Credo Technology Group Holding Ltd (CRDO) 2025 Q3 法說會逐字稿

Ladies and gentlemen, thank you for standing by.

女士們、先生們，感謝你們的支持。

(Operator Instructions) And I would now like to turn the conference over to Dan O'Neil.

（操作員指示）現在，我想將會議交給丹·奧尼爾。

Please go ahead, sir.

先生，請繼續。

Good afternoon.

午安.

Thank you for joining our earnings call for the third quarter of fiscal 2025.

感謝您參加我們的 2025 財年第三季財報電話會議。

Today, I am joined by Bill Brennan, Credo's Chief Executive Officer; and Dan Fleming, our Chief Financial Officer.

今天，我與 Credo 的執行長 Bill Brennan 一起出席；以及我們的財務長丹·弗萊明（Dan Fleming）。

During this call, we will make certain forward-looking statements.

在本次電話會議中，我們將做出一些前瞻性的陳述。

These forward-looking statements are subject to risks and uncertainties discussed in detail in our documents filed with the SEC, which can be found in the Investor Relations section of the company's website.

這些前瞻性陳述受到我們向美國證券交易委員會提交的文件中詳細討論的風險和不確定性的影響，這些文件可在公司網站的投資者關係部分找到。

It is not possible for the company's management to predict all risks nor can the company assess the impact of all factors on its business of the extent to which any factor or combination of factors may cause actual results to differ materially from those contained in any forward-looking statement.

公司管理階層不可能預測所有風險，也無法評估所有因素對其業務的影響，也無法評估任何因素或因素組合導致實際結果與任何前瞻性聲明中的結果有重大差異的程度。

Given these risks, uncertainties and assumptions, the forward-looking events discussed during this call may not occur, and actual results could differ materially and adversely from those anticipated or implied.

鑑於這些風險、不確定性和假設，本次電話會議中討論的前瞻性事件可能不會發生，實際結果可能與預期或暗示的結果有重大不利差異。

The company undertakes no obligation to publicly update forward-looking statements for any reason after the date of this call to conform these statements to actual results or to changes in the company's expectations except as required by law.

除非法律另有規定，否則本公司不承擔在本次電話會議召開之日後以任何理由公開更新前瞻性陳述的義務，以使這些陳述符合實際結果或公司預期的變化。

Also, during this call, we will refer to certain non-GAAP financial measures, which we consider to be important measures of the company's performance.

此外，在本次電話會議中，我們將參考某些非 GAAP 財務指標，我們認為這些指標是衡量公司績效的重要指標。

These non-GAAP financial measures are provided in addition to and not as a substitute for or superior to financial performance prepared in accordance with US GAAP.

這些非公認會計準則財務指標是根據美國公認會計準則編制的財務績效的補充，而非替代或優於根據美國公認會計準則編制的財務績效。

A discussion of why we use non-GAAP financial measures and reconciliations between our GAAP and non-GAAP financial measures is available in the earnings release we issued today, which can be accessed using the Investor Relations portion of our website.

有關我們使用非 GAAP 財務指標的原因以及 GAAP 和非 GAAP 財務指標之間的調整表的討論，請參閱我們今天發布的收益報告，您可以透過我們網站的投資者關係部分存取該報告。

With that, I will now turn the call over to our CEO.

說完這些，我現在將電話轉給我們的執行長。

Bill?

帳單？

Thanks, Dan, and thank you for joining our earnings for the third quarter of fiscal '25.

謝謝，丹，感謝您加入我們 25 財年第三季的收益報告。

I'll start with an overview of our third quarter results and then discuss our outlook.

我將首先概述我們的第三季業績，然後討論我們的前景。

Following my comments, our CFO, Dan Flemming, will provide Q3 financial details and our guidance for the fiscal fourth quarter.

在我發表評論之後，我們的財務長 Dan Flemming 將提供第三季的財務細節和我們對第四財季的指導。

For the third quarter, Credo reported revenue of $135 million, up 87% sequentially and up 154% year-over-year.

Credo 報告第三季營收為 1.35 億美元，季增 87%，年增 154%。

Credo's non-GAAP gross margin was 63.8%.

Credo 的非 GAAP 毛利率為 63.8%。

Credo achieved record revenue in Q3 as we saw the expected inflection point in our business.

由於我們看到了業務的預期轉折點，Credo 在第三季度實現了創紀錄的收入。

This ramp was led by our largest hyperscale customer as they scale production of AI platforms.

這一成長是由我們最大的超大規模客戶推動的，他們正在擴大 AI 平台的生產規模。

Additionally, we received solidified forecasts and saw increased design activity for our products with additional hyperscalers and other customers, as the performance, reliability and power benefits of our connectivity solutions have become increasingly clear throughout the industry.

