應用材料 (AMAT) 2025 Q4 法說會逐字稿

Welcome to the Applied Materials fourth quarter Of fiscal 2025 earnings call. (Operator Instructions)

歡迎參加應用材料公司2025財年第四季財報電話會議。（操作說明）

I would now like to turn the call over to Mike Sullivan, Corporate Vice President of Investor Relations. Please go ahead.

現在我將把電話交給投資者關係公司副總裁麥克·沙利文。請繼續。

Good afternoon, everyone, and thank you for joining today's call. With me are Gary Dickerson, our President and CEO; and Brice Hill, our Chief Financial Officer.

各位下午好，感謝各位參加今天的電話會議。陪同我的是我們的總裁兼執行長 Gary Dickerson，以及我們的財務長 Brice Hill。

Before we begin, I'd like to remind you that today's call includes forward-looking statements, which are subject to risks and uncertainties that could cause our actual results to differ. Information concerning these risks and uncertainties is discussed in our most recent Form 10-Q and other filings with the SEC. Today's call also includes non-GAAP financial measures. Reconciliations to GAAP measures can be found in today's earnings press release and in our quarterly earnings materials, which are available on our Investor Relations website at ir.appliedmaterials.com.

在開始之前，我想提醒各位，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與預期有所不同。有關這些風險和不確定性的資訊已在我們最新的 10-Q 表格和向美國證券交易委員會提交的其他文件中進行了討論。今天的電話會議還包括非GAAP財務指標。有關 GAAP 指標的調節表可在今天的盈利新聞稿和我們的季度盈利材料中找到，這些材料可在我們的投資者關係網站 ir.appliedmaterials.com 上獲取。

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

介紹完畢，現在我將把電話交給加里·迪克森。

Welcome back, Mike. Applied Materials delivered fiscal fourth quarter results above the midpoint of our guidance to complete another record year. 2025 was our sixth consecutive year of growth and over this period, we have grown revenue and earnings at annualized rates of approximately 12% and 20%. These results are made possible by our passionate and dedicated employees around the world. Over the past 12 months, we have built new capabilities, strengthened our product portfolio and streamlined our organization to prepare for the opportunities ahead.

歡迎回來，麥克。應用材料公司第四財季業績超出預期中位數，再創佳績。 2025年是我們連續第六年實現成長，在此期間，我們的營收和利潤年化成長率分別約為12%和20%。這些成果的取得離不開我們遍佈全球充滿熱情、兢兢業業的員工。在過去的 12 個月裡，我們建立了新的能力，加強了產品組合，並精簡了組織架構，為迎接未來的機會做好了準備。

Applied is in a tremendous position to benefit as AI computing fuels secular growth in semiconductors and wafer fab equipment. As this is our year-end call, I'll begin with a brief review of our performance in 2025, then I'll provide our latest market outlook. And finally, I'll describe how our inflection-focused innovation strategy enables us to extend our leadership in the most valuable and fastest-growing areas of the market as next-generation technologies ramp in volume production in 2026 and beyond.

隨著人工智慧運算推動半導體和晶圓製造設備的長期成長，Applied 公司處於極其有利的地位，有望從中受益。由於這是我們的年終電話會議，我將首先簡要回顧我們在 2025 年的業績，然後我將提供我們最新的市場展望。最後，我將闡述我們以轉折點為中心的創新策略如何使我們能夠在市場中最有價值和成長最快的領域擴大領先地位，因為下一代技術將在 2026 年及以後實現量產。

Looking back at fiscal 2025, while it was a growth year for Applied, our growth rate was tempered due to increased trade restrictions and an unfavorable market mix. Over the past 12 months, multiple trade rule changes have reduced the size of our accessible market in China. Overall, China declined to 28% of our total systems and service revenues in fiscal 2025 and to 25% for our fourth quarter. In 2026, we expect wafer fab equipment spending in China to be lower, and we are not anticipating significant changes to market restrictions.

回顧 2025 財年，雖然這是 Applied 的成長之年，但由於貿易限制增加和市場組合不利，我們的成長率受到抑制。在過去 12 個月裡，多項貿易規則的變化縮小了我們在中國可進入的市場規模。整體而言，中國市場在我們 2025 財年系統和服務總收入中所佔比例下降至 28%，第四季下降至 25%。我們預計到 2026 年，中國晶圓製造設備的支出將會減少，而且我們預期市場限制不會有重大變化。

In the areas of the market where we can operate, we are competing well and maintaining market share. Outside of China, the fastest-growing areas of the market in 2025 were segments where Applied had low or no share. In leading-edge foundry logic, investment was more oriented toward advanced lithography. We believe this is a positive leading indicator for process equipment demand in 2026. NAND, where historically Applied has lower market share is on track to approximately double in 2025, even though it remains a relatively small portion of the wafer fab equipment market.

在我們能夠開展業務的市場領域，我們表現出色，並保持良好的市場份額。在中國以外，2025 年市場成長最快的領域是應用材料公司市場佔有率很低或沒有市場佔有率的領域。在領先的晶圓代工廠邏輯中，投資更傾向於先進的光刻技術。我們認為這是 2026 年製程設備需求的一個積極領先指標。儘管NAND閃存在晶圓製造設備市場中所佔份額仍然相對較小，但Applied公司在NAND快閃記憶體領域的市佔率歷來較低，不過到2025年，NAND快閃記憶體的市佔率可望翻一番。

In DRAM, where Applied has strong process technology leadership, overall spending is tracking to be approximately flat for calendar 2025. Nevertheless, we strengthened our leadership position in DRAM growing revenues from leading-edge customers by more than 50% over the past 4 fiscal quarters. As we look ahead to 2026, we expect the spending mix to play more to Applied's strengths with leading-edge foundry logic, DRAM and advanced packaging being the fastest-growing areas of the market.

在DRAM領域，應用材料擁有強大的製程技術領先地位，預計到2025年，整體支出將基本持平。儘管如此，我們還是鞏固了在 DRAM 領域的領先地位，在過去 4 個財季中，來自領先客戶的收入成長超過 50%。展望 2026 年，我們預計支出結構將更能發揮 Applied 的優勢，其中領先的代工邏輯、DRAM 和先進封裝將成為市場成長最快的領域。

I recently returned from an extended trip to Asia. My discussions with customers and partners reinforce my view that opportunities for the semiconductor industry and applied materials have never been greater. Our customers are engaging with us to ensure we are ready to support significant production ramps in the coming years. AI has reached a tipping point that is accelerating investment in next-generation computing infrastructure and advanced silicon.

我最近剛結束了一次漫長的亞洲之旅。我與客戶和合作夥伴的討論更加堅定了我的觀點，即半導體產業和應用材料領域的機會從未如此之大。我們的客戶正在與我們溝通，以確保我們做好準備，並支持未來幾年大幅提高產量。人工智慧已經達到一個轉折點，這正在加速對下一代運算基礎設施和先進矽技術的投資。

Today, we are seeing a virtuous cycle of innovation and demand, advances in performance, energy consumption and cost of AI computing open up new AI applications that, in turn, significantly increased demand for AI compute capacity. Recent third-party forecasts predict that the semiconductor industry will grow at a compound annual rate between 10% to 15% over the next five years, driving a healthy increase in wafer fab equipment spending. We expect 2026 to be another growth year for Applied with our revenue being weighted toward the second half of the calendar year.

如今，我們看到創新與需求形成良性循環，人工智慧運算的效能、能耗和成本的進步催生了新的人工智慧應用，而這些應用反過來又顯著增加了對人工智慧運算能力的需求。近期第三方預測顯示，未來五年半導體產業將以 10% 至 15% 的複合年增長率成長，這將推動晶圓製造設備支出健康成長。我們預計 2026 年將是 Applied 的另一個成長年，營收主要集中在下半年。

AI computing is not only fueling growth, but also reshaping the semiconductor road map and changing the way chips are designed and manufactured. Foundational semiconductor technology plays a critical role in increasing performance and bringing down the cost of AI in the data center and at the edge. Today, major technology inflections are underway in five key areas: leading-edge logic, high-performance DRAM, high bandwidth memory or DRAM stacking, advanced packaging for heterogeneous integration and power electronics.

人工智慧運算不僅推動了經濟成長，而且還在重塑半導體發展路線圖，改變晶片的設計和製造方式。基礎半導體技術在提高資料中心和邊緣人工智慧的效能和降低其成本方面發揮著至關重要的作用。如今，五大關鍵領域正在發生重大技術變革：前沿邏輯、高效能 DRAM、高頻寬記憶體或 DRAM 堆疊、異質整合先進封裝和電力電子。

At Applied, our core strategy is inflection-focused innovation. We partner with our customers to see technology inflections early. We focus our research and development on the most critical and valuable challenges on their road maps using deep co-innovation engagement models and we create highly differentiated solutions by connecting our broad portfolio of capabilities and technologies.

在應用材料公司，我們的核心策略是以轉捩點為中心的創新。我們與客戶合作，以便及早發現技術變革。我們利用深度合作創新參與模式，將研發重點放在客戶路線圖中最關鍵、最有價值的挑戰上，並透過整合我們廣泛的能力和技術組合，創造高度差異化的解決方案。

The three products we recently launched at SEMICON West are great examples of how this strategy works. Our new Xtera epitaxi system enables higher-performance gate-all-around transistors for 2-nanometer and beyond. Xtera creates void-free source drain structures that provide higher transistor speeds that are especially critical for AI computing. The Xtera system integrates epi, cleaning and etch, resulting in a 40% improvement in uniformity and 50% lower gas usage compared to traditional epi.

我們最近在 SEMICON West 上推出的三款產品就是這項策略如何奏效的絕佳例證。我們全新的 Xtera 外延系統能夠實現 2 奈米及以下製程的高性能環柵電晶體。Xtera 創造了無空隙的源漏結構，從而提供了更高的電晶體速度，這對於人工智慧運算尤其重要。Xtera 系統整合了外延、清洗和蝕刻功能，與傳統外延相比，均勻性提高了 40%，氣體用量降低了 50%。

Kinex is the industry's first integrated die-to-wafer bonder. Hybrid bonding enables significant improvement in performance, power consumption and costs for both complex multi-chip packages and die stacking. Connect is a six-step integrated system with onboard metrology that provides higher accuracy bonding, smaller interconnect pitches and higher yields for new logic and memory packaging architectures.

