博通 (AVGO) 2026 Q2 法說會逐字稿

Welcome to Broadcom Inc., second quarter fiscal year 2026 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（Broadcom Inc.）2026 會計年度第二季財務業績電話會議。現在，為了開場致詞與介紹，我想把電話交給博通公司投資人關係主管 Ji Yoo。

Thank you, operator, and good afternoon, everyone. Joining me on today's call are Hock Tan, President and CEO; Charlie Kawwas, President, Semiconductor Solutions Group; and Ram Velaga, President, Infrastructure Software Group.

謝謝接線員，大家下午好。今天與我一同參與電話會議的有：總裁暨執行長 Hock Tan；半導體解決方案事業群總裁 Charlie Kawwas；以及基礎架構軟體事業群總裁 Ram Velaga。

Also joining is Kirsten Spears, Chief Financial Officer. As we announced, Kirsten will be retiring June 12. And today, we have joining us our incoming Chief Financial Officer, Amie Thuener. Thank you, Kirsten, for your leadership over the past 12 years.

同時也有財務長 Kirsten Spears 一同參與。如我們所宣布，Kirsten 將於 6 月 12 日退休。今天我們也邀請到即將上任的財務長 Amie Thuener 與會。Kirsten，感謝妳過去 12 年的領導。

Broadcom distributed a press release and financial tables after the market closed, describing our financial performance for the second quarter fiscal year 2026. If you did not receive a copy, you may obtain the information from the Investor section of Broadcom's website at broadcom.com. This conference call is being webcast live and an audio replay of the call can be accessed for one year through the Investor section of Broadcom's website.

博通在收盤後發布新聞稿與財務表格，說明我們 2026 會計年度第二季的財務表現。若您尚未收到副本，可至 broadcom.com 的「投資人」專區取得相關資訊。本次電話會議將進行即時網路直播，且可透過博通網站投資人專區存取為期一年的音訊重播。

During the prepared comments, Hock and Kirsten will be providing details of our second quarter fiscal year 2026 results, guidance for our third quarter of fiscal year 2026, as well as commentary regarding the business environment. We'll take questions after the end of our prepared comments. Please refer to our press release today and our recent filings with the SEC for information on risk factors that could cause our actual results to differ materially from the forward-looking statements made on this call.

在事先準備的發言中，Hock 與 Kirsten 將提供我們 2026 會計年度第二季業績的細節、2026 會計年度第三季的展望指引，以及對商業環境的評論。在準備發言結束後，我們將開放提問。請參閱我們今日的新聞稿以及近期向美國證券交易委員會（SEC）提交的文件，以了解可能導致實際結果與本次電話會議中的前瞻性陳述出現重大差異的風險因素。

In addition to US GAAP reporting, Broadcom reports certain financial measures on a non-GAAP basis. A reconciliation between GAAP and non-GAAP measures to the extent possible is included in the tables attached to today's press release. Comments made during today's call will primarily refer to our non-GAAP financial results.

除依照美國一般公認會計原則（US GAAP）報導外，博通亦以非 GAAP 基礎揭露若干財務衡量指標。在可行範圍內，GAAP 與非 GAAP 指標之間的調節表已包含於今日新聞稿所附表格中。今日電話會議中的評論將主要以我們的非 GAAP 財務結果為主。

I will now turn the call over to Hock.

現在我把電話交給 Hock。

Thank you, Ji. Well, in Q2, revenue was a record $15 billion as we grew 79% year on year. Driving this growth was AI semiconductor revenue at a record $10.8 billion, up 143%.

謝謝你，Ji。嗯，在第二季，營收創下 150 億美元新高，年增 79%。推動這項成長的是 AI 半導體營收創下 108 億美元新高，年增 143%。

Sorry. Well, let me restart guys Thank you, Ji. Thank you, everyone, for joining today. In our fiscal Q2 2026, total revenue reached a record $22.2 billion, up 48% year on year, above our guidance on strength in AI semiconductors. Q2 operating margin was a record 67%, and adjusted EBITDA was a record 69% of revenue, which was above our guidance. Even as our revenue scales up massively driven by AI, our operating and EBITDA margins remain strong and stable.

抱歉。好，我重新開始，各位。謝謝你，Ji。謝謝各位今天加入。在我們 2026 會計年度第二季，總營收達到創紀錄的 222 億美元，年增 48%，在 AI 半導體強勁帶動下高於我們的指引。第二季營業利益率創下 67% 的新高，調整後 EBITDA 亦創新高，達營收的 69%，同樣高於我們的指引。即使在 AI 帶動下營收大幅擴張，我們的營業利益率與 EBITDA 利潤率仍然強勁且穩定。

Turning to semiconductors. Q2 revenue was a record $15 billion, as I said before, as we grew 79% year on year. Driving this growth was AI semiconductor revenue and a record $10.8 billion, up 143% year on year and above our outlook. Networking represented almost 40% of our Q2 AI revenue. Demand for XPUs and networking is simply insatiable.

接著談半導體。第二季營收如我先前所說創下 150 億美元新高，年增 79%。推動這項成長的是 AI 半導體營收創下 108 億美元新高，年增 143%，且高於我們的展望。網路產品約占我們第二季 AI 營收的近 40%。對 XPU 與網路的需求簡直是無止境。

During the quarter, bookings for AI semiconductors were over $30 billion, against the $10.8 billion we shipped. In the second half of 2026, we expect AI semiconductor revenue to double from the first half we shipped last -- from the ship this year. Consistent with this trend in Q3, we expect AI semiconductor revenue to accelerate to $16 billion, up over 20 -- up over 200% year on year.

本季 AI 半導體的訂單（bookings）超過 300 億美元，相較之下我們出貨為 108 億美元。在 2026 年下半年，我們預期 AI 半導體營收將較上半年我們出貨的水準倍增——相較於今年上半年出貨。延續此趨勢，在第三季我們預期 AI 半導體營收將加速至 160 億美元，年增超過 20——年增超過 200%。

For the full-year 2026, we expect to achieve AI semiconductor revenue of $56 billion, up approximately 180% from fiscal 2025. Now we expect this momentum to continue into fiscal year 2027 and reiterate our AI semiconductor revenue guidance to be in excess of $100 billion. We expect AI semiconductor revenue growth to continue in fiscal 2028 based on the following initiatives we have with our six core customers.

就 2026 全年而言，我們預期 AI 半導體營收可達 560 億美元，較 2025 會計年度約成長 180%。我們預期這股動能將延續至 2027 會計年度，並重申我們的 AI 半導體營收指引將超過 1,000 億美元。基於我們與六大核心客戶推動的以下計畫，我們預期 AI 半導體營收成長將在 2028 會計年度持續。

As you're aware, with Google, we announced in April that we entered into a long-term agreement to develop and supply multiple generations of TPUs and AI networking. Our relationship continues to be strategic and very substantial, as we continue to deliver vastly superior technology and execution compared to other alternatives. This ability to provide differentiated value to Google ensures that our business will sustain and grow for the foreseeable future.

如各位所知，針對 Google，我們在 4 月宣布已簽訂長期協議，開發並供應多個世代的 TPU 與 AI 網路產品。我們的合作關係持續具有策略性且規模非常可觀，因為相較其他替代方案，我們持續提供顯著更優異的技術與執行力。我們為 Google 提供差異化價值的能力，確保我們的業務在可預見的未來得以維持並成長。

For Anthropic, as you know, for 2026, we are providing access to broadcom TPU-based compute of over 1 gigawatt. In April, we entered into an agreement to enable Anthropic to access another 5 gigawatts of next generation TPU-based compute beginning in 2027. For OpenAI, we have delivered silicon, and we're on track for production late 2026. We have a contractual commitment to deploy 1.3 gigawatts in 2027 as part of the larger 10 gigawatts by 2029 agreement we announced last year.

就 Anthropic 而言，如各位所知，在 2026 年我們將提供其存取超過 1 吉瓦的以博通 TPU 為基礎的運算資源。在 4 月，我們簽訂協議，使 Anthropic 自 2027 年起可再存取額外 5 吉瓦的下一代 TPU 基礎運算資源。就 OpenAI 而言，我們已交付晶片，並正按計畫於 2026 年底進入量產。依據我們去年宣布、至 2029 年合計 10 吉瓦的協議，我們在合約上承諾於 2027 年部署 1.3 吉瓦。

For Meta, in April, we announced a partnership to deliver multiple generations of MITA XPUs. And under this agreement, we expect to deploy 3 gigawatts through the end of 2028. Initial order for 1 gigawatt, which includes XPUs and our networking, has been received and will start delivery in the second half of 2027.

就 Meta 而言，我們在 4 月宣布建立合作夥伴關係，交付多個世代的 MITA XPU。依據該協議，我們預期在 2028 年底前部署 3 吉瓦。包含 XPU 與我們網路產品在內的首批 1 吉瓦初始訂單已收到，並將於 2027 年下半年開始交付。

For our other two customers, we expect shipments to begin late 2026 and accelerate into 2027. To date, we have received purchase orders totalling $6 billion. While we have significant IP and execution leadership in XPUs, networking is key to building scalable XPU and GPU clusters. And here in networking, we have at least one generation of technology and product leadership.

至於另外兩家客戶，我們預期出貨將於 2026 年底開始，並在 2027 年加速。截至目前，我們已收到合計 60 億美元的採購訂單。雖然我們在 XPU 方面擁有顯著的 IP 與執行領先優勢，但網路是建構可擴展 XPU 與 GPU 叢集（clusters）的關鍵。而在網路領域，我們至少領先一個世代的技術與產品。

For scale up within racks, we enable direct attached copper based on an industry-leading 200G and 400GB SerDes, driving co-packaged copper with Ethernet and PC Express switches. For scale out between the racks, we have been shipping the industry's only 100-terabit Ethernet switch, the Tomahawk 6, for over a year. We will now be taping out our next-generation 200-terabit switch this quarter. And in CPOs, which is Co-Packaged Optics, 1.6-terabit DSPs, CW, and EML lasers, we are the de facto standard in the industry.

在機架內（within racks）的 scale up 方面，我們憑藉業界領先的 200G 與 400GB SerDes，支援直接連接銅纜（direct attached copper），推動以乙太網與 PCI Express 交換器實現的共封裝銅纜（co-packaged copper）。在機架間（between the racks）的 scale out 方面，我們已出貨業界唯一的 100Tb 乙太網交換器 Tomahawk 6 超過一年。我們將在本季完成下一代 200Tb 交換器的流片（taping out）。此外，在 CPO（共封裝光學）、1.6Tb DSP、CW 與 EML 雷射方面，我們已成為業界事實上的標準。

To extend AIS clusters across data centers, we remain the industry leader with our Jericho3 and Jericho4 fabric solutions, enabling the world's largest deployment of multiple hyperscalers.

為了將 AI 叢集延伸至跨資料中心，我們以 Jericho3 與 Jericho4 fabric 解決方案持續保持業界領導地位，支援多家超大規模業者（hyperscalers）進行全球最大規模的部署。

Our strategic vision is to bring together Broadcom's leading technology and investor partners with the strongest balance sheets to deliver at scale sufficient compute capacity at the lowest cost and power for the leading AI frontier labs, including Anthropic And OpenAI. To deliver this vision, we are creating the AI XPV platform with Apollo and Blackstone and other leading investors to deploy more than 20 gigawatts of compute capacity through 2028. The first tranche of this platform valued at $35 billion is in fact currently being launched by Apollo.

我們的策略願景，是結合博通領先的技術與投資人夥伴，以及最強健的資產負債表，以最低成本與功耗，為領先的 AI 前沿實驗室（frontier labs）（包括 Anthropic 與 OpenAI）大規模提供足夠的運算能力。為實現此願景，我們正與 Apollo、Blackstone 及其他領先投資人共同打造 AI XPV 平台，計畫在 2028 年前部署超過 20 吉瓦的運算容量。該平台的第一期（tranche）估值 350 億美元，目前確實正由 Apollo 啟動。

Now turning to non-AI semiconductors. Q2 revenue of $4.2 billion was up 6% year on year. Bookings during the same period exceeded $6 billion, which is a clear indication we're on the path to a full cyclical recovery. Broadband, server storage, and enterprise networking together were up, partially offset by seasonal decline in wireless.

現在轉向非 AI 半導體。第二季營收為 42 億美元，年增 6%。同期訂單超過 60 億美元，這清楚顯示我們正走在全面週期性復甦的道路上。寬頻、伺服器儲存與企業網路合計呈現成長，但部分被無線業務的季節性下滑所抵銷。

Consistent with this trend in Q3, we focus non-AI semiconductor revenue to be approximately $4.5 billion, up 12% from a year ago. In summary, we expect Q3 semiconductor revenue to be $20.5 billion, up 124% year on year.

延續第三季的這一趨勢，我們預期非 AI 半導體營收約為 45 億美元，較去年同期成長 12%。總結而言，我們預期第三季半導體營收為 205 億美元，年增 124%。

Let me turn to infrastructure software segment. Q2 software revenue of $7.2 billion was up 9% year on year, in line with our guidance. Bookings continue to be strong as we sustain ARR growth of 17% year over year. For Q3, we forecast software revenue to be approximately $8.9 billion, up 31% year on year. We just released VMware Cloud Foundation 9.1, focused on improving infrastructure efficiency, security, and support for enterprise, AI inferencing workloads.

接著我談基礎架構軟體部門。第二季軟體營收為 72 億美元，年增 9%，符合我們的指引。在我們維持 ARR 年增 17% 的同時，訂單仍然強勁。對於第三季，我們預測軟體營收約為 89 億美元，年增 31%。我們剛發布 VMware Cloud Foundation 9.1，聚焦於提升基礎架構效率、安全性，以及對企業與 AI 推論工作負載的支援。

With strong server demand globally, the deployment of VCF 9.1 for on-prem cloud computing is extremely strong, driving robust revenue growth. This release heterogeneous compute support across GPUs and CPU architectures, including AMD, Intel, and NVIDIA platforms, enabling customers -- enterprise cloud customers to run AI Kubernetes and traditional virtualized workloads on a common private cloud environment.

在全球伺服器需求強勁的帶動下，VCF 9.1 用於地端雲端運算的部署極為強勁，推動營收穩健成長。此版本針對 GPU 與 CPU 架構提供異質運算支援，包括 AMD、Intel 與 NVIDIA 平台，使客戶——企業雲端客戶——能在共同的私有雲環境中同時執行 AI Kubernetes 與傳統虛擬化工作負載。

So to sum it up, for Q3 2026, we expect our consolidated revenue to grow to $29.4 billion, up 84% year on year. We expect operating margin to be stable at approximately 67% of revenue and adjusted EBITDA to be at approximately 68% of revenue.

因此總結來說，對於 2026 會計年度第三季，我們預期合併營收成長至 294 億美元，年增 84%。我們預期營業利益率將維持穩定，約為營收的 67%，調整後 EBITDA 約為營收的 68%。

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

接下來，我把電話會議交給 Kirsten。

Thank you, Hock. Let me now provide additional detail on our Q2 financial performance. Consolidated revenue was a record $22.2 billion for the quarter, up 48% from a year ago. Gross margin was 77.1% of revenue in the quarter, down 230 basis points year on year as semiconductor became a larger proportion of our product mix.

謝謝你，Hock。我現在提供我們第二季財務表現的更多細節。本季合併營收創新高，達 222 億美元，較去年同期成長 48%。本季毛利率為營收的 77.1%，年減 230 個基點，原因是半導體在我們產品組合中的占比提高。

Consolidated operating expenses were $2.2 billion, of which $1.6 billion was R&D. Q2 operating income was a record $14.9 billion, up 52% a year ago. Note that even with the decline in gross margin, operating margin increased 200 basis points year over year to 67.3% as operating expenses remained relatively flat. Adjusted EBITDA, a $15.2 billion, or 69% of revenue, was above our guidance of 68%.

合併營業費用為 22 億美元，其中 16 億美元為研發費用。第二季營業利益創新高，達 149 億美元，較去年同期成長 52%。請注意，即使毛利率下滑，由於營業費用相對持平，營業利益率仍年增 200 個基點至 67.3%。調整後 EBITDA 為 152 億美元，約占營收 69%，高於我們 68% 的指引。

Now a review of the P&L for our two segments, starting with semiconductors. Revenue for our semiconductor solution segment was a record $15 billion, with growth accelerating to 79% year on year driven by AI. Semiconductor revenue represented 68% of total revenue in the quarter, and AI semiconductor revenue represented 49% of total revenue.

現在回顧我們兩個部門的損益表，先從半導體開始。我們半導體解決方案部門營收創新高，達 150 億美元，在 AI 帶動下年增加速至 79%。本季半導體營收占總營收的 68%，而 AI 半導體營收占總營收的 49%。

Gross margin for our semiconductor solution segment was approximately 70%. Our operating expenses of $1.2 billion reflected increased investment in R&D for leading-edge AI semiconductors and represented 8% of revenue. Semiconductor operating margin of 62% was up 460 basis points year on year, reflecting our strong operating leverage.

我們半導體解決方案部門的毛利率約為 70%。我們 12 億美元的營業費用反映了對先進 AI 半導體研發的增加投資，約占營收的 8%。半導體營業利益率為 62%，年增 460 個基點，反映我們強勁的營運槓桿。

Now moving on to infrastructure software. Revenue for infrastructure software of $7.2 billion was up 9% year on year and represented 32% of revenue. Gross margin for infrastructure software was 93% in the quarter, and operating expenses were $1 billion in the quarter. Q2 software operating margin was up 310 basis points year on year to approximately 79%.

接著談基礎架構軟體。基礎架構軟體營收為 72 億美元，年增 9%，占營收的 32%。本季基礎架構軟體毛利率為 93%，營業費用為 10 億美元。第二季軟體營業利益率年增 310 個基點至約 79%。

Moving on to cash flow. Free cash flow in the quarter was a record $10.3 billion and represented 46% of revenue. We spent $231 million on capital expenditures. We ended the second quarter with $19.6 billion of cash compared to $14.2 billion in the prior quarter. We ended the second quarter with inventory of $4.3 billion as we continue to secure supply to support strong AI demand. Our days of inventory on hand were 86 days in Q2 compared to 68 days in Q1, in anticipation of accelerating AI semiconductor growth in the second half of the year.

接著談現金流。本季自由現金流創新高，達 103 億美元，約占營收的 46%。我們資本支出為 2.31 億美元。第二季末現金為 196 億美元，較前一季的 142 億美元增加。第二季末存貨為 43 億美元，因我們持續確保供應以支援強勁的 AI 需求。第二季存貨在手天數為 86 天，第一季為 68 天，係為因應下半年 AI 半導體成長加速的預期。

Turning to capital allocation. In Q2 we paid stockholders $3.1 billion of cash dividends based on a quarterly common stock cash dividend of $0.65 per share.

接著談資本配置。第二季我們向股東支付 31 億美元現金股利，係依每股 0.65 美元的季度普通股現金股利計算。

Now moving to guidance. Our guidance for Q3 is for consolidated revenue of $29.4 billion, up 84% year on year. We forecast semiconductor revenue of approximately $20.5 billion, up 124% year on year. Within this, we expect Q3 AI semiconductor revenue of $16 billion, up over 200% year on year. We expect Q3 infrastructure software revenue of approximately $8.9 billion, up 31% year on year.

接著談財測指引。我們對第三季的指引為合併營收 294 億美元，年增 84%。我們預測半導體營收約為 205 億美元，年增 124%。其中，我們預期第三季 AI 半導體營收為 160 億美元，年增超過 200%。我們預期第三季基礎架構軟體營收約為 89 億美元，年增 31%。

Moving on to margins. As the proportion of AI revenue significantly grows in Q3, we expect Q3 consolidated gross margin to be down to approximately 74%. This decline in gross margin does not represent a structural change in semiconductor margin, rather it reflects product mix between semiconductors and infrastructure software.

接著談利潤率。由於第三季 AI 營收占比顯著提高，我們預期第三季合併毛利率將下滑至約 74%。毛利率的下滑並不代表半導體毛利率出現結構性變化，而是反映半導體與基礎架構軟體之間的產品組合變動。

Regardless of the impact to gross margin, we expect Q3 operating margin to be 67%, which is flat quarter on quarter, demonstrating our strong operating leverage. We highly recommend that investors model semiconductor and infrastructure software margins separately to properly reflect the impact of changes in total revenue mix going forward.

不論毛利率受到何種影響，我們預期第三季營業利益率為 67%，與前一季持平，展現我們強勁的營運槓桿。我們強烈建議投資人分別建模半導體與基礎架構軟體的利潤率，以便正確反映未來總營收組合變動的影響。

We expect a non-GAAP tax rate for Q3 in fiscal year 2026 to be approximately 16% due to the impact of the global minimum tax and the geographic mix of income compared to that of fiscal year '25. In Q3, we expect the non-GAAP diluted share count to be approximately 4.94 billion shares, excluding the impact of potential share repurchases.

我們預期 2026 會計年度第三季的非 GAAP 稅率約為 16%，主要因全球最低稅負的影響，以及相較於 2025 會計年度，所得的地理分布組合有所不同。第三季我們預期非 GAAP 稀釋後股數約為 49.4 億股，不包含潛在庫藏股回購的影響。

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

以上是我預先準備的發言。接線生，請開放提問。

(Operator Instructions) Harlan Sur, JPMorgan.

(接線生指示) JPMorgan 的 Harlan Sur。

Thanks for all your support, Kirsten. And Amy, welcome to the team. First, just a quick housekeeping item. Hock, on this fiscal year, AI sort of 2x growth, second half of our first half, that would put AI revenues over $60 billion with sequential growth in fiscal Q4, but you gave us this $56 billion number, which is only like 1.5x, half-over-half growth with 4Q AI actually being down sequentially. So if you could just help us kind of square the numbers there.

Kirsten，感謝你一路以來的支持。Amy，也歡迎加入團隊。首先，一個簡短的例行事項。Hock，就本會計年度而言，AI 大約 2 倍成長、下半年相較上半年成長，若再加上會計年度第四季的季增，AI 營收應該會超過 600 億美元；但你給了我們 560 億美元這個數字，這看起來只有約 1.5 倍、也就是下半年相較上半年成長，而且第四季 AI 甚至是季減。所以你能否協助我們把這些數字對起來、釐清其中的差異。

And then for my real question, back in December of last year, you talked about an AI backlog next 18 months. $73 billion market sort of took that number, spread that linearly over six quarters. But we know that the backlog is always more front loaded over the first four quarters. Right? And sure enough, you’re going to deliver around 80% or more of that backlog in this fiscal year or first four quarters.

接著問我真正的問題：回到去年12月，你談到未來18個月的AI積壓訂單。市場把那個數字（730億美元）拿來，線性地攤分到六個季度。但我們知道，積壓訂單一向在前四個季度更為前置。對吧？而且果不其然，你們會在本會計年度或前四個季度交付大約80%或更多的積壓訂單。

Just given the strength of all your programs, the broadening of the customer base, accelerating year-over-year trends in your AI shipments, all the multi-gigawatt partnerships that you just articulated today, which is most of it -- which is set to start to fire next year, is it fair to assume that your 18-month AI backlog second half of this year through first half -- through all of fiscal '27 sits at $200 billion or better?

考量到你們所有專案的強勁表現、客戶基礎的擴大、AI出貨年增趨勢加速，以及你今天剛提到的那些多個「多GW」合作夥伴關係（其中大多數預計明年開始發力），是否可以合理假設：你們18個月的AI積壓訂單（從今年下半年到明年上半年——一直到2027會計年度全年度）達到2,000億美元或更高？

That’s a very complicated set of number questions. To begin with, let’s start with '26. Doing a math, basically 2x to 2x. The first half we ship about in total AI revenue something in the range of $19 billion, if you want to be precise. And if you do what I indicate and 2x that in the second half you get pretty much in the range of what we’re talking about, which is around $56 billion, Harlan. So that kind of numbers is still very, very -- does tie up very well.

這是一組非常複雜的數字問題。首先，我們先從'26年開始。做個數學計算，基本上是2倍到2倍。上半年我們出貨的AI營收總計大約在190億美元的區間，如果你要精確一點的話。如果照我所說的，下半年再把它乘以2倍，你得到的就大致落在我們在談的範圍內，也就是大約560億美元，Harlan。所以這樣的數字仍然非常、非常——而且確實非常吻合。

Now, your pick a question on the second half, which you’re going to need to vary the detailed analysis of is, yeah, we keep the momentum going as we expect to see in 2027. What we will see in 2027 is continued growth of the level we’re talking about. And if you drive on that basis of what we’re seeing here, almost 2x what 2,000 -- in the range of 2x what 2026 will be, I think you will easily see that 2027 will exceed very easily $100 billion in 2027, which is pretty much what we indicated last quarter and we are continuing to say that it will be over $100 billion in 2027.

至於你挑的下半年那個問題，你需要做更細部的分析：是的，我們會如預期在2027年持續保持動能。我們在2027年會看到的是持續成長，成長幅度就是我們正在談的這個層級。如果你以我們目前看到的情況為基礎推算，幾乎是2026年的約2倍，我認為你會很容易看到：2027年的規模將非常輕鬆地超過1,000億美元，這基本上就是我們上季所指出的，我們也持續表示2027年會超過1,000億美元。

So in that sense, if anything else, it might be based on what we’re doing, very much on track, if not stronger. But we’re not trying to guide you every quarter what '27 would be like. So we basically say it continues to be in excess of $100 billion in 2017, but it is on the same trajectory as we are seeing in the back half of '26.

所以從這個角度來看，如果有什麼不同的話，依照我們正在做的事情，一切都非常符合進度，甚至可能更強。但我們並不打算每一季都去指引你們'27年會是什麼樣子。因此我們基本上只說：2027年仍將超過1,000億美元，但它的軌跡與我們在'26年下半年看到的相同。

Blayne Curtis, Jefferies.

Blayne Curtis，Jefferies。

Hock, I wanted to ask you, into quarter you had that 8-K with the long-term agreement with Google. I think, obviously, you’re probably not going to tell me what the total value is there, but I think there’s a lot of concern about share within that customer. I was just kind of curious, now that you have this agreement, maybe you could speak to a little bit more in terms of your confidence. And if there’s upside to that customer, is it a fixed amount or is there shares? Is there any way you can kind of add some color to that agreement that came out?

Hock，我想問你，這一季你們提交了那份8-K，提到與Google的長期協議。我想很明顯你大概不會告訴我那份協議的總價值，但市場對於在該客戶內的市占/份額有很多擔憂。我有點好奇，現在你們有了這份協議，或許你可以多談一點你們的信心。如果在該客戶那邊有上行空間，是固定金額，還是會牽涉到份額？你能否就這份公布出來的協議補充一些細節/背景？

Well, it’s a very, very strong agreement, and it basically reflects the strength of the partnership we have simply because of the products we do, the multi-general products, and the intellectual property we deploy into this whole program.

嗯，這是一份非常、非常強的協議，它基本上反映了我們合作夥伴關係的強度，原因很簡單：我們提供的產品、多代產品，以及我們在整個專案中投入的智慧財產。

To answer your question specifically, it’s a commitment that is very substantial in dollars, very, very substantial amount of dollars. Now, we also accept the fact that while we like to win every design in that program, we also accept the fact that given the growth of consumption and -- development and consumption of AI compute even by our partner Google, that we fully expect that there'll be some diversity of sources for them. But our commitment from them is a very substantial dollar amount.

具體回答你的問題：這是一項以美元計價非常可觀的承諾，金額非常、非常可觀。同時我們也接受一個事實：雖然我們希望贏下該專案中的每一個設計案，但鑒於AI算力的開發與消耗成長——甚至我們的合作夥伴Google本身也是如此——我們完全預期他們會有一定程度的來源多元化。但他們對我們的承諾是一個非常可觀的美元金額。

Ross Seymore, Deutsche Bank.

Ross Seymore，德意志銀行。

Congrats to both Kirsten and Amy. Question on the gross margin side of things. I know, Kirsten, you talked about it going down due to the mix dynamics within the semis versus the software side. But given the strength on the software side in the quarter, it seems like gross margin is falling a little bit harder.

恭喜Kirsten和Amy兩位。我想問毛利率方面的問題。我知道，Kirsten，你提到毛利率下滑是因為半導體相對於軟體的組合變化。但考量到本季軟體端的強勁表現，看起來毛利率下滑得更明顯一些。

So behind the scenes, can you just talk a little bit about what the drivers within semis are? Is that the XPU versus the networking side of things? And is that trend likely to continue next year? Are there rack scale versus chip scale? All those sorts of dynamics, any color you could give on that would be helpful.

所以在更細的層面，你能否談談半導體內部的驅動因素？是XPU相對於網路（networking）那邊的因素嗎？而這個趨勢明年是否可能延續？是機櫃級（rack scale）相對於晶片級（chip scale）的差異嗎？這類動態你能提供任何補充說明都會很有幫助。

Yeah, certainly. As our semiconductor business grows, just to reiterate, on a consolidated basis, relative to our software business, you’re going to have a decline in margins, right, a bit. You’ll have compression, but remember that it’s accretive because we have strong operating leverage, right? So our operating margins will stand up a bit over time to that.

好的，當然可以。隨著我們的半導體業務成長，我再重申一次：在合併口徑下，相對於我們的軟體業務，你會看到毛利率有些下滑，對吧？會有一些壓縮，但請記得它是增厚的（accretive），因為我們有很強的營運槓桿，對吧？因此我們的營業利益率會隨時間推移而在一定程度上支撐住。

Within semiconductors, we’ve always said our ASICs, the TPUs, some of the wireless business has lower margins. So as the TPUs continue to accelerate, there’ll be pressure overall on margins. But the connectivity side, the AI networking side of the business has very rich margins. So it’ll offset it somewhat as we go.

在半導體內部，我們一直說，我們的ASIC、TPU，以及部分無線業務的毛利率較低。因此，隨著TPU持續加速，整體毛利率會承受壓力。但連接性（connectivity）端、AI網路端的業務毛利率非常高。所以隨著時間推進，它會在某種程度上抵消上述影響。

I mean, Ross, as Kirsten said in her remarks, structurally, the semiconductor margins remains very stable and very solid. It’s the mix, particularly the mix between software and non-AI to the very, very rapidly growing AI semiconductor that is just diluting gross margin.

我的意思是，Ross，正如Kirsten在她的發言中所說，從結構上來看，半導體毛利率仍然非常穩定、非常扎實。真正的因素是組合，特別是軟體與非AI相對於成長非常、非常快速的AI半導體之間的組合變化，正在稀釋整體毛利率。

In the rack versus chip side of things. Is that all clarified now?

至於機櫃（rack）相對於晶片（chip）的部分。現在都釐清了嗎？

No. Racks is on chips.

沒有。機櫃也是晶片。

Only chip business only.

只有晶片業務，只有晶片。

We're only chips.

我們只做晶片。

Ben Reitzes, Melius.

Ben Reitzes，Melius。

I wanted to ask about 2027, Hock. With regard to -- previously, you talked about the TAM being 10 to -- well, it’s kind of a longer-term question, actually. You’ve talked about the TAM being 10 to 20 and whatnot. It seems that one of your competitors talked recently about the TAM per gigawatt going up a lot as we go throughout the decade. And it seems it wasn’t just due to infrastructure. It was due to the compute and networking components and other things.

我想問2027年，Hock。關於——之前你談到TAM是10到——嗯，這其實是個更長期的問題。你談到TAM是10到20之類的。看起來你們的一位競爭對手最近提到，隨著我們走過這個十年，每GW對應的TAM會大幅上升。而且看起來不只是因為基礎設施。而是因為運算與網路元件以及其他因素。

Perhaps you’re familiar with the comment that Jensen made where the overall infrastructure is going from something around 50-something towards 100 and the compute content going way up. Are you seeing the same thing as you go throughout the long term? Is that potentially being an accelerator, what you’ve already outlined in terms of your TAM per gigawatt? And how are you thinking about that? Thanks a lot.

你可能也熟悉Jensen的那段評論：整體基礎設施會從大約50多上升到100左右，而運算內容（compute content）會大幅提高。從長期來看，你們是否也看到同樣的趨勢？這是否可能成為你們先前所概述的、每GW TAM的加速因素？你們如何看待這件事？非常感謝。

Sure. Well, I think the accelerating part, if you talk about power, realize one thing, is the dollars per gigawatt, the content dollars of racks per gigawatt is not accelerating that much because you are creating chips that have -- each individual chips are driving higher and higher power. So you’re driving less chips though the price of each chip is going up in price. So dollars per gigawatt, billions of dollars per gigawatt is relatively stable. But the number of gigawatts will accelerate as I think some of remarks indicate.

當然。嗯，我認為加速的部分，如果你談的是電力，要先理解一件事：以每吉瓦計算的美元數——也就是每吉瓦機櫃（rack）的內容價值（美元）——其實沒有加速得那麼快，因為你正在打造的晶片——每一顆晶片的功耗都越來越高。所以你用到的晶片數量變少了，儘管每顆晶片的價格在上升。因此，以每吉瓦計算的美元數、每吉瓦數十億美元的規模，相對是穩定的。但吉瓦數量會加速成長，正如我認為一些評論所指出的那樣。

And that’s what we are seeing. That amount of gigawatts required compute capacity as measured by number of gigawatts is growing very fast. And we’re seeing that particularly to the point where for even two of our customers we’re talking about, which is Anthropic and OpenAI for which we are creating this platform to enable them to run sufficient compute power, we’re talking about capacity as measured by gigawatt power that are way ahead of what we have expected, say six months ago.

而這正是我們所看到的。以吉瓦數衡量所需的運算容量——也就是以吉瓦數來衡量——正在非常快速地成長。我們特別看到這一點，甚至對我們的兩位客戶而言——也就是 Anthropic 和 OpenAI——我們正在打造這個平台，讓他們能夠運行足夠的運算能力；我們談到的以吉瓦電力衡量的容量，遠遠超出我們例如六個月前的預期。

And that’s just these guys. We don’t talk about the consumption beyond the XPV platform. We have announced here from our other customers, which is Google-owned internal workloads, Meta's workloads, and any other customer and the other two customers we have. So fold that in and you’re talking about gigawatts in totality.

而這還只是這些客戶。我們不談 XPV 平台以外的消耗。我們也在此宣布了其他客戶，包括 Google 旗下的內部工作負載、Meta 的工作負載，以及任何其他客戶，還有我們另外兩位客戶。把這些都納入考量，你談的就是總體的吉瓦數。

If you ask about '27 or '28, that will continue to grow. We expect, in fact, '28 to be a substantial growth from what we are forecasting in '27.

如果你問的是 '27 或 '28，那將會持續成長。事實上，我們預期 '28 相較於我們在 '27 的預測，將會有顯著成長。

Timothy Arcuri, UBS.

Timothy Arcuri，瑞銀（UBS）。

Hock, I wanted to ask you about supply and kind of your ability to get incremental volume of wafers and HBM. As I look at some of your competitors, I mean, they’re kind of able to drop $20 billion out of thin air and get incremental wafer supply. So I’m wondering, do you feel pretty good about -- look, if a customer comes to you, are you able to get upside in terms of wafers and HBM? And are you beginning to consider maybe using other foundries to add more optionality to your supply? Thanks a lot.

Hock，我想問你關於供應，以及你取得額外晶圓與 HBM 增量供給的能力。我看你的一些競爭對手，我是說，他們似乎能憑空砸出 200 億美元就拿到額外的晶圓供應。所以我想知道，你是否相當有信心——你看，如果客戶來找你，你是否能在晶圓與 HBM 方面取得上行（upside）的供應？以及你是否開始考慮也許使用其他晶圓代工廠，以增加供應的選擇性？非常感謝。

Getting supply is not just about dropping money, Tim, though that does work. No, we are very comfortable that we have been able to secure supply of the types you mentioned about for our needs, '26, '27. Working on '28 and '29 right now.

取得供應不只是砸錢而已，Tim，雖然那確實有用。不過，我們非常有信心，我們已經能為我們在 '26、'27 的需求，確保你提到的那些類型的供應。我們現在正在處理 '28 和 '29。

Right. But if a customer comes to you and wants incremental supply, are you able to go to your suppliers and get it the way that it seems like some of your competitors are?

了解。但如果有客戶來找你要額外的供應，你能像看起來你的一些競爭對手那樣，去找供應商拿到嗎？

Customers have been coming to us incrementally over the last few months. We expect that to continue, and by and large, yes.

過去幾個月，客戶一直在逐步地來找我們追加。我們預期這種情況會持續，而整體而言，是的。

Stacy Rasgon, Bernstein Research.

Stacy Rasgon，Bernstein Research。

Hock, you gave some gigawatt shipment targets for next year for your various customers. I just want to know are those any different? Do they contemplate any change from what you said last quarter where I think you said that was like close to 10 gigawatts you’d be shipping in '27?

Hock，你給了明年針對各個客戶的一些吉瓦出貨目標。我只是想知道那些有沒有任何不同？它們是否反映了相較於你上季所說的任何變化？我記得你上季說 '27 你們的出貨接近 10 吉瓦？

And can you just sort of help us shape the year? It sounded to me like you expected that to be more back-half loaded in '27 given the shape of the ramps. But most importantly, is there any change that is it more gigawatts or less gigawatts or the same gigawatts versus what you were suggesting last quarter?

另外你能不能幫我們勾勒一下那一年的節奏？聽起來你預期 '27 會更偏向下半年出貨，考量到爬坡的形狀。但最重要的是，有沒有任何變化——相較於你上季的說法，是更多吉瓦、較少吉瓦，還是相同的吉瓦？

Well, good question. Yeah, for '27, we indicated about 10 gigawatts shipment in '27. That’s still very much intact. They will be shipping 10 -- we’re planning to ship 10 gigawatts in '27 and that nothing has changed, back-half loaded to that extent, yes, which really provides an interesting trajectory into '28 with this back-half trajectory. So '28, we expect a lot more gigawatts.

