應用材料 (AMAT) 2026 Q3 法說會逐字稿

Welcome to the Applied Materials third 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.

歡迎收聽應用材料公司 2026 會計年度第三季財報電話會議。(接線員指示) 現在我將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. 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.

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。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。有關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 日曆年度的評論，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'd like to remind you about our two special events during SEMICON West. On Monday afternoon, October 12, we will host an unveiling of the new EPIC Center in Silicon Valley, 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，我想提醒各位我們在 SEMICON West 期間的兩場特別活動。10 月 12 日（週一）下午，我們將在加州矽谷舉辦全新 EPIC Center 的揭幕活動。10 月 13 日（週二）上午，我們也希望各位能與 Gary、Brice 以及我們的事業部領導團隊一同參加在舊金山 Yerba Buena Center 舉行的投資人早餐簡報。您可以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，接下來我將把電話交給 Gary Dickerson。

Thank you, Mike. In our third fiscal quarter of 2026, Applied Materials delivered another set of record-breaking results, including the highest quarter-on-quarter revenue growth in the company's history. The rapid global build-out of AI infrastructure combined with Applied's leadership positions in the most enabling and highest value technologies for AI computing provides the company with an exceptionally strong foundation for multiyear revenue and profit growth.

謝謝你，Mike。在 2026 會計年度第三季，應用材料再度交出一組破紀錄的成果，包括公司史上最高的季對季營收成長。全球 AI 基礎設施的快速建置，加上應用材料在 AI 運算最關鍵、價值最高的技術領域所具備的領先地位，為公司奠定了極為堅實的基礎，可望帶動多年期的營收與獲利成長。

As 2026 has progressed, customers have found new ways to address clean room space constraints and significantly increased their demand for tool deliveries. In the past threee months, we have again made upward revisions to our revenue growth forecast for the year, and we are confident we will grow faster than the overall market.

隨著 2026 年的推進，客戶已找到新的方式來因應無塵室空間限制，並大幅提高對設備交付的需求。在過去三個月中，我們再次上調了今年的營收成長預測，並且有信心我們的成長速度將快於整體市場。

As AI computing drives unprecedented demand for semiconductors, there is a large gap between demand and supply for advanced chips. To ensure our supply chain and field teams can support their ramps, our largest customers are giving us longer-term commitments and rolling eight-quarter forecasts.

隨著 AI 運算帶動前所未有的半導體需求，先進晶片的需求與供給之間存在巨大的缺口。為確保我們的供應鏈與現場團隊能支援客戶的擴產爬坡，我們最大的客戶正提供更長期的承諾，並提供滾動式八季預測。

This increased demand visibility gives us high confidence that 2027 will be another strong growth year for Applied Materials. As customers move quickly to bring new fab capacity online, while simultaneously optimizing yield and output of their existing production facilities, we also see strong incremental demand for our advanced service solutions.

需求能見度的提升，使我們對 2027 年將是應用材料另一個強勁成長年度充滿信心。隨著客戶快速讓新晶圓廠產能上線，同時優化既有生產設施的良率與產出，我們也看到對先進服務解決方案的強勁增量需求。

In my prepared remarks, I will share my views on how AI is resizing and reshaping the semiconductor industry and its ability to realize the value of advanced technology. I will describe the increasing value applied to delivering to our customers by accelerating their technology road maps, optimizing existing production capacity and helping ramp new fabs faster. And I'll provide a brief update on our EPIC strategy as we prepare to start operations in our new EPIC Center in Silicon Valley.

在我預先準備的談話中，我將分享我對 AI 如何擴大並重塑半導體產業，以及其如何實現先進技術價值的看法。我也將說明我們為客戶創造的價值正持續提升，包含加速其技術藍圖、最佳化既有產能，以及協助新晶圓廠更快爬坡。最後，在我們準備於矽谷新 EPIC Center 開始營運之際，我也會簡要更新我們的 EPIC 策略。

As I have said before, I strongly believe that AI is the biggest and most consequential technology inflection of our lifetimes. While we are still in the early innings of deployment, AI is reshaping the global economy and becoming fundamental to the relative competitiveness of companies. What I am seeing at Applied Materials is a great case study in AI's real-world impact. Our investments in AI are on track to deliver compelling returns by accelerating our revenue growth and operating profit margins.

如我先前所說，我堅信 AI 是我們一生中最大、且影響最深遠的技術轉折點。雖然我們仍處於部署的早期階段，AI 正在重塑全球經濟，並成為企業相對競爭力的基礎。我在應用材料所看到的，是 AI 在真實世界影響力的一個絕佳案例研究。我們在 AI 方面的投資正按計畫推進，預期將透過加速營收成長與提升營業利潤率，帶來具吸引力的回報。

In R&D and services, we are using AI to create highly differentiated products, significantly speed up product development time lines and create valuable new service solutions for customers. In operations, supply chain and our corporate functions, AI is helping us ramp faster, drive meaningful improvements in productivity and scale our revenue significantly faster than our head count.

在研發與服務方面，我們運用 AI 打造高度差異化的產品，大幅縮短產品開發時程，並為客戶創造有價值的新服務解決方案。在營運、供應鏈以及公司職能方面，AI 正協助我們更快擴產爬坡、推動生產力的顯著改善，並使我們的營收擴張速度明顯快於人力規模的成長。

Beyond Applied, we see similar trends playing out across a wide variety of industries. As the performance and cost of AI computing improves, many new applications will become technically viable and economically attractive. These expansive opportunities for value creation are fueling an intense global competition for AI leadership, which can be described as two concurrent races.

在應用材料之外，我們也看到類似趨勢正在各式各樣的產業中上演。隨著 AI 運算的效能提升、成本下降，許多新的應用將在技術上可行、在經濟上具吸引力。這些廣泛的價值創造機會，正引發全球對 AI 領導地位的激烈競爭，可概括為同時進行的兩場賽跑。

The first race is for technology leadership. AI data center returns are determined by the number of tokens generated per second and the total cost of ownership, which is dominated by energy consumption. Improvements in token per second per watt are primarily driven by innovations in semiconductor devices and systems. This can be seen in the value the semiconductor and semiconductor equipment industries are generating from their most advanced technologies.

第一場賽跑是技術領先之爭。AI 資料中心的報酬取決於每秒產生的 token 數量以及總持有成本（TCO），而其中主要由能源消耗所主導。每瓦每秒 token 的改善，主要由半導體元件與系統的創新所驅動。這可從半導體與半導體設備產業在其最先進技術上所創造的價值看出。

The second race is for capacity as demand for advanced semiconductors to support AI infrastructure scaling far exceeds supply. As a result, chipmakers are intensely focused on increasing output and yields of their existing factories while rapidly building new ones.

第二場賽跑是產能之爭，因為支援 AI 基礎設施擴張所需的先進半導體需求遠遠超過供給。因此，晶片製造商正高度聚焦於提升既有工廠的產出與良率，同時快速興建新廠。

For Applied, the technology race and the capacity race are fueling new opportunities to create and capture value. In the race for technology leadership, leading edge foundry-logic, DRAM and advanced packaging have the greatest impact on AI computing performance, power efficiency and cost.

對應用材料而言，技術競賽與產能競賽正在催生新的價值創造與價值擷取機會。在技術領先之爭中，先進製程的晶圓代工邏輯、DRAM 與先進封裝，對 AI 運算的效能、能效與成本影響最大。

Together, we expect these areas to represent around 80% of wafer fab equipment growth in 2026 and 2027. These three areas are also where Applied has strong leadership positions, where we identified key AI inflections early, and where we've shifted our investments to build an innovative pipeline of next-generation solutions.

我們預期這些領域合計將在 2026 與 2027 年約占晶圓廠設備（WFE）成長的 80%。這三個領域也正是應用材料具備強勢領先地位之處；我們早期就辨識出關鍵的 AI 轉折點，並已調整投資方向，以建立下一代解決方案的創新產品管線。

In the past quarter alone, we have announced six new products, including our Centura Prime Epitaxy system, designed specifically for high-performance DRAM, Producer Avila that enables higher performance and higher layer count high-bandwidth memory, Nokota VMax, our next-generation plating system and Opta Quad CMP for advanced packaging and two new e-beam systems also for advanced packaging that expand on our e-beam leadership in the front end.

僅在上一季，我們就宣布了六項新產品，包括專為高效能 DRAM 設計的 Centura Prime Epitaxy 系統、可實現更高效能與更高層數高頻寬記憶體的 Producer Avila、Nokota VMax（我們的下一代電鍍系統）、用於先進封裝的 Opta Quad CMP，以及另外兩套同樣用於先進封裝的新 e-beam 系統，進一步延伸我們在前段製程 e-beam 領域的領先優勢。

Advanced packaging is one of the most important areas for AI compute innovation, and we see very strong multiyear growth for Applied. Applied is the overall leader in this market with strong positions in high bandwidth memory and 3D chiplet stacking, and we now expect our overall packaging revenues to grow more than 70% in calendar 2026.

先進封裝是 AI 運算創新的最重要領域之一，我們看好應用材料在未來多年將呈現非常強勁的成長。應用材料在此市場整體居於領導地位，在高頻寬記憶體與 3D chiplet 堆疊方面具備強勢布局；我們目前預期，按日曆年度計算，2026 年我們整體封裝營收將成長超過 70%。

We are also well positioned for future packaging inflections as the industry moves to new architectures and larger-sized panel formats. We have built a broad portfolio of next-generation technologies for panel, including digital lithography, deposition, etch and e-beam review.

隨著產業邁向新架構與更大尺寸的面板化（panel）格式，我們也已為未來的封裝轉折點做好布局。我們已建立涵蓋面板的廣泛下一代技術組合，包括數位微影、沉積、蝕刻以及 e-beam 檢測（review）。

In the global race to add semiconductor manufacturing capacity, our customers' ability to increase yield and output in their existing production fabs is incredibly valuable. This creates expanded opportunities for Applied to deliver new innovations in three key areas: Services, process diagnostics and control, and new products that increase wafer output per area of fab space.

在全球擴增半導體製造產能的競賽中，客戶提升既有量產晶圓廠良率與產出的能力極具價值。這為應用材料在三個關鍵領域提供了更大的創新機會：服務、製程診斷與控制，以及可在相同廠房空間面積下提升晶圓產出的新產品。

Our advanced service solutions enable customers to better optimize performance of their high-volume manufacturing operations. We already have more than 37,000 chambers in the field connected to our proprietary AIx software capabilities and use AI-powered monitoring, diagnostics and predictive analytics.

