應用材料 (AMAT) 2026 Q1 法說會逐字稿

Welcome to the Applied Materials First Quarter of Fiscal 2026 Earnings Call. (Operator Instructions) I would now like to turn the call over to Mike Sullivan, Corporate Vice President of Investor Relations. Please go ahead.

歡迎參加應用材料公司 2026 財年第一季財報電話會議。（操作員指示）現在我將把電話轉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. 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.

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。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。

Information concerning these risks and uncertainties is discussed in our most recent Form 10-K 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 website at ir.appliedmaterials.com.

有關這些風險和不確定性的資訊已在我們最新的 10-K 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以及我們的季度盈利資料中找到，這些資料可在我們的網站 ir.appliedmaterials.com 上獲取。

Before we begin, I have several calendar announcements. On Tuesday morning, February 24, Applied will host new product briefings at the SPIE Lithography and Patterning Conference in San Jose, and you're welcome to join us in person. We are also very pleased to announce the first event in our 2026 master class series.

在正式開始之前，我還有幾個日程安排需要通知。2 月 24 日星期二上午，Applied 將在聖荷西舉行的 SPIE 光刻和圖案化會議上舉辦新產品簡報會，歡迎您親自到場參加。我們也非常高興地宣布，我們2026年大師班系列的第一場活動即將舉行。

We plan to cover transistors and wiring on Wednesday, April 8, at 9:00 in the morning Pacific Time and will host a live webcast. Finally, we're excited to announce two special events during SEMICON West. On Monday afternoon, October 12, we plan to host an investor open house event at the new Epic Center in Silicon Valley, California.

我們計劃於太平洋時間 4 月 8 日星期三上午 9 點講解晶體管和線路，並將進行現場網路直播。最後，我們很高興地宣佈在 SEMICON West 期間將舉辦兩項特別活動。10 月 12 日星期一下午，我們計劃在加州矽谷新建的 Epic 中心舉辦投資者開放日。

We hope you'll join us there. And on Tuesday morning, October 13, we plan to host an investor breakfast in San Francisco. We hope to see you in person or on the webcast. And with that introduction, I'd now like to turn the call over to Gary Dickerson.

我們希望您能加入我們。10 月 13 日星期二上午，我們計劃在舊金山舉辦一場投資者早餐會。我們希望能夠親臨現場或透過網路直播與您見面。介紹完畢，現在我將把電話交給加里·迪克森。

Thank you, Mike. In our first fiscal quarter of 2026, Applied Materials delivered revenue and earnings above the midpoint of our guided range. Our strong performance and outlook for 2026 and beyond are fueled by the acceleration of investments in AI computing.

謝謝你，麥克。在 2026 財年第一季度，應用材料公司的營收和獲利均超過了我們預期範圍的中點。我們在 2026 年及以後的強勁業績和良好前景得益於人工智慧運算領域投資的加速成長。

AI is at a tipping point where improvements in performance and cost translate to real-world applications that deliver meaningful productivity gains, and return on investment for users. The race to build out AI infrastructure is driving unprecedented spending on semiconductors, semiconductor manufacturing capacity, and research and development.

人工智慧正處於一個轉折點，效能和成本的提升正在轉化為現實世界的應用，從而為用戶帶來有意義的生產力提升和投資回報。人工智慧基礎設施建設競賽正在推動半導體、半導體製造能力以及研發領域前所未有的支出。

Today, the most critical and fastest-growing markets are leading-edge logic, high bandwidth memory DRAM and advanced packaging. These are areas where Applied has strong leadership positions as well as an innovative pipeline of solutions to enable next-generation technologies.

如今，最關鍵、成長最快的市場是尖端邏輯、高頻寬記憶體DRAM和先進封裝。在這些領域，Applied 擁有強大的領導地位，並擁有創新的解決方案儲備，能夠推動下一代技術的發展。

In my prepared remarks, I will provide my perspective on how our markets are evolving, explain the role we are playing to enable the AI road map and describe how we're turning the opportunities ahead of us into sustainable, profitable growth for Applied. Semiconductors are the heart of the AI technology stack.

在我的演講稿中，我將闡述我對市場發展趨勢的看法，解釋我們在實現人工智慧路線圖方面所發揮的作用，並描述我們如何將擺在我們面前的機會轉化為應用科技可持續的盈利增長。半導體是人工智慧技術棧的核心。

With the accelerated growth of AI end markets, we believe that global semiconductor industry revenues can potentially reach $1 trillion in 2026, several years earlier than prior predictions. For Applied, we expect to grow our semiconductor equipment business more than 20% this calendar year.

隨著人工智慧終端市場的加速成長，我們認為全球半導體產業的收入預計在 2026 年達到 1 兆美元，比先前的預測提早幾年。對於應用半導體公司而言，我們預計今年半導體設備業務的成長將超過 20%。

We see the demand profile weighted towards the second half of the calendar year with availability of customer clean room space being a key factor pacing the rate of investment. Our largest customers are giving us increased longer-term visibility to ensure we have operational capacity and service support in place for their ramps.

我們看到需求主要集中在下半年，客戶無塵室空間的可用性是影響投資速度的關鍵因素。我們最大的客戶正在提高我們對長期前景的可見性，以確保我們有足夠的營運能力和服務支援來保障他們的坡道。

Based on this visibility, we expect strong growth momentum to be carried into 2027. Improvements in AI data center performance and cost directly impact AI adoption rates by increasing the number of tokens generated per second and lowering the total cost of ownership, which is dominated by energy consumption, more AI applications become economically viable.

基於這種前景，我們預計強勁的成長勢頭將推遲到 2027 年。AI 資料中心效能和成本的提高直接影響 AI 的採用率，因為提高每秒產生的代幣數量和降低總擁有成本（主要受能源消耗影響）會使更多 AI 應用在經濟上可行。

This need for higher performance and more energy-efficient AI computing is reshaping semiconductor industry investments and driving high growth rates for Applied in leading-edge logic, HBM DRAM and advanced packaging. In leading-edge logic, our customers are adding capacity at FinFET nodes while simultaneously ramping gate all around nodes.

對更高效能和更節能的人工智慧運算的需求正在重塑半導體產業的投資格局，並推動應用半導體在尖端邏輯、HBM DRAM 和先進封裝領域實現高速成長。在尖端邏輯領域，我們的客戶正在增加 FinFET 節點的產能，同時逐步提高全環閘極節點的產能。

Applied is the clear number one process equipment provider in leading-edge logic with strong leadership positions across materials deposition, modification and treatment as well as in conductor etch and e-beam technologies. Gate-all-around nodes grow our available market considerably while also providing a catalyst for multiple points of market share gain.

Applied 是領先的邏輯製程設備供應商，在材料沉積、改質和處理以及導體蝕刻和電子束技術領域擁有強大的領導地位，是當之無愧的第一大製程設備供應商。全方位網狀節點大大拓展了我們的可用市場，同時也為多個市場份額的成長點提供了催化劑。

In DRAM, customers are aggressively adding capacity at 6F square nodes, while in parallel, developing next-generation DRAM device architectures. AI computing is driving significant demand for high-bandwidth memory DRAM, which has larger die sizes and requires 3 times to 4 times more wafer starts per dollar bit than standard DRAM.

在 DRAM 領域，客戶正在積極增加 6F 方形節點的產能，同時也開發下一代 DRAM 裝置架構。人工智慧運算正在推動對高頻寬記憶體 DRAM 的顯著需求，這種記憶體的晶片尺寸更大，每美元位元所需的晶圓數量是標準 DRAM 的 3 到 4 倍。

In addition, the number of dies in the HBM stacks is increasing from 12 today to 16 and then 20 or more in the future. This further grows demand for wafer starts and advanced packaging. Applied is the number one process equipment provider in memory today, thanks to our very strong position in DRAM, where we are the clear leader in materials deposition for both wiring and patterning as well as conductor etch and e-beam technologies.

此外，HBM 堆疊中的晶片數量正在從目前的 12 個增加到 16 個，未來還將增加到 20 個或更多。這將進一步增加對晶圓啟動和先進封裝的需求。憑藉在 DRAM 領域的強大實力，Applied 已成為當今記憶體領域首屈一指的製程設備供應商。我們在佈線和圖案化材料沉積以及導體蝕刻和電子束技術方面均處於絕對領先地位。

In advanced packaging, the mix of customer investments is changing. We expect the fastest-growing market segments in 2026 to be HBM and 3D chiplet-stacking. Applied has very strong market share in both of these areas, thanks to our leadership and materials deposition and removal technologies, which is enabling us to extend our overall leadership in advanced packaging.

在先進封裝領域，客戶的投資組合正在改變。我們預計 2026 年成長最快的市場領域將是 HBM 和 3D 晶片堆疊。由於我們在材料沉積和去除技術方面的領先地位，Applied 在這兩個領域都擁有非常強大的市場份額，這使我們能夠擴大我們在先進封裝領域的整體領先地位。

In NAND, we are forecasting modest growth in equipment demand in 2026 and we expect NAND to remain less than 10% of wafer fab equipment spending. In ICAPS, customers who serve the IoT, communications, automotive, power and sensor markets, we expect wafer fab equipment to be approximately flat year-on-year, both globally and in China.

我們預測，2026 年 NAND 設備需求將溫和成長，我們預計 NAND 設備支出將保持在晶圓製造設備支出的 10% 以下。在ICAPS（面向物聯網、通訊、汽車、電力和感測器市場的客戶）中，我們預計晶圓製造設備的年增長率將與去年持平，無論是在全球還是在中國。

At Applied Materials, our strategy is inflection-focused innovation. By focusing our R&D resources on the development of high-value solutions to enable major device architecture inflections, we are accelerating our customers' road maps and driving sustainable value capture and margin expansion for Applied.

應用材料公司的策略是以轉折點為中心的創新。透過將研發資源集中用於開發高價值解決方案，以實現重大裝置架構的轉變，我們正在加速客戶的路線圖，並為應用科技帶來可持續的價值獲取和利潤成長。

Our innovators have generated an expansive pipeline of next-generation products. products we have released over the past several years are significantly contributing to our growth in 2026. One example of this is our unique cold field emission e-beam technology where we expect revenues to double this calendar year to more than $1 billion and support process diagnostics and control, being one of our fastest-growing businesses in 2026.

