth and the resulting operating leverage. For the second quarter, interest and other income was $12.1 million.

第二季非 GAAP 營業利益率為 39.1%，較第一季提升 290 個基點，主要由強勁營收成長及由此帶來的營運槓桿所驅動。第二季利息及其他收入為 1,210 萬美元。

Our non-GAAP tax rate was 12% and non-GAAP net income was $145.8 million, resulting in non-GAAP diluted earnings per share of $0.80, an increase of more than 30% from Q1. We ended the quarter with cash, cash equivalents, and marketable securities totaling $1.25 billion, up $68.5 million from Q1, driven by cash from operations of $87.7 million.

我們的非 GAAP 稅率為 12%，非 GAAP 淨利為 1.458 億美元，稀釋後每股盈餘（非 GAAP）為 0.80 美元，較第一季增加超過 30%。本季結束時，現金、約當現金與有價證券合計 12.5 億美元，較第一季增加 6,850 萬美元，主要由營運活動帶來的 8,770 萬美元現金所驅動。

Now turning to our outlook for the third quarter, we expect revenue to be in the range of $540 million to $560 million. At the midpoint, this represents 40% sequential growth driven by the transition of Scorpio X-Series to volume production, continued strength in Aries PCIe 6 retimers, and pre-production shipments of Taurus solutions supporting 100 gigabits per lane for 800 gigabyte Ethernet.

接著談第三季展望，我們預期營收將介於 5.40 億至 5.60 億美元。以中位數計算，這代表季增 40%，主要由 Scorpio X 系列轉入量產、Aries PCIe 6 retimer 持續強勁，以及 Taurus 解決方案的量產前出貨所帶動；Taurus 支援每通道 100Gb、用於 800GbE（800 Gigabyte Ethernet）的需求。

As Jitendra mentioned, we expect Scorpio to become our largest product line by revenue in the third quarter, marking an important milestone in our journey from smart signal conditioning products to mission-critical AI fabric solutions.

如 Jitendra 所提到，我們預期 Scorpio 將在第三季成為以營收計最大的產品線，這是我們從智慧型訊號調理產品邁向任務關鍵 AI Fabric 解決方案旅程中的重要里程碑。

This milestone reflects the progress we have made over the past several quarters as Scorpio X-Series transitions to volume production. We expect third quarter non-GAAP gross margin to be approximately 72%. We expect third quarter non-GAAP operating expenses to be between $156 million and $160 million.

這個里程碑反映了過去幾季我們在 Scorpio X 系列轉入量產方面所取得的進展。我們預期第三季非 GAAP 毛利率約為 72%。我們預期第三季非 GAAP 營業費用介於 1.56 億至 1.60 億美元。

Our non-GAAP operating margin is expected to be approximately 43%, up 400 basis points sequentially, which reflects significant operating leverage as our revenue expands. Interest and other income is expected to be approximately $12 million and we expect our non-GAAP tax rate to be approximately 12%.

我們預期非 GAAP 營業利益率約為 43%，季增 400 個基點，反映隨著營收擴張而帶來顯著的營運槓桿。我們預期利息及其他收入約為 1,200 萬美元，並預期非 GAAP 稅率約為 12%。

We expect our Q3 diluted share count to be approximately 185 million outstanding. Overall, we expect non-GAAP, fully diluted earnings per share to be between $1.16 and $1.21.

我們預期第三季稀釋後流通在外股數約為 1.85 億股。整體而言，我們預期非 GAAP、完全稀釋後每股盈餘介於 1.16 至 1.21 美元。

In closing, Q2 was an excellent quarter with strong execution, driving record revenue and expanding operating leverage. Our strong Q3 guidance reflect continued momentum and confidence in sustained growth across both our AI fabric and signal conditioning portfolios. We will continue to invest strategically to capture the substantial opportunity ahead, while maintaining strong profitability and driving long-term value to our stockholders.

最後，第二季是非常出色的一季，我們執行力強勁，推動營收創新高並擴大營運槓桿。我們強勁的第三季指引反映了持續的動能，以及我們對 AI Fabric 與訊號調理兩大產品組合維持成長的信心。我們將持續策略性投資以掌握前方龐大機會，同時維持強勁獲利能力，並為股東創造長期價值。

This concludes our prepared remarks. I will now turn the call back to our operator to begin Q&A. Operator?

以上為我們事先準備的發言。我現在把電話交回給接線員，開始問答環節。接線員？

(Operator Instructions) Harlan Sur, JPMorgan.

(接線員指示) Harlan Sur，摩根大通。

Yeah. Good afternoon. Thanks for taking my question and great execution by the team. It's great to see the volume production ramp of your Scorpio X scale-up fabric switching solutions here in the third quarter. In the press release, you said that Scorpio X ramp would be led by your newer 320-lane products. I think that's with one hyperscaler customer, right?

是的。各位下午好。謝謝讓我提問，也恭喜團隊執行得很出色。很高興看到你們的 Scorpio X scale-up Fabric 交換解決方案在第三季進入量產爬坡。在新聞稿中你們提到 Scorpio X 的爬坡將由較新的 320-lane 產品帶頭。我想那是對應某一家超大規模客戶，對嗎？

You have another hyperscale cloud customer that is targeted to ramp your lower rate Scorpio X product family as well. Is that more of a Q4 high-volume ramp? And then with the strong ramp in Q3, is Scorpio X revenues going to exceed Scorpio P revenues this quarter? Or is that still looking to be more like the Q4 timeframe? Thank you

你們還有另一家超大規模雲端客戶，目標也要拉升你們較低速率的 Scorpio X 產品家族。那會比較像是第四季的高量爬坡嗎？另外，隨著第三季強勁爬坡，Scorpio X 本季營收會超過 Scorpio P 的營收嗎？還是仍然比較可能落在第四季的時間點？謝謝

Yeah. So thanks, Harlan. So a couple of points. First, the Scorpio X-Series has been gaining tremendous amount of interest in the market. So we have started shipping the parts for pre-production for multiple customers starting this quarter.

