艾克爾 (AMKR) 2026 Q3 法說會逐字稿

Good day, ladies and gentlemen, and welcome to the Amkor Technology third quarter 2026 earnings conference call. My name is Diego, and I will be your conference facilitator today. (Operator Instructions) As a reminder, this conference is being recorded.

各位女士、先生，大家好，歡迎參加 Amkor Technology 2026 年第三季財報電話會議。我叫 Diego，今天將擔任會議主持人。（接線員指示）提醒各位，本次會議將被錄音。

I would now like to turn the call over to Jennifer Jue, Head of Investor Relations. Ms. Jue, please go ahead.

現在我想把電話交給投資人關係主管 Jennifer Jue。Jue 女士，請開始。

Good afternoon, and welcome to Amkor's third quarter 2026 earnings conference call. Joining me today are CEO, Kevin Engel; and CFO, Megan Faust.

各位下午好，歡迎參加 Amkor 2026 年第三季財報電話會議。今天與我一同出席的有執行長 Kevin Engel，以及財務長 Megan Faust。

Our earnings press release was filed with the SEC this afternoon and is available on the Investor Relations page of our website, along with the presentation slides that accompany today's call. During this presentation, we will use non-GAAP financial measures, and you can find reconciliation to the comparable GAAP financial measures in the slides. We will make forward-looking statements today based on our current beliefs, assumptions and expectations.

我們的財報新聞稿已於今天下午向美國證券交易委員會（SEC）提交，並可在我們網站的投資人關係頁面取得；同時也提供配合今日電話會議的簡報投影片。在本次簡報中，我們將使用非 GAAP 財務衡量指標，您可在投影片中找到與可比 GAAP 財務衡量指標的調節表。我們今天將基於目前的信念、假設與預期，發表前瞻性陳述。

Please refer to our press release for a disclaimer on forward-looking statements and our SEC filings for a discussion on the risk factors and uncertainties that may affect our future results.

請參閱我們的新聞稿中關於前瞻性陳述的免責聲明，以及我們向 SEC 提交的文件中對可能影響未來業績之風險因素與不確定性的討論。

I will now turn the call over to Kevin.

現在我將把電話交給 Kevin。

Thank you, Jennifer. Good afternoon, everyone, and thanks for joining. Amkor delivered a strong third quarter with revenue of approximately $2 billion. For the second consecutive quarter, we achieved record revenue in both Computing and Automotive and Industrial end markets. Gross margins expanded to over 18%, and operating margins increased to over 11%. These results reflect continued execution against our strategy and demonstrate the improving earnings power of our business.

謝謝你，Jennifer。各位下午好，感謝各位參與。Amkor 在第三季交出亮眼成績，營收約 20 億美元。連續第二季，我們在運算（Computing）以及汽車與工業（Automotive and Industrial）終端市場皆創下營收新高。毛利率擴大至超過 18%，營業利益率提升至超過 11%。這些成果反映我們持續落實策略執行，並展現公司獲利能力正在提升。

On a year-on-year basis, revenue in the third quarter continued to accelerate in Computing and Automotive and Industrial with both end markets growing 37%. In Computing, demand remained robust and our flagship HDFO CPU program ramped throughout the quarter. Automotive and Industrial continue to benefit from strong demand for advanced in-car computing applications such as ADAS and infotainment.

以年對年來看，第三季運算以及汽車與工業的營收成長持續加速，兩個終端市場皆成長 37%。在運算方面，需求依然強勁，我們的旗艦 HDFO CPU 專案在整個季度持續放量爬坡。汽車與工業則持續受惠於先進車載運算應用（如 ADAS 與車載資訊娛樂系統）的強勁需求。

Now let me share an update on our three strategic pillars. First, enhancing strategic partnerships in key markets. Customers are engaging earlier, aligning technology roadmaps and making longer-term commitments as advanced packaging becomes increasingly critical to AI and high-performance computing. We continue to see a shift in how customers support capacity expansions.

接下來我將更新我們三大策略支柱的進展。第一，強化在關鍵市場的策略夥伴關係。隨著先進封裝對 AI 與高效能運算愈發關鍵，客戶更早期地參與合作、對齊技術藍圖，並做出更長期的承諾。我們也持續看到客戶支持產能擴充的方式正在轉變。

Customers are not only planning further ahead, but are also making long-term commitments and providing advance payments tied to future capacity requirements. This gives us confidence as we accelerate our capital spending above historical norms. We believe this reflects a broader change in our industry. These commitments reflect our customers' confidence in their long-term advanced packaging requirements and in Amkor's ability to support their product roadmaps.

客戶不僅規劃得更長遠，也正在做出長期承諾，並提供與未來產能需求掛鉤的預付款。這讓我們在將資本支出加速提升至高於歷史常態時更具信心。我們認為這反映了產業更廣泛的變化。這些承諾顯示客戶對其長期先進封裝需求，以及對 Amkor 支援其產品藍圖能力的信心。

For Amkor, these agreements improve visibility, strengthen alignment with our customers and support disciplined investment in advanced packaging capacity as our global footprint increases, including Arizona and our Asia facilities.

對 Amkor 而言，這些協議提升了能見度、強化與客戶的對齊，並支持我們在全球版圖擴張（包括亞利桑那州以及亞洲據點）之際，以更有紀律的方式投資先進封裝產能。

The second pillar is elevating technology leadership. Customer engagements remain strong across our advanced packaging platforms and our pipeline continues to broaden. The progress we are making across our HDFO and 2.5D programs continues to reinforce positive outlook for the long-term growth opportunities in Computing.

第二個支柱是提升技術領導地位。我們在各項先進封裝平台上的客戶互動仍然強勁，且專案管線持續擴大。我們在 HDFO 與 2.5D 專案上的進展，持續強化我們對運算領域長期成長機會的正向展望。

Our flagship HDFO CPU program is scaling. An additional HDFO CPU program for a hyperscaler began ramping in Q3 and two new 2.5D programs in networking and data center are expected to come online in Q4. Customer engagement is particularly strong in next-generation AI infrastructure with additional advanced packaging opportunities developing across traditional data center, PC applications and automotive. Advanced packaging is on the critical path of system performance.

我們的旗艦 HDFO CPU 專案正在擴大規模。第三季開始為一家超大規模雲端業者（hyperscaler）的另一個 HDFO CPU 專案進入放量爬坡，並預期在第四季有兩個新的 2.5D 專案（網路與資料中心領域）上線。客戶在下一代 AI 基礎設施方面的互動特別強勁，並且在傳統資料中心、PC 應用與汽車領域也正發展出更多先進封裝機會。先進封裝已位於系統效能的關鍵路徑上。

As customers push for greater performance, higher bandwidth and improved power efficiency, packaging technology is playing a larger role in enabling product roadmaps. As a result, customer discussions today are broader than they were just a few years ago. We are increasingly engaged in architectural design, technology roadmaps and test strategy along with long-term capacity planning.

