博通 (AVGO) 2023 Q2 法說會逐字稿

Welcome to Broadcom Inc.'s Second Quarter Fiscal Year 2023 Financial Results Conference Call. At this time, for opening remarks and introductions, I would like to turn the call over to Ji Yoo, Head of Investor Relations of Broadcom Inc.

歡迎參加 Broadcom Inc. 2023 財年第二季財務業績電話會議。現在，我想將電話轉給 Broadcom Inc. 投資者關係主管 Ji Yoo 進行開場發言和介紹。

Thank you, operator. And good afternoon, everyone. Joining me on today's call are Hock Tan, President and CEO; Kirsten Spears, Chief Financial Officer; and Charlie Kawwas, President, Semiconductor Solutions Group.

謝謝你，接線生。大家下午好。與我一起參加今天電話會議的還有總裁兼執行長 Hock Tan；克斯汀‧斯皮爾斯，財務長；以及半導體解決方案集團總裁 Charlie Kawwas。

Broadcom distributed a press release and financial tables after the market closed, describing our financial performance for the second quarter fiscal year 2023. If you did not receive a copy, you may obtain the information from the Investors section of Broadcom's website at broadcom.com. This conference call is being webcast live, and an audio replay of the call can be accessed for 1 year through the Investors section of Broadcom's website.

Broadcom 在收盤後分發了一份新聞稿和財務表格，描述了我們 2023 財年第二季度的財務業績。本次電話會議正在進行網路直播，並且可以透過 Broadcom 網站的投資者部分獲取為期一年的電話會議音訊重播。

During the prepared comments, Hock and Kirsten will be providing details of our second quarter fiscal year 2023 results, guidance for our third quarter as well as commentary regarding the business environment. We'll take questions after the end of our prepared comments. Please refer to our press release today and our recent filings with the SEC for information on the specific risk factors that could cause our actual results to differ materially from the forward-looking statements made on this call.

在準備評論期間，Hock 和 Kirsten 將提供 2023 財年第二季業績的詳細資訊、第三季的指導以及有關商業環境的評論。我們將在準備好的評論結束後回答問題。請參閱我們今天的新聞稿以及我們最近向美國證券交易委員會提交的文件，以了解可能導致我們的實際結果與本次電話會議中所做的前瞻性陳述存在重大差異的具體風險因素的資訊。

In addition to U.S. GAAP reporting, Broadcom reports certain financial measures on a non-GAAP basis. A reconciliation between GAAP and non-GAAP measures is included in the tables attached to today's press release. Comments made during today's call will primarily refer to our non-GAAP financial results.

除了美國公認會計原則報告外，博通還根據非公認會計原則報告某些財務指標。今天新聞稿所附的表格中包含了公認會計原則和非公認會計原則措施之間的調節。在今天的電話會議中發表的評論將主要涉及我們的非公認會計準則財務表現。

I'll now turn the call over to Hock.

我現在將把電話轉給霍克。

Thank you, Ji. And thank you, everyone, for joining us today. So in our fiscal Q2 2023, consolidated net revenue was $8.7 billion, up 8% year-on-year. Semiconductor Solutions revenue increased 9% year-on-year to $6.8 billion, and Infrastructure Software grew 3% year-on-year to $1.9 billion as the stable growth in core software more than offset softness in the Brocade business.

謝謝你，吉。感謝大家今天加入我們。因此，在 2023 年第二財季，合併淨收入為 87 億美元，年增 8%。半導體解決方案營收年增 9%，達到 68 億美元，基礎設施軟體營收年增 3%，達到 19 億美元，核心軟體的穩定成長足以抵銷博科業務的疲軟。

Now as I start this call, I know you all want to hear about how we are benefiting from this strong deployment of generative AI by our customers. Put this in perspective, our revenue today from this opportunity represents about 15% of our semiconductor business. Having said this, it was only 10% in fiscal '22, and we believe it could be over 25% of our semiconductor revenue in fiscal '24. In fact, over the course of fiscal '23 that we're in, we are seeing a trajectory where our quarterly revenue entering the year doubles by the time we exit '23. And in fiscal third quarter '23, we expect that this revenue to exceed $1 billion in the quarter.

現在，當我開始這次電話會議時，我知道你們都想聽聽我們如何從客戶對生成式人工智慧的強大部署中受益。從這個角度來看，我們今天透過這個機會獲得的收入約占我們半導體業務的 15%。話雖如此，它在 22 財年僅佔 10%，但我們相信它可能會佔到 24 財年半導體收入的 25% 以上。事實上，在我們所處的 23 財年期間，我們看到了這樣的軌跡：進入該年度的季度收入在我們退出 23 財年時翻了一番。在 23 年第三財季，我們預計該季度的營收將超過 10 億美元。

But as you well know, we're also broadly diversified semiconductor and infrastructure software company. And in our fiscal Q2, demand for IT infrastructure was driven by hyperscale, while service providers and enterprise continue to hold up. Following the 30% year-on-year increases we have experienced over the past 5 quarters, overall IT infrastructure demand in Q2 moderated to mid-teens percentage growth year-on-year. As we have always told you, we continue to ship only to end-user demand. We remain very disciplined on how we manage inventory across our ecosystem. We exited the quarter with less than 86 days on hand, a level of inventory consistent with what we have maintained over the past 8 quarters.

但如您所知，我們也是一家多元化的半導體和基礎設施軟體公司。在我們的第二財季，超大規模推動了對 IT 基礎架構的需求，而服務供應商和企業則持續保持成長。繼過去 5 個季度年增 30% 後，第二季整體 IT 基礎設施需求較去年同期成長放緩至中位數百分比。正如我們一直告訴您的那樣，我們將繼續僅根據最終用戶的需求發貨。我們在管理整個生態系統的庫存方面仍然非常嚴格。本季結束時，我們的庫存不足 86 天，這一庫存水準與我們過去 8 個季度保持的庫存水準一致。

Now let me give you more color on our end markets. Let me begin with wireless. As you saw in our recent 8-K filing, we entered into a multiyear collaboration with a North American wireless OEM on cutting-edge wireless connectivity and 5G components. Our engagement in technology and supply remains deep, strategic and long term. Q2 wireless revenue of $1.6 billion represented 23% of semiconductor revenue. Wireless revenue declined seasonally down 24% quarter-on-quarter and down 9% year-on-year. In Q3, as we just begin the seasonal ramp of the next-generation [PON] platform, we expect wireless revenue to be up low single digits sequentially. We expect, however, it will remain around flattish year-on-year.

現在讓我為您提供有關我們終端市場的更多資訊。讓我從無線開始。正如您在我們最近的 8-K 文件中看到的，我們與北美無線 OEM 就尖端無線連接和 5G 組件進行了多年合作。我們對技術和供應的參與仍然是深入的、策略性的和長期的。第二季無線營收為 16 億美元，佔半導體營收的 23%。無線收入季節性下降，季減 24%，年減 9%。在第三季度，由於我們剛開始下一代 [PON] 平台的季節性成長，我們預計無線收入將連續出現低個位數成長。然而，我們預計同比將保持持平。

Moving on to networking. Networking revenue was $2.6 billion and was up 20% year-on-year, in line with guidance, representing 39% of our semiconductor revenue. There are 2 growth drivers here. One, continued strength in deployment of our merchant Tomahawk switching for traditional enterprise workloads as well as Jericho routing platforms for telcos; and two, strong growth in AI infrastructure at hyperscalers from compute offload and networking.

