博通 (AVGO) 2024 Q3 法說會逐字稿

Welcome to Broadcom Inc., third-quarter fiscal year 2024 financial results conference call.

歡迎參加 Broadcom Inc. 2024 財年第三季財務業績電話會議。

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.

現在，我想將電話轉給 Broadcom Inc. 投資者關係主管 Ji Yoo 進行開場發言和介紹。

Thank you, operator, and good afternoon, everyone.

謝謝接線員，大家下午好。

Joining me on today's call are Hock Tan, President and CEO; Kirsten Spears, Chief Financial Officer; and Charlie Kawwas, President Semiconductor Solutions Group.

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 third quarter of fiscal year 2024.

Broadcom 在收盤後發布了一份新聞稿和財務表格，描述了我們 2024 財年第三季的財務表現。

If you did not receive a copy, you may obtain the information from the Investors section of Broadcom's website at broadcom.com.

如果您沒有收到副本，您可以從 Broadcom 網站 Broadcom.com 的投資者部分獲取資訊。

This conference call is being webcast live.

本次電話會議正在進行網路直播。

An audio replay of the call can be accessed for one year through the Investors section of Broadcom's website.

可以透過 Broadcom 網站的投資者部分獲得為期一年的通話音訊重播。

During the prepared comments, Hock and Kirsten will be providing details of our third-quarter fiscal year 2024 results, guidance for our fourth quarter of fiscal year 2024, as well as commentary regarding the business environment.

在準備好的評論中，Hock 和 Kirsten 將提供 2024 財年第三季業績的詳細資訊、2024 財年第四季的指導以及有關商業環境的評論。

We'll take questions after the end of our prepared comments.

我們將在準備好的評論結束後回答問題。

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.

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 US GAAP reporting, Broadcom reports certain financial measures on a non-GAAP basis.

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。

A reconciliation between GAAP and non-GAAP measures is included in the tables attached to today's press release.

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。

Comments made during today's call will primarily refer to our non-GAAP financial results.

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 will 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.

謝謝你，吉，也謝謝大家今天加入我們。

In our fiscal Q3 2024, consolidated net revenue of $13.1 billion was up 47% year on year, and operating profit was up 44% year on year.

2024 年第三財季，合併淨收入為 131 億美元，較去年同期成長 47%，營業利潤較去年同期成長 44%。

These strong results reflected three key factors: one, AI revenue continues to grow and grow strongly; two, VMware bookings continue to accelerate; and three, non-AI semiconductor revenue has stabilized.

這些強勁的業績反映了三個關鍵因素：一是人工智慧收入持續成長且成長強勁；二、VMware預訂量持續加速；三是非AI半導體營收企穩。

Before I give you more color on our two reporting segments, let me give you a quick update on guidance.

在我向您詳細介紹我們的兩個報告部分之前，讓我先向您介紹指導的快速更新。

Now we started the year providing annual guidance with quarterly updates as we run the process of integrating VMware.

現在，我們在新的一年開始時，在運行 VMware 整合流程時提供年度指導和季度更新。

Things are now much more stable, and we are in the first -- sorry, and we're in the final quarter of 2024.

現在情況更加穩定，我們處於第一個 - 抱歉，我們處於 2024 年最後一個季度。

So instead of giving you annual guidance, we now revert to providing the quarterly guidance for Q4.

因此，我們現在不再提供年度指導，而是提供第四季度的季度指導。

Starting with software, in Q3, infrastructure software segment revenue of $5.8 billion was up 200% year on year driven by $3.8 billion in revenue contribution from VMware.

從軟體開始，第三季基礎設施軟體部門營收為 58 億美元，年增 200%，其中 VMware 貢獻了 38 億美元的營收。

The transformation of the business model of VMware continues to progress very well.

VMware的商業模式轉型持續進展順利。

In fact, last week, we held a well-attended VMware Explore Conference in Las Vegas, our first as a combined company.

事實上，上週我們在拉斯維加斯舉辦了一次參加人數眾多的 VMware Explore 會議，這是我們作為合併後的公司舉辦的第一次會議。

This event was all about promoting VMware Cloud Foundation, or VCF, which is the full software stack that virtualizes an entire data center and creates a private cloud environment on-prem for enterprises.

這項活動旨在推廣 VMware Cloud Foundation（VCF），它是一個完整的軟體堆疊，可虛擬化整個資料中心並為企業創建本地私有雲環境。

The success of this strategy is reflected in our performance in fiscal Q3.

這項策略的成功反映在我們第三財季的業績上。

We booked more than 15 million CPU cores of VCF, representing over 80% of the total VMware products we booked during the quarter.

我們預訂了超過 1500 萬個 VCF CPU 核心，占我們本季預訂的 VMware 產品總數的 80% 以上。

And this translates into an annualized booking value, or ABV as I had described before, of $2.5 billion during Q3, up 32% from the preceding quarter.

這意味著第三季的年化預訂價值（ABV）為 25 億美元，比上一季成長 32%。

Meanwhile, we continue to drive down costs in VMware.

同時，我們持續降低 VMware 成本。

We brought VMware spending down to $1.3 million in Q3 from $1.6 million in Q2.

我們將 VMware 支出從第二季的 160 萬美元降至第三季的 130 萬美元。

And when we acquired VMware, our target was to deliver adjusted EBITDA of $8.5 billion within three years of the acquisition.

當我們收購 VMware 時，我們的目標是在收購後三年內實現調整後 EBITDA 達到 85 億美元。

We are well on the path to achieving or even exceeding this EBITDA goal in the next fiscal '25.

我們正在順利實現，甚至在下一財年超過 25 財年的 EBITDA 目標。

Now turning to semiconductors.

現在轉向半導體。

In networking, Q3 revenue of $4 billion grew 43% year on year, representing 55% of semiconductor revenue.

網路領域，第三季營收40億美元，年增43%，佔半導體營收的55%。

This was again driven by strong demand from hyperscalers for both AI networking and our custom AI accelerators.

這再次受到超大規模企業對人工智慧網路和我們的客製化人工智慧加速器的強烈需求所推動。

As you know, our hyperscale customers continue to scale up and scale out their AI clusters.

如您所知，我們的超大規模客戶不斷擴展和擴展他們的人工智慧叢集。

Custom AI accelerators grew 3.5 times year on year.

客製化AI加速器年增3.5倍。

In the fabric, Ethernet switching, driven by Tomahawk 5 and Jericho3-AI grew over 4 times year on year, while our optical lasers and PIN diodes used in optical interconnects grew three-fold.

在結構中，由Tomahawk 5和Jericho3-AI驅動的以太網交換同比增長超過4倍，而我們用於光學互連的光學激光器和PIN二極管增長了三倍。

Meanwhile, PCI Express Switches more than doubled, and we're shipping in volume our industry-leading 5-nanometer, 400-gigabit per second NICs and 800-gigabit per second DSPs.

同時，PCI Express 交換器數量增加了一倍以上，我們正​​在批量出貨業界領先的 5 奈米、每秒 400 吉比特的 NIC 和每秒 800 吉比特的 DSP。

So now let me give you more color on our networking products which are not used in AI.

現在讓我為您介紹我們未用於人工智慧的網路產品。

As we had indicated last quarter, we believe we hit bottom in Q2.

正如我們上季度所指出的，我們相信我們在第二季觸底。

And in Q3, non-AI networking was up actually 17% sequentially even as it was down 41% year on year.

在第三季度，非人工智慧網路實際上環比增長了 17%，儘管同比下降了 41%。

We expect this level of revenue to sustain in Q4 and the year-on-year decline to moderate to 30%.

我們預計第四季營收將維持這一水平，年減幅將放緩至 30%。

So in adding the strength we continue to see in AI, we expect total networking revenue to grow over 40% year on year in Q4.

因此，隨著我們在人工智慧領域繼續看到的優勢，我們預計第四季度網路總收入將年增超過 40%。

Across enterprise infrastructure, we see the same trend of recovery in server storage.