隨著客戶追求更高效能、更高頻寬與更佳能效，封裝技術在實現產品藍圖方面扮演更重要的角色。因此，當前的客戶討論範圍比幾年前更為廣泛。我們愈來愈多地參與架構設計、技術藍圖與測試策略，同時也參與長期產能規劃。

Our turnkey model allows us to integrate advanced packaging and test capabilities, providing customers with more complete solutions. This strengthens our competitive position, deepens customer relationships and creates additional opportunities to deliver value across the product life cycle. Taken together, the breadth of customer engagements we see today affirms our view that advanced packaging will remain a meaningful growth driver for Amkor over the coming years.

我們的一站式（turnkey）模式使我們能整合先進封裝與測試能力，為客戶提供更完整的解決方案。這強化了我們的競爭地位、深化客戶關係，並在產品生命週期各階段創造更多提供價值的機會。綜合而言，我們目前看到的客戶互動廣度，印證了我們的觀點：先進封裝在未來幾年仍將是 Amkor 重要的成長動能。

Our third pillar is expanding our geographic footprint. In September, we announced phase 2 of our Arizona advanced packaging and test campus, which is expected to break ground in late 2027 as phase 1 construction nears completion. Together, both phases are planned to be over 90,000 square meters of clean room space and represent an estimated investment of $12 billion. When fully ramped, the campus is expected to support a workforce of over 3,500 employees, strengthening the US semiconductor ecosystem and support our customers' long-term needs.

第三個支柱是擴大我們的地理版圖。9 月，我們宣布亞利桑那州先進封裝與測試園區的第二期工程，預計在第一期工程接近完工之際，於 2027 年底動工。兩期合計規劃超過 90,000 平方公尺的無塵室空間，估計投資金額為 120 億美元。在全面放量後，該園區預計可支援超過 3,500 名員工的工作團隊，強化美國半導體生態系，並支援客戶的長期需求。

In Korea, we recently broke ground on two new buildings on our Gwangju campus. This additional space is being built to support the continued ramp of HDFO for our data center customers, including the recent announcement with NVIDIA. On our Songdo campus, the new assembly and test building remains on schedule for completion by year-end. The incremental space is planned to expand test capacity for automotive and data center customers and strengthen our regional turnkey capabilities.

在韓國，我們近期於光州（Gwangju）園區為兩棟新建築舉行動土。這些新增空間將用於支援資料中心客戶 HDFO 的持續放量爬坡，包括近期與 NVIDIA 的公告合作。在松島（Songdo）園區，新的封裝與測試大樓仍按計畫於年底完工。這些新增空間規劃用於擴充汽車與資料中心客戶的測試產能，並強化我們在區域內的一站式服務能力。

Following completion of these expansions in 2028, our Korea footprint is expected to increase by 40% from 2025. This cements Korea as a center of excellence for high-value advanced packaging. Our Vietnam build-out is also progressing as planned with increasing scale and a continued focus on automation. Automation allows for optimal space planning, higher equipment utilization and quality assurance. Our vision is for Vietnam to become our SiP center of excellence.

在 2028 年完成這些擴建後，我們在韓國的據點規模預期將較 2025 年增加 40%。這將鞏固韓國作為高價值先進封裝卓越中心的地位。我們在越南的建置也按計畫推進，規模持續擴大，並持續聚焦自動化。自動化可實現最佳化的空間規劃、更高的設備稼動率與品質保證。我們的願景是讓越南成為我們的 SiP 卓越中心。

It's been exciting to see this facility ramp from a piece of undeveloped land in 2021 to a high-tech manufacturing operation today. As we migrate SiP from Korea to Vietnam, we are opening up needed clean room space in Korea for additional advanced packaging growth. The released space in Korea is being redeployed and quickly consumed by advanced packaging customers.

看到這座廠區從 2021 年的一片未開發土地，成長為今日的高科技製造營運，令人振奮。隨著我們將 SiP 從韓國移轉至越南，我們也在韓國釋放出所需的無塵室空間，以支援更多先進封裝成長。在韓國釋放出的空間正被重新部署，並迅速被先進封裝客戶所消化。

In closing, our third quarter results demonstrate strong execution and continued momentum across the business. We delivered record revenue in Computing and Automotive and Industrial, expanded margins and advanced key programs. Customer commitments continue to grow, giving us greater visibility as we expand advanced packaging capacity. We are well positioned to capture long-term growth opportunities ahead.

總結來說，我們第三季的成果展現了強勁的執行力，以及全公司持續的成長動能。我們在運算以及汽車與工業創下營收新高，擴大了利潤率，並推進關鍵專案。客戶承諾持續增加，使我們在擴充先進封裝產能時擁有更高的能見度。我們已做好充分準備，把握未來的長期成長機會。

I will now turn the call over to Megan to provide more detail on our third quarter performance and near-term outlook.

接下來我將把電話交給 Megan，請她更詳細說明第三季表現與近期展望。

Thank you, Kevin, and good afternoon, everyone. Amkor delivered third quarter revenue of $1.99 billion, an increase of 5% sequentially. Our Computing and Automotive and Industrial end markets each achieved record revenue. Revenue in the Communications end market declined 8% sequentially. The factors we discussed last quarter largely developed as expected. These included the strategic migration of SiP technology to Vietnam, memory supply constraints and changes in build patterns.

謝謝你，Kevin，各位下午好。Amkor 第三季營收為 19.9 億美元，較前一季成長 5%。我們的運算以及汽車與工業終端市場皆創下營收新高。通訊（Communications）終端市場營收較前一季下滑 8%。我們在上季討論的因素大致如預期發展。包括將 SiP 技術策略性移轉至越南、記憶體供應受限，以及生產建置模式的變化。

Component shortages affecting premium tier smartphones and IoT wearable devices created an additional headwind during the quarter across both Communications and Consumer applications. We expect these conditions to continue in the fourth quarter and for Communications revenue to decline high single digits sequentially. Revenue in the Computing end market increased 25% sequentially to a new record. During the quarter, we continued to scale our flagship HDFO CPU program and saw growth in other data center programs.

影響高階智慧型手機與 IoT 穿戴式裝置的零組件短缺，在本季於通訊與消費性應用兩大領域均帶來額外逆風。我們預期這些情況將延續至第四季，且通訊營收將較前一季下滑高個位數百分比。運算終端市場營收較前一季成長 25%，創下新高紀錄。本季我們持續擴大旗艦 HDFO CPU 專案規模，並在其他資料中心專案上也看到成長。

Looking ahead to the fourth quarter, we expect revenue to increase low double digits sequentially, driven by ongoing scaling and new program ramps. Q4 is estimated to result in over 50% growth year-on-year and provides strong momentum heading into 2027.

展望第四季，我們預期營收將較前一季增加低雙位數百分比，主要由持續擴產與新專案量產爬坡所帶動。預估第四季年增將超過 50%，並為邁入 2027 年提供強勁動能。

Revenue in the Automotive and Industrial end market reached a new record, increasing 7% sequentially. Growth was driven by both ADAS and industrial products across multiple customers. In the fourth quarter, we expect continued strength with revenue growing low single digits sequentially.

