博通 (AVGO) 2025 Q3 法說會逐字稿

Welcome to Broadcom Inc.'s third-quarter fiscal year 2025 financial results conference call.

歡迎參加博通公司2025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. Please go ahead.

現在，為了致開幕詞和介紹，我想將電話轉給 Broadcom Inc. 投資者關係主管 Ji Yoo。請繼續。

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

謝謝你，Sheri，大家午安。參加今天電話會議的還有總裁兼執行長 Hock Tan、財務長 Kirsten Spears 和半導體解決方案集團總裁 Charlie Kawwas。

Broadcom distributed a press release and financial tables after the market closed, describing our financial performance for third quarter of fiscal year 2025. 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 webcasted live and an audio replay of the call can be accessed for one year through the Investors section com's website.

博通在股市收盤後發布了一份新聞稿和財務表，描述了我們 2025 財年第三季的財務表現。如果您尚未收到副本，您可以從博通網站 broadcom.com 的「投資者」板塊獲取相關資訊。本次電話會議將進行網路直播，您可以透過 Broadcom.com 的「投資者」板塊網站收聽電話會議的音訊回放，有效期為一年。

During the prepared comments, Hock and Kirsten will be providing details of our third quarter fiscal year 2025 results, for our fourth quarter of fiscal year 2025, as well as commentary regarding the business environment. We'll take questions after the end of our paired comments. Please refer to our press release today in our recent filings with the SEC for information on the specific factors that could cause our actual results to differ materially from the forward-looking statements made on this call.

在準備好的評論中，霍克和克爾斯滕將提供我們 2025 財年第三季業績的詳細資訊、2025 財年第四季的業績以及有關商業環境的評論。我們將在配對評論結束後回答問題。請參閱我們最近向美國證券交易委員會提交的新聞稿，以了解可能導致我們的實際結果與本次電話會議中的前瞻性陳述有重大差異的具體因素。

In addition to US 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 will primarily refer to our non-GAAP financial results.

除了美國 GAAP 報告外，Broadcom 還以非 GAAP 為基礎報告某些財務指標。今天的新聞稿所附的表格中包含了 GAAP 指標和非 GAAP 指標之間的對帳。今天的評論主要涉及我們的非公認會計準則財務結果。

I will now turn the call over to Hock.

現在我將把電話轉給霍克。

Thank you, Ji. And thank you, everyone, for joining us today. In our fiscal Q3 2025, total revenue was a record $16 billion up 22% year on year. Our revenue growth was driven by better-than-expected strength in AI semiconductors and our continued growth in VMware.

謝謝你，吉。感謝大家今天的參與。在我們的 2025 財年第三季度，總營收創紀錄地達到 160 億美元，年增 22%。我們的營收成長得益於人工智慧半導體表現優於預期以及 VMware 的持續成長。

Q3 consolidated adjusted EBITDA was a record $10.7 billion, up 30% year on year.

第三季合併調整後EBITDA達到創紀錄的107億美元，年增30%。

Now, looking beyond what we are just reporting this quarter with robust demand from AI, bookings were extremely strong. And our current consolidated backlog for the company hit a record $110 billion.

現在，除了我們本季報告的強勁人工智慧需求之外，預訂量也非常強勁。目前，我們為公司完成的綜合訂單量已達到創紀錄的 1100 億美元。

Q3 semiconductor revenue was $9.2 billion as year-on-year growth accelerated to 26% year on year. And this accelerated growth was driven by AI semiconductor revenue of $5.2 billion, which is up 63% year on year and extend the trajectory of robust growth to 10 consecutive quarters.

第三季半導體營收為92億美元，年增26%。這一加速成長是由 52 億美元的 AI 半導體營收推動的，該營收年增 63%，並將強勁成長的軌跡延續至連續 10 個季度。

Now, let me give you more color on our XPU business which accelerated to 65% of our AI revenue this quarter. Demand for custom AI accelerators from our three customers continue to grow, as each of them journeys at their own pace towards compute self-sufficiency. And progressively, we continue to gain share with these customers.

現在，讓我向您詳細介紹我們的 XPU 業務，該業務本季已成長至我們 AI 收入的 65%。我們的三家客戶對客製化 AI 加速器的需求持續成長，因為他們各自按照自己的步伐邁向運算自給自足。而我們正逐步地持續贏得這些客戶的青睞。

Now further to these three customers, as we had previously mentioned, we have been working with other prospects on their own AI accelerators. Last quarter, one of these prospects release production orders to Broadcom. And we have accordingly characterized them as a qualified customer for XPUs. And, in fact, has secured over $10 billion of orders of AI racks based on our XPUs. And reflecting this, we now expect the outlook for fiscal 2026 AI revenue to improve significantly from what we had indicated last quarter.

現在進一步了解這三位客戶，正如我們之前提到的，我們一直在與其他潛在客戶合作開發自己的 AI 加速器。上個季度，其中一個潛在客戶向博通發布了生產訂單。因此，我們將他們定性為 XPU 的合格客戶。事實上，我們已經獲得了基於 XPU 的超過 100 億美元的 AI 機架訂單。基於此，我們現在預計 2026 財年的人工智慧收入前景將比上個季度大幅改善。

Turn to AI networking. Demand continued to be strong because networking is becoming critical as LLM continue to evolve in intelligence, computer classes who grow bigger. The network is the computer, and our customers are facing challenges as they scale to classes beyond compute nodes. For instance, Scale Up, which we all know about, is a difficult challenge when trying to create substantial bandwidth to share memory across multiple GPUs or XPUs within rate. Today's AI rate scales up a mere 72 GPUs at 28.8 terabytes second bandwidth using a proprietary MVLink.

轉向AI網路。需求持續強勁，因為隨著法學碩士 (LLM) 在智慧化、電腦課程規模不斷擴大方面不斷發展，網路變得越來越重要。網路就是計算機，我們的客戶在擴展到計算節點以外的類別時面臨挑戰。例如，我們都知道，當嘗試創建大量頻寬以在速率範圍內跨多個 GPU 或 XPU 共享記憶體時，Scale Up 是一項艱鉅的挑戰。現今的 AI 速率使用專有的 MVLink 僅擴展到 72 個 GPU，頻寬為 28.8 太字節/秒。

On the other hand, earlier this year, we have launched Tomahawk 5, we've opened AI with open Ethernet, sorry, which can scale up 512 compute nodes for customers using XPUs.

另一方面，今年早些時候，我們推出了 Tomahawk 5，我們透過開放乙太網路開放了 AI，可以為使用 XPU 的客戶擴展 512 個運算節點。

Moving on to scaling out across rigs. Today, the current architecture using 51.2 terabit per second requires three tiers of networking switches. In June, we launched Tomahawk 6 and our Ethernet-based 102 terabit per second switch, which flattens the network to two tiers. Resulting in lower latency, much less power.

繼續跨鑽機擴展。如今，使用每秒 51.2 太比特的當前架構需要三層網路交換器。6 月份，我們推出了 Tomahawk 6 和基於乙太網路的每秒 102 太比特交換機，將網路扁平化為兩層。進而降低延遲，降低功耗。

And when you scale the clusters beyond a single data center footprint, you now need to scale computing across data centers. And over the past two years, we have deployed our Jericho3 Ethernet router with hyperscale customers to just do this.

當您將叢集擴展到單一資料中心範圍之外時，您現在需要跨資料中心擴展計算。在過去的兩年裡，我們與超大規模客戶部署了 Jericho3 乙太網路路由器來實現這一目標。

And today, we have launched our next-generation Jericho4 Ethernet fabric routed with 51.2 terabit per second deep offering intelligent congestion control to handle classes beyond 200,000 compute nodes crossing multiple data centers.

今天，我們推出了下一代 Jericho4 乙太網路結構，其路由深度為 51.2 太比特每秒，提供智慧擁塞控制，可處理跨多個資料中心的超過 200,000 個運算節點的類別。

We know the biggest challenge to deploying larger clusters of compute for generative AI will be in networking. And for the past 20 years, Broadcom has developed what Ethernet networking is entirely applicable to the challenges of Scale Up, scale out and scale across in generative AI.

