應用材料 (AMAT) 2026 Q2 法說會逐字稿

Welcome to the Applied Materials second quarter of fiscal 2026 earnings call. (Operator Instructions)

歡迎參加應用材料公司 2026 會計年度第二季財報電話會議。(接線員指示)

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

現在我想把電話交給投資人關係部門企業副總裁 Mike Sullivan。請開始。

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。與我一同出席的有我們的總裁暨執行長 Gary Dickerson，以及財務長 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.

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，這些陳述受風險與不確定性影響，可能導致我們的實際結果有所差異。關於這些風險與不確定性的資訊，已在我們最新的 Form 10-Q 以及其他向美國證券交易委員會（SEC）提交的文件中討論。

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. In addition, any comments regarding calendar 2026 refer to Q2 of this fiscal year through Q1 of fiscal 2027, which will be a 14-week quarter.

今天的電話會議也包含非 GAAP 財務衡量指標。與 GAAP 指標的調節表可在今天的財報新聞稿以及我們的季度財報資料中找到，相關資料可於我們網站 ir.appliedmaterials.com 取得。此外，任何關於 2026 日曆年的評論，係指本會計年度第二季至 2027 會計年度第一季；其中 2027 會計年度第一季將為 14 週的季度。

Next, I'll share some calendar items. I'm pleased to announce the second event in our 2026 Master Class series. We'll cover DRAM and Advanced Packaging on a live webcast on Thursday, June 25 at 09 AM Pacific Time. Next, I'd like to remind you about our two special events during SEMICON West. On Monday afternoon, October 12, we invite you to the unveiling of the new EPIC Center in Sunnyvale, California. And on Tuesday morning, October 13, we hope you'll join Gary, Brice, and our business unit leaders for our investor breakfast presentation at the Yerba Buena Center in San Francisco. You can join us in person or on a live webcast.

接下來，我將分享一些行事曆事項。我很高興宣布我們 2026 Master Class 系列的第二場活動。我們將於太平洋時間 6 月 25 日（週四）上午 9 點進行線上直播，主題涵蓋 DRAM 與先進封裝。接著，我想提醒各位 SEMICON West 期間我們的兩場特別活動。10 月 12 日（週一）下午，我們邀請各位參加位於加州 Sunnyvale 的全新 EPIC Center 揭幕活動。10 月 13 日（週二）上午，我們也希望各位能與 Gary、Brice 以及各事業單位主管一同參加在舊金山 Yerba Buena Center 舉行的投資人早餐簡報。您可親臨現場或透過線上直播參與。

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

以上為開場介紹，接下來我把電話交給 Gary Dickerson。

Thank you, Mike. In our second fiscal quarter, Applied Materials delivered record revenue and earnings, along with our highest gross margin in more than 25 years. With rising demand and increasing long-term visibility from customers, we see an exceptionally strong foundation for sustained multi-year revenue and profit growth.

謝謝你，Mike。在本會計年度第二季，應用材料創下營收與獲利新高，並達成超過 25 年來最高的毛利率。隨著需求上升且客戶提供的長期能見度提高，我們看到一個極為強勁的基礎，可支撐未來多年持續的營收與獲利成長。

The momentum in our business is being driven by three key factors. First, the rapid global build-out of the AI computing infrastructure. Second, applied leadership positions in the most enabling and highest value areas of the market, particularly leading-edge foundry-logic, DRAM, and advanced packaging. And third, strong execution across our operations and supply chain.

我們業務動能主要由三個關鍵因素驅動。第一，AI 運算基礎設施在全球快速擴建。第二，Applied 在市場中最具賦能性且價值最高的領域具備領先地位，特別是在先進製程晶圓代工邏輯、DRAM 與先進封裝。第三，我們在營運與供應鏈方面的強勁執行力。

In my prepared remarks, I will provide an update on how our markets are evolving, explain how Applied is enabling the AI roadmap with our differentiated technology and exciting pipeline of new products, and outline how we're transforming the way we work with customers, partners, and across the company to drive higher velocity, increase operating leverage, and scale more efficiently.

在我準備好的發言中，我將更新我們市場的演變情況，說明 Applied 如何以差異化技術與令人振奮的新產品管線來推動 AI 藍圖，並概述我們如何改變與客戶、夥伴以及公司內部的合作方式，以提升速度、增加營運槓桿，並更有效率地擴大規模。

Over the past several months, global AI adoption has continued to accelerate as improvements in the performance and cost of AI computing are translating into real-world applications that deliver compelling returns for users.

過去幾個月，全球 AI 採用持續加速，因為 AI 運算在效能與成本上的改善，正轉化為能為使用者帶來可觀回報的實際應用。

If I look at our own company as an example, today, we have more than 35,000 AI users across our global workforce. We are deploying AI to drive new scientific breakthroughs, accelerate research and development programs, optimize factory and supply chain operations, increase innovation and productivity and services, and automate workflows across our corporate functions. This enables us to redirect resources towards higher-value work and grow the business significantly faster than our headcount.

以我們公司為例，目前在全球員工中已有超過 35,000 名 AI 使用者。我們正部署 AI 以推動新的科學突破、加速研發計畫、最佳化工廠與供應鏈營運、提升創新與生產力及服務能力，並在各項企業職能中自動化工作流程。這使我們能將資源重新導向更高價值的工作，並讓業務成長速度顯著快於人力規模的增加。

Similar dynamics are playing out across a broad range of industries and organizations. Publicly available data indicates that global token generation has increased more than three-fold in just the past three months. Importantly, AI demand is not only growing rapidly, it's also diversifying.

類似的動態也正在廣泛的產業與組織中上演。公開資料顯示，全球 token 生成量在過去短短三個月內增加了三倍以上。重要的是，AI 需求不僅快速成長，也正在多元化。

Since the beginning of the year, there has been a meaningful increase in agentic applications, which layer on top of continued growth in generative AI training and inference workloads. AI computing architectures are workload-specific and optimized for different generative, agentic, or physical AI models.

自年初以來，代理型（agentic）應用出現顯著增加，並疊加在生成式 AI 訓練與推論工作負載持續成長之上。AI 運算架構會依工作負載而定，並針對不同的生成式、代理型或實體（physical）AI 模型進行最佳化。

Agentic AI models do more than respond to queries. They plan, reason, and execute tasks autonomously. They therefore require a computing architecture that is more CPU-intensive while also increasing demand for DRAM and NAND. As Agentic AI applications grow, they provide an additional tailwind for wafer fab equipment.

代理型 AI 模型不僅是回應查詢。它們能自主規劃、推理並執行任務。因此，它們需要更偏重 CPU 的運算架構，同時也會提高對 DRAM 與 NAND 的需求。隨著代理型 AI 應用成長，將為晶圓廠設備帶來額外的順風。

Last quarter, we said the availability of cleanroom space was a key factor pacing the rate of industry investment. As customers find new ways to reallocate or create space, we are seeing incremental requests for equipment deliveries in 2026, and we now expect our semiconductor equipment business will grow more than 30% this calendar year.

上一季我們提到，無塵室空間的可用性是影響產業投資速度的關鍵因素。隨著客戶找到重新配置或創造空間的新方法，我們看到 2026 年設備交付的增量需求，並且我們現在預期今年（日曆年）我們的半導體設備業務將成長超過 30%。

Given the unprecedented demand environment, we are working closely with our customers on longer-range planning. Our largest customers are providing rolling eight-quarter forecasts, so we can prepare the required manufacturing capacity and service resources for their ramps. With this improved visibility, we see continued growth across this extended planning horizon into 2027 and beyond, and we are investing to support our customers' expansion plans.

鑑於前所未有的需求環境，我們正與客戶密切合作進行更長期的規劃。我們最大的客戶正在提供滾動式八個季度的預測，使我們能為其擴產爬坡準備所需的製造產能與服務資源。在能見度提升之下，我們看到在這段延伸的規劃期間內，成長將持續延伸至 2027 年及更遠的未來；我們也正投資以支援客戶的擴張計畫。

For AI computing, leading-edge foundry-logic, DRAM, and advanced packaging have the greatest impact on overall system performance, power efficiency, and cost. As a result, we expect these three areas to account for more than 80% of the year-on-year growth in total wafer fab equipment spending in 2026 and see a similar profile in 2027.

在 AI 運算方面，先進製程晶圓代工邏輯、DRAM 與先進封裝，對整體系統效能、功耗效率與成本的影響最大。因此，我們預期這三個領域將占 2026 年晶圓廠設備（WFE）總支出年增幅的 80% 以上，並在 2027 年呈現類似的結構。

These are also the areas where Applied has strong leadership positions and an innovative pipeline of next-generation technologies. In leading-edge foundry-logic, Applied is the clear number one process equipment provider with highly differentiated solutions in materials deposition, modification, and treatments, conductor etch, and e-beam technologies.

這些也正是 Applied 具備強勢領導地位，且擁有創新下一代技術產品管線的領域。在先進製程晶圓代工邏輯方面，Applied 是明確的第一大製程設備供應商，在材料沉積、改質與處理、導體蝕刻以及電子束（e-beam）技術上提供高度差異化的解決方案。

Gate All-Around nodes grow our available market considerably, while also providing a catalyst for multiple points of market share gain. This quarter, we announced two new products that further strengthen our Gate All-Around portfolio.

環繞式閘極（Gate All-Around）節點大幅擴大我們的可服務市場，同時也成為多個市占提升點的催化劑。本季我們宣布兩項新產品，進一步強化我們的環繞式閘極產品組合。

To meet the requirements of different AI workloads in the data center and at the edge, chipmakers provide designers with a range of transistor options, with some tuned for peak performance and others tuned to use the lowest amount of power. This tuning is achieved through precise optimization of the materials in the metal gate stack.

為了滿足資料中心與邊緣端不同 AI 工作負載的需求，晶片製造商為設計人員提供一系列電晶體選項，其中部分針對峰值效能調校，另一些則針對最低功耗調校。這種調校是透過對金屬閘極堆疊（metal gate stack）中的材料進行精準最佳化來達成。

Our new Trillium ALD integrated material solution precisely deposits metals in the most complex gate-all-around transistor gate stacks. By integrating multiple metal deposition steps in a single platform, Trillium ALD provides angstrom-level thickness control of metal gate stack layers, giving chipmakers maximum flexibility to tune threshold voltages across different transistors.

我們全新的 Trillium ALD 整合式材料解決方案，可在最複雜的環繞式閘極電晶體閘極堆疊中精準沉積金屬。透過在單一平台整合多個金屬沉積步驟，Trillium ALD 可對金屬閘極堆疊各層提供埃（angstrom）等級的厚度控制，使晶片製造商能在不同電晶體之間以最大彈性調整臨界電壓。

In advanced foundry-logic, shallow trench isolation, or STI, is used to electrically separate neighboring transistors. These narrow isolation trenches are some of the smallest structures in a gate all-around device. Our new precision PECVD system uses an industry-first, selective, bottom-up deposition process to place material exactly where it's needed and protect the STI structure from damage during subsequent processing steps.

