博通 (AVGO) 2025 Q4 法說會逐字稿

Welcome to Broadcom Inc.'s fourth-quarter and fiscal year 2025 financial results conference call. At this time, for opening remarks and introductions, I would like to turn the call over to Ji Yoo, Head of Investor Relations of Broadcom Inc.

歡迎參加博通公司2025財年第四季及全年財務業績電話會議。此時此刻，我謹將電話轉交給博通公司投資人關係主管 Ji Yoo 先生，請他致開幕詞並作介紹。

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，謝裡，大家午安。今天與我一起參加電話會議的有總裁兼執行長 Hock Tan；財務長 Kirsten Spears；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 close, describing our financial performance for the fourth-quarter and 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.

博通在股市收盤後發布新聞稿和財務報表，介紹了我們第四季和 2025 財年的財務表現。如果您沒有收到副本，您可以從博通公司網站 broadcom.com 的投資者關係部分獲取相關資訊。

This conference call is being webcast live, and an audio replay of the call can be accessed for one year through the Investors section of Broadcom's website.

本次電話會議正在進行網路直播，會議錄音回放可透過博通公司網站的投資者關係部分收聽，有效期為一年。

During the prepared remarks, Hock and Kirsten will be providing details of our fourth quarter and fiscal year 2025 results, guidance for our first quarter of fiscal year 2026 as well as commentary regarding the business environment. We'll take questions after the end of our prepared comments.

在事先準備好的演講中，霍克和克斯汀將詳細介紹我們 2025 年第四季和全年業績，對 2026 年第一季業績的展望，以及對商業環境的評論。我們將在準備好的發言結束後回答問題。

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.

有關可能導致我們的實際業績與本次電話會議中作出的前瞻性陳述存在重大差異的具體風險因素，請參閱我們今天發布的新聞稿和我們最近向美國證券交易委員會提交的文件。

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

除了按照美國通用會計準則 (GAAP) 進行報告外，博通還按照非 GAAP 準則報告某些財務指標。今天發布的新聞稿所附表格中包含了 GAAP 和非 GAAP 指標之間的調整表。今天電話會議上的評論將主要涉及我們的非GAAP財務表現。現在我將把電話交給霍克。

Thank you, Ji, and thank you, everyone, for joining us today. Well, we just ended our Q4 fiscal '25. And before I get into details of that quarter, let me recap the year.

謝謝Ji，也謝謝各位今天蒞臨。嗯，我們剛結束了2025財年第四季。在我詳細介紹該季度情況之前，讓我先回顧一下今年的情況。

In our fiscal 2025, consolidated revenue grew 24% year over year to a record $64 billion, and it's driven by AI semiconductors and VMware. AI revenue grew 65% year over year to $20 billion, driving the semiconductor revenue for this company to a record $37 billion for the year. In our Infrastructure Software business, strong adoption of VMware Cloud Foundation or VCF, as we call it, drove revenue growth of 26% year-on-year to $27 billion.

在 2025 財年，我們的合併收入年增 24%，達到創紀錄的 640 億美元，主要得益於人工智慧半導體和 VMware 的業務成長。人工智慧營收年增 65% 至 200 億美元，推動該公司半導體收入達到創紀錄的 370 億美元。在我們的基礎設施軟體業務中，VMware Cloud Foundation（簡稱 VCF）的廣泛應用推動了營收年增 26%，達到 270 億美元。

In summary, 2025 was another strong year for Broadcom. And we see the spending momentum by our customers for -- in AI, continuing to accelerate in 2026. Now let's move on to the results of our fourth quarter 2025.

總而言之，2025 年對博通來說又是強勁的一年。我們看到，我們的客戶在人工智慧領域的支出動能將在 2026 年繼續加速成長。現在讓我們來看看2025年第四季的業績。

Total revenue was a record $18 billion, up 28% year on year and above our guidance on better-than-expected growth in AI semiconductors as well as Infrastructure Software. Q4 consolidated adjusted EBITDA was a record [$12.2 billion], up 34% year on year. So let me give you more color on our two segments.

總收入達到創紀錄的 180 億美元，年增 28%，高於我們先前的預期，這主要得益於人工智慧半導體和基礎設施軟體業務優於預期的成長。第四季合併調整後 EBITDA 創歷史新高（122 億美元），年增 34%。那麼，讓我來更詳細地介紹我們這兩個部分。

In Semiconductors, revenue was $11.1 billion as year-on-year growth accelerated to 35%. And this robust growth was driven by the AI semiconductor revenue of $6.5 billion, which was up 74% year on year. And this represents a growth trajectory exceeding 10 times over the 11 quarters we have reported this line of business.

半導體業務營收達 111 億美元，年增 35%。這一強勁成長主要得益於人工智慧半導體收入，該收入達 65 億美元，較去年同期成長 74%。這意味著，在我們報告該業務線的 11 個季度中，其成長軌跡超過了 10 倍。

Our custom accelerated business more than double year over year, as we see our customers increase adoption of XPUs, as we call those custom accelerators, in training their LLM and monetizing their platforms through influencing APIs and applications.

隨著客戶越來越多地採用 XPU（我們稱之為客製化加速器）來培訓其 LLM 並透過影響 API 和應用程式來實現平台貨幣化，我們的客製化加速業務每年增長超過一倍。

These XPUs, I may add, are not only been used to train and influence internal workloads by our customers; the same XPUs in some situations have been extended externally to other LLM peers. Best exemplified at Google, where the TPUs use in creating Gemini, have also been used for AI cloud computing by Apple, Coherent and SSI as an example.

我還要補充一點，這些 XPU 不僅被我們的客戶用於訓練和影響內部工作負載；在某些情況下，同樣的 XPU 也擴展到其他 LLM 同行。谷歌在這方面做得最好，他們用於創建 Gemini 的 TPU 也被蘋果、Coherent 和 SSI 等公司用於 AI 雲端運算。

And the scale at which we see this happening could be significant. And as you are aware, last quarter, Q3 '25, we received a $10 billion order to sell the latest DPU Ironwood to Anthropic. And this was our fourth customer that we mentioned. And in this quarter Q4, we received an additional $11 billion order from the same customer for delivery in late 2026.

而且，我們看到這種情況發生的規模可能相當大。如您所知，上個季度（2025 年第三季），我們收到了一份價值 100 億美元的訂單，向 Anthropic 公司出售最新的 DPU Ironwood 產品。這是我們提到的第四位客戶。在本季（Q4），我們又從同一客戶收到了一份價值 110 億美元的訂單，將於 2026 年底交付。

But that does not mean our other two customers are using GPUs. In fact, they prefer to control their own destiny by continuing to drive their multiyear journey to create their own custom AI accelerators or XPU racks, as we call them. And I'm pleased today to report that during this quarter, we acquired a fifth XPU customer through a $1 billion order placed for delivery in late 2026.

但這並不代表我們的另外兩位客戶都在使用GPU。事實上，他們更喜歡掌控自己的命運，繼續推進他們多年的旅程，以創建他們自己的客製化 AI 加速器或我們稱之為 XPU 機架。今天我很高興地宣布，本季我們獲得了第五位 XPU 客戶，該客戶下了價值 10 億美元的訂單，將於 2026 年底交付。

Now moving on to AI networking. Demand here has even been stronger as we see customers build out their data center infrastructure ahead of deploying AI accelerators. Our current order backlog for AI switches exceeds $10 billion as our latest 102-terabit per second Tomahawk 6 switch, the first and only one of its capability out there, continues to book at record rates. And this is just a subset of what we have.