我們的創新者們已經開發出一系列下一代產品。過去幾年我們發布的產品將為我們2026年的成長做出重大貢獻。例如，我們獨特的冷場發射電子束技術，預計今年的收入將翻一番，超過 10 億美元，並支援製程診斷和控制，成為我們 2026 年成長最快的業務之一。

In addition, our leadership in CFE e-beam imaging accelerates learning rates for next-generation chip architectures and adoption of Applied's process equipment portfolio. In 2026, we are planning to launch more than a dozen new products, including three for advanced logic and DRAM, which we announced earlier this week.

此外，我們在 CFE 電子束成像領域的領先地位加快了下一代晶片架構的學習速度，並促進了 Applied 製程設備產品組合的採用。2026 年，我們計劃推出十幾款新產品，其中包括本週稍早宣布的三款用於先進邏輯和 DRAM 的產品。

Our Viva radical treatment system delivers item-level precision engineering of nanosheet surfaces, which enables higher speed next-generation gate-all-around transistors. Sym3 Z Magnum, which is the newest variant of our Sym3 etch platform, enables angstrom level precision for critical edge steps in gate-all-around transistors and advanced DRAM.

我們的 Viva 根除處理系統可實現奈米片表面的精確加工，從而實現速度更快的下一代環柵電晶體。Sym3 Z Magnum 是我們 Sym3 蝕刻平台的最新變體，能夠為環柵電晶體和高級 DRAM 中的關鍵邊緣步驟實現埃級精度。

This extends our conductor etch market leadership in advanced logic and DRAM. And our spectral ALD system enables selective deposition of monocrystal and Moly, a new material that can reduce contact resistance and advanced logic devices by up to 15%.

這進一步鞏固了我們在先進邏輯和DRAM導體蝕刻市場的領先地位。我們的光譜 ALD 系統能夠選擇性地沉積單晶和鉬，鉬是一種新型材料，可將接觸電阻和先進邏輯裝置降低高達 15%。

We Applied is leading the transition from ALD tungsten to ALD moly and logic contact formation. As transistor counts and wiring layers increase, copper PVD steps will continue to grow significantly, remaining an order of magnitude larger than ALD moly.

我們應用科技正引領從 ALD 鎢到 ALD 鉬以及邏輯接點形成的過渡。隨著電晶體數量和佈線層的增加，銅 PVD ​​製程步驟將繼續顯著增長，比 ALD 鉬製程步驟大一個數量級。

This week, we also announced our first EPIC co-development agreement, Samsung Electronics. Applied's global Epic platform is designed to support high-velocity co-innovation with our customers and R&D partners. For chip makers, EPIC will provide significantly earlier access to Applied's R&D portfolio, enabling faster cycles of learning and accelerated transfer of next-generation technologies into high-volume manufacturing.

本週，我們也宣布了與三星電子達成的首個 EPIC 合作開發協議。Applied 的全球 Epic 平台旨在支援與我們的客戶和研發合作夥伴進行高速協同創新。對於晶片製造商而言，EPIC 將使他們能夠更早獲得應用科技的研發成果，從而加快學習週期，並加速將下一代技術轉移到大規模生產。

For Applied, EPIC will give us better multi-node visibility to guide our R&D investments while improving R&D productivity value sharing and our ability to be designed in with our products and advanced service technologies.

對於 Applied 而言，EPIC 將為我們提供更好的多節點視覺性，以指導我們的研發投資，同時提高研發生產力價值共享，並增強我們融入產品和先進服務技術的能力。

As our customers ramp complex new devices in high-volume manufacturing, we see accelerating demand for our advanced services, supporting a double-digit growth rate for our service business. We have many valuable service innovations that accelerate the transition of new technologies from lab to fab and then accelerate ramps to enable increased yield and output in high-volume production.

隨著我們的客戶在大規模生產中加大複雜新設備的投入，我們看到對我們先進服務的需求正在加速成長，從而支撐了我們服務業務兩位數的成長率。我們有許多有價值的服務創新，可以加速新技術從實驗室到工廠的過渡，然後加速產能爬坡，從而在大規模生產中提高良率和產量。

Several years ago, we launched Applied's proprietary AIx or actionable insight Accelerator software capabilities. Today, we have more than 30,000 chambers connected to AIx servers using AI-powered monitoring, diagnostics and analytics. Across these connected tools, we are seeing 30% faster response times, enabling increased wafer output for customers and better service engineer productivity for Applied.

幾年前，我們推出了 Applied 專有的 AIx（可操作洞察加速器）軟體功能。目前，我們有超過 30,000 個密室連接到 AIx 伺服器，使用人工智慧驅動的監控、診斷和分析功能。借助這些互聯工具，我們看到響應速度提高了 30%，從而能夠為客戶提高晶圓產量，並為應用科技提高服務工程師的生產力。

In addition, we now have automated all our major distribution centers with state-of-the-art AI-enabled robotic systems, significantly improving our parts delivery speed and accuracy as well as inventory optimization. Before I hand over to Brice, let me briefly summarize. Semiconductors are the heart of the AI technology stack and as AI adoption accelerates, we see industry revenues potentially reaching $1 trillion in 2026.

此外，我們現在已經實現了所有主要配送中心的自動化，採用了最先進的人工智慧機器人系統，顯著提高了零件交付速度和準確性，並優化了庫存。在把麥克風交給布萊斯之前，先簡單總結一下。半導體是人工智慧技術堆疊的核心，隨著人工智慧的普及，我們預計到 2026 年，該產業的收入可能會達到 1 兆美元。

Our inflection-focused innovation strategy is generating an expansive pipeline of higher-value products that are extending Applied's leadership in leading-edge logic, memory and advanced packaging and enabling us to grow our semiconductor business more than 20% in 2026.

我們以轉折點為重點的創新策略正在打造一系列高價值產品，這將擴大應用半導體在尖端邏輯、記憶體和先進封裝領域的領先地位，並使我們能夠在 2026 年實現半導體業務 20% 以上的成長。

And, we are driving deeper co-innovation engagements with our customers to enable energy-efficient AI architecture inflections and accelerate the transfer of new technologies into high-volume manufacturing. Epic will come online later this year bringing together key innovators from our customers and applied to significantly increase value creation velocity. Brice, over to you.

而且，我們正在與客戶進行更深入的共同創新合作，以實現節能型人工智慧架構的轉變，並加速新技術向大規模生產領域的轉移。Epic 將於今年稍後上線，它將匯集我們客戶的關鍵創新者，並應用於顯著提高價值創造速度。布萊斯，該你了。

Thank you, Gary, and thanks, everyone, for joining us today. I'm pleased that Applied delivered strong first quarter results, and I'd like to thank our global teams and partners for their contributions. Looking ahead to Q2, we anticipate strong growth in our semiconductor systems business along with healthy gross margin and increasing profitability for the company.

謝謝加里，也謝謝各位今天蒞臨。我很高興Applied公司第一季業績表現強勁，我要感謝我們全球團隊和合作夥伴的貢獻。展望第二季度，我們預期半導體系統業務將實現強勁成長，公司毛利率也將維持健康水平，獲利能力也將持續提高。

As Gary described, our business is strengthening with positive demand indications throughout the ecosystem. We are tracking higher levels of planned CapEx from cloud service providers. Semiconductor factory utilization is rising across all device types. Leading-edge foundry logic and DRAM capacity is essentially full and prices have increased.

正如 Gary 所描述的那樣，隨著整個生態系統中積極的需求跡像出現，我們的業務正在不斷增強。我們正在關注雲端服務供應商不斷增加的計畫資本支出。所有類型半導體裝置的工廠利用率都在上升。領先的晶圓代工邏輯電路和DRAM產能基本飽和，價格上漲。

These dynamics are driving significantly longer visibility from our own customers who are increasing the number of new factory projects and fab expansion scheduled to be completed over the next several years. As the largest supplier of process equipment and leading-edge foundry logic DRAM and advanced packaging.

這些動態促使我們的客戶對未來幾年即將完成的新工廠項目和工廠擴建項目有了更長遠的預期。作為製程設備和領先的代工邏輯DRAM及先進封裝的最大供應商。

A major priority for us is ensuring we have the capacity to support our customers over this period. Over the past several years, we've nearly doubled our system manufacturing capacity and strengthened our supply chain operations. In recent quarters, we've given our direct suppliers longer visibility into our requirements, which has allowed them to proliferate the demand signal throughout the supply chain to secure the materials and labor needed to support growth.

在此期間，我們的首要任務是確保我們有能力為客戶提供支援。過去幾年，我們的系統製造能力幾乎翻了一番，供應鏈營運也得到了加強。最近幾個季度，我們讓直接供應商更早了解我們的需求，這使得他們能夠將需求訊號傳遞到整個供應鏈，從而確保獲得支援成長所需的材料和勞動力。

At Applied, we've proactively increased our inventory by nearly $500 million year-over-year to meet the increasing build plans. As a result, we are well positioned to meet the increasing demand we are seeing from our customers.

為了滿足不斷成長的生產計劃，Applied 公司主動增加了近 5 億美元的庫存。因此，我們完全有能力滿足客戶日益增長的需求。

Next, I'll briefly summarize our Q1 results. Revenue of $7 billion was in the upper end of our guidance range and down 2% year-over-year. Revenue in China declined 7% year-over-year and represented 27% of combined semi equipment and AGS sales and 30% of overall sales.

接下來，我將簡要總結我們第一季的業績。營收為 70 億美元，處於我們預期範圍的上限，年減 2%。中國市場的營收年減 7%，佔半導體設備和 AGS 銷售額合計的 27%，佔總銷售額的 30%。

Non-GAAP gross margin was 70 basis points above the midpoint of our expectation and grew 20 basis points year-over-year to 49.1%. Non-GAAP OpEx was in line with our expectation and grew 2% year-over-year to $1.34 billion, with an 8% increase in R&D investments largely offset by G&A spending reductions. Non-GAAP operating profit declined 4% year-over-year to $2.1 billion.

非GAAP毛利率比我們預期的中點高出70個基點，較去年同期成長20個基點至49.1%。非GAAP營運支出符合我們的預期，年增2%至13.4億美元，研發投資成長8%，但大部分被一般及行政支出減少所抵銷。非GAAP營業利潤年減4%至21億美元。

Non-GAAP earnings per share of $2.38 was at the top of the guidance range and flat year-over-year. Included in our GAAP results is an accrual of $252.5 million related to an export controls compliance matter we disclosed in our 2022 10-K and later filings. The Department of Justice and SEC have closed their inquiries into this matter with no enforcement actions.

