應用材料 (AMAT) 2024 Q3 法說會逐字稿

Welcome to the Applied Materials earnings conference call. (Operator Instructions) I would now like to turn the conference over to Michael Sullivan, Corporate Vice President. Please go ahead, sir.

歡迎參加應用材料公司的財報電話會議。 （操作員指示）我現在想將會議轉交給公司副總裁 Michael Sullivan。請繼續，先生。

Good afternoon, everyone, and thank you for joining Applied's third quarter of fiscal 2024 earnings call. Joining me are Gary Dickerson, our President and CE; and Brice Hill, our Chief Financial Officer.

大家下午好，感謝您參加應用材料公司 2024 財年第三季財報電話會議。與我一起的還有我們的總裁兼執行長 Gary Dickerson；以及我們的財務長布萊斯希爾 (Brice Hill)。

Before we begin, I'd like to remind you that today's call contains forward-looking statements, which are subject to risks and uncertainties that could cause our actual results to differ. Information concerning the risks and uncertainties is contained in Applied's most recent Form 10-Q filing with the SEC.

在開始之前，我想提醒您，今天的電話會議包含前瞻性陳述，這些陳述存在風險和不確定性，可能導致我們的實際結果有所不同。有關風險和不確定性的資訊包含在應用程式材料公司最近向 SEC 提交的 10-Q 表中。

Today's call also includes non-GAAP financial measures. Reconciliations to GAAP measures are found in today's earnings press release and in our quarterly earnings materials, which are available on our website at ir.appliedmaterials.com.

今天的電話會議還包括非公認會計準則財務指標。 GAAP 衡量標準的調整可在今天的收益新聞稿和我們的季度收益資料中找到，這些資料可在我們的網站 ir.appliedmaterials.com 上找到。

And with that introduction, I'd like to turn the call over to Gary Dickerson.

介紹完畢後，我想將電話轉給加里·迪克森。

Thanks, Mike. With record revenues in our third quarter and earnings toward the high end of our guided range. Applied Materials continues to deliver strong results in 2024. Secular trends are growing our available market and our unique and connected portfolio of capabilities, products and services positions us to outperform the industry over the longer term.

謝謝，麥克。第三季的營收創歷史新高，獲利接近我們指引範圍的高端。應用材料公司將在 2024 年繼續取得強勁業績。

At our recent investor event at SEMICON West, leaders from our semiconductor business shared their perspective on the powerful multi-decade technology trends driving the industry forward and explain the role Applied is playing to enable the next generations of semiconductor technology.

在最近舉行的SEMICON West 投資者活動中，半導體業務的領導者分享了他們對推動行業向前發展的強大的數十年技術趨勢的看法，並解釋了應用材料公司在實現下一代半導體技術方面所發揮的作用。

In today's call, I will summarize some of the key themes we talked about at that event, including how advancing energy-efficient computing performance is critical to deploying AI at scale. Why the energy-efficient computing road roadmap is increasingly enabled by materials engineering and Applied Materials and how we're working in new ways to accelerate this complex roadmap and create new growth opportunities for Applied.

在今天的電話會議中，我將總結我們在該活動中討論的一些關鍵主題，包括提高節能運算效能對於大規模部署人工智慧至關重要。為什麼材料工程和應用材料公司越來越多地支援節能計算路線圖，以及我們如何以新的方式加速這一複雜的路線圖並為應用材料公司創造新的成長機會。

Semiconductors, provide the foundation for tectonic shifts in technology that will reshape the global economy over the next several decades, including AI, IoT, robotics, electric and autonomous vehicles and clean energy.

半導體為未來幾十年重塑全球經濟的技術變革奠定了基礎，包括人工智慧、物聯網、機器人、電動和自動駕駛汽車以及清潔能源。

These multitrillion dollar global inflections are increasing demand for chips and driving the need for significant advances in semiconductor technology. The biggest tectonic shift evolve is AI and the race for AI leadership will in large part be determined by which companies in the semiconductor industry are first to deliver substantial improvements in energy-efficient compute performance.

這些價值數兆美元的全球變化正在增加對晶片的需求，並推動對半導體技術重大進步的需求。最大的結構性轉變是人工智慧，而人工智慧領導地位的爭奪在很大程度上取決於半導體產業中的哪些公司首先在節能運算效能方面取得了實質改進。

In our discussions with leading AI companies, they are telling us that reducing power per operation is now more important than increasing operations per second. They are also talking about the need to drive a 10,000 times improvement in performance per watt over the next 15 years.

在我們與領先的人工智慧公司的討論中，他們告訴我們，現在降低每次操作的功耗比增加每秒的操作數更重要。他們還談到需要在未來 15 年內將每瓦性能提高 10,000 倍。

Evolutionary innovation is insufficient to deliver improvements of this magnitude, and we're seeing the emergence of a new industry playbook made up of major device architecture inflections in logic, memory and advanced packaging.

進化式創新不足以實現如此大規模的改進，我們正在看到由邏輯、記憶體和先進封裝方面的主要設備架構變化組成的新行業手冊的出現。

These device architecture inflections are increasingly enabled by material science and materials engineering, where Applied is the clear market and technology leader. For AI, the advanced chips in the data center used for training AI models are built upon four critical categories of semiconductor technology, leading edge logic, high performance DRAM, high-bandwidth memory enabled by die stacking technology and advanced packaging to connect the logic and memory chips together in a single integrated package.

這些裝置架構的變化越來越受到材料科學和材料工程的推動，而應用材料公司在這兩個領域是明顯的市場和技術領導者。對於人工智慧而言，資料中心用於訓練人工智慧模型的先進晶片建立在四個關鍵類別的基礎上：半導體技術、前沿邏輯、高性能DRAM、透過晶片堆疊技術實現的高頻寬記憶體以及連接邏輯和模型的先進封裝。

In leading edge logic, key device inflections in both transistor and interconnect are currently moving from chip makers, R&D pilot lines to high-volume production. The transition from FinFET to gate-all-around transistors grows Applied's available market for the transistor module from around $6 billion to approximately $7 billion for every 100,000 wafer starts per month of capacity.

在前沿邏輯領域，電晶體和互連的關鍵元件目前正在從晶片製造商、研發試驗線轉向大批量生產。從 FinFET 到全柵電晶體的轉變使應用材料公司電晶體模組的可用市場從每月每 10 萬片晶圓產能的約 60 億美元增長到約 70 億美元。

We also expect to gain share through the gate all around transition, and we're on track to capture more than 50% of the process equipment spending for the transistor fabrication steps. For the interconnect module, our available market is also about $6 billion for every 100,000 wafer starts per month.

我們也期望透過全面轉型獲得份額，並且我們有望佔據晶體管製造步驟製程設備支出的 50% 以上。對於互連模組，每月每生產 10 萬片晶圓，我們的可用市場也約為 60 億美元。

We forecast, this will also grow by about $1 billion with the implementation of backside power delivery, and we expect to win more than 50% of the applications we address in interconnect when backside power ramps in volume manufacturing.

我們預測，隨著背面功率傳輸的實施，這一數字也將增長約 10 億美元，並且當批量製造中的背面功率提升時，我們預計將贏得超過 50% 的互連應用。

In DRAM. We've also established clear leadership in process equipment and are in a great position for future growth. Over the past decade. We've grown our market share in DRAM by around 10 points as DRAM plays a critical role in energy-efficient computing performance, there's a huge focus on advancing the roadmap. The next major DRAM inflection from 6Fsquare to 4Fsquare or vertical transistor architectures is materials enabled, and we expect our market opportunity to grow by approximately 10% to around $6.5 billion for each 100,000 wafer starts per month of capacity.

在DRAM中。我們也在工藝設備領域建立了明確的領導地位，並為未來的成長奠定了良好的基礎。過去十年。由於 DRAM 在節能運算效能方面發揮關鍵作用，因此我們將 DRAM 的市佔率成長了約 10 個百分點，因此我們非常重視推進路線圖。從 6Fsquare 到 4Fsquare 或垂直電晶體架構的下一個主要 DRAM 拐點是材料支持，我們預計我們的市場機會將成長約 10%，達到每月每 100,000 片晶圓產能約 65 億美元。

We also expect to increase our share based on our position to enable the 4Fsquared inflection. In addition we believe the subsequent transition to 3D DRAM. will grow our addressable market by an incremental 15%. Further compounding Applied's opportunity.

我們還期望根據我們的立場增加我們的份額，以實現 4Fsquared 拐點。另外我們相信隨後會過渡到3D DRAM。將使我們的目標市場成長 15%。應用材料公司的機會進一步增加。

In the die-stacking technologies that enable High-bandwidth memory, we also have strong leadership positions, both in micro bump and Through-Silicon Via. We have seen demand for High-bandwidth memory accelerating in 2024 and expect to generate more than $600 million of HBM packaging revenue this year, which is approximately six times 2023.

在支援高頻寬記憶體的晶片堆疊技術中，我們在微凸塊和矽通孔領域也擁有強大的領導地位。我們看到 2024 年高頻寬記憶體的需求將加速成長，預計今年 HBM 封裝收入將超過 6 億美元，約為 2023 年的六倍。

Overall, including HBM, we expect revenue from our advanced packaging product portfolio to grow to approximately $1.7 billion in 2024. We believe this business can double in size over the next several years as heterogeneous integration is more widely adopted and we introduce new solutions that grow our addressable market.