Kinex是業界首款整合晶片到晶圓鍵合機。混合鍵合技術能夠顯著改善複雜多晶片封裝和晶片堆疊的效能、功耗和成本。Connect 是一個六步驟整合系統，具有板載計量功能，可為新的邏輯和記憶體封裝架構提供更高精度的鍵合、更小的互連間距和更高的良率。

PROVision 10 is designed to improve yield in 3D devices and further extends our leadership in e-beam metrology. eBeam Metrology is critical for 3D devices as it can see through multiple layers of 3D chips and provide multilayer images to identify defects in varied structures. This system is the first to use cold field emission technology for metrology, which increases image resolution by 50% and imaging speed 10 times compared to conventional thermal field emission technology.

PROVision 10旨在提高3D裝置的良率，並進一步鞏固我們在電子束計量領域的領先地位。電子束計量對於3D裝置至關重要，因為它能夠穿透3D晶片的多層結構，並提供多層影像，從而識別各種結構中的缺陷。該系統首次採用冷場發射技術進行計量，與傳統的熱場發射技術相比，影像解析度提高了 50%，成像速度提高了 10 倍。

Overall, Applied is very well positioned at the most valuable technology inflections and in areas of the market that will grow fastest as AI is deployed on a large scale. The process tool of record positions that we have established over the past several years give us confidence that we will extend our strong leadership position in logic, DRAM and packaging as advanced technology nodes ramp in volume production.

總體而言，Applied 在最有價值的技術轉折點以及隨著人工智慧大規模部署而成長最快的市場領域都佔據了非常有利的地位。過去幾年我們建立的製程工具記錄地位讓我們有信心，隨著先進技術節點量產，我們將鞏固在邏輯、DRAM 和封裝領域的領先地位。

Another key theme we consistently hear from our customers and our customers' customers is that co-optimization of the technology stack is more critical than ever. We are expanding our deep multiyear co-innovation engagements that focus on system technology co-optimization. Our high-velocity co-innovation model provides chip makers and chip designers much earlier access to next-generation process technology to accelerate their new chip and system architectures. This is a core value proposition of Applied Materials' Equipment and Process Innovation and Commercialization platform or EPIC. Construction of the platform's flagship facility the EPIC Center in Silicon Valley is on track, and we are excited to begin operations next year.

我們從客戶和客戶的客戶那裡不斷聽到的另一個關鍵主題是，技術堆疊的協同優化比以往任何時候都更加重要。我們正在擴大多年深度合作創新項目，重點是系統技術協同優化。我們高速協同創新模式使晶片製造商和晶片設計人員能夠更早獲得下一代製程技術，從而加速其新晶片和系統架構的開發。這是應用材料公司設備與製程創新和商業化平台（EPIC）的核心價值主張。平台旗艦設施——位於矽谷的 EPIC 中心——的建設正在按計劃進行，我們很高興明年開始營運。

Our co-optimization strategies extend well beyond R&D. As our customers race to bring these complex new device architecture inflections to market, we are providing advanced service solutions that help them rapidly transfer new technology into their pilot lines and then rapidly optimize device performance, yield and cost and volume production.

我們的協同優化策略遠遠超出了研發的範疇。當我們的客戶競相將這些複雜的新設備架構變革推向市場時，我們正在提供先進的服務解決方案，幫助他們快速將新技術轉移到他們的試驗生產線上，然後快速優化設備性能、成品率、成本和大量生產。

In 2025, our core service business delivered another year of double-digit growth with more than 2/3 of our service revenue generated from subscriptions. In AGS and across Applied, we are rapidly adopting AI and digital tools. This enables us to drive higher velocity and productivity, innovate the way we work and streamline our organization to meet the opportunities ahead.

2025年，我們的核心服務業務再次實現了兩位數的成長，其中超過三分之二的服務收入來自訂閱。在AGS以及整個應用科技公司，我們正迅速採用人工智慧和數位工具。這使我們能夠提高速度和生產力，創新工作方式，並精簡組織架構，以迎接未來的機會。

Before I hand over to Brice, I'll quickly summarize. Fiscal 2025 was our sixth consecutive year of growth, even as trade restrictions and an unfavorable market mix trimmed our growth rate for the year. As we look ahead, large-scale AI adoption will drive substantial investment in AI computing infrastructure, including advanced semiconductors and wafer fab equipment.

在把麥克風交給布萊斯之前，我先快速總結一下。2025 財年是我們連續第六年實現成長，儘管貿易限制和不利的市場組合降低了我們當年的成長率。展望未來，人工智慧的大規模應用將推動對人工智慧運算基礎設施的大量投資，包括先進的半導體和晶圓製造設備。

Applied's inflection-focused innovation strategy positions us for another record year in 2026 as we gained share at the highest value technology inflections in the fastest-growing areas of the market. As next-generation technologies ramp in volume production over the coming years, we will extend our leadership in logic, DRAM and packaging.

Applied 以轉折點為重點的創新策略使我們預計在 2026 年再創佳績，因為我們在市場成長最快的領域中最有價值的技術轉折點上獲得了市場份額。隨著下一代技術在未來幾年逐步實現量產，我們將進一步鞏固我們在邏輯、DRAM 和封裝領域的領先地位。

Brice, over to you.

布萊斯，該你了。

Thank you, Gary, and thanks, everyone, for joining today's call. I am pleased that Applied delivered record annual revenue, gross margin dollars, operating profit and earnings per share in fiscal 2025. Looking ahead into 2026, I believe we are in great position to benefit from favorable market trends.

謝謝 Gary，也謝謝各位參加今天的電話會議。我很高興Applied在2025財年實現了創紀錄的年度收入、毛利、營業利潤和每股盈餘。展望2026年，我相信我們處於非常有利的地位，能夠從有利的市場趨勢中獲益。

Based on growing demand for AI data center capacity, we forecast that leading-edge foundry logic DRAM and high-bandwidth memory will be the fastest-growing areas of the semiconductor equipment market. We have strong leadership positions in these segments today, and we have targeted our R&D investments to create new products and technologies that will enable even faster and more energy-efficient transistors, chips and systems and drive growth for Applied.

基於對人工智慧資料中心容量日益增長的需求，我們預測，領先的代工邏輯DRAM和高頻寬記憶體將成為半導體設備市場成長最快的領域。我們目前在這些領域擁有強大的領導地位，並且我們已將研發投資重點放在創造新產品和新技術上，以實現更快、更節能的電晶體、晶片和系統，從而推動應用材料的成長。

In addition, we have been working closely with our customers to better understand their longer-term demand expectations and align our supply chain and manufacturing slots to meet their needs for advanced capacity. Based on our conversations with our customers and other industry players, we are preparing our operations and service organizations to be ready to support higher demand beginning in the second half of calendar 2026.

此外，我們一直與客戶密切合作，以更好地了解他們的長期需求預期，並調整我們的供應鏈和生產計劃，以滿足他們對先進產能的需求。根據我們與客戶和其他業內人士的交流，我們正在調整營運和服務機構，以應對從 2026 年下半年開始的更高需求。

Next, I'll briefly summarize our fiscal 2025 results versus fiscal 2024. Revenue grew 4% to $28.4 billion with growth across all of our segments. Semiconductor Systems revenue was up 4%, growing even as the impact of trade restrictions significantly reduced our access to the market in China. The impact of these restrictions was equivalent to around 10% of the China market in fiscal 2024 and more than double that amount in fiscal 2025. On a global basis, we generated record foundry systems revenue, along with record DRAM sales outside China, and we posted record revenue in both Taiwan and Korea.

接下來，我將簡要總結我們 2025 財年與 2024 財年的業績對比。營收成長 4% 至 284 億美元，所有業務板塊均成長。半導體系統業務收入成長了 4%，即使貿易限制的影響顯著降低了我們進入中國市場的機會，業務仍然實現了成長。這些限制措施的影響相當於 2024 財年中國市場的 10% 左右，而 2025 財年的影響則超過該金額的兩倍。在全球範圍內，我們創造了晶圓代工系統收入的紀錄，在中國大陸以外的DRAM銷售額也創下紀錄，並且在台灣和韓國的收入均創下紀錄。

Applied Global Services revenue grew 3% to a record $6.4 billion. The recurring parts, services and software portion of AGS grew by double digits in the year with the 200-millimeter equipment business declined. We grew display revenue by 20%.

應用全球服務公司營收成長 3%，達到創紀錄的 64 億美元。在 200 毫米設備業務下滑的情況下，AGS 的經常性零件、服務和軟體部分在一年內實現了兩位數的成長。我們的顯示器收入成長了 20%。

I am pleased that we increased non-GAAP gross margin by 120 basis points to 48.8%, the highest level in 25 years. We shipped a richer mix of advanced systems and increased prices broadly, helping to more than offset cost increases. Non-GAAP operating expenses grew 5% and primarily driven by a 10% increase in R&D investments.

我很高興我們非GAAP毛利率提高了120個基點，達到48.8%，這是25年來的最高水準。我們推出了更豐富的先進系統組合，並普遍提高了價格，這有助於抵消成本上漲帶來的收益。非GAAP營運費用成長5%，主要原因是研發投資成長了10%。

At the end of the year, we announced actions to reduce head count and enable us to scale applied more productively as we capture the growth opportunities we see in 2026 and beyond. We continue to shift spending to strategic areas, adding people in fields like advanced analytics that are critical to the speed and efficiency of our R&D programs and operations.

年底，我們宣布了減少員工人數的措施，以便我們能夠更有效率地擴大規模，並抓住我們在 2026 年及以後看到的成長機會。我們將繼續把支出轉移到策略領域，增加高階分析等領域的人員，這些領域對於提高我們研發專案和營運的速度和效率至關重要。

Non-GAAP earnings per share increased 9%. We generated nearly $8 billion in cash from operations. Free cash flow of $5.7 billion included elevated capital spending of $2.3 billion, over half of which was used in building the new EPIC Center in Silicon Valley, which will open next year and become the most advanced collaborative semiconductor equipment and process innovation facility in the world.

非GAAP每股收益成長9%。我們從營運中獲得了近 80 億美元的現金流。57 億美元的自由現金流包括 23 億美元的資本支出增加，其中超過一半用於在矽谷建造新的 EPIC 中心，該中心將於明年開放，並成為世界上最先進的半導體設備和製程創新合作設施。

We distributed approximately $6.3 billion to shareholders. We paid $1.4 billion in cash dividends and the quarterly dividend per share was increased by 15% during the year to $0.46. Operating income from Applied Global Services more than covered the dividend payment. We allocated $4.9 billion to our share repurchase program and reduced shares outstanding by more than 3%.

