ARM Holdings PLC (ARM) 2026 Q4 法說會逐字稿

Good day, and thank you for standing by. Welcome to the ARM Fourth Quarter Fiscal Year 2026 webcast and conference call. (Operator Instructions) Please be advised that today's conference is being recorded.

大家好，感謝您稍候。歡迎收聽 ARM 2026 會計年度第四季網路直播與電話會議。(接線員指示) 請注意，今天的會議將被錄音。

I would now like to hand the conference over to your first speaker today, Jeff Koval, Head of Investor Relations. Please go ahead.

現在我想把會議交給今天的第一位講者，投資人關係主管 Jeff Koval。請開始。

Thank you, Sharon, and welcome everyone to our fourth quarter fiscal '26 earnings call. On the call are Renee Hass, Arm's Chief Executive Officer; and Jason Child, ARM's Chief Financial Officer. Today's call contains forward-looking information about the company and its financial results.

謝謝你，Sharon，也歡迎各位參加我們 2026 會計年度第四季財報電話會議。今天與會者包括 Arm 執行長 Renee Hass，以及 ARM 財務長 Jason Child。今天的電話會議包含關於公司及其財務結果的前瞻性資訊。

While these statements represent our best current judgment, our business is subject to many risks and uncertainties that could cause actual results to differ materially. Important risk factors that may affect our business and future financial results are described in our annual report on Form 20-F filed with the SEC. ARM assumes no obligation to update any forward-looking statements.

雖然這些陳述代表我們目前最佳判斷，但我們的業務面臨許多風險與不確定性，可能導致實際結果與預期有重大差異。可能影響我們業務及未來財務結果的重要風險因素，已載於我們向美國證券交易委員會（SEC）提交的 Form 20-F 年報中。ARM 不承擔更新任何前瞻性陳述的義務。

We will also refer to non-GAAP financial measures during the call. Reconciliations of these non-GAAP financial measures to the 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 reconcile without unreasonable effort and supplemental financial information. Our earnings materials are available at investors.arm.com.

我們也會在本次電話會議中提及非 GAAP 財務衡量指標。這些非 GAAP 財務衡量指標與最直接可比的 GAAP 指標之調節表，可在我們的股東信中找到；其中亦包含對某些預估非 GAAP 財務衡量指標的說明，因若不付出不合理的努力我們無法進行調節，以及補充財務資訊。我們的財報相關資料可於 investors.arm.com 取得。

With that, I'll turn the call to Rene.

接下來我把電話交給 Rene。

Thank you, Jeff, and welcome, everyone. ARM delivered a record quarter and record fiscal year. Revenue this quarter was $1.49 billion, up 20% and our highest quarterly revenue quarter ever and above the midpoint of our guidance. Licensing revenue grew 29% year-over-year to $819 million, driven by strong demand for the ARM platform. Royalty revenue grew 11% to $671 million with growth across Edge AI, physical AI and cloud AI, where our data center royalty has more than doubled year-over-year.

謝謝你，Jeff，也歡迎各位。ARM 交出創紀錄的一季與創紀錄的會計年度。本季營收為 14.9 億美元，年增 20%，創下我們史上最高單季營收，且高於財測區間中點。授權（Licensing）營收年增 29% 至 8.19 億美元，主要受 ARM 平台強勁需求帶動。權利金（Royalty）營收成長 11% 至 6.71 億美元，Edge AI、實體 AI 與雲端 AI 均有成長，其中我們的資料中心權利金年增已超過一倍。

That drove record non-GAAP EPS of $0.60, even while we continue to increase investment in R&D. For the full year, revenue reached a record $4.92 billion, up 23% year-on-year. Royalty revenue was up $2.61 billion, up 21% and licensing revenue was $2.31 billion, up 25%.

這帶動非 GAAP 每股盈餘（EPS）創新高至 0.60 美元，即使我們仍持續增加研發投資。全年營收達到創紀錄的 49.2 億美元，年增 23%。權利金營收為 26.1 億美元，年增 21%；授權營收為 23.1 億美元，年增 25%。

Non-GAAP EPS was also a record at $1.77. Fiscal 2026 was our third consecutive year since going public of more than 20% revenue growth, demonstrating the strength of our business and the increasing relevance of ARM in the highest growth areas of compute. This quarter was driven by key highlights, including the expansion of Arm's product strategy and our continued momentum in cloud AI.

非 GAAP EPS 也創下 1.77 美元的新高。2026 會計年度是我們上市以來連續第三年營收成長超過 20%，展現我們業務的韌性，以及 ARM 在運算高成長領域中日益提升的關鍵性。本季的表現主要由幾項重點帶動，包括 Arm 產品策略的擴展，以及我們在雲端 AI 的持續動能。

As AI is moving from human-based queries to continuous agent-driven workloads, this shift is expanding the role of the CPU. These agentic workloads require CPUs to coordinate tasks, move data, manage memory, enforce security and orchestrate work around accelerators.

隨著 AI 正從以人為主的查詢，轉向持續性的代理（agent）驅動工作負載，這項轉變正在擴大 CPU 的角色。這些代理式（agentic）工作負載需要 CPU 來協調任務、搬移資料、管理記憶體、強制執行安全性，並在加速器周邊進行工作編排。

As Agentic AI scales, data centers will require more than four times today's CPU capacity, creating a data center CPU market opportunity of more than $100 billion by 2030. The ARM AGI CPU, which we launched at our ARM Everywhere event last quarter and is purpose-built for Agentic AI addresses this need directly.

隨著 Agentic AI 規模化，資料中心將需要超過目前四倍的 CPU 容量，並在 2030 年前創造超過 1,000 億美元的資料中心 CPU 市場機會。我們在上一季 ARM Everywhere 活動中推出、專為 Agentic AI 打造的 ARM AGI CPU，正是直接回應這項需求。

Our first production silicon product to the data center will deliver more than two times the performance per rack compared with X86 platforms with the potential to reduce AI data center capital expenditure by up to $10 billion per gigawatt. [Meda] is our lead partner and co-developer and is working with us on a multi-generation road map to support personal super intelligence for more than 3 billion users.

我們首款面向資料中心的量產矽產品，與 x86 平台相比，每機櫃（rack）的效能將可提升超過兩倍，並有潛力將 AI 資料中心資本支出每吉瓦降低最多 100 億美元。[Meda] 是我們的主要合作夥伴與共同開發者，並正與我們合作多世代產品藍圖，以支援超過 30 億用戶的個人超級智慧。

The ARM AGI CPU expands our customers can work with or Customers can now deploy ARM compute through IP, compute subsystems or silicon, one compute platform, one software ecosystem. That is unique to ARM. IP and CSS remain the foundation of our royalty growth. Silicon extends the ARM platform and gives customers another way to build AI infrastructure.

ARM AGI CPU 擴大了我們客戶可採用的方式，或是客戶現在可透過 IP、運算子系統（compute subsystems）或矽產品來部署 ARM 運算：一個運算平台、一個軟體生態系。這是 ARM 獨有的。IP 與 CSS 仍是我們權利金成長的基礎。矽產品延伸了 ARM 平台，並為客戶提供另一種建構 AI 基礎設施的方式。

Ecosystem support has been significant. More than 50 leading companies are supporting the expansion of the ARM compute platform into silicon, including the very biggest names in the industry. Customer response to the ARM AGI CPU has been very strong. We now have more than $2 billion of customer demand across fiscal 2027 and fiscal 2028. This is more than double what we stated at launch. We are on track towards our forecast of $15 billion as this business, as stated at our ARM ever event and soon, the data center will be arm's largest business.

生態系的支持相當顯著。超過 50 家領先企業支持 ARM 運算平台向矽產品擴展，其中包括業界最具規模的公司。客戶對 ARM AGI CPU 的回應非常強勁。我們目前在 2027 與 2028 會計年度合計已取得超過 20 億美元的客戶需求。這比我們在發布時所提到的數字多出一倍以上。我們正朝向在 ARM ever event 所提出的 150 億美元預測邁進；而且很快地，資料中心將成為 arm 最大的業務。

The direction is clear. Customers want ARM at the center of the AI data center. Customers need ARM where Agentic applications run and they need ARM or accelerators scale. For example, SAP will move their core database and business application workloads to ARM, starting with AWS Graviton and expanding the ARM AGI CPU.

