博通 (AVGO) 2024 Q1 法說會逐字稿

Hello, and welcome to Broadcom Inc.'s First Quarter Fiscal Year 2024 Financial Results Conference Call. At this time, for opening remarks and introductions, I will turn the call over to Ji Yoo, Head of Investor Relations of Broadcom Inc. You may begin.

您好，歡迎您參加 Broadcom Inc. 2024 財年第一季財務業績電話會議。此時，我將把電話轉給博通公司投資者關係主管 Ji Yoo 進行開場發言和介紹。您可以開始了。

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.

謝謝接線員，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 first quarter of fiscal year 2024. 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 2024 財年第一季的財務業績。如果您沒有收到副本，您可以從 Broadcom 網站的投資者部分獲取資訊：broadcom.com 。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 first quarter fiscal year 2024 results, guidance for our fiscal year 2024 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 2024 財年第一季業績的詳細資訊、2024 財年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聲明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。今天電話會議期間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. In our fiscal Q1 2024, consolidated net revenue was $12 billion, up 34% year-on-year as revenue included 10.5 weeks of contribution from VMware. Excluding VMware, consolidated revenue was up 11% year-on-year. Semiconductor solutions revenue increased 4% year-on-year to $7.4 billion, and infrastructure software revenue grew 153% year-on-year to $4.6 billion.

謝謝你，吉，也謝謝大家今天加入我們。在 2024 年第一財季，合併淨收入為 120 億美元，年增 34%，其中營收包括 VMware 10.5 週的貢獻。不包括VMware，綜合營收年增11%。半導體解決方案營收年增4%，達74億美元，基礎設施軟體營收年增153%，達46億美元。

With respect to infrastructure software, revenue contribution from consolidating VMware drove a sequential jump in revenue by 132%. We expect continued strong bookings at VMware will accelerate revenue growth through the rest of fiscal 2024. In semiconductors, AI revenue quadrupled year-on-year to $2.3 billion during the quarter, more than offsetting the current cyclical slowdown in enterprise and telcos.

就基礎設施軟體而言，整合VMware帶來的營收貢獻推動營收季增132%。我們預計，VMware 持續強勁的預訂將在2024 財年剩餘時間內加速收入成長。在半導體領域，本季AI 營收年增率翻了兩番，達到23 億美元，遠遠抵銷了企業和電信公司當前的周期性放緩。

Now let me give you more color on our 2 reporting segments, starting with software. Q1 software segment revenue of $4.6 billion was up 156% year-on-year and included $2.1 billion in revenue contribution from VMware. Consolidated bookings in software grew sequentially from less than $600 million to $1.8 billion in Q1 and is expected to grow to over $3 billion in Q2. Revenue from VMware will grow double-digit percentage sequentially quarter-over-quarter through the rest of the fiscal year.

現在讓我從軟體開始為您介紹我們的 2 個報告部分的更多資訊。第一季軟體部門營收為 46 億美元，年增 156%，其中 VMware 貢獻的營收為 21 億美元。軟體的綜合預訂量從第一季的不到 6 億美元連續成長到 18 億美元，預計第二季將成長到超過 30 億美元。在本財年剩餘時間內，VMware 的營收將較上季成長兩位數。

This is simply a result of our strategy with VMware. We are focused on upselling customers, particularly those who are already running their compute workloads with vSphere virtualization tools to upgrade to VMware Cloud Foundation, otherwise branded as VCF. VCF is the complete software stack integrating compute, storage and networking that virtualizes and modernizes our customers' data centers. This on-prem self-service cloud platform provides our customers a complement and an alternative to public cloud.

這只是我們與 VMware 策略的結果。我們專注於向客戶追加銷售，特別是已經使用 vSphere 虛擬化工具執行運算工作負載以升級到 VMware Cloud Foundation（也稱為 VCF）的客戶。 VCF 是整合運算、儲存和網路的完整軟體堆疊，可實現客戶資料中心的虛擬化和現代化。這個本地自助服務雲端平台為我們的客戶提供了公有雲的補充和替代方案。

And in fact, on VM Explore last August, VMware and NVIDIA entered into a partnership called VMware Private AI Foundation, which enables VCF to run GPUs. This allows customers to deploy their AI models on-prem and wherever they do business without having to compromise on privacy and data -- in control of their data. And we are seeing this capability drive strong demand for VCF, from enterprises seeking to run their growing AI workloads on-prem. And reflecting all these factors, for the full year, we reiterate our fiscal 2024 guidance for software revenue of $20 billion.

事實上，在去年 8 月的 VM Explore 上，VMware 和 NVIDIA 建立了名為 VMware Private AI Foundation 的合作夥伴關係，使 VCF 能夠運行 GPU。這使得客戶能夠在本地部署他們的人工智慧模型，無論他們在哪裡開展業務，而不必犧牲隱私和資料——控制他們的資料。我們看到，這種功能推動了對 VCF 的強勁需求，企業尋求在本地運行不斷增長的人工智慧工作負載。考慮到所有這些因素，我們重申 2024 財年軟體收入目標為​​ 200 億美元。

Turning to semiconductors. Before I give you an overall assessment of this segment, let me provide more color by end markets. Q1 networking revenue of $3.3 billion grew 46% year-on-year, representing 45% of our semiconductor revenue. This was largely driven by strong demand for our custom AI accelerators at our 2 hyperscale customers.

轉向半導體。在我對這一細分市場進行總體評估之前，讓我先提供更多關於終端市場的資訊。第一季網路營收為 33 億美元，年增 46%，占我們半導體營收的 45%。這主要是由於我們的 2 個超大規模客戶對客製化人工智慧加速器的強勁需求所推動的。

This strength extends beyond AI accelerators. Our latest generation Tomahawk 5 800G switches, Thor 2 Ethernet NICs refinements, DSPs and optical components are experiencing strong demand at hyperscale customers as well as large-scale enterprises deploying AI data centers. For fiscal 2024, given continued strength of AI NAND working demand, we now expect networking revenue to grow over 35% year-on-year compared to our prior guidance for 30% annual growth.

這種優勢不僅限於人工智慧加速器。我們最新一代的 Tomahawk 5 800G 交換器、Thor 2 乙太網路卡改進、DSP 和光學組件正受到超大規模客戶以及部署 AI 資料中心的大型企業的強勁需求。對於 2024 財年，鑑於 AI NAND 工作需求的持續強勁，我們現在預計網路收入將同比增長 35% 以上，而我們先前的預測為 30% 的年增長率。

Moving on to wireless. Q1 wireless revenue of $2 billion decreased 1% sequentially and declined 4% year-on-year, representing 27% of semiconductor revenue. As you all may know, the engagement with a North American customer continues to be very deep, strategic and of course, multiyear. And in fiscal 2024, helped by content increases, we reiterate our previous guidance for wireless revenue to be flat year-on-year.

轉向無線。第一季無線營收為 20 億美元，季減 1%，年減 4%，佔半導體營收的 27%。眾所周知，與北美客戶的接觸仍然是非常深入的、策略性的，當然也是持續多年的。在 2024 財年，在內容增加的幫助下，我們重申先前對無線收入同比持平的指導。

Next, our Q1 server storage connectivity revenue was $887 million or 12% of semiconductor revenue, down 29% year-on-year. We are seeing weaker demand in the first half but expect recovery in the second half. Accordingly, we are revising our outlook for fiscal '24 server storage revenue to decline in the mid-20 percentage range year-on-year compared to prior guidance for high teens percent decline year-on-year.

接下來，我們第一季的伺服器儲存連線收入為 8.87 億美元，佔半導體營收的 12%，年減 29%。我們看到上半年需求疲軟，但預計下半年將出現復甦。因此，我們將 24 財年伺服器儲存收入的預期修正為年減 20% 左右，而先前的指導則為年減百分之十左右。

On broadband, Q1 revenue declined 23% year-on-year to $940 million and represented 13% of semiconductor revenue. We are seeing a cyclical trough this year for broadband as telco spending continues to weaken and do not expect improvement until late in the year. And accordingly, we're revising our outlook for fiscal '24 broadband revenue to be down 30% year-on-year from our prior guidance of down mid-teens year-on-year. And finally, Q1 industrial resales of $215 million declined 6% year-on-year. In fiscal '24, we continue to expand industrial resales to be down high single digits year upon year. And in summary, with stronger-than-expected growth from AI more than offsetting the cyclical weakness in broadband and server storage, Q1 semiconductor revenue grew 4% year-over-year to $7.4 billion.

寬頻方面，第一季營收年減 23% 至 9.4 億美元，佔半導體營收的 13%。由於電信支出持續疲軟，我們預計今年寬頻將出現週期性低谷，並且預計要到今年年底才會出現改善。因此，我們將 24 財年寬頻收入的預期下調至年減 30%，先前的指引為年減 15%左右。最後，第一季工業轉售額為 2.15 億美元，年減 6%。在 24 財年，我們繼續擴大工業轉售，比去年同期下降了高個位數。總而言之，由於人工智慧強於預期的成長足以抵消寬頻和伺服器儲存的周期性疲軟，第一季半導體營收年增 4% 至 74 億美元。

Turning to fiscal '24. We reiterate our guidance for semiconductor solutions revenue to be up mid- to high single-digit percentage year-on-year. I know we told you in December, our revenue from AI would be 25% of our full year semiconductor revenue. We now expect revenue from AI to be much stronger, representing some 35% of semiconductor revenue at over $10 billion, and this more than offset weaker-than-expected demand in broadband and service storage.

轉向 24 財年。我們重申對半導體解決方案收入年增中高個位數百分比的指導。我知道我們在 12 月告訴過你，我們來自人工智慧的收入將占我們全年半導體收入的 25%。我們現在預計人工智慧帶來的收入將更加強勁，約佔半導體收入的 35%，超過 100 億美元，足以抵消寬頻和服務儲存需求弱於預期的影響。

So for fiscal 2024. In summary, we reiterate our guidance for consolidated revenue to be $50 billion, which represents 40% year-on-year growth. And we reiterate our full year adjusted EBITDA guidance of 60%.

因此，對於 2024 財年。總而言之，我們重申綜合營收目標為 500 億美元，相當於年增 40%。我們重申全年調整後 EBITDA 指引為 60%。

Before I turn this call over to Kirsten, who will provide more details of our financial performance this quarter, let me just highlight that Broadcom recently published its fourth annual ESG report available on a corporate citizenship side, which discusses the company's sustainability initiatives. As a global technology leader, we recognize Broadcom's responsibility to connect our customers, employees and communities. Through our product and technology innovation and operational excellence, we remain committed to this mission.

在我將這通電話轉給Kirsten 之前（他將提供有關我們本季財務業績的更多詳細資訊），我先強調一下Broadcom 最近發布了關於企業公民方面的第四份年度ESG 報告，其中討論了本公司的可持續發展舉措。身為全球技術領導者，我們意識到 Broadcom 有責任連結我們的客戶、員工和社群。透過我們的產品和技術創新以及卓越的運營，我們將繼續致力於實現這項使命。

Kirsten?

克斯汀？

Thank you, Hock. Let me now provide additional detail on our Q1 financial performance, which was a 14-week quarter and included 10.5 weeks of contribution from VMware. Consolidated revenue was $12 billion for the quarter, up 34% from a year ago. Excluding the contribution from VMware, Q1 revenue increased 11% year-on-year. Gross margins were 75.4% of revenue in the quarter. Operating expenses were $2.2 billion and R&D was $1.4 billion, both up year-on-year primarily due to the contribution from VMware.

謝謝你，霍克。現在讓我提供有關我們第一季財務業績的更多詳細信息，該季度為期 14 週，其中包括 VMware 貢獻的 10.5 週。該季度綜合營收為 120 億美元，比去年同期成長 34%。剔除VMware的貢獻，第一季營收年增11%。該季度毛利率佔營收的 75.4%。營運費用為 22 億美元，研發費用為 14 億美元，年成長主要得益於 VMware 的貢獻。

Q1 operating income, including VMware, was $6.8 billion and was up 26% from a year ago, with operating margin at 57% of revenue. Excluding transition costs of $226 million in Q1, operating profit of $7.1 billion was up 30% from a year ago, with operating margin of 59% of revenue. Adjusted EBITDA was $7.2 billion or 60% of revenue. This figure excludes $139 million of depreciation.

第一季營業收入（包括 VMware）為 68 億美元，比去年同期成長 26%，營業利潤率為營收的 57%。剔除第一季 2.26 億美元的轉型成本，營業利益為 71 億美元，較去年同期成長 30%，營業利益率為營收的 59%。調整後 EBITDA 為 72 億美元，佔營收的 60%。該數字不包括 1.39 億美元的折舊。

Now a review of the P&L for our 2 segments, starting with semiconductor. Revenue for our semiconductor solutions segment was $7.4 billion and represented 62% of total revenue in the quarter. This was up 4% year-on-year. Gross margins for our semiconductor solutions segment were approximately 67%, down 190 basis points year-on-year driven primarily by product mix within our semiconductor end markets. Operating expenses increased 8% year-on-year to $865 million, reflecting a 14-week quarter resulting in semiconductor operating margins of 56%.

現在回顧我們兩個部門的損益表，從半導體開始。我們的半導體解決方案部門的營收為 74 億美元，佔本季總營收的 62%。較去年同期成長 4%。我們的半導體解決方案部門的毛利率約為 67%，較去年同期下降 190 個基點，這主要是由於我們的半導體終端市場的產品組合所致。營運費用年增 8%，達到 8.65 億美元，反映出 14 週的季度半導體營運利潤率為 56%。

Now moving on to our infrastructure software segment. Revenue for infrastructure software was $4.6 billion, up 153% year-on-year, primarily due to the contribution of VMware and represented 38% of revenue. Gross margins for infrastructure software were 88% in the quarter, and operating expenses were $1.3 billion in the quarter, resulting in infrastructure software operating margin of 59%. Excluding transition costs, operating margin was 64%.

現在轉向我們的基礎設施軟體部分。基礎設施軟體營收為46億美元，年增153%，主要得益於VMware的貢獻，佔營收的38%。該季度基礎設施軟體毛利率為 88%，該季度營運費用為 13 億美元，基礎設施軟體營運利潤率率為 59%。不計轉型成本，營業利益率為 64%。

Moving on to cash flow. Free cash flow in the quarter was $4.7 billion and represented 39% of revenues off a higher revenue base. Excluding restructuring and integration spend of $658 million free cash flows were 45% of revenue. We spent $122 million on capital expenditures.

轉向現金流。該季度的自由現金流為 47 億美元，佔較高收入基礎收入的 39%。不包括重組和整合支出的 6.58 億美元自由現金流佔收入的 45%。我們在資本支出上花了 1.22 億美元。

Days sales outstanding were 41 days in the first quarter compared to 31 days in the fourth quarter on higher accounts receivable due to the VMware acquisition. The accounts receivable we brought on from VMware has payment terms of 60 days unlike Broadcom standard 30 days. We ended the first quarter with inventory of $1.9 billion, up 1% sequentially. We continue to remain disciplined on how we manage inventory across the ecosystem.

第一季的應收帳款週轉天數為 41 天，而第四季為 31 天，原因是 VMware 收購導致應收帳款增加。我們從 VMware 取得的應收帳款的付款期限為 60 天，而 Broadcom 標準的付款期限為 30 天。第一季結束時，我們的庫存為 19 億美元，季增 1%。我們繼續嚴格管理整個生態系統的庫存。

We ended the first quarter with $11.9 billion of cash and $75.9 billion of gross debt. The weighted average coupon rate and years to maturity of our $48 billion in fixed rate debt is 3.5% and 8.4 years, respectively. The weighted average coupon rate and years to maturity of our $30 billion in floating rate debt is 6.6% and 3 years, respectively.

第一季結束時，我們擁有 119 億美元的現金和 759 億美元的總債務。我們 480 億美元固定利率債務的加權平均票面利率和到期年限分別為 3.5% 和 8.4 年。我們 300 億美元浮動利率債務的加權平均票面利率和到期年限分別為 6.6% 和 3 年。

During the quarter, we repaid $934 million of fixed rate debt that came due. This week, we repaid $2 billion of our floating rate debt, and we intend to maintain this quarterly repayment of debt throughout fiscal 2024.

本季度，我們償還了 9.34 億美元到期的固定利率債務。本週，我們償還了 20 億美元的浮動利率債務，我們打算在整個 2024 財年維持按季償還債務。

Turning to capital allocation. In the quarter, we paid stockholders $2.4 billion of cash dividends based on a quarterly common stock cash dividend of $5.25 per share we executed on our plan to complete our remaining share buyback authorization. We repurchased $7.2 billion of our common stock and eliminated $1.1 billion of common stock for taxes due on vesting of employee equity, resulting in the repurchase and elimination of approximately 7.7 million AVGO shares.

轉向資本配置。本季度，我們向股東支付了 24 億美元的現金股息，基礎是我們按照計劃執行的每股 5.25 美元的季度普通股現金股息，以完成剩餘的股票回購授權。我們回購了 72 億美元的普通股，並沖銷了 11 億美元的普通股以支付員工股權歸屬應繳稅款，從而回購並沖銷了約 770 萬股 A​​VGO 股票。

To help you with modeling share count, the weighted effect of the 54 million shares issued for the VMware acquisition resulted in a sequential increase in Q1 to $478 million, with the Q2 non-GAAP diluted share count expected to increase to approximately $492 million as the shares issued are fully weighted in the second quarter.

為了幫助您對股票數量進行建模，為VMware 收購發行的5,400 萬股股票的加權效應導致第一季連續成長至4.78 億美元，而第二季非GAAP 攤薄股票數量預計將增加至約4.92 億美元，因為第二季發行的股票已完全加權。

Now on to guidance. Regardless of the updated dynamics of our semiconductor and software segments Hock discussed, we choose to reiterate our guidance for fiscal year 2024 consolidated revenue of $50 billion and adjusted EBITDA of 60%. With regard to VMware, in February, we signed a definitive agreement to divest the end-user computing division with the transaction expected to close in 2024 and subject to customary closing conditions, including regulatory approvals.

現在開始指導。無論霍克討論的半導體和軟體領域的最新動態如何，我們都選擇重申我們對 2024 財年合併收入 500 億美元和調整後 EBITDA 60% 的指導。至於 VMware，我們在 2 月簽署了一項剝離最終用戶計算部門的最終協議，該交易預計將於 2024 年完成，並須滿足慣例成交條件，包括監管部門的批准。

The EUC division has been classified as discontinued operations in our Q1 financials. We have decided to retain the Carbon Black business and merge Carbon Black with Symantec to form the enterprise security group. The impact on revenue and profitability is not significant.

在我們第一季的財務數據中，EUC 部門已被歸類為已停止營運的業務。我們決定保留 Carbon Black 業務，並將 Carbon Black 與賽門鐵克合併，組成企業安全集團。對收入和獲利能力的影響並不大。

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) Our first question comes from the line of Harsh Kumar with Piper Sandler.

（操作員說明）我們的第一個問題來自 Harsh Kumar 和 Piper Sandler 的線路。

Once again, tremendous results and tremendous activity that you guys are benefiting from in AI, but my question was on software. I think if I heard you correctly, Hock, you mentioned that your software bookings will rise quite dramatically to $3 billion in 2Q. I was hoping that you could explain to us why it would rise almost 100% up, if my math is correct, in 2Q over 1Q. Is it something simple? Or is it something that you guys are doing from a strategy angle that's making this happen?

再一次，你們在人工智慧領域受益匪淺的成果和巨大的活動，但我的問題是關於軟體的。我想如果我沒聽錯的話，霍克，您提到您的軟體預訂量將在第二季大幅上升至 30 億美元。我希望你能向我們解釋一下，如果我的數學正確的話，為什麼第二季的股價會比第一季上漲近 100%。是不是很簡單的事？或者你們從戰略角度正在做的事情使得這一切發生？

As I indicated, with the acquisition of VMware, we're very focused on selling, upselling and helping customers not just buy but deploy this private cloud, what we call virtual private cloud solution or platform on their on-prem data centers. This has been very successful so far. And I agree. It's early innings still at this point. We just have closed on the deal -- well, we closed on the deal late November, and we are now March, early March. So we had the benefit of at least 3 months, but we have been very prepared to launch and focus on this push initiative on private cloud, VCF. And the results has been very much what we expect it to be, which is very, very successful.

正如我所指出的，透過收購 VMware，我們非常專注於銷售、追加銷售和幫助客戶不僅購買而且在其本地資料中心部署此私有雲，我們稱之為虛擬私有雲解決方案或平台。到目前為止，這非常成功。並且我同意。現在還處於早期幾局。我們剛剛完成了交易——嗯，我們在 11 月底完成了交易，現在是 3 月，3 月初。所以我們至少有 3 個月的時間，但我們已經做好了充分的準備來啟動並專注於私有雲 VCF 的推動計劃。結果非常符合我們的預期，非常非常成功。

Our next question comes from the line of Harlan Sur with JPMorgan.

我們的下一個問題來自哈蘭·蘇爾 (Harlan Sur) 與摩根大通 (JPMorgan) 的對話。

Hock, on the AI outlook being revised from greater than $7.5 billion, I think, last quarter to $10 billion plus this quarter, as you mentioned, AI compute pulls your ASICs, but it also pulls your networking, optical, PCIe, connectivity solutions as well. So can you just help us understand like of that $2.5 billion increase in outlook, is it stronger AI ASIC demand, stronger networking, stronger optical, et cetera? But more importantly, are you also seeing a similar acceleration in your forward ASIC design win pipeline as well?

Hock，關於人工智慧前景，我認為從上個季度的75 億美元以上修改為本季的100 億美元，正如您所提到的，人工智慧運算拉動了您的ASIC，但它也拉動了您的網絡、光學、PCIe、連接解決方案出色地。那麼，您能否幫助我們了解 25 億美元的成長前景，是否是更強勁的 AI ASIC 需求、更強大的網路、更強的光學等等？但更重要的是，您是否也看到您的前向 ASIC 設計獲勝流程也出現了類似的加速？

There's a lot of questions, a lot of information you want me to disgorge. Let's take them one at a time, shall we? Yes, the increase, as we have said before, as we have shown before, it's roughly 2/3, 1/3 or 70-30, which is AI accelerators, which are custom ASIC AI accelerators with a couple of hyperscalers compared to the other components, which are collectively considered as networking components. And it's about 70%-30% mix. And that increase of almost $3 billion that you mentioned is a similar combination.

有很多問題、很多資訊你想讓我吐露。我們一次拿一個，好嗎？是的，正如我們之前所說的，正如我們之前所展示的，大約是 2/3、1/3 或 70-30，這是 AI 加速器，與其他元件，統稱為網路元件。大約是 70%-30% 的混合。您提到的近 30 億美元的成長也是類似的組合。

And then are you seeing a similar acceleration on the forward design win pipeline and customer engagements?

那麼您是否看到正向設計贏得管道和客戶參與方面也有類似的加速？

I have indicated that I only have 2, really only have 2 seriously. I don't count anybody. I do not go into production as a rail customer at this point.

我已經表明我只有2個，真的只有2個。我不算任何人。目前我還沒有作為鐵路客戶投入生產。

Our next question. Our next question comes from the line of Vivek Arya with Bank of America Securities.

我們的下一個問題。我們的下一個問題來自 Vivek Arya 與美國銀行證券公司的聯繫。

Hock, on -- again, on the over $10 billion for AI, is this still a supply-constrained number? Or do you think that this is kind of a very project-driven number, so it's not really supply that gets it? So if you were to get, let's say, increased supply, could there be upside? And then kind of part B of that is on the switching side. Have you already started to see benefits from the 51 terabit per second switches? Is that something that comes along later? Like what is the contribution of 51T to the switching upside that you mentioned for this year?

Hock，再說一遍，關於人工智慧領域超過 100 億美元的資金，這仍然是一個供應受限的數字嗎？或者您認為這是一個非常受專案驅動的數字，因此並不是真正的供應量？那麼，如果你要增加供應，會有上升空間嗎？ B 部分是在切換方面。您是否已經開始看到每秒 51 太比特交換器的優勢？這是後來出現的事嗎？例如您提到的今年51T對轉換的貢獻是什麼？

Yes. No, our Tomahawk 5 is going great guns. Now it's not driven unlike in the past, Tomahawk 3, Tomahawk 4, by traditional scale-out in hyperscalers on your cloud environment. This is all largely coming from a scaling out of AI data centers, the building of larger and larger clusters to enable generative AI computing functionality, and you're going for bigger and bigger pipes. Hence, the Tomahawk 5 51 terabit is a perfect solution, and we're seeing a lot of demand. And in many cases, we are -- basically, they are surpassing the rate of adoption that we had previously thought. So it is a very good solution in connecting GPUs.

是的。不，我們的戰斧 5 是一把很棒的槍。現在，與過去（Tomahawk 3、Tomahawk 4）不同，它不再由雲端環境中的超大規模擴展器中的傳統橫向擴展驅動。這很大程度上來自於人工智慧資料中心的擴展、建立越來越大的叢集以實現生成人工智慧運算功能，並且您需要越來越大的管道。因此，Tomahawk 5 51 太比特是完美的解決方案，我們看到了很大的需求。在許多情況下，基本上，它們的採用率超出了我們先前的預期。所以它是連接GPU的一個非常好的解決方案。

And with respect to AI accelerators, where I think you are focusing on, is that a constraint on supply chain? We do get enough lead time out of our hyperscale customers that we do not have a supply chain constraint.

至於人工智慧加速器，我認為你們關注的焦點是，這是否會對供應鏈造成限制？我們確實從超大規模客戶那裡獲得了足夠的交貨時間，因此我們沒有供應鏈限制。

Our next question comes from the line of Stacy Rasgon with Bernstein Research.

我們的下一個問題來自伯恩斯坦研究中心的史黛西‧拉斯貢 (Stacy Rasgon)。

I had a question on the core software business. So you said VMware for the 2 months that was in there was $2.1 billion, which would put the rest of the software, CA, Symantec and Brocade at like 2.5 almost, could be up like 25% sequentially and almost 40% year-over-year. I guess do I have my math right? And if so, like how can that be? What's going on in the core business? And how should we be thinking about the growth of the core business in VMware as we go through the year? Is the VMware still $12 billion or just -- how do we think about all that?

我有一個關於核心軟體業務的問題。所以你說VMware這兩個月的營收為21億美元，將使其他軟體公司、CA、賽門鐵克和博科的營收幾乎達到2.5%，可能會比上一季成長25%，比去年同期成長近40%——年。我想我的數學對嗎？如果是這樣，那怎麼可能？核心業務進度如何？在這一年裡，我們該如何思考 VMware 核心業務的成長？ VMware 的價值仍然是 120 億美元還是只是——我們如何看待這一切？

Yes, don't get too excited over that. I think it's certain products, contracts we obtained and -- but it's very strong contract renewals in the older -- from old Broadcom contracts, especially in mainframes, were very strong as was some of our other distributor software platform. So that has also accelerated, but that's not the star of this show, Stacy. Star this show is the accelerating bookings and backlog we are accumulating on VMware.

是的，不要為此太興奮。我認為我們獲得的某些產品、合同，以及舊博通合約（尤其是大型機合約）的舊合約續約非常強勁，就像我們的其他一些分銷商軟體平台一樣。所以這也加速了，但這不是這個節目的明星，史黛西。本次展會的亮點是我們在 VMware 上不斷累積的預訂和積壓訂單。

Okay. So VMware is still running at like an $11 billion to $12 billion run rate benefit, so that sounds like that should accelerate. So the overall for VMware should be more than the $12 billion that you talked about. So the core business, the strength this quarter, that was kind of a onetime. We could model that kind of like falling off because you've still got the overall software at 20.

好的。因此，VMware 仍然以 110 億至 120 億美元的運行率收益運行，因此聽起來應該會加速。所以VMware的整體規模應該會超過你所說的120億美元。因此，核心業務，本季的實力，是一次性的。我們可以模擬類似跌倒的情況，因為你仍然擁有 20 歲的整體軟體。

Correct.

正確的。

Our next question comes from the line of Aaron Rakers with Wells Fargo.

我們的下一個問題來自富國銀行的亞倫·雷克斯 (Aaron Rakers)。

Yes. I wanted to ask kind of continuing on the VMware discussion a little bit. Hock, now that you've had the asset for a little while, I'm curious of how you -- how the go-to-market strategy looks with VMware relative to the prior software acquisitions that you've done. What I'm really getting at is kind of like how have you kind of thought about the segmentation of the customer base of VMware. Are you -- I know there's been some discussion around your channel engagement, legacy VMware channel in the past. So I'm just kind of curious of how you've been managing that go to market.

是的。我想請您繼續討論一下 VMware。 Hock，現在您已經擁有該資產一段時間了，我很好奇您如何看待 VMware 的上市策略（相對於您之前進行的軟體收購）。我真正想了解的是，您對 VMware 客戶群的細分有何看法。我知道過去有一些關於您的頻道參與度、傳統 VMware 管道的討論。所以我只是好奇你們是如何管理上市的。

I think now we haven't had it for that long, to be honest. It's like 3 months -- about 3 months. But yes, it's what -- and it seems to be -- that seems to be -- work out, but things seem to be progressing very well as we had hoped it would because where we are focusing our go to market -- and more than go to market, where we are focusing our resources on don't just go to market but on engineering a very improved VCF stack, which we have and selling it out there and being able to then support it and in the process get -- help customers deploy and start to really make it stand up in your data centers, all that focus is on the largest, I would say, 2,000 strategic customers.

老實說，我想我們已經很久沒有這樣了。好像是3個月──大約3個月。但是，是的，這就是——而且似乎是——似乎是——解決了，但事情似乎進展得很好，正如我們所希望的那樣，因為我們將重點放在市場上——以及更多而不是進入市場，我們將資源集中在不只是進入市場，而是設計一個非常改進的VCF 堆棧，我們擁有該堆疊並將其出售，然後能夠支援它，並在此過程中獲得 -幫助客戶部署並開始真正使其在您的資料中心中站穩腳跟，所有重點都集中在最大的（我想說的）2,000 個策略客戶上。

These are guys who want to still have significant distributed data center on-prem. Many of our customers is looking at a hybrid situation. Not trying to use the word here too loosely. Basically, a lot of these customers had some very legacy but critical mainframe. That's an old platform not growing, except it's still vital.

這些人仍然希望在本地擁有重要的分散式資料中心。我們的許多客戶正在考慮混合情況。在這裡我不想太寬鬆地使用這個詞。基本上，許多客戶都擁有一些非常傳統但至關重要的大型主機。這是一個沒有發展的舊平台，但它仍然很重要。

Then what they have in modernizing workloads today and in the future is they really have a choice, which they are taking both angles, of running a lot of applications in data centers on-prem, distributed data centers on-prem, which can handle these modernized workloads while at the same time to -- because of elastic demand, to be able to also put some of these applications into public cloud.

那麼，他們在今天和未來的工作負載現代化方面所擁有的就是，他們確實可以從兩個角度進行選擇，即在本地資料中心、本地分散式資料中心中運行大量應用程序，這些應用程式可以處理這些應用程式現代化的工作負載，同時由於需求彈性，能夠將其中一些應用程式放入公有雲中。

Today's environment, most of these customers do not have an on-prem data center that resembles what's in the cloud, which is very high availability, very low latency, highly resilient, which is one we are offering with VMware Cloud Foundation or VCF, is exactly replicate what they get in a public cloud. And they love it. Now 3 months and -- but we are seeing it in the level of bookings we are generating over the last 3 months.

在當今的環境中，大多數客戶都沒有類似於雲端中的本地資料中心，而雲端中的資料中心具有非常高的可用性、非常低的延遲和高彈性，這是我們透過VMware Cloud Foundation 或VCF 提供的一個資料中心。完全複製他們在公有雲中獲得的內容。他們喜歡它。現在已經過去 3 個月了，但我們從過去 3 個月產生的預訂中看到了這一點。

Our next question comes from the line of Chris Danely with Citi.

我們的下一個問題來自花旗銀行的 Chris Danely。

Hock, just a question on the AI upside in terms of a customer perspective. How much of the upside is coming from new versus existing customers? And then how do you see the customer base going forward? Do you think it's going to broaden? And we know how you like to price. So if you do get a bunch of new customers for these products, could there be some better pricing and better margins as well? Hopefully, they're not listening to the call.

Hock，這只是從客戶角度來看人工智慧優勢的問題。與現有客戶相比，新客戶帶來的好處有多少？那麼您如何看待未來的客戶群？你認為它會擴大嗎？我們知道您喜歡如何定價。因此，如果這些產品確實獲得了一群新客戶，是否還會有更好的定價和更高的利潤？希望他們沒有聽這通電話。

Chris, thanks for this question. Love it because let -- perhaps let me try to perhaps give you a sense how we think of the AI market, the new generative AI market, so to speak, using it very loosely and generically as well. It's really -- we see it as 2 broad segments. One segment is hyperscalers, especially very large hyperscalers with huge, huge consumer subscriber base. You probably can guess who this few people are, very large subscriber base and very -- an almost infinite amount of data.

克里斯，謝謝你提出這個問題。喜歡它，因為讓——也許讓我試著讓你了解我們如何看待人工智慧市場，新的生成式人工智慧市場，可以說，也非常寬鬆和普遍地使用它。我們確實將其視為兩個主要部分。其中一個細分市場是超大規模企業，尤其是擁有龐大消費者用戶群的超大型超大規模企業。您可能可以猜到這幾個人是誰，非常龐大的用戶群和幾乎無限量的數據。

And their model is getting subscribers to keep using this platform they have and through that, be able to generate a better experience for not only the subscribers but a better advertising opportunity for their advertising clients. It's a great ROI as we are seeing ROI that comes very quickly. And the investment continues vigorously with those -- with that segment comprising very few players but with a huge subscriber base, but with the scale to invest a lot.

他們的模式是讓訂閱者繼續使用他們擁有的這個平台，透過這個平台，不僅能夠為訂閱者帶來更好的體驗，也能為他們的廣告客戶提供更好的廣告機會。這是一個很好的投資報酬率，因為我們看到投資報酬率來得非常快。對這些領域的投資仍在繼續，該細分市場的參與者很少，但擁有龐大的用戶群，但投資規模很大。

And here, ASICs, custom silicon, custom AI accelerators makes plenty of sense and that's where we focus that attention on. They also buy, as a scale out, those AI accelerators, through clusters, increasing large clusters because of the way the models are running, the foundation models run, and large language models need to generate those parameters. They buy a lot of networking together with it but in comparison, obviously, to the value of AI accelerators we sell. Now the network working side, while growing, it's small percentage compared to the size, the value of the accelerators. That's one big segment we have.

在這裡，ASIC、客製化晶片、客製化人工智慧加速器很有意義，這也是我們關注的重點。他們還透過集群購買這些人工智慧加速器，作為橫向擴展，增加大型集群，因為模型的運作方式、基礎模型的運作方式以及大型語言模型需要產生這些參數。他們購買了大量的網路設備，但顯然與我們銷售的人工智慧加速器的價值相比。現在，網路工作方面雖然在成長，但與加速器的規模和價值相比，它所佔的百分比很小。這是我們的一大塊。

The other segment we have, which is smaller, is the enterprise, what I broadly call enterprise segment in AI. Here, you're talking about companies, large, not so large but large who wants to do -- who have AI initiatives going on. All these big news and hype about AI being the savior to productivity and all that gets all these companies on multiple -- on their own initiatives. And here, short of going to public cloud, they're trying to run it on-prem. If they try to run it on-prem, they take standard silicon for AI accelerators as much as possible.

我們擁有的另一個較小的細分市場是企業，我將其廣泛地稱為人工智慧中的企業細分市場。在這裡，你談論的是大公司，不是那麼大，而是想要做的大公司——他們正在實施人工智慧計畫。所有這些關於人工智慧是生產力救世主的重大新聞和炒作，以及所有這些讓所有這些公司都採取了多種行動——他們自己的舉措。在這裡，除了進入公有雲之外，他們還嘗試在本地運行它。如果他們嘗試在本地運行它，他們會盡可能採用人工智慧加速器的標準晶片。

And here, in terms of the AI accelerator, we don't have a market. That's the merchant silicon market. But in the networking side as they tie it together with their data centers, they do buy all those are -- our networking components beginning with switches, routers even through people like Arista 7800 but switches for sure, and the various other components I mentioned. And that's a different sense market that we have. So it's an interesting mix, and we see both.

而在這裡，就人工智慧加速器而言，我們沒有市場。這就是商業矽市場。但在網路方面，當他們將其與資料中心結合在一起時，他們確實購買了所有這些- 我們的網路元件從交換器開始，路由器甚至透過像Arista 7800 這樣的人，但肯定是交換機，以及我提到的各種其他組件。這是我們擁有的一個不同意義上的市場。所以這是一個有趣的組合，我們都看到了。

Our next question comes from the line of Karl Ackerman with BNP Paribas.

我們的下一個問題來自卡爾阿克曼 (Karl Ackerman) 與法國巴黎銀行 (BNP Paribas) 的對話。

Hock, weakness in broadband, server and storage customers is understandable given what your peers have said this earnings season. But perhaps you could speak to the backlog visibility you have with your customers in those markets that would indicate those markets could begin to order again and see sequential growth in the second half through our calendar year.

霍克，鑑於您的同行在本財報季的言論，寬頻、伺服器和儲存客戶的疲軟是可以理解的。但也許您可以談談您在這些市場中與客戶的積壓情況，這表明這些市場可能會再次開始訂購，並在整個日曆年的下半年看到連續成長。

You're correct. We are -- as I say, we are almost like near the trough. This year, '24, first half, for sure, will be the trough. Second half '24, don't know yet. But then -- but we have 52-week lead time as you know. We are very disciplined in sticking to it. And based on that, we are seeing bookings lately significantly up from bookings a year ago.