接下來我們來談談人工智慧網路。隨著客戶在部署 AI 加速器之前建置資料中心基礎設施，這方面的需求甚至更加強勁。我們目前人工智慧交換器的訂單積壓超過 100 億美元，因為我們最新的每秒 102 太比特的 Tomahawk 6 交換器（目前市面上第一台也是唯一一台具備這種能力的交換機）繼續以創紀錄的速度預訂。而這只是我們擁有的資源的一部分。

We have also secured record orders on DSPs, optical components like lasers, and PCI Express switches to be deployed -- all to be deployed in AI data centers. And all these components, combined with XPUs, bring our total order on hand in excess of $73 billion today, which is almost half Broadcom's consolidated backlog of $162 billion. We expect this $73 billion in AI backlog to be delivered over the next 18 months. And in Q1 fiscal '26, we expect our AI revenue to double year on year to $8.2 billion.

我們也獲得了創紀錄的DSP、雷射等光學元件以及PCI Express交換機的訂單，這些產品都將部署在人工智慧資料中心。所有這些組件，加上 XPU，使我們目前的訂單總額超過 730 億美元，幾乎是博通公司 1,620 億美元合併積壓訂單的一半。我們預計這730億美元的人工智慧積壓訂單將在未來18個月內交付。預計在 2026 財年第一季度，我們的人工智慧營收將年增一倍，達到 82 億美元。

Turning to non-AI semiconductors. Q4 revenue of $4.6 billion was up 2% year on year and up 16% sequentially based on favorable wireless seasonality. Year on year, broadband showed solid recovery, wireless was flat, and all the other end markets were down as enterprise spending continued to show limited signs of recovery. And accordingly, in Q1, we forecast non-semiconductor revenue to be approximately $4.1 billion, flat from a year ago, down sequentially due to wireless seasonality.

轉向非人工智慧半導體。第四季營收為 46 億美元，年增 2%，季增 16%，主要得益於無線業務的季節性成長。與去年同期相比，寬頻市場呈現穩健復甦，無線網路市場保持平穩，而其他所有終端市場均出現下滑，因為企業支出持續缺乏復甦跡象。因此，我們預測第一季非半導體收入約為 41 億美元，與去年同期持平，由於無線業務的季節性波動，季減。

Let me now talk about our Infrastructure Software segment. Q4 Infrastructure software revenue of $6.9 billion was up 19% year on year and above our outlook of $6.7 billion. Bookings continue to be strong as total contract value booked in Q4 exceeded $10.4 billion versus $8.2 billion a year ago.

現在讓我來談談我們的基礎設施軟體部分。第四季基礎設施軟體營收為 69 億美元，年增 19%，高於我們先前預期的 67 億美元。預訂量持續強勁，第四季預訂合約總價值超過 104 億美元，而去年同期為 82 億美元。

We ended the year with $73 billion of Infrastructure Software backlog, up from $49 billion a year ago. We expect renewals to be seasonal in Q1 and forecast Infrastructure Software revenue to be approximately $6.8 billion. We still expect, however, that for fiscal '26 Infrastructure Software revenue to grow low double-digit percentage.

今年底，我們的基礎設施軟體積壓訂單總額為 730 億美元，高於一年前的 490 億美元。我們預計第一季的續約情況將具有季節性，並預測基礎設施軟體收入約為 68 億美元。不過，我們仍預期 2026 財年基礎設施軟體營收將達到兩位數百分比的低成長。

So here's what we see in 2026. Directionally, we expect AI revenue to continue to accelerate and drive most of our growth and non-AI semiconductor revenue to be stable. Infrastructure software revenue will continue to be driven by VMware growth at low double digits. And for Q1 '26, we expect consolidated revenue of approximately $19.1 billion, up 28% year on year. And we expect adjusted EBITDA to be approximately 67% of revenue.

這就是我們對 2026 年的展望。從發展趨勢來看，我們預期人工智慧收入將繼續加速成長，並推動我們的大部分成長，而非人工智慧半導體收入將保持穩定。基礎設施軟體收入將繼續由 VMware 的低兩位數成長驅動。預計 2026 年第一季合併收入約 191 億美元，年增 28%。我們預計調整後 EBITDA 將佔營收的 67% 左右。

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

那麼，現在讓我把電話交給克斯汀。

Thank you, Hock. Let me now provide additional detail on our Q4 financial performance. Consolidated revenue was a record $18 billion for the quarter, up 28% from a year ago. Gross margin was 77.9% of revenue in the quarter, better than we originally guided on higher software revenues and product mix within semiconductors.

謝謝你，霍克。現在讓我詳細介紹一下我們第四季的財務表現。本季綜合營收創下180億美元的紀錄，較去年同期成長28%。本季毛利率為營收的 77.9%，高於我們最初預期，這主要得益於軟體收入的成長以及半導體產品組合的最佳化。

Consolidated operating expenses were $2.1 billion, of which $1.5 billion was research and development. Q4 operating income was a record $11.9 billion, up 35% from a year ago. Now on a sequential basis, even as gross margin was down 50 basis points on semiconductor product mix, operating margin increased 70 basis points sequentially to 66.2% on favorable operating leverage. Adjusted EBITDA of $12.2 billion or 68% of revenue was above our guidance of 67%. This figure excludes $148 million of depreciation.

合併營運費用為 21 億美元，其中 15 億美元為研發費用。第四季營業收入創下119億美元的紀錄，比去年同期成長35%。現在，儘管半導體產品組合導致毛利率環比下降 50 個基點，但由於有利的經營槓桿作用，營業利潤率環比增長 70 個基點，達到 66.2%。調整後 EBITDA 為 122 億美元，佔營收的 68%，高於我們先前 67% 的預期。該數字不包括 1.48 億美元的折舊。

Now a review of the P&L for our two segments, starting with Semiconductors. Revenue for our Semiconductor Solutions segment was a record $11.1 billion with growth accelerating to 35% year on year, driven by AI. Semiconductor revenue represented 61% of total revenue in the quarter.

現在來回顧我們兩個業務部門的損益情況，首先是半導體部門。在人工智慧的推動下，我們半導體解決方案部門的營收創下 111 億美元的紀錄，年增 35%。該季度半導體收入佔總收入的 61%。

Gross margin for our Semiconductor Solutions segment was approximately 68%. Operating expenses increased 16% year on year to $1.1 billion on increased investment in R&D for leading-edge AI semiconductors. Semiconductor operating margin of 59% was up 250 basis points year on year.

我們半導體解決方案部門的毛利率約為 68%。由於加大了對尖端人工智慧半導體研發的投資，營運支出較去年同期成長 16%，達到 11 億美元。半導體產業營業利益率為 59%，較去年同期成長 250 個基點。

Now moving to Infrastructure Software. Revenue for Infrastructure Software of $6.9 billion was up 19% year on year and represented 39% of total revenue. Gross margin for Infrastructure Software was 93% in the quarter compared to 91% a year ago. Operating expenses were $1.1 billion in the quarter, resulting in Infrastructure Software operating margin of 78%. This compares to operating margin of 72% a year ago, reflecting the completion of the integration of VMware.

現在轉向基礎設施軟體。基礎設施軟體收入達 69 億美元，年增 19%，佔總收入的 39%。本季基礎設施軟體的毛利率為 93%，去年同期為 91%。本季營運支出為 11 億美元，基礎設施軟體營運利潤率為 78%。相比之下，一年前的營業利潤率為 72%，這反映了 VMware 整合的完成。

Moving on to cash flow. Free cash flow in the quarter was $7.5 billion and represented 41% of revenue. We spent $237 million on capital expenditures. Days sales outstanding were 36 days in the fourth quarter compared to 29 days a year ago. We ended the fourth quarter with inventory of $2.3 billion, up 4% sequentially.