方向已非常明確。客戶希望 ARM 成為 AI 資料中心的核心。客戶需要 ARM 來承載 Agentic 應用程式的運行，也需要 ARM 來讓加速器規模化。例如，SAP 將把其核心資料庫與企業應用工作負載遷移至 ARM，先從 AWS Graviton 開始，並擴展至 ARM AGI CPU。

This represents a significant strategic shift. Cloudflare will deploy ARM across its global network to support traffic management, security and AI inference closer to users. We have also secured design wins with key network infrastructure providers, including F5 and SK Telecom. AI infrastructure needs CPUs and accelerators working together efficiently at scale. NVIDIA, Amazon and Google are already using ARM-based CPUs as head nodes along the accelerator-based systems.

這代表一項重大的策略轉變。Cloudflare 將在其全球網路部署 ARM，以支援流量管理、安全性，以及更靠近使用者的 AI 推論。我們也已取得關鍵網路基礎設施供應商的設計導入（design wins），包括 F5 與 SK Telecom。AI 基礎設施需要 CPU 與加速器在大規模下高效率協同運作。NVIDIA、Amazon 與 Google 已在以加速器為主的系統中，使用 ARM 架構 CPU 作為 head nodes。

Cerebos, OpenAI, Rebellion and Positron are doing the same with the ARM AGI CPU. This momentum builds on our existing scale in the cloud. That scale is increasingly driven by ARM never CSS and ARM-based compute which now represents about 50% market share with top hyperscalers.

Cerebos、OpenAI、Rebellion 與 Positron 也正以 ARM AGI CPU 採取相同作法。這股動能建立在我們既有的雲端規模之上。而這個規模愈來愈由 ARM never CSS 與 ARM 架構運算所驅動；在頂級超大規模雲端業者（hyperscalers）中，ARM 架構運算目前約占 50% 市占。

Recent announcements from key customers show that AI infrastructure is being built around ARM-based custom silicon. At Google Cloud Next, Google announced TPU for training and TPU 8 for inference, in both cases, replacing x86 host processors with custom arm Axion CPUs. The increased performance at 50% less power enables an 80% improvement over the previous X86 solution.

近期關鍵客戶的公告顯示，AI 基礎設施正圍繞 ARM 架構的客製化矽產品來建置。在 Google Cloud Next 上，Google 發表用於訓練的 TPU 與用於推論的 TPU 8；兩者皆以客製化的 arm Axion CPU 取代 x86 主機處理器。在功耗降低 50% 的情況下效能提升，使其相較前一代 x86 解決方案改善達 80%。

AWS continues to scale its custom silicon strategy with ARM-based Graviton alongside Trinium and Nitro while Microsoft is advancing its ARM-based strategy with Cobalt, designed to deliver high-performance and energy-efficient compute for Azure workloads.

AWS 持續擴大其客製化矽策略，採用 ARM 架構的 Graviton，並搭配 Trinium 與 Nitro；同時 Microsoft 也正以 Cobalt 推進其 ARM 架構策略，旨在為 Azure 工作負載提供高效能且節能的運算。

And at NVIDIA GTC NVIDIA and Severa, the next-generation ARM-based CPU built for Agentic AI and building a stand-alone rack integrating 256 [Beras]. Across the largest AI platforms, ARM-based CPUs are becoming central to performance, efficiency and cloud economics. Our opportunity does not stop the data center.

此外，在 NVIDIA GTC 上，NVIDIA 與 Severa（下一代為 Agentic AI 打造的 ARM 架構 CPU）以及建置一個整合 256 [Beras] 的獨立機櫃。在最大的 AI 平台中，ARM 架構 CPU 正逐步成為效能、效率與雲端經濟性的核心。我們的機會不僅止於資料中心。

AI is moving to every device and every physical system. -- phones, PCs, vehicles, factories, robots, cameras, sensors and connected devices all need efficient, secure compute with software that scales. These AI workloads will all run on ARM. With over 350 billion chips shipped and over 22 million developers, the ARM compute platform is the most comprehensive in history, and we are positioned to bring AI from cloud infrastructure to the edge and to the physical world through a common compute platform and ecosystem.

AI 正走向每一台裝置與每一個實體系統——手機、PC、車輛、工廠、機器人、攝影機、感測器與連網裝置都需要高效率、安全的運算，以及可擴展的軟體。這些 AI 工作負載都將在 ARM 上運行。累計出貨超過 3,500 億顆晶片、擁有超過 2,200 萬名開發者，ARM 運算平台是史上最完整的運算平台；我們已就位，將透過共同的運算平台與生態系，把 AI 從雲端基礎設施帶到邊緣，並延伸到實體世界。

We enter fiscal 2027 with record results, strong customer demand and a larger opportunity ahead of us. Our strategy is clear: grow royalties through IP and CSS and add silicon as a new growth vector and scale the ARM platform across the next generation of AI workloads.

我們以創紀錄的成果、強勁的客戶需求，以及更大的前方機會，邁入 2027 會計年度。我們的策略很清楚：透過 IP 與 CSS 推動權利金成長，並將矽晶片作為新的成長向量，同時在下一代 AI 工作負載上擴大 ARM 平台的規模。

With that foundation in place, our focus is execution and continuing to build the future of AI on ARM.

在這個基礎到位後，我們的重點是落實執行，並持續在 ARM 上打造 AI 的未來。

And with that, I will hand it over to Jason.

接下來，我把時間交給 Jason。

Thank you, Renee. We have delivered another record quarter. Total revenue grew 20% year-on-year to $1.49 billion, which is nearly $250 million higher than our previous record. Our strong Q4 revenue also capped a record year.

謝謝你，Renee。我們又交出了一個創紀錄的季度。總營收年增 20% 至 14.9 億美元，較我們先前的紀錄高出將近 2.5 億美元。我們強勁的第四季營收也為創紀錄的一年畫下句點。

Revenue growth of 23% exceeded 20% for the third straight year and lifted fiscal '26 revenue to $4.9 billion. Our revenue strength translated into record EPS for both Q4 and fiscal '26. Royalty revenue grew 11% year-on-year to $671 million, our highest ever figure for Q4 royalty revenue.

營收年增 23%，連續第三年超過 20%，並將 2026 會計年度營收推升至 49 億美元。我們的營收動能也轉化為第四季與 2026 會計年度雙雙創紀錄的每股盈餘（EPS）。權利金營收年增 11% 至 6.71 億美元，為我們歷來第四季權利金營收的最高水準。

The biggest contribution to royalty revenue growth was from cloud AI. Data center royalty revenue continues to more than double year-on-year, and we see no break in this momentum. This is primarily driven by the accelerating ramp of ARM-based server chips by all major hyperscalers as well as increased deployment of data center networking chips, particularly DPUs and SmartNIC, where ARM has close to 100% market share.

權利金營收成長的最大貢獻來自雲端 AI。資料中心權利金營收持續年增逾一倍，我們看不到這股動能有任何停歇。這主要是由所有主要超大規模雲端業者（hyperscalers）加速導入以 ARM 為基礎的伺服器晶片所帶動，同時資料中心網路晶片的部署也在增加，特別是 DPU 與 SmartNIC，而 ARM 在該領域的市占率接近 100%。

In Edge AI, our smartphone revenues continue to deliver growth despite end market weakness. This is driven by our higher royalty rates from increasing penetration of RMB 9 and compute subsystems into higher-end smartphones. Physical AI has also contributed to our strong royalty performance driven by secular growth of ADAS and autonomous systems based on ARM technology.

在邊緣 AI 方面，儘管終端市場疲弱，我們的智慧型手機相關營收仍持續成長。這主要受惠於 RMB 9 與運算子系統（compute subsystems）在高階智慧型手機中的滲透率提升，帶動我們更高的權利金費率。實體 AI 也對我們強勁的權利金表現有所貢獻，動能來自以 ARM 技術為基礎的 ADAS 與自動化系統的長期結構性成長。

Turning now to licensing. License and other revenue was $819 million, up 29% year-on-year. Growth was driven by strong demand for next-generation architectures and deeper strategic engagements with key customers.

