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.

歡迎來到博通公司 2023 財年第二季度財務業績電話會議。現在，關於開場白和介紹，我想把電話轉給 Broadcom Inc 投資者關係主管 Ji Yoo。

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，運營商。大家下午好。總裁兼首席執行官 Hock Tan 和我一起參加今天的電話會議；克爾斯滕斯皮爾斯，首席財務官；和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 在收市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。如果您沒有收到副本，您可以從 Broadcom 網站 broadcom.com 的投資者部分獲取信息。此電話會議正在網絡直播，電話的音頻重播可通過 Broadcom 網站的投資者部分訪問 1 年。

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.

在準備好的評論中，Hock 和 Kirsten 將提供我們 2023 財年第二季度業績的詳細信息、第三季度的指導意見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和我們最近向美國證券交易委員會提交的文件，了解可能導致我們的實際結果與本次電話會議上所做的前瞻性陳述存在重大差異的具體風險因素的信息。

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 GAAP 報告外，Broadcom 還在非 GAAP 基礎上報告某些財務指標。 GAAP 和非 GAAP 措施之間的對賬包含在今天新聞稿所附的表格中。在今天的電話會議上發表的評論將主要參考我們的非 GAAP 財務業績。

I'll now turn the call over to Hock.

我現在將電話轉給 Hock。

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，季。感謝大家今天加入我們。因此，在我們 2023 財年第二季度，綜合淨收入為 87 億美元，同比增長 8%。半導體解決方案收入同比增長 9% 至 68 億美元，基礎設施軟件收入同比增長 3% 至 19 億美元，因為核心軟件的穩定增長抵消了博科業務的疲軟。

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，當我開始這個電話會議時，我知道你們都想知道我們如何從我們的客戶對生成人工智能的強大部署中受益。從這個角度來看，我們今天從這個機會中獲得的收入約占我們半導體業務的 15%。話雖如此，它在 22 財年僅為 10%，我們相信在 24 財年它可能超過我們半導體收入的 25%。事實上，在我們所處的 23 財年期間，我們看到了這樣一種軌跡，即我們進入 23 年的季度收入在我們退出 23 年時翻了一番。在 23 財年第三季度，我們預計該季度的收入將超過 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.

但眾所周知，我們也是一家廣泛多元化的半導體和基礎設施軟件公司。在我們的第二財季，對 IT 基礎設施的需求是由超大規模驅動的，而服務提供商和企業繼續保持增長。繼過去 5 個季度 30% 的同比增長之後，第二季度的整體 IT 基礎設施需求同比增速放緩至 15% 左右。正如我們一直告訴您的那樣，我們將繼續只根據最終用戶的需求發貨。我們在如何管理整個生態系統的庫存方面仍然非常自律。我們以不到 86 天的庫存量結束了本季度，這一庫存水平與我們在過去 8 個季度中保持的水平一致。

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.

現在讓我給你更多關於我們終端市場的顏色。讓我從無線開始。正如您在我們最近的 8-K 文件中看到的那樣，我們與一家北美無線 OEM 就尖端無線連接和 5G 組件進行了多年合作。我們在技術和供應方面的參與仍然是深入的、戰略性的和長期的。第二季度無線收入為 16 億美元，佔半導體收入的 23%。無線收入季度環比下降 24%，同比下降 9%。在第三季度，由於我們剛剛開始下一代 [PON] 平台的季節性增長，我們預計無線收入將連續增長低個位數。然而，我們預計它將保持同比持平。

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.

繼續網絡。網絡收入為 26 億美元，同比增長 20%，符合指導意見，占我們半導體收入的 39%。這裡有兩個增長動力。第一，繼續加強為傳統企業工作負載部署我們的商戶 Tomahawk 交換機以及為電信公司部署 Jericho 路由平台；第二，來自計算卸載和網絡的超大規模 AI 基礎設施的強勁增長。

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.