我們的先進服務解決方案可協助客戶更有效地最佳化其高產量製造營運的效能。目前我們已有超過 37,000 個現場腔體連接至我們專有的 AIx 軟體能力，並運用 AI 驅動的監控、診斷與預測分析。

Our advanced services are delivering yield improvements for customers and helping us drive higher growth rates in Applied Global Services. We now expect AGS to grow more than 20% in calendar 2026 and to deliver a sustainable long-term annual growth rate in the mid-teens.

我們的先進服務正為客戶帶來良率提升，並協助我們在應用全球服務（AGS）推動更高的成長率。我們目前預期 AGS 在 2026 曆年將成長超過 20%，並在長期維持每年約中十位數百分比的可持續成長率。

Our metrology and inspection product portfolio is also enabling customers to accelerate fab yields and output improvements. The most advanced logic and DRAM devices require more e-beam steps that can provide sub-nanometer resolution for high aspect ratio structures.

我們的量測與檢測產品組合也在協助客戶加速晶圓廠良率與產出提升。最先進的邏輯與 DRAM 裝置需要更多電子束（e-beam）步驟，才能為高深寬比結構提供次奈米解析度。

Applied has unique e-beam technology and is the leader in this growing market. In parallel, we are introducing new optical inspection products, which enable us to increase application share in these markets as well. As a result, we expect to grow our process diagnostics and control business more than 50% in calendar 2026, and we have a strong pipeline of new products that will fuel growth in 2027 and beyond.

應用材料擁有獨特的電子束技術，並且是這個成長中市場的領導者。同時，我們也正在推出新的光學檢測產品，使我們也能在這些市場提升應用占比。因此，我們預期在 2026 曆年將製程診斷與控制業務成長超過 50%，且我們擁有強勁的新產品管線，將在 2027 年及之後持續推動成長。

Finally, we are developing a new portfolio of output innovation products that increase the wafers that can be processed per square foot of clean room space. One example is our new Epitaxy system for DRAM that not only increases device performance, but also uses 20% less clean room space than our earlier products.

最後，我們正在開發一個新的產出創新產品組合，以提升每平方英尺無塵室空間可處理的晶圓數量。其中一個例子是我們用於 DRAM 的新外延（Epitaxy）系統，不僅提升元件效能，且相較我們先前產品可減少 20% 的無塵室空間使用。

We have multiple output innovation products in qualification at customer sites that will provide significant increases in output per unit area. With incredibly strong customer pull for next-generation technology and unprecedented demand for semiconductor manufacturing capacity, the value of time to market has never been greater.

我們有多項產出創新產品正在客戶端進行認證，將在單位面積產出上帶來顯著提升。在客戶對下一代技術有極其強勁的拉動力、且對半導體製造產能出現前所未有需求的情況下，上市時程的價值從未如此重要。

Our EPIC strategy is designed to increase innovation and commercialization velocity by creating earlier and deeper engagements with our customers and partners and co-locating key innovators. For chip makers, EPIC provides much earlier access to Applied's new product innovations that are at the foundation of future AI compute architectures.

我們的 EPIC 策略旨在透過與客戶與合作夥伴更早且更深度的互動，以及將關鍵創新者共同進駐，來提升創新與商業化速度。對晶片製造商而言，EPIC 能更早取得應用材料的新產品創新，而這些創新正是未來 AI 運算架構的基礎。

The output from EPIC will be more mature technology that can deliver high yields faster in volume manufacturing. For Applied, EPIC co-innovation programs will enable us to be designed in to new chip and packaging architecture inflections, increased R&D productivity and value sharing and provide better multi-node visibility to guide our investments and resource allocation.

EPIC 的產出將是更成熟的技術，能在量產製造中更快達成高良率。對應用材料而言，EPIC 的共同創新計畫將使我們能被設計導入新的晶片與封裝架構轉折點、提升研發生產力與價值分享，並提供更好的多節點能見度以引導我們的投資與資源配置。

Since our last earnings call, we announced that Broadcom will join EPIC as an innovation partner to accelerate the development of advanced chip packaging technologies for next-generation AI systems. We also signed EPIC partnership agreements with SCREEN and UC Berkeley.

自上次財報電話會議以來，我們宣布博通（Broadcom）將以創新合作夥伴身分加入 EPIC，以加速為下一代 AI 系統開發先進晶片封裝技術。我們也與 SCREEN 與加州大學柏克萊分校（UC Berkeley）簽署 EPIC 夥伴協議。

This brings our total number of announced EPIC engagements to 11, spanning system companies, leading chip makers, top research universities and innovation partners. The centerpiece of our EPIC platform is our brand-new EPIC Center in Silicon Valley. We will move the first R&D tool into the clean room next week and we are on track to start operations in the coming months.

這使我們已宣布的 EPIC 合作總數達到 11 項，涵蓋系統公司、領先的晶片製造商、頂尖研究型大學與創新合作夥伴。我們 EPIC 平台的核心是位於矽谷、全新的 EPIC 中心。我們將在下週把第一台研發設備移入無塵室，並按計畫在未來幾個月內開始營運。

Before I hand over to Brice, let me briefly summarize. Demand for advanced semiconductors and semiconductor equipment continues to strengthen, and as customers find new ways to address clean room space constraints, we see higher demand for 2026 tool deliveries. With support from our supply chain, we have again increased our expectations for 2026 revenue, and we are confident we will grow faster than the overall market this calendar year.

在我把時間交給 Brice 之前，先簡要總結。先進半導體與半導體設備的需求持續增強，且隨著客戶找到新的方式因應無塵室空間限制，我們看到 2026 年設備交付需求更高。在供應鏈的支持下，我們再次上調對 2026 年營收的預期，並有信心在本曆年成長速度將快於整體市場。

In the race for AI technology leadership, leading-edge foundry-logic, DRAM and advanced packaging have the greatest impact on AI computing performance, power efficiency and cost. These are areas where Applied has strong leadership positions and an innovative pipeline of next-generation solutions, supporting strong revenue and margin growth in 2027 and beyond.

在 AI 技術領導地位的競賽中，最先進的晶圓代工邏輯、DRAM 與先進封裝，對 AI 運算效能、能源效率與成本的影響最大。這些領域正是應用材料具備強勢領導地位、並擁有下一代解決方案創新管線的所在，將支撐 2027 年及之後強勁的營收與毛利成長。

And we're working closely with our customers to optimize yield, outputs and fab ramp times with valuable new innovations in services, process diagnostics and control and output innovation products. Brice, over to you.

我們也正與客戶緊密合作，透過服務、製程診斷與控制，以及產出創新產品等有價值的新創新，來最佳化良率、產出與晶圓廠爬坡時間。Brice，交給你。

Thanks, Gary. I'm pleased to share that Applied delivered another quarter of double-digit sequential and year-over-year growth in revenue, operating profit and non-GAAP earnings per share. Fiscal Q3 also marks our 13th consecutive quarter of year-over-year gross margin expansion, which demonstrates how we are benefiting from the tremendous value our products and services bring to our customers and the entire AI ecosystem.

謝謝，Gary。我很高興分享，應用材料在營收、營業利益與非 GAAP 每股盈餘方面，再次交出連續與年增皆為雙位數成長的一季。會計年度第三季也標誌著我們連續第 13 季毛利率年增擴張，顯示我們正受益於產品與服務為客戶及整個 AI 生態系帶來的巨大價值。

Our fiscal Q4 guidance demonstrates continued strong year-over-year momentum. And in the second half of the calendar year, we expect particularly strong growth in DRAM as well as leading-edge foundry-logic and the advanced packaging for both.

我們對會計年度第四季的指引顯示，年增動能仍然強勁。此外，在曆年下半年，我們預期 DRAM 以及最先進的晶圓代工邏輯，並包含兩者的先進封裝，都將呈現特別強勁的成長。

On today's call, I'll update you on the demand environment, discuss how we're scaling our operations for continued growth, demonstrate how value creation is expanding our gross margins, summarize our Q3 results and provide our Q4 guidance.

在今天的電話會議中，我將更新需求環境、說明我們如何擴大營運以支撐持續成長、展示價值創造如何推動毛利率擴張、總結第三季業績，並提供第四季指引。

Over the past quarter, the demand outlook has strengthened across all the leading indicators we track. Cloud service providers continue to increase their investments in AI infrastructure. Importantly, many of these companies are already generating positive returns on their investments. And so are their enterprise customers, including Applied.

在過去一季，我們追蹤的所有領先指標顯示需求展望均有所增強。雲端服務供應商持續加大對 AI 基礎設施的投資。重要的是，其中許多公司已經在投資上產生正向回報。他們的企業客戶也是如此，包括應用材料。

As Gary described, we are accelerating the pace of new product development, increasing revenue and generating new efficiencies in our support functions. In fact, G&A as a percentage of operating expenses has declined to the lowest level in our history.

如 Gary 所述，我們正在加快新產品開發速度、提升營收，並在支援職能中創造新的效率。事實上，一般與行政費用（G&A）占營運費用的比重已降至公司史上最低水準。

Turning to our direct customers, most leading-edge logic and DRAM fabs are running at full capacity. Utilization levels are rising across the board, including in ICAPS, where we see strong demand in AI-related markets like power and optical chips.

談到我們的直接客戶，多數最先進邏輯與 DRAM 晶圓廠正以滿載產能運轉。整體產能利用率普遍上升，包括在 ICAPS 領域；我們在與 AI 相關的市場（如功率與光學晶片）看到強勁需求。

As a result, our customers have announced more than 10 new fab projects just this quarter. Customers continue to give us longer visibility than we've ever had with some conversations now extending to 2030. These communications are valuable to our company and our own supply chain partners who are scaling with us to support our customers' growth forecast.

因此，我們的客戶僅在本季就宣布了超過 10 個新晶圓廠專案。客戶持續提供比以往更長期的能見度，有些對話目前已延伸到 2030 年。這些溝通對我們公司以及與我們一同擴張、以支援客戶成長預測的供應鏈夥伴都很有價值。

During the quarter, we officially opened our newest manufacturing center in Singapore, and combined with other expansions worldwide have nearly doubled our manufacturing space over the past several years. Based on the longer-term demand signals from our customers, we are now taking this further, hiring and training new manufacturing and customer support teams so that we have the capacity to double our quarterly system output from current levels by 2028.

