博通 (AVGO) 2026 Q3 法說會逐字稿

Welcome to Broadcom Inc.'s third-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. Please go ahead.

歡迎參加博通公司（Broadcom Inc.）2026 會計年度第三季財務業績電話會議。現在進入開場致詞與介紹環節，我想把電話交給博通公司投資人關係主管 Ji Yoo。請開始。

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

謝謝你，[Sheri]，各位下午好。今天與我一同出席電話會議的有：總裁暨執行長 Hock Tan；財務長 Amie Thuener；以及半導體解決方案事業群總裁 Charlie Kawwas。

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

博通已於收盤後發布新聞稿與財務表格，說明我們 2026 會計年度第三季的財務表現。若您尚未收到副本，可至 broadcom.com 的「投資人」專區取得相關資訊。本次電話會議正進行線上即時網路直播，並可透過博通網站「投資人」專區在一年內收聽音訊重播。

During the prepared comments, Hock and Amie will be providing details of our third-quarter fiscal year 2026 results, guidance for our fourth 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.

在預先準備的發言中，Hock 與 Amie 將提供我們 2026 會計年度第三季業績的細節、2026 會計年度第四季的展望指引，以及對營運環境的評論。在預備發言結束後，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所作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）報告外，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引用我們的非 GAAP 財務結果。

I will now turn the call over to Hock.

現在我把電話交給 Hock。

Well, thank you, Ji, and thank you everyone here for joining us today. We delivered an exceptional quarter with revenue, operating income and free cash flow all exceeding prior records. And driving this was our Q3 AI semiconductor revenue, which grew 221% year on year and up 54% sequentially. This brought our consolidated revenue to $29.6 billion, which was up 86% year on year. Operating income grew even faster at 92% year on year, with operating margin at a record 68% of revenue, reflecting strong operating leverage.

好的，謝謝你，Ji，也謝謝各位今天加入我們。我們交出了一個極為出色的季度，營收、營業利益與自由現金流皆超越先前紀錄。推動這一表現的是我們第三季 AI 半導體營收，年增 221%，季增 54%。這使我們的合併營收達到 296 億美元，年增 86%。營業利益成長更快，年增 92%；營業利益率創新高，達營收的 68%，反映出強勁的營運槓桿。

Q3 demand was simply hot and we’re just getting started. Our six XPU customers are accelerating the adoption of custom accelerators and AI Semiconductor revenue more than tripled year over year to $16.7 billion.

第三季需求非常火熱，而我們才剛開始。我們的六家 XPU 客戶正在加速採用客製化加速器，AI 半導體營收年增逾三倍，達到 167 億美元。

During the quarter, we delivered Ironwood TPU v7, version 7, in high volume to both Anthropic and Google. At the same time, we began production shipments of the next generation TPU version 8i for Google. This new TPU generation has been designed with more memory and bandwidth compared to Ironwood, and just like Ironwood, is optimized for inference workloads. And in performance, it is comparable, if not surpasses the Vera Rubin GPU.

本季我們已向 Anthropic 與 Google 大量交付 Ironwood TPU v7（第 7 版）。同時，我們也開始向 Google 量產出貨下一代 TPU 第 8i 版。相較於 Ironwood，這一代新 TPU 具備更大的記憶體與更高的頻寬，並且與 Ironwood 一樣，針對推論（inference）工作負載進行最佳化。在效能方面，它可與 Vera Rubin GPU 相當，甚至可能超越。

Just to reiterate the major technology challenges of developing these complex accelerators, Broadcom is now shipping the TPU version 8i ahead of the MediaTek version v8t, which in fact was initiated earlier.

我再重申一次，開發這些複雜加速器的主要技術挑戰在於此：博通目前已在 MediaTek 的 v8t 版本之前出貨 TPU 第 8i 版，而 v8t 其實更早啟動。

In Q3, we also shipped Jalapeño, OpenAI’s first-generation custom accelerator, which outperforms Grace Blackwell GPU for inference workloads. Overall, our XPU shipments for the third quarter were up over 3.5 times year on year and represented 73% of AI revenue during the quarter.

在第三季，我們也出貨了 Jalapeño，也就是 OpenAI 的第一代客製化加速器，其在推論工作負載上的表現優於 Grace Blackwell GPU。整體而言，我們第三季的 XPU 出貨量年增超過 3.5 倍，並占本季 AI 營收的 73%。

Our AI networking revenue was up over 2.5 times year on year. And this strong momentum continues into Q4. During the quarter, we expect to accelerate shipments of Ironwood to Anthropic. We also expect to ramp up high volume shipments of the TPU version 8i to Google. Shipments of Jalapeño for OpenAI will continue, and for Meta, we expect production shipments of their custom MTIA accelerator optimized for inference and recommendation at scale.

我們的 AI 網路（networking）營收年增超過 2.5 倍。而這股強勁動能將延續至第四季。在本季，我們預期將加速對 Anthropic 的 Ironwood 出貨。我們也預期將對 Google 提升 TPU 第 8i 版的大量出貨爬坡。對 OpenAI 的 Jalapeño 出貨將持續進行；此外，對 Meta，我們預期將量產出貨其客製化 MTIA 加速器，該加速器針對大規模推論與推薦進行最佳化。

In Q4, we expect both XPUs and AI networking revenue to triple year on year. And together, we expect these deployments to drive our Q4 AI revenue to $21.7 billion, which is up 236% year on year. Based on all this -- on this Q4 guidance, I should say, we expect our fiscal 2026 AI revenue to be $58 billion for the year, up 186% year upon year and above our prior guidance of $56 million (sic - billion).

在第四季，我們預期 XPU 與 AI 網路營收皆將年增三倍。合計而言，我們預期這些部署將推動第四季 AI 營收達到 217 億美元，年增 236%。基於上述情況——我應該說，基於這項第四季指引——我們預期 2026 會計年度全年 AI 營收將達 580 億美元，年增 186%，並高於先前指引的 5,600 萬美元（原文口誤：應為十億）。

We are continuing to see exponential growth in demand from our XPU customers. We believe the vast majority of compute demand for AI workloads today originates from this concentrated group who develops state-of-the-art frontier models. And we expect their need for compute infrastructure to inflate even more in 2027 and 2028. And they are all growing with XPUs to achieve superior performance, cost, and power.

我們持續看到來自 XPU 客戶的需求呈指數型成長。我們相信，當今 AI 工作負載的絕大多數算力需求，源自於這個集中且開發最先進前沿模型（frontier models）的群體。我們預期他們對算力基礎設施的需求在 2027 與 2028 年將進一步膨脹。而他們都在透過 XPU 成長，以達成更優異的效能、成本與功耗表現。

Let me now walk you through each of their journey -- each of our customers’ journey towards using XPUs at scale to run their frontier models worldwide -- workloads, sorry.

接下來我將帶各位逐一說明他們的歷程——也就是我們每一位客戶邁向以規模化方式使用 XPU，在全球範圍內運行其前沿模型工作負載的歷程——抱歉，是工作負載。

Our engagement with Google has never been stronger. This has been recently strengthened by a long-term agreement to develop and supply future generations of TPUs and AI networking. Under this agreement, we’re planning to deliver multi-tens of billions of dollars of TPUs annually over the next several years. We expect this growing demand in '28 and '29 to be fulfilled through successive generations of the increasingly complex TPUs we are developing today with Google.

我們與 Google 的合作從未如此強勁。近期更透過一項長期協議得到強化，該協議旨在共同開發並供應未來世代的 TPU 與 AI 網路產品。依據此協議，我們計畫在未來數年每年交付數百億美元規模的 TPU。我們預期 2028 與 2029 年持續成長的需求，將透過我們目前與 Google 共同開發、日益複雜的 TPU 連續世代來滿足。

Our partnership with Google will continue to sustain because we have the strongest IP portfolio in semiconductor design, including industry-leading SerDes, chip-to-chip interconnect, leading-edge HBM and SRAM integration, and simply differentiated advanced packaging. Most of all, we have been consistently -- we have consistently, I should say, delivered the fastest time to market for TPUs from product definition to production without the need for resmits. We believe these are very deep moats for any competitor to cross.