是的。所以謝謝你，Harlan。我想提幾點。首先，Scorpio X-Series 在市場上正獲得極大的關注。因此，我們已從本季開始，為多家客戶出貨前量產（pre-production）所需的零組件。

We do expect Q3 at least for a lead opportunity and lead customer to ramp to high-volume production in Q3 and essentially taking over the -- or surpassing the revenue from Scorpio P-Series, so which should give you an idea of the value that we bring in scale-up use cases. We do expect to ship to revenue for additional customers on Scorpio X by end of the year.

我們預期至少在第三季，會有一個主要機會與主要客戶在第三季爬升到高量產，並且基本上接手——或超越——Scorpio P-Series 的營收，這也能讓你了解我們在 scale-up 使用情境中所帶來的價值。我們也預期在年底前，Scorpio X 會對更多客戶開始出貨並貢獻營收。

So in general, what I would say is that there's been an exceptional traction that we're seeing, both for Scorpio X and P, extends to be more tied to scale-up and various different configurations. Speed goes to a multitude of opportunities. But overall, it's been great to see how the customer base is seeing the value that we deliver with our Scorpio family.

整體而言，我會說我們看到非常顯著的動能，不論是 Scorpio X 或 P，都更偏向與 scale-up 以及各種不同配置相關。速度帶來了大量的機會。但總體來看，很高興看到客戶群體正在看見我們 Scorpio 產品家族所提供的價值。

And like we noted in the call, Q3 onwards, we expect Scorpio as a family to be the largest product line within the company.

而且如同我們在電話會議中提到的，從第三季開始，我們預期 Scorpio 作為一個產品家族，將成為公司內最大的產品線。

Thank you, Sanjay.

謝謝你，Sanjay。

Blayne Curtis, Jefferies.

Jefferies 的 Blayne Curtis。

Hey, guys. Thanks for taking my question and great results. I actually -- I know there's going to be a lot on Scorpio, but I want to ask on the Aries product. You said record revenue. I think when you gave initial outlook, it was directionally growth. I think people had pretty low expectations. Just curious if you could talk about the drivers within Aries. And then as you look to the next generations of AI servers, are you seeing -- what kind of design traction are you seeing and retime or attach in those systems?

嗨，各位。謝謝回答我的問題，成果也很亮眼。我其實——我知道大家會問很多 Scorpio 的問題，但我想問的是 Aries 產品。你們提到創下營收新高。我記得你們一開始給的展望，大方向是成長。我想市場原本的期待其實很低。想請你談談 Aries 內部的成長驅動因素。另外，展望下一代 AI 伺服器，你們看到——在那些系統中，你們看到什麼樣的設計導入動能，以及 retime 或 attach 的情況如何？

Yeah. So two parts to that. One is, again, Scorpio 5, which is our Gen 5 portfolio that's been around, I want to say, definitely continues to expand especially as we're seeing inference-based applications start showing up.

是的。這可以分成兩部分。第一個是，再次提到 Scorpio 5，也就是我們已推出一段時間的 Gen 5 產品組合，我想可以說，它確實仍在持續擴大，特別是我們看到以推論（inference）為主的應用開始出現。

So that's driving a new wave of growth is how I would put it. Aries 6 which is for Gen 6 supporting the higher data rate, the 64 gigabit per second, obviously, that is -- comes in with higher attach rate and going into several new platforms.

所以我會說，這正在帶動新一波成長。而 Aries 6 是針對 Gen 6、支援更高資料速率（每秒 64Gb），很明顯地，它——會帶來更高的 attach rate，並導入到數個新平台。

And also, there are other use cases around the cabled application and so on. So overall, like what we've always said, the retimers is a socket that somewhat keeps on giving in the sense that you need it for a variety of use cases. If anything, the surprise is how long Gen 5 has continued and given that there is a new set of use cases opening up for inference, all of those are contributing to help us achieve a new record on the Aries portfolio.

此外，還有一些與纜線（cabled）應用等相關的使用情境。所以整體而言，就像我們一直說的，retimer 這個插槽（socket）某種程度上是持續帶來機會，因為各式各樣的使用情境都需要它。如果說有什麼出乎意料，那就是 Gen 5 的生命週期延續得這麼久；再加上推論帶來一組新的使用情境，這些都共同促成我們在 Aries 產品組合上再創新高。

And by the way, we expect this trend to continue as new Gen 6 platforms and GPUs are being developed. So this is not a trend that will stop. And then, of course, then we move on to Gen 7, and you can expect some of the cycle to continue for a long time.

順帶一提，隨著新的 Gen 6 平台與 GPU 持續開發，我們預期這個趨勢會延續。所以這不是會停止的趨勢。然後當然，接著我們會進入 Gen 7，你可以預期這樣的循環會持續很長一段時間。

Thank you.

謝謝。

Joe Moore, Morgan Stanley.

Morgan Stanley 的 Joe Moore。

Great. Thank you. You mentioned UALink in your road map there. Can you talk a little bit about that road map? And do you see, I guess, a transition from PCI to UALink? And how broad do you expect the customer adoption to be there?