我們向股東分配了約63億美元。我們支付了 14 億美元的現金股息，季度每股股息在年內成長了 15%，達到 0.46 美元。 Applied Global Services 的營業收入足以支付股息。我們為股票回購計畫撥款 49 億美元，並將流通股數量減少了 3% 以上。

Turning to fiscal Q4. We delivered revenue and non-GAAP EPS above the midpoint of guidance. China revenue declined to 29% of total company revenue, which is in line with our longer-term average and well below a peak of 45% in the first quarter of fiscal 2024. Non-GAAP gross margin was at the midpoint of guidance and up 60 basis points year-on-year, while non-GAAP operating expenses were slightly higher than our expectation and up 3% year-on-year.

接下來是第四財季。我們實現的營收和非GAAP每股盈餘均高於預期中位數。中國市場營收占公司總營收的比例下降至 29%，與我們的長期平均值一致，遠低於 2024 財年第一季 45% 的峰值。非GAAP毛利率達到預期中位數，較去年成長60個基點；而非GAAP營運費用略高於預期，較去年同期成長3%。

Turning to the segments. Semiconductor Systems and AGS revenue exceeded our expectations for the quarter, while non-GAAP operating margin for both segments declined along with revenue on a year-on-year basis. Lastly, display revenue exceeded our expectation for the quarter and was up 68% year-over-year.

接下來進入分段部分。半導體系統和 AGS 業務的收入超出了我們對本季度的預期，但這兩個業務部門的非 GAAP 營業利潤率與收入一樣，比去年同期下降。最後，顯示器收入超出了我們對本季的預期，年增了 68%。

Next, I'll share several reporting changes we are making that will help us drive further efficiency gains and also give investors more visibility into our semiconductor and services businesses. First, as of Q4 fiscal 2025, our display business is being reported in Corporate and Other. There is no change to our display strategy. Next, as of Q1 fiscal 2026, we are moving our 200-millimeter equipment business from Applied Global Services to Semiconductor Systems. This change will increase our operational efficiency and enable investors to see all of our semiconductor systems revenue in one place.

接下來，我將分享我們正在進行的一些報告變更，這些變更將有助於我們進一步提高效率，並讓投資者更清楚地了解我們的半導體和服務業務。首先，從 2025 財年第四季開始，我們的顯示器業務將在「本公司及其他」項下進行報告。我們的展示策略沒有改變。接下來，從 2026 財年第一季開始，我們將把 200 毫米設備業務從應用全球服務部轉移到半導體系統部門。這項改變將提高我們的營運效率，並使投資者能夠在一個地方看到我們所有的半導體系統收入。

Also, as a result, Applied Global Services will consist entirely of recurring revenue. This will make it easier for investors to track our subscription-like growth in services. Finally, as of Q1 of fiscal 2026, we are fully allocating corporate support costs to our businesses. This change will have the effect of reducing semiconductor systems and AGS operating margins, but also give our teams better visibility and opportunity to optimize these costs.

因此，Applied Global Services 將完全由經常性收入所構成。這將使投資者更容易追蹤我們在服務方面類似訂閱模式的成長。最後，從 2026 財年第一季開始，我們將把企業支援成本全部分配給我們的業務部門。這項變更將導致半導體系統和 AGS 的營運利潤率下降，但同時也讓我們的團隊更了解和優化這些成本。

Now I'll share our guidance for Q1, which includes the reporting changes I just outlined. We expect company revenue of $6.85 billion, plus or minus $500 million, and non-GAAP EPS of $2.18, plus or minus $0.20. Within this outlook, we expect Semiconductor Systems revenue of around $5.025 billion. AGS should generate revenue of $1.52 billion. Corporate and Other revenue should be around $305 million composed primarily of display revenue.

現在我將分享我們第一季的指導意見，其中包括我剛才概述的報告變更。我們預計公司營收為 68.5 億美元，上下浮動 5 億美元；非 GAAP 每股收益為 2.18 美元，上下浮動 0.20 美元。在此預期範圍內，我們預期半導體系統業務營收約為 50.25 億美元。AGS預計將產生15.2億美元的收入。公司及其他收入應約為 3.05 億美元，主要由展示收入構成。

We currently expect non-GAAP gross margin to be approximately 48.4% in Q1 and remain at that level until volumes ramp to support higher demand beginning in the second half of the calendar year. Non-GAAP operating expenses should be around $1.33 billion, which is up only slightly from fiscal Q4 because the actions we recently took are mostly offsetting the increase we normally see in Q1 due to the timing of annual merit increases and equity compensation expenses. Finally, we are modeling a tax rate of around 13%.

我們目前預計第一季非GAAP毛利率約為48.4%，並將保持在該水平，直到銷售在下半年開始成長以支持更高的需求。非GAAP營運費用應在13.3億美元左右，僅比第四財季略有增長，因為我們最近採取的措施基本上抵消了我們通常在第一季度看到的增長，這是由於年度績效加薪和股權激勵費用的時間安排所致。最後，我們模擬的稅率約為 13%。

In summary, our customers are indicating to us that wafer fab equipment spending is likely to accelerate beginning in the second half of calendar 2026. In addition, we see a positive fab equipment spending mix developing for Applied. AI data center investments translate to strong demand for our most enabling products in leading-edge foundry logic, DRAM and high-bandwidth memory along with advanced services that help our customers accelerate ramps and yields.

總而言之，我們的客戶向我們表示，晶圓製造設備的支出可能會從 2026 年下半年開始加速成長。此外，我們看到應用材料公司在晶圓廠設備方面的支出組合呈現正態勢。AI 資料中心投資轉化為對我們最具賦能性的產品（包括領先的晶圓邏輯、DRAM 和高頻寬記憶體）以及先進服務的強勁需求，這些服務可協助我們的客戶加快產能爬坡並提高良率。

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

謝謝聆聽。麥克，現在讓我們開始問答環節。

Thanks, Brice. To help us reach as many people as we can on today's call, please ask just one question and no more than one brief follow-up question. Operator, let's please begin.

謝謝你，布萊斯。為了幫助我們在今天的電話會議上盡可能多地聯繫到人，請只提一個問題，並且不要提超過一個簡短的後續問題。操作員，請開始。

CJ Muse, Cantor Fitzgerald.

CJ Muse，坎托·菲茨杰拉德。

I guess, Gary, the world has clearly changed since NVIDIA reported August 26 and discussed $3 million to $4 trillion in infrastructure spending. Curious, your trip to visit with clients over the very near term, how your conversations have evolved in the last two months? How has your visibility changed? And how are you preparing your supply chain for this likely tremendous growth?

我想，加里，自從英偉達在 8 月 26 日發布報告，討論基礎設施支出 3 兆至 4 兆美元以來，世界顯然已經改變了。很好奇，在近期您拜訪客戶的行程中，過去兩個月裡您的談話內容發生了哪些變化？您的知名度發生了哪些變化？你們如何為供應鏈應對可能出現的巨大成長做好準備？

CJ, thanks for the question. Yes, I have been spending a lot of time with customers and just came back from a long trip to Asia. And I would say I was meeting with the R&D leaders and CEOs of our largest customers, and just like you said, AI is the biggest focus for all of our customers. It's driving the WFE mix to segments driven by AI, including leading-edge foundry, logic and DRAM, where Applied has strong number one positions. And Applied is in deep high-velocity co-innovation relationships with all of these different customers. We have very high share.

CJ，謝謝你的提問。是的，我最近花了很多時間和客戶在一起，而且剛從亞洲長途旅行回來。我想說的是，我當時正在與我們最大客戶的研發負責人和執行長會面，正如你所說，人工智慧是我們所有客戶最關注的重點。它正推動 WFE 組合向人工智慧驅動的細分市場發展，包括領先的晶圓代工、邏輯電路和 DRAM，而 Applied 在這些領域擁有強大的領先地位。Applied 與所有這些不同的客戶都建立了深入、高速的共同創新關係。我們的市佔率非常高。

If you look at the transistor for gate all around or backside power in leading-edge foundry logic, we have very strong visibility and co-innovation relationships with customers over four technology nodes, a decade out in the future. So very high visibility in terms of our positions in leading-edge foundry logic and in DRAM and high confidence we're going to outperform as those advanced chips ramp going forward in the future.

如果你觀察一下尖端代工邏輯中的全包圍柵極或背面供電晶體管，我們會發現，在未來十年內，我們與客戶在四個技術節點上建立了非常強大的可見性和共同創新關係。因此，我們在領先的晶圓代工邏輯和 DRAM 領域擁有非常高的知名度，我們非常有信心，隨著這些先進晶片在未來不斷擴大規模，我們將取得優異的成績。

The other thing that I heard and we've been seeing over the last couple of months is a major improvement in customer demand visibility. So customers, just like you said, they're planning large ramps of advanced factories, and they want to make sure our supply chain operations and service teams are ready to deliver.

我還聽到，而且在過去的幾個月裡我們也看到了，客戶需求可見度有了顯著提高。正如您所說，客戶正在計劃大規模建造先進工廠，他們希望確保我們的供應鏈營運和服務團隊能夠做好準備，交付產品。

So we're getting more than one year visibility in some cases, two years visibility for a number of these different customers because as we talked about in the prepared remarks in the second half of '26, we will see significant ramps for these advanced factories. And again, customers want to make sure that, especially our supply chains are ready to deliver. And of course, the improved visibility is critical to our ability to ensure on-time delivery to customer needs.

因此，在某些情況下，我們可以獲得超過一年的可視性，對於許多不同的客戶來說，甚至可以獲得兩年的可視性，因為正如我們在 2026 年下半年的準備發言中所談到的那樣，我們將看到這些先進工廠的產量大幅提升。再次強調，客戶希望確保，尤其是我們的供應鏈，隨時能夠交付產品。當然，提高可視性對於我們確保按時滿足客戶需求至關重要。

But I'd say that's, CJ, the biggest thing that's changed in the last couple of months.

但我覺得，CJ，這是過去幾個月最大的改變。

Very helpful. And then maybe, Brice, you announced that the head count reduction over the last quarter. I'm curious how we should think about that and the implications to gross margins and OpEx into first half calendar '26 perhaps versus second half given the ramp that you've talked about?