在先進晶圓代工邏輯中，淺溝槽隔離（shallow trench isolation，或 STI）用於在電性上分隔相鄰的電晶體。這些狹窄的隔離溝槽是環繞式閘極元件中最微小的結構之一。我們全新的精密 PECVD 系統採用業界首創的選擇性自下而上沉積製程，將材料精準沉積在需要的位置，並在後續製程步驟中保護 STI 結構免於受損。

By preserving the original shape and height of the isolation trench, our new PECVD solution reduces parasitic capacitance and lowers leakage to boost device performance. In advanced packaging, Applied is also the overall leader with strong positions in high-bandwidth memory and 3D chiplet-stacking. We expect to grow our packaging revenues more than 50% in calendar 2026 and are very well positioned at upcoming packaging inflections.

透過保留隔離溝槽的原始形狀與高度，我們全新的 PECVD 解決方案可降低寄生電容並減少漏電，以提升元件效能。在先進封裝方面，Applied 亦為整體領導者，並在高頻寬記憶體與 3D 晶粒（chiplet）堆疊上具備強勢地位。我們預期在 2026 年曆年封裝營收將成長逾 50%，並在即將到來的封裝拐點上具備極佳的布局。

We recently announced our intent to acquire NEXX to further strengthen Applied's portfolio of panel-level technologies, which are designed to enable larger body packages for AI accelerators. In DRAM, AI computing is driving incredibly strong demand, and customers are aggressively adding capacity at 6 F-squared nodes while accelerating their development of next-generation device architectures.

我們近期宣布擬收購 NEXX，以進一步強化 Applied 的面板級（panel-level）技術組合，該技術旨在為 AI 加速器實現更大尺寸的封裝本體。在 DRAM 方面，AI 運算正帶動極為強勁的需求，客戶正於 6F² 節點積極擴充產能，同時加速開發下一代元件架構。

Applied is the number one process equipment provider in memory today, thanks to our very strong position in DRAM wiring, patterning, and peripheral logic steps. We expect to gain additional DRAM market share at upcoming transistor and device architecture inflections. We will provide more details at our next Master Class in June, which will cover both our DRAM and Advanced Packaging technology roadmaps.

憑藉我們在 DRAM 佈線、微影圖案化與周邊邏輯製程步驟上的強勢地位，Applied 目前是記憶體領域第一大製程設備供應商。我們預期在即將到來的電晶體與元件架構拐點上，將進一步提升 DRAM 市占率。我們將於 6 月下一場 Master Class 提供更多細節，內容將涵蓋我們的 DRAM 與先進封裝技術藍圖。

To accelerate the industry's roadmap further, we are changing the way we work with our customers and partners by creating a new model for collaboration and innovation. Applied's global EPIC platform is designed to significantly reduce the time it takes to commercialize breakthrough technologies all the way from early-stage research to full-scale manufacturing.

為了進一步加速產業技術藍圖，我們正透過建立全新的協作與創新模式，改變與客戶及合作夥伴的合作方式。Applied 的全球 EPIC 平台旨在大幅縮短突破性技術從早期研究到全面量產的商業化時間。

For chipmakers, EPIC provides earlier access to Applied's R&D portfolio and faster cycles of learning through the co-location of key innovators from customers, partners, and Applied. In addition, EPIC co-innovation programs will provide us with greater multi-node visibility to guide R&D investments and resource allocation, increase R&D productivity and value sharing, and accelerate design wins for applied equipment and services.

對晶片製造商而言，EPIC 透過讓客戶、合作夥伴與 Applied 的關鍵創新者共同進駐（co-location），提供更早接觸 Applied 研發組合的機會，並加速學習迭代週期。此外，EPIC 的共同創新計畫將為我們提供更高的多節點可視性，以指引研發投資與資源配置、提升研發生產力與價值共享，並加速 Applied 設備與服務的設計導入（design win）。

The centerpiece of the platform is the new EPIC Center in Silicon Valley, which remains on track to begin operations in the fall. Earlier this week, we announced our EPIC co-development engagement with TSMC, who joined as a founding partner together with Micron, Samsung, and SK Hynix. We're also excited to announce our first three EPIC University partnerships with ASU, RPI, and Stanford, as well as a development partner agreement with Advantest. We are finalizing additional EPIC agreements that we will publicly announce in the coming months.

該平台的核心是位於矽谷的新 EPIC Center，目前仍按計畫於秋季開始營運。本週稍早，我們宣布與台積電（TSMC）展開 EPIC 共同開發合作，台積電與 Micron、Samsung 與 SK hynix 一同成為創始合作夥伴。我們也很高興宣布首批三所 EPIC 大學合作夥伴：ASU、RPI 與 Stanford，並與 Advantest 達成開發合作夥伴協議。我們正在敲定更多 EPIC 協議，並將於未來數月對外公布。

To accelerate the transfer of new technologies from Applied's labs to customers' fabs, we are also driving new innovations in service. Service is another important growth driver for Applied as we increase the revenue we generate per tool on top of a growing installed base. As a result, we expect Applied Global Services to deliver a sustainable annual growth rate in the mid-teens and potentially higher this year.

為加速將新技術從 Applied 的實驗室移轉至客戶晶圓廠，我們也在服務領域推動新的創新。隨著我們在持續成長的裝機基礎之上，提高每台設備所帶來的營收，服務亦是 Applied 另一項重要的成長動能。因此，我們預期 Applied Global Services 可實現可持續的年成長率約在十位數中段（mid-teens），且今年可能更高。

Our advanced service solutions enable customers to accelerate production ramps and optimize output, yield, and cost in their high-volume manufacturing environments. Today, we have more than 35,000 chambers connected to our proprietary AIX software capabilities that use AI-powered monitoring, diagnostics, and analytics.

我們的先進服務解決方案可協助客戶加速量產爬坡，並在其高產量製造環境中最佳化產出、良率與成本。目前，我們已有超過 35,000 個腔體連接至我們專有的 AIX 軟體能力，運用 AI 驅動的監控、診斷與分析。

Before I hand it over to Brice, let me briefly summarize. AI adoption is accelerating and diversifying, fueling broad and durable demand for semiconductors and semiconductor equipment. Leading-edge foundry-logic, DRAM, and advanced packaging are the most critical drivers of performance, power efficiency, and cost for AI computing. As a result, we expect these three areas to account for more than 80% of the year-on-year growth in total wafer fab equipment spending in 2026 and see a similar profile in 2027.

在交棒給 Brice 之前，讓我簡要總結。AI 採用正加速並趨於多元化，帶動對半導體與半導體設備廣泛且持久的需求。先進製程晶圓代工邏輯、DRAM 與先進封裝，是 AI 運算在效能、能效與成本方面最關鍵的驅動因素。因此，我們預期在 2026 年，這三個領域將貢獻總晶圓廠設備（WFE）支出年增幅度的 80% 以上，並在 2027 年呈現類似的結構。

These are areas where Applied has strong market leadership today and a high-value pipeline of next-generation products, providing us with an exceptionally strong foundation for sustained multi-year revenue and profit growth.

這些領域正是 Applied 目前具備強大市場領導地位之處，且擁有高價值的下一代產品管線，為我們帶來極為堅實的基礎，以支撐多年期的營收與獲利持續成長。

Finally, through EPIC, our advanced services portfolio, and rapid AI adoption across our operations, we are transforming how we work with customers, partners, and inside Applied Materials, driving higher velocity, improving value capture, and efficiently scaling the company as the industry grows.

最後，透過 EPIC、我們的先進服務組合，以及 AI 在我們營運中的快速導入，我們正在轉型與客戶、合作夥伴及 Applied Materials 內部的合作方式，提升速度、改善價值掌握，並在產業成長之際有效率地擴大公司規模。

Brice, over to you.

Brice，交給你。

Thanks, Gary. AI is driving wafer fab equipment spending to the areas where Applied has been investing the most, and we see the positive mix continuing in the second half of the calendar year and well beyond. As the market shifted to our areas of strength in Q2, we delivered double-digit sequential and year-over-year growth across revenue, operating profit, and earnings per share.

謝謝，Gary。AI 正推動晶圓廠設備支出流向 Applied 投資最深的領域，我們也看到這種有利的產品組合在今年下半年及更長期將持續。隨著市場在第二季轉向我們的優勢領域，我們在營收、營業利益與每股盈餘方面，均實現連續季與年對年雙位數成長。

I'd like to thank our teams and partners for making these results possible by meeting strong customer demand for our AI-enabling materials engineering technologies and systems. On today's call, I'll provide an update on the demand environment, discuss several strategic priorities, summarize our Q2 results, and provide our Q3 guidance.

我要感謝我們的團隊與合作夥伴，因為你們滿足了客戶對我們 AI 賦能的材料工程技術與系統的強勁需求，才得以達成這些成果。在今天的電話會議中，我將更新需求環境、討論數項策略重點、總結我們第二季業績，並提供第三季展望指引。

Since we spoke in February, the demand outlook has strengthened across almost every leading indicator we track. Cloud service providers continue to increase capital investments. Most leading-edge logic and DRAM fabs are running at full capacity. Our customers have announced more fab projects and are giving us the clearest and longest visibility we've ever had.

自我們 2 月通話以來，我們追蹤的幾乎所有領先指標所反映的需求展望均已轉強。雲端服務供應商持續增加資本投資。多數先進邏輯與 DRAM 晶圓廠正以滿載產能運轉。我們的客戶已宣布更多晶圓廠專案，並提供我們前所未有、最清晰且最長期的能見度。

Our customers have been using a variety of techniques to increase cleanroom capacity this year, which is growing the market and our revenue expectations. And based on our latest discussions with them, we expect 2027 will be another strong record year for the industry.

今年我們的客戶採用多種方式提升無塵室產能，進而擴大市場並提高我們對營收的預期。並且根據我們與他們最新的討論，我們預期 2027 年將是產業另一個強勁的創紀錄年度。

Next, I'll summarize several of our strategic priorities. Our top priority is increasing output to serve our customers' growing demand. We've nearly doubled our manufacturing capacity to support them with expansions in the US and Europe and an additional new manufacturing center in Singapore.

接下來，我將概述我們的幾項策略重點。我們的首要任務是提升產出，以滿足客戶日益成長的需求。我們已將製造產能幾乎翻倍，透過在美國與歐洲擴產，並在新加坡新增一座製造中心來支援客戶。

We've increased our build plan, inventory positions, and logistics capacity. We are systematically translating our eight-quarter customer demand forecast into a consolidated signal to our suppliers, ensuring they have the visibility they need to make their own capacity and resource additions.