繼續討論網路。網路收入為 26 億美元，年增 20%，符合指引，占我們半導體收入的 39%。這裡有兩個成長動力。第一，持續加強部署用於傳統企業工作負載的商業戰斧交換以及用於電信公司的 Jericho 路由平台；第二，超大規模企業的人工智慧基礎設施在運算卸載和網路方面的強勁成長。

And speaking of AI networks, Broadcom's next-generation Ethernet switching portfolio consisting of Tomahawk 5 and Jericho3 AI offers the industry's highest performance fabric for large-scale AI clusters by optimizing the demanding and costly AI resources. These switches based on an open distributed disaggregated architecture will support 32,000 GPU clusters running at 800 gigabit per second bandwidth.

說到人工智慧網絡，博通的下一代乙太網路交換產品組合由Tomahawk 5和Jericho3 AI組成，透過優化要求高且成本高昂的人工智慧資源，為大規模人工智慧叢集提供業界最高效能的結構。這些基於開放式分散式分解架構的交換器將支援 32,000 個以每秒 800 GB 頻寬運行的 GPU 叢集。

Ethernet fabric, as we know it, already supports multi-tenancy capability and end-to-end congestion management. This lossless connectivity with high QoS performance has been well proven over the last 10 years of network deployment in the public cloud and telcos. In other words, the technology is not new. And we are, as Broadcom, very well positioned to simply extend our best-in-class networking technology into generative AI infrastructure, while supporting standard connectivity, which enables vendor interoperability. In Q3, we expect networking revenue to maintain its growth year-on-year of around 20%.

正如我們所知，乙太網路結構已經支援多租戶功能和端到端擁塞管理。這種具有高 QoS 效能的無損連線已在過去 10 年的公有雲和電信公司網路部署中得到充分證明。換句話說，這項技術並不新鮮。作為博通，我們處於非常有利的位置，可以將我們一流的網路技術簡單地擴展到生成人工智慧基礎設施中，同時支援標準連接，從而實現供應商的互通性。第三季度，我們預期網路營收年增20%左右的成長。

Next, our server storage connectivity revenue was $1.1 billion or 17% of semiconductor revenue and up 20% year-on-year. And as we noted last quarter, with the transition to next-generation migrate, largely completed and enterprise demand moderating. We expect server storage connectivity revenue in Q3 to be up low single digits year-on-year.

接下來，我們的伺服器儲存連線收入為 11 億美元，佔半導體收入的 17%，較去年同期成長 20%。正如我們上季度指出的那樣，隨著向下一代遷移的過渡已基本完成，企業需求也有所放緩。我們預計第三季伺服器儲存連線收入將年增低個位數。

Moving on to broadband. Revenue grew 10% year-on-year to $1.2 billion and represented 18% of semiconductor revenue. Growth in broadband was driven by continued deployments by telcos of next-generation 10G PON and cable operators of DOCSIS 3.1 with higher attach rates of WiFi 6 and 6E. And in Q3, we expect our broadband growth to moderate to low single-digit percent year-on-year.

轉向寬頻。營收年增 10%，達到 12 億美元，佔半導體營收的 18%。寬頻的成長是由電信公司持續部署下一代 10G PON 和有線營運商 DOCSIS 3.1 以及更高的 WiFi 6 和 6E 連接率推動的。在第三季度，我們預計寬頻年增率將放緩至低個位數百分比。

And finally, Q2 industrial resales of $260 million increased 2% year-on-year as the softness in China was offset by strength globally in renewable energy and robotics. And in Q3, we forecast industrial resales to be flattish year-on-year on continuing softness in Asia, offset by strength in Europe.

最後，第二季工業轉售額為 2.6 億美元，年增 2%，因為中國的疲軟被全球再生能源和機器人技術的強勁所抵消。在第三季度，我們預計工業轉售將比去年同期持平，原因是亞洲持續疲軟，但被歐洲的強勢所抵消。

So summary, Q2 Semiconductor Solutions revenue was up 9% year-on-year. And in Q3, we expect semiconductor revenue growth of mid-single-digit year-on-year growth.

綜上所述，第二季半導體解決方案營收年增 9%。在第三季度，我們預計半導體收入將年增為中個位數。

Turning to software. In Q2, Infrastructure Software revenue of $1.9 billion grew 3% year-on-year and represented 22% of total revenue. As expected, continued softness in Brocade was offset by the continuing stable growth in core software. Relating to core software, consolidated renewal rates average 114% over expiring contracts. And in our strategic accounts, we averaged 120%. With the strategic accounts, annualized bookings of $564 million included $133 million or 23% of cross-selling of other portfolio products to these same core customers. Over 90% of the renewal value represented recurring subscription and maintenance.

轉向軟體。第二季度，基礎設施軟體營收為 19 億美元，年增 3%，佔總營收的 22%。正如預期的那樣，博科的持續疲軟被核心軟體的持續穩定成長所抵消。就核心軟體而言，到期合約的綜合續約率平均為 114%。在我們的策略客戶中，我們的平均率為 120%。透過策略客戶，年化預訂額為 5.64 億美元，其中包括 1.33 億美元，即向這些核心客戶交叉銷售其他投資組合產品的 23%。超過 90% 的續訂價值來自定期訂閱和維護。

And over the last 12 months, consolidated renewal rates averaged 117% over expiring contracts. And among our strategic accounts, we averaged 128%. Because of this, our ARR indicator of forward revenue at the end of Q2 was $5.3 billion, up 2% from a year ago. And in Q3, we expect our infrastructure software segment revenue to be up low single digits percentage year-on-year as the core software growth continues to be offset by weakness in Brocade. On a consolidated basis, we're guiding Q3 revenue of $8.85 billion, up 5% year-on-year.

在過去 12 個月中，到期合約的綜合續約率平均為 117%。在我們的策略客戶中，我們的平均率為 128%。因此，我們第二季末的遠期營收 ARR 指標為 53 億美元，比去年同期成長 2%。在第三季度，我們預計我們的基礎設施軟體部門營收將年增率較低的個位數百分比，因為核心軟體的成長繼續被博科的疲軟所抵消。在合併基礎上，我們預計第三季營收為 88.5 億美元，年增 5%。

Before Kirsten tell you more about our financial performance for the quarter, let me provide a brief update on our pending acquisition of VMware. We're making good progress with our various regulatory filings around the world, having received legal merger clearance in Australia, Brazil, Canada, South Africa and Taiwan and foreign investment control clearance in all necessary jurisdictions. We still expect the transaction will close in Broadcom's fiscal 2023. The combination of Broadcom and VMware is about enabling enterprises to accelerate innovation and expand choice by addressing their most complex technology challenges in this multi-cloud era, and we are confident that regulators will see this when they conclude their review.

在 Kirsten 向您詳細介紹我們本季的財務表現之前，讓我先簡單介紹一下我們即將收購 VMware 的最新情況。我們在世界各地的各種監管備案方面取得了良好進展，已在澳大利亞、巴西、加拿大、南非和台灣獲得了合法的合併許可，並在所有必要的司法管轄區獲得了外國投資控制許可。我們仍然預計該交易將在博通 2023 財年完成。審查時。

With that, let me turn the call over to Kirsten.

接下來，讓我把電話轉給克斯汀。

Thank you, Hock. Let me now provide additional detail on our financial performance. Consolidated revenue was $8.7 billion for the quarter, up 8% from a year ago. Gross margins were 75.6% of revenue in the quarter, about 30 basis points higher than we expected on product mix. Operating expenses were $1.2 billion, down 4% year-on-year. R&D of $958 million was also down 4% year-on-year on lower variable spending. Operating income for the quarter was $5.4 billion and was up 10% from a year ago. Operating margin was 62% of revenue, up approximately 100 basis points year-on-year. Adjusted EBITDA was $5.7 billion or 65% of revenue. This figure excludes $129 million of depreciation.