本季期間，我們正式啟用位於新加坡的最新製造中心；加上全球其他擴建，我們在過去幾年幾乎將製造空間增加了一倍。基於客戶釋出的長期需求訊號，我們正進一步行動，招募並訓練新的製造與客戶支援團隊，使我們到 2028 年能將每季系統產出能力在目前水準上再翻倍。

In fact, we add more than 1,500 people this quarter in worldwide manufacturing and AGS customer support. We are also planning our next manufacturing capacity expansion, ensuring we have the option to support further increases in demand by 2030.

事實上，本季我們在全球製造與 AGS 客戶支援新增超過 1,500 名員工。我們也正在規劃下一階段的製造產能擴張，確保到 2030 年仍保有支援需求進一步增加的選項。

Next, I'll discuss value creation and sharing. Applied is delivering value to our customers in the AI ecosystem in more ways than ever before. We've increased R&D every year since Gary joined the company in 2012. And the investments have broadened from equipment innovations to materials engineering solutions that result in better chips.

接下來，我將談價值創造與分享。應用材料正以前所未有的多種方式，為 AI 生態系中的客戶創造價值。自 Gary 於 2012 年加入公司以來，我們每年都增加研發投入。而這些投資也從設備創新，擴展到能帶來更佳晶片的材料工程解決方案。

More recently, we've significantly increased R&D and advanced packaging innovations that enable better systems, supplementing our R&D with two small acquisitions. And today, we're increasing investments in technologies that enable better fab economics as we accelerate ramps and boost output and yields. All of these technologies will be put to work at the EPIC Center, where we will co-innovate with our customers and partners to accelerate the AI road map.

近期，我們也大幅增加研發與先進封裝創新投入，以實現更好的系統，並透過兩項小型併購補強研發。而今天，我們正加碼投資於能改善晶圓廠經濟性的技術，藉由加速爬坡並提升產出與良率。所有這些技術都將在 EPIC 中心投入運作，我們將在那裡與客戶與合作夥伴共同創新，加速 AI 路線圖。

In short, we've broadened our focus from making better equipment to enabling better chips and systems for AI and better fab returns for our customers. These investments have made us a more valuable partner to our customers and enabled us to share in the value we create. Three years ago, we implemented a systematic approach to value-based pricing.

簡而言之，我們已將重點從打造更好的設備，擴展為促成 AI 更好的晶片與系統，以及為客戶帶來更佳的晶圓廠投資報酬。這些投資使我們成為客戶更有價值的合作夥伴，並讓我們能分享我們所創造的價值。三年前，我們導入了以價值為基礎的定價系統化方法。

And today, you can see the benefits reflected in our strong revenue growth and gross margins which have increased to over 50% for the company and over 55% in Semiconductor Systems. We have higher pricing and margins in both new and existing products. At the same time, we remain focused on cost improvements and use them aggressively to help offset higher input costs. As we look at the many opportunities we have to further increase the value of chips, systems and fabs, we are confident we will continue to expand gross margins.

而今天，您可以看到這些效益反映在我們強勁的營收成長與毛利率上；公司整體毛利率已提升至 50% 以上，而半導體系統部門則超過 55%。我們在新產品與既有產品上都實現了更高的定價與毛利。同時，我們仍專注於成本改善，並積極運用以協助抵消較高的投入成本。展望我們在進一步提升晶片、系統與晶圓廠價值的眾多機會，我們有信心將持續擴大毛利率。

Next, I'll summarize our Q3 results. We generated record revenue of $9.1 billion, up 15% sequentially and 25% year-over-year. Non-GAAP gross margin increased to 50.4%, up 40 basis points sequentially and 150 basis points year-over-year. Non-GAAP operating margin expanded to a record 34%, up 190 basis points sequentially and 330 basis points year-over-year.

接下來，我將總結我們第三季的業績。我們創下 91 億美元的營收新高，季增 15%，年增 25%。非 GAAP 毛利率提升至 50.4%，季增 40 個基點，年增 150 個基點。非 GAAP 營業利益率擴大至創紀錄的 34%，季增 190 個基點，年增 330 個基點。

And we delivered record non-GAAP earnings per share of $3.50, which is up 22% sequentially and 41% year-over-year. Last quarter, I discussed our focus on increasing operating leverage. We grew revenue much faster than spending in Q3 on both a sequential and a year-over-year basis and drove OpEx as a percentage of revenue to the lowest level in nearly four years.

我們也創下非 GAAP 每股盈餘 3.50 美元的新高，季增 22%，年增 41%。上一季我談到我們聚焦於提升營運槓桿。在第三季，無論以季比或年比來看，我們的營收成長都遠快於支出成長，並將營業費用占營收比重降至近四年來最低水準。

Turning to the segments. Semiconductor Systems delivered record revenue of $7 billion, which is up 18% sequentially and 27% year-over-year. The revenue mix was similar to last quarter as capacity additions in gate-all-around and FinFET drove record foundry/logic revenue. DRAM revenue, which includes HBM packaging, grew by 52% year-over-year to record levels.

接著看各事業部門。半導體系統部門創下 70 億美元的營收新高，季增 18%，年增 27%。營收組合與上一季相近，因為在環繞閘極（GAA）與 FinFET 的產能擴增帶動晶圓代工／邏輯營收創新高。DRAM 營收（包含 HBM 封裝）年增 52%，達到創紀錄水準。

As we look ahead to the second half of the calendar year, we expect a very significant increase in DRAM revenues as our customers begin to expand clean room capacity. Looking to our individual materials engineering business units, we had record revenues in deposition in Q3, including in PVD, CVD and epitaxy, which is one of our fastest-growing businesses this year.

展望日曆年下半年，隨著客戶開始擴增無塵室產能，我們預期 DRAM 營收將大幅提升。就各個材料工程事業單位而言，我們在第三季的沉積業務創下營收新高，包含 PVD、CVD 與磊晶；磊晶也是我們今年成長最快的業務之一。

In materials modification, we had record sales in thermal and treatments. In materials removal, we had record revenue in both etch and CMP. We also had records in process diagnostics and control, which is growing faster than our overall systems business this year. Segment non-GAAP gross margin increased 190 basis points year-over-year to 55.4%. Non-GAAP operating profit increased 45% year-over-year to a record $2.7 billion.

在材料改質方面，我們在熱處理與各項處理（treatments）創下銷售新高。在材料去除方面，我們在蝕刻與 CMP 皆創下營收新高。我們在製程診斷與控制也創下新高，而該業務今年的成長速度快於我們整體系統業務。該部門非 GAAP 毛利率年增 190 個基點至 55.4%。非 GAAP 營業利益年增 45% 至創紀錄的 27 億美元。

Applied Global Services delivered record revenue of $1.8 billion, which was up 22% year-over-year reflecting both subscription services growth and high transactional parts demand. Ramp readiness is a major priority, and the team added more than 1,000 customer support engineers. AGS is using AI and warehouse automation to grow as efficiently as possible, which is reflected in strong gross margin of 35.6%, up 180 basis points year-over-year and operating margin of 30.1%, up 280 basis points year-over-year.

應用全球服務（Applied Global Services）創下 18 億美元的營收新高，年增 22%，反映訂閱式服務成長以及一次性零件需求強勁。量產爬坡準備（ramp readiness）是重要優先事項，團隊新增超過 1,000 名客戶支援工程師。AGS 正運用 AI 與倉儲自動化，以盡可能高效率地成長；這反映在強勁的毛利率 35.6%（年增 180 個基點）以及營業利益率 30.1%（年增 280 個基點）。

From a regional perspective, China represented 26% of our Semiconductor Systems plus AGS revenue. We now expect our China revenue to increase this calendar year, led by investments in 28-nanometer foundry-logic, where Applied has strong technology differentiation and share. Other revenue of $294 million was in line with our expectations.

從區域角度來看，中國占我們半導體系統加上 AGS 營收的 26%。我們目前預期本日曆年中國營收將增加，主要由 28 奈米晶圓代工—邏輯的投資帶動；在該領域，應材具備明顯的技術差異化與市占優勢。其他營收 2.94 億美元符合我們的預期。

We generated record operating cash flow of over $3 billion. Capital expenditures were $707 million, resulting in free cash flow of $2.3 billion. We distributed $860 million to shareholders, including $420 million in dividends and $440 million in stock repurchases. We have $12.8 billion remaining in our share buyback authorization and continue to expect to distribute 80% to 100% of free cash flow to shareholders.

我們創下超過 30 億美元的營運現金流新高。資本支出為 7.07 億美元，因此自由現金流為 23 億美元。我們向股東回饋 8.60 億美元，其中包含 4.20 億美元股利與 4.40 億美元庫藏股回購。我們仍有 128 億美元的股票回購授權額度，並持續預期將把自由現金流的 80% 至 100% 回饋給股東。

Now I'll share our guidance for Q4. We expect company revenue of $10.25 billion, plus or minus $500 million, which is up 51% year-over-year. We expect non-GAAP EPS of $4.02 plus or minus $0.20, which is up 85% year-over-year. Within this outlook, we expect Semiconductor Systems revenue of around $7.9 billion, up 62% year-over-year, AGS revenue of about $1.84 billion, up 22% year-over-year and other revenue of around $510 million, composed primarily of display revenue.

接下來我將分享第四季的財測指引。我們預期公司營收為 102.5 億美元，上下浮動 5 億美元，年增 51%。我們預期非 GAAP 每股盈餘為 4.02 美元，上下浮動 0.20 美元，年增 85%。在此展望中，我們預期半導體系統營收約 79 億美元，年增 62%；AGS 營收約 18.4 億美元，年增 22%；其他營收約 5.10 億美元，主要由顯示器營收構成。

I've said previously that our display business includes new products that could help us drive higher quarterly revenue in future periods. For modeling purposes, we now expect other revenue to be approximately $400 million per quarter on average through 2027.

我先前提過，我們的顯示器業務包含一些新產品，未來期間可能有助於推動更高的單季營收。就建模而言，我們目前預期至 2027 年，其他營收平均每季約為 4 億美元。

We expect non-GAAP gross margin to be approximately 50.4% in Q4, up 230 basis points year-over-year. And we expect non-GAAP operating expenses of around $1.58 billion. As a reminder, Q1 of fiscal 2027 will be a 14-week quarter which will result in a higher than average step-up in our Q1 operating expenses. Finally, we are modeling a non-GAAP tax rate of around 11% and a tax rate of around 13% in 2027 as we absorb the effect of the global minimum tax.