很有幫助。然後，布萊斯，也許你宣布了上個季度的人員縮減計劃。我很好奇我們應該如何看待這個問題，以及考慮到您提到的成長速度，這對 2026 年上半年和下半年的毛利率和營運支出有何影響？

Yes. Thanks, CJ Good to hear from you. So on the reduction, if you look at our Q1 spend in our guide, you'll see that we don't have the uplift that we typically have in Q1, and for our annual pay raises and the share-based compensation increases that typically happen. So you'll be able to quantify the rough change in that quarter from that perspective.

是的。謝謝，CJ，很高興收到你的消息。因此，關於削減開支，如果您查看我們指南中的第一季支出，您會發現我們沒有像往常一樣在第一季度進行增長，也沒有進行年度加薪和通常會發生的股權激勵增長。這樣一來，你就能從這個角度量化該季度的大致變化。

And just to highlight, that was a year's long program that we worked on to increase velocity and productivity across the company. And for the balance of 2026, we'll add back some skills that we need to fill in for the company. So it's really a wholesale evaluation of all the staffing model we have across the entire company.

需要特別指出的是，這是我們歷時一年開展的項目，旨在提高整個公司的速度和生產力。在 2026 年剩餘的時間裡，我們將補充一些公司所需的技能。所以，這其實是對公司所有人員配置模式的全面評估。

Yes. CJ, maybe I'll add one other aspect of this. In strategic planning, we had a big focus on innovating the way we work, including AI and digital technologies. And driving, like Brian said, higher velocity and productivity, that's really at the foundation of how companies compete. So huge focus, especially on velocity across all of Applied Materials and then streamlining our organization to optimize future performance.

是的。CJ，或許我還要補充一點。在策略規劃中，我們非常注重工作方式的創新，包括人工智慧和數位技術。正如布萊恩所說，提高速度和生產力才是企業競爭的真正基礎。因此，我們將重點放在提高應用材料公司的整體效率上，並精簡組織架構以優化未來的績效。

And as we went through these changes, we also wanted to make sure, as I talked about, we see significant demand coming from our customers. So we wanted to make sure as we're doing this overall company and workforce optimization to improve the performance of Applied, we're also ready to meet those major customer ramps in the second half of '26 and then going forward.

正如我剛才所說，在進行這些變革的過程中，我們也希望確保能夠看到來自客戶的顯著需求。因此，我們希望確保在進行公司整體和員工隊伍優化以提高 Applied 的業績的同時，我們也準備好迎接 2026 年下半年以及未來幾年的主要客戶需求成長。

Krish Sankar, TD Cowen.

Krish Sankar，TD Cowen。

Gary, my first question is, as you mentioned, you're clearly gaining share in new technologies like gate all around and backside power delivery. But when I look at your leadership products, it feels like PVD is moving to ALD on the CVD, CMP and etch side besides the usual US and Japanese competitors, there's increasing domestic China competition. So I'm kind of curious how to think about the momentum in those leadership products over the next two, three years as you see increasing competition, both globally and from China? And then I have a follow-up for Brice.

Gary，我的第一個問題是，正如你所提到的，你們顯然在諸如全包圍閘極和背面供電等新技術方面獲得了市場份額。但當我查看你們的領先產品時，感覺除了常見的美國和日本競爭對手之外，PVD 正在向 ALD 轉型，而 CVD、CMP 和蝕刻方面，中國國內的競爭也日益激烈。所以我很好奇，隨著全球和中國競爭的加劇，未來兩三年內，這些領導力產品的發展動能該如何看待？接下來我要問布萊斯一個後續問題。

Okay. Krish, there's a lot in that first question, but thank you for the question. So we have very strong positions, gate all around backside power Besides being number one in process equipment for leading logic and foundry, we're also number one in DRAM and advanced packaging, especially for high-bandwidth memory. And those are the most important segments for AI, energy-efficient computing and leading-edge foundry logic and DRAM will be the fastest-growing segments in '26 and for the next several years.

好的。Krish，第一個問題包含的資訊量很大，但還是謝謝你的提問。因此，我們在各方面都擁有非常強大的優勢，包括後端電源。除了在領先的邏輯和代工製程設備方面排名第一之外，我們在DRAM和先進封裝方面也排名第一，尤其是在高頻寬記憶體方面。而這些正是人工智慧、節能運算和尖端晶圓代工邏輯以及DRAM在2026年及未來幾年成長最快的領域。

And Krish, we're performing well across all our products. Again, I am extremely confident that we will grow share, especially in these segments that are enabling AI energy-efficient computing. Again, we have deep relationships with all of these different customers across multiple technology nodes. We see strong demand for our products increasing demand for integrated systems for transistors, wiring and now (inaudible) for packaging. So all of that, I'm very optimistic about.

Krish，我們所有產品的表現都很好。我再次強調，我非常有信心我們將擴大市場份額，尤其是在這些推動人工智慧節能運算的領域。同樣，我們與這些不同客戶在多個技術領域建立了深厚的合作關係。我們看到市場對我們產品的強勁需求不斷增長，對晶體管、佈線以及現在的封裝等整合系統的需求也在不斷增長。所以，我對所有這些方面都非常樂觀。

And I'll come back to your PVD comment in just a minute here. The biggest change we've seen in our competitive position in the near term is trade restrictions. We used to serve the entire global WFE market before restrictions were implemented by '24 -- 2024, we were restricted from serving around 10% of China's WFE market, mainly in leading-edge logic and the domestic NAND market. And then in the last month of 2024 and the first month of 2025, the restrictions significantly increased for us and we could no longer serve China's DRAM market and some of the ICAP market.

我稍後會再談到你關於PVD的評論。短期內，我們在競爭地位方面看到的最大變化是貿易限制。在 2024 年實施限制之前，我們服務於整個全球 WFE 市場；但在 2024 年，我們被限制服務於中國約 10% 的 WFE 市場，主要集中在尖端邏輯和國內 NAND 市場。然後在 2024 年最後一個月和 2025 年第一個月，對我們的限制大幅增加，我們無法再為中國的 DRAM 市場和部分 ICAP 市場提供服務。

So our impact grew to well over 20% of the China WFE market which I think everybody knows that the WFE market in China has been elevated this year and also over the past few years, with China approaching 40% of total WFE. So this change in restrictions was a very big impact, especially in 2025. And non-US equipment companies don't have the same restrictions and so restricted customers can buy from those companies even if they would rather buy from Applied. And we've put a lot of time and studied this topic very carefully. And what we can see is that where we can compete, we are doing very well.

因此，我們的影響力成長到超過中國 WFE 市場的 20%，我想大家都知道，今年以及過去幾年，中國的 WFE 市場都得到了提升，中國已接近 WFE 總量的 40%。因此，這項限制措施的改變產生了非常大的影響，尤其是在 2025 年。非美國設備公司沒有相同的限制，因此受限客戶即使更願意從 Applied 購買，也可以從這些公司購買。我們投入了大量時間，非常仔細地研究了這個主題。我們可以看到，在我們能夠競爭的領域，我們做得非常好。

And then if I look at China going forward, our business has returned to normalized levels. We talked about kind of mid- on our semi business, our systems and AGS. And looking ahead, we don't anticipate significant new restrictions. In fact, we believe that our share in China ICAPS, where we can compete was flat from 2024 to 2025, and that's across, Chris, all of our different leadership products. And we think we can continue to hold and have an opportunity to even gain share going forward.

展望未來，中國市場已恢復到正常水準。我們談到了我們半吊子業務、我們的系統和AGS的中期情況。展望未來，我們預計不會有重大的新限制。事實上，我們認為，從 2024 年到 2025 年，我們在中國 ICAPS 市場的份額（我們可以參與競爭的市場）將保持不變，克里斯，這涵蓋了我們所有不同的領導力產品。我們認為我們可以繼續保持目前的勢頭，並且未來還有機會擴大市場份額。

And I say this because we have several major ICAPS new products coming for China and non-China that add to the strong products we have today, enabling us to enter new ICAP's markets and also better compete in cost-sensitive areas of the market. So we will increase our ICAPS' addressable market opportunity in China and worldwide. And again, where we can compete, I'm actually very optimistic with our position.

我之所以這麼說，是因為我們即將推出幾款面向中國和非中國市場的ICAPS主要新產品，這些產品將增強我們現有的強大產品線，使我們能夠進入ICAPS的新市場，並在對成本敏感的市場領域更好地參與競爭。因此，我們將擴大ICAPS在中國乃至全球的潛在市場機會。再說一遍，在我們能夠參與競爭的領域，我對我們的地位非常樂觀。

And then back to PVD, your question on PVD. So I'll tell you, Krish, PVD is doing great where we can compete. We grew PVD in '25, we have a positive outlook in '26 and into the future. And we talked earlier about AI, PVD is enabling low resistance wiring, and that's critical for faster and more energy-efficient chips. And with advanced chips, you have hundreds of miles of wiring in a single chip.

然後回到PVD，回答你關於PVD的問題。所以我要告訴你，克里什，PVD在我們能夠競爭的領域做得非常出色。我們在 2025 年實現了 PVD ​​的成長，我們對 2026 年及未來充滿信心。我們之前討論過人工智慧，PVD 技術可以實現低電阻佈線，這對於速度更快、能效更高的晶片至關重要。而藉助先進的晶片，單一晶片內就整合了數百英里的線路。

And if you could imagine, that long wire keeps getting thinner and thinner and moving data through that wire at high speed with low power is incredibly hard, almost like Magic and Applied as the clear leader in wiring innovation.

試想一下，那根長長的導線會變得越來越細，以極高的速度和極低的功耗透過這條導線傳輸資料是非常困難的，就像 Magic 和 Applied 在佈線創新領域遙遙領先一樣。

So Krish, we see strong demand for PVD, strong growth into 2026 and into the future. We're also innovating. I talked about that pipeline of innovative products. We have new PVD innovations, specifically for ICAPS beyond all of the other things that we're doing that will help us in performance in that particular segment. And then the last thing, on the leading edge, we are -- we do have an increase in demand for the integrated products, including selective ALD and selective moly which we just had some big wins in the most critical applications.

所以 Krish，我們看到 PVD ​​的需求強勁，到 2026 年及以後將保持強勁成長。我們也在進行創新。我談到了那一系列創新產品。除了我們正在做的其他事情之外，我們還針對ICAPS推出了新的PVD創新技術，這將有助於我們在該特定領域提升效能。最後一點，在技術前沿，我們對整合產品的需求確實有所增加，包括選擇性 ALD 和選擇性 Moli，我們在最關鍵的應用領域取得了一些重大成功。

So long answer, Krish.