車用與工業終端市場營收再創新高，較前一季成長 7%。成長動能來自多家客戶的 ADAS 與工業產品。第四季我們預期仍將維持強勁表現，營收較前一季成長低個位數百分比。

Consumer revenue increased 10% sequentially, driven by demand for IoT and home electronic products. Revenue was impacted by the same component shortages affecting premium tier smartphones. We expect these shortages to continue in the fourth quarter with Consumer revenue declining more than seasonal into the mid-teens percent sequentially. Gross margin for the quarter was 18.3%, an increase of 150 basis points sequentially and 400 basis points year-on-year. Gross profit was $364 million.

消費性營收較前一季成長 10%，主要受 IoT 與家用電子產品需求帶動。營收同樣受到影響高階智慧型手機的零組件短缺所衝擊。我們預期這些短缺將延續至第四季，消費性營收較前一季下滑幅度將高於季節性，約落在十幾個百分點的中段。本季毛利率為 18.3%，較前一季提升 150 個基點，較去年同期提升 400 個基點。毛利為 3.64 億美元。

Gross margin expansion is primarily driven by a richer mix of high-value advanced packaging, reflecting strong growth in Computing and Automotive. During the quarter, gross margin was impacted by foreign currency headwinds and to a lesser extent, the impact of the July earthquake on our Kumamoto Japan facility. Together, these factors had an unfavorable impact of approximately 60 basis points sequentially. Our Japan facility returned to full operations within the quarter. Third quarter operating expenses were $139 million.

毛利率擴張主要由高價值先進封裝占比提升所帶動，反映運算與車用業務的強勁成長。本季毛利率受到外匯逆風影響，另有較小程度來自 7 月日本熊本廠地震的影響。合計而言，這些因素對毛利率造成約 60 個基點的季減不利影響。我們日本廠已於本季內恢復全面運作。第三季營業費用為 1.39 億美元。

Operating income was $225 million, resulting in operating income margin of 11.3%. Net income was $191 million, resulting in earnings per share of $0.76. EBITDA was $435 million and EBITDA margin was 21.8%. Our balance sheet remains strong and provides significant flexibility as we continue to invest to support long-term growth. As of September 30, we held $2.4 billion in cash and short-term investments, and total liquidity was $3.4 billion. Total debt was $2.5 billion, and our debt-to-EBITDA ratio was 1.7 times.

營業利益為 2.25 億美元，營業利益率為 11.3%。淨利為 1.91 億美元，每股盈餘為 0.76 美元。EBITDA 為 4.35 億美元，EBITDA 利潤率為 21.8%。我們的資產負債表仍然穩健，並在我們持續投資以支持長期成長之際，提供顯著的財務彈性。截至 9 月 30 日，我們持有 24 億美元現金與短期投資，總流動性為 34 億美元。總負債為 25 億美元，負債對 EBITDA 比率為 1.7 倍。

Now turning to our fourth quarter outlook. Q4 revenue is expected to be between $1.9 billion and $2 billion. Gross margin is expected to be between 18% and 19%. We expect operating expenses of approximately $140 million.

接著談我們對第四季的展望。預期第四季營收介於 19 億至 20 億美元之間。預期毛利率介於 18% 至 19% 之間。我們預期營業費用約為 1.40 億美元。

Our full year effective tax rate is expected to be in the high teens percent due to year-to-date discrete tax benefits. Net income is forecasted to be between $160 million and $185 million, resulting in earnings per share between $0.65 and $0.75.

由於年初至今的一次性稅務利益，我們預期全年有效稅率將落在十幾個百分點的高段。預估淨利介於 1.60 億至 1.85 億美元之間，對應每股盈餘介於 0.65 至 0.75 美元。

We are narrowing our estimated 2026 CapEx spend to around $2.5 billion, primarily reflecting the timing of construction payments for our Arizona campus. Phase 1 construction remains on schedule for completion by the end of 2027. Looking ahead, we expect a step-up in CapEx in 2027, driven primarily by facility investment in Arizona, Korea, and Vietnam, as we expand capacity to support our long-term growth opportunities.

我們將 2026 年資本支出（CapEx）估計範圍收斂至約 25 億美元，主要反映亞利桑那園區建設款項支付時點的影響。第一期工程仍按計畫進行，預計於 2027 年底完工。展望未來，我們預期 2027 年資本支出將上升，主要由亞利桑那、韓國與越南的廠房投資所帶動，因我們將擴充產能以支持長期成長機會。

We will provide specific 2027 CapEx guidance on our fourth quarter call in February. Customer advance payments are expected to provide significant funding support for these CapEx investments. Since 2025, Amkor has executed advance payment arrangements with a dozen customers, primarily supporting advanced packaging capacity across both Korea and Arizona, and there are several more customer agreements under discussion.

我們將在 2 月的第四季法說會上提供 2027 年資本支出的具體指引。預期客戶預付款將為這些資本支出投資提供重要的資金支持。自 2025 年以來，Amkor 已與十多家客戶簽訂預付款安排，主要用於支持韓國與亞利桑那兩地的先進封裝產能，且目前仍有數項客戶協議正在洽談中。

In closing, our third quarter results demonstrate the earnings power of our business. A richer mix of advanced packaging revenue and strong execution drove meaningful margin expansion. We remain focused on disciplined investment as we position the business for profitable long-term growth.

最後，我們第三季的結果展現了本公司業務的獲利能力。先進封裝營收占比提升與強勁的執行力，帶動了顯著的利潤率擴張。我們仍專注於紀律性投資，以使公司在可獲利的長期成長道路上做好布局。

This concludes our prepared remarks. Operator, we will now open the call for questions.

以上為我們的準備發言。接線員，現在我們開放提問。

(Operator Instructions) Ruplu Bhattacharya, Bank of America.

(接線員指示) 美國銀行 Ruplu Bhattacharya。

First one for Megan. You're guiding to about 20 bps of sequential gross margin improvement for the fourth quarter. How should we think about the impact of the SiP migration to Vietnam as well as weakness in the Android smartphone market and any other factors like FX or if there's any lingering issues in Japan? Can you just help us parse how you're thinking about that sequential improvement? And I have a follow-up.

第一個問題給 Megan。你們對第四季的指引顯示毛利率將較前一季改善約 20 個基點。我們應如何看待 SiP 轉移至越南的影響、Android 智慧型手機市場疲弱，以及其他因素例如外匯，或日本是否仍有任何遺留問題？能否協助我們拆解一下你們對這個季增改善的思考？我還有一個追問。

Sure. So correct, we are going to see some modest expansion in our gross margin in Q4. That's primarily due to favorable product mix as it relates to further growth in our compute. And then I would say, lower SiP, as you had mentioned before. We are also anticipating continued unfavorable FX.

