Arm Holdings PLC (ARM) 2026 Q2 法說會逐字稿

Good day, and thank you for standing by. Welcome to the Arm second quarter fiscal year 2026 webcast and conference call. (Operator Instructions) Please be advised that today's conference is being recorded.

您好，感謝您的耐心等待。歡迎參加 Arm 2026 財年第二季網路直播和電話會議。（操作人員指示）請注意，今天的會議正在錄音。

I would now like to turn the conference over to your first speaker today, Jeff Kvaal, VP, Investor Relations. Please go ahead.

現在我謹將會議交給今天的第一位發言人，投資者關係副總裁傑夫·克瓦爾。請繼續。

Thank you, Sharon, and welcome, everyone, to our earnings conference call for the second quarter of fiscal '26. On the call are Rene Haas, our Chief Executive Officer; and Jason Child, Arm's Chief Financial Officer.

謝謝 Sharon，歡迎各位參加我們 2026 財年第二季財報電話會議。參加此次電話會議的有我們的執行長 Rene Haas；以及 Arm 的財務長 Jason Child。

During the call, Arm will discuss forecasts, targets and other forward-looking information regarding the company and its financial results. 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.

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。儘管這些陳述代表了我們目前對未來業績和表現的最佳判斷，但我們的實際業績會受到許多風險和不確定因素的影響，這些因素可能導致結果與預期有重大差異。除了我們在本次電話會議中強調的任何風險外，可能影響我們未來業績的重要風險因素已在向美國證券交易委員會提交的 20-F 表格註冊聲明中進行了描述。

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 projected non-GAAP financial measures that we are not able to reconcile without unreasonable efforts and supplemental financial information. Our earnings-related materials are on our website at investors.arm.com.

Arm公司不承擔更新任何前瞻性聲明的義務。我們將在討論中提及非GAAP財務指標。某些非公認會計準則財務指標與其最直接可比較的公認會計準則財務指標的調節表，以及我們無法在不付出不合理的努力和補充財務信息的情況下調節的預計非公認會計準則財務指標的討論，都可以在我們的股東信中找到。我們的獲利相關資料已發佈在公司網站 investors.arm.com 上。

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

接下來，我將把電話轉給雷內。雷內？

Thank you, Jeff, and welcome, everyone. We continued fiscal year 2026 with strong momentum, fueled by accelerating demand for AI compute from milliwatts in the smallest of edge devices to megawatts in the world's largest hyperscale data centers. Artificial intelligence is reshaping every layer of technology and arm is the only compute platform delivering AI everywhere.

謝謝你，傑夫，也歡迎各位。2026 財年，我們持續保持強勁的成長勢頭，這得益於人工智慧運算需求的加速成長，從最小邊緣設備的毫瓦級運算量到全球最大超大規模資料中心的兆瓦級運算量。人工智慧正在重塑技術的各個層面，而Arm是唯一能夠將人工智慧應用於各個領域的運算平台。

Q2 is our best second quarter ever, with revenue of $1.14 billion, up 34% year-on-year marking our third consecutive $1 billion quarter. Royalty revenue reached a record $620 million, up 21% year-on-year, driven by growth in all major markets, including data center, smartphones, automotive and IoT.

第二季度是我們有史以來業績最好的第二季度，營收達 11.4 億美元，年增 34%，連續第三個季度營收超過 10 億美元。受數據中心、智慧型手機、汽車和物聯網等所有主要市場成長的推動，特許權使用費收入達到創紀錄的 6.2 億美元，年增 21%。

Unprecedented compute demand has led to our data center new verse royalties to more than double year-on-year. Licensing revenue rose 56% to $515 million as companies continue choosing Arm to build their next-generation AI products.

前所未有的運算需求導致我們資料中心的新詩篇版稅收入年增超過一倍。隨著各公司繼續選擇 Arm 來建立其下一代 AI 產品，授權收入成長了 56%，達到 5.15 億美元。

Our strong results lifted non-GAAP EPS above the high end of guidance. During the quarter, we announced a strategic partnership with Meta to scale AI efficiency across every layer of compute from AI-enabled wearables to AI data centers on a consistent compute platform.

我們強勁的業績使非GAAP每股收益超過了預期上限。本季度，我們宣布與 Meta 建立策略合作夥伴關係，以在一致的運算平台上擴展人工智慧在各個運算層面的效率，從支援人工智慧的可穿戴設備到人工智慧資料中心。

This partnership combines Arm's leadership in energy-efficient compute with Meta's innovation in AI infrastructure and open technologies to deliver richer, more efficient AI experiences to billions of people worldwide.

此次合作將 Arm 在節能運算領域的領先地位與 Meta 在人工智慧基礎設施和開放技術方面的創新相結合，旨在為全球數十億人提供更豐富、更有效率的人工智慧體驗。

In the data center, access to power has now become the bottleneck. And this is accelerated adoption of Arm's new verse compute platform. which has now surpassed 1 billion CPUs deployed. Our compute forms the foundation of custom silicon from leading partners, including NVIDIA Grace, AWS Graviton, Google Axion and Microsoft Cobalt.

在資料中心，電力供應現在已成為瓶頸。這標誌著Arm全新Verse運算平台的加速普及，該平台目前已部署超過10億顆CPU。我們的運算能力為來自領先合作夥伴的客製化晶片奠定了基礎，這些合作夥伴包括 NVIDIA Grace、AWS Graviton、Google Axion 和 Microsoft Cobalt。

For example, Google's Arm-based Axion ship delivers up to 65% better price performance while using 60% less energy. And as a result, Google is migrating the majority of their internal workloads to run on Arm. Customers are increasingly deploying Arm over CPUs alongside their AI accelerators to orchestrate massive clusters, highlighting the versatility and scalability of our platform.

例如，Google基於 Arm 架構的 Axion 飛船在降低 60% 能耗的同時，價格性能提高了 65%。因此，谷歌正在將其大部分內部工作負載遷移到 Arm 架構上運行。客戶越來越多地將 Arm over CPU 與 AI 加速器一起部署，以協調大規模集群，這凸顯了我們平台的通用性和可擴展性。

The addition of five new Stargate sites this quarter, further expands visibility into future AI capacity and reinforce is Arm's central role in the hyperscale build-out. As AI chip design becomes more complex, our compute subsystems, or CSS, are helping customers accelerate their development cycles and reduce execution risk. Demand for CSS continues to exceed expectations.