談到 AI 網絡，Broadcom 的下一代以太網交換產品組合由 Tomahawk 5 和 Jericho3 AI 組成，通過優化要求苛刻且昂貴的 AI 資源，為大規模 AI 集群提供業界最高性能的結構。這些基於開放式分佈式分解架構的交換機將支持 32,000 個以每秒 800 GB 的帶寬運行的 GPU 集群。

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，以太網結構已經支持多租戶功能和端到端擁塞管理。這種具有高 QoS 性能的無損連接在過去 10 年的公共雲和電信公司網絡部署中得到了充分證明。換句話說，這項技術並不新鮮。作為 Broadcom，我們處於非常有利的位置，可以將我們一流的網絡技術簡單地擴展到生成 AI 基礎設施中，同時支持標準連接，從而實現供應商互操作性。第三季度，我們預計網絡收入將保持20%左右的同比增長。

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，我們的服務器存儲連接收入為 11 億美元，佔半導體收入的 17%，同比增長 20%。正如我們上個季度所指出的那樣，隨著向下一代遷移的過渡，大部分已經完成，企業需求也在放緩。我們預計第三季度的服務器存儲連接收入將同比增長低個位數。

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.

轉向寬帶。收入同比增長 10% 至 12 億美元，佔半導體收入的 18%。寬帶的增長是由電信公司持續部署下一代 10G PON 和有線運營商的 DOCSIS 3.1 以及更高的 WiFi 6 和 6E 連接率推動的。在第三季度，我們預計我們的寬帶同比增長將放緩至較低的個位數百分比。

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，由於中國的疲軟被全球可再生能源和機器人技術的強勢所抵消，第二季度工業轉售額為 2.6 億美元，同比增長 2%。在第三季度，我們預測工業轉售將同比持平，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，第二季度半導體解決方案收入同比增長 9%。在第三季度，我們預計半導體收入將實現中等個位數的同比增長。

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.

轉向軟件。第二季度，基礎設施軟件收入為 19 億美元，同比增長 3%，佔總收入的 22%。正如預期的那樣，博科的持續疲軟被核心軟件的持續穩定增長所抵消。在核心軟件方面，綜合續約率平均比到期合同高出 114%。在我們的戰略客戶中，我們平均為 120%。通過戰略客戶，5.64 億美元的年度預訂量包括 1.33 億美元或 23% 的其他產品組合產品交叉銷售給這些相同的核心客戶。超過 90% 的續訂價值代表定期訂閱和維護。

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，綜合續約率平均比到期合同高出 117%。在我們的戰略客戶中，我們平均為 128%。因此，我們在第二季度末的遠期收入 ARR 指標為 53 億美元，比去年同期增長 2%。在第三季度，我們預計我們的基礎設施軟件部門收入將同比增長低個位數百分比，因為核心軟件的增長繼續被博科的疲軟所抵消。在綜合基礎上，我們指導第三季度收入為 88.5 億美元，同比增長 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度的財務業績之前，讓我簡要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，已經在澳大利亞、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。我們仍然預計交易將在 Broadcom 的 2023 財年完成。Broadcom 和 VMware 的結合是為了讓企業能夠通過解決他們在這個多雲時代最複雜的技術挑戰來加速創新和擴大選擇，我們相信監管機構會看到這是當他們結束審查時。

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

有了這個，讓我把電話轉給克爾斯滕。

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信息。本季度綜合收入為 87 億美元，同比增長 8%。本季度毛利率佔收入的 75.6%，比我們對產品組合的預期高出約 30 個基點。營運開支為 12 億美元，按年下跌 4%。由於可變支出較低，研發費用為 9.58 億美元，同比下降 4%。本季度營業收入為 54 億美元，同比增長 10%。營業利潤率為收入的 62%，同比增長約 100 個基點。調整後的 EBITDA 為 57 億美元，佔收入的 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.

