Arm Holdings PLC (ARM) 2026 Q3 法說會逐字稿

Good day, and thank you for standing by. Welcome to the Arm third 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 財年第三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 hand the conference over to your first speaker today, Jeff Kvaal, Head of Investor Relations. Please go ahead.

現在我謹將會議交給今天的第一位發言人，投資者關係主管傑夫·克瓦爾。請繼續。

Thank you very much, and welcome to our third quarter fiscal '26 earnings call. On the call 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 about the company and its financial results. All of these statements represent our best current judgment about future results. Our business is subject to many risks and uncertainties that could cause actual results to differ materially.

非常感謝，歡迎參加我們2026財年第三季財報電話會議。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。以上所有陳述均代表我們目前對未來結果的最佳判斷。我們的業務面臨許多風險與​​不確定因素，可能導致實際結果與預期結果有重大差異。

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. Arm assumes no obligation to update any forward-looking statements. We will refer to non-GAAP financial measures during this discussion.

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公司不承擔更新任何前瞻性聲明的義務。在本次討論中，我們將參考非GAAP財務指標。

Reconciliations of certain of these non-GAAP financial measures to their most directly comparable GAAP 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 recognize -- reconcile without unreasonable effort and supplemental financial information. Our earnings materials are available at investors.arm.com.

您可以在我們致股東的信中找到某些非公認會計準則財務指標與其最直接可比的公認會計準則指標的調節表，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確認的某些預計非公認會計準則財務指標的討論。我們的收益報告可在 investors.arm.com 上查閱。

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

接下來，我將把電話交給雷內。

Thank you, Jeff, and welcome, everyone. Arm delivered a record third quarter. Revenue grew 26% year on year to $1.24 billion, our fourth consecutive $1billion quarter. Royalties increased 27% to a record $737 million, driven by record units with strength across AI and general-purpose data center. Our data center royalty revenue has grown more than 100% year on year, and we expect in a few years, our data center business to be our largest business, larger than mobile.

謝謝你，傑夫，也歡迎各位。Arm第三季業績創下歷史新高。營收年增 26% 至 12.4 億美元，連續第四個季度營收突破 10 億美元。受人工智慧和通用資料中心領域強勁成長的推動，版稅收入成長了 27%，達到創紀錄的 7.37 億美元。我們的資料中心特許權使用費收入每年成長超過 100%，我們預計幾年後，我們的資料中心業務將成為我們最大的業務，超過行動業務。

License revenue was $505 million, up 25% year on year as more leading companies signed high-value licenses for next-generation technologies. That performance lifted our non-GAAP EPS to $0.43, even as we continue to increase R&D investment.

授權收入為 5.05 億美元，年成長 25%，因為更多領先公司簽署了下一代技術的高價值授權協議。這項業績使我們的非GAAP每股盈餘達到0.43美元，即便我們仍在持續增加研發投入。

Our performance this quarter reinforces the strength of the Arm platform and our continued commitment to investing in innovation across a broad spectrum of compute technologies. The fundamentals of the Arm business have never been stronger. AI is changing how compute is built and where it runs across cloud infrastructure, edge devices and physical systems. The industry requires platforms to deliver high performance, energy efficiency and flexibility across a broad range of power envelopes and use cases. Only Arm's compute platform can address these demands, supporting AI workloads ranging from milliwatts to gigawatts.

本季業績進一步鞏固了 Arm 平台的實力，也反映了我們對廣泛運算技術領域創新投資的持續承諾。Arm公司的基本面從未如此強勁。人工智慧正在改變運算的建構方式以及它在雲端基礎設施、邊緣設備和實體系統中的運作位置。業界需要平台在廣泛的功率範圍和使用場景下提供高性能、高能源效率和靈活性。只有 Arm 的運算平台才能滿足這些需求，支援從毫瓦到吉瓦的 AI 工作負載。

To align with how our customers deploy AI, we've organized ourselves around three business units: Edge AI, Physical AI and Cloud AI. Edge AI comprises the smartphone and IoT businesses, Physical AI includes automotive and robotics, and Cloud AI encompasses data center and networking.

為了與客戶部署 AI 的方式保持一致，我們圍繞著三個業務部門進行了組織：邊緣 AI、實體 AI 和雲端 AI。邊緣人工智慧涵蓋智慧型手機和物聯網業務，實體人工智慧包括汽車和機器人，雲端人工智慧涵蓋資料中心和網路。

A key driver of our royalty momentum is Compute Subsystems, or CSS. We launched CSS nearly 2.5 years ago, and demand continues to exceed expectations. This quarter, we signed 2 additional CSS licenses for Edge AI tablets and smartphones, bringing us to 21 CSS licenses across 12 companies. Five customers are now shipping CSS-based chips, including two shipping a second-generation platform. And the top four Android smartphone vendors are shipping CSS-powered devices.

計算子系統 (CSS) 是我們版稅成長動能的關鍵驅動因素。我們推出 CSS 至今已近 2.5 年，市場需求持續超出預期。本季度，我們為 Edge AI 平板電腦和智慧型手機簽署了 2 份額外的 CSS 授權協議，使我們在 12 家公司中擁有了 21 份 CSS 授權協議。目前已有五家客戶開始出貨以 CSS 為基礎的晶片，其中兩家正在出貨第二代平台。前四名的安卓智慧型手機廠商都在出貨搭載 CSS 技術的設備。

CSS helps customers get to market faster by lowering integration risk and complexity. As demand scales, it increases the value that Arm delivers per chip, creating a significant tailwind to royalties. In Cloud AI, the shift towards inference is reshaping data center design. And increasingly, that inference is agent-based. These workloads are persistent, always-on and power constrained.

CSS 透過降低整合風險和複雜性，幫助客戶更快地將產品推向市場。隨著需求的擴大，Arm 每顆晶片的價值也隨之增加，為專利費帶來了顯著的成長。在雲端運算人工智慧領域，向推理的轉變正在重塑資料中心的設計。而且，這種推論越來越多是基於代理的。這些工作負載是持續性的、始終開啟的，並且受電力限制。

This is a fundamental change in how AI systems operate. This is because agent-based AI requires coordination across many agents running continuously, and that the CPU can only do coordination. As this model scales, customers need CPU chips with higher core counts and better power efficiency to operate continuously within tight power and cost constraints. This trend directly benefits Arm. Arm-based CPU chips deliver industry-leading performance per watt, enabling customers to scale core counts and run always-on AI workloads.

這是人工智慧系統運作方式的根本性改變。這是因為基於代理的人工智慧需要多個持續運作的代理進行協調，而CPU只能協調。隨著這種模式的擴展，客戶需要核心數更多、能源效率更高的 CPU 晶片，以便在嚴格的功耗和成本限制下持續運作。這一趨勢直接有利於Arm公司。基於 Arm 架構的 CPU 晶片可提供業界領先的每瓦效能，使客戶能夠擴展核心數量並運行始終在線的 AI 工作負載。

We're now seeing this trend play out in the market where Neoverse CPUs have surpassed 1 billion cores deployed, and Arm's share amongst the top hyperscalers is expected to reach 50%. Leading hyperscalers are launching new products with increased core counts to address this opportunity. AWS launched its fifth generation Graviton processor with 192 cores, doubling the core count from Graviton4, and delivering 25% higher performance and up to 33% lower latency versus Graviton4.