非公認會計準則每股收益為 2.38 美元，處於預期範圍的上限，與去年同期持平。我們的 GAAP 結果中包含了 2.525 億美元的應計費用，該費用與我們在 2022 年 10-K 及後續文件中披露的出口管制合規事項有關。美國司法部和證券交易委員會已結束對此事的調查，未採取任何強制措施。

We issued a press release and filed an 8-K related to the seat we reached with the U.S. Department of Commerce Bureau of Industry and Security; to resolve its inquiry and you can find all of our comments related to the matter in these documents. Next, I'll summarize our segment results.

我們發布了一份新聞稿，並提交了一份 8-K 表格，與我們向美國商務部工業和安全局提出的質詢有關；您可以在這些文件中找到我們與此事相關的所有評論。接下來，我將總結我們各部分的業績。

As a reminder, beginning in Q1, our 200-millimeter systems business has moved from the Applied Global Services segment to the Semiconductor Systems segment. Corporate support costs previously reflected in Corporate and Other are now being fully allocated to our businesses. and display business results are now included in other.

再次提醒大家，從第一季開始，我們的 200 毫米系統業務已從應用全球服務部門轉移到半導體系統部門。先前計入「公司及其他」項下的公司支援成本現已全部分配至各業務部門，而業績展示成本現已計入「其他」項下。

To help with your models, today's earnings press release and slide presentation include tables that provide a recast for these changes. Semiconductor Systems’ revenue exceeded our expectation in Q1 and included record DRAM revenue. On a year-over-year basis, revenue declined 8% to $5.14 billion. Non-GAAP gross margin increased 100 basis points to more than 54% driven by our continued focus on value-based pricing, along with manufacturing cost improvements.

為了幫助您建立模型，今天的獲利新聞稿和幻燈片簡報中包含表格，其中對這些變更進行了重新整理。半導體系統業務第一季的收入超出預期，其中包括創紀錄的DRAM收入。與去年同期相比，營收下降8%至51.4億美元。 （非GAAP準則）由於我們持續專注於價值定價以及製造成本的改善，毛利率提高了 100 個基點，達到 54% 以上。

Non-GAAP operating margin declined 80 basis points to 32.9%. Applied Global Services delivered record revenue of $1.56 billion, which exceeded our expectations and grew 15% year-over-year. Non-GAAP gross margin increased 210 basis points, and non-GAAP operating margin grew 320 basis points.

非GAAP營業利益率下降80個基點至32.9%。Applied Global Services 實現了創紀錄的 15.6 億美元收入，超出預期，年增 15%。非GAAP毛利率成長210個基點，非GAAP營業利益率成長320個基點。

Turning to the balance sheet. We generated $1.69 billion in cash from operations. Free cash flow of $1 billion included elevated capital investments as we made continued progress building the Epic R&D center in Silicon Valley and further expanded our systems manufacturing capacity.

接下來看一下資產負債表。我們從經營活動中獲得了16.9億美元的現金流。10億美元的自由現金流包括增加的資本投資，因為我們在矽谷持續推動Epic研發中心的建設，並進一步擴大了系統製造能力。

Finally, we distributed $702 million to shareholders in cash dividends and stock buybacks. Over the past year, we've distributed over 85% of free cash flow to shareholders. Now I'll share our guidance for Q2. We expect company revenue of $7.65 billion, plus or minus $500 million, which should be up around 9% sequentially. We expect non-GAAP EPS of $2.64 and plus or minus $0.20.

最後，我們以現金股利和股票回購的形式向股東分配了 7.02 億美元。過去一年，我們已將超過 85% 的自由現金流分配給了股東。現在我將分享我們第二季的指導方針。我們預計公司營收為 76.5 億美元，上下浮動 5 億美元，較上季成長約 9%。我們預計非GAAP每股收益為2.64美元，上下浮動0.20美元。

Within this outlook, we expect Semiconductor Systems revenue of around $5.8 billion, AGS revenue of about $1.6 billion and other revenue of around $250 million. We expect non-GAAP gross margin to increase to approximately 49.3%. We expect non-GAAP operating expenses of around $1.415 billion.

在此展望中，我們預期半導體系統業務收入約為 58 億美元，AGS 業務收入約為 16 億美元，其他業務收入約為 2.5 億美元。我們預計非GAAP毛利率將成長至約49.3%。我們預計非GAAP營運費用約為14.15億美元。

Given increased visibility and confidence in the industry's growth outlook, we are accelerating R&D co-development projects with our customers and partners. We remain highly focused on growth, productivity and margins. Finally, we are now modeling a non-GAAP tax rate of around 11%.

鑑於產業成長前景的可見性和信心增強，我們正在加速與客戶和合作夥伴的研發合作項目。我們始終高度關注成長、生產力和利潤率。最後，我們現在模擬的非GAAP稅率約為11%。

In summary, the investments we've made over the past several years have put us in a terrific position for profitable growth. The global expansion of AI infrastructure is translating to accelerating demand for our most enabling products in leading-edge foundry logic DRAM and advanced packaging. Along with advanced services that help our customers accelerate ramps and yields.

總而言之，過去幾年我們所做的投資使我們處於實現獲利成長的絕佳位置。全球人工智慧基礎設施的擴張正在轉化為對我們最先進的晶圓代工邏輯DRAM和先進封裝產品的需求加速成長。以及幫助客戶加快產能提升和提高產量的先進服務。

Working closely with our customers, we're increasing the energy-efficient performance of logic chips, compute memory and systems and we are sharing in the value we create. Applied is the materials engineering leader in the fastest-growing segments of the semiconductor market, and we are driving our operations teams and supply chain partners to increase capacity and output as our customers ramp in 2026 and 2027.

我們與客戶緊密合作，提高邏輯晶片、運算記憶體和系統的能源效率效能，並分享我們創造的價值。Applied 是半導體市場成長最快的領域中的材料工程領導者，我們正在推動我們的營運團隊和供應鏈合作夥伴提高產能和產量，以滿足客戶在 2026 年和 2027 年的需求成長。

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 1 question and no more than 1 brief follow-up question. Peter, 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。彼得，我們開始吧。

(Operator Instructions)

（操作說明）

C.J. Muse, Cantor Fitzgerald LP.

C.J. Muse，Cantor Fitzgerald LP。

Yeah. Good afternoon. Thank you for taking the question. Gary, we've heard a wide range of WFE guys for 2026 from your peers ranging from low teens to as high as 22%. I know you don't like to guide to WFE, but how does your view stand for 2026 versus these comments?

是的。午安.感謝您回答這個問題。Gary，我們從你的同行那裡聽到了關於 2026 年 WFE 預測的各種說法，預測比例從十幾到 22% 不等。我知道你不喜歡指導 WFE，但你對 2026 年的看法與這些評論相比如何？

In particular, the 20% that you talked about vis-a-vis what you think WFE will be? And if you can kind of talk to where you think the drivers of share growth will be?

特別是你提到的20%與你認為WFE將會是什麼樣子之間的關係？如果您能談談您認為推動市場佔有率成長的因素是什麼嗎？

All right. Thanks for the question, C.J. And yes, we don't -- we haven't talked about WFE for a very long time. And as you mentioned, what we said earlier on the call, as we expect to grow our semi equipment business more than 20% this calendar year being second half weighted. And we also see limited clean room capacity pacing the rate of growth which means '27 is shaping up to be another strong year.

好的。謝謝你的提問，C.J.。是的，我們沒有──我們已經很久沒有討論過WFE了。正如您所提到的，正如我們之前在電話會議上所說，我們預計今年下半年半導體設備業務將成長超過 20%。我們也看到，無塵室產能有限，這限制了成長速度，這意味著 2027 年有望成為另一個強勁的年份。

What's driving the business is really AI. AI is fueling the growth for the most profitable companies in the world and energy-efficient computing is enabled by leading-edge foundry logic, DRAM, including HBM and advanced packaging. And we expect these will be the fastest-growing WFE segment in '26, '27 and for the next several years. In all of these high-growth markets,

真正推動業務發展的是人工智慧。人工智慧正在推動全球最賺錢的公司實現成長，而領先的代工邏輯、DRAM（包括 HBM）和先進封裝技術則實現了節能運算。我們預計這些將是 2026 年、2027 年以及未來幾年內成長最快的 WFE 細分市場。在所有這些高成長市場中，

Applied has strong number one process equipment positions, and we're positioned to extend our leadership and gain share. And then giving color into these markets in leading-edge foundry logic, we're number one and on track to gain share and capture more than 50% of our served market in gate-all-around and wiring, including backside power and we're number one in deposition, conductor etch and packaging.

Applied 在製程設備領域擁有強大的領先地位，我們有能力擴大領先優勢並贏得市場份額。然後，在尖端代工邏輯領域，我們為這些市場注入了活力。我們在全環柵極和佈線（包括背面電源）方面排名第一，並有望獲得市場份額，佔據超過 50% 的服務市場；我們在沉積、導體蝕刻和封裝方面也排名第一。

In DRAM, we're number one in standard DRAM, HBM DRAM, and HBM packaging, and I think many of you know that HBM wafers are growing as our customers need to start 3 times to 4 times more wafers to deliver the same number of bets.

在 DRAM 領域，我們在標準 DRAM、HBM DRAM 和 HBM 封裝方面都處於領先地位，而且我認為你們很多人都知道，隨著我們的客戶需要 3 到 4 倍的晶圓才能交付相同數量的訂單，HBM 晶圓的需求正在增長。

We are the leader in materials deposition for wiring and patterning with rapid growth in conductor etch and ebeam. We expect strong growth in '26, and we're positioned to gain share going forward in [6F square and 4F square]. We're also number one in advanced packaging overall and number one in HBM. Packaging will be a high-growth business for us in '26 and for the next several years.

我們在佈線和圖案化材料沉積領域處於領先地位，並在導體蝕刻和電子束方面實現了快速成長。我們預計2026年將實現強勁成長，並且我們已做好準備，在未來不斷擴大市場份額。[6F 正方形和 4F 正方形]。我們在先進封裝領域整體排名第一，在 HBM 領域也排名第一。2026 年及未來幾年，包裝業務將是我們業務的高速成長點。

The highest growth segments in '26 or HBM, and 3D chiplet stacking where Applied has high share, thanks to our leadership in materials deposition and removal technologies. And then today, NAND and ICAPSS spending are less driven by AI, high-performance computing, and we see NAND up this year but growing slower and remaining less than 10% of total WFE and the ICAPSS market being flattish this year, both overall and in China, following elevated spending in recent years.