我們已提高生產建置計畫、庫存水位與物流產能。我們正系統性地將八季期的客戶需求預測轉化為對供應商的整合訊號，確保他們具備所需的能見度，以進行自身的產能與資源擴增。

Next, I'll share how this translates to profitability. Funding our collaborative R&D process helps us identify the highest value technology challenges and gives us line of sight to the most compelling solutions. As we bring newly developed tools to market, our portfolio becomes more valuable and our gross margins expand.

接下來，我將說明這如何轉化為獲利能力。為我們的協作式研發流程提供資金，有助於我們辨識最高價值的技術挑戰，並讓我們能掌握最具吸引力的解決方案。當我們將新開發的設備推向市場時，我們的產品組合變得更具價值，毛利率也隨之擴大。

In fact, our non-GAAP gross margin has increased 800 basis points since Gary became CEO in 2013. It is now crossing 50% at the company level and approaching 55% in semiconductor systems. In addition, we are focused on driving higher operating profit and leverage with productivity tools and plans being deployed across the company.

事實上，自 Gary 於 2013 年出任執行長以來，我們的非 GAAP 毛利率已提升 800 個基點。目前公司整體毛利率正跨越 50%，而在半導體系統業務中則接近 55%。此外，我們也專注於透過在全公司部署的生產力工具與計畫，推動更高的營業利益與營運槓桿。

While fully investing in the R&D that grows our business and gross margins, we also expect to increase spending more slowly than revenue and deliver increasing operating profit.

在充分投資可推動業務成長與毛利率提升的研發同時，我們也預期支出增速將低於營收增速，並帶來持續提升的營業利益。

Next, I'll summarize our Q2 results. We generated record revenue of $7.91 billion, which is up 13% sequentially and 11% year-over-year. Non-GAAP gross margin reached 50% in the quarter, increasing 80 basis points year-over-year, driven by value-based pricing from our most differentiated products, coupled with ongoing manufacturing cost innovations. Non-GAAP operating margin expanded to 32.1%, up 140 basis points year-over-year. And we delivered record non-GAAP earnings per share of $2.86, which was up 20% year-over-year.

接下來，我將總結我們第二季業績。我們創下 79.1 億美元的營收新高，較前一季成長 13%，較去年同期成長 11%。本季非 GAAP 毛利率達到 50%，較去年同期提升 80 個基點，主要受惠於我們差異化程度最高產品的價值定價，以及持續的製造成本創新。非 GAAP 營業利益率擴大至 32.1%，較去年同期提升 140 個基點。我們也創下每股非 GAAP 盈餘 2.86 美元的新高，較去年同期成長 20%。

Turning to the segments, Semiconductor Systems delivered record revenue of $5.97 billion, which is up 16% sequentially and up 10% year-over-year. The transition to gate all-around nodes, along with capacity additions at leading-edge FinFET nodes, drove record foundry revenue as well as record revenue across ALD, epitaxy and materials treatments.

談到各事業部門，半導體系統（Semiconductor Systems）創下59.7億美元的營收新高，較前一季成長16%，較去年同期成長10%。向環繞閘極（GAA）節點的轉換，加上在先進FinFET節點擴充產能，帶動晶圓代工營收創新高，同時也推升ALD、磊晶（epitaxy）與材料處理（materials treatments）等領域的營收同創新高。

DRAM revenue of $1.7 billion grew 18% year-over-year. Advanced packaging revenue is accelerating this calendar year within both foundry-logic and DRAM, and investments are shifting toward our leadership positions in 3D stacking. Segment gross margin and operating margin both increased year-over-year.

DRAM營收17億美元，較去年同期成長18%。先進封裝營收在本曆年於晶圓代工邏輯（foundry-logic）與DRAM兩大領域皆加速成長，投資也正轉向我們在3D堆疊領先地位的布局。部門毛利率與營業利益率皆較去年同期提升。

Applied Global Services delivered record revenue of $1.67 billion, which is up 17% year-over-year, reflecting the benefit of higher fab utilizations. Services growth remains strong as our installed base expands and customers choose our most advanced services to boost output and yield. AGS also generated year-over-year increases in gross margin and operating margin.

應用全球服務（Applied Global Services）創下16.7億美元的營收新高，較去年同期成長17%，反映晶圓廠稼動率提高所帶來的效益。隨著我們的裝機基礎擴大，且客戶選擇我們最先進的服務以提升產出與良率，服務業務成長動能依然強勁。AGS的毛利率與營業利益率亦較去年同期增加。

Other revenue of $280 million was in line with our expectations. China represented 24% of our semiconductor systems plus AGS revenue. We expect our business in China and our ICAPS business worldwide to be flat to slightly higher in the calendar year.

其他營收2.8億美元，符合我們的預期。中國占我們半導體系統加上AGS營收的24%。我們預期本曆年在中國的業務以及全球ICAPS業務將持平至小幅成長。

Cash from operations was $845 million. Capital expenditures were $635 million, resulting in free cash flow of $210 million. We distributed $765 million to shareholders, including $365 million in dividends and $400 million in stock repurchases. In March, we announced a 15% increase to the quarterly cash dividend and achieved a goal we set several years ago to double the dividend per share.

營運活動現金流為8.45億美元。資本支出為6.35億美元，因而自由現金流為2.10億美元。我們向股東回饋7.65億美元，包括3.65億美元股利與4.00億美元庫藏股回購。3月，我們宣布季度現金股利提高15%，並達成數年前設定的目標：將每股股利翻倍。

Now, I'll share our guidance for Q3. We expect company revenue of $8.95 billion, plus or minus $500 million, which is up nearly 23% year-over-year. We expect non-GAAP EPS of $3.36, plus or minus $0.20, which is up nearly 36% year-over-year. Within this outlook, we expect Semiconductor Systems revenue of around $6.9 billion, AGS revenue of about $1.75 billion, and other revenue of around $300 million.

接下來我將分享我們對第三季（Q3）的財測指引。我們預期公司營收為89.5億美元，上下浮動5億美元，較去年同期成長近23%。我們預期非GAAP每股盈餘（EPS）為3.36美元，上下浮動0.20美元，較去年同期成長近36%。在此展望中，我們預期半導體系統營收約69億美元，AGS營收約17.5億美元，其他營收約3億美元。

We expect non-GAAP gross margin to increase modestly to approximately 50.1%, and we expect non-GAAP operating expenses of around $1.485 billion. Finally, we're modeling a non-GAAP tax rate of around 11%.

我們預期非GAAP毛利率將小幅提升至約50.1%，並預期非GAAP營業費用約14.85億美元。最後，我們模型中採用的非GAAP稅率約為11%。

In summary, the growth in AI that we've been investing for is now in full force. As a result, the industry spending mix has shifted to leading-edge foundry-logic, DRAM, and advanced packaging where Applied has built the number one process equipment market positions. We are investing with confidence to support the strong long-term growth our customers are giving us visibility into and ensuring our suppliers do the same.

總結來說，我們長期投入布局的AI成長如今已全面發力。因此，產業資本支出結構已轉向先進晶圓代工邏輯、DRAM與先進封裝，而應用材料（Applied）在這些領域已建立製程設備市場第一的地位。我們將以高度信心持續投資，以支援客戶所揭示的強勁長期成長，同時也確保我們的供應商採取相同作法。

Finally, we are using the benefits of the AI technologies we enable to accelerate innovation and revenue generation and increase operating leverage and shareholder returns.

最後，我們也將運用我們所促成的AI技術帶來的效益，加速創新與營收成長，並提升營運槓桿與股東報酬。

Now, Mike, please begin the Q&A session.

現在，Mike，請開始問答環節。

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. Operator, let's please begin.

謝謝你，Brice。為了讓今天的電話會議能觸及更多人，請各位只提一個問題，並且最多再加上一個簡短追問。接線員，請開始。

CJ Muse, Kent Fitzgerald.

CJ Muse，Kent Fitzgerald。

Yeah, good afternoon. Thank you for taking the question. You talked about, eight-quarter rolling visibility with customers, and I'm curious how that might be causing order patterns to change, perhaps upfront payments, a change in the pricing environment? Would love to hear, how you're thinking about your relationship with customers given how tight equipment is and will likely be for years to come.

是的，下午好。謝謝讓我提問。你提到與客戶之間的八季滾動可視性（eight-quarter rolling visibility），我想了解這是否會導致下單模式改變，例如預付款、或定價環境的變化？也很想聽聽，在設備供應吃緊且可能持續多年之下，你們如何看待與客戶的關係。

Hi, CJ. It's Brice. Thanks for the question. So, yes, for the large customers, we're definitely working on a quarter rolling visibility with them. That helps us primarily plan the supply chain. Our supply chain needs that kind of lead time in order to make their investments and expansions across the large group of suppliers.

嗨，CJ。我是Brice。謝謝你的問題。是的，對於大型客戶，我們確實在與他們進行按季度滾動的可視性合作。這主要有助於我們規劃供應鏈。我們的供應鏈需要這樣的提前期，才能在龐大的供應商群體中進行投資與擴產。

We've said before, we have on the order of 2000 direct suppliers and a large number of components for each tool. So that's the primary reason. From a payments perspective, as you know, some of our customers do -- we do require deposits, but that's not across the board. On the pricing side of things -- our pricing generally works as long-term contracts with customers based on projects, so you can picture it as a two- to three-year pricing contract for a particular project.

我們之前說過，我們大約有2000家直接供應商，而且每一台設備（tool）都包含大量零組件。所以這是主要原因。就付款而言，如你所知，我們確實會要求部分客戶支付訂金，但並非全面適用。至於定價方面——我們的定價通常是依專案與客戶簽訂長期合約，你可以把它想像成針對某個特定專案、為期兩到三年的定價合約。

So pricing moves relatively slowly in the environment. What has been driving our pricing up over the past couple of years and helping us grow our gross margin over the past couple of years has been the gradual enrichening of the portfolio. So every time we launch a new solution, it's typically a more important solution in terms of its value to customers, solving complex problems that makes the portfolio stronger, and we price accordingly for that. And that's why you've seen our systems gross margins improve over the last two years.

因此在這樣的環境下，價格變動相對緩慢。過去幾年推升我們定價、並協助我們提升毛利率的因素，是產品組合逐步升級（portfolio enrichening）。也就是每當我們推出新的解決方案，通常在對客戶的價值上更為關鍵，能解決更複雜的問題，使產品組合更強，我們也會據此定價。這也是你們看到我們系統業務毛利率在過去兩年改善的原因。

So I'll leave it at that. No, at this point in time, no change in the overall model.