好的。沒錯，我們在第四季的毛利率將會有些許擴張，主要是因為有利的產品組合，與我們運算業務的進一步成長相關。另外，如你先前提到的，SiP 也會降低。我們也預期外匯仍將持續不利。

As it relates to the Communications market, we've indicated in Q4 that would be down sequentially. As it relates to the dynamics between, I would say, the iOS and the Android, we do see Android being down in Q4 compared to Q3. And we also see iOS down. So we see both ecosystems down. And did you have a follow-up?

就通訊市場而言，我們已指出第四季將較前一季下滑。就 iOS 與 Android 之間的動態來看，我們確實看到 Android 在第四季相較第三季下滑，同時也看到 iOS 下滑。因此我們看到兩個生態系都在下滑。你有追問嗎？

Yes. I had a follow-up for Kevin. So with this new announced agreement with NVIDIA, it looks like total prepayments are now about $3 billion. Kevin, how should we think about the division of programs between South Korea and Arizona? And will the margin and capital return profiles differ materially between these 2 locations?

有的。我有一個問題要問 Kevin。隨著這項新公布的與 NVIDIA 的協議，看起來總預付款現在約為 30 億美元。Kevin，我們應如何看待專案在南韓與亞利桑那之間的分配？而這兩個地點的利潤率與資本回報特性是否會有實質差異？

And from a risk management standpoint, if any major AI program changes, how fungible is this advanced packaging equipment? So a couple of different parts, but if you can just talk about Korea versus Arizona, the margin and capital return profiles and how you're thinking about risk management.

另外從風險管理角度，如果任何主要 AI 專案發生變動，這些先進封裝設備的可替換性（通用性）有多高？問題有幾個面向，但如果你能談談韓國對比亞利桑那、利潤率與資本回報特性，以及你們如何思考風險管理。

Yes. Thanks, Ruplu. So a few components there. So when we think about the mix between Korea versus Arizona, obviously, for Korea, we're ramping today. That's obviously very important for us to continue to accelerate that ramp.

好的，謝謝你，Ruplu。這裡面確實有幾個部分。當我們思考韓國與亞利桑那之間的組合時，顯然在韓國，我們目前正在爬坡量產。對我們而言，持續加速這個爬坡非常重要。

There's a lot going on there. I mean, I have a little bit of color because we talked about the expansions in these locations as well. So in Korea, obviously, as we migrate the SiP from the Korea facility over to Vietnam, that opens up space in the Korea facility and that we're quickly filling with assets that we already have on order to continue that ramp profile, I would say, short term.

那邊有很多事情在進行。我可以補充一些背景，因為我們也談到在這些地點的擴建。在韓國，隨著我們將 SiP 從韓國廠移轉至越南，韓國廠就會釋出空間，而我們會迅速用已下單的資產來填補，以延續我認為短期的爬坡態勢。

Then when we get to midterm, we have the new building on the Songdo campus that will be opening at the end of this year that will start to ramp to continue that acceleration. And then that announcement is also contemplating these K4 or that's our Gwangju location, where we have 2 new buildings where we recently broke ground, and those will drive the acceleration into late '27 into '28.

接著到中期，我們在松島園區的新大樓將於今年底啟用，並將開始爬坡以持續加速。此外，該公告也涵蓋 K4（也就是我們的光州據點），我們在那裡有兩棟新大樓，近期已動土，這些將推動加速成長延伸至 2027 年下半年到 2028 年。

Those buildings will be completed for construction in late '27. To give you an idea of scale there from a spend perspective, the construction in Korea will basically for 2027 be in the $400 million to $450 million range. And then we talked about, obviously, this expansion in Vietnam, where the SiP is going in. And that expansion facility-wise for 2027 is in the $50 million range. Obviously, for Arizona, that ramp is later.

那些建築將於 2027 年底完成施工。為了讓你從支出角度了解那邊的規模，韓國的建設在 2027 年基本上會落在 4 億至 4.5 億美元的區間。接著我們也談到，顯然在越南的擴產，SiP 將在那裡導入。而該擴產在 2027 年就廠房設施而言約為 5,000 萬美元的規模。至於亞利桑那州，顯然那個爬坡時點會更晚。

Again, the facility will be completed late this year. We'll start moving assets in. So for that customer, that will be more of a 2020 -- late 2028 type ramp profile. And then when we think about gross margins for both facilities, what we -- obviously, when we think about Arizona, we do expect the overall cost to be higher related to building depreciation, labor. We're managing that through multiple ways.

再說一次，該設施將在今年底完工。我們會開始把資產搬入。因此對那位客戶而言，會比較像是 2028 年末那種爬坡曲線。接著當我們思考兩座廠的毛利率時——顯然，談到亞利桑那州，我們確實預期整體成本會更高，主要與廠房折舊、勞動力相關。我們會透過多種方式來管理。

Number one is keeping the factory very heavily utilized. So it will be lower product mix, higher utilization. And the customers we have planned for that facility understand that we want to reduce the seasonality, preferentially load in Arizona and then obviously offload into Asia. So that allows us to really keep that factory running at a high level. And obviously, it will be our most advanced related to automation.

第一是讓工廠維持非常高的稼動率。因此會是較低的產品組合複雜度、更高的稼動率。而我們規劃在該廠的客戶也理解，我們希望降低季節性，優先在亞利桑那州上量，然後顯然再把部分量移轉到亞洲。如此一來，我們就能讓那座工廠長期維持在高水準運轉。而且顯然，那將會是我們自動化程度最高的廠。

So that will help us from a labor perspective. So long term, while there may be some slight deltas in the margin profile, we wouldn't expect a big delta between the two. So I think that's a positive outlook. When we think about risk, the CAP agreements really help us from a risk profile. There's obviously multiple terms in those agreements that build confidence for us in getting that profile built.

因此從勞動力角度來看，這會對我們有幫助。所以長期而言，雖然毛利結構可能會有些微差異，但我們不預期兩者之間會有很大的差距。所以我認為這是正面的展望。談到風險時，CAP 協議確實在風險輪廓上對我們很有幫助。顯然，這些協議中有多項條款，能讓我們對建立該輪廓更有信心。

The asset fungibility, we think about any high-density fan-out program, 2.5D, even wafer bumping type things, these assets are fungible up and down that stack. Obviously, the scale that we're working with this customer is hard to offset. But I'd say, regardless, the technology is very fungible to different customers.

關於資產可替換性（fungibility），我們看任何高密度扇出（HDFO）專案、2.5D，甚至晶圓凸塊（wafer bumping）這類事情，這些資產在那個堆疊的上下游之間是可互換調度的。顯然，我們與這位客戶合作的規模很難用其他方式完全對沖。但我會說，不管怎樣，這項技術對不同客戶而言具有很高的可移植性與可替換性。

Joe Moore, Morgan Stanley.

Joe Moore，摩根士丹利。

Great. You had good results in compute, up 25%. I think you had talked about up 30% when you reported last quarter. So can you just talk about -- I assume that's sort of more constraints on the supply side, but can you give us some indication of that trajectory and any nuance there?