2026 年成長最快的細分市場是 HBM 和 3D 晶片堆疊，應用材料憑藉其在材料沉積和去除技術方面的領先地位，在這兩個領域都佔據了較高的市場份額。如今，NAND 和 ICAPSS 的支出不再像以前那樣受人工智慧和高效能運算的驅動。我們看到，今年 NAND 支出有所成長，但成長放緩，仍將佔 WFE 總額的不到 10%。而 ICAPSS 市場今年整體以及中國市場都呈現穩定勢，此前幾年該市場支出一直較高。

So Bringing all of this together, CJ, as you said in your question, we expect to grow our semi equipment business more than 20% this calendar year and our number one position in these (inaudible) growing markets creates a great setup for Applied in '27 and for the next several years.

綜上所述，CJ，正如你在問題中所說，我們預計今年半導體設備業務將增長超過 20%，我們在這些（聽不清）增長型市場中的領先地位為 Applied 在 2027 年及未來幾年創造了良好的發展前景。

That's very helpful. And I guess, Brice, how are you thinking about your gross margins into the cycle particularly when we consider rising volumes, your value-based pricing as well as significantly better margins downstream at your customers?

那很有幫助。布萊斯，我想問你，你如何看待本週期內的毛利率，特別是考慮到銷量成長、基於價值的定價策略以及下游客戶利潤率的顯著提高？

Oh. Thanks, CJ. I'll take the question on the margins. What I'd like to say is that we made progress in gross margins, up 700 basis points since I became CEO, and we're now at the highest level in 25 years, and I strongly believe we're driving the right actions to sustainably increase the value we create for customers and for applied to share in the value we are creating.

哦，謝謝你，CJ。我會回答這個邊緣問題。我想說的是，自從我擔任執行長以來，我們的毛利率提高了 700 個基點，達到了 25 年來的最高水準。我堅信，我們正在採取正確的行動，以永續地增加我們為客戶創造的價值，並讓應用者分享我們創造的價值。

Our strategy, as I've talked about many times, is inflection-focused innovation, targeting the fastest-growing value pools that enable data center AI computing and especially foundry logic, DRAM, including HBM and packaging. These are the fastest-growing WFE segments where Applied has clear leadership and we're positioned to drive strong revenue growth and margin growth.

正如我多次談到的那樣，我們的策略是以轉折點為中心的創新，目標是成長最快的價值池，這些價值池能夠實現資料中心人工智慧運算，特別是晶圓代工邏輯、DRAM（包括 HBM）和封裝。這些是成長最快的WFE細分市場，Applied在這些領域擁有明顯的領先地位，我們有能力推動強勁的營收成長和利潤成長。

We have a great pipeline of even higher value products, and we're taking high-velocity co-innovation with our customers to the next level with our EPIC platform. For Applied EPIC gives us better multi-node visibility to guide our R&D investments while improving our R&D productivity, value sharing and our ability to be designed in with our products and advanced service technologies.

我們擁有大量更高價值的產品儲備，並且我們正在透過我們的 EPIC 平台，將與客戶的高速協同創新提升到一個新的水平。對於應用 EPIC 而言，它為我們提供了更好的多節點視覺性，以指導我們的研發投資，同時提高我們的研發效率、價值共享以及將我們的產品和先進服務技術融入設計的能力。

In EPIC, top customer R&D innovators will be located with our innovators and our customers will have earlier access to key innovations that will enable them in the race to be first to market with high-value chip and packaging technologies.

在 EPIC 中，頂尖的客戶研發創新者將與我們的創新者聚集在一起，我們的客戶將能夠更早獲得關鍵創新成果，使他們在競爭中率先將高價值晶片和封裝技術推向市場。

And we're innovating not just in processing equipment, but also with our e-beam and AIx AI enabled software platform to accelerate cycles of learning to bring innovations to market much faster. In short, as we enable our customers to deliver more valuable wafers, chips, and packaging technologies to their customers, we'll share in the value we create. And we, as we sell more high value systems and services.

我們不僅在加工設備方面進行創新，而且還利用我們的電子束和 AIx 人工智慧軟體平台來加速學習週期，從而更快地將創新推向市場。簡而言之，當我們幫助客戶向其客戶提供更有價值的晶圓、晶片和封裝技術時，我們將分享我們創造的價值。隨著我們銷售更多高價值的系統和服務，我們也越來越好。

And CJ, I'll just make one note for investors. You'll see in our disclosures this quarter that we have gross margin disclosed for both the equipment business, and the services business, and you'll see the equipment business at approximately 54%, a little bit higher than that, and I think we expect we can continue to make improvements in that as the portfolio shifts to more valuable products.

CJ，我只想給投資人一點建議。在本季度的揭露文件中，您將看到我們揭露了設備業務和服務業務的毛利率，您會看到設備業務的毛利率約為 54%，略高於此值，我認為隨著產品組合轉向更有價值的產品，我們預計毛利率可以繼續提高。

Krish Sankar, TD Cowen.

Krish Sankar，TD Cowen。

Yeah. Thanks for doing my question and congrats on the strong results. Gary or Brice, my first question is also on WFE. You kind of mentioned that both China and global ICAPSS will be flat this year. Kind of curious, how has the view evolved over the last three months? Since three months ago, the consensus you that China would be down in 2026, but now it looks like it's going to be flat.

是的。感謝您解答我的問題，並祝賀您取得優異的成績。Gary 或 Brice，我的第一個問題也是關於 WFE 的。你剛才提到過，今年中國和全球的ICAPSS成績都會持平。有點好奇，過去三個月裡，這種觀點有了什麼樣的變化？三個月前，市場普遍認為中國經濟將在 2026 年下滑，但現在看來，經濟將保持穩定。

So I'm kind of curious what changed. And then I had a quick follow-up.

所以我很好奇發生了什麼變化。然後我又快速地跟進了一次。

Hi Krish. Thanks for the question. Last quarter, we said we expected 26 to be a strong year, led by AI-driven markets, which includes leading-edge foundry, logic and DRAM, including HBM and that's still our view. We thought China and ICAPS WFE would be down a little this calendar year, particularly due to the ongoing capacity digestion.

你好，克里什。謝謝你的提問。上個季度，我們預計 2026 年將是強勁的一年，主要由人工智慧驅動的市場引領，其中包括領先的晶圓代工、邏輯和 DRAM（包括 HBM），我們仍然這麼認為。我們原本以為今年中國和ICAPS WFE會略有下降，特別是因為持續的產能消化。

We now see ICAPS, as I just mentioned, flattish overall, both globally and in China, and we continue to believe that in the longer term, that the ICAPS' semiconductor market will grow in mid- to high single digits, which is significantly lower than what we see for markets being driven by AI data center growth, which include leading-edge foundry logic, DRAM and advanced packaging.

正如我剛才提到的，我們現在看到ICAPS整體上在全球範圍內和中國都呈現平穩勢，我們仍然認為，從長遠來看，ICAPS半導體市場將以中高個位數的速度增長，這遠低於由人工智能數據中心增長驅動的市場（包括領先的代工邏輯、DRAM和先進封裝）的增長速度。

Got it. Got it. And then just to follow up on advanced packaging. Gary, you mentioned HBM packaging and 3D chip it stacking is strong. Is there a way to quantify or look at advanced packaging this year versus last year? How it looks? And also the 20% growth you mentioned a greater than 20% growth for applied semis. How does advanced packaging stack within that framework? Thank you.

知道了。知道了。然後，我想進一步探討先進的包裝技術。Gary，你提到了HBM封裝和3D晶片堆疊技術，這很強大。有沒有辦法量化或比較今年與去年相比的先進包裝情況？看起來怎麼樣？而且您提到的 20% 的成長，對於應用型半拖車來說，成長幅度會超過 20%。先進封裝技術在該框架內如何應用？謝謝。

Yeah, Krish. This year, advanced packaging WFE spending is increasing, as I said earlier, in HBM and 3D chiplet stacking. And these are markets where Applied is number one with very high share, and this is driving advanced packaging to be one of our highest growth businesses this year and extending our overall leadership.

是的，克里什。正如我之前所說，今年先進封裝WFE的支出在HBM和3D晶片堆疊方面有所增加。在這些市場中，Applied 佔據第一的位置，市佔率非常高，這使得先進包裝成為我們今年成長最快的業務之一，並鞏固了我們的整體領先地位。

And I'd tell you, looking forward to the future for AI energy-efficient computing, our customers want new packaging substrates as large as possible to connect more GPUs memory and high-speed IO at the highest density so they can deliver higher performance and lower power.

展望人工智慧節能運算的未來，我們的客戶希望新的封裝基板盡可能大，以便以最高密度連接更多的 GPU、記憶體和高速 I/O，從而提供更高的效能和更低的功耗。

There are innovations in new substrates and new architectures that will ramp in the next few years. And with our strong innovation pipeline in these inflections, I expect Applied's packaging business to continue to lead the industry and grow at a high compound annual growth rate for many years into the future.

未來幾年，新型基材和新型架構的創新將會加速發展。憑藉我們在這些轉折點上的強大創新能力，我預計應用材料公司的包裝業務將繼續引領產業，並在未來多年保持較高的複合年增長率。

Stacy Rasgon, Bernstein.

史泰西‧拉斯貢，伯恩斯坦。

Hi guys. Thanks for taking my questions. First, I wanted to touch on the more than 20% equipment growth. So you just guided $5.8 billion in equipment, I guess, for calendar Q1. So if I did my math right, I guess for the last three quarters of the calendar year, that 20 -- just even debt on 20% would give me something like $6.5 billion run rate for calendar Q2 through calendar Q4.

嗨，大家好。謝謝您回答我的問題。首先，我想談談設備成長率超過 20% 的問題。所以，我猜你們剛剛給了第一季設備採購金額為 58 億美元的預期。所以如果我的計算沒錯的話，我猜在日曆年的最後三個季度，即使債務利率為 20%，從日曆年第二季度到第四季度，20% 的債務也將使我的年化收益率達到 65 億美元左右。

And it sounds like it's even getting stronger through the year. So the exit rate sounds like it ought to be like larger than that. I guess what I'm asking is, is that math correct? And how are you thinking about the trajectory of achieving that 20% growth as we get through the year? Like how should we be thinking about an exit rate given that sort of implied average?