接下來分析現金流。本季自由現金流為 75 億美元，佔營收的 41%。我們在資本支出方面花了2.37億美元。第四季應收帳款週轉天數為 36 天，去年同期為 29 天。第四季末，我們的庫存為 23 億美元，季增 4%。

Our days of inventory on hand were 58 days in Q4 compared to 66 days in Q3 as we continue to remain disciplined on how we manage inventory across the ecosystem. We ended the fourth quarter $16.2 billion of cash, up $5.5 billion sequentially on strong cash flow generation. The weighted average coupon rate in years to maturity of our gross principal fixed rate debt of $67.1 billion is 4% and 7.2 years, respectively.

第四季我們的庫存週轉天數為 58 天，而第三季為 66 天，因為我們繼續在整個生態系統中保持嚴格的庫存管理。第四季末，我們持有現金162億美元，季增55億美元，這得益於強勁的現金流。我們總額為 671 億美元的固定利率債務的加權平均票面利率（以到期年限計）分別為 4% 和 7.2 年。

Turning to capital allocation. In Q4, we paid stockholders $2.8 billion of cash dividends based on a quarterly common stock cash dividend to $0.59 per share. In Q1, we expect the non-GAAP diluted share count to be approximately 4.97 billion shares, excluding the potential impact of any share repurchases.

接下來討論資本配置。第四季度，我們向股東支付了 28 億美元的現金股息，每股普通股季度現金股息為 0.59 美元。第一季度，我們預計非GAAP稀釋後股份數量約為49.7億股，不包括任何股份回購的潛在影響。

Now let me recap our financial performance for fiscal year 2025. Our revenue hit a record $63.9 billion with organic growth accelerating to 24% year on year. Semiconductor revenue was $36.9 billion, up 22% year over year. Infrastructure Software revenue was $27 billion, up 26% year on year.

現在讓我回顧一下我們2025財年的財務表現。我們的營收達到創紀錄的 639 億美元，有機成長率年增 24%。半導體業務營收達369億美元，年增22%。基礎設施軟體營收為 270 億美元，年增 26%。

Fiscal 2025 adjusted EBITDA was $43 billion and represented 67% of revenue. Free cash flow grew 39% year on year to $26.9 billion.

2025 財年調整後 EBITDA 為 430 億美元，佔營收的 67%。自由現金流年增 39%，達到 269 億美元。

For fiscal 2025, we returned $17.5 billion of cash to shareholders in the form of $11.1 billion of dividends and $6.4 billion in share repurchases and elimination. Aligned with our ability to generate increased cash flows in the preceding year, we are announcing an increase in our quarterly common stock cash dividend in Q1 fiscal 2026 to $0.65 per share, an increase of 10% from the prior quarter.

2025 財年，我們向股東返還了 175 億美元的現金，其中 111 億美元為股息，64 億美元為股票回購和註銷。鑑於我們在上一年能夠產生更多現金流，我們宣布將 2026 財年第一季普通股現金股息提高至每股 0.65 美元，比上一季成長 10%。

We intend to maintain this target quarterly dividend throughout fiscal '26, subject to quarterly Board approval. This implies our fiscal 2026 annual common stock dividend to be a record $2.60 per share, an increase of 10% year on year. I would like to highlight that this represents the 15th consecutive in annual dividends since we initiated dividends in fiscal 2011.

我們計劃在 2026 財年維持此季度股利目標，但需經董事會季度批准。這意味著我們 2026 財年的普通股年度股息將達到創紀錄的每股 2.60 美元，比上年增長 10%。我想強調的是，自 2011 財年開始派發股息以來，這已經是連續第 15 年派發年度股息了。

The Board also approved an extension of our share repurchase program, of which $7.5 billion remains through the end of calendar year 2026.

董事會還批准延長我們的股票回購計劃，該計劃剩餘的 75 億美元將持續到 2026 年底。

Now moving to guidance. Our guidance for Q1 is for consolidated revenue of $19.1 billion, up 28% year on year. We forecast Semiconductor revenue of approximately $12.3 billion, up 50% year on year. Within this, we expect Q1 AI semiconductor revenue of $8.2 billion, up approximately 100% year on year. We expect Infrastructure Software revenue of approximately $6.8 billion, up 2% year on year.

現在進入指導環節。我們對第一季的業績預期是合併營收191億美元，年增28%。我們預測半導體業務收入約為 123 億美元，年增 50%。其中，我們預計第一季人工智慧半導體營收將達到 82 億美元，年增約 100%。我們預計基礎設施軟體營收約為 68 億美元，年增 2%。

For your modeling purposes, we expect Q1 consolidated gross margin to be down approximately 100 basis points sequentially, primarily reflecting a higher mix of AI revenue. As a reminder, consolidated gross margins through the year will be impacted by the revenue mix of Infrastructure Software and Semiconductors and also product mix within Semiconductors.

就您的建模而言，我們預計第一季合併毛利率將環比下降約 100 個基點，主要反映人工智慧營收佔比上升。需要提醒的是，全年綜合毛利率將受到基礎設施軟體和半導體收入組成以及半導體產品組合的影響。

We expect Q1 adjusted EBITDA to be approximately 67%. We expect the non-GAAP tax rate for Q1 and fiscal year 2026 to increase from 14% to approximately 16.5% due to the impact of the global minimum tax and shift in geographic mix of income compared to that of fiscal year 2025.

我們預計第一季調整後 EBITDA 約為 67%。我們預計，由於全球最低稅的影響以及與 2025 財年相比收入地域構成的變化，2026 年第一季和 2026 財年的非 GAAP 稅率將從 14% 上升至約 16.5%。

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

我的發言稿到此結束。接線員，請開啟提問環節。

(Operator Instructions)

（操作說明）

Vivek Arya, Bank of America.

Vivek Arya，美國銀行。

Just wanted to clarify, Hock, you said $73 billion over 18 months for AI, that's roughly $50 billion-ish plus for fiscal '26 for AI. I just wanted to get -- make sure I got that right.

霍克，我想澄清一下，你說人工智慧領域在 18 個月內投入了 730 億美元，這大約是 2026 財年人工智慧領域投入的 500 億美元左右。我只是想確認一下——確保我理解正確。

And then the main question, Hock, is that there is sort of this emerging debate about customer-owned tooling, your ASIC customers potentially wanting to do more things on their own. How do you see your XPU content and share at your largest customer evolve over the next one or two years?

霍克，主要問題是，現在出現了一個關於客戶擁有工具的爭論，你們的 ASIC 客戶可能會希望自己做更多的事情。您認為在未來一兩年內，您在最大客戶的 XPU 內容和分享將如何發展？

Well, to answer your first question, what we said is correct that as of now, we have $73 billion of backlog in place secured of XPUs, switches, DSPs, lasers for AI data centers that we anticipate shipping over the next 18 months. And obviously, this is as of now, I mean, we fully expect more bookings to come in over that period of time. And so don't take that $73 billion as that's the revenue that we ship over the next 18 months. We're just saying we have that now and in that bookings has been accelerating.

好的，回答你的第一個問題，我們之前的說法是正確的，截至目前，我們已經獲得了價值 730 億美元的 XPU、交換器、DSP 和用於 AI 數據中心的激光器的積壓訂單，預計將在未來 18 個月內交付。顯然，這只是目前的情況，我們完全預期在接下來的這段時間會有更多預訂。所以，不要把那 730 億美元理解為我們在未來 18 個月內所實現的收入。我們只是想說，我們現在擁有了這項服務，而且預訂量一直在加速成長。

And frankly, we see that bookings not just in XPUs, but in switches, DSPs, all the other components that go into AI data center. We have never seen bookings of the nature that what we have seen over the past three months, particularly with respect to Tomahawk 6 switches.

坦白說，我們看到預訂不僅發生在 XPU 中，而且發生在交換器、DSP 以及構成 AI 資料中心的所有其他元件中。我們從未見過像過去三個月那樣的預訂情況，尤其是 Tomahawk 6 交換器的預訂情況。

This is one of the fastest-growing products in terms of deployment that we've ever seen of any switch products that we put out there. It is pretty interesting and partly because it's the only one of its kind out there at this point at 102 terabits per second. And that's that exact product needed to expand the clusters of the latest GPU and XPUs out there.

就部署速度而言，這是我們推出的所有交換器產品中成長最快的產品之一。它非常有趣，部分原因是目前市面上只有它能達到每秒 102 太比特的速度。而這正是擴展目前市面上最新 GPU 和 XPU 叢集所需的產品。

So that's great. But as far as what is the future XPU is your broader question, my answer to you is: don't follow what you hear out there as gospel. It's a trajectory; it's a multiyear journey. And many of the players and not too many players doing LLM wants to do their own custom AI accelerator for very good reasons.

那太好了。但就你提出的更廣泛的問題——未來的 XPU 是什麼——而言，我的回答是：不要把外界聽到的說法當作真理。這是一個發展軌跡；這是一段多年的旅程。很多玩家（其實沒多少玩家）出於非常充分的理由，都想開發自己的自訂 AI 加速器。

You can put in hard way if you use a general purpose GPU, you can only do in software and kernels and software. You can achieve performance-wise so much better in the custom purposed design, hardware-driven XPU.

如果你使用通用GPU，你可以透過比較困難的方式實現；但如果你使用軟體和內核，你只能透過軟體來實現。在客製化設計的、硬體驅動的 XPU 中，效能可以顯著提升。

And we see that in the TPU and we see that in all the accelerators we are doing for our other customers, much, much better in areas of sparse call, training, inference, reasoning, all that stuff.

我們在 TPU 中看到了這一點，在我們為其他客戶開發的所有加速器中也看到了這一點，在稀疏呼叫、訓練、推理、推理等各個方面都做得更好。

Now what that means that over time, they all want to go do it themselves, not necessarily. And in fact, because the technology in silicon keeps updating keeps evolving. And if you are an LLM player, where do you put your resources in order to compete in this space? Especially when you have to compete at the end of the day against merchant GPU who are not slowing down in the rate of evolution.

這意味著隨著時間的推移，他們都想自己去做，但也不一定。事實上，因為矽技術不斷更新，不斷發展。如果你是LLM玩家，你會把資源投入到哪裡才能在這個領域競爭？尤其是當你最終不得不與那些發展速度絲毫沒有放緩的商用GPU競爭時。

So I see that as this concept of customer tooling is an overblown hypothesis, which frankly, I don't think will happen.

所以我認為客戶工具的概念是一個被誇大的假設，坦白說，我不認為它會發生。

Ross Seymore, Deutsche Bank.

羅斯·西摩，德意志銀行。

I want to go to something you touched on earlier about the TPUs going a little bit more to like a merchant go-to market to other customers. Do you believe that's a substitution effect for customers who otherwise would have done ASICs with you? Or do you think it's actually broadening the market? And so what are kind of the financial implications of that from your perspective?

我想談談你之前提到的關於 TPU 的一些內容，例如商家如何利用 TPU 向其他客戶進行市場推廣。你認為這會對原本會選擇你進行ASIC投資的客戶產生替代效應嗎？或者你認為它實際上正在擴大市場？那麼從你的角度來看，這會對財務造成哪些影響？

So that's a very good question, Ross. And what we see right now is the most obvious move it does is it goes -- the people who use TPUs, the alternative is GPUs, merchant basis as the most common thing that happens. Because to do that substitution for another custom, it's different. To make an investment in custom accelerator is a multiyear journey.

羅斯，你問得好。我們現在看到的最明顯的趨勢是——使用 TPU 的用戶，其替代方案是 GPU，而最常見的情況是商家層面的支付方式。因為要用另一種習俗來代替，情況就不同了。投資客製化加速器是一個需要多年時間的過程。

It's a strategic directional thing. It's not necessary a very transactional or short-term move.

這是一個戰略方向性的問題。這未必是一項非常具有交易性或短期意義的舉措。

Moving from GPU to TPU is a transactional move, going into AI accelerator of your own is a long-term strategic move and nothing would deter you from them to continue to make that investment towards that end goal of successfully creating and deploying your own custom AI accelerator. So that's the motion we see.

從 GPU 升級到 TPU 是交易性操作，而建立自己的 AI 加速器則是一項長期的策略舉措，沒有什麼能夠阻止你繼續進行這項投資，最終目標是成功創建和部署你自己的客製化 AI 加速器。這就是我們看到的運動。

Harlan Sur, JPMorgan.

哈蘭‧蘇爾，摩根大通。

Congratulations on the strong results, guidance, and execution. Hock, again, I just want to sort of verify this, right? So you talked about total AI backlog of $73 billion over the next six quarters, right? This is just a snapshot of your order book like right now.

祝賀你們取得如此優異的成績，並展現了出色的指導和執行力。霍克，我只是想再次確認一下，對吧？所以你提到未來六個季度人工智慧總積壓訂單將達到 730 億美元，對吧？這只是您目前訂單簿的快照。

But given your lead times, I think customers can and still will place orders for AI in quarters four, five and six. So as time moves forward, that backlog number for more shipments in the second half will probably still go up, right? Is that the correct interpretation?

但考慮到你們的交貨週期，我認為客戶可以在第四、第五和第六季訂購人工智慧產品，而且仍然會這樣做。所以隨著時間的推移，下半年的訂單積壓數量可能還會繼續增加，對吧？這種解讀正確嗎？

And then given the strong and growing backlog, right, the question is: does the team have 3 nanometer, 2 nanometer wafer supply, colos, substrate, HBM supply commitments to support all of the demand in your order book? And I know one of the areas where you are trying to mitigate this as in advanced packaging, right? You're bringing up your Singapore facility. Can you guys just remind us what part of the advanced packaging process the team is focusing on with the Singapore facility?

鑑於積壓訂單數量龐大且不斷增長，那麼問題就變成了：團隊是否有 3 奈米、2 奈米晶圓供應、配光、襯底、HBM 供應承諾來滿足訂單簿中的所有需求？我知道你們正在嘗試透過先進的包裝技術來緩解這個問題，對吧？您提到了您在新加坡的工廠。各位能否提醒一下，團隊目前在新加坡工廠主要關注先進包裝製程的哪個環節？

Well, to answer your first simpler question, Harlan, you're right. You can say that $73 billion is the backlog we have today to ship over the next six quarters. You might also say that given our lead time, we expect more orders to be able to be absorbed into our backlog for shipments over the next six quarters.

嗯，哈蘭，回答你第一個比較簡單的問題，你是對的。可以說，我們目前積壓的訂單價值 730 億美元，需要在未來六個季度內交付。你也可以說，考慮到我們的交貨週期，我們預計未來六個季度能夠將更多訂單納入我們的出貨積壓計畫。

So taking that we expect revenue -- a minimum revenue one way to look at it of $73 billion over the next six quarters, but we do expect much more as more orders come in for shipments within the next six quarters. Our lead time depending on the particular product, it is -- can be anywhere from six months to a year.

因此，我們預計未來六個季度的收入（從某種意義上說，最低收入）將達到 730 億美元，但隨著未來六個季度發貨訂單的增加，我們預計收入會更高。根據具體產品的不同，我們的交貨週期可能從六個月到一年不等。

With respect to supply chain is what you're asking, critical supply chain on silicon and packaging, yes, that's an interesting challenge that we have been addressing constantly and continue to. And with the strength of the demand and the need for more innovative packaging, advanced packaging because you are talking about multi-chips in creating every custom accelerator now. The packaging becomes a very interesting and a technical challenge.