我們知道，為生成式人工智慧部署更大的運算集群的最大挑戰在於網路。在過去的 20 年裡，博通開發了完全適用於生成式人工智慧的縱向擴展、橫向擴展和交叉擴展挑戰的乙太網路。

And turning to our forecast. As I mentioned earlier, we continue to make steady progress in growing our AI revenue. For Q4 2025, we forecast AI semiconductor revenue to be approximately $6.2 billion up 66% year on year.

並轉向我們的預測。正如我之前提到的，我們在增加人工智慧收入方面繼續取得穩步進展。到 2025 年第四季度，我們預測 AI 半導體營收將達到約 62 億美元，年增 66%。

Now turning to non-AI semiconductors. Demand continues to be slow to recover. In Q3, revenue of $4 billion was fed sequentially. While broadband showed strong sequential growth, enterprise networking and service storage were down sequentially. Wireless and industrial were flat quarter on quarter as we -- in contrast, in Q4, driven by seasonality, we forecast non-AI semiconductor revenue to grow low double digits sequentially and to approximately $4.6 billion. Broadband, service storage, and wireless are expected to improve, while enterprise working remains down quarter-on.

現在轉向非人工智慧半導體。需求持續緩慢復甦。第三季度，營收季增40億美元。雖然寬頻呈現強勁的環比成長，但企業網路和服務儲存卻較上季下降。無線和工業部門環比持平，相比之下，在第四季度，受季節性因素的影響，我們預測非人工智慧半導體收入將環比增長兩位數左右，達到約 46 億美元。寬頻、服務儲存和無線預計將有所改善，而企業工作仍比上一季下降。

Now let me talk about our infrastructure software segment. Q3 Infrastructure software revenue of $6.8 billion was up 17% year on year, above our outlook of $6.7 billion as bookings continued to be strong during the quarter. We booked in fact, total contract value over $8.4 billion during Q3.

現在讓我談談我們的基礎設施軟體部分。第三季基礎設施軟體營收為 68 億美元，年增 17%，高於我們預期的 67 億美元，因為本季預訂量持續強勁。事實上，我們在第三季簽訂的合約總價值超過 84 億美元。

But here is what I'm most excited about. After two years of engineering development by over 5,000 developers, we delivered on a promise when we acquired VMware. We released VMWare Cloud Foundation version 9.0 a fully integrated cloud platform, which can be deployed by enterprise customers on-prem or carry to the cloud. It enables enterprises to run any application workloads, including AI workloads on virtual machines and on modern containers. These provides the real alternative to public cloud.

但最讓我興奮的是這一點。經過超過 5,000 名開發人員兩年的工程開發，我們兌現了收購 VMware 時的承諾。我們發布了 VMWare Cloud Foundation 9.0 版本，這是一個完全整合的雲端平台，企業客戶可以在本地部署，也可以遷移到雲端。它使企業能夠運行任何應用程式工作負載，包括虛擬機器和現代容器上的 AI 工作負載。這些為公有雲提供了真正的替代方案。

In Q4, we expect infrastructure and software revenue to be approximately $6.7 billion, up 15% year on year. And in summary, continued strength in AI and VMware will drive our guidance for Q4 consolidated revenue to approximately $17.4 billion, up 24% year on year, and we expect Q4 adjusted EBITDA to be 67% of revenue.

第四季度，我們預計基礎設施和軟體收入約為 67 億美元，年增 15%。總而言之，人工智慧和 VMware 的持續強勁發展將推動我們對第四季度綜合收入的預期達到約 174 億美元，年增 24%，我們預計第四季度調整後的 EBITDA 將佔營收的 67%。

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

說完這些，讓我把電話轉給 Kirsten。

Thank you, Hock. Let me now provide additional detail on our Q3 financial performance. Consolidated revenue was a record $16 billion for the quarter, up 22% from a year ago.

謝謝你，霍克。現在讓我提供有關我們第三季財務業績的更多細節。本季綜合營收達到創紀錄的 160 億美元，比去年同期成長 22%。

Gross margin was 78.4% of revenue in the quarter better than we originally guided on higher software revenues and product mix within semiconductors.

由於軟體收入和半導體產品組合的增加，本季毛利率為 78.4%，高於我們最初預期。

Consolidated operating expenses were $2 billion, of which $1.5 billion was research and development.

合併營運費用為 20 億美元，其中 15 億美元用於研發。

Q3 operating income was a record $10.5 billion, up 32% from a year ago. On a sequential basis, even as gross margin was down 100 basis points on revenue mix. Operating margin increased 20 basis points sequentially to 65.5% on operating leverage. Adjusted EBITDA of $10.7 billion or 67% of revenue was above our guidance of 66%. This figure excludes $142 million of depreciation.

第三季營業收入創歷史新高，達到 105 億美元，比去年同期成長 32%。以環比計算，儘管收入組合的毛利率下降了 100 個基點。得益於經營槓桿，經營利潤率較上季成長 20 個基點，達到 65.5%。調整後的 EBITDA 為 107 億美元，佔營收的 67%，高於我們預期的 66%。該數字不包括 1.42 億美元的折舊。

Now a review of the P&L for two segments, starting with semiconductors. Revenue for our Semiconductor Solutions segment was $9.2 billion, with growth accelerating to 26% year on year driven by AI. Semiconductor revenue represented 57% of total revenue in the quarter.

現在回顧兩個部門的損益表，先從半導體開始。我們的半導體解決方案部門的收入為 92 億美元，在人工智慧的推動下，成長率年增至 26%。半導體收入佔本季總收入的57%。

Gross margin for our Semiconductor Solutions segment was approximately 67%, down 30 basis points year on year on product mix. Operating expenses increased 9% year on year to $951 million on increased investment in R&D for [Ledge] AI semiconductors. Semiconductor operating margin of 57% was up 130 basis points year on year and flat sequentially.

我們的半導體解決方案部門的毛利率約為 67%，由於產品組合原因，較去年同期下降 30 個基點。由於對[Ledge] AI 半導體研發的投資增加，營運費用年增 9% 至 9.51 億美元。半導體營業利益率為 57%，較去年同期成長 130 個基點，與上一季持平。

Now moving on to infrastructure software. Revenue for infrastructure software of $6.8 billion was up 17% year on year and represented 43% of revenue. Gross margin for infrastructure software was 93% in the quarter compared to 90% a year ago. Operating expenses were $1.1 billion in the quarter, resulting in infrastructure software operating margin of approximately 77%. This compares to operating margin of 67% a year ago, reflecting the completion of the integration of VMware.

現在轉向基礎設施軟體。基礎設施軟體營收為 68 億美元，年增 17%，佔總營收的 43%。本季基礎設施軟體的毛利率為 93%，去年同期為 90%。本季營運費用為 11 億美元，導致基礎設施軟體營運利潤率約為 77%。相較之下，去年同期的營業利潤率為 67%，反映了 VMware 整合的完成。

Moving on to cash flow. Free cash flow in the quarter was $7 billion and represented 44% of revenue. We spent $142 million on capital expenditures. Day sales outstanding were 37 days in the third quarter compared to 32 days a year ago. We ended the third quarter with inventory of $2.2 billion, up 8% sequentially in anticipation of revenue growth next quarter. Our days of inventory on hand were 66 days in Q3 compared to 69 days in Q2 as we remain disciplined on how -- inventory the ecosystem.

繼續討論現金流。本季自由現金流為 70 億美元，佔營收的 44%。我們的資本支出為 1.42 億美元。第三季未清償債務天數為 37 天，去年同期為 32 天。截至第三季度，我們的庫存為 22 億美元，環比成長 8%，預計下個季度的營收將成長。由於我們嚴格遵守生態系統盤點規定，因此第三季我們的庫存天數為 66 天，而第二季為 69 天。

The third quarter within $10.7 billion of cash and $66.3 billion of gross principal debt. The weighted average couponing and years to maturity of our $65.8 billion in fixed debt is 3.9% and 6.9 years, respectively. The weighted average interest rate and years to maturity of our $500 million at floating rate, debt is 4.7% and 0.2 years, respectively.