總體而言，包括HBM，我們預計先進封裝產品組合的收入將在2024 年增長至約17 億美元。的規模將在未來幾年內翻倍。

Advanced logic, high performance, DRAM, High-bandwidth memory, and advanced packaging are all great examples of how future device architecture inflections are increasingly enabled by materials engineering. As a result, we expect materials engineering as a percentage of total wafer fab equipment to grow in both logic and memory through the coming node transitions.

先進邏輯、高效能、DRAM、高頻寬記憶體和先進封裝都是材料工程如何越來越多地實現未來設備架構變化的絕佳範例。因此，我們預計，透過即將到來的節點轉換，材料工程在邏輯和記憶體領域佔晶圓製造設備總數的百分比將會成長。

At the same time, thanks to our inflection and focused approach to R&D and the strong positions we've established at these future device architecture inflections, we expect to capture more of the expanded opportunities we serve.

同時，由於我們的轉變和專注的研發方法以及我們在這些未來設備架構轉變中建立的強勢地位，我們期望抓住更多我們所服務的擴展機會。

The value of bringing next-generation semiconductor technology to market faster has never been greater. At Applied, our strategy and investments are focused on accelerating the industry's roadmap to support the highest growth rates, global inflections, spanning: AI data centers, edge-AI and IoT, robotics, electric vehicles and clean energy. This strategy is enabled by three pillars.

將下一代半導體技術更快推向市場的價值從未如此巨大。在應用材料公司，我們的策略和投資重點是加快產業路線圖的發展，以支援最高成長率和全球變化，涵蓋：人工智慧資料中心、邊緣人工智慧和物聯網、機器人、電動車和清潔能源。這項策略由三大支柱推動。

First, we have built a broad unique and connected portfolio of highly enabling technologies. As well as providing traditional, best-in-class unit processes, we can co-optimize, combine and integrate our technologies to deliver more comprehensive solutions that address higher-value challenges for our customers.

首先，我們建立了廣泛、獨特且互聯的高度支援技術組合。除了提供傳統的、一流的單元流程外，我們還可以共同優化、組合和整合我們的技術，以提供更全面的解決方案，為客戶解決更高價值的挑戰。

These integrated fab-in-fab Solutions have grown from approximately 20% of our semiconductor products revenue in 2019 to around 30% today. we expect demand for our integrated products to continue growing both at the leading edge and from our ICAPS customers who are serving specialty markets.

這些整合式晶圓廠解決方案占我們半導體產品收入的比重從 2019 年的約 20% 成長到如今的約 30%。我們預計領先領域以及服務專業市場的 ICAPS 客戶對我們整合產品的需求將持續成長。

Second, we are changing the way we work inside and outside the company. Over the past five years, we have built new capabilities and dedicated teams focused on module integration, device design and simulation, data analytics and AI, advanced packaging and ICAPS.

其次，我們正在改變公司內外的工作方式。在過去的五年裡，我們建立了新的能力和專門的團隊，專注於模組整合、設備設計和模擬、數據分析和人工智慧、先進封裝和 ICAPS。

At the same time, we are driving earlier deeper and more extensive collaboration with our customers and partners to win the device architecture inflection races, accelerate mutual success rates and increase investment efficiencies. To further support these collaborative partnerships, we will build out our global EPIC platform over the next several years, which is specifically designed for a high-velocity innovation and commercialization of next-generation technologies.

同時，我們正在推動與客戶和合作夥伴更早、更深入、更廣泛的合作，以贏得設備架構轉折點競賽，加速共同成功率並提高投資效率。為了進一步支持這些合作夥伴關係，我們將在未來幾年內建立我們的全球 EPIC 平台，該平台專為下一代技術的高速創新和商業化而設計。

And third, we are helping customers transfer new technology into high-volume manufacturing faster and then optimize performance, yield output and cost in their factory operations. This is supporting double digit growth in services with a high percentage of our service revenue coming from subscriptions in the form of long-term agreements. Overall, AGS delivered another record quarter, which is their 20 consecutive quarter of year-on-year growth.

第三，我們正在幫助客戶更快地將新技術轉化為大量製造，然後優化工廠營運的性能、產量和成本。這支持了服務的兩位數成長，我們的服務收入很大一部分來自長期協議形式的訂閱。總體而言，AGS 的季度業績再創歷史新高，這是其連續 20 個季度實現同比增長。

Before I hand over to Bryce, I'll quickly summarize.

在交給布萊斯之前，我將快速總結一下。

Applied Materials is delivering record results in 2024, and we're in a great position to benefit from secular growth trends over the longer term. Semiconductors are the foundation for a tectonic shifts in technology, which will reshape the global economy over the next several decades. This is driving increasing demand for chips as well as the need for significant advances in semiconductor innovation. The race for AI leadership depends on delivering significant improvements in energy-efficient compute performance in the range of 10,000 times over the next 15 years. The need for more energy-efficient compute is driving major device architecture inflections within the semiconductor roadmap that are enabled by materials engineering and Applied Materials innovations. This expands our served market and is accretive to our share, and the increasingly complex industry roadmap creates new collaboration and growth opportunities for Applied, enabled by our broad, unique and connected portfolio of capabilities, products and services.

應用材料公司將在 2024 年取得創紀錄的業績，從長遠來看，我們處於有利的位置，可以從長期成長趨勢中受益。半導體是技術結構性轉變的基礎，這將在未來幾十年重塑全球經濟。這推動了對晶片的需求不斷增長，以及對半導體創新取得重大進展的需求。 AI 領先地位的競爭取決於在未來 15 年內將節能運算效能顯著提高 10,000 倍。對更節能運算的需求正在推動半導體路線圖中主要設備架構的變化，而材料工程和應用材料公司的創新推動了這項變化。這擴大了我們服務的市場並增加了我們的份額，而日益複雜的行業路線圖為應用材料公司創造了新的合作和成長機會，這得益於我們廣泛、獨特和互聯的能力、產品和服務組合。

Finally, as you may be aware, Mike Sullivan will be retiring at the end of this calendar year and handing the reins to Liz Morali, who recently joined Applied as our new Head of Investor Relations. I would like to say a huge thank you to Mike for his many contributions to the success of our company and congratulate him on an outstanding career.

最後，您可能知道，邁克·沙利文 (Mike Sullivan) 將於今年年底退休，並將領導權移交給最近加入應用材料公司擔任新任投資者關係主管的莉茲·莫拉利 (Liz Morali)。我謹向麥克表示衷心的感謝，他為我們公司的成功做出了許多貢獻，並祝賀他取得了傑出的職業生涯。

Now over to Brice.

現在輪到布萊斯了。

Thank you, Gary. And I'd like to thank our teams for their strong execution this quarter, which enabled us to deliver record revenue, improved operational performance and healthy gross margins. Today, I'll summarize the market environment, discuss our Q3 performance and share our Q4 outlook.

謝謝你，加里。我要感謝我們的團隊本季的強勁執行力，這使我們能夠實現創紀錄的收入、改善的營運績效和健康的毛利率。今天，我將總結市場環境，討論我們第三季的表現並分享我們第四季的展望。

As Gary mentioned, Mike Sullivan plans to retire from applied at the end of this calendar year. Liz Morali has joined Applied as our new Vice President of Investor Relations. Mike and Liz are working on a smooth handoff of the IR function beginning with our November earnings call. I hope you'll join Gary and me in congratulating Mike on his extraordinary career and leadership and welcoming Liz to Applied Materials.

正如加里所提到的，麥克·沙利文計劃在今年年底退休。 Liz Morali 已加入應用材料公司，擔任新任投資者關係副總裁。 Mike 和 Liz 正在努力從 11 月的財報電話會議開始順利交接 IR 職能。我希望您能與加里和我一起祝賀麥克的非凡職業生涯和領導才能，並歡迎莉茲加入應用材料公司。

Beginning with the business environment, our revenue in Q3 as well as our outlook for Q4 reflect the industry's focus on the major inflections Gary highlighted earlier. We are seeing particularly strong pull related to AI and data center computing. Specifically, our DRAM system shipments remained strong even as DRAM sales in China declined as anticipated, adoption of high-bandwidth memory and other forms of advanced packaging continues to grow. And in foundry, logic, leading edge investment is growing each quarter and becoming a larger percentage of our mix, while high caps demand remained strong overall.

從商業環境開始，我們第三季的收入以及第四季度的前景反映了業界對加里先前強調的主要變化的關注。我們看到與人工智慧和資料中心運算相關的特別強勁的拉力。具體來說，儘管中國的 DRAM 銷售額如預期下降，但我們的 DRAM 系統出貨量仍然強勁，高頻寬記憶體和其他形式的先進封裝的採用持續成長。在代工、邏輯領域，前沿投資每季都在成長，並在我們的投資組合中佔據更大的比例，而高上限需求總體上仍然強勁。

Turning to our Q3 performance, we delivered record revenue of $6.78 billion, which was up 5% year-over-year with growth in all three segments. Operationally, we saw improvements in a number of key metrics such as manufacturing cycle times, linearity and on-time delivery. These improvements give me confidence that we are preparing the company to more efficiently support the growth we are forecasting in the years ahead.

談到第三季的業績，我們實現了創紀錄的 67.8 億美元收入，年增 5%，所有三個細分市場均實現成長。在營運方面，我們看到了許多關鍵指標的改進，例如製造週期時間、線性度和準時交貨。這些改進讓我相信，我們正在讓公司做好準備，以更有效地支持我們預測的未來幾年的成長。

The strong operational performance helped us deliver non-GAAP gross margin of 47.4%, which is up 100 basis points year-over-year. Non-gaap operating expenses of $1.26 billion were up 8% year-over-year in over 70% of the increase was driven by R&D programs aimed at the technology inflections Gary described. Non-GAAP EPS of $2.12 was up 12% year over year, and $0.01 below our highest EPS quarter ever.