嗯，問得好。是的，針對 '27，我們指出 '27 大約出貨 10 吉瓦。這點仍然完全不變。他們將會出貨 10——我們計畫在 '27 出貨 10 吉瓦，沒有任何改變；在某種程度上確實偏向下半年出貨，這也讓 '28 因為這個下半年軌跡而呈現一個很有意思的走勢。所以在 '28，我們預期會有更多的吉瓦。

Jim Schneider, Goldman Sachs.

Jim Schneider，高盛（Goldman Sachs）。

I was wondering if you could comment a little bit on the profile of your networking business, Hock, as we head through fiscal '26 and '27, about 40% of AI revenue this quarter. Will you expect that to sort of fall back down as some of these custom ramps into the end of the year into early next year? Or what do you sort of expect to stay at the upper end of that range? And maybe talk about when you see some of the optical and CPO revenue becoming meaningful. Thank you.

我想請你談談你們網路業務的走勢輪廓，Hock，當我們進入 2026 與 2027 財年；本季約占 AI 營收的 40%。你是否預期，隨著一些客製化專案在今年底到明年初的爬坡，那個占比會回落？或者你預期會維持在那個區間的高端？也請談談你何時看到光學與 CPO 的營收開始變得有意義。謝謝。

That’s a hell of a -- great question, Jim. It’s just very difficult to answer because of how do we predict that There are quite a few moving parts there. One of which as to start with is, as more as a volume -- as more and more of our customers turn to XPUs. Obviously, XPUs uses very much a lot of our networking components across the board. So that’s great for us, and that drives increase in consumption. But it also means that we have been able to sell networking to non-XPU footprint. So that part of it would dilute the growth rate.

這真是個——很難的好問題，Jim。這很難回答，因為我們要怎麼預測呢？裡面有相當多的變動因素。其中之一，先從量的角度來說，是隨著越來越多客戶轉向 XPU。很明顯，XPU 在各方面都會大量使用我們的網路元件。所以這對我們很好，並推動用量增加。但這也意味著，我們也能把網路產品賣到非 XPU 的版圖。因此那一部分會稀釋成長率。

And this 40%, I consider as a very well -- almost a situation where stars are aligned, where we are shipping a of our networking to non-XPU, while the growth of XPU are obviously allowing us to grow this networking business to our XPUs and we get to 40%. But I see that as probably as high as that percentage of total AI revenue would go. Not the first time I indicated that. The more expected percentage as a share of total AI revenue for networking would be closer to around 30%.

至於這個 40%，我把它視為一個非常——幾乎是天時地利人和的狀況：我們正在把部分網路產品出貨給非 XPU，同時 XPU 的成長又讓我們能在 XPU 上擴大這個網路業務，於是達到 40%。但我認為，這大概就是網路業務占總 AI 營收比例的上限。我不是第一次這麼說。更符合預期的網路業務占總 AI 營收比重，會更接近約 30%。

Tom O'Malley, Barclays.

Tom O'Malley，巴克萊（Barclays）。

So I noticed with the most recent deal with Anthropic that you guys are using Broadcom chips as a backstop for the deal. Do you expect more deals to come like this in the future? And then as you start to see the AI environment, is there any way you’re thinking about financing in the future? Are you going to continue to do it with chips? Or anything that you can offer on that. Thank you.

我注意到你們最近與 Anthropic 的交易中，你們使用博通（Broadcom）的晶片作為該交易的後盾（backstop）。你是否預期未來會有更多類似的交易？另外，當你開始看到 AI 環境的發展，你是否有在思考未來的融資方式？你們會繼續用晶片來做嗎？或是你能提供任何相關看法。謝謝。

Can you repeat that question, especially at the front end? I didn't quite get what you're saying here. I don't want to answer it the wrong way.

你可以重複一下那個問題嗎，尤其是前半段？我沒有完全聽懂你在說什麼。我不想用錯的方式回答。

Sorry, Hock. Essentially, most recent deal with Anthropic is being backstopped by Broadcom chips. Do you think that in the future you will see more deals done this way? And then any comments on the future financing of deals with the large AI models? Thank you.

抱歉，Hock。基本上，最近與 Anthropic 的交易是由博通晶片作為後盾（backstop）。你認為未來會看到更多以這種方式完成的交易嗎？另外，對於與大型 AI 模型相關交易未來的融資方式，有沒有任何評論？謝謝。

Oh, I have to correct you on that. Our deal with Anthropic and that we basically talk about -- basically release disclosing our 8-K recently. The deal we did with Anthropic is we use our TPU chips that we developed to provide the compute capacity to Anthropic. We want that. It wasn’t backstopped in that sense. We were the ones providing the chips to Anthropic. We were the ones providing the compute capacity in Anthropic.

喔，這點我得更正你。我們與 Anthropic 的交易，以及我們基本上談到的——我們最近在 8-K 中揭露的那筆交易。我們與 Anthropic 做的交易是：我們使用我們自行開發的 TPU 晶片，為 Anthropic 提供運算容量。我們希望如此。就那個意義而言，並不是由他方作為後盾（backstopped）。是我們向 Anthropic 提供晶片。是我們在 Anthropic 端提供運算容量。

CJ Muse, Cantor Fitzgerald.

CJ Muse，Cantor Fitzgerald。

I guess, Hock, in recent years, you’ve talked about really focusing your efforts on very large XPU platforms. And I’m just curious, we’re seeing many kind of XPU-attached derivatives across interconnect storage other. And I’m wondering if there’s any sort of programs there that are more niche that are whetting your appetite.

我想問一下，Hock，近年來你一直談到把重心放在非常大型的 XPU 平台上。我只是好奇，我們看到許多各式各樣掛在 XPU 上的衍生需求，涵蓋互連、儲存等其他領域。我想知道那邊是否有任何比較利基的專案，正在引起你們的興趣。

Well, no, I don’t think so. I think our business model is actually very, very straightforward, which is we are developing XPUs custom AI accelerators for use by our customers who are pretty much all LLM developers, whether it’s for training or inference. We are also creating a portfolio of critical components to enable these XPUs and even GPUs to be clustered and for better performance.

嗯，沒有，我不這麼認為。我認為我們的商業模式其實非常、非常直接：我們為客戶開發 XPU（客製化 AI 加速器），客戶幾乎都是 LLM 開發者，不論是用於訓練或推論。我們也在打造一個關鍵元件的產品組合，用來讓這些 XPU、甚至 GPU 能夠進行叢集化並提升效能。

And that continues to be the model we do, which is we provide chips -- technology in the form of chips, whether they be AI computer accelerators we call XPUs or networking chips that cluster them together, be it switches, PC Express connectors, DSPs, lasers, NICs, and routers.

而這仍然是我們持續採用的模式：我們提供晶片形式的技術——不論是我們稱為 XPU 的 AI 運算加速器，或是把它們串接成叢集的網路晶片，包括交換器、PCI Express 連接器、DSP、雷射、NIC 與路由器。

And that’s very much still the model we employ in semiconductors. And we still, as you can see, our financial model and the program we go for drive towards a chip business model through the technologies we provide.

這仍然非常符合我們在半導體領域所採用的模式。而且你也看得到，我們的財務模型與我們推動的計畫，都是透過我們提供的技術，朝向晶片商業模式來驅動。

What we are doing to enable some of these LLM players to be able to get access to the volume of compute capacity, the large gigawatt of compute capacity they need to scale up their models is we are, as I announced here today, creating in partnership with guys with the best balance sheets around vehicle to basically have these chips funded for these LLM players who otherwise might have difficulty getting access to our technology, which provides them with the lowest power and the lowest cost.