本季新增的五個 Stargate 站點進一步擴大了對未來 AI 能力的可見性，並鞏固了 Arm 在超大規模建設中的核心地位。隨著人工智慧晶片設計變得越來越複雜，我們的運算子系統（CSS）正在幫助客戶加快開發週期並降低執行風險。CSS 的需求持續超出預期。

During the quarter, we signed three new CSS licenses, one each in smartphone, tablets and data centers, bringing our total to 19 CSS licenses across 11 companies. We also expanded our collaboration with Samsung, which is leveraging CSS for its Exonos family of chipsets, driving up to 40% AI performance over previous non-CSS generation.

本季度，我們簽署了三份新的 CSS 許可證，分別涉及智慧型手機、平板電腦和資料中心，使我們在 11 家公司中擁有的 CSS 許可證總數達到 19 份。我們也擴大了與三星的合作，三星正在利用 CSS 來開發其 Exonos 系列晶片組，與先前的非 CSS 版本相比，AI 效能提升高達 40%。

As a result, the top four Android phone vendors are now shipping CSS power devices. CSS has quickly become the starting point for customers, building next-generation silicon offering faster time to market and delivering hierarchy rolled trades for Arm.

因此，前四名的安卓手機廠商現在都在出貨搭載CSS Power處理器的設備。CSS 已迅速成為客戶的起點，建立下一代晶片，加快產品上市速度，並為 Arm 提供分層滾動交易。

In the quarter, we also launched Lumix CSS, our most advanced mobile compute platform to date. Lumex enables rich on-device AI experiences such as real-time translation, image enhancement and personal systems flagship devices from partners like Oppo and Vivo are expected to ramp later this year, bringing console quality performance and new AI capabilities directly to mobile devices.

本季度，我們還推出了 Lumix CSS，這是我們迄今為止最先進的行動運算平台。Lumex 可實現豐富的裝置端 AI 體驗，例如即時翻譯、影像增強和個人化系統。來自 Oppo 和 Vivo 等合作夥伴的旗艦設備預計將於今年稍後推出，將主機級別的性能和新的 AI 功能直接帶到行動裝置上。

At the edge, AI is transforming how people interact with their devices in their hands, homes and vehicles. Google launched the Pixel 10 smartphone and featuring the new Arm-based Tensor G5 chip, which runs Gemini models up to 2.6 times faster and twice as efficiently as prior generations. NVIDIA began shipping its Arm-based DGX Spark system for AI developers a compact desktop supercomputer for local model training, fine-tuning and inference.

在邊緣運算領域，人工智慧正在改變人們與手中、家中和車內設備的互動方式。谷歌推出了 Pixel 10 智慧型手機，搭載了基於 Arm 的全新 Tensor G5 晶片，其運行速度比上一代 Gemini 車型快 2.6 倍，效率高兩倍。NVIDIA 開始向 AI 開發人員發售其基於 Arm 的 DGX Spark 系統，這是一款用於本地模型訓練、微調和推理的緊湊型桌面超級電腦。

In automotive, a flagship electric vehicle built on Arm's platform introduced advanced park assist, voice control and safety features featuring Arm's automotive enhanced technologies. Tesla's next-generation ARM-based AI five chip delivers up to 40 times faster AI performance, enabling the next wave of intelligent vehicles and autonomous machines.

在汽車領域，一款基於 Arm 平台打造的旗艦電動車引入了先進的泊車輔助、語音控制和安全功能，這些功能採用了 Arm 的汽車增強技術。特斯拉的下一代基於 ARM 架構的 AI 五晶片可提供高達 40 倍的 AI 性能提升，從而推動下一代智慧汽車和自動駕駛機器的發展。

Our leadership in AI is amplified by our unmatched software developer ecosystem, now more than 22 million strong, representing over 80% of the world's developer base. This ecosystem is a powerful growth engine for Arm. Every new ARM-based device brings more developers, which drives more software innovation, which in turn fuels greater demand for our compute platform across every market we serve.

我們在人工智慧領域的領先地位得益於我們無與倫比的軟體開發者生態系統，目前擁有超過 2,200 萬名開發者，佔全球開發者總數的 80% 以上。這個生態系統是Arm強大的成長引擎。每一款基於 ARM 的新設備都會吸引更多開發者，從而推動更多軟體創新，進而刺激我們所服務的所有市場對我們運算平台的更大需求。

As mentioned in our last call, we are continuing to explore the possibility of moving beyond our current platform into additional compute to subsystems, chiplets or complex SoCs. As a result, we continue to accelerate the investment in our R&D as we are seeing increased demand from our customers for (inaudible). AI is shaping how the world computes and Arm is a foundation making it possible from milliwatts to megawatts, we delivered the performance, efficiency and scalability to meet this moment and the years ahead.

正如我們在上次電話會議中所提到的，我們正在繼續探索超越我們目前平台，向子系統、晶片組或複雜SoC擴展運算能力的可能性。因此，隨著客戶需求的成長，我們將持續加快研發投入。（聽不清楚）人工智慧正在重塑世界的運算方式，而 Arm 則是實現這一目標的基礎。從毫瓦到兆瓦，我們提供的效能、效率和可擴展性足以應對當前及未來數年的需求。

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

然後，我就把它交給傑森了。

Thank you, Rene. We have delivered another strong quarter. Total revenue grew 34% year-on-year to $1.14 billion, a record for Q2, it exceeded the midpoint of our guidance range by $75 million and marked our third consecutive quarter above $1 billion.

謝謝你，雷內。我們又迎來了一個強勁的季度。總營收年增 34% 至 11.4 億美元，創第二季紀錄，比我們預期範圍的中點高出 7,500 萬美元，並標誌著我們連續第三個季度收入超過 10 億美元。

Royalty revenue exceeded our expectations, growing 21% year-on-year to a record $620 million versus our guidance of mid-teens. The biggest growth contributors were smartphones with higher royalty rates per chip and in data center where we continue to see share gains from custom hyperscaler chips.

版稅收入超出預期，年增 21%，達到創紀錄的 6.2 億美元，而我們先前的預期僅為 15% 左右。成長貢獻最大的領域是智慧型手機（其晶片專利費率較高）和資料中心（我們繼續看到客製化超大規模資料中心晶片的市場份額成長）。

Royalty revenue from smartphones grew in order of magnitude faster than the market as multiple OEMs ramped smartphones based on Armv9 and CSS chips. Data center royalties doubled year-on-year given the continued deployment of ARM-based chips by hyperscaler companies. Automotive and IoT both continued to grow year-on-year and contributed to our strong royalty performance. Overall, royalty growth rates continue to reflect Arm's increasing royalty rates and rising market share.