很好。謝謝。你們在路線圖中提到了 UALink。可以談談那個路線圖嗎？以及你們是否看到從 PCI 轉向 UALink 的轉換？你們預期客戶採用的廣度會有多大？

Hi, Joe. Thank you for the question. Yeah, we continue to see a lot of interest in UALink for scale-up networking. As we mentioned during the prepared remarks, the ecosystem is evolving. We have new IP vendors coming online, new tools coming online. Some of the other vendors have also introduced their own products or announced their own products, that all points to a nice vibrant ecosystem.

嗨，Joe，謝謝你的問題。是的，我們持續看到市場對於用於 scale-up 網路的 UALink 有很高的興趣。如同我們在事先準備的發言中提到的，生態系正在演進。有新的 IP 供應商加入，也有新的工具上線。其他一些供應商也推出或宣布了他們自己的產品，這些都顯示出一個相當活躍的生態系。

From a customer standpoint, we continue to stay engaged with our customers. There is continuing interest in UALink. A lot of it is actually driven by not only the additional throughput that UALink brings, but also because of the low latency that UALink will deliver compared to some of these other protocols.

從客戶角度來看，我們持續與客戶保持密切互動。市場對 UALink 的興趣仍在延續。其中很大一部分動能，不僅來自 UALink 帶來的額外吞吐量，也因為相較於其他一些協定，UALink 能提供更低的延遲。

So we find a lot of traction for that in inferencing applications and the throughput and the latency and the open ecosystem is definitely continuing to drive the traction from our customers. We are completely plugged in in terms of the development cycle for UALink. We plan to intercept the XPUs that are on track to be released in 2027 with our own UALink solutions.

因此，我們在推論應用上看到很強的導入動能；吞吐量、延遲以及開放的生態系，確實持續推動客戶端的採用。就 UALink 的開發週期而言，我們完全同步參與。我們計畫以自家的 UALink 解決方案，切入預計在 2027 年推出的 XPU。

And as we have discussed, we want to come in here with a full portfolio of devices, which would be anchored around our switch platform. and then also providing signal conditioning solutions, both for copper and optical. In fact, we recently introduced our Taurus family, which support UALink at 200 gig per lane line rates.

而且如同我們討論過的，我們希望以完整的裝置產品組合切入，核心會以我們的交換器（switch）平台為主，同時也提供訊號調理（signal conditioning）解決方案，涵蓋銅纜與光學。事實上，我們最近推出了 Taurus 產品家族，支援 UALink、每通道（per lane）200G 的線速（line rates）。

So it's all looking very good. We continue to stay completely engaged. And as things move from the PCI Express generation to UALink, we do expect the dollar content per XPU to increase, and that's going to be a favorable trend for us.

所以整體看起來非常好。我們會持續保持完全投入。而隨著技術從 PCI Express 世代走向 UALink，我們確實預期每顆 XPU 的美元內容（dollar content）會增加，這對我們而言將是有利的趨勢。

Okay. Thank you.

好的。謝謝。

Tore Svanberg, Stifel.

Stifel 的 Tore Svanberg。

Yes. Thank you and congratulations on the strong results. You talked about new software for the Scorpio X deployment. I think you even talked about really improving efficiency, tokenomics, and so on and so forth. Can you maybe lab a little bit on that? And I'm especially curious, is that new software is also landing you more new customers? Because I assume that's something that's going to be very, very beneficial as they launch their switch fabrics.

是的。謝謝，也恭喜你們有很強勁的成果。你們談到用於 Scorpio X 部署的新軟體。我想你們甚至提到能大幅提升效率、tokenomics 等等。你能否再多談一點？我特別好奇，這個新軟體是否也正在幫你們拿下更多新客戶？因為我想這在他們推出交換器網狀架構（switch fabrics）時會非常、非常有幫助。

Yeah. Sanjay mentioned, Tore, there is exceptional traction from our new customers for the new software devices that we introduced. Part of it comes just because of the fact that we have higher radix and higher lane count and therefore, we can connect more XPUs to the switch.

是的。Tore，Sanjay 提到，我們新推出的軟體裝置在新客戶端有非常顯著的動能。其中一部分原因很單純，是因為我們有更高的 radix 與更高的通道數（lane count），因此可以把更多 XPU 連到交換器上。

But a lot of it is also stemming from the advanced capabilities that we built in. And I think this is what you refer to when you talk about software, which is the in-network compute as well as HyperCast. Both of these are very important technologies that really set us apart and enable very low latency inferencing as well as very high efficiency for in-network compute, almost 2x improvement in the collective operations that are required for training.

但很大一部分也來自我們內建的進階能力。我想這就是你提到「軟體」時所指的，也就是 in-network compute 以及 HyperCast。這兩項都是非常重要的技術，確實讓我們脫穎而出，能實現非常低延遲的推論，同時也讓 in-network compute 具備非常高的效率；在訓練所需的 collective operations 上，幾乎可提升 2 倍。

And all of these are hardware-based features, but they are enabled through software and this software resides in our COSMOS platform. And so while previously, COSMOS was mainly responsible for optimization, telemetry, diagnostics, now we are becoming part of the orchestration layer. And the XPUs are talking directly to this -- our customers platform to run the workload. And this drives a lot more stickiness into our solution. Many customers that has adopted our platform in this generation will continue to use this for the next generation, the easiest thing for them to do.

而這些全部都是以硬體為基礎的功能，但它們是透過軟體來啟用，而這套軟體就部署在我們的 COSMOS 平台中。因此，過去 COSMOS 主要負責最佳化、遙測、診斷，如今我們正逐步成為編排層的一部分。而 XPU 會直接與這個——我們客戶的平台——對話來執行工作負載。這也讓我們的解決方案黏著度大幅提升。許多在這一代採用我們平台的客戶，下一代也會繼續使用；對他們而言，這是最容易的選擇。

And we continue to support these type of advanced capabilities in our current devices, and we'll carry them forward for the next devices -- next-generation devices as well.