現在我們看到這一趨勢正在市場上上演，Neoverse CPU 的部署核心數已超過 10 億，Arm 在頂級超大規模資料中心營運商中的份額預計將達到 50%。領先的超大規模資料中心營運商正在推出核心數量更多的新產品，以抓住這一機會。AWS 推出了第五代 Graviton 處理器，擁有 192 個核心，核心數量是 Graviton4 的兩倍，效能提高了 25%，延遲降低了 33%。

NVIDIA's next-generation Vera CPU features 88 Arm-based cores, up from 72 cores in the Grace CPU generation. Microsoft introduced Cobalt 200, built on the higher-performance Arm Neoverse CSS V3 with 132 cores, up from 128 cores in Cobalt 100, which was based on the prior Neoverse N2 platform.

NVIDIA 的新一代 Vera CPU 擁有 88 個基於 Arm 的核心，比 Grace CPU 的 72 個核心增加。微軟推出了 Cobalt 200，它基於性能更高的 Arm Neoverse CSS V3 平台，擁有 132 個核心，而 Cobalt 100 則基於先前的 Neoverse N2 平台，擁有 128 個核心。

And Google previewed its second Arm-based server processor with Axion-powered N4A instances delivering up to 2 times better price performance and 80% better performance per watt in the comparable x86 offerings. Google has now migrated over 30,000 applications to the Arm instruction set. We are also seeing more integrated platform designs to improve system efficiency, often translating into more AI output or more tokens per watt within the same power envelope.

Google預覽了其第二款基於 Arm 的伺服器處理器，採用 Axion 的 N4A 實例可提供比同類 x86 產品高出 2 倍的性價比和每瓦性能高出 80% 的性能。谷歌目前已將超過 30,000 個應用程式遷移到 Arm 指令集。我們也看到更多整合平台設計以提高系統效率，這通常意味著在相同的功耗範圍內，每瓦特能產生更多的 AI 輸出或代幣。

AWS integrates Graviton with Arm-based Nitro DPUs and Trainium accelerators, and NVIDIA pairs GPUs with Arm-based Grace CPUs and Arm-based BlueField DPUs with its transition to Vera, delivering a 6 times increase in DPU compute capability over the prior generation. Together, these trends make clear that as AI inference becomes more agent-based, the importance of CPUs is only increasing. And as a result, Arm's role at the center of the modern data center architecture continues to grow rapidly. Outside the data center, AI is now moving to everyday devices. The edge and physical AI markets are opening up new growth opportunities.

AWS 將 Graviton 與基於 Arm 的 Nitro DPU 和 Trainium 加速器整合在一起，而 NVIDIA 在向 Vera 過渡的過程中，將 GPU 與基於 Arm 的 Grace CPU 和基於 Arm 的 BlueField DPU 相結合，與上一代產品相比，DPU 運算能力提高了 6 倍。總而言之，這些趨勢清楚地表明，隨著人工智慧推理越來越基於代理，CPU 的重要性只會越來越高。因此，Arm 在現代資料中心架構核心中的作用持續快速成長。如今，人工智慧正在資料中心之外的領域逐漸滲透到日常設備中。邊緣運算和實體人工智慧市場正在開闢新的成長機會。

These systems operate in real time under strict power, safety and reliability constraints, where efficient and predictable general-purpose compute is essential. Arm's strengths, power efficiency, predictable latency and always-on operation are best suited to on-device agents that continue to monitor inputs, prioritize tasks, and invoke models when needed to preserve battery life. Our common software foundation across devices, vehicles and robotics let customers scale deployments without rebuilding software stacks.

這些系統在嚴格的功率、安全性和可靠性限制下即時運行，高效且可預測的通用計算至關重要。Arm 的優勢在於其電源效率、可預測的延遲和始終在線的操作，這些優勢最適合設備端代理，這些代理可以持續監控輸入、確定任務優先級，並在需要時調用模型以延長電池壽命。我們在設備、車輛和機器人領域採用通用軟體基礎架構，使客戶能夠擴展部署規模而無需重建軟體堆疊。

We now see that momentum in customer innovation. Rivian announced its third-generation Autonomy Computer based on the Arm-based Rivian Autonomy Processor. The first production vehicle based on a custom Arm chip and the first to deploy Armv9 in production car. Tesla's upcoming Optimus humanoid robot is also powered by a custom Arm-based AI processor, and platform from leading silicon providers like NVIDIA's Jetson Thor and Qualcomm's Dragonwing platforms are scaling Arm-based solutions across robotics and autonomous systems.

我們現在看到了客戶創新方面的這種勢頭。Rivian 發布了基於 Arm 架構的 Rivian 自主處理器的第三代自主電腦。首款基於客製化Arm晶片的量產車型，也是首款在量產車中部署Armv9的車型。特斯拉即將推出的 Optimus 人形機器人也採用了客製化的基於 Arm 的 AI 處理器，而來自英偉達 Jetson Thor 和高通 Dragonwing 等領先晶片供應商的平台正在將基於 Arm 的解決方案擴展到機器人和自主系統領域。

To close, AI is moving to every environment and every powered envelope. Arm provides the foundation for that shift, a platform that spans milliwatts to gigawatts, and a developer ecosystem over 22 million developers, more than 80% of the global total. We are now seeing the results of strategies we put in place years ago, focusing on the data center, power efficiency and compute subsystems. As a result, as more and more applications move to agentic AI, Arm will be the compute platform connecting cloud, edge and physical AI use cases.

最後，人工智慧正在滲透到每一個環境和每一個主動設備。Arm 為這種轉變奠定了基礎，其平台功率範圍從毫瓦到吉瓦，並擁有超過 2,200 萬名開發者的開發者生態系統，佔全球開發者總數的 80% 以上。我們現在看到了多年前製定的策略的成果，這些策略主要集中在資料中心、電源效率和計算子系統方面。因此，隨著越來越多的應用轉向智慧AI，Arm將成為連接雲端、邊緣和實體AI用例的運算平台。

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

那麼，我現在就把它交給傑森。

Thank you, Rene. We have delivered another strong quarter. Total revenue grew 26% year on year to a record $1.24 billion, marking our fourth 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 26%，達到創紀錄的 12.4 億美元，連續第四個季度超過 10 億美元。

Royalty revenue exceeded our expectations, growing 27% year on year to a record $737 million. The biggest growth contributors were smartphones with higher royalty rates per chip, and in the data center, where our revenues continue to grow triple digits year on year as we see ongoing share gains from custom hyperscaler chips. Royalty revenue from Edge AI devices such as smartphones continues to grow much faster than the market. All the major Android OEMs are now ramping smartphones with chips based on both Armv9 and CSS.

版稅收入超出預期，年增 27%，達到創紀錄的 7.37 億美元。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（隨著客製化超大規模資料中心晶片市場份額的持續成長，我們的收入繼續以三位數的速度逐年增長）。來自智慧型手機等邊緣人工智慧設備的版稅收入持續以遠超市場平均的速度成長。所有主要的安卓手機廠商現在都在大力生產搭載基於 Armv9 和 CSS 晶片的智慧型手機。

In Cloud AI, data center royalty revenue continues to double year on year with the ramp of Arm-based chips by all major hyperscaler companies. We are getting a further benefit as the build-out of these new AI data centers are driving increased deployment of networking chips, particularly DPUs and SmartNICs, where Arm has a very high market share.