而且聽起來，這種情況似乎在這一年還在加劇。所以退出率聽起來應該比這更高才對。我想問的是，這個計算結果正確嗎？那麼，您認為我們今年實現20%成長目標的軌跡如何？鑑於這種隱含平均值，我們該如何考慮退出率？

Hi Stacy, it's Brice. You have the right pieces. We're signaling 20% -- greater than 20% for the calendar year. We're also signaling that the second half will be higher and so you've got our Q2 guide. We're not filling in the blanks in the middle because, frankly, we're still working on what that schedule will look like.

嗨，史黛西，我是布萊斯。你已經擁有了合適的零件。我們發出訊號，全年成長率將達到 20%——高於 20%。我們也預示下半年業績將有所成長，以下是我們的第二季業績指引。我們不打算填補中間的空白，因為坦白說，我們仍在製定具體的日程安排。

But we know we have that level of demand to signal the 20%. So I think you're in the ballpark with your thinking, but we don't have the exact track.

但我們知道，我們有足夠的需求來表明成長了 20%。所以我覺得你的想法基本上正確，但我們還沒有確切的軌道。

Yeah. Got it. That makes sense. But I guess, it also sounds like you think that momentum continues as we get into '27. So I guess is the limit on that growth right now is simply just clean room space? I guess if the clean rooms were there would that run rate be even higher?

是的。知道了。這很有道理。但我想，聽起來你也認為這種勢頭會延續到 2027 年。所以，我猜目前限制這種成長的因素只是無塵室空間嗎？我想，如果配備了無塵室，運作率會不會更高呢？

And does that suggest that as we get into '27, I mean, the beginning of '27, sounds like it ought to be even lower than like the end of '27 if that plays out as planned. Is that how you guys are thinking about it?

這是否意味著，到了 2027 年，我的意思是，2027 年初，如果一切按計劃進行，那麼它應該比 2027 年底還要低？你們是這麼想的嗎？

Yeah. It's certainly metered by clean room this year in leading edge and DRAM. And so that is putting a cap on what can be done this year. just to the benefit of the whole ecosystem, we've obviously raised our outlook for this year. That's what you're hearing in this call.

是的。今年，潔淨室技術在尖端技術和DRAM領域無疑是衡量標準之一。因此，這限制了今年能做的事情。為了整個生態系統的利益，我們顯然提高了今年的預期。這就是你在這段通話中聽到的內容。

So there was space to add more capacity this year in DRAM leading logic than we had planned a quarter ago. So that's good news. But I think the customers have exhausted most of that space. Now for investors, all of our customers, I looked at the schedule. There's a number of factories coming online in '27.

因此，今年我們在DRAM主導邏輯電路方面有空間增加比我們一個季度前計劃的更多的產能。這是個好消息。但我認為顧客已經用完了大部分空間。現在，對於投資者，也就是我們所有的客戶，我查看了日程安排。2027年將有多家工廠投產。

So we expect capacity to continue to be added every quarter. that will open up new opportunities for next year and we'll go into next year with still in a constrained position.

因此，我們預計產能將繼續每季增加。這將為明年帶來新的機遇，但我們明年仍將面臨產能受限的情況。

Stacy, the other thing I would add is I've had many discussions with our largest customer CEOs and R&D leaders. And I think this demand for AI data center is a significant wave that's going to last over a longer period of time. So when I talk to them and when they're communicating also externally, they're talking about extremely high compound annual growth rates.

Stacy，我還想補充一點，我已經和我們最大的客戶公司的執行長和研發負責人進行過多次討論。我認為對人工智慧資料中心的這種需求是一股巨大的浪潮，而且這種浪潮將會持續較長時間。所以，當我與他們交談以及他們對外溝通時，他們談論的都是極高的複合年增長率。

We talked about data center, passing PCs and eventually smartphones in terms of total wafer starts. So I think it's too early to say exactly what the shape of '27 is going to look like. But as I said earlier, based on the customer conversations, I would expect 27% is also going to be a very strong year.

我們討論了資料中心、PC 以及最終智慧型手機在晶圓總開工量方面的變化。所以我覺得現在就斷言 2027 年的最終形態還為時過早。但正如我之前所說，根據與客戶的交流，我預計 27% 也將是一個非常強勁的年份。

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

知道了。那很有幫助。謝謝大家。

Mark Lipacis, Evercore ISI.

Mark Lipacis，Evercore ISI。

Hi. Thanks for taking my questions. Gary, I want to ask a bigger picture question. based on your observation that the $1 trillion bogey for the semi-industry is hitting a lot earlier than most people expected. I believe you used to suggest that the WFE intensity would be around 15% of this industry, and that was at $1 trillion that would support a $150 billion industry.

你好。謝謝您回答我的問題。加里，我想問一個更宏觀的問題。根據你的觀察，半導體產業1兆美元的危機比大多數人預期的來得早得多。我相信你以前曾說過，WFE 強度將佔該行業的 15% 左右，而 1 兆美元的規模將支撐一個 1500 億美元的行業。

But with the revenue accelerating and data center AI revenues kind of being the driver here, is 15%. Is that still the right way to think about WFE intensity in your view?

但隨著營收加速成長，資料中心 AI 收入成為主要驅動力，成長了 15%。您認為這種思考WFE強度的方式仍然正確嗎？

Yeah. Thanks for the question, Mark. So WFE intensity has grown to around 15%. But really, for me, when I'm thinking about Applied Materials and what I'm driving is to focus on winning every segment, but to really make sure we outperform in the largest and fastest-growing markets. The semiconductor industry growth we envisioned is arriving sooner because of the AI data center growth.

是的。謝謝你的提問，馬克。因此，WFE強度已成長到約15%。但對我來說，當我思考應用材料公司以及我所推動的事情時，我的目標是專注於贏得每個細分市場，但更重要的是確保我們在規模最大、成長最快的市場中表現優異。由於人工智慧資料中心的成長，我們預期的半導體產業成長正在提前到來。

And as I said earlier, the fastest equipment markets growing are leading-edge foundry logic, DRAM and including high-bandwidth memory and advanced packaging because they enable energy-efficient AI data center performance.

正如我之前所說，成長最快的設備市場是領先的代工邏輯晶片、DRAM 以及高頻寬記憶體和先進封裝，因為它們能夠實現節能的 AI 資料中心效能。

This is where Applied has been investing for many years to create strong leadership positions, and that's where we're seeing the fastest in market growth this year and I see that going many years into the future. And then back to the WFE intensity, our longer-term composition model is different than what we had talked about before.

多年來，Applied 一直在該領域進行投資，以建立強大的領導地位，而今年該領域的市場成長速度也最快，而且我認為這種成長勢頭將持續很多年。再回到 WFE 強度，我們的長期組成模型與我們之前討論過的有所不同。

Before we talked about a one third leading-edge foundry logic, one third ICAPS, one third memory. And when those growth rates in those segments were roughly the same. This single capital intensity number was helpful in forecasting future growth, but now we're seeing a significant divergence in the end market growth rates. And I think it's time for a new growth framework.

之前我們討論過，三分之一是領先的代工廠邏輯晶片，三分之一是ICAPS晶片，三分之一是記憶體晶片。而且這些細分市場的成長率大致相同。這個單一的資本密集度指標有助於預測未來的成長，但現在我們看到終端市場成長率出現了顯著差異。我認為現在是時候建立新的成長框架了。

And then for Applied, again, we're in a great position in those fastest-growing markets. And if you look at leading-edge foundry logic and DRAM, those segments are going to be significantly larger than ICAPS, and other memory segments is a part of the total mix.

對於應用材料公司而言，我們在這些成長最快的市場中也處於非常有利的地位。如果你看看領先的代工邏輯和 DRAM，這些部分將比 ICAPS 大得多，而其他記憶體部分只是整體的一部分。

Got you. And a follow-up, if I may. Based on that, does that necessarily put you in a position to, as you said, capture more value and from our standpoint, capturing more value is the code word for higher gross margin. So does the expansion of those markets get you to that point in time.

抓到你了。如果可以的話，我想問一個後續問題。基於此，這是否就一定能讓你如你所說，獲得更多價值？而從我們的角度來看，獲得更多價值就意味著更高的毛利率。那麼，這些市場的擴張是否會讓你達到那個時間點呢？

Yeah. I mean, again, our focus is really and we've been focused on this for many years. I think I go back to 2019 when we first talked about this coming AI wave. And we've made tremendous investments inside Applied. We formed our Integrated Materials Solutions group in anticipation of this shift in WFE spending.

是的。我的意思是，再說一遍，我們的重點確實是，而且我們多年來一直專注於此。我想最早可以追溯到2019年，當時我們第一次討論了即將到來的人工智慧浪潮。我們在應用科技公司內部進行了大量投資。我們成立了整合材料解決方案集團，以因應WFE支出方面的這種轉變。

And our focus is to create very high-value solutions for our customers. AI is a race for everyone to bring these new architectures to market. And as I said, in those segments that are enabling the AI data center, we're in a very strong position to bring very high-value solutions to our customers, and we'll be sharing in that value as we go forward.

我們的目標是為客戶創造極具價值的解決方案。人工智慧領域的一場競賽，每個人都要爭先恐後地將這些新架構推向市場。正如我所說，在那些推動人工智慧資料中心發展的領域，我們擁有非常強大的優勢，能夠為客戶帶來非常高價值的解決方案，並且我們將在未來分享這些價值。

And certainly, again, we've driven margin growth over the last many years. I have very high confidence that we'll be able to sustain that margin growth going forward.

當然，在過去的許多年裡，我們也一直致力於提高利潤率。我非常有信心，我們未來能夠維持這樣的利潤率成長。

Very helpful. Thanks, Gary. Appreciate the thoughts.

很有幫助。謝謝你，加里。感謝你的建議。

Timothy Arcuri, UBS.

提摩西‧阿庫裡，瑞銀集團。

Thanks a lot. So the -- I had a first question on AGS. So the OpEx are that it's not really growing much, but I have to believe that on a pro forma basis, that actually is growing because you're taking the 200-millimeter equipment business and you're putting that now into so can you give us a sense of how big that is?