接著談授權業務。授權及其他營收為 8.19 億美元，年增 29%。成長動能來自對下一代架構的強勁需求，以及與關鍵客戶更深層的策略合作。

For example, we signed a long-term strategic partnership with the Indonesian government to strengthen Indonesia's capability and the development of AI technology.

例如，我們與印尼政府簽署了長期策略夥伴關係，以強化印尼的能力並推動 AI 技術的發展。

We also signed two next-generation CSS licenses one to be used to develop chips for smartphones and the other for data center networking chips. These agreements reflect the continued investment by our customers in next-generation ARM technology.

我們也簽下兩份下一代 CSS 授權：一份用於開發智慧型手機晶片，另一份用於資料中心網路晶片。這些協議反映出客戶持續投資於下一代 ARM 技術。

Of the $819 million of license revenue, our agreement with SoftBank for technology licensing and design services contributed $200 million, flat with the prior quarter. As always, licensing revenue varies quarter-to-quarter due to timing and size of high-value deals. So as we continue to focus on annualized contract value, or ACV, as is a key indicator of the underlying licensing trend.

在 8.19 億美元的授權營收中，我們與 SoftBank 的技術授權與設計服務協議貢獻了 2 億美元，與前一季持平。一如往常，授權營收會因高價值交易的時點與規模而在各季間波動。因此，我們持續聚焦於年化合約價值（ACV），作為反映授權趨勢的關鍵指標。

ACV grew 22% year-on-year, maintaining strong momentum. This continues to be above our long-term expectations for license revenue growth. As Rene noted or as Renee mentioned, customer demand for the ARM AGI CP was very strong. We now have line of sight to more than $2 billion of demand across fiscal '27 and '28.

ACV 年增 22%，維持強勁動能。這仍高於我們對授權營收長期成長的預期。如 Rene 提到的，或如 Renee 所說，客戶對 ARM AGI CP 的需求非常強勁。我們目前已能清楚掌握在 2027 與 2028 會計年度合計超過 20 億美元的需求。

However, we are maintaining our outlook of $1 billion while we pursue supply chain capacity, and we still expect the first revenues from production ship sales to land in the fourth quarter of this fiscal year. Turning to operating expenses and profits. Non-GAAP operating expenses were $734 million.

不過，在我們爭取供應鏈產能的同時，我們仍維持 10 億美元的展望，且仍預期量產出貨銷售的首筆營收將落在本會計年度第四季。接著談營業費用與獲利。非 GAAP 營業費用為 7.34 億美元。

This was about $10 million below our guidance and up 30% year-on-year due to strong R&D investment. These investments in R&D reflect ongoing engineering expansion to support customer demand for more ARM technology, including continued innovation in next-generation architectures, compute subsystems, and the recently announced ARM AGI CPU product family.

這比我們的指引低約 1,000 萬美元，並因強勁的研發投資而年增 30%。這些研發投資反映我們持續擴充工程團隊，以支援客戶對更多 ARM 技術的需求，包括持續在下一代架構、運算子系統，以及近期宣布的 ARM AGI CPU 產品系列上的創新。

Non-GAAP operating income was $731 million, resulting in a non-GAAP operating margin of about 49%. Non-GAAP EPS was $0.60, driven by both higher revenue and slightly lower OpEx than expected.

非 GAAP 營業利益為 7.31 億美元，使非 GAAP 營業利益率約為 49%。非 GAAP 每股盈餘為 0.60 美元，主要受惠於更高的營收，以及營業費用略低於預期。

Turning now to guidance. For Q1 we expect revenue of $1.26 billion, plus or minus $50 million. At the midpoint, this represents revenue growth of about 20% year-on-year. We expect royalty revenue and license and other revenue to both be up around 20% year-on-year. We expect our non-GAAP operating expense to be approximately $760 million and our non-GAAP EPS to be $0.40 plus or minus $0.04.

接著談財測指引。第一季我們預期營收為 12.6 億美元，上下浮動 5,000 萬美元。以中位數計算，這代表營收約年增 20%。我們預期權利金營收以及授權及其他營收皆約年增 20%。我們預期非 GAAP 營業費用約為 7.6 億美元，非 GAAP 每股盈餘為 0.40 美元，上下浮動 0.04 美元。

The strength of demand we're seeing, combined with our expanding portfolio and deepening customer engagement gives us confidence in our ability to deliver sustained long-term growth.

我們所看到的需求強度，加上產品組合的擴張與客戶合作的深化，讓我們對於實現可持續的長期成長充滿信心。

For those of you that missed our March Arm every ware AGI CPU event, we expect that by FY31, we will be generating $15 billion in AGI CPU revenue and $10 billion in IP revenue for a total of $25 billion. We expect this to translate to more than $9 in EPS.

對於錯過我們 3 月 Arm every ware AGI CPU 活動的各位，我們預期到 FY31，我們將創造 150 億美元的 AGI CPU 營收，以及 100 億美元的 IP 營收，合計 250 億美元。我們預期這將轉化為超過 9 美元的每股盈餘（EPS）。

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

接下來，我把電話交回主持人進行問答。

(Operator Instructions)

(主持人指示)

(inaudible), Citi.

(聽不清楚)，花旗。

It's only been six weeks since you held beyond everywhere event and announced the new AGI CPU, somehow it feels a lot longer given the rate of change in the chip industry and in particular, the AI space, you can certainly see that as well in the demand you just highlighted. You're now saying that you've got over $2 billion of demand for the next two fiscal years.

距離你們舉辦 beyond everywhere 活動並發布新的 AGI CPU 才六週，但考量到晶片產業、尤其是 AI 領域的變化速度，不知怎麼感覺像過了更久；你們剛才強調的需求也確實反映了這點。你們現在表示，未來兩個會計年度的需求已超過 20 億美元。

I was just hoping that you could give us a bit more detail on how that additional demand has transpired over the last six weeks or perhaps type of customer is some of it greater demand with the launch customers you highlighted to us in San Francisco with is it all new interest, new customers applications they've got in mind?

我想請你們更詳細說明一下，這額外的需求在過去六週是如何出現的；或是客戶類型方面，是否有一部分是你們在舊金山向我們提到的那些首發客戶需求更強？還是全部都是新的興趣、新客戶，以及他們想到的應用？

And also, Jason, I just wanted to touch on the point you made there where you're not changing the guidance, the demand has doubled and you're now sort of seeking incremental supply from your foundry and I presume memory partners as well.

另外，Jason，我也想追問你剛才提到的點：你們沒有調整指引，但需求已經翻倍，而你們現在正在向晶圓代工廠、我推測也包括記憶體夥伴，尋求額外供應。

What do you think you'll be able to do in terms of accessing that supply? How are you going about that?

你認為在取得這些供應方面你們能做到什麼程度？你們打算如何推進？

Yes. Thank you for the question, Andrew. So I'll tackle the first part in terms of where the demand is coming from such a little bit upon the supply situation and then let Jason address sort of the members aspect to it. So 1 of the beauties of the product that we announced at the Arm Everywhere event is the fact that the CPU can come in a number of different flavors, but one of the more attractive options is actually buying finished racks from our partners, such as Super Micro Lenovo, [ASRock], that enables customers to order and deploy quite quickly.

是的。謝謝你的問題，Andrew。我先回答第一部分，說明需求來源，再稍微談一下供應情況，然後讓 Jason 來回應其中與記憶體相關的部分。我們在 Arm Everywhere 活動上宣布的產品有一個優點：CPU 可以有多種不同的配置，但其中一個更具吸引力的選項，其實是向我們的合作夥伴購買已完成的機櫃（racks），例如 Super Micro、Lenovo、[ASRock]，這讓客戶能夠很快下單並部署。

Many customers that we've talked about are already using Arm, so whether that's through internal designs or running designs at the cloud. So a lot of the software work has been completed -- so the work required in terms of bringing on new compute capacity that's ARM-based, there isn't a lot of friction to that.

我們談到的許多客戶本來就已在使用 Arm，不論是透過內部設計，或是在雲端上運行相關設計。因此，許多軟體工作已經完成——在導入新的、以 ARM 為基礎的運算容量方面，所需的工作阻力並不大。

So you have a situation where a software is done; and b, you've got availability of a rack design that you can put in the data hall pretty quickly. So to your question, it's a combination of both. It's a combination of some of the customers that we talked about during the day, increasing their forecast.

所以你會遇到一種情況：a，軟體已經完成；b，你也有一個機櫃（rack）設計可用，能夠很快就放進資料機房（data hall）。所以回到你的問題，這是兩者的結合。這是我們白天談到的一些客戶提高了他們的預測的綜合結果。

And there are also customers that we didn't talk about on the day who have said, hey, we are very, very interested, and we're ready to deploy, how quickly can we get units? So the number that we talked about at the end of March was supply in place to support $1 billion of demand.

另外也有一些我們當天沒有提到的客戶表示：嘿，我們非常、非常有興趣，而且已經準備好部署了，我們多久能拿到設備？所以我們在三月底談到的數字，是供應已到位，可支援 10 億美元的需求。

And that includes memory that includes wafers, that includes packaging, that includes access to test equipment. So for the $2 billion, we are now in the process of securing supply to support that. And the teams are working around the clock to make sure we can find the right answers for our customers. Relative to how that impacts guidance going forward, let me turn that to Jason.

而這包含記憶體、包含晶圓、包含封裝、也包含取得測試設備的能力。所以針對 20 億美元，我們現在正在確保供應以支援該需求。團隊正日以繼夜地工作，確保我們能為客戶找到正確的解決方案。至於這會如何影響未來的財測指引，我把問題交給 Jason。

Yes. Thanks, Andrew. So in terms of the expectation, I think we said back at the Armor event that you should assume probably $90-ish million or so of revenue, just $100 million in -- at this point, we're not changing that target. As we get deeper into the year, we will provide some kind of indications on how things go in the supply chain.

是。謝謝你，Andrew。就預期而言，我想我們在 Armor 活動時說過，你應該假設大概 9,000 萬美元左右的營收，接近 1 億美元——就目前而言，我們不會改變這個目標。隨著我們更深入到今年，我們會就供應鏈的進展提供一些指引。

And then, of course, in Q3, we'll give you much firmer estimate of what we expect to deliver in Q4 and then maybe some indications of what we think FY28 will look like as well.

然後當然，在第三季，我們會給你們更明確的估計，說明我們預期在第四季能交付多少，並且也可能提供一些我們認為 FY28 會是什麼樣子的訊號。

And the question from the line of track well Go ahead.

接下來線上的問題來自 Track well。請說。

Yes. Thanks for taking the question. Maybe first just as we think about, I guess, like the royalty rate growth for 1Q and then just thinking about the full year, is there any help that you can provide just kind of the puts and takes there? Clearly, data center very strong, accelerating but then how do you kind of think about consumer electronics, smartphones, et cetera?

是的。謝謝讓我提問。也許先從我們在思考第一季的權利金（royalty）費率成長，以及再看全年來說，你們能否提供一些協助，談談其中的利多與利空因素？顯然資料中心非常強、而且在加速，但你們如何看待消費性電子、智慧型手機等等？

I'll go -- thanks for the question, Joe. So in terms of for, as we said before the quarter, we had a bit of a tough comp in that. We had particularly strong ramp of MediaTek 400 a year ago, more so than what we expected this year.

我來回答——謝謝你的問題，Joe。就我們之前在季度前所說的，我們在比較基期上有點吃力。一年前 MediaTek 400 的拉升（ramp）特別強，強度甚至高於我們今年的預期。

And so as a result, you saw a bit of a slowdown in royalty revenue. As indicated by our guidance, we're expecting that to get back to the kind of 20% range by Q1. So I would say within the assumptions within our expectations are we will probably continue to see unit growth, I think, actually flip to negative for the mobile market in this last quarter. We're going to continue to see very flattish, maybe slightly negative numbers for the overall market.

因此你看到權利金收入有些放緩。如同我們的指引所示，我們預期到第一季會回到大約 20% 的區間。所以我會說，在我們的假設與預期中，我們可能會持續看到出貨量成長，但我認為行動市場在上一季其實已經轉為負成長。我們預期整體市場仍會非常持平，可能略為負成長。

The lower end of the market is probably going to be where most of that impact is. So it doesn't have too much impact on us. And then, of course, any sort of negative impact we do see. We expect that to be more than offset by demand in cloud AI or specifically in the data center.

影響主要可能會出現在市場的低階端。所以對我們的影響不會太大。當然，任何我們確實看到的負面影響，我們預期都會被雲端 AI 的需求——或更具體地說，被資料中心的需求——所抵銷，而且抵銷幅度會更大。

I would say on the data center, there's certainly been a lot of positive announcements from some of our partners, certainly, AWS and Google, in particular, about kind of the deployments and either accelerating some of those deployments.

我會說在資料中心方面，我們的一些合作夥伴近期確實有很多正面的公告，特別是 AWS 和 Google，談到部署情況，以及某些部署正在加速。

And now you could say that the three largest GPU providers across with Vera or Grace. And then, of course, with now Google pairing TPUs with Axion two, the latest ARM-based chip and then, of course, training all paired with the latest version of arm-based Graviton.

而現在你可以說，三大 GPU 供應商都在搭配 Vera 或 Grace。然後當然，Google 現在把 TPU 與 Axion 2（最新的 ARM 架構晶片）配對；此外，訓練端也都搭配最新版本的 ARM 架構 Graviton。

All of those partners are now all in arm, and we're expecting that, that should provide continued growth and upside throughout the year. hard to say exactly what that pace of growth will look like since we're not going to announce their numbers that they haven't announced, but we do expect to see continued upside.

這些合作夥伴現在都全面採用 Arm，我們預期這將在全年帶來持續的成長與上行空間。很難精確說明成長速度會是什麼樣子，因為我們不會替他們公布他們尚未公布的數字，但我們確實預期會持續看到上行。

So any of the weakness that we see in memory and mobile, we do expect that to be largely offset plus, I would say, on the cloud side. And then outside of that, the other category of automotive continues to be growing strong and we don't see any changes there, we continue to gain share and continue to grow kind of in that double-digit growth rate. And so overall, we feel pretty good about the royalty outlook for the balance of the year.

所以我們在記憶體與行動端看到的任何疲弱，我們預期大致都會被抵銷，甚至我會說在雲端端還會帶來額外的正向貢獻。此外，另一個類別——車用——仍持續強勁成長，我們沒有看到任何變化；我們持續提升市占，並持續以雙位數成長率成長。因此整體而言，我們對今年剩餘期間的權利金展望感到相當不錯。

Vivek, Bank of America Securities.

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

Renee, yesterday when AMD spoke about the CPU market 2030 (inaudinle) $120 billion, slightly more than the $100 million that you had given before. But then they also suggested that they expect to maintain 50% share, I imagine interrelevant in that time frame also.

Renee，昨天 AMD 談到 2030 年的 CPU 市場（inaudinle）為 1,200 億美元，略高於你們先前給的 1 億美元。但他們也表示預期能維持 50% 的市占，我想在那個時間範圍內 Intel 也同樣相關。

And then there are all these captive programs, right, Graviton Axion and Vanda trying to understand what is ARM's natural kind of niche in the market? Like which of these parties conceptually can you take share from to your business --

另外還有這些自研（captive）專案，對吧，Graviton、Axion 和 Vanda。我想了解 ARM 在市場中自然的利基（niche）是什麼？概念上，這些參與者之中，你們可以從哪些對象手上取得市占、帶動你們的業務？--

Yes. Thank you for the question. Yes. When we talked about $100 billion TAM on March 24 at the ARM Everywhere day, I think we were the first company to talk about numbers in that magnitude, and we had a bunch of questions about it. Now it's sort of nice to see the rest of the market catching up and going higher than the number.

是的。謝謝你的問題。是的。當我們在 3 月 24 日的 ARM Everywhere day 談到 1,000 億美元的 TAM（總可服務市場）時，我想我們是第一家談到這種量級數字的公司，也因此收到很多問題。現在看到市場其他人追上來，甚至把數字提高到更高，其實也挺好的。

Could the number be $120 billion out in that time frame, certainly, we are seeing literally not only an explosion of CPU demand, but 1 of the areas that we're seeing growth in terms of CPU is number of cores per CPU.