在雲端運算人工智慧領域，隨著所有主要超大規模資料中心公司加大對基於 Arm 晶片的投入，資料中心特許權使用費收入繼續逐年翻番。隨著這些新型 AI 資料中心的建設，網路晶片（尤其是 DPU 和智慧網卡）的部署量不斷增加，Arm 在這些領域擁有非常高的市場份額，我們也從中受益匪淺。

In Physical AI, the automotive market grew double digits year on year and contributed to our strong royalty performance. Overall revenue -- royalty revenue growth continues to reflect Arm's increasing royalty per chip and rising market share. Turning now to licensing. License and other revenue was $505 million, up 25% year on year. Growth was driven by strong demand for next-generation architectures and deeper strategic engagements with key customers.

在實體人工智慧領域，汽車市場實現了兩位數的年增長，並為我們強勁的版稅業績做出了貢獻。整體收入－特許權使用費收入的成長繼續反映出 Arm 每晶片特許權使用費的增加和市場份額的上升。接下來我們來談談授權許可。授權和其他收入為 5.05 億美元，年增 25%。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。

We signed two new Arm ATA or Arm Total Access agreements during the quarter and two new CSS licenses, both with leading smartphone handset OEMs. These agreements reflect the continued investment by our customers in our next-generation Arm technology. Of the $505 million of license revenue, our agreement with SoftBank or technology licensing and design services contributed $200 million.

本季我們與領先的智慧型手機 OEM 廠商簽署了兩項新的 Arm ATA 或 Arm Total Access 協議和兩項新的 CSS 授權協議。這些協議體現了我們的客戶對我們下一代 Arm 技術的持續投資。在 5.05 億美元的授權收入中，我們與軟銀達成的技術授權和設計服務協議貢獻了 2 億美元。

SoftBank has become an increasingly important customer as they build out their AI compute strategy, including their recent acquisitions such as Ampere and Graphcore. We believe that the revenues we are receiving from SoftBank are durable as they relate to current generations that will continue as SoftBank executes on its road map.

隨著軟銀持續推動其人工智慧運算策略，包括最近收購的 Ampere 和 Graphcore 等公司，軟銀已成為越來越重要的客戶。我們相信，我們從軟銀獲得的收入是可持續的，因為它們與當前幾代人息息相關，隨著軟銀按照其發展路線圖執行，這些收入將繼續下去。

As always, licensing revenue varies quarter to quarter due to the timing and size of high-value deals. So we will continue to focus on annualized contract value, or ACV, as a key indicator of the underlying licensing trend. ACV grew 28% year on year, maintaining a strong momentum following the 28% year on year growth we reported in Q2 and Q1. This continues to be above our long-term expectation of mid- to high single-digit growth for license revenue.

與以往一樣，由於高價值交易的時機和規模，授權收入每季都會有所不同。因此，我們將繼續關注年度合約價值（ACV），將其作為衡量授權趨勢的關鍵指標。ACV年增28%，延續了我們在第二季和第一季報告的28%年成長的強勁勢頭。這仍然高於我們對授權收入中高個位數成長的長期預期。

Turning to operating expenses and profits. Non-GAAP operating expenses were $716 million, up 37% year on year due to strong R&D investment. These investments in R&D reflect ongoing engineering headcount expansion to support customer demand for more Arm technology, including innovation in next-generation architectures, compute subsystems, and into our exploration into chiplets and complete SoCs.

接下來談談營運費用和利潤。非GAAP營運支出為7.16億美元，較去年成長37%，主要原因是研發投入強勁。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，包括下一代架構、運算子系統的創新，以及我們對晶片組和完整 SoC 的探索。

Non-GAAP operating income was $505 million, up 14% year on year. This resulted in non-GAAP operating margin of about 41%. Non-GAAP EPS was $0.43, close to the high end of our guidance range, driven by both higher revenue and slightly lower OpEx than expected. Turning now to guidance. Our guidance reflects our current view of our end markets and our licensing pipeline. For Q4, we expect revenue of $1.47 billion, plus or minus $50 million. At the midpoint, this represents revenue growth of about 18% year on year.

非GAAP營業收入為5.05億美元，較去年成長14%。這導致非GAAP營業利潤率約為41%。非GAAP每股收益為0.43美元，接近我們預期範圍的上限，這主要得益於收入高於預期以及營運支出略低於預期。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。我們預計第四季營收為 14.7 億美元，上下浮動 5,000 萬美元。中位數顯示，這代表營收年增約 18%。

We expect royalties to be up low teens year on year and licensing to be up high teens year on year. We expect our non-GAAP operating expense to be approximately $745 million and our non-GAAP EPS to be $0.58, plus or minus $0.04.

我們預期版稅收入將比去年同期成長10%左右，授權收入將比上年同期成長10%以上。我們預計非GAAP營運費用約為7.45億美元，非GAAP每股收益為0.58美元，上下浮動0.04美元。

The strength of customer demand we are seeing today, combined with a growing base of long-duration contracts at structurally higher royalty rates, provides increasing confidence in our future revenue profile. This confidence allows us today to invest in next-generation architectures, compute subsystems, and silicon that are needed to enable higher performance, greater efficiency and more AI use cases. We believe this virtuous cycle of customer demand and ambitious investment positions Arm for sustained growth over the long term.

我們目前看到的強勁客戶需求，加上長期合約基礎不斷擴大且特許權使用費率結構性提高，使我們對未來的收入前景越來越有信心。這種信心使我們能夠投資於下一代架構、運算子系統和晶片，從而實現更高的效能、更高的效率和更多的人工智慧應用場景。我們相信，客戶需求和雄心勃勃的投資之間的良性循環，將使 Arm 能夠在長期內實現持續成長。

Just before we get into the Q&A portion of the call, as you will have seen, Arm is hosting an event on March 24, and I'm sure there will be interest about what we are planning to announce. There will be a million ways of asking what we may or may not be announcing. Please be patient, as we won't be providing any details ahead of the event.

正如您所看到的，在進入問答環節之前，Arm 將於 3 月 24 日舉辦一場活動，我相信大家會對我們計劃宣布的內容很感興趣。會有無數種方式詢問我們可能會宣布或不會宣布什麼。請耐心等待，我們不會在活動開始前提供任何細節。

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。

(Operator Instructions)

（操作說明）

Joe Quatrochi, Wells Fargo.

喬·夸特羅奇，富國銀行。

Rene, you touched upon in the prepared remarks, but I was kind of curious if you could just maybe give us a little more detail of just how you view Arm's role and the role of the CPU in AI and cloud data centers? And just how does that change as we start to see more proliferation of AI agents?

Rene，你在準備好的發言稿中已經提到了，但我很好奇你是否可以更詳細地談談你如何看待 Arm 的角色以及 CPU 在人工智慧和雲端資料中心中的作用？隨著人工智慧代理的日益普及，這種情況又會發生怎樣的變化呢？

Yeah. Thank you for the question. There is a number of shifts taking place in the data center, as I mentioned in the opening remarks. First off, as the shift moves away from exclusively training to predominantly inference, that is a workload that launches a number of different solution paths. One of them that we're seeing is around agentic AI.

是的。謝謝你的提問。正如我在開場白中提到的，資料中心正在發生許多變化。首先，隨著計算方式從單純的訓練轉向以推理為主，這種工作負載會引發許多不同的解決方案路徑。我們看到的其中一個方向是圍繞著智能體人工智慧展開的。

And the agents that are actually talking to other agents or having to control workflows such as service tickets or other work streams, those are very, very well suited for CPUs because CPUs are very, very power efficient, always-on, very, very fast latency. And what we are seeing is already an increased deployment of CPUs to address that problem. Now it's just not CPUs that are good for that problem. It's the number of CPUs you have. And obviously, given the power constraints inside a data center, the efficiency of those CPUs.