我就先說到這裡。不，就目前而言，整體模式沒有改變。

CJ, this is Gary. I would say, relative to pricing, really we're in a great position in the industry in that the most critical innovations for AI computing are in the sweet spot for Applied and leading-edge foundry-logic, DRAM, and Advanced Packaging and really Applied innovations are enabling these architecture inflections that are providing tremendous improvements in computing.

CJ，我是Gary。我會說，就定價而言，我們在產業中處於非常有利的位置，因為AI運算最關鍵的創新正落在應用材料的甜蜜點上：先進晶圓代工邏輯、DRAM與先進封裝；而應用材料的創新正在促成這些架構拐點（architecture inflections），帶來運算能力的巨大提升。

So that puts us in a good position with tailwinds to drive pricing in the near term, and then also as we're creating more value for our customers, it creates an opportunity for us to capture more value from Applied Materials. So I have high confidence that the margin progress that we've seen over the last few years is going to continue as we go forward.

因此，這讓我們在短期內具備推動定價的順風，同時當我們為客戶創造更多價值時，也為我們帶來從應用材料的解決方案中擷取更多價值的機會。所以我非常有信心，過去幾年我們看到的毛利率進展，未來仍將持續。

As a quick follow-up, just on the gross margin side, great guide with, I'm assuming, depressed China. How should we think about gross margins beyond the July quarter, particularly as it appears as silicon will continue to grow sequentially well into 2027 and beyond?

簡短追問一下，關於毛利率：你們給出的指引很不錯，我假設其中已反映中國需求偏弱。我們該如何看待7月季度之後的毛利率走勢，特別是看起來矽（silicon）將一路按季成長到2027年甚至更久？

Yes, CJ, thank you. So we guided 50.1% for the company-level gross margin. I'll just remind investors that we're now reporting our gross margin for each operating segment, so they'll be able to see that our Semi Systems gross margin is 54.8% in Q2, and that represents the improvements we're talking about.

是的，CJ，謝謝。我們給出的公司層級毛利率指引是50.1%。我也提醒投資人，我們現在會揭露各營運部門的毛利率，因此大家將能看到我們半導體系統部門在第二季（Q2）的毛利率為54.8%，這正是我們所談到的改善成果。

And on the systems, to your point, we expect to continue to make improvements. That's really driven by the gradual strength in portfolio as we launch new equipment. So the improvement will be slow, but we expect continued improvement in the gross margins. And that's really where you get that guide of 50.1%. So a slight increase for Q3 from Q2, and we would expect to be able to continue that process going forward as we launch new tools and solutions.

至於系統業務，如你所說，我們預期將持續改善。這主要是由於我們在推出新設備時，產品組合逐步走強。因此改善會是緩慢的，但我們預期毛利率將持續提升。這也正是50.1%指引的來源。也就是第三季相較第二季小幅上升，而隨著我們推出新機台與解決方案，我們預期未來仍能持續推進這個改善過程。

Stacy Rasgon, Bernstein Research.

Stacy Rasgon，Bernstein Research。

Hi, guys. Thanks for taking my question. So for 30% year-over-year equipment growth, so that looks like you're suggesting something like $14.5, $15 billion in the second-half of the calendar year for equipment. And I guess I just want to verify that's true.

嗨，各位。謝謝讓我提問。所以以設備年增 30% 來看，這看起來等於你們在曆年下半年設備營收大概是 145 億到 150 億美元左右。我想確認一下這是否正確。

And I guess what are your thoughts? It was too early about the calendar '27, but I mean, given '26 is still a constrained year, I guess. What are your thoughts on WFE growth versus your own growth in '26? And is there any reason to think that '27 couldn't be even better as cleaners become more available? I guess, how do we think about the trajectory of growth into '27 as the cleanrooms come online relative to what you're suggesting as we see into the back half of this year?

另外我想請教你們的看法。現在談曆年 '27 還太早，但考量到 '26 仍然是受限的一年。你們怎麼看 '26 年 WFE（晶圓製造設備）成長相對於你們自身成長？而且隨著無塵室變得更容易取得，有沒有理由認為 '27 不會更好？也就是說，當無塵室逐步上線時，相對於你們對今年下半年的指引，我們該如何看待成長一路延伸到 '27 的軌跡？

Yes. Hi, Stacy. Good to hear from you. So on the 30% year-over-year equipment growth, it does suggest a second half on the order that you described. We do think that the demand signal is very strong. Our customers increased orders in the last 90 days, as Gary described, as customers are finding new floor space and cleanroom solutions.

是的。嗨，Stacy。很高興聽到你的聲音。關於設備年增 30%，確實意味著下半年的規模大致如你所描述。我們確實認為需求訊號非常強。如 Gary 所說，過去 90 天客戶增加了訂單，因為客戶正在找到新的廠房空間與無塵室解決方案。

And I think investors should think about, when they think about the roadmap of capacity. We've said before, we're tracking over 100 factory projects globally. We added more than 10 just in the last quarter. So you should expect a pipeline of new cleanroom coming on board so customers can continue to grow the wafer starts across the end markets that we're talking about. So we do expect growth in WFE. We do expect growth in wafer starts overall, and we think that's headlined by the AI demand function.

我也認為投資人應該這樣看待產能擴張的路線圖。我們之前說過，我們正在追蹤全球超過 100 個工廠專案。光是上一季我們就新增了 10 多個。因此你應該預期會有一條新無塵室上線的管線，讓客戶能在我們所談到的各終端市場持續提升晶圓開工量（wafer starts）。所以我們確實預期 WFE 會成長。我們也預期整體晶圓開工量會成長，而我們認為這主要由 AI 的需求函數所帶動。

Yeah. Stacy, again, as Brice indicated, '27 still looks like a strong growth year for us. And I can tell you that I'm having constant conversations with customers, and they're looking at '27 and they're looking at '28. Again, because the compute demand is growing so quickly.

是的。Stacy，再次如 Brice 所指出，'27 對我們而言仍看起來會是強勁的成長年。我可以告訴你，我一直在和客戶持續對話，他們正在看 '27，也在看 '28。同樣地，因為運算需求成長得非常快。

Earlier on the call, we talked about agentic AI on top of what we've been seeing. And that we're modeling incremental CPU demand, incremental DRAM and NAND demand. That's a meaningful increase on top of what we had been forecasting previously. And then you go beyond that with physical AI coming in the future. And we think this demand environment is going to continue strong for a number of years. And certainly, as I'm having many conversations with customers, that is a major focus for them.

在稍早的電話會議中，我們談到在既有趨勢之上還有代理式 AI（agentic AI）。我們正在建模額外的 CPU 需求、額外的 DRAM 與 NAND 需求。這是在我們先前預測基礎上的一個顯著增加。再往後看，還有未來的實體 AI（physical AI）。我們認為這樣的需求環境將在未來數年持續強勁。而且我與許多客戶的對話中，這確實是他們的主要關注焦點。

Got it. That's helpful. Thank you. For my follow-up, I wanted to ask about your manufacturing capacity. So you doubled it. So is it all ready to go? Like how much revenue, I guess how full is it? Maybe the question I'm asking is like, if it was full, how much revenue capacity could you actually support? And is there actually more margin upside as that capacity that you brought online actually starts to fill up?

了解。這很有幫助。謝謝。我的追問想問你們的製造產能。你們把它翻倍了。所以現在都已經準備好可以啟用了嗎？例如就營收而言，目前大概填滿了多少？我想問的是，如果滿載的話，你們實際上能支撐多少營收產能？而且隨著你們新增的產能開始被填滿，毛利率是否還有進一步上行空間？

Basically, yeah. So on the first part, from a floor space perspective, it's ready to go and available. We would have to fit that up and hire people as we ramp. So we have the capability of significantly expanding the output.

基本上，是的。第一部分，從廠房空間的角度來看，已經就緒並可使用。隨著我們爬坡，我們還需要進行配套建置並增聘人員。因此我們具備大幅擴張產出的能力。

Last quarter, I said we could double as we're growing. It leads into that a little bit, but that's a rough approximation. So we have significant capacity available. Our job is to work with the supply chain and have the supply chain work at the same speed we are.

上一季我說過，隨著我們成長，我們可以把產出翻倍。這與此有些關聯，但那只是粗略的估算。所以我們有相當可觀的可用產能。我們的工作是與供應鏈合作，並讓供應鏈以與我們相同的速度運作。

Vivek Arya, Bank of America Securities.

Vivek Arya，美國銀行證券（Bank of America Securities）。

Thanks for taking my questions. If we look at WFE growth this year, it's very strong, but it is still below semiconductor industry growth, mainly because semis are being driven more by pricing rather than units. So, Gary, I'm curious that as you look over the next one- to three years, do you think that semi-industry growth comes more from units or it still continues to be reliant on pricing?

謝謝讓我提問。如果我們看今年 WFE 的成長，非常強勁，但仍低於半導體產業成長，主要因為半導體更多是由價格而非出貨量所驅動。所以 Gary，我好奇的是，當你看未來一到三年，你認為半導體產業的成長會更多來自出貨量，還是仍會持續依賴價格？

Yeah, thanks for the question, Vivek. Again, when I'm talking to our customers or customers' customers, I think everyone sees tremendous increase in computing demand going forward. And I talked about all these layers of demand that are increasing as we go forward.

好的，謝謝你的問題，Vivek。同樣地，當我和我們的客戶或客戶的客戶交流時，我認為大家都看到未來運算需求將大幅增加。我也談到這些需求層次會隨著時間推進而增加。

So I think that -- and as I mentioned also with customers, the focus is -- I was just with a customer two days ago, they were worried about the supply all the way into 2030. So again, the computing demand, I think, is increasing. I'm not going to speculate on pricing. What we do see, again, is a broadening in terms of the customers that we're working with because everyone sees this increase in compute demand.

所以我認為——而且如我也提到的，與客戶交流時，焦點是——我兩天前才和一位客戶在一起，他們擔心一路到 2030 年的供給。因此，運算需求我認為正在增加。我不會對價格做推測。我們看到的是，合作的客戶群正在擴大，因為每個人都看到了運算需求的提升。

And that is really great for Applied because all of the markets that are growing the fastest, the leading-edge foundry-logic, we're seeing a broadening of demand, very strong demand for DRAM and high bandwidth memory. The ecosystem working on new packaging architectures that drive major improvements in performance and power tokens per second per watt. So again, all of this is great for Applied.

這對 Applied 來說非常好，因為成長最快的所有市場——先進製程晶圓代工與邏輯——我們看到需求擴大；DRAM 與高頻寬記憶體（HBM）的需求也非常強勁。整個生態系正在開發新的封裝架構，能在每秒每瓦的效能與功耗（tokens per second per watt）上帶來重大改善。所以總之，這一切對 Applied 都非常有利。

I'm not going to speculate on the units versus pricing. But what I would say is that the market environment for Applied has never been better, and our positions in the market have never been better.