在那個時間範圍內，數字會不會是 1,200 億美元？當然有可能。我們確實看到的不只是 CPU 需求爆發式成長，而且我們看到 CPU 成長的一個面向，是每顆 CPU 的核心數在增加。

Many of these agents want to run independent jobs or flows or a batch on a specific CPU core. So again, the ARM AGI CPU is 136 cores, which is much larger than many of the competitive offerings in the go-forward space, could I see a world of 256 cores, 512 cores absolutely. It's a great place for ARM because in a very, very high core count design, what really matters is efficiency per core, and that's where we're world class.

許多這些代理（agents）希望在特定的 CPU 核心上執行獨立的工作、流程或批次作業。所以再說一次，ARM 的 AGI CPU 是 136 核，這比許多未來競品的方案都要大得多；我能想像 256 核、512 核的世界嗎？絕對可以。這對 ARM 來說是很好的位置，因為在非常、非常高核心數的設計中，真正重要的是每核心的效率，而這正是我們的世界級強項。

As far as the market share numbers, AMD has 50 -- Intel has 50, and we have 50, so you add up to some crazy number. All I would say is as follows: we see a very, very strong direction with all of the arm hyperscalers who use our technology today.

至於市占率的數字，AMD 有 50——Intel 有 50，而我們也有 50，加起來就是某個很瘋狂的數字。我只想說的是：我們看到所有目前使用我們技術的 Arm 超大規模雲端業者（hyperscalers）都朝著非常、非常強勁的方向前進。

As Jason mentioned, whether it's NVIDIA, whether it's Amazon, whether it's Google, the very largest and most prevalent accelerators by volume is the TPU, it's trainium and it's Ruben today, Blackwall going to Ruben, those all connect to arm and increasingly, they are going to be a 100% arm.

如 Jason 提到的，不論是 NVIDIA、Amazon 或 Google，以出貨量來看，最大且最普遍的加速器是 TPU、Trainium，以及今天的 Ruben；Blackwall 也將走向 Ruben——這些都連結到 Arm，而且愈來愈多會成為 100% Arm。

So we feel very, very good about the market share there. We also talked about a lot of customers such as Cloudflare such as Meta, such as SAP SK Telecom, OpenAI, customers who simply aren't going to design their own ARM-based CPU, they either for CapEx reasons or engineering reasons for whatever the reasons are, they're not going to go off and make the spend there.

所以我們對那裡的市占非常、非常有信心。我們也談到許多客戶，例如 Cloudflare、Meta、SAP、SK Telecom、OpenAI——這些客戶並不會自己設計基於 ARM 的 CPU；不論是因為資本支出（CapEx）或工程資源等原因，無論原因是什麼，他們都不會投入那樣的支出。

So we think it's a market that we can play in, in a very large way. And I think even indicators of AWS selling Graviton to outside partners -- it's kind of an indication that there's just huge, huge demand for ARM-based capacity. So we think we're going to play alongside our partners in this space. And we also think the opportunity is very, very large for both. And I'm actually confident that by the end of the decade, I believe the largest market share by CPU type will be ARM.

因此我們認為這是一個我們可以以非常大規模參與的市場。而且我認為，甚至像 AWS 將 Graviton 銷售給外部合作夥伴這類指標——某種程度上也顯示出對 ARM 架構運算容量有極其、極其龐大的需求。所以我們認為我們會在這個領域與合作夥伴並肩參與。我們也認為，對雙方而言這個機會都非常、非常巨大。而且我其實有信心在本十年末之前，我相信按 CPU 類型來看，市占率最高的將會是 ARM。

Timm Schulze-Melander, Rosharon.

Timm Schulze-Melander，Rosharon。

so Rene, maybe just to start with you and to key off that CPU TAM commentaries you just made there. I just wanted to check that I heard you right, that you anticipate 100% attach rate of Arm CPU with those accelerators you mentioned?

Rene，那也許先從你開始，延續你剛才提到的 CPU TAM（總可服務市場）相關評論。我只是想確認我沒有聽錯：你預期你提到的那些加速器，會有 100% 的 Arm CPU 搭載率（attach rate）嗎？

And then maybe just looking forward, from an OpEx perspective, as you get into that merchant market as your products attach to some of your partners' products. Do you have any undertakings in terms of operating expenses in terms of in-market customer support? And then I had a quick follow-up for Jason.

另外再往前看，從營運費用（OpEx）的角度，當你進入那個商用（merchant）市場、你的產品開始搭配到一些合作夥伴的產品上時，你們在市場端的客戶支援（customer support）等營運費用方面，有沒有任何承諾或規劃？然後我還有一個給 Jason 的簡短追問。

Yes. Thank you for the question, Tim. Yes. So to clarify my comment, my expectation is that for the training platform over time, TPUs over time, and NVIDIA's accelerated over time, I believe that the vast majority of the market share there will be ARM. NVIDIA is there essentially and we are starting to see that happen with Graviton already over the last number of quarters.

是的。謝謝你的問題，Tim。是的。為了澄清我的評論，我的預期是：隨著時間推進，在訓練平台、TPU，以及 NVIDIA 的加速平台上，我相信那裡的絕大多數市占將會是 ARM。NVIDIA 基本上已經在那裡，而我們也在過去幾個季度透過 Graviton 開始看到這件事正在發生。

And the announcement that Google made at Google -- next with the and AI, the training and inference chip. So that trend is well underway. And the reason for it, as stated is that by getting much better performance in the same power envelope, the overall performance of the platform has greatly improved.

以及 Google 在 Google——Next 上所做的宣布，包含 AI、訓練與推論晶片。所以這個趨勢已經在明顯進行中。而其原因如我所述：在相同功耗範圍（power envelope）下取得更好的效能，使得整體平台效能大幅提升。

Google is talking about an 80% improvement in terms of the overall performance. So it's really numbers like that and the advantages that customers see in terms of embracing the platform. That gives us very, very high confidence that, that trend should continue. If I understood your question correctly on the OpEx side or customer support issues, et cetera, et cetera, relative to ARM-based server racks being bought by customers.

Google 談到整體效能提升了 80%。所以正是這類數字，以及客戶在採用該平台時所看到的優勢。這讓我們對於該趨勢應會持續，具有非常、非常高的信心。如果我正確理解你關於 OpEx 端或客戶支援等問題——也就是相對於客戶採購以 ARM 為基礎的伺服器機櫃（server racks）而言。

What I would expect it would be a relationship that we would typically have with our partners with the ODMs where they're building finished racks and design, the customer is responsible for the software. We're not delivering the application software, but anything regarding the low-level code, the firmware, the boot on, that's all on us. So we'll have customer support ready for that.

我預期會是我們通常與合作夥伴、與 ODM 的合作關係：由他們建置完成的機櫃與設計，而客戶負責軟體。我們不交付應用軟體，但任何與底層程式碼、韌體、開機（boot）相關的部分，都由我們負責。因此我們會為此準備好客戶支援。

And then, of course, if there's any issues regarding the hardware, we will manage that all ourselves. Relative to the OpEx associated with that inside the company, I'll let Jason bridge on to that. But that's all baked in, in terms of when we talk about the growth rate of headcount. We've taken all of that into consideration relative to what customer support platform solution looks like?

然後當然，如果有任何與硬體相關的問題，我們也會自行管理。至於公司內部與此相關的 OpEx，我會讓 Jason 接著說明。但這些都已經納入考量，當我們談到人力（headcount）成長率時。我們已把客戶支援平台解決方案會長什麼樣子，全部納入考量。

Yes. In terms of the OpEx for support, that was baked in the numbers that we shared at Armour and embedded within our long-term guidance and so already accounted for.

是的。就支援相關的 OpEx 而言，這已經包含在我們在 Armour 所分享的數字中，也已內嵌在我們的長期指引裡，因此已經反映在內。

Got it. And maybe the quick follow-up, just looking at FY27 for the year. Could Jason, could you just give us some help in terms of the shape of the of how you expect royalty revenues to kind of flow through the year? And maybe some commentary around the OpEx as well would be really helpful.