我們與 Google 的夥伴關係將持續穩固，因為我們在半導體設計方面擁有最強的智慧財產（IP）組合，包括業界領先的 SerDes、晶片對晶片互連、先進的 HBM 與 SRAM 整合，以及具差異化的先進封裝。最重要的是，我們一直——我應該說，我們一貫地——在不需要重新投片（resmits）的情況下，從產品定義到量產，持續交付最快的 TPU 上市時程。我們相信，這些都是任何競爭對手難以跨越的深厚護城河。

Moving on to Anthropic. Starting with the 1 gigawatt of Ironwood we are deploying in 2026, we expect Anthropic to deploy another 5 gigawatts of TPU version 8i in 2027. And in 2028, we have clear line of sight to deliver an incremental 10 gigawatts, even as we expect Google to grow for us. Anthropic is on track to become our largest XPU customer in 2027 and sustain that in 2028.

接著談 Anthropic。從我們在 2026 年部署的 1 吉瓦（gigawatt）Ironwood 開始，我們預期 Anthropic 將在 2027 年再部署 5 吉瓦的 TPU 第 8i 版。而在 2028 年，即使我們預期 Google 對我們的需求仍將成長，我們也清楚可見可再交付額外 10 吉瓦的增量。Anthropic 有望在 2027 年成為我們最大的 XPU 客戶，並在 2028 年維持此地位。

For OpenAI, Jalapeño is on track for the planned deployment of 1.3 gigawatts in 2027. Together with OpenAI, we are deep in development of the next-generation XPU beyond Jalapeño, which is approaching tape-out.

就 OpenAI 而言，Jalapeño 正按計畫推進，預計在 2027 年部署 1.3 吉瓦。我們與 OpenAI 正深入開發超越 Jalapeño 的下一代 XPU，目前已接近流片（tape-out）。

In 2028, we have line of sight for OpenAI to deploy over 5 gigawatts of Jalapeño and its successor generation of XPU, which would make OpenAI our second-largest XPU customer. In addition, we are in development with OpenAI on their third-generation XPU.

在 2028 年，我們清楚可見 OpenAI 將部署超過 5 吉瓦的 Jalapeño 及其後繼世代 XPU，這將使 OpenAI 成為我們第二大 XPU 客戶。此外，我們也正與 OpenAI 共同開發其第三代 XPU。

As OpenAI announced last week, Jalapeño outperforms the Grace Blackwell Ultra in performance per watt, latency, throughput, and power, and is actually comparable to very robust GPUs in running OpenAI workloads. The lesson here is when you co-develop a chip that is optimized for your particular LLM workloads, you will outperform any GPU. Like TPUs, Jalapeño demonstrates that it can also run other frontier models, and you can do all this at half the cost of a GPU.

如 OpenAI 上週宣布的，Jalapeño 在每瓦效能、延遲、吞吐量與功耗方面均優於 Grace Blackwell Ultra，且在執行 OpenAI 工作負載時，實際上可與非常強勁的 GPU 相媲美。這裡的啟示是：當你共同開發一顆針對你特定 LLM 工作負載最佳化的晶片時，你將會勝過任何 GPU。如同 TPU，Jalapeño 也證明它能夠執行其他前沿模型，而且你可以用 GPU 一半的成本做到這一切。

Our partnership with Meta to deliver multiple generations of MTIA XPUs remains on track. Between now and the end of 2027, we will be delivering three generations of MTIA accelerators to Meta. Across these three generations, we have line of sight to deploy 3 gigawatts through 2028.

我們與 Meta 合作交付多代 MTIA XPU 的夥伴關係仍按計畫推進。從現在到 2027 年底，我們將向 Meta 交付三代 MTIA 加速器。在這三代產品中，我們已可預見在 2028 年前部署 3 吉瓦的規模。

Our content in AI, as you know, goes beyond XPUs. We are the leader in AI networking, and we continue to extend our lead. In Ethernet switching for scale up and scale out, we were first to market with our 100 terabit Tomahawk 6, and we just taped out Tomahawk 7, the industry’s first 200 terabit per second Ethernet switch.

如你所知，我們在 AI 的布局不僅限於 XPU。我們是 AI 網路領域的領導者，並持續擴大領先優勢。在用於 scale up 與 scale out 的乙太網路交換器方面，我們率先推出 100 太位元的 Tomahawk 6，且我們剛完成 Tomahawk 7 的流片（tape-out），這是業界首款每秒 200 太位元的乙太網路交換器。

For scaling in, we continue to be the leader in every generation of PCI Express switching. We are now the leader in leading-edge optical DSPs and are rapidly expanding our capacity and market position as a leader in EMLs, VCSELs, and CW lasers for optical interconnects.

在向內擴展（scaling in）方面，我們在每一代 PCI Express 交換器上都持續保持領先。我們目前也在先進光學 DSP 領域居於領先地位，並正快速擴充產能與市場地位，成為用於光互連的 EML、VCSEL 與 CW 雷射的領導者。

In sum, we continue to invest and invest heavily to provide the broadest and most leading-edge AI portfolio. In fact, our AI networking revenue is expected to grow just as fast as XPUs over the next few years.

總而言之，我們持續投資，且大力投資，以提供最廣泛且最先進的 AI 產品組合。事實上，未來幾年我們的 AI 網路營收預期將與 XPU 一樣快速成長。

Reflecting our excellent progress with this key group of LLM customers, here is our outlook for our AI semiconductor revenue. In 2027, we have secured the supply to again double AI revenue to approximately $115 billion. Our demand actually exceeds this outlook, and we will work to improve supply.

反映我們在這一關鍵 LLM 客戶群上的卓越進展，以下是我們對 AI 半導體營收的展望。在 2027 年，我們已確保供應，得以再次將 AI 營收倍增至約 1,150 億美元。我們的需求實際上超過此一展望，我們將努力提升供應。

In 2028, we expect the trajectory of growth to continue. We have line of sight for fiscal 2028 AI Semiconductor revenue growth to again double to $230 billion. Here again, we have secured the supply to meet this outlook. This AI revenue guidance through '28 is being provided to give you the trajectory of our growth. That demand for compute continues to be extremely strong. As a result, I got to say, we are very much on target to exceed $30 in earnings per share in fiscal 2028.

在 2028 年，我們預期成長軌跡將持續。我們已可預見 2028 財年 AI 半導體營收成長將再次倍增至 2,300 億美元。同樣地，我們已確保供應以滿足此一展望。提供至 2028 年的 AI 營收指引，是為了讓各位了解我們的成長軌跡。對運算的需求仍然極為強勁。因此我必須說，我們非常有把握在 2028 財年每股盈餘超過 30 美元。

Now turning to non-AI semiconductors, Q3 revenue of $4.2 billion was up 5% year on year and flat sequentially. Broadband and server storage together were up, partially offset by a decline in wireless. In Q4, we forecast non-AI semiconductor revenue to be approximately $4.3 billion, again up 5% sequentially.

接著談非 AI 半導體，第三季營收 42 億美元，年增 5%，季比持平。寬頻與伺服器儲存合計成長，部分被無線業務下滑所抵銷。在第四季，我們預估非 AI 半導體營收約為 43 億美元，季增同樣為 5%。

Talking about Infrastructure Software. Q3 revenue of $8.8 billion was up 29% year on year and we sustained ARR growth of 15% year on year. For Q4, we forecast infrastructure software revenue to stabilize at approximately $8.7 billion. We announced VMware Private AI Cloud, giving enterprises a secure, cost-effective platform to build and run AI alongside their existing applications. It brings together AI infrastructure, security, and compliance and the tools to build and operate trusted AI agents, all while protecting enterprise data.

談到基礎架構軟體。第三季營收 88 億美元，年增 29%，我們也維持 ARR 年增 15%。第四季我們預估基礎架構軟體營收將穩定在約 87 億美元。我們宣布 VMware Private AI Cloud，為企業提供一個安全、具成本效益的平台，可在既有應用程式旁建置並執行 AI。它整合 AI 基礎架構、安全與合規，以及用於建置與營運可信任 AI 代理的工具，同時保護企業資料。

VCF, VMware Cloud that is also making it easier for customers to repatriate workloads from public cloud to private cloud, where they can gain greater control and significantly improve infrastructure economics. Enterprise consumption of AI is, in fact, opening a new opportunity for our Infrastructure Software business.

VCF（VMware Cloud Foundation）也讓客戶更容易將工作負載從公有雲遷回私有雲，在那裡他們能取得更高的控制力，並顯著改善基礎架構經濟效益。事實上，企業對 AI 的採用正在為我們的基礎架構軟體業務開啟新的機會。

So to sum it all, for Q4 '26, we expect consolidated revenue to grow to $34.8 billion, up 93% year on year. We expect Q4 AI revenue to be $21.7 billion, up 236% year on year, and we expect operating margin to be approximately 66% of revenue.

總結來說，對於 2026 年第四季，我們預期合併營收將成長至 348 億美元，年增 93%。我們預期第四季 AI 營收為 217 億美元，年增 236%，並預期營業利益率約為營收的 66%。

And with that, let me turn it over to Amie.

接下來，我把時間交給 Amie。

Thank you, Hock. Let me now provide additional detail on our Q3 financial performance. Consolidated revenue was a record $29.6 billion for the quarter, up 86% year on year. Gross margin was 75% of revenue in the quarter, down 210 basis points sequentially as AI Semiconductor revenue was a greater proportion of our total revenue mix. This was better than our guidance of 74%.

謝謝你，Hock。我現在補充說明第三季的財務表現細節。本季合併營收創下 296 億美元的紀錄，年增 86%。本季毛利率為營收的 75%，季減 210 個基點，原因是 AI 半導體營收在我們總營收組合中的占比提高。這優於我們 74% 的指引。

Q3 operating income was a record $20.1 billion, up 92% from a year ago. Even with the decline in gross margin due to revenue mix, operating margin increased 240 basis points year over year to 67.9% because of phenomenal operating leverage we are achieving. Aligned with this Q3 non-GAAP EPS of $3.32 was up 96% year on year.

第三季營業利益創下 201 億美元的紀錄，較去年同期成長 92%。即使因營收組合導致毛利率下滑，受惠於我們達成的卓越營運槓桿，營業利益率仍年增 240 個基點至 67.9%。與此一致，第三季非 GAAP 每股盈餘為 3.32 美元，年增 96%。

Now I'll review the P&L for our two segments, starting with Semiconductors.

接下來我將檢視兩個事業部門的損益表，先從半導體開始。

Revenue for our Semiconductor Solutions segment was a record $20.8 billion, up 127% year on year and represented 70% of our total revenue. AI Semiconductor revenue of $16.7 billion represented 56% of total revenue, up from 49% in Q2. Gross margin for our Semiconductor Solutions segment was approximately 76%.

我們半導體解決方案部門營收創下 208 億美元的紀錄，年增 127%，占總營收的 70%。AI 半導體營收 167 億美元，占總營收的 56%，高於第二季的 49%。半導體解決方案部門毛利率約為 76%。

Operating expenses of $1.2 billion reflected investments in R&D, with OpEx representing 6% of segment revenue. Operating margin of 61% was up 440 basis points year on year as revenue growth of 127% outpaced operating expenses, which grew 22% year on year.

營業費用為 12 億美元，反映我們在研發上的投資，營業費用占部門營收的 6%。營業利益率為 61%，年增 440 個基點，因 127% 的營收成長超過營業費用的成長；營業費用年增 22%。

Moving on to Infrastructure Software. Revenue of $8.8 billion was up 29% year on year and represented 30% of our total revenue. Gross margins for Infrastructure Software was 94% in the quarter, and operating expenses were over $900 million. Q3 Software operating margin was up 650 basis points year on year to approximately 84%.

接著看基礎架構軟體。營收 88 億美元，年增 29%，占總營收的 30%。本季基礎架構軟體毛利率為 94%，營業費用超過 9 億美元。第三季軟體營業利益率年增 650 個基點至約 84%。

Moving on to the balance sheet. We ended the third quarter with $24 billion of cash compared to $19.6 billion in the prior quarter, up $4.3 billion sequentially. We ended the third quarter with inventory of $4.5 billion to support our strong semiconductor demand.

接著看資產負債表。我們在第三季末的現金為 240 億美元，較前一季的 196 億美元增加，季增 43 億美元。第三季末存貨為 45 億美元，以支援強勁的半導體需求。

Moving on to cash flow. Free cash flow in the quarter was a record $13.7 billion and represented 46% of revenue. We spent $532 million on capital expenditures in the quarter.

接著看現金流。本季自由現金流創下 137 億美元的紀錄，占營收的 46%。本季資本支出為 5.32 億美元。

Turning to capital allocation. In Q3, we paid stockholders $3.1 billion of cash dividends based on a quarterly common stock dividend of $0.65 per share. In Q3, we also paid down $5.6 billion of long-term debt. Subsequent to quarter end, we paid down an additional $1.5 billion of senior notes upon maturity. The weighted average coupon rate and years to maturity of our gross principal fixed rate debt of $59.6 billion is 4% and 7.4 years, respectively.

接著談資本配置。第三季我們依每股 0.65 美元的季度普通股股利，向股東支付 31 億美元現金股利。第三季我們也償還了 56 億美元的長期債務。在季後，我們於到期時另行償還 15 億美元的優先票據。我們 596 億美元固定利率債務（總本金）的加權平均票面利率與加權平均到期年限分別為 4% 與 7.4 年。

In June, we established the AI XPV platform in partnership with Apollo and Blackstone to enable more than 20 gigawatts of compute infrastructure for OpenAI and Anthropic by the end of 2028. We closed the first $35 billion tranche in June for Anthropic 1 gigawatt deployment, which is already underway.

6 月，我們與 Apollo 與 Blackstone 合作成立 AI XPV 平台，目標是在 2028 年底前，為 OpenAI 與 Anthropic 提供超過 20 吉瓦的運算基礎設施。我們於 6 月完成首筆 350 億美元分期款，用於 Anthropic 1 吉瓦部署，且已在進行中。

While future tranches will include unique features tailored to specific lab and investor needs, our core strategy remains consistent.

雖然未來的分期款將納入針對特定實驗室與投資人需求量身打造的獨特條款，我們的核心策略仍維持一致。

First, we are empowering two of our most strategic customers, the leading AI labs, to bridge the gap between their current cash flow and the significant upfront investments required for their businesses. Our XPUs enable cost-effective, sustainable growth at multiples of their infrastructure costs.

第一，我們正賦能兩位最具策略性的客戶——領先的 AI 實驗室——協助其彌補目前現金流與其業務所需重大前期投資之間的落差。我們的 XPU 使其能以具成本效益且可持續的方式成長，且成長效益可達其基礎設施成本的數倍。

Second, this XPV platform enables highly investable customers and facilitate execution where demand is already locked in.

第二，這個 XPV 平台使高度具投資性的客戶得以落地，並在需求已鎖定的情況下促進執行。

And third, we review any strategic financing through a commercial as well as balance sheet lens, consistent with our existing capital allocation framework. Through the XPV platform, we partner with sophisticated third-party financial partners to independently underwrite and capitalize the assets rather than providing the direct financing ourselves. Where necessary, we may provide modest residual value guarantees, which are contingent liabilities we view as low risk, supported by the strong profitability trajectory of these labs and the sustaining value of the underlying assets.

第三，我們以商業面與資產負債表面兩個角度審視任何策略性融資，並與我們既有的資本配置框架一致。透過 XPV 平台，我們與成熟的第三方金融合作夥伴合作，由其獨立承作（underwrite）並資本化這些資產，而非由我們直接提供融資。在必要時，我們可能提供適度的殘值保證；這些屬於或有負債，我們認為風險偏低，並由這些實驗室強勁的獲利走勢以及標的資產的持續價值所支撐。

Moving on to guidance. Our guidance for Q4 is for consolidated revenue of $34.8 billion, up 93% year on year. We forecast Semiconductor revenue of approximately $26.1 billion, up 136% year on year. Within this, we expect Q4 AI Semiconductor revenue of $21.7 billion, up over 236% year on year. We expect Q4 Infrastructure Software revenue of approximately $8.7 billion, up 24% -- 25% year on year.

接下來談指引。我們對第四季的指引為合併營收 348 億美元，年增 93%。我們預估半導體營收約 261 億美元，年增 136%。其中，我們預期第四季 AI 半導體營收為 217 億美元，年增超過 236%。我們預期第四季基礎設施軟體營收約 87 億美元，年增 24%—25%。

Moving on to margins. As the proportion of AI revenue accelerates in Q4, we expect our Q4 consolidated gross margin to be approximately 73%, down from 78% a year ago. As we have discussed previously, this reflects the increasing mix of XPUs with their increasing memory content, which is diluting our consolidated gross margin. Regardless, we expect Q4 operating margin to be approximately 66%, flat from a year ago because our strong revenue growth drives substantial operating leverage.

接下來談毛利率。隨著第四季 AI 營收占比加速提升，我們預期第四季合併毛利率約為 73%，低於一年前的 78%。如先前所述，這反映 XPU 組合占比提高且其記憶體含量增加，稀釋了我們的合併毛利率。儘管如此，我們預期第四季營業利益率約為 66%，與一年前持平，因為強勁的營收成長帶來顯著的營運槓桿。

We expect the non-GAAP tax rate for Q4 and fiscal year 2026 rate 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 2025. We expect the Q4 non-GAAP diluted share count to be approximately 4.94 billion shares, excluding the impact of potential share repurchases. And in Q4, we expect capital expenditures of $1.4 billion as we invest in capacity for semiconductors.

我們預期第四季與 2026 會計年度的非 GAAP 稅率約為 16%，主要受全球最低稅負以及相較 2025 會計年度的所得地理分布影響。我們預期第四季非 GAAP 稀釋後流通股數約為 49.4 億股，不含潛在庫藏股回購的影響。此外，第四季我們預期資本支出為 14 億美元，用於投資半導體產能。

As Hock mentioned in his remarks, we expect AI revenue to double again to approximately $115 billion in fiscal 2027 and double again in fiscal 2028 to $230 billion. This AI revenue guidance is being provided to you to give you the trajectory of our growth, and we do not intend to update it on a quarterly basis.

如 Hock 在致詞中提到，我們預期 AI 營收在 2027 會計年度將再度翻倍至約 1,150 億美元，並在 2028 會計年度再翻倍至 2,300 億美元。我們提供這項 AI 營收指引，是為了讓各位了解我們的成長軌跡；我們不打算按季度更新。

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

以上是我準備的發言。接線員，請開放提問。

(Operator Instructions) Joseph Moore, Morgan Stanley.

(接線員指示) Morgan Stanley 的 Joseph Moore。

Great. Congratulations on the results. You talked about the business doubling next year. and you said demand could be higher than that. Can you talk about the supply around that? And kind of what are the supply bottlenecks and what are the variables that could drive that number higher if you're able to resolve them?

很好。恭喜本季成績。你們談到明年業務將翻倍，而且你也說需求可能高於此。能否談談供給端的情況？以及供給瓶頸是什麼、有哪些變數若能解決就可能把那個數字推得更高？

Well, Joe, that's a loaded question. Whatever I tell you, you guys go on and bring a bigger number. I think that's funny. And we're very careful. And to be honest, we try to be conservative.

Joe，這問題很有分量。不管我跟你說什麼，你們都會接著把數字寫得更大。我覺得這很有趣。我們非常謹慎。老實說，我們會盡量保守。

So we're giving you an outlook. And yeah, demand, we can ship significantly more. Question to some in our mind sometimes is, are they going to be, even as we ship the chips, going to be deployed on a timely basis? And that's always very much in our mind when we give you that outlook.

所以我們給你們的是一個展望。是的，需求方面，我們確實可以出貨更多。但我們有時會思考的問題是：即便我們把晶片出貨了，它們是否能及時完成部署？在我們提供展望時，這點一直是我們非常在意的。

But certainly, our customers want us to ship more. But we have secured supply, and we think it's the right number to put it to $115 billion. And in times, if circumstances change and our ability to scale more supply chain, of course, we will uplift. But at this point, that's our best outlook.

當然，我們的客戶希望我們出貨更多。但我們已確保供應，我們認為把數字訂在 1,150 億美元是合適的。若情勢改變、且我們擴大供應鏈的能力提升，當然我們會上調。但就目前而言，這是我們最好的展望。

And by the way, the same applies -- the same thinking applies to 2028 when we give you that outlook of $230 billion. This is real demand, we believe, based on what data center sites locations are ready 2028 with respect to our customers, the size of what we have and against the supply chain we have in leading-edge wafers, substrates and HBM memory. And so this is, again, a carefully structured outlook that we believe we can achieve.

順帶一提，同樣的邏輯也適用於 2028 年我們給出的 2,300 億美元展望。我們相信這是真實需求，係基於到 2028 年就我們客戶而言哪些資料中心場址與地點已準備就緒、我們掌握的規模，以及我們在先進晶圓、載板與 HBM 記憶體的供應鏈能力所做的評估。因此，這同樣是一個我們認為可達成、經過審慎建構的展望。

Blayne Curtis, Jefferies.

Jefferies 的 Blayne Curtis。

I actually want to follow up on Joe's on supply, the key point. Can you just talk about from either a substrate or kind of interposer co-ops replacement? Has any XPU decided to use your Singapore capacity? And how does that fit into that supply picture you put together?

我想延續 Joe 關於供應的重點問題。能否談談載板或類似中介層（interposer）共封裝（co-ops）替代方案的情況？是否有任何 XPU 決定使用你們的新加坡產能？這在你們所描繪的供應版圖中扮演什麼角色？

Well, we are going to start deploying our Singapore fab for substrates by the way, starting fiscal '27. And that would, I guess, address a key part of our supply bottlenecks.

我們將在 2027 會計年度開始部署我們位於新加坡的載板晶圓廠（fab）。我想這將能解決我們供應瓶頸中的一個關鍵部分。

Anything else?

還有其他問題嗎？

Maybe you can --

也許你可以--

Finish your question.

把你的問題問完。

No. I was going to give another one because I was [short to answer]. Just 1 clarification quickly. The Google number you gave and then you said 10 gigawatts for Anthropic, are those -- it's not one number, right? The 10 gigawatts is just for Anthropic?

沒有。我本來想再問一個，因為我[回答得有點短]。再快速釐清一點：你剛剛提到的 Google 數字，然後你又說 Anthropic 是 10 吉瓦，這兩個——不是同一個數字，對吧？

10 gigawatts is just for Anthropic.

10 吉瓦只是 Anthropic 的。

Harlan Sur, JPMorgan.

JPMorgan 的 Harlan Sur。

Hock, your customers are driving their XPUs, their GPUs higher in performance. The networking bandwidth is also scaling accordingly, right? Your customers are now moving from 100 gigabits per second per lane to 200 gigabit per second per lane from Tomahawk 5 to Tomahawk 6.

Hock，你們的客戶正推動其 XPU、GPU 的效能持續提升。網路頻寬也相應擴展，對吧？你們的客戶現在正從每通道 100Gbps，隨著從 Tomahawk 5 升級到 Tomahawk 6，轉向每通道 200Gbps。

We've heard that Tomahawk 6 ramp has been the fastest ramp of your -- any of your switching families. And we've also heard that you guys are almost sold out for Tomahawk 6. But next year, I'm not sure if you can give us an update on that. And it's also good to see the team picked out its next-gen Tomahawk 7 with 200 gig SerDes.

我們聽說 Tomahawk 6 的爬坡（ramp）是你們——在所有交換器產品線中——最快的一次。也聽說你們的 Tomahawk 6 幾乎已經售罄。但關於明年，我不確定你們是否能提供最新狀況。另外也很高興看到團隊推出下一代 Tomahawk 7，搭載 200G SerDes。

Out of your 6 frontier model-based XPU customers, how many of them are using Tomahawk scale-out network? And can you also just give us an update on the adoption of your Tomahawk Ultra scale-up platform as well?

在你們 6 家以前沿模型為主的 XPU 客戶中，有多少家在使用 Tomahawk 的 scale-out 網路？另外也請更新一下你們 Tomahawk Ultra scale-up 平台的採用情況？

Charlie will take this question. He knows everything here.

Charlie 會來回答這個問題。他對這裡的一切都瞭若指掌。

Thank you, Hock. And thanks, Harlan, as well. You're right, our Tomahawk 6 has been a phenomenal success. It started really first in scale out, as you mentioned, and it's available both in 100-gig and 200-gig SerDes. So we actually have two versions of Tomahawk 6. Both are very successful, and both are deployed in pretty much all of the AI hyperscalers that are building XPUs with us. And even those that are not using our XPUs, are using the Tomahawk 6, both 100 gig and 200 gig.

謝謝你，Hock。也謝謝你，Harlan。你說得對，我們的 Tomahawk 6 取得了非凡的成功。如你所提到的，它最初確實是從 scale-out 開始起量的，並且同時提供 100-gig 與 200-gig SerDes。所以我們其實有兩個版本的 Tomahawk 6。兩者都非常成功，而且幾乎部署在所有與我們一起打造 XPU 的 AI 超大規模業者（hyperscalers）之中。甚至那些沒有使用我們 XPU 的，也在使用 Tomahawk 6，包括 100 gig 與 200 gig 兩種。

With respect to Tomahawk Ultra, we have quite innovated ahead of the market here by enabling scale-up using low-latency Ethernet. The adoption also on this device has surprised us, and we're starting to see it deployed starting actually this quarter and in FY27 coming up in scale-up applications.

至於 Tomahawk Ultra，我們在這裡透過啟用低延遲乙太網路來支援 scale-up，確實走在市場前面，做了相當多的創新。這個產品的採用程度也讓我們感到驚喜；我們開始看到它從本季起就開始部署，並在即將到來的 FY27 用於 scale-up 應用。

Just to amplify what Charlie is saying with Tomahawk Ultra is that we are enabling now scaling up within cluster of GPU, XPU in a rack on basically Ethernet for the first time because it won't -- Tomahawk Ultra will perform just as well as anything else that exists prior to that before being able to do it on Ethernet, particularly with respect to loss and latency.

我補充一下 Charlie 對 Tomahawk Ultra 的說法：我們現在首次能在乙太網路上，於機櫃內的 GPU、XPU 叢集之間實現 scale-up，因為 Tomahawk Ultra 的表現將與此前存在的任何方案一樣好——特別是在丟包（loss）與延遲（latency）方面。

Thanks, Charlie. Thanks, Hawk.

謝謝你，Charlie。謝謝你，Hawk。

Stacy Rasgon, Bernstein.

Stacy Rasgon，Bernstein。

I just wanted to verify, if I add up the gigawatts for '27 and '28 you have lined up, I'm still getting roughly 10 for '27, about 6 of which are Anthropic and OpenAI, and roughly 20 for '28, roughly 15 of which are Anthropic and OpenAI. I just want to make sure that was the case. And if it is, if I sort of calculate the revenue per gigawatt, I come out with your revenue guys, kind of somewhere between $11 billion and $12 billion per gigawatt.

我只是想確認一下，如果我把你們已經排定的 '27 和 '28 的 gigawatt 加總起來，我算出來 '27 大約是 10，其中大約 6 是 Anthropic 和 OpenAI；而 '28 大約是 20，其中大約 15 是 Anthropic 和 OpenAI。我只是想確認是否確實如此。如果是的話，我大致計算每 gigawatt 的營收，得到的結果與你們的營收數字相符，大概落在每 gigawatt 110 億到 120 億美元之間。

I mean your competitors suggested something like [40]. And I'm just wondering, is this the right level that we should think about for your content? And should that, I guess, trend as we go forward, as you said, into more generations of XPUs again, with higher performance and higher memory, like how do those trends? So I guess, first, just the gigawatt count and second, the content.

我的意思是，你們的競爭對手暗示大概是[40]。我想問的是，這是否是我們應該用來思考你們內容價值（content）的正確水準？以及隨著未來推進、如你所說進入更多代的 XPU、具備更高效能與更高記憶體配置時，這個趨勢會如何變化？所以我想，第一是 gigawatt 的數量，第二是內容價值。

Right. Stacy, you're very clever. You put too tricky questions into one. So let me take it. Let me pass it one by one.

對。Stacy，你很聰明。你把兩個很刁鑽的問題放在同一題裡。那我來回答。我一個一個來。

Yes, you can count the number of gigawatts we are outlining, not everyone, because we are focused on, to be fair, with six customers, four of them are just simply going to be huge. And we outlined -- we walk through with you guys, their journey into deploying XPUs.

是的，你可以去數我們所勾勒出的 gigawatt 數量，但不是所有人都包含在內；因為我們聚焦的是——公平地說——六個客戶，其中四個規模會非常巨大。而且我們也概述了——我們帶大家走過——他們部署 XPU 的歷程。

As I said, it's a journey Google has been doing for the last 10 years. Others, OpenAI last 2, 3 years, Meta last 3 years. Each one is doing it differently, and we like to take you guys through it. But more importantly, what it means in the deployment at XPU for -- for these 3 years, '26, '27, '28. And so we laid -- you're right, Stacy, you add up the gigawatts. So we deploy -- we are showing where they are headed.

如我所說，Google 這段旅程已經走了 10 年。其他的，OpenAI 是過去 2、3 年，Meta 是過去 3 年。每一家做法都不一樣，而我們也希望帶大家逐一理解。但更重要的是，這對於這三個年度——'26、'27、'28——XPU 的部署意味著什麼。所以我們把它攤開來——你說得對，Stacy，你把 gigawatt 加總起來。因此我們部署——我們是在展示他們將走向哪裡。

One we didn't tell you specifically when we came up to the final number is how many of these gigawatts do actually come out for actual deployment because deployment doesn't just include getting the chips out there. Before you get the chips out there, you've got to get the data center shell in place and ready for literary production. And we're talking about fiscal years.

有一點我們在給出最終數字時沒有特別告訴你：這些 gigawatt 裡面，實際能有多少會真正進入部署（deployment）。因為部署不只是把晶片送出去；在把晶片送出去之前，你必須先把資料中心的外殼（shell）建好，並且準備好投入實際生產（literary production）。而我們談的是會計年度。

So what we're saying is, as you add up the gigawatts, we're not saying that over the next two years, '27, '28, then there are 30 gigawatts that will go into production, and therefore, we ship it. We think we judge it conservatively to be somewhat less, but we see the demand that if they can get it up in place and our products, and we can ship those chips regs in place, it will be 30 gigawatts between the customers we have -- the six customers we have.

所以我們的意思是，當你把 gigawatt 加總起來時，我們並不是在說接下來兩年，也就是 '27、'28，就會有 30 gigawatt 全部投入生產，因此我們就會出貨。我們保守判斷會略低一些；但我們看到的需求是，如果他們能把基礎設施建置到位、我們的產品也到位，而我們也能在產能（regs）到位的情況下出貨那些晶片，那麼在我們這六個客戶之間，需求會是 '27 與 '28 合計 30 gigawatt。

Question is, will all 30 come into production within this two-year fiscal years. And we are giving you a judge number of $115 billion of chips to these guys in fiscal '27, another $230 billion in '28, which would add up, I know, to about $350 billion. So another way of saying is we believe pretty -- with a pretty high degree of confidence, we won't ship $350 billion of AI semiconductors to these customers in the next two years.

問題在於，這 30 gigawatt 是否會在這兩個會計年度內全部進入量產（production）。而我們給你們的判斷數字是：在會計年度 '27 對這些客戶出貨 1,150 億美元的晶片，在 '28 再出貨 2,300 億美元，合計——我知道——大約 3,500 億美元。換句話說，我們相當有信心，在未來兩年內，我們不會對這些客戶出貨 3,500 億美元的 AI 半導體。

That's the best way to look at it. It doesn't necessarily mean 30 gigawatts need to have been deployed within that period.

這是最好的理解方式。這不一定代表在那段期間內必須已經部署了 30 gigawatt。

Turning to your more next interesting question, right, as I said, when you do an XPU, it's not only performs as well, if not better for your particular LLM workloads for each of our customers. It's also half the cost. In fact, less than half the cost. And that's -- you made my point exactly.

再來談你下一個更有意思的問題：如我所說，做一個 XPU，不只是對每一位客戶特定的 LLM 工作負載而言，效能同樣好、甚至更好。它的成本也只有一半。事實上，低於一半。而這——你正好把我的重點說出來了。

Ben Reitzes, Melius.

Ben Reitzes，Melius。

This is Jack Adair on for Ben. Could you shed a little bit more light on the maximum off-balance sheet risk for the backstop agreements? Your last Q showed that the first tranche had a maximum exposure of about $29 billion. Is this about the order of magnitude for each of the Anthropic and OpenAI gigawatts over the next few years? And can you add a little more color as well on the residual value and the risk associated?

我是代 Ben 發問的 Jack Adair。你能否再多說一點關於 backstop 協議的最大表外風險（off-balance sheet risk）？你們上一季的揭露顯示第一個 tranche 的最大曝險約為 290 億美元。這是否大致就是未來幾年 Anthropic 與 OpenAI 每個 gigawatt 的量級？另外也能否再補充一些關於殘值（residual value）以及相關風險的細節？

Thanks, Jack. Listen, we don't have anything to announce today on residual value guarantees or backstop. So there's nothing new to add. So the numbers that you outlined around what we've already done remain true.

謝謝你，Jack。聽著，我們今天沒有任何關於殘值保證（residual value guarantees）或 backstop 的新消息要宣布。所以沒有新的內容可以補充。因此，你所提到、我們已經做過的那些數字仍然成立。

And as I mentioned in my prepared remarks, we're going to evaluate any strategic financing really on a deal-by-deal basis. And we expect that any that we do in the future is they're going to have unique features and they're going to be tailored specifically to the lab and to the investor needs. So I can't give you an overarching look at like what's the max and what each one is going to look like. But we will tell you at the right time, we have nothing to announce today.

而且如我在事先準備的發言中提到的，我們會以逐案（deal-by-deal）的方式來評估任何策略性融資。我們也預期未來若有進一步的安排，每一筆都會有其獨特特徵，並會針對實驗室（lab）與投資人的需求量身打造。所以我無法給你一個總括性的說法，例如最大值是多少、每一筆會長什麼樣子。但我們會在適當的時間告訴你；今天沒有任何要宣布的。

Vivek Arya, Bank of America.

Vivek Arya，美國銀行（Bank of America）。

Amie, I just wanted to clarify any impact on gross margins in '27 and '28, given this XPU mix and rise in memory cost?

Amie，我想釐清一下：考量到這個 XPU 組合（mix）以及記憶體成本上升，對 '27 與 '28 的毛利率（gross margins）會有任何影響嗎？

And then, Hock, you mentioned the two frontier labs will be your largest AI customers, even though Google continues to say they are supply constrained. So why aren't they taking more?

另外，Hock，你提到兩家 frontier labs 會成為你們最大的 AI 客戶，儘管 Google 仍持續表示他們受限於供應。那為什麼他們不拿更多？

And in many cases, these frontier labs depend on land, power, shell from their cloud service providers, sometimes NVIDIA-related entities. So how much of their use of silicon is truly their choice versus what their CSP or funding partner dictate? So I'm just curious what gives you the certainty that they will give Broadcom, right, that specific business in '27 or '28 when so much of their funding depends on other cloud service providers who might have a different view when it comes to the choice of silicon in that specific facility.

而且在許多情況下，這些前沿實驗室依賴其雲端服務供應商（有時也包括與 NVIDIA 相關的實體）提供的土地、電力與機房殼體（shell）。那麼，他們對矽晶片的使用，有多少是真正出於自身選擇，而不是由其 CSP 或資金合作夥伴所主導？所以我只是好奇，當他們的資金在很大程度上依賴其他可能在該特定設施的矽晶片選擇上持不同看法的雲端服務供應商時，你憑什麼如此確定他們會在 2027 或 2028 年把那項特定業務交給博通（Broadcom）？

I know the best way to answer that -- a couple of ways I have of answering that and a couple of points. Don't forget, the rate -- with the rate of growth these startups -- and we're talking about -- you know we have six customers, and we are creating this financial vehicles, as Amie described them for just two of them. Not all. The other four customers of ours are financially secure, stable enough to be able to fund it themselves and we're happy for them to do that and get them up to where they need to with technology -- shared technology, which we have in plentiful supply.

我知道回答這個問題的最佳方式——我有幾種回答方式以及幾點要說。別忘了，這些新創的成長速度——而我們談的是——你知道我們有六個客戶，而我們正在建立這些金融工具（financial vehicles），如 Amie 所描述的，只是針對其中兩個。不是全部。我們另外四個客戶在財務上很穩健、足夠穩定，能夠自行出資；我們也樂見他們這麼做，並協助他們把技術——共享技術——提升到他們需要的水準，而我們在這方面有充足的供應。

With these two guys, Anthropic and OpenAI, I mean this is a thinking of -- I mean, you have two geniuses in the middle of outer Mongolia, say, and they need to go to college to fulfill where they want to. So we do what we can to help them. And part of it is creating a -- creating sources of financing to help these companies with the leading edge frontier models in the world, be able to play in the same playing field and be able to offer these great technology products to the world.

至於這兩位，Anthropic 和 OpenAI，我的意思是，這就像——比方說，你有兩位天才在外蒙古的某個地方，他們需要上大學才能實現他們想要達成的目標。所以我們盡我們所能去幫助他們。其中一部分就是建立——建立融資來源，協助這些公司在全球最前沿的前沿模型（frontier models）上，能夠在同一個競技場上競爭，並能向世界提供這些卓越的科技產品。

And that's simply what we're doing. It's a great investment for us when you think about it that every gigawatt of compute they deploy, they could achieve $30 billion of ARR annual revenue per gigawatt. That's a hell of a business model. So for us as a great investment to focus on doing. So to put that simply, that's how we look at this, a simple thing. It makes economic sense for Broadcom to invest and enable these guys.

這就是我們正在做的事。從投資角度來看，這對我們是很棒的投資：他們每部署 1 吉瓦（gigawatt）的算力，就可能實現每吉瓦 300 億美元的 ARR（年度經常性收入）。那是非常驚人的商業模式。所以對我們而言，聚焦在這件事上是一項很好的投資。簡單來說，我們就是這樣看待的，很單純。對博通而言，投資並賦能這些公司在經濟上是合理的。

Now these kinds are going to be hyperscalers in their own right. So what they do is they want first-party compute capacity just as they create their own -- they want to create silicon that is very cost, performance optimized, and they want to run their own data centers, eventually first batch, not even eventually, they want to run it as fast as they can.

而這些公司本身將會成為超大規模業者（hyperscalers）。所以他們想要第一方（first-party）的算力容量；就像他們打造自己的——他們想打造在成本與效能上高度最佳化的矽晶片，並且想要營運自己的資料中心，第一批就要做，甚至不是「終究」才做，而是想要越快越好地運行起來。

Short term, you're right. They are using cloud services, third-party services to deploy their models. Long term, we see these guys to be no different from a hyperscaler and will run their own data centers and be first party to offer AI -- generative AI, APIs, assess models to the world. So we see that happening. It's not speculation. It's actually happening, and we are in the midst of enabling that.

短期來看，你說得對。他們正在使用雲端服務、第三方服務來部署他們的模型。長期來看，我們認為這些公司與超大規模業者並無不同，將會營運自己的資料中心，並以第一方的方式向世界提供 AI——生成式 AI 的 API、存取模型（access models）。所以我們看到這正在發生。這不是推測。這實際上正在發生，而我們正處於促成這件事的過程中。

And I'm happy to take your gross margin question. First, I want to just make sure I correct what I said before. Just to be super crisp. Gross margin for our Semiconductor Solutions segment was approximately 67% in Q4 -- or Q3.

我也很樂意回答你關於毛利率的問題。首先，我想先更正我先前說的一點。我想把話說得非常精準。我們半導體解決方案（Semiconductor Solutions）部門在 Q4——或 Q3——的毛利率約為 67%。

And to your question, gross margin really reflects revenue mix between both Semiconductors and Infrastructure Software. And then within Semiconductors, it also is -- the product mix is reflected as well as increasing memory content. And so as you can see, as XPUs become a larger proportion of our total revenue mix, it impacts our margin. We guide one quarter at a time. So we'll tell you each quarter how -- what our margin is going to look like.

針對你的問題，毛利率主要反映半導體與基礎架構軟體（Infrastructure Software）之間的營收組合。此外，在半導體內部，也會反映產品組合以及記憶體含量的提升。因此你可以看到，隨著 XPU 在我們總營收組合中的占比提高，會對我們的毛利率造成影響。我們一次只提供一季的指引。所以我們會在每一季告訴你，我們的毛利率大概會呈現什麼樣貌。

Yeah. It's not the first time we have told you guys that because stop focusing on gross margin is what we're saying, look at where matters, operating margin at the bottom -- at the end of the day because the growth in revenue far out surpasses the growth in OpEx, operating spending to support that growth in revenue. So we have a lot of accretion operating leverage, we call it, on operating margin. So we expect to be able to sustain operating margin even as mix of products dilute the gross margin.

是的。這也不是我們第一次告訴各位：我們的意思是，別再把焦點放在毛利率上，而是看真正重要的地方——最終的營業利益率（operating margin），因為營收成長遠遠超過為支撐該營收成長所需的營運費用（OpEx）成長。因此我們在營業利益率上有很大的增益型營運槓桿（accretion operating leverage），我們是這麼稱呼的。所以即使產品組合稀釋毛利率，我們也預期能夠維持營業利益率。

Tom O'Malley, Barclays.

Tom O'Malley，巴克萊（Barclays）。

This one is for Hock and Charlie. So you guys talked a bit about the Tomahawk Ultra, you're ramping a variety of basics over the next couple of years. How should we think about the attach rate of Tomahawk Ultra to the AC that you're developing?

這題是問 Hock 和 Charlie 的。你們談到了一些 Tomahawk Ultra，未來幾年你們會把多項基礎能力拉升（ramping）。我們應該如何看待 Tomahawk Ultra 對你們正在開發的 AC 的搭載率（attach rate）？

I would assume that when a customer goes down the road with you for an ASIC, they would decide to use your networking as well. Maybe some kind of forecast as to how many of those customers are using your Tomahawk Ultra? How are you using Ethernet just because I assume your penetration with your accelerators is going to lead to a lot of success on the networking side. Any help there would be great.

我會假設，當客戶跟你們走 ASIC 這條路時，他們也會決定使用你們的網路產品。能否提供某種預估：有多少這類客戶在使用你們的 Tomahawk Ultra？以及你們如何使用乙太網路（Ethernet），因為我假設你們在加速器上的滲透率將帶動網路端的很大成功。如果能在這方面提供一些說明就太好了。

Go ahead, Charlie.

Charlie，你先請。

Thank you, Hock. Yeah, on the attach rate for scale up, today, we're actually seeing customers who build XPUs with us, deploy either Tomahawk 6, used to deploy Tomahawk 5. Now they're going to Tomahawk 6. And some of them are going to Tomahawk Ultra.

謝謝你，Hock。是的，關於 scale-up 的搭載率，目前我們其實看到與我們一起打造 XPU 的客戶，會部署 Tomahawk 6；過去是部署 Tomahawk 5。現在他們正轉向 Tomahawk 6。其中一些也在轉向 Tomahawk Ultra。

So if you look at where we're seeing XPUs and even GPUs, we're seeing scale-up solutions adopt both Tomahawk 6 and Tomahawk Ultra and the beauty and the reason why they're doing this, as Hock articulated earlier on, it's Ethernet-based, which means it's open, anybody can connect to it, especially with the standards that we have collaborated with the entire industry on. So at this point in time, we're seeing it pretty much deployed in both XPU clusters and in some GPU clusters.

所以如果你看我們在哪些地方看到 XPU，甚至 GPU，我們看到 scale-up 解決方案同時採用 Tomahawk 6 與 Tomahawk Ultra；而其優勢與他們這麼做的原因，正如 Hock 先前所闡述的，是因為它是以乙太網路為基礎，這代表它是開放的，任何人都能連接，尤其是在我們與整個產業共同合作制定的標準之下。因此就目前而言，我們看到它幾乎同時部署在 XPU 叢集以及部分 GPU 叢集中。

Will Stein, Truist Securities.

Will Stein，Truist Securities。

Congrats on the good results and the very impressive longer-term outlook you gave. Hock, hope you can tell us a little bit about the constraints as it relates to land power and shell. You mentioned this a little bit earlier, but I wonder to what degree the outlook is sensitized to potential constraints in that area?

恭喜你們取得很好的成果，以及你們給出的非常令人印象深刻的長期展望。Hock，希望你能跟我們多談一些與土地、電力與機房殼體（shell）相關的限制。你先前稍微提到了一點，但我想知道，你們的展望在多大程度上會受到該領域潛在限制的影響（sensitized）？

Good question, Will. Of course, we have to be realistic. And when we provide our outlook, we not just look at -- just look at what our customer, our end customer, one of those AI frontier models, just asks of us for compute capacity in the form of chips or in some cases, even in the form of racks.

好問題，Will。當然，我們必須務實。當我們提供展望時，我們不只是看——不只是看我們的客戶、我們的終端客戶，也就是那些 AI 前沿模型（frontier models）之一，向我們要求多少以晶片形式提供的算力容量，或在某些情況下，甚至以機櫃（racks）形式提供。

We are very engaged with each of them on how much or which -- how much LPS, land, power and insights -- systems they have before we actually believe it will happen because this -- some -- this part on site power shell has a long lead time. The construction project, you correctly indicate that. So we do that. And we do that on development analysis with our customer, and we reflected in the forecast outlook we're giving you today. .

我們與每一家都非常密切地合作，了解他們在我們真正相信事情會發生之前，擁有多少或具備哪些 LPS（土地、電力與機房殼體／系統）條件，因為——在現場電力與機房殼體這一部分——前置期很長。你正確指出這是建設專案。所以我們會這麼做。我們會與客戶一起做開發分析，並把它反映在我們今天提供給各位的預測展望中。.

Joshua Buchalter, TD Cowen.

Joshua Buchalter，TD Cowen。

With XPU, I think you have $35 billion of the financing secured. As we think about the 10 gigawatts for Anthropic and the 5 for OpenAI in fiscal 2028, are you expecting most or all of this to be financed through the XPV? And can you give us sort of any help on the timeline and hurdles required to secure financing as we look forward to those deployments getting secured?

就 XPU 而言，我認為你們已經確保了 350 億美元的融資。當我們思考 2028 會計年度為 Anthropic 的 10 吉瓦以及為 OpenAI 的 5 吉瓦時，你們是否預期其中大部分或全部將透過 XPV 來融資？另外，能否就我們展望這些部署獲得確保時，提供一些融資落地所需的時間表與必須克服的障礙？

Let me start broadly and Amie will give you specifics. Not everyone -- not every site will be the same. Because don't forget, next two years, we'll see things happen between -- from -- with Anthropic and OpenAI. And it's an open secret Anthropic is well on its way to an IPO. And with that, its investment credit will change. OpenAI, we still don't -- have less clarity, but that's different.

我先從較宏觀的角度開始，Amie 會給你更具體的細節。並不是每個人——不是每個據點都會一樣。因為別忘了，接下來兩年，我們會看到——與 Anthropic 和 OpenAI 之間——發生一些事情。而且這是公開的秘密：Anthropic 正在穩步邁向 IPO。而隨著 IPO，其投資信用狀況會改變。至於 OpenAI，我們目前仍——比較不清楚，但那又是不同的情況。

And so with that, let me pass it to Amie.

因此，我把問題交給 Amie。

I mean I think just to double down on that, I think in every scenario, our partners were going to be looking for financing from lots of different sources. And in some cases, we may step in and help out it, if it makes sense to us and if it's within our framework. And in other cases, we may not. But we're going to look at it case by case and evaluate the specific needs.

我的意思是，我想再強調一次，在任何情境下，我們的合作夥伴都會尋求來自許多不同來源的融資。在某些情況下，如果對我們有意義且符合我們的框架，我們可能會介入並提供協助。而在其他情況下，我們可能不會。但我們會逐案檢視，並評估具體需求。

Jim Schneider, Goldman Sachs.

Jim Schneider，高盛。

I was wondering if you can maybe address some of the other constraints that are impacting your outlook. You mentioned land power shell. Do you think that is the largest of the constraints that you face heading into fiscal '27?

我想請問你是否可以談談一些其他正在影響你們展望的限制因素。你提到了土地、電力與機房外殼（shell）。你認為在邁向 2027 會計年度時，這會是你們面臨的最大限制嗎？

And specifically, can you address any other supply chain constraints, whether it be memory substrates or other components that could be impacting your outlook? And to what extent you could expect those to get ameliorated?