我不會推測出貨量與價格之間的關係。但我想說的是，Applied 所面對的市場環境從未如此之好，而我們在市場中的地位也從未如此之強。

And for my follow-up, if your system sales are growing over 30% and there's a lot of discussion that maybe growth accelerates next year, how should we think about growth in ADS given that level of growth? Is there some kind of correlation? Is there some kind of lagging growth that we can start to see acceleration even in ADS at some point? Thank you.

我的追問是，如果你們的系統銷售成長超過 30%，而且市場上有很多討論認為明年成長可能加速，那我們該如何看待在這樣的成長水準下 ADS 的成長？是否存在某種關聯性？是否有某種落後效應，使我們在某個時間點也能看到 ADS 開始加速？謝謝。

Hi, Vivek, it's Brice. Yeah, thanks for that question. So we had previously communicated low double-digits growth expectation for AGS, our services business. And to your point, as the systems business is running higher and we've raised expectations for the systems business, that means the AGS installed base will grow. So the service opportunity for AGS grows and as well as the spare parts and as factory utilizations have improved. So we are going to raise our expectations for AGS to mid-teens for sort of the normal environment.

嗨，Vivek，我是 Brice。是的，謝謝這個問題。我們先前對 AGS（我們的服務業務）溝通過的成長預期是低雙位數。如你所說，系統業務表現更強、而且我們也上調了系統業務的預期，這代表 AGS 的裝機基礎會成長。因此 AGS 的服務機會會增加，備品備件也會增加，而且隨著工廠稼動率改善。所以我們將把 AGS 在「較正常環境」下的預期上調到中段十位數（mid-teens）。

And we think this year we'll end up being a little bit higher than that because we have so many -- so much utilization improvement across the industry and so many new factories that that gives an extra bump. So I would say, mid-teens from a medium-term modeling perspective and higher than that this year.

我們認為今年最終可能會略高於這個水準，因為全產業稼動率改善幅度很大，而且有這麼多新工廠，會帶來額外的推升。所以我會說，從中期建模角度來看是中段十位數，而今年會高於此。

Yeah, the other thing I would say on AGS, there's never been a time where output yield innovation is more valuable than today. And I mentioned earlier on the call that we have over 35,000 chambers connected to our AIX servers. So we're also driving service innovations with AI-enabled applications, predictive models to improve wafer fab output, yield and cost. So I think in addition to the growing equipment business that will help accelerate AGS growth, we're also driving higher value service innovations that will also support that growth.

是的，關於 AGS 我還想補充一點：在任何時候，產出與良率的創新都沒有像今天這麼有價值。我在電話會議前面也提到，我們有超過 35,000 個腔體連接到我們的 AIX 伺服器。因此，我們也透過 AI 賦能的應用與預測模型來推動服務創新，以提升晶圓廠的產出、良率與成本表現。所以我認為，除了持續成長的設備業務將有助於加速 AGS 成長之外，我們也在推動更高價值的服務創新，同樣會支撐這個成長。

Timothy Arcuri, UBS.

Timothy Arcuri，瑞銀（UBS）。

Thanks a lot. Brice, I wanted to go back to this up 30%, at least 30% this year as well. So if I just do the math, I mean, it sort of implies that you barely grow off of the July levels, which doesn't seem possible given that you're booked out for at least a year. So I would think you can probably grow at least the same number of dollars in systems that you've been growing the last two quarters.

非常感謝。Brice，我想回到你提到今年也會成長 30%，至少 30% 這件事。如果我簡單算一下，這似乎意味著你們相較於 7 月的水準幾乎不怎麼成長，但考量到你們至少已經排單到一年之後，這看起來不太可能。所以我會認為，你們在系統（systems）上的美元成長額度，應該至少可以跟過去兩個季度一樣。

So that would put you like more above 40%. So I'm surprised you said above 30% and not above 40%. So are you just being conservative, or is there something like in the back half of the year where the sequentials can't grow as fast from an absolute systems level? Can you just talk about that?

那樣算起來就會更接近 40% 以上。所以我很意外你說的是 30% 以上，而不是 40% 以上。你們只是比較保守嗎？還是說在下半年，從絕對系統出貨水準來看，季增沒辦法那麼快？可以談談這點嗎？

Sure. Just to reiterate, we're saying 30% growth year over year in our systems business. And, Tim, I think we're not giving explicit linearity for the out quarters, but we'd be comfortable if you just assumed it was linear from Q3 to Q4 to our fiscal Q1.

當然。再重申一次，我們說的是系統業務年對年成長 30%。Tim，我想我們沒有對後續幾個季度提供明確的線性（linearity）指引，但如果你假設從 Q3 到 Q4 再到我們的會計年度 Q1 呈線性走勢，我們會覺得這樣的假設是合理的。

Okay, so it's going to grow about the same on a dollar basis process, is that -- sorry, just to clarify.

好的，所以以美元金額來看，會以大致相同的幅度成長、按流程推進，是這個意思嗎——抱歉，我只是想確認一下。

On a dollar basis, I would just draw a line and say it grows linearly from our Q3 guide through Q1.

以美元金額來看，我會直接畫一條線，認為它會從我們對 Q3 的指引一路線性成長到 Q1。

Okay, got it. And then Gary, can I ask you about the Huawei story? I mean, how do you think about -- I mean, that letter in and of itself is not -- like it doesn't really hurt you at all. But how do you think about the risk of that broadening? Because there's a lot of examples of these SABs being commingled in these clusters, some of which you can ship to and some of which you can't.

好的，了解。然後 Gary，我可以問一下華為的事情嗎？我的意思是，那封信本身其實——看起來並不會真的傷害到你們。但你們怎麼看待這個風險擴大的可能性？因為有很多例子是這些 SAB 會在這些園區/群聚（clusters）裡混在一起，有些你們可以出貨、有些不行。

Is there a risk that this spreads? And maybe it sort of then captures more in the net where you can't ship to these fab complexes that have stuff that's allowed and stuff that's not allowed comingle to the same complex? Can you talk about that? Thanks.

這件事有擴散的風險嗎？也許之後會把更多情況一併納入限制，導致你們無法出貨到這些晶圓廠園區，因為同一個園區裡同時有允許的與不允許的項目混在一起？可以談談嗎？謝謝。

Yeah, thanks, Tim. Let me just clarify. Relative to our semi-equipment business, we'll grow 30% or more in the year. And it's really supply chain. That's one thing that is, I think, an issue for everybody. As Brice mentioned earlier, our operations can scale significantly beyond where we're at right now. But it takes time for the supply chain to respond. And certainly, we're working at as rapidly as we can. And I really do believe we've made tremendous improvements in our supply chain and our operations over the last several years. So I feel really good about that.

好的，謝謝你，Tim。我先澄清一下。就我們的半導體設備業務而言，今年會成長 30% 或以上。而真正的限制在供應鏈。我想這是大家都面臨的問題。如 Brice 先前提到，我們的營運規模其實可以顯著高於目前水準。但供應鏈反應需要時間。當然，我們正以最快速度推進。而且我確實相信，過去幾年我們在供應鏈與營運方面已經有非常大的改善。所以我對此非常有信心。

Relative to restrictions, I don't really want to comment on that. All of that has been factored into our guide for the quarter and our viewpoint on growth in the calendar year. And again, what I would say -- if you look at the mix of business going forward, the AI compute innovations are really going to drive in '26, '27, and going forward, leading-edge foundry-logic, DRAM, high-bandwidth memory, and Advanced Packaging.

至於限制措施，我不太想評論。這些都已經反映在我們本季的指引，以及我們對日曆年度成長的看法之中。另外我想說的是——如果你看未來的業務組合，AI 算力（compute）創新將會在 2026、2027 年以及之後，帶動先進製程的晶圓代工邏輯（foundry-logic）、DRAM、高頻寬記憶體（HBM）以及先進封裝（Advanced Packaging）。

And those are the areas where Applied has tremendous strength, and we are absolutely positioned to gain share as these inflections happen in all of those different markets.

而這些領域正是應用材料（Applied）具備巨大優勢的地方；隨著各個市場出現這些拐點，我們也絕對具備條件提升市占。

Harlan Sur, JPMorgan.

Harlan Sur，摩根大通（JPMorgan）。

Yeah, good afternoon. Thanks for letting me ask a question. In addition to technology migration and greenfield capacity build-outs, your customers are looking at their existing capacity footprints. They're trying to figure out how they can squeeze more wafers out of their fabs, more good diaper wafers, so focusing essentially on throughput and/or focusing on yield or both ways.

是的，下午好。謝謝讓我提問。除了技術節點遷移與新建（greenfield）產能擴建之外，你們的客戶也在檢視既有的產能版圖。他們正試著找出如何在現有晶圓廠裡擠出更多晶圓、更多良品晶圓，因此本質上是在聚焦產能吞吐量（throughput）和/或良率，或兩者同時。

Is the Applied team seeing this and is this an incremental driver of growth, more tool sales to alleviate bottlenecks, maybe upgrades to improve tool throughput, or maybe advanced services and analytics adoption to improve productivity and yields? Is this driving some of the incremental growth?

應用材料團隊是否也看到這個趨勢？這是否成為額外的成長驅動因素，例如為了消除瓶頸而增加工具銷售、或透過升級來提升工具吞吐量，或是採用先進服務與分析來提升生產力與良率？這是否正在推動一些額外的成長？

Yeah, thanks for the question, Harlan. Yeah, absolutely, and I mentioned this a little bit earlier. Output and yield innovation is really a key focus for all of our customers. Again, it takes time for them to create more floor space, to ramp their factories, so there is a huge focus in engagements, and this is really helping us to drive our service growth rate at a higher pace than we've seen in the past or even that we were anticipating in the past.

是的，謝謝你的問題，Harlan。是的，完全正是如此，我前面也稍微提到過。產出與良率創新確實是我們所有客戶的關鍵重點。同樣地，他們要新增更多廠房空間、把工廠產能爬坡起來都需要時間，所以在客戶互動中對此有非常強的聚焦；而這也確實幫助我們把服務業務的成長率推升到比過去看到、甚至比我們過去預期更快的速度。

And that's where I would also come back to how we're implementing AI inside Applied Materials. We have all of these connected chambers. Most of them are connected remotely. So we can have instantaneous experts connected into all of those different chambers. And again, this is elevating, increasing our expectations for our service growth rate going forward.