而那些實際與其他代理通訊或必須控制工作流程（例如服務單或其他工作流程）的代理，則非常適合使用 CPU，因為 CPU 非常節能、始終在線、延遲非常低。我們現在看到的是，為了解決這個問題，CPU 的部署量已經增加。現在，能解決這個問題的不只是CPU。這是你擁有的CPU數量。顯然，考慮到資料中心內部的電力限制，這些 CPU 的效率也至關重要。

So for all those reasons, that's a very positive tailwind for Arm. And in particular, we're seeing those proof points now, as I mentioned, where the latest generation of CPU chips from the hyperscaler providers and also NVIDIA have increased the number of cores, and we think that only continues.

綜上所述，這對Arm來說是一個非常積極的順風。特別是，正如我所提到的，我們現在看到了這些證據，超大規模資料中心供應商和英偉達的最新一代 CPU 晶片增加了核心數量，我們認為這種情況只會繼續下去。

And just as a follow-up, maybe one for Jason. I know you're not giving fiscal '27 commentary today, but just how do we think about the puts and takes of this royalty revenue growth and the risks that are associated with the potential like demand destruction that we're seeing in consumer electronics potentially from memory?

最後，或許可以給傑森一個建議。我知道您今天不打算對 2027 財年發表評論，但是我們該如何看待這種特許權使用費收入增長帶來的利弊，以及與消費電子產品（尤其是記憶電子產品）潛在需求萎縮相關的風險呢？

Yeah. Yeah, that's a -- it's a great question and something we spend a lot of time looking at. So in particular, I think MediaTek last night talked about something like around a 15% reduction in unit volume for next year. And that's pretty consistent with what we've heard from other smartphone and handset providers around what they think the memory supply chain constraints could provide. And so we've done our own kind of analysis of it.

是的。是的，這是一個很好的問題，也是我們花了很多時間研究的問題。所以，特別是，我認為聯發科昨晚談到了明年出貨量將減少約 15% 的情況。這與我們從其他智慧型手機和手機供應商那裡聽到的說法非常一致，他們認為記憶體供應鏈的限制可能會帶來什麼影響。因此，我們也對此進行了自己的分析。

And what's interesting is we're hearing from our various partners that they're really trying to make sure that they protect the high end of the market, so the premium and flagship portion of the market, which is great for us because that's where all of our CSS and v9 royalties are, so the highest by a significant margin.

有趣的是，我們從各個合作夥伴那裡了解到，他們正在努力確保保護高端市場，也就是高端和旗艦市場，這對我們來說是件好事，因為我們所有的 CSS 和 v9 版稅都來自那裡，而且是最高的，遙遙領先。

And then on the very bottom end of the segment, that's where most of the supply chain constraints will probably be felt. For us, that's v8 and even older generations that are dramatically smaller royalties. So I think if you were to say, what if there's a 20% reduction in volumes next year, for us, that would translate to probably somewhere around a 2% or 4% at worst impact on smartphone royalties. If you then project that across the whole business, it'd be a 1%, maybe 2% negative impact on total royalties.

然後，在細分市場的最底層，供應鏈的限制可能會最為明顯。對我們來說，這意味著 v8 甚至更老的版本，它們的版稅要低得多。所以我覺得，如果你說，如果明年銷量下降 20%，對我們來說，最壞的情況也只會對智慧型手機專利費造成 2% 到 4% 的影響。如果將此影響推算到整個業務，那麼總版稅收入可能會受到 1% 到 2% 的負面影響。

The good news is, because, as Rene mentioned, the Cloud AI or infrastructure business has been continuing to grow ahead of our expectations, it's actually growing at a level that's more than compensating for those kinds of risks on the memory and mobile side. So I think we have a very good setup for next year, and not too concerned about at least the royalty revenue impacts that we might see from these unit volume and supply chain constraints.

好消息是，正如Rene所提到的那樣，雲端人工智慧或基礎設施業務的成長速度一直超出我們的預期，其成長速度實際上已經足以彌補記憶體和行動方面的那些風險。所以我認為我們為明年做好了非常充分的準備，至少我們不太擔心銷售和供應鏈限制可能會對特許權使用費收入造成的影響。

Simon Leopold, Raymond James.

西蒙·利奧波德，雷蒙德·詹姆斯。

First one is, I'm hoping you're able to shed some light on this, but wondering what your thoughts on are whether or not SoftBank will potentially need to sell some of the Arm stock that it holds to finance some of the investments you talked about making and how we should think about the implications for your shares? Then I've got a quick follow-up.

首先，我希望您能就此提供一些見解，我想知道您對軟銀是否可能需要出售其持有的部分Arm股票來為您提到的一些投資項目融資有何看法，以及我們應該如何看待這對您的股票會產生的影響？接下來我還有一個後續問題。

Sure. Thank you for the question. That's one that we read a lot about, and there's a lot of speculation on chat boards and whatnot about that. I can tell you from talking to Masa about this, and I would quote him directly, he is not interested in selling one share of Arm stock. And that doesn't mean 2 shares or 3 shares. That means any shares. He's very long on the company. He's very, very bullish, as am I, about our long-term prospects. And he has no interest in selling. There's been a lot of writing about it, but I can tell you from a direct conversation and direct conversations, plural, that I've had with him, that's just not the case.

當然。謝謝你的提問。這是我們看到很多相關報導的內容，在論壇等地也有很多關於這方面的猜測。我和Masa談過這件事，我可以告訴你，而且我可以直接引用他的話，他根本不想出售一股Arm股票。但這並不意味著2股或3股。這意味著任何股份。他在這家公司待的時間很長。他和我一樣，對我們的長期前景非常非常樂觀。他沒有出售的意願。關於這件事已經有很多報導了，但我可以根據我和他多次直接交談的經歷告訴你，事實並非如此。

And then just as a follow-up, you've provided a forecast for some deceleration in the royalty revenue growth. I'm just wondering if you could elaborate on the trend? Is it more difficult comps? Or is there something else shifting that we should be considering?

然後，作為後續補充，您預測版稅收入成長速度將會放緩。我只是想請您詳細解釋一下這種趨勢？比賽難度更高嗎？或者有其他值得我們考慮的變化嗎？

Yeah, this is Jason. I'll take that. I would say the royalty trends for next year are pretty consistent in absolute dollars, maybe a little bit lighter just because of what you're now seeing on the memory shortage side, like I said, maybe 1% or 2% impact largely due to that. The growth percentage is down a bit because of the overperformance that we saw last quarter and expected to see again this quarter. So we are coming off of a stronger comp.

是的，這是傑森。我接受。我認為明年的版稅趨勢按絕對金額計算相當穩定，可能會略微下降一些，這主要是因為目前內存短缺的情況，就像我說的，可能會有 1% 或 2% 的影響。由於上個季度業績表現超出預期，本季業績也會超出預期，因此成長率略有下降。所以我們剛剛結束了一場更強的比賽。

Now the obvious question then is because you've had stronger growth both in Q3, we thought we'd grow about 20%. We grew 27%, so a $30 million beat or more. And now seeing some of that flow through into Q4. Will that flow into next year as well? Right now, too -- I'd say, too hard to say. There's a lot of talk about memory and even wafer shortages. And so that stuff doesn't affect us as much as many of the full fabless semiconductor companies.