很好。你們在運算（Compute）方面的結果不錯，成長 25%。我記得你們上季公布時曾談到成長 30%。所以能否談談——我猜這可能比較像供給端的限制，但你能否給我們一些該趨勢的指引，以及其中是否有任何細微差異？

Yes. I wouldn't necessarily say supply side actually, Joe. It's more related to -- you have to kind of imagine this process flow for these HDFO parts. This is over 300 steps in the process. So to build out that pipeline, get the product in the right locations, I think we talk a lot about WIP loading to get that built into that whole chain with multiple steps takes time. So I'd say we were -- it took a little bit longer to really load the line to the level we wanted to. I wouldn't say anything related to supply constraints.

是的，Joe，我不一定會說是供給端。比較是與——你得想像一下這些 HDFO 零件的製程流程。這個製程超過 300 個步驟。因此要把那條管線建起來、讓產品在正確的位置流轉，我們談了很多在製品（WIP）上線（loading），要把它建進整個多步驟鏈條需要時間。所以我會說，我們——要把產線真正上到我們想要的水位，花的時間稍微久了一點。我不會說這與供應受限有關。

Okay. That's helpful. And then also on the end market mix, it looked like you had some strength in Automotive. Any sense of what you're seeing in that part of the market?

了解，這很有幫助。另外在終端市場組合上，看起來你們在車用（Automotive）有些強勁表現。你們在那個市場區塊看到什麼情況？

Yes. Thanks for that question. I wasn't sure that was going to come up today. But I'd say Automotive and Industrial are actually very, very positive on that. There's a few things.

是的，謝謝這個問題。我不確定今天會有人問到這個。但我會說，車用和工業（Industrial）在這方面其實都非常、非常正面。有幾個因素。

For Automotive, the advanced products, again, think in-car computing, ADAS, all those applications are continuing to grow for us, and that's a really exciting area. If you think about how the automotive industry has changed over the few years, it used to take years to develop a product, get it into a car. That's really accelerating.

就車用而言，先進產品——再想想車內運算、ADAS 等等應用——都持續成長，這是一個非常令人興奮的領域。如果你回想汽車產業這幾年的變化，以前開發一個產品、導入到車上要花好幾年。現在這個速度正在大幅加快。

And so the advancement of new technologies in cars is going much more aggressively than we've seen in the past, which benefits these advanced packages. Think about Arizona in general, where we have a lot of autonomous cars, the amount of semiconductor content in these vehicles is really increasing as that continues to proliferate down into passenger cars.

因此，車內新技術的推進比我們過去看到的更積極，這對這些先進封裝有利。以亞利桑那州為例，那裡有很多自動駕駛車，隨著這些技術持續向乘用車普及，這些車輛中的半導體含量確實在增加。

We obviously will continue to see semiconductor content per car growing. And then in addition to that, the mainstream legacy-type packages going into cars are also rebounding. I'd say our customers, it's nice to hear them talk about their positive outlooks, inventory being under control, where that's taken years to get to that level. So that's all boding well. And then I don't want to leave out Industrial.

我們顯然會持續看到每輛車的半導體含量成長。此外，導入車用的主流、傳統類型封裝也正在回升。我會說，聽到客戶談他們的正面展望、庫存受到控制，這很不錯——要達到這個水位花了好幾年。所以這些都帶來良好訊號。另外我也不想漏掉工業領域。

Industrial, we also see some pretty significant growth there. So all three of those areas, we've seen positive momentum.

工業方面，我們也看到相當顯著的成長。所以這三個領域我們都看到正向動能。

Ben Reitzes, Melius Research.

Ben Reitzes，Melius Research。

This is Jack Adair on for Ben. I wanted to dive deeper into the Computing segment. You had guided Computing to be up over 50% year-over-year in 4Q. Could you talk more about the momentum into 2027 with more capacity coming online in Korea and more data center engagements ramping? And if that pace can continue in 2027?

我是代 Ben 發言的 Jack Adair。我想更深入探討運算（Computing）部門。你們曾指引第四季運算將年增超過 50%。能否多談談 2027 年的動能：隨著韓國有更多產能上線，以及更多資料中心合作案進入爬坡？以及這樣的成長速度在 2027 年是否能延續？

Yes. Thanks for the question. Yes. I mean, so basically, with our guide, we're expecting over 30% growth in Computing from 2025 to 2026. Again, keep in mind, that encompasses PC as well as data center.

是的，謝謝你的問題。是的，我是說，基本上依照我們的指引，我們預期運算業務從 2025 到 2026 年成長超過 30%。再次提醒，這包含 PC 以及資料中心。

PC is relatively soft, but data center has offset that, and that's really what's driving this over 30% growth. We would expect a similar growth rate to even higher growth rate into 2027, again, based on that space profile that I outlined already.

PC 相對疲弱，但資料中心已經抵消了這部分，而這也正是推動超過 30% 成長的主要動力。我們預期進入 2027 年會有類似、甚至更高的成長率，同樣是基於我先前已經概述的那個產能/空間配置輪廓。

That's helpful. And if I could ask one more about your Communications business. And with the new launch cadence at Apple, just if you could help us with more color on seasonality in '27 and if you expect content gains to be a factor there with new form factors in the mix.

這很有幫助。如果我可以再問一題，關於你們的通訊（Communications）業務。隨著 Apple 的新產品發表節奏改變，能否請你們提供更多 2027 年季節性的色彩，以及在新外形規格（form factors）納入的情況下，你們是否預期內容量提升（content gains）會成為影響因素？

Okay. Yes. So comms is interesting. I think overall, it's a little early to tell what the full year profile will look like. But you're right, with the different launch profiles, which we tried to signal a little bit going back last quarter, that we would expect that to change our typical seasonality.

好的。是的，所以通訊這塊很有意思。我認為整體而言，現在要判斷全年輪廓會長什麼樣子還稍早。但你說得對，隨著不同的發表/上市輪廓——我們在上季回顧時也試著稍微釋放這個訊號——我們預期這會改變我們典型的季節性。

But I think it's, again, a little too early to see how that's going to completely play out. You can imagine there's lots of different dynamics going on there between supply constraints, memory pricing affecting overall demand, the build cycles like you talked about. So there's lots of components there. But in general, related to the form factors, I don't see that there's a lot of impact related to that. Obviously, it's more about unit sales, the better these -- the phones sell, obviously, that bodes well to just increased demand overall.

但我認為，現在仍然有點太早，還看不出它最終會如何完全演變。你可以想像，那裡有很多不同的動態在同時發生，包括供應限制、記憶體價格對整體需求的影響、以及你提到的備貨/生產週期。所以裡面有很多構成要素。但整體而言，就外形規格而言，我不認為它會帶來很大的影響。顯然，更多還是取決於出貨量；這些——手機賣得越好，顯然就越有利於整體需求的提升。

Randy Abrams, UBS.