現在回顧一下我們兩個部門的損益。我們半導體解決方案部門的收入為 68 億美元，佔本季度總收入的 78%。同比增長 9%。我們的半導體解決方案部門的毛利率約為 71%，同比下降約 120 個基點，主要受我們半導體終端市場的產品組合推動。第二季度運營費用為 8.33 億美元，同比下降 5%。本季度研發費用為 7.39 億美元，同比下降 4%。第二季度半導體營業利潤率為 59%。因此，雖然半導體收入增長了 9%，但營業利潤同比增長了 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件部門的損益表。基礎設施軟件收入為 19 億美元，同比增長 3%，佔收入的 22%。本季度基礎設施軟件的毛利率為 92%。本季度運營費用為 3.61 億美元，同比下降 3%。基礎設施軟件第二季度營業利潤率為 73%，營業利潤同比增長 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。本季度的自由現金流為 44 億美元，佔第二季度收入的 50%。我們在資本支出上花費了 1.22 億美元。第二季度銷售未完成天數為 32 天，而第一季度為 33 天。我們在第二季度末的庫存為 19 億美元，比上一季度末下降 1%。我們以 116 億美元的現金和 393 億美元的總債務結束了第二季度，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 億美元的現金股息。與我們向股東返還多餘現金的承諾一致，我們回購了 28 億美元的普通股，並消除了 6.14 億美元的普通股，以支付員工股權歸屬的應繳稅款，從而回購和消除了大約 560 萬股 AVGO 股票。第二季度的非 GAAP 稀釋後股份數為 4.35 億股。截至第二季度末，股票回購授權剩餘 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，我們預計第三季度非 GAAP 稀釋後的股票數量為 4.38 億股。根據當前的業務趨勢和狀況，我們對 2023 財年第三季度的指引是合併收入為 88.5 億美元，調整後的 EBITDA 約為預計收入的 65%。在第三季度，我們預計產品組合的毛利率將下降約 60 個基點。

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

我準備好的發言到此結束。接線員，請打開電話詢問。

(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。

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，我還不如受夠了你現在開始人工智能無處不在的話題。感謝您在未來可能代表的銷售額百分比中給出的顏色。我只想在這兩個方面獲得更多顏色。您如何看待您所在季度的需求變化。它在哪些領域加速了？這對競爭有什麼影響嗎？我們從一些計算人員那裡聽說他們想在網絡方面做更多的事情。然後很明顯，您想在計算方面做更多的事情。所以我只是想知道，鑑於如今人工智能工作量的增加，競爭強度正在發生怎樣的變化。

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需求，而且我們已經看到這種強勁的需求將繼續有增無減，即將到來在。現在當然，我們都意識到交貨時間——大多數這些尖端產品的製造交貨時間都相當長。我的意思是你不做這個——在我們的過程中製造這些產品的時間少於 6 個月左右。儘管需求強勁且需求緊迫，但提升能力將更加謹慎並解決最緊迫的需求。

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，我們總是看到競爭。事實上，即使在企業數據中心和超大規模數據中心的傳統工作負載中，我們的業務、我們在網絡、交換、路由方面的市場也繼續面臨競爭。所以這裡真的沒有什麼新鮮事。競爭繼續存在，我們所有人——我們每個人都在我們最擅長的領域盡我們所能。

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

請稍等一下，我們的下一個問題將來自美國銀行證券公司的 Vivek Arya。

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，但我認為上個季度，你給出了非常具體的數字目標，即 23 財年 ASIC 的 30 億美元和交換機的 8 億美元。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 類解決方案與 ASIC 之間的份額是多少？你認為份額會轉向 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，你通常更喜歡通用市場。所以我很好奇，從長遠來看，您如何看待通用與 ASIC 之間的這種份額在這個 AI 處理機會中發揮作用？

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.