我們也會持續在現有裝置上支援這類先進能力，並且同樣會延續到下一款裝置——也就是下一代裝置。

That's great color. Thank you.

這些補充說明很有幫助。謝謝。

Natalia Winkler, UBS.

Natalia Winkler，瑞銀（UBS）。

Hi. Thank you very much for taking my questions. I wanted to follow up on the CXL opportunity. So you guys mentioned the CXL controller and two new hyperscalers that you will be ramping in 2027. But curious how that CXL opportunity plays out for the switching content as well? And how do you see that market progressing from here?

嗨。非常感謝回答我的問題。我想追問一下 CXL 的機會。你們提到 CXL 控制器，以及兩家新的超大規模客戶（hyperscalers），你們將在 2027 年開始放量。但我想了解的是，CXL 的機會在交換器（switching）內容方面會如何展開？你們又如何看待這個市場接下來的發展？

Yeah. I think it was about time, isn't it? I think it's finally great to see some traction back on CXL. As you know, we have been investing in the technology for quite a while now. And it's great in some ways because we understand exactly what is needed, both from a hardware and software standpoint.

是的。我想也差不多是時候了，不是嗎？很高興終於看到 CXL 再次出現一些動能。如你所知，我們在這項技術上已經投資了相當長一段時間。而這在某些方面也很棒，因為我們非常清楚從硬體與軟體角度各自需要什麼。

So now we see actually three main use cases. One is largely driven around the memory market dynamics. People wanting to find alternates to the availability or the high cost of memory today. And they're trying to do that through CXL and try to leverage the fact that you can stick different kinds of memory behind the CXL bus.

目前我們看到其實有三個主要使用情境。第一個主要是由記憶體市場的動態所驅動。大家希望找到替代方案，以因應目前記憶體供應不足或成本過高的問題。他們嘗試透過 CXL 來做到這點，並利用你可以在 CXL 匯流排後端掛載不同種類記憶體的特性。

The second one, which is very exciting for us is the GPU attach or accelerator attach where combined with our KV cache acceleration type of function, we're able to do unique things that fundamentally are improving the latency and performance for influence applications.

第二個對我們來說非常令人振奮，是 GPU 連接（GPU attach）或加速器連接（accelerator attach）。結合我們的 KV cache 加速這類功能，我們能做出一些獨特的事情，從根本上改善推論（inference）應用的延遲與效能。

The third one is something that we've been talking for a while, which is general compute or HPC application, where for use cases like SAP, where you need a high memory or memory intensity workloads, the CXL provides a way of adding more memory to the CPU.

第三個是我們談了好一段時間的，也就是一般運算或 HPC 應用；例如像 SAP 這類需要高記憶體或記憶體密集型工作負載的使用情境，CXL 提供了一種為 CPU 增加更多記憶體的方法。

So those are the three main applications or dynamics that we see. And for us, what we are tracking is, of course, multiple design wins and opportunities at this point, with most of them in qualification or early stage this year. and getting into high-volume production in 2027.

以上就是我們看到的三個主要應用或動態。對我們而言，我們正在追蹤的當然是目前多個設計導入（design win）與機會，其中大多數今年仍處於認證（qualification）或早期階段，並在 2027 年進入大規模量產。

So we do see this trend to continue, by the way, and we are investing heavily in coming up with technologies and capabilities to sold the memory wall problem and the memory availability problem in some ways given where the market is on that front. So overall, we are positive and we are continuing to invest.

順帶一提，我們確實看到這個趨勢會持續下去；而且我們正大力投資，提出技術與能力，來解決「記憶體牆」問題，以及在某種程度上解決記憶體可得性問題，考量到目前市場在這方面的狀況。整體而言，我們持正向看法，並會持續投資。

Thank you.

謝謝。

Sean O'Loughlin, TD Cowen.

Sean O'Loughlin，TD Cowen。

Hey, guys. Congrats on another great set of results and thanks for letting me hop on. I wanted to ask maybe a bigger picture question on the product portfolio, especially as we start to think about optics really starting to be something that sees at scale deployment within most investors' time horizons.

嗨，各位。恭喜又交出一份很棒的成績，也謝謝讓我加入提問。我想問一個可能更宏觀的產品組合問題，特別是當我們開始思考光學（optics）在多數投資人的時間範圍內，真的會開始以規模化方式部署。

I guess the question is, as I think about UALink NPO or CPO switch, you have an optics-based Ethernet PHY. Is there a fundamental reason why like Taurus, over time, couldn't also transition that physical media-dependent layer to one that's based on fiber rather than copper?

我的問題是，當我想到 UALink 的 NPO 或 CPO 交換器，你們有一個以光學為基礎的乙太網路 PHY。是否有什麼根本原因，使得像 Taurus 這樣的產品，隨著時間推進，不能把那個依賴實體媒介的層，從銅線轉換成以光纖為基礎？

And does that end in effect, extend the assumed lifetime revenue of what maybe most of us are thinking of as an inherently copper-based solution today? Apologies if I'm leading the witness here a bit, but just wanted to get your thoughts on that.

而這是否會在效果上延長其被假設的生命週期營收——也就是我們多數人目前認為它本質上是以銅為主的解決方案？如果我這樣問有點像在誘導回答，先說聲抱歉，但我想聽聽你們對此的看法。

No, no, that's a question. So let me comment on that. So first of all, we do fully expect copper and optical to coexist. As you know, most of the scale-up connectivity today is done in copper, and our customers are asking us to continue to push that forward and we will continue to do that.