了解。那再快速追問一下，著眼於 FY27 全年。Jason，你能否協助我們理解一下：你預期權利金收入（royalty revenues）在全年各季度的走勢（shape）大概會如何流動？另外也請就 OpEx 提供一些評論，會很有幫助。

Yes. So I expect that the royalty growth is going to be in the roughly 2% for the year. And so across each of the quarters, plus or minus spending on the quarter, but we'll all be relatively close to the 20s percent range.

好的。我預期權利金的成長率全年大約在 2% 左右。因此在各個季度之間，可能會因季度支出而有些上下波動，但整體都會相對接近 20% 多的區間。

And that's really for both license and royalty. The license will be just like the last -- I guess, the last three years, will be a little bit back-end weighted. I think it's about 60%, probably second half versus 40% points. And then on OpEx I know we initially had thought maybe the OpEx would step up a little more into -- from Q4 to Q1 as we just guided to, we're expecting that to be a little less than we thought before.

而這其實同時適用於授權（license）與權利金（royalty）。授權收入會像過去——我想是過去三年一樣——稍微偏向下半年（back-end weighted）。我認為大概是 60% 在下半年、40% 在上半年。至於 OpEx，我知道我們一開始可能以為 OpEx 會從 Q4 到 Q1（如我們剛剛所指引的）上升得更多一些，但我們現在預期上升幅度會比先前想的更小。

And now I would expect that the license -- or I'm sorry, that the OpEx growth is going to is going to grow sequentially every quarter by, call it, a few percent. And the overall expense will still kind of be -- we'll show incremental margin improvement throughout the year. and we will be growing expenses less than revenue by the time the end of the year, and it will be building kind of slowly throughout the year.

而現在我預期——我是說 OpEx 的成長——將會每一季依序成長，大概每季幾個百分點。整體費用方面，我們仍會在全年逐步展現增量毛利率（incremental margin）改善；到年底時，我們的費用成長會低於營收成長，而且這個改善會在全年緩慢地逐步建立起來。

But we will be getting back to delivering incremental margin by end of the year, like where we're at, we were at a couple of years ago before we started the investments in the --

但到年底我們會回到能交付增量毛利率的狀態，就像我們幾年前、在開始進行投資之前的水準--

Khris Sankar, TD Cowan.

Khris Sankar，TD Cowan。

Any other question on the CP to GPU ratio. It seems like with inference as a compelling case for AGI, CPU, I'm wondering what is your assumption on when we get to one to one And do you expect the CPAP ratio across one-to-one and also, if you can differentiate between the opportunity and the head node versus the host note, that would be very helpful.

我還有一個關於 CPU 對 GPU 比例（CPU to GPU ratio） 的問題。看起來推論（inference）作為通往 AGI 的一個很有說服力的案例，CPU 的角色很重要；我想問你對於何時會達到一比一的假設是什麼？你是否預期 CPU/GPU 比例會走向一比一？另外，如果你能區分 head node 與 host node 的機會差異，會非常有幫助。

Yes. So I think it's a kind of a complex question in terms of thinking about today's world and statically how things look. The way I think to think about it is while the ratios may not go to more CPUs than GPUs from a chip standpoint, they probably will from a core count standpoint.

是的。我認為這是一個相當複雜的問題，因為要同時思考當今世界以及靜態地看現在的樣貌。我的看法是：即使從晶片數量（chip）角度看，比例未必會走向 CPU 多於 GPU，但從核心數（core count）角度看，可能會。

And what do I mean by that? The way to think about Blackwell and Ruben and some of these large accelerators is that they're pretty much reticle limited, meaning that the size of the chip is already limited by the amount of area that a mass can print -- so it's not like you're going to get many, many more GPUs and then one can argue how efficient those GPUs are as they consume all that silicon.

我這樣說是什麼意思？看 Blackwell、Ruben 以及一些大型加速器，它們基本上受限於光罩（reticle limited），也就是晶片尺寸已經受限於光罩可曝光的面積——所以不太可能出現「更多更多 GPU」；而且也有人會爭論，當 GPU 消耗掉那麼多矽面積時，其效率到底如何。

On the flip side, today, the RMA GI CPU, for example, it's 136 CPU cores, Vera, that's 88. As I mentioned earlier, could I see those core counts doubling or quadrupling over the next number of years? Absolutely. Does that mean that, oh, the ratio of chips stay the same, if one chip has 500 cores and it used to have 136 cores. So clearly, the ratios are going are going to change from a CPU core count, maybe not a chip count.

反過來看，以今天的 Arm AGI CPU 為例，它有 136 個 CPU 核心；Vera 是 88 個。如我先前提到的，未來幾年我是否能看到這些核心數翻倍或變成四倍？絕對可以。那是否意味著——即使晶片數量的比例維持不變——如果一顆晶片有 500 核，而過去只有 136 核。所以很明顯，比例會從 CPU 核心數的角度改變，但未必從晶片數角度改變。

Where we'll see the growth, in my opinion, is not so much in the head node to a GPU architecture because it's a little bit fixed given the way the GPU is architected and how it feeds to CPU -- but will you see many, many more CPUs inside of data hall, dedicated racks of CPUs that are doing agenetic orchestration and scheduling and management 100%.

依我看，成長會出現的地方，與其說是在 head node 對 GPU 的架構（因為受限於 GPU 的架構方式以及它如何餵給 CPU，所以相對固定），不如說你會在資料機房（data hall）內看到更多更多 CPU：專用的 CPU 機櫃用來做代理式（agentic）協調、排程與管理——百分之百會。

And you simply just have to look at Infinia announcing a dedicated Virirec, 256 Vera CPU chips, 88 cores per chip in a 200-kilowatt liquid cooled rack, that is designed to sit in a data center adjacent to a verarubin system. And that's simply because of the size of the system. It's liquid cooled.

而你只要看看 Infinia 宣布推出一套專用的 Virirec：256 顆 Vera CPU 晶片、每顆 88 個核心，裝在一個 200 千瓦的液冷機櫃中，設計用於放置在資料中心、緊鄰 verarubin 系統。這完全是因為系統的規模。它是液冷的。

So imagine a world where you had scores of vararubin racks, now you may actually have a veriracin between or two varies -- so that changes the ratios completely. I think one thing we know for sure is that we probably have undercalled the CPU demand in terms of the transition here.

所以想像一個世界：你有數十個 vararubin 機櫃，而現在你實際上可能只會有一到兩個 veriracin 介於不同的 varies 之間——這會徹底改變比例關係。我想有一件事我們可以確定的是，就這裡的轉換而言，我們很可能低估了 CPU 需求。

We talked about a four times increase we could get our heads around a bigger number than that. But ratios are a tough way to look at it, just given the math that I just described.

我們談到過四倍的成長，但我們其實可以想像比那更大的數字。但用比例來看很難，主要是因為我剛才描述的數學關係。

Sebastien Naji, William Blair.

Sebastien Naji，William Blair。

It's great to see the strong demand for your AI CPU. One of the questions that is top of mind for many investors is how this shift in your business model is impacting some of your existing IP customers who also sell ARM-based CPUs in some form -- could you maybe just give us a sense of how your larger customers have reacted since your announcement in March? And how you think about managing that potential tension between your product and IP businesses.

很高興看到你們的 AI CPU 需求強勁。許多投資人最關心的問題之一是：你們商業模式的這個轉變，如何影響一些既有的 IP 客戶——他們也以某種形式銷售基於 ARM 的 CPU——你能否談談自你們 3 月公告以來，大型客戶的反應如何？以及你們如何看待並管理你們產品業務與 IP 業務之間可能出現的張力。

Yes. Thank you for the question. It's a super important question. One of the things that we wanted to ensure relative to the overall strategy of selling silicon, is that we had the support of the ecosystem.

是的。謝謝你的提問。這是一個非常重要的問題。我們希望在整體銷售矽晶（silicon）的策略上，能確保獲得生態系的支持。

Now for us, the ecosystem represents a lot of different partners. The ecosystem are the people who build Arm-based chips like Samsung or TSMC that ecosystem is EDA partners like Synopsys and Cadence, the huge amount of people who work in the software space in the Linux world and everything around Kubernetes containers, for example, and then, of course, our licensees.