那麼，顯而易見的問題是，因為你們在第三季實現了更強勁的成長，我們原本以為會成長約 20%。我們成長了 27%，比預期多賺了 3,000 萬美元。現在我們看到其中一些趨勢延續到了第四季。這種情況會延續到明年嗎？現在也很難說。人們都在談論記憶體短缺，甚至還有晶圓短缺的問題。因此，這些事情對我們的影響不如對許多完全無晶圓廠半導體公司那麼大。

But -- so I'd say right now, we'll give you updates as we learn more. But overall, the absolute magnitude of royalties for next year are expected to be pretty close to what we were thinking what we said earlier this year. But we'll see if this recent strength continues and allows us to take things up as we proceed in next year.

但是——所以我想說的是，一旦我們了解更多信息，我們會及時通知大家。但總體而言，預計明年版稅的絕對金額將與我們今年稍早的預期非常接近。但我們將看看近期的這種強勁勢頭能否持續，並使我們能夠在明年繼續前進。

(Operator Instructions)

（操作說明）

Vivek Arya, Bank of America.

Vivek Arya，美國銀行。

I actually just had two clarifications. One is, I was hoping you could quantify the exact amount of data center revenue? I know you said that it doubled, but how much is it? So we can get a sense for, right, what the magnitude is versus the overall company sales. And then the clarification -- the other clarification I had was, I think you mentioned SoftBank contributed $200 million. I somehow recall the original expectation was about $178 million, $180 million. And if you could clarify that? And what are you embedding for March and onwards from that contribution?

我其實只有兩點需要澄清。第一，我希望您能量化資料中心的確切收入金額？我知道你說過翻了一番，但具體翻了多少呢？這樣我們就能大致了解，對吧，這筆交易的規模與公司整體銷售額相比如何。然後還有一點需要澄清——我還有一點需要澄清，我想您提到軟銀出資了 2 億美元。我依稀記得最初的預期是 1.78 億美元到 1.8 億美元。您能解釋一下嗎？那麼，您將從那次貢獻中汲取哪些經驗，並將其融入三月及以後的工作中呢？

Yeah. The -- well, the $178 million last quarter, it was -- so no new deals were signed. It's just the deals from last quarter, it was $178 million for the quarter. The full quarter has the impact now is about $200 million. So nothing new, it's just a full quarter impact. I would expect that $200 million going forward -- is the right run rate going forward.

是的。上個季度的收入是 1.78 億美元，所以沒有簽署任何新協議。這只是上個季度的交易額，該季度為 1.78 億美元。整個季度的影響約為 2 億美元。所以沒什麼新鮮的，只是影響到整個季度而已。我預計未來每年的收入水準應該維持在 2 億美元左右。

And the data center revenue?

數據中心收入呢？

Yeah, data center revenue, we provide the details on that once a year. I think at the beginning of this year, we said it had just hit double digit. And because it's growing so much faster than the rest, I assume it's going to be somewhere in kind of the teens to probably getting closer to 20%. As Rene said, over the next two to three years, you should expect to see it get similar or maybe even larger than smartphone business, which is in the kind of 40% to 45% of total business.

是的，在資料中心收入方面，我們每年都會提供詳細資訊。我認為在今年年初，我們說過這個數字剛好達到兩位數。因為它的成長速度比其他產業快得多，我估計它的成長率會在十幾個百分點，甚至可能接近 20%。正如雷內所說，在接下來的兩到三年裡，你應該會看到它發展到與智慧型手機業務相當甚至更大的規模，智慧型手機業務目前佔總業務的 40% 到 45%。

Mehdi Hosseini, Susquehanna Financial.

Mehdi Hosseini，Susquehanna Financial。

Yeah. Just as a follow-up to the smartphone topic. Two, how should I think about the migration to the v9 higher royalty is going to help offset the lower smartphone units?

是的。就智慧型手機話題的後續而言。第二，我該如何看待升級到 v9 版本後更高的版稅能否彌補智慧型手機銷售下降的影響？

Yeah. So I'll let Jason provide the detail. But again, as a reminder, with the way that we handle v9 for smartphones, particularly v9 CSS is, every smartphone cycle, we deliver a brand-new CSS. Each time we deliver the brand-new CSS, the royalty rates are generally increased year on year. So when we think about v9 in smartphones, the appropriate way to think about it is it's all CSS. It's all moving to CSS now. And as a result of that, we get price every year with the royalty increase year on year.

是的。那麼，就讓傑森來詳細介紹吧。但再次提醒大家，我們處理智慧型手機 v9 的方式，特別是 v9 CSS，是這樣的：每個智慧型手機週期，我們都會提供一個全新的 CSS。每次我們推出全新的 CSS 時，版稅率通常都會逐年提高。所以當我們想到智慧型手機中的 v9 時，正確的理解方式是它完全由 CSS 構成。現在一切都在遷移到CSS。因此，我們每年都能獲得價格上漲，同時版稅也逐年增加。

Yes. And in terms of the guidance kind of that I just gave in terms of if there's a minus 20-degree unit impact, there's at most a kind of 4% to 6% revenue impact, just specifically within smartphones. That would be incorporating the higher royalty rate per unit that's already been contractually agreed to and that we assume we'll be shipping later in the year.

是的。至於我剛才給出的指導意見，如果氣溫下降 20 度，對設備的影響最大也只有 4% 到 6% 的收入影響，尤其是在智慧型手機領域。這將包括已經透過合約約定的更高的單位版稅率，我們預計我們將在今年稍後發貨。

Vijay Rakesh, Mizuho.

Vijay Rakesh，瑞穗銀行。

Rene and Jason, just a quick question on the -- on your partnerships. As your partner, SoftBank executes on its AI road map, should we be expecting like an Arm custom ASIC down the road given the substantial partnership that you have with them with the $200 million a quarter NRV that you're getting? How should we look at that, the timing and how that will impact the fiscal '27, let's say?

Rene 和 Jason，關於你們的合作關係，我有個小問題。作為您的合作夥伴，軟銀正在執行其人工智慧路線圖，考慮到您與他們之間實質性的合作關係以及您每季度獲得的 2 億美元淨現值，我們是否可以期待未來出現類似 Arm 定制 ASIC 這樣的產品？我們應該如何看待這件事，比如說，這件事的時間安排以及它將如何影響 2027 財年？

Yeah, nothing. Hi, Vijay. Nothing we can say specific about any products that you're asking about. So unfortunately, not much more we can say there.

嗯，沒什麼。你好，Vijay。對於您詢問的任何產品，我們無法提供具體資訊。所以很遺憾，我們對此也無能為力了。

Krish Sankar, TD Cowen.

Krish Sankar，TD Cowen。

Rene, I just wanted to find a little bit about how to think about Arm's IP penetration rates or percentage rate in AI data center semis today? And where do you think that evolves over the next three to five years?

Rene，我只是想了解一下，目前應該如何看待 Arm 的 IP 在 AI 資料中心半導體領域的滲透率或百分比？你認為未來三到五年內，這種情況會如何發展？

It's a wonderful question. I think what we're going to do in the next three years is a evolving of how these data center chips are built out. What do I mean by that?