謝謝你，霍克。現在讓我提供有關我們財務業績的更多詳細資訊。該季度綜合營收為 87 億美元，比去年同期成長 8%。本季毛利率佔營收的 75.6%，比我們對產品組合的預期高出約 30 個基點。營運費用為12億美元，年減4%。由於變動支出減少，研發費用為 9.58 億美元，年減 4%。該季度營業收入為 54 億美元，比去年同期成長 10%。營業利益率為營收的62%，年增約100個基點。調整後 EBITDA 為 57 億美元，佔營收的 65%。該數字不包括 1.29 億美元的折舊。

Now a review of the P&L for our 2 segments. Revenue for our Semiconductor Solutions segment was $6.8 billion and represented 78% of total revenue in the quarter. This was up 9% year-on-year. Gross margins for our Semiconductor Solutions segment were approximately 71%, down approximately 120 basis points year-on-year, driven primarily by product mix within our semiconductor end markets. Operating expenses were $833 million in Q2, down 5% year-on-year. R&D was $739 million in the quarter, down 4% year-on-year. Q2 semiconductor operating margins were 59%. So while semiconductor revenue was up 9%, operating profit grew 10% year-on-year.

現在回顧我們兩個部門的損益表。我們的半導體解決方案部門的收入為 68 億美元，佔本季總收入的 78%。較去年同期成長 9%。我們的半導體解決方案部門的毛利率約為 71%，年減約 120 個基點，這主要是由半導體終端市場的產品組合所推動的。第二季營運費用為 8.33 億美元，年減 5%。該季度研發費用為 7.39 億美元，年減 4%。第二季半導體營業利益率為 59%。因此，雖然半導體收入成長了 9%，但營業利潤卻比去年同期成長了 10%。

Moving to the P&L for our Infrastructure Software segment. Revenue for Infrastructure Software was $1.9 billion, up 3% year-on-year and represented 22% of revenue. Gross margins for Infrastructure Software were 92% in the quarter. And operating expenses were $361 million in the quarter, down 3% year-over-year. Infrastructure Software operating margin was 73% in Q2, and operating profit grew 8% year-on-year.

轉向我們的基礎設施軟體部門的損益表。基礎設施軟體營收為 19 億美元，年增 3%，佔營收的 22%。該季度基礎設施軟體的毛利率為 92%。該季度營運費用為 3.61 億美元，年減 3%。基礎設施軟體第二季營業利益率為73%，營業利益較去年同期成長8%。

Moving to cash flow. Free cash flow in the quarter was $4.4 billion and represented 50% of revenues in Q2. We spent $122 million on capital expenditures. Days sales outstanding were 32 days in the second quarter compared to 33 days in the first quarter. We ended the second quarter with inventory of $1.9 billion, down 1% from the end of the prior quarter. We ended the second quarter with $11.6 billion of cash and $39.3 billion of gross debt, of which $1.1 billion is short term. The weighted average coupon rate and years to maturity of our fixed rate debt is 3.61% and 9.9 years, respectively.

轉向現金流。該季度自由現金流為 44 億美元，佔第二季營收的 50%。我們在資本支出上花了 1.22 億美元。第二季的應收帳款天數為 32 天，而第一季為 33 天。第二季末我們的庫存為 19 億美元，比上一季末下降 1%。第二季末，我們擁有 116 億美元現金和 393 億美元總債務，其中 11 億美元是短期債務。我們固定利率債務的加權平均票面利率和到期年限分別為 3.61% 和 9.9 年。

Turning to capital allocation. In the quarter, we paid stockholders $1.9 billion of cash dividends. Consistent with our commitment to return excess cash to shareholders, we repurchased $2.8 billion of our common stock and eliminated $614 million of common stock for taxes due on the vesting of employee equity, resulting in the repurchase and elimination of approximately 5.6 million AVGO shares. The non-GAAP diluted share count in Q2 was 435 million. As of the end of Q2, $9 billion was remaining under the share repurchase authorization.

轉向資本配置。本季度，我們向股東支付了 19 億美元的現金股利。根據我們向股東返還多餘現金的承諾，我們回購了28 億美元的普通股，並沖銷了6.14 億美元的普通股，以支付因員工股權歸屬而應繳的稅款，從而回購併沖銷了約560 萬股AVGO 股票。第二季非 GAAP 稀釋後股票數量為 4.35 億股。截至第二季末，股票回購授權尚有 90 億美元。

Excluding the potential impact of any share repurchases, in Q3, we expect the non-GAAP diluted share count to be 438 million. Based on current business trends and conditions, our guidance for the third quarter of fiscal 2023 is for consolidated revenues of $8.85 billion, and adjusted EBITDA of approximately 65% of projected revenue. In Q3, we expect gross margins to be down approximately 60 basis points sequentially on product mix.

排除任何股票回購的潛在影響，我們預計第三季非 GAAP 稀釋後股票數量將為 4.38 億股。根據目前的業務趨勢和狀況，我們對 2023 財年第三季的指引是綜合營收為 88.5 億美元，調整後 EBITDA 約為預期營收的 65%。在第三季度，我們預計產品組合的毛利率將較上季下降約 60 個基點。

That concludes my prepared remarks. Operator, please open up the call for questions.

我準備好的發言就到此結束。接線員，請撥打電話詢問問題。

(Operator Instructions) And today's first question will come from the line of Ross Seymore with Deutsche Bank.

（操作員說明）今天的第一個問題將來自德意志銀行的 Ross Seymore 線路。

Hock, I might as well fed up with the topic that you started AI these days is everywhere. Thanks for the color that you gave in the percentage of the sales that it was potentially going to represent into the future. I wanted to just get a little bit more color on 2 aspects of that. How you're seeing the demand evolve during the course of your quarter. Has it accelerated in what areas, et cetera? And is there any competitive implications for it? We've heard from some of the compute folks that they want to do more on the networking side. And then obviously, you want to do more into the compute side. So I just wondered how the competitive intensity is changing, given the AI workload increases these days.

霍克，我可能厭倦了你現在開始人工智慧無所不在的話題。感謝您在未來可能代表的銷售額百分比中給出的顏色。我想在這兩個方面獲得更多的色彩。您如何看待本季內需求的變化。它在哪些領域加速了？它有任何競爭影響嗎？我們從一些計算人員那裡聽說他們希望在網路方面做更多的事情。顯然，您希望在計算方面做更多的事情。所以我只是想知道，考慮到如今人工智慧工作量的增加，競爭強度會發生怎樣的變化。

Okay. Well, on your first part of your question, yes, we -- I mean, last earnings call, we have indicated there was a strong pent-up demand, and we have seen that continue unabated in terms of that strong demand such that's coming in. Now of course, we all realize lead times -- manufacturing lead times on most of these cutting-edge products is fairly extended. I mean you don't make this -- manufacture these products under our process anything less than 6 months or thereabouts. And while there is strong demand and a strong urgency of demand, the ability to ramp up will be more measured and addressing demands that are most urgent.

好的。好吧，關於你問題的第一部分，是的，我們——我的意思是，在上次財報電話會議上，我們已經表明存在強勁的被壓抑的需求，而且我們已經看到這種需求在即將到來的強勁需求方面繼續有增無減。我的意思是，您不會在 6 個月左右的時間內按照我們的流程製造這些產品。儘管需求強勁且緊迫，但提升能力並滿足最緊迫需求的能力將更加謹慎。

On the second part, no, we've always seen competition. And really, even in traditional workloads in enterprise data centers and hyperscale data centers, our business, our markets in networking, switching, routing continues to face competition. So really nothing new here. Competition continues to exist, and we all -- each of us do the best we can in the areas we are best at doing.