不會不會，這是個問題。我來回應一下。首先，我們確實完全預期銅與光會共存。如你所知，目前大多數的 scale-up 連線仍是用銅線完成，而我們的客戶也要求我們持續推進這一點，我們也會繼續這麼做。

And as these data rates go up and the signal integrity challenges increase, there is definitely room for additional products and additional product categories, just like we announced our Taurus 200-gig both retimers and redrivers in support of these applications.

隨著資料速率提升、訊號完整性挑戰增加，確實會有更多產品與更多產品類別的空間；就像我們宣布 Taurus 200G 的 retimer 與 redriver，以支援這些應用。

Now we do expect that for this generation and the next generation, the scale--up within a rack will continue to be copper. But then as these cluster sizes grow and the data rates increase, optical will definitely play an increasingly important role as you start connecting these racks to each other and cluster size expands from maybe one or two racks to four fiber or even a larger number of racks.

我們確實預期在這一代與下一代，機櫃內（within a rack）的 scale-up 仍會以銅線為主。但當叢集規模擴大、資料速率提高時，光學在你開始把機櫃彼此互連、且叢集規模從可能一到兩個機櫃擴展到四個機櫃、甚至更多機櫃時，將會扮演愈來愈重要的角色。

And we are very well positioned to play our part in developing market segment. We are very closely engaged with our customers. We understand when they want to deploy these increased cluster sizes. And we expect that the first deployment will happen with NPO solution. As we go from copper -- in addition to copper to NPO solution, our dollar content per XPU or per link actually goes up. So we definitely welcome this change.

而我們在這個正在形成的市場區隔中，具備非常好的布局。我們與客戶保持非常緊密的合作。我們了解他們何時想部署更大的叢集規模。我們預期第一波部署會以 NPO 解決方案發生。當我們從銅線——在銅線之外——轉向 NPO 解決方案時，我們每顆 XPU 或每條連結的美元內容（dollar content）其實會上升。所以我們非常歡迎這個變化。

Overall, if you look at the optical market, it's several tens of billions of dollars in TAM that gets unlocked. Once NPO gets deployed and data rates continue to increase, we will start to see CPO getting deployed. So we look at it as 2027 being the year where NPO gets deployed and then 2028 and beyond is when CPO gets deployed.

整體來看，如果你看光學市場，它會解鎖數百億美元規模的總可服務市場（TAM）。一旦 NPO 開始部署且資料速率持續提升，我們就會開始看到 CPO 的部署。因此我們的看法是：2027 年會是 NPO 部署的年份，而 2028 年及之後則是 CPO 開始部署的時間點。

From a product development standpoint, we are very comfortable. We started investing in this a couple of years back. We have a team of engineers working on the EIC solution, which is the electrical component. We have a team of engineers that is working on the silicon photonics. And of course, late last year, we acquired aiXscale Photonics which gives us the ability to develop a connector.

從產品開發的角度來看，我們非常有信心。我們在幾年前就開始投資。我們有一支工程團隊在做 EIC 解決方案，也就是電性元件。我們也有一支工程團隊在做矽光子（silicon photonics）。當然，在去年年底，我們收購了 aiXscale Photonics，讓我們具備開發連接器（connector）的能力。

And put all of these things together, we have now the ability -- or we will have the ability to have full optical engines which will eventually lead to not only optical links and taught us like components, as you pointed out, but actually a fully optically enabled Scorpio switch.

把這些全部整合起來，我們現在具備——或將具備——提供完整光引擎（optical engines）的能力，最終不僅會帶來光連結以及你提到的 Taurus 這類元件，甚至會帶來一個完全光學化（optically enabled）的 Scorpio 交換器。

So we are really looking forward to that, supplying both that optically enabled Scorpio switch, as well as the individual components that make up the full optical link. And that's a tremendous opportunity for us in addition to what we have at copper.

因此我們非常期待能供應這個光學化的 Scorpio 交換器，以及構成完整光連結的各個單一元件。這對我們而言是個巨大的機會，並且是在我們既有銅線業務之外的額外成長動能。

Thanks for that. Congrats, again.

謝謝。再次恭喜。

Thank you.

謝謝你。

Papa Sylla, Citigroup.

Papa Sylla，花旗集團。

Thank you for taking my question and congrats on the impressive results. So I wanted to double click on the content per accelerator. I think when you initially IPOed, it was more around $50 to $100 per accelerator. And over the past quarters so it went to $1,000-plus. And Sanjay, you mentioned today Scoprio X alone could be well over $1,000 per accelerator.

謝謝讓我提問，也恭喜你們交出亮眼的成果。我想更深入追問一下每顆加速器的內容價值（content per accelerator）。我記得你們剛 IPO 時，每顆加速器大約是 50 到 100 美元。而在過去幾個季度，已經提升到 1,000 美元以上。Sanjay，你今天也提到單是 Scorpio X 就可能遠超過每顆加速器 1,000 美元。

So I'm wondering if that $1,000 plus for Scorpio X, is it a pre-UALink metric? Or perhaps if you can provide color on the path to that $1,000 plus per accelerator for Scorpio X. Finally, maybe tying everything together, if you can speak more generally on your content per accelerator currently and where do you see that growing over the next two, three years?

所以我想請教，Scorpio X 的這個 1,000 美元以上，是以導入 UALink 之前的指標來看嗎？或者你們能否補充一下 Scorpio X 走向每顆加速器 1,000 美元以上的路徑？

Yeah, good question. I think this is a fundamental question that you asked, and it's a very important focus for us, which is how do we keep ensuring that our long-term business continues to grow and we are able to sustain the kind of growth that we're able to deliver.