你是對的。正如我所說，我們幾乎已經接近低谷了。今年，24年上半年，一定會是低潮。 24年下半年，還不知道。但是，正如您所知，我們有 52 週的準備時間。我們非常有紀律地堅持下去。基於此，我們發現最近的預訂量比一年前的預訂量顯著增加。

Our next question comes from the line of Christopher Rolland with Susquehanna.

我們的下一個問題來自克里斯多福羅蘭與薩斯奎哈納的對話。

So Hock, this one's for you on optical. So our checks suggest that you're vertically integrating there. You're now putting in your own drivers, TIAs. You're starting to get traction in PAM-4 DSP. And I think you kind of had an early lead in 100-gig data center lasers as well. And this is -- a lot of this should be on the back of AI networking that appears to be exploding here. So I was wondering if you could help us size the market and then also talk about how fast this is growing for you. I think there may have been some clues in that 1/3 number the AI you gave us, but perhaps if you can kind of double click or square that for us, it would be great.

霍克，這個是為您準備的光學產品。因此，我們的檢查表明您正在那裡進行垂直整合。您現在正在放入您自己的驅動程序，TIA。您開始受到 PAM-4 DSP 的關注。我認為你們在 100G 資料中心雷射方面也處於早期領先地位。這其中很大一部分應該是在人工智慧網路的支持下實現的，而人工智慧網路似乎正在爆炸式增長。所以我想知道您是否可以幫助我們確定市場規模，然後談談您的市場成長速度有多快。我認為你給我們的 AI 的 1/3 數字中可能有一些線索，但也許如果你可以雙擊或平方它對我們來說，那就太好了。

Okay. Before you get carried away, please, those in the other categories outside AI accelerators, all those things like PAM-4 DSPs, optical components, retimers, they are small compared to Tomahawk switches and Jericho routers using AI networks. And also being in an environment where, as you all know, traditional enterprise networking is kind of also in a bit of a slowdown [law]. So always think it's demand driven very much by AI. And that tends to push us in a line of thinking that could be very biased because what it is showing is that the mix and the content on networking relative to compute is very skewed, very different from -- in an AI data center compared to a traditional CPU-based data center.

好的。在你得意忘形之前，請先了解AI 加速器之外的其他類別，所有這些東西，如PAM-4 DSP、光學組件、重定時器，與使用AI 網路的Tomahawk 交換機和Jericho 路由器相比，它們都很小。眾所周知，傳統企業網路也處於一種放緩的環境[法律]。所以總是認為需求很大程度是由人工智慧驅動的。這往往會讓我們陷入一種可能非常有偏見的思維方式，因為它所顯示的是，與運算相關的網路的混合和內容是非常傾斜的，與人工智慧資料中心和人工智慧資料中心相比非常不同。傳統的基於CPU的資料中心。

So I don't want to get you guys all in the wrong way. But you're right, in the AI data center, there's a lot of -- there's quite a bit of content on DSPs, PAM-4s, optical components and retimers and PCI Express switches. But they are still not that big in overall scheme of things compared to what we sell in switches and routers. And compared to AI accelerators, they are even small. Think in that ratio.

所以我不想讓你們都誤會。但你是對的，在 AI 資料中心，有很多關於 DSP、PAM-4、光學元件、重定時器和 PCI Express 交換器的內容。但與我們銷售的交換器和路由器相比，它們在整體方案上仍然沒有那麼大。與人工智慧加速器相比，它們甚至更小。照這個比例來思考。

As I said, AI revenue of $10 billion plus this year, 70% would be AI accelerators; 30%, everything else. And within that everything else, 30% or so, I would say more than half of that 30%, more like 20% are the switches and routers. And the rest are other various retimer, DSP components because we are not -- unlike what you said, we're not vertically integrated in the sense we do not do the entire transceiver -- the optical transceiver. We don't do that. Those are manufactured typically by OEMs, contract manufacturers like Innolight, Eoptolink guys in China, where those guys are much more competitive. But we provide those key components we talk about. So when you look at it that way, you can understand the kind of the weighting of the various values.

正如我所說，今年人工智慧收入超過 100 億美元，其中 70% 將是人工智慧加速器； 30%，其他都可以。在其他所有內容中，大約 30%，我想說這 30% 中的一半以上，更像是 20% 是交換器和路由器。其餘的是其他各種重定時器、DSP 組件，因為我們不是——與您所說的不同，我們不是垂直集成的，因為我們不做整個收發器——光收發器。我們不這樣做。這些產品通常由原始設備製造商、合約製造商（如旭創科技、新易盛）在中國製造，這些公司在中國更具競爭力。但我們提供了我們談論的那些關鍵組件。所以當你這樣看時，你就可以理解各種值的權重是怎麼樣的。

Our next question comes from the line of Toshiya Hari with Goldman Sachs.

我們的下一個問題來自 Toshiya Hari 與高盛的對話。

Hock, I think we all appreciate the capabilities you have in terms of custom compute. I asked this question last quarter on the group call back. But there is one competitor based in Asia, who continues to be pretty vocal and adamant that one of the future designs at your largest customer, they may have some share, and we're picking up conflicting evidence, and we're getting a bunch of investor questions. I was hoping you could address that and your confidence level in sort of maintaining, if not, extending your position there.

Hock，我想我們都欣賞您在客​​製化計算方面的能力。我上個季度在小組回電中問了這個問題。但有一個總部位於亞洲的競爭對手，他們繼續直言不諱地堅持認為，在你最大的客戶的未來設計之一中，他們可能會佔有一些份額，而我們正在收集相互矛盾的證據，我們得到了一堆投資者的問題。我希望你能夠解決這個問題以及你的信心水平，以維持（如果沒有的話）擴大你在那裡的地位。

I can't stop somebody from trash talking. Okay? It's the best way to describe it. Let the numbers speak for themselves, please, and leave it that way. And I add to it like most things we do in terms of large critical technology products, we tend to always have, as we do here, a very deep strategic and multiyear relationship with our customer.

我無法阻止某人說垃圾話。好的？這是描述它的最好方式。請讓數字來說明一切，就這樣吧。我補充說，就像我們在大型關鍵技術產品所做的大多數事情一樣，我們往往總是與客戶保持著非常深厚的策略和多年關係，就像我們在這裡所做的那樣。

Our next question comes from the line of Vijay Rakesh with Mizuho.

我們的下一個問題來自 Vijay Rakesh 和 Mizuho 的對話。

Just on the custom silicon side, obviously, you guys dominate that space. But you mentioned 2 customers -- only 2 major customers. But just wondering what's really holding back other hyperscalers from ramping up their custom silicon side. And on the flip side, you're hearing some peers talk about custom silicon road maps as well, so if you could hit both?

顯然，就客製化晶片而言，你們主導了這個領域。但你提到了 2 個客戶——只有 2 個主要客戶。但只是想知道是什麼真正阻礙了其他超大規模企業擴大其客製化晶片規模。另一方面，您也聽到一些同行談論客製化晶片路線圖，那麼您是否可以同時兼顧兩者呢？

Well, number one, we don't dominate this market, only have 2. That can't be dominating at 2 and -- number one. Number two, the second point is it's very -- it takes years. It takes a lot of heavy lifting to create that custom silicon because you need to do more than just hardware of silicon to really have a solution for generative AI or even AI in trying to create those AI capabilities in your data centers. It's more than just silicon. You have you have to invest a lot in creating software models that works on your custom silicon that matches.

嗯，第一，我們並沒有主導這個市場，只有 2 個。那不可能在 2 個市場上佔據主導地位，而且——第一。第二，第二點是這需要數年時間。創建客製化晶片需要做很多繁重的工作，因為您需要做的不僅僅是晶片硬件，才能真正擁有生成式人工智慧的解決方案，甚至是嘗試在資料中心創建這些人工智慧功能的人工智慧解決方案。它不僅僅是矽。您必須投入大量資金來創建可在匹配的定制晶片上運行的軟體模型。

You've got to match your business model in the first place, which leads to and create foundation models which then needs to work and optimize on the custom silicon you are developing. So it's an iterative process, and it's a constant evolving process even for the same customer we deal with. I mentioned that in the last call.

您必須先匹配您的業務模型，這會導致並創建基礎模型，然後需要在您正在開發的客製化晶片上工作和優化。所以這是一個迭代的過程，即使對於我們處理的同一個客戶來說，這也是一個不斷發展的過程。我在上次通話中提到過這一點。

So it takes years to really understand or to be able to basically reach a point where you can say that, hey, I'm finally delivering production worthy -- and it's not because silicon is bad. It's because it doesn't work well with the foundation models that the customer put in place and a software layer that works with it, the firmware, the software layer that translates into it.

因此，需要數年時間才能真正理解或能夠基本上達到一個程度，您可以說，嘿，我終於交付了值得生產的產品 - 這並不是因為矽不好。這是因為它與客戶設定的基礎模型以及與其配合使用的軟體層、韌體以及轉換為韌體的軟體層無法很好地配合。

All that has to work. You are almost like creating an entire ecosystem on -- in a limited basis, which we are recognized very well in x86 CPUs, but in GPUs, those kind of AI accelerators is something still very early stage. So it takes years. And for our 2 customers, we have engaged for years. With 1 of them, we have engaged for 8 years to get to this point.

所有這些都必須起作用。你幾乎就像在有限的基礎上創建一個完整的生態系統，我們在 x86 CPU 中對此非常認可，但在 GPU 中，此類 AI 加速器仍處於非常早期的階段。所以這需要數年時間。對於我們的 2 位客戶，我們已經合作多年。我們與其中一位合作了 8 年才走到這一步。

So it's something you have to be very patient, be -- persevere and hope that everything lines up because ultimate success, if you are just a silicon developer, it's not just dependent on you but dependent as much even more on your partner or customer doing it. So just got to be patient guys. I got the 2 only so far.

因此，您必須非常耐心、堅持並希望一切順利，因為最終的成功，如果您只是一名晶片開發人員，那麼它不僅取決於您，而且更取決於您的合作夥伴或客戶所做的事情它。所以大家要有耐心。到目前為止我只拿到了2個。

And on the peers getting into that market?

同行進入該市場的情況如何？

Who is getting to the market? Please repeat.

誰進入市場？請重複。

You talked about some of your peers. Like I think NVIDIA has been talking about entering the custom silicon market as well. Just your thoughts around that. Yes.

你談到了你的一些同齡人。我認為 NVIDIA 也一直在談論進入客製化晶片市場。只是你對此的想法。是的。

Custom silicon market. I have no comment to be made on it. All I do say is I have no interest in going into a market where -- we have a philosophy in running our business, Broadcom, and maybe other people have a different philosophy. Let me tell you my simple philosophy, which I've articulated over time every now and then, which is very clear to my management team and to the whole Broadcom. You do what you're good at. And you do -- you keep doubling down on things you know you are better than anybody else. And you just keep doubling down because nobody else will catch up to you if you keep running ahead of the pack. But do not do something that you think you can do but somebody else is doing much better job than you are. That's my philosophy.

客製化矽市場。我對此無可奉告。我想說的是，我對進入這樣一個市場沒有興趣──我們有自己的經營理念，博通，也許其他人有不同的理念。讓我告訴您我的簡單理念，我時不時地闡明這個理念，這對我的管理團隊和整個博通來說都非常清楚。你做你擅長的事。你確實這麼做了——你不斷地在你知道自己比其他人都擅長的事情上加倍努力。你只要繼續加倍努力，因為如果你繼續領先，沒有人能追上你。但不要做一些你認為你能做但其他人做得比你好得多的事情。這就是我的哲學。

Our next question comes from the line of Matt Ramsay with TD Cowen.

我們的下一個問題來自 Matt Ramsay 和 TD Cowen 的對話。

Just kind of a two-part thing on the custom silicon stuff. I guess, Hock, if some of the merchant leaders in AI were interested in some custom networking stuff from you either in switching routing would you consider it?

只是客製化矽材料上的兩個部分。我想，霍克，如果人工智慧領域的一些商業領袖對你在交換路由方面的一些客製化網路東西感興趣，你會考慮嗎？

And the second question is for Kirsten. The business model around custom silicon for most folks is taking [already payments] upfront and sell the end product at a lower gross margin but a higher operating margin. And you guys have ramped this massive custom business with no real impact to gross margin. So maybe you could just unpack the philosophy and the accounting about the way that you guys approach the custom silicon opportunities just from a margin perspective?

第二個問題是問克斯汀的。對大多數人來說，圍繞客製化晶片的商業模式是預付[已付款]，並以較低的毛利率但較高的營業利潤來銷售最終產品。你們已經擴大了這龐大的客製化業務，但對毛利率並沒有產生真正的影響。那麼，也許您可以從利潤的角度來解釋一下你們處理定制晶片機會的方式的理念和會計？

I'll take that because you're asking business model. You're not asking really number crunching. So let me try to answer in this way. No, there's no particular reason short of what constitutes an AI accelerator. An AI accelerator, the way it's configured now, whether it's a merchant or its custom has a -- first, an AI accelerator to run foundation models very well, needs not just a whole bunch of loads of floating point multipliers to do matrix multiplication, matrix analysis on regression. That's the logic part, compute part. It comes -- you have to come with access to a lot of memory, literally almost cash memory tied to it. The chip is not just a simple multiplier. It has -- it comes attached to a memory. It's almost a layer 3-dimensional chip, which it is.

我會接受這個，因為你問的是商業模式。你並不是要求真正的數字運算。那麼讓我試著這樣回答一下。不，除了人工智慧加速器的組成之外，沒有什麼特別的原因。人工智慧加速器，按照它現在的配置方式，無論是商家還是客製化的，首先，人工智慧加速器可以很好地運行基礎模型，不僅需要一大堆浮點乘法器來進行矩陣乘法，回歸矩陣分析。這是邏輯部分，計算部分。它來了——你必須能夠訪問大量內存，幾乎是與其綁定的現金內存。該晶片不僅僅是一個簡單的乘法器。它與記憶相連。它幾乎是一個層狀 3 維晶片，確實如此。

Memory is not something we -- any of us in AI accelerators are super good at designing or building. So we buy the memory from very specialized high-bandwidth memory, you all know about that, from key memory suppliers. Every one of us does that. So you part the 2 -- combine the 2 together. That's what an AI accelerator is. So even if I get very good net corporate silicon gross margin on my compute, logic chip on multipliers, there's no way I can apply that kind of add-on margin to the high-bandwidth memory, which is a big part of the cost of the total chip.

記憶不是我們人工智慧加速器中的任何人都非常擅長設計或建造的東西。因此，我們從非常專業的高頻寬內存購買內存，這一點你們都知道，是從主要內存供應商那裡購買的。我們每個人都這樣做。所以你將 2 分開－將 2 結合在一起。這就是人工智慧加速器。因此，即使我在計算、乘法器上的邏輯晶片上獲得了非常好的企業矽淨毛利率，我也無法將這種附加利潤應用於高頻寬記憶體，這是高頻寬記憶體成本的很大一部分。總晶片。

And so naturally, by simple math, it will -- that whole -- an entire consolidated AI accelerator brings a gross margin below what a traditional silicon product we have out there. No going away from that because you are adding on memory, even though we have to create the access, the IOs that attach in, we do not and could not justify adding that kind of margin to memory. Nobody could for us. So it brings a natural lower margin. That's really the simple basis to it.

因此，自然地，透過簡單的數學計算，整個整合的人工智慧加速器的毛利率將低於我們現有的傳統矽產品。沒有必要放棄這一點，因為你要添加內存，即使我們必須創建訪問、附加的 IO，我們不會也不能證明向內存添加這種餘量是合理的。沒有人能為我們做到。所以它帶來的利潤率自然較低。這確實是它的簡單基礎。

But on the logic part of it, sure, with the kind of content with the kind of IP that we develop, cutting edge to make those high-density floating point multipliers on 800 square millimeters of advanced silicon, we can command the margin similar to our corporate gross margin.

但在邏輯部分，當然，憑藉我們開發的 IP 類型的內容，在 800 平方毫米的先進矽片上製造高密度浮點乘法器的尖端技術，我們可以控制類似於我們公司的毛利率。

Our next question comes from the line of Edward Snyder with Charter Equity Research.

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

First, a housekeeping one if I could, Hock. You mentioned the second [custom --] customer, but you also mentioned that it takes years of work iteratively. I mean you can -- anybody has looked at the TPU history, I guess, understands that. So -- and you've said before that it takes time to ramp it up. So -- but maybe you could give us a little bit of color on, you said, phenomenal growth in your custom silicon products. Is much or a material part of that coming from your second customer? And taking into account the low revenue number, is the growth rate, generally speaking, fairly comparable? And then I had a question about VMware.

首先，如果可以的話，霍克，做一個家事服務。您提到了第二個[自訂 --] 客戶，但您也提到這需要多年的迭代工作。我的意思是你可以——我想任何看過 TPU 歷史的人都明白這一點。所以——你之前說過，需要時間來提升它。所以——但也許你可以給我們一點顏色，你說，你的客製化矽產品的驚人增長。其中大部分或重要部分來自您的第二位客戶嗎？考慮到收入數字較低，整體而言成長率是否具有可比性？然後我有一個關於 VMware 的問題。

You better go on to VMware customers. And because of the first -- I don't tell about my customer individually, sorry.

您最好繼續聯絡 VMware 客戶。因為第一點——抱歉，我不會單獨講述我的客戶。

Okay. Okay. Never mind. That's a waste of time. So closing VMware held kind of a significant shift in your software strategy from focusing on the largest 1,000 or so customers to hundreds of thousands now. Why should we expect, once you get through, I don't want to say, the low-hanging fruit of selling into the, like you mentioned, the first 1,000 customers with the VCF product, that your OpEx as a share of sales, especially in sales and marketing, would start to increase because that's the big leverage Broadcom has had over almost all your acquisitions in software, and that seems to be changing now?

好的。好的。沒關係。那是浪費時間。因此，關閉 VMware 意味著您的軟體策略發生了重大轉變，從專注於最大的 1,000 家左右客戶，轉變為現在的數十萬個客戶。為什麼我們應該期望，一旦你通過了，我不想說，像你提到的那樣，向使用 VCF 產品的前 1,000 名客戶銷售唾手可得的成果，你的營運支出佔銷售額的比例，尤其是在銷售和行銷方面，會開始增加，因為這是博通對幾乎所有軟體收購的巨大影響力，而且現在似乎正在改變？

We have a shift here. And it's interesting. You're right. No regret. We are spending more on go to market and support because we have a lot of customers, VMware. They have 300,000, but we stratify. So we have the strategic guys. We sell, upsell VCF, private cloud, very good. But the long tail of what we call smaller commercial customers, we continue to support and sell improved versions of just the vSphere compute virtualization to improve productivity on their servers.

我們這裡輪班。這很有趣。你說得對。沒有遺憾。我們在市場推廣和支援方面投入了更多資金，因為我們有很多客戶，VMware。他們有30萬，但我們是分層的。所以我們有戰略人員。我們銷售、追加銷售 VCF、私有雲，非常好。但對於我們所說的小型商業客戶的長尾來說，我們繼續支援和銷售 vSphere 計算虛擬化的改進版本，以提高他們伺服器的生產力。

We don't attempt to say go build up your whole VCF. They don't have the skills, don't have the scale to do it. But only it adds up, is you're right. My costs of my spend, OpEx spend, be it support services, go to market will increase. But the difference between that and, say, CA, my -- under acquisition we did is we're growing this business very fast. And you don't have to increase your spend growing this business. So we have operating leverage through revenue growth over the next 3 years.

我們並不是試圖說去建立你的整個 VCF。他們沒有能力，也沒有規模來做到這一點。但只有加起來，你才是對的。我的支出、營運支出、支援服務、上市成本都會增加。但這與我們收購的 CA 之間的差異在於，我們的業務成長速度非常快。而且您不必增加支出來發展這項業務。因此，我們透過未來 3 年的營收成長獲得了營運槓桿。

Great. If I could squeeze one more in. You'd mentioned several times actually in the last quarter that there were 2 divisions you're going to divest including Carbon Black, and that's changed. What has changed? Has the market outlook kind of softened and just a wait and see? Or did you change your strategy and how you're going to integrate? I'm just curious why, last quarter, you said you'd probably get rid of it in [3] months and now you're keeping it.

偉大的。如果我能再擠進去一個的話。事實上，您在上個季度曾多次提到您將剝離包括炭黑在內的兩個部門，但情況已經發生了變化。發生了什麼變化？市場前景是否有所疲軟，只能觀望？或者您改變了策略以及整合方式？我只是好奇為什麼上個季度你說你可能會在 [3] 個月內擺脫它，而現在你卻保留它。

Well, we find now that we could generate more value to you, the shareholders. Assume you are -- I'm just kidding, but we would generate more value to our shareholders by taking Carbon Black, which is not that big, and integrating it into Symantec, that, by doing it, we would generate much better value to our shareholders than taking a one-shot divestiture on this asset, not particularly large to begin with.

好吧，我們現在發現我們可以為股東創造更多價值。假設你是——我只是在開玩笑，但我們可以透過採用炭黑（規模不大）並將其整合到賽門鐵克中，為我們的股東創造更多價值，透過這樣做，我們將為股東創造更好的價值。我們的股東而不是一次性剝離這項資產，一開始就不是特別大。

Ladies and gentlemen, due to the interest of time, I would now like to turn the call back over to Ji Yoo for closing remarks.

女士們、先生們，由於時間關係，我現在想把電話轉回給 Ji Yoo 做總結發言。

Thank you, operator. In closing, we would like to highlight our Broadcom Enabling AI in Infrastructure Investor Meeting on Wednesday, March 20, 2024, at 9:00 a.m. Pacific, 12:00 p.m. Eastern Time. Charlie Kawwas, President of Broadcom's Semiconductor Solutions Group and several general managers will present on Broadcom's merchant silicon portfolio. The live webcast and replay of the investor meeting will be available at investors.broadcom.com.

謝謝你，接線生。最後，我們想強調我們於 2024 年 3 月 20 日星期三上午 9:00（太平洋時間）中午 12:00 舉行的 Broadcom 在基礎設施領域啟用人工智慧投資者會議。東部時間。 Broadcom 半導體解決方案集團總裁 Charlie Kawwas 和幾位總經理將介紹 Broadcom 的商用晶片產品組合。投資者會議的網路直播和重播將在 Investors.broadcom.com 上進行。

Broadcom currently plans to report its earnings for the second quarter of fiscal '24 after close of market on Wednesday, June 12, 2024. A public webcast of Broadcom's earnings conference call will follow at 2:00 p.m. Pacific Time.

博通目前計劃於 2024 年 6 月 12 日星期三收盤後公佈 24 財年第二季度的收益。博通收益電話會議的公開網路直播將於下午 2:00 舉行。太平洋時間。

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. Ladies and gentlemen, this concludes today's conference call. Thank you for your participation. You may now disconnect.

謝謝。女士們、先生們，今天的電話會議到此結束。感謝您的參與。您現在可以斷開連線。