對我們而言，生態系代表許多不同的合作夥伴。生態系包括打造 Arm 架構晶片的人，例如 Samsung 或 TSMC；也包括 EDA 夥伴如 Synopsys 與 Cadence；還包括在 Linux 世界、以及 Kubernetes 容器等周邊軟體領域工作的龐大人群，當然也包括我們的被授權客戶（licensees）。

AWS or Microsoft or Google or NVIDIA in this case, all we have products, so we went to them early on this, and we explained to them what we were doing. We explained to them why we were doing it, and we explained to them why it was beneficial to the ARM ecosystem that we do it. And that's largely because the more software that's written and optimized for ARM makes everyone stronger.

像 AWS、Microsoft、Google，或在這個案例中的 NVIDIA——我們彼此都有產品，所以我們很早就去和他們溝通，並向他們解釋我們在做什麼。我們解釋了為什麼要這麼做，也解釋了為什麼這對 ARM 生態系是有利的。這主要是因為，越多為 ARM 撰寫並最佳化的軟體，會讓每個人都更強。

And we asked for their support of the strategy at the Arm Everywhere day. And every single partner we asked said yes. We had probably over 50 different partners, the names I just gave you, all of them. In some cases, they provided a quote. In some cases, they provided references to other partners.

我們也在 Arm Everywhere day 上請求他們支持這項策略。而我們詢問的每一位合作夥伴都答應了。我們大概有超過 50 個不同的合作夥伴，包括我剛才提到的那些名字，全部都在內。有些情況下，他們提供了引言（quote）。有些情況下，他們提供了對其他合作夥伴的引用或背書。

And then in some cases, they did a video for us, which we used at the event. So I think by the fact that everyone was asked and everyone said yes, and how can I help? I think it's about as good as an endorsement I could give for that. So we're -- we're deeply grateful for it. We don't take it for granted.

還有些情況下，他們為我們錄製了影片，我們在活動上使用。所以我想，從「每個人都被詢問、每個人都說好、並且問我能怎麼幫忙」這件事來看，這大概就是我能給出的最佳背書了。因此我們——我們非常感激。我們不會把這視為理所當然。

We're very, very appreciate of it. And we think, again, it lifts all boats. And probably the last thing I would say on this is that the primary reason we did this was that our customers asked for it. And at the end of the day, we are responding to customer demand in a market, and we see this today because we're sold out and we've got people looking for more products, there is demand for these products.

我們非常、非常感謝。而且我們認為，再次強調，這是水漲船高、大家都受益。最後我想說的是，我們之所以這麼做，最主要的原因是客戶要求我們這麼做。歸根結底，我們是在市場中回應客戶需求；而我們今天也看到了這點，因為我們已經售罄，還有人在尋求更多產品，這些產品確實有需求。

And at the end of the day, customer demand speaks volumes.

歸根結底，客戶需求本身就說明了一切。

Vijay Rakesh, Mizuho.

Vijay Rakesh，Mizuho。

Great quarter and guide here. Rene, just a quick question. Actually look at look at the demand on agent CPUs. And obviously, the CSP seem to be ramping up on that as well. How is your data center royalty revenues growing, I guess, as you look at fiscal '27 or last year? I'm sure that's picking up, but any color on that?

本季表現與財測指引都很出色。Rene，我有個簡短問題。其實是想看一看 agent CPU 的需求。而且顯然 CSP 也在加速拉升。就資料中心權利金收入而言，當你看 2027 財年或去年時，成長情況如何？我確定那正在回升，但能否提供一些補充說明？

The royalties associated with customers building chips based on neovers, those royalties have doubled year-on-year. and I'm looking at Jason , I expect they're going to double year-on-year again in this year. So the answer -- the answer to that statement is yes. So that business is incredibly strong. And when we talked last quarter in February and I said that this was going to be our largest business.

與客戶基於 neovers 建置晶片相關的權利金，年對年已經翻倍。我在看 Jason，我預期今年也會再年對年翻倍。所以對那個說法的答案——答案是肯定的。因此那塊業務非常強勁。而當我們在上一季 2 月談到這件事、我說這會成為我們最大的業務時。

I was speaking about it in the comp so the royalties were. So now when we add the ARM AGI CPU business, we have two extremely strong sources of revenue that I think the best way to think about it is, don't cannibalize each other. They're going to run in tandem with each other. We're going to have a strong business around the RMA GI CPU.

我當時是在可比基礎上談，也就是權利金的規模。所以現在當我們加入 ARM AGI CPU 業務後，我們有兩個非常強勁的收入來源；我認為最好的理解方式是，它們不會互相蠶食。它們會並行發展。我們會在 RMA GI CPU 周邊建立一個強勁的業務。

We talked about $15 billion by fiscal year '31. And then we also have an IP business that we expect to double to $10 billion. And that IP business will largely be driven by data center prices.

我們談到在 2031 財年達到 150 億美元。同時我們也有一個 IP 業務，我們預期會翻倍至 100 億美元。而該 IP 業務將主要由資料中心價格所驅動。

Got it. And then on the licensing revenue side, should we still think of it as a high single-digit percent growth fiscal '27, '28? Or is that trending higher to with nine [and]

了解。那在授權收入方面，我們是否仍應該把 2027、2028 財年的成長視為高個位數百分比？還是說趨勢更高、接近 9%[and]

Well, for this year, I think we said you should expect license revenue to be more in the 20-ish percent range. Over time, I would expect I think the long-term target is probably in the high single digit, low double-digit range.

嗯，就今年而言，我想我們說過你應該預期授權收入會更接近 20% 左右的區間。長期來看，我預期長期目標大概是在高個位數、低雙位數的區間。

But it's hard to say to say. We've seen this kind of AI investment, super cycle or whatever folks are calling it has now gone on for three years. So who knows how much longer it goes, but it's at least going to happen for the next year. and beyond that, hard to say.

但這很難說、很難說。我們看到這種 AI 投資的超級循環（super cycle），或不管大家怎麼稱呼它，現在已經持續了三年。所以誰知道還會持續多久，但至少接下來一年會繼續發生；至於更往後，就很難說。

But I would expect at least at least 10% year-on-year growth for the long term is probably putting the floor that we can see for right now.

但我預期，長期而言至少年對年 10% 的成長，大概就是我們目前能看到的底線。

Harlan, JP Morgan.

Harlan，JP Morgan。

And congrats on the expanded AGI demand profile. On the $1 billion of revenues for AGI across '27 and '28, most of it obviously is going to be in '28. I think at the event, you told us gross margin profile on these first gen products is about 30% plus. I know it's embedded in your total cost structure.

也恭喜你們擴大的 AGI 需求輪廓。關於 2027 與 2028 年合計 AGI 10 億美元的營收，其中大部分顯然會落在 2028 年。我記得在活動上，你們告訴我們這些第一代產品的毛利率輪廓大約是 30% 以上。我知道這已經反映在你們的總成本結構中。

But Jason, can you just give us a rough sense on the OpEx attributed to supporting your chip business this year and next year? I know it's early revenues, but I'm just trying to figure out like the scale of the chip business cost structure. And as you drive your chip revenues higher, like what -- when can it drive accretion to the earnings power? I know the calendar '30 endpoint, I think, is roughly in OpEx for the chip business, but where is it distort next year?

但 Jason，你能否大致說明一下，今年與明年為了支援你們晶片業務所歸屬的營業費用（OpEx）？我知道目前營收還早，但我只是想了解晶片業務成本結構的規模。以及當你們把晶片營收拉高時——大概何時能對獲利能力帶來增益（accretion）？我知道你提到大約在 2030 年的時間點，晶片業務的 OpEx 會到一個端點，但明年會是什麼樣的起點？

Yes. I would -- it's a good question. I would say, yes, the revenue split for '27, '28, something like million for Q4 '28 and then $910 million or whatever for '28 million. That's kind of what we laid out five or six weeks ago. And as said, we have demand above that.