由於多家 OEM 廠商紛紛推出基於 Armv9 和 CSS 晶片的智慧型手機，智慧型手機的專利費收入成長速度比市場成長速度快了幾個數量級。由於超大規模資料中心公司持續部署基於 ARM 的晶片，資料中心特許權使用費已年增了一倍。汽車和物聯網業務均持續同比增長，為我們強勁的版稅業績做出了貢獻。總體而言，特許權使用費率成長率繼續反映出 Arm 不斷提高的特許權使用費率和不斷擴大的市場份額。

Turning now to license. License and other revenue was $515 million, up 56% year-on-year. Growth was driven by strong demand for next-generation architectures and deeper strategic engagements with key customers. We further expanded our license and services agreement with SoftBank. We also signed four ATA and three CSS deals.

接下來是許可證辦理事宜。授權和其他收入為 5.15 億美元，年增 56%。成長的驅動力在於對下一代架構的強勁需求以及與主要客戶更深入的策略合作。我們進一步擴大了與軟銀的許可和服務協議。我們也簽署了四項ATA協議和三項CSS協議。

These agreements reflect the continued investment by our customers in next-generation Arm technology. As always, licensing revenue varies quarter-to-quarter due to the timing and size of high-value deals, so we continue to focus on annualized contract value, or ACV, as a key indicator of the underlying licensing trend.

這些協議體現了我們的客戶對下一代 Arm 技術的持續投資。與以往一樣，由於高價值交易的時間和規模，授權收入會逐季度波動，因此我們繼續關注年度合約價值（ACV），將其作為潛在授權趨勢的關鍵指標。

ACV grew 28% year-on-year, maintaining strong momentum following the 28% year-on-year growth we reported in Q1. This is well above our usual run rate of low teens growth rate -- low-teens growth and is also above our long-term expectations of mid- to high single-digit growth for license revenue.

年度合約價值年增 28%，延續了我們在第一季報告的 28% 年成長的強勁勢頭。這遠高於我們通常的十幾個百分點的成長率，也高於我們對授權收入中高個位數成長率的長期預期。

Turning to operating expenses and profits. Non-GAAP operating expenses were $648 million, up 31% year-on-year on strong R&D investment and slightly below guidance. These investments in R&D reflect ongoing engineering head count expansion to support customer demand for more Arm technology, including continued innovation in next-generation architectures, compute subsystems, and possibly chiplets or complete SoCs.

接下來談談營運費用和利潤。非GAAP營運支出為6.48億美元，較去年成長31%，主要得益於強勁的研發投資，略低於預期。這些研發投入反映了工程人員數量的持續成長，以支援客戶對更多 Arm 技術的需求，包括在下一代架構、運算子系統以及可能的晶片組或完整 SoC 方面持續創新。

For example, over the past four years, we've invested heavily in developing the technology that makes up the Lumex compute subsystems for smartphones, which we announced in September. This project took around 1,000 man years with a team size peaking over 450 engineers and required around hundreds of billions of dollars of investment -- hundreds of millions of dollars of investment.

例如，在過去的四年裡，我們投入大量資金開發構成智慧型手機 Lumex 計算子系統的技術，我們在 9 月發布了該技術。該計畫耗時約 1,000 人年，團隊規模最多時超過 450 名工程師，需要約數千億美元的投資——數億美元的投資。

Lumex CSS has attracted strong market interest and we're already seeing royalty revenue from an early licensee. Non-GAAP operating income was $467 million, up 43% year-on-year. This resulted in a non-GAAP operating margin of 41.1% and an improvement from 38.6% a year ago. Non-GAAP EPS was $0.39, $0.06 above the midpoint of our guidance range, driven by both higher revenue and slightly lower OpEx.

Lumex CSS 已引起市場的強烈關注，我們已經從早期授權商那裡獲得了版稅收入。非GAAP營業收入為4.67億美元，較去年同期成長43%。這使得非GAAP營業利潤率達到41.1%，比一年前的38.6%有所提升。非GAAP每股收益為0.39美元，比我們預期範圍的中點高出0.06美元，主要得益於收入增加和營運支出略有下降。

Turning now to guidance. Our guidance reflects our current view of our end markets and our licensing pipeline. For Q3, we expect revenue of $1.225 billion, plus or minus $50 million. At the midpoint, this represents revenue growth of about 25% year-on-year. We expect royalties to be up just over 20% year-on-year and licensing to be up 25% to 30% year-on-year.

現在進入指導環節。我們的指導意見反映了我們目前對終端市場和授權專案前景的看法。我們預計第三季營收為 12.25 億美元，上下浮動 5,000 萬美元。中點數值顯示，這代表營收年增約 25%。我們預計版稅收入將年增率略高於 20%，授權收入將年增 25% 至 30%。

We expect our non-GAAP operating expense to be approximately $720 million and our non-GAAP EPS to be $0.41 plus or minus $0.04. Our higher revenue allows us to both accelerate R&D investment and pass through upside to EPS.

我們預計非GAAP營運費用約為7.2億美元，非GAAP每股收益為0.41美元，上下浮動0.04美元。更高的收入使我們能夠加快研發投入，並將成長帶來的收益轉化為每股收益的成長。

We are seeing strong demand from our customers for Arm technology, which gives us confidence in our long-term growth trajectory, and our strategy to enable AI everywhere in the cloud, at the edge and in physical devices. And we will continue investing aggressively in R&D to capture these opportunities and ensure that AI runs on arm.

我們看到客戶對 Arm 技術有著強勁的需求，這讓我們對公司的長期成長軌跡以及在雲端、邊緣和實體設備中實現人工智慧的策略充滿信心。我們將繼續大力投資研發，以抓住這些機遇，並確保人工智慧能夠在 Arm 上運作。

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

接下來，我將把電話轉回給接線生，進行問答環節。

Thank you. (Operator Instructions)

謝謝。（操作說明）

Sebastian Nadi, William Blair.

賽巴斯蒂安·納迪，威廉·布萊爾。

Yeah, good afternoon and congrats on the nice results. Rene, I wanted to ask about the AI opportunity. There's been a seemingly nonstop stream of new data center deals announced over the last quarter. Calling for tens of gigawatts of additional computing capacity to be stood up.