是的，問得很好。我認為你問的是一個根本性的問題，而且對我們來說是非常重要的重點：我們如何持續確保長期業務成長，並能維持我們目前所展現的成長動能。

And it really, like you highlighted, comes down to how can we keep increasing the dollar content that we can get per XPU attach. Like you correctly noted, we started with small numbers in IPO time. Now we see our business contributing multiple thousands of dollars per XPU with the aiXscale or scale-up switch itself offering over $1,000 per XPU. And this is already starting to happen, of course, with the high-radix switch that we are shipping right now.

而且如你所指出的，關鍵在於我們如何持續提高每個 XPU 掛載（attach）所能取得的美元內容價值。正如你所說，我們在 IPO 時期是從較小的數字起步。現在我們看到，透過 aiXscale 或 scale-up switch 本身，每個 XPU 就能帶來超過 1,000 美元的價值，使我們的業務每個 XPU 可貢獻數千美元。當然，這也已經開始發生在我們目前正在出貨的 high-radix switch 上。

But at the same time, this is just the beginning of it because when you start adding several other features that are important in terms of optical, for example, or adding more signal conditioning because of the higher speed and the higher attach rate, we do believe that this number will continue to scale up, and that is what we are focusing our investment right now, which is how do we ensure: a, we keep increasing the dollar content we get per XPU targeting multiple thousands of dollars; and b, how do we continue to keep diversifying our business, adding more hyperscalers around the anchor socket that we have, which is a scale-up switch and continue to grow significantly above where the market is.

但同時，這其實只是開始，因為當你加入其他幾項重要功能，例如光學（optical），或因更高速度與更高掛載率而需要更多訊號調理（signal conditioning），我們確實相信這個數字會持續擴大。這也是我們目前投資的重點：

Got it. Very helpful. Thank you.

了解。非常有幫助。謝謝。

Tom O'Malley, Barclays.

Tom O'Malley，巴克萊。

Hi, team. Yeah. This is Trip Smith on for Tom O'Malley. I appreciate the question and very nice results. I was just curious about how we should think about the Scorpio gross margins now that it's becoming a bigger part of the business? And what are the puts and takes there for gross margins looking out? And I believe you still have the Amazon warrant impact. So I just wanted to double check on that and how we should be modeling that over the next few quarters? Thank you.

嗨，各位。是的。我是代替 Tom O'Malley 的 Trip Smith。謝謝讓我提問，成果也非常不錯。我想請教，隨著 Scorpio 在業務中占比變大，我們應該如何看待 Scorpio 的毛利率？展望未來，毛利率有哪些拉抬與壓抑因素（puts and takes）？另外我相信你們仍有亞馬遜權證（warrant）的影響。所以想再確認一下，以及未來幾個季度我們建模時應該如何反映？謝謝。

Hey. Thanks for the question. It's Des here. As we mentioned in the prepared remarks, we do expect our Q3 gross margin to be approximately 72%. And really as our portfolio continues to diversify, we continue to see a wider range of gross margins with the main impact being silicon versus module revenue mix and the different use cases associated with our switching portfolio.

嗨。謝謝你的問題。我是 Des。如同我們在事先準備的講稿中提到的，我們預期第三季毛利率約為 72%。而隨著產品組合持續多元化，我們確實看到毛利率區間變得更廣，主要影響因素是矽晶片（silicon）與模組（module）營收組合，以及我們交換器產品組合中不同使用情境所帶來的差異。

On Scorpio across both P and X-Series, we do have a wide range of margins, really driven by use case and lane use count utilization. But I would say, on average, Scorpio across all use cases has an average margin profile broadly in range with our quarter gross margins. In any given quarter, this mix can change.

就 Scorpio 而言，涵蓋 P 與 X 系列，我們的毛利率範圍也很廣，主要取決於使用情境以及通道（lane）使用數量的利用率。但我會說，平均來看，Scorpio 在各種使用情境下的平均毛利率輪廓，大致落在我們單季毛利率的區間內。在任何特定季度，這個組合都可能改變。

But what I would say on the switching side is that we are going after large opportunities. And as the top line continues to scale, we'll see the gross margin dollars flow through and contribute to the bottom line. We clearly saw that in our Q2 results and also our Q3 guidance from here.

不過我想強調的是，在交換器這一端，我們鎖定的是大型機會。隨著營收規模持續擴大，我們會看到毛利額（gross margin dollars）逐步流入並貢獻到獲利端。我們在第二季的結果以及目前給出的第三季指引中，都清楚看到了這點。

But really, given the broadening of the portfolio, I would expect our gross margins continue to trend towards a long-term target of 78% from here.

但整體而言，考量產品組合持續擴展，我預期我們的毛利率將從這裡開始，持續朝長期目標 78% 的方向趨近。

Ananda Baruah, Loop Capital Markets.

Ananda Baruah，Loop Capital Markets。

Yeah. Thanks, operator, for the question. Good afternoon, guys. Thanks for taking the question. What's a useful way to think about the contribution that the China hyperscale to make across the portfolio as you continue to introduce the new products and move up from generation to generation? Thanks.

是的。謝謝主持人讓我提問。各位下午好。謝謝接受我的問題。隨著你們持續推出新產品、並從一代代產品往上演進，有沒有一個有用的方式來思考中國超大規模客戶（hyperscale）在整個產品組合中的貢獻？謝謝。

Andanda, that's a good observation. In China, as you can imagine, the open protocols are quite popular, which includes PCI Express, Ethernet, and increasingly, UALink. So we definitely see that as a good market, not nearly as big as what we have here. But certainly, there is a lot of interest, and we are engaging with the customers there with our PCI solutions as well as our Taurus-based Ethernet solutions.