Randy Abrams，瑞銀。

Yes. My first question, I wanted to expand on your Computing opportunities. You're having a nice ramp on the CPU program. Could you talk about your progress on the fan-out bridge, how that is progressing? And also, if you could talk about the scope. I think you mentioned a couple of other new projects such as networking ramping up, how you see those incremental activities for compute.

是的。我第一個問題想延伸談談你們在運算（Computing）方面的機會。你們的 CPU 專案正在順利爬坡（ramp）。能否談談你們在扇出橋接（fan-out bridge）上的進展，目前推進得如何？另外，如果可以的話，也請談談其範疇（scope）。我記得你們提到幾個其他新專案，例如網路（networking）正在爬坡，你們如何看待這些對運算業務的增量活動？

Okay. Yes. Thanks, Randy. So yes, a few things there. So when we think about the bridge opportunity, I'd say that's progressing as expected.

好的。是的。謝謝你，Randy。所以，是的，這裡有幾點。當我們思考橋接（bridge）這個機會時，我會說進展符合預期。

We talked about that being a late 2027 opportunity into '28. I think our timeline still matches that. The discussions with the customer are ongoing. Obviously, there's a lot of interest again, to kind of secure capacity overall. Again, we kind of paint a little bit of a picture around capacity constraints in general across the industry.

我們談過那會是 2027 年底到 2028 年的機會。我認為我們的時程仍然符合那個節點。與客戶的討論仍在進行中。顯然，大家對於在整體上確保產能（capacity）又有很高的興趣。同樣地，我們也大致描繪了整個產業普遍存在的產能受限情況。

When we think about Computing, obviously, early on, there's a lot of discussion around silicon availability, memory availability. I'd say those seem to be -- I mean, they're still there, but at least customers understand better what is available to them going into 2027. And I think that has highlighted even more that packaging is becoming one of the key bottlenecks. So customers are really working to make sure they secure capacity into '27 and even into 2028. So that's where you start to see a lot of these advance payment discussions.

談到運算（Computing），很早期大家有很多討論是圍繞矽晶供應（silicon availability）、記憶體供應（memory availability）。我會說那些問題似乎——我是說，仍然存在，但至少客戶更清楚在 2027 年前後他們能取得哪些資源。而我認為這更凸顯了封裝（packaging）正在成為主要瓶頸之一。因此客戶正積極確保 2027 年、甚至 2028 年的產能。所以你開始看到很多這類預付款（advance payment）的討論。

And help me with the second question again, Randy?

Randy，能再幫我確認一下第二個問題是什麼嗎？

Yes. The second part of that was the other projects. If you could talk a bit more about the scope, is compute concentrated with the core CPU or you're seeing good broadening out to these other projects, if you expect them to be meaningful?

好的。第二部分是其他專案。如果你能多談一點範疇（scope），運算是否主要集中在核心 CPU，還是你們看到這些其他專案也在良好擴展？你是否預期它們會變得重要（meaningful）？

Yes. So I mean, meaningful. I think these core fundamental programs are scaling much, much faster. So I think I have to say that. But I think we have programs going on in the xPU, networking programs and things like switches.

是的。所以，我是說，重要（meaningful）。我認為這些核心、基本的專案擴張速度快得多、快很多。所以我得先這麼說。但我認為我們也有在進行 xPU 的專案、網路（networking）專案，以及像交換器（switches）這類的項目。

Those are 2.5D type programs. And then again, we talked about the CPU program for a hyperscaler. Again, all of those are on track, either ramping now or ramping in the next quarter or this quarter, late this quarter. But I think overall, the scale-wise, the big driver is the key programs we talked about.

那些是 2.5D 類型的專案。然後同樣地，我們也談到為某家超大規模業者（hyperscaler）做的 CPU 專案。再說一次，這些都在軌道上：不是正在爬坡，就是會在下一季或本季、接近本季末開始爬坡。但整體而言，就規模來看，最大的驅動因素仍是我們談到的那些關鍵專案。

Okay. Great. And my second question, I wanted to ask about the cost and also the pricing environment. We're seeing a lot of the substrate and material costs rise, but also tight capacity. I think your Taiwan peer has been raising price.

好的。很好。我的第二個問題想問成本以及定價環境。我們看到許多載板（substrate）與材料成本上升，但同時產能也很吃緊。我想你們在台灣的同業正在調漲價格。

How do you see both of those drivers? And if I could add just one offset. Would the SiP business rebound stronger next year to offset if you indeed could see some pricing improvement? Do you see any offsets from SiP?

你如何看待這兩個驅動因素？另外我再加問一個抵銷因素。如果你們確實可能看到一些定價改善，明年 SiP 業務是否會更強勁反彈來抵銷？你是否看到 SiP 帶來任何抵銷效果？

Okay. Yes. So yes, I mean, there's definitely cost pressure. I think we're managing that closely with our suppliers. And typically, we're passing those costs on to our customers.

好的。是的。所以，是的，我是說，確實有成本壓力。我認為我們正與供應商密切管理這件事。而通常我們會把這些成本轉嫁給客戶。

I think the pricing environment in general is still attractive related to being able to pass costs along and think about long-term investment and how we're managing that margin profile to make sure the return is there. And again, you think about the number of players that support these types of products or these types of packages, it's relatively limited.

我認為整體定價環境仍然具吸引力，因為我們能夠把成本轉嫁出去，同時也能思考長期投資，以及我們如何管理毛利結構（margin profile）以確保投資報酬到位。而且你再想想，能支援這類產品或這類封裝的業者數量相對有限。

So that creates an environment where I think all of the players in this field are able to really drive an attractive cost structure and price structure just because of the overall constraints in the capacity in general.

因此這創造了一個環境：我認為這個領域的所有業者都能夠推動具吸引力的成本結構與價格結構，原因就在於整體產能普遍受限。

Then when it comes to SiP, we definitely see that -- again, we talked about the short-term kind of headwinds related to the transfer and how you always have a little bit of a gap as you're moving assets across the oceans. But we definitely see with working with the customers that the rebound is there.

接著談到 SiP，我們確實看到——同樣地，我們談過短期逆風，與移轉（transfer）相關；當你把資產跨洋移動時，總會有一點空窗期。但我們確實看到，透過與客戶合作，反彈是存在的。

There's a lot of pipeline built up for SiP. Pricing, I'd go back with that related to passing on cost increases that we're seeing, maybe not so much related to really driving an overall margin acceleration related to that business part.

SiP 的案源管線（pipeline）累積了很多。至於定價，我會回到我們把所看到的成本上升轉嫁出去這件事；可能不太是指透過那塊業務去推動整體毛利加速擴張。

Steven Fox, Fox Advisors.

Steven Fox，Fox Advisors。

I had two as well. I guess, first of all, you gave a lot of great clues on how CapEx could look like for next year. Can you talk about how some of the capacity expansion could impact gross margins in the coming calendar year? And also how much of a mix offset you could get roughly when we think about that? And I have a follow-up.

我也有兩個問題。首先，你們提供了很多很好的線索，讓我們了解明年的資本支出（CapEx）可能會是什麼樣子。你能談談部分產能擴張在接下來的曆年中，可能如何影響毛利率（gross margins）嗎？另外，當我們思考這件事時，大概能得到多少組合（mix）上的抵銷？我還有一個追問。

Okay. Megan, can you take that one?

好的。Megan，你可以回答這題嗎？

Sure. So just to reiterate, Steve, we did want to signal without -- we're not yet ready to provide full 2027 CapEx guidance, but that we are proceeding with some programs that Kevin outlined that are going to step up CapEx, specifically around facilities.

當然。Steve，我再重申一次：我們想先釋出訊號——雖然我們還沒準備好提供完整的 2027 年資本支出指引（CapEx guidance）——但我們正在推進 Kevin 概述的一些專案，這些將會推升資本支出，特別是在廠房設施（facilities）方面。

So just to recap there, we have the Arizona facility, we gave a framework that '27 could be up to 15% of that $12 billion in '27. And then for Korea in the range of $400 million to $450 million. And then Vietnam, $50 million.

所以簡單回顧一下：我們有亞利桑那州（Arizona）廠，我們提供了一個框架，表示 2027 年可能最高達到那筆 120 億美元的 15%。另外韓國（Korea）約在 4 億到 4.5 億美元區間。以及越南（Vietnam）5,000 萬美元。

So altogether, those are higher than $2 billion just around those programs. So as it relates to margin impact, just as a reminder, the Arizona facility will not yet be completed until the end of '27. So that won't start being recognized in the income statement until that's completed. So we'll be capitalizing that over the course of the year, similarly with the other primary projects in Korea. As it relates to equipment, we do anticipate further expansion on the equipment side.

因此合計起來，光是這些專案就超過 20 億美元。至於對毛利的影響，提醒一下：亞利桑那州廠要到 2027 年底才會完工。因此在完工之前，不會開始在損益表（income statement）中認列。所以我們會在全年期間將其資本化（capitalize），韓國的其他主要專案也是類似。至於設備（equipment），我們確實預期設備端會進一步擴張。

We're going to see probably around a mid-teens percent increase in depreciation in '26. I do expect that, that will increase somewhat in '27. It's still too early to tell yet what that impact on margin will be. However, as you just mentioned, we are executing on our strategic plan, which identified product mix as one of the primary areas for margin expansion. And with our plan around compute to grow similarly 30% or more in '27, we would anticipate having a benefit related to that in '27.

我們在 2026 年可能會看到折舊（depreciation）約中十位數百分比（mid-teens percent）的增加。我確實預期 2027 年會再增加一些。但現在仍太早，還無法判斷對毛利的影響會是多少。不過，正如你剛提到的，我們正在執行策略計畫，其中把產品組合（product mix）列為毛利擴張的主要領域之一。而依照我們在運算（compute）方面的規劃，2027 年成長同樣達到 30% 或以上，我們預期 2027 年會因此帶來正面效益。

Great. That's super helpful. And then just as a follow-up, I know you just covered pricing, but maybe just asking it a little differently on some of these agreements. Obviously, you've taken some of the -- a lot of the risk out in terms of planning for capacity with some of these new compute agreements and networking, et cetera. How do we think about just how you're creating pricing power within that? Is there any other thing -- anything else we should think about besides you mentioned sort of the predictability of the production in a specific plant?

很好。這非常有幫助。接著追問一下：我知道你剛剛談到定價，但我想用不同方式問一些協議的部分。顯然，透過這些新的運算協議與網路等，你們在產能規劃方面已經把部分——很多——風險移除了。那我們該如何理解你們在其中如何建立定價能力（pricing power）？除了你提到的在特定工廠生產的可預測性之外，還有沒有其他——任何其他我們應該考量的因素？

No. Again, I think if you look at all of the Computing customers, the environment and the pricing environment, they understand that these are very significant capital investments, and there needs to be a return on these capital investments. So I think the margin profile and the return is not a major issue. They are more focused on making sure they secure the capacity. So at this point, we feel very optimistic around the pricing environment related to these multiyear agreements.

不。再說一次，我認為如果你看看所有運算（Computing）客戶、整體環境以及定價環境，他們理解這些都是非常重大的資本投資，而且這些資本投資需要有回報。因此我認為毛利結構與回報並不是主要問題。他們更關注的是確保取得產能。所以就目前而言，我們對與這些多年期協議相關的定價環境感到非常樂觀。

(Operator Instructions) Steve Barger, KeyBanc Capital Markets.

（接線員指示）Steve Barger，KeyBanc Capital Markets。

Megan, you talked about the dozen customers with prepayments, and it sounds like there could be some more coming. As you think about CapEx timing versus these payments arrangements, can you manage this build-out without incremental debt? Or is it too early to tell?

Megan，你提到有十幾位客戶進行預付款，聽起來之後可能還會有更多。當你思考資本支出（CapEx）時點相對於這些付款安排時，你們能否在不增加額外負債的情況下管理這次擴建？還是說現在判斷仍為時過早？

Thanks, Steve. So with what we have outlined, we are -- obviously, there's going to be significant support in '27. So that even pushes through '28, where there may not even need to be incremental debt at that point. So I would say it's still too early to tell whether we would need incremental debt within '28 and beyond. But I would say the balance sheet positioning is solid through 2027.

謝謝你，Steve。就我們已經說明的內容而言，我們——很明顯，2027 年會有相當大的支撐。因此甚至會延續到 2028 年，屆時可能根本不需要新增負債。所以我會說，是否在 2028 年及之後需要新增負債，現在仍然太早下定論。但我會說，我們的資產負債表部位在 2027 年之前都很穩健。

Got it. And if consumer electronics in comms and compute remains soft for multiple quarters into next year, does it change the margin trajectory or the earnings trajectory as you think about the CapEx investments that you've talked about relative to the unit volume, potential losses from some of these consumer electronics programs? Or do you expect that the AI-related devices acceleration can mitigate that?

了解。如果通訊與運算相關的消費性電子在接下來多個季度、一路疲弱到明年，當你們考量你們提到的 CapEx 投資相對於出貨量，以及部分消費性電子專案可能帶來的損失時，這會改變毛利走勢或獲利走勢嗎？或者你們預期 AI 相關裝置的加速能夠緩解這些影響？

Yes. So let me just start again with the overall picture. And I think we talked about this a good bit during the Investor Day. So when we think about what's our long-term vision, compute is going to continue to accelerate. And obviously, that's a very attractive margin profile.

是的。讓我先從整體情況再談起。我想我們在投資人日（Investor Day）也談了不少。當我們思考長期願景時，運算將會持續加速。而且很明顯，那是非常具吸引力的毛利結構。

and become a larger portion of the business. We talked about the CAGRs we would expect there. Some of these opportunities that we've talked about in advance payments were already contemplated in those long-term targets. But I think -- and then when we look at Communications, we would expect it to continue to grow, maybe not at -- obviously not at the kind of growth rates we're talking about for Computing. So in general, we feel the assets, we will have troughs and things like that.