我們預期第四季非 GAAP 毛利率約為 50.4%，年增 230 個基點。我們預期非 GAAP 營業費用約為 15.8 億美元。提醒一下，2027 會計年度第一季將是 14 週的季度，這將使我們第一季營業費用的增幅高於平均水準。最後，我們模型假設非 GAAP 稅率約為 11%，並在 2027 年稅率約為 13%，因我們將吸收全球最低稅負的影響。

In summary, the rapid adoption of AI that we've been investing for is driving strong growth and record revenue and profitability for Applied Materials. We are enabling better chips, systems and fab returns and systematically sharing in the value we create.

總結來說，我們先前投入所因應的 AI 快速採用，正推動應用材料實現強勁成長，以及創紀錄的營收與獲利能力。我們正在促成更好的晶片、系統與晶圓廠投資報酬，並有系統地分享我們所創造的價值。

We see continued record performance in the second half of the calendar year with a sizable increase in DRAM and leading-edge foundry-logic revenue. Based on the unprecedented visibility we're receiving from our customers, we expect another strong record year in 2027 and are making substantial investments to be able to ramp to higher levels beyond next year. Now Mike, let's begin the Q&A session.

我們預期在日曆年下半年將持續創下紀錄表現，DRAM 與先進晶圓代工—邏輯營收將顯著增加。基於我們從客戶端獲得前所未有的能見度，我們預期 2027 年將再度是強勁的創紀錄年度，並正進行大幅投資，以便在明年之後能爬坡至更高水準。Mike，現在我們開始問答環節。

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

謝謝你，Brice。（接線員指示）接線員，請開始。

(Operator Instructions)

（接線員指示）

C.J. Muse, Cantor Fitzgerald.

C.J. Muse，Cantor Fitzgerald。

Quarter ago, you quantified Semi Systems of 30-plus percent. Curious if there's kind of a framework for thinking about what the growth outlook looks like now, given your positive commentary. And is there any sort of framework that we should be thinking about into calendar '27?

一季前，你們量化半導體系統為 30% 以上。想請教在你們正面評論之下，現在對成長展望是否有一個思考框架？另外，對於日曆年 2027 年，我們是否也應該有某種框架來看待？

Hi, C.J., it's Brice. Thanks for the question. So our key comments there and the way that we're seeing the business is that demand strengthened again during the quarter. We see new projects being added by our customers on the factory side. We see CapEx forecast going up by our customers, and we see strong CapEx from the cloud service providers all and out.

嗨，C.J.，我是 Brice。謝謝你的提問。我們在那裡的關鍵評論，以及我們對業務的觀察是：本季需求再度轉強。我們看到客戶在工廠端新增了新專案。我們看到客戶的資本支出（CapEx）預測上修，也看到雲端服務供應商的資本支出全面強勁。

So the mid -- the greater than 30% that we highlighted last quarter, we're saying now that it's greater than that at this point. We don't want to guide our Q1 at this point. So that's as much information that we're providing. But when we look into 2027, we expect this whole demand function led by AI to continue. So we're saying '27, at this point, we expect another strong year.

因此，上一季我們強調的「高於 30%」的中位數——我們現在的說法是，目前已高於那個水準。我們此刻不想對第一季提供指引。所以我們能提供的資訊就到這裡。但展望 2027 年，我們預期這整體由 AI 帶動的需求動能將持續。因此我們目前的說法是，2027 年我們預期會是另一個強勁的一年。

Yes, C.J., this is Gary. I would add just that the fastest-growing parts of the market are the leading-edge foundry-logic, DRAM and advanced packaging. We said that's around 80% of the growth in wafer fab equipment spending this year, and then we'll see a similar profile in '27. Those are the fastest-growing parts of the market.

是的，C.J.，我是 Gary。我想補充的是，市場成長最快的部分是先進晶圓代工邏輯、DRAM，以及先進封裝。我們說今年晶圓廠設備支出成長中，約有 80% 來自這些領域，然後在 '27 年我們也會看到類似的輪廓。這些就是市場成長最快的部分。

Those are areas where we have clear leadership and really well positioned going forward. So as you said, we increased greater than 20% is what we said year-over-year in February, then greater than 30% in May. And now we think stronger than that, going forward. And so demand in all the conversations with the customers is very strong. And what we're hearing from customers with these eight-quarter rolling forecast is very strong multiyear demand.

這些領域我們具備明確的領導地位，而且未來的布局也非常到位。所以如你所說，我們在 2 月提到年增超過 20%，5 月則提到超過 30%。而現在我們認為，往後會比那更強。因此，在與客戶的所有對話中，需求都非常強勁。而我們從客戶那邊聽到的、以八季滾動預測來看，是非常強的多年期需求。

I really want to thank our supply chain teams and operations teams. They're doing a great job in responding. But again, customers are being very creative in how they're able to expand space and take tools earlier. Our teams are reacting very quickly, and we're in a strong position to outperform this year.

我真的要感謝我們的供應鏈團隊與營運團隊。他們在應對方面做得非常出色。但同樣地，客戶也非常有創意，能夠擴充空間並更早接收設備。我們的團隊反應非常迅速，而我們今年也處於有利位置，能夠表現優於市場。

So strong environment, C.J., and we also highlighted that we expect to gain share during the year.

所以環境很強勁，C.J.，我們也強調過，我們預期在今年會提升市占。

Very helpful. And I guess as a follow-up on gross margin, you talked about value-based pricing. And I think we've heard from most companies around anything expedited service, new tools. But you talked about like-for-like pricing pushing higher. So could you speak maybe directly to that, and how we should be thinking about the implications to your overall gross margins as we proceed into fiscal '27, and beyond?

非常有幫助。我想就毛利率再追問一下，你提到以價值為基礎的定價。我想我們也從多數公司聽到，像是任何加急服務、新設備等。但你提到同規格（like-for-like）的價格也在往上推升。所以你能否更直接談談這點，以及當我們進入會計年度 '27 及之後，對你們整體毛利率的影響應該如何看待？

Sure. So over the last three years, approximately 300 basis points increase in our company level gross margins. One driver for that was our value-based pricing that we do for every single tool. So the issue, C.J. was when we came through COVID, supply chain crisis, cost of inputs went up, we found ourselves needing to reprice every tool.

當然可以。過去三年，我們公司層級的毛利率大約提升了 300 個基點。其中一個驅動因素，就是我們針對每一台設備所採用的價值定價。所以問題在於，C.J.，當我們經歷 COVID、供應鏈危機、投入成本上升時，我們發現自己需要為每一台設備重新定價。

So we put that value-based process in place. And that's what we do is examine the value of every single tool and put a new price on every single tool. And we think that's required in an environment where the input cost change constantly. And then looking forward, we expect to be able to continue to improve our gross margins. We're already over 55% for our -- at the semi systems level and value-based pricing will continue to be a part of that.

因此我們導入了那套價值定價流程。我們做的就是檢視每一台設備的價值，並為每一台設備設定新的價格。我們認為在投入成本持續變動的環境下，這是必要的。展望未來，我們預期仍能持續改善毛利率。我們在半導體系統層級的毛利率已經超過 55%，而價值定價將會持續是其中的一部分。

Yes. C.J., I would add that I think our ability to create value for customers has never been stronger. This race to bring new AI architectures to market is what every one of our single customers is focused on. Applied has the most enabling technologies, as I said, in the fastest-growing parts of the market.

是的。C.J.，我想補充的是，我認為我們為客戶創造價值的能力從未如此強大。這場把新 AI 架構推向市場的競賽，是我們每一位客戶都在聚焦的重點。如我所說，Applied 在市場成長最快的領域擁有最多關鍵的賦能技術。

So we have a tremendous opportunity for creating value there. And I also talked about yield and output innovation. So all of our customers, they are racing to be first to market with these new architectures and then also ramping as fast as possible optimizing yield and output. So that puts us in a position where our products are extremely valuable.

因此我們在那裡有非常巨大的價值創造機會。我也談到良率與產出創新。所以我們所有客戶都在競速，力求以這些新架構率先上市，同時也要以最快速度擴產，並最佳化良率與產出。這讓我們處於一個位置：我們的產品極具價值。

Our services are also more valuable. That's driving the greater than 20% service growth that we're seeing. We talked also about greater than 50% growth in our PDC business that also is related to yield optimization. And then our pipeline of new products is also very strong, and all of those have higher margins, and that will give us a tailwind going forward.

我們的服務也更有價值。這正推動我們目前看到的服務業務超過 20% 的成長。我們也提到 PDC 業務超過 50% 的成長，這同樣與良率最佳化相關。此外，我們的新產品管線也非常強勁，而這些產品的毛利率更高，將在未來為我們帶來順風。

Vivek Arya, Bank of America Securities.

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

So Gary, many of your memory customers are saying that they have three- to five-year long-term agreements with good visibility into units and pricing? I know you mentioned you have eight quarters of visibility. But as you look at your customers who are signing up for a greater level of alignment with their end customers. How is that kind of translating into your longer-term visibility beyond these eight quarters?

Gary，你們許多記憶體客戶表示，他們有為期三到五年的長期協議，對出貨量與定價有良好的能見度？我知道你提到你們有八季的能見度。但當你觀察那些與其終端客戶簽訂更高程度對齊協議的客戶時，這種情況如何轉化為你們在這八季之外、更長期的能見度？

Yes. I can start on that, Vivek. It's Brice. So what we have from customers, of course, the large customers, we actually have visibility to the road map. So we have a perspective on probably five years of visibility for our largest customers. We asked them for the detail at a detailed level for the eight quarters that we've been speaking about, so we can aggregate that and get it to our supply chain.

是的。Vivek，我可以先回答。我是 Brice。我們從客戶那邊取得的資訊，當然對於大型客戶，我們其實能看到他們的產品路線圖。因此，對我們最大的客戶而言，我們大概有五年的能見度。我們向他們要求我們一直在談的那八季的細節資料，以便我們彙總後提供給供應鏈。

And other things that have changed, we get longer lead time POs from our customers so that the details are agreed from a longer lead time perspective. And then we also have some charges that have moved into this environment like cancellation charges and expedite charges that help with -- that help navigate the environment. So there's been a number of changes, and I think visibility is significantly increased from prior periods.

另外一些改變是，我們從客戶那邊拿到更長前置期的採購訂單（PO），使得細節能在更長前置期的角度先行確認。此外，在這樣的環境下，我們也導入了一些費用機制，例如取消費與加急費，用來協助——用來協助因應這個環境。所以有許多變化，我認為相較於過去，能見度已顯著提升。

Yes, Vivek, this is Gary. Certainly, everybody can see that there is a gap between supply and demand. DRAM, especially with AI as we're expanding from training to inference to agentic AI to physical. Memory demand continues to go higher, and I'd say especially DRAM.