Ananda，你觀察得很好。在中國，如你所想像的，開放式協定相當普及，包括 PCI Express、乙太網路（Ethernet），以及日益受到重視的 UALink。所以我們確實認為那是一個不錯的市場，雖然規模遠不如我們在這裡的市場。但確實有很高的興趣，我們也正以 PCI 解決方案以及基於 Taurus 的乙太網路解決方案與當地客戶互動。

So in aggregate, that can be a very promising opportunity, especially as PCI Express is the nervous system of servers and probably the best way to connect many add-in card format GPUs together to deliver good inferencing capabilities.

因此整體來看，這可能是一個非常有前景的機會，特別是因為 PCI Express 是伺服器的神經系統，也可能是把多張外插卡（add-in card）形式的 GPU 連接在一起、以提供良好推論（inferencing）能力的最佳方式。

I appreciate it. And is it a way that can be noticeable in the P&L over time?

了解，謝謝。那麼，隨著時間推進，這會在損益表（P&L）上變得明顯嗎？

I think it will be in an absolute scale, yes, our revenues from China will continue to increase. However, we do expect the rest of the world to increase even faster. So as a percentage of total revenue, they will continue to be in the single digit.

我認為以絕對規模來看會的，是的，我們來自中國的營收會持續增加。不過，我們也預期世界其他地區的成長速度會更快。因此，以總營收占比來看，中國仍會維持在個位數百分比。

Got it.

了解。

Suji Desilva, Roth Capital Partners.

Suji Desilva，Roth Capital Partners。

Hi, Jitendra, Sanjay, and Des. Congrats on the results here. I'm curious you talked about the software supporting telemetry and now orchestration gaining more functionality there. Is there a soft line where you might cross over to helping the execute itself with some of the functionalities that co-process or would you draw a straight line there is connectivity versus that dimensional trend in memory compute or things like that?

嗨，Jitendra、Sanjay 和 Des。恭喜這次的成果。我想請教，你們談到軟體在支援遙測（telemetry），以及現在在編排（orchestration）方面也增加更多功能。是否存在一條「軟性界線」，你們可能會跨過去，透過某些共同處理（co-process）等功能，開始協助執行本身？還是你們會畫出一條明確界線：你們專注在連線（connectivity），而不是記憶體/運算等維度的趨勢？

Yeah, very good point. No, actually, that is what I was trying to say when I answered the question earlier that with the advancement of the in-network compute and HyperCast features in our latest Scorpio C20-lane device, we are indeed crossing over that line where the XPU is directly talking to the switch to orchestrate the workloads to reduce the latency and increase the throughput for both inferencing as well as training workloads.

是的，這點非常好。不，其實這正是我先前回答問題時想表達的：隨著我們最新的 Scorpio C20-lane 裝置在網路內運算（in-network compute）與 HyperCast 功能的進展，我們確實正在跨越那條界線，讓 XPU 直接與交換器溝通，以編排工作負載，降低延遲並提升吞吐量，涵蓋推論以及訓練工作負載。

So that's a very important development for our COSMOS platform, where not only are we doing the traditional optimization, customization, diagnostics, and telemetry, but we are really helping to improve the workload and directly improve the utilization of the GPUs that are connected to our switch.

因此，這對我們的 COSMOS 平台而言是一項非常重要的進展；我們不僅在做傳統的最佳化、客製化、診斷與遙測，更是在協助改善工作負載，並直接提升連接到我們交換器之 GPU 的使用率。

So it's a very important development. And as I mentioned, it makes our solution -- software solution more powerful and a lot more sticky as customers designing our current generation of switches and then look to upgrade them in the future.

所以這是一項非常重要的進展。而如我所提到的，這讓我們的解決方案——軟體解決方案——更強大，也讓客戶在設計我們現世代交換器並在未來考慮升級時，對我們的黏著度更高。

Perfect. Thanks.

很好。謝謝。

Simon Leopold, Raymond James.

Simon Leopold，Raymond James。

Yeah. Thanks. Jeff Koche on for Simon. Maybe you could just talk qualitatively about your end market concentration. How is the trend in the quarter? How do you expect it to trend over the next, I guess, through 2027, especially with the new launches?

是的。謝謝。我是代替 Simon 的 Jeff Koche。也許你可以從定性角度談談你們終端市場的集中度。本季的趨勢如何？你預期接下來到 2027 年（尤其是有新產品推出的情況下）會如何演變？

Yeah. It's a really good question. What I was really pleased to see in our first half result is actually has been the broad base strength across our portfolio. And really looking at our drivers, I would say Aries delivered a record quarterly revenue in Q2 and remained our largest product line, really supported by the ongoing transition to PCIe 6 across both scale-out and scale-up connectivity. And I do expect Aries to continue to grow in Q3 and beyond.

是的。這是個非常好的問題。我對我們上半年業績最感到欣慰的是，實際上我們整個產品組合呈現廣泛的強勁表現。就驅動因素來看，我會說 Aries 在第二季創下單季營收新高，並且仍是我們最大的產品線，主要受惠於 PCIe 6 在 scale-out 與 scale-up 連線兩個面向持續轉換。我也預期 Aries 在第三季及之後仍將持續成長。

As we mentioned in the prepared remarks, Scorpio continues to show strong momentum in Q2, really driven by X and P-Series. And as we mentioned, we do expect to see Scorpio becoming our largest product line in terms of revenue as a result of the production ramp to high-radix solutions in Q3.

如同我們在事先準備的講稿中提到的，Scorpio 在第二季持續展現強勁動能，主要由 X 與 P 系列帶動。而且如我們所說，隨著第三季高 radix 解決方案的量產爬坡，我們預期 Scorpio 將在營收上成為我們最大的產品線。

Taurus also continues to show nice growth, really supported by AI and general purpose platforms. And I do expect to see further growth in the third quarter driven by the strong base of the 400 gig demand as well as the early contribution to the 800 gig as well.