在第二部分，不，我們一直看到競爭。事實上，即使在企業資料中心和超大規模資料中心的傳統工作負載中，我們的業務以及網路、交換、路由市場仍然面臨競爭。所以這裡真的沒什麼新鮮的。競爭仍然存在，我們每個人都在自己最擅長的領域盡力而為。

One moment for our next question that will come from the line of Vivek Arya with Bank of America Securities.

我們的下一個問題將由美國銀行證券公司的 Vivek Arya 提出。

Hock, I just wanted to first clarify. I think you might have mentioned it, but I think last quarter, you gave very specific numerical targets of $3 billion in ASICs and $800 million in switches for fiscal '23. I just wanted to make sure if there is any specific update to those numbers. Is it more than $4 billion in total now, et cetera?

霍克，我只是想先澄清一下。我想你可能已經提到過這一點，但我認為上個季度，你給出了 23 財年 30 億美元的 ASIC 和 8 億美元的交換機的非常具體的數字目標。我只是想確定這些數字是否有任何具體更新。現在總額是否超過 40 億美元，等等？

And then my question is, longer term, what do you think the share is going to be between kind of general purpose GPU-type solutions versus ASICs? Do you think that share shifts towards ASICs? Do you think it shifts towards general-purpose solutions? Because if I look outside of the compute offload opportunity, you have generally favored, right, more the general purpose market. So I'm curious, how do you see this share between general purpose versus ASICs play out in this AI processing opportunity longer term?

然後我的問題是，從長遠來看，您認為通用 GPU 型解決方案與 ASIC 之間的份額會是多少？您認為份額會轉向 ASIC 嗎？您認為它會轉向通用解決方案嗎？因為如果我把目光投向計算卸載機會之外，你通常會更青睞通用市場。所以我很好奇，您如何看待通用與 ASIC 之間的這種份額在人工智慧處理機會的長期發展？

On your first part of your question, you guys love your question in 2 parts, let's do the first part first. We guided or we indicated that for fiscal '23, that the revenue we are looking in this space is $3.8 billion. There's no reason nor are we trying to do it now in the middle of the year to change that forecast at this point. So we still keep to that guide -- that forecast we've given you in fiscal '23. We're obviously giving you a sense of trajectory in my remarks on what we see '24 to look like. And that, again, is a broad trajectory of the guidance, nothing more than that, just to give you a sense for the accelerated move from '22, '23 and hit it into '24. Nothing more than that. But in terms of specific numbers that you indicated we gave, it's -- we stay by our forecast of fiscal '23, $3.8 billion, frankly, because my view, it's a bit early to give you any revised forecast.

關於問題的第一部分，你們喜歡把問題分成兩個部分，讓我們先做第一部分。我們指導或表明，對於 23 財年，我們在該領域尋找的收入為 38 億美元。我們沒有理由也不會在今年年中嘗試在此時改變這個預測。因此，我們仍然遵循該指南——我們在 23 財年向您提供的預測。顯然，在我對 24 世紀的展望中，我們的言論讓您有一種軌跡感。這也是指導的大致軌跡，僅此而已，只是為了讓您了解從「22」、「23」到「24」的加速發展。僅此而已。但就您表示的我們提供的具體數字而言，坦白說，我們維持對 23 財年 38 億美元的預測，因為我認為現在給您任何修訂後的預測還為時過早。

Then beyond that, on your most broad specific questions, ASICs versus merchant, you know I always favor merchant, whether it's in compute, whether it's in networking. It's -- in my mind, long-term, merchant will eventually, in my view, have a better shot at prevailing. But what we're not talking -- what we're talking about today is, obviously, a short-term issue versus a very long-term issue. And the short-term issue is, yes, compute offload exists. But again, the number of players in compute offload ASICs is very, very limited, and that's what we continue to see.

除此之外，在您最廣泛的具體問題上，ASIC 與商家，您知道我總是偏向商家，無論是在運算領域，還是在網路領域。在我看來，從長遠來看，商人最終將更有機會獲勝。但我們今天討論的不是短期問題，而是長期問題。短期問題是，計算卸載確實存在。但同樣，計算卸載 ASIC 的參與者數量非常非常有限，這也是我們繼續看到的情況。

One moment for our next question, and that will come from the line of Harlan Sur with JPMorgan.

請稍等一下，我們的下一個問題將來自哈蘭·蘇爾 (Harlan Sur) 與摩根大通 (JPMorgan) 的電話。

Great to see the strong and growing ramp of your AI compute offloaded and networking products. On your next generation -- Hock, on your next-generation AI and compute offload programs that are in the design phase now. You've got your next-gen switching and routing platforms that are being qualified. Like are your customers continuing to push the team to accelerate the design funnel, pull in program, ramp timing? And then I think you might have addressed this, but I just wanted to clarify, all of these solutions use the same type of very advanced packaging like stacked die, HBM memory, [cold-loss] packaging. And not surprisingly, this is the same architecture used by your AI GPU peers, which are driving the same strong trends, right? So is the Broadcom team facing or expected to face like advanced packaging, advanced substrate supply constraints? And how is the operations team going to sort of manage through all of this?

很高興看到您的人工智慧運算卸載和網路產品強勁且不斷成長。關於你的下一代——霍克，關於你的下一代人工智慧和運算卸載程序，目前正處於設計階段。您已經獲得了合格的下一代交換和路由平台。就像您的客戶是否繼續推動團隊加速設計漏斗、引入計劃、調整時間？然後我想您可能已經解決了這個問題，但我只是想澄清一下，所有這些解決方案都使用相同類型的非常先進的封裝，例如堆疊晶片、HBM 內存、[冷損耗] 封裝。毫不奇怪，這與您的 AI GPU 同行使用的架構相同，它們正在推動同樣強勁的趨勢，對吧？那麼博通團隊是否面臨或預計將面臨先進封裝、先進基板供應等限制？營運團隊將如何管理這一切？

Well, you're right. In that -- this kind of AI product, this -- and this generative AI products, next-generation, current generation are all using very leading-edge technologies in wafers, silicon wafers and substrates and packaging, including memory stacking. And -- but it's from true consumption, it's still -- there's still products out there. There's still capacity out there. As I said, and this is not something you want to be able to ship or deploy right away. It takes time. And we see it as a measured ramp over, that has started in fiscal '23 and will continue its pace through to '24.

嗯，你是對的。在這種人工智慧產品中，這種生成式人工智慧產品、下一代、當前一代都在晶圓、矽晶圓、基板和封裝（包括記憶體堆疊）中使用了非常領先的技術。而且——但這是來自真正的消費，仍然——仍然有產品存在。那裡還有容量。正如我所說，這不是您希望能夠立即交付或部署的東西。這需要時間。我們認為這是一種有節制的成長，從 23 財年開始，並將持續到 24 財年。

And on the design win funnel, are you seeing customers still trying to pull in all of their designs?

在設計獲勝漏斗中，您是否看到客戶仍在嘗試引入他們的所有設計？

Well, it's -- we are -- our basic opportunity still lies in the networking of AI networks, and we have the products out there. And we are working with many, many customers obviously, to put in place this disaggregated -- distributed, disaggregated architecture, which of Ethernet fabric on AI. And yes, that's a lot of obvious interest and loss of design that exists out there.

嗯，我們的基本機會仍然在於人工智慧網路的聯網，而且我們有產品。顯然，我們正在與許多許多客戶合作，以建立這種分散的、分散式的、分散的架構，也就是人工智慧上的乙太網路結構。是的，存在著許多明顯的興趣和設計損失。

One moment for our next question, and that will come from the line of Timothy Arcuri with UBS.