關於你問題的第一部分，你們喜歡你的問題分為兩部分，讓我們先做第一部分。我們指導或指出，對於 23 財年，我們在這個領域尋找的收入為 38 億美元。現在沒有理由，我們也不會嘗試在今年年中更改該預測。因此，我們仍然遵循該指南——我們在 23 財年給你的預測。在我對我們所看到的 24 年的評論中，我們顯然是在給你一種軌跡感。而且，這又是一個廣泛的指導軌跡，僅此而已，只是為了讓你感受到從 22 年、23 年到 24 年的加速轉變。僅此而已。但就你表示我們給出的具體數字而言，坦率地說，我們堅持對 23 財年 38 億美元的預測，因為我認為，現在給你任何修改後的預測有點早。

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，關於你最廣泛的具體問題，ASIC 與商人，你知道我總是支持商人，無論是在計算領域，還是在網絡領域。這是——在我看來，從長遠來看，在我看來，商人最終將有更好的機會獲勝。但我們沒有談論的——我們今天談論的顯然是一個短期問題，而不是一個非常長期的問題。短期問題是，是的，存在計算卸載。但同樣，計算卸載 ASIC 的參與者數量非常非常有限，這就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，這將來自 Harlan Sur 與摩根大通的合作。

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 AI 計算卸載和網絡產品的強勁增長。關於你的下一代——Hock，關於你的下一代人工智能和計算卸載程序，現在正處於設計階段。您已經獲得了合格的下一代交換和路由平台。比如您的客戶是否繼續推動團隊加速設計漏斗、引入程序、加速時間？然後我想你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，如堆疊芯片、HBM 內存、[冷損失] 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Broadcom團隊是否面臨或預計會面臨像先進封裝、先進基板的供應限制？運營團隊將如何管理所有這些？

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 AI 產品中，這種 AI 產品，下一代，當前一代都在晶圓、矽晶圓、基板和封裝中使用非常前沿的技術，包括存儲器堆疊。而且 - 但它來自真正的消費，它仍然 - 那裡仍然有產品。那裡仍然有容量。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。我們認為這是一個有節制的斜坡，它從 23 財年開始，並將繼續其步伐直到 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所有的設計？

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.

好吧，我們是——我們的基本機會仍然在於人工智能網絡的聯網，我們已經有了產品。很明顯，我們正在與許多客戶合作，以建立這種分解的——分佈式的、分解的架構，即 AI 上的以太網結構。是的，那裡存在很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蒂莫西·阿庫裡 (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.

Hock，我想知道你是否可以幫助闡明所有這些人工智能支出都在某種程度上限制了傳統計算的普遍看法。你能談談嗎？或者只是資本支出預算將不得不增長以支持所有這些額外的 AI 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所有這些都是以犧牲傳統計算和傳統基礎設施為代價的普遍看法。

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.

實際上，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 AI 網絡，這個預算現在越來越多地被超大規模分配給這個 AI 網絡。但不是必需的，特別是在企業中，以傳統工作負載和傳統數據中心為代價。我認為會有——肯定會共存。我們今天看到的大量人工智能支出中，有很多是超大規模的。因此，企業仍然將大量預算集中在支持 x86 的傳統數據中心和傳統工作負載上。而且 - 但現在可能還為時過早 - 真的讓我們弄清楚這是否 - 是蠶食。

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

稍等一下我們的下一個問題。這將來自 BMO Capital Markets 的 Ambrish Srivastava 系列。

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?

我有一個不那麼 [性感] 的話題要談，但顯然對您如何管理業務非常重要。您能否談談交貨時間，尤其是考慮到需求放緩、製造週期時間縮短，更不用說您強調的最前沿的 6 個月？您是否仍然堅持 52 週的銷售線索，向客戶報價？還是已經改變了？

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.

順便說一下，它是 50。是的，我的產品標準交貨時間是 50 週，我們仍然堅持使用它，因為製造產品的交貨時間沒有我們感興趣的那麼多，坦率地說，我們之間的共同利益客戶和我們自己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和供應正確的數量 - 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.

請稍等一下我們的下一個問題，這將來自 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的早些時候，當你發表 AI 評論時，你說 gen AI 的收入今天是 15%，到 2024 年底將達到 25%。這實際上是你的全部增長。那就是你將增長的 40 億美元——30 億美元、40 億美元。所以看看你的評論，我知道你的核心業務做得很好。所以我知道我可能誤解了它，但我希望可能沒有那麼多 - 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.

回答了您的一位同行先前提出的問題。我們沒有看到 - 顯然，我們沒有看到同類相食，但相對而言，這些都是早期階段，預算不會那麼快地改變。如果存在蠶食，顯然，它來自支出在優先級方面的去向。對我們來說並不明顯，能夠清楚地告訴你有蠶食，不在列表中。

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.

順便說一下，如果你看看所有增長都來自於它的數字，也許你是對的。但正如我們所說——當我們坐在 23 年時，我們仍然顯示出一定程度的增長，我想說，我們的其他業務、其他產品仍然顯示出增長，也許有所增加。隨著我們交付 AI 產品的 AI 收入的增長，這種增長得到了加強，但這並不完全是我們的增長。我想說至少有一半的增長仍在我們的傳統業務上。另一半可能來自生成人工智能。

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

請稍等一下我們的下一個問題，這將來自法國巴黎銀行的 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，您正確地指出了支持您的雲 AI 計劃的 Custom Silicon 機會。但是，與 Custom Silicon 無關的 AI 收入在 23 財年似乎翻了一番。而 24 財年的前景意味著它將再次翻一番。顯然，Broadcom 在 PCIe 交換機、Tomahawk、Jericho 和 Ramon、ASIC 和電光學領域真正涉足 AI 的多個領域。我想您認為您的電光學產品組合在用於推理和訓練 AI 應用程序的高性能網絡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，你說的很有見地。這是——我們現在在 AI 方面的增長的很大一部分來自我們為 AI 集群創建以太網結構所提供的網絡組件。實際上，其中很大一部分是您命中的。而且那裡的增長率可能比我們的卸載計算增長速度更快。正如我所說，這就是我們關注的重點。我們的網絡產品是商業標準產品，支持計算端生成人工智能集群的快速增長。對我們來說，網絡方面的這種增長確實是增長中較快的部分。

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，這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。我想問一下無線合同的續簽。你能告訴我們在這段時間內你對內容有多少具體的可見性嗎？正如您提到的，它既是射頻連接又是無線連接。只要你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，那我算什麼。這是我們現有長期協議的延伸，我會稱之為。而這是一種協作形式的延伸，戰略安排是最好的描述方式。這不是真正的更新。但特點是相似的，那就是供應技術，我們提供與 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，這是我們在市場上保持領先的技術。而且是多年。除此之外，我真的會 - 我會讓你參考我們的 8-K，並且僅僅因為周圍的敏感性而不會提供更多細節。

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.

請稍等一下我們的下一個問題，這將來自克里斯托弗·羅蘭和薩斯奎哈納的台詞。我們將繼續下一個問題，這將來自 Toshiya Hari 與高盛的合作。

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，我很好奇你如何看待你的半導體業務的長期發展。在整個電話會議中，您已經非常廣泛地討論了 AI。這能否持續推動您的半導體業務實現更高增長？我認為從歷史上看，與許多競爭對手相比，您的業務增長率相對較低或較低。這是否可以推動您的業務持續加速增長？如果是這樣，我們應該如何考慮未來的研發增長率，因為我認為你們的同行的研發增長速度比你們今天做的要快？

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。好吧，正如我所指出的，我們仍然是一家非常多元化的半導體公司，除了人工智能之外，還有多個終端市場，其中大部分人工智能收入恰好位於我的業務網絡部分，正如你們所指出的，你看。所以我們還有很多其他的。甚至正如我提到的，對於 24 財年，我們認為它可能會達到我們半導體收入的 25% 以上。我們的其他半導體業務仍然有很多基礎。我的意思是我們的無線業務，例如，有一個非常強大的多年生命清單，這是一個很大的業務。

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.