這是一個很好的問題。我認為未來三年我們將要做的，就是不斷改進這些資料中心晶片的建構方式。我這話是什麼意思？

Today, you've got a classic architecture, where you've got a CPU, which connects into an accelerator. The CPU does some work, the GPU does some work. I think what we're going to start to see over time is a morphing of the workloads that the CPU takes that the GPU used to do. And as I mentioned you go to agentic inference, that's going to mean more CPUs, which could be more different custom chips that are CPU-based. In addition, the inference workloads which are dominated by two pieces of area of work, specifically prefill and decode, you could see some specific solutions around that, that continue to extend things like what a Grok has done, for example, you could still see more kind of innovation across that area.

如今，我們採用的是一種經典的架構，即一個 CPU 連接到加速器。CPU 做一些工作，GPU 做一些工作。我認為隨著時間的推移，我們將看到 CPU 承擔的工作負載逐漸發生變化，而這些工作負載以前是由 GPU 承擔的。正如我之前提到的，要實現智慧推理，就需要更多的 CPU，而這些 CPU 可能是更多不同的基於 CPU 的客製化晶片。此外，推理工作負載主要由兩個工作領域（即預填充和解碼）主導，您可以看到一些針對這些領域的特定解決方案，這些解決方案會繼續擴展 Grok 等工具的功能，例如，您仍然可以在該領域看到更多類型的創新。

I also think -- you asked about the data center, but I think we're going to start to see a lot of that migrate to the smaller form factors, where different combinations of IP and solutions are going to be needed to address areas where power is much more constrained, particularly around physical AI, and then the lower edge devices. So I think there's a lot of innovation to come in solving the AI problems because one thing that's clear is that these AI workloads are going to be running on every single piece of hardware that has compute. And because the vast majority of the compute platforms out there today are already Arm-based gives us a gigantic opportunity to move where that goes.

我也認為——你問到了資料中心，但我認為我們將開始看到很多資料中心向更小的外形尺寸遷移，在這些領域，需要不同的 IP 和解決方案組合來解決電力更加受限的問題，尤其是在實體 AI 和低端邊緣設備方面。所以我認為在解決人工智慧問題方面還有很多創新空間，因為有一點很明確，那就是這些人工智慧工作負載將在每一台具有運算能力的硬體上運作。由於目前絕大多數運算平台都基於 Arm 架構，這為我們提供了巨大的發展機會。

Harlan Sur, JPMorgan.

哈蘭‧蘇爾，摩根大通。

On Compute Subsystems, obviously, you continue to drive solid momentum with two more licenses added in the quarter. The value-add of CSS that we hear from your customers is resonating extremely well, right? It improves their productivity, it improves their overall system performance. They're willing to pay a higher licensing fee and higher royalty fee for that value add, as you mentioned. I'm curious to know what percentage of the royalty mix is CSS today? And what proportion of the royalty revenue could it become over the next two to three years?

在計算子系統方面，顯然，你們繼續保持強勁的成長勢頭，本季又新增了兩個許可證。我們從客戶那裡聽到的關於 CSS 附加價值的回饋非常積極，對嗎？它提高了他們的生產效率，也提高了他們整體的系統性能。正如您所提到的，他們願意為這種增值支付更高的許可費和更高的特許權使用費。我想知道目前版權費構成中CSS所佔的比例是多少？未來兩到三年內，它能佔版稅收入的多少比例？

Yeah. Thank you, Harlan. I'll let Jason take that.

是的。謝謝你，哈蘭。我讓傑森來處理吧。

Yeah. So Harlan, yes, a lot of progress on CSS with the 5 CSSs that have actually already been turned into silicon and actually something we're receiving royalties on. It's had a material impact. I think of CSS last year, I think it was just kind of approaching double digit. And this year, it's well into double digit. Think of it as being into the teens. And then I would say over the next couple of years, I expect it to probably -- it could be upwards of 50%. But we'll have to see.

是的。所以哈蘭，是的，CSS 取得了很大的進展，5 個 CSS 實際上已經變成了晶片，而且我們還從中獲得了版稅。它產生了實質的影響。我記得去年 CSS 的參選人數好像剛好接近兩位數。而今年，這數字已經遠遠超過兩位數。你可以把它想像成進入青少年時期。然後我認為，在接下來的幾年裡，我預計可能會——可能會超過 50%。但我們拭目以待。

I think the primary drivers for acceleration of CSS has really been mostly around our customers needing to shorten the cycle time, and CSS that cuts cycle time about half. And so stay tuned, but I would expect to continue to see that acceleration occur and to continue to see. I think right now, every CSS customer that's had a chance to sign up for the next version or kind of renew for the next generation has all done that. So that's certainly a really key indicator of the value that, as you said, customers are seeing from it.

我認為推動 CSS 加速發展的主要因素其實主要是我們的客戶需要縮短週期時間，而 CSS 可以將週期時間縮短約一半。所以請繼續關注，但我預計這種加速發展勢頭將會持續下去。我認為目前所有有機會註冊或續訂下一代產品的 CSS 客戶都已經完成了註冊或續約。所以，正如你所說，這無疑是衡量客戶從中看到的價值的一個非常關鍵的指標。

Charles Shi, Needham & Company.

查爾斯史，李約瑟公司。

I think going back, maybe it was one year, you guys kind of soft guided FY26 and FY27 growth should be around 20%. You're definitely delivering that FY26. We definitely will see how we think about FY27, about the quarter. But any early view you guys can provide FY28? I know I'm asking -- and plus two years here, but you guys did do that going back about a year, and I was hoping if you can provide any early view into the outer year?

我認為，回顧過去，或許有一年時間，你們曾溫和地預測 2026 財年和 2027 財年的成長應該在 20% 左右。你一定能完成2026財年的目標。我們一定會好好考慮一下2027財年以及該季度的情況。各位能否提供一些關於2028財年的早期展望？我知道我問這個問題有點奇怪——而且已經過去兩年了，但你們大約一年前就做過類似的預測，我希望你們能對未來一年的情況提供一些初步的展望？

Yeah. I would say for '26, as you said, we had said at least 20%, and I think now we're guiding to 22% at the midpoint. So as you said, exceeding that target. For '27, not guiding on full year, but in terms of kind of at a high level, the 20% growth rate, I think, certainly is very reasonable and not anything that we back away from. In terms of '28, we haven't drawn anything out there yet. I'd say maybe stay tuned. There are opportunities as we contemplate other possible offerings and what that could do to our numbers is still something we're working through. So we'll give you an update on '28 sometime down the road.

是的。正如你所說，對於 2026 年，我們之前說過至少 20%，而現在我們預計中點將達到 22%。正如你所說，我們超額完成了目標。對於 2027 年，雖然不給予全年業績指引，但就整體而言，20% 的成長率我認為非常合理，我們不會放棄這個目標。至於 2028 年，我們目前還沒有任何計畫。我覺得大家不妨繼續關注。我們正在考慮其他可能的產品，並努力尋找機會，但這些產品可能會對我們的業績產生什麼影響，我們仍在研究這個問題。所以，我們會在以後某個時候為大家帶來關於 '28 的最新進展。

Srini Pajjuri, RBC.

Srini Pajjuri，RBC。

A couple of clarifications, guys. On the memory impact, I guess, you talked about -- you quantified that impact. But Jason, the outlook for the next quarter on the royalties being up low teens, do you think memory is already having an impact on the smartphone volumes? Is that why it's only up low teens? And then to add to that, you talked about CSS accelerating. I'm just curious, given the pressure on the bill of materials, do you anticipate or are you seeing any impact in terms of the adoption of CSS and v9, I guess, as you look into the next few quarters given the bill of materials challenges?