關於您問的供應鏈問題，特別是矽和封裝的關鍵供應鏈問題，是的，這是我們一直在努力解決並將繼續努力解決的有趣挑戰。隨著市場需求的強勁增長，以及對更具創新性的封裝和先進封裝的需求日益增長，因為現在每個客製化加速器都需要多晶片封裝。包裝設計成為一個非常有趣且具挑戰性的技術環節。

And building our Singapore fab is to really talk about partially in-sourcing those advanced packaging. We believe that we have enough demand, we can literally in-source not from the viewpoint of not just costs, but in a viewpoint of supply chain security and delivery. We're building up a fairly substantial facility for packaging, advanced packaging in Singapore, as indicated, purely for the purpose to address the package advanced packaging side.

我們在新加坡建廠，其實是為了部分自主研發這些先進的封裝技術。我們相信市場需求充足，完全可以實現內部生產，這不僅是從成本角度考慮，更是從供應鏈安全和交付角度來考慮。如同先前所提到的，我們正在新加坡建造一個相當規模的包裝設施，用於先進包裝，其唯一目的就是為了解決包裝先進包裝方面的問題。

Silicon-wise, now we go back to the same pressure source in -- with TSMC. And so we keep going for more and more capacity in 2 nanometers, 3 nanometers, and so far, we do not have that constraint.

從矽的角度來看，現在我們又回到了同樣的壓力源──台積電。因此，我們不斷追求 2 奈米、3 奈米的更大容量，到目前為止，我們還沒有遇到這種限制。

But again, time will tell as we progress and as our backlog builds up.

但隨著我們不斷推進工作，積壓的工作越來越多，時間會證明一切。

Blayne Curtis, Jefferies.

布萊恩·柯蒂斯，傑富瑞。

I wanted to ask, with the original $10 billion deal you talked about, a rack sale, I just wanted to -- with the follow-on order as well as the fifth customer, can you just maybe describe how you're going to deliver those? Is it an XPU? Or is it a rack? And then maybe you can kind of just walk us through the math and kind of what the deliverable is?

我想問一下，關於您提到的最初價值 100 億美元的交易，也就是貨架銷售，我只是想問一下——關於後續訂單以及第五位客戶，您能否描述一下您將如何交付這些訂單？它是XPU嗎？或者它是一個架子？然後您能否為我們講解一下計算過程以及最終交付成果是什麼？

Obviously, Google uses own networking. I'm kind of curious, too, would it be a copy exact of what Google does, now that you could talk to it to name? Or would you have your own networking in there as well?

顯然，谷歌使用的是自己的網路。我也很好奇，既然現在可以跟它對話並說出名字，那它會不會完全複製谷歌的功能呢？或者你也會在那裡建立自己的關係網嗎？

That's a very complicated question, Blayne. Let me tell you what it is: it's a system sale. How about that? It's a real system sale. We have so many components beyond XPUs, customer accelerators in our AMI system -- in AI system, any AI system used by hyperscalers that yes, we believe it begins to make sense to do it as a system sales and be responsible.

布萊恩，這是一個非常複雜的問題。讓我來告訴你這是什麼：這是一次系統銷售。怎麼樣？這是一筆真正的系統銷售。除了 XPU 之外，我們的 AMI 系統中還有許多客戶加速器元件——在 AI 系統中，任何超大規模資料中心使用的 AI 系統，因此，我們認為將其作為系統銷售並承擔責任是有意義的。

But be fully responsible for the entire system, or rack, as you call it. I think people are understanding as a system sales better. And so on this customer number four, we are selling it as a system with our key components in it. And that's no different than selling a chip. We certify a final ability to run as part of the whole selling process.

但你要對整個系統（或你稱之為機架）負全部責任。我認為人們越來越理解這種系統銷售方式了。因此，對於第四位客戶，我們將產品作為一個包含我們關鍵組件的系統來銷售。這和賣晶片沒什麼兩樣。我們保證其最終具備運作能力，作為整個銷售流程的一部分。

Stacy Rasgon, Bernstein.

史泰西‧拉斯貢，伯恩斯坦。

I wanted to touch on gross margins and maybe it feeds into a little bit the prior question. So I understand why the AI business is somewhat dilutive to gross margins. We have the HBM pass-through. And then presumably with the system sales that will be more dilutive. And you hinted at this in the past, but I was wondering if it could be a little more explicit.

我想談談毛利率，這或許與之前的問題有點關係。所以我能理解為什麼人工智慧業務會對毛利率造成一定程度的稀釋。我們擁有 HBM 直通功能。然後，系統銷售很可能會進一步稀釋股權。你之前也暗示過這一點，但我想知道能否說得更明確一些。

As this AI revenue starts to ramp, as we start to get system sales, how should we be thinking about that gross margin number, say, we're looking out four quarters or six quarters? Is it low 70s? I mean could it start with the six at the corporate level?

隨著人工智慧收入開始成長，隨著系統銷售的開始，我們該如何看待毛利率呢？比如說，我們展望未來四個季度或六個季度？現在是華氏70度左右嗎？我的意思是，能否從公司高層的六個人開始？

And I guess I'm also wondering I understand how that comes down, but what about the operating margins? Do you think you get enough operating leverage on the OpEx side to keep operating margins flat? Or do they need to come down as well?

我還想知道，我明白其中的原理，但是營業利益率呢？你認為在營運支出方面，你能獲得足夠的營運槓桿來維持營運利潤率不變嗎？或者他們也需要下來嗎？

I'll let Kirsten give you the details, but enough for me to broadly high level explain to you, Stacy. Good question, phenomenal. You don't see that impacting us right now, and we have already started that process of some systems sales. You don't see that in our numbers, but it work.

我會讓克斯汀告訴你細節，但我可以大致向你解釋一下，史泰西。問得好，太棒了。目前來看，這不會對我們造成影響，而且我們已經開始進行一些系統銷售。從我們的數據中看不出來，但它確實有效。

And we have said that openly. The AI revenue has a lower gross margin than our -- obviously, the rest of our business including software, of course. But we expect the rate of growth of -- as we do more and more AI revenue to be so much that we get the operating leverage on our operating spending that operating margin will deliver dollars that are still high level of growth from what it has been. So we expect operating library to benefit us at the operating margin level, even as gross margin will start to deteriorate high level.

我們已經公開表達過這種觀點。人工智慧業務的收入毛利率低於我們的其他業務——當然，也包括軟體業務。但我們預計，隨著人工智慧收入的不斷增長，其成長率將會非常高，使我們能夠利用營運支出的營運槓桿，使營運利潤率能夠帶來比以往更高的成長水平。因此，我們預計營運庫將在營業利潤率層面使我們受益，即使毛利率將在較高水平上開始惡化。

No, I think Hock said that fairly. And the second half of the year when we do start shipping more systems the situation is straightforward. We'll be passing through more components that are not ours. So think of it similar to the XPUs where we have memory on those XPUs and we're passing through those costs. We'll be passing through more cost within the rack.

不，我覺得霍克說得挺有道理的。而到了下半年，當我們開始交付更多系統時，情況就很簡單了。我們將使用更多非我們所有的組件。所以你可以把它想像成類似 XPU 的情況，我們在這些 XPU 上有內存，而我們將這些成本轉嫁出去。我們將把更多成本轉嫁到貨架上。

And so those gross margins will be lower. However, overall, the way Hock said it, gross margin dollars will go up, margins will go down, operating margins -- because we have leverage operating margin dollars will go up, but the margin itself as a percentage of revenues will come down a bit. But we're not -- I mean, we'll guide closer to the end of the year for that.

因此，毛利率會降低。不過，總的來說，正如霍克所說，毛利金額會增加，利潤率會下降，營業利潤率——因為我們有槓桿作用，營業利潤金額會增加，但利潤率本身佔收入的百分比會略有下降。但我們不會——我的意思是，我們會在年底前給出指導意見。

Jim Schneider, Goldman Sachs.

吉姆‧施耐德，高盛集團。

Hock, I was wondering if you might care to calibrate your expectations for AI revenue in fiscal '26 a little bit more closely. I believe you talked about acceleration in fiscal '26 off of the 65% growth rate you did in fiscal '25. And then you're guiding to 100% growth for Q1.

霍克，我想問您是否願意更精確地調整一下您對 2026 財年人工智慧收入的預期。我相信你曾談到，在 2025 財年 65% 的成長率基礎上，2026 財年的成長速度將會加快。然後你們的目標是第一季實現 100% 的成長。

So I'm just wondering if the Q1 is a good jumping off point for the growth rate you expect for the full year or something maybe a little bit less than that?

所以我想知道，第一季的成長率是否足以作為全年預期成長率的參考點，或者實際成長率可能會略低於這個數字？

And then maybe if you could separately clarify whether your $1 billion of orders for the fifth customer is indeed OpenAI, which you made a separate announcement about.

另外，您能否單獨澄清一下，您為第五位客戶訂購的 10 億美元訂單是否確實是 OpenAI 的訂單，您之前已就此單獨宣布過。

Wow, there's a lot of questions here. Let me start off with '26. Our backlog is very dynamic these days, as I said, it is continuing to ramp up. And you're right. We originally six months ago said, maybe year on year, AI revenues would grow in '26, 60%, 70%.

哇，這裡有很多問題。讓我先從26號開始。正如我所說，我們目前的積壓訂單量變化非常大，而且還在增加。你說得對。六個月前，我們曾表示，2026 年人工智慧收入可能會年增 60% 到 70%。

Q1, we double. And Q1 '26 today, we're saying it double. And we're looking at it because all the thresholds keeps coming in, and we give you a milestone of where we are today, which is $73 billion of backlog to be shipped over the next 18 months. And we do fully expect, as I answered the earlier question, for that $73 billion over the 18 months decreased growing.

第一季度，我們翻倍。今天，我們把 2026 年第一季的數據翻倍。我們正在關注此事，因為所有指標都在不斷變化，我們在此向您展示我們目前的里程碑，即未來 18 個月內需要交付價值 730 億美元的積壓訂單。正如我之前回答問題時所說，我們完全預期這 730 億美元在 18 個月內會下降。

Now moving is a moving number as we move in time. But it will grow. And it's hard for me to pinpoint what '26 is going to look like precisely. So I'd rather not give you guys any guidance, and that's why we don't give you guidance, but we do give it for Q1.

隨著時間的推移，移動本身也是一個動態變化的數字。但它會發展壯大。我很難準確預測 2026 年會是什麼樣子。所以我寧願不給你們任何指導，這也是我們不給你們指導的原因，但我們確實會為第一季提供指導。

Give it time, we'll give it for Q2. And you're right, to us, it is an accelerating trend. And my answer is likely to be an accelerating trend as we progress through '26.

再等等，我們會等到第二季。你說得對，對我們來說，這確實是一個加速發展的趨勢。我的答案很可能是，隨著我們進入 2026 年，這種趨勢將會加速發展。

I hope that answers your question.

希望我的回答能解答你的疑問。

Ben Reitzes, Melius Research.

本‧雷茨，梅利烏斯研究公司。

I wanted to ask, I'm not sure if the last caller said something on it, but I didn't hear it in the answer was. I wanted to ask about the OpenAI contract. It's supposed to start in the second half of the year and go through 2029 for 10 gigawatts.

我想問一下，我不確定上一位來電者是否提到了這一點，但我沒在回答中聽到。我想諮詢一下OpenAI的合約。該計畫計劃於今年下半年啟動，一直持續到 2029 年，總裝置容量為 10 吉瓦。

I'm going to assume that that's the fifth customer order there. And I was just wondering if you're still confident in that being a driver. Are there any obstacles to making that a major driver and when you expect that to contribute and your confidence in it?

我假設這是該店的第五筆顧客訂單。我只是想知道你是否仍然對自己的駕駛技術充滿信心。要使之成為主要驅動力，是否有任何障礙？您預計它何時能發揮作用？您對此有何信心？

You didn't hear the answer from my last caller Jim's question because I didn't answer it. I did not answer it and I'm not answering it either. It's the fifth customer, and it's a real customer and it will grow. They are on a multiyear journey to their own XPUs. And let's leave it at that.

你沒有聽到我上一位來電者吉姆的問題的答案，因為我沒有回答。我沒有回答這個問題，以後也不會回答。這是第五位客戶，而且是一位真正的客戶，未來還會成長。他們正經歷一個多年才能建成自己的XPU的歷程。就此打住吧。

As far as the open AI view that you have, we appreciate the fact that it is a multiyear journey that will run through '29 as our press release with OpenAI showed 10 gigawatts between '26 -- more like '27, '28, '29, Ben, not '26. It's more like '27, '28, '29, 10 gigawatts. That was the OpenAI discussion.

至於你對 OpenAI 的看法，我們理解這是一個多年過程，將持續到 2029 年，正如我們與 OpenAI 聯合發布的新聞稿中所述，2026 年至 2029 年將實現 10 吉瓦的發電量——更確切地說是 2027 年、2028 年、2029 年，Ben，而不是 2026 年。更像是「27、28、29，10吉瓦」。那是OpenAI的討論內容。

And that's, I call, an agreement and alignment of where we're headed with respect to various respective and valued customer, OpenAI. But we do not expect much in '26.

我認為，這代表我們與各個重要客戶 OpenAI 之間就發展方向達成了一致和協調。但我們對2026年不抱太大期望。

CJ Muse, Cantor Fitzgerald.

CJ Muse，坎托·菲茨杰拉德。

I guess, Hock, I wanted to talk about custom silicon and maybe speak to how you expect content to grow for Broadcom generation to generation. And as part of that, your competitor announced CPX offering, essentially accelerator for an accelerator for massive context windows. I'm curious if you see a broadening opportunity for your existing five customers to have multiple XPU offerings.

霍克，我想談談客製化晶片，也許還能聊聊你對博通產品內容代代成長的預期。作為其中的一部分，你的競爭對手發布了 CPX 產品，本質上是為大型情境視窗加速器推出的加速器。我很好奇您是否認為現有五位客戶有機會獲得更多 XPU 產品。

Thank you. No. Yes. You hit it right on. I mean the nice thing about a custom accelerator is you try not to do one size fits all and generationally. Each of these five customers now can create the XPU customer accelerator for training and inference. And basically, it's almost two parallel threads going on almost simultaneously for each of them.

謝謝。不。是的。你說得完全正確。我的意思是，客製化加速器的好處在於，它不會採用一刀切的方式，也不會跨越世代地採用這種方式。現在，這五位客戶都可以創建用於訓練和推理的 XPU 客戶加速器。基本上，對他們每個人來說，幾乎是兩條平行線同時進行。

So I have had plenty of versions to deal with. I don't need to create any more version. We've got plenty of different content out there just on the basis of creating these customer accelerators.

所以，我已經處理過很多版本了。我不需要創建更多版本。我們圍繞著創建這些客戶加速器這個主題，已經製作了大量不同的內容。

And by the way, when you do customer accelerators, you tend to put more hard way in that unique differentiated versus trying to make it work on software and creating kernels into software. And that's very tricky, too. But thinking about the difference where you can create in hardware, those sparse call data routers, versus the dense matrix multipliers, all in one same chip.

順便說一句，當你做客戶加速器時，你往往會投入更多精力去打造那種獨特的差異化，而不是試圖在軟體上實現它，或在軟體中創建核心。這也非常棘手。但想想硬體方面能實現的不同之處，例如在同一個晶片上，稀疏的呼叫資料路由器和密集的矩陣乘法器都能實現。

And that's what many of -- just one example of what creating customer accelerators is letting us do. Or for that matter, a variation in how much memory capacity or memory bandwidth from -- for the same customer from chip to chip, just because even in inference, you want to do more reasoning, first decoding versus something else like [pre-fill].

而這正是創建客戶加速器所能帶來的許多益處之一——這只是其中一個例子。或者就此而言，即使是同一客戶，不同晶片之間的記憶體容量或記憶體頻寬也可能存在差異，因為即使在推理過程中，你也希望進行更多的推理，首先是解碼，而不是其他操作。[預填充]。

So you literally start to create different hardware for different aspects of how you want to train or influence and run your workloads. It's a very fascinating area, and we are seeing a lot of variations and multiple chips for each of our customers.

因此，你實際上需要針對訓練、影響和運行工作負載的不同方面，創建不同的硬體。這是一個非常迷人的領域，我們看到很多變化，每個客戶都有多種晶片可供選擇。

Harsh Kumar, Piper Sandler.

哈什·庫馬爾，派珀·桑德勒。

Yes. Hock and team, first of all, congratulations on some pretty stunning numbers. I've got an easy one and a more strategic one. The easy one is: you guide in AI, Hock and Kirsten, is calling for almost $1.7 billion of sequential growth. I was curious maybe you can talk about the diversity of the growth between the three existing customers? Is it pretty well spread out, all of them growing? Or is one sort of driving much of the growth?

是的。霍克和他的團隊，首先祝賀你們取得了非常驚人的成績。我這裡有一個簡單的題目，還有一個更具策略性的題目。最簡單的例子是：人工智慧領域的專家霍克和克斯汀呼籲近 17 億美元的連續成長。我很好奇，您能否談談這三位現有客戶成長的差異？它們分佈得很廣，都在生長嗎？或者說，某種因素正在推動大部分成長？

And then Hock, strategically, one of your competitors bought a photonic fabric company recently. I was curious about your take on that technology and if you think it's disruptive or you think it's just gimmickry at this point in time.

然後，霍克，從戰略角度來看，你的一個競爭對手最近收購了一家光子織物公司。我很好奇您對這項技術的看法，您認為它具有顛覆性，還是目前只是噱頭而已。

I like the way you address this question because the way that you address the question to me is almost hesitant. Thank you. I appreciate that.

我喜歡你回答這個問題的方式，因為你問我這個問題時，語氣幾乎是猶豫的。謝謝。我很感激。

But on your first part, yes, we are driving growth and begin to feel like this thing never hit and it's a real mixed bag of existing customers and on existing XPUs. And I'll be pick of it, it's XPUs that we're seeing. And that's not to slow down the fact that as I indicated in my remarks and commented on the demand for switches, not just Tomahawk 6, Tomahawk 5 switches, the demand for our latest 1.6 terabit per second DSPs that enables optical interconnects for scale out particularly, it's just very, very strong. And by extension, demand for the optical components and laser, pin, (inaudible), just going nuts. All that come together.

但就你的第一部分而言，是的，我們正在推動成長，並且開始感覺這件事從未發生過，而且現有客戶和現有 XPU 的情況非常複雜。我會從中挑選，我們看到的是XPU。但這並不意味著要放慢腳步，正如我在演講中指出並評論的那樣，對交換機的需求，不僅僅是 Tomahawk 6、Tomahawk 5 交換機，對我們最新的每秒 1.6 太比特 DSP 的需求，特別是對可實現光互連以進行橫向擴展的需求，非常非常強勁。進而，對光學元件和雷射的需求，針（聽不清楚），簡直瘋狂了。所有這些因素結合在一起。

Now all that is small relatively lesser dollars when it comes to XPUs, as you probably guess. I mean, to give you a sense, maybe let me look at it on a backlog side. Of the $73 billion of AI revenue backlog over the next 18 months, I talked about, maybe $20 billion of it is everything else. The rest is XPUs. Hope that gives you a sense of what the mix is.

正如你可能猜到的那樣，所有這些對於 XPU 來說都是相對較小的花費。我的意思是，為了讓你有個概念，或許我可以把它從待辦事項的角度來看。在我之前提到的未來 18 個月 730 億美元的 AI 收入缺口中，可能有 200 億美元是其他所有方面。其餘部分是XPU。希望這能讓你對這種混合方式有所了解。

But the rest is still $20 billion, that's not small by any means. So we value that. So when you talk about your next question of silicon photonics, and as a means to create basically much better, more efficient, lower power interconnects in not just scale out, but hopefully, it scale up. Yes, I could see a point in time in the future when silicon photonics methods is the only way to do it.

但剩下的部分仍高達 200 億美元，絕非小數目。所以我們很重視這一點。所以，當你談到矽光子學的下一個問題時，它不僅能創造更好、更有效率、更低功耗的互連，而且還有望實現規模化擴展。是的，我預見到未來某個時候，矽光子學方法將成為唯一的實現方式。

We're not quite there yet. But we have the technology and we continue to develop the technology, even at each time we develop it first for 400 gigabits bandwidth, going on to 800 gigabit bandwidth, not ready for it yet. And even with the product -- and we're now doing it for 1.6 terabit bandwidth to create silicon photonics switches, silicon photonics interconnects, not even sure it will get fully deployed because engineers -- our engineers, our peers and the peers we have out there was somehow trying to find a way to still do -- try to do scale up within a rack in copper as long as possible and in scale out in non-pluggable optics.

我們還沒完全達到目標。但是我們擁有這項技術，我們一直在開發這項技術，即使每次我們最初都針對 400 吉比特頻寬進行開發，然後轉向 800 吉比特頻寬，但目前還沒有做好準備。即使有了這款產品——我們現在正在為 1.6 太比特帶寬製造矽光子交換機、矽光子互連，也不確定它能否完全部署，因為工程師們——我們的工程師、我們的同行以及我們接觸過的同行們——一直在想方設法盡可能地在機架內用銅線進行向上擴展，並在不可插光器件中進行向外插。

The final, final straw is when you can do it well in pluggable optics. And of course, when you can do it even in copper, then you're right, you go to [silken] photonics and it will happen, and we're ready for it, just saying not anytime soon.

壓垮駱駝的最後一根稻草是，當你能夠用可插拔光學元件很好地實現這一點時。當然，如果連銅都能做到，那你說得對，去研究絲光子學，它就會實現，我們已經準備好了，只是說不會很快實現。

Karl Ackerman, BNP Paribas.

卡爾‧阿克曼，法國巴黎銀行。

Hock, could you speak to the supply chain resiliency and visibility you have with your key material suppliers, particularly CoWos, as you not only support your existing customer programs but the two new custom compute processors that you announced in your quarter?

Hock，您能否談談您與主要材料供應商（特別是 CoWos）之間的供應鏈彈性和視覺性？因為您不僅要支援現有的客戶項目，還要支援您在本季宣布的兩款新的客製化運算處理器。

I guess what I can get at is you also happen to address the very large subset of networking and compute AI supply chains. You talked about record backlog. If you were to pinpoint some of the bottlenecks that you have, the areas that you're aiming to address and mitigate some supply chain bottlenecks, what would they be? And how do you see that ameliorating into '26?