是的，Vivek，我是 Gary。很明顯大家都看得到供給與需求之間存在缺口。DRAM 尤其如此，因為 AI 正從訓練擴展到推論、代理式 AI（agentic AI）再到實體（physical）。記憶體需求持續走高，我會說尤其是 DRAM。

DRAM this is going to be a very strong growth year for Applied, more second half weighted in terms of our DRAM growth, but very strong growth in DRAM. And I think, as you know, we've expanded our DRAM share significantly over the last several years, and we continue to see strong growth in our DRAM business going into '27.

對 Applied 而言，DRAM 今年將是非常強勁的成長年；就我們的 DRAM 成長而言，下半年比重會更高，但 DRAM 的成長非常強。而且如你所知，過去幾年我們大幅提升了 DRAM 市占，我們也持續看到 DRAM 業務在進入 '27 年時仍有強勁成長。

And as you said, as we're in all of these conversations with customers, they're talking about multiyear growth and significant demand that we're increasing our capacity to meet.

而如你所說，當我們與客戶進行所有這些對話時，他們談的是多年期成長與顯著需求，我們也正在提升產能以滿足這些需求。

And then for us, relative to our position in DRAM, we are the number 1 process equipment provider in DRAM. We're the leader in the CMOS periphery logic to upgrade transistors for higher performance and power including, I talked earlier on the call about very strong epi growth, HBM packaging.

另外，就我們在 DRAM 的地位而言，我們是 DRAM 領域的第一大製程設備供應商。我們在 CMOS 周邊邏輯方面居於領先，用於升級電晶體以提升效能與功耗表現；包括我在電話會議前面提到的，非常強勁的外延（epi）成長、HBM 封裝。

We're the leader in materials deposition for wiring and patterning, conductor etch, e-beam technologies, and we're in deep partnerships with customers also for future DRAM architectures, innovations in 6F2, 4F2, and we're very well positioned for 3D DRAM in the future. So I have high confidence that we're going to continue to drive significant growth and gain share in this segment.

我們在配線與圖案化的材料沉積、導體蝕刻、電子束（e-beam）技術方面領先；同時也與客戶就未來 DRAM 架構建立深度合作，在 6F2、4F2 的創新上投入，並且在未來的 3D DRAM 方面具備非常好的布局。因此我非常有信心，我們將持續推動此區隔的顯著成長並提升市占。

Got it. For my follow-up, one more on gross margins. If I go back from calendar '21, to '25, your gross margins and those of your US peer were about the same. In fact, Applied was slightly ahead. But in the near term, they are about 150 basis points higher. So I understand mix for every company is different. But I'm curious how come the gross margins were so aligned in those five years, yet they are kind of lagging a little bit. So just what's the prospect, Brice, for expanding gross margins to more of this industry level going forward?

了解。我的追問再一題關於毛利率。如果我回頭看從曆年 '21 到 '25，你們的毛利率與你們的美國同業大致相同。事實上，Applied 還略為領先。但在近期，他們大約高出 150 個基點。我理解每家公司的產品組合不同。但我好奇的是，為什麼那五年毛利率如此一致，但現在卻有點落後。所以 Brice，往前看，把毛利率擴張到更接近產業水準的前景如何？

Yes, Vivek, I don't know if I have a great reason to think about comparisons. But from our perspective, we've made tremendous progress from a gross margin advancement. We talked about our value pricing and really it's the portfolio. The portfolio continues to strengthen as we target the R&D and the collaborations with our customers at the most valuable inflection solutions that need to be developed.

是的，Vivek，我不確定我是否有很充分的理由去做比較。但從我們的角度來看，我們在毛利率提升方面已取得巨大的進展。我們談到我們的價值定價，而實際上關鍵在於產品組合。隨著我們把研發以及與客戶的合作聚焦在最具價值、需要開發的拐點解決方案上，產品組合持續強化。

And so the pricing really is just demonstrating the value of that portfolio. And yes, we expect to be able to continue that. Of course, we have some other elements in our portfolio like the display business that we've talked about when that grows faster, that has a different effect on the corporate gross margin. So the portfolios are different between the two companies, but we expect to be able to continue to improve our gross margin and grow the value over time.

因此，定價其實只是展現該產品組合的價值。而且是的，我們預期能夠持續做到這一點。當然，我們的產品組合中還有一些其他元素，例如我們先前談過的顯示器業務；當它成長更快時，對公司整體毛利率會有不同的影響。所以兩家公司的產品組合不同，但我們預期能夠持續改善毛利率，並隨時間推移提升價值。

Yes. Again, I would also add, we have been driving margin growth, pretty significant margin growth. We talked about 13 consecutive quarters of year-over-year growth, 190 basis points in our Semi business in the last year. And I have high confidence we're going to continue to drive margins higher, continuing the growth that we've seen over the last few years.

是的。另外我也想補充，我們一直在推動毛利成長，而且是相當顯著的毛利成長。我們提到半導體（Semi）業務已連續13個季度年對年成長，過去一年提升了190個基點。我非常有信心我們會持續推動毛利率走高，延續過去幾年所看到的成長。

Stacy Rasgon, Bernstein Research.

Stacy Rasgon，Bernstein Research。

I have one more on gross margins as well. And look, I feel a little bad harping on it because they're actually really good. They're well over 50%, and they are coming in higher than you had expected. But I'm just wondering, you are guiding them flat at these current levels, at least in the near term on a pretty sizable revenue increase, and just given all the commentary around portfolio and pricing and everything, I was just a little surprised. Why is it? Is that just a function of the display business growing sequentially just mix between the businesses? Or is there something else going on in the near term?

我也還有一個關於毛利率的問題。坦白說，我一直追問這點有點不好意思，因為你們的毛利其實非常好。已經遠高於50%，而且實際表現也高於你們原先的預期。但我想問的是，你們指引在目前水準附近持平，至少短期內在營收大幅增加的情況下仍是如此；考量你們對產品組合、定價等各方面的評論，我有點意外。為什麼會這樣？這只是顯示器業務環比成長、造成業務組合變化的結果嗎？還是短期內還有其他因素？

Hi, Stacy, Brice. Yes, thanks for pointing out the growth in display is certainly a factor in the recipe. But really, it's just a ramp headwind as with the growth, we're ramping a lot of customer service engineers. We have a lot of resources that we're adding in the Semi business.

嗨，Stacy，我是Brice。是的，謝謝你指出顯示器業務的成長，這確實是配方中的一個因素。但更主要的是擴產爬坡帶來的逆風：隨著成長，我們正在大量增聘客戶服務工程師。我們也在半導體（Semi）業務增加了很多資源。

And so yes, we get the benefit of strong segment mix with semi growing so strongly and we get the benefit of more volume. But we do have some ramp costs that are in the forecast. So we feel good about in our guided quarter, we feel good about having a flattish margin at the company level. And then like we said, as you look longer term, we'll expect to be able to continue to grow the margin.

所以，是的，我們受惠於半導體業務強勁成長所帶來的良好部門組合，也受惠於更高的出貨量。但我們的預測中確實包含一些爬坡成本。因此，對於我們所指引的季度，我們對公司層級毛利率大致持平感到有信心。然後如同我們所說，從更長期來看，我們預期仍能持續提升毛利率。

Got it. So I guess to follow up on that then. So if there's ramp costs now, I guess how long do those last? Are you still ramping up more engineers and other costs like into subsequent quarters? Or are you all in this quarter? And then as we think about the pace of that expansion, like what does it look like?

了解。那我接著追問一下。如果現在有爬坡成本，那這些成本會持續多久？你們是否在後續季度仍會持續增聘更多工程師並承擔其他成本？還是說主要都集中在本季？另外，當我們思考這個擴張的節奏時，大概會是什麼樣子？

I think you talked about last quarter thinking about something like 10 bps or something sequentially kind of going forward. Is that still the trajectory or given some of the other drivers, do you think it can come in better than that?

我記得你們上季提到，往後可能每季大概是10個基點左右的環比改善之類的。這仍是目前的軌跡嗎？

No, I think the continued pace of improvement, we called that slow in the past. I think slow improvement is the right way to think about it. We do expect to improve it over the longer horizon. So I think we will continue to add employees over the next few quarters, but I think that headwind will recede as the revenues continue to grow.

不，我認為持續改善的步伐，我們過去稱之為偏慢。我覺得用「緩慢改善」來理解是正確的。我們確實預期在更長的時間範圍內會改善。所以我想，未來幾個季度我們仍會持續增聘員工，但隨著營收持續成長，那股逆風會逐步減弱。

Timothy Arcuri, UBS.

Timothy Arcuri，UBS。

Brice, I want to go back to the systems guidance for the year. So you said up more than 30% last call, things have gotten better since then. But even if you go 40%, that implies a pretty big decel, into December. So you go from 18% in July to 12% in October to then 6% in January, and that gets you to like 40%. And Lam was talking about WFE being up like 38%. So if you're going to outgrow, you have to be at least 40%, if you believe their numbers. So would you commit to be to growing systems 40% or more?

Brice，我想回到你們對全年系統（systems）指引的問題。你上次電話會議說會成長超過30%，而且之後情況又更好了。但即使你用40%來看，也意味著到12月會有相當明顯的減速。也就是說，你從7月的18%降到10月的12%，再到1月的6%，這樣加總大概才會到40%。而Lam提到WFE大概會成長38%。所以如果你們要跑贏，你至少得有40%，如果你相信他們的數字。那你能否承諾系統業務成長40%或以上？

Hi, Tim. Thanks for the question. We are committing that we expect to outgrow. We think that's already happened so far this year, and we expect to have that happen. Wherever we land from a growth perspective as we get through the year.

嗨，Tim。謝謝你的問題。我們承諾的是：我們預期會跑贏（市場/同業）。我們認為今年迄今已經做到，而且我們也預期在今年剩餘時間會持續如此。至於最終成長率落在哪裡，會在我們走完整個年度後再看。

And I think you've got the dynamics right. We first guided greater than 20%. We raised that after customers added clean room projects. We raised it to greater than 30%, and we're saying it's even higher now. And so yes, we'll expect -- we're not giving that number because we're not guiding that out quarter, but those are the right dynamics. I guess the last thing I'll add there is we do expect sequential growth in our Q1, the calendar Q4, but not guiding that at this point.