而這也讓我回到我們如何在應用材料內部導入 AI。我們有這些已連網的腔體。其中大多數是遠端連線。因此我們可以讓專家即時連線到所有不同的腔體。同樣地，這正在抬升並提高我們對未來服務成長率的預期。

Yeah, thank you for that. And then, and for you Brice, in addition to the strong growth in AGS, those margins improved 30 basis points sequentially, 120 basis points year-over-year. Operating margins grew 100 basis points sequentially to 29%. I think that's like the highest level in like the past two- or three years.

好的，謝謝你的說明。接著也想問你，Brice：除了 AGS 的強勁成長之外，該部門毛利率季增 30 個基點、年增 120 個基點。營業利益率季增 100 個基點至 29%。我想這大概是過去兩到三年來的最高水準。

On the gross margin improvements, how much of this is just more attached of some of the higher value-added services like your AIX software suite, remote tool monitoring solutions, which I assume are all gross margin accretive. And then on the strong operating margins, I did notice that your OpEx for that segment was down about 8% sequentially. Was that just cost-efficiency activities, or does that delta come back this quarter?

就毛利率改善而言，其中有多少是因為更多高附加價值服務的帶動，例如你們的 AIX 軟體套件、遠端設備監控解決方案（我假設這些都能提升毛利率）？另外就強勁的營業利益率來看，我確實注意到該部門的營業費用（OpEx）季減約 8%。那只是成本效率措施所致，還是這個差額會在本季回升？

All right, thanks for the question. So on the gross margins there, I think the mix to more transactional and more spare parts in a quarter have helped us. So that's one of the drivers. You're right, the new service products that we're providing also help from a margin perspective. So I think those are the major drivers. And I think on the expense side, we did some restructuring that helped us with expenses.

好的，謝謝你的問題。關於毛利率，我認為本季組合轉向更多交易型（transactional）業務以及更多備品（spare parts）對我們有幫助。所以這是其中一個驅動因素。你說得沒錯，我們提供的新服務產品從毛利角度也有幫助。所以我認為主要驅動因素就是這些。至於費用端，我們做了一些重整（restructuring），也幫助降低了費用。

So but I would expect that we're continuing to invest in that business. We're building a training center. We're adding to our customer engineers and essentially expanding for the ramp at this point. So no change in expectations from a spending perspective. I think the margins are at a healthy spot at this point.

所以我預期我們會持續投資這項業務。我們正在建置一個訓練中心。我們正在增加客戶工程師人力，基本上是在此刻為產能爬坡進行擴編。因此從支出角度來看，預期沒有改變。我認為目前的毛利率處於健康水準。

Atif Malik, Citi.

Atif Malik，花旗。

Hi. Thank you for taking my question. Gary, with your acquisition of NEXX in panel-level packaging, can you help us understand how does that fit with your JV with BESI and what is the adoption timeline for a large panel packaging?

嗨。謝謝讓我提問。Gary，關於你們在面板級封裝收購 NEXX，你能否協助我們理解這與你們和 BESI 的合資公司（JV）如何契合？以及大尺寸面板封裝的導入時程是什麼？

Thanks for the question, Atif. So I would say that we are the leader in packaging. I mentioned earlier on the call, we're going to grow that business over 50% this year. And I would say that in the entire semiconductor industry, this is one of the most exciting areas driving compute architecture innovation. So how you connect computing components together in large body sizes is an enormous focus for everybody. So at Applied, we have been investing, you mentioned the hybrid bonding technology and the acquisition of NEXX, it's a leading supplier of large area, packaging electroplating.

謝謝你的問題，Atif。我會說我們是封裝領域的領導者。我在電話會議前面提到，我們今年會讓這項業務成長超過 50%。而且我會說，在整個半導體產業中，這是推動運算架構創新最令人興奮的領域之一。因此，如何在大尺寸封裝中把運算元件連接在一起，是所有人都高度關注的重點。在應用材料（Applied），我們一直在投資；你提到的混合鍵合技術以及收購 NEXX，NEXX 是大面積封裝電鍍的領先供應商。

There are a number of different innovations that we're driving. And this fits into that overall strategy where we also have a full flow packaging EPIC center that is the only one in the industry. We're engaged with all of our existing customers -- and then also there are a number of people working on new large body size architectures, again, to really drive tremendous improvements in performance and power, the tokens per second per watt.

我們正在推動多項不同的創新。這也符合我們的整體策略；我們同時擁有完整流程封裝 EPIC 中心，而且是業界唯一的一個。我們與所有既有客戶合作——同時也有許多人在開發新的大尺寸架構，再次強調，目的是大幅提升效能與功耗表現，也就是每瓦每秒可處理的 token 數（tokens per second per watt）。

So this is all part of that overall strategy that we've been investing in the last few years. You see, again, over 50% growth this year in our packaging business. Next year, we anticipate also strong growth. And the timing for those architectures, I would say that there is a tremendous amount of focus to bring those architectures to market as fast as possible.

所以這些都是我們過去幾年持續投資的整體策略的一部分。你可以看到，我們今年封裝業務再次成長超過 50%。明年我們也預期會有強勁成長。至於這些架構的時程，我會說大家都非常聚焦，要盡快把這些架構推向市場。

I'd really rather not comment on specific timing. I would just say that Applied, we have deep connectivity across the entire ecosystem with all of those people that are driving those new architectures. We have the broadest packaging portfolio in the industry, and we are really at the foundation of the key innovations needed to enable those new architectures.

我比較不想評論具體時點。我只想說，Applied 在整個生態系中與所有推動這些新架構的人都有深度連結。我們擁有業界最廣的封裝產品組合，而且我們確實站在支撐這些新架構所需關鍵創新的基礎位置。

As a follow-up, Brice, I understand you guys do not comment on a particular project, but you said there are 10 new projects in the pipeline and there's a lot of investor interest in Terafab. Will that be a project that will be in the pipeline or is that more like next year?

追問一下，Brice，我理解你們不會評論特定專案，但你提到管線中有 10 個新專案，而且投資人對 Terafab 很有興趣。那會是管線中的專案嗎？還是比較像明年的事？

Well, just to correct the record, I said more than 10, and you're right, I can't name any -- I can't be specific about any of those.

嗯，先更正一下，我說的是超過 10 個；你說得對，我不能點名任何一個——也不能對其中任何一個做具體說明。

Krish Sankar, TD Cowan.

Krish Sankar，TD Cowan。

Thanks for taking my question. Gary, the first one for you. Applied had an interesting slide at SPIE that showed DRAM one delta node to be more or little intensive compared to one gamma. And obviously, you have a 4F-squared coming after that, which is more depth and edge intensive. So I'm wondering, do you expect one delta to be a big node? And if so, could that slow down the depth and edge intensity in DRAM on an interim basis?

謝謝讓我提問。Gary，第一個問題給你。Applied 在 SPIE 上有一張很有意思的投影片，顯示 DRAM 的 1-delta 節點相較於 1-gamma，深度與邊緣相關的製程強度差不多或略低。而且很明顯，之後還會有 4F-squared，這會更偏向深度與邊緣強度。所以我想問，你是否預期 1-delta 會是一個很大的節點？如果是的話，是否可能在過渡期間放緩 DRAM 的深度與邊緣強度提升？

Thanks, Krish, for the question. So let me, from an overall standpoint, DRAM, we are the number one process equipment provider. And there's innovation happening at 6F-squared, 4F-squared, and certainly going forward to 3D DRAM. So if I look at Applied in terms of near-term innovation, periphery CMOS logic being upgraded for higher performance and lower power transistors is a strong driver for our DRAM business, including very strong growth in Epi. Of course, in DRAM, HBM packaging is a huge focus for everyone.

謝謝你的問題，Krish。先從整體來看，在 DRAM 方面，我們是第一大的製程設備供應商。而且在 6F-squared、4F-squared，乃至於未來走向 3D DRAM，都有創新正在發生。如果我看 Applied 的近期創新，周邊（periphery）的 CMOS 邏輯為了更高效能與更低功耗的電晶體而升級，是推動我們 DRAM 業務的重要動能，其中也包含外延（Epi）的強勁成長。當然，在 DRAM 方面，HBM 封裝是所有人都高度聚焦的重點。

Stacking more chips vertically -- and then for Applied materials deposition with wiring and patterning, and we have very strong positions, leadership in conductor edge and e-beam technologies in DRAM. So what I would say is that there is a lot of innovation happening in 6F-squared that really extends our process equipment leadership and is contributing to the growth that we're talking about on the call here today.

把更多晶片做垂直堆疊——而對 Applied 而言，材料沉積、配線與圖案化等，我們在 DRAM 的導體蝕刻（conductor etch）與電子束（e-beam）技術上都有非常強的地位與領先優勢。所以我會說，在 6F-squared 上有很多創新正在發生，這些創新確實延伸了我們的製程設備領導地位，也正在貢獻我們今天在電話會議中談到的成長。

And we're even better positioned for 4F-squared and 3D DRAM. I think if you remember, over the last little more than 10 years, we gained 10 points of overall share in WFE and DRAM. We've been really performing incredibly well over the last few years, and then this year is another great year for our DRAM business.

而且在 4F-squared 與 3D DRAM 上，我們的布局更好。如果你還記得，在過去 10 年多一點的時間裡，我們在 WFE 與 DRAM 的整體市占率提升了 10 個百分點。過去幾年我們的表現非常出色，而今年對我們的 DRAM 業務來說又是另一個很棒的一年。

So I think for Applied, we're in a great position. And relative to litho intensity, I believe that going forward, for sure, materials intensity will increase, especially with 3D DRAM, and we're in a great position with 6F-squared innovation, 4F-squared and 3D DRAM.

所以我認為對 Applied 來說，我們處於非常有利的位置。至於相對於微影（litho）強度，我相信往前看，材料強度肯定會提高，尤其是在 3D DRAM；而我們在 6F-squared 的創新、4F-squared 以及 3D DRAM 上都處於很好的位置。

Thanks for that, Gary. And this is a quick follow-up either for you or Brice. I understand your customers were giving visibility into 2028. I understand for your capacity and personal planning purposes, but also some new greenfield and NAND scheduled for 2028. Is it fair to assume '28 could be another growth year for WFE after impressive '26 and the '27? Or is it too early to make the call?

謝謝你，Gary。這是一個快速追問，給你或 Brice 都可以。我理解你們的客戶已經能見度看到 2028 年。我理解這對你們的產能與人力規劃很重要，而且也有一些新的綠地（greenfield）以及 NAND 專案排在 2028 年。是否可以合理假設，在 2026 年與 2027 年表現亮眼之後，2028 年 WFE 也可能是另一個成長年？還是現在下結論還太早？

We don't think it's too early, Krish. I think we think it's secular growth. AI is the headline workload that's driving the secular growth. So we think you'll see more and more capacity plans from customers. That's the expectation. Right now, it is factory-limited, as we've said, but we expect customers to continue adding projects to grow the outlook.

