Astera Labs, Inc. (ALAB) 2026 Q3 法說會逐字稿

Good afternoon. My name is Connor Meek, and I will be your conference operator today. At this time, I would like to welcome everyone to the Astera Labs Q3 2026 earnings conference call. (Operator Instructions)

下午好。我叫 Connor Meek，今天將擔任各位的會議接線員。此刻，我謹代表主辦方歡迎各位參加 Astera Labs 2026 年第三季（Q3）財報電話會議。（接線員指示）

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

現在我將把電話會議交給 Astera Labs 投資人關係部的 Leslie Green。Leslie，請開始。

Thank you, Connor. Good afternoon, everyone, and welcome to the Astera Labs third-quarter 2026 earnings 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 Desmond Lynch, Chief Financial Officer.

謝謝你，Connor。各位下午好，歡迎參加 Astera Labs 2026 年第三季財報電話會議。今天與會的有共同創辦人兼執行長 Jitendra Mohan、共同創辦人兼總裁暨營運長 Sanjay Gajendra，以及財務長 Desmond Lynch。

Before we get started, I would like to remind everyone that certain comments made in this call today may include forward-looking statements regarding, among other things, expected future financial results, strategies and plans, future operations and the markets in which we operate. These forward-looking statements reflect management's current beliefs, expectations, and assumptions about future events, which are inherently subject to risks and uncertainties that are discussed in detail in today's earnings release and 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. 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 our forward-looking statements.

在開始之前，我想提醒各位，今天電話會議中的部分評論可能包含前瞻性陳述，內容可能涉及（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。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，而未來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）提交的定期報告與申報文件中詳加說明，包括我們最近一期 Form 10-K 年度報告所列示的風險。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組合在多大程度上可能導致實際結果與前瞻性陳述所載內容出現重大差異。

In light of these risks, uncertainties, and assumptions, the results, events, or circumstances reflected in the forward-looking statements discussed during this call may or 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、事件或情況可能發生也可能不發生，且實際結果可能與所預期或暗示者存在重大差異。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日期之後更新該等陳述的義務。

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 Q3 financial results and Q4 financial guidance refer to various non-GAAP financial measures. 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.

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，我們認為這些指標是衡量公司表現的重要方式。例如，我們對第三季財務結果的概述以及第四季財務指引，會引用多項非 GAAP 財務衡量指標。這些非 GAAP 財務衡量指標係作為依照美國 GAAP 編製之財務結果的補充，而非替代。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，我想把電話會議交給 Astera Labs 執行長 Jitendra Mohan。Jitendra。

Thank you, Leslie. Good afternoon, everyone, and thanks for joining our third-quarter 2026 conference call. Today, I will cover our Q3 results, market trends, and traction across our AI fabrics and signal conditioning portfolios. I will then turn the call over to Sanjay to discuss our long-term growth profile, and Des will cover our Q3 financial results and Q4 guidance.

謝謝你，Leslie。各位下午好，感謝各位參加我們 2026 年第三季電話會議。今天我將說明我們第三季的業績、市場趨勢，以及我們在 AI fabric 與訊號調理產品組合的進展與動能。接著我會把電話交給 Sanjay，討論我們的長期成長輪廓；Des 則將說明第三季財務結果與第四季指引。

Astera Labs delivered outstanding results in Q3, with record revenue of $584.9 million, up 49% sequentially and up 154% year over year. Operational execution was strong during the quarter as we broadened our customer base with new design wins and expanded our intelligent connectivity platform with the launch of multiple new products. Q3 revenue growth was broad-based, led by the high-volume ramp of Scorpio X-Series for scale-up networks. Scorpio was our largest product family in Q3, with Scorpio X-Series revenue crossing over our P-Series.

Astera Labs 在第三季交出亮眼成果，營收創新高達 5.849 億美元，季增 49%，年增 154%。本季營運執行強勁，我們透過新的設計導入（design win）擴大客戶基礎，並藉由推出多款新產品擴充我們的智慧連結平台。第三季營收成長動能廣泛，主要由 Scorpio X-Series 在 scale-up 網路的高量產爬坡所帶動。Scorpio 為第三季最大產品家族，Scorpio X-Series 營收已超越我們的 P-Series。

Together, Scorpio represented over $1 billion in annualized revenues. This is an important milestone in our journey to be a critical rack-scale AI infrastructure solutions provider. Since our last earnings call, we have meaningfully expanded our portfolio with a record number of product launches. This includes the launch of Aries 7, the industry's first PCIe Gen 7 copper and optical connectivity solutions, Leo 2 and Leo X-Series smart memory controllers for AI and general-purpose use cases, and Orion, our new compute-agnostic rack-scale architecture targeting enterprise AI and inference applications.

合計而言，Scorpio 的年化營收已超過 10 億美元。這是我們邁向成為關鍵的機櫃級（rack-scale）AI 基礎設施解決方案供應商旅程中的重要里程碑。自上次財報電話會議以來，我們以創紀錄的產品發布數量大幅擴充產品組合。其中包括推出 Aries 7（業界首款 PCIe Gen 7 銅纜與光學連結解決方案）、面向 AI 與通用用途的 Leo 2 與 Leo X-Series 智慧記憶體控制器，以及 Orion——我們全新的、與運算平台無關（compute-agnostic）的機櫃級架構，鎖定企業 AI 與推論（inference）應用。

Together, these innovations broaden the markets and applications we serve, creating greater value for our hyperscaler and enterprise customers while supporting a diversified long-term revenue growth profile. Our design-in activities picked up significantly in Q3 at both new and existing customers. Scorpio is increasingly establishing itself as a diversified AI fabric platform, with momentum extending across both X-Series and P-Series portfolios.

這些創新共同擴大我們服務的市場與應用，為超大規模（hyperscaler）與企業客戶創造更高價值，同時支撐更為多元化的長期營收成長輪廓。第三季我們在新客戶與既有客戶的設計導入活動均顯著升溫。Scorpio 正日益確立其作為多元化 AI fabric 平台的地位，動能同時延伸至 X-Series 與 P-Series 產品組合。

In Q3, X-Series shipped to two customers across multiple platforms, and we expect to deliver pre-production volumes to additional new customers during the current quarter. The P-Series similarly broadened its footprint across multiple platforms, including two US hyperscalers in Q3.

在第三季，X-Series 已出貨給兩家客戶、涵蓋多個平台；我們預期在本季向更多新客戶交付前量產（pre-production）規模的出貨量。P-Series 同樣在多個平台擴大佈局，第三季包含兩家美國超大規模客戶。

Beyond AI fabrics, we see additional vectors for diversification.Taurus 800G solutions are qualified and shipping in volume to our lead customer and are currently sampling across several additional customers.

除 AI fabric 之外，我們也看到更多元的成長向量。Taurus 800G 解決方案已完成認證並對我們的主要客戶進行大量出貨，目前也正向其他多家客戶送樣。

Leo momentum continues with qualifications completed across several customers, including two hyperscalers, and we expect to ramp volume shipments in mid-2027. Our custom solutions business is also seeing a substantial increase in design activity, as the number of opportunities have broadened over the course of the year, with over 10 active engagements.

Leo 的動能持續推進，已在多家客戶完成認證，其中包括兩家超大規模客戶；我們預期在 2027 年年中開始放量出貨。我們的客製化解決方案業務也看到設計活動大幅增加，隨著今年以來機會數量擴大，目前已有超過 10 個進行中的合作案。

Finally, our platform business, anchored by our Orion reference architecture, is generating strong early customer interest, with initial shipments expected to begin in 2027.

最後，我們以 Orion 參考架構為核心的平台業務，已在早期獲得客戶高度關注，預計將於 2027 年開始初期出貨。

AI infrastructure demand continues to strengthen, with our hyperscaler customers reporting strong revenue growth from AI services. Yet the physical inputs, wafer capacity, grid power, and memory supply remain tightly constrained. That combination puts a premium on utilization. At the same time, the workload mix is shifting to inference, where continuous reasoning loops multiply the traffic crossing the fabric.

AI 基礎設施需求持續增強，我們的超大規模客戶回報其 AI 服務帶來強勁的營收成長。然而，實體投入要素——晶圓產能、電網供電與記憶體供應——仍然高度吃緊。這樣的組合使得「利用率」變得格外重要。同時，工作負載組合正轉向推論，持續的推理迴圈使得跨 fabric 的流量倍增。

Operators now optimize for two things: latency, to deliver faster time to first token, and accelerator utilization, to drive dollars per token. Our Scorpio AI fabric is purpose-built for exactly these metrics. As token economics become increasingly important to our customers, let me highlight the differentiated capabilities driving Astera's success in AI fabrics.

營運商如今主要優化兩件事：延遲（latency），以縮短首個 token 的產出時間；以及加速器利用率，以提升每 token 的美元產出。我們的 Scorpio AI fabric 正是為這些指標量身打造。隨著 token 經濟對客戶的重要性日益提升，讓我強調推動 Astera 在 AI fabric 領域成功的差異化能力。

First, Radix. Our portfolio of Scorpio X devices, including the industry's largest 320-lane configuration, enables large cluster sizes for PCIe-like scale-up AI fabrics. Scorpio X's high lane count helps to maximize scale-up domain sizes while enabling an all-to-all flat topology to allow AI accelerators to communicate at full bandwidth with low latency.

第一，Radix。我們的 Scorpio X 裝置產品組合（包含業界最大的 320-lane 配置）可支援類 PCIe 的 scale-up AI fabric 形成大型叢集規模。Scorpio X 的高 lane 數有助於在擴大 scale-up 網域規模的同時，實現全互連（all-to-all）的扁平拓撲，讓 AI 加速器能以低延遲、全頻寬彼此通訊。

This is particularly important for AI inferencing, as fewer hops reduce collective communication latency, allowing resources to be spent on compute rather than moving data between switches. Increased utilization results in higher tokens per second, and ultimately, greater monetization from the same accelerator investment.