我認為你把動態掌握得很對。我們一開始指引是高於20%。在客戶新增無塵室（clean room）專案後，我們上調。我們把它上調到高於30%，而現在我們說會更高。所以是的，我們預期——我們不提供那個具體數字，因為我們沒有對那個季度做指引，但你描述的動態是正確的。我最後再補充一點：我們確實預期在我們的Q1（曆年Q4）會有環比成長，但目前不對此提供指引。

Okay, Brice. And then maybe asked a different way. So the comment about manufacturing capacity doubling. So should I just take that kind of face value and so you're shipping roughly your revenue and roughly $7 billion in the July quarter. So at face value does that mean that sometime during calendar '28, you'd be revenue at $14 billion, or is it more nuanced than that?

好的，Brice。那我換個方式問。你提到製造產能將倍增。那我是否可以按字面理解：你們在7月季度出貨對應的營收大約是70億美元左右。所以按字面來看，是否意味著在曆年2028年的某個時點，你們的營收會到140億美元？還是說這件事更為細緻？

It is more nuanced. I think you should take it explicitly. It's capacity. So it's not a revenue forecast for 2028. What we have to do with long lead investments like clean room is make sure we have the clean room in place with a profitable business or any demand forecast demand reality in that environment.

這件事更為細緻。我認為你應該把它當作非常明確的訊息來看。那是產能。所以它不是對2028年的營收預測。對於像無塵室這種長交期投資，我們必須確保無塵室到位，並且在那樣的環境下，能對應一個可獲利的業務，或任何需求預測/需求現實。

And so we're just communicating because partially we're communicating to our suppliers also. We're putting the capacity in place to be able to support a wide range of output requirements in 2028. And as far as that goes the years after also. So no, it's not a revenue forecast, but yes, it's giving you an indication of what we will be prepared for.

因此我們之所以溝通這件事，部分也是在對我們的供應商溝通。我們正在建置產能，以便在2028年能支援各種不同範圍的產出需求。也包括之後的年度。所以，不，這不是營收預測；但，是的，它是在讓你了解我們將會為什麼樣的情況做好準備。

Krish Sankar, TD Cowen.

Krish Sankar，TD Cowen。

I just want to follow up on Tim's question. Gary, or Brice, it seems like your customer conversation seems to have shifted from annual price discussions to basically delivering and meeting requirements basically time to market with a two-year visibility. I'm just wondering, does this give you some freedom on pricing?

我想跟進Tim的問題。Gary或Brice，看起來你們與客戶的對話，似乎已從年度價格討論轉向基本上是交付與滿足需求，也就是以兩年的能見度來確保上市時程（time to market）。我想問，這是否讓你們在定價上有更大的自由度？

Or does it add more burden on expenses on setting up your capacity and the supply chain for the upcoming ramp? And if you have the visibility of two years, why not give a Jan quarter qualitative outlook? And then I have a follow-up.

還是說，這會在費用端帶來更大的負擔，因為你們必須為即將到來的爬坡建立產能與供應鏈？另外，如果你們有兩年的能見度，為什麼不對1月季度給一個定性的展望？然後我還有一個追問。

Hi, Krish. Yes, the customers definitely -- especially the large customers, we've got very strong visibility. And you're right, they are becoming more and more interested in scheduled delivery and hitting the schedules, which is why they're collaborating, cooperating on specificity of the orders and the eight-quarter visibility that we're also sharing with our suppliers.

嗨，Krish。是的，客戶確實——尤其是大型客戶——我們有非常強的能見度。而且你說得對，他們對排程式交付以及準時達成排程愈來愈有興趣，這也是為什麼他們在訂單的具體細節，以及我們也會與供應商分享的八季能見度方面，會一起協作、配合。

So I think that dynamic has improved the situation for us in the planning environment dramatically from the prior year. So I think all those things are true. I guess that's our perspective at this point.

所以我認為，這種互動相較於前一年，已經在規劃環境上大幅改善了我們的情況。所以我想這些都是真的。我想這就是我們目前的觀點。

Got you. And then maybe, Brice, I think in your prepared comments, you kind of spoke about certain customers giving you visibility into 2030. I'm just curious, are those conversations about technology, or is that still about capacity to scale up and meet that demand?

了解。那接著也許，Brice，我記得你在事先準備的談話中提到，有些客戶讓你們看到到2030年的能見度。我只是好奇，那些對話是在談技術，還是仍然在談擴產以放大規模並滿足需求的產能？

Well, yes, it's definitely about technology. So especially with the large customers or mature customers, we know the fab projects that are on the road map. We know the technology that's planned and even if it's a new technology, we have a perspective of our positions in those technology.

嗯，是的，這絕對是在談技術。所以特別是對大型客戶或成熟客戶，我們知道路線圖上的晶圓廠（fab）專案。我們知道規劃中的技術，即使是新技術，我們也對我們在那些技術中的定位有一個觀點。

So we do have the ability to plan in a detailed manner for five years. And then what happens at the eight quarter out is we get very specific about the node and the tool types that need to be built so that we can pass that information along to the suppliers. And we do have.

因此我們確實有能力以非常細緻的方式做五年的規劃。而到了往外推八個季度時，我們會非常具體地針對需要建置的製程節點與設備類型，並把這些資訊傳遞給供應商。而且我們也有。

Yes, Krish, we are -- I'm in many of those conversations with the CEOs of our largest customers. And for sure, they're giving us visibly -- detailed visibility for the eight quarters, but even beyond that, I think they have communicated they see strong multiyear demand in their business. And so they're wanting us to be ready to support that demand. And as you know, it takes time for us to get the supply chain ready to support those levels. So we are getting the visibility relative to capacity needs beyond the eight quarters.

是的，Krish，我——我參與了許多與我們最大客戶CEO的對話。而且可以確定的是，他們給了我們——八個季度的詳細能見度，但甚至在那之後，我認為他們也表達了，他們的業務看到強勁的多年期需求。因此他們希望我們準備好支援那樣的需求。而如你所知，我們需要時間讓供應鏈準備好支援那些水準。所以我們正在取得相對於八個季度之外的產能需求能見度。

On the technology, I would say that those discussions go out maybe 10 years in the future because Applied is the most enabling for those key architecture inflections. We have the most broad, the most connected, the most unique portfolio to enable the new transistors, the wiring, the DRAM architectures, new packaging architectures and it takes time to bring those innovations to market.

在技術方面，我會說那些討論可能會延伸到未來10年，因為Applied在那些關鍵架構拐點上最具賦能性。我們擁有最廣泛、最互聯、最獨特的產品組合，能夠支援新電晶體、佈線、DRAM架構、新封裝架構，而把這些創新推向市場需要時間。

So Applied is unique in the portfolio we have. We have the most enabling technologies. If you looked at the top 5 or 10 technologies you need to enable these new architectures. Applied has, by far, the majority of those technologies. And so very deep co-innovation relationships with customers where we're cocreating those architectures. So that technology visibility goes beyond five years in these deep co-innovation relationships with the customers.

所以Applied在我們所擁有的產品組合上是獨特的。我們擁有最具賦能性的技術。如果你看要實現這些新架構所需的前5或前10項技術，Applied擁有其中絕大多數的技術，遠遠超過其他。因此我們與客戶有非常深度的共同創新關係，我們正在共同打造那些架構。所以在這些與客戶的深度共同創新關係中，技術能見度會超過五年。

Harlan Sur, JPMorgan.

Harlan Sur，摩根大通（JPMorgan）。

The team previously guided your global ICAPS business to be flat to slightly up this year. Outside of China, I mean, we are seeing a strong cyclical recovery in automotive, industrial, for your analog power microcontroller customers, right? They are also articulating an environment of tight supply as well. Utilizations are rising meaningfully, Brice, as you articulated. But are these global customers also starting to pick up their spending? And do you see your total ICAPS business growing this year?

團隊先前指引你們今年的全球ICAPS業務將持平到小幅成長。在中國以外，我的意思是，我們看到汽車、工業領域出現強勁的景氣循環復甦，對你們的類比、電源、微控制器客戶而言也是如此，對吧？他們也在描述供應吃緊的環境。如你所說，Brice，稼動率正在明顯上升。但這些全球客戶也開始增加支出嗎？你是否看到你們整體ICAPS業務今年會成長？

Harlan, thanks for the question. So I'll start here. Yes, in pointing this out, we do see a change in the ICAPS dynamic. So you called out the increasing utilization across those customers. That's a positive. Our view of China is that it will grow this year, and it will grow next year. That's a big part of our ICAPS portfolio. And we do think that ICAPS overall will grow this year and will grow next year.

Harlan，謝謝你的問題。我先從這裡開始。是的，指出這點，我們確實看到ICAPS動態出現變化。你提到那些客戶的稼動率正在上升。這是正面的。我們對中國的看法是今年會成長，明年也會成長。那是我們ICAPS產品組合中的很大一部分。而且我們確實認為ICAPS整體今年會成長，明年也會成長。

So the digestion, we're hopeful that the digestion that we've talked about on the equipment side in the past is expiring, and we can return to growth. And then specifically, for our non-China customers as we look into next year, we think there'll be positive growth for those customers. We see bright spots in power and photonics in other areas. So it's looking much more positive than it has the last couple of years.

所以對於消化期（digestion），我們希望過去談到的設備端消化期正在結束，我們可以回到成長。然後具體來說，對於我們的非中國客戶，當我們展望明年，我們認為那些客戶會有正向成長。我們在電源與光子等其他領域看到亮點。所以看起來比過去幾年正面得多。

I appreciate the color there. And another quarter of strong revenue growth and growth in operating margin profitability in AGS, right? 30% operating margins, I think that's the highest level, I think, in two years. Plus your incremental gross margins, I think for the last couple of quarters have been well above 40%. So strong -- and also have been delivering strong incremental operating margins as well.

我很感謝你提供的補充說明。另外，AGS又一季營收強勁成長，營業利益率獲利能力也在提升，對吧？30%的營業利益率，我想那是——我想——兩年來的最高水準。再加上你們的增量毛利率，我想過去幾季都遠高於40%。所以很強——而且也持續交出強勁的增量營業利益率。

I know the team has historically thought that they could drive AGS operating margins longer term into the low 30% range. But on your strong incremental margin profile, could we see gross margins approaching the 40% range and operating margins in the mid-30s as AGS revenues continue to scale higher, advanced services becomes a bigger part of the mix kind of over the long term?

我知道團隊過去一直認為，長期來看可以把AGS營業利益率推升到30%出頭的區間。但以你們強勁的增量利潤率表現來看，隨著AGS營收持續擴大、先進服務在組合中的占比長期提高，我們是否可能看到毛利率接近40%區間、營業利益率達到30%中段？

Yes. Thanks, Harlan. So I think not different from the Semi business. We do expect that we have the opportunity to improve gross margins over time in the services business. And what's happening there is that solutions like the information solutions that come from AI are allowing us to develop new products and be more efficient in the services that we're providing.