下午好，恭喜你們取得好成績。雷內，我想問問人工智慧方面的機會。過去一個季度，資料中心的新交易似乎層出不窮。呼籲增設數十吉瓦的運算能力。

How do you feel about Arm's strategic positioning with respect to these AI deals? And what do you view as the opportunity across the build-out?

您如何看待Arm在這些人工智慧交易中的策略定位？您認為整個建設過程中有哪些機會？

Thank you for the question, Sebastien. As a Board member of SoftBank and also given our heavy involvement there with Stargate and regular dialogue with OpenAI I believe I have a unique perspective in terms of visibility in terms of this market.

謝謝你的提問，賽巴斯蒂安。作為軟銀的董事會成員，並且鑑於我們與 Stargate 的深度合作以及與 OpenAI 的定期對話，我相信我對這個市場的洞察力有著獨特的見解。

One thing that's become quite evident is that power has become the bottleneck for everyone and power not only means access to energy, but everything underneath it in terms of infrastructure build-out, turbines, transformers everything associated with generating power.

顯而易見的是，電力已成為所有人的瓶頸，而電力不僅意味著獲取能源，還意味著其下的所有方面，包括基礎設施建設、渦輪機、變壓器以及與發電相關的一切。

So in that environment, everyone wants to move the most efficient compute platform as possible. Arm is about 50% more efficient than competitive solutions. We've seen that across the board in benchmarks, but also more importantly, in real-life performance. And that's why we see NVIDIA, Amazon, Google, Microsoft, Tesla, all using our best technologies.

因此，在這種環境下，每個人都想遷移到最高效的運算平台。Arm 的效率比同類解決方案高出約 50%。我們在各項基準測試中都看到了這一點，但更重要的是，在實際效能測試中也看到了這一點。這就是為什麼我們看到英偉達、亞馬遜、谷歌、微軟、特斯拉等公司都在使用我們最好的技術。

We see an unprecedented demand for compute and all the incremental compute that we've seen announced literally has all been based on Arm. So that's driving huge growth opportunity for us, and it's one of the indicators as to why we've seen such growth in our Neoverse business more than doubling year-over-year.

我們看到對運算能力的需求空前高漲，而所有已宣布的新增運算能力實際上都基於 Arm 架構。因此，這為我們帶來了巨大的成長機會，這也是我們的 Neoverse 業務較去年同期成長超過一倍的原因之一。

Great, thank you

太好了，謝謝。

Joe Quatrochi, Wells Fargo.

喬·夸特羅奇，富國銀行。

Yeah, thanks for taking the question. I noticed in the filing you announced your intention to acquire DreamBig semiconductor. Curious just kind of what's behind that? And how does that kind of fold into your plans to potentially expand beyond your current kind of offering platform?

好的，謝謝你回答這個問題。我注意到您在文件中宣布了收購 DreamBig 半導體公司的意圖。很好奇背後到底是什麼原因？那麼，這又如何融入您未來可能擴展到現有服務平台以外的計畫呢？

Yeah. Thank you for the question. So Dream Big is a great company. They've got a lot of interesting intellectual property particularly around the ethernet area and Arm DMA controllers, which are very, very key for scale-up and scale-out networking.

是的。謝謝你的提問。所以，《夢想遠大》是一家很棒的公司。他們擁有許多有趣的智慧財產權，尤其是在乙太網路領域和 Arm DMA 控制器方面，這些對於縱向擴展和橫向擴展網路來說非常非常關鍵。

So when we look at the demand for what's going on inside the data center and particularly in the area of high-speed communications, that type of technology will be very helpful for us to broaden our offering to end customers. So we're very excited about the company and DreamBig got some fantastic engineers.

因此，當我們審視資料中心內部，特別是高速通訊領域的需求時，這類技術將非常有助於我們擴大對終端客戶的服務範圍。所以我們對這家公司感到非常興奮，DreamBig 也招募了一些非常優秀的工程師。

Thank you

謝謝

Jim Schneider, Goldman Sachs.

吉姆‧施耐德，高盛集團。

Good afternoon. Thanks for taking my question. I noticed in your disclosures that you saw a material step-up in related party revenue. So I was wondering if you could maybe talk a little bit about -- there's also been many announcements related to Stargate and SoftBank since the last earnings also can you maybe give us any kind of color you can on the nature of that relationship and how things are changing in terms of design activities? Thank you.

午安.謝謝您回答我的問題。我注意到，在你的揭露文件中，關聯方收入出現了顯著成長。所以我想問您能否稍微談談——自從上次財報發布以來，Stargate 和軟銀也發布了很多公告，您能否給我們介紹一下這種關係的性質，以及在設計活動方面發生了哪些變化？謝謝。

So one of the ways to think about Stargate, and particularly given the relationship between Arm and SoftBank is a huge opportunity for Arm to partner with SoftBank and SoftBank's partners to provide technology into all those solutions.

因此，看待 Stargate 的一種方式，特別是考慮到 Arm 和軟銀之間的關係，是 Arm 與軟銀及其合作夥伴合作，為所有這些解決方案提供技術的巨大機會。

So without getting into too many of the specifics, but at a high level, if you think about what's associated with building out these data centers, you have the compute, obviously, you have the networking, you have everything associated with power distribution you have a potential technology that gets into the power mechanism of the data center and then everything associated with even potential assembly of the data center.

因此，在不深入探討太多細節的情況下，從宏觀層面來看，如果您考慮與建構這些資料中心相關的因素，顯然包括計算、網路、與配電相關的一切，以及可能應用於資料中心供電機制的技術，以及與資料中心組裝相關的一切。

So as a result of all the work that SoftBank and the SoftBank family of companies are doing, it provides huge opportunity for Arm to provide solutions into that space. So that, at a high level, is the way to think about how the SoftBank family works together on these designs.

因此，由於軟銀及其旗下公司所做的一切努力，Arm 有巨大的機會在該領域提供解決方案。所以，從宏觀層面來說，這就是理解軟銀家族如何共同參與這些設計的方式。

Thank you

謝謝

Ross Seymore, Deutsche Bank.

羅斯·西摩，德意志銀行。

Okay, thanks for let me ask a question. I wanted to go back to the OpEx side of things. I know it was a little bit below your guide in the second quarter, but the fourth third quarter looks like it's going to step up again. Kind of a bigger picture one.