多謝。所以——我第一個問題是關於AGS的。所以營運支出並沒有真正增長多少，但我相信從備考角度來看，它實際上是在增長的，因為你們正在收購 200 毫米設備業務，並且現在正在將其投入其中，所以你能讓我們了解一下這個業務有多大嗎？

Hi Tim. This is Brice. What you'll see in our numbers, we provided the recast numbers in our press release for that reorganization that moves 200-millimeter from our services business to our equipment business. You'll be able to see Crystal clearly in our numbers that Q1 has 15% year-over-year growth for AGS and our Q2 guide should be approximately over 12%, almost 13% year-over-year for AGS.

嗨，提姆。這是布萊斯。您將在我們的數字中看到，我們在新聞稿中提供了重組後的重述數字，該重組將 200 毫米從我們的服務業務轉移到了我們的設備業務。從我們的數據中，您可以清楚地看到 Crystal 的業績，第一季 AGS 年成長 15%，我們預計第二季 AGS 年成長將超過 12%，接近 13%。

So what we're signaling for AGS along the lines of your question is that it should grow at low double digits or better going forward. And that's based on having a 55,000 tool installed base. We'll grow that installed base every year at 5-plus percent. I think you heard Gary talking about we're launching new products in AGS, including our AIx, the Actionable Insights Accelerators products.

因此，根據你的問題，我們對 AGS 的預測是，未來其成長率應該會達到兩位數或更高。這是基於55,000台工具的裝機量計算得出的。我們將以每年 5% 以上的速度成長用戶基數。我想你聽 Gary 說過，我們將在 AGS 推出新產品，包括我們的 AIx，即可操作洞察加速器產品。

And so high confidence in that business, it's all recurring revenue right now. Two third of it is under contract. The average contract 2.9 years, 90% renewal rate. And then you probably heard me talk about when we think about our dividend, we look at the cash profitability of our services business and it can afford our dividend payment at this point, and we like to make that connection since it's highly recurring revenue.

因此，我對這項業務充滿信心，目前所有收入都是經常性收入。其中三分之二已簽訂合約。平均合約期限為 2.9 年，續約率達 90%。然後你可能聽我說過，當我們考慮分紅時，我們會考察服務業務的現金盈利能力，目前來看，它能夠負擔得起我們的分紅，我們喜歡建立這種聯繫，因為這是高經常性收入。

Thanks a lot, Brice. And then you said something, Brice, I think you said you've doubled the systems manufacturing capacity over the past -- I think you said a few years or maybe it was several years. So if I look back, like you were doing $5 billion a quarter in back in like '23. I'm just kind of -- I'm not sure if that's the base you're using.

非常感謝，布萊斯。然後你又說了些什麼，布萊斯，我想你說的是，在過去的幾年裡，你們的系統製造能力翻了一番——我想你說的是幾年，或者可能是好幾年。所以如果我回顧一下，例如 2023 年，你們每季就能賺到 50 億美元。我有點……我不確定那是不是你用的底子。

But -- so is the message that you could do like $10 billion in system sales, is that the -- when you say that you've doubled the -- your SSG could -- like is that the right number that you've gone from kind of 5% to 10% now? Thanks.

但是——所以，你傳達的訊息是，你可以實現 100 億美元的系統銷售額，——當你說你的 SSG 翻了一番——比如，你從 5% 左右增長到 10% 這個數字正確嗎？謝謝。

I think the thought is fair. We're not going to put a number on it, but we have significant upside from a manufacturing perspective. We had preposition space available. We've built out a portion of that prepositioned space now. to help with the ramp that we're seeing, and we have more prepositioned space available.

我認為這種想法是合理的。我們不會給出具體數字，但從製造業的角度來看，我們有龐大的成長空間。我們還有介詞空間。我們現在已經建造了一部分預留空間，以應對我們看到的坡道問題，而且我們還有更多預留空間可用。

So we -- yes, we can comfortably scale much higher. And of course, the real job for us, we have approximately 2,000 suppliers. We've got to work with our suppliers. We're working to give them a strong signal.

所以——是的，我們可以輕鬆地擴大規模。當然，對我們來說真正的工作是，我們大約有 2000 家供應商。我們必須與供應商合作。我們正在努力向他們發出一個強烈的信號。

Gary talked about working with the customers to get two years' visibility, and we're working with them to get specific bill of materials so that the suppliers know exactly what we need with as much lead time as possible. So that's where the big lift is. And yes, we have we have plenty of upside in our output capabilities.

Gary 談到與客戶合作，以獲得兩年的可視性，我們也正在與他們合作，以獲得具體的物料清單，以便供應商能夠盡可能提前知道我們需要什麼。所以，關鍵就在這裡。是的，我們的產能還有很大的進步空間。

Yes. Tim, the only thing I would add is that in the discussions with customers, it's not so much the clean room capacity, as Brice said, it's supply chain, train service engineers, all of those things. So that's where the visibility for us has improved dramatically because customers understand that the supply chain takes some time, train service engineers take some time, and that's where we're getting significantly longer-term visibility with specific configurations better than we've ever had.

是的。提姆，我唯一要補充的是，在與客戶的討論中，正如布萊斯所說，重要的不是無塵室的容量，而是供應鏈、列車服務工程師等等。因此，我們的可視性得到了極大的提高，因為客戶理解供應鏈需要一些時間，列車服務工程師也需要一些時間，因此，我們比以往任何時候都能夠更好地獲得更長期的可視性以及具體的配置資訊。

Vivek Arya, Bofa.

Vivek Arya，Bofa。

Well. Thanks for taking my question. I'm curious what is driving the second half acceleration because the conventional thinking is that a lot of this clean room for memory is constrained until the second half of next year. So it's not memory clean room, it's more space and foundry or logic. I'm just curious what is specifically driving the second half acceleration in 2026.

出色地。謝謝您回答我的問題。我很好奇是什麼推動了下半年的加速成長，因為人們普遍認為，許多用於儲存記憶體的空白空間要到明年下半年才會開放。所以這不是內存潔淨室，而更像是空間和鑄造廠或邏輯室。我只是好奇究竟是什麼因素推動了 2026 年下半年的成長加速。

Well, I think Vivek, it's Brice. I think it is a clean room. We had an inkling of this last quarter we had expected the second half to be higher based on availability of space for DRAM and leading edge. And the good news is customers have been able to increase their expectations for this year. But I think that is metering both DRAM and leading edge. We saw a number of new factory projects announced during this quarter.

嗯，我想是維韋克，是布萊斯。我認為這是一個乾淨的房間。上個季度我們就有所預感，根據DRAM和尖端技術的可用空間，我們預計下半年業績會更好。好消息是，顧客們對今年的期望值有所提高。但我認為這同時衡量了DRAM和前沿電壓。本季我們看到多個新工廠項目宣布啟動。

So our tracking of the number of factory projects globally keeps ticking up each quarter, as you would expect, with a growing number of wafer start outputs -- and I looked at the next year's schedule, there's a number of factories in DRAM and leading logic that are scheduled to come online next year. So there's -- customers are working to accelerate that as quickly as possible.

因此，正如你所預料的那樣，我們對全球工廠項目數量的跟踪每個季度都在持續增長，晶圓開工產量也在不斷增加——我查看了明年的計劃，發現有很多DRAM和領先邏輯晶片工廠計劃明年上線。所以，客戶們正在努力盡快加快這一進程。

Got it. And for my follow-up, what proportion of WFE do you think right now is being driven by data center and AI? And what was it last year, just so that we get a sense for what is kind of the growth portion of WFE versus what is exposed to the non growth areas. Thank you.

知道了。那麼，我的後續問題是，您認為目前由資料中心和人工智慧驅動的 WFE 佔比是多少？那麼去年的情況如何呢？這樣我們就能了解 WFE 中哪些部位屬於成長型，哪些部位屬於非成長型。謝謝。

Yeah. It's a good question. I think in the recent past, we've said more than 20% of leading-edge wafer starts have been directed towards data center. And that has shifted, obviously, since that's growing much faster. So this year, it's passing PCs from a consumption perspective of leading-edge wafer starts.

是的。這是個好問題。我認為在最近一段時間裡，我們已經說過超過 20% 的尖端晶圓開工專案都面向資料中心。顯然，這種情況已經發生了變化，因為這種成長速度要快得多。所以今年，從尖端晶圓開工的消費角度來看，它已經超越了個人電腦。

We've moved up our forecast. We think data center will surpass smartphones in 2029. And the way I think of it, this may not be perfect, but the way I think of it is the sort of traditional data center, the racks and file servers and those sorts of things are growing between 10% and 20% and the AI-related components are growing between 30% and 40% at this point, which gives you something north of 20% at this point from a growth rate perspective.

我們上調了預測。我們認為資料中心將在 2029 年超越智慧型手機。我的理解是，這可能並不完美，但我認為傳統的資料中心，例如機架和檔案伺服器之類的，目前的成長率在 10% 到 20% 之間，而人工智慧相關的元件目前的成長率在 30% 到 40% 之間，從成長率的角度來看，兩者的總成長率超過了 20%。

Thank you.

謝謝。

Harlan Sur, JPMorgan Chase.

哈蘭‧蘇爾，摩根大通。

Yeah. Good afternoon. And congrats on the strong execution. I've got a follow-up on AGS. On the solid growth outlook for this year in the systems business, combined with the strong and increasing utilization of your customers, as you guys mentioned, you're attaching more value-added services, and we've got this huge installed base.

是的。午安.恭喜你們出色地完成了任務。我還有關於AGS的後續問題。今年系統業務的穩健成長前景，加上客戶使用率的強勁成長，正如你們所提到的，你們正在提供更多增值服務，而且我們擁有龐大的裝機量。

So it just kind of all bodes well for the systems business. If I look at the trend over the past six calendar years, AGS has grown like at about 11% CAGR, right in the middle of your target of kind of low teens growth. But given the dynamics I just outlined, right, do you see AGS growing faster than that 10% to 12% sort of historical CAGR this calendar year?

所以這一切對系統業務來說都是個好兆頭。如果我看一下過去六個日曆年的趨勢，AGS 的複合年增長率約為 11%，正好處於您設定的十幾個百分點的增長目標的中間水平。但鑑於我剛才概述的動態，您認為今年 AGS 的成長速度會超過 10% 到 12% 的歷史複合年增長率嗎？

I mean you're already entering this year trending higher than that, right? You're at like 13%, 15% year-over-year growth. Any reason for us not to believe that this type of growth sustains through the calendar year?