第三季現金為 107 億美元，本金債務總額為 663 億美元。我們的 658 億美元固定債務的加權平均票面利率和到期年限分別為 3.9% 和 6.9 年。我們的 5 億美元浮動利率債務的加權平均利率和到期年限分別為 4.7% 和 0.2 年。

Turning to capital allocation. In Q3, we paid stockholders $2.8 billion of cash dividends based on a quarterly common stock cash dividend of $0.59 per share. In Q4, we expect the non-GAAP diluted share count to be approximately 4.97 billion shares excluding the potential impact of any share repurchases.

轉向資本配置。第三季度，我們根據每股 0.59 美元的季度普通股現金股利向股東支付了 28 億美元的現金股利。在第四季度，我們預計非 GAAP 稀釋股數約為 49.7 億股（不包括任何股票回購的潛在影響）。

Now moving to guidance. Our guidance for Q4 is for consolidated revenue of $17.4 billion, up 24% year on year. We forecast semiconductor revenue of approximately $10.7 billion, up 30% year on year. Within this, we expect Q4 AI semiconductor revenue of $6.2 billion, up 66% year on year. We expect infrastructure software revenue of approximately $6.7 billion, up 15% year on year.

現在轉向指導。我們對第四季的預期是綜合營收為 174 億美元，年增 24%。我們預測半導體營收約107億美元，年增30%。其中，我們預期第四季AI半導體營收為62億美元，年增66%。我們預計基礎設施軟體營收約為 67 億美元，年增 15%。

For your modeling purposes, we expect Q4 consolidated gross margin to be down approximately 70 basis points sequentially, primarily reflecting a higher mix of XPUs and also wireless revenue. As a reminder, consolidated gross margins through the year will be impacted by the revenue mix of infrastructure software and semiconductors and product mix within semiconductors. We expect Q4 adjusted EBITDA to be 67%. We expect the non-GAAP tax rate for Q4 and fiscal year 2025 to remain at 14%.

為了您的建模目的，我們預計第四季度綜合毛利率將環比下降約 70 個基點，主要反映了 XPU 和無線收入的組合增加。提醒一下，全年的綜合毛利率將受到基礎設施軟體和半導體的收入組合以及半導體產品組合的影響。我們預計第四季度調整後的 EBITDA 為 67%。我們預計第四季和2025財年的非公認會計準則稅率將維持在14%。

I will now pass the call back to Hock for some more exciting news.

我現在將把電話轉回給霍克，以了解一些更令人興奮的消息。

I don't know but exciting, Kirsten, but I do. I thought before we move to questions, I should share an update.

我不知道，但很令人興奮，克爾斯滕，但我知道。我想在我們開始提問之前，我應該先分享一些最新消息。

The Board and I have agreed that I will continue as the CEO of Broadcom through 2030 at least. These are exciting times for Broadcom, and I'm very enthusiastic to continue to drive value for our shareholders.

董事會和我已同意，我將繼續擔任博通執行長至少到 2030 年。對博通來說，這是一個令人興奮的時刻，我非常熱衷於繼續為我們的股東創造價值。

Operator, please open up the call for questions.

接線員，請打開電話詢問。

(Operator Instructions) Ross Seymore, Deutsche Bank.

（操作員指令）Ross Seymore，德意志銀行。

Hi, guys. Thanks for the question. Hock Tan, thank you for sticking around for a few more years. So I just wanted to talk about the AI business, and specifically, the XPU. When you said you're going to grow significantly faster than what you had thought a quarter ago, what's changed? Is it just the impressive prospect moving to a customer definition. So that $10 billion backlog that you mentioned? Or is it stronger demand across the existing three customers? Any detail on that would be helpful.

嗨，大家好。謝謝你的提問。Hock Tan，謝謝你多年來一直陪伴我。所以我只想談談人工智慧業務，特別是 XPU。當您說您的成長速度將比一個季度前預想的快得多時，具體發生了什麼變化？這是否只是轉向客戶定義的令人印象深刻的前景？那麼，您提到的 100 億美元積壓訂單是怎麼樣的呢？還是現有三家客戶的需求更強勁？任何有關此的詳細資訊都會有幫助。

I think it's both, Ross. But to a large extent, it's the fourth customer that we now add on to our roster, which we will ship pretty strongly in 2026 -- beginning of 2026, I should say. So a combination of increasing volumes from existing three customers and we moved through that very progressively and steadily and the addition of a fourth customer with immediate and fairly substantial demand really put our really changes our thinking of what '26 would be starting to look like. Thank you.

我認為兩者都有，羅斯。但在很大程度上，這是我們現在添加到我們名單上的第四個客戶，我們將在 2026 年（我應該說是 2026 年初）實現強勁發貨。因此，我們非常逐步且穩定地增加了現有三個客戶的銷量，並且增加了第四個具有即時和相當大的需求的客戶的結合，這確實改變了我們對 26 年將會是什麼樣子的想法。謝謝。

(Operator Instructions) Harlan Sur, JPMorgan.

（操作員指示）Harlan Sur，摩根大通。

Hi. Good afternoon. Congratulations on the well executed quarter and strong free cash flow. I know everybody is going to ask a lot of questions on AI, Hock. I'm going to ask about the non-AI saving business. If I look at your guidance for Q4, it looks like the non-AI sing business is going to be down about 7%, 8% year over year in fiscal '25, if you hit the midpoint of the Q4 guidance.

你好。午安.恭喜本季業績出色，自由現金流強勁。我知道每個人都會問很多關於人工智慧的問題，霍克。我要問非人工智慧儲蓄業務。如果我看一下您對第四季度的指導，看起來非人工智慧唱歌業務在 2025 財年將同比下降約 7% 至 8%，如果達到第四季度指導的中點。

Good news, the negative year-over-year trends have been improving through year. In fact, I think you guys are going to be positive year-over-year in the fourth quarter. You characterized it as relatively close to the cyclical bottom, relatively slow to recover. However, we have seen some green shoots of positivity, right, broadband, server storage and enterprise networking, you're still driving the DOCSIS upgrade in broadband cable.

好消息是，年減的趨勢正在逐年改善。事實上，我認為你們第四季的業績年比將會有所成長。您將其描述為相對接近週期性底部，復甦相對較慢。然而，我們已經看到了一些積極的跡象，對吧，寬頻、伺服器儲存和企業網絡，你仍然在推動寬頻電纜的 DOCSIS 升級。

You've got next-gen PON upgrades in China and the US in front of you, enterprise spending on network upgrades is accelerating. So near term, from the cyclical bottom, how should we think about the magnitude of the cyclical upturn? And given your 30- to 40-week lead times, are you seeing continued order improvements in the non-AI segment, which would point you to continued cyclical recovery into next fiscal year?

中國和美國即將推出下一代 PON 升級，企業在網路升級方面的支出正在加速。那麼從近期週期性底部來看，我們該如何看待週期性回升的幅度呢？考慮到你們 30 到 40 週的交貨時間，你們是否看到非人工智慧領域的訂單持續改善，這將預示著下一個財年將繼續出現週期性復甦？

Well, if you take a look at that non-AI segment, I mean, you're right. From a year on year Q4 guidance, we are actually up, as I say, slightly couple 1% or 2% from a year ago. It's not much really to shout about at this point.

好吧，如果你看非人工智慧部分，我的意思是，你是對的。與去年同期第四季度的預測相比，正如我所說，我們的成長實際上比去年同期略有上升，成長了 1% 或 2%。目前來說，確實沒有什麼值得大喊大叫的。

And the big issue is the puts and takes. And the put and takes and the bottom line of all this is, other than seasonality that we perceive, if you look at the short term, without looking year on year by looking sequentially, we see in things like wireless and we even start to see some seasonality in server storage these days.

最大的問題在於投入和產出。所有這些的投入和產出以及底線是，除了我們感知到的季節性之外，如果你從短期來看，而不是逐年逐月地連續觀察，我們會看到無線等領域，甚至現在我們開始看到伺服器儲存中的一些季節性。

It kind of all washes out so far. The only consistent trend we've seen over the last three quarters that is moving up strongly is broadband. And nothing else, if you look at it from a cyclical point of view, seems to be able to sustain an uptrend so far.

到目前為止，一切都已消失。在過去三個季度中，我們看到的唯一持續強勁上升的趨勢是寬頻。如果從週期性角度來看，似乎沒有其他任何東西可以維持迄今為止的上升趨勢。

I don't think it's -- but as a whole, they are not getting worse, as you pointed out, Harlan, but they are not showing a V-shaped recovery as a whole, that we would like to see and expect to see in cyclical semiconductor cycles.

我不這麼認為——但從整體來看，正如你所指出的，哈蘭，情況並沒有變得更糟，但整體上並沒有呈現出 V 型復甦，這是我們希望看到並期望在周期性半導體週期中看到的。

The only thing that gives us some hope is broadband at this point, and it is recovering very strongly. But then it was a business that was most impacted in the short downturn of '24 and early '25. So again, one take that with a grain of salt.

目前唯一能為我們帶來希望的是寬頻，而且它正在強勁復甦。但它的業務在 1924 年和 1925 年初的短暫經濟衰退中受到的影響最大。所以，我們還是要對此持保留態度。

But the answer to you for you is non-AI semiconductor is kind of slow to recover, as I said. And Q4 year on year is maybe low single digit is the best way to describe it at this point. So I'm expecting to see more of a U-shaped recovery in non-AI, and perhaps by late mid '26, late '26, we'll start to see some meaningful recovery. But as of right now, not clear.

但正如我所說，答案是非人工智慧半導體的復甦有點慢。目前，用「第四季年增速為低個位數」來形容或許是最好的。因此，我預計非人工智慧領域將出現更多的 U 型復甦，也許到 2026 年中後期，我們將開始看到一些有意義的復甦。但截至目前，尚不清楚。

Are you starting to see that in your order trend in your order book just because your lead times are like 40 weeks, right?

您是否開始在訂單簿的訂單趨勢中看到這一點，只是因為您的交貨週期是 40 週，對嗎？

We are. But we've been track, before we are -- the bookings are up, and they are up year on year in excess of 20%. Nothing like what AI bookings to lie, but 23% is still pretty good, right?

是的。但我們之前就已經追蹤過——預訂量正在上升，而且同比增長超過 20%。雖然沒有什麼比 AI 預訂量更令人擔心的了，但 23% 還是相當不錯的，對吧？

(Operator Instructions) Vivek Arya, Bank of America.

（操作員指示）美國銀行 Vivek Arya。

Thanks for taking my question. And best wishes for the next part of your tenure. My question is on -- if you could help us quantify what is the new fiscal '26 AI guidance. Because I think the last call, you mentioned fiscal '26 could grow at the 60% growth rate. So what is the updated number? Is it 60%-plus the $10 billion that you mentioned?

感謝您回答我的問題。並祝福您在接下來的任期內一切順利。我的問題是——您是否可以幫助我們量化新的 26 財年 AI 指導。因為我認為上次你提到 26 財年的成長速度可以達到 60%。那麼更新後的數字是多少呢？是您提到的 100 億美元中的 60% 以上嗎？

And sort of related to that, do you expect the custom versus networking mix to stay broadly what it has been this past year or evolve more towards custom. So any quantification and this networking versus customer mix would be very helpful for fiscal '26.

與此相關的是，您是否預計客製化與網路組合將與去年大致保持相同，還是會朝著客製化方向發展。因此，任何量化以及這種網路與客戶組合對於 26 財年來說都將非常有幫助。

Okay. Let's answer the first part first. If I could be so bold as to suggest to you, when I -- last quarter when they said, hey, the trend of growth of '26 will mirror that of '25, which is 50%, 60% year on year. That's really all I said. I didn't -- but of course, it comes up 50%, 60% because that's what '25 is.

好的。我們先來回答第一部分。如果我可以大膽地向您建議，當我——上個季度他們說，嘿，26 年的成長趨勢將與 25 年的成長趨勢相似，即同比增長 50% 到 60%。我實際上就說了這些。我沒有——但當然，這個數字上升了 50% 或 60%，因為這就是 25 的真正含義。

All I'm saying, if you want to put another way of looking at what I'm saying, which is perhaps more accurate is we're seeing -- the growth rate accelerates as opposed to just remain steady at that 50%, 60%. We are expecting and seeing 2026 to accelerate more than the growth rate we see in '25. And I know you love me to throw in the number at you, but we are not supposed to be giving you a forecast for '26. But best way to describe it, it will be fairly material improvement.

我想說的是，如果你想換一種方式來看待我所說的話，也許更準確的說法是，我們看到的是——增長率正在加速，而不是僅僅穩定在 50% 或 60% 左右。我們預計 2026 年的成長速度將超過 2025 年。我知道你們喜歡我告訴你們這個數字，但我們不應該給你們 26 年的預測。但最好的描述方式是，這將是相當實質的改進。

And the networking versus custom?

那麼網路與客製化之間又如何呢？

Good point. Thanks for reminding me. As we see -- and a big part of this driver of growth will be XPUs, at the risk of repeating what I said in my remarks, comes from the fact that we continue to gain at our 3 original customers. They have to, they're on their journey and each passing generation they go more to XPUs. So we are gaining share from these three.

說得好。謝謝你提醒我。正如我們所見，這一成長動力很大一部分將是 XPU，儘管我可能會重複我在發言中所說的話，但這源於我們繼續從 3 個原始客戶那裡獲得收益。他們必須這樣做，他們正在旅途中，每一代他們都會更多地使用 XPU。因此，我們正在從這三家公司獲得市場份額。

We now have the benefit of an additional fourth significant customer. I should say, fourth and very significant customer. And that combination will mean more exposed. And as I said, at the rate as we create more and more experience among four guys, Networking, we get the networking with this 4 guys, but now the mix of networking from outside this four guys will now be a small bet diluted via smaller share. So expect actually networking percentage of the pool to be a declining percentage going into '26.

現在我們又獲得了第四個重要客戶的青睞。我應該說，第四個也是非常重要的客戶。這種結合意味著更多的曝光。正如我所說的，隨著我們在四個人之間創造越來越多的經驗，我們與這四個人建立了網絡，但現在來自這四個人之外的網絡組合將是一個小賭注，通過較小的份額被稀釋。因此預計到 26 年，網路池的實際百分比將會下降。

(Operator Instructions) Stacy Rasgon, Bernstein Research.

（操作員指示）Stacy Rasgon，伯恩斯坦研究公司。

I was wondering if you could parse out this $110 billion backlog. Did I hear that number right? Could you give some color on the makeup of it -- like how far does that go -- and like how much of that $110 billion is AI versus non-AI versus software?

我想知道您是否可以分析一下這 1100 億美元的積壓問題。我聽對了嗎？您能否介紹一下它的構成——例如它能走多遠——以及這 1100 億美元中有多少是人工智慧、多少是非人工智慧或軟體？

Well, yes, Stacy, we generally don't break up back on digital to give you a sense of how strong the business is as a whole for the company, and it's largely driven buying AI in terms of growth. Software continued to add on a steady basis. And non-AI, as I indicated, has grown double digits. Nothing compared to AI, which has grown very strongly. Give you a sense, perhaps fully 50% of it at least is semiconductors.

嗯，是的，史黛西，我們通常不會把數位化分開來讓你了解整個公司的業務有多強大，而且它的成長很大程度上是由購買人工智慧推動的。軟體持續穩定增加。正如我所指出的，非人工智慧已經實現了兩位數的成長。沒有什麼能與人工智慧相比，它已經發展得非常強勁。給你一個概念，也許其中至少有 50% 是半導體。

Okay. And it's fair to say that semiconductor piece, it's going to be much more AI than non AI.

好的。可以公平地說，半導體部分將更多地包含人工智慧，而不是非人工智慧。

Right.

正確的。

(Operator Instructions) Ben Reitzes, Melius.

（操作員指示）Ben Reitzes，Melius。

I appreciate it. Hock, congrats on being able to guide to the AI revenue well above 60% for next year. So I wanted to be a little greedy and ask you about maybe '27 and the other three customers or so. How is the dialogue going beyond these four customers? In the past, you talked about having seven now added a fourth of production.

我很感激。Hock，恭喜您能夠將明年的 AI 收入預期提高到 60% 以上。所以我想貪心一點，問你關於 27 號和其他三位顧客的情況。除了這四位客戶之外，對話進度如何？過去您談到現在有七個增加了四分之一的產量。

And then there were three. Are you hearing from others. And how is the trend going maybe with the other three, maybe beyond the '26 into '27 and beyond? How is that momentum, you think, going to shape up?

然後就有三個了。你聽到其他人的聲音了嗎？那麼其他三個國家的趨勢如何呢？也許會超越 26 年，進入 27 年甚至更久？您認為這種勢頭將會如何發展？

And you are definitely greedy and definitely overthinking this for me. Thank you. But yes, that's -- as asking for a subjective qualification and frankly, I don't want to give that. I'm not comfortable giving that because sometimes, we stumbled in the production in fairly -- in time frames that fairly unexpected surprisingly. Equally, it could get delayed.

而且你確實太貪心了，而且確實為我想太多了。謝謝。但是的，那是——要求主觀資格，坦白說，我不想給這個。我不太願意透露這一點，因為有時我們在製作過程中會遇到相當意外的時間框架內的失誤。同樣，它可能會被延遲。

So I'd rather not give you any more color on prospects, then let's tell you these prospects are real prospects and continue to be very closely engaged towards developing each of their own expense with every intent going into substantial production like the fall we have today a customer.

因此，我寧願不再向您提供有關前景的任何細節，然後讓我們告訴您，這些前景是真正的前景，並且將繼續密切致力於開發他們自己的每一項開支，並將每一個意圖投入到大規模生產中，就像我們今天擁有的秋季客戶一樣。

Yeah. You still think that 1 million units by goal for these seven though, is still intact?

是的。您仍然認為這七家公司實現 100 萬台的目標仍然有效嗎？

For the three, I said, now therefore, that's still -- only for the customers, for the prospects, no comments, I'm in no position to judge on that. But for our three, four customers now, yes.

對於這三者，我說，現在，這仍然——只針對客戶，針對潛在客戶，沒有評論，我沒有資格對此做出判斷。但對我們現在的三、四個客戶來說，是的。

(Operator Instructions) Jim Schneider, Goldman Sachs.

（操作員指示）高盛的吉姆施耐德。

Hock, I was wondering if you could give us a little more color, not necessarily on the prospects, which you do have in the pipeline, but how you view the universe of additional prospects beyond the seven customers and prospects you've already identified.

霍克，我想知道您是否可以向我們提供更多細節，不一定是關於您確實在規劃中的潛在客戶，而是您如何看待除了您已經確定的七個客戶和潛在客戶之外的其他潛在客戶群。

Do you still see there being additional prospects that would be worthy of a custom chip. And I know you've been relatively circumspect in terms of the number of customers that are out there and the volume that they can provide and selective in terms of the opportunities you're interested in. So maybe frame for us the additional prospects as you see them beyond the seven.

您是否仍然認為還有其他值得客製化晶片的潛在客戶。我知道，您對現有的客戶數量和他們能提供的數量一直比較謹慎，並且對您感興趣的機會也比較有選擇性。因此，也許您可以認為我們建立除這七個之外的其他前景。

That's a very good question. And let me answer it in a fairly broad basis. As I said before and perhaps repeat a bit more -- we're very -- we look at this market in two broad segments. The one is simply the guys, the parties, the customers who develop their own L&M. And the rest of the other market I consider is collectively lump as enterprise.

這是一個非常好的問題。讓我從相當廣泛的角度來回答這個問題。正如我之前所說的，或許我還要再重複一次──我們非常──我們從兩個廣泛的角度來看這個市場。一類只是發展自己的 L&M 的人員、團體和客戶。我認為其他市場的其餘部分統稱為企業。

That is markets that run -- that will run AI workloads for enterprise, whether it's on-prem or GPU, XPU or whatever as a service, the enterprise. We don't address that market, to be honest. We don't. That's because that's a hard market for us to address, and we are not set up to address that.

這就是運作的市場——將為企業運行 AI 工作負載，無論是本地還是 GPU、XPU 還是其他任何作為服務的企業。說實話，我們並沒有針對那個市場。我們沒有。這是因為對我們來說這是一個很難攻克的市場，我們還沒準備好去攻克這個市場。

We instead address this LLM market. And as I said many times before, it's a very few narrow markets. Few players driving frontier models on consistent on a very accelerated trend towards super intelligence for one -- plagiarizing the term of someone else. But you know what I mean. And they are the guys who would invest, who need to invest a lot initially, my view on training, training ever larger and larger clusters of ever more capable accelerators.

我們反而針對這個法學碩士市場。正如我之前多次說過的，這只是極少數狹窄的市場。少數推動前沿模型的參與者一致認為超級智慧正處於加速發展的趨勢中——剽竊他人的術語。但你知道我的意思。他們是那些會投資的人，他們需要在初期投入大量資金，我對培訓的看法是，培訓越來越大、越來越強大的加速器集群。

But also, as for these guys, they got to be accountable to shareholders or accountable to being able to create cash flows that can sustain their path. They start to also invest in influence in a massive way to monetize these -- models. These are the players we work with. These are individually people, players who spend a lot of money on a lot of compute capacity just that they are only so few of them. And we have -- I have indicated identified seven, four of which now our customers, three continues to be prospects we engage with.

但同時，對於這些人來說，他們必須對股東負責，或負責創造能夠維持其發展的現金流。他們也開始大規模投資影響力，以將這些模式貨幣化。這些是與我們合作的球員。這些都是個人，是花費大量金錢購買大量運算能力的玩家，但他們只是其中的少數。我們已經 — — 我已經指出確定了七個，其中四個現在是我們的客戶，三個仍然是我們合作的潛在客戶。

And we're very picky and careful, I should say -- who qualifies under that, and I indicated they are building a platform or have a platform and are investing very much on leading LLM models. And we're ever and I think -- that's about it. We may see one more perhaps as a prospect. But again, we are very thoughtful and careful about even making that qualification. But right now, for sure, we have seven.

我應該說，我們非常挑剔和謹慎——誰符合條件，我表示他們正在建立一個平台或擁有一個平台，並且在領先的 LLM 模型上投入了大量資金。我們永遠都是這樣，我想──就是這樣。我們或許還會再看到一個這樣的前景。但再次強調，我們在做出這項資格認定時非常深思熟慮且謹慎。但現在，我們肯定有七個。

And that, for now, it's pretty much what we have.

就目前而言，這就是我們所擁有的一切。

Thank you.

謝謝。

(Operator Instructions) Tom O'Malley, Barclays.

（操作員指示）巴克萊銀行的湯姆奧馬利。

I wanted to ask the on the Jericho4 commentary. NVIDIA talked about the XGS switch and us talking about scale across. You're talking about Jericho4 sounds like this market is really starting to develop. Maybe you could talk about why you see a material uplift in revenue there? And why it's important to start thinking about those type of -- as we move more towards inferencing.

我想問一下關於 Jericho4 的評論。NVIDIA 討論了 XGS 開關，我們討論了跨規模。您談到 Jericho4，聽起來這個市場真的開始發展了。也許您可以談談為什麼那裡的收入會大幅增加？為什麼開始思考這些類型的事情很重要——因為我們更多地轉向推理。

Great. Well, thank you for picking that up. Yes, scale across is the near term now, right train, scale up, which is within the rent within which computing within the rank Scale Up, doing across ranks about in the data center.

偉大的。好吧，謝謝你撿到這個。是的，跨規模是目前的短期目標，正確的訓練、擴大規模，是在等級內計算的租金範圍內擴大規模，在資料中心內跨等級進行。

But now when you get to clusters that are -- I'm not 100% sure where the cutoff is, but, say, above 100,000 GPU or XPUs that you're talking about probably in many cases because of limitation of power shell, that the data that -- you don't do one single data center footprint site to hand to sit with over 100,000 of those XPUs in one side -- may not easily available land may not be complete -- some outcomes, most of all our customers that we see create multiple data center sites close at hand, not far away within range 100 kilometers.

但是現在，當您談到群集時 - 我不能 100％ 確定截止點在哪裡，但是，比如說，您談論的超過 100,000 個 GPU 或 XPU，可能在很多情況下是因為電源外殼的限制，您不會在一個數據中心佔用的站點上放置超過 100,000 個 XPU - 可能不容易創建了一些土地，可能不完整的100 公里的範圍內。

It's kind of the level, but be able to then put in homogenous XPUs or GPUs in this multiple location three or four, and network across them so that they behave, in fact, a single cluster.

這是一種級別，但能夠在三個或四個多個位置中放入同質的 XPU 或 GPU，並在它們之間建立網絡，以便它們實際上表現為單一集群。

That's the coolest part and that technology would require us because of distant deep buffering very intelligent congestion control is technology that exists for many, many years in the likes of the telcos of AT&T and Verizon doing network routing. Except this is for even somewhat more trickier work growth about the same.

這是最酷的部分，而且這項技術需要我們進行遠端深度緩衝，非常聰明的擁塞控制是一項在 AT&T 和 Verizon 等電信公司進行網路路由時已經存在很多年的技術。只不過，這與更棘手的工作成長有關。

And we've been shipping that to a couple of hyperscalers over the last two years as Jericho3 as the scale of these clusters and the bandwidth required for AI training expands, we now launched this Jericho4, 51 terabit per second to handle more bandwidth.

在過去的兩年裡，我們一直將其作為 Jericho3 運送給幾個超大規模企業，隨著這些集群的規模和人工智慧訓練所需的頻寬不斷擴大，我們現在推出了每秒 51 太比特的 Jericho4 來處理更多的頻寬。

But same technology, we have tested, proven for the last 10, 20 years, nothing new. Don't need to create something new for that. It's running an Ethernet, and very proven, very stable. And as I said, last two years, under Jericho3, which around 256 connections on no compute nodes. We've been selling to a couple of our hyperscale customers.

但同樣的技術，我們已經測試過，並且在過去 10 年、20 年裡證明過，沒有什麼新鮮事。不需要為此創造新的東西。它運行以太網，並且非常成熟、非常穩定。正如我所說，過去兩年，在 Jericho3 下，沒有計算節點上有大約 256 個連接。我們一直在向一些超大規模客戶銷售產品。

(Operator Instructions) Karl Ackerman, BNP Paribas.

（操作員指示）法國巴黎銀行的卡爾‧阿克曼 (Karl Ackerman)。

Hock, have you completely converted your top 10,000 accounts from Sphere to the entire -- Cloud Foundation virtualization stack. I asked because I think last quarter, 87% of accounts had adopted that, and that's certainly a marked increase versus less than 10% of those customers who bought the entire suite before the deal. And I guess as you address that, what interest level are you seeing with the longer tail of enterprise customers adopting BCF? And are you seeing tangible cross-selling benefits of your merchant semiconductor storage and networking business as those customers adopt VMware?

Hock，您是否已將前 10,000 個帳戶從 Sphere 完全轉換為整個 Cloud Foundation 虛擬化堆疊。我之所以問這個問題，是因為我認為上個季度有 87% 的帳戶已經採用了這種方法，與交易前購買整套產品的客戶中不到 10% 相比，這是一個明顯的增長。我想，當您談到這個問題時，您看到採用 BCF 的企業客戶長尾興趣程度如何？當這些客戶採用 VMware 時，您是否看到了您的商用半導體儲存和網路業務的實際交叉銷售優勢？

Okay. To answer your first part of the question. Yes, pretty much virtually way over 90% has bought VCF. Now I like to -- I'm careful about choice of what because we have sold them on it and they bought licenses to deploy it doesn't mean they are fully deployed. Here comes the other part of our world.

好的。回答你問題的第一部分。是的，幾乎超過 90% 的人都購買了 VCF。現在我喜歡——我對選擇很謹慎，因為我們已經將它賣給他們並且他們購買了部署許可證，但這並不意味著他們已經完全部署了。這就是我們世界的另一部分。

which is to take these 10,000 customers or a big chunk of them who have taken more about their vision of a private cloud on-prem and working with them to enable them to deploy and operate it successfully on the infrastructure and on-prem. That's the hard work over the next two years that we see happening. And as we do it, we see expansion across the IT footprint on VCF private cloud running on the data set within their data center.

也就是讓這 10,000 名客戶或其中很大一部分人更了解他們對本地私有雲的願景，並與他們合作，使他們能夠在基礎設施和本地成功地部署和運行它。這就是我們所看到的未來​​兩年的艱苦工作。當我們這樣做時，我們看到在其資料中心內的資料集上運行的 VCF 私有雲的 IT 足跡不斷擴展。

That's a key part of it. And we see that continuing. And that's the second phase of my VMWare story.

這是其中的關鍵部分。我們看到這種情況還在繼續。這就是我的 VMWare 故事的第二階段。

First phase is convince its people to convert from perpetual subscription, and so doing purchase VCF. Second phase now is make that purchase, they made on VCF very create the value they look for in private cloud, on their premise, on their IT data centers. That's what's happening. And that will sustain for quite a while because on top of that, we will start selling advanced services security, disaster recovery, even AI running AI workloads on me. All that is very exciting.

第一階段是說服人們從永久訂閱轉換，從而購買 VCF。現在的第二階段是進行購買，他們在 VCF 上所做的購買確實在私有雲、他們的前提下、在他們的 IT 資料中心創造了他們所尋求的價值。這就是正在發生的事情。而且這種情況還會持續相當長一段時間，因為除此之外，我們還將開始銷售高級服務安全、災難恢復，甚至在我身上運行人工智慧工作負載的人工智慧。這一切都非常令人興奮。

Your second question is, is that able to enable me to sell more hardware? No. Well, it's quite independent. In fact, as they virtualize their data centers, we consciously accept the fact that we are commoditizing the underlying hardware in the data center, commoditizing services, commoditizing, storage, commoditizing even networking. And that's fine.

你的第二個問題是，這能讓我賣出更多的硬體嗎？不。嗯，它相當獨立。事實上，當他們虛擬化資料中心時，我們有意識地接受這樣一個事實，即我們正在將資料中心的底層硬體商品化、服務商品化、儲存商品化，甚至網路商品化。這很好。

And by so commoditizing were actually reducing cost of investments in hardware in data centers for enterprises.

透過這種商品化，我們實際上降低了企業資料中心硬體的投資成本。

Now beyond the largest 10,000, are we seeing a lot of success. We are seeing some. But again, two reasons why we do not expect it to be as successful. One is the value, the TCO, as they call it, that comes from it will be much less. But the more important thing is the skill sets that needs to not just deploy that you can get services and also to help them, but to keep all putting it might not be something that they can take on.

現在，我們已經看到超過 10,000 個最大的企業取得了許多成功。我們看到了一些。但同樣，有兩個原因導致我們不認為它會取得同樣的成功。一是由此產生的價值，即所謂的 TCO，將會少得多。但更重要的是，需要的技能組合不僅僅是部署可以獲得的服務並幫助他們，而且要堅持下去，這可能不是他們可以承擔的事情。

And we shall see. This is an area we're still learning. And it'd be interesting to see -- well, VMware has 300,000 customers. We see the top 10,000 as making has been people and makes a lot of sense, derive a lot of value in deploying private cloud using VCF. We now are looking at whether the next 20,000, 30,000 midsized companies see the same way.

我們將會看到。這是我們仍在學習的領域。有趣的是——VMware 擁有 30 萬名客戶。我們認為排名前 10,000 的人很有意義，在使用 VCF 部署私有雲方面獲得了許多價值。我們現在正在觀察接下來的 20,000 到 30,000 家中型公司是否也有同樣的看法。

Stay tuned. I'll let you know.

敬請關注。我會通知你的。

(Operator Instructions) CJ Muse, Cantor Fitzgerald.