我們不認為現在太早，Krish。我們認為這是結構性成長（secular growth）。AI 是推動這種結構性成長的頭條工作負載。所以我們認為你會看到客戶提出越來越多的產能規劃。這就是我們的預期。目前如我們所說，仍受限於工廠產能，但我們預期客戶會持續新增專案，以提升整體展望。

Shane Brett, Morgan Stanley.

Shane Brett，摩根士丹利。

Thank you for letting me ask a question. And my first question is, so the Gartner data showed that your conductor etch market share picked up about 300 basis points in 2025, despite weaknesses in other areas of your portfolio.

謝謝讓我提問。我的第一個問題是，Gartner 的資料顯示，儘管你們產品組合的其他領域較為疲弱，你們的導體蝕刻（conductor etch）市占率在 2025 年提升了大約 300 個基點。

Apologies, this is a bit of a trailing, backwards-looking question, but how should we think about where those share gains come from? How should we think about your past towards being a market leader in this space? And where are those sort of incremental share gains going forward going to come from if you conduct your edge business? Thank you.

抱歉，這是一個比較回顧、偏向過去的問題，但我們應該如何理解這些市占提升是從哪裡來的？我們應該如何看待你們過去朝向成為這個領域市場領導者的路徑？以及往前看，如果以你們的導體蝕刻業務而言，這些增量市占的來源會是哪些？謝謝。

Yeah, Shane, thanks for the question. So etch, let me talk about going forward, and then I'll talk about the overall market environment. So this year, etch will be one of our fastest-growing businesses this calendar year, and Applied is number one in conductor etch for leading-edge, foundry-logic, gate all-around nodes and number one in conductor etch for DRAM. And both of those areas I talked about earlier on the call are some of the fastest-growing, certainly in '26 and going forward.

好的，Shane，謝謝你的問題。關於蝕刻（etch），我先談往前看，再談整體市場環境。今年蝕刻將會是我們本曆年成長最快的業務之一；Applied 在先進製程方面——晶圓代工邏輯（foundry-logic）、環繞閘極（gate-all-around）節點——的導體蝕刻是第一名，在 DRAM 的導體蝕刻也是第一名。而我在電話會議前面提到的這兩個領域，無疑都是 2026 年以及往後成長最快的一些領域。

So we've been building a stronger position in leading-edge foundry-logic. We've always been very strong in DRAM. And in our products, Sym3 is the fastest ramping product in applied history. We recently talked in one of our Master Classes about our new Sym3 platform. We've seen strong adoption there with more than 250 chambers, multi hundreds of millions of dollars of growth in etch. So I think we're really, really in a great position, as I said, one of the fastest-growing businesses this calendar year.

因此，我們一直在先進晶圓代工邏輯（foundry-logic）領域建立更強的布局。我們在 DRAM 一直都非常強。而在我們的產品中，Sym3 是應用材料歷史上導入速度最快的產品。我們最近在其中一堂 Master Class 中談到我們新的 Sym3 平台。我們看到那裡的採用非常強勁，已部署超過 250 個腔體（chambers），在蝕刻（etch）方面帶來數億美元規模的成長。所以我認為我們確實、確實處於非常有利的位置；如我所說，這是本曆年成長最快的業務之一。

The other thing is really the opportunity for us to co-optimize across our whole portfolio. So when we're working with our customers on new architectures, whether it's gate-all-around or wiring or new DRAM architectures, really that opportunity to co-optimize helps us. We have great technology, but also we have great integration capabilities that's helping us grow this business at a high rate.

另一點其實是我們能在整個產品組合上進行共同最佳化（co-optimize）的機會。因此，當我們與客戶合作新架構時，無論是環繞式閘極（gate-all-around）、佈線（wiring）或新的 DRAM 架構，這種共同最佳化的機會確實能幫助我們。我們擁有很強的技術，同時也具備很強的整合能力，這正在幫助我們以高成長率擴大這項業務。

Great. Thank you. And for my follow-up, this may be a little bit critical, but your process control market share continues to decline. Contrary to conductor etch where you are seeing share gains. My question is just how do you see the strategic importance of your process control business within your broader franchise? Thank you.

很好。謝謝。接著追問一下，這可能有點尖銳：你們的製程控制（process control）市佔率持續下滑。這與你們在導體蝕刻（conductor etch）看到市佔提升形成對比。我的問題是：你們如何看待製程控制業務在你們更廣泛事業版圖中的策略重要性？謝謝。

Well, I believe this is one of our best opportunities overall within Applied Materials. So last year, we grew this business at a high rate. This year, PDC is going to be one of our fastest-growing businesses. And I'm very, very positive on the growth in '26, and I'm even more positive about our growth going forward. We have clear leadership in e-beam with our cold field emission technology that gives us the highest resolution and the fastest imaging.

我認為這是我們在應用材料整體之中最好的機會之一。去年我們以很高的速度成長了這項業務。今年，PDC 將會是我們成長最快的業務之一。我對 2026 年的成長非常、非常正面，而對未來的成長我更有信心。我們在電子束（e-beam）方面具備明確的領先地位，冷場發射（cold field emission）技術讓我們擁有最高解析度與最快成像速度。

This year, our optical inspection business is also on track for strong growth. We have a great pipeline of new technologies that we're going to introduce over the next couple of years that will also drive significant growth in PDCs. So one of our fastest-growing businesses this year, positioned for strong growth in '27 and as we go forward.

今年，我們的光學檢測（optical inspection）業務也正朝著強勁成長的軌道前進。我們有一條很強的新技術產品管線，將在未來幾年推出，這也會推動 PDC 顯著成長。因此，這是我們今年成長最快的業務之一，並且在 2027 年及往後都具備強勁成長的定位。

And the other thing I would add is there's great synergy with our e-beam leadership with the rest of Applied Materials in accelerating learning rate. So our process equipment teams, they're using this leadership in e-beam imaging to optimize processes at a faster pace, so that is helping us to drive growth in our process equipment business on top of PDC being a great growth business in and of itself.

另外我想補充的是：我們在電子束領先地位與應用材料其他業務之間具有很強的協同效應，可加速學習速率（learning rate）。因此，我們的製程設備團隊正在利用我們在電子束成像上的領先優勢，以更快的速度最佳化製程；這不僅讓 PDC 本身成為很好的成長業務，也進一步帶動我們製程設備業務的成長。

So again, I don't share your view on the perspective on the business. I think this is a great business, one of our fastest growing this year, and I'm very optimistic we're going to keep this growth going forward.

所以再次強調，我不認同你對這項業務的看法。我認為這是一門很好的業務，是我們今年成長最快的業務之一，而且我非常樂觀我們會在未來持續維持這樣的成長。

Joe Quatrochi, Wells Fargo.

Joe Quatrochi，富國銀行（Wells Fargo）。

Yeah, thanks for taking the question. I was wondering if you could talk about the supplies position for greenfield versus upgrades. I would assume given their portfolio debts and just the number of new greenfield fab projects expanding into next year, how do we think about just the accelerating growth opportunity for Applied relative to peers?

是的，謝謝讓我提問。我想請你談談在新建廠（greenfield）相較於升級（upgrades）方面的耗材（supplies）布局。我猜想，考量你們的產品組合深度，以及明年仍有大量新的綠地晶圓廠專案擴張，我們該如何看待應用材料相對同業加速成長的機會？

Hi, Joe, it's Brice. Yeah, I think most of the projects we track are greenfield projects, especially on the logic side. We do very well on greenfield. That's probably the best intensity from an Applied perspective. We also do well on upgrades. The one place that that's different is NAND. We don't participate as much in upgrades.

嗨，Joe，我是 Brice。是的，我認為我們追蹤的大多數專案都是綠地專案，特別是在邏輯端。我們在綠地專案表現非常好。從應用材料的角度來看，那可能是最好的強度（intensity）。我們在升級方面也做得不錯。唯一不同的是 NAND。我們在升級方面的參與度沒有那麼高。

But I think what you're seeing in the environment is just a continued search for more and more floor space and more equipment being put in place. You see that in DRAM, you see that in leading-logic, and of course, that's been the case in ICAPS as new significant new capacity has been added over the last several years. So I think a lot of that investment is greenfield.

但我認為你在環境中看到的是：持續尋找更多、更多的廠房面積（floor space），以及持續導入更多設備。你在 DRAM 看到這點，在先進邏輯（leading-logic）也看到；當然，在 ICAPS 也是如此，因為過去幾年新增了相當可觀的新產能。所以我認為其中很大一部分投資都是綠地投資。

And then as a follow-up, increasing the AGS long-term growth expectation. Can you help us just kind of bridge the gap? I think the prior target had included the 200-millimeter business that's now moving the systems. So I guess like how do we think about the impact of that for the increase in the growth expectation?

接著追問：你們上調了 AGS 的長期成長預期。能否協助我們把差異銜接起來？我記得先前的目標包含了 200 毫米業務，但現在那部分已轉到系統（systems）部門。所以，我們該如何看待這件事對成長預期上調的影響？

Yeah, Joe. So that should be a clean look at this point. So we've moved the 200-millimeter equipment business and restated our financials to recast our financials. So that's all in our systems business at this point. So when we look forward on AGS, we're only talking about the services business. And you may have heard, I just updated our outlook for that and said mid-teens for the AGS business is sort of a good multi-year growth rate assumption.

好的，Joe。到目前為止，這應該可以用更乾淨的方式來看。我們已把 200 毫米設備業務移轉，並且重述（restated）我們的財務報表以重新分類（recast）財務數字。因此，那部分現在都歸在我們的系統業務之中。所以當我們往前看 AGS 時，我們談的只會是服務（services）業務。你可能也聽到我剛更新了對此的展望，並表示 AGS 業務以中十位數（mid-teens）的多年期成長率假設是合理的。

And then we expect to be higher this year because we have an increase in utilization across the ecosystem and an increase in the number of new fabs ramping relative. So there's a step up this year that helps that business be higher than the mid-teens.

另外，我們預期今年會更高，因為整個生態系的設備稼動率（utilization）提升，且相較之下有更多新晶圓廠正在爬坡（ramping）。因此，今年有一個向上的台階（step up），使得該業務表現高於中十位數的水準。

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

很好。接線員，我們今天還有時間再回答兩個問題，謝謝。

Jim Schneider, Goldman Sachs.

Jim Schneider，高盛（Goldman Sachs）。

Good evening. Thanks for taking my question. Your mix of business this quarter pivoted quite strongly, again, to foundry-logic. I'm curious, as you look into the back half of this year, whether you see more of a return to spending in greater concentration to DRAM. And then on a preliminary basis, as you're looking into 2027, which do you expect to be the fastest-growing technology area?