這對 AI 推論尤其重要，因為較少的跳數（hops）可降低集合通訊（collective communication）延遲，使資源能更多用於運算，而非在交換器之間搬移資料。更高的利用率會帶來更高的每秒 token 數，最終使相同的加速器投資能創造更高的變現能力。

Second, intelligence. Conventional switches just move packets. Scorpio X-Series is AI workload-aware and participates in collective communication and computation. Hardware-accelerated Hypercast and in-network compute offload AI operations, such as all-reduce and broadcast, from the accelerators directly into our fabric, delivering up to a 2X improvement in collective performance.

第二，智慧化。傳統交換器只是搬運封包。Scorpio X-Series 能感知 AI 工作負載，並參與集合通訊與運算。硬體加速的 Hypercast 與網內運算（in-network compute）可將 all-reduce、broadcast 等 AI 作業從加速器直接卸載到我們的 fabric 中，使集合效能最高可提升達 2 倍。

Similarly, fabric-attached Leo memory controllers for KV cache offload deliver significant improvement in time to first token and tokens per second. By utilizing advanced AI-aware capabilities enabled by Scorpio and Leo products, customers can improve token economics and increase token output with the same number of accelerators.

同樣地，用於 KV 快取卸載的布料連接（fabric-attached）Leo 記憶體控制器，可在首個 token 生成時間（time to first token）與每秒 token 數（tokens per second）方面帶來顯著改善。透過運用 Scorpio 與 Leo 產品所提供的先進 AI 感知能力，客戶可在相同數量的加速器下改善 token 經濟性並提升 token 產出。

Third, software. COSMOS is a software layer that transforms our AI fabric and smart connectivity solutions into infrastructure that our customers can deploy, manage, and operate efficiently at scale. COSMOS software spans our entire portfolio, is broadly adopted across the AI ecosystem, and extends from device-level diagnostics to fabric and rack management. COSMOS speeds rack deployment by resolving connectivity issues in software instead of costly hardware spins, then keeps rack online with fabric-wide telemetry and predictive fault detection.

第三，軟體。COSMOS 是一個軟體層，將我們的 AI fabric 與智慧連接解決方案轉化為客戶可在大規模下高效率部署、管理與營運的基礎設施。COSMOS 軟體涵蓋我們的整體產品組合，已在 AI 生態系中廣泛採用，並從裝置層級診斷延伸至 fabric 與機櫃（rack）管理。COSMOS 透過以軟體方式解決連線問題（而非昂貴的硬體反覆迭代），加速機櫃部署，並藉由全 fabric 遙測與預測性故障偵測維持機櫃持續上線。

It also configures and manages Hypercast and in-network compute, so our software directly participates in the AI workload running on XPUs, in addition to managing the connectivity infrastructure. Faster time to revenue and higher utilization of AI infrastructure are the reasons why COSMOS is driving new design wins across our product portfolio. These differentiated capabilities are optimizing performance and increasing XPU utilization, which is rapidly expanding our opportunity funnel and accelerating design win conversion.

它也會設定並管理 Hypercast 與網路內運算（in-network compute），因此我們的軟體除了管理連線基礎設施外，也會直接參與在 XPU 上執行的 AI 工作負載。更快的營收實現時間（time to revenue）與更高的 AI 基礎設施使用率，是 COSMOS 正在推動我們產品組合新增設計導入（design wins）的原因。這些差異化能力正在最佳化效能並提升 XPU 使用率，快速擴大我們的機會漏斗並加速設計導入轉換。

As a result, we expect to deliver strong diversified growth with our AI fabric portfolio through increasing value to our customers and continued expansion of our dollar content per AI accelerator. Today, our content per XPU across fabric switches and copper signal conditioning can exceed $1,000 per XPU. We expect our next-generation AI fabric products alone to contribute well beyond $1,000 per XPU.

因此，我們預期將透過提升對客戶的價值，以及持續提高每顆 AI 加速器的美元內容（dollar content），以我們的 AI fabric 產品組合帶來強勁且多元化的成長。目前，我們在 fabric 交換器與銅纜訊號調理（copper signal conditioning）上的每 XPU 內容價值可超過每 XPU 1,000 美元。我們預期僅下一代 AI fabric 產品就能貢獻遠超每 XPU 1,000 美元。

Over time, we aim to address the entire scale-up switching TAM, expanding from PCI Express and NVLink Fusion-based platforms today to systems based on UALink and other protocols. With the addition of memory controller and optical connectivity products, increasing AI fabric attach rates driven by next-generation scale-up protocols, including UALink, larger cluster sizes, and higher ASPs associated with each data rate transition, we see a path to doubling our total silicon dollar content per XPU with each new generation of AI platforms.

隨著時間推進，我們的目標是涵蓋整個 scale-up 交換的 TAM，從目前以 PCI Express 與 NVLink Fusion 為基礎的平台，擴展至基於 UALink 與其他協定的系統。隨著記憶體控制器與光學連接產品的加入、由下一代 scale-up 協定（包括 UALink）帶動的 AI fabric 連接率（attach rates）提升、更大的叢集規模，以及每次資料速率轉換所帶來的更高 ASP，我們看到一條路徑：在每一代新的 AI 平台中，將我們每 XPU 的總矽晶美元內容（total silicon dollar content）倍增。

In summary, Q3 marked another important step in Astera Labs' evolution. Record results were led by the high-volume ramp of Scorpio X-Series and continued growth across our signal conditioning portfolio. We also saw strong design win momentum across new and existing customers and launched a record number of products during the quarter. Looking ahead, we see significant opportunities across optical connectivity, custom silicon, memory solutions, and rack-scale infrastructure that build on our core franchises, expand our addressable market, and position us for long-term growth.

總結而言，第三季（Q3）是 Astera Labs 演進過程中的另一個重要里程碑。創紀錄的成果主要由 Scorpio X-Series 的高量產爬坡（high-volume ramp）以及我們訊號調理產品組合的持續成長所帶動。我們也看到新舊客戶皆有強勁的設計導入動能，並在本季推出創紀錄數量的產品。展望未來，我們在光學連接、客製化矽晶、記憶體解決方案與機櫃級（rack-scale）基礎設施方面看到顯著機會，這些將建立在我們的核心優勢之上、擴大可服務市場，並使我們具備長期成長的定位。

With that, let me turn the call over to our President and COO, Sanjay Gajendra.

接下來，我把電話交給我們的總裁兼營運長（COO）Sanjay Gajendra。

Thanks, Jitendra, and good afternoon, everyone. This quarter was an important inflection point for Astera Labs. We have evolved from a component-level supplier into a rack-scale infrastructure platform provider. We are now bringing together silicon, hardware and software to solve connectivity challenges across the AI rack and pods over both copper and optical interconnects to improve XPU utilization and higher ROI. As we broaden our intelligent connectivity portfolio, we are increasing our silicon dollar content to thousands of dollars per accelerator across AI and cloud infrastructure while expanding our addressable market opportunity.

謝謝你，Jitendra，各位下午好。本季對 Astera Labs 而言是一個重要的拐點。我們已從元件層級供應商演進為機櫃級基礎設施平台供應商。我們正整合矽晶、硬體與軟體，透過銅纜與光學互連，解決 AI 機櫃與 pods 的連線挑戰，以提升 XPU 使用率並提高投資報酬率（ROI）。隨著我們擴大智慧連接產品組合，我們正將每顆加速器在 AI 與雲端基礎設施中的矽晶美元內容提升至數千美元，同時擴大我們的可服務市場機會。

Our foundation today comprises of two core revenue-generating franchises, AI fabrics and signal conditioning, and is rapidly expanding across four additive market vectors, including optical connectivity, custom silicon, memory solutions and our rack-scale infrastructure platforms. As AI systems scale, the challenge is no longer simply connecting more accelerators inside a server. As Jitendra mentioned, customers are building larger scale-up domains that need more bandwidth, lower latency, and smarter ways to move data to improve token economics.

我們目前的基礎由兩大核心創收事業組成：AI fabrics 與訊號調理（signal conditioning），並正沿著四個新增的市場向量快速擴張，包括光學連接、客製化矽晶、記憶體解決方案，以及我們的機櫃級基礎設施平台。隨著 AI 系統擴展，挑戰已不再只是把更多加速器連接在伺服器內部。如 Jitendra 所提到，客戶正在建置更大的 scale-up 網域，需要更高頻寬、更低延遲，以及更智慧的資料搬移方式，以改善 token 經濟性。

Our real-world experience deploying scale-up networks in production volume is helping us define workload-specific, high-value feature sets. Based on these factors and increased attach ratios, we believe we can more than double the dollar content per XPU in each subsequent generation.

我們在量產環境中部署 scale-up 網路的實務經驗，正協助我們定義針對特定工作負載的高價值功能組合。基於這些因素以及更高的連接比率（attach ratios），我們相信在後續每一代中，我們每 XPU 的美元內容可超過倍增。

Signal conditioning remains a critical problem to solve as data rates double and AI clusters scale. As a result, we expect ASPs and attach rates for our new PCIe Gen 7 portfolio across optical and copper to expand versus the prior generation. In addition, our Aries gearbox and redriver solutions are expected to address new sockets within AI platforms.

隨著資料速率倍增與 AI 叢集擴大，訊號調理仍是必須解決的關鍵問題。因此，我們預期相較於前一代，我們新的 PCIe Gen 7 產品組合在光學與銅纜領域的 ASP 與連接率將提升。此外，我們的 Aries gearbox 與 redriver 解決方案預期將在 AI 平台中涵蓋新的插槽（sockets）。

Taurus for 800G applications began shipping in volume during Q3, and we anticipate solid growth within scale-out Ethernet AECs heading into 2027, driven by higher ASPs and new program ramps. We are also sampling 3.2T retimers to multiple customers. Looking ahead, we are adding four growth drivers that materially expand our addressable market.