是的。謝謝，Harlan。所以我認為這與半導體（Semi）業務並沒有不同。我們確實預期，隨著時間推移，我們有機會在服務業務中改善毛利率。而那裡正在發生的是，像是來自AI的資訊解決方案等，讓我們能夠開發新產品，並在我們提供的服務上更有效率。

That, combined with the growing installed base, gives us good growth there. And then this year, we had the benefit of significant increase in utilization, which grows the spares business more quickly than in prior years. So that helps us from a gross margin perspective. That -- from that point, you can only grow to 100% utilization once. So that sort of slows down. But we do expect we'll be able to improve gross margins over time in the services business.

再加上裝機基礎持續成長，讓我們在那裡有不錯的成長。而今年，我們受惠於稼動率顯著提升，這使得備品（spares）業務的成長速度比以往年度更快。所以從毛利率角度來看，這對我們有幫助。不過——從那個角度來說，稼動率只能從某個水準成長到100%一次。所以那種動能會放緩。但我們確實預期，隨著時間推移，我們將能在服務業務中改善毛利率。

Yes, Harlan, I would add that for customers right now, optimizing output and yield is incredibly important in a supply-constrained environment, and that's going to go on for some period of time. So the value of services that optimize yield is incredibly valuable. And the good news is we have a lot of new innovations there. We talked about over 37,000 chambers connected to our AIx servers.

是的，Harlan，我會補充，對客戶而言，在供應受限的環境中，最佳化產出與良率極其重要，而且這種情況會持續一段時間。因此，能夠最佳化良率的服務價值非常高。而好消息是，我們在那方面有很多新的創新。我們談到有超過37,000個腔體（chambers）連接到我們的AIx伺服器。

We have AI-enabled applications for preventative maintenance or chamber matching. Those are incredibly valuable services that will drive our top line growth, our service contract growth faster and also enable us to capture value more quickly. So actually, I am more positive on growth in the AGS business, both top line and bottom line than I've ever been.

我們有AI賦能的應用，用於預防性維護或腔體匹配（chamber matching）。這些都是極具價值的服務，將推動我們的營收成長，使我們的服務合約成長更快，並且也讓我們能更快地捕捉價值。所以其實，我對AGS業務的成長——無論是營收端還是獲利端——都比以往任何時候更樂觀。

Blayne Curtis, Jefferies.

Blayne Curtis，Jefferies。

I want to ask on NAND. It doubled in the quarter, obviously, off a small base. Just curious what you're seeing in that market. And then you did mention it in October. I'm assuming maybe that's a small dollar that's why you didn't call it out, but is it continuing to grow?

我想問一下NAND。本季它翻倍了，顯然是從較小的基期起跳。只是好奇你們在那個市場看到什麼。另外你們確實在10月提到過。我猜可能金額不大，所以你們沒有特別點出，但它是否仍在持續成長？

Hi, Blayne. Yes, good growth in NAND this year from a percentage perspective, small base, like you say, but we think this year is a strong year of growth for NAND. As we look forward, into our next year, we think the dynamic is that really that AI dynamic that we've called out before and Gary mentioned earlier, leading-edge logic and DRAM and advanced packaging will be the fast growers. ICAPS should return to growth for us, NAND should grow but will be the slower grower in the out year.

嗨，Blayne。是的，從百分比角度來看，今年 NAND 的成長不錯，基期如你所說較小，但我們認為今年對 NAND 來說是強勁的成長年。展望未來、進入我們的下一個年度，我們認為動能主要來自我們先前點出的 AI 動態，Gary 也在稍早提到：先進邏輯、DRAM 與先進封裝將是成長最快的領域。ICAPS 對我們而言應該會恢復成長，NAND 也會成長，但在更遠期年度會是較慢的成長者。

And then, Brice, maybe on CapEx. You talked about the expansion of spending for 2030. I don't know if that's going to hit now. I'm just kind of curious if you can comment on what you expect OpEx to be in October? And then just any perspective next year? I think EPIC rolls off. So I think the prior was that it would go down. But now with the strength in the business, I'm just curious how you're thinking about that spend.

接著，Brice，也許談談資本支出（CapEx）。你提到 2030 年的支出擴張。我不確定那是否會現在就反映出來。我只是想請你評論一下，你預期 10 月的營業費用（OpEx）會是多少？以及對明年有任何看法嗎？我想 EPIC 會到期。所以先前的說法是它會下降。但現在在業務強勁之下，我很好奇你們如何看待那筆支出。

Yes, that's a great question because you're right, on the strength of the business, of course, we have more additions that we want to do. This is a CapEx comment. We want to -- we will be putting equipment inside EPIC as well as other investments. So what I would say about CapEx, it will still be a CapEx year that's higher than normal, but it will decline as a percentage of revenue as we go into '27. So that's our perspective at this point.

是的，這是個很好的問題，因為你說得對，隨著業務走強，當然我們也有更多想要新增的項目。這是關於資本支出（CapEx）的評論。我們希望——我們將會把設備放進 EPIC，並進行其他投資。所以我對 CapEx 的看法是：今年仍會是資本支出高於正常水準的一年，但當我們進入 2027 年時，CapEx 佔營收的比重會下降。這是我們目前的觀點。

Jim Schneider, Goldman Sachs.

Jim Schneider，高盛。

I was wondering if you can maybe comment, given the strength you're seeing across your focus areas. As you look into fiscal '27, or calendar '27, would you care to rank order where you see the incremental strength between foundry-logic, DRAM spending and advanced packaging?

我想請教，鑑於你們在各個聚焦領域看到的強勁態勢。當你們展望 2027 財年或 2027 年曆年時，你是否願意按順序排列一下，你認為增量強度會主要來自晶圓代工/邏輯、DRAM 支出，還是先進封裝？

Yes. Jim, this is Brice. I'll start. We actually don't distinguish between them. We think the system-level pull that AI provides is similar across those different end markets. So I wouldn't call the difference enough to distinguish between them. So it will be strong for leading logic.

是的。Jim，我是 Brice。我先回答。我們其實不會在它們之間做區分。我們認為 AI 所帶來的系統層級拉動，在這些不同終端市場之間是相似的。所以我不會說差異大到需要把它們區分開來。因此，先進邏輯會很強。

It will be strong for DRAM. It will be strong for advanced packaging. And what's new for us now is that we also think that ICAPS will grow next year. So that's another difference from our previous 90 days.

DRAM 會很強。先進封裝也會很強。而對我們來說現在新的點是：我們也認為 ICAPS 明年會成長。所以這是相較於我們前 90 天看法的另一個差異。

Yes, Jim, thanks for the question. Yes, I think we talked earlier about 80% of WFE growth in those three segments in '26. And we see a similar profile, maybe even a better profile. But right now, we'd say similar profile in '27. Those three segments, as Brice talked about, we see those as the fastest-growing segments in '26, and '27, and frankly, over the next several years.

是的，Jim，謝謝你的問題。是的，我想我們先前談到，在 2026 年，WFE 成長的 80% 會來自那三個區塊。而我們看到類似的輪廓，甚至可能更好。但就目前而言，我們會說 2027 年是類似的輪廓。如 Brice 所說，那三個區塊我們認為是 2026 年與 2027 年成長最快的區塊，而且坦白說，在接下來幾年也會是如此。

That's helpful. And then just given the first half versus second half dynamic we're seeing in calendar '26. Is there any reason why in calendar '27, you wouldn't see an accelerating growth rate for overall revenue? Is there anything you see on the horizon that would give you pause?

這很有幫助。另外，考量我們在 2026 年曆年看到的上半年相對下半年的動態。在 2027 年曆年，整體營收成長率有什麼理由不會加速嗎？你們是否看到任何可能讓你們有所顧慮的跡象？

I think a lot of people ask, Jim, about what is governing growth. I think as you move into the longer term, what governs growth is clean room from our perspective. So customers continue to add clean room projects. That's why we raised our forecast this year.

Jim，我想很多人都在問，是什麼在主導成長。我認為當你進入較長期時，從我們的角度來看，主導成長的是無塵室（clean room）。因此客戶持續新增無塵室專案。這也是我們今年上調預測的原因。

Some of those will add incremental clean room space next year. And of course, it gets larger as the out years come into focus because those projects usually take a number of years. But anyway, I think it will be the availability of clean room at a high level that will determine what we can all ship next year.

其中一些專案明年會新增額外的無塵室空間。當然，隨著更遠期年度逐漸清晰，規模會變得更大，因為這些專案通常需要好幾年。但總之，我認為在高層次上，無塵室的可用性將決定我們明年能出貨多少。

Mehdi Hosseini, Susquehanna International.

Mehdi Hosseini，Susquehanna International。

Yes. I just have a couple of follow-ups maybe for Gary. Forget about the near-term trend, but I want to better understand how you're thinking about your targeted revenue, gross and operating margin for a scenario where WFE will be $150 billion to $175 billion. Any color would be great.

是的。我有幾個追問，可能給 Gary。先不談短期趨勢，但我想更了解，在 WFE 會達到 1,500 億到 1,750 億美元的情境下，你們如何思考你們的目標營收、毛利率與營業利益率。任何補充說明都很有幫助。

Hi, Mehdi. Thanks for the question. Yes, I think when we have the October investor event, we'll give more color relative to growth rates. What I would say is that if I look at the setup relative to compute demand going forward. We see this as a strong multiyear growth driver and the fastest-growing segment of market, what we talked about earlier, the most valuable parts of the market leading-edge foundry-logic, DRAM, advanced packaging.

嗨，Mehdi。謝謝你的問題。是的，我想在 10 月的投資人活動上，我們會就成長率提供更多說明。我想說的是，如果我看未來的運算需求布局。我們把這視為一個強勁的多年期成長驅動因素，也是市場中成長最快的區塊——也就是我們先前談到的市場中最有價值的部分：先進製程的晶圓代工/邏輯、DRAM、先進封裝。

We're number 1, and we're positioned to gain share going forward in those segments. So I think top line growth, we have a number of really great drivers that will enable us to outperform in '26, and we look at very strong growth going forward. And I also believe that really across the board, the value that we're delivering is also increasing.