好的，謝謝，請容許我問一個問題。我想回到營運支出（OpEx）方面去。我知道第二季度略低於您的預期，但第四季看起來會再次提升。從更宏觀的角度來看這個問題。

You mentioned about exploring different sorts of go-to-market methodologies, chiplets, et cetera. When do you expect to give us more color on when that's going to go from exploration to return on investment or the actual strategy, how should we monitor that and expect to get more information from you?

您提到要探索不同的市場推廣方法、晶片組等等。您預計何時會詳細說明從探索階段到投資回報或實際策略的轉變過程？我們應該如何監控這一過程，並期待從您那裡獲得更多資訊？

Yeah. Thank you for asking. The best detail I can give you is there's something I can talk to you about today in terms of time line, about products or technologies. When the time comes, for us to announce it, you'll be the first to know in terms of what we're doing.

是的。謝謝你的提問。我能提供的最佳細節是，今天我可以和你談談時間安排、產品或技術方面的事情。時機成熟時，我們會第一時間宣布我們的計劃，屆時您將是第一批知道的人。

Right now, the best commentary I can give is that everything associated with those solutions does require a significant level of R&D. Now as you've seen on the guidance going forward, our revenue go forward is higher than our OpEx increase, which is something we've been very careful to manage.

目前我能給出的最好評價是，與這些解決方案相關的一切都需要大量的研發投入。正如您在未來的發展指引中所看到的，我們未來的收入成長高於營運支出成長，我們一直非常謹慎地控制著營運支出。

So we feel comfortable about that. But at the same time, what we're looking at in terms of the opportunity for compute and more importantly, compute using Arm has never been greater. So as a result, we want to make sure we're in the best position possible to capture it. We're looking at all possibilities in terms of how to do that. And when we're ready to talk about what that is, we will certainly advise.

所以我們對此感到放心。但同時，就計算領域而言，更重要的是，使用 Arm 進行計算的機會從未如此之大。因此，我們希望確保自己處於最佳位置，以便抓住這個機會。我們正在研究所有可能的實現方式。當我們準備好討論具體內容時，我們一定會給予建議。

The only thing I would add is, I think last quarter, we said, as soon as the way we think about when we announce something, if it were to be something related to full SoCs, it would be once there's tape-out, once their samples back and once there's actually noncancelable customer orders, when we achieve all three of those milestones, that's when we would probably talk about something because this would be a new business and something we haven't done before. So whenever those milestones are achieved, that's when you should expect to hear from us.

我唯一要補充的是，我認為上個季度我們說過，我們考慮何時宣布某件事的方式是，如果這件事與完整的SoC有關，那就是在晶片流片完成、樣品返回以及真正有不可取消的客戶訂單之後，當我們實現這三個里程碑時，我們可能會談論這件事，因為這將是一項新業務，也是我們以前從未做過的事情。因此，每當這些里程碑達成時，您就會收到我們的訊息。

Vivek Arya from Bank of America.

來自美國銀行的維韋克·阿亞。

Thanks for taking my question. I just wanted to clarify how much was the SoftBank contribution in Q2 versus what you thought? And then what is baked in for Q3 and hopefully, if you have the number for Q4?

謝謝您回答我的問題。我只是想確認一下，軟銀在第二季的貢獻與您預想的相比如何？那麼第三季的預期是多少呢？如果可以的話，第四季的預期又是多少？

And the real question is how long can this quarterly rate persist? And if you do move into physical chips or chiplets or any other products as part of target, does it start to cannibalize this licensing stream? Thank you.

真正的問題是，這種季度成長率能持續多久？如果你的目標產品是實體晶片、晶片組或其他任何產品，這是否會蠶食現有的授權收入？謝謝。

Yeah. So thanks for the question. In terms of the impact, it was about a $50 million increase from last quarter. So last quarter, we think we're about $126 million. It actually went up $52 million, so now about $178 million and that's a good run rate to assume going forward.

是的。謝謝你的提問。就影響而言，比上一季增加了約 5000 萬美元。所以上個季度，我們認為我們的營收約為 1.26 億美元。實際上上漲了 5,200 萬美元，現在約為 1.78 億美元，這是一個值得預期的未來成長率。

The only way it would change is if we have any additional deals. And again, these are license plus design services. So think of it as being licenses to our IP to work with SoftBank on exploring solutions. But then think of the design services being effectively a kind of a funded R&D model. And so that's a lower margin revenue, of course.

除非我們達成其他協議，否則情況不會改變。再次強調，這些都是授權加設計服務。所以你可以把它理解為我們向軟銀授予的知識產權許可，以便我們與軟銀合作探索解決方案。但轉念一想，設計服務其實就是一種獲得資助的研發模式。因此，利潤率自然會降低。

So these -- in terms of how long these revenue streams will occur. We're not at liberty to say yet, but I would say, as Rene said, at some point, probably in the next year or so, you'll hear us talk about what products those might be. But obviously, that's not just up to us. It's when SoftBank is ready to talk about what these products could look like and what the revenue profile, et cetera, is.

所以，這些——就這些收入來源能持續多久而言。我們現在還不能透露，但正如雷內所說，在某個時候，可能在未來一年左右，你們會聽到我們談論這些產品可能是什麼。但很顯然，這不僅取決於我們。屆時，軟銀將準備好討論這些產品可能的樣子以及收入狀況等等。

And so when that would occur, it's likely to assume that there would be some different revenue source, whether it's royalties or gross revenue from selling a chip if in fact, it's a full SoC. Those are all things that are still to be worked out. And yes, I would think of that as being to some extent, cannibalistic of whatever the current license and design services.

因此，當這種情況發生時，人們可能會認為會有其他收入來源，無論是版稅還是銷售晶片的總收入（如果它實際上是一個完整的SoC）。這些事情還有待解決。是的，我認為這在某種程度上是對現有許可證和設計服務的蠶食。

But then, of course, if there is a product, you could also assume there could be successive generations of products after that, in which case you could stack royalty between license and services. But then, of course, there could also be royalties or whatever the revenue relates to whatever the product that ships and market is.

當然，如果存在某種產品，你也可以假設之後可能會有後續幾代產品，在這種情況下，你可以在許可和服務之間疊加版稅。當然，也可能包括版稅或其他與出貨和銷售的產品相關的收入。

So I would think of it as very much durable revenue in that I think if SoftBank wasn't a related party, we would just be booking license and design services, and it wouldn't be a related party, but the numbers would be pretty similar.