請稍等一下，我們的下一個問題將來自瑞銀集團的 Timothy Arcuri。

Hock, I was wondering if you can sort of help shed some light on the general perception that all this AI spending is sort of boxing out traditional compute. Can you talk about that? Or is it that just CapEx budgets are going to have to grow to support all this extra AI CapEx? I mean the [truth] is probably somewhere in between, but I'm wondering if you can help shed some light on just the general perception that all of this is coming at the expense of the traditional compute and the traditional infrastructure.

霍克，我想知道你是否可以幫助闡明一種普遍看法，即所有這些人工智慧支出都在某種程度上排除了傳統運算。你能談談嗎？還是僅僅需要增加資本支出預算來支援所有這些額外的人工智慧資本支出？我的意思是，[真相]可能介於兩者之間，但我想知道您是否可以幫助闡明一種普遍看法，即所有這一切都是以犧牲傳統計算和傳統基礎設施為代價的。

Your guess is as good as mine, actually. I can tell you this, I mean you're right, there's this AI networks, and this budget that are now allocated more and more by the hyperscale towards this AI networks. But not necessary, particularly in enterprise, at the expense of traditional workloads and traditional data centers. I think there's going to be -- there's definitely coexistence. And a lot of the large amount of spending on AI today that we see for us, that is very much on the hyperscale. And so enterprises are still focusing a lot of their budget as they have on the traditional data centers and traditional workloads supporting x86. And -- but it's just maybe too early to -- really for us to figure out whether that -- is that cannibalization.

事實上，你的猜測和我的一樣好。我可以告訴你，我的意思是你是對的，有這個人工智慧網絡，這個預算現在越來越多地由超大規模分配給這個人工智慧網路。但沒有必要，特別是在企業中，以犧牲傳統工作負載和傳統資料中心為代價。我認為肯定會存在共存。我們今天看到的人工智慧方面的大量支出，很大程度上是超大規模的。因此，企業仍然將大量預算集中在支援 x86 的傳統資料中心和傳統工作負載上。而且 - 但對我們來說，現在要弄清楚這是否是一種蠶食可能還為時過早。

One moment for our next question. And that will come from the line of Ambrish Srivastava with BMO Capital Markets.

請稍等一下我們的下一個問題。這將來自安布里什·斯里瓦斯塔瓦 (Ambrish Srivastava) 與蒙特利爾銀行資本市場 (BMO Capital Markets) 的團隊。

I have a less [sexy] topic to talk about, but obviously very important in how you manage the business. Can you talk about lead times and especially in the light of demand moderating, manufacturing cycle times coming down, not to mention the 6 months that you highlighted for the cutting edge? Are you still staying with the 52-week kind of lead, quoting to customers? Or has that changed?

我有一個不太[性感]的話題要談，但顯然對於你如何管理業務非常重要。您能否談談交貨時間，特別是考慮到需求放緩、製造週期時間下降，更不用說您強調的尖端技術的 6 個月了？您是否仍保留 52 週的領先優勢，向客戶報價？或者情況已經改變了？

By the way, it's 50. Yes, my standard lead time for our products is 50 weeks, and we are still staying with it because it's not about as much lead time to manufacture the products as our interest and, frankly, mutual interest between our customers and ourselves to take a hard look and providing visibility for us in ensuring we can supply and supply in the right amount at the right time -- the requirements. So yes, we're still sticking to 50 weeks.

順便說一句，是50。的共同利益客戶和我們自己要認真審視並為我們提供可見性，以確保我們能夠在正確的時間供應正確的數量（即要求）。所以，是的，我們仍然堅持 50 週。

One moment for our next question, and that will come from the line from Harsh Kumar with Piper Sandler.

現在我們的下一個問題將來自 Harsh Kumar 和 Piper Sandler 的台詞。

Yes, Hock, I was hoping you could clarify something for us. I think earlier in the beginning of the call when you gave your AI commentary, you said that gen AI revenues are 15%-odd today is go to 25% by the end of 2024. That's practically all your growth. That's the $4 billion -- $3 billion, $4 billion that you'll grow. So looking at your commentary, I know your core business is doing really well. So I know that I'm probably misinterpreting it, but I was hoping that maybe there's not so many -- hoping that there's no cannibalization going on in your business, but maybe you could clarify for us.

是的，霍克，我希望你能為我們澄清一些事情。我想，在電話會議開始時，當您發表人工智慧評論時，您曾說過，到2024 年底，新一代人工智慧收入將成長15%，到2024 年底將達到25%。全部增長。這就是你將成長的 40 億美元、30 億美元、40 億美元。所以看你的評論，我知道你的核心業務做得非常好。所以我知道我可能誤解了它，但我希望也許沒有那麼多 - 希望您的業務中沒有發生蠶食，但也許您可以為我們澄清一下。

Answered that from an earlier question by a peer of yours. We do not see -- obviously, we do not see cannibalization, but these are early innings, relatively speaking, and budgets don't change that rapidly. If there's cannibalization, obviously, it comes from where the spending goes in terms of priority. It's not obvious to us there is that clarity to be able to tell you there's cannibalization, not in the list.

在您的同行之前的問題中回答了這個問題。我們沒有看到——顯然，我們沒有看到蠶食，但相對而言，這些還處於早期階段，預算不會快速變化。如果存在蠶食，顯然，它來自於支出的優先順序。對我們來說，這並不明顯，能夠清楚地告訴您存在蠶食，而不是在清單中。

And by the way, if you look at the numbers that all the growth is coming from it, perhaps you're right. But as we talk -- as we sit in '23 and we still show some level of growth, I would say, we still show growth in the rest of our business, in the rest of products, augmented perhaps. That growth is augmented with the growth in our AI revenue in delivering AI products, but it's not entirely all our growth. I would say at least half the growth is still on our traditional business. The other half may be out of generative AI.

順便說一句，如果你看看所有成長都來自於此的數字，也許你是對的。但正如我們所說的，當我們進入 23 年時，我們仍然顯示出一定程度的成長，我想說，我們的其他業務、其他產品仍然顯示出成長，也許是增強的。隨著我們在提供人工智慧產品方面的人工智慧收入的成長，這種成長也得到了增強，但這並不是我們全部的成長。我想說至少一半的成長仍然來自我們的傳統業務。另一半可能來自生成人工智慧。

One moment for our next question, and that will come from the line of Karl Ackerman with BNP Paribas.

請等一下，我們的下一個問題將來自法國巴黎銀行的卡爾‧阿克曼 (Karl Ackerman)。

Hock, you rightly pointed to the Custom Silicon opportunity that supports your cloud AI initiatives. However, your AI revenue that's not tied to Custom Silicon appears to be doubling in fiscal '23. And the outlook for fiscal '24 implies that it will double again. Obviously, Broadcom has multiple areas of exposure to AI really across PCIe switches, Tomahawk, Jericho and Ramon, ASICs and electro-optics. I guess what sort of opportunity do you see your electric optics portfolio playing a role in high-performance networking environments for inferencing and training AI applications?