此外，隨著我們的連接解決方案的性能、可靠性和功率優勢在整個行業中變得越來越明顯，我們收到了更加準確的預測，並看到我們的產品與更多的超大規模商和其他客戶一起設計活動有所增加。

In a world where data drives everything, the demand for faster, more reliable and energy-efficient connectivity continues to expand rapidly.

在數據驅動一切的世界裡，對更快、更可靠、更節能的連線的需求持續快速成長。

Key to Credo's competitive advantage is our multi-tiered innovation, which enables us to deliver a broad set of optimized solutions that are tuned at every level.

Credo 競爭優勢的關鍵在於我們的多層次創新，這使我們能夠提供一系列在各個層面進行調整的最佳化解決方案。

The first tier of innovation is in our SerDes technology.

第一層創新是我們的 SerDes 技術。

Our SerDes technology is purpose-built to tackle the toughest bandwidth challenges, balancing speeds up to 200-gig per lane with exceptional performance and power efficiency.

我們的 SerDes 技術專為解決最嚴峻的頻寬挑戰而設計，可平衡每通道高達 200G 的速度以及卓越的性能和功率效率。

By leveraging advanced signal processing and a programmable design, we've created a flexible architecture that adapts to the unique needs of AI workloads, whether it's long reach data center links or ultrashort connections in dense compute environments.

透過利用先進的訊號處理和可程式設計，我們創建了一種靈活的架構，可以適應 AI 工作負載的獨特需求，無論是長距離資料中心鏈路還是密集運算環境中的超短連接。

The second tier of innovation is in our integrated circuit design, our IC designs, including retimers, DSPs and chiplets are engineered to deliver the best combination of performance, power and cost for a given application.

第二層次的創新是在我們的積體電路設計中，我們的 IC 設計，包括重定時器、DSP 和晶片，旨在為特定應用提供性能、功率和成本的最佳組合。

Our LRO DSP is a great example of innovation on the customers' behalf to deliver a compelling IC solution optimized for power efficiency and optical links.

我們的 LRO DSP 是代表客戶進行創新的一個很好的例子，它提供了針對電源效率和光學鏈路進行最佳化的引人注目的 IC 解決方案。

The third tier of innovation is our system-level approach.

第三層次的創新是我們系統層級的方法。

We don't stop at chips.

我們不只止步於晶片。

Our best example of system-level innovation is Credo pioneering the active electrical cable market.

我們系統級創新的最佳例子是 Credo 率先開拓主動式電纜市場。

By taking accountability for the system-level solution, we raised the bar to deliver end-to-end connectivity solutions that go beyond industry standards to deliver unique functionality and best-in-class reliability.

透過承擔系統級解決方案的責任，我們提高了提供超越行業標準的端到端連接解決方案的標準，以提供獨特的功能和一流的可靠性。

We see this system-level approach, creating a larger opportunity for Credo with the emergence of AI clusters due to the intense demand for reliability and power efficiency.

我們看到這種系統級方法，由於對可靠性和功率效率的強烈需求，隨著人工智慧叢集的出現，為 Credo 創造了更大的機會。

Finally, wrapped around each tier of innovation is our development and diagnostics software and firmware platform to deliver predictive signal integrity, link optimization and tuning.

最後，圍繞每一層創新的是我們的開發和診斷軟體和韌體平台，以提供預測訊號完整性、鏈路優化和調整。

From the SerDes to the system level, this software platform helps our customers navigate system development to achieve best performance, yields and reliability.

從 SerDes 到系統級，此軟體平台可協助我們的客戶進行系統開發，以實現最佳效能、產量和可靠性。

As we look forward, we'll expand our solutions to the PCIe protocol with the same ingenuity that creates our differentiated Ethernet solutions.

展望未來，我們將以創造差異化乙太網路解決方案的相同獨創性將我們的解決方案擴展到 PCIe 協定。

With the introduction of a full suite of PCIe products on the near-term horizon, Credo will soon be addressing a larger connectivity opportunity with AI scale out and scale up networks, substantially expanding our overall TAM.

隨著近期全套 PCIe 產品的推出，Credo 很快就會透過 AI 橫向擴展和縱向擴展網路解決更大的連接機會，從而大幅擴展我們的整體 TAM。

Now I'll discuss our business in more detail.

現在我將更詳細地討論我們的業務。

Regarding our AEC product line.

關於我們的 AEC 產品線。

As expected, our revenue served in the third quarter, driven by our largest hyperscale customer.

正如預期的那樣，在我們最大的超大規模客戶的推動下，我們的收入在第三季度有所增長。

Compared to alternatives, the benefits of AECs have become clearer.

與其他替代方案相比，AEC 的優勢更加明顯。

More than ever, data centers are highly focused on back-end network reliability.

資料中心比以往任何時候都更加關注後端網路的可靠性。

With billions of hours operating in the field, AECs have become the de facto standard for intra-rack connections for NