Arm Holdings PLC (ARM) 2026 Q1 法說會逐字稿

Good day, and thank you for standing by. Welcome to the Arm first-quarter fiscal year 2026 webcast and conference call. (Operator Instructions) Please be advised that today's conference is being recorded. I would now like to turn the conference over to your first speaker today, Jeff Kvaal, Vice President, Investor Relations. Please go ahead.

您好，感謝您的支持。歡迎參加 Arm 2026 財年第一季網路廣播和電話會議。（操作員指示）請注意，今天的會議正在錄音。現在，我想將會議交給今天的第一位發言者，投資者關係副總裁 Jeff Kvaal。請繼續。

Thank you very much, Sharon, and welcome, everyone. This is our first earnings call of fiscal year 2026. On the call today are Rene Haas, Arm's Chief Executive Officer; and Jason Child, Arm's Chief Financial Officer. During the call, Arm will discuss forecasts, targets and other forward-looking information regarding the company and its financial results.

非常感謝，莎倫，歡迎大家。這是我們 2026 財年的第一次財報電話會議。今天參加電話會議的有 Arm 執行長 Rene Haas 和 Arm 財務長 Jason Child。在電話會議中，Arm 將討論有關公司及其財務表現的預測、目標和其他前瞻性資訊。

While these statements represent our best current judgment about future results and performance, our actual results are subject to many risks and uncertainties that could cause results to differ materially. In addition to any risks that we highlight during this call, important risk factors that may affect our future results and performance are described in our registration statement on Form 20-F filed with the SEC.

雖然這些陳述代表了我們對未來結果和表現的當前最佳判斷，但我們的實際結果受到許多風險和不確定性的影響，這可能導致結果出現重大差異。除了我們在本次電話會議中強調的任何風險之外，我們向美國證券交易委員會提交的 20-F 表格註冊聲明中還描述了可能影響我們未來結果和績效的重要風險因素。

Arm assumes no obligation to update any forward-looking statements. We will refer to non-GAAP financial measures during the discussion. Reconciliations of certain of these non-GAAP financial measures to their most directly comparable GAAP financial measures can be found in our shareholder letter, as can a discussion of certain projected non-GAAP financial measures that we are not able to reconcile without unreasonable effort and supplemental financial information. The shareholder letter and other earnings-related materials are available on our website at investors.arm.com.

Arm 不承擔更新任何前瞻性聲明的義務。我們將在討論中參考非公認會計準則財務指標。在我們的股東信中可以找到某些非 GAAP 財務指標與其最直接可比的 GAAP 財務指標的對賬表，也可以找到對某些預計的非 GAAP 財務指標的討論，如果不付出不合理的努力和補充財務信息，我們就無法對這些指標進行對賬。股東信函和其他收益相關資料可在我們的網站 investors.arm.com 上查閱。

And with that, I'll turn the call over to Rene. Rene?

說完這些，我將把電話轉給 Rene。雷內？

Thank you, Jeff, and welcome, everyone. We began fiscal year 2026 with strong momentum, fueled by the insatiable compute demands of AI. From smart sensors and homes and factories to the world's most advanced AI supercomputers, AI workloads are being deployed everywhere. This is driving unprecedented demand for compute that is not only performant but also energy efficient, and Arm is the only compute platform built to deliver AI performance across the full spectrum of power and performance from milliwatts to megawatts.

謝謝傑夫，歡迎大家。在人工智慧永不滿足的運算需求的推動下，我們以強勁的勢頭開啟了 2026 財年。從智慧感測器、家庭和工廠到世界上最先進的人工智慧超級計算機，人工智慧工作負載正在部署到各個地方。這推動了對不僅性能強大而且節能的運算的空前需求，而 Arm 是唯一能夠在從毫瓦到兆瓦的整個功率和性能範圍內提供 AI 性能的計算平台。

As a result, Q1 was our highest revenue quarter -- second highest revenue quarter at $1.05 billion. Royalty revenue reached $585 million, up 25% year-on-year with strong momentum across all of our end markets. Licensing revenue was $468 million as companies continued to make Arm the AI platform of choice. Custom silicon on Arm is driving unmatched AI scale in the cloud.

因此，第一季是我們收入最高的季度——收入第二高的季度，達 10.5 億美元。特許權使用費收入達 5.85 億美元，年增 25%，所有終端市場均呈現強勁成長動能。由於各公司繼續將 Arm 作為首選的 AI 平台，授權收入達到 4.68 億美元。Arm 上的客製化矽片正在推動雲端無與倫比的 AI 規模。

More than 70,000 enterprises now run AI workloads on Arm Neoverse data center chips, a 40% increase year-on-year and a 14x surge since 2021. Arm Neoverse CPUs now power the most important AI infrastructure in the world, including NVIDIA Grace, AWS Graviton, Google Axion, and Microsoft Cobalt, among others.

目前，超過 70,000 家企業在 Arm Neoverse 資料中心晶片上運行 AI 工作負載，年增 40%，自 2021 年以來增長了 14 倍。Arm Neoverse CPU 目前為世界上最重要的 AI 基礎設施提供支持，包括 NVIDIA Grace、AWS Graviton、Google Axion 和 Microsoft Cobalt 等。

Driven by our performant and efficient compute, for example, NVIDIA Grace Blackwell is 25 times more energy efficient than the previous x86-based system. We expect the market share of Arm Neoverse-based chips to top hyperscalers to reach nearly 50% this year. We are also seeing AI moving to the edge where the need for local real-time intelligence is enabled by Arm's efficiency and scale.

例如，在我們高效能、高效運算的推動下，NVIDIA Grace Blackwell 的能源效率比之前的基於 x86 的系統高出 25 倍。我們預計，基於 Arm Neoverse 的晶片的市場份額今年將達到超大規模市場的近 50%。我們也看到人工智慧正在走向邊緣，Arm 的效率和規模滿足了對本地即時智慧的需求。

Our compute platform delivers a unique combination of AR performance acceleration and energy efficiency, including the Ethos-U85 NPU for an enhanced image recognition and our v9 CPUs with scalable major extensions for accelerating language models, which can boost the performance of these models while limiting power and latency overhead. Technology leaders, including Apple, Samsung, and MediaTek are integrating these AI capabilities for faster, more efficient AI on premium smartphones.

我們的運算平台提供了 AR 效能加速和能源效率的獨特組合，包括用於增強影像辨識的 Ethos-U85 NPU 和用於加速語言模型的可擴展主要擴展的 v9 CPU，這可以在限制功率和延遲開銷的同時提高這些模型的效能。包括蘋果、三星和聯發科在內的技術領導者正在整合這些人工智慧功能，以便在高階智慧型手機上實現更快、更有效率的人工智慧。

AI workloads are going local and Arm is making it possible. Our leadership in AI is amplified by our unmatched software developer ecosystem. Over 22 million developers, more than 80% of the global base, build on Arm. This ecosystem is a powerful flywheel. More developers means more for software availability, which in turn drives more demand for our compute platform across every market.

AI 工作負載正在本地化，Arm 正在使其成為可能。我們無與倫比的軟體開發者生態系統增強了我們在人工智慧領域的領導地位。超過 2,200 萬名開發人員（佔全球開發人員總數的 80% 以上）是基於 Arm 進行開發。這個生態系統是一個強大的飛輪。開發人員越多，軟體可用性就越高，這反過來又會推動各個市場對我們運算平台的更多需求。

Our compute subsystems, CSS are helping customers move faster and the demand has exceeded our expectations. Our first generation of CSS is now in market with five customers and is delivering double the royalty of Armv9. We signed three additional CSS licenses this quarter with existing CSS customers, including two for the data center and one for PCs, more than doubling our CSS licenses from a year ago.

我們的計算子系統 CSS 正在幫助客戶更快發展，需求已經超出了我們的預期。我們的第一代 CSS 現已上市，擁有五家客戶，其專利費是 Armv9 的兩倍。本季度，我們與現有 CSS 客戶簽署了三份額外的 CSS 許可證，其中兩份用於資料中心，一份用於 PC，比一年前增加了一倍多。

Recently, Xiaomi launched the XRING O1 and Samsung launched the Galaxy Flip 7 using the Exynos 2500, both based on the latest Arm Compute Subsystem platform. These subsequent generations of our CSS platforms deliver even greater value functionality and time to market and bring the highest royalty rates we have seen to date.

近期，小米推出了XRING O1，三星推出了採用Exynos 2500的Galaxy Flip 7，皆以最新的Arm Compute Subsystem平台為基礎。我們的 CSS 平台的後續幾代產品提供了更有價值的功能和更快的上市時間，並帶來了迄今為止我們所見過的最高版稅率。

This includes the launch of Zena CSS, a platform optimized for AI-driven automotive workloads like autonomous driving. Also in the quarter, a major smartphone OEM is committed to our GPU platform to accelerate graphics and AI and multiple generations of their flagship smartphones through 2030. Our business relationship with SoftBank has expanded to help them build towards their greater, broader AI vision.

其中包括推出 Zena CSS，這是一個針對自動駕駛等人工智慧驅動的汽車工作負載進行最佳化的平台。此外，在本季度，一家大型智慧型手機 OEM 廠商致力於採用我們的 GPU 平台來加速圖形和 AI 以及到 2030 年的幾代旗艦智慧型手機。我們與軟銀的業務關係不斷擴大，以幫助他們實現更偉大、更廣泛的人工智慧願景。

We are continuing to explore the possibility of moving beyond our current platform into additional compute to subsystems, chiplets and potentially full-end solutions. To ensure that these opportunities are executed successfully, we have accelerated the investment into our R&D.

我們正在繼續探索超越當前平台、向子系統、晶片和潛在的全端解決方案提供額外計算的可能性。為了確保這些機會能夠成功實施，我們加快了對研發的投資。

These investments include expanding engineering delivery across multiple levels, adding to the already significant product investments we have made to date. Momentum behind the broad CSS adoption and increased demand for AI compute in Arm are driving a powerful growth trajectory for the company.

這些投資包括擴大跨多個層面的工程交付，並增加我們迄今為止已經進行的大量產品投資。CSS 的廣泛採用以及 Arm 對 AI 運算需求的不斷增長，正在推動該公司強勁的成長軌跡。

And with that, I'll hand over to Jason.

說完這些，我就把麥克風交給傑森。

Thank you, Rene. We have started fiscal year 2026 with another strong quarter. Total revenue of $1.05 billion was our second successive quarter over $1 billion, our best Q1 ever and above the midpoint of our guidance range. Royalty revenue grew 25% year-on-year to a Q1 record of $585 million. Royalty revenue is growing across all target end markets, including smartphones, data center, automotive and IoT.

謝謝你，雷內。我們以另一個強勁的季度開啟了 2026 財年。總營收 10.5 億美元，這是我們連續第二個季度營收超過 10 億美元，也是我們有史以來最好的第一季度，並且高於我們預期範圍的中點。特許權使用費收入年增 25%，達到第一季創紀錄的 5.85 億美元。所有目標終端市場的特許權使用費收入都在成長，包括智慧型手機、資料中心、汽車和物聯網。

Smartphones grew an order of magnitude faster than the market, given continued uptake of flagship smartphones based on Armv9 and CSS. Licensing and other revenue decreased 1% year-on-year as expected, following a very strong Q1 of FYE25. Rene mentioned our progress with three new CSS deals. What is unique about these deals is that we closed on our first three opportunities to upgrade existing CSS customers into next-generation platforms.

由於基於 Armv9 和 CSS 的旗艦智慧型手機持續受到歡迎，智慧型手機的成長速度比市場快一個數量級。繼 25 財年第一季表現強勁之後，許可證和其他收入如預期同比下降 1%。Rene 提到了我們在三項新的 CSS 交易方面取得的進展。這些交易的獨特之處在於，我們抓住了前三個機會，將現有 CSS 客戶升級到下一代平台。

Our next-generation CSS platforms deliver even greater value, functionality and time to market and bring the highest royalty rates we have seen to date. This gives us confidence into further investment in the platform. Also contributing to our license revenue, ACV and RPO growth were -- was a multigenerational GPU deal with a leading smartphone OEM, and SoftBank expanded its IP licensing and design services agreements with us.

我們的下一代 CSS 平台提供了更大的價值、功能和上市時間，並帶來了迄今為止我們所見過的最高版稅率。這使我們對進一步投資該平台充滿信心。與領先的智慧型手機 OEM 達成的多代 GPU 交易以及軟銀與我們擴大了其 IP 許可和設計服務協議也為我們的許可收入、ACV 和 RPO 增長做出了貢獻。

Licensing revenue varies quarter-to-quarter due to normal fluctuations in timing and size of multiple high-value license agreements and contributions from backlog. As always, we recommend that you look at annualized contract value, or ACV, to best understand the underlying licensing growth rate. ACV in Q1 was up 28% year-on-year.

由於多個高價值許可協議的時間和規模的正常波動以及積壓訂單的貢獻，許可收入每季都會有所不同。與往常一樣，我們建議您查看年度合約價值（ACV），以便最好地了解底層授權成長率。第一季的 ACV 年增 28%。

This is well above the high end of our recent run rate of low teens and our long-term expectation of mid-to-high single-digit license growth, in part given the new licensing deals I mentioned. We have not changed our long-term view of licensing growth of mid-to-high single digits.

這遠高於我們近期低十幾個百分點的運作率的高端，以及我們對中高個位數授權成長的長期預期，部分原因是我提到的新授權協議。我們沒有改變對中高個位數授權成長的長期看法。

Remaining performance obligations, or RPO, was flat sequentially as the new licensing deals offset revenue we recognized from licenses signed in prior quarters. As you know, Arm's revenues today come from technology developed years or even decades ago, and our costs today are investments for future revenue streams.

剩餘履約義務（RPO）環比持平，因為新的授權交易抵消了我們從前幾季簽署的許可中確認的收入。眾所周知，Arm 今天的收入來自於數年甚至數十年前開發的技術，而我們今天的成本是對未來收入來源的投資。

In the first quarter, R&D spending led our non-GAAP operating expenses to $619 million. Operating expenses were slightly lower than expected as the timing of some expenses will now fall into Q2 of fiscal '26. The CSS royalty rate increases that we outlined -- that we've outlined are one example of the return from previous R&D expense.

第一季度，研發支出導致我們的非公認會計準則營運費用達到 6.19 億美元。營運費用略低於預期，因為部分費用的發生時間現在將落入 26 財年第二季。我們概述的 CSS 專利費率增加—我們所概述的就是先前研發費用回報的一個例子。

This translated to $412 million of non-GAAP operating profit and non-GAAP EPS of $0.35, which was above the midpoint of our guidance range, inclusive of a $0.01 FX headwind. Let me spend a moment on the current tariff and macro climate. We continue to expect a limited direct impact on our royalty and licensing revenues, given current conditions.

這意味著非公認會計準則營業利潤為 4.12 億美元，非公認會計準則每股收益為 0.35 美元，高於我們預期範圍的中點，其中包括 0.01 美元的外匯不利因素。請容許我花一點時間討論當前的關稅和宏觀環境。鑑於目前的情況，我們仍然預計對我們的特許權使用費和許可收入的直接影響有限。

We have less visibility into the indirect impact on end demand. The continued uncertainty reduces near-term visibility on royalty revenue. In licensing, customers have historically invested through near-term slowdowns, given lengthy chip development timelines.

我們對最終需求的間接影響了解較少。持續的不確定性降低了特許權使用費收入的近期可見度。在授權方面，由於晶片開發時間較長，客戶歷來都會在短期放緩的情況下進行投資。

Turning now to guidance. Our guidance reflects our current view of our end markets and our licensing pipeline. For Q2, we expect revenue of between $1.01 billion and $1.11 billion. At the midpoint, this represents revenue growth of about 25% year-on-year. We expect both royalties and licensing to be about flat sequentially.

現在轉向指導。我們的指導反映了我們對終端市場和授權管道的當前看法。對於第二季度，我們預計營收在 10.1 億美元至 11.1 億美元之間。按中間值計算，這意味著收入同比增長約 25%。我們預計特許權使用費和許可費將環比持平。

Consistent with Q1, we are accelerating investments in our next generation of technologies. We expect our Q2 non-GAAP operating expense to approximately $655 million. This includes the impact of the Q1 expenses that will now fall into Q2 plus FX. We expect non-GAAP EPS to be in the range of $0.29 to $0.37. We have high confidence in healthy growth in the coming year and in years to come.

與第一季一致，我們正在加快對下一代技術的投資。我們預計第二季非公認會計準則營運費用約為 6.55 億美元。這包括第一季支出的影響，這些支出現在將計入第二季加上外匯。我們預計非公認會計準則每股收益將在0.29美元至0.37美元之間。我們對未來一年及未來幾年的健康成長充滿信心。

Our confidence stems from our visibility into customer design pipelines, contracted royalty rates, rising demand for custom silicon, and AI from cloud to the edge. We expect to continue pressing our advantage by investing aggressively in R&D to support our customers and partners, capture our opportunities and ensure AI runs on Arm.

我們的信心源於我們對客戶設計流程、合約特許權使用費率、客製化矽片不斷增長的需求以及從雲端到邊緣的人工智慧的了解。我們希望透過積極投資研發來繼續鞏固我們的優勢，以支持我們的客戶和合作夥伴，抓住機會並確保 AI 在 Arm 上運作。

With that, I'll turn the call back to the operator for the Q&A portion of the call.

這樣，我會將電話轉回給接線生，進行問答環節。

(Operator Instructions)

（操作員指示）

David O'Connor, Exane BNP Paribas.

大衛‧奧康納，法國巴黎銀行董事局局長。

Great. Good afternoon and thanks for taking my question. Rene, you mentioned in your script expanding and moving into full-end solutions. And when we look out there in the market, a lot of reports that Arm is potentially entering into things like the ASIC market with partners, which itself is a lot of execution for Arm.

偉大的。下午好，感謝您回答我的問題。雷內，您在劇本中提到了擴展並轉向全棧解決方案。當我們觀察市場時，許多報告稱 Arm 有可能與合作夥伴一起進入 ASIC 市場，這本身對 Arm 來說就是一項重大的執行。

And I also know you questioned why you guys think you would be successful in such a market when others are struggling. So I guess my question is, is there anything that you can share with us today around kind of Arm's strategy in ASICs or moving to these full-end solutions? Thank you.

我還知道你們質疑為什麼當其他人都在苦苦掙扎時你們認為自己會在這樣的市場中取得成功。所以我想我的問題是，您今天能否與我們分享 Arm 在 ASIC 方面的策略或轉向這些全棧解決方案的策略？謝謝。

Thank you for the question. Yeah, you're right. I have nothing to specifically announce today. What can I say, however? Further integration has been the direction of travel for our companies. One of the things that we're seeing with newer customers, such as CSPs and OEMs and also even traditional customers has asked for a better starting point as they develop their SOCs.

謝謝你的提問。是的，你說得對。今天我沒有特別要宣布的。但我又能說什麼呢？進一步融合是我們公司的發展方向。我們看到，新客戶（例如 CSP 和 OEM）甚至傳統客戶在開發 SOC 時都要求有更好的起點。

And this is largely driven by the complexity of these chips and the time it takes to develop them. This led us to CSS, our Compute Subsystems, which as I mentioned and Jason mentioned, have been successful beyond our expectations. Many of the chiplets that are being developed are mostly Arm IP, and we already support chiplet development through our Arm Total Design ecosystem.

這在很大程度上是由於這些晶片的複雜性以及開發它們所需的時間。這引導我們走向 CSS，也就是我們的計算子系統，正如我和 Jason 所提到的，它取得了超越我們預期的成功。許多正在開發的晶片主要是 Arm IP，並且我們已經透過 Arm Total Design 生態系統支援晶片開發。

And with that, we're looking now at the viability of moving beyond the current platform to additional subsystems, chiplets or possibly full solutions. Now inside the company, we have either insight or access to all the expertise and technologies we would need to design, implement and have a chiplet, for example, manufactured.

有了它，我們現在正在研究超越當前平台轉向附加子系統、晶片或可能的完整解決方案的可行性。現在在公司內部，我們能夠洞察或獲得設計、實施和製造小晶片所需的所有專業知識和技術。

Personally, I appreciate the complexity of this, having lived this in multiple semiconductor companies in my career. And amongst the leadership team, we also have comprehensive experience in this area. So when we look at what's going on inside the market today, both in terms of the direction of travel of delivering complex chips, and Arm being the only compute platform that can provide a solution from the smallest devices to the largest data centers, milliwatts to megawatts, we're in a very unique space to provide solutions in a way that no one else can. And as a result, we're looking deeply at those possibilities.

就我個人而言，我非常了解這種現象的複雜性，因為我的職業生涯中曾在多家半導體公司經歷過這種情況。而我們的領導團隊也在這個領域擁有豐富的經驗。因此，當我們觀察當今市場內部的情況時，無論是從交付複雜晶片的發展方向來看，還是從 Arm 作為唯一能夠提供從最小的設備到最大的數據中心、從毫瓦到兆瓦的解決方案的計算平台來看，我們都處於一個非常獨特的領域，能夠以其他人無法做到的方式提供解決方案。因此，我們正在深入研究這些可能性。

Thank you.

謝謝。

Vivek Arya, Bank of America.

美國銀行的維韋克·艾瑞亞（Vivek Arya）。

Thanks for taking my question. On the royalty side, it grew 25%. I think last quarter, you had suggested 25% to 30%. So just which end market drove a little bit of that delta versus your expectation? And then I think you had also suggested that royalties could grow 10% to 15% sequentially in Q3 and Q4 also this year. Is that still kind of the trend line we should be expecting? Thank you.

感謝您回答我的問題。版稅方面則成長了 25%。我認為上個季度您建議的是 25% 到 30%。那麼與您的預期相比，哪個終端市場推動了這一差異？然後我認為您還提到過，今年第三季和第四季的特許權使用費可能環比增長 10% 至 15%。這仍然是我們應該期待的趨勢線嗎？謝謝。

Hi, Vivek, this is Jason. I'll take that. So on the royalties in the quarter, yeah, we came in very close to our forecast within 1% or so. However, I think we talked last quarter about a little bit of a range. And I would say we were in the lower end of that range.

你好，Vivek，我是 Jason。我會接受的。因此，就本季的版稅而言，是的，我們非常接近我們的預測，差距在 1% 左右。不過，我認為我們上個季度討論過一些範圍。我想說我們處於這個範圍的低端。

And I don't know if I'd say there's weakness, but maybe the growth wasn't quite as strong in the smartphone sector as maybe we had expected. As mentioned in the call, we still grew in order of magnitude faster than the market, but the market was in the low single digits kind of growth rate.

我不知道我是否會說存在弱點，但也許智慧型手機領域的成長並不像我們預期的那麼強勁。正如電話會議中所提到的，我們的成長速度仍然比市場快幾個數量級，但市場的成長率處於低個位數。

And I think that was a little bit slower than folks expected. In terms of the forecast for the rest of the year, don't expect too much difference. Maybe this kind of smartphone impact, we'll have to keep an eye on to see as we go later in the year.

我認為這比人們預期的要慢一點。今年剩餘時間的預測，預計不會有太大差異。也許這種智慧型手機的影響，我們必須在今年稍後密切關注。

But overall, I expect royalties to be pretty close to where we were from the previous quarter.

但總體而言，我預計版稅收入將與上一季的水平非常接近。

Joe Quatrochi, Wells Fargo.

富國銀行的喬‧夸特羅奇 (Joe Quatrochi)。

Yeah, thanks for taking the question. You talked about your Neoverse share top hyperscalers expected to reach nearly 50% this year. Any help in the context of like what that was last year? And how do we think about just the mix of those workloads running internal versus external?

是的，感謝您提出這個問題。您談到 Neoverse 在頂級超大規模企業中的份額預計今年將達到近 50%。能幫忙解釋一下去年的狀況嗎？我們如何看待內部和外部運作的工作負載的混合？

Thank you for the question. I think if we look back to a year ago, one of the significant changes that we've seen has been where our share last year was probably sub-20%, call it 18%. And now we're looking to approach nearly 50%. It's a combination of two things. It is what I would call in the general-purpose workloads, where Arm has been taking share versus conventional x86.

謝謝你的提問。我認為，如果我們回顧一年前，我們看到的一個重大變化是，去年我們的份額可能低於 20%，或者說是 18%。現在我們的目標是接近 50%。這是兩件事的結合。這就是我所說的通用工作負載，其中 Arm 已經佔據了傳統 x86 的份額。

This is through Graviton and Google Axion and Microsoft Cobalt, those share gains continue. In addition to that, you also have these AI workloads running specifically for training and or inference, which in previous generations were on the NVIDIA Hopper generation, which connected to an external x86.

透過 Graviton、Google Axion 和 Microsoft Cobalt，這些份額的成長仍在繼續。除此之外，您還可以執行專門用於訓練和推理的 AI 工作負載，這些工作負載在前幾代中是在 NVIDIA Hopper 世代上運行的，它連接到外部 x86。

Now moving to Grace Blackwell, GB200 and then GB300, which is an integrated Arm design along with NVIDIA Blackwell next-generation GPU. So the combination of the growth in the AI data centers, also the fact that we are going from essentially zero share with Hopper to almost exclusive share with Blackwell, and then when you combine that with our growth in the conventional data center market, that's what's putting us close to a net 50%.

現在轉向 Grace Blackwell、GB200 和 GB300，它們是與 NVIDIA Blackwell 下一代 GPU 整合的 Arm 設計。因此，人工智慧資料中心的成長，以及我們從與 Hopper 的份額從幾乎為零到與 Blackwell 的份額幾乎獨佔的事實，再加上我們在傳統資料中心市場的成長，這使我們的淨利潤接近 50%。

Thank you.

謝謝。

Mark Lipacis, Evercore.

馬克‧利帕西斯 (Mark Lipacis)，Evercore。

I had a -- thanks for taking my question. I had a question for Jason and maybe a quick follow-up for Rene. Jason, you mentioned FX was a $0.01 impact to EPS for this quarter, and then you said that the out-quarter guidance included the impact of FX but I don't believe you quantified that.

我有一個——感謝您回答我的問題。我有一個問題想問傑森 (Jason)，也許還想快速跟進一下雷內 (Rene) 的情況。傑森，您提到外匯對本季每股收益的影響為 0.01 美元，然後您說季度外的指引包括了外匯的影響，但我認為您沒有量化這一點。

And I was hoping that you could just remind us like what -- spell that out for us, how much is FX expected to impact EPS for next quarter? What's -- remind us your hedging strategy, the rule of thumb how to think about FX going forward? And then Rene, if you are -- Neoverse chips are going to get to 50% this year, that suggests 50% share still for x86.

我希望您能提醒我們一下——向我們解釋一下，預計外匯對下個季度每股收益的影響有多大？什麼—提醒我們您的對沖策略，經驗法則如何看待未來的外匯？然後 Rene，如果您是的話——Neoverse 晶片今年將達到 50%，這意味著 x86 仍佔 50% 的份額。

What is the reason that customers stay with x86? Does your share asymptote somewhere below 100% at some point in time? Or like how should we think about ultimately where you guys could get? Thank you.

客戶堅持使用 x86 的原因是什麼？您的份額是否在某個時間點漸近於 100% 以下？或者我們該如何思考你們最終能達到什麼成果？謝謝。

Thanks, Mark. I'll answer the FX question quickly. So yeah, $0.01 impact on the current quarter. We expect approximately $0.01 per quarter impact over the next three quarters for the balance of the year. The way our FX strategy works is we basically start on the hedging process at the beginning of the year.

謝謝，馬克。我會快速回答 FX 問題。是的，對本季的影響為 0.01 美元。我們預計今年剩餘時間未來三個季度每季的影響約為 0.01 美元。我們的外匯策略基本上是在年初就開始對沖過程。

Of course, we collect all of our revenue in US dollars. About two-third of our OpEx or so is in euro and pounds. And so we basically make estimates on our expenses. In this cases where we're maybe starting to increase some of our OpEx related to some of the opportunities that Rene expected, we have some unhedged portion, and that's why there's maybe a little more impact than what we've seen in the past. But overall, for the full year, thinking something like $0.04 or so.

當然，我們所有的收入都是以美元收取的。我們的營運支出中約有三分之二是以歐元和英鎊支付的。所以我們基本上對我們的開支進行了估算。在這種情況下，我們可能會開始增加與 Rene 預期的一些機會相關的部分營運支出，我們有一些未對沖的部分，這就是為什麼它的影響可能比我們過去看到的要大一些。但總體而言，全年預計約為 0.04 美元左右。

Yeah, and regarding the question in terms of where could the market share go? So I think a couple of things going on make us very, very positive about these share gains continuing beyond 50%. One is the fact that the Arm architecture allows for a high degree of customization and a high degree of unique design capabilities that can be done at the chip level, at the blade level, and even at the rack level to greatly not only change the total cost of ownership but maximize the overall performance because customization is very, very beneficial in those cases.

是的，關於市場佔有率會去向的問題？因此，我認為正在發生的幾件事讓我們非常非常有信心，這些份額成長將持續超過 50%。一是 Arm 架構允許高度客製化和高度獨特的設計能力，這些可以在晶片級、刀片級甚至機架級實現，不僅可以極大地改變總體擁有成本，還可以最大限度地提高整體性能，因為在這些情況下定制是非常非常有益的。

So huge benefit there because of our unique position. And then secondly, as the share gains continue across the AI data center, there are advantages to keeping to a single software stack across a single CPU architecture. That simplifies management of the overall software of the data center. So that's another intangible that could help us. So in general, we're very, very pleased about getting to the number that I just described, and we think it can grow beyond that. We have high confidence.

由於我們獨特的地位，我們獲得了巨大的利益。其次，隨著 AI 資料中心份額的不斷增長，在單一 CPU 架構中保持單一軟體堆疊具有優勢。這簡化了資料中心整體軟體的管理。這是另一個可以幫助我們的無形資產。所以總的來說，我們對達到我剛才描述的數字感到非常高興，而且我們認為它還可以超越這個數字。我們充滿信心。

Thank you.

謝謝。

Andrew Gardiner, Citi.

花旗銀行的安德魯‧加德納 (Andrew Gardiner)。

Good afternoon. Thank you for taking the question. Jason, I was interested in the points you were making on the significant step-up in ACV in the quarter. You mentioned both the GPU signing as well as additional licensing with SoftBank. Can you give us a sense as to the sort of the magnitude between the two of those drivers? And in particular on the GPU side, in the press release, I think you said a major smartphone OEM. In your prepared comments, I feel like I heard the major OEM.

午安.感謝您回答這個問題。傑森，我對你關於本季 ACV 大幅提升的觀點很感興趣。您提到了與軟銀的 GPU 簽約以及額外許可。您能否讓我們了解這兩個驅動因素之間的重要性？特別是在 GPU 方面，在新聞稿中，我認為您提到了一家主要的智慧型手機 OEM。在您準備好的評論中，我覺得我聽到了主要的 OEM。

I just wanted to sort of clarify that. Just any color you can provide behind those two drivers would be great. Thank you.

我只是想澄清一下這一點。只要你能為這兩個驅動程式提供任何顏色就很好了。謝謝。

Sure. So first, I would say it's a major OEM. That's what you should take away. In terms of the other question, all right, ACV. So the ACV step-up, again, the three big kind of CSS deals, which as I said in our prepared remarks, were exciting because this is actually the first chance for someone who's used the CSS now to decide if they want to adopt the next generation.

當然。首先，我想說它是一家大型 OEM。這才是你該帶走的。關於另一個問題，好的，ACV。因此，ACV 升級，再次，三種大型 CSS 交易，正如我在準備好的發言中所說的那樣，令人興奮，因為這實際上是現在使用 CSS 的人第一次有機會決定是否要採用下一代。

And so to sign those deals, we think it's a pretty big deal and a pretty good verification or testimony to the value that CSS is providing. So while that provided incremental -- a significant amount of incremental license revenue, only a portion of that, of course, is booked.

因此，我們認為簽署這些協議是一件非常重要的事情，也是對 CSS 所提供的價值的很好的驗證或證明。因此，雖然這提供了增量——大量的增量授權收入，但當然只有一部分被記錄下來。

So part of it goes in RPO and, of course, part of it's booked in the quarter. If you were to just look at all those rest of world deals, that would take ACV up to, call it, 17%-ish. And then, of course, this large step-up in the relationship with SoftBank and our custom design services relationship and license with them, that's what gets you up to the kind of the 28% level.

因此，其中一部分用於 RPO，當然，其中一部分已在本季預訂。如果你只看一下世界其他地區的交易，那麼 ACV 就會上升到 17% 左右。當然，我們與軟銀的關係以及我們與軟銀的客製化設計服務關係和許可的大幅提升，使您達到了 28% 的水平。

So kind of by all dimensions, we've seen an acceleration from both the rest of world, our customers across all geographies as well as specifically with SoftBank.

因此，從各個方面來看，我們都看到了來自世界其他地區、各個地區的客戶以及軟銀的成長速度。

Okay, understood. And just quickly a follow-up on the CSS signings. You mentioned the second generation will generate an even higher royalty rate than the prior one. Can you give us any sense as to the magnitude of that change?

好的，明白了。並快速跟進 CSS 簽名事宜。您提到第二代產品的版稅率將比上一代產品更高。您能告訴我們這種變化的程度嗎？

We've said in the past that a CSS was roughly -- if you kind of think of like kind of the best example of, say, flagship or premium mobile, it used to be that a v8 was in the, what, 2.5%, 3% of ASP, and then a v9 was at roughly 5% so it roughly doubled. CSS then doubled that to roughly 10%. So the new CSS deals are north of 10%.

我們過去曾說過，CSS 大致是 - 如果您想到最好的例子，例如旗艦或高階手機，那麼 v8 過去在 ASP 中佔 2.5%、3%，而 v9 大約佔 5%，所以它大約翻了一番。CSS 隨後將其翻倍至大約 10%。因此，新的 CSS 交易量超過了 10%。

Too early to say kind of exactly what the percentage is, but I think in the past, when we launched the CSS program, we thought that CSS probably was at 10% was getting close to a ceiling. I'd say the good news is we're seeing that it's not the ceiling. So we'll provide more kind of clarity as more deals get signed and as we start to guide to future periods. But make no mistake, this is definitely higher royalty rates than what we had expected and what we had forecasted in the out years so it's definitely good news.

現在說這個百分比到底是多少還為時過早，但我認為在過去，當我們啟動 CSS 計劃時，我們認為 CSS 可能達到 10% 就接近上限了。我想說的好消息是，我們發現這並不是上限。因此，隨著更多協議的簽署以及我們開始指導未來時期，我們將提供更清晰的資訊。但請不要誤會，這絕對比我們預期的和未來幾年預測的版稅率要高，所以這絕對是個好消息。

Thanks very much. That's great.

非常感謝。那太棒了。

Vijay Rakesh, Mizuho.

瑞穗的 Vijay Rakesh。

Yeah, hi Renee, and Jason. Just going back on the same question on the ACV. With the SoftBank expanding the license deal there, can you give us some more color on how that looks? I think it's probably with this target for next year. But as you look at that, as you guys do an accelerator there, is that -- are you going to benefit from the full ASP or will it be a licensing deal? Can you give us some color?

是的，嗨，蕾妮和傑森。再次回顧關於 ACV 的同一個問題。隨著軟銀在那裡擴大許可協議，您能否向我們詳細介紹一下情況？我認為明年可能就是這個目標。但是，當你看到這一點時，當你們在那裡做一個加速器時，你會從完整的 ASP 中受益嗎？還是這將是一項授權協議？你能給我們一些顏色嗎？

Yeah, thanks for the question, Vijay. I'll try to answer your question as succinctly as possible, although there's some details you asked for that I can't really make a comment on. So at a very high level, Stargate, which is a joint investment venture between SoftBank and OpenAI, is looking to scale up to 10 gigawatts over the next number of years in terms of overall investment. That is a lot of compute, and there's a huge potential for lots of different design opportunities.

是的，謝謝你的提問，維傑。我會盡可能簡潔地回答您的問題，儘管您詢問的一些細節我無法發表評論。因此，從非常高的層面來看，軟銀和 OpenAI 的合資投資公司 Stargate 希望在未來幾年內將整體投資規模擴大到 10 千兆瓦。這需要大量的計算，並且對於許多不同的設計機會來說具有巨大的潛力。

SoftBank has a very broad AI vision. We're looking to help them with that. Again, without mentioning specific products and application spaces, you can imagine the data center of that size running different workloads around inference training and such, and today, all of the Stargate opportunities use Arm as the core CPU. We have a unique opportunity to provide solutions there. So a lot of that work has now started, but we're not able to give you any specifics in terms of products or timelines.

軟銀擁有非常廣闊的人工智慧願景。我們希望能夠幫助他們。再次，在不提及具體產品和應用領域的情況下，您可以想像這種規模的資料中心圍繞推理訓練等運行不同的工作負載，而今天，所有星際之門機會都使用 Arm 作為核心 CPU。我們有獨特的機會在那裡提供解決方案。目前很多工作已經開始，但我們無法向您提供有關產品或時間表的任何具體資訊。

Got it. And then going back on the server side, when you look at the 50% share that you had talked about, you obviously have some good big customers there between Google and Amazon and obviously, Microsoft. But you also have another CSP that is potentially starting. Do you expect Arm to be in the market with a merchant CPU or will it all be kind of licensed platforms that run internally?

知道了。然後回到伺服器方面，當你看到你談到的 50% 的份額時，你顯然在谷歌、亞馬遜和微軟之間有一些很好的大客戶。但您還有另一個可能正在啟動的 CSP。您是否預期 Arm 會帶著商用 CPU 進入市場，還是會成為內部運作的授權平台？

Yeah, so right now, I'm not able to really say anything regarding your question in terms of us providing a specific product. But the market share gains that we anticipate over time are somewhat independent of that strategy. We feel super confident both in terms of the direction of travel of investment in software that's running on Arm and the road map that we'll be able to provide, the product technology in any form to increase market share.

是的，所以現在，關於您所問的我們提供的特定產品，我無法給出任何具體答案。但我們預期隨著時間的推移，市場佔有率的成長在某種程度上與該策略無關。我們對 Arm 上運行的軟體的投資方向以及我們能夠提供的路線圖以及以任何形式增加市場份額的產品技術都非常有信心。

Thank You

謝謝

Krish Sankar, TD Cowen.

Krish Sankar，TD Cowen。

Hi, thanks so much for taking my questions. This is Steven calling on behalf of Krish. Rene, I had a question for you, kind of big picture. Just over the last couple of weeks, a number of hyperscalers have increased their CapEx targets for this year and also talking about further growth into next year. I'm kind of curious like just for your initial thoughts on the implications for, number one, royalty growth for this year or next year as it pertains to existing Arm processor design wins and also looking a little further out for licensing opportunities for further CSS type wins. Thank you.

你好，非常感謝您回答我的問題。我是史蒂文，代表克里什打電話來。雷內，我有個問題想問你，有點宏觀。就在過去幾週，許多超大規模企業都提高了今年的資本支出目標，並談到明年的進一步成長。我有點好奇，例如您對今年或明年專利費增長的影響的初步看法，因為它涉及現有的 Arm 處理器設計勝利，同時也進一步尋找進一步 CSS 類型勝利的許可機會。謝謝。

Yeah, thank you for the question. I think I would interpret this continued increase in CapEx for all of these AI data centers as only a very strong tailwind for Arm, both on the technology side in terms of the products that we provide and also with the royalty rates associated with it. As Jason mentioned, we're now on to our second generation of CSSs.

是的，謝謝你的提問。我認為，所有這些人工智慧資料中心的資本支出持續增加，對 Arm 來說都是一個非常強勁的順風，無論是在我們提供的產品的技術方面，還是在與之相關的專利費率方面。正如 Jason 所提到的，我們現在正處於第二代 CSS 階段。

We talked about CSS as a concept a couple of years ago before we went public. And we're now starting to see the benefits of those hitting our royalties. Over the next number of years as these newer CSSs with even higher royalty rates hit, we should expect an expansion of the royalty growth on that. Right now, on the overall CapEx side, what we are seeing is still unabated demand for that.

幾年前，在我們上市之前，我們曾討論過 CSS 這個概念。現在我們開始看到那些削減我們版稅的人帶來的好處。在接下來的幾年裡，隨著這些具有更高特許費率的新型 CSS 的出現，我們應該預期特許費率的成長將會擴大。目前，就整體資本支出方面而言，我們看到的需求仍有增無減。

And the reason -- one of the broader reasons for this is that AI has one of the unique capabilities that it will touch literally every industry that we know over time. There isn't really going to be anything that can't be impacted by it. And it's still very, very early days in terms of how enterprises are broadly using it.

而原因——其中一個更廣泛的原因是人工智慧具有獨特的能力之一，隨著時間的推移它將觸及我們所知的每個產業。確實沒有什麼東西不會受到它的影響。就企業如何廣泛使用它而言，現在還處於非常早期的階段。

So I think you're seeing that in terms of the hyperscalers being very aggressive on the spend. And you're seeing the evolution of the models support that the more compute, the better the models get, the better the models get, there's more need for compute.

所以我認為你會看到超大規模企業在支出方面非常積極。而且您會看到模型支援的演變，計算越多，模型就越好，模型越好，對計算的需求就越大。

And I think for us, it's all a good thing because we're at the heart of compute. And also, I think as these models evolve and start to move to different parts of the ecosystem more broadly, those are also domains where Arm is already the compute platform of choice. So I think it all adds up for good news for us in the long run.

我認為對我們來說這是一件好事，因為我們處於計算的核心。而且，我認為隨著這些模型的發展並開始更廣泛地轉移到生態系統的不同部分，這些也是 Arm 已經成為首選運算平台的領域。所以我認為從長遠來看這對我們來說都是好消息。

Sebastien Naji, William Blair.

塞巴斯蒂安·納吉，威廉·布萊爾。

Yeah, thank you for taking the question. I just wanted to ask if you could provide any commentary on the Arm China business, and in particular, whether some of the loose GPU export controls we've seen here over the last month could drive a more meaningful contribution from Arm China and the data center versus your prior expectations even three months ago?

是的，謝謝你回答這個問題。我只是想問一下，您是否可以對 Arm 中國業務發表一些評論，特別是，我們上個月看到的一些寬鬆的 GPU 出口管制是否能夠推動 Arm 中國和數據中心做出更有意義的貢獻，而這與您三個月前的預期相比如何？

Yeah, well, one of the things -- thank you for the question. One of the things that we've been pretty consistent on communicating is that for Arm, the China market largely tracks the global market in terms of China really does rely very heavily on the Western ecosystem relative to the software that runs on Arm. So whether it's smartphones or autonomous vehicles or the data center, our traction and momentum in China is quite consistent with the rest of the world. To your direct question on have we seen anything potentially on the new export controls changing anything regarding our business, not really.

是的，嗯，其中一件事——謝謝你的提問。我們一直在傳達的一點是，對於 Arm 而言，中國市場在很大程度上追蹤全球市場，因為就運行在 Arm 上的軟體而言，中國確實非常依賴西方生態系統。因此，無論是智慧型手機、自動駕駛汽車或資料中心，我們在中國的發展勢頭和發展勢頭與世界其他地區相當一致。對於您直接提出的問題，我們是否看到新的出口管制可能對我們的業務產生任何影響，答案是沒有。

The specific H20 release doesn't really impact us very much. So I would say on that question, no. But again, more broadly with Arm China, we continue to see consistent growth there that's aligned with the kind of growth we see across the rest of the world.

具體的 H20 釋放實際上並沒有對我們造成太大影響。所以對於這個問題，我的回答是，不是。但從更廣泛的角度來看，Arm 中國的業務持續保持穩定成長，與我們在世界其他地區看到的成長一致。

This is Jason here. Just to add on, Arm China in Q1 was about 21% of revenue so it ticked up a little bit from the 15% that it was last quarter and about 14% of where it was a year ago. So the China business is, I would say, strong and continuing to grow nicely.

我是傑森。補充一下，Arm 中國第一季的營收佔比約為 21%，比上一季的 15% 和去年同期的 14% 略有上升。所以我想說，中國業務表現強勁，持續良好成長。

Got it. Thank you both.

知道了。謝謝你們兩位。

Stephane Houri, ODDO BHF.

Stephane Houri，ODDO BHF。

Yes, good evening, everyone. I have a question about the adoption of Armv9. If you can give us the number where we stand now. Last quarter, I think it was about 30%, if I remember well. Where are we standing now? Thank you very much.

是的，大家晚上好。我對 Armv9 的採用有疑問。如果您能告訴我們目前的情況的話。如果我沒記錯的話，上個季度，我認為大約是 30%。我們現在站在哪裡？非常感謝。

Thank you, Stephane. Yeah, we actually said last quarter, we gave the update for end of year and it was a little over 30%, and that we're now just going to update this on an annual basis. However, so wait until the end of this year is the next time we're going to provide the financial update or the percentage update. But what I can tell you is that royalties did step up from 18% year-on-year growth last quarter to 25% this quarter. So you should assume that v9 and CSS percentage continues to grow nicely

謝謝你，史蒂芬。是的，我們實際上在上個季度就說過，我們給出了年底的更新數據，這個數字略高於 30%，現在我們將按年度更新這個數字。不過，我們要等到今年年底才會再次提供財務更新或百分比更新。但我可以告訴你的是，特許權使用費確實從上個季度的年增 18% 上升到本季的 25%。所以你應該假設 v9 和 CSS 的百分比繼續良好成長

Yeah, the thing I would add on to that is, and one of the reasons why we're not communicating it to the level that we had in the past, it can be a little bit misleading because with version 9, for example, on some of the mobile phone iterations, we're on our fourth generation of v9 implementations delivered.

是的，我想補充的是，我們之所以沒有像過去那樣進行溝通，原因之一是它可能有點誤導，因為以版本 9 為例，在某些手機迭代中，我們已經交付了第四代 v9 實現。

And on each generation, the royalty rate has increased. So when we combine royalty rates increasing from 8 to 9, but more significantly, each generation of v9 is higher than the previous one, and those generations are on a per annum basis or at least implementations that use them, the royalty rates will continue to grow faster than v9 adoption. So the 1:1 correlation between royalty rate growth and v9 penetration, we want to make sure that we communicate that should be separated out.

每一代的版稅率都在增加。因此，當我們將特許費率從 8 增加到 9 時，但更重要的是，v9 的每一代都高於前一代，並且這些代是按年計算的，或者至少是按使用它們的實現計算的，特許費率將繼續以比 v9 採用更快的速度增長。因此，我們希望確保版稅率成長和 v9 滲透率之間的 1：1 相關性能夠被區分開來。

Okay, why don't we make the next question. Okay, why don't we make the next question the last one.

好的，我們來問下一個問題吧。好的，我們為什麼不把下一個問題當作最後一個問題呢？

Thank you, Sharon.

謝謝你，莎倫。

Lee Simpson, Morgan Stanley

摩根士丹利的李辛普森

Great, thanks for squeezing me in there. I'll maybe ask a two-part question if I can get away with it. You did call out Ethos and Zena CSS in the prepared remarks. So I guess with Ethos, first of all, it has a good capability set at the edge, but does it make sense to actually stretch the performance here in time and go beyond that four tops level? And where could an NPU like that be applicable long term? I mean, could it be used in a cloud environment?