Hock，您正確地指出了支援您的雲端人工智慧計畫的客製化晶片機會。然而，與客製化晶片無關的人工智慧收入似乎在 23 財年翻了一番。 24 財年的前景意味著該數字將再次翻倍。顯然，博通確實涉足人工智慧的多個領域，包括 PCIe 交換器、Tomahawk、Jericho 和 Ramon、ASIC 和電光。我想您認為您的電光學產品組合在用於推理和訓練人工智慧應用的高性能網路環境中發揮著什麼樣的作用？

Look, what you said is very, very insightful. It's -- a big part of our growth now in AI comes from the networking components that we're supplying into creating this Ethernet fabric for AI clusters. In fact, a big part of it, you hit on. And the rate of growth there is probably faster then our offload computing can grow. And that's where we are focused on, as I say. Our networking products are merchant standard products, supporting the very rapid growth of generative AI clusters out there in the compute side. And for us, this growth in the networking side is really the faster part of the growth.

你看，你說的非常非常有見地。我們現在在人工智慧領域的成長很大一部分來自於我們為人工智慧叢集創建乙太網路結構而提供的網路元件。事實上，其中很大一部分是你偶然發現的。而且那裡的成長速度可能比我們的卸載計算的成長速度還要快。正如我所說，這就是我們關注的重點。我們的網路產品是商業標準產品，支援運算端生成式人工智慧叢集的快速成長。對我們來說，網路方面的成長確實是成長最快的部分。

One moment for our next question, and that will come from the line of Joseph Moore with Morgan Stanley.

請稍等一下，我們的下一個問題將來自摩根士丹利的約瑟夫·摩爾。

Great. I wanted to ask about the renewal of the wireless contract. Can you give us a sense for how much sort of concrete visibility you have into content over the duration of that? As you mentioned, it's both RF and wireless connectivity. Just any the additional color you can give us would be great.

偉大的。我想問一下關於無線合約續約的問題。您能否讓我們了解您在此期間對內容的具體可見性有多少？正如您所提到的，它既是射頻連接又是無線連接。只要您能給我們任何額外的顏色就太好了。

Okay. Well, I don't wanted to be -- what's me if you are nit-picky. It's an extension, I would call it, of our existing long-term agreement. And it's an extension in the form of a collaboration and strategic arrangement is the best way to describe. It's not really a renewal. But the characteristics are similar, which is with supply technology, we supply products in a bunch of very specific products related to 5G components and wireless connectivity, which is our strength, which is the technology we keep leading in the marketplace. And it's multiyear. And beyond that, I truly would -- I'll refer you to our 8-K and not provide any more specifics simply because of sensitivities all around.

好的。好吧，我不想成為——如果你挑剔的話，我算什麼。我稱之為，這是我們現有長期協議的延伸。這是一種協作和策略安排形式的延伸，這是最好的描述方式。這並不是真正的更新。但特點是相似的，那就是供應技術，我們供應與 5G 組件和無線連接相關的一系列非常具體的產品，這是我們的優勢，也是我們在市場上保持領先的技術。而且是多年的。除此之外，我真的會 - 我會向您推薦我們的 8-K，並且不會提供任何更多細節，僅僅是因為周圍的敏感性。

One moment for our next question, and that will come from the line of Christopher Rolland with Susquehanna. We'll move on to the next question, and that will come from the line of Toshiya Hari with Goldman Sachs.

我們的下一個問題請稍等片刻，這將來自克里斯多福羅蘭和薩斯奎哈納的路線。我們將繼續討論下一個問題，該問題將來自高盛的 Toshiya Hari。

Hock, I'm curious how you're thinking about your semiconductor business long-term. You've discussed AI pretty extensively throughout this call. Could this be something that drives higher growth for your semiconductor business on a sustained basis? I think historically, you've given relatively subdued or muted growth rates for your business vis-a-vis many of your competitors. Is this something that can drive sustained growth acceleration for your business? And if so, how should we think about the rate of R&D growth going forward as well because I think your peers are growing R&D faster than what you guys are doing today?

Hock，我很好奇您如何長期考慮您的半導體業務。在這次電話會議中，您非常廣泛地討論了人工智慧。這是否會持續推動您的半導體業務更高成長？我認為從歷史上看，與許多競爭對手相比，您的業務成長率相對較低或較低。這是否可以推動您的業務持續加速成長？如果是這樣，我們應該如何考慮未來的研發成長率，因為我認為你們的同業的研發成長速度比你們今天所做的要快？

Very, very good question, Toshiya. Well, we are still a very broadly diversified semiconductor company, as I pointed out, with multiple -- with still multiple end markets beyond just AI, most of which AI revenue happened to sit in my networking segment of the business, as you all noted, and you see. So we still have plenty of others. And even as I mentioned, for fiscal '24, our view is that it could hit over 25% of our semiconductor revenue. We still have many large number of underpinnings for the rest of our semiconductor business. I mean our wireless business, for instance, has a very strong list of life for multiyears, and that's a big chunk of business.

非常非常好的問題，Toshiya。嗯，正如我所指出的，我們仍然是一家非常廣泛多元化的半導體公司，除了人工智慧之外，還有多個終端市場，正如你們都指出的那樣，其中大部分人工智慧收入恰好位於我的網路業務領域，你看。所以我們還有很多其他的。正如我所提到的，對於 24 財年，我們的觀點是它可能會占到我們半導體收入的 25% 以上。我們的其他半導體業務仍然擁有大量的基礎。我的意思是，例如，我們的無線業務有一個非常強大的多年壽命清單，這是一個很大的業務區塊。

Just that the AI business, appears to be trying to catch up to it in terms of the size. But our broadband, server storage, enterprise business continues to be very, very sustainable. And when you mix it online, I don't know, we haven't updated our forecast long-term so to show. I really have nothing more to add than what we already told you in the past. We did [happen to] make a difference in our long-term growth rate. Don't know. We haven't thought about it. I leave it to you to probably speculate before I put anything on paper.

只是人工智慧業務似乎正試圖在規模上趕上它。但我們的寬頻、伺服器儲存、企業業務仍然非常非常永續。當你在網上混合它時，我不知道，我們還沒有更新我們的長期預測，所以可以顯示。除了我們過去已經告訴過你的內容之外，我真的沒有什麼好補充的。我們確實[碰巧]對我們的長期成長率產生了影響。不知道。我們還沒有考慮過。在我把任何東西寫在紙上之前，我讓你自己推測。

One moment for our next question, and that will come from the line of William Stein with Truist Securities.

現在我們的下一個問題將來自 Truist Securities 的 William Stein。

Hock, I'm wondering if you can talk about your foundry relationships. I know you've got a very strong relationship with TSM. And of course, Intel has been very vocal about winning new customers potentially. I wonder if you can talk about your flexibility and openness and considering new partners. And then maybe also talk about pricing from foundry and whether that's influencing any changes quarter-to-quarter. There have been certainly a lot of price increases that we've heard about recently, and I'd love to hear your comments.

Hock，我想知道您能否談談您與鑄造廠的關係。我知道您與 TSM 有著非常牢固的關係。當然，英特爾一直在積極爭取潛在的新客戶。我想知道您是否可以談談您的靈活性和開放性以及考慮新合作夥伴的情況。然後也許還可以討論代工廠的定價以及這是否會影響每季的變化。最近我們聽說價格上漲了很多，我很想聽聽您的評論。

We tend to be very loyal to our suppliers. The same reason we look at customers the same -- in that same manner. It cuts both ways for us. So there's a deep abiding loyalty to all our key suppliers. Having said that, we also have to be very realistic of the geopolitical environment we have today, and so we are also very open to looking at in certain specific technologies to broaden our supply base. And we have taken steps to constantly look at it. much as we still continue to want to be very loyal and fair to our existing base.