強勁的營運業績幫助我們實現了 47.4% 的非 GAAP 毛利率，較去年同期成長 100 個基點。非 GAAP 營運支出為 12.6 億美元，年增 8%，其中超過 70% 的成長是由針對加里所描述的技術變革的研發計畫推動的。非 GAAP 每股收益為 2.12 美元，年增 12%，比歷史最高每股收益季度低 0.01 美元。

Turning to cash flows and profit distributions in Q3, we generated nearly $2.4 billion in operating cash flow and over $2 billion in free cash flow. We distributed nearly $1.2 billion to shareholders, including the first $0.40 per share dividend and $861 million and stock buybacks.

談到第三季的現金流和利潤分配，我們產生了近 24 億美元的營運現金流和超過 20 億美元的自由現金流。我們向股東分配了近 12 億美元，其中包括每股 0.40 美元的首期股息以及 8.61 億美元和股票回購。

Turning to the segments. Semiconductor Systems sales were $4.92 billion in Q3, up 5% year-over-year. Segment non-GAAP operating margin was 35%, up 130 basis points year over year. From a device perspective, our DRAM sales grew nearly 50% year-over-year to $1.16 billion DRAM sales in China declined sequentially as we anticipated, and this contributed to our company revenue in China declining by 11 percentage points sequentially to 32%, which is in line with our longer-term average inclusive of semi systems, AGS and display.

轉向細分市場。第三季半導體系統銷售額為 49.2 億美元，較去年同期成長 5%。部門非 GAAP 營業利益率為 35%，較去年同期成長 130 個基點。從設備角度來看，我們的DRAM 銷售額年增近50%，達到11.6 億美元。百分點，至32%。

Our NAND memory sales grew 10% year-over-year to $203 million. Our Foundry logic sales were down 4% year-over-year to $3.56 billion. Leading-edge foundry logic demand was lower year-over-year but continued to strengthen on a sequential basis. We continue to expect to generate more than $2.5 billion in system revenue from gate-all-around nodes this calendar year, with the potential to more than double next year.

我們的 NAND 記憶體銷售額年增 10%，達到 2.03 億美元。我們的 Foundry 邏輯銷售額年減 4% 至 35.6 億美元。領先的代工邏輯需求年減，但季比持續增強。我們仍然預計，今年全環柵節點的系統收入將超過 25 億美元，明年可能會增加一倍以上。

Our ICAPS business remains strong overall, with pockets of weakness in the auto and industrial end markets. Longer term, we expect the ICAPS market to remain around half the foundry logic market as major inflections in IoT, autonomous and electric vehicles and the global energy transformation are expected to drive mid- to high single-digit through cycle growth in ICAPS semiconductors well into the future.

我們的 ICAPS 業務整體保持強勁，但汽車和工業終端市場存在一些疲軟。從長遠來看，我們預計 ICAPS 市場將保持在代工邏輯市場的一半左右，因為物聯網、自動駕駛和電動車的重大變化以及全球能源轉型預計將推動 ICAPS 半導體的中高個位數成長。

We are investing in new products to compete in more areas of the ICAPS semiconductor and packaging ecosystem. We are also working with our customers to enable new power and sensor device architecture inflections using our co-optimized and integrated material systems.

我們正在投資新產品，以便在 ICAPS 半導體和封裝生態系統的更多領域競爭。我們還與客戶合作，利用我們共同優化的整合材料系統實現新的電源和感測器設備架構的變化。

Next, Applied Global Services delivered record revenue of $1.58 billion in Q3, which was up 8% year-over-year. AGS recurring parts services and software revenue grew more than twice as fast as overall segment revenue during the quarter.

接下來，Applied Global Services 在第三季實現創紀錄的 15.8 億美元收入，年增 8%。本季 AGS 經常性零件服務和軟體收入的成長速度是整個部門收入的兩倍以上。

AGS non-GAAP operating margin of 29.6% was up 230 basis points year-over-year and non-GAAP operating profit was a record $467 million. From a business perspective, customer factory utilization continued to strengthen during the quarter across memory, foundry logic and advanced packaging.

AGS 非 GAAP 營業利益率為 29.6%，較去年同期成長 230 個基點，非 GAAP 營業利益達到創紀錄的 4.67 億美元。從業務角度來看，本季記憶體、代工邏輯和先進封裝領域的客戶工廠利用率持續增強。

Our leading indicators of future AGS growth remain positive. Our installed base of systems and chambers increased 7% year-over-year, and our average revenue per unit increased even more. Our average subscription agreement length increased to 2.8 years, and the renewal rate was above 90%.

我們未來 AGS 成長的領先指標仍然樂觀。我們的系統和暗室安裝量比去年同期成長了 7%，單位平均收入成長更多。我們的平均認購協議期限增加至2.8年，續約率超過90%。

We continue to expect AGS to grow at a low double-digit rate over the long term. As a reminder, the consistency of our profitable growth in services gives us confidence in our ability to continue to increase our dividend per share. In fact, over the past 10 years, we have increased the dividend per share at a compound annual growth rate of approximately 15%.

我們繼續預期 AGS 長期將以較低的兩位數成長率成長。提醒一下，我們服務業獲利成長的一致性使我們對繼續增加每股股息的能力充滿信心。事實上，在過去的10年裡，我們以大約15%的複合年增長率增加了每股股息。

Moving to display. Q3 revenue of $251 million was up 7% year-over-year in segment non-GAAP operating margin was 6.4%. While LCD equipment spending remains low, we are becoming more confident that the OLED technology found in smartphones will be adopted in notebook PCs and tablets, whose larger screen sizes will require a significant increase in capital investments.

移動到顯示。第三季營收為 2.51 億美元，年增 7%，非 GAAP 營業利潤率為 6.4%。雖然 LCD 設備支出仍然較低，但我們越來越有信心智慧型手機中的 OLED 技術將在筆記型電腦和平板電腦中採用，而筆記型電腦和平板電腦的螢幕尺寸較大，需要大幅增加資本投資。

Applied has built a leadership position in deposition and eBeam metrology technologies for the display industry, and we are well positioned to enable our customers to convert the notebook PC and tablet markets to OLED technology over the coming years.

應用材料公司在顯示器行業的沉積和電子束計量技術領域建立了領先地位，我們已做好充分準備，幫助我們的客戶在未來幾年將筆記型電腦和平板電腦市場轉向 OLED 技術。

Now, I'll share our guidance for Q4. We expect company revenue of $6.93 billion, plus or minus $400 million and non-GAAP EPS of $2.18, plus or minus $0.18, both up 3% year-over-year at the midpoint. Within this outlook, we expect semi systems revenue of around $5.1 billion, which is up 4% year-over-year; AGS revenue of about $1.61 billion which is up 9% year-over-year, and display revenue of around $200 million. We expect non-GAAP gross margin to be approximately 47.4% and non-GAAP operating expenses to be around $1.275 billion. Finally, we are modeling a tax rate of 12.5%.

現在，我將分享我們對第四季的指導。我們預計公司營收為 69.3 億美元，上下浮動 4 億美元，非 GAAP 每股收益為 2.18 美元，上下浮動 0.18 美元，中位數均較去年同期成長 3%。在此前景下，我們預期半導體系統營收約為 51 億美元，年增 4%； AGS營收約16.1億美元，年增9%，顯示器收入約2億美元。我們預計非 GAAP 毛利率約為 47.4%，非 GAAP 營運費用約為 12.75 億美元。最後，我們對 12.5% 的稅率進行建模。

Thank you. And now, Mike, let's begin the Q&A.

謝謝。現在，麥克，我們開始問答。

Thanks, Bryce. (Event Instructions) Operator, let's please begin.

謝謝，布萊斯。 （活動說明）接線員，我們開始吧。

(Operator Instruction) C.J. Muse, Cantor Fitzgerald.

（操作員指令）C.J. Muse、Cantor Fitzgerald。

I guess for my question, I was hoping you could speak to how your outlook for WFE in the second half of the year and for all of 2025 has evolved over the last 3 months? Obviously, tremendous strength, anything AI related, but elsewhere kind of seasonal at best.

我想，對於我的問題，我希望您能談談您對 WFE 下半年和 2025 年全年的展望在過去 3 個月中有何變化？顯然，巨大的力量，任何與人工智慧相關的東西，但在其他地方充其量只是季節性的。

So I guess, first part of the question is, can you share with us how you're thinking about your silicon business in the second half of calendar '24 versus the first half? And then the early signs that you see today and how that informs kind of your view both positive and negative into 2025?

所以我想，問題的第一部分是，您能否與我們分享一下您對 24 日曆年下半年與上半年的晶片業務有何看法？那麼您今天看到的早期跡像以及這些跡像如何影響您對 2025 年的正面和負面看法？

Okay. C.J, thanks for joining the call. I think what we're seeing in the business today when we look at Q3 and our Q4 outlook, very strong energy around the AI inflections that Gary talked about. So leading edge is accelerating. We highlighted that in the prepared remarks. We're -- our forecast for $2.5 billion of gate all-around related equipment in this fiscal year.

好的。 C.J，感謝您加入通話。我認為，當我們回顧第三季和第四季的前景時，我們今天在業務中看到的是，圍繞著加里談到的人工智慧變化，我們看到了非常強大的能量。因此領先優勢正在加速。我們在準備好的發言中強調了這一點。我們預計本財年門禁全方位相關設備的價值將達到 25 億美元。

We haven't changed that forecast. That stays the same. And when we think about DRAM and HBM memory, those kind of all go along with this energy we're seeing around the AI inflections and investments in that area.