只是人工智能業務似乎正試圖在規模上趕上它。但我們的寬帶、服務器存儲、企業業務仍然非常、非常可持續。當你在線混合時，我不知道，我們還沒有更新我們的長期預測，所以要顯示。除了我們過去已經告訴過你的，我真的沒有什麼要補充的了。我們確實[碰巧]改變了我們的長期增長率。不知道。我們沒有考慮過。在我把任何東西寫在紙上之前，我留給你推測。

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

請稍等一下我們的下一個問題，這將來自 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，我想知道你是否可以談談你的鑄造廠關係。我知道你與 TSM 有著非常牢固的關係。當然，英特爾一直非常直言不諱地表示可能會贏得新客戶。我想知道你是否可以談談你的靈活性和開放性以及考慮新的合作夥伴。然後也許還會談談代工廠的定價，以及這是否會影響每季度的任何變化。我們最近確實聽說了很多價格上漲，我很想听聽您的意見。

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。我們以相同的方式看待客戶的原因相同。它對我們有利。因此，我們對所有主要供應商都有著持久的忠誠度。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研究某些特定技術以擴大我們的供應基礎。我們已經採取措施不斷地審視它。就像我們仍然希望對我們現有的基礎非常忠誠和公平一樣。

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，價格上漲是一件非常長期的事情，並且是整體關係的一部分。簡而言之，我們不會僅僅因為價格而移動。我們留在原地是因為支持、服務和持久的感覺——一種非常持久的相互承諾感。

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

請稍等一下我們的下一個問題，這將來自 Charter Equity Research 的 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.

霍克，基本上是一個內務問題。聽起來你在無線交易新聞稿中的評論不包括混合信號，這是你過去協議的一部分。您今天似乎所說的一切並不表明您可能不是您提到的無線和射頻混合，但您也在做很多混合信號的事情。所以也許你可以澄清一下。

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?

現在還有，為什麼我們不應該期望對生成 AI 的興趣增加會增加前景，如果沒有，馬上就會有即將到來的電光產品的訂單（聽不清）所以我認為，它會更大需求，考慮到集群及其規模，或者人們試圖組合在一起的方式，我認為將在 [power limit] 中提供最大的好處。你能給我們一些顏色嗎？

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

好的。你在這裡有 2 個問題，不是嗎？

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

好吧，作為一個由兩部分組成的問題。我本來打算做一個 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。我愛你們的多部分問題。讓我們做第一個。你說得對。我們最近宣布的長期合作協議，如其所示，包括無線連接和 5G 組件。它不包括我們也出售給北美 OEM 客戶的高性能模擬組件、混合信號組件。正確的？這並沒有減少，我想補充一點，戰略性的，也沒有相互深入接觸。我肯定會趕緊補充。

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

在第二部分，埃德，如果你能容忍我的話，你能再重複一遍這個問題嗎？

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。所以你在談論通用人工智能和你從超大規模傢伙那裡看到的需求增加，我們已經看到這些集群可以變得多大。我不想說，這真的會給您的網絡資產帶來壓力。但我認為，考慮到剃須刀的尺寸與您明年發布的 Tomahawk 5 中的電光產品相對應，它將 Tomahawk 放在芯片上，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）部署，但我認為應該增加對此的興趣。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。所有這一切，正如我在我的評論中指出的那樣——當前的評論。是的，我們看到我們的下一代即將推出 Tomahawk 5，它將具有矽光子學，這是 [co-packaging] 作為該產品的關鍵部分。更不用說它的直通帶寬高達每秒 51 太比特。這正是您想要為要求非常高的 AI 網絡部署的，特別是如果這些 AI 網絡開始運行到 - 超過 - 32,000 個以每秒 800 GB 的速度運行的 GPU 集群。然後你真的需要大量的切換，因為正如我提到的那樣，那種網絡必須具有非常低的延遲，幾乎無損。以太網無損（聽不清） 為了使以太網無損，一些有趣的科學技術。因為根據定義，以太網往往是傳統的。但是有技術可以使它無損。

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，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很小。這存在於電信公司的網絡路由中，我們現在以非常有效的方式將其應用於人工智能網絡，這就是我們的全新一代產品。所以是的，我們非常依賴我們的網絡技術和下一代產品來抓住這個機會。所以你一擊即中，這讓我們在 AI 領域非常興奮。在網絡領域，我們看到最有趣的機會的網絡空間。

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 Antoine Chkaiban 與 New Street Research 的合作。

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?

我會堅持一個單一部分的問題。您能否雙擊您的計算卸載業務？關於現有客戶的收入或未來業務的潛在多元化之間的增長如何分配，您能告訴我們什麼？

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——我以其他方式重申了我對問過我這個問題的某些其他聽眾的回答。我們真的只有一個真正的客戶——一個客戶。在我的預測中，在我迄今為止對卸載計算的評論中，它幾乎非常非常主要地圍繞一個客戶。它不是很多樣化。它非常專注。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.

稍等一下我們的下一個問題。這將來自 C.J. Muse 與 Evercore ISI 的系列。

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.

這是 C.J. 的 Kurt Swartz。我想談談軟件毛利率，它在 Brocade 的疲軟的同時繼續走高。好奇您對 Brocade 穩定性有什麼樣的了解，以及我們應該如何考慮軟件毛利率作為混合正常化。

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——我們的軟件部分包括 2 個部分，你打對了。那是我們直接銷售給企業的核心軟件產品收入。這些是典型的基礎設施軟件產品，它們是多年期合同。我們有很多 - 我們有很多積壓，大約 170 億美元的積壓，平均超過 2.5、3 年。每個季度，其中的一部分會更新，我們會為您提供相關數據。它非常穩定。鑑於我們在擴大核心客戶群消費方面的歷史模式，我們傾向於以非常穩定的方式推動這一點。而且增長率非常非常可預測，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，就是軟件，但也很[應用]不同，沙子——博科的光纖通道沙子業務。這是非常企業驅動的，非常非常如此。只有企業使用，顯然，大企業在那裡。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 - 好吧，這就是現象。這 - 結合 2 的結果就是我們今天看到的。但考慮到明年我的另一個觀點，這個週期可能會逆轉，博科會繼續下去。然後，我們可能會以高個位數的同比增長率結束，而不是整個細分市場的 3% 同比增長，因為核心軟件收入，正如我一直向你們表明的那樣，你們想要長期規劃中個位數的同比增長率，這是我們數字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 與 Mizuho 的對話。

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，快點——我會把它分成兩部分，讓你總結一下。所以只是想知道 Broadcom 在 AI 服務器和通用計算服務器上的內容提升是什麼。如果你看看生成式人工智能，今天有多少服務器配備了生成式人工智能？你在那裡佔有主導地位。如果你看一下 24、25 財年，你會在哪裡看到生成人工智能的採用率？

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.

很抱歉讓您在這兩個部分上感到失望，但我現在無法就此給您一個好的答案或一個非常明確的答案還為時過早，因為（聽不清）今天的大多數服務器都是驅動 x86 CPU 的傳統服務器.今天的網絡仍然非常非常地運行以太網傳統數據中心網絡，因為大多數企業不是——實際上，今天所有的企業仍然在 x86 上運行他們自己的傳統服務。生成式 AI 太新了。在某種程度上，它的局限性如此之大，以至於我們今天在很大程度上看到的是在大規模部署這些生成人工智能基礎設施方面的超大規模人員。

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.

企業繼續在傳統數據中心部署和運行標準的 x86 服務器和以太網網絡。所以這仍然是 - 所以我們今天看到的可能是整個週期的早期部分，這是你的問題，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，比率是多少是或是否有任何穩定性可以在短期內在任何地方實現。我們都——我們看到兩者在運行和共存。

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 以聽取任何結束語。

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，運營商。最後，我們要強調的是，Broadcom 將於 6 月 6 日星期二參加美國銀行全球技術會議。Broadcom 目前計劃在 2023 年 8 月 31 日星期四收市後報告其 23 財年第三季度的收益. Broadcom 收益電話會議的公開網絡直播將於美國東部時間下午 2:00 進行。太平洋。

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

這將結束我們今天的財報電話會議。謝謝大家的加入。接線員，你可以掛斷電話了。

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

謝謝大家的參與。今天的節目到此結束。您現在可以斷開連接。