晚安。謝謝讓我提問。你們本季的業務組合再次相當明顯地轉向晶圓代工邏輯（foundry-logic）。我想了解，當你們展望今年下半年時，是否會看到支出更集中回到 DRAM？另外，初步來看，當你們展望 2027 年時，你們預期哪一個技術領域會是成長最快的？

Yes, in the second half, it goes back to the theme that we've been describing. You're going to see strong growth in leading-edge logic, in DRAM, in advanced packaging, and actually NAND also. So you're seeing a pull really from the headliner AI across the entire end market grouping with the exception of ICAPs. \

是的，在下半年，這會回到我們一直在描述的主題。你會看到先進邏輯、DRAM、先進封裝（advanced packaging）都會有強勁成長，實際上 NAND 也會。所以你看到的是：由 AI 這個頭條需求（headliner）帶動，幾乎拉動整個終端市場組合，除了 ICAPs 之外。\

So ICAPs goes back to -- there will be some digestion with all the capacity that's been put in place the past couple of years. And we didn't call a fast grower between DRAM and leading-logic. I think both of those will be accelerating in the second half.

至於 ICAPs，則回到——過去幾年已建置了大量產能，接下來會有一些消化（digestion）。而我們並沒有在 DRAM 與先進邏輯之間點名哪一個會是更快的成長者。我認為這兩者在下半年都會加速。

And then as you look at your customers' longer-term plans, can maybe share where they're seeing the greatest upside to the longer-term forecast across those same areas? Thank you.

另外，當你們看客戶的長期規劃時，是否能分享在同樣這些領域中，他們認為長期預測最大的上行空間（upside）在哪裡？謝謝。

It's a good question. I think we haven't answered which one between DRAM and leading-logic will be the most growth across the multi-year horizon. We think both of those will be very strong and actually advanced packaging goes right with it.

這是個好問題。我想我們尚未回答在多年期的時間範圍內，DRAM 與先進邏輯之間哪一個會是成長最多的。我們認為兩者都會非常強勁，而先進封裝其實也會同步走強。

On the NAND, we see we did raise our BIC growth forecast for NAND, so probably a few percentage points and at least our view is it will still be satisfied by upgrades. So we don't expect a lot of new wafer starts on the NAND side, but we do think the demand forecast for BIC has gone up on end.

在 NAND 方面，我們看到我們確實上調了對 NAND 的 BIC 成長預測，可能上調了幾個百分點；而且至少以我們的觀點來看，這仍將可透過升級來滿足。因此，我們不預期 NAND 端會有大量新的晶圓開工（wafer starts），但我們確實認為，最終端對 BIC 的需求預測已經上升。

Jim, just also part of the question you asked earlier, we see a similar profile in '27 to what we're seeing in '26, and really that's being driven by AI computing. The markets that are growing the fastest in '26, we think they continue to grow at that same rate as a percentage of the mix in '27 and going forward.

Jim，另外也回到你先前問的問題，我們看到 2027 年的走勢與 2026 年相似，而這主要是由 AI 運算所驅動。我們認為，2026 年成長最快的市場，在 2027 年以及往後，仍會以相同的速度成長，並在組合占比中維持同樣的成長率。

Melissa Weathers, Deutsche Bank.

Melissa Weathers，德意志銀行。

Hi, thank you so much. I just want to touch really quickly on the ICAPS side that Brice kind of just talked about. But I think if we look at a lot of the analog reports this earnings season, it does seem like inventories are starting to lean out and maybe utilizations of those are starting to get better. So I realize it's not the fastest growing part of your business. But any updated outlook you guys have on maybe when we could see some more material spending on that core ICAPS business going forward?

嗨，非常感謝。我想很快地談一下 Brice 剛剛提到的 ICAPS 方面。不過我想，如果我們看看這個財報季許多類比（analog）公司的報告，似乎庫存開始去化，產能利用率也可能開始改善。所以我知道這不是你們業務中成長最快的部分。但你們對於未來核心 ICAPS 業務何時可能看到更具實質性的支出，有沒有更新的展望？

Hi, Melissa, good question, and that's a great point. There are some strong areas in ICAPS. I think analog and photonics, power chips are all areas that we're seeing that are very strong. So that makes sense to us. I would just encourage investors to think ICAPS is still a very strong market. It's one of our largest markets.

嗨，Melissa，問得很好，這點非常到位。ICAPS 裡確實有一些很強勁的領域。我認為類比與光子（photonics）、功率晶片（power chips）都是我們看到非常強勁的領域。所以這對我們來說是合理的。我會鼓勵投資人把 ICAPS 視為仍然非常強勁的市場。它是我們最大的市場之一。

I think this is the first year in a few years where leading-logic is actually ahead of ICAPS, but ICAPS is still plugging along, still adding capacity at a significant rate. It will just be -- it just won't grow a lot year-over-year until we digest the capacity. The utilizations have improved in ICAPs, so to your point, I think 300-millimeter utilizations are in a very healthy range at this point.

我想這是幾年來第一次，先進邏輯（leading-logic）實際上領先 ICAPS，但 ICAPS 仍在持續推進，仍以顯著的速度增加產能。只是——在我們消化這些產能之前，它的年對年成長不會很高。ICAPS 的產能利用率已經改善，所以如你所說，我認為目前 300 毫米的產能利用率處於非常健康的區間。

So when we look forward, we expect ICAPs from an equipment perspective to eventually start growing at the same rate the devices are, which is mid to high single-digits. We just have to get past this period where utilizations catch up with the installed capacity.

因此，往前看，從設備的角度，我們預期 ICAPS 最終會開始以與裝置（devices）相同的速度成長，也就是中到高個位數成長。我們只是需要度過這段產能利用率追上既有裝機產能的期間。

Got it. Thank you. If I can squeeze one last one in and end the call. Just the EPIC Center, I know you guys are a couple of months away from unveiling that. So just any last couple statements you can make on what that could do to drive innovation? And I don't know if it would be share gains or competitive advantage, but anything on the EPIC Center we should look forward to?

了解。謝謝。如果我可以再塞最後一題，然後結束這通電話。關於 EPIC Center，我知道你們再過幾個月就要揭幕了。所以你們是否能再補充幾句，它可能如何推動創新？我不確定這會是市占提升或競爭優勢，但關於 EPIC Center，有沒有什麼是我們應該期待的？

Yeah, thanks, Melissa. I'm really excited about the EPIC Center. I mean, again, all of our customers in the entire ecosystem really is in a race for leadership for AI computing. That is really driving our businesses in leading-edge foundry-logic, DRAM, high-bandwidth memory, and Advanced Packaging.

好的，謝謝你，Melissa。我對 EPIC Center 真的非常興奮。我的意思是，再次強調，我們整個生態系的所有客戶，確實都在競逐 AI 運算的領導地位。這正驅動我們在先進晶圓代工邏輯（leading-edge foundry-logic）、DRAM、高頻寬記憶體（HBM）以及先進封裝（Advanced Packaging）等業務的成長。

And really, when you think about architecture innovation, Applied Material innovations are really at the foundation of all of those architecture innovations across all of those fast-growing segments. So having our customers and partners co-located with these technologies that are enabling the architecture innovations here in our EPIC Center and co-located with our innovators is going to be an acceleration for Applied and for the entire industry.

而且，當你思考架構創新時，應用材料（Applied Materials）的創新，確實是所有這些快速成長領域中各種架構創新的基礎。因此，讓我們的客戶與合作夥伴與這些能夠促成架構創新的技術共同進駐——在我們的 EPIC Center 與我們的創新者同地協作——將會加速 Applied 以及整個產業的發展。

We've announced eight partners that we talked about earlier, TSMC, Samsung, Hynix, Micron, Advantest, ASU, RPI, Stanford, and we will be adding more soon. For Applied, it gives us better multi-node visibility because, again, we're working many generations out in the future with all of these different companies and really co-innovating.

我們已宣布八個合作夥伴，先前也提到過：台積電、三星、海力士、美光、愛德萬測試（Advantest）、亞利桑那州立大學（ASU）、倫斯勒理工學院（RPI）、史丹佛大學；而且我們很快也會再加入更多合作夥伴。對 Applied 而言，這讓我們能更好地掌握多節點（multi-node）的能見度，因為再次強調，我們正與這些不同公司一起，針對未來多個世代進行合作創新。

We are working with them to create these new architectures in the EPIC Center. And it also enables us to be designed in with our equipment and our advanced services for those new architectures. So I'm really excited about the EPIC Center. I think this is the right strategy at the right time, and it's going to be an accelerator for our customers and for Applied Materials.

我們正與他們在 EPIC Center 一起打造這些新架構。這也讓我們能以我們的設備與先進服務，參與並被納入這些新架構的設計之中（designed in）。所以我對 EPIC Center 真的非常興奮。我認為這是在對的時間採取對的策略，並且將成為我們客戶與應用材料的加速器。

Well, thank you, Melissa, for your questions. And now, Brice, would you like to give us your closing thoughts?

好的，Melissa，謝謝你的提問。接下來，Brice，你願意給我們一些結語嗎？

Excellent. Thanks, Mike. We're really pleased with the investments we've made. It puts us in a great position as AI drives incremental demand across the industry. We're in a strong position to grow revenue, expand margins, and increase operating leverage. We have a number of upcoming events to call to your attention.

非常好。謝謝你，Mike。我們對已進行的投資感到非常滿意。當 AI 推動整個產業的增量需求時，這讓我們處於非常有利的位置。我們具備強勁的條件來推動營收成長、擴大毛利率，並提升營運槓桿。接下來有幾個即將到來的活動想提醒各位。

Next week, Tim Deane from our Services business will be at the JPMorgan Conference in Boston. The following week, Gary will be at the Bernstein Conference in New York. And the week after that, I'll be at the BofA conference in San Francisco. We hope to see many of you at those events. Mike, please go ahead and close the call.

下週，我們服務事業群的 Tim Deane 將出席在波士頓舉行的摩根大通（JPMorgan）研討會。再下一週，Gary 將出席在紐約舉行的伯恩斯坦（Bernstein）研討會。而再下一週，我將出席在舊金山舉行的美銀（BofA）研討會。我們希望能在這些活動中見到各位。Mike，請你來結束本次電話會議。

All right, great. Thank you, Brice. And we'd like to thank everybody for joining us today. A replay of the call is going to be available on the IR page of our website by 05:00 Pacific time. And we would now like to thank you for your continued interest in Applied Materials.

好的，很好。謝謝你，Brice。也感謝各位今天加入我們。本次電話會議的重播將於太平洋時間 05:00 前後在我們網站的投資人關係（IR）頁面提供。我們也在此感謝各位持續關注應用材料。

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

各位女士、先生，感謝您參與今天的會議。本次議程到此結束。您現在可以掛線。祝您有美好的一天。