克里什，你的回答太長了。

Gary, no, it's extremely helpful and very informative. Just a quick follow-up for Brice. Brice, how do you think about the impact of this 200-millimeter movement from AGS to semi? Is there a way to quantify it for Q1? Or how much was it in FY25?

Gary，不，它非常有幫助，而且資訊量很大。給布萊斯提個醒。布萊斯，你如何看待 AGS 到半自動腕錶這一 200 毫米的變動帶來的影響？有沒有辦法量化 Q1 的情況？或者說，2025財年是多少？

Yes. It's approximately $125 million, Krish, for Q1 and approximately the same number. So we're moving that from our services business to our equipment business, and we think that will be easier for us to manage and easier for investors to understand those two different reportable segments.

是的。克里什，第一季大約是 1.25 億美元，數字也差不多。因此，我們將這項業務從我們的服務業務轉移到設備業務，我們認為這樣一來，我們管理起來會更容易，投資者也更容易理解這兩個不同的報告分部。

Vivek Arya, Bank of America Securities.

Vivek Arya，美國銀行證券。

You mentioned you expect fiscal '26 mix to work in your favor. You also mentioned the significant growth in the back half. I'm curious, do you think there is a put for WFE to grow high single digit close to double digits next year and for Applied to outperform that because you do seem to have better visibility and you also expect the mix to work in your favor. So I just hoping that if you could give us some sense of what the market could be doing? And how is the applied position with respect to that market?

你提到你預計2026財年的經濟組合將對你有利。您也提到了下半年的顯著成長。我很好奇，您認為WFE明年能否達到接近兩位數的高個位數成長，而Applied能否超越WFE？因為您似乎對這兩家公司的前景更加清晰，而且您也預期它們的組合會對您有利。所以我只是希望您能給我們一些關於市場可能走向的資訊？那麼，該策略在該市場上的定位如何？

Vivek, it's Brice. Thanks for your question. We do expect strong growth in '26, led by leading edge and DRAM. The headwind that we have, we do still expect some digestion in China and in ICAPS. So it's kind of a similar situation relative to 2025 but we think leading edge will be very strong.

維韋克，我是布萊斯。謝謝你的提問。我們預計 2026 年將實現強勁成長，主要由尖端技術和 DRAM 引領。儘管面臨一些不利因素，我們仍然預期中國和ICAPS市場會有一些消化。所以，與 2025 年的情況類似，但我們認為領先優勢將非常強勁。

DRAM will be very strong. These are pulled by the headline of the AI solutions in those spaces, and then a little bit of digestion on the ICAPS side, but we do think it will be a growth year.

DRAM性能將非常強勁。這些都受到了人工智慧解決方案在這些領域的新聞標題的吸引，然後ICAPS方面也進行了一些消化，但我們確實認為這將是成長的一年。

Okay. On the clarification side, Brice, how much of the $600 million BIS headwind is in Q1 and the rest of the year? And if I could squeeze in the real question for Gary. One of your peers suggested an $8 billion or so, I think WFE for every $100 billion or so in data center buildout, do you agree with that number? Do you have a different number? And how do you see the mix within that $8 billion playing to Applied's strengths?

好的。布萊斯，關於澄清方面，BIS 6億美元的不利因素中，有多少是在第一季以及今年剩餘時間內發生的？如果我能擠出一點時間問加里一個真正的問題的話。你的一位同行建議，每投入約 1000 億美元用於資料中心建設，就需要投入約 80 億美元用於 WFE（資料中心設施工程），你同意這個數字嗎？您有其他號碼嗎？那麼，您認為這80億美元的投資組合將如何發揮應用材料公司的優勢？

Okay, Vivek. So starting with the affiliate rule that came out and affected our Q4 and then was suspended. So we had shared that $110 million was -- would be affected in our Q4. We didn't ship that in Q4, but we will ship that in Q1. So the first answer is that's included in our guide for Q1.

好的，維韋克。首先是聯盟行銷規則出台後影響了我們第四季的業績，然後該規則被暫停執行。所以我們之前說過，第四季將有 1.1 億美元受到影響。第四季我們沒有出貨，但第一季會出貨。所以第一個答案是，它包含在我們的 Q1 指南中。

And then the $600 million is still a good estimate for what's in the rest of 2026. And we didn't share any linearity for that. And in fact, it's still being closed in terms of delivery dates, et cetera. So I would think of that as through the rest of the year.

那麼，6億美元仍然是2026年剩餘時間的合理估計。我們在這方面沒有任何共同點。事實上，就交貨日期等方面而言，它仍然處於關閉狀態。所以我認為今年剩下的時間都應該這樣安排。

And then on the WFE per gigawatt, we spent some time thinking about this. We think the best way to think about this is about 15% of leading-edge wafer starts and DRAM wafer starts are allocated towards AI data center solutions. So if you think about capacity planning, that's growing at a mid-30 CAGR across the industry. So today, 15% of those two end markets growing at mid-30s. And so for companies that are planning capacity for two and three years out, they make that projection and that much WFE should be allocated towards data center.

然後，關於每吉瓦的 WFE，我們花了一些時間思考這個問題。我們認為最好的理解方式是，大約 15% 的尖端晶圓開工量和 DRAM 晶圓開工量分配給了 AI 資料中心解決方案。因此，如果你考慮產能規劃，你會發現整個產業的年複合成長率正以 30% 左右的速度成長。所以今天，這兩個終端市場中有 15% 的成長率達到了 30 多個百分點。因此，對於那些規劃未來兩到三年產能的公司來說，他們會做出這樣的預測，並據此將相應數量的 WFE 分配給資料中心。

So we can talk more about that in a follow-up. But I think that's a good way to think about how much is being allocated.

所以我們可以在後續討論中詳細探討這個問題。但我認為這是思考分配金額的一個好方法。

Vivek, you asked about what does that mean, the AI demand means for mix and for Applied. So I talked about this earlier that the two fastest-growing segments for '26 and going forward are leading-edge foundry logic and DRAM, including high-bandwidth memory. And in both of those cases, again, we're clear number one, we're gaining share, high visibility and gate all around, and that will become clear as those advanced factories ramp in the latter half of '26. Again, we have very strong visibility, very strong positions. And the same thing is true with DRAM.

Vivek，你問這意味著什麼，人工智慧對混合和應用意味著什麼。我之前說過，2026 年及以後成長最快的兩個領域是尖端代工邏輯和 DRAM（包括高頻寬記憶體）。在上述兩種情況下，我們都清楚地處於第一的位置，我們正在獲得市場份額、高知名度和全方位的關注，隨著這些先進工廠在 2026 年下半年提高產能，這一點將變得更加明顯。我們再次強調，我們擁有非常強大的市場影響力，非常穩固的地位。DRAM 也存在同樣的問題。

And I think longer term, if you look at gate-all-around backside power, we're positioned to capture more than 50% of our served market. So I have high confidence that we are gaining share and gate all around. I mean that's all of the discussions I had with these R&D leaders when I was in Asia in the last month. And then DRAM, high bandwidth memory, we're in really great position there. We've gained a significant amount of share over the last several years.

而且我認為從長遠來看，如果你從全方位後端實力來看，我們有能力佔據超過 50% 的服務市場。因此，我非常有信心，我們正在全面提升市場份額和用戶滿意度。我的意思是，這就是我上個月在亞洲期間與這些研發負責人進行的所有討論。還有DRAM，也就是高頻寬內存，我們在這方面也處於非常有利的地位。過去幾年，我們的市佔率顯著成長。

As FinFET ramps, we have strong leadership in FinFET. That's going to be adopted in DRAM. 4F squared, we also are in a great position. And then in HBM, future generations will adopt hybrid bonding, where we also have clear leadership. We announced Kinex at SEMICON West.

隨著 FinFET 產能的提升，我們在 FinFET 領域擁有強大的領先地位。這項技術將會被應用於DRAM。4F 平方，我們也處於非常有利的位置。然後，在 HBM 中，未來的世代將採用混合型債券，我們也將擁有明確的領導階層。我們在 SEMICON West 展會上發表了 Kinex。

So the mix is definitely working in our favor, and we're well positioned going forward.

所以這種組合肯定對我們有利，我們未來發展前景良好。

Stacy Rasgon, Bernstein Research.

Stacy Rasgon，伯恩斯坦研究公司。

For the first one, Brice, this second half lift in demand. So what does that imply for the trajectory in the first half? Like are you thinking revenue stays kind of in this ballpark until we hit the second half? Or does it grow a little bit and then it grows a lot maybe even if you wanted to quantify like second half versus first half split or something like that. But like how do we think about ROCE relative to the second half given the lift in the second half?

對第一個人來說，布萊斯，下半年的需求上升。那麼，這對上半季的走勢又意味著什麼呢？你覺得營收會在這個範圍內維持到下半年嗎？或者它會先成長一點，然後成長很多，甚至如果你想量化一下，像是後半段與前半段的差距之類的。但是，考慮到下半年的成長，我們該如何看待下半年的資本報酬率呢？

Yes, for the semi business, Stacy, and thanks for the question. For the semi business, we think it will be flattish until we see that growth. We will see a little growth in the AGS business. We expect that as we've shared, to be growing at low double digits, and that's fairly continuous growth through the course of the year. But for the semi business in the short term, it will be flattish.

是的，斯泰西，是針對半自動設備業務的，謝謝你的提問。對於半導體產業，我們認為在看到成長之前，其發展將保持穩定。AGS業務將略有成長。正如我們之前所說，我們預計成長率將保持在較低的兩位數，而這種成長將持續貫穿全年。但就短期而言，半成品業務將保持穩定。

Got it. So like by Q3, I guess, you're thinking?

知道了。所以，大概到第三季吧？

Yes. For us, it will really be our Q4 and our Q1 of next year. So that's when it matches the calendar. So we'll see -- we expect a significant uplift there from leading edge, especially. And until then, it will be slower growth.

是的。對我們來說，這將真正相當於我們今年的第四季和第一季。所以，那時就和日曆吻合了。所以讓我們拭目以待——我們預計，特別是前沿技術，將會帶來顯著的提升。在此之前，成長速度將會放緩。

Okay. And I guess for my follow-up, you sort of mentioned gross margins kind of staying in this range until we see that lift. So do you expect like a material lift in gross margins when that material lift in revenue comes through? Like how do we expect like the gross margin trajectory on the back of those revenues as that comes through second half of next year?