所以我認為這是一筆非常穩定的收入，因為如果軟銀不是關聯方，我們只會收取許可和設計服務費，雖然軟銀不是關聯方，但收入數字會非常相似。

And so the fact that the related party I think is probably what makes it look somewhat unique. But the reality is we also, as Rene already mentioned, this is not really just between us and SoftBank. They also have contracts with many others, OpenAI, other Stargate partners as well. So I would think of this as all being part of a larger effort.

因此，我認為關聯方的存在可能正是它看起來有些獨特的原因。但現實情況是，正如雷內已經提到的那樣，這不僅僅是我們和軟銀之間的事。他們還與其他許多公司、OpenAI 以及其他星際之門合作夥伴簽訂了合約。所以我認為這一切都是更大努力的一部分。

Thank you.

謝謝。

Timm Schulze-Melander, Rothschild & Co Redburn.

蒂姆·舒爾茨-梅蘭德，羅斯柴爾德公司雷德本。

Yeah, great. Thank you for taking my questions I had two, please. Just following on, on the Stargate theme and the sites. Can you maybe just talk about the shape of what that revenue opportunity looks like on a sort of one, three and five-year view just kind of when it's going to start having influence on the revenue -- the annual revenue or quarterly revenue of the business?

好的，太棒了。謝謝您回答我的問題，我有兩個問題。接下來，我們繼續討論星際之門主題和相關網站。您能否談談從一、三、五年的角度來看，這個收入機會的前景如何，以及它何時會開始對公司的收入——年度收入或季度收入——產生影響？

And then my second question was just to make sure I wasn't sure I caught it right. You talked about the Lumex CSS. I think that's a product that you launched in September, but I think you also said that you already have royalty revenues associated with that. If you could just maybe expand on that a little bit, that would be really helpful.

然後我的第二個問題只是為了確認我是否理解正確。你提到了 Lumex CSS。我認為那是你們九月推出的產品，但我想你們也說過，你們已經從中獲得了一些版稅收入。如果你能再詳細解釋一下，那就太好了。

Sure, sure. I'll take the first part of that question, and I'll let Jason take the second half. Without giving you kind of a go-forward forecast of one, three, five years, maybe a way to think about it is back in January of this year, OpenAI with Oracle and SoftBank announced Stargate, which was a $500 billion project to build out data centers over the next number of years.

當然，當然。我來回答這個問題的第一部分，第二部分就交給傑森來回答吧。不為你們提供未來一、三、五年的預測，或許可以這樣想：今年一月，OpenAI 與 Oracle 和 SoftBank 宣布了 Stargate 項目，這是一個耗資 5000 億美元的項目，旨在在未來幾年內建設資料中心。

When we go back to where we are now 11 months later, I would say the demand picture for compute is greater than it was at that time. So this is a bit of why you're seeing all kinds of different accelerated announcements around spend, et cetera, et cetera.

時隔 11 個月，現在的計算需求比那時高很多。所以，這就是為什麼你會看到圍繞支出等各種不同的加速公告的原因之一。

So if nothing else, I think the opportunity for compute has only grown since we made that Stargate announcement and to be clear, that announcement is around a joint partnership with OpenAI and SoftBank being equity partners in this investment for compute.

所以，至少我認為，自從我們宣布 Stargate 專案以來，運算領域的機會只會不斷增長。需要明確的是，該公告是關於與 OpenAI 和軟銀建立聯合合作夥伴關係，而軟銀是這項計算投資的股權合作夥伴。

So we are quite bullish in terms of this overall demand for compute. Right now, what is in the way of realizing that potential is all of the infrastructure required around the power. But from everything that we can tell from people we talk to inside the ecosystem, the demand for compute to train these new models, reinforcement learning to make them great and then inference to serve them.

因此，我們對整體計算需求相當樂觀。目前阻礙實現這一潛力的，是圍繞電力系統所需的所有基礎設施。但從我們與生態系統內部人士的交談中可以了解到，對運算能力的需求是訓練這些新模型、強化學習來提升模型效能，以及推理能力來服務這些模型。

The demand opportunity is stronger than what we announced 11 months ago. So this is why we're accelerating all the investments that we talked about to take advantage of that opportunity. On the Lumex CSS royalty question, I'll let Jason answer that one.

市場需求比我們11個月前宣布的更為強勁。所以，這就是為什麼我們要加快我們之前討論過的所有投資，以抓住這個機會。關於 Lumex CSS 版稅的問題，我會讓 Jason 來回答。

Yeah. So I would say the licensee that's already actually that we're already seeing royalties from. That is, I'd say, earlier than expected. And the way -- because we just launched this in September, the way it's happened so quickly is this actually -- we're not able to say which partner it is, but it is a partner where this is not their first CSS, this is their second CSS.

是的。所以我想說的是，我們已經從被授權者收到了版稅。也就是說，比預期的早。因為我們九月才推出這項服務，所以進展如此迅速——我們目前還不能透露是哪家合作夥伴，但這家合作夥伴的 CSS 已經不是他們的第一個 CSS 了，而是他們的第二個 CSS。

So as a result, there was already kind of close partnership on the first generation. And so then when we launched the next generation because the teams have already been working pretty close to each other, it allowed that second generation to be adopted very quickly. And for royalties to come really just within a couple of months after the technology was delivered.

因此，第一代產品就已經建立了緊密的合作關係。因此，當我們推出下一代產品時，由於各個團隊已經密切合作，第二代產品得以迅速被市場接受。而且，版稅實際上會在技術交付後的幾個月內到達。

So kind of unusual, a little ahead of what we had expected. But it very much speaks to exactly why CSS has been more successful even than we thought when we launched it two years ago. It's really about speeding up time to market. And this is an excellent example of that occurring.

有點出乎意料，比我們預期的要好一些。但這正好說明了為什麼 CSS 比我們兩年前推出時所預想的還要成功。實際上，關鍵在於加快產品上市速度。這就是一個絕佳的例子。

Great, thank you

太好了，謝謝。

Harlan SurJPMorgan.

哈蘭·蘇爾摩根大通。

Hey, good afternoon. Thanks for taking my question. Rene, you talked about Neoverse royalties growing 2 times year-over-year with all these cloud-based CPUs ramping. And then on top of that, with these high-performance AI clusters, right, they're using more DPUs or smart mics that are also using Arm cores. On the networking side, data center switching and routing chips have multiple Arm cores embedded in them for things like telemetry low balancing overall system management.