我們往往對我們的供應商非常忠誠。同樣的原因，我們以同樣的方式看待客戶。這對我們來說是雙向的。因此，我們對所有主要供應商都抱持著深深的忠誠。話雖如此，我們也必須對當今的地緣政治環境非常現實，因此我們也非常願意考慮某些特定技術以擴大我們的供應基礎。我們已採取措施不斷關注此問題。儘管我們仍然希望對我們現有的基礎非常忠誠和公平。

So no, and so we continue that way. And because of that partnership and loyalty, for us, price increase is something that is a very long-term thing and as part of the overall relationship. And put it simply, we don't move just because of prices. We stay put because of support, service and abiding sense of -- a very abiding sense of commitment mutually.

所以不，所以我們繼續這樣做。由於這種夥伴關係和忠誠度，對我們來說，價格上漲是一個非常長期的事情，也是整體關係的一部分。簡而言之，我們不會因為價格而採取行動。我們之所以能堅持下去，是因為支持、服務和持久的相互承諾感。

One moment for our next question, and that will come from the line of Edward Snyder with Charter Equity Research.

現在我們的下一個問題將來自特許股票研究公司的愛德華·斯奈德 (Edward Snyder)。

Hock, basically a housekeeping question. It sounded like your comments in the press release on the wireless deal did not include mixed signal, which is part of your past agreement. And everything you seem to have said today doesn't suggest that may not be the mix you've mentioned, wireless and RF, but you're also doing a lot of mixed signal stuff, too. So maybe you can provide some clarity on that.

Hock，基本上就是一個家務問題。聽起來您在新聞稿中關於無線協議的評論並未包含混合訊號，而這是您過去協議的一部分。你今天所說的一切似乎並不表明這可能不是你提到的無線和射頻的混合，但你也做了很多混合訊號的事情。也許你可以澄清一下這一點。

And now also, why shouldn't we expect the increased interest in generative AI to increase the prospects, if not there are orders immediately for the electro-optic products that are coming (inaudible) So I would think that, it would be much greater demand, given the clusters and the size of these, or ways that people are trying to put together will provide most benefits, I think, in [power limit]. Can you maybe give us some color on that?

現在，為什麼我們不應該期望對生成人工智慧的興趣增加會增加前景，如果不是立即有即將到來的電光產品的訂單（聽不清楚）所以我認為，這會更大我認為，考慮到集群和集群的規模，或人們試圖組合在一起的方式，需求將在[功率限制]方面提供最大的好處。您能給我們一些說明嗎？

All right. You have 2 questions here, don't you?

好的。你有兩個問題，不是嗎？

Well, as a 2-part question. I was going to do a 3 but then I...

嗯，作為一個由兩部分組成的問題。我原本打算打3，但後來我...

Thank you. I love you guys with your multipart questions. Let's do the first one. You're right. Our long-term collaboration agreement that we recently announced, it includes, as it indicated, wireless connectivity and 5G components. It does not include the high performance analog components, mixed signal components that we also sell to the North American OEM customer. right? That doesn't make it any less, I would add, strategic, nor deeply engaged with each other. I would definitely hasten to add.

謝謝。我愛你們提出的多部分問題。我們來做第一個吧。你說得對。我們最近宣布了長期合作協議，正如它所表明的那樣，它包括無線連接和 5G 組件。它不包括我們也銷售給北美 OEM 客戶的高效能類比組件、混合訊號組件。正確的？我想補充一點，這並沒有減少策略性，也沒有減少彼此的深度接觸。我一定會趕緊補充。

And on the second part, Ed, if you could indulge me, could you repeat that question?

關於第二部分，艾德，如果你可以縱容我一下，你能重複這個問題嗎？

Yes. So you're talking about general AI and the increase in demand that you're seeing from hyperscale guys, and we're already seeing how big these clusters can get. And it's really putting, I don't want to say, stress on your networking assets. But I would think, given the size of the razor facing with the electro optic products that you're releasing next in Tomahawk 5 that you're releasing next year that puts Tomahawk right on the chip, it would become more attractive because it significantly reduces the power requirements. And I know no one use (inaudible) deployed, but I would think that interest in that should increase. Am I wrong?

是的。所以你談論的是通用人工智慧和超大規模的需求成長，我們已經看到這些叢集可以變得有多大。我不想說，這確實給您的網路資產帶來了壓力。但我認為，考慮到明年發布的 Tomahawk 5 中的電光產品所面對的剃須刀的尺寸，將 Tomahawk 放在晶片上，它會變得更有吸引力，因為它顯著減少了電源要求。我知道沒有人使用（聽不清楚）部署，但我認為對此的興趣應該會增加。我錯了嗎？

You're not wrong. All this, as I indicated up in my remarks -- current remarks. Yes, we see our next generation coming up Tomahawk 5, which will have silicon photonics, which is [co-packaging] as a key part of that offering. And not to mention that it's going up to 51 terabit per second cut-through bandwidth. It's exactly what you want to put in place for very high demanding AI networks, especially if those AI networks start running to -- over -- to 32,000 GPU clusters running at 800 gigabit per second. Then you really need a big amount of switching because those kind of networks, as I mentioned, have to be very low latency, virtually lossless. Ethernet lossless (inaudible) for some interesting science and technology in order to make Ethernet lossless. Because by definition, Ethernet tends to have been traditionally. But the technology is there to make it lossless.

你沒有錯。所有這些，正如我在我的演講中所指出的——當前的講話。是的，我們看到下一代戰斧 5 即將問世，它將採用矽光子技術，而矽光子技術是[共同封裝]作為該產品的關鍵部分。更不用說它的直通頻寬高達每秒 51 太比特。這正是您想要為要求非常高的 AI 網路部署的，特別是當這些 AI 網路開始運行超過 32,000 個以每秒 800 GB 速度運行的 GPU 叢集時。那麼你確實需要大量的交換，因為正如我所提到的，這種網路必須具有非常低的延遲，幾乎無損。乙太網路無損（聽不清楚）為了讓乙太網路無損，需要一些有趣的科學技術。因為根據定義，乙太網路往往是傳統的。但技術可以使其無損。

So all this fits in with our new generation of products and not to mention our Jericho3 AI, which, as you know, the router has a unique differentiated technology that allows for very, very low tail latency and in terms of how it transmits and reorder packets so that there's no loss and very little latency. And that exists in network routing in telcos, which we now apply to AI networks in a very effective manner, and that's our whole new generation of products. So yes, we're leaning into this opportunity with our networking technology and next-generation products very much. So you hit it right on, and which is, one, makes it very exciting for us in AI. It's in the networking area, networking space that we see most interesting opportunities.

因此，所有這些都適合我們的新一代產品，更不用說我們的 Jericho3 AI，正如您所知，該路由器具有獨特的差異化技術，可以實現非常非常低的尾部延遲以及傳輸和重新排序的方式數據包，這樣就不會丟失並且延遲也很小。這存在於電信公司的網路路由中，我們現在以非常有效的方式將其應用於人工智慧網絡，這就是我們的全新一代產品。所以，是的，我們非常希望利用我們的網路技術和下一代產品來抓住這個機會。所以你說得對，這一點讓我們在人工智慧領域非常興奮。在網路領域、網路空間中，我們看到了最有趣的機會。

One moment for our next question, and that will come from the line of Antoine Chkaiban with New Street Research.

請稍等一下，我們的下一個問題將來自 New Street Research 的 Antoine Chkaiban。

I'll stick to a single-part question. Can you maybe double-click on your compute offload business? What can you maybe tell us about how growth could split between revenues from existing customers or potential diversification of that business going forward?

我將堅持一個單一部分的問題。您可以雙擊您的計算卸載業務嗎？關於成長如何在現有客戶的收入或未來業務的潛在多元化之間分配，您能告訴我們什麼嗎？

Good question. And our -- I reiterate the answers in some other ways I've given to certain other audience who have asked me this question. We really have only one real customer -- one customer. And in my forecast, in my remarks so far in offload computing, it's pretty much very, very largely around one customer. It's not very diversified. It's very focused. That's our compute offload business.