Taurus 也持續展現不錯的成長，主要受 AI 與通用平台支撐。我也預期第三季會進一步成長，動能來自 400G 需求的強勁基礎，以及 800G 的早期貢獻。

And I think, as Sanjay has mentioned, we continue to see strong progress on the Leo CXL products, and we continue to see some revenue here in the back half of the year, which will ramp more materially into '27. As we look into '27, we'll continue to see further opportunities on the optical and custom side. But we're really pleased with the overall performance of the portfolio and the continued diversification.

另外，我認為如 Sanjay 所提到的，我們在 Leo CXL 產品上持續看到強勁進展；今年下半年我們也會持續有一些營收，並將在 2027 年更明顯地放量。展望 2027 年，我們在光學與客製化方面也將持續看到更多機會。但我們對整體產品組合的表現與持續多元化感到非常滿意。

Great. Great.

很好。很好。

Karl Ackerman, BNP Paribas.

Karl Ackerman，BNP Paribas。

Yes. Thank you. Jitendra, Scorpio X is ramping significantly in the second half of this year, largely driven by the product transition at your main customer. But can you discuss the breadth of customer wins including a growing mix of neoclouds and whether your Scorpio X opportunity extends across both liquid cooled and air cold servers? Thank you.

是的。謝謝。Jitendra，Scorpio X 在今年下半年將顯著放量，主要由你們主要客戶的產品轉換所帶動。但你能否談談客戶贏單的廣度，包括新雲（neocloud）占比提升，以及你們的 Scorpio X 機會是否同時涵蓋液冷與風冷伺服器？謝謝。

Yeah. I'll take this question. This is Sanjay here. So like you said, the demand for Scorpio X and Scorpio P has truly been exceptional. We have over 10 customers engaged on the Scorpio X itself. Many of these opportunities are either getting into pre-production or getting deeper into the qualifications cycle.

好的。我來回答這個問題。我是 Sanjay。如你所說，Scorpio X 與 Scorpio P 的需求確實非常出色。僅 Scorpio X 我們就有超過 10 家客戶正在洽談。其中許多機會不是正進入試產階段，就是在認證週期中持續深入。

So to that standpoint, we are already shipping Scorpio X to multiple customers right now as they get ready for their own internal qualifications cycle, and we do expect that we'll have additional customers ramping to production towards the end of this year, early next year based on the progress that they can make.

因此，就這點而言，我們目前已經在向多家客戶出貨 Scorpio X，讓他們為自身的內部認證週期做準備；而且我們預期，依他們推進的進度，將會有更多客戶在今年底、明年初開始量產爬坡。

So this trend is something that, of course, given the features and capabilities that we have, especially with the 320 lane, we're able to unlock several things when it comes to inference type of applications. So there are several unique things that we are able to achieve. And all of these are contributing to diversifying our customer base on Scorpio X.

所以這個趨勢當然與我們具備的功能與能力有關，特別是 320 lane，讓我們在推論類型的應用上能解鎖多項能力。因此我們能達成幾個獨特的成果。而這些都在促成 Scorpio X 客戶基礎的多元化。

And like I noted on Scorpio-P, it's truly broad-based because the P-Series is going to go into standard PCI switching application. So from storage or networking and some of the scale-out use cases, we have several design wins and design ins that are ramping to production.

至於 Scorpio-P，如我提到的，它確實是廣泛性的，因為 P 系列會進入標準 PCI 交換應用。因此，從儲存、網路到一些 scale-out 的使用案例，我們有多個設計導入與設計定案正在走向量產。

So in general, I want to say Scorpio family has taken off in a very positive way for us, and we intend to add more customers and more revenue growth in the second half through 2027.

總體而言，我想說 Scorpio 家族對我們來說以非常正面的方式起飛，我們也打算在下半年一路到 2027 年持續增加更多客戶並推動營收成長。

If I may just add to that. The chip itself supports both liquid cooling and air cooling. In fact, we do have customers that are designing it for both of them. And your point about the neocloud is also very valid because people when they start to deploy these solutions for especially inferencing applications, sometimes they can do that without giving a full rack level solution.

如果我可以再補充一下。這顆晶片本身同時支援液冷與風冷。事實上，我們確實有客戶同時針對這兩種散熱方式進行設計。而你提到新雲（neocloud）的觀點也非常正確，因為人們在部署這些解決方案、特別是用於推論應用時，有時不需要提供完整的機櫃（rack）層級解決方案也能做到。

And so we do see this increasing use case of enterprise customers and neoclouds looking at solutions that are based on Scorpio as a scale-up and using admin card form factor GPUs to deliver good inferencing TCO.

因此，我們確實看到企業客戶與新雲（neocloud）越來越多地採用以 Scorpio 為基礎的 scale-up 解決方案，並使用管理卡（admin card）外形規格的 GPU，以提供良好的推論總持有成本（TCO）。

Thank you.

謝謝。

And also maybe to add one point that is somewhat lost is even with the lead hyperscaler we have, there are multiple platforms where we are designed in. It's not like there is just one, right? So I think that's a nuance that needs to be considered as you look at our business.

另外也許再補充一點，某個容易被忽略的是：即便是我們的領先超大規模客戶，也有多個平台我們已被設計導入。並不是只有一個平台，對吧？所以我認為，在你評估我們的業務時，這是一個需要納入考量的細節。

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

目前沒有其他問題。我現在把電話會議交回給 Leslie Green 做結語。

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

感謝各位的參與與提問。也請參考我們的投資人關係網站，以取得即將舉行的財務會議與活動資訊。非常感謝。

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

今天的電話會議到此結束。您現在可以掛線。