我們沒有改變這個預測。那保持不變。當我們想到 DRAM 和 HBM 記憶體時，這些都與我們在該領域看到的人工智慧變化和投資的能量相伴。

At the same time, our ICAPS business, in both Q3 and Q4, remains very strong. We think that's robust, and we can dig into that a little bit more during the call. But if anything, over the last 30 days, you asked us how we're feeling about the outlook, I would say the ICAPS business continues. It seems like every quarter, we sort of raised our expectations with respect to ICAPS.

同時，我們的 ICAPS 業務在第三季和第四季仍然非常強勁。我們認為這是可靠的，我們可以在通話期間進一步深入探討這一點。但如果說過去 30 天有什麼不同的話，當你問我們對前景有何看法時，我會說 ICAPS 業務仍在繼續。似乎每個季度我們都會提高對 ICAPS 的預期。

So a lot of energy around leading edge. ICAPS is remaining strong. Very strong year for DRAM and HBM. Those are kind of the key themes. For '25, we're not giving specific guidance, but we would say we're pretty enthusiastic about gate all around and the technologies we've talked about on the leading edge.

因此，前沿領域有很多能量。 ICAPS 依然強勁。 DRAM 和 HBM 非常強勁的一年。這些是關鍵主題。對於 25 年，我們沒有給出具體的指導，但我們會說我們對周圍的門和我們談論的前沿技術非常熱情。

Stacy Rasgon, Bernstein Research.

史黛西‧拉斯貢，伯恩斯坦研究中心。

I wanted to dig into the China revenues a little bit. So 32% of revenue this quarter. It sounds like a lot of that was DRAM. I guess that -- was it all DRAM? And then in the guidance for next quarter, and I guess your expectations going forward from there, do you expect the China mix to be staying around these levels in the low 30 or does it go higher or lower? Is this is there anything else going on with China that we need to be aware of?

我想深入了解中國的收入。因此佔本季營收的 32%。聽起來很多都是 DRAM。我想——都是 DRAM 嗎？然後，在下個季度的指導中，我猜您對未來的期望是，您預計中國的組合將保持在 30 低的水平附近，還是會更高或更低？中國還有什麼事情需要我們注意嗎？

Great. Thanks for joining Stacy. So yeah, on the 32%, I'll shift your perspective on that just a little bit. So the 32% is almost no DRAM to China. So you've got it right. Our business mix to China declined to 32%. And if I think back in time, just to remind everybody, if we go just over a year back, it was like 17% mix to China. We were having supply chain issues. So it was very low at that point.

偉大的。感謝您加入史黛西。所以，是的，關於 32%，我會稍微改變你的觀點。所以這32%對中國來說幾乎沒有DRAM。所以你做對了。我們對中國的業務組合下降至 32%。如果我回顧過去，只是提醒大家，如果我們回到一年多前，中國的比例大概是 17%。我們遇到了供應鏈問題。所以當時的水平非常低。

In the last three quarters, we bounced up to the mid-40s where we serve the DRAM that we could ship and that's the prior three quarters. And we feel this quarter, 32% is probably normal for us, or in the normal range for us, that's across our entire business for shipments to China. And what it really represents is ICAPS. And the ICAPS market in total has been very robust. We think it will be a record year in our fiscal year for ICAPS.

在過去的三個季度中，我們反彈到了 40 年代中期，我們提供了可以發貨的 DRAM，這就是前三個季度的情況。我們覺得本季 32% 對我們來說可能是正常的，或者說在我們的正常範圍內，這涉及到我們向中國發貨的整個業務。而它真正代表的是ICAPS。 ICAPS 市場整體而言非常強勁。我們認為這將是 ICAPS 財政年度創紀錄的一年。

In China also, we would call it robust. There's -- we're adding customers, utilizations are improving. It's a wide variety of products and factories. So we think that market is robust, both in Q3 and in Q4. So that gives you a sense of what's happening for us. And then next quarter, we'll have a small amount of DRAM, but nothing like we've had the prior three quarters.

在中國，我們也稱之為穩健。我們正在增加客戶，利用率正在提高。它有各種各樣的產品和工廠。因此，我們認為第三季和第四季市場都很強勁。這讓您了解我們正在發生的事情。下個季度，我們將擁有少量 DRAM，但不會像前三個季度那樣。

Is it fair to say that you still see the mix in the low 30s next quarter to China?

可以公平地說，您仍然看到下個季度中國的混合比例在 30 左右嗎？

Yeah. We expect that mix approximately normal, which we call 30 for the next quarter, yes.

是的。我們預計這一比例大致正常，下個季度我們稱之為 30，是的。

Got it. That's helpful. Thank you, guys.

知道了。這很有幫助。謝謝你們，夥計們。

Srini Pajjuri, Raymond James.

斯里尼·帕朱里，雷蒙德·詹姆斯。

Brice, just to follow up to the previous question on China, DRAM. Obviously, you said it's near zero levels. Can you talk to your visibility as to when -- if you're seeing any hope on the horizon? Do you expect DRAM to come back at some point in China?

Brice，我想跟進先前關於中國 DRAM 的問題。顯然，你說它接近零水平。你能談談你的能見度嗎——如果你看到地平線上有任何希望的話？您預計 DRAM 會在某個時候重返中國嗎？

And then also ICAPS, you said the demand is pretty strong in China. Can you talk to what kind of trends you're seeing outside of China for ICAPS?

還有ICAPS，您說中國的需求相當強勁。能談談您在中國以外地區看到的 ICAPS 趨勢嗎？

Yes. Thanks, Srini. The China DRAM in Q3 and Q4 will be at nominal levels. We have speculated, you may see new investments in DRAM there. I don't have any comments to make on that specifically for the road map. But I would say that DRAM globally is very strong. It should be a very, very strong year for DRAM.

是的。謝謝，斯里尼。第三季和第四季的中國 DRAM 將處於名義水準。我們推測，您可能會在那裡看到 DRAM 的新投資。我對路線圖沒有任何評論。但我想說的是，DRAM 在全球範圍內非常強大。對 DRAM 來說，今年應該是非常非常強勁的一年。

Of course, that includes some of that China volume. But we think that goes along with the mix to HBM and utilizations in DRAM have improved, and there's a lot of energy around the high-bandwidth memory for the leading-edge systems.

當然，這包括部分中國銷量。但我們認為，隨著 HBM 的混合和 DRAM 利用率的提高，前沿系統的高頻寬記憶體擁有大量能量。

And then on the ICAPS side, no surprise here for probably anybody. We expect the edge technologies that we describe as ICAPS to grow mid- to high single digits over time. And that's driven by the inflections that we talk about, which is clean energy, renewable power, electrification, those sorts of AI edge sensors, all those sorts of usages. So mid-to-high single digits is our view long term.

然後在 ICAPS 方面，可能任何人都不會感到驚訝。我們預計，我們所描述的 ICAPS 邊緣技術將隨著時間的推移實現中高個位數的成長。這是由我們談論的變化所驅動的，即清潔能源、可再生能源、電氣化、人工智慧邊緣感測器以及所有這些用途。因此，我們的長期觀點是中高個位數。

And when we look at China for both Q3 and Q4 and the entire ICAPS business, I said before, it's probably going to be a record for us in our fiscal year, and it's not just China. We've had regions, other regions grow during this quarter.

當我們審視中國第三季和第四季以及整個 ICAPS 業務時，我之前說過，這可能會成為我們本財年的紀錄，而且不僅僅是中國。我們有一些地區，其他地區在本季都有成長。

Got it. Thanks, Brice.

知道了。謝謝，布萊斯。

Vivek Arya, Bank of America Securities.

Vivek Arya，美國銀行證券公司。

I'm curious if we should bake in the impact of any CapEx cuts that were announced recently at Intel. What does that imply for just the overall WFE market for the remainder of the year and into next year?

我很好奇我們是否應該考慮英特爾最近宣布的任何資本支出削減的影響。這對今年剩餘時間和明年的整個 WFE 市場意味著什麼？

From your comments, it doesn't seem like it's having a big impact. Is the assumption that whatever CapEx has been cut there is being increased somewhere else? Or just what are the puts and takes? Because it is a fairly sizable CapEx cut, which we are saying is more WFE in terms of the mix.

從你的評論來看，似乎影響不大。是否假設無論資本支出被削減，其他地方都會增加？還是只是什麼是看跌期權和索取期權？因為這是相當大的資本支出削減，我們所說的是就組合而言更多的是 WFE。

Yeah. Thanks for joining, Vivek. Our outlook, we're not changing our outlook. We're still saying $2.5 billion on the leading edge for gate-all-around in this fiscal year. And when we think about next year, we've just had -- we have every quarter accelerating this year in the leading edge, and we think that's being driven by a lot of the excitement around AI and AI data center.

是的。感謝您的加入，維韋克。我們的觀點，我們不會改變我們的觀點。我們仍認為本財年的整體投資額為 25 億美元。當我們考慮明年時，我們今年每個季度都處於領先地位，我們認為這是由人工智慧和人工智慧資料中心的許多興奮所推動的。

So we get -- as I think, we get regular updates from our customers. And our outlook that we've just given for Q4 is up to date with all of our customers. So I think we tend to think of the market as a macro level. Customers update us all the time, but no real change to our view for leading edge looking forward.

因此，正如我所認為的那樣，我們會定期從客戶那裡獲得最新資訊。我們剛剛給出的第四季度展望是針對我們所有客戶的最新情況。所以我認為我們傾向於將市場視為宏觀層面。客戶一直在更新我們的訊息，但我們對未來領先優勢的看法並沒有真正改變。

Chris Caso, Wolfe Research.