嘿，下午好。謝謝您回答我的問題。Rene，你之前說過，隨著雲端 CPU 的激增，Neoverse 的版稅收入比去年同期成長了 2 倍。此外，這些高效能 AI 叢集還使用了更多的 DPU 或智慧麥克風，這些 DPU 或智慧麥克風也使用了 Arm 核心。在網路方面，資料中心交換和路由晶片中嵌入了多個 Arm 內核，用於遙測、低負載平衡、整體系統管理等操作。

The bottom line is that there's significant arm compute going into all aspects of the data center, right? We're also even seeing Arm taking over x86 in the service provider networking markets as well. So last fiscal year, cloud and networking accounted for about 10% of royalty revenues were midway through this fiscal year.

歸根結底，資料中心的各個方面都大量使用了 ARM 運算能力，對吧？我們甚至看到 Arm 也在服務供應商網路市場取代 x86。因此，上個財政年度，雲端運算和網路業務約佔特許權使用費收入的 10%，而本財政年度已經過半。

Maybe you guys could just throw us up, I assume this mix has increased. Is it approaching 15%, 20% of total royalty revenues for the team? Any color here would be great.

或許你們可以把我們送上去，我猜這種混合口味的飲料已經變多了。這是否接近團隊總版稅收入的 15% 或 20%？這裡任何顏色都行。

Yeah. I'll let Jason address the numbers, but thank you for being a great salesman and describing our penetration across domains. You're 100% right. There's Arm technology in virtually every set of the networking stack, the Bluefield technology at Mellanox DPU-based that's Arm significant. As technology goes into the switches around Tomahawk and Arista are all using Arm technology.

是的。我會讓傑森來介紹具體數字，但感謝你作為一名優秀的銷售人員，描述了我們在各個領域的滲透率。你說的完全正確。幾乎每個網路協定棧中都有 Arm 技術，Mellanox 的 Bluefield 技術基於 DPU，這對 Arm 來說意義重大。隨著科技的進步，Tomahawk 和 Arista 周圍的交換器都採用了 Arm 技術。

So we are definitely seeing an acceleration of all that. And at the same time, I think the power efficiency piece is probably the biggest accelerant I think we're going to see just in terms of being able to offload as much as everything you can on to the more power-efficient domain of the compute platform. So I'll let Jason comment on royalties scheme in terms of where that is going directionally.

所以，我們確實看到所有這些現像都在加速發展。同時，我認為能源效率提升可能是我們將要看到的最大加速因素，因為我們可以將盡可能多的任務卸載到運算平台的能效更高的領域。所以，關於版稅制度的未來發展方向，就讓傑森來評論吧。

Harlan. So on the royalties, yes, I mean, it ended the year at around 10-ish percent. And so we're certainly with the growth rate in infrastructure being double, I'd say, all the other categories in overall average royalty, you should expect it to continue to increase.

哈蘭。所以關於版稅，是的，我的意思是，年底的版稅比例在 10% 左右。因此，基礎設施的成長率是其他所有類別的兩倍，我認為，整體平均版稅應該會繼續成長。

We'll provide a full update at the end of the year. But your trajectory of somewhere in the 15% to 20% range is not a bad assumption and probably a reasonable expectation for where we expect to trend throughout the year. So I would say it's probably going faster than we expected a year ago.

我們將在年底提供完整的最新情況報告。但你預測的成長軌跡在 15% 到 20% 之間並非壞事，也可能是我們對全年成長趨勢的合理預期。所以我覺得，它的發展速度可能比我們一年前預期的還要快。

That's right. Great. Thank you.

這是正確的。偉大的。謝謝。

Krish Sankar, TD Cowen.

Krish Sankar，TD Cowen。

My question, I have a question for Rene. Clearly, you kind of highlighted how you have strengthened smartphones and also increasing market share in data centers. I'm kind of curious, when you look over the next few years, how do you see chip demand and token generation playing out and its implication for Arm, especially as you move into more of an inference world where edge devices may play a bigger role?

我的問題，我有個問題想問雷內。顯然，您重點介紹了您如何加強智慧型手機業務，以及如何提高在資料中心的市場份額。我很好奇，展望未來幾年，您認為晶片需求和代幣生成會如何發展，以及這對 Arm 有何影響，尤其是在我們邁向推理領域，邊緣設備可能會發揮更大作用的情況下？

I think from some accounts of people who I talk to will say that today on some of these data centers, these build-outs of multi-hundred megawatt that still, and again, depending on how you define training versus inference and reinforcement learning, majority of compute is being used for training still. That clearly will flip well, at some point, it has to, we think.

我認為，根據我與一些人的交談，他們會說，如今在一些資料中心，這些數百兆瓦的建設中，仍然，而且，再次強調，這取決於你如何定義訓練與推理和強化學習，大部分計算仍然用於訓練。這種情況顯然會在某個時候發生轉變，我們認為，它必然會轉變。

And then that demand starts to move to inference. What we're seeing is all kinds of demand for different architectures and compute type of solutions to run inference not in the cloud. Obviously, you're going to not rely 100% on something on the edge. But today, it's the reverse. It's about 100% on the cloud.

然後，這種需求開始轉向推斷。我們看到的是，對不同架構和運算類型的解決方案的需求各不相同，這些解決方案需要在雲端之外運行推理。顯然，你不會百分之百依賴那些處於邊緣狀態的東西。但如今，情況恰恰相反。它幾乎100%都運行在雲端。

And we think that is going to change. We are seeing already lots of demand for the CPUs and Lumex that have these scalable matrix extensions, and these are the extensions that allow you to run AI workloads at higher performance, that's only going to continue.

我們認為這種情況將會改變。我們已經看到市場對具有這些可擴展矩陣擴展的 CPU 和 Lumex 有很大的需求，這些擴展可以讓您以更高的效能運行 AI 工作負載，這種情況只會繼續下去。

And I think for Arm, that is an enormous trend for us on two levels. Number one, huge trend for us because the further you move away from the cloud on to battery level devices, that's a domain that arm can play in, in the sense of the software workload running exclusively there. But at the same time, customers would love a scalable software solution between the cloud and the edge.