（操作員指示）CJ Muse，Cantor Fitzgerald。

I was hoping to focus on gross margins. I understand the guide down 70 bps, particularly with software lower sequentially and greater contributions from wireless and XPUs. But to hit that [ 17 ] spot 7, I either have to model semiconductor margins flat, which I think would be lower or software gross margins to 95% up 200 bps. So can you kind of help me better understand kind of the moving parts there to lap only a 70 bp drop?

我希望關注毛利率。我理解指南會下降 70 個基點，特別是考慮到軟體連續下降以及無線和 XPU 的貢獻增加。但要達到[17]第7點，我必須將半導體利潤率保持在平穩水平（我認為這會更低），要么將軟體毛利率提高到 95%，即上漲 200 個基點。那麼，您能否幫助我更好地理解其中的變動部分，以便僅實現 70 bp 的下降？

Yeah. I mean GPUs will be going up along with wireless, as I said on the call, and our software revenue will be coming up just a bit as well.

是的。我的意思是，正如我在電話中所說的那樣，GPU 將會隨著無線業務的成長而成長，我們的軟體收入也會略有成長。

It means we --

這意味著我們--

XPUs, yes. (multiple speaker) Our part is typically our heaviest quarter, right, of the year for wireless. You have wireless and GPUs with generally lower margins, right? And then our software revenue coming.

XPU，是的。（多位發言者）我們的部分通常是無線業務一年中最繁忙的季度。你們的無線和 GPU 利潤率通常較低，對嗎？然後我們的軟體收入就來了。

(Operator Instructions) Joe Moore, Morgan Stanley.

（操作員指示）摩根士丹利的喬·摩爾。

Great. Thank you. In terms of the fourth customer, I think you've talked in the past about -- customers four and five were more hyperscale, and six and seven work more like the LLM makers themselves. Can you give us a sense for -- if you could help us categorize that? I thought that's fine.

偉大的。謝謝。關於第四個客戶，我想您過去曾談到過——第四個和第五個客戶更加超大規模，而第六個和第七個客戶則更像 LLM 製造商本身。您能否給我們一個概念—您是否可以幫助我們對其進行分類？我認為這樣就很好了。

And then the $10 billion of orders, can you give us a timeframe on that? Thank you.

那麼對於 100 億美元的訂單，您能給我們一個時間表嗎？謝謝。

Okay. Yes. No. It's towards at the end of the day, all seven LLMs. Not all of them have a current -- has a huge platform we're talking about, but one could imagine eventually all of them will have or create a platform. So it's hard to differentiate the -- coming on the second and the delivery of the $10 billion, I'll probably be in -- around, I would say, the second half of our fiscal year 2026.

好的。是的。不。最終，我們將獲得全部 7 個法學碩士學位。並非所有公司都擁有我們談論的龐大平台，但可以想像，最終所有公司都會擁有或創建一個平台。因此很難區分——第二季的到來和 100 億美元的交付，我可能會在——我想說，大約在 2026 財年的下半年。

I would say, to be even more precise, likely to be Q3 of our fiscal '26.

我想說，更準確地說，可能是我們 26 財年的第三季。

Okay. Q3, it starts or Q3, what time frame does it take to deploy $10 billion?

好的。Q3，它開始或Q3，部署100億美元需要多長時間？

End in Q3.

在 Q3 結束。

All right. Thank you.

好的。謝謝。

(Operator Instructions) Joshua Buchalter, TD Cowen.

（操作員指示）Joshua Buchalter，TD Cowen。

Hey, guys. Thank you for taking my questions. Congrats on the results. I was hoping you could provide some comments on momentum for your first scale up Ethernet and how it compares with UA Link and PCIe solutions out there. how big of a -- how meaningful is it to have at the Tomahawk Ultra product out there with a lower latency? And how meaningful do you think to scale up the Ethernet opportunity could be over the next year as we think about your AI networking business?

嘿，大家好。感謝您回答我的問題。恭喜取得成果。我希望您能就您的第一個擴展乙太網路的發展勢頭提供一些評論，並將其與現有的 UA Link 和 PCIe 解決方案進行比較。對於具有較低延遲的 Tomahawk Ultra 產品來說，這有多大意義？當我們考慮您的人工智慧網路業務時，您認為明年擴大乙太網路機會有多大意義？

Well, that's a good question. And we, ourselves, are thinking about that, too, because to begin with Ethernet, our Ethernet solutions are very disaggregated from the AI accelerators, anybody does. It's separate. We treat them as separate. Even though you're right, the network is a computer.

嗯，這是個好問題。我們自己也在考慮這個問題，因為從乙太網路開始，我們的乙太網路解決方案與人工智慧加速器是完全分離的，任何人都是這樣做的。這是分開的。我們將它們視為獨立的個體。儘管你是對的，但網路就是一台電腦。

We have always believed that Ethernet is open source. Anybody should be able to have choices, and we keep it separate from XPU. But the proof of the matter is, for our customers who use the XPU, we develop, we optimize our networking switches and other components that relate to being able to network signals in any cases, hand-in-hand with it.

我們一直相信乙太網路是開源的。任何人都應該有選擇，我們將其與 XPU 分開。但事實的證明是，對於使用 XPU 的客戶，我們開發並優化了網路交換器和其他元件，這些元件與在任何情況下都能夠與 XPU 協同傳輸網路訊號有關。

In fact, all this experience have developed with interface that handles Ethernet very, very much so. So that's in a way with XPUs with our customers, we are openly enabling Ethernet as a networking protocol of choice very, very openly.

事實上，所有這些經驗都是透過處理乙太網路的介面發展起來的。因此，透過與我們的客戶合作使用 XPU，我們非常非常公開地將乙太網路作為首選的網路協定。

And it will not be our Ethernet switches. It could be any other but somebody else Ethernet switches that does it. It just happens to be where the lead in this business, so we get that. But beyond it, especially when it comes to a close system of GPUs, we see less of it, except in the hyperscalers, where the hyperscalers are able to architect the GPUs clusters very separate from the networking side, especially in scale out. In which case, on those hyperscalers, we sell a lot of these Ethernet switches that are scaling out.

而且它不會是我們的乙太網路交換器。它可以是任何其他乙太網路交換機，但不是其他人的乙太網路交換器。它恰好是這個行業的領先者，所以我們明白這一點。但除此之外，特別是當涉及 GPU 的封閉系統時，我們很少看到它，除非在超大規模系統中，超大規模系統能夠建構與網路方面非常獨立的 GPU 集群，特別是在橫向擴展方面。在這種情況下，在這些超大規模企業中，我們銷售了大量可擴展的乙太網路交換器。

And we suspect when it goes to scaling across now even more Ethernet that are disaggregated from the GPUs that are in the place. As far as experience are concerned, for sure, it's all Ethernet.

我們懷疑，當它擴展到更多乙太網路時，這些乙太網路將與現有的 GPU 分開。就體驗而言，當然都是乙太網路。

(Operator Instructions) Christopher Rolland, Susquehanna.

（操作員指示）克里斯多福羅蘭，薩斯奎漢納。

Congrats on the contract extension, Hack. So yes, my questions are about competition, both on the networking side and the ASIC side. You kind of answered some of that, I think, in the last question. But do you view any competition on the ASIC side, particularly from US or Asian vendors? Or do you think this is decreasing?

恭喜續約，Hack。是的，我的問題是關於競爭，包括網路方面和 ASIC 方面的競爭。我認為您在最後一個問題中已經回答了其中的一些問題。但是您是否認為 ASIC 方面存在競爭，特別是來自美國或亞洲供應商的競爭？或者您認為這一數字正在減少？

And on the networking side, do you think UALink or PCIe even has a chance of displacing SUE in 2027, when it's expected to ramp?

在網路方面，您是否認為 UALink 或 PCIe 有機會在 2027 年取代 SUE（預計那時 SUE 將蓬勃發展）？

Thank you for embracing SUE. I did expect that to come up. And I appreciate that -- well, you know I'm biased to be honest. But it's so obvious, I can't help us being biased because Ethernet is well proven. Ethernet is so known to the engineers, the architects that sits in all these hyperscalers, developing, designing AI data center, their AI infrastructure.