克里斯‧卡索，沃爾夫研究中心。

Question is on foundry logic. And perhaps you could give some color on the growth that you're expecting into '25 driven by some of the new process nodes such as gate-all-around as compared to capacity, because we know foundry capacity has additions have taken a pause here. Are you seeing any signs of that starting to improve either as you go through the second half of '24 into '25?

問題是關於鑄造邏輯的。也許您可以對您期望的 25 年由一些新工藝節點（例如環柵）驅動的增長與容量相比給出一些顏色，因為我們知道代工廠容量的增加已在此暫停。從 24 年下半年到 25 年，你是否看到這種情況開始改善的跡象？

Yes. Thanks, Chris, and thanks for joining. When we think about leading logic, actually, I'll make a comment for utilizations. We've seen utilizations improve in every single end market this quarter, and our expectation is for that to continue next quarter.

是的。謝謝克里斯，也謝謝您的加入。實際上，當我們考慮主導邏輯時，我會對利用率進行評論。我們看到本季每個終端市場的利用率都有所提高，我們預計下季這種情況將持續下去。

So DRAM, NAND, ICAPS and leading edge, and no change to our expectation on absolute leading edge investment, gate-all-around technologies, not changing our number for this fiscal year. And we do think it's a harbinger for acceleration next year as we look forward.

因此，DRAM、NAND、ICAPS 和領先優勢，我們對絕對領先投資、全柵技術的預期沒有改變，也沒有改變我們本財年的數字。我們確實認為這是明年加速發展的預兆。

We're not giving a guide for '25, but we think there's a lot of energy around the AI markets. And we see that in HBM. We see that in DRAM. We see that in leading edge acceleration. So we'll hope that those trends continue.

我們不會提供 25 年的指南，但我們認為人工智慧市場充滿活力。我們在 HBM 中看到了這一點。我們在 DRAM 中看到了這一點。我們在前沿加速中看到了這一點。因此，我們希望這些趨勢能夠持續下去。

Krish Shankar, TD Cowen.

克里斯·香卡，TD·考恩。

Gary and Brice, I'm kind of curious about -- I know you don't want to comment on next year. But qualitatively, there's optimism on DRAM and NAND, WFE growing. But if you ship out HBM, you're beginning to see big demand in (inaudible) moderate for DDR and NAND compared to the first half of this year. So I'm curious how you think about DRAM and NAND WFE next year relative to this year? And what (inaudible) drive up spending next year?

蓋瑞和布萊斯，我有點好奇——我知道你們不想對明年發表評論。但從品質上來說，人們對 DRAM 和 NAND、WFE 的樂觀情緒正在增長。但如果您出貨 HBM，您會開始看到與今年上半年相比，DDR 和 NAND 的（聽不清楚）適度的巨大需求。所以我很好奇您對明年 DRAM 和 NAND WFE 與今年相比有何看法？是什麼（聽不清楚）推動了明年的支出？

Okay, Krish. You're right. We won't give a guide for '25 specifically, but we do think the DRAM, even outside of HBM, we do think the DRAM will put new capacity in place, so we expect investment in DRAM.

好吧，克里什。你說得對。我們不會具體給出 25 年的指南，但我們確實認為 DRAM，即使在 HBM 之外，我們確實認為 DRAM 將會投入新的產能，因此我們預期對 DRAM 的投資。

There has been additions in wafer start capacity in DRAM. And there's more allocation of the DRAM capacity to HBM as you sort of highlight. So the investment level there is higher than NAND.

DRAM 晶圓開工產能增加。正如您所強調的那樣，HBM 的 DRAM 容量分配更多。所以那裡的投資水準比NAND高。

Looking forward in NAND, NAND still -- it still remains fairly low, but we did see, as I highlighted, utilization is improving, I would call them probably normal range for both DRAM and NAND. We see prices improve. We saw inventory positions improve at the vendors. So we think it's a more positive environment looking forward than prior quarters for actually both memory technologies.

展望 NAND，NAND 仍然保持相當低的水平，但正如我所強調的那樣，我們確實看到利用率正在提高，我將其稱為 DRAM 和 NAND 的正常範圍。我們看到價格上漲。我們看到供應商的庫存狀況有所改善。因此，我們認為對於這兩種記憶體技術來說，這都是一個比前幾季更積極的環境。

Joseph Moore, Morgan Stanley.

約瑟夫‧摩爾，摩根士丹利。

Looks like you had some good solid growth from the services business. Again, are you benefiting there from the utilization increases in memory that you just talked about? Are you seeing offsetting utilization declines on the ICAPS services side? And then any indication of customers worry about export controls, stockpiling on spares, anything like that? Just any puts and takes around that service growth.

看來您的服務業務取得了一些良好的穩健成長。再說一次，您是否從您剛才談到的記憶體利用率增加中受益？您是否看到 ICAPS 服務方面的使用率下降抵消了影響？還有任何跡象顯示客戶擔心出口管制、庫存備件等類似問題嗎？只是圍繞著服務增長的任何調整和調整。

Joe, yes, Services business, very exciting for us. We grew 8% year-over-year in Q3, 9% is our expectation for Q4. And just a reminder for everybody, we expect low double-digit growth going forward. We're expanding our services book with customers kind of getting into information, AI-related services that help them ramp et cetera.

喬，是的，服務業務對我們來說非常令人興奮。我們第三季年增 8%，我們對第四季的預期為 9%。只是提醒大家，我們預期未來將出現兩位數的低成長。我們正在擴大我們的服務範圍，讓客戶進入資訊、人工智慧相關服務，幫助他們發展等等。

We actually did expect a little more growth in Q3. We had thought we would grow double digits this year. We're just short of that. And it's because utilization, while it grew, it grew a little bit less than we -- or a little bit slower than we thought. So there's good news here. Utilizations are improving across the whole system. 8% year-over-year growth for us, and we expect that to pick up, as I highlighted as we go into Q3 and looking forward.

事實上，我們確實預期第三季會有更多成長。我們原以為今年我們會達到兩位數的成長。我們只是缺少這一點。這是因為利用率雖然在成長，但成長速度比我們慢一點，或是比我們想像的慢一點。這裡有個好消息。整個系統的利用率正在提高。我們的年成長率為 8%，正如我在進入第三季並展望未來時所強調的那樣，我們預計這一增速將會加快。

And just one other comment, just for the rest of the investors. The other thing with this business since it's mostly recurring revenue for us, about 85%. That gives us a very stable operating profit and growing. And so we think about our dividend as being enabled by the profits from the services business, and that gives us confidence we'll be able to raise our dividend looking forward.

還有另一條評論，僅供其他投資者參考。這項業務的另一件事是，因為它對我們來說主要是經常性收入，約佔 85%。這給我們帶來了非常穩定的營業利潤並且不斷增長。因此，我們認為我們的股利是由服務業務的利潤所帶來的，這讓我們有信心未來能夠提高股利。

Joe, just maybe a little bit more color. If you look at what really all of our customers are focused on, there is a race for these new device architectures and the complexity is going up a significant amount. And in the prepared remarks, I talked about 30% of our tools are these integrated platforms that have a high degree of complexity.

喬，也許再多一點顏色。如果你看看我們所有客戶真正關注的是什麼，你會發現這些新設備架構之間存在著競爭，而且複雜性正在顯著增加。在準備好的演講中，我談到我們 30% 的工具是這些具有高度複雜性的整合平台。

So as these customers are racing to bring these new devices -- complex devices to market. And also, we're shipping more and more of these integrated platforms with multiple technologies, that also gives us a really good tailwind.

因此，隨著這些客戶競相將這些新設備——複雜的設備推向市場。而且，我們正在推出越來越多的具有多種技術的整合平台，這也為我們帶來了非常好的推動力。

Joe Quatrochi, Wells Fargo.

喬·夸特羅奇，富國銀行。

I wanted to ask about the advanced packaging. I think based on the revenue expectations you have for HBM and advanced packaging, it imply basically the non-memory advanced packaging relatively unchanged year-over-year. Is that the right way to think about it? And so why wouldn't that grow this year?

我想問一下高級封裝的問題。我認為，根據您對 HBM 和先進封裝的收入預期，這基本上意味著非記憶體先進封裝比去年同期相對不變。這是正確的思考方式嗎？那為什麼今年這個數字不會成長呢？

I think so, Joe. In our forecast, we highlighted that Advanced packaging was $1.1 billion last year, should grow to $1.7 million this year, and we highlighted that $600 million of the growth would come from HBM related equipment.

我想是的，喬。在我們的預測中，我們強調先進封裝去年的銷售額為 11 億美元，今年應該會成長到 170 萬美元，我們強調其中 6 億美元的成長將來自 HBM 相關設備。

So I think you're thinking about it right. It was probably stable this year with HBM, high-bandwidth memory driving the growth in that area. And again, we would point back to the energy around high-performance systems and sort of the race Gary talks about to develop systems optimized for the AI workloads. So there's a lot of energy there at this point.

所以我認為你的想法是正確的。今年可能會保持穩定，HBM（高頻寬記憶體）推動了該領域的成長。再次，我們將回顧圍繞高效能係統的能量，以及加里談論的開發針對人工智慧工作負載優化的系統的競賽。所以此時有很多能量。

And then just the last thing is we have highlighted that, that total packaging business, sort of to your point, $1.7 billion, we think it has the opportunity to double over several years looking forward given the energy around advanced packaging technologies. So we'll keep investing there.