各位，有幾點需要澄清。關於對記憶力的影響，我想，你談到了──你量化了這種影響。但傑森，鑑於下一季版稅收入預計成長兩位數左右，你認為記憶體是否已經對智慧型手機的銷售產生了影響？這就是為什麼它只漲到十幾級的原因嗎？此外，您還談到了 CSS 加速。我只是好奇，考慮到物料清單面臨的壓力，您預計或已經看到，在接下來的幾個季度裡，CSS 和 v9 的採用會受到哪些影響？考慮到物料清單方面的挑戰。

Yeah. Thanks for the question. I'll take the second part first, and then Jason will take the first part on memory. Question was regarding CSS pricing impacting bill of materials. No, we're not seeing any of that at all. What we are seeing is that the value gain by accelerating time to market outweighs anything that customers are considering. Given the complexity of building these chips, the increased cycle times through the fabs going from 5-nanometer to 3-nanometer to 2-nanometer means that the design windows are really short, and missing the first few months of shipment or having any kind of delay is critical to profits.

是的。謝謝你的提問。我先做第二部分，然後傑森再憑記憶做第一部分。問題是關於CSS定價對物料清單的影響。不，我們完全沒有看到這種情況。我們看到的是，加快產品上市速度所帶來的價值提升，超過了客戶所考慮的任何其他因素。鑑於製造這些晶片的複雜性，從 5 奈米到 3 奈米再到 2 奈米，晶圓廠的生產週期不斷增加，這意味著設計窗口非常短，錯過最初幾個月的出貨期或出現任何形式的延誤都會對利潤造成嚴重影響。

So based on that, we've really not had many discussions with anyone regarding the BOM impact. The value that we create relative to profits gained by the customer is what really drives the decision point. And then regarding the memory impact on the next quarter, I'll let Jason address that.

因此，基於此，我們實際上並沒有與任何人就物料清單的影響進行太多討論。我們創造的價值與客戶所獲得的利潤之間的關係，才是真正驅動決策的關鍵因素。至於記憶體使用對下一季的影響，我會讓 Jason 來解答。

Yeah. The memory impact, very minimal, I would say. And that's not really the driver of the guidance on the growth. The absolute growth in royalties has much more to do with typically, seasonality. Our Q4 or calendar Q1 is always one of the slower quarters. And the one thing that happened a year ago is we did have a MediaTek chip come out in Q4 of a year ago -- our Q4, calendar Q1 of a year ago, which was unusual timing. So we are lapping that. So it's much more about kind of what we're comping, and to some extent, seasonality.

是的。對記憶體的影響非常小。而這並非成長預期背後的真正驅動因素。版稅的絕對成長通常與季節性因素關係較大。我們的第四季（或日曆年的第一季）通常是業務比較清淡的季度之一。一年前發生的一件事是，聯發科在一年前的第四季度推出了一款晶片——也就是我們所說的一年前的第四季度，也就是日曆上的第一季度，這是一個不尋常的時間。所以我們正在超越它。所以，這更取決於我們用來比較的對象，以及在某種程度上，季節性因素。

But overall, full year royalties, I would expect to be in that north of 20% range, which is kind of what we were expecting early in the year and still expect Q4 or calendar Q1 to be stronger than what we previously expected. So it's really -- the year on year growth piece is really more of a seasonality/comping kind of an unusual onetime release from a year ago.

但總體而言，我預計全年版稅將超過 20%，這與我們年初的預期基本一致，並且仍然預計第四季度或日曆年第一季將比我們之前預期的要好。所以，實際的年成長更多是季節性/比較因素造成的，是去年同期一次不尋常的發布所致。

Andrew Gardiner, Citi.

安德魯‧加德納，花旗集團。

Jason, perhaps one for you. On the OpEx side, we've clearly seen significant investment in the business, particularly in R&D, given everything that you guys are doing. You've given us a bit of a steer on fiscal '27 revenue growth. Clearly, R&D has been growing at a faster rate than revenue in the current period. Is that something we can expect to continue into fiscal '27 given everything that you guys have got in front of you? Or will we actually start to see R&D growth slow relative to the revenue?

傑森，或許這件適合你。在營運支出方面，鑑於你們所做的一切，我們顯然看到了對業務的大量投資，尤其是在研發方面。您為我們指明了 2027 財年的營收成長方向。顯然，在當前時期，研發投入的成長速度超過了營收成長速度。鑑於你們目前面臨的所有挑戰，我們可以期待這種情況持續到 2027 財年嗎？或者我們真的會看到研發成長相對於營收成長放緩？

Sure. So a little early to talk full year. I can tell you right now, our expectation is that the Q4 to Q1 step-up will be similar to last year. I think last year, it was low double-digit sequential growth, and you should see the same kind of sequential growth as a year ago.

當然。現在談論全年情況還為時過早。我可以立即告訴大家，我們預計第四季到第一季的成長幅度將與去年類似。我認為去年實現了兩位數的環比成長，今年應該也會出現和去年一樣的環比成長。

Right now, I would say the growth after Q1 is probably going to moderate more so than it did this year. We did see pretty significant step-ups throughout the year. I don't expect there to be quite a significant step-ups for next year. But as we progress more into next year, we'll give you a little more color, but that's the high level, I'd say, modeling approach that we take right now.

目前來看，我認為第一季之後的成長速度可能會比今年同期放緩更多。我們確實看到今年取得了相當大的進步。我預計明年不會有太大的進步。但隨著我們進入明年，我們將為您呈現更多細節，但我認為，這就是我們目前採取的高水準建模方法。

John DiFucci, Guggenheim Securities.

John DiFucci，古根漢證券。

Rene, you've seen a lot in technology over the years. So I'm going to ask a question that's kind of a little bit self-serving here. I'm curious how you'd characterize what's happening in the stock market recently as it pertains to the software sector? And if you might, since you're at least partially a software company, how does AI affect your business other than driving demand? In other words, how should we think of how you'll leverage AI in the design of chips and systems?

雷內，這些年來你在科技領域見識了很多。所以我要問一個有點自私的問題。我很好奇您如何描述近期股市中與軟體產業相關的現象？如果可以的話，鑑於貴公司至少部分業務是軟體，人工智慧除了推動需求之外，還如何影響貴公司的業務？換句話說，我們該如何思考如何在晶片和系統設計中利用人工智慧？

Yeah. Well, regarding the stock market's reaction to the software company, I had agreements with that. I probably would be in a different position than the one that I have. And I'm not sure I can -- I'm in a great position to discuss what the near-term impacts are to the stock market. But what I can say after watching and being in technology my entire career, we do see these kind of things time to time where investors or the market gets jittery around what the broad impacts are, when we're in the midst of fairly significant technology disruptions.

是的。至於股市對這家軟體公司的反應，我對此表示贊同。我的處境可能和現在不一樣了。我不確定我是否能——我目前處於一個非常有利的位置，可以討論股市近期會受到哪些影響。但就我整個職業生涯所觀察和從事的科技業而言，我們時不時會看到這類事情，當科技業發生相當大的變革時，投資者或市場會對變革的廣泛影響感到不安。

I can say, for our business, given the fact that we are an intellectual property provider that goes into physical things, chips, AI is not going to replace a physical chip anytime soon. They're kind of linked at the hip, if you will, relative to -- you need the hardware to run the software. I think there's just enormous opportunity, however, still for growth in the overall sector because when I think about where AI actually is operating truly inside the enterprise, it's very lean. When I think about our own company and things like our payroll systems or purchase order systems or our SAP systems, there's some AI going on there, but not nearly enough to be massively transformative yet. And I think part of that is just the complexity of integrating these large systems and changing software workloads.