好的。我想就我的後續問題，您剛才提到毛利率可能會在這個範圍內保持穩定，直到我們看到成長。那麼，當營收大幅成長時，您是否預期毛利率也會大幅提升？那麼，隨著明年下半年營收的成長，我們預期毛利率將如何變化？

Yes, the 48.4% guide for Q1 is good for this level of business. And I'll just highlight in Q1, we're also expecting a normal share from China shipment perspective. So it should be -- for the whole company, it should be in the order of 29% and less than that for AGS and our semi business. So that level without a significant uplift in the business, that's good for this size business. And then when we do get to the second half, added volume will help with cost improvements.

是的，第一季 48.4% 的業績指引對於目前的業務水準來說是不錯的。我還要特別指出，在第一季度，我們預計來自中國的出貨量也將維持正常份額。所以，對於整個公司而言，這個比例應該在 29% 左右，而 AGS 和我們的半導體業務的比例則會更低。因此，在業務沒有顯著成長的情況下，這樣的水平對於這種規模的企業來說是不錯的。到了下半年，產量的增加將有助於降低成本。

And then over time, we continue to work on our pricing and cost programs. So you can see with the 120 basis point uplift that we had in 2025, most of that was driven by price improvement. And so we'll continue with that program, but it takes time to affect the margins.

然後隨著時間的推移，我們會繼續改進我們的定價和成本控制方案。因此，我們可以看到，2025 年的 120 個基點的成長，大部分是由價格改善所推動的。因此我們將繼續推行該計劃，但要對利潤率產生影響需要時間。

Stacy, this is Gary. One thing I'd say in terms of margins, I do think that we will be able to drive sustainable improvements in margins over time. I mean one thing in the industry, you see a tremendous amount of profits being generated with the AI demand throughout the entire ecosystem and so our customers' profitability has improved significantly. And as I mentioned earlier, also we're enabling these incredible innovations. I mentioned the hundreds of miles of wiring in advanced chip.

斯黛西，這位是加里。就利潤率而言，我認為隨著時間的推移，我們能夠實現利潤率的可持續提升。我的意思是，在業界，人工智慧的需求在整個生態系統中創造了巨大的利潤，因此我們客戶的獲利能力也顯著提高了。正如我之前提到的，我們也在推動這些令人難以置信的創新。我提到了先進晶片中數百英里的線路。

I mean, again, for AI, this is incredibly valuable. So as we continue to work with our customers, enabling those innovations that are critical for AI, bringing new products to market. I believe that we can sustainably drive our margins higher going forward.

我的意思是，再說一遍，對於人工智慧來說，這非常有價值。因此，我們將繼續與客戶合作，推動對人工智慧至關重要的創新，並將新產品推向市場。我相信我們未來能夠持續提高利潤率。

Timothy Arcuri, UBS.

提摩西‧阿庫裡，瑞銀集團。

Brice, I'm trying to understand China a little better. So all these affiliates were banned and then they got reinstated. And the way that China usually operates is that they when they were rushing to get in front of the ban. And now I would think that they're going to come back and they're going to just try to get as much equipment as they can as fast as they can. So is the add-back not going to be more than 600?

布萊斯，我正在努力更了解中國。所以這些聯盟會員都被封鎖了，後來又恢復了資格。而中國通常的做法是，當他們急於搶在禁令生效前採取行動時。現在我認為他們會回來，並且會盡快盡可能多地獲取設備。所以加回的數量不會超過 600 嗎？

And in fiscal Q1, like are you taking slots away from the other customers to give to them? I guess, I'm trying to figure out how we don't add more than 600 back the way that these Chinese customers typically operate.

在第一財季，你們是否會從其他客戶抽取名額給他們？我想，我正在努力弄清楚如何避免像這些中國客戶通常的做法那樣，增加超過 600 個單位。

Thanks for the question, Tim. So yes, for the first quarter, $110 million is in the quarter. Those tools are built and will ship. For the balance, we weren't building those tools. We didn't know we would be able to ship them.

謝謝你的提問，提姆。是的，第一季營收為 1.1 億美元。這些工具已經製造完成，即將出貨。另一方面，我們並沒有開發那些工具。我們當時並不知道能否將它們運送出去。

And so it's going to take time to do the supply chain and actually make the builds, and we'll have to finalize the date with the customers. So they may have interest in working that process as quickly as possible. But I would just say the good way to think about this is cycle time and we'll spread it through the year.

因此，供應鏈的建立和實際的生產製造都需要時間，我們還需要和客戶最終確定交貨日期。因此，他們可能希望盡快完成這個過程。但我認為，比較好的思考方式是考慮週期時間，然後將其分散到全年。

Okay. And then I guess, Gary, I wanted to go back to PVD. So this is like one-third of your systems revenue per Gartner. So it's a super important piece of your business. And it does seem a little bit like ALD's eating into this franchise a little bit.

好的。然後，我想，加里，我想回到普羅維登斯。根據 Gartner 的說法，這大約相當於你係統收入的三分之一。所以，這是你業務中極為重要的一環。看起來ALD似乎有點蠶食這個系列的市佔了。

I know it's super important. It's been growing. But how do you protect that franchise from -- you have 1 franchise that you're very strong and then one where your share is not as high end. Do you think that we're all maybe too concerned about the degree to which ALD eating it to PVD?

我知道這非常重要。它一直在增長。但是，如何保護你的特許經營權呢？你可能有一個非常強大的特許經營權，而另一個特許經營權你的份額則不是那麼高。你認為我們是不是都過度關注ALD患者攝取它導致PVD的程度了？

Tim, thanks for question. I absolutely think you're too concerned. Again, as I mentioned, I just spent a lot of time in Asia with our R&D leaders for our top customers and we have deep visibility into their technology road maps for generations. And I can tell you, again, we have high confidence PVD is going to continue to ramp. I mentioned the hundreds of miles of wiring and an advanced chip.

提姆，謝謝你的提問。我完全認為你太擔心了。正如我之前提到的，我最近花了很多時間在亞洲與我們頂級客戶的研發負責人交流，我們對他們未來幾代的技術發展路線圖有了深入的了解。我可以再次告訴大家，我們非常有信心PVD將繼續加速成長。我提到了數百英里的線路和一個先進的晶片。

And we have innovations that are really amazing innovations, and we are the leader in wiring. So if you think about an AI server, again, how you move the data at a very high speed with low power is enormously important. That's within a chip, chip to chip, there's so much innovation that's happening there.

我們擁有一些非常了不起的創新，而且我們在佈線領域處於領先地位。所以，如果你考慮一下人工智慧伺服器，那麼如何以極高的速度和極低的功耗傳輸資料就顯得極為重要。晶片內部，晶片之間，都蘊藏著大量的創新。

But I don't know where this comes from on the ALD eating PVD share, that type of thing. All I can say is that we have extremely high visibility we have unique technologies, including PVD and we have unique ability to combine technologies into integrated platforms. One of those integrated platforms, we combine selective ALD together with PVD and five other technologies, that's part of what's enabling those hundreds of miles of wiring and Applied is really unique in being able to deliver those kinds of innovations. And that is enabling 50% improvement in resistivity. It's a $1 billion business for us every year.

但我不知道 ALD 患者食用 PVD ​​份額之類的東西是從哪裡來的。我只能說，我們擁有極高的知名度，我們擁有獨特的技術，包括 PVD ​​技術，我們擁有將各種技術組合成整合平台的獨特能力。其中一個整合平台，我們將選擇性 ALD 與 PVD ​​和其他五種技術結合起來，這正是實現數百英里佈線的關鍵所在，而 Applied 公司在提供此類創新方面確實獨樹一幟。這樣一來，電阻率就能提高 50%。這項業務每年為我們帶來10億美元的收入。

And so that is going to continue. And again, deep visibility into every -- the N+1, N+2, N+3, N+4 technology node.

所以這種情況還會持續下去。再次強調，要深入了解每一個－N+1、N+2、N+3、N+4 技術節點。

Another innovation that we just won with leading foundry logic companies is integrating selective moly with PVD into an integrated platform for the most critical applications for our customers. So again, Tim, very high visibility. I agree with you. It's a great business. It's going to keep growing in '26 and keep growing as we go forward.

我們與領先的代工廠邏輯公司共同贏得的另一項創新是將選擇性鉬沉積與物理氣相沉積 (PVD) 整合到一個整合平台中，以滿足客戶最關鍵的應用需求。所以，蒂姆，這非常引人注目。我同意你的看法。這是一項很棒的生意。它在 2026 年會繼續增長，而且隨著我們向前邁進，它還會繼續增長。

Atif Malik, Citi.

阿提夫‧馬利克，花旗銀行。

Welcome back, Mike. Brice, I'm just trying to understand the China commentary, you're expecting China to kind of stay at the mid-20s level for the silicon products into next year. So if the assumption is that the domestic China spending is coming down next year, why would this number be lower than the mid-25% and if the rest of the China is growing? I'm just trying to understand the moving pieces.

歡迎回來，麥克。布萊斯，我只是想了解你對中國的評論，你預計中國矽產品價格明年將保持在 20% 左右的水平。如果假設明年中國國內支出將會下降，而中國其他地區卻在成長，那麼為什麼這個數字會低於 25% 左右呢？我只是想弄清楚其中的來龍去脈。

Yes. Thanks, Atif. So for Q1, that just happens to be what's in the mix but we do expect it, if we do have the digestion that we're expecting in China, then we will see it lower during the course of the year. and that will be more than offset to get a growth here that will be more than offset by the strength in leading edge and DRAM that we highlighted earlier. So -- and we'll just admit, I think we've been wrong for two years in a row, forecasting a digestion related to China, and it's been stronger each year.

是的。謝謝你，阿提夫。所以，第一季的情況恰好就是這樣，但我們預計，如果中國市場的消化情況如預期般順利，那麼今年全年增速將會放緩。不過，這部分放緩的影響將被先前提及的尖端技術和DRAM的強勁成長所抵消。所以——我們承認，我認為我們連續兩年都錯了，預測與中國相關的消化效應，而且一年比一年強烈。

So we could be surprised on the upside as we go through. But right now, Gary mentioned this a few minutes ago, China has been almost 40% of WFE. It's been elevated. They've been investing heavily to get to self-sustainability from a production perspective. So we don't have as good a visibility because of a large number of customers there and continued creation of new customers. So it's not as easy to forecast as the rest of the mature market.