最後一件事是我們強調的，就您的觀點而言，總包裝業務為 17 億美元，我們認為考慮到先進包裝技術的能量，未來幾年它有機會翻一番。所以我們將繼續在那裡投資。

Toshiya Hari, Goldman Sachs.

Toshiya Hari，高盛。

I was hoping you to speak to gross margins and how you're thinking about profitability going forward? The puts and takes price. And Gary, you talked about complexity growing and how things like MS contributing toward 30% of your business and that number growing over time.

我希望您能談談毛利率以及您如何看待未來的獲利能力？看跌期權和看跌期權價格。加里，您談到了複雜性的成長，以及 MS 等業務如何為您的 30% 的業務做出貢獻，並且這個數字隨著時間的推移而不斷增長。

I would think your ability to price would improve going forward? What am I missing in terms of, again, the puts and takes as it pertains to gross margins?

我認為你們的定價能力未來會提高嗎？就與毛利率有關的看跌期權和看跌期權而言，我又錯過了什麼？

Okay. Toshi, I'll start on that. So 47.4% gross margin for us in the quarter, we're actually very pleased with our performance in cost and pricing this quarter. And I'll just highlight, as our mix to China, which are generally smaller customers declined during the quarter to 32%, that gave us some headwinds on the gross margin side. We were able to get some pricing performance and also some cost improvements and improvements in managing our inventory that helped us offset that mix decline and deliver 47.4% in the quarter.

好的。托西，我就開始吧。本季我們的毛利率為 47.4%，實際上我們對本季成本和定價的表現非常滿意。我想強調的是，由於我們對中國（通常是較小客戶）的組合在本季下降至 32%，這給我們的毛利率帶來了一些阻力。我們能夠獲得一些定價績效、成本改善以及庫存管理方面的改進，這幫助我們抵消了組合下降的影響，並在本季度交付了 47.4%。

Since the China mix is 32%, we call that normal. I'll say now that 47.4% should be approximately our baseline level. And then we look forward, we've talked about a goal of getting to 48% or higher next year. That's still our goal. We think we can make improvements going forward.

由於中國的比例為 32%，我們稱之為正常。我現在要說的是，47.4% 應該大約是我們的基線水平。然後我們展望未來，我們已經討論過明年達到 48% 或更高的目標。這仍然是我們的目標。我們認為我們可以繼續改進。

There's a couple of headwinds if services or display grow faster than the core business, that can be a headwind. But that's still our goal, and we think we'll make -- continue to make cost and pricing improvements. And then, Gary, on them.

如果服務或顯示業務的成長速度快於核心業務，那麼就會存在一些阻力，這可能是一個阻力。但這仍然是我們的目標，我們認為我們將繼續改善成本和定價。然後，加里，關於他們。

Yes. Toshiya, again, our focus is really to enable our customers to accelerate their innovation for these new architectures, especially around AI data center. That data center will pass smartphones and PCs relative to wafer starts. Everybody is focused on energy-efficient computing.

是的。 Toshiya 再次強調，我們的重點實際上是幫助我們的客戶加速這些新架構的創新，特別是圍繞著人工智慧資料中心。此資料中心將超越智慧型手機和個人電腦（相對於晶圓開工而言）。每個人都專注於節能計算。

So these inflections are incredibly important for the entire ecosystem. Whoever gets there first, wins big, and everybody else is left behind. So we're driving tremendous innovations in foundry logic leading edge, high bandwidth memory, DRAM. There's new architecture inflections. I talked about 4Fsquared advanced packaging.

因此，這些變化對於整個生態系統來說非常重要。誰先到達那裡，誰就贏得了大勝利，其他人都被拋在了後面。因此，我們正在推動代工邏輯前沿、高頻寬記憶體、DRAM 領域的巨大創新。有新的建築變化。我談到了4Fsquared先進封裝。

So our positions in all of those inflections are very strong. We're on track to capture more than 50% of the inflection spending as those new devices ramp. And our goal is to move the needle for our customers and for Applied, and that includes how we drive value for them and how we drive our margins higher.

因此，我們在所有這些變化中的立場都非常強大。隨著這些新設備的增加，我們有望佔據超過 50% 的轉折點支出。我們的目標是為我們的客戶和應用材料公司帶來發展，其中包括我們如何為他們創造價值以及如何提高我們的利潤。

Harlan Sur, JPMorgan.

哈蘭‧蘇爾，摩根大通。

So as we look at those companies that are pushing the absolute limits on advanced manufacturing technologies like two-nanometer, and three-nanometer and they're maxing out their reticle field limits. They're also pushing advanced packaging technologies, their design -- these are the guys that are designing the AI and accelerated compute GPUs, accelerators, for example.

因此，當我們看到那些正在突破兩奈米和三奈米等先進製造技術絕對極限的公司時，他們正在最大限度地突破光罩領域的限制。他們也推動先進的封裝技術和設計——例如，這些人正在設計人工智慧和加速運算 GPU、加速器。

So what we're hearing is that most of today's designs on these next-generation chips are targeting tape out second half of '25 and beyond, they're specifically focused around these new 3D SOIC architectures, so using hybrid bonding, chip stacking approach, 3-nanometer die, 2-nanometer die on 3-nanometer die, the manufacturability challenges here are pretty significant, right?

因此，我們聽到的是，當今這些下一代晶片的大多數設計都瞄準了 25 年下半年及以後的流片，它們特別關注這些新的 3D SOIC 架構，因此使用混合鍵合、晶片堆疊方法， 3奈米晶片，3奈米晶片上的2奈米晶片，這裡的可製造性挑戰非常重大，對吧？

But similar to your front-end integrated solutions, I mean, the team has been working on an integrated hybrid bonding system with some of your partners. What's the time line for introducing these integrated solutions? And will you be trying to intercept these next generation of 3D SOIC solutions coming to market let's say, in the 2026 time frame?

但與你們的前端整合解決方案類似，我的意思是，該團隊一直在與你們的一些合作夥伴一起開發整合式混合黏合系統。推出這些整合解決方案的時間表是什麼？您是否會嘗試攔截這些即將上市的下一代 3D SOIC 解決方案（比如說，在 2026 年的時間範圍內）？

Harlan, thanks for the question. So heterogeneous integration is one of the biggest areas of focus for Applied and for the entire industry. At our AI event, along with AMD at SEMICON, there was a discussion around driving a 100 times improvement in energy-efficient computing. So again, this is the big race that everybody is focused on. And certainly, packaging is a key part of that. So we're in deep engagement.

哈倫，謝謝你的提問。因此，異質整合是應用材料公司和整個產業最關注的領域之一。在我們的 AI 活動中，我們與 AMD 在 SEMICON 上一起討論瞭如何推動運算能源效率提高 100 倍。再說一次，這是每個人都關注的大型比賽。當然，包裝是其中的關鍵部分。所以我們正在深入接觸。

It's really multiple technology nodes five, 10 years out into the future. And there's going to be tremendous innovations. If you look even at new DRAM technologies like 4F squared, or high bandwidth memory, you're going to see adoption of hybrid bonding technologies that are going to be really important for those parts of this ecosystem, and you mentioned what's happening from a logic standpoint.

未來五年、十年後，這其實是多個技術節點。將會有巨大的創新。如果你看看新的DRAM 技術，例如4F 平方或高頻寬內存，你會看到混合綁定技術的採用，這對於這個生態系統的這些部分來說非常重要，並且你提到了邏輯中正在發生的事情立場。

So I think the great thing for Applied is we have this broad portfolio in packaging. We have, as you mentioned, the hybrid bonding, digital lithography. We have other new technologies in the pipeline that even expand our portfolio further. We have an advanced full-flow packaging lab in Singapore, where we're driving co-innovation with our customers to accelerate those architecture inflections.

因此，我認為應用材料公司的偉大之處在於我們在封裝領域擁有廣泛的產品組合。正如您所提到的，我們有混合鍵合、數位光刻。我們正在開發其他新技術，甚至可以進一步擴大我們的產品組合。我們在新加坡擁有先進的全流程封裝實驗室，在那裡我們正在推動與客戶的共同創新，以加速這些架構的轉變。

So I think this is going to be one of the most exciting segments of the market going forward. We're at about $1.7 billion today. We've talked about doubling the packaging revenue over the next few years. And I think it's going to keep going from there. Again, this is a really key part of the industry drive for energy-efficient computing.

因此，我認為這將是未來市場中最令人興奮的部分之一。今天我們的市值約為 17 億美元。我們已經討論過在未來幾年將包裝收入翻倍。我認為這將繼續下去。同樣，這是行業推動節能計算的真正關鍵部分。

Charles Shi, Needham & Company.

查爾斯‧史（Charles Shi），李約瑟公司。

I want to follow up on the China question. It looks like your China revenue as well past the peak around almost $3 billion per quarter level, now it's down to like the low $2 billion. And based on the commentary, it sounds like you are still expecting roughly 40%-ish of the China revenue growth year-on-year.

我想跟進中國問題。看起來你們的中國收入已經超過了每季近 30 億美元的峰值水平，現在已經降至 20 億美元的低水平。根據評論，聽起來您仍然預計中國收入將年增約 40% 左右。

But I mean, should the current the dollar revenue level sustains into this year, I'm just hoping if you can give us any color because that would imply that China revenue probably is going down year-on-year, roughly 15%, 20% next year. I know you're not guiding, but that will be the conclusion I draw on all the commentary you provided.