謝謝你擁抱SUE。我確實預料到會發生這種情況。我很感激這一點——嗯，你知道，說實話我有偏見。但它是如此明顯，我無法幫助我們有偏見，因為乙太網路已經得到了充分的證明。乙太網路對於所有超大規模資料中心的工程師和架構師來說都是非常熟悉的，他們開發、設計人工智慧資料中心和人工智慧基礎架構。

It's the logical thing for them to use, and they are using it, and they are focusing on it. and the development of separate individualized protocol, frankly, is beyond my imagination why they bought Ethernet is there. It's been well used. It's proven it can keep going up.

對他們來說，使用乙太網路是合乎邏輯的事情，他們正在使用它，並且專注於它。而單獨個人化協議的開發，坦白說，超出了我的想像，他們為什麼要購買乙太網路。用起來很好。事實證明它可以繼續上漲。

The only thing people talk about latency, especially in scaling up hence, the emergence of NVLink. And even then, as I indicated, it's not hard for us, and we are not the only one who can do that, a few others in Ethernet can do it in the switches. You can just tweak the switches to make the latency super good, better than NVLink, better than InfiniBand less than 250 nanoseconds easily. And that's what we did. So it's not that hard.

人們唯一談論的是延遲，特別是在擴展時，因此出現了 NVLink。即便如此，正如我所指出的，這對我們來說並不難，而且我們不是唯一能夠做到這一點的人，乙太網路中的其他一些人也可以在交換器中做到這一點。您只需調整交換器即可使延遲非常好，比 NVLink 更好，比 InfiniBand 更好，輕鬆達到低於 250 奈秒的延遲。我們也確實這麼做了。所以這並不難。

And perhaps, as my say that because we have been doing it as the Ethernet has been around the last 25 years at length. So it's there, the technology that's only to go and create some cooked up protocols that now you have to bring people around. Ethernet is the way we go. And we definitely have competition too because it's an open source system.

也許，正如我所說，因為我們一直在這樣做，因為乙太網路已經存在了 25 年。所以它就在那裡，這項技術只需要去創建一些精心設計的協議，然後你必須讓人們接受它。乙太網路是我們的發展方向。而且我們肯定也存在競爭，因為它是一個開源系統。

So I think Ethernet is a way to go. And for sure, in developing experience for our customers, all this experience with the agreement of customers are main compatible interface with denim and not some fancy other interface that one has to keep going as bandwidth increase. And we -- and I assure you, we have competition, which is one of the reasons why the hyperscaler is like Ethernet.

所以我認為乙太網路是一種可行的方法。當然，在為我們的客戶開發體驗時，所有這些與客戶一致的體驗都是與牛仔布相容的主要介面，而不是隨著頻寬增加而必須繼續使用的一些花哨的其他介面。而且我們 — — 我向你們保證，我們有競爭，這也是超大規模就像乙太網路的原因之一。

It's not just us. They can find somebody else for whatever reason, they don't like us and we're open to that. It's always good to do that. It's an open source system and there are players in that market, not any core system.

不只是我們。無論出於什麼原因，他們可以找到其他人，如果他們不喜歡我們，我們對此持開放態度。這樣做總是好的。它是一個開源系統，市場上有參與者，而不是任何核心系統。

Switching on to XPU competition. Yes, we hear about competition and all that. It's just -- it's a competition that is an area that we always see conditions and our only way to secure our position is we try to invest and now innovate anybody else in this game. We've been fortunate to be the first one, creating this XPU model of ASICs on silicon.

轉向 XPU 競賽。是的，我們聽說過競爭等等。這只是——這是一個競爭領域，我們總是會看到條件，而我們確保自己地位的唯一方法就是嘗試投資並創新這個遊戲中的任何其他人。我們很幸運能夠成為第一個在矽片上創造這種 ASIC 的 XPU 模型的人。

And we also have been fortunate to be probably one of the largest IP developers of semiconductor out there, things like serialize -- the serialize sets been able to develop the best packaging been able to design things that are very low power. So we just have to keep investing in it, which we do to outrun the competition in this space. And I believe we're doing a fairly decent job of doing it at this point.

我們也很幸運，可能是最大的半導體 IP 開發人員之一，例如序列化——序列化套件能夠開發出最好的封裝，能夠設計出非常低功耗的產品。因此，我們必須繼續投資，以便超越該領域的競爭對手。我相信我們目前在這方面做得相當好。

Harsh Kumar, Piper Sandler.

哈什·庫馬爾、派珀·桑德勒。

Congratulations on all the exciting AI metrics, and thanks for everything you do for Broadcom and sticking around. My question is you've got three to four existing customers that are ramping as the data centers for AI clusters get bigger and bigger, it makes sense to have differentiation, efficiency, et cetera, therefore, the case for XPUs. Why should I not think that your XPU share at these three or four customers that are existing will be bigger than the GPU share in the longer term?

恭喜您取得所有令人興奮的 AI 指標，並感謝您為博通所做的一切以及一直以來的支持。我的問題是，隨著 AI 叢集的資料中心越來越大，您有三到四個現有客戶正在增加，因此，差異化、效率等是有意義的，因此，XPU 就是這種情況。為什麼我不認為你們在現有的這三、四個客戶中的 XPU 份額從長遠來看會大於 GPU 份額呢？

It will be -- it's a logical conclusion, as, you're correct. And we are seeing that step by step. As I say, it's a journey. It's a multiyear journey because it's multigenerational because -- this experience don't stay still either. I'm doing multiple versions, at least two versions, two generation versions for each of these customers we have.

這將是——這是一個合乎邏輯的結論，因為你是對的。我們正在一步步見證這一進程。正如我所說，這是一趟旅程。這是一段持續多年的旅程，因為它跨越了多個世代——這種經歷也不會停滯不前。我正在為每個客戶製作多個版本，至少兩個版本、兩代版本。

And with newer generation, they increase the consumption, the usage of the XPU as they gain confidence as the model improves, they deploy it even more. So that's the logical trend that XPUs will keep in these few customers around whereas they successfully deployed and their software stabilizes the software stack the libraries that sits on these chips stabilizes and proves itself out. They will have the content to keep using a higher and higher percentage of their compute footprint in their own XPUs for sure, and we see that. And that's why I think we progressively gain share.

隨著新一代產品的推出，他們增加了 XPU 的消耗和使用，因為隨著模型的改進，他們獲得了信心，並進一步部署了它。因此，這是合乎邏輯的趨勢，XPU 將在少數客戶中保持下去，而他們成功部署並且他們的軟體穩定了軟體堆疊，這些晶片上的庫穩定並證明了自己。他們肯定會繼續在自己的 XPU 中使用越來越高的運算佔用百分比，我們看到了這一點。這就是我認為我們的市場份額正在逐步增加的原因。

Thank you, Hock.

謝謝你，霍克。

Thank you. I would now like to turn the call back over to Ji Yoo, Head of Investor Relations, for any closing remarks.

謝謝。現在，我想將電話轉回給投資人關係主管 Ji Yoo，請她做最後發言。

Thank you, Sheri. This quarter, Broadcom will be presenting at the Goldman Sachs Communacopia and Technology Conference on Tuesday, September 9 in San Francisco, and at the JPMorgan US AllStar Conference on Tuesday, September 16 in London.

謝謝你，謝裡。本季度，博通將於 9 月 9 日星期二在舊金山舉行的高盛 Communacopia 和技術會議上發表演講，並於 9 月 16 日星期二在倫敦舉行的摩根大通美國全明星會議上發表演講。

Broadcom currently plans to report its earnings for the fourth quarter and fiscal year 2025 after close of market on Thursday, December 11, 2025. We public webcast of Broadcom's earnings conference call will follow at 2:00 PM, Pacific.

博通目前計劃在 2025 年 12 月 11 日星期四收盤後公佈其 2025 財年第四季和全年收益。我們將於太平洋時間下午 2:00 公開網路直播 Broadcom 的收益電話會議。

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

我們今天的收益電話會議就到此結束了。感謝大家的加入。Sheri，你可以掛斷電話了。

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

今天的節目到此結束。感謝大家的參與。您現在可以斷開連線。