所以，隨著事情的發展，我們可能會迎來意想不到的好結果。但正如 Gary 幾分鐘前提到的，中國目前佔 WFE 的近 40%。它被提升了。他們一直在大力投資，力求從生產角度自給自足。因此，由於那裡的客戶數量龐大，而且不斷有新客戶加入，我們的市場可見度並不高。因此，與成熟市場的其他部分相比，預測起來並不那麼容易。

Yes. I'll jump -- none thing I would say also Longer term, what we think is that ICAPS remains about one-third of WFE and then you have memory and leading-edge foundry logic. So China is really mostly an ICAPS market, and there has been this elevated spending over multiple years. We think that if you just look at end market demand, we think that moves back into that ZIP code over a longer period of time. When that happens, hard to anticipate exactly when that's going to happen, but that's what we think about over a longer period.

是的。我來跳——我沒什麼好說的。從長遠來看，我們認為 ICAPS 仍然佔 WFE 的三分之一左右，然後是記憶體和領先的代工邏輯。所以中國其實主要是ICAPS市場，而且多年來支出一直居高不下。我們認為，如果只看終端市場需求，那麼從長遠來看，需求會回流到那個郵遞區號區域。當這種情況發生時，很難準確預測它何時發生，但這是我們在較長一段時間內需要考慮的問題。

Great. And then, Gary, one for you, you visited several customers. Are your memory customers constrained by shell capacity? Why are we thinking about the second half inflection on the first half? I mean I understand the first half is being dragged lower by China.

偉大的。還有，加里，給你一個問題，你拜訪了好幾位客戶。您的記憶體客戶是否受限於機箱容量？為什麼我們要考慮下半場對上半場的影響？我的意思是，我明白上半年的業績受到了中國的拖累。

But is there a situation where the memory guys are constrained by shell capacity that explains why second half is going higher?

但是是否存在這樣一種情況：內存容量受到外殼容量的限制，從而解釋了為什麼下半年的內存容量會更高？

Well, I can take the question, Atif. So first, we would say that factory schedules of course, matter. So each company -- each customer has their own schedule for installation and ramp and qualification and the like. Our information on the macro level, we had several people ask this question, but our information on the macro level suggests that there is factory capacity from a space perspective, to ramp across the industry. And then you'll just have to ask each customer.

好的，我可以回答這個問題，阿提夫。首先，我們要說的是，工廠的生產計畫當然很重要。因此，每家公司——每個客戶都有自己的安裝、調試、資質認證等時間表。從宏觀層面來看，雖然有好幾個人問過這個問題，但我們從宏觀層面了解到的資訊表明，從空間角度來看，整個產業的工廠產能足以滿足需求。然後你就得逐一詢問顧客了。

That's a macro answer, you'll have to ask each customer for their situation. But we don't think the capacity is limiting the ramp at this point.

這是一個宏觀的答案，你需要詢問每個客戶的具體情況。但我們認為目前產能並未限制產能爬坡。

Charles Shi, Needham & Company.

查爾斯史，李約瑟公司。

I have a follow-up on China. You did mention outside of restrictions, you are not losing share but your US peer the closest one, reported much stronger China revenue growth this year, I think they're probably growing at 20% year-on-year. You're probably declining more than 10% year-on-year. So just really trying to reconcile how are you're not losing share?

我還有關於中國的後續問題。您確實提到，在不受限制的情況下，您並沒有失去市場份額，但您最接近的美國同行今年在中國的收入增長要強勁得多，我認為他們的年增長率可能達到了 20%。你的業績可能較去年同期下降超過10%。所以，我真的很想知道，你們是如何做到不失去市場份額的？

Is there some nuances that we may be missing and that would suggest you actually did not lose share in China despite the numbers would suggest otherwise?

我們是否忽略了一些細微差別，這些差別表明，儘管數據表明情況並非如此，但實際上你們在中國並沒有失去市場份額？

Charles, I'll start on this one. So I think the nuance we clarified that or we made an adjustment in there and said, if we look at the accounts that we can support, we're holding our share and competing well in China. And if you just take the macro number, we certainly lost share in China. I think Gary commented that if you go back to 2024, just over 10% of the market was restricted from -- for US companies.

查爾斯，我來開始吧。所以我覺得我們澄清了其中的細微差別，或者說我們做出了調整，並表示，如果我們看看我們能夠支持的帳戶，我們保住了我們的份額，並且在中國市場競爭激烈。如果只看宏觀數據，我們在中國市場的市佔率肯定下降了。我認為 Gary 評論說，如果回到 2024 年，美國公司將有超過 10% 的市佔率受到限制。

And if you go to 2025, it's more than doubled. The restriction has more than doubled. So we've certainly lost share in China because a larger portion of the market is inaccessible to us. But when we look at the accounts that we can sell to, we feel we're competing very well.

到 2025 年，這個數字還會翻倍以上。限制措施已增加了一倍以上。因此，我們在中國市場的份額肯定有所下降，因為我們無法進入更大比例的市場。但當我們審視我們可以銷售的客戶群時，我們感覺我們的競爭力非常強。

Yes, Charles, this is Gary. I think we have done a lot of work on this. So -- and there's lots of different sources of data that can cross validate the numbers. And again, when we look at -- we can't comment on other people, their ability to serve global customers that are in China versus domestic customers, everybody is going to have a little difference in terms of what they're serving in China.

是的，查爾斯，這是加里。我認為我們在這方面做了很多工作。所以——而且有很多不同的數據來源可以交叉驗證這些數字。再說一遍，當我們審視——我們不能評論其他人，他們服務中國全球客戶的能力與服務國內客戶的能力相比，每個人在中國提供的服務都會略有不同。

Certainly, for us, NAND, the global NAND in China is not significant business. DRAM, however, which really was restricted at the beginning of our fiscal year, we have very high share in DRAM.

當然，對我們來說，NAND，尤其是中國市場的全球NAND業務，並不重要。然而，DRAM（在本財年初期確實受到限制）目前在我們的市佔率非常高。

If you look at the top -- the leading DRAM companies in this last year, I think our business was up something like 50%. And so for Applied, DRAM going away had a really big impact on us. So again, Charles, I think we have pretty good confidence in maintaining share, where we can compete, but there's going to be a different mix for every company. I don't know, Brice, if you want to add anything else?

如果你看看去年領先的DRAM公司，我認為我們的業務成長了大約50%。因此，DRAM 的消失對 Applied 產生了非常大的影響。所以，查爾斯，我認為我們有相當大的信心在能夠競爭的領域中保持市場份額，但每家公司的具體情況都會有所不同。布萊斯，我不知道你是否還有什麼要補充的？

No, I think that covers it. Yes. The other thing that I would add to that, Charles, is the other part of that is not only the DRAM, but it's the NAND. So if you think about it, what was shipping. You have multinational NAND companies that are in China and they were presumably pretty strong.

不，我想這樣就夠了。是的。查爾斯，我還要補充一點，這其中的另一部分不只是DRAM，還有NAND。所以仔細想想，什麼是運輸？中國有一些跨國NAND快閃公司，它們實力應該相當雄厚。

And as you may know that in our mix, that's the lowest area for us. So Gary talked about the DRAM impact. The other impact is NAND being strong. And both -- and that equation in the future on a global basis, we think is changing.

正如您可能知道的那樣，在我們的產品組合中，這是我們最薄弱的環節。所以 Gary 談到了 DRAM 的影響。另一個影響因素是NAND快閃記憶體的強大。我們認為，未來在全球範圍內，這兩種情況都會改變。

Joe Quatrochi, Wells Fargo.

喬·夸特羅奇，富國銀行。

I was wondering if you could help us understand just what was the size of the advanced packaging business in fiscal '25. And how did that grow?

我想請您幫我們了解一下2025財年先進封裝業務的規模究竟有多大。它是如何發展起來的？

Joe, it's Brice. It's a little bit lower than it was in 2024. So 2024 was buoyed by the shipments, the high shipments in the end of the year for HBM. So it's essentially been running at the same level for 2025 minus that extra shipments at the end of that year. So -- and then as we look forward, Gary is going to comment about the changing technologies for advanced packaging over time.

喬，我是布萊斯。比 2024 年的預測略低一些。因此，2024 年的業績得益於出貨量，尤其是年底 HBM 的高出貨量。因此，2025 年的產量基本上保持在同一水平，只是年底會有一些額外的出貨量。那麼——展望未來，Gary 將評論先進包裝技術隨時間推移而發生的變化。

We think we're well positioned for that. we still think that business will be growing significantly along with AI data center and all the different packaging capabilities that will be required over time.

我們認為我們已為此做好了充分準備。我們仍然認為，隨著人工智慧資料中心的發展以及未來所需的各種包裝能力的提升，這項業務將會顯著成長。

Yes, Joe, so Applied is number one in high-bandwidth memory. And so that business was not as strong in '25 as it was the previous year. So that was one thing that impacted our relative growth rate, but it's pretty close to flat year-over-year, '25 versus '24 with the HBM coming down versus where it was. What I would say is that we're still on track to what we've discussed before. We've grown the business around $500 million to about $1.5 billion today. And we're on track still to double this business to $3 billion or more over the next few years. And we're in a very good position.

是的，喬，Applied 在高頻寬記憶體領域排名第一。因此，1925 年的業務不如去年強勁。所以這是影響我們相對成長率的因素之一，但與前一年相比，2025 年與 2024 年相比基本持平，HBM 也比之前有所下降。我想說的是，我們仍然在按照之前討論的方向前進。我們已將公司規模從約 5 億美元發展到如今的約 15 億美元。我們仍有望在未來幾年內將這項業務的規模翻一番，達到 30 億美元或更多。我們現在處境非常有利。

As I said earlier, we're number one in HBM. So as HBM ramps over time, that puts us in a good position. We have a great portfolio of products and especially this is -- I mentioned the trip in Asia and meeting with a lot of these R&D leaders, there's an enormous focus for our customers to go to larger packaging sizes, so they can connect more GPUs, CPUs and all these different computing components to improve performance and power an enormous amount. And so Applied is extremely well positioned in HBM. And we're also well positioned as these new technologies ramp for the future.