並且會成為業務中更大的一部分。我們談過我們預期的複合年成長率（CAGR）。我們先前提到、與預付款相關的一些機會，其實已經納入那些長期目標之中。但我認為——接著當我們看通訊（Communications）時，我們預期它會持續成長，只是——很明顯不會像我們談到運算那樣的成長速度。所以整體而言，我們認為資產會有谷底等情況。

But the assets overall, we don't think that utilization levels will change over time. They'll continue to rise and be an attractive profile for the overall Communications business. And Megan, anything to add there?

但就整體資產而言，我們不認為利用率水準會隨時間而改變。它們會持續上升，並為整體通訊業務帶來具吸引力的結構。Megan，你要補充嗎？

Yes. I just wanted to mention that we do see having a diversified portfolio as a benefit. And so in times like this, where we are seeing weakness in Communications and Consumer, those changes in market dynamics are being cushioned by the strength in compute.

是的。我只是想提到，我們確實認為擁有多元化的產品組合是一項優勢。因此在像現在這樣、我們看到通訊與消費性（Consumer）疲弱的時期，市場動態的變化會被運算的強勁表現所緩衝。

And we've seen this before when we had Automotive significantly declining post COVID, and we had other markets such as Communications and Compute at the time. So I think having a diversified portfolio definitely helps smooth through dynamics such as what we're experiencing today.

我們以前也看過這種情況，例如 COVID 之後汽車（Automotive）大幅下滑時，當時還有其他市場如通訊與運算支撐。所以我認為擁有多元化的產品組合，確實有助於平滑我們今天所經歷的這類動態。

Yes. And again, just thinking about build cycle changes, we're optimistic that the first half, second half peaks will be different moving forward. We'll see if that cycle continues longer term. But I think that will also be pretty significant related to the Communications first half, second half dynamic.

是的。而且再想想建置週期的變化，我們樂觀認為未來上半年、下半年的高峰會有所不同。我們會看看這個週期長期是否會持續。但我認為這也會對通訊業務上半年、下半年的動態帶來相當顯著的影響。

Denis Pyatchanin, Needham & Company.

Denis Pyatchanin，Needham & Company。

My first one is for Kevin. Given persistently high memory prices over the last year, what are you seeing in terms of impact on PC and smartphone-related product volume? Would you be able to quantify the current impact for each? And could you maybe provide an outlook for these markets for the next year?

第一個問題給 Kevin。鑑於過去一年記憶體價格持續偏高，你們看到對 PC 與智慧型手機相關產品出貨量造成哪些影響？你能否量化目前對各自市場的影響？另外，你能否提供未來一年這些市場的展望？

Yes, that's a hard question. I'd say, obviously, memory pricing and then just availability in general has affected both markets. Definitely in Communications, and I think we tried to signal some of this before, we saw that Android maybe had a little bit harder time adjusting than iOS. And that may be related to overall pricing dynamics. I think the low-tier type phones had a harder time absorbing those cost changes than the premium tier.

是的，這是個很難的問題。我會說，很明顯，記憶體定價以及整體供應可得性都影響了這兩個市場。在通訊方面尤其如此，而且我想我們之前也試著釋放過一些訊號：我們看到 Android 的調整可能比 iOS 更吃力一些。這可能與整體定價動態有關。我認為低階手機在吸收這些成本變動方面，比高階機種更困難。

So I think that will continue. And then when we think about the PC market, again, memory is a pretty sizable component to the overall PC cost. So we definitely saw impacts there. But I think the general trend that we've always highlighted about the migration to ARM from x86 is continuing, and that's helping to offset some of those challenges for us.

所以我認為這種情況會持續。再來看 PC 市場，記憶體在整體 PC 成本中占比相當大。因此我們確實看到那裡的影響。但我認為我們一直強調的整體趨勢——從 x86 遷移到 ARM——仍在持續，這也有助於我們抵消部分挑戰。

And my second one is for Megan. So more recently, CapEx has come up to over 30% of sales, while historically, it has been in the low to mid-teens. Would you be able to provide a longer-term outlook for CapEx intensity? Any thoughts on whether it will ramp down more slowly or if there will be a more significant drop at some point two or three years out?

第二個問題給 Megan。最近 CapEx 已提高到銷售額的 30% 以上，而過去歷史上大多在低到中十位數百分比。你能否提供 CapEx 強度的較長期展望？你怎麼看它會較慢地下滑，或是在兩到三年後某個時間點出現更明顯的下降？

Sure. So we have indicated '27 will have a step-up in CapEx for -- specifically for the facility build-out. We've also at least shared a framework that our Arizona build-out will peak in '28 and '29. That's because we will be constructing phase 2 at the same time that we're bringing on equipment for phase 1. So I think the CapEx is going to stay elevated through those periods.

當然可以。我們已指出 2027 年的 CapEx 會上台階——特別是用於廠房擴建。我們也至少分享了一個架構：我們在亞利桑那州的擴建將在 2028 年與 2029 年達到高峰。原因是我們會在導入第一期設備的同時，進行第二期的建造。因此我認為 CapEx 在那些期間會維持在較高水準。

And then from that perspective, from what we've shared so far, it will probably taper back down. As far as a long-term normalized, we have not provided that level of detail.

然後從這個角度來看，依照我們目前分享的內容，之後應該會逐步回落。至於長期常態化水準，我們尚未提供到那樣細的資訊。

At this time, I'm showing no further questions. I would like to turn the call back over to Kevin for closing remarks.

目前我這邊顯示沒有進一步的提問。我想把電話會議交回給 Kevin 作結語。

Okay. Thank you, everyone, for the questions. Let me close with three key messages. First, our financial performance continues to strengthen. Record Computing and Automotive and Industrial revenue and margin expansion demonstrates the improving earnings power of the business.

好的。謝謝各位的提問。我用三個重點訊息作結。第一，我們的財務表現持續強化。運算、汽車與工業營收創新高，以及毛利擴張，展現了公司獲利能力正在提升。

Second, advanced packaging is driving significant growth opportunities. We continue to make progress across our HDFO and 2.5D programs with strong momentum in AI and high-performance Computing. And third, customers are making longer-term commitments to Amkor. This gives us greater visibility as we accelerate our global capacity expansions. Thank you for joining the call today.

第二，先進封裝正帶動顯著的成長機會。我們在 HDFO 與 2.5D 專案上持續取得進展，在 AI 與高效能運算（HPC）方面動能強勁。第三，客戶正對 Amkor 做出更長期的承諾。這讓我們在加速全球產能擴張時，能有更高的能見度。感謝各位今天參與本次電話會議。

Ladies and gentlemen, this concludes today's conference call. You may now disconnect.

各位女士、先生，本日電話會議到此結束。您現在可以掛線。