我認為對於 Arm 來說，這在兩個層面上都是一個巨大的趨勢。第一，對我們來說，這是一個巨大的趨勢，因為隨著你越來越遠離雲端，轉向電池級設備，ARM 可以在這個領域發揮作用，因為軟體工作負載完全運行在這些設備上。但同時，客戶也希望在雲端和邊緣之間找到可擴展的軟體解決方案。

And that's a lot of what's behind the announcement that we made with Meta in October, this is around working in such a way with Meta where whether they're running something in the cloud or running in the edge for developers, they're able to port the models in such a way that it's as efficient as possible no matter where you're running.

這就是我們在 10 月與 Meta 共同宣布的計劃背後的主要原因，我們與 Meta 的合作方式是，無論開發者是在雲端運行還是在邊緣運行，他們都能以盡可能高效的方式移植模型，無論在哪裡運行。

So this is all, I think, a good thing for us because more tokens means more compute, more computes means -- more compute needed at the edge and more compute at the edge is really good for us because that's a -- I think we're in a very, very unique position to address that.

所以我認為這對我們來說都是好事，因為更多的代幣意味著更多的計算，更多的計算意味著——邊緣需要更多的計算，而邊緣更多的計算對我們來說真的很好，因為——我認為我們處於一個非常非常獨特的地位來解決這個問題。

Lee Simpson, Morgan Stanley.

李‧辛普森，摩根士丹利。

Great. Well done, everyone in a great quarter. I see China is maybe 22% of sales this [queue]. And I was just wondering what is driving that? Is it more licensing or royalties for strength in the quarter?

偉大的。幹得好，大家表現都很棒。我看到中國市場可能佔今年銷售額的22%。[隊列]。我只是想知道是什麼原因導致這種情況？本季業績成長主要來自授權費還是版稅？

And maybe just as you look out to the licensing pipeline for the rest of the year, have you seen more reason to be confident in the growth this year for licensing especially as you look to Q4, which, as I believe we said before, there's potential for good renewal deals this year. Thanks.

或許，當您展望今年剩餘時間的授權業務時，您是否看到了更多理由對今年的授權業務增長充滿信心，尤其是在展望第四季度時，正如我們之前所說，今年可能會有不錯的續約交易。謝謝。

Thanks for the question, Lee. In terms of the China performance, yes, it definitely has done well. And I would just overall say the demand in China looks to be as strong as we've ever seen. We did have one of our largest license deals actually come out of China.

謝謝你的提問，李。就中國的表現而言，是的，它的確做得很好。總的來說，我認為中國的需求看起來比以往任何時候都更強大。我們最大的授權交易之一實際上來自中國。

And so I would say license was slightly more of a I'd say, more of the overperformance came from license. Royalties are also growing strong in China as well, but license was a little bit of a bigger driver this quarter. And our pipeline indicates that we have a pretty strong license pipeline for the remainder of the year.

所以我覺得，許可證在某種程度上起了更大的作用，可以說，更多的超額收益來自於許可證。中國的版稅收入也在強勁成長，但本季授權收入是更大的驅動因素。我們的專案儲備表明，今年剩餘時間裡，我們的許可證項目儲備相當充足。

In terms of overall license revenue, hard to say as we get into Q4, there are some large deals as we always have. In terms of timing. Right now, we're just guiding on Q3. But next quarter, we'll definitely have much more clarity around what deals are going to be able to land in Q4.

就整體授權收入而言，進入第四季後很難說，但和往常一樣，我們還是會有一些大額交易。就時間安排而言。目前，我們只對第三季業績進行預測。但下個季度，我們肯定會更清楚地了解第四季度能夠達成哪些交易。

And whether there's any pull forward pushouts or whatnot. But as a reminder, we don't -- the deal cycles on large license deals are usually six to nine months and we don't really lose deals. It's really just about what exactly are the market needs for customers and when do they need it.

以及是否有任何提前推出或其他情況。但需要提醒的是，我們並非如此——大型許可交易的交易週期通常為六到九個月，我們實際上不會失去任何交易。其實關鍵在於客戶究竟需要什麼市場產品，以及何時需要這些產品。

And given the certain -- the current CapEx kind of forecast and all the AI cycles that continue to be as strong as they've been for the last couple of years have a lot of confidence, but we'll give you a little more detail next quarter on what's going to land in Q4.

鑑於目前的資本支出預測以及過去幾年人工智慧週期持續強勁的發展勢頭，我們充滿信心，但下個季度我們將向您詳細介紹第四季度將要推出的產品。

That was our final question for today. I will now hand the call back to Rene for closing remarks.

這是我們今天最後一個問題。現在我將把電話交還給雷內，請他作總結發言。

Thank you, and thank everyone for the questions. As we stated, we could not be more happy with the results last quarter. Royalties at a record, 34% growth year-on-year, just terrific results. But more importantly, when we think about the opportunity for Arm going forward, the future has never been brighter because if we look at what's going on with artificial intelligence, artificial intelligence is driving unprecedented demand for compute.

謝謝大家，也謝謝大家的提問。正如我們之前所說，我們對上個季度的業績非常滿意。版稅收入創歷史新高，年增 34%，成績斐然。但更重要的是，當我們展望 Arm 的未來機會時，會發現它的未來從未如此光明，因為如果我們看看人工智慧的發展現狀，就會發現人工智慧正在推動前所未有的運算需求。

And given the unprecedented demand for compute, we are seeing all kinds of constraints on power and infrastructure to deliver that compute which means that the compute that's being delivered for AI needs to be as efficient as possible. That's also a great place for Arm. And then as more and more of this AI compute moves from the cloud to edge devices and requires the most efficient compute on the planet. That's a great place for Arm 2.

鑑於前所未有的運算需求，我們看到電力和基礎設施在提供運算方面有各種限制，這意味著為人工智慧提供的運算需要盡可能高效。那也是Arm的絕佳應用場景。隨著越來越多的 AI 運算從雲端轉移到邊緣設備，這需要地球上最高效的運算能力。那對 Arm 2 來說是個絕佳的地方。

So we are extremely excited about the future going forward. We continue to invest to ensure that we can take advantage of that opportunity. And on behalf of everyone inside Arm who may this quarter happen and to our partners and customers. Thank you so much, and thank you for all the questions.

所以我們對未來充滿期待。我們將繼續投資，以確保能夠抓住這一機會。我謹代表 Arm 內部所有希望本季順利進行的人員，以及我們的合作夥伴和客戶。非常感謝，也感謝大家提出的所有問題。

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了。