就我們公司而言，鑑於我們是智慧財產權供應商，業務涉及實體產品（晶片），我可以說，人工智慧不會很快取代實體晶片。它們就像連體嬰一樣密不可分——你需要硬體才能運行軟體。我認為整個產業仍然有巨大的成長機會，因為當我思考人工智慧在企業內部的實際運作情況時，它非常精簡。當我想到我們自己的公司，例如我們的薪資系統、採購訂單系統或 SAP 系統時，雖然有一些人工智慧的應用，但還遠遠不足以帶來巨大的變革。我認為部分原因是整合這些大型系統和不斷變化的軟體工作負載的複雜性。

So I think we're in super early days, to be quite frank, and having been in technology, again, my entire career and have seen lots of technology disruptions, this one feels a little bit like the final frontier in terms of the amount of productivity and change that AI can benefit, and we're still all trying to get our arms around it.

坦白說，我認為我們還處於非常早期的階段。我整個職業生涯都在科技領域，見證過很多技術變革，但這次感覺像是人工智慧在生產力和變革方面所能帶來的最大益處，我們仍在努力理解它。

If you just even look at the numbers of spend, I heard earlier today, Google or Alphabet announcing $180 billion CapEx spend. That used to be what semiconductor companies used to spend a year on fabs times a few. So we're in uncharted waters, and maybe that's why you're seeing some jittery numbers relative to how the market reacts. But from where we sit, there's just huge demand for compute, and that's what Arm does. And so I think in the long game, I'm super excited about the opportunity for us.

如果你只看支出數字，我今天早些時候聽說，Google或Alphabet宣布了1800億美元的資本支出。這曾經是半導體公司一年在晶圓廠上花費的數倍。所以我們現在處於未知領域，也許這就是為什麼你會看到一些數據相對於市場反應波動較大。但就我們目前所見，市場對運算能力的需求龐大，而這正是 Arm 的專長所在。所以從長遠來看，我認為我們面臨的這個機會讓我感到非常興奮。

Timm Schulze-Melander, Rothschild & Co.

蒂姆·舒爾茨-梅蘭德，羅斯柴爾德公司

It's a two parter for Rene, please. You've talked a lot about inference in the AI future. You just referenced the Grok architecture. And I really wanted to ask you what are your thoughts or how should we think about SRAM, SRAM at the edge, some of these different memory structures and what they could mean for your business? And then the second part is just the cadence of power efficiency for Arm. Is there something that we should think about in terms of the average annual or per v8 to v9 energy for compute efficiency that you see going forward?

請把雷內的故事分成兩部分來講。您多次談到人工智慧未來中的推理能力。你剛才提到了 Grok 架構。我真的很想問您對 SRAM、邊緣 SRAM 以及其他一些不同的儲存結構有什麼看法，或者我們應該如何看待它們，以及它們對您的業務可能意味著什麼？第二部分就是 Arm 的電源效率節奏。從運算效率的角度來看，我們是否應該考慮未來v8到v9的平均年度能耗或能耗變化？

Yeah. So I'll take the latter part first because it kind of bridges into the first. We look at how to address power efficiency 24/7. And the reason for that is increasingly, as you get into these smaller form factors, the one thing that you don't get much liberty on is battery life and space. So as a result, we have to always think about operating in a constrained environment where you're adding more and more demand of compute.

是的。所以我先講後半部分，因為它和前半部分有點關聯。我們全天候關注如何提高能源效率。原因在於，隨著產品外型尺寸的縮小，電池續航力和空間的限制越來越少。因此，我們必須始終考慮在資源受限的環境中運營，同時也要不斷增加對運算的需求。

When you add AI onto something that already has to drive a display or open an app or recognize a voice, it's a constant thing that we think about and worry about. I think we're very well positioned to address it because we are the incumbent in many of these platforms. So it is something we spend a lot of time and energy on.

當你在已經需要驅動顯示器、打開應用程式或識別語音的裝置中添加人工智慧時，我們會不斷地思考和擔心它。我認為我們非常有能力解決這個問題，因為我們在許多平台上都是現有用戶。所以，這是我們投入大量時間和精力的事情。

To your first part of the question on SRAM and different memory technologies, absolutely, that's something we're highly involved in. To oversimplify a computer, a CPU needs memory, and memory needs a CPU. So when you're designing a piece of hardware, the two go very much hand in hand. And there is a lot of work and research being done about not just SRAM, but alternative memory technologies and solutions that can address these increasing demands on AI. So again, this question prior to yours in terms of the overall broad opportunity, what people in our space tend to worry about is that there isn't hard problems to go think and work on and develop new technologies for.

關於您提出的第一個問題，即 SRAM 和不同的儲存技術，沒錯，這正是我們高度關注的領域。簡單來說，電腦的CPU需要內存，記憶體也需要CPU。所以，在設計硬體時，這兩者是密不可分的。目前，人們正在進行大量工作和研究，不僅針對 SRAM，還包括其他儲存技術和解決方案，以滿足人工智慧日益增長的需求。所以，在你提出的問題之前，就整體而言，關於廣闊的機遇，我們這個領域的人們往往擔心的是，沒有難題可以讓我們去思考、去研究、去開發新技術。

We don't have that problem. Every single end application is going to be impacted by AI. We believe every end application will run AI through Arm. So we're spending a lot of time and energy, and you can see by our investments to come up with innovative ways to address that.

我們沒有這個問題。人工智慧將對每一個終端應用產生影響。我們相信所有終端應用程式都將透過 Arm 運行人工智慧。因此，我們投入了大量的時間和精力，從我們的投資中可以看出，我們致力於尋找創新的方法來解決這個問題。

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

謝謝。現在我將把電話交還給雷內，請他作總結發言。

Yes. Thank you, and thanks for all the thoughtful questions. And we could tell by the range of the questions, we were talking about memory prices inside the quarter and then what alternative memory technologies could look like years from now. I think that's a very good way to sort of describe the current quarter, but how we're very, very bullish about Arm long term. We delivered the best quarter in our history.

是的。謝謝，也謝謝大家提出的所有深思熟慮的問題。從問題的範圍可以看出，我們當時正在討論本季記憶體價格，以及幾年後替代記憶體技術可能會是什麼樣子。我認為這是描述本季情況的一個很好的方式，但我們對 Arm 的長期前景非常非常看好。我們取得了公司歷史上最好的季度業績。

We delivered the best quarter in our history on royalties, which is really an indicator for the strategies we have going forward. And we have a huge amount of customers shifting to Arm in a big way with more CPU accounts. That being said, the quarters that we're most excited about are the ones ahead of us. We think we have huge opportunity, as I mentioned, in the new areas of Physical AI, Cloud AI and Edge AI. And we intend to do everything we can to make Arm the compute platform of choice for all AI workloads.

我們在特許權使用費方面取得了公司歷史上最好的一個季度成績，這確實預示著我們未來的發展策略是正確的。我們有大量的客戶正在大規模地轉向 Arm 架構，並且增加了 CPU 帳戶的數量。話雖如此，我們最期待的還是接下來的幾季。正如我之前提到的，我們認為在實體人工智慧、雲端人工智慧和邊緣人工智慧等新興領域擁有巨大的機會。我們將竭盡所能，使 Arm 成為所有 AI 工作負載的首選運算平台。

Thank you.

謝謝。

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。