我們是第 1 名，而且我們已經就位，未來在這些區塊有望持續提升市占。所以我認為在營收端（top line）成長方面，我們有一些非常好的驅動因素，能讓我們在 2026 年表現優於市場，而我們也看好未來的強勁成長。我也相信，基本上我們所交付的價值在各方面都在提升。

We are -- we do have the most unique connected portfolio that's creating tremendous value for our customers, for new chip and packaging architectures. That puts us in a good position to continue to drive our margins higher going forward. And I mentioned earlier about the innovations and yield and output.

我們——我們確實擁有最獨特的互聯式產品組合，正為客戶在新晶片與封裝架構上創造巨大的價值。這讓我們處於有利位置，能在未來持續推動毛利率走高。我先前也提到創新、良率與產出。

And as you can imagine, Mehdi, every single customer, they're focused on getting as many chips out per square meter as they possibly can. So that increases the value of our service business, and we're bringing innovation that really directly address those areas of focus for our customers. So I think relative to the top line growth, bottom line growth, I'm very optimistic. But we'll give more color, Mehdi, when we have our October investor meeting.

而如你所想像的，Mehdi，每一位客戶都專注於盡可能在每平方公尺產出最多的晶片。因此這提升了我們服務業務的價值，而我們也帶來能直接回應客戶這些重點關注領域的創新。所以就營收端成長與獲利端（bottom line）成長而言，我非常樂觀。不過我們會在 10 月的投資人會議上提供更多細節，Mehdi。

I'll add -- I'll just do one add, Mehdi. You're really describing this year and scenarios that people are talking about for this year. So I think we're giving you the ingredients for that with a greater than 20% services business for the calendar year, something higher than greater than 30% for the semi business.

我補充——我再補充一點，Mehdi。你其實是在描述今年，以及大家今年在討論的各種情境。所以我想我們已經把所需的要素提供給你：就年曆年而言，服務業務占比超過 20%，半導體業務則是高於 30%（甚至更高）。

We talked about our gross margin outlook. We gave you the display item. And then whatever that WFE number is, we've said we expect to gain share. So I think you have the ingredients needed to have a perspective on that.

我們也談過毛利率展望。我們給了你顯示（display）項目。然後不論那個 WFE 數字是多少，我們都說過我們預期會提升市占。所以我認為你已經具備形成觀點所需要的要素。

Got it. Just a quick follow-up. I think your NAND has been relatively the smallest part of your semi and I think it's a reflection of more of an upgrade going on within the NAND than wafer capacity add. When do you think the industry would actually start adding some wafer capacity to offset some of these losses due to increased migration to a 300-layer count?

了解。再快速追問一下。我認為你們的 NAND 一直是你們半導體業務中相對最小的一部分，我想這反映出 NAND 端更多是在進行升級，而不是新增晶圓產能。你認為產業何時會真正開始新增一些晶圓產能，以抵消因加速遷移到 300 層堆疊所造成的一些損失？

Hi, Mehdi. Yes, so for the dynamic here, I think we've described in the past is wafer starts continue to decline in NAND. So the projects you see are for upgrades, as you described, to get more layers. We expect the environment to continue the same dynamic for the next few years. The one place that will be different is new projects in China, I believe. But for the larger customers, it's mostly increased space to afford those upgrades in layers that you described.

嗨，Mehdi。是的，關於這裡的動態，我想我們過去已經描述過：NAND 的晶圓開工量持續下滑。因此，如你所說，你看到的專案主要是升級，以堆疊更多層數。我們預期未來幾年環境將持續維持相同的動態。我認為唯一會不同的地方是中國的新專案。但對於較大的客戶而言，主要是增加空間，以支援你所描述的那些層數升級。

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

是的。謝謝你，Mehdi。接線員，我們還有時間再接一個問題，麻煩。

Srini Pajjuri, Royal Bank of Canada.

Srini Pajjuri，加拿大皇家銀行。

Gary, a couple of questions on the technology front. You talked about panel-level packaging. And just curious as to when do you see panel-level packaging becoming mainstream? And compared to your current position in advanced packaging, what sort of opportunities do you see in that market? And then also, if you can touch on hybrid bonding. It seems like that's finally happening and what sort of opportunities you're seeing in the market?

Gary，我有幾個關於技術面的問題。你提到了面板級封裝。我想請教你何時看見面板級封裝成為主流？以及相較於你們目前在先進封裝的地位，你認為在那個市場有哪些機會？另外，也請你談談混合鍵合（hybrid bonding）。看起來它終於開始落地了，你們在市場上看到哪些機會？

Yes. Thanks for the question. So as I talked about earlier on the call, packaging is one of the most important areas in the industry relative to improving AI compute performance and power, multichip connectivity, how you move the data, huge focus for all of our existing customers and new customers that are innovating with new architecture.

是的。謝謝你的提問。如我在電話會議前面提到的，封裝是產業中最重要的領域之一，關係到提升 AI 運算效能與功耗、多晶片互連、以及資料如何搬移；這是我們所有既有客戶與正在以新架構創新的新客戶的重點關注方向。

So over 70% growth this year. We have, by far and away, the strongest portfolio of technologies. We've also talked about some acquisitions that we've done here recently that add to our strength in packaging. So I have very high confidence that we will continue to drive significant growth over many years in packaging.

今年成長超過 70%。我們擁有迄今為止最強的技術組合。我們也談到近期完成的一些併購，進一步強化我們在封裝方面的實力。因此我非常有信心，未來多年我們將持續在封裝領域帶動顯著成長。

Relative to new substrates, all of our customers are really focused on connecting as many logic and memory chips together at the highest performance and power as they can. And so we're in deep co-innovation relationships with companies, and there is a race for all of these companies to drive these new architectures to market because there's so much value in performance and power. So I look at that as a great opportunity when we model our share of those new architectures, we have a great opportunity to grow our share.

就新型基板而言，我們所有客戶都非常專注於在可達到的最高效能與功耗條件下，把盡可能多的邏輯與記憶體晶片連接在一起。因此我們與多家公司建立深度共同創新關係，而各家公司都在競賽，力求將這些新架構推向市場，因為效能與功耗帶來的價值非常大。所以我認為這是很好的機會；當我們在模型中評估我們在這些新架構中的市占時，我們有很大的機會提升市占。

We have new capabilities that will expand our available market as those new architectures are adopted. And I don't want to give a specific forecast relative to timing. But what I would say is that we will see a pretty significant growth in next year in our panel revenue.

隨著這些新架構被採用，我們具備的新能力將擴大我們可服務的市場規模。我不想就時程給出具體預測。但我想說的是，明年我們的面板相關營收將會出現相當顯著的成長。

And certainly, it's going to ramp a fair amount after that going forward. But our positions there are stronger. And then relative to hybrid bonding, hybrid bonding is a way that every customer, whether it's leading edge foundry-logic or DRAM or high bandwidth memory, they're all wanting to shorten the wiring length to improve the performance and power. So it's a very important inflection for all of our customers.

而且在那之後，未來還會進一步大幅爬升。我們在那方面的布局也更強。至於混合鍵合，混合鍵合是一種方式，讓每一位客戶——無論是先進製程的晶圓代工邏輯、DRAM 或高頻寬記憶體——都能縮短配線長度，以改善效能與功耗。因此，這對我們所有客戶而言都是非常重要的拐點。

Again, Applied has strong technology in hybrid bonding. We have also very big business in the adjacent steps around the hybrid bonding. We have the only integrated R&D facility, working with our customers to enable those new architectures for packaging.

同樣地，應用材料在混合鍵合方面擁有強大的技術。我們在混合鍵合周邊的相鄰製程步驟也有非常大的業務。我們擁有唯一的整合式研發設施，與客戶合作以促成封裝新架構的落地。

So this will be a meaningful growth driver over time in addition to all the other technologies that we have in advanced packaging. So I'm very optimistic over 70% growth this year and very strong growth in '27, and going forward.

因此，除了我們在先進封裝的其他技術之外，這也將隨時間成為重要的成長驅動力。所以我非常樂觀：今年成長超過 70%，在 2027 年也會有非常強勁的成長，並且在此之後持續向前。

Then one quick follow-up for Brice. Brice, I understand you don't want to give us FQ1 guidance, but you did call out that it's a 14-week quarter. I'm just wondering what sort of impact, if any, that will have on your revenue sequentially?

接著我有一個給 Brice 的快速追問。Brice，我了解你不想提供 FQ1 指引，但你確實提到那是一個 14 週的季度。我想請教，這對你們營收的季對季變化會有什麼影響（如果有的話）？

Sure. What we've seen in prior years when we had a 14th week in the quarter was you get close to a ratable performance on the services side of the business and not so much on the equipment side. Most of the planning is done at a quarterly basis on the equipment side. So yes. And then from a spending perspective, as you might imagine, everybody wants to be paid. And so most of the spending will occur in the quarter. Thanks, Srini.

當然。我們在過去幾年遇到季度多出第 14 週時看到的情況是：服務業務端的表現會更接近按比例（rata ble）的節奏，但設備端則不太一樣。設備端的大部分規劃是以季度為基礎來進行。所以是的。另外從支出角度來看，如你所想像的，每個人都希望拿到款項。因此大部分支出都會發生在該季度內。謝謝你，Srini。

So thank you, Srini, for your questions. And Brice, would you like to give a little summary before we close the call?

那麼，Srini，謝謝你的提問。Brice，在我們結束電話會議之前，你是否願意做個簡短總結？

Thanks, Mike. We're excited that Applied's unique portfolio and strategy are enabling us to grow faster than the market and increase margins. We look forward to an even stronger second half and to seeing many of you at our upcoming events.

謝謝你，Mike。我們很振奮，因為應用材料獨特的產品組合與策略正讓我們能夠比市場成長更快並提升利潤率。我們期待下半年表現更強勁，也期待在即將到來的活動中見到各位。

I'll be attending Citi Conference in New York, and Gary will be at the Goldman Conference in San Francisco. The whole team looks forward to seeing you at the EPIC Center in October and giving you our longer-term outlook at our investor breakfast at SEMICON West. Mike, please go ahead and close the call.

我將出席在紐約舉行的 Citi 研討會，而 Gary 會出席在舊金山舉行的 Goldman 研討會。整個團隊也期待在 10 月於 EPIC Center 與各位見面，並在 SEMICON West 的投資人早餐會上向各位分享我們較長期的展望。Mike，請你來結束電話會議。

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

好的。那麼謝謝你，Brice，也感謝各位今天加入我們。今天電話會議的重播將於太平洋時間下午 5:00 前在我們網站的投資人關係（IR）頁面提供，我們也非常感謝各位持續關注應用材料。

Thank you, ladies and gentlemen, for your participation in today's conference. This does conclude 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。