我們正在做的，是讓部分 LLM 業者能取得他們擴大模型所需的大量運算容量——以 GW（gigawatt）等級的運算容量——因此我們如同今天在此宣布的，正與一些資產負債表最強的夥伴合作，建立一個載體（vehicle），基本上為這些 LLM 業者把晶片的資金安排到位；否則他們可能難以取得我們的技術，而我們的技術能提供最低功耗與最低成本。

Atif Malik, Citi.

Atif Malik，花旗（Citi）。

I have a question on infrastructure software business. Are you guys seeing any impact of AI -- Agentic AI on your software growth and renewals? And if you can just talk about some sort of long-term growth for that business.

我有一個關於基礎設施軟體業務的問題。你們是否看到 AI——Agentic AI——對你們軟體成長與續約有任何影響？另外也請談談這項業務的長期成長。

Well, we’re not seeing it. If anything else, as I reported, the high volume of core count of CPUs selling together with GPUs is driving some accelerated growth of our VMware business. And as you can see in Q3, we’re seeing an accelerated growth, and we expect that to continue, I guess, for the next multiple quarters as this demand picks up. Long term, given the kind of products we do in infrastructure software, very very close to literally the hardware -- basically, the hypervisor which is where our products are.

嗯，我們沒有看到。如果要說的話，正如我所報告的，與 GPU 一起銷售的高核心數 CPU 的大量出貨，正在帶動我們 VMware 業務的加速成長。而且你可以看到在第三季，我們看到成長加速，我們預期隨著需求升溫，這種情況在接下來好幾個季度會持續。長期來看，鑑於我們在基礎設施軟體所做的產品類型，與硬體非常、非常貼近——基本上就是我們產品所在的 Hypervisor（虛擬機監控器）層。

We do not expect to see any impact on software products.

我們不預期軟體產品會受到任何影響。

Edward Snyder, Charter Equity Research.

Edward Snyder，Charter Equity Research。

This is very interesting because the gigawatts that you’ve laid out for the different customers makes it very clear that the two that are offering kind of CSP -- I’m going to say CFC, but consumer versions of AI Anthropics and OpenAI, have very large gigawatt commitments in the out years. I know part of that’s catch up because they’ve just started late where your oldest customer’s been doing this for quite some time. But even part of Google’s is offering cloud services to other folks too.

這非常有意思，因為你為不同客戶列出的 GW 規模，讓人很清楚看到：那兩家提供某種 CSP——我本來想說 CFC——也就是面向消費者版本 AI 的 Anthropic 與 OpenAI，在未來幾年有非常大的 GW 承諾。我知道其中一部分是追趕，因為他們起步較晚，而你們最早的客戶已經做這件事很久了。但即便如此，Google 的一部分也是在向其他人提供雲端服務。

So are we seeing shift here? I know that initially a lot of the XPUs in the AI services were through the hyperscalers for their own custom workloads. We’ve talked about that ad nauseam. And now you’re seeing AI finally hit the enterprises, and you’ve seen cloud take off with the programming which is sweeping everybody. Can we expect then that there’s going to be this big second wave of demand that’s driven as AI starts hitting enterprises and consumers start getting access to it or finding usable tools? Because the numbers you’re saying here are significantly different for the two classes of customers.

所以我們是否正在看到某種轉變？我知道一開始 AI 服務中的許多 XPU 是透過超大規模業者（hyperscalers）來支援他們自己的客製化工作負載。我們已經反覆談過這件事。而現在你看到 AI 終於進入企業端，你也看到雲端因為程式設計（programming）而起飛，席捲所有人。那麼我們是否可以預期，當 AI 開始進入企業、消費者開始取得使用權或找到可用工具時，會出現由此驅動的第二波龐大需求？因為你在這裡提到的數字，對於兩類客戶而言差異非常顯著。

Well, that’s a very interesting thought here, and you may be very well right that enterprise consuming AI is still relatively at an early stage of the game. But having said that, what we also seeing is a lot of what the enterprise is consuming on tokens. They are buying a lot of these tokens from the platforms. The product -- API they pull from the platforms of this same name of customers we talked about, which is Anthropic, OpenAI, Gemini. These are the large guys they’re pulling it from.

嗯，這是一個非常有趣的想法，而且你很可能是對的：企業端消費 AI 仍相對處於早期階段。但話說回來，我們也看到企業在 token 的消費上有很大一部分。他們從平台購買大量 token。他們從我們剛才提到的同一批客戶的平台拉取產品——API，也就是 Anthropic、OpenAI、Gemini。他們主要就是從這些大型業者取得。

And that’s where I think high, substantially most of these tokens consumption are tied to those LLMs. And these LLM guys as they productize their frontier models, whether it be Opus 4.7, ChatGPT 5.5 or Gemini 3.5 comes back to the same end demand on compute capacity we provide to all these guys. And so, even a growth of enterprise demand that we’re now starting to see as enterprise starts to consume AI, AI tokens for their own workloads, for their own productivity users as consumers do, they’re buying from the same source, these same few guys. And that’s what’s driving this very large, I call it insatiable growth in compute capacity that we are experiencing.

而我認為，絕大多數的 token 消費都與那些 LLM 綁在一起。而這些 LLM 業者在把他們的前沿模型產品化時——不論是 Opus 4.7、ChatGPT 5.5 或 Gemini 3.5——最終都會回到同一個終端需求：我們提供給所有這些業者的運算容量。因此，即便企業需求成長——我們現在開始看到企業開始為自身工作負載、為自身生產力使用者（就像消費者一樣）消費 AI、消費 AI token——他們也是從同樣的來源、也就是這少數幾家購買。而這正是推動我們所經歷的、我稱之為對運算容量「永不滿足」的巨大成長。

And we see that continuing to happen now through 2027 and what we’re seeing now through 2028 as well. So this is getting to be quite a sustainable and steepening trajectory of demand.

而我們看到這種情況會持續發生到 2027 年，並且我們現在也看到會延續到 2028 年。所以這正逐漸成為一條相當可持續、且斜率愈來愈陡的需求軌跡。

If I could, doesn’t this change the dynamic what we talked about before? And you talked about seven or so customers for your XPUs, but this is actually happening. You’ve already seen Google offering cloud services for TPUs. It opens up XPU access to all those smaller companies that don’t kind of meet the criteria for doing their own ASICS that you couldn’t partner with to Broadcom’s technology through these platforms. Why would that not be the case?

如果我可以追問，這不就改變了我們之前談到的動態嗎？你談到你們的 XPU 大概有七個左右的客戶，但現在實際上正在發生的是：你已經看到 Google 提供 TPU 的雲端服務。這讓所有那些較小、未必符合自行開發 ASIC 條件的公司，也能透過這些平台取得 XPU；你原本無法與他們合作、也無法透過這些平台把 Broadcom 的技術提供給他們。為什麼不會是這樣？

Well, I guess the answer to that is it’s possible. But the reality of the whole issue is the compute capacity. Most of AI generated are provided in the form of SaaS models. APIs are pulled from the clouds. Whether they’re from Bedrock, Vertex, Azure or the First Party, it is still provided in the cloud. So most of all that demand, at the end of the day, in terms of compute capacity, which is what we’re doing, comes from those few large frontier model developers and the products they generate to supply to consumer and enterprises globally.

嗯，我想答案是：有可能。但整個問題的現實在於運算容量。大多數 AI 的產出是以 SaaS 模式提供。API 是從雲端被呼叫。不論是來自 Bedrock、Vertex、Azure 或第一方（First Party），它仍然是在雲端提供。所以歸根究柢，就運算容量——也就是我們在做的事情——而言，絕大部分需求來自那少數幾家大型前沿模型開發者，以及他們所產生、用以供應全球消費者與企業的產品。

Source of demand comes from those frontier model labs who are developing the products which consumer enterprises like you and us and our companies are consuming. And what we’re doing is providing that capacity to that demand source as opposed to going to a company or bank and trying to provide them XPUs and then they having to try to build it, create a software stack to then write applications and run it themselves.