我的意思是，你今年的趨勢已經比那更高了，對吧？你們的年增長率大概在 13% 到 15% 之間。我們有什麼理由不相信這種成長動能持續到年底呢？

It's a good question, Harlan. As you point out, our Q1 year-over-year grew 15%, and you've got all the right dynamics, I think those are additive. The installed base grows, the number of new products grows, and the value of those products grow. So that's what allows that business to grow faster typically than our semi business.

哈蘭，你問得好。正如你所指出的，我們第一季同比增長了 15%，而且你們掌握了所有正確的動態因素，我認為這些因素會起到疊加作用。安裝基數成長，新產品數量成長，這些產品的價值也成長。所以，這就是為什麼這項業務的成長速度通常比我們的半導體業務更快。

So we also have some headwinds as we've lost some of that business when you quote the historical rate there, with the trade restrictions that we had, we had accounts that we lost, which kept the growth rate a little bit smaller than the types of rates we're seeing this quarter.

因此，我們也面臨一些不利因素，因為按照歷史成長率來看，由於貿易限制，我們失去了一些業務，導致一些客戶流失，這使得成長率比我們本季看到的成長率要低一些。

So I think when we look at our forecast, we feel that we're confident with low double digits. And then there will obviously be a range around that. We can have quarters with high utilization that does better than the low double digits.

所以我覺得，當我們審視我們的預測時，我們對兩位數的低位降幅很有信心。然後顯然會存在一個圍繞這個範圍的區間。我們可能會出現利用率很高的季度，其業績優於兩位數低點的季度。

Yeah. Harlan, the other thing I would add is I'm very excited about our service innovation pipeline. I mean the 30,000 chambers that are connected to AIx servers gives us an ability to deliver more valuable services to our customers, increase our service engineer productivity.

是的。哈蘭，我還想補充一點，我對我們的服務創新管道感到非常興奮。我的意思是，連接到 AIx 伺服器的 30,000 個機房使我們能夠為客戶提供更有價值的服務，提高我們服務工程師的生產力。

And again, the pipeline for us there is very strong. And our customers are ramping these new very complex factories gate all around in the future backside power, and you've got these complex memory architectures that they're ramping. We're seeing more integrated platforms, more integrated steps.

而且，我們在那裡的管道運輸非常暢通。我們的客戶正在未來全面推進這些非常複雜的新型工廠的生產，包括後端電源，以及他們正在推進的這些複雜的記憶體架構。我們看到平台整合度越來越高，步驟整合度越來越高。

As you said, I mean, I feel very good about our growth in AGS going forward. And I think there's a really good opportunity for it to grow faster going forward.

正如你所說，我對AGS未來的發展前景感到非常樂觀。我認為它未來有很大的發展空間，可以更快成長。

Got it. I appreciate that. And Gary, your process diagnostics and control business is a smaller part of the portfolio and revenue mix, right? But nevertheless, it's so important to your customers. And as we articulated, supply team has a very strong position in EV metrology, defect review, even wafer inspection, CDA, I mean, absolutely critical for advanced process nodes of your three end market drivers, DRAM advanced foundry logic, advanced packaging, like where are you seeing the strongest pool for your PDC solutions.

知道了。我很感激。加里，你的過程診斷和控制業務在你的產品組合和收入組成中所佔比例較小，對吧？但即便如此，這對您的客戶來說也至關重要。正如我們之前闡述的，供應團隊在電動車計量、缺陷審查，甚至晶圓檢測、CDA 方面都擁有非常強大的實力，我的意思是，這對於你們三大終端市場驅動因素——DRAM 先進代工邏輯、先進封裝——的先進工藝節點來說絕對至關重要，比如，你們的 PDC 解決方案最強勁的需求在哪裡？

And you articulated a very strong demand profile for this year. Is your PDC franchise approaching or exceeding that sort of $2 billion kind of annualized run rate this year, potentially ?

您闡述了今年非常強勁的需求前景。您的PDC特許經營權今年是否接近或超過20億美元的年化營業額？？

Yeah. Thanks for the question. I'm not going to give a specific number, but it is one of the fastest-growing businesses for us this calendar year. And we have leadership in e-beam technology, e-beam imaging. And one thing I believe is you can't fix what you can't see. With that technology, we have the highest resolution, 10 times faster imaging.

是的。謝謝你的提問。我不打算給出具體數字，但它是我們今年成長最快的業務之一。我們在電子束技術和電子束成像領域處於領先地位。我始終相信一點：你看不見的東西，就無法解決。憑藉這項技術，我們擁有最高解析度，成像速度提高了 10 倍。

And you mentioned this is very important for our process equipment business and for our customers to drive faster learning rates, so that they can bring those innovations to market at higher velocity. So Heartland, we'll be announcing new technologies and new products that are really, really important for material characterization for our customers.

您提到，這對我們的製程設備業務和我們的客戶來說非常重要，可以加快學習速度，以便他們能夠以更快的速度將這些創新推向市場。所以 Heartland，我們將發布對客戶材料表徵而言非常非常重要的新技術和新產品。

So the growth rate this year is going to be one of the fastest across all of Applied Materials. And I have very, very high confidence this growth is going to continue at a high rate in '27 and going forward.

因此，今年應用材料公司各部門的成長速度將是最快的之一。我非常有信心，這種成長勢頭將在 2027 年及以後繼續保持高速成長。

Thanks, Gary. Thanks, Brice.

謝謝你，加里。謝謝你，布萊斯。

James Schneider, Goldman Sachs.

詹姆斯·施奈德，高盛。

Good afternoon. Thanks for taking my question. I was wondering if you could maybe just give us a sense in calendar '26 and '27? Could you rank order the relative growth rates you expect for both foundry logic and DRAM? And do you expect one to be sustainably higher the other in the next several quarters?

午安.謝謝您回答我的問題。我想問您能否大致介紹一下2026年和2027年的日曆？能否請您依預期對晶圓代工邏輯晶片和DRAM晶片的相對增長率進行排序？你預期未來幾季內，其中一個指標會持續高於另一個嗎？

Hi Jim. It's Brice. We can't really do that. And the reason is when we look at the request from customers, it's metered by factory availability. So I think it's difficult to see what's happening in the market from a demand perspective. So the way we're communicating it in the way we're thinking about it, greater than 20% growth for the semi business.

嗨，吉姆。是布萊斯。我們實際上做不到這一點。原因是，當我們查看客戶的需求時，會根據工廠的產能狀況進行計量。所以我覺得很難從需求角度看清市場正在發生什麼事。所以，按照我們目前的溝通方式和思考方式，半導體業務的成長將超過 20%。

We highlighted that there's a couple of businesses that are growing more slowly, which is NAND and then ICAPS' which will be flattish. And then we have a group of faster-growing businesses, which is the leading-edge DRAM and advanced packaging. And I think our perspective is the pull on those from AI is very similar across all of those. So those are in the fast lane. Those are a higher growth rate.

我們強調，有幾個產業的成長速度較慢，分別是 NAND 和 ICAPS，它們的成長將趨於平穩。此外，我們還有一組成長速度更快的業務，即領先的DRAM和先進封裝技術。我認為，我們的觀點是，人工智慧對這些人的吸引力在所有這些方面都非常相似。所以他們都走在快車道上。這些是更高的成長率。

You can tell by the math that you would do that there's a portion of our business that's slower or no growth, and there's those three portions that are much faster so you can sort of get a sense of what the growth rates will be. But it's very hard to differentiate between them because customers have fabs coming on at different times. So we just don't think about it that way. .

透過計算可以看出，我們業務的部分成長較慢或沒有成長，而這三部分成長速度要快得多，因此你可以大致了解成長率是多少。但很難區分它們，因為客戶的工廠開工時間各不相同。所以我們就不那樣想了。。

Thank you. And then Brice, I think you previously indicated that you would expect gross margins to potentially step up in the back half of calendar '20 as you get more revenue absorption on that. Are you still expecting that to be the case even without any help from China? And what will it take to kind of get gross margins at or above the 15% rate without help from China? Thank you.

謝謝。布萊斯，我想你之前曾表示，隨著收入的進一步消化，預計 2020 年下半年的毛利率可能會上升。即使沒有中國的幫助，你仍然認為情況會如此嗎？如果沒有中國的幫助，要怎麼將毛利率提高到 15% 或以上？謝謝。

Yes. I think mechanically, we expect some modest improvements in gross margin, and there's a tailwind and there's a headwind. The tailwind is with greater than 20% growth in our semi business. Typically, that grows slower than our AGS business. AGS has a slower margin.

是的。我認為從技術層面來看，我們預期毛利率會有一些小幅改善，但同時也存在一些順風和逆風。有利因素是我們半導體業務成長超過 20%。通常情況下，該業務的成長速度比我們的 AGS 業務慢。AGS的利潤率較低。

So with the faster growth in semi, that's a tailwind for us. The flip side is we've highlighted that we expect a flattish China. So as the mix to smaller customers receive as we go through the course of the year, that's a headwind on gross margin. So, we do think we have the opportunity to continue to improve gross margins. We think the progress will be, I'll say, very slow through the course of the year.

因此，半導體產業的快速成長對我們來說是一個利好因素。另一方面，我們也強調，我們預期中國經濟將保持穩定。因此，隨著我們一年中向小型客戶交付的產品組合越來越多，這對毛利率構成了不利影響。因此，我們認為我們有機會繼續提高毛利率。我們認為，今年的進展將會非常緩慢。

Melissa Weathers, Deutsche Bank.

梅麗莎‧韋瑟斯，德意志銀行。

Hi there. Thank you for the question. And Mike, I'm looking forward to those master classes coming back. I think that will be very interesting. I guess I wanted to ask, in the next couple of quarters before we get a lot of the greenfield adds in memory.

你好呀。謝謝你的提問。麥克，我非常期待那些大師班的回歸。我覺得那會非常有趣。我想問的是，在接下來的幾個季度裡，在我們把很多新建案都消化掉之前。

It does seem like a lot of the focus is going to be on node conversions and trying to squeeze out more bits out of the existing wafer capacity. So can you remind us how to think about your opportunity in a node upgrade scenario versus greenfield? Because that's -- and is this mostly an AGS story? Or is there something else that we should appreciate.