我想表達的是，您也恰好關注了網路和計算人工智慧供應鏈這個非常龐大的子集。你談到了唱片積壓問題。如果讓你指出你面臨的一些瓶頸，以及你打算解決和緩解供應鏈瓶頸的領域，它們會是什麼？你認為這種情況在 2026 年會如何改善？

It's across the board, typically. We are very fortunate in some ways that we have the product technology and the operating business lines to create multiple key leading-edge components that enables today's state-of-the-art AI data centers. I mean our DSP, as I said earlier, is now at 1.6 terabits per second. That's the leading edge connectivity for bandwidth for this -- for the top of the heap XPU and even GPU.

通常情況下，這種情況普遍存在。從某些方面來說，我們非常幸運，擁有產品技術和營運業務線，可以創造多個關鍵的領先元件，從而實現當今最先進的人工智慧資料中心。我的意思是，正如我之前所說，我們的 DSP 目前的處理速度是每秒 1.6 太比特。這是目前最先進的頻寬連接方式——適用於頂級的 XPU 甚至 GPU。

And we intend to be that way. And we have the lasers, EMLs, VCSELs, (inaudible) that goes with it. So it's fortunate that we have all this and the key active components that go with it. And we see it very quickly. And we expand the capacity as we do the design to match it.

我們打算這樣做。我們還有搭配的雷射、EML、VCSEL，（聽不清楚）所以，我們很幸運擁有這一切以及與之配套的關鍵活性成分。我們很快就看到了這一點。我們隨著設計的進行，不斷擴大產能以與之匹配。

And this is a long answer to what I'm trying to get at, which is I think we are any of these data center suppliers of the system racks, not counting the power shell and all that. Now that starts to get beyond us, on the power shell and the transformers and the gas turbines.

這就是我想表達的意思，我的回答比較長，我的意思是，我認為我們是資料中心系統機架供應商中的任何一家，不包括電源外殼之類的東西。現在，關於動力殼體、變壓器和燃氣渦輪機，這些就超出我們的理解範圍了。

If you just look at the rack, the systems on AI, we probably have a good handle on where the bottlenecks are because sometimes we are part of the bottlenecks, which we then want to get it to resolve. So we feel pretty good about that through 2026.

如果只看機架，看人工智慧系統，我們可能就能很好地掌握瓶頸所在，因為有時我們本身就是瓶頸的一部分，而我們希望解決這些瓶頸。所以我們對2026年之前的情況相當樂觀。

Christopher Rolland, Susquehanna.

克里斯多福羅蘭，薩斯奎哈納。

Just first, a clarification and then my question and sorry to come back to this issue. But if I understand you correctly, Hock, I think you were saying that OpenAI would be a general agreement, so it's not binding, maybe similar to the agreements with both NVIDIA and AMD.

首先，我想澄清一下，然後再提出我的問題，很抱歉再次提起這個問題。但如果我理解正確的話，霍克，我想你的意思是 OpenAI 將會是一項通用協議，因此它不具有約束力，可能類似於與 NVIDIA 和 AMD 達成的協議。

And then secondly, you talked about flat non-AI semiconductor revenue, maybe what's going on there? Is there still an inventory overhang? And what could -- what do we need to get that going again? Do you see growth eventually in that business?

其次，您提到非人工智慧半導體收入持平，這可能是怎麼回事？目前庫存是否仍過剩？那麼，我們需要什麼才能讓它重新運轉呢？你認為這家公司最終會成長嗎？

Well, on the non-AI semiconductor, we see broadband literally recovering very well. And we don't see the others -- no, we see stability. We don't see a sharp recovery that is sustainable yet. So I guess, give it a couple more quarters. But we don't see any further deterioration in demand.

就非人工智慧半導體領域而言，我們看到寬頻業務的復甦勢頭非常強勁。我們看不到其他的東西——不，我們看到的是穩定。我們目前還沒有看到可持續的強勁復甦。所以我想，再過幾個季度吧。但我們並未看到需求進一步惡化。

And it's more, I think, maybe to -- AI is sucking the oxygen a lot out of enterprise spending elsewhere and hyperscaler spending elsewhere. We don't see getting any worse. We don't see it recovering very quickly with the exception of broadband. That's a simple summary of non-AI.

而且，我認為，或許更重要的是——人工智慧正在大量蠶食企業在其他領域的支出以及超大規模資料中心在其他領域的支出。我們認為情況不會更糟了。除了寬頻之外，我們認為其他領域不會很快復甦。這是對非人工智慧的簡單概括。

With respect to OpenAI, without diving into it, I'm just telling you on 10 gigawatt announcement is all about. Separately, the journey with them on the custom accelerator progresses at a very advanced stage and will happen very, very quickly and it will have a committed element to this whole thing.

關於 OpenAI，我不想深入探討，我只想告訴你 10 吉瓦的公告是關於什麼的。另外，與他們一起參與客製化加速器的旅程已經進入非常高級的階段，而且進展非常非常快，並且對整個過程都抱有堅定的承諾。

But what I was articulating earlier was the 10 gigawatt announcement. And that 10 gigawatt announcement is an agreement to be aligned on developing 10 gigawatts for OpenAI over '27 to '29 timeframe. That's different from the XPU program we're developing with them.

但我之前所表達的是10吉瓦的公告。而這項 10 吉瓦的公告是一項協議，即在 2027 年至 2029 年期間，為 OpenAI 開發 10 吉瓦的電力。這和我們正在與他們合作開發的 XPU 專案有所不同。

Joe Moore, Morgan Stanley.

喬摩爾，摩根士丹利。

Great. So if you have $21 billion of rack revenue in the second half of '26, I guess do we stay at that run rate beyond that? Are you going to continue to sell racks? Or does that sort of that type of business mix shift over time? And I'm really just trying to figure out the percentage of your 18-month backlog that's actually full systems at this point.

偉大的。所以，如果2026年下半年你的機架收入達到210億美元，我想我們之後會維持這個成長速度嗎？你們還會繼續銷售貨架嗎？或者說，這種類型的業務組合會隨著時間而改變嗎？我現在只是想弄清楚，在你18個月的積壓訂單中，目前實際已完成的系統佔比是多少。

Well, it's an interesting question. And on that question basically comes to how much compute capacity is needed by our customers over the next, as I say, over the period beyond 18 months. And your guess is probably as good as mine based on what we all know out there, which is really what they relate to.

嗯，這倒是個有趣的問題。而這個問題本質上就是我們的客戶在未來，也就是我所說的，在超過 18 個月的時間裡，需要多少運算能力。根據我們目前所了解的情況，你的猜測可能和我的一樣好，而這才是它們真正相關的。

But if they need more, then you see that continuing even larger. If they don't need it, then probably it won't. But what we are trying to indicate is that the demand we are seeing over that period of time right now.

但如果他們還需要更多，那麼你會看到這種情況繼續擴大。如果他們不需要，那可能就不會有。但我們想表達的是，我們目前在這段時期看到的需求。

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

現在我想把電話交還給智宥，請她作總結發言。

Thank you, operator. This quarter, Broadcom will be presenting at the New Street Research Virtual AI Big Ideas Conference on Monday, December 15, 2025. Broadcom currently plans to report its earnings for the first quarter of fiscal year 2026 after close of market on Wednesday, March 4, 2026. A public webcast of Broadcom's earnings conference call will follow at 2:00 PM Pacific.

謝謝接線生。本季度，博通公司將於 2025 年 12 月 15 日星期一在 New Street Research 虛擬人工智慧大創意大會上進行演講。博通目前計劃於 2026 年 3 月 4 日星期三股市收盤後公佈其 2026 財年第一季收益。博通公司財報電話會議將於太平洋時間下午 2 點進行公開網路直播。

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

今天的財報電話會議到此結束。感謝各位的參與。接線員，您可以結束通話了。

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了。