另外，能否談談其他供應鏈限制，例如記憶體、基板或其他元件，可能如何影響你們的展望？以及你預期這些限制在多大程度上會獲得緩解？

Thank you, Jim. That's a hell of a question. And you're right on all counts. It's a multidimensional issue that to get an AI data center deployed, yeah, we now are all more sensitive about -- especially at scale and the -- we are now delivering at scale to our customers, XPUs, AI data center built upon XPU computing accelerators.

謝謝你，Jim。這真是個很刁鑽的問題。而且你說得都對。要部署一座 AI 資料中心，這是一個多維度的議題；是的，現在我們都更敏感——尤其是在大規模的情況下——而且我們現在正以規模向客戶交付 XPU，也就是建立在 XPU 運算加速器之上的 AI 資料中心。

Land, power and shell, as I indicated, to question with Will, is a big concern. It more than a big concern, it dictates specific timing of when this capacity gets deployed and be available, but very much in the mix that we have to think about with our customers. And it's a joint collaborative effort, not just one direction.

如我在回答 Will 的問題時所說，土地、電力與機房外殼（shell）是一個很大的關切。它不只是很大的關切，它會決定這些產能何時部署並可用的具體時點，而且這也是我們與客戶一起必須納入考量的重點。這是一個共同協作的努力，而不是單向的。

It's -- you said it correctly, leading-edge silicon because for one to produce -- to get the chip produced and availability of those chips and the time it comes in. Then even deeper than that, we talk about substrates, which is specific issues, which is leading us to build our own substrate capacity at scale in our factory in Singapore jointly, we won our partners.

另外——你說得沒錯——還有先進製程的矽晶片，因為要把晶片做出來、確保晶片供應，以及到貨時間。再更深入一點，我們談到基板（substrates），這裡有特定的問題，正促使我們在新加坡的工廠與合作夥伴共同建立自有、可規模化的基板產能。

And of course, we all know about memory -- HBM memory. And beyond HBM memory, the system memory that goes into AI servers, which we don't supply necessarily but our customers have to secure too. So all this is a multidimensional problem coming from various sources. And then depending on different times, each might become a bottleneck. And so it's a constant interesting challenge as we work this through, which is why in some ways, I'm so glad we have only six customers to deal with.

當然，我們都知道記憶體——HBM 記憶體。而除了 HBM 記憶體之外，還有進入 AI 伺服器的系統記憶體；這部分不一定由我們供應，但客戶也必須自行確保。因此，這整體是一個來自多方來源的多維度問題。而且在不同時間點，每一項都可能成為瓶頸。所以在我們推進的過程中，這是一個持續且有趣的挑戰；也因此在某種程度上，我很高興我們只需要面對六個客戶。

Vijay Rakesh, Mizuho.

Vijay Rakesh，瑞穗。

Hock and Amie, just a quick question. Thanks for giving the visibility of fiscal '27 and fiscal '28 AI revenues. Just a quick question. As you go through subsequent generations of XPU, can you talk to how your dollar per gigawatt should improve into the subsequent XPU generations?

Hock 和 Amie，我有個簡短問題。謝謝你們提供 2027 與 2028 會計年度 AI 營收的能見度。我有個簡短問題。隨著你們進入後續世代的 XPU，你們能否談談每吉瓦對應的美元金額（dollar per gigawatt）在後續 XPU 世代中應該如何改善？

And also, I saw your CapEx went up. Just wondering if you're adding capacity on the EML, CW Indium phosphide side.

另外，我看到你們的資本支出（CapEx）上升了。想請問你們是否在 EML、CW、磷化銦（Indium phosphide）這一端增加產能？

Well, Charlie, you want to take the CapEx issue?

嗯，Charlie，你要回答資本支出（CapEx）這個問題嗎？

Sure. We -- so on the CapEx side, as we've been sharing with you, Hock and I, for several quarters, we continue to invest in our factories. Substrate is what Hock talked about, which was actually going in production shortly.

當然。我們——在資本支出方面，正如 Hock 和我在過去幾季一直與各位分享的，我們持續投資我們的工廠。基板就是 Hock 提到的部分，實際上很快就會投入量產。

But also our EML CW and VCSEL factories, our Indium phosphide factories, both in the US as well as in Singapore, we're actually more than tripling them year on year. So we've already expanded the capacity for this year, and we're increasing it significantly for the next two years, and that's part of what you actually are seeing in CapEx.

此外，我們的 EML、CW 與 VCSEL 工廠，以及我們的磷化銦工廠——不論是在美國或新加坡——我們實際上都在逐年把規模擴大到三倍以上。所以我們今年已經擴充了產能，並且在接下來兩年大幅增加，這也是你在資本支出中看到的一部分。

And this one I indicated in my remarks, which is we -- demand for lasers, whether it's EML lasers, CW lasers is fast surpassing supply out there in the industry. So we are doing a path to double down actually on capacity, and we have a fairly substantial share of this market to us in our interest to enable this ecosystem of growth.

而我在談話中也提到這點：我們——雷射的需求，不論是 EML 雷射或 CW 雷射，都正在快速超越產業供給。因此我們正採取加碼的路徑，實際上是要加倍擴充產能；而且我們在這個市場中占有相當可觀的份額，對我們而言，推動這個生態系的成長符合我們的利益。

On your earlier question, a gigawatt -- dollars per gigawatt, it's very interesting what you're saying because keep in mind something that is very interesting, too, which is, you're right, with every generation of XPU or GPU, the performance increases. And therefore and the silicon goes for the leading edge, more expensive to produce. And so ASPs go up per XPU and per GPU. But keep in mind, as they become higher performance, the power increase per chip, per XPU or GPU, which means that less of it of a more advanced XPU in 1 gigawatt.

回到你先前的問題：每吉瓦——每吉瓦的美元金額。你提出的觀點很有意思，因為請記住一件同樣很有趣的事：你說得對，隨著每一代 XPU 或 GPU 的演進，效能會提升。因此，矽晶片走向更先進製程，製造成本更高。所以每顆 XPU 與每顆 GPU 的平均售價（ASP）會上升。但也請記住，當效能更高時，每顆晶片、每顆 XPU 或 GPU 的功耗也會上升，這意味著在 1 吉瓦中，所需的更先進 XPU 數量會更少。

So what we are seeing per gigawatt is in the range of less than $30 billion, $20 billion to $30 billion per gigawatt. And we expect that to be very sustaining in that level because the power of each chip goes up. So even it increased the price of the chip, the content in dollars is relatively stable, just except the fact that there's going to be a lot more gigawatts out there. But the dollars per gigawatt will remain in the $20 billion to $30 billion level of our content, but we have seen and we expect to see an acceleration in the number of gigawatts just to address the exponential compute demand required by our customers.

因此，我們目前看到每吉瓦的金額大約低於 300 億美元，約在每吉瓦 200 億到 300 億美元之間。而我們預期這個水準會相當持續，因為每顆晶片的功耗會上升。所以即使晶片價格上升，以美元計的內容價值相對穩定；唯一的差別是，未來會有更多的吉瓦部署。但每吉瓦的美元金額將維持在 200 億到 300 億美元這個層級（就我們的內容價值而言）；不過我們已經看到、也預期會看到吉瓦數量加速成長，以因應客戶所需的指數型運算需求。

That is all the time we have today for Q&A. I would now like to turn the call back over to Ji Yoo for any closing remarks.

今天的問答時間就到這裡。接下來我想把電話交回給 Ji Yoo，請他做結語。

Thank you, Sheri. This quarter, Broadcom will be presenting at the Goldman Sachs Communacopia + Technology Conference on Tuesday, September 8. Broadcom currently plans to report its earnings for the fourth-quarter and fiscal year 2026 after close of market on Wednesday, December 9, 2026. A public webcast of Broadcom's earnings conference call will follow at 2 PM Pacific.

謝謝你，Sheri。本季，博通將於 9 月 8 日（週二）在高盛 Communacopia + Technology Conference 上發表。博通目前計畫於 2026 年 12 月 9 日（週三）收盤後公布 2026 會計年度第四季與全年財報。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 點接續進行。

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

今天的財報電話會議到此結束。感謝各位參與。Sheri，你可以結束電話會議了。

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

感謝各位參與。今天的節目到此結束。您現在可以斷線。