太好了，謝謝你讓我加入。如果可以的話，我可能會問一個由兩個部分組成的問題。您確實在準備好的發言中提到了 Ethos 和 Zena CSS。因此，我認為對於 Ethos 來說，首先，它在邊緣方面具有良好的能力，但隨著時間的推移，實際上擴展其性能並超越這四個頂級水平是否有意義？那麼，這樣的 NPU 可以長期應用在哪些領域呢？我的意思是它可以在雲端環境中使用嗎？

Is it applicable as a performance level there in time? And maybe just on Zena. Interesting that you've had the first deal done already in CSS. But obviously, there's a range of opportunities in the car. So I'm just trying to understand, do we think of this as a self-driving opportunity play or is this more gen AV and ADAS? And where would the ramp in licensing happen? Would it happen within this year? Thanks.

它是否適用於當時的績效水準？或許只針對 Zena。有趣的是，您已經在 CSS 中完成了第一筆交易。但顯然，汽車中存在著一系列的機會。所以我只是想了解，我們是否認為這是一個自動駕駛的機會，或者這是更新一代的 AV 和 ADAS？那麼許可證數量的增加將在哪裡發生呢？這會在今年內發生嗎？謝謝。

Yeah, thanks, Lee, for both questions, giving us a chance to shout out Ethos and Zena here. So Ethos, we haven't announced its future road map. As you can imagine, it will be something that can continue to get larger than four tops. It's not a data center product.

是的，謝謝李，提出這兩個問題，讓我們有機會在這裡大聲讚揚 Ethos 和 Zena。所以 Ethos，我們還沒有公佈它的未來路線圖。正如你所想像的，它將會變得越來越大於四個頂部。它不是資料中心產品。

It's not the space to think about it. It's going to be much more in an area where it needs to run off a battery, and in some cases, batteries that don't get charged very often. So extremely low power applications but also small in terms of physical fit and form factor. Imagine something that could physically be on your body that could be doing AI acceleration. So lots and lots of application spaces for that.

這不是思考這個問題的空間。在需要使用電池供電的領域中，它會發揮更大的作用，而且在某些情況下，電池不需要經常充電。因此，它不僅適合極低功耗的應用，而且在物理尺寸和外形尺寸方面也很小。想像一下，有某種東西可以物理地附著在你的身體上，並且可以進行人工智慧加速。因此它具有大量的應用空間。

So we're very excited about that platform and also more importantly, the long-term potential for it. Zena CSS, and again, thank you for asking about it and also recognizing that already, we've got customers signed up for it.

因此，我們對該平台感到非常興奮，更重要的是，我們對它的長期潛力感到非常興奮。Zena CSS，再次感謝您詢問這個問題，並且您知道我們已經有客戶註冊了它。

The automotive market is one that is an excellent candidate for CSS. The customers in that time frame don't have decades and decades of SoC experience. They benefit greatly from a design that accelerates time to market. They benefit greatly in terms of the work that we do there. There's a lot of growth potential in terms of what we could do with Zena in the automotive sector.

汽車市場是 CSS 的絕佳候選市場之一。在該時間範圍內的客戶沒有數十年的 SoC 經驗。加快產品上市時間的設計讓他們受益匪淺。我們在那裡所做的工作使他們受益匪淺。就 Zena 在汽車領域的應用而言，它具有很大的成長潛力。

The way to think about where it likely lands is in a L2 to L4 ADAS type of application. So working in that control plane, in that data plane around everything that has to do with the autonomous section. There is increasingly emerging of the IVI subsystem with the ADAS system.

思考它可能落在哪裡的方式是 L2 到 L4 ADAS 類型的應用程式。因此，在控制平面和資料平面中處理與自治部分相關的所有事務。隨著ADAS系統的出現，IVI子系統也日益增加。

Both have huge amounts of software investment and software stacks that run on Arm. So it was just a natural that we would deal with it. We ended up working on it sooner than we thought. As we talked about a few years ago when we kicked off CSS, we were quite purposeful in terms of the markets we entered. This was a market that we were seeing a huge benefit for, so we're very happy to have announced it. We're happy to have a lead customer and momentum is very strong there.

兩者都擁有大量的軟體投資和在 Arm 上運行的軟體堆疊。因此，我們處理這個問題是很自然的。我們比預想的更快完成了這項工作。正如我們幾年前啟動 CSS 時所討論的那樣，我們對進入的市場非常有目的性。我們看到這個市場有巨大的利益，所以我們很高興宣布這個消息。我們很高興擁有一位主要客戶，並且那裡的發展勢頭非常強勁。

And timing of follow-on license deals?

後續許可交易的時間是怎麼樣的？

We have a very strong pipeline of deals for that, that we'll be able to share with you when we're able to announce them.

我們擁有非常強大的交易管道，當我們能夠宣布這些交易時，我們會與你們分享。

Great, understood. Thank you.

太好了，明白了。謝謝。

Thank you. I will now hand the call back to Rene for closing remarks.

謝謝。現在我將把電話轉回 Rene 作結束語。

Yeah, no, thank you for that, and thank you for all the questions. We are at a very unique time in the industry's history. I think we're seeing, obviously, AI being the most transformative technology innovation and disruption that will impact our lives going forward. AI requires a huge amount of compute. AI requires a huge amount of compute, whether you're doing that in the cloud, an automobile, smartphone, a PC or even small devices like security cameras or earbuds.

是的，不，謝謝你，也謝謝你提出的所有問題。我們正處於行業歷史上一個非常獨特的時期。我認為，我們顯然看到人工智慧成為最具變革性的技術創新和顛覆，它將影響我們未來的生活。人工智慧需要大量的計算。人工智慧需要大量的運算，無論是在雲端、汽車、智慧型手機、個人電腦，或是安全攝影機或耳機等小型裝置上進行運算。

Arm is the only company on the planet with a compute platform that can address all that. We're seeing the indicators of that now with Grace Blackwell in the data center and customers using our acceleration capabilities inside of CPU with our SME or Ethos products.

Arm 是全球唯一一家擁有能夠解決所有這些問題的運算平台的公司。我們現在看到了 Grace Blackwell 在資料中心的跡象，客戶也使用我們的 SME 或 Ethos 產品在 CPU 內部實現加速功能。

We are extremely excited about the future, and it could not be a better time to be working in this industry and the growth trajectory for the company, I think, is unparalleled. Thank you, everyone, for your questions and your interest in Arm.

我們對未來感到非常興奮，現在是從事這個行業的最佳時機，我認為公司的成長軌跡是無與倫比的。謝謝大家的提問和對 Arm 的關注。

Thank you. This concludes today's conference call. Thank you for participating. You may now disconnect.

謝謝。今天的電話會議到此結束。感謝您的參與。您現在可以斷開連線。