看來許多關注點將集中在節點轉換和試圖從現有晶圓產能中榨取更多比特。那麼，您能否提醒我們一下，在節點升級場景和新專案場景中，您該如何看待您的機會？因為那是——而且這主要是一個 AGS 的故事嗎？或是有其他值得我們欣賞的地方嗎？

Melissa, I think if you're thinking about DRAM, I'm thinking most of the DRAM investments that are being made are greenfield. So we should see that level of investment. And then on the NAND side, there is a number of upgrades. We think of the NAND business as mostly conversion and upgrades, as you're suggesting, and we participate less in that from a share perspective. So it's a smaller business for us.

梅麗莎，如果你在考慮DRAM，我認為目前大多數DRAM投資都是新建案。所以我們應該會看到這種投資水準。此外，NAND方面也有許多升級。正如您所說，我們認為 NAND 業務主要涉及轉換和升級，因此從市場份額來看，我們參與的程度較低。所以對我們來說，這是一項規模較小的業務。

Yeah. And the other thing I would add is I mentioned this earlier, with HBM DRAM, you're starting 3 times more wafers. And as you go from HBM three to HBM four, that goes from 3 times to 4 times. So again, that's a very powerful driver in terms of the overall DRAM business. And, people are also wanting to stack more chips, going from 12 to 16 to 20. So that's another powerful driver for the DRAM business.

是的。我還要補充一點，我之前提到過，使用 HBM DRAM 的話，你需要開工生產的晶圓數量是原來的 3 倍。當從 HBM 3 到 HBM 4 時，次數就從 3 次增加到 4 次。所以，這對於整個DRAM業務來說是一個非常強大的驅動因素。而且，人們也希望增加籌碼數量，從 12 個增加到 16 個，再到 20 個。所以這是推動DRAM業務發展的另一個強大動力。

Got it, thank you. And then, Brice, really quick. You flagged, I think, $500 million of inventory that you guys are building up ahead of these ramps. So is there any update to how we should be thinking about days inventory that you guys are comfortable holding on the books or any working capital changes?

明白了，謝謝。然後，布萊斯，很快就出現了。我認為，你們已經標記了價值 5 億美元的庫存，這些庫存是為這些坡道提前儲備的。那麼，關於你們認為可以接受的庫存週轉天數，或是營運資本方面有什麼新的變化嗎？

The days right now are approximately 153. I don't think that will go up very much. But yes, over the last year, we built $500 million and $500 million of additional inventory. And what I'm signaling there is we have been prepping for a larger amount of output, and we feel like we're well prepared to deliver the revenue that we're forecasting.

現在大約是153天。我認為價格不會大幅上漲。是的，在過去一年裡，我們新增了價值 5 億美元的庫存和價值 5 億美元的額外庫存。我想表達的是，我們一直在為更大的產量做準備，我們感覺我們已經做好了充分的準備，能夠實現我們預測的收入。

So, but Melissa, I'm not anticipating that, that will get out of hand because, of course, the revenue is going up each quarter. So I think the days will stay fairly tight to that zone.

所以，梅麗莎，我預計這種情況不會失控，因為收入當然每季都在成長。所以我認為日期會在這個範圍內波動。

Got it. Thank you.

知道了。謝謝。

Alright, and operator, we have time for two quick questions, please. Thank you.

好的，接線員，我們還有時間問兩個問題。謝謝。

Blayne Curtis, Jeffries.

布萊恩·柯蒂斯，杰弗里斯。

Hey. Thanks for squeezing me in. Sorry to keep it quick. Just a quick one on the model price. I'm just kind of curious on OpEx. Obviously, you're seeing a bare growth path. So I would expect you to ramp up OpEx . Were you able to get all that in this quarter? And how do you think about it for the year?

嘿。謝謝你擠出時間幫我。抱歉，我只能簡短地說幾句。簡單問一下這款機型的價格。我對營運支出（OpEx）有點好奇。顯然，你看到的只是一條單調的成長路徑。所以我希望你們能加大營運支出。。你這季都完成了嗎？你對今年的計畫有什麼展望？

Yes. Thanks, Blayne. You see for the Q1, investors will see that we were very controlled on our OpEx, not much growth year-over-year. For Q2, we do have approximately 6% and growth sequentially in Q2. And we are funding growth projects that we have throughout the portfolio.

是的。謝謝你，布萊恩。從第一季的業績來看，投資人會發現我們在營運支出方面控制得非常好，年成長並不大。第二季度，我們實現了約 6% 的環比成長。我們正在為我們投資組合中的各種成長項目提供資金。

And some of those will be early projects that are related to the EPIC lab that's coming aboard as we get to the end of this year. So as you know, most of our growth is caused by organic investments. So we will be growing our investment level, especially as EPIC comes on board. But our expectation is we'll grow the spending more slowly than revenue growth.

其中一些將是與今年年底即將成立的 EPIC 實驗室相關的早期計畫。如您所知，我們的大部分成長都是由內生性投資帶來的。因此，我們將加大投資力度，尤其是在 EPIC 加入之後。但我們預期支出成長速度將低於收入成長速度。

Thanks. And then I want to ask you on gross margin. I appreciate the detail between systems and AGS. I'm just kind of curious, I think you said 54% for systems, I mean, had kind of popped up to that level. So as we think about playing around with that blend as systems grows faster, I just want to understand -- I think you said it, but 54% is the right level. I mean it was actually 54.5%, like, and I, and I guess when you see modest improvement, is it on that 54% or just overall?

謝謝。然後我想問毛利率的問題。我非常欣賞系統和AGS之間的細節。我只是有點好奇，我記得你說過系統佔比是 54%，我的意思是，這個數字好像已經飆升到那個水平了。所以，隨著系統發展速度加快，我們考慮調整這種混合比例，我只是想了解一下——我想你已經說過，54% 是正確的水平。我的意思是，實際數值是 54.5%，而且，我想當你看到略有改善時，是指那 54% 的改善，還是指整體改善？

I think just overall, you'll see modest improvement as we continue to move forward. And I mentioned the headwind. The headwind is the customer mix as we go through the year. But the way we think about it is the portfolio continues to get more valuable.

我認為總體而言，隨著我們不斷前進，你會看到一些小幅改善。我還提到了逆風的問題。全年最大的挑戰是客戶結構的變化。但我們認為，投資組合的價值會持續成長。

Every day we complete an R&D project. We're tuning that portfolio to the most valuable inflection. So we do think there's opportunity long term to continue to improve gross margin.

我們每天都會完成一個研發專案。我們正在調整投資組合，以抓住最有價值的轉折點。因此，我們認為從長遠來看，毛利率還有提升的空間。

Atif Malik, Citi Infrastructure Investments LLC.

阿提夫·馬利克，花旗基礎設施投資有限責任公司。

Great. Thank you. And thank you for providing the full year semiconductor equipment growth outlook. I have two quick ones. First on DRAM. You talked about your customers are developing for at Square. Can you talk about your confidence in maintaining your market share at that inflection?

偉大的。謝謝。感謝您提供全年半導體設備成長展望。我有兩個簡短的問題。首先是DRAM。您談到了您的客戶正在為 Square 開發產品。您能否談談在這一轉折點上保持市場份額的信心？

And when will the decisions come out? And the second one on NAND, Bryce, you mentioned the NAND modest growth less than 10% of WFE. Are you expecting any capacity additions in NAND this year?

什麼時候會公佈決定？第二個問題是關於 NAND 的，Bryce，你提到 NAND 的成長較為溫和，佔 WFE 的比例不到 10%。預計今年NAND快閃記憶體的產能會有成長嗎？

Yeah. I'll start off on the DRAM market share. We've grown DRAM market share significantly over the last decade. It's our strongest business. We're going to grow share in 6F square, and we're also in a very strong position and I have very high confidence that we're going to continue to grow share in 4F square.

是的。我先從DRAM市佔率說起。過去十年，我們的DRAM市佔率顯著成長。這是我們最強大的業務。我們將擴大在 6 樓的市場份額，而且我們在 4 樓的市場份額也處於非常有利的地位，我非常有信心我們將繼續擴大在 4 樓的市場份額。

Okay. And Atif, I think if you're thinking about wafer output, NAND hasn't increased wafer output in several years. So we're expecting -- we are shipping product. We expect most of it to be upgrades on the NAND side. And the reason is the technology is so good at providing greater and greater bit density every node that is just able to meet demand with the number of starts that are in place.

好的。Atif，我認為如果你考慮的是晶圓產量，那麼NAND的晶圓產量已經好幾年沒有成長了。所以我們正在等待——我們正在發貨。我們預計大部分升級將集中在NAND快閃記憶體方面。原因是這項技術非常擅長提供越來越高的位元密度，每個節點都能夠以現有的啟動數量滿足需求。

Thank you.

謝謝。

Okay. Thanks Atif. And before we close, Brice, would you like to give us a little summary?

好的。謝謝阿提夫。布萊斯，在結束之前，你能否給我們一個簡短的總結？

Thank you, Mike. I'm excited that our business is accelerating and that the R&D investments we've made give us a broad portfolio of highly enabling products for the fastest-growing areas of the market. [Prabhu Raja] will be at the Morgan Stanley Conference in San Francisco on March 2. And I look forward to seeing many of you at the Cantor conference in New York on March 10. Now Mike, let's close the call, please.

謝謝你，麥克。我很高興看到我們的業務正在加速發展，而且我們在研發方面的投入使我們擁有了一系列極具賦能性的產品，能夠滿足市場成長最快領域的需求。 [Prabhu Raja]將於3月2日出席在舊金山舉行的摩根士丹利會議。我期待在 3 月 10 日於紐約舉行的坎托爾會議上見到你們中的許多人。麥克，我們結束通話吧。

All right. Well, thank you, Brice. And a replay of today's call is going to be available on the Investor Relations page of our website by 5 o clock Pacific Time today. And we would like to thank you for your continued interest in Applied Materials.

好的。謝謝你，布萊斯。今天電話會議的錄音回放將於太平洋時間今天下午5點前發佈在我們網站的投資者關係頁面上。我們衷心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. This does conclude the program. You may now disconnect. Good day.

謝謝各位女士、先生們今天參與本次活動。節目到此結束。您現在可以斷開連線了。再會。