需求的來源來自那些前沿模型實驗室，他們正在開發產品，而像你我以及我們的公司這些消費型企業正在使用這些產品。我們所做的是向這個需求來源提供運算產能，而不是去找某家公司或銀行，試圖提供他們 XPUs，然後讓他們自己還得去建置、打造軟體堆疊，再自行撰寫應用並在上面運行。

I’m sure there are a few enterprises doing now, but there are not many. It’s early stage in that whole game. Right now, most of the demand are coming from the frontier model players who are creating products, things as I said, like code assistance, like engineering verticals which are really coming from the same source of guys who are doing all this, those few guys doing the frontier model. It’s not really coming from 100,000 companies directly trying to buy XPUs, or for that matter GPUs. It’s not.

我確定現在有少數企業正在做，但並不多。整個賽局仍處於早期階段。目前，大多數需求都來自前沿模型的玩家，他們正在打造產品——如我所說，像是程式碼輔助、工程垂直領域等——而這些其實都來自同一批人在做，也就是那幾個在做前沿模型的人。並不是來自 10 萬家公司直接想買 XPUs，或就此而言 GPU。不是。

Joe Moore, Morgan Stanley.

Joe Moore，摩根士丹利。

You talked about $30 billion of AI bookings in the quarter, which is a lot, I guess, relative to this quarter and next quarter shipments. Can you talk about the dynamic? Why is there so much backlog now? Or is there -- you sort of said you can react to upside with supply. Just why so many bookings this quarter relative to revenue?

你提到本季有 300 億美元的 AI 訂單（bookings），相較於本季與下季的出貨，我想這數字很大。你能談談其中的動態嗎？為什麼現在會有這麼多積壓訂單（backlog）？或者是否——你有點提到你們可以用供應來因應上行需求。只是，為什麼本季的訂單相對於營收這麼多？

Well, that’s a huge demand of compute. See, a lot of large -- this few six customers, now they realize that lead time to get compute, you need lead time, you need to be thoughtful. And that’s not just asking for wafers to get the chips or memory to ensure that HBMs are available or DRAMs available. They’re also talking about, hey, I got to have the power, the power shell.

嗯，那是非常龐大的運算需求。你看，這少數六個大客戶現在意識到，要取得運算能力需要交期，你需要交期，也需要審慎規劃。而這不只是去要晶圓來做晶片，或確保 HBM 或 DRAM 的供應。他們也在談，例如：嘿，我還得有電力、電力機櫃（power shell）。

So all this is planning ahead. And what we are seeing, the bookings that are coming is not for immediate delivery, some hope to have, but the reality they all accept is they need to align quite a few other things in place before they can deliver.

所以這些都是提前規劃。而我們看到的訂單並不是要立即交付，有些人希望能，但現實是他們都接受：在交付之前，還需要把不少其他事項先對齊到位。

But they are placing your orders early, and they’re placing your orders now. And they are placing your orders in fairly huge demand, which basically gives us a lot more visibility than we normally otherwise would have in semiconductors.

但他們正在提早下單，而且現在就下單。而且他們下單的需求量相當龐大，這基本上讓我們比半導體產業通常情況下擁有更多的能見度。

Our visibility runs all the way to 2028 right now. Three months ago, I can tell you, visibility run pretty much '27. Today, it runs to '28. And that’s a big part of the reason why we are creating this XPV platform as really the platform to plan to build up this -- put in place such capacity for those frontier model customers of ours who are seeing -- as you guys are seeing in some of the financials, they’re telling you in terms of any experiences you have, which is driving huge amount of consumption of tokens from those compute capacity we are giving them.

我們目前的能見度一路看到 2028 年。三個月前，我可以告訴你，能見度大致看到 2027 年。今天，已經看到 2028 年。這也是我們打造 XPV 平台的重要原因之一——把它作為規劃平台，來規劃並建置這樣的產能，提供給我們那些前沿模型客戶；他們所看到的——正如你們在一些財務數據中看到的——他們在告訴你，就他們的任何使用體驗而言，這正在驅動大量 token 的消耗，而這些 token 來自我們提供給他們的運算產能。

We have the benefit now of a lot of lead time, and we’re planning that. It’s not because of shortage of our components. There’s also the other elements that need to be put in place which particularly relates to power and connection into an infrastructure globally or through America, at least, that enables inference to be distributed through to consumers and enterprises throughout the country. So we’re just getting a lot of lead time.

我們現在有很長的提前期（lead time）這個優勢，我們也在據此做規劃。這不是因為我們的元件短缺。還有其他要素需要到位，特別是與電力以及連接到全球基礎設施（至少在美國）相關，這些才能讓推論（inference）得以分散式地提供給全國的消費者與企業。所以我們只是獲得了很多提前期。

Joshua Buchalter, TD Cowen.

Joshua Buchalter，TD Cowen。

In the past, you’ve talked about sort of $15 billion, $20 billion per gigawatt of compute. And given the $10 billion that you implied is what you’ll be doing next year, it implies a much larger number than $100 billion. You’ve also mentioned that the value per gigawatt does vary per project.

過去你談過每吉瓦（gigawatt）運算大約 150 億到 200 億美元。而考量你暗示明年將做到 100 億美元，這意味著一個遠大於 1,000 億美元的數字。你也提到每吉瓦的價值會因專案而異。

So I guess, how should we think about the evolution of your revenue per gigawatt over time? As I would expect, done to done pricing to increase on programs you’re already shipping. But also, there are other projects that are entering the model. Thank you.

所以我想問，我們應該如何看待你們每吉瓦營收隨時間的演進？我預期，對於你們已經在出貨的方案，逐案（done-to-done）定價會上升。但同時，也有其他專案正在進入這個模型。謝謝。

Our revenue -- our content per gigawatt will increase, to put it simply. Our content from the fact that our compute chip will -- XPU will go up in price very dramatically. Particularly when you not only put SRAMs into it, sparse cost, you start putting a lot, you start putting, embedding CPU cores into the same XPUs and making those chips basically multi-die with lots of HBM.

我們的營收——我們每吉瓦的內容（content）會增加，簡單來說就是如此。我們的內容增加，來自於我們的運算晶片——XPU——價格將會非常顯著地上升。特別是當你不只是把 SRAM 放進去、稀疏成本（sparse cost），你開始放入更多東西，你開始把 CPU 核心嵌入到同一顆 XPU 裡，並讓這些晶片基本上變成多晶粒（multi-die），搭配大量 HBM。

So the trajectory of content increase will go up. It just doesn’t go up every month, every six months or every quarter, but it will follow one generation to the next that the content will grow per gigawatt.

因此，內容提升的軌跡會往上走。它不會每個月、每六個月或每一季都上升，但會隨著一代接一代的產品演進，使得每吉瓦的內容成長。

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

謝謝。我現在想把電話會議交給投資人關係主管 Ji Yoo，請他做結語。

Thank you, operator. Broadcom currently plans to report its earnings for the third quarter of fiscal year 2026 after close of market on Wednesday, December 2, 2026. A public webcast of Broadcom's earnings conference call will follow at 2:00 PM Pacific time.

謝謝，接線員。博通目前計畫於 2026 會計年度第三季在 2026 年 12 月 2 日（週三）收盤後公布財報。博通財報電話會議的公開網路直播將於太平洋時間下午 2:00 隨後進行。

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

我們今天的財報電話會議到此結束。感謝各位參與。Cherie，你可以結束通話。

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

今天的節目到此結束。感謝各位參與。您現在可以掛線。