但我的意思是，如果目前的美元收入水平持續到今年，我只是希望你能給我們任何顏色，因為這意味著中國的收入可能會同比下降，大約 15%, 20明年%。我知道您沒有提供指導，但這將是我根據您提供的所有評論得出的結論。

Plus I do want to get a little bit more insight. But if I compare the China revenue performance of Applied Materials with some of your process control peers like (inaudible) they were expecting China to be flat into the second half, but you're obviously seeing half of the half decline. Since you have the PDC business, and I was hoping you definitely will have some insights into what drives the dispersion there?

另外，我確實想獲得更多的見解。但如果我將應用材料公司的中國收入表現與一些過程控制同行（例如（聽不清楚））進行比較，他們預計中國下半年將持平，但你顯然會看到一半下降。既然您有 PDC 業務，我希望您一定能對驅動分散的因素有一些見解？

Okay, Charles. I think I would separate between ICAPS, our -- the edge technology markets and the DRAM market for China. We had 3 quarters with elevated shipments that we described when we caught up on what was allowed from a DRAM perspective. If you separate that out, we're currently not expecting that to repeat at least nothing near that magnitude for next year. So that leaves us with the ICAPS market.

好吧，查爾斯。我想我會區分 ICAPS、我們的—中國的邊緣技術市場和 DRAM 市場。當我們趕上 DRAM 角度允許的情況時，我們描述了 3 個季度的出貨量增加。如果將其分開，我們目前預計明年不會出現類似的情況。這樣我們就只剩下 ICAPS 市場了。

And what we expect in the ICAPS market, our Q3 and Q4 and all of this year has been very strong in ICAPS. When we look at China, in particular, utilizations are improving. We have -- we're adding customers. We've got a large number of factory projects that are building out.

我們對 ICAPS 市場的預期是，我們的第三季和第四季以及今年全年的 ICAPS 都非常強勁。特別是當我們看看中國時，利用率正在提高。我們正在增加客戶。我們有大量正在建設的工廠項目。

So if you strip out your estimate for those extraordinary DRAM shipments the last 3 quarters, our expectation over time is that the ICAPS market will grow. We say mid- to high single digits. We won't make a call for next year, but we would expect growth over time.

因此，如果剔除過去 3 個季度非凡 DRAM 出貨量的估計，我們預計隨著時間的推移，ICAPS 市場將會成長。我們說的是中高個位數。我們不會對明年做出決定，但我們預計隨著時間的推移會出現成長。

Brian Chin, Stifel.

布萊恩·欽，斯蒂菲爾。

So if I look at the past three years, past three 10-Ks, TSMC was your largest customer, but they weren't 10% in either the April or January quarters. Taiwan, the geography was a little higher this quarter. Did TSMC cross the 10% threshold in fiscal 3Q? And then even bigger picture, this overall pattern would seem to suggest a pretty favorable year-over-year compare moving into 2025 when you think about the type of spending gate-all-around and expansions being discussed. And so I just kind of wanted to get maybe your view on that.

因此，如果我看看過去三年，過去三個 10-K，台積電是你們最大的客戶，但他們在 4 月或 1 月季度的佔比都沒有達到 10%。台灣地區本季略有上升。台積電第三財季是否突破了10%門檻？從更宏觀的角度來看，當你考慮到正在討論的支出控制和擴張類型時，這種總體模式似乎表明進入 2025 年的同比比較相當有利。所以我只是想聽聽你對此的看法。

Yes. TSMC was a 10% customer in Q3. And we think, obviously, they're a large part of that leading edge investment when we think about the gate all-around technologies and lot of the energy being driven there as we look forward.

是的。台積電是第三季 10% 的客戶。我們認為，顯然，當我們考慮到未來的大門全方位技術和大量能源時，它們是前沿投資的很大一部分。

One of the other callers talked about the need for innovation, and Gary talked about the need for innovation on leading edge. There's a lot of energy around that. We see acceleration each quarter on -- of this year on leading edge and really haven't changed our outlook as we've moved through the year.

另一位來電者談到了創新的必要性，而加里則談到了前沿創新的必要性。周圍有很多能量。我們看到今年每個季度的加速成長，並且在這一年中我們的前景確實沒有改變。

Blayne Curtis, Jefferies.

布萊恩·柯蒂斯，杰弗里斯。

I may be a little confused on the history of ICAPS and the strength. I thought you were talking about last quarter that segment kind of being down slightly, and I think you just said mid- to high single digits. So maybe I have my reference point wrong, but also may it'd be helpful if you could just talk about the growth you saw in July, 15% sequentially for foundry logic. Can you just relate that to leading edge and ICAPS?

我可能對ICAPS的歷史和強度有點困惑。我以為你在談論上個季度該細分市場略有下降，我認為你只是說中高個位數。所以也許我的參考點是錯的，但如果你能談談你在 7 月看到的成長，代工邏輯連續成長 15%，這可能會有所幫助。您能否將其與前沿和 ICAPS 聯繫起來？

I think the reception is leading is very strong, but it sounds like your comments on ICAPS are suggesting that ICAPS is also strong. But then I'm trying to fit that all with like the comment that it's going to be 50% of the mix, which I think -- I thought that business is running a lot higher. So if you can kind of just help us a little history and then how July played out would be helpful.

我認為領先的反響非常強烈，但聽起來您對 ICAPS 的評論表明 ICAPS 也很強大。但後來我試圖用類似評論來適應這一切，即它將佔混合的 50%，我認為——我認為業務運作得更高。因此，如果您能幫助我們了解一些歷史，那麼七月的情況將會有所幫助。

Yes. Thanks, Blayne. So in the quarter, we did see strength in both end markets, leading logic and ICAPS. Leading logic is accelerating every quarter this year, and we said ICAPS is very strong and continues to be strong throughout the year. This will probably be a record year for us in ICAPS for our fiscal year anyway.

是的。謝謝，布萊恩。因此，在本季度，我們確實看到了領先邏輯和 ICAPS 兩個終端市場的實力。今年每季領先邏輯都在加速，我們說ICAPS非常強勁，並且全年持續強勁。無論如何，今年對我們的 ICAPS 來說可能是創紀錄的一年。

And so leading logic is accelerating based on the gate-all-around investments and the AI trends that we're talking about. And then ICAPS, the mid- to high single digits was a longer-term forecast. We've had utilizations improving.

因此，基於我們正在談論的全方位投資和人工智慧趨勢，領先邏輯正在加速發展。然後是 ICAPS，中高個位數是長期預測。我們的利用率有所提高。

And when we think about that market, we don't give a guide for next year, but we think there will be continued growth in the mid- to high single digits as all those different end markets like AI sensors, electrification, autonomous vehicles, renewable energy, all those end markets continue to build out and grow faster than GDP. That's our expectation

當我們考慮這個市場時，我們不會給出明年的指導，但我們認為隨著人工智慧感測器、電氣化、自動駕駛汽車等所有不同的終端市場的發展，中高個位數的持續增長，可再生能源，所有這些終端市場都在繼續發展，並且成長速度快於國內生產毛額。這就是我們的期望

Jed Dorsheimer, William Blair.

傑德·多斯海默，威廉·布萊爾。

Just a two-part one on the ICAPS, Gary. So first, in that business, that was just over in some of your -- some of the fabs or your customers over in Malaysia last week. And it seems like capacity expansion outside of China has started again after some of the EV pressures have shifted to opportunities in power density and data centers. So I'm just wondering if you could comment on that.

加里，關於 ICAPS 的內容只有兩個部分。首先，在這方面，上週馬來西亞的一些晶圓廠或客戶的情況剛剛結束。在部分電動車壓力轉向功率密度和資料中心的機會之後，中國以外的產能擴張似乎又開始了。所以我想知道你是否可以對此發表評論。

And then secondly, just as it relates to services for ICAPS, is that the same on leading edge? Or are there nuances in terms of the amount and timing there?

其次，正如它與 ICAPS 服務相關一樣，在前沿方面也是如此嗎？或者在數量和時間上有細微差別嗎？

Jed, yeah, so ICAPS, we're very bullish on ICAPS longer term. Brice talked about kind of mid, high single-digit growth rates in ICAPS over time. Growth driven by all of those different segments, IoT, industrial automation, robotics, really edge computing also for AI. We think that's going to be a really strong business. Over -- I think many of the people on the call know that over five years ago, it's actually April 12, 2019, we formed our ICAPS group.

Jed，是的，所以 ICAPS，我們非常看好 ICAPS 的長期發展。 Brice 談到了 ICAPS 隨著時間的推移呈現中、高個位數成長率。成長是由所有這些不同領域推動的，物聯網、工業自動化、機器人技術，以及人工智慧的真正邊緣運算。我們認為這將是一項非常強大的業務。結束了——我想參加電話會議的許多人都知道，五年多前，實際上是 2019 年 4 月 12 日，我們成立了 ICAPS 小組。

And since we formed that group, just to focus on that market for IoT, communication, auto power and sensors, we've had share gains in that market. We've introduced more than 20 major new ICAPS products. And this group is just completely focused on innovation in those device segments. And there are races that are happening there.

自從我們成立團隊以來，只是為了專注於物聯網、通訊、汽車電源和感測器市場，我們在該市場的份額有所增長。我們推出了 20 多種主要新 ICAPS 產品。這個團隊完全專注於這些設備領域的創新。那裡正在舉辦比賽。

Your comment on what's happening on the different device segments. If you look at power electronics, there will be some major architecture inflections that will happen there that are important for electric vehicles and renewable energy. And we have an ICAPS architecture innovation group working -- co-innovating with our customers on those new ICAPS architectures. That's part of the strategy that we've built over the last 5 years.