在整個企業基礎架構中，我們看到伺服器儲存的復原趨勢相同。

Our Q3 server storage connectivity revenue was $861 million, up 5% sequentially and down 25% year on year.

我們第三季的伺服器儲存連線營收為 8.61 億美元，季增 5%，年減 25%。

In Q4, we expect server storage revenue to grow mid- to high-single-digit percent sequentially even as revenue is expected to be down high-single-digit percent year on year.

在第四季度，我們預計伺服器儲存收入將連續成長中高個位數百分比，儘管收入預計將年減高個位數百分比。

Moving on to wireless.

轉向無線。

Q3 wireless revenue of $1.7 billion grew 1% year on year, representing 23% of semiconductor revenue.

第三季無線營收為 17 億美元，年增 1%，佔半導體營收的 23%。

And in Q4, reflecting the launch of next-generation devices and our North American customers, we expect wireless revenue to actually grow over 20% sequentially even as it will be relatively flat year on year.

第四季度，隨著下一代設備的推出和北美客戶的推出，我們預計無線收入實際上將環比增長 20% 以上，儘管同比相對持平。

On to broadband, Q3 revenue declined 49% year on year to $557 million, [and] represented 8% of semiconductor revenue.

在寬頻方面，第三季營收年減 49% 至 5.57 億美元，佔半導體營收的 8%。

Broadband remains weak on a continued pause in telco and service provider spending.

由於電信和服務供應商支出持續暫停，寬頻仍然疲軟。

And in Q4, we expect broadband to continue to be down over 40% year on year, but we do expect that recovery to begin in '25.

在第四季度，我們預計寬頻將繼續同比下降 40% 以上，但我們確實預計復甦將於 20 年開始。

Finally, Q3 industrial resales of $164 million declined 31% year on year.

最後，第三季工業轉售額為 1.64 億美元，年減 31%。

We believe we are approaching bottom in Q3 as Q4 resales are expected to recover sequentially.

我們相信，隨著第四季度轉售量預計將相繼恢復，第三季我們將接近底部。

Year on year, Q4 industrial resales will still be down approximately 20%.

年比，第四季工業轉售仍將下降約20%。

In summary, here are the trends we are seeing in semiconductors.

總而言之，以下是我們在半導體領域看到的趨勢。

In aggregate, we have reached bottom in our non-AI markets, and we're expecting a recovery in Q4.

總的來說，我們的非人工智慧市場已經觸底，我們預計第四季會出現復甦。

AI demand remains strong and we expect, in Q4, AI revenue to grow sequentially 10% to over $3.5 billion.

AI 需求依然強勁，我們預計第四季 AI 營收將季增 10%，達到 35 億美元以上。

This will translate to AI revenue of $12 billion for fiscal '24, up from our prior guidance of over $11 billion.

這將意味著 24 財年的人工智慧收入將達到 120 億美元，高於我們先前超過 110 億美元的預期。

Putting it all together with software, here's our forecast for Q4.

將所有這些與軟體結合起來，這是我們對第四季度的預測。

We expect Q4 semiconductor revenue of approximately $8 billion, up 9% year on year.

我們預計第四季半導體營收約 80 億美元，年增 9%。

For infrastructure software, we expect revenue to be about $6 billion.

對於基礎設施軟體，我們預計收入約為 60 億美元。

So we are guiding Q4 consolidated revenue to be approximately $14 billion, which is up 51% year on year.

因此，我們預計第四季度合併收入約為 140 億美元，年增 51%。

We also expect this will drive Q4 consolidated adjusted EBITDA to achieve approximately 64% of revenue.

我們也預計這將推動第四季度綜合調整後 EBITDA 達到營收的約 64%。

This Q4 guidance would imply we are raising the outlook for our fiscal 2024 revenue to $51.5 billion and adjusted EBITDA for the year to

該第四季指引意味著我們將 2024 財年營收前景提高至 515 億美元，並將本年度調整後的 EBITDA 提高至

[61.5%].

[61.5%]。

And with that, let me turn the call over to Kirsten.

接下來，讓我把電話轉給克斯汀。

Thank you, Hock.

謝謝你，霍克。

Let me now provide additional detail on our Q3 financial performance.

現在讓我提供有關我們第三季財務業績的更多詳細資訊。

Consolidated revenue was $13.1 billion for the quarter, up 47% from a year ago.

該季度綜合營收為 131 億美元，比去年同期成長 47%。

Excluding the contribution from VMware, Q3 revenue increased 4% year on year.

剔除VMware的貢獻，第三季營收年增4%。

Gross margins were 77.4% of revenue in the quarter.

該季度毛利率佔營收的 77.4%。

R&D was $1.5 billion, and consolidated operating expenses were $2.2 billion, up year on year primarily due to the consolidation of VMware.

研發費用為 15 億美元，綜合營運費用為 22 億美元，年成長主要是由於 VMware 的合併。

Q3 operating income was $7.9 billion and was up 44% from a year ago, with operating margin at 61% of revenue.

第三季營業收入為 79 億美元，年增 44%，營業利益率為營收的 61%。

Excluding transition costs, operating profit of $8 billion was up 45% from a year ago with operating margin of 62% of revenue.

不計轉型成本，營業利潤為 80 億美元，比去年同期成長 45%，營業利益率為營收的 62%。

Adjusted EBITDA was $8.2 billion or 63% of revenue.

調整後 EBITDA 為 82 億美元，佔營收的 63%。

This figure excludes $149 million of depreciation.

該數字不包括 1.49 億美元的折舊。

Now a review of the P&L for our two segments, starting with semis.

現在回顧我們兩個部分的損益表，從半決賽開始。

Revenue for our semiconductor solutions segment was $7.3 billion and represented 56% of total revenue in the quarter.

我們的半導體解決方案部門的收入為 73 億美元，佔本季總收入的 56%。

This was up 5% year on year.

這一數字年增了 5%。

Gross margins for our semiconductor solutions segment were approximately 68%, down 270 basis points year on year, driven primarily by a higher mix of custom AI accelerators.

我們的半導體解決方案部門的毛利率約為 68%，較去年同期下降 270 個基點，這主要是由於客製化 AI 加速器組合的增加所致。

Operating expenses increased 11% year on year to $881 million on increased investment in R&D, resulting in semiconductor operating margins of 56%.

由於研發投資增加，營運費用年增 11% 至 8.81 億美元，導致半導體營運利潤率達到 56%。

Now moving on to infrastructure software.

現在轉向基礎設施軟體。

Revenue for infrastructure software was $5.8 billion, up 200% year on year primarily due to the contribution of VMware and represented 44% of revenue.

基礎設施軟體營收為58億美元，年增200%，主要得益於VMware的貢獻，佔營收的44%。

Gross margins for infrastructure software were 90% in the quarter, and operating expenses were $1.3 billion in the quarter, resulting in infrastructure software operating margin of 67%.

該季度基礎設施軟體毛利率為 90%，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 67%。

Excluding transition costs, operating margin was 69%.

不計轉型成本，營業利益率為 69%。

Moving on to cash flow.

轉向現金流。

Free cash flow in the quarter was $4.8 billion and represented 37% of revenues.

本季自由現金流為 48 億美元，佔營收的 37%。

Excluding cash used for restructuring and integration of $529 million, free cash flows of $5.3 billion were up 14% year on year and represented 41% of revenue.

不包括用於重組和整合的現金 5.29 億美元，自由現金流為 53 億美元，年增 14%，佔營收的 41%。

Free cash flow as a percentage of revenue has declined from the same quarter a year ago due to higher cash interest expense from debt related to the VMware acquisition and higher cash taxes due to a higher mix of US income and the continued delay in the reenactment of Section 174.

自由現金流佔收入的百分比較上年同期有所下降，原因是與 VMware 收購相關的債務帶來的現金利息支出增加，以及美國收入組合增加以及重新制定法律的持續延遲導致現金稅增加。條。

We spent $172 million on capital expenditures.

我們在資本支出上花了 1.72 億美元。

Days sales outstanding were 32 days in the quarter, in line with the year ago.

本季應收帳款天數為 32 天，與去年同期持平。

We ended the third quarter with inventory of $1.9 billion, up 3% sequentially.

第三季末，我們的庫存為 19 億美元，季增 3%。

Note that we continue to remain disciplined on how we manage inventory across the ecosystem.

請注意，我們將繼續嚴格管理整個生態系統的庫存。

We ended the third quarter with $10 billion of cash and $72.3 billion of gross principal debt.

第三季末，我們擁有 100 億美元現金和 723 億美元總本金債務。

During the quarter, we replaced $5 billion of floating rate notes with new fixed senior notes.

本季度，我們用新的固定優先票據取代了 50 億美元的浮動利率票據。

We used the proceeds from the completed sale of VMware's end-user computing business to KKR, and cash on hand to reduce floating rate debt by an additional $4.2 billion.

我們利用完成向 KKR 出售 VMware 最終用戶計算業務的收益以及手頭現金，將浮動利率債務額外減少了 42 億美元。

Following these actions, the weighted average coupon rate and years to maturity of our $53 billion in fixed rate debt is 3.6% and 7.7 years, respectively.

採取這些行動後，我們 530 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 3.6% 和 7.7 年。

The weighted average coupon rate and years to maturity of our $19 billion in floating rate debt is 6.7% and 3.1 years, respectively.

我們 190 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 6.7% 和 3.1 年。

We expect to repay approximately $1.9 billion of fixed rate senior notes due in Q4.

我們預計將償還第四季到期的約 19 億美元固定利率優先票據。

Turning to capital allocation.

轉向資本配置。

In Q3, we paid stockholders $2.5 billion of cash dividends, which based on a split-adjusted quarterly common stock count, represented a cash dividend of $0.525 per share.

第三季度，我們向股東支付了 25 億美元的現金股息，根據分割調整後的季度普通股數量計算，每股現金股息為 0.525 美元。

For Q4, we are rounding up the quarterly cash dividend to $0.53 per share.

對於第四季度，我們將季度現金股利四捨五入至每股 0.53 美元。

In Q3, the split-adjusted non-GAAP diluted share count was 4.92 billion, in line with expectations.

第三季度，經拆股調整後的非 GAAP 攤薄股數為 49.2 億股，符合預期。

We paid $1.4 billion of withholding taxes due on vesting of employee equity, resulting in the elimination of 8.4 million AVGO shares.

我們支付了 14 億美元的員工股權歸屬預扣稅，消除了 840 萬股 A​​VGO 股票。

In Q4, we expect the non-GAAP diluted share count to be approximately 4.91 billion shares.

第四季度，我們預計非 GAAP 攤薄後股數約為 49.1 億股。

Now on to guidance.

現在開始指導。

Our guidance for Q4 is for consolidated revenue of $14 billion and adjusted EBITDA of approximately 64%.

我們對第四季的指引是綜合營收為 140 億美元，調整後 EBITDA 約為 64%。

For modeling purposes, we expect consolidated gross margins to be down approximately 100 basis points sequentially on the higher revenue mix of semiconductors and product mix within semiconductors.

出於建模目的，我們預計，由於半導體收入組合和半導體內部產品組合的增加，綜合毛利率將連續下降約 100 個基點。

GAAP net income and cash flows in Q4 are impacted by higher taxes, restructuring, and integration-related cash costs due to the VMware acquisition.

第四季的 GAAP 淨利潤和現金流量受到因收購 VMware 而導致的更高稅收、重組和整合相關現金成本的影響。

As Hock just discussed, we are resuming quarterly revenue and adjusted EBITDA guidance for fiscal 2025 as fiscal year '24 has been a transition and integration year following the VMware deal close.

正如霍克剛剛討論的那樣，我們將恢復 2025 財年的季度收入和調整後的 EBITDA 指導，因為 24 財年是 VMware 交易完成後的過渡和整合年。

That concludes my prepared remarks.

我準備好的發言就到此結束。

Operator, please open up the call for questions.

接線員，請撥打電話詢問問題。

Thank you.

謝謝。

(Operator Instructions)

（操作員說明）

Vivek Arya, Bank of America.

維韋克·阿里亞 (Vivek Arya)，美國銀行。

Thanks for taking my question.

感謝您提出我的問題。

Just a clarification, Hock, and then the question.

霍克，請先澄清一下，然後再提出問題。

So I think AI revenue roughly $3.1 billion-ish in Q3, flattish sequentially.

因此，我認為第三季人工智慧營收約為 31 億美元左右，與上一季持平。

What was the mix in terms of compute versus networking?

計算與網路方面的組合是什麼？

And the $3.5 billion for Q4, what do you see as that mix?

第四季的 35 億美元，您認為這個組合是什麼？

And then as we get into fiscal '25, I realize you're not guiding overall AI, but just how is your general kind of confidence and visibility?

然後，當我們進入 25 財年時，我意識到您並沒有指導整體人工智慧，但您的整體信心和知名度如何？

Do you think that Broadcom can kind of grow in line or better than the overall AI silicon industry in fiscal '25?

您認為博通在 25 財年的成長是否能夠與整個人工智慧晶片產業保持一致或更好？

Yes.

是的。

Well, as we indicated in the last earnings call, for this past quarter, I think we're talking about two-thirds in compute and one-third in networking.

嗯，正如我們在上次財報電話會議中所指出的那樣，在過去的一個季度中，我認為我們正在談論三分之二的計算領域和三分之一的網路領域。

And we kind of expect Q4 to run the similar trend.

我們預計第四季也會出現類似的趨勢。

And as far to answer your second part, no, we don't guide yet for fiscal '25, but we do expect fiscal '25 to continue to be strong -- to show strong growth on our AI revenue.

至於回答你的第二部分，不，我們還沒有對 25 財年進行指導，但我們確實預計 25 財年將繼續強勁——以顯示我們的人工智慧收入的強勁增長。

William Stein, Truist Securities.

威廉斯坦，Truist 證券公司。

Great.

偉大的。

Thanks for taking my question.

感謝您提出我的問題。

Hock, one of the things that we've picked up from both suppliers and the broader ecosystem in AI, I think we heard this from NVIDIA as well, that there was a shift in their revenue in the quarter, somewhat away from cloud service providers towards enterprise.

Hock，我們從供應商和更廣泛的人工智慧生態系統中得到的資訊之一，我想我們也從NVIDIA 那裡聽到了這一點，他們本季度的收入發生了變化，在某種程度上偏離了雲服務提供者走向企業。

And I wondered if that might potentially have a slowing effect on your revenue outlook in this end market because your participation is really pretty focused on the cloud customers.

我想知道這是否可能會對您在這個終端市場的收入前景產生放緩的影響，因為您的參與實際上非常集中於雲端客戶。

I wonder if you're seeing that, if you view it as a challenge or maybe you have a contrary view.

我想知道你是否看到了這一點，是否認為這是一個挑戰，或者也許你有相反的觀點。

Thank you.

謝謝。

Okay.

好的。

Well, it's an interesting question in terms of the shift.

嗯，就轉變而言，這是一個有趣的問題。

But see, we do not focus very much on enterprise AI market as you know, Will.

但是，正如你所知，威爾，我們並不太關注企業人工智慧市場。

Our products in AI are largely -- very much largely focused, especially on the AI accelerator or XPU side but even -- also just as much on networking side, on hyperscalers, on cloud -- those three large platform and some digital natives, what you call big guys.

我們在人工智慧方面的產品很大程度上——非常很大程度上集中在人工智慧加速器或XPU方面，但甚至——也同樣集中在網路方面、超大規模、雲端方面——這三個大型平台和一些數位原生平台，什麼你叫大佬。

We don't deal very much on AI with enterprise.

我們與企業在人工智慧方面的合作不多。

So we obviously don't see that trend.

所以我們顯然沒有看到這種趨勢。

Ross Seymore, Deutsche Bank.

羅斯·西莫爾，德意志銀行。

Hi.

你好。

Thanks for the question.

謝謝你的提問。

I wanted to pivot over to the software side of things.

我想轉向軟體方面。

Hock, it seems like, obviously, the VMware business had a great fiscal third quarter.

霍克，顯然，VMware 業務的第三季財報表現出色。

It seems like the classic Broadcom software fell off.

看起來經典的博通軟體已經崩壞了。

So I guess the two-part question is, what happened in the classic Broadcom side of things to create that volatility?

所以我想這個由兩部分組成的問題是，博通經典方面發生了什麼造成了這種波動？

And are we now kind of reaching that $4 billion base in the fourth quarter that you talked about with VMware?

我們現在是否可以在第四季達到您與 VMware 談論的 40 億美元的目標？

And if so, what are the puts and takes in the growth rate as we look into the future on that business?

如果是這樣，當我們展望該業務的未來時，成長率是多少？

Well, as far as we indicated, the VMware business continues to book very well as we convert our customers very much in two ways, one from perpetual to a subscription license but also those subscription license for the full stack of VCF.

嗯，據我們表示，VMware 業務的預訂情況繼續良好，因為我們透過兩種方式將客戶轉化為大量客戶，一種是從永久許可證轉換為訂閱許可證，另一種是VCF 完整堆疊的訂閱許可證。

And that has been very successful, as I indicated, given the high ratio of VCF subscribers and new subscribers that we have achieved.

正如我所指出的，鑑於我們已經實現了很高的 VCF 訂戶和新訂戶比例，這一舉措非常成功。

And we see this trend continuing in Q4 very much so and also very likely through into '25.

我們看到這種趨勢在第四季度持續存在，並且很可能持續到 25 年。

So in terms of directional trend, other than the indication I'm giving -- than the guidance I'm giving you in Q4 '24, directionally, we continue to see accelerated bookings and, by extension, accelerated growth.

因此，就方向趨勢而言，除了我給出的指示之外，除了我在 24 年第四季度向您提供的指導之外，從方向上看，我們繼續看到預訂加速，進而加速成長。

Stacy Rasgon, Bernstein.

史黛西·拉斯岡，伯恩斯坦。

Hi, guys.

嗨，大家好。

Thanks for taking my questions.

感謝您回答我的問題。

I have two short ones, one on each segment.

我有兩個短的，每個部分一個。

So on semis, the non-AI networking is like more than 50% below where it was running before it rolled off.

因此，在半決賽中，非 AI 網路的效能比發布前的運行速度低了 50% 以上。

And clearly, the other businesses are also way below their peaks.

顯然，其他業務也遠低於高峰。

Is there any reason why those shouldn't -- and this is just cyclical or is there something else going on?

有什麼理由不應該這樣做嗎？

Is there any reason why those shouldn't get back to prior levels once recovery happens?

一旦恢復，是否有任何理由不能恢復到之前的水平？

And then on the on the software side, so the non-VMware pieces looks like it's back to that 2 billion-ish a quarter level or so that it was at before.

然後在軟體方面，非 VMware 部分看起來又回到了每季 20 億左右的水平，或之前的水平。

Is that just Brocade falling off?

難道只是錦緞掉下來了？

And is this sort of 2 billion-ish a quarter -- is that bottomed as well?

這是每季約 20 億的數字嗎？

Is that the right level, we ought to be thinking about the growth after the non-VMware software business as we go forward from here?

這是正確的水平嗎？

Yeah.

是的。

On the semi side, the answer is very simple.

在半方面，答案非常簡單。

We have -- as you all know, we've gone through your typical down cycle of semiconductors.

眾所周知，我們已經經歷了典型的半導體衰退週期。

And I'm referring particularly to non-AI, and we have talked about that before many times.

我特別指的是非人工智慧，我們之前已經討論過很多次了。

We've gone through a down cycle -- and as the ecosystem as many of our customers, but the broad ecosystems work on an adjustment in inventory levels at all stages in the supply chain.

我們經歷了一個下行週期——以及我們的許多客戶的生態系統，但廣泛的生態系統致力於調整供應鏈各個階段的庫存水準。

And we're not totally -- we are not immune from it, obviously, as we try to insulate ourselves from it as much as possible.

顯然，我們並不能完全免受它的影響，因為我們試圖盡可能地將自己與它隔離。

We've gone through it and the signs -- the indications we have seen very clearly is we have, in fact, passed through the bottom.

我們已經經歷了它和跡象——我們非常清楚地看到的跡像是，我們實際上已經度過了底部。

The best indicator is the bookings we are receiving.

最好的指標是我們收到的預訂。

In non-AI, our bookings in Q3 of non-AI semiconductor demand is up 20%.

在非人工智慧領域，我們第三季的非人工智慧半導體需求預訂量增加了 20%。

And so also this -- we are well on the way to recovery.

同樣，我們正順利走上復甦之路。

Now by end markets, as I indicated, the level of the amount of recovery, the timing of recovery somewhat varies.

現在，正如我所指出的，終端市場的復甦程度、復甦時間有所不同。

But we're seeing largely on enterprise, enterprise data center, enterprise IT spending, we've passed the bottom.

但我們主要看到企業、企業資料中心、企業 IT 支出已經觸底。

And Q3 was, in fact, sequentially, a recovery from the bottom of, we believe Q2 or Q1 this fiscal year.

事實上，第三季是從本財年第二季或第一季底部復甦的。

And we'll see Q4 continuing that recovery and obviously, in our view, into '25 in terms of the cycle.

我們將看到第四季度繼續復甦，我們認為，就週期而言，顯然會進入 25 年。

Broadband, we are not seeing it yet in terms of the bottom, but we see that as close to bottom in the sense that here again, bookings are up from where it used to be.

寬頻方面，我們還沒有看到底部，但我們看到它接近底部，因為這裡的預訂量再次高於以前的水平。

And so we are very clear in thinking that broadly, we have, as a whole, non-AI semiconductors.

因此，我們非常清楚地認為，從廣義上講，我們整體上擁有非人工智慧半導體。

We've gone through the down cycle; it is on an uptick.

我們已經經歷了下行週期；它正在上升。

And like all previous cycles, my sense, Stacy, is we will get us back to the level we used to be.

和之前的所有周期一樣，史黛西，我的感覺是我們會讓我們回到以前的水平。

There's no reason at all why it doesn't and given the rate of bookings, it will go.

沒有理由不這樣做，考慮到預訂率，它會繼續下去。

I daresay -- even put a thought in your mind that as AI permeates enterprises all across and digital natives, you need to upgrade servers.

我敢說，甚至在你的腦海中想像一下，隨著人工智慧滲透到企業和數位原住民中，你需要升級伺服器。

You need to upgrade storage.

您需要升級儲存。

You need to upgrade networking, connectivity across the entire ecosystem.

您需要升級整個生態系統的網路和連接。

And if anything else, we are -- we could be headed for up cycle -- timing precisely when, we're not sure -- but an up cycle, that could even meet or even surpass what our previous up cycles would be, simply because the amount of bandwidth you need, the amount -- to manage, store, manage all these workloads that come out of AI would just need to refresh and upgrade hardware.

如果有其他的話，我們 - 我們可能會進入上升週期 - 確切的時間，我們不確定 - 但一個上升週期，甚至可能達到甚至超過我們之前的上升週期，簡單地說因為你需要的頻寬量，管理、儲存、管理人工智慧產生的所有這些工作負載只需要更新和升級硬體。

So that's my two cents' worth on where we're headed from this down cycle.

這就是我對我們從這個下行週期走向何方的兩分錢的看法。

So my belief in '24 was the lowest point for the uptick.

所以我認為 24 年是上漲的最低點。

That's part of the reasons we are stating it very clearly here.

這就是我們在這裡非常清楚地說明這一點的部分原因。

On the software side, your question, no, I think we have reached a level of stability that puts and takes -- Brocade as one of those that goes up and down, very volatile, and that's largely it.

在軟體方面，你的問題，不，我認為我們已經達到了一定程度的穩定性，博科是一個起伏不定的軟體之一，非常不穩定，僅此而已。

But on the non-VMware revenue, on software revenue, I think we've reached a level of very clear stability.

但就非 VMware 收入、軟體收入而言，我認為我們已經達到了非常明顯的穩定性水準。

And what we are looking towards more is how VMware picks up over the next several -- 1 year, 1.5 years.

我們更期待的是 VMware 在接下來的幾年（1 年、1.5 年）中將如何發展。

Ben Reitzes, Melius Research.

本‧雷茨 (Ben Reitzes)，Melius 研究中心。

Hey.

嘿。

Thanks a lot for the question.

非常感謝您的提問。

Hock, I wanted to ask you about semiconductors, your AI revenue, if you could just clarify some of your comments.

霍克，我想問你有關半導體、人工智慧收入的問題，你能否澄清一下你的一些評論。

Was the third quarter 3.1-sh in line with your expectations and it was anything weaker than expected?

第三季 3.1-sh 是否符合您的預期，是否低於預期？

And then with the sequential growth, the 3.5, where are you expecting that to come from?

然後隨著連續增長，即 3.5，您預計它會從哪裡來？

And then if you don't mind, you said next year AI revenue should grow quite a bit.

如果你不介意的話，你說明年人工智慧收入應該會成長很多。

I was just wondering if that was due to any additional customers within your hyperscaler and consumer Internet portfolio.

我只是想知道這是否是由於您的超大規模和消費者互聯網產品組合中的任何其他客戶造成的。

Thanks.

謝謝。

Well, our number in third quarter is pretty much in line what we expect AI revenue to be.

嗯，我們第三季的數字與我們預期的人工智慧收入基本一致。

And our revenue in Q4 was -- forecast for Q4 is what is giving us the basis to a large extent to step up our guidance for AI revenue for the full year to over $12 billion.

我們第四季的收入是——第四季度的預測在很大程度上為我們將全年人工智慧收入指引提高到超過 120 億美元奠定了基礎。

So if nothing else, that continues to indicate, I hope to us, that next year, the trend will continue to be strong.

因此，如果不出意外的話，我希望我們繼續表明，明年這一趨勢將繼續強勁。

And again, it's all largely hyperscalers, cloud, and digital natives.

再說一遍，這主要是超大規模企業、雲端和數位原生代。

And it's, again, a mix of AI accelerators and networking.

它又是人工智慧加速器和網路的結合。

And it's also largely based on backlog we have in place for that.

這很大程度上也是基於我們為此準備的積壓工作。

Beyond that -- and it shows the growth.

除此之外，它還顯示出成長。

Beyond that, no, we're not guiding you beyond the backlog we have.

除此之外，不，我們不會指導您超越我們的積壓工作。

So I kind of answer your question indirectly on, do I have any more customers; we shall see.

所以我間接回答你的問題，我還有更多的客戶嗎？我們將會看到。

Karl Ackerman, BNP Paribas.

卡爾‧阿克曼，法國巴黎銀行。

Thank you.

謝謝。

Curious and I was hoping you could speak to the relocation of IP back to the US that is causing a $4.5 billion tax liability.

我很好奇，我希望您能談談知識產權遷回美國導致 45 億美元納稅義務的情況。

Historically, Broadcom has redomiciled ahead of a pending transaction, and I'm getting questions from investors if this action may relate to any asset sales as the company seeks to pay down debt.

從歷史上看，博通在待完成的交易之前就已經進行了重新註冊，我收到了投資者的疑問，這一行動是否可能與該公司尋求償還債務時的任何資產出售有關。

So if you could clarify that, that would be helpful.

因此，如果您能澄清這一點，那將會很有幫助。

Yeah.

是的。

No, it was just the timing of when we chose to do it this time.

不，這只是我們這次選擇這麼做的時機而已。

And no, it doesn't have anything to do with that.

不，這與此無關。

It's just we relocated the IP, and that caused the $4 billion charge.

只是我們重新定位了 IP，才導致了 40 億美元的費用。

The offset to that is a deferred tax liability, so think of that as non-cash, very little cash impact to that.

對此的抵銷是遞延稅負債，因此將其視為非現金，對此的現金影響很小。

Timothy Arcuri, UBS.

提摩西‧阿庫裡，瑞銀集團。

Thanks a lot.

多謝。

Hock, I wanted to ask about the growth rate in your AI revenue versus what we're seeing on the GPU side.

Hock，我想問你們的 AI 收入成長率與我們在 GPU 方面看到的成長率相比。

Your AI revenue grew in the same zip code this year is what the GPU compute is growing.

今年，您的 AI 收入在相同的郵遞區號中成長，而 GPU 運算的成長也是如此。

And you did say that it would be up next year, but your main customer's ramping a new version of their custom ASIC next year, and there's some thought that they might shift some of their purchasing back to GPUs next year.

您確實說過明年會增加，但您的主要客戶明年將推出新版本的客製化 ASIC，有人認為他們明年可能會將部分採購轉移回 GPU。

So do you think that the growth of your AI revenue should still approximately track how much GPU compute is going to grow next year?

那麼，您是否認為 AI 收入的成長仍應大致追蹤明年 GPU 運算的成長量？

If you can give us any qualitative or quantitative thoughts there, that would be great.

如果您能給我們任何定性或定量的想法，那就太好了。

Thank you.

謝謝。

Hey, Tim.

嘿，提姆。

I think we had some communication gaps here.

我認為我們在這裡存在一些溝通差距。

Could you repeat the question?

你能重複一下這個問題嗎？

Yes.

是的。

So the question, Hock, really is around the growth rate of your AI revenue versus what we're seeing on the GPU side because this year, you grew about the same as what GPU compute's growing.

因此，Hock，問題實際上是圍繞 AI 收入的成長率與我們在 GPU 方面看到的成長率進行比較，因為今年，您的成長與 GPU 運算的成長大致相同。

And the question is, is there anything happening next year that would change that equation so that your growth rate of your AI revenue would be materially different than what GPU compute is growing next year?

問題是，明年是否會發生任何事情會改變這個等式，從而使您的 AI 收入成長率與明年 GPU 運算的成長率有很大不同？

That's a very difficult question for me to answer because it comes in two parts, right?

這對我來說是一個很難回答的問題，因為它分為兩部分，對吧？

In terms of GPU growth, you should ask the guys who does merchant GPU or GPU which is obviously, NVIDIA and

就 GPU 成長而言，你應該問做商業 GPU 或 GPU 的人，顯然是 NVIDIA 和

[AFD].

[AFD]。

And I don't see -- I don't play in the enterprise market at all.

我不明白——我根本不參與企業市場。

See, that's part of the market I don't see.

看，這是我沒有看到的市場的一部分。

Having said that, they do both play somewhat in the hyperscalers, where I'm totally focused on doing.

話雖如此，它們確實都在超大規模中發揮了一定作用，而我完全專注於此。

So that's really very -- there's really no connection one with the other, that is, it's indirect.

所以這真的非常——彼此之間真的沒有任何联系，也就是說，它是間接的。

But enough suffice for me to say long term -- I'm saying actually and thoughtfully, long term, the large hyperscalers, few and large hyperscalers with very large platforms, huge consumer platform subscriber base have the entire model predicated on running a lot of large language models, a lot of AI requirements, workloads out there.

但對我來說，從長遠來看就足夠了——我實際上是經過深思熟慮地說，從長遠來看，大型超大規模企業、擁有非常大平台的少數大型超大規模企業、龐大的消費者平台用戶群，整個模型都建立在運行大量大型語言模型、大量人工智慧需求和工作負載。

And it will drive as a matter of time, towards creating as much as possible their own compute silicon, their own custom accelerators as a matter of time.

它將隨著時間的推移，朝著創建盡可能多的自己的運算晶片、自己的客製化加速器的方向發展。

And we are in the midst of seeing that transition, which may take several -- a few years for that to happen.

我們正在見證這種轉變，這可能需要幾年的時間才能實現。

So that is on a different trajectory, a different path, and I'm in that path of doing this, enabling custom accelerators.

所以這是一條不同的軌跡，一條不同的道路，我正在這樣做，啟用自訂加速器。

I'm in that path.

我就在這條路上。

I'm not in a path of, in the meantime, a different trajectory of enabling enterprises to do AI on their own workloads.

同時，我並沒有走上一條不同的道路，讓企業能夠在自己的工作負載上使用人工智慧。

That's more the merchant guys.

那更多的是商人。

Some of the merchant guys obviously also in the hyperscaler today, but there's a process, obviously, of a transition going on.

如今，一些商人顯然也在超大規模領域，但顯然，有一個轉型過程正在進行中。

So one doesn't really connect with the other theme in that regard.

因此，在這方面，一個主題與另一個主題並沒有真正的連結。

But I would likely say obviously, as the transition occurs, we have a good tailwind in the business model we have of providing accelerators and networking to the AI data centers of those large hyperscalers.

但我可能會說，顯然，隨著轉變的發生，我們在為那些大型超大規模企業的人工智慧資料中心提供加速器和網路的商業模式中擁有良好的順風。

Harsh Kumar, Piper Sandler.

嚴厲的庫馬爾，派珀桑德勒。

Yeah, Hock, I was curious about the profitability of VMware.

是的，Hock，我對 VMware 的獲利能力很好奇。

Historically, your software businesses have had operating margins greater than 70%.

從歷史上看，您的軟體業務的營業利潤率超過 70%。

VMware, I know, is newer, and you're doing things a little different.

我知道，VMware 比較新，而且你們做的事情有點不同。

You're keeping more customers than you historically have kept.

您留住的客戶比以往多。

But I was curious if you see a similar profile as the rest of your software businesses for VMware after you're done with all the cuts and everything.

但我很好奇，在完成所有削減和所有工作後，您是否會看到與 VMware 的其他軟體業務類似的概況。

Well, I'll let you draw your own conclusion, Harsh, but I was -- the pain is to lay out as you probably heard.

好吧，我會讓你得出自己的結論，嚴厲，但我——痛苦在於按照你可能聽到的方式進行闡述。

In Q3, our revenue from VMware was $3.8 billion and our operating expenses is $1.3 billion.

第三季度，我們來自 VMware 的營收為 38 億美元，營運費用為 13 億美元。

And you can pretty quickly figure out where we're headed in terms of operating margin and, as I indicated, EBITDA margin.

您可以很快弄清楚我們在營業利潤率以及 EBITDA 利潤率方面的發展方向。

And Q4, we'll continue the trajectory of revenue continuing to grow and expenses starting -- still dropping even as it starts to stabilize but continue to reduce.

第四季度，我們將繼續保持收入持續成長和支出開始的軌跡——儘管開始穩定但繼續減少，但支出仍然下降。

CJ Muse, Cantor Fitzgerald.

CJ 繆斯、坎托·費茲傑拉。

Yeah, good afternoon.

是的，下午好。

Thank you for taking the question.

感謝您提出問題。

I wanted to focus on software gross margin.

我想關注軟體毛利率。

So when you closed the acquisition of VMware, we ticked lower from low 90s to kind of high 80s.

因此，當您完成對 VMware 的收購時，我們的股價從 90 年代的低點降至 80 年代的高點。

And we're now pushing a bit higher into July.

我們現在將價格推高一點，進入 7 月。

And curious, as we kind of get to that $4 billion threshold, and you've kind of indicated higher in fiscal '25, how should we think about the gross margin trajectory overall for software?

好奇的是，當我們達到 40 億美元的門檻，而您在 25 財年表示更高的門檻時，我們應該如何考慮軟體的整體毛利率軌跡？

Well, it's, for us, software gross margin is actually -- to be direct, it's not that relevant.

嗯，對我們來說，軟體毛利率實際上——直接說，並沒有那麼重要。

You know that, right?

你知道，對吧？

So unless I'm running SaaS, big time.

因此，除非我運行 SaaS，否則的話。

Now a lot of our products on subscription but they're not SaaS.

現在我們的許多產品都是訂閱的，但它們不是 SaaS。

We have some products on SaaS cloud-based, but most of them are not.

我們有一些基於SaaS雲端的產品，但大多數都不是。

And our gross margin will be around 90%, at least.

我們的毛利率至少會在90%左右。

Chris Casey, Wolfe Research.

克里斯凱西，沃爾夫研究中心。

Yeah, thank you.

是的，謝謝。

Good evening.

晚安.

I wonder if you could speak to the custom AI revenue and perhaps the contribution from some of the other customers aside from that largest customer.

我想知道您是否可以談談客製化人工智慧收入，以及除了最大客戶之外的其他一些客戶的貢獻。

How meaningful are the other customers in that segment?

該細分市場中的其他客戶有多大意義？

And what do you expect into next year as some of those newer projects start to ramp?

隨著一些新項目開始啟動，您對明年有何期望？

Well, I know we're dancing around the thing.

好吧，我知道我們正在圍繞這件事跳舞。

As I indicated, we have three customers now going on, and all three of them are meaningful.

正如我所指出的，我們現在有三個客戶，而且這三個客戶都很有意義。

Otherwise, we won't call them customers as the criteria we've used.

否則，我們不會將他們稱為客戶作為我們使用的標準。

Until we get meaningful shipments out to them on AI accelerators, we do not really consider that as a customer.

在我們透過人工智慧加速器向他們發貨之前，我們並沒有真正將其視為客戶。

Simply because it's a new -- this is an emerging trend.

僅僅因為它是一種新的——這是一種新興趨勢。

It's not an easy product to deploy for any customer.

對於任何客戶來說，部署這不是一個容易的產品。

And so we do not consider proof of concepts as production volume.

因此，我們不將概念驗證視為產量。

These are all production accelerators deployed in AI data centers of those three customers.

這些都是部署在這三個客戶的人工智慧資料中心的生產加速器。

Christopher Rolland, Susquehanna.

克里斯多福羅蘭，薩斯奎哈納。

Hi.

你好。

Thanks for the question.

謝謝你的提問。

My question is actually on storage.

我的問題實際上是關於存儲的。

And Hock, you bought Seagate's hard disk drive SoC assets earlier in the year.

Hock，您在今年早些時候購買了希捷的硬碟 SoC 資產。

Can you talk about what you actually bought there, what it means in terms of economics for your company, and whether this accelerates your storage business over the next few years?

您能否談談您在那裡實際購買了什麼，這對您公司的經濟效益意味著什麼，以及這是否會在未來幾年加速您的儲存業務？

Thanks.

謝謝。

Well, this is more of a partnership than anything else.

嗯，這更像是一種夥伴關係。

Basically, what we essentially created in that transaction was to begin with, we actually believe long term in the sustainability of hard disk drives media as a great long-term sustainable storage -- alternative or storage medium for those hyperscalers.

基本上，我們在該交易中創建的本質是，我們實際上相信硬碟媒體作為一種偉大的長期可持續儲存的長期可持續性——這些超大規模企業的替代品或儲存媒體。

It makes sense.

這是有道理的。

One lighting, eventually, everything goes to flash -- don't think so.

最終，一盞燈亮起，所有東西都會閃爍——但你不這麼認為。

Hard disk drive storage, it will still be meaningful.

硬碟存儲，仍然有意義。

And the technology, which is most interesting for us, has a lot of ways to go as hard disk drives goes on to -- from where it is today, which is 22, 23, 24 terabytes to going to 30, 40, and even 50 terabytes.

對於我們來說最有趣的技術，隨著硬碟的發展，還有很長的路要走——從今天的 22、23、24 TB 到 30、40，甚至50 TB。

A lot of technology along the way and a lot of that resides in silicon.

一路上有很多技術，其中許多都依賴矽。

So what we're doing, in effect, is a collaboration more than anything else, though it's structured, obviously, as a purchase of intellectual property.

因此，我們所做的實際上是一種合作，而不是其他任何事情，儘管它的結構顯然是購買智慧財產權。

But we're also taking engineers, designers, combining it with the designers we have and basically enabling Seagate and eventually the entire industry to continue a road map that goes towards 50 terabytes.

但我們也招募了工程師、設計師，將其與我們現有的設計師相結合，基本上使希捷乃至整個行業能夠繼續邁向 50 TB 的路線圖。

That's our ambition.

這就是我們的雄心。

That's our vision, and to be able to do that within five years or less.

這是我們的願景，並且能夠在五年或更短時間內實現這一目標。

So that's pretty much what it is.

這就是它的本質。

It's a statement of our belief that hard disk drives, nearline hard disk drive storage will sustain very well over the next five years, if not longer.

這表明我們相信硬碟、近線硬碟儲存將在未來五年（甚至更長）內保持良好狀態。

Aaron Rakers, Wells Fargo.

亞倫·雷克斯，富國銀行。

Yeah, thanks for taking the question.

是的，感謝您提出問題。

Kind of thinking strategically as we look forward ahead to NVIDIA's Blackwell product cycle.

當我們展望 NVIDIA Blackwell 產品週期時，這是一種策略性思考。

There's been some indications that possibly Broadcom has an opportunity to participate more deeply in the optical side of that product platform from NVIDIA.

有一些跡象表明，Broadcom 可能有機會更深入參與 NVIDIA 此產品平台的光學方面。

I'm curious, do you see that as an opportunity relative to prior generations of NVIDIA just to deepen a participation or just to participate in general in kind of the areas of DSPs and maybe other things related to the Blackwell cycle from NVIDIA?

我很好奇，與前幾代 NVIDIA 相比，您是否認為這是一個加深參與或只是全面參與 DSP 領域以及與 NVIDIA Blackwell 週期相關的其他領域的機會？

Thank you.

謝謝。

That's an interesting question, and I've got simple answer.

這是一個有趣的問題，我有一個簡單的答案。

I'm not really participating in NVIDIA road map.

我並沒有真正參與 NVIDIA 路線圖。

I'm really not directly in that kind of market, in that kind of product road map.

我確實沒有直接進入那種市場、那種產品路線圖。

That's NVIDIA product road map in terms of Blackwell.

這就是 Blackwell 方面的 NVIDIA 產品路線圖。

Impressive product, on the way to coming out.

令人印象深刻的產品，即將問世。

Now in terms of base technology we developed, of course, it could be used, it could be applied.

現在我們開發的基礎技術，當然是可以用的，可以應用的。

And we are very happy to share that with -- as it may be useful to get -- to enable Blackwell to be part of that, whether it's on the optical component side, which is what you're referring to or even on the DSP side, in terms of providing the interconnects to enable clusters of Blackwell to be built.

我們非常高興與您分享這一點，因為這可能很有用，使 Blackwell 能夠參與其中，無論是在光學組件方面（即您所指的）還是在 DSP 方面一方面，提供互連以建立 Blackwell 集群。

That's as far as our engagement in that.

這就是我們對此的參與。

We're happy to be part of that ecosystem as I said.

正如我所說，我們很高興成為該生態系統的一部分。

But directly, we're not in that market as you know.

但直接來說，如你所知，我們並不屬於那個市場。

Joe Moore, Morgan Stanley.

喬摩爾，摩根士丹利。

Great, thank you.

太好了，謝謝。

I wonder, Hock, if you could talk about your thoughts on further M&A.

霍克，我想知道您是否可以談談您對進一步併購的想法。

Is that still on your radar down the road?

您還在關注這一點嗎？

And if you did, would it be still software-focused or any possibility of semiconductors becoming interesting to you again?

如果你這樣做了，它仍然以軟體為中心嗎？

Joe, that's a beautiful question.

喬，這是一個很好的問題。

I'm telling this bluntly, so don't get disappointed.

我直言不諱地告訴你，所以不要失望。

Right now, I'm having my hands really full and enjoying myself doing it on really turning, transforming the business model of VMware.

現在，我正忙得不可開交，並且享受著真正改變 VMware 業務模式的過程。

It's a great experience and you're feeling great about it when you do -- and when you're doing it pretty much running way beyond expectation as we indicated in that slide.

這是一次很棒的體驗，當你這樣做時，你會感覺很棒，而且當你這樣做時，正如我們在幻燈片中指出的那樣，遠遠超出了預期。

So no, I'm very focused on getting VMware continue -- as it continues to accelerate in getting private cloud deployed in the largest enterprises in the world.

所以不，我非常專注於讓VMware繼續下去——因為它繼續加速在世界上最大的企業中部署私有雲。

And you know what, might another year, two years to go to make that transformation totally complete.

你知道嗎，可能還需要一年、兩年的時間才能完全完成這項轉變。

Harlan Sur, JPMorgan.

哈蘭‧蘇爾，摩根大通。

Good afternoon.

午安.

Thanks for taking my question.

感謝您提出我的問題。

Hock, last quarter, you talked about an acceleration in R&D investments by your AI customers, and you talked about your follow-on wins for their next-generation XPU ASIC programs.

Hock，上個季度，您談到了 AI 客戶加速研發投資，並談到了他們的下一代 XPU ASIC 程式的後續勝利。

It also looks like they're trying to accelerate their deployments of their GPUs, XPUs, and networking into their data centers here in the second half of the year.

他們似乎也試圖在今年下半年加快 GPU、XPU 和網路在資料中心的部署。

We know that on AI accelerators specifically, supply is quite tight, given the co-ops packaging and the HBM memory constraints.

我們知道，鑑於合作社封裝和 HBM 記憶體限制，特別是在 AI 加速器上，供應相當緊張。

So has the team seen upside orders and demand for XPUs and networking here in the second half?

那麼下半年，團隊是否看到了 XPU 和網路的訂單和需求上升？

Have you been able to meet that upside demand or is the team somewhat supply constrained?

您是否能夠滿足這項上升需求，或者團隊的供應受到一定程度的限制？

I guess in other words, is the AI demand greater than your supply here in the second half of the year?

我想也就是說，下半年AI的需求量會大於你們這裡的供應量嗎？

Yeah.

是的。

No, we are.

不，我們是。

We continue to see some orders.

我們繼續看到一些訂單。

We continue to see upsides.

我們繼續看到積極的一面。

And you are right in the pattern of the behavior they're doing because, as you know, as our customers, these hyperscalers trying to deploy more and more capacity of AI data centers -- in AI data centers, and you start to hear them talk in terms of power.

你的行為模式是對的，因為如你所知，作為我們的客戶，這些超大規模企業試圖在人工智慧資料中心部署越來越大容量的人工智慧資料中心，你開始聽到他們的聲音用權力來說話。

They don't even talk in terms of how many XPU or GPU plus they found in there. 500 megawatt, 1 gigawatt was no chance but people dreaming that.

他們甚至沒有透露在那裡發現了多少 XPU 或 GPU。 500兆瓦、1吉瓦雖然不可能，但人們都在夢想著。

So we are -- as they get this enable, we're getting full-ins, we're getting upsides.

所以我們——當他們獲得這種能力時，我們就會得到全面的支持，我們就會得到好處。

And I expect that to happen a lot more in 2025.

我預計這種情況在 2025 年會發生更多。

We're not putting that in any guidance or indication we're giving you.

我們不會將其納入我們向您提供的任何指導或指示中。

But I told you what you say is exactly right on.

但我告訴過你，你說的完全正確。

We do expect to see upside as we've been seeing recently.

正如我們最近所看到的那樣，我們確實預計會看到上行空間。

We continue to see that probably going forward over the next 12 months, especially related to XPUs getting deployed and getting infrastructure available and rushing to deploy them.

我們繼續看到這種情況可能會在未來 12 個月內發生，特別是與 XPU 的部署、基礎設施的可用以及急於部署它們相關。

We see quite a bit of that.

我們看到了很多這樣的情況。

Have you been able to meet that upside or are you somewhat limited by supply constraints?

您是否能夠實現這一優勢，或者您是否受到供應限制的限制？

We can meet those upsides.

我們可以滿足這些好處。

Edward Snyder, Charter Equity Research.

愛德華·斯奈德，特許股票研究。

Thank you very much.

非常感謝。

Hock, that was a perfect segue into my question.

霍克，這是我問題的完美延續。

You've said in the past calls that you thought that AI compute would move away from ASICs and go to merchant market.

您在過去的電話中曾表示，您認為人工智慧運算將從 ASIC 轉向商業市場。

But it looks like the trend is kind of heading the other way.

但看起來趨勢正在走向相反的方向。

Are you still the opinion that that's going to be the long-term trend of this?

您仍然認為這將是長期趨勢嗎？

And secondly, as you just pointed out, power is becoming the defining factor for deployment with all the big guys at this point.

其次，正如您剛才指出的那樣，權力正在成為目前所有大公司部署的決定性因素。

And given the performance per watt of the ASICs over GPUs, which is superior to GPUs, why shouldn't we see more of these guys moving to custom ASICs?

鑑於 ASIC 相對 GPU 的每瓦效能優於 GPU，為什麼我們不應該看到更多的人轉向自訂 ASIC？

I know it takes a long time, and it takes a lot of funding, et cetera.

我知道這需要很長時間，需要大量資金等等。

But especially as the enterprise starts getting more involved with this, there are going to be some applications that are kind of standard across some of the enterprises -- wouldn't we even see some of the bigger -- like AWS, move to a custom silicon for a specific workload?

但特別是當企業開始更參與其中時，將會有一些應用程式成為某些企業的標準——我們甚至不會看到一些更大的應用程式——例如AWS，轉向客製化適合特定工作負載的晶片？

So basically, the overall trend in ASICs in AI.

基本上，這是人工智慧領域 ASIC 的總體趨勢。

Thanks.

謝謝。

Okay.

好的。

Ed, did I hear you right to say at the beginning -- maybe I didn't -- that you meant that there is a trend towards ASIC or XPU from general purpose GPU, right?

Ed，我沒聽錯嗎？

Yes.

是的。

You're right, and you're correct in pointing out to me that, hey, I used to think that general purpose merchant silicon will win at the end of the day.

你是對的，你向我指出的是，嘿，我曾經認為通用商用晶片最終會獲勝。

Well, based on history of semiconductors mostly so far, general purpose merchant silicon tends to win.

嗯，根據迄今為止的半導體歷史，通用商用晶片往往會獲勝。

But like you, I flipped in my view.

但和你一樣，我的觀點也發生了轉變。

And I did that, by the way, last quarter, maybe even six months ago.

順便說一下，我是在上個季度，甚至六個月前做到的。

But nonetheless, catching up is good.

但不管怎樣，追上來還是好事。

And I actually think so, because I actually think there are two markets here on AI accelerators.

我實際上是這麼認為的，因為我實際上認為人工智慧加速器有兩個市場。

There's one market for enterprises of the world, and none of these enterprises are incapable nor have the financial resources or interest to create the silicon -- the custom silicon, nor the large language models or the software and going maybe to be able to run those AI workloads on custom silicon.

世界上的企業都有一個市場，這些企業都沒有能力、也沒有財力或興趣來創建晶片——定制晶片，也沒有大型語言模型或軟體，並且可能能夠運行這些晶片。負載。

It's too much, and there's no reason for them to do it, because it's just too expensive to do it.

這太過分了，他們沒有理由這樣做，因為這樣做的成本太高了。

But there are those few cloud guys, hyperscalers with the scale of the platform and the financial wherewithal for them to make it totally rational, economically rational, to create their own custom accelerators, because it's all -- right now, not going to -- not trying to emphasize it, it's all about compute engines.

但是，只有少數雲端專家、超大規模企業擁有平台規模和財務資源，可以讓他們完全理性、經濟合理地創建自己的客製化加速器，因為現在一切都不會——並不是想強調這一點，這都是關於計算引擎的。

It's all about especially training those large language models and enabling it on your platform.

這一切都是為了特別訓練那些大型語言模型並在您的平台上啟用它。

It's all about constraint, to a large part, about GPUs.

這在很大程度上與 GPU 的約束有關。

Seriously, it came to a point where GPUs are more important than engineers -- these hyperscalers in terms of how they think.

說真的，GPU 已經比工程師更重要了——這些超大規模人員的思考方式。

Those GPUs are much more -- or XPUs are much more important.

這些 GPU 更重要——或者說 XPU 更重要。

And if that's the case, what better thing to do than bring it under the control of their own destiny by creating your own custom silicon accelerators.

如果是這樣的話，還有什麼比透過創建自己的客製化矽加速器將其置於自己命運的控制之下更好的做法呢？

And that's what I'm seeing all of them do.

這就是我看到他們所有人都在做的事情。

It's just doing it at different rates and do -- and they're starting at different times, but they all have started.

只是以不同的速度進行，而且它們在不同的時間開始，但它們都已經開始了。

And obviously, it takes time to get there.

顯然，到達那裡需要時間。

But they're all -- a lot of them, there are a lot of learning in the process versus what the biggest guy of them who has done longest have been doing for seven years.

但他們都是——很多人，在這個過程中有很多學習，而他們中最偉大、做得最長的人已經做了七年了。

Others are trying to catch up, and it takes time.

其他人正在努力追趕，這需要時間。

I'm not saying they'll take seven years.

我並不是說他們需要七年的時間。

I think they'll be accelerated, but it will still take some time step by the time to get there.

我認為它們會加速，但到達那裡仍然需要一些時間。

But those few hyperscalers platform guys will create their own if they haven't already done it and start to train them on their large language models.

但是，如果那些少數超大規模平台人員還沒有這樣做的話，他們將會創建自己的平台，並開始在大型語言模型上進行培訓。

And that is, yeah, you're right; they will on go in that direction totally into ASIC or, as we call it, XPUs, custom silicon.

那就是，是的，你是對的；他們將朝著這個方向完全進入 ASIC，或者我們稱之為 XPU，定制晶片。

Meanwhile, there's still a market for in enterprise for merchant silicon.

同時，商業晶片在企業中仍有市場。

Right.

正確的。

That basically suggests that you're on the early part of your curve where -- I'm not trying to call it GPUs whatever -- but you could be getting to something closer to the peak of the GPU market just because everything, right, beside the cost expense.

這基本上表明你正處於曲線的早期部分——我不想稱之為 GPU——但你可能會接近 GPU 市場的頂峰，因為一切，對吧，除了成本費用之外。

And as you're spending all this money and you're paying all this money for power, the ASICs become more and more attractive.

當你花費所有這些錢並為電力支付所有這些錢時，ASIC 變得越來越有吸引力。

So the curves are going to look different, right?

所以曲線看起來會有所不同，對吧？

It's an accelerating curve.

這是一條加速曲線。

It may take longer than we all like it to happen but definitely accelerating, because the size of those -- and the size of the demand from those hyperscalers will totally rival that in the enterprise.

這可能需要比我們所有人希望的時間更長的時間，但肯定會加速，因為這些規模以及這些超大規模企業的需求規模將完全與企業中的需求規模相媲美。

Thank you.

謝謝。

And that is all the time we have for our question-and-answer session.

這就是我們問答環節的全部時間。

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

我現在想將電話轉給 Ji Yoo，讓其發表結束語。

Thank you, operator.

謝謝你，接線生。

This quarter, Broadcom will be presenting at the Goldman Sachs Communacopia and Technology Conference on Wednesday, September 11 in San Francisco.

本季度，Broadcom 將於 9 月 11 日星期三在舊金山舉行的高盛 Communacopia 和技術會議上發表演講。

Broadcom currently plans to report its earnings for the fourth quarter and fiscal year 2024 after the close of market on Thursday, December 12, 2024.

博通目前計劃在 2024 年 12 月 12 日星期四收盤後公佈第四季和 2024 財年的收益。

A public webcast of Broadcom's earnings conference call will follow at 2:00 PM Pacific.

Broadcom 收益電話會議的公開網路直播將於太平洋時間下午 2:00 進行。

That will conclude our earnings call today.

我們今天的財報電話會議到此結束。

Thank you, all, for joining.

謝謝大家的加入。

Operator, you may end the call.

接線員，您可以結束通話了。

This concludes today's program.

今天的節目到此結束。

Thank you all for participating.

感謝大家的參與。

You may now disconnect.

您現在可以斷開連線。