正如我之前所說，我們在 HBM 領域排名第一。隨著 HBM 容量逐漸增加，這將使我們處於有利地位。我們擁有豐富的產品組合，尤其是我之前提到的亞洲之行以及與眾多研發領導者的會面，都表明我們的客戶非常重視採用更大的封裝尺寸，以便連接更多的 GPU、CPU 和各種不同的計算組件，從而大幅提升性能和電力。因此，Applied 在 HBM 領域佔據了非常有利的地位。隨著這些新技術在未來不斷發展，我們也佔據了有利地位。

So I think high confidence in being able to double this business again over the next few years.

所以我很有信心在未來幾年內讓這項業務再次翻倍。

That's helpful detail. Maybe as a follow-up on the China entity list of $600 million that maybe comes back here. Any help on what the split of that was for like AGS in terms of services. I assume that would basically just kind of turn right back on given you're able to service those customers.

這是個很有用的細節。或許這是對中國6億美元實體清單的後續跟進，該清單可能會再次出現。能否幫忙說明一下，像AGS這樣的服務，其費用分配比例是多少？我猜想，只要你能為這些客戶提供服務，基本上就會立刻恢復正常。

Yes. You're right. There was some digesting that. We didn't offer that, and I don't have it at my fingertips. So there was a component of AGS, but I think the majority was equipment.

是的。你說得對。這需要一些時間來消化。我們沒有提供那項服務，而且我手邊也沒有相關資訊。所以其中有一部分是 AGS，但我認為大部分是設備。

Shane Brett, Morgan Stanley.

Shane Brett，摩根士丹利。

First question is, you mentioned that your revenue from leading-edge DRAM customers is up 50% in fiscal '25, which is stronger than those customers DRAM WFE spending to my knowledge. Where specifically are these share gains of these leading-edge customers coming from? And now that you're past extremely tough China DRAM comps, just how you expect to DRAM business to track in 2026?

第一個問題是，您提到 2025 財年來自領先 DRAM 客戶的收入成長了 50%，據我所知，這比這些客戶的 DRAM WFE 支出成長更為強勁。這些領先客戶的市佔率成長具體來自哪裡？現在，您已經度過了競爭異常激烈的中國DRAM市場，您預計2026年DRAM業務的發展趨勢如何？

Yes, I'll start, Shane. So when you do the year-over-year comparison, it looks flat for us from a DRAM perspective, but what was happening in 2024, we shipped a significant amount of business to China customers. And so we basically had the same business in 2025 without the China customers. So all of that business went to the internationals and that equated to approximately a 50% growth for them. And we do expect DRAM to strengthen as we go into and should be healthy growth in the -- across the customers for DRAM investments.

好的，我先來，肖恩。因此，從 DRAM 的角度來看，與前一年相比，我們的業績似乎持平，但 2024 年的情況是，我們向中國客戶交付了大量的業務。因此，如果沒有中國客戶，我們到 2025 年的業務基本上不會有太大變化。因此，所有這些業務都流向了國際公司，這相當於它們成長了約 50%。我們預計，隨著我們進入…階段，DRAM 將會走強，並且 DRAM 投資的客戶群應該會實現健康成長。

Yes, Shane, just in terms of where are we gaining? Certainly, I mentioned earlier, high bandwidth memory, that's one part, one segment where Applied is clear number one, and that is helping us. The DRAM companies are driving innovation in I/O in Applied, that really leverages a lot of our leadership products and foundry logic. In fact, they're moving to going forward. That puts Applied in a good position even to gain more share as we go forward, we have a strong position in capacitor scaling.

是的，肖恩，就我們究竟在哪些方面取得了進展而言？當然，我之前也提到過，高頻寬內存，這是應用材料明顯處於領先地位的一個領域，這對我們很有幫助。DRAM 公司正在推動 Applied 在 I/O 領域的創新，這真正利用了我們許多領先的產品和代工邏輯。事實上，他們正朝著前進的方向發展。這使得應用材料公司處於有利地位，未來可望獲得更多市場份額，我們在電容器微縮領域擁有強大的優勢。

We have a really strong etch share in DRAM, and we've achieved patterning share gains. So those are a few areas. And again, I would say, going forward, as these DRAM companies adopt hybrid bonding for HBM as they adopt FinFET as they adopt 4F squared, the vertical channel transistor architecture in all of those areas, we're positioned to gain share as those new technologies ramp.

我們在DRAM蝕刻領域擁有非常強大的市場份額，並且在圖形化領域也取得了市場份額的成長。以上是一些方面。我再次強調，展望未來，隨著這些 DRAM 公司採用混合鍵合技術開發 HBM，採用 FinFET 技術，以及在所有這些領域採用 4F 平方垂直通道電晶體架構，隨著這些新技術的普及，我們將有機會獲得市場份額。

Got it. And my second question may be a little bit critical. But your fiscal '25 foundry logic revenue is up about 3% year-over-year, but your US peers who should be on a level playing field if you are recording extremely strong double-digit growth through the first three quarters of the year. Just what's your self assessment on this performance gap with those US peers? And just how should we have confidence that Applied can outperform Foundry Logic WFE in 2026?

知道了。我的第二個問題可能有點尖銳。但貴公司 2025 財年的晶圓代工邏輯收入同比增長約 3%，但如果您在今年前三個季度實現了兩位數的強勁增長，那麼您的美國同行應該與您處於同一起跑線上。你如何評價自己與美國同業之間的績效差距？我們究竟該如何確信 Applied 在 2026 年能夠超越 Foundry Logic 的 WFE 產品？

So foundry logic includes both leading edge and ICAPS customers. So those two things are mixed together. If you look, we had record revenue in Taiwan, record revenue in Korea and so our performance is extremely strong, and the leading edge, our revenue is up a significant amount. So you have all those things kind of mixed together, I think, in those -- in that data and because everybody is combining that.

因此，代工邏輯既包括前沿技術客戶，也包括 ICAPS 客戶。所以這兩件事混雜在一起了。你看，我們在台灣和韓國都創下了營收紀錄，所以我們的業績非常強勁，而且我們的營收也大幅成長，處於領先地位。所以我覺得，所有這些因素都混雜在這些數據裡，因為每個人都在結合這些數據。

And operator, we have time for one more question, please.

接線員，我們還有時間再問一個問題。

Jim Schneider, Goldman Sachs.

吉姆‧施耐德，高盛集團。

Relative to the strength you're TM2 across leading edge logic and DRAM, can you maybe guess which one might grow stronger than the other? And which one might start to recover first?

相對於TM2在尖端邏輯和DRAM方面的優勢，您能否猜測一下哪一個可能會比另一個更強？那哪一個可能會先開始恢復呢？

Sure, Jim. We think leading edge will be the strongest grower with DRAM second. So that's our forecast.

當然可以，吉姆。我們認為領先技術將成為成長最快的領域，DRAM 則位居第二。這就是我們的預測。

Yes. The one thing I would say, Jim, I think both of them are going to grow at a pretty strong rate. But it really -- in terms of when we see the revenue depends on fab timing. And so that's why we talked about kind of second half of calendar and those were the discussions I had with a lot of the Asian customers when I was traveling and the dramatic improvement in visibility. So that also you have to take into consideration when you think about the timing of when those ramps will happen.

是的。吉姆，我想說的是，我認為他們兩個都會以相當快的速度成長。但實際上，何時才能看到收入取決於晶圓廠的進度。所以，這就是為什麼我們討論了日曆的下半部分，這也是我在出差時與許多亞洲客戶進行的討論，以及可見度的顯著提高。所以，在考慮這些匝道何時啟用時，你也必須把這一點考慮進去。

And then maybe as a quick follow-up. Gross margins, you're expecting to increase in the back half once you get better absorption on the costs. I understand that but are there any other underlying initiatives you're doing to improve gross margins operationally that could cause kind of a further tailwind once we get there?

然後或許可以做一個簡短的後續跟進。預計下半年毛利率會隨著成本的更好地吸收而提高。我明白這一點，但是你們是否還有其他旨在提高營運毛利率的潛在舉措，以便在我們實現目標後帶來進一步的利多因素？

Sure. Thanks for the question. So on the gross margin side, if you look at '25, up 120 basis points from '24, the majority of that really has been improvement in our pricing processes, good change that we made. We highlighted in previous calls that we revamped our entire pricing program across the company. But we're also working on cost reductions.

當然。謝謝你的提問。因此，從毛利率方面來看，如果你看一下 2025 年的數據，比 2024 年提高了 120 個基點，其中大部分實際上是我們定價流程的改進，這是我們做出的一個不錯的改變。我們在先前的電話會議中強調，我們已經對公司整體定價方案進行了全面改革。但我們也正在努力降低成本。

The cost reductions were offset to some degree by tariff headwinds and by some of the inventory management, et cetera. So the real driver during the year was the price process improvements. And those will continue as we go into -- so at the calendar second half, as we get more volume and you get some time for those to work, we should be able to improve the gross margins.

成本降低在一定程度上被關稅阻力以及一些庫存管理等方面的因素所抵消。因此，這一年真正的驅動力是價格流程的改進。隨著我們進入下半年，這些措施將繼續實施——隨著銷售增加，並且這些措施有時間發揮作用，我們應該能夠提高毛利率。

Thanks, Jim. And Brice, would you like to sum up today's call?

謝謝你，吉姆。布萊斯，你能否總結一下今天的電話會議？

Thanks, Mike. I'm excited that the investments we're making in leading-edge foundry logic, DRAM and high-bandwidth memory, give us technology leadership at the same time, our customers are signaling an inflection in the AI-related fab equipment spending in the second half of calendar '26. I wish everyone a nice Thanksgiving, and I look forward to seeing many of you soon at the UBS conference in Scottsdale. Mike, please close the call.

謝謝你，麥克。令人振奮的是，我們在尖端代工邏輯、DRAM 和高頻寬記憶體方面的投資，使我們獲得了技術領先地位；與此同時，我們的客戶也表示，在 2026 年下半年，與人工智慧相關的晶圓廠設備支出將出現轉折點。祝大家感恩節快樂，期待很快在斯科茨代爾舉行的瑞銀會議上見到你們中的許多人。麥克，請掛斷電話。

All right. Thank you. And I'd like to let everybody know that a replay of today's call is going to be available on the IR page of our website by 5:00 PM Pacific Time today. In the meantime, thank you for your continued interest in Applied Materials.

好的。謝謝。我想通知大家，今天電話會議的錄音將於太平洋時間今天下午 5 點在公司網站的投資者關係頁面上提供。同時，感謝您一直以來對應用材料公司的關注。

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

感謝各位女士、先生參加今天的會議。節目到此結束。您現在可以斷開連線了。再會。