您對不同設備細分市場上發生的情況的評論。如果你看看電力電子領域，你會發現一些主要的架構變化，這對電動車和再生能源來說非常重要。我們有一個 ICAPS 架構創新小組，與我們的客戶在這些新的 ICAPS 架構上共同創新。這是我們過去 5 年制定的策略的一部分。

We have new products that are in the pipeline that will serve large ICAPS new segments and new products for cost-competitive applications. So again, it's been a big focus for us over a number of years. We've built tremendous capabilities.

我們正在開發新產品，這些新產品將為大型 ICAPS 新細分市場和具有成本競爭力的應用提供新產品。因此，多年來，這一直是我們關注的重點。我們已經建立了巨大的能力。

From a service standpoint, ICAPS is also a good market for us. And that's part of that overall growth opportunity for us, not only on systems where we've gained a significant amount of share. I'm very positive on how we're positioned. The actions that we've taken I think really position us going forward in ICAPS.

從服務的角度來看，ICAPS 對我們來說也是一個很好的市場。這對我們來說是整體成長機會的一部分，不僅是在我們獲得大量份額的系統上。我對我們的定位非常樂觀。我認為我們所採取的行動確實為我們在 ICAPS 中的前進奠定了基礎。

Brice, I don't know if you want to add anything else?

Brice，不知道你還想補充什麼嗎？

No, I would just say that two of our regions grew during this Q3. So if the question is, is there investment in other areas of the world absolutely and we expect that to continue. Thanks for the question Jed.

不，我只想說我們的兩個地區在第三季實現了成長。因此，如果問題是，世界其他地區是否絕對有投資，我們預計這種情況會持續下去。謝謝傑德的提問。

And operator, we have time for two more questions, please.

接線員，我們還有時間再問兩個問題。

Mehdi Hosseini, Susquehanna.

邁赫迪·侯賽尼，薩斯奎哈納。

Just a very quick follow-up for Brice. If you could give us an update with the progression towards the 48.9% gross margin target. I assume that's for fiscal year '25. And how the funding for the EPIC R&D center, which I think is a $4 billion project is going to impact those targets?

只是布萊斯的一個非常快速的後續行動。您能否向我們介紹 48.9% 毛利率目標的最新進展。我認為這是 25 財年的情況。 EPIC 研發中心的資金（我認為這是一個 40 億美元的項目）將如何影響這些目標？

Okay. Thanks, Mehdi. So the update -- the gross margin of 47.4%, we expect to make -- we talked about very gradual improvements as we work towards that 48%. And that would still be my expectation. You see actually the movement between last quarter and this quarter. was modest. We fought those headwinds that we had from a mix perspective.

好的。謝謝，邁赫迪。因此，更新後——我們預計毛利率將達到 47.4%——我們談到了在努力實現 48% 的過程中非常漸進的改進。這仍然是我的期望。您實際上看到了上季和本季之間的變化。很謙虛。我們從混合的角度來應對這些阻力。

On the EPIC, we're -- we did get the notice that we're not getting the grants, but EPIC, that's an important platform for us, it stands for equipment process innovation and commercialization. It's going to allow us to accelerate co-innovation with all of our customers. We are continuing with that investment. It will elevate our CapEx as we look forward. And we are benefiting from the investment tax credit that's related to those types of projects. So we still do have some help from the government from that perspective.

在 EPIC 上，我們確實收到通知說我們沒有獲得資助，但 EPIC 對我們來說是一個重要的平台，它代表設備製程創新和商業化。這將使我們能夠加速與所有客戶的共同創新。我們正在繼續這項投資。正如我們所期待的，它將提高我們的資本支出。我們正受益於與這些類型的項目相關的投資稅收抵免。所以從這個角度來說我們還是得到了政府的一些幫助。

And just a couple of other modeling notes since we're on CapEx. So as we look forward, the CapEx will -- for the EPIC center, and in general, we'll be at a higher run rate than we've had in the past. If you look forward in your modeling, I just wanted to highlight that Q1 will be our normal step-up for pay-related increases and that you can look at the history to see what that step-up should look like if you're modeling that.

由於我們正在進行資本支出，因此還有一些其他建模說明。因此，正如我們所期待的，對於 EPIC 中心來說，資本支出將是，總的來說，我們的運作速度將比過去更高。如果你對你的建模充滿期待，我只是想強調，第一季將是我們與薪酬相關的成長的正常升級，你可以查看歷史記錄，看看如果你正在建模，這個升級應該是什麼樣子那。

And then the last piece would be our tax rate. Tax rate next year expectation will be 14% versus the 12.5% this year as more of our mix will be -- more of our worldwide mix will be US related, so that will change the tax mix. So thanks for the opportunity to get those in there.

最後一部分是我們的稅率。明年的稅率預期將為 14%，而今年為 12.5%，因為我們的全球組合將更多地與美國相關，因此這將改變稅收組合。因此，感謝您有機會讓這些人參與其中。

Yeah, Mehdi, this is Gary. Maybe just a little bit more color on EPIC. As we've talked about, the whole industry is in a race to be first to market to deliver innovations for energy-efficient computing. So we -- in discussions with our partners, our customers and partners, we really believe that EPIC can enable us to innovate -- the way we innovate, really innovate in parallel.

是的，邁赫迪，這是加里。也許 EPIC 上的色彩多一點。正如我們所討論的，整個產業都在競相率先進入市場，提供節能運算的創新。因此，在與我們的合作夥伴、客戶和合作夥伴的討論中，我們確實相信 EPIC 能夠幫助我們創新——我們的創新方式，真正的平行創新。

So accelerating both for our customers and partners and for Applied, our ability to bring those energy-efficient innovations to market. So the concept we're getting tremendous traction and pull with our customers and partners.

因此，對於我們的客戶和合作夥伴以及應用材料公司來說，我們將加快將這些節能創新推向市場的能力。因此，我們的這一理念在我們的客戶和合作夥伴中獲得了巨大的吸引力和吸引力。

And we also think of EPIC as a global platform. So where we make investments is going to be based on incentives, talent, proximity to innovation ecosystem. So we are moving forward for sure with this EPIC concept. Very good traction with customers.

我們也認為 EPIC 是一個全球平台。因此，我們的投資將基於激勵、人才、與創新生態系統的接近程度。因此，我們肯定會繼續推進這個 EPIC 概念。對客戶有很好的吸引力。

And again, over the last several years, we've built out this innovation engine inside Applied Materials. We have architecture innovation teams that are working on ICAPS. They're working on foundry logic and DRAM and packaging. We have this unique and connected portfolio of materials innovations that are crucial for all of those major inflections.

在過去的幾年裡，我們再次在應用材料公司內部建立了這個創新引擎。我們有致力於 ICAPS 的架構創新團隊。他們正在研究代工邏輯、DRAM 和封裝。我們擁有獨特且相互關聯的材料創新組合，這對於所有這些重大變化都至關重要。

So EPIC is a way for us to innovate -- the way we innovate to move all of that in parallel to accelerate all of these major inflections that are crucial for AI, data center and all those major tectonic shifts in technology that we talked about earlier. But again, where we invest is going to be based on incentives, talent and proximity to local innovation ecosystem.

因此，EPIC 是我們創新的一種方式——我們的創新方式是並行推動所有這些，以加速所有這些對人工智慧、資料中心以及我們之前討論過的所有重大技術結構轉變至關重要的重大轉變。 。但同樣，我們的投資地點將基於激勵措施、人才和與當地創新生態系統的接近程度。

I think we're approaching the end of the hour. So Brice, I'm going to go ahead and ask if you have any closing thoughts for us.

我想我們已經快要結束了。布萊斯，我要問你是否有任何結束語要告訴我們。

Okay. Thanks, Mike. From my perspective, I'm pleased that the investments we've been making in the technology road map inflections and also in our operational capabilities are showing up in our financial results this quarter on both the revenue and gross margin lines.

好的。謝謝，麥克。從我的角度來看，我很高興我們在技術路線圖變化和營運能力方面所做的投資都體現在我們本季的財務表現中的收入和毛利率上。

I believe we've put the company in a great position to grow along with megatrends like data center AI as a whole host of new technologies come to market across leading-edge foundry logic, DRAM, advanced packaging and ICAPS specialty chips.

我相信，隨著領先代工邏輯、DRAM、先進封裝和 ICAPS 專業晶片等一系列新技術進入市場，我們已經使公司處於與資料中心人工智慧等大趨勢一起發展的有利位置。

We have the feel we need to keep driving the materials engineering road map with our customers while also distributing profits to our shareholders through dividends and buybacks. Gary will be at the Goldman Sachs Conference in San Francisco on September 11, and I hope to see many of you at the Citi conference in New York on September 4. Mike, thank you, and please close the call.

我們覺得我們需要繼續與客戶一起推動材料工程路線圖，同時透過股利和回購向股東分配利潤。加里 (Gary) 將於 9 月 11 日出席在舊金山舉行的高盛會議，我希望在 9 月 4 日在紐約舉行的花旗會議上見到你們中的許多人。

Okay. Thanks, Brice, and we'd like to thank everybody for joining us today. A replay of today's call is going to be available on the IR page of our website by 5:00 Pacific Time. Thank you for your continued interest in Applied Materials.

好的。謝謝布萊斯，我們要感謝今天加入我們的大家。今天的電話會議重播將於太平洋時間 5:00 之前在我們網站的 IR 頁面上提供。感謝您對應用材料公司的持續關注。

Thank you, ladies and gentlemen, for your participation in today's conference. This does conclude the program. You may now disconnect. Good day.

女士們、先生們，感謝你們參加今天的會議。這確實結束了該程式。您現在可以斷開連線。再會。