好問題。我們的——我以其他方式重申了我向某些其他問過我這個問題的觀眾提供的答案。我們實際上只有一位真正的客戶—一位客戶。根據我的預測，到目前為止我在卸載計算方面的言論，它幾乎非常非常主要圍繞著一個客戶。它不是很多元化。是非常專注的。這就是我們的計算卸載業務。

One moment for our next question. And that will come from the line of C.J. Muse with Evercore ISI.

請稍等一下我們的下一個問題。這將來自 C.J. Muse 和 Evercore ISI 的血統。

This is Kurt Swartz on for C.J. I wanted to touch on software gross margins, which continue to pick higher alongside softness in Brocade. Curious what sort of visibility you may have into Brocade stabilization and how we should think about software gross margins as mix normalizes.

我想談談軟體毛利率，隨著博科的疲軟，軟體毛利率繼續走高。很好奇您對博科的穩定性有什麼樣的了解，以及隨著混合正常化我們應該如何考慮軟體毛利率。

Okay. Well, our core -- our software segment comprises, you hit it correctly, 2 parts. That's our core software products revenues and sold directly to enterprises. And these are your typical Infrastructure Software products, and they are multiyear contracts. And we have ton -- and we have a lot of backlog, something like $17 billion of backlog, averaging over almost 2.5, 3 years. And every quarter, a part of that renews, and we give you the data on it. It's very stable. And given our historical pattern of renewing on expanding consumption of our core group of customers, we tend to drive that in a very stable manner. And the growth rate is very, very predictable, and we're happy with that.

好的。好吧，我們的核心——我們的軟體部分包括兩個部分，你猜對了。這是我們的核心軟體產品收入，直接銷售給企業。這些是典型的基礎設施軟體產品，並且是多年期合約。我們有大量的積壓，大約 170 億美元的積壓，平均超過 2.5 年、3 年。每個季度，其中一部分都會更新，我們會為您提供相關數據。它非常穩定。鑑於我們不斷擴大核心客戶群消費的歷史模式，我們傾向於以非常穩定的方式推動這一趨勢。成長率是非常非常可預測的，我們對此感到滿意。

Then we overlay on it a business that is software, but also very [applied] different, the sand -- fiber channel sand business of Brocade. And that's very enterprise-driven, very, very much so. Only used by enterprises, obviously, and large enterprises are there. And it is a fairly cyclical business. And last year was a very strong up cycle. And this year, not surprisingly, the cycle are not as strong, especially compared year-on-year to the very strong numbers last year. So that's -- well, this is the phenomenon. This -- the outcome of the combining the 2 is what we're seeing today. But given another my view next year, the cycle could turn around and Brocade would go on. And then instead of a 3% year-on-year growth in this whole segment, we could end up with high single digits year-on-year growth rate because the core software revenue, as I've always indicated to you guys, you want to plan long-term on mid-single-digit year-on-year growth rate, and that's the very predictable part of our numbers.

然後我們在上面疊加一個業務，就是軟體，但也非常[應用]不同，沙子－博科的光纖通道沙子業務。這非常是企業驅動的，非常非常如此。顯然，只有企業使用，而且是大型企業。這是一個相當週期性的業務。去年是一個非常強勁的上升週期。毫不奇怪，今年的周期並不那麼強勁，尤其是與去年非常強勁的數字相比。這就是——嗯，這就是現象。這兩者結合的結果就是我們今天看到的。但明年我的另一個觀點是，這個週期可能會逆轉，博科將繼續下去。然後，我們最終可能會獲得較高的個位數同比增長率，而不是整個細分市場的 3% 同比增長，因為核心軟體收入，正如我一直向你們指出的那樣，希望以中個位數的同比成長率進行長期規劃，這是我們數據中非常可預測的部分。

And today's final question will come from the line of Vijay Rakesh with Mizuho.

今天的最後一個問題將來自 Vijay Rakesh 和 Mizuho 的線路。

Hock, just a quick -- I'll keep it a 2-part question for you to wrap up. So just wondering what the content uplift for Broadcom is on an AI server versus a general compute server. And if you look at generative AI, what percent of servers today are being outfitted for generative AI as you look? You have a dominant share there. And where do you see that uptake ratio for generative AI in year out if you look at fiscal '24, '25?

霍克，請快速發言——我將把它分成兩部分，供您總結。因此，我想知道博通在人工智慧伺服器上與通用運算伺服器上的內容提升是什麼。如果你看看生成式人工智慧，你會發現今天有多少百分比的伺服器配備了生成式人工智慧？你在那裡擁有主導份額。如果你看看 24、25 財年，你會發現全年生成式人工智慧的採用率在哪裡？

I'm sorry to disappoint you on your 2 parts, but it's too early for me to be able to give you a good answer or a very definitive answer on that because (inaudible) the majority of servers today are your traditional servers driving x86 CPUs. And the networking today are very, very still running Ethernet traditional data center networking because most enterprises is not -- virtually, all enterprises today are very much still running their own traditional service on x86. Generative AI is something so new. And in a way, so there what the limits of it is so extended that what we largely see today are at the hyperscale guys in terms of deploying at scale those generative AI infrastructure.

很抱歉讓您對這兩部分感到失望，但現在給您一個好的答案或非常明確的答案還為時過早，因為（聽不清楚）當今的大多數伺服器都是驅動 x86 CPU 的傳統伺服器。如今的網路仍然非常非常運行乙太網路傳統資料中心網絡，因為大多數企業實際上並不是在 x86 上運行自己的傳統服務。生成式人工智慧是一種全新的事物。在某種程度上，它的限制如此之大，以至於我們今天看到的主要是超大規模的人大規模部署這些生成式人工智慧基礎設施。

Enterprises continue to deploy and operate standard x86 servers and Ethernet networking in the traditional data centers. And so that's still -- so what we're seeing today may be early part of the whole cycle, that's your question, which is why I cannot give you any definitive view opinion of how -- what the attach rate, what the ratio will be or if there's any stability that could be achieved anywhere in the near term. We both -- we see both running and co-existing very much together.

企業繼續在傳統資料中心部署和運行標準 x86 伺服器和乙太網路。所以，我們今天看到的可能是整個週期的早期部分，這就是你的問題，這就是為什麼我不能給你任何明確的觀點意見——附加率是多少，比率是多少或是否可以在短期內實現任何穩定。我們倆——我們都看到了一起運行和共存。

Thank you. I would now like to turn the call over to Ji Yoo for any closing remarks.

謝謝。我現在想將電話轉給 Ji Yoo，讓其發表結束語。

Thank you, operator. In closing, we would like to highlight that Broadcom will be attending the BofA Global Technology Conference on Tuesday, June 6. Broadcom currently plans to report its earnings for the third quarter of fiscal '23 after close of market on Thursday, August 31, 2023. A public webcast of Broadcom's earnings conference call will follow at 2:00 p.m. Pacific.

謝謝你，接線生。最後，我們想強調的是，博通將於 6 月 6 日星期二參加美國銀行全球技術會議。公開網路直播將於下午2:00 舉行。太平洋。

That will conclude our earnings call today. Thank you all for joining. Operator, you may end the call.

我們今天的財報電話會議到此結束。感謝大家的加入。接線員，您可以結束通話了。

Thank you all for participating. This concludes today's program. You may now disconnect.

感謝大家的參與。今天的節目到此結束。您現在可以斷開連線。