是的。我會——這是個好問題。我會說，是的，'27、'28 的營收拆分，大概像是 '28 年第四季約幾百萬，然後 '28 年約 9.10 億美元左右（或不管具體數字）。這大致就是我們在五、六週前所說明的。而且如前所述，我們看到的需求高於這個水準。

But for right now, let's just assume that's the number until we work through some of the wafer memory shortage issues.

但就目前而言，在我們解決一些晶圓記憶體短缺問題之前，就先假設這就是那個數字。

In terms of the OpEx, yes, so the OpEx that's in our plan and what we've guided to, that does include the support related to that business. If you kind of just look at that business on a stand-alone basis, we see it as a business that because a lot of the cost of development is really -- probably the most expensive part of developing the chip is really the compute die, which really is effectively kind of the CSS.

就營運費用（OpEx）而言，是的，我們計畫中的 OpEx 以及我們所給出的指引，確實包含了與該業務相關的支援。如果你把那個業務當作獨立業務來看，我們認為它之所以能成為一個業務，是因為開發成本中很大一部分——可能開發晶片最昂貴的部分——其實是運算晶粒（compute die），而那基本上等同於 CSS。

So we're able to kind of leverage that, that automatically makes this business much more profitable as a stand-alochip business given that we get kind of that work as part of our IP business already. So the incremental costs and OpEx are apt add to the chip business is not that significant. It's a team that's in the -- probably in the dozens of people, not hundreds.

因此我們能夠加以槓桿運用；由於我們在 IP 業務中已經完成了那部分工作，這會自動讓這項業務作為獨立晶片業務時更具獲利性。所以，新增到晶片業務上的增量成本與 OpEx 並不顯著。團隊規模大概是數十人，不是數百人。

And so you can assume that it's operating profit positive next year, -- and when you go out to say, 2031, I think we said the IP business probably gets to something like a 65% operating margin business or EBITDA margin business and that the chip business is probably in the 35-ish percent range, and that's where we expect to get to. How quickly we get there is probably going to be a function of how fast the revenue grows and at least at a $15 billion rate, I think those are the right numbers based on everything we see right now.

因此你可以假設它明年就會是營業利益為正——而當你往外看到例如 2031 年時，我想我們說過 IP 業務大概會達到約 65% 的營業利益率或 EBITDA 利潤率，而晶片業務大概在 35% 左右，這就是我們預期要達到的水準。我們能多快達到那裡，可能取決於營收成長的速度；至少在 150 億美元的規模下，基於我們目前看到的一切，我認為那些數字是合理的。

Thank you. We will now take our final question for today. And the final question comes from the line of Lee Simpson from Morgan Stanley.

謝謝。我們現在將進行今天最後一個提問。最後一個問題來自摩根士丹利（Morgan Stanley）的 Lee Simpson。

Great. at the end here. I just wanted to go back to the ratio of CPUs to GPUs particularly as it relates to orchestration, -- and I think, Rene, you mentioned it's better to look at this really from a core count perspective, particularly when handling these agentic sessions.

很好。到最後這裡。我想回到 CPU 與 GPU 的比例，特別是與編排（orchestration）相關的部分——我想 Rene，你提到從核心數（core count）的角度來看會更好，尤其是在處理這些代理式（agentic）會話時。

I'm just trying to get a sense from a bottom-up perspective -- are we looking at this as each agentic flow requires 1 core -- or could we look at this differently and say that there is an average number of ARM instructions that are needed to orchestrate each token generated by the accelerator.

我只是想從自下而上的角度理解——我們是否把它看作每一個代理式流程需要 1 個核心——或者我們可以用不同方式來看，說每個由加速器產生的 token，在編排時平均需要多少 ARM 指令。

Yes. Thank you, Lee. You've gone into deep math there. I think the latter is a little too complicated to think about it. Maybe a more straightforward way to think about it is -- each of these agents are running a batch or running a job themselves.

是的。謝謝你，Lee。你已經深入到很深的數學層面了。我覺得後者有點太複雜，不太適合那樣思考。也許更直接的方式是——這些代理各自都在跑一個批次（batch）或跑一個工作（job）。

There is certainly a level of complexity in terms of the way the branch prediction coding is handled and essentially the way you would code the example. But if you just think about the nature of an asynchronous workload for an agent, it runs a job, it does some scheduling it stops, it waits, it pauses. It's actually pretty good for a single core design to handle that as opposed to having multicores having to run that all together in unison. It's going to be more power efficient if you run it through a single core.

當然，在分支預測（branch prediction）編碼如何處理、以及你實際上會如何撰寫範例程式方面，確實存在一定程度的複雜性。但如果你只看代理的非同步工作負載本質：它跑一個工作、做一些排程、停止、等待、暫停。相較於多核心必須一起同步運行，單核心設計其實很適合處理這種情況。如果用單核心來跑，功耗效率會更好。

And the more cores you have, in theory, the more batches you can run. So our viewpoint is very much 1 of more cores is better. And that's why I think you're going to see increasingly larger core counts in the CPU chips. So you'll see more CPUs cores being shipped.

而且理論上，你擁有的核心越多，就能跑越多批次。所以我們的觀點非常明確：核心越多越好。這也是為什麼我認為你會看到 CPU 晶片的核心數越來越大。因此你會看到出貨的 CPU 核心數增加。

You may not see three times to chips, but the chips will be more expensive, which is why when people look at $100 billion TAM in five years or $125 billion, whatever the number is, largely, it's going to be driven by the fact that the CPU chips are going to have lots of CPU cores which will drive ASP up.

你可能不會看到晶片數量變成三倍，但晶片會更昂貴；這也是為什麼當人們看五年後 1,000 億美元的 TAM 或 1,250 億美元（不管數字是多少）時，主要將由 CPU 晶片擁有大量 CPU 核心、進而推升 ASP（平均售價）所驅動。

But I think it's a core per core batch job not multiple instructions across multiple cores.

但我認為這是「每個核心對應每個批次工作」，而不是跨多個核心執行多條指令。

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

謝謝。我現在把電話交回去做結語。

Thank you, and thank you for all the questions. This was an amazing quarter billion approximately in revenue, not long ago as what ARM did in a single year and do nearly $5 billion in revenue a few years after the public offering of the company, when we projected around this time, we'll be doing about $4.5 billion is a great testament to all the work done by arms employees, customers and partners. What we are seeing, to be clear, is unprecedented compute demand and that we are at the center of that demand growth.

謝謝，也謝謝大家所有的提問。本季營收約 10 億美元，這在不久之前相當於 ARM 一整年的營收；而在公司上市後幾年內做到接近 50 億美元的營收——當我們在大約這個時間點所預測的是約 45 億美元——這充分證明了 ARM 員工、客戶與合作夥伴所付出的所有努力。我們清楚看到的是前所未有的運算需求，而我們正處於這波需求成長的核心。

The best way to think about ARM's growth trajectory, particularly now that we've announced the ARM AGI CPU is that we have two growth vectors that will drive this. The ARM AI chip, as we talked about, with $1 billion of demand in March 24, we're now seeing over $2 billion of demand over the next two years, two times what we talked about, and we're on track to achieve $15 billion of revenue by fiscal '31 and our business around IP, the new overuse IP with CSS has doubled year-on-year. We're projecting it to double again year-on-year.

理解 ARM 的成長軌跡，最好的方式——特別是現在我們已宣布 ARM AGI CPU——是我們有兩個成長向量將推動這一切。如我們所談到的 ARM AI 晶片，在 2024 年 3 月有 10 億美元的需求；我們現在看到未來兩年超過 20 億美元的需求，是我們先前所談的兩倍；而我們也正按計畫在 2031 財年達成 150 億美元營收。此外，我們以 IP 為核心的業務——新的 overuse IP 搭配 CSS——年增已翻倍。我們預期它將再次年增翻倍。

And we are seeing adoption and acceleration with AWS, Google and Microsoft. Both of these vectors represent a structural growth for ARM that is very, very strong and very sustainable. With that, thank you again for all your questions, and we appreciate all your interest in ARM.

同時我們也看到 AWS、Google 與 Microsoft 的採用與加速。這兩個向量都代表 ARM 結構性的成長，強勁、非常強勁，而且非常可持續。最後，再次感謝大家所有的提問，也感謝各位對 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。感謝各位參與。您現在可以掛線。