用於 800G 應用的 Taurus 已於第三季開始大量出貨，我們預期在邁向 2027 年期間，scale-out 乙太網路 AEC 將有穩健成長，成長動能來自更高的 ASP 與新專案的量產爬坡。我們也正向多家客戶提供 3.2T retimer 的樣品。展望未來，我們將新增四項成長驅動因素，實質擴大我們的可服務市場。

Starting with optical, we continue to make great progress on our fiber connectivity business. At OCP last month, we introduced our first optical products, including smart optical drivers and TIAs optimized for scale-up PCIe Gen 7 topologies, addressing near-packaged and linear pluggable optics applications.

先從光學開始，我們在光纖連接業務上持續取得重大進展。在上個月的 OCP 上，我們推出了首批光學產品，包括針對 scale-up PCIe Gen 7 拓撲最佳化的智慧光學驅動器與 TIA，鎖定近封裝（near-packaged）與線性可插拔光學（linear pluggable optics）應用。

We also demonstrated integration of our optical technology with our Scorpio X-Series fabric switches. Our smart TIAs and laser drivers will begin sampling this quarter to select hyperscaler and OEM partners for NPO applications, and we are actively working with multiple customers to extend PCIe fabrics beyond the rack to the pod level. With near-package optics for scale-up application, we see our TIAs and drivers unlocking additional content opportunity per XPU, and we expect these optical products to begin initial revenue contribution in late 2027.

我們也展示了將光學技術與 Scorpio X-Series fabric 交換器整合。我們的智慧 TIA 與雷射驅動器將於本季開始向特定超大規模業者（hyperscaler）與 OEM 夥伴提供 NPO 應用的樣品，同時我們正積極與多家客戶合作，將 PCIe fabrics 從機櫃延伸至 pod 層級。在用於 scale-up 的近封裝光學方面，我們認為 TIAs 與驅動器將釋放每 XPU 額外的內容機會，並預期這些光學產品將於 2027 年底開始帶來初步營收貢獻。

Longer term, we are developing fully integrated optical engines with the goal of building an optically enabled Scorpio X-Series fabric switch. In 2030, we estimate the scale-up optics interconnect opportunity to be a $40 billion market, which we will service through our high-density fiber-attached solutions and optical engines for NPO and CPO applications.

更長期而言，我們正在開發完整整合的光學引擎，目標是打造具備光學能力的 Scorpio X-Series fabric 交換器。我們估計到 2030 年，scale-up 光學互連的市場機會將達 400 億美元；我們將透過高密度光纖連接（fiber-attached）解決方案，以及用於 NPO 與 CPO 應用的光學引擎來服務該市場。

Moving to custom solutions, the AI accelerator landscape continues to broaden and diversify, driving demand for purpose-built intelligent connectivity. Interest and activity for our custom offerings have accelerated in 2026, and we are engaged with 10-plus opportunities now. We are developing custom fabric solutions, custom memory controllers for specialized inference applications, and IO chiplets for next-generation accelerator platforms.

接著談客製化解決方案，AI 加速器版圖持續擴大並趨於多元，帶動對專用智慧連接的需求。我們客製化產品的興趣與活動在 2026 年加速成長，目前我們已參與 10 個以上的機會。我們正在開發客製化 fabric 解決方案、用於特定推論（inference）應用的客製化記憶體控制器，以及用於下一代加速器平台的 IO chiplets。

We expect initial shipments of these solutions to commence in late 2027 and ramp to volume in 2028. We are being selective and focusing on high-value custom programs, looking to leverage our deep portfolio of connectivity IP, robust supply chain partnerships, and system-level expertise.

我們預期這些解決方案將於 2027 年底開始初期出貨，並在 2028 年放量。我們將採取審慎選擇，聚焦高價值的客製化專案，並善用我們深厚的連接 IP 產品組合、穩健的供應鏈夥伴關係，以及系統層級專業能力。

Next is our Memory Solutions business, where we recently expanded our Leo Smart Memory Controller family to address new applications and use cases. Leo X-Series is our new fabric-attached memory controller that pairs with our Scorpio X-Series AI fabric to create a dedicated memory tier for KV caches and agent context.

下一項是我們的記憶體解決方案（Memory Solutions）業務；我們近期擴充了 Leo 智慧記憶體控制器家族，以涵蓋新的應用與使用情境。Leo X-Series 是我們新的布料連接（fabric-attached）記憶體控制器，可與 Scorpio X-Series AI fabric 搭配，為 KV 快取與代理（agent）上下文建立專用的記憶體層。

We also introduced Leo 2 E-Series and P-Series, which double memory bandwidth and capacity versus the prior generation and support both DDR4 and DDR5 DIMMs. As memory constraints intensify, Leo lets customers expand memory capacity, pool standard memory across a rack, and reliably reuse previously deployed DDR4 alongside new DDR5 DIMMs. Engagement and design activity remain strong across a broadening set of hyperscaler and inference cloud customers. I' m happy to report that Leo 2 products are now shipping in pre-production volume, with high-volume ramp projected in mid-2027.

我們也推出 Leo 2 E-Series 與 P-Series，相較前一代可將記憶體頻寬與容量提升一倍，並同時支援 DDR4 與 DDR5 DIMM。隨著記憶體限制加劇，Leo 讓客戶得以擴充記憶體容量、在機櫃內彙集（pool）標準記憶體，並可靠地在新 DDR5 DIMM 旁重複使用先前部署的 DDR4。在不斷擴大的超大規模業者與推論雲端客戶群中，互動與設計活動仍維持強勁。我很高興報告，Leo 2 產品目前已進入試產量（pre-production volume）出貨，並預計於 2027 年年中進入高量產爬坡。

Turning to Platform Solutions, we recently announced Orion, our compute-agnostic rack-scale reference architecture built to enable turnkey AI infrastructure solutions for inference cloud and enterprise customers. Orion spans six production-ready reference designs, scales from eight to 160 accelerators per cluster, and integrates with COSMOS, our software management platform that is now enhanced to include rack and fabric manager functionality. These reference designs leverage our portfolio of intelligent connectivity solutions, including AI fabrics, smart signal conditioners, advanced memory solutions and COSMOS to provide a tightly integrated, highly performant platform.

接著談到平台解決方案（Platform Solutions），我們近期宣布推出 Orion——我們的運算無關（compute-agnostic）機櫃級（rack-scale）參考架構，旨在為推論雲端與企業客戶提供可交付的一站式 AI 基礎設施解決方案。Orion 涵蓋六款可量產的參考設計，可從每個叢集 8 顆加速器擴展至 160 顆，並與 COSMOS（我們的軟體管理平台）整合；COSMOS 現已強化，新增機櫃與網路織構（fabric）管理器功能。這些參考設計運用我們的智慧連接解決方案組合，包括 AI 網路織構、智慧訊號調節器、先進記憶體解決方案以及 COSMOS，以提供緊密整合且高效能的平台。

We are already seeing substantial interest from GPU and XPU suppliers, and Orion is on track to enter the market through our ODM and OEM partners in 2027. Fully loaded Orion rack-scale designs contain greater than $100,000 in Astera Labs content, creating another large additive market opportunity.

我們已經看到來自 GPU 與 XPU 供應商的高度興趣，而 Orion 也正按計畫透過我們的 ODM 與 OEM 夥伴於 2027 年進入市場。完整配置的 Orion 機櫃級設計中，Astera Labs 的內容價值超過 10 萬美元，帶來另一個龐大且增量的市場機會。

In conclusion, we remain focused on execution and delivering substantial value to our AI and cloud infrastructure customers across silicon, hardware, and software. Design activity accelerated with wins across a broad set of programs and applications at multiple customers. Finally, a record number of product launches is broadening our portfolio, creating deeper synergies across our solutions and expanding both our market opportunity and silicon dollar content per AI platform.

總結來說，我們仍專注於執行力，並在矽晶片、硬體與軟體層面，為我們的 AI 與雲端基礎設施客戶交付可觀價值。設計活動加速，在多家客戶、涵蓋廣泛的專案與應用中取得勝利。最後，創紀錄數量的產品上市正在擴大我們的產品組合，深化解決方案間的協同效益，並同時擴展我們的市場機會以及每個 AI 平台的矽晶片美元內容（silicon dollar content）。

With that, let me turn the call over to Des.

接下來，我把電話交給 Des。

Thank you, Sanjay, and good afternoon, everyone. Today, I will review our Q3 financial results and then discuss our Q4 guidance, both presented on a non-GAAP basis. We delivered outstanding third quarter results with record revenue of $584.9 million, up 49% sequentially and 154% year over year. Growth was broad-based across our AI fabric and signal conditioning portfolios, led by the volume ramp of Scorpio X-Series.

謝謝你，Sanjay，各位下午好。今天我將回顧我們第三季（Q3）的財務結果，接著討論第四季（Q4）的財測指引；兩者皆以非 GAAP 基礎呈現。我們第三季交出亮眼成績，營收創新高達 5.849 億美元，季增 49%，年增 154%。成長來自我們 AI 網路織構與訊號調節產品組合的全面性擴張，其中以 Scorpio X-Series 的出貨放量爬坡為主要帶動。

Revenue also diversified across a broader base of customers and platforms during the quarter. Scorpio became our largest product family by revenue in Q3, also with X-Series revenue surpassing P-Series. X-Series revenue increased significantly as shipments expanded across multiple platforms and radix configurations, while P-Series also grew sequentially as existing deployments expanded and new programs entered production.

本季營收也在更廣泛的客戶與平台基礎上更加多元化。Scorpio 在第三季成為我們按營收計最大的產品系列，同時 X-Series 的營收也超越 P-Series。隨著出貨擴展至多個平台與不同 radix 組態，X-Series 營收大幅成長；同時，P-Series 也因既有部署擴大與新專案進入量產而呈現季增。

Within signal conditioning, Aries growth was led by strong PCIe Gen 6 adoption across scale-up and scale-out applications, while Taurus also gained momentum as our 400G and 800G solutions ramped across scale-out applications. Non-GAAP gross margins for the third quarter was 72.4%, above our guidance of 72%. Non-GAAP operating expenses for the third quarter were $162 million, up 19% sequentially, reflecting continued R&D investment to expand our addressable market across our core franchises and emerging growth sectors.

在訊號調節方面，Aries 的成長主要由 PCIe Gen 6 在 scale-up 與 scale-out 應用中的強勁採用所帶動；Taurus 也隨著我們 400G 與 800G 解決方案在 scale-out 應用中放量而加速成長。第三季非 GAAP 毛利率為 72.4%，高於我們 72% 的指引。第三季非 GAAP 營業費用為 1.62 億美元，季增 19%，反映我們持續投入研發，以在核心產品線與新興成長領域擴大可服務市場（TAM）。

Non-GAAP operating margins for the third quarter was 44.7%, up from 39.1% in the prior quarter, an increase of 560 basis points, reflecting significant operating leverage as revenue scaled. Interest and other income was $13 million, and our non-GAAP tax rate was 11.4%.

第三季非 GAAP 營業利益率為 44.7%，高於前一季的 39.1%，提升 560 個基點，反映營收規模擴大帶來顯著的營運槓桿。利息及其他收益為 1,300 萬美元，非 GAAP 稅率為 11.4%。

Non-GAAP net income was $243.4 million, resulting in non-GAAP diluted earnings per share of $1.32, up $0.52 or 65% sequentially from Q2. We ended the quarter with $1.38 billion in cash equivalents, and marketable securities, an increase of $125.3 million from Q2. The increase was primarily driven by record cash from operations of $179.2 million.

非 GAAP 淨利為 2.434 億美元，稀釋後每股盈餘（EPS）為 1.32 美元，較第二季（Q2）季增 0.52 美元或 65%。我們季末持有現金約當物、以及有價證券合計 13.8 億美元，較 Q2 增加 1.253 億美元。增加主要來自營運活動產生的現金創新高達 1.792 億美元。

Now, turning to our outlook for the fourth quarter. We expect revenue to be in the range of $730 million to $750 million. At the midpoint, this represents 27% sequential growth. Growth is expected to be driven by the continued expansion of Scorpio X-Series and P-Series across both customers and platforms. Signal conditioning growth is expected to be led by PCIe Gen 6 retimer adoption in Aries and the ramp of Taurus 800G solutions.

接著談第四季展望。我們預期營收將落在 7.30 億至 7.50 億美元之間。以中位數計算，代表季增 27%。成長預期將由 Scorpio X-Series 與 P-Series 在客戶與平台上的持續擴張所帶動。訊號調節的成長預期將由 Aries 中 PCIe Gen 6 retimer 的採用，以及 Taurus 800G 解決方案的放量所帶動。

We expect fourth quarter non-GAAP gross margin to be approximately 72%. We expect fourth quarter non-GAAP operating expenses to be between $194 million and $200 million, reflecting continued investment in our core AI fabric and signal conditioning portfolios, as well as additional investments in the growth opportunities outlined by Sanjay.

我們預期第四季非 GAAP 毛利率約為 72%。我們預期第四季非 GAAP 營業費用介於 1.94 億至 2.00 億美元之間，反映我們持續投資於核心 AI 網路織構與訊號調節產品組合，以及對 Sanjay 所概述之成長機會的額外投資。

We expect non-GAAP operating margin to be approximately 45%. Interest and other income is expected to be approximately $13 million, and we expect our non-GAAP tax rate to be approximately 12%. We expect our Q4 share count to be 187 million diluted shares outstanding. Overall, we expect non-GAAP fully diluted earnings per share to be between $1.62 and $1.66.

我們預期非 GAAP 營業利益率約為 45%。利息及其他收益預期約為 1,300 萬美元，非 GAAP 稅率預期約為 12%。我們預期第四季稀釋後流通在外股數為 1.87 億股。整體而言，我們預期第四季非 GAAP 完全稀釋後每股盈餘介於 1.62 至 1.66 美元之間。

In closing, Q3 was an exceptional quarter marked by record revenue, significant operating leverage, and the strategic milestone of Scorpio becoming our largest product family by revenue. Looking ahead, our growth drivers continue to broaden. Scorpio X-Series and P-Series are scaling across new and existing customers and platforms.

最後，第三季是非常出色的一季，營收創新高、營運槓桿顯著提升，並達成策略性里程碑：Scorpio 以營收計成為我們最大的產品系列。展望未來，我們的成長動能持續擴大。Scorpio X-Series 與 P-Series 正在新舊客戶與平台上持續擴張規模。

In signal conditioning, Aries and Taurus are benefiting from growing adoption of next-generation connectivity standards. Beyond our core franchise, opportunities are emerging across optical, custom memory and platform solutions, reflecting the strategic R&D investments we have made to expand our portfolio and address full market. We will continue to invest across our portfolio, execute with discipline, maintain strong profitability, and deliver long-term value for our stockholders.

在訊號調節方面，Aries 與 Taurus 受惠於新一代連接標準的採用持續提升。除核心產品線之外，光學、客製化記憶體與平台解決方案等領域也正浮現機會，反映我們為擴大產品組合並涵蓋整體市場而進行的策略性研發投資。我們將持續在產品組合上投資、以紀律執行、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?

以上為我們的準備發言。我現在把電話交回給接線員，開始問答環節。接線員？

We will now begin the question-and-answer session. (Operator Instructions)

我們現在開始問答環節。（接線員指示）

Harlan Sur, JPMorgan.

JPMorgan 的 Harlan Sur。

Good afternoon. Thanks for taking my question, and as always, great execution by the team. On the new Orion rack-scale reference architecture, as large corporations like ours start to evaluate open source, open-weight models on premise for lower token inferencing costs, control on things like model fine-tuning, and just more importantly, like internal data security, these customers are looking for compute platforms that can fit into their private data center architectures, right? Air-cooled, compact cluster sizes, flexibility on XPU, CPU supported.

各位下午好。謝謝讓我提問，也一如既往，團隊執行得非常出色。關於新的 Orion 機櫃級參考架構，隨著像我們這樣的大型企業開始在內部部署（on premise）評估開源、開放權重（open-weight）模型，以降低 token 推論成本、掌控例如模型微調等事項，更重要的是內部資料安全，這些客戶正在尋找能夠融入其私有資料中心架構的運算平台，對吧？例如風冷、較緊湊的叢集規模，以及在 XPU、CPU 支援上的彈性。

Orion seems to be that sort of perfect solution. So, what has been the interest level? Have you engaged with large enterprises? And what is the Astera dollar content capture across the different configurations you offer?

Orion 看起來就是那種近乎完美的解決方案。所以，目前的市場興趣程度如何？你們是否已與大型企業客戶接觸？以及在你們提供的不同組態中，Astera 可捕捉的美元內容（dollar content）大概是多少？

Great question, Harlan. Thank you so much. No, we are very excited with Orion. Like you correctly pointed out, enterprise AI is something that is a significant market. It is a very fragmented market with different workloads, and all of them need compute in a form factor that is readily available, but more importantly, it is workload-specific.

好問題，Harlan。非常感謝。是的，我們對 Orion 感到非常興奮。正如你所指出的，企業 AI 是一個相當重要的市場。這是一個非常分散的市場，工作負載各不相同，而它們都需要以容易取得的外形規格（form factor）提供運算能力；更重要的是，必須針對工作負載量身打造。

So what we have developed with Orion is that it is a GPU-agnostic rack, meaning you can bring any GPU that you want that suits your workload, or based on availability and things like that. The rest of the infrastructure is all defined, meaning the connectivity is all defined as part of the reference design, the power, the cooling, and other components that are essential.

因此，我們透過 Orion 所打造的是一個 GPU 無關的機櫃（GPU-agnostic rack），也就是說，你可以依照工作負載需求，或依可得性等因素，選用任何你想要的 GPU。其餘基礎設施皆已定義完成，也就是連接性已作為參考設計的一部分被完整定義，並包含電力、散熱，以及其他必要的元件。

What Astera is providing are three main things. We're providing the entire reference architecture, whether it is at a box level or rack level. We're providing baseboards that utilize our silicon that combines the fabric solutions, the memory solutions, the signal conditioning and other components that are required in a well-optimized, fully tuned, and fully validated way. Then we're providing the software, which we're excited about, because COSMOS has now gone from being a device-level software to being a rack-level and fabric-level.

Astera 所提供的主要有三件事。我們提供完整的參考架構，不論是在單機（box）層級或機櫃（rack）層級。我們提供使用自家矽晶片的基板（baseboards），以高度最佳化、完整調校並充分驗證的方式，整合互連（fabric）解決方案、記憶體解決方案、訊號調理以及其他所需元件。接著我們提供軟體，這也是我們很興奮的部分，因為 COSMOS 現在已從裝置層級軟體，演進到機櫃層級與互連層級。

So it manages all the fabric, it manages the rack-level diagnostic, and other aspects that are involved in orchestrating the GPU performance. So overall, Orion is squarely addressing use cases like you outlined, and the Orion family will have multiple generations of it, which will obviously have higher and higher content. But the initial platform that we call Orion 1.0, that's based on PCIe scale-up, we estimate about $100,000 of Astera content that will be monetized through components, through boards, and software.

因此它能管理整個互連（fabric）、管理機櫃層級診斷，以及其他在協調 GPU 效能時所涉及的面向。整體而言，Orion 正面對應你所提到的使用情境，而 Orion 產品家族也會有多個世代，內容量顯然會愈來愈高。但我們稱為 Orion 1.0 的初始平台，是以 PCIe scale-up 為基礎；我們估計可透過元件、板卡與軟體變現約 10 萬美元的 Astera 內容價值。

Joe Moore, Morgan Stanley.

Joe Moore，摩根士丹利。

Great. Thank you, and congratulations. Can you talk about Scorpio X? You hit the billion-dollar threshold. It's been such a steep ramp.

很好。謝謝你，也恭喜。你能談談 Scorpio X 嗎？你們達到了 10 億美元的門檻。成長爬坡非常陡峭。

Do you anticipate that there could be a plateau as the products that Scorpio X is in sort of matures before you get to UALink? Or just help us out a little bit with what that progression may look like. It seems like you're anticipating a sort of long tail for PCI Express, but also this transition to other protocols. Can you just talk about that dynamic?

你是否預期，在 Scorpio X 所導入的產品逐步成熟、在你們走到 UALink 之前，可能會出現平台期？或者請再多幫我們理解一下，這個演進路徑可能會長什麼樣子。看起來你們預期 PCI Express 會有某種長尾效應，但同時也會轉向其他協定。你能談談這之間的動態嗎？

Hi, Joe. It's Des here. Thanks for the question. We've been really pleased with our sort of execution throughout 2026, which really has shown broad-based strength across the portfolio.

嗨，Joe。我是 Des。謝謝你的問題。我們對 2026 年以來的執行表現感到非常滿意，這確實展現出產品組合在各面向的廣泛強勁表現。

If you look at our growth in the second half of the year, this has really been led by scale-up deployments and the production volume ramp of Scorpio X-Series, which started in Q3 and will continue into Q4. This led to us being able to deliver almost 50% revenue growth in Q3. Using the midpoint of our guidance for Q4, we do expect to see a further 27% sequential growth.

如果你看我們在下半年成長，主要是由 scale-up 部署以及 Scorpio X 系列的量產爬坡所帶動；這個爬坡在第三季開始，並將延續到第四季。這使我們在第三季能交出接近 50% 的營收成長。以我們第四季財測指引的中位數來看，我們確實預期營收將再出現 27% 的季增。

If I look further ahead, what I would say is that the initial Scorpio X platforms have completed much of their initial deployment ramps, and they'll be contributing at scale going forward. We expect Scorpio X to continue to grow, driven by new platforms and also additional customers layering into the model throughout 2027.

如果再往前看，我會說 Scorpio X 的初始平台已完成其初期部署爬坡的大部分，未來將以規模化方式持續貢獻。我們預期 Scorpio X 仍將持續成長，動能來自新平台，以及在 2027 年期間有更多客戶逐步導入並疊加到這個模型中。

And then if I look further ahead, given our experience with high-scale deployments, advanced feature sets, and our strong relationships with our customers, we are very well-positioned for the next-generation platform growth.

再更往前看，憑藉我們在大規模部署、先進功能組合方面的經驗，以及與客戶之間的強健關係，我們已為下一代平台的成長做好非常充分的布局。

And certainly beyond Scorpio, we're excited about the growth opportunities as we outlined in the call earlier. We continue to see growth in the new product areas of Aries 7, Leo, and optical products, which will all start layering into the model in 2027 and offer future growth opportunities. Overall, we're very pleased with our performance and overall momentum that we have across our portfolio.

當然，除了 Scorpio 之外，我們也對先前在電話會議中提到的成長機會感到振奮。我們持續看到 Aries 7、Leo 與光學產品等新產品領域的成長；這些都將在 2027 年開始逐步納入模型，並帶來未來的成長機會。整體而言，我們對自身表現以及產品組合的整體動能感到非常滿意。

Blayne Curtis, Jefferies.

Blayne Curtis，Jefferies。

Hey, guys. Thanks for taking my question, and nice results here. I wanted to ask on NPO. You mentioned some design progress there. You had some new parts at OCP on the analog side. Can you just maybe walk us through how we think about all these different components layering in? And is there designs that you're working on for the full NPO solution now, or is that a bit later?

嗨，各位。謝謝讓我提問，這次的成績很不錯。我想問 NPO。你們提到那邊有一些設計進展。你們在 OCP 的類比端也展示了一些新零件。你能否帶我們梳理一下，該如何看待這些不同元件逐步疊加進來？另外，你們現在是否已在做完整 NPO 解決方案的設計，還是那會在稍後一些？

Absolutely now, Blayne. As we noted in the prepared remarks, we are planning to start sampling our NPO products to lead customers this quarter. We do expect roughly about six months of qualification and system-level integration and all that. So we do expect that revenue will start contributing towards the second half of 2027 from NPO deployments.

當然是現在，Blayne。如同我們在事先準備的講稿中提到的，我們計畫在本季開始向領先客戶提供 NPO 產品樣品。我們預期大約需要六個月的認證、系統層級整合等流程。因此，我們預期 NPO 部署帶來的營收將在 2027 年下半年開始貢獻。

And these are, again, components that we're servicing for going inside the NPO module, the TIAs and laser drivers and so on. So we do expect hundreds of dollars to come in per accelerator with the NPO type of products and solutions that we're building. Going forward, NPO, we do expect to continue to drive the growth beyond 2027, with CPO volumes coming in probably mostly in the '28, '29 timeframe.

而這些同樣是我們供應、用於 NPO 模組內部的元件，例如 TIA（跨阻放大器）、雷射驅動器等。因此，對於我們正在打造的 NPO 類產品與解決方案，我們預期每顆加速器可帶來數百美元的內容價值。往後看，NPO 預期將在 2027 年之後持續推動成長，而 CPO 的出貨量可能主要會落在 2028、2029 年的時間框架。

Tore Svanberg, Stifel.

Tore Svanberg，Stifel。

Yes. Thank you, and congrats on another record quarter. You've got these four new big growth engines, and I agree, these are huge TAMs. You also stepped up the, or you're going to step up the OpEx quite a bit here in the December quarter.

是的，謝謝，也恭喜再創單季新高。你們有四個新的大型成長引擎，我同意，這些 TAM 都非常龐大。你們也在 12 月季度把（或將要把）營業費用（OpEx）拉升不少。

I'm just curious, should we think of a lot of the OpEx for these four new business opportunities, is that still in the come, or have you already made a lot of heavy lifting to target those four opportunities? Thank you.

我只是好奇，對於這四個新業務機會的 OpEx，我們應該認為大部分投入還在後面，還是你們其實已經為鎖定這四個機會做了很多前期的重投入？謝謝。

Hi, Tore. Des here. We continue to invest in the business at the right level to support the high-growth opportunities ahead of us. You're correct, we did see the OpEx step up to about $162 million in Q3. We expect it to continue to grow into Q4.

嗨，Tore。我是 Des。我們會以適當的投入水準持續投資業務，以支援我們面前的高成長機會。你說得沒錯，我們在第三季看到 OpEx 拉升到約 1.62 億美元；我們預期它在第四季仍會持續成長。

Bit what I would point out is that our OpEx is growing slower than our revenue growth, so you're seeing a significant leverage within the model. I would say that our OpEx growth is really driven by three factors in the second half of the year. We continue to grow our headcount to support our customer programs. Our headcount has doubled year over year from here.

但我想指出的是，我們的 OpEx 成長速度低於營收成長速度，因此你會看到模型中出現顯著的營運槓桿。我會說，下半年 OpEx 的成長主要由三個因素驅動。我們持續擴增人力以支援客戶專案。我們的人數相較去年同期已翻倍。

Secondly, I would say that we've seen additional variable R&D expenses in the form of wafers, masks and IP expenses. And then lastly, as we continue to outperform our P&L model, we are seeing some higher variable comp from there.

第二，我會說我們看到額外的變動式研發費用，形式包括晶圓、光罩與 IP 費用。最後，隨著我們持續優於損益表（P&L）模型表現，我們也看到一些較高的變動薪酬支出。

Again, what I would really reiterate is that we are seeing the significant leverage within the model. I think going forward, the right way to think about OpEx in the longer term is around 30% of revenue, and we're certainly underperforming that today given the high revenue growth that we're seeing.

再次強調，我真正想重申的是，我們正看到模型中顯著的營運槓桿。我認為從長期來看，思考 OpEx 的合適方式是約占營收的 30%；而由於目前營收成長很高，我們今天的占比確實低於這個水準。

Ananda Baruah, Loop Capital.

Ananda Baruah，Loop Capital。

Yeah. Good afternoon, guys. Congrats on the progress, and thanks for taking the question. Yeah, I guess question clarification. You guys mentioned a couple times of doubling the content for XPU with each new generation of platforms.

是的，各位下午好。恭喜進展，也謝謝讓我提問。我想釐清一下問題。你們提到過幾次，每一代新平台都會讓 XPU 的內容價值翻倍。

And I guess the question clarification is it each new generation of XPU, or is it each new generation of Astera Labs, like Gen 7, Gen 8? Or is it something else? Would just love to get context around that, how to think about that. Thanks.

我想釐清的是：這是指每一代新的 XPU，還是指 Astera Labs 的每一代（例如 Gen 7、Gen 8）？或者是其他定義？很希望能得到一些背景脈絡，讓我們知道該如何理解這件事。謝謝。

Great question. This is Jitendra. So if you look at the content that we have in some of the highly loaded systems today, it already exceeds $1,000 of content on a per XPU basis across our fabric switches and signal conditioning products. As we go to the next generation of our products, we aim to add $1,000 plus content just from switching opportunity on a per XPU basis. So that kind of gets you to the first doubling as we speak.

好問題。我是 Jitendra。如果你看我們目前在一些高負載系統中的內容價值，光是在我們的 fabric 交換器與訊號調理產品上，以每個 XPU 為基準，已經超過 1,000 美元的內容價值。隨著我們進入下一代產品，我們的目標是僅從交換（switching）機會出發，就在每個 XPU 的基礎上再增加 1,000 美元以上的內容價值。所以就如同我們所說，這大致對應到第一次的倍增。

Abd beyond that, as we go to the next generation of AI platforms or the next generation of XPU, we bring in additional content to bear on these platforms, which includes, for example, optical networking components that Sanjay just talked about, Leo memory controllers for KV cache offload and so on, as well as growing cluster sizes that drive higher ASP on a per product basis, as well as higher data rates that also drive higher ASP on a per product basis. So if we model all of this out, we expect to get double the content on a per XPU basis on each successive generation of XPU.

而且除此之外，當我們進入下一代 AI 平台或下一代 XPU 時，我們會把更多內容價值帶到這些平台上，例如 Sanjay 剛提到的光網路元件、用於 KV cache 卸載的 Leo 記憶體控制器等等；同時，叢集規模持續擴大，會在單一產品層級推升更高的 ASP，而更高的資料速率也同樣會在單一產品層級推升 ASP。因此，如果我們把這些因素都建模進去，我們預期在每一代後續的 XPU 上，每個 XPU 的內容價值都能再翻倍。

Oh, boy. That sounds like a lot of content, Jitendra. I appreciate it, guys. Thanks a lot.

哇。聽起來內容價值很高，Jitendra。感謝各位。非常謝謝。

Yeah. Our customers continue to build larger and larger cluster sizes; and as these cluster sizes go bigger, we get a higher attach rate. Thank you.

是的。我們的客戶持續建置越來越大的叢集規模；而當叢集規模變大時，我們的附掛率（attach rate）也會提高。謝謝。

Papa Sylla, Citi.

Papa Sylla，花旗。

Thank you for taking my question, and congrats on the very strong Q3 results. Maybe Jitendra or Sanjay, just wanted to double-click a little bit on the prior 10 plus of Scorpio X engagement you previously talked about. Any color on how many of those you expect to be meaningful ramps in the first half of '27?

謝謝讓我提問，也恭喜第三季（Q3）非常強勁的業績。也許問 Jitendra 或 Sanjay，想再更深入追問一下你們先前提到的 10 個以上 Scorpio X 合作案（engagement）。能否分享一下，你們預期其中有多少會在 2027 年上半年出現有意義的放量（ramp）？

Tied to that, how are you still thinking about UALink timeline? Do you still kind of see more of a second half '27 story? If that's the case, is it reasonable to assume that some of your current Scorpio X engagements will kind of turn into UALink engagement or opportunities?

延伸這點，你們目前對 UALink 時程仍是怎麼看？你們是否仍大致認為會是 2027 年下半年的故事？如果是這樣，是否可以合理假設你們目前部分 Scorpio X 的合作案，未來會轉成 UALink 的合作或機會？

Yeah, thanks for the question. Yeah, so what we had guided was that there are more than 10 customers we are engaged on Scorpio X, so those engagements continue to make progress in a very positive way. What we noted was that we, of course, have our lead hyperscaler platform that's now in production. That is reflected in the Q3 numbers and also on the guide that we provided for Q4.

是的，謝謝你的問題。我們先前的指引是：我們與超過 10 家客戶在 Scorpio X 上有合作案，而這些合作案持續以非常正向的方式推進。我們也提到，當然，我們的領先超大規模客戶（hyperscaler）平台目前已進入量產。這已反映在 Q3 的數字中，也反映在我們對 Q4 提供的指引裡。

What we also noted is in Q3, we started shipping the X-Series Scorpio to an additional hyperscaler. So that's now in pre-production, so that should help us generate revenue in 2027. We do have backlog from multiple additional customers in Q4 for Scorpio X. So these are parts that will get shipped out this quarter, and then it will go through its development and qualification phases in the first half of 2027 and contributing revenue in the second half.

我們也提到，在 Q3 我們開始向另一家超大規模客戶出貨 X-Series Scorpio。因此目前已進入量產前（pre-production），這應該會幫助我們在 2027 年帶來營收。我們在 Q4 也有來自多家其他客戶的 Scorpio X 訂單積壓（backlog）。這些零件會在本季出貨，接著在 2027 年上半年進入開發與認證階段，並在下半年貢獻營收。

Now, what is also happening is that because of all the results and performance that we're able to deliver to our customers with Scorpio X, with many of the unique features that we highlighted in our prepared remarks, the customers that have designed in are now adding new platforms or essentially using Scorpio X on new platforms. So not only are we growing the number of customers that are adopting Scorpio X, but are also seeing customers rapidly expanding the use of Scorpio X in multiple platforms that they're developing.

另外正在發生的是：由於我們透過 Scorpio X 能為客戶交付的成果與效能，加上我們在事先準備的發言中強調的許多獨特功能，已經導入（designed in）的客戶現在正在新增新平台，或本質上是在新平台上使用 Scorpio X。因此，我們不僅在增加採用 Scorpio X 的客戶數，也看到客戶快速擴大 Scorpio X 在其開發中的多個平台上的使用。

So overall, I want to say the Scorpio X has taken off very well, reflected both in the pipeline opportunities as well as the revenue that we highlighted with Scorpio family exceeding $1 billion of annualized run rate in Q3.

總體而言，我想說 Scorpio X 的起飛表現非常好，這不僅反映在管線機會（pipeline opportunities）上，也反映在我們提到的營收上：Scorpio 產品家族在 Q3 的年化營收運行率（annualized run rate）已超過 10 億美元。

Maybe let me take the UALink question. So we continue to see the UALink ecosystem strengthen. There is more IP available. There are more vendors that are coming in with products for UALink.

我來回答 UALink 的問題。我們持續看到 UALink 生態系在強化。可用的 IP 更多了。也有更多供應商帶著 UALink 相關產品加入。

So overall, there is not a lot of change in the UALink from a customer standpoint. The customers who had focused on memory semantic-based protocols, such as PCI Express, continue to stay in that swim lane and will, as you said, over time convert to UALink. Our development of UALink products also continues. We introduced our Taurus family earlier this year, and we continue to work on the anchor sockets on switching and so on in order to intercept them with the release of the UALink XPUs from our customers.

因此，從客戶角度來看，UALink 並沒有太大變化。那些聚焦於以記憶體語意（memory semantic）為基礎協定（例如 PCI Express）的客戶，仍會留在那條路線上，並且如你所說，隨著時間推進會轉向 UALink。我們對 UALink 產品的開發也在持續進行。我們今年稍早推出 Taurus 產品家族，並持續在交換（switching）等方面開發錨定插槽（anchor sockets），以便在客戶發布 UALink XPU 時能夠對接。

Not much has changed. Those who are in the UALink swim lane continue there. Those who are in the Ethernet swim lane will continue in that swim lane.

沒有太多改變。在 UALink 路線（swim lane）上的會繼續走那條路。在乙太網路（Ethernet）路線上的也會繼續走那條路。

Overall, our strategy is to address the entire scale-up switching TAM. We have started with PCI Express, gone on to the NVLink Fusion, and actively working on UALink. As we start to see more customer interest, we will address other protocols for scale-up as well.

整體而言，我們的策略是涵蓋整個 scale-up 交換的 TAM。我們從 PCI Express 起步，接著延伸到 NVLink Fusion，並且正積極投入 UALink。

Sebastien Naji, William Blair.

Sebastien Naji，William Blair。

Thanks, and good afternoon. Thanks for taking the question. I wanted to stay on the theme of Scorpio in particular, but maybe ask a little bit about the P-Series. Scorpio X-Series revenue crossed P-Series in the quarter.

謝謝，下午好。謝謝讓我提問。我想延續 Scorpio 這個主題，但也許問一下 P-Series。本季 Scorpio X-Series 的營收已超過 P-Series。

Can you maybe just comment on how we should think about the growth in P-Series in Q4 and in 2027? It seems like X-Series has maybe more significant content, but is more concentrated, while P-Series is perhaps lower content, but has a broader set of customers. Just how should we think about the mix between those two products going forward?

你能否評論一下，我們應該如何看待 P-Series 在 Q4 以及 2027 年的成長？看起來 X-Series 的內容價值可能更顯著，但集中度更高；而 P-Series 可能內容價值較低，但客戶群更廣。往後我們應該如何看待這兩個產品之間的組合（mix）？

Hey, Sebastien, and it's Des here. We've been really pleased with our performance in Scorpio P-Series. In the third quarter, it grew double-digit sort of growth, and I expect it to continue in Q4 at a similar rate, sort of going forward. As we continue to look further ahead into sort of next year, what we continue to see is the hyperscalers continuing to grow. We talked about having two hyperscalers growing in revenue in the second half of this year, so that'll continue to grow into next year.

嗨，Sebastien，我是 Des。我們對 Scorpio P-Series 的表現非常滿意。第三季它呈現雙位數成長，我預期 Q4 也會以類似的速度延續，並在往後持續。當我們把視野放到明年，我們持續看到超大規模客戶（hyperscalers）繼續成長。我們談到今年下半年有兩家 hyperscaler 的營收在成長，這個成長也會延續到明年。

We continue to see a variety of engagements across different customers that continue to ramp. So we've seen this being a continue to be a meaningful sort of part of the overall sort of Scorpio ramp. Obviously, Scorpio X-Series, given the higher ASPs, that's going to be the sort of dominant sort of growth driver going into next year. But P-Series continues to perform really well.

我們也持續看到與不同客戶之間的多項合作案在推進並持續放量。因此，我們看到這會持續成為整體 Scorpio 放量中的一個重要部分。當然，Scorpio X-Series 因為 ASP 較高，將會是明年主要的成長驅動力。但 P-Series 也持續表現得非常好。

Quinn Bolton, Needham.

Quinn Bolton，Needham。

Hey, guys. Let me add my congratulations on the outlook. I just wanted to ask a longer-term question. You gave us four new product categories on the call, optical, custom, the memory controller expansion, and then the Orion rack-level platforms.

嗨，各位。我也要恭喜你們的展望。我想問一個較長期的問題。你們在電話會議中提到四個新的產品類別：光學（optical）、客製化（custom）、記憶體控制器擴張，以及 Orion 機櫃層級（rack-level）平台。

I will not hold you to it, but of those four, would you say one is more likely than the others to hit 10% of revenue at some point over the next couple of years? Or how should we think about the relative growth rates of those four new opportunities?

我不會要求你對此做出承諾，但在這四項之中，你會說哪一項在未來幾年內的某個時間點更有可能達到營收的 10% 嗎？或者我們應該如何看待這四個新機會之間的相對成長率？

Yeah, so what I would start off by saying is that all the four are significant TAMs, as you can imagine, with optical or the memory inferencing use cases. Custom is a huge opportunity out there, both for XPU attach and some of the other XPU-like opportunities. So for us, and of course, the rack is going into several enterprise and inference application. The value proposition and form factor there is very different.

是的，我會先說，正如你所想像的，這四項的 TAM 都相當可觀，無論是光學或記憶體推論（inferencing）的使用情境。客製化（Custom）在市場上是個巨大的機會，包含 XPU attach 以及其他一些類似 XPU 的機會。所以對我們而言，當然，機櫃（rack）也正進入多個企業與推論應用。那裡的價值主張與外形規格（form factor）非常不同。

So I would say if you start off, these are all big markets for us.

所以我會說，先從這點開始：這些對我們而言都是很大的市場。

Now it comes down to how are we able to develop the right product, make sure that we execute and deliver, and it's a matter of timing is what I would say. In other words, the most near-term opportunity that we're expecting in second half is all the optical ramp that we're expecting, specifically on the NPO side. So that is something that will have the most immediate effect from a revenue contribution standpoint.

接下來就取決於我們能否開發出正確的產品、確保執行到位並如期交付，我會說這是一個時點（timing）問題。換句話說，我們預期近期、也就是下半年最接近的機會，是我們預期的光學放量（optical ramp），特別是在 NPO 端。因此，從營收貢獻的角度來看，這會帶來最立即的影響。

Custom silicon, that one is a muscle that we have been building and making a lot of progress. Like we noted, we have over 10 engagements right now for doing custom fabrics, custom memory controllers, and so on. So this one, I would say, is going to be a significant opportunity for us, but I would say probably more in the 2028 timeframe.

至於客製化矽（custom silicon），這是我們一直在打造的能力（muscle），而且已經取得很大進展。如同我們提到的，我們目前有超過 10 個合作案（engagements），在做客製化互連（fabrics）、客製化記憶體控制器等。所以我會說，這對我們而言會是個重要機會，但我認為可能會更偏向在 2028 年的時間框架。

And the last one, the Orion, to be candid, it's been fantastic reception since we announced it at OCP. Lot of folks are coming to us, especially enterprise folks and folks that are building XPUs and other accelerators. So that one, we will start launching the product, of course, through ODM and OEM partners that are building the system for us.

最後一項是 Orion，坦白說，自從我們在 OCP 發表以來，市場反應非常好。很多人來找我們，特別是企業客戶，以及正在打造 XPU 與其他加速器的客戶。因此，這項產品我們當然會透過為我們建置系統的 ODM 與 OEM 夥伴來開始推出。

So that will start contributing revenue in 2027. We're yet to sort of get a full handle on exactly what that numbers would look like for the Orion platform, so we expect to provide more concrete data on that in our next quarterly call.

所以它將在 2027 年開始貢獻營收。我們目前還沒有完全掌握 Orion 平台的具體數字會長什麼樣子，因此我們預期在下一次季度電話會議上提供更具體的資料。

But in general, the key message here is that all of these are substantial market opportunities. They all require innovation and execution that we have proven ourselves to be able to deliver as a company. So we are looking forward to playing in all this market and contributing additional growth engines to go along with the signal conditioning franchise we have and the fabric franchise that we have. So overall, if you can have six engines that are all pumping out great growth, I think we will have achieved the goal of being a great iconic company.

但整體而言，這裡的關鍵訊息是：這些都是龐大的市場機會。它們都需要創新與執行力，而我們已經證明公司具備交付的能力。因此，我們期待在所有這些市場中參與，並在既有的訊號調理（signal conditioning）事業與互連（fabric）事業之外，貢獻額外的成長引擎。總體來說，如果我們能有六個引擎都持續帶來強勁成長，我認為我們就達成了成為一家偉大、具代表性的公司的目標。

Karl Ackerman, BNP Paribas.

Karl Ackerman，法國巴黎銀行（BNP Paribas）。

Hi, this is Sam Feldman on for Karl Ackerman. Thanks for taking the question. You're seeing strong growth with Aries. Can you delineate this growth between content uplift from the transition to PCIe Gen 6 versus unit growth? And more generally, how do you think about your retimer content for XPU as optics moves closer to compute?

你好，我是 Sam Feldman，代 Karl Ackerman 提問。謝謝讓我提問。你們看到 Aries 有強勁成長。你能否把這個成長拆解為：從轉向 PCIe Gen 6 帶來的內容價值提升（content uplift） versus 出貨量成長（unit growth）？更廣泛地說，當光學更接近運算端時，你們如何看待針對 XPU 的 retimer 內容價值？

Yeah, that's a great question. We had a record quarter for Aries, and Aries family continues to grow. We started the company actually with the Aries PCI Express Gen 4, and now we are going to Gen 5, Gen 6 and at OCP, we launched our Gen 7 portfolio.

是的，這是個很好的問題。Aries 這季創下紀錄，而 Aries 產品家族也持續成長。我們公司其實是從 Aries PCI Express Gen 4 起家，現在我們正走向 Gen 5、Gen 6，而在 OCP 上我們也發表了 Gen 7 產品組合。

And as you correctly pointed out, there are two factors that are causing the ASP to go up: one is just the increase in data rate. Every time we double the data rate, we can expect to get a 20%, 25%, 30% increase in ASP from generation to generation; the other factor is that we also ship these devices in multiple form factors. You have the chip-down opportunity where the chip is directly soldered on the board, but we also have the smart cable modules.

正如你所指出的，有兩個因素推動 ASP 上升：第一是資料速率的提升。每當資料速率加倍，我們預期每一代 ASP 會增加 20%、25%、30%；第二個因素是，我們也以多種外形規格出貨這些裝置。你有 chip-down 的機會，也就是晶片直接焊在板子上，但我們也有智慧線纜模組（smart cable modules）。

where the chip is sold in the form of a PC board that gets then built into an active electrical cable, and there we get a higher ASP. And just as importantly, we have these active electrical cables attaching into the scale-up part of the network, and therefore we get a higher attach rate and overall growth in revenue. On the high level, I would say that we've been very happy with the growth of the Aries family. It continues to grow. It has grown from '24 to '25 to '26, and we expect it to grow in '27 as well.

也就是晶片以 PC 板的形式銷售，之後被整合進主動式電纜（active electrical cable）中，在那裡我們能取得更高的 ASP。同樣重要的是，我們的這些主動式電纜會連接到網路的 scale-up 部分，因此我們能取得更高的 attach rate，並帶動整體營收成長。從高層次來看，我會說我們對 Aries 產品家族的成長非常滿意。它持續成長。它從 '24 成長到 '25、到 '26，我們也預期在 '27 仍會成長。

So the last point that you made is, some of these links that were previously served with copper will get served with optics as we go into the next generation, and there is an opportunity for us to have even higher content because the dollars that we can get on a per link basis on optical links is much more than what we get on copper. In addition to that, there were several links that previously did not require any kind of retimers at all, which will now require both copper as well as optical content, and that's a great opportunity for us to continue growing the Aries portfolio.

你最後提到的一點是：隨著我們進入下一代，有些原本由銅線（copper）承載的連結將改由光學（optics）承載，而這讓我們有機會取得更高的內容價值，因為在光學連結上，我們每條連結能取得的美元價值遠高於銅線。此外，過去有些連結根本不需要任何 retimer，但接下來將同時需要銅線與光學的內容，這對我們持續擴大 Aries 產品組合而言是個很好的機會。

Simon Leopold, Raymond James.

Simon Leopold，Raymond James。

Yeah, thanks. Jeff Koche for Simon. Just wanted to ask you a quick question on the Marvell-Lumentum merger. Obviously, trying to bring silicon and photonics closer together, potentially enabling tighter co-design and improved power.

是的，謝謝。我是 Jeff Koche，代 Simon 提問。我想快速問一下關於 Marvell 與 Lumentum 的合併。顯然，他們試圖讓矽與光子（photonics）更緊密結合，可能使共同設計（co-design）更緊密並改善功耗。

I just want to get your take on this strategy. Do you think that this can provide a competitive advantage, and does it change how you are viewing how you're going to vertically integrate? Thanks.

我想聽聽你對這個策略的看法。你認為這能帶來競爭優勢嗎？以及這是否會改變你們對垂直整合（vertically integrate）的看法？謝謝。

Marvell and Lumentum are both great companies. We have good respect for both of them, so I'm sure they've thought through the strategy before getting into this combination discussion. So I'll let them comment on what they think about it. But I'm happy to talk about our own strategy for optical.

Marvell 和 Lumentum 都是很棒的公司。我們對他們兩家都很尊敬，所以我相信他們在進入這次組合討論之前，已經把策略想得很清楚。因此我會讓他們去評論他們自己的看法。不過我很樂意談談我們自己的光學策略。

Our strategy for optical is more grounded in scale-up, right? Unlike the other companies, we are not yet focused on scale-up, scale-out, or scale-across. Our focus is on scale-up, which is not a big TAM today, but as we talked about during the prepared remarks, we expect that to be a $40 billion TAM going forward. And all of the components that we need to address that TAM, we are building ourselves, starting with the electrical ICs, laser drivers, and TIAs for the NPO generation, and more complex EICs for the CPO generation.

我們的光學策略更立足於 scale-up，對吧？不同於其他公司，我們目前還沒有把重心放在 scale-up、scale-out 或 scale-across。我們的重點在 scale-up；它今天的 TAM 還不大，但如同我們在事先準備的講稿中談到的，我們預期未來它會成為 400 億美元的 TAM。而為了因應那個 TAM 所需的所有元件，我們都在自行打造，從 NPO 世代所需的電性 IC、雷射驅動器（laser drivers）與跨阻放大器（TIA）開始，以及 CPO 世代更複雜的 EIC。

At OCP, we also showed our silicon photonics that goes into some of these NPO modules, as well as the connectors that allow us to build full optical engines for NPO as well as CPO. These optical engines will then get deployed with our hyperscalers, and hyperscalers will continue to source laser components just like they do today with their existing vendors.

在 OCP 上，我們也展示了會用在部分 NPO 模組中的矽光子（silicon photonics），以及讓我們能為 NPO 與 CPO 建構完整光學引擎的連接器（connectors）。這些光學引擎接著會部署在我們的超大規模客戶（hyperscalers）那裡，而 hyperscalers 也會像今天一樣，持續向其既有供應商採購雷射元件。

Tom O'Malley, Barclays.

Tom O'Malley，Barclays。

Hi, team. This is Trip Smith on for Tom O'Malley. Nice results, and thank you for the question. I was just curious if you could talk about the cadence of revenue growth into calendar year '27. I think there's some expectations that your lead customers' current generation builds are kind of peaking out in the 1Q timeframe, and then the next gen is not really expected to ramp until kind of closer to calendar year '28. So any color there would be super helpful. Thank you.

嗨，各位團隊同仁。我是 Trip Smith，代替 Tom O'Malley 出席。成果很不錯，也謝謝你的提問。我只是想請教一下，能否談談到曆年 2027 年的營收成長節奏。我想市場上有些預期是，你們主要客戶目前這一代的建置在第一季左右會接近高峰，接著下一代要到接近曆年 2028 年才會真正開始放量。所以如果能提供一些相關說明會非常有幫助。謝謝。

It's Des here. Thanks for the question. Obviously, we will not comment upon our end customers' volume ramp. I think I addressed some of this earlier in the Q&A, where I talked about the large scale that we've been able to generate on the Scorpio X platforms.

我是 Des。謝謝你的提問。很明顯地，我們不會評論終端客戶的出貨放量情況。我想我在先前的問答中已經提到過部分內容，當時我談到我們在 Scorpio X 平台上所能帶來的龐大規模。

The initial deployment has taken place, and they'll continue contributing in scale going forward. And we'll continue to see new platforms plus additional customers leaning into the model on a go-forward basis.

初始部署已經完成，未來它們也會持續以規模貢獻。而且我們也會持續看到新平台，以及更多客戶在未來持續採用這個模式。

I think it's important that we also remember the scale that we've been able to generate in terms of our Scorpio X family. I think Jitendra talked about a $1 billion run rate being achieved in Q3, and we're optimistic about our growth prospects going forward as we go into next-generation platforms as well.

我認為也很重要的是，我們要記得 Scorpio X 產品家族所帶來的規模。我想 Jitendra 提到過，我們在第三季達成了 10 億美元的年化營收（run rate），而且隨著我們進入下一代平台，我們對未來的成長前景也保持樂觀。

Bastien Faucon, Susquehanna.

Bastien Faucon，Susquehanna。

Hi. Thank you for taking my question. I'm filling in for Mehdi Hosseini. I guess I wanted to come back to your comment about the content that you're capturing by Orion rack scale designs. You mentioned that you capture about $100,000 of content per rack.

嗨，謝謝讓我提問。我代替 Mehdi Hosseini 出席。我想回到你剛才提到的，關於你們透過 Orion 機櫃級（rack scale）設計所取得的內容價值。你提到每個機櫃大約能取得 10 萬美元的內容價值。

In your press release, you highlighted that those pods have from eight accelerators to 160. So I wanted to know a little bit more about how to think about that $100,000. How many GPUs or accelerators are you taking into consideration for that estimate? And then my follow-up would be, how should we think about the gross margin profile of the rack scale solutions relative to your long-term gross margin targets of 70%? Thank you.

在你們的新聞稿中，你們強調那些 pod 的加速器數量從 8 個到 160 個不等。所以我想更了解該如何看待這 10 萬美元。你們在這個估算中考量的是多少顆 GPU 或加速器？另外我的追問是，相較於你們長期 70% 的毛利率目標，機櫃級解決方案的毛利率輪廓應該如何看待？謝謝。

Yeah. Let me try to break it down for you. So the Orion rack is designed to support up to 10 compute trays. Each compute tray can have up to eight GPUs or accelerators that are plugged in.So our content, which includes the fabric, the switches, and so on, they reside at the compute tray level to interconnect the GPUs. So we do have content there.

好的。我來試著為你拆解一下。Orion 機櫃的設計可支援最多 10 個運算托盤（compute tray）。每個運算托盤最多可插入 8 顆 GPU 或加速器。我們的內容價值包含互連網路（fabric）、交換器等，這些都位於運算托盤層級，用來互連 GPU。因此我們在那裡確實有內容價值。

Now, some customers, rather than operating the 10 compute trays individually, they want to create a larger cluster, meaning operate the 80 GPUs as one unit. For that, they need a scale-up switch and a tray as well. So in those situations, there is additional hardware that is required. And of course, when you think of 160 GPUs, we are talking about two racks that are talking to each other with connectivity going from the east to west type of topologies.

現在，有些客戶不想把 10 個運算托盤分開運作，而是想建立更大的叢集，也就是把 80 顆 GPU 當作一個單元來運作。為此，他們還需要一個 scale-up 交換器以及一個托盤。所以在這些情況下，就需要額外的硬體。當然，當你談到 160 顆 GPU 時，我們指的是兩個機櫃彼此互連，採用東西向（east-west）連線拓撲。

In general, if you think about that kind of system, then the components that we are able to integrate in that includes, of course, all of our fabric and switch products, both at the compute tray level and at the rack level. It includes all of our signal conditioning products, retimers, and such that would be required, including AECs, right?

一般來說，若以這類系統來看，我們能整合的元件當然包括我們所有的互連網路與交換器產品，涵蓋運算托盤層級與機櫃層級。也包括我們所有的訊號調理產品、重定時器（retimer）等所需元件，包含 AEC，對吧？

And then we are also, for the first time, monetizing our COSMOS software. So COSMOS software, like I noted, has upgraded from being a component-level solution to a rack-level solution, a fabric manager, and so on. So that provides additional monetization points that adds to the $100,000 that I noted.

另外，我們也首次將 COSMOS 軟體變現。如我所提，COSMOS 軟體已從元件層級的解決方案升級為機櫃層級的解決方案，包含 fabric manager 等。因此它提供了額外的變現點，並加總到我提到的 10 萬美元之中。

And then the last point I would make is that, again, we are providing this as production-ready reference design. So obviously, there is a certain amount of royalty that we get from our OEM and ODM partners that are taking that and providing it to their end customers, the enterprise AI and inference cloud guys.

最後一點我要補充的是，我們提供的是可直接量產的參考設計（production-ready reference design）。因此，我們會從採用該設計並提供給其終端客戶（企業 AI 與推論雲端業者）的 OEM 與 ODM 夥伴那裡，取得一定的權利金（royalty）。

So all in all, there are three monetization points: it's the baseboards that we sell, it's the software that we sell, and royalty that we get for the reference design. So that's the way to think about how the monetization happens.

總結來說，有三個變現點：我們銷售的基板（baseboards）、我們銷售的軟體，以及我們因參考設計而取得的權利金。這就是變現如何發生的思考方式。

When we said 100K, we are just talking about one rack, meaning 80 GPUs, even though the reference design itself can support up to 160. The $100,000 refers to a single rack. That is the other point I want to emphasize. And overall, like I noted, this is just the beginning of the Orion story, meaning we will have additional versions that brings in UALink and liquid cooling and all that stuff. So in general, we do expect that we will be able to add more value by doing a vertical integration of the components and software.

當我們說 10 萬美元時，我們指的是單一機櫃，也就是 80 顆 GPU，儘管該參考設計本身最多可支援到 160 顆。這 10 萬美元是指單一機櫃。這是我想強調的另一點。整體而言，如我所提，這只是 Orion 故事的開始；也就是說，我們還會有後續版本，導入 UALink、液冷等各種功能。因此一般來說，我們預期透過元件與軟體的垂直整合，能夠創造更多價值。

And in terms of the margin itself, we do expect this to be accretive, just given the business model that I noted, where we are not only providing silicon, but we are providing software, and there is additional revenue coming in through the royalty approach that we're taking.

至於毛利率本身，我們預期這會帶來增益（accretive），主要是基於我提到的商業模式：我們不只提供矽晶片，也提供軟體，並且透過我們採取的權利金方式帶來額外收入。

Overall, it is meant to bring in top line. It is meant to be accretive to the margin that we have. But I will also like to call out and say this is early days for this platform. The interest has been great. We will, of course, keep updating you guys on how the business is growing, and I think in Q1, we will be able to provide a lot more details on the impact for our overall P&L.

整體而言，這是為了帶動營收（top line）。也希望能對我們現有的毛利率帶來增益。但我也想特別指出，這個平台仍在早期階段。市場興趣非常高。我們當然會持續向各位更新業務成長情況，我想在第一季我們將能提供更多細節，說明對我們整體損益表（P&L）的影響。

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. Thank you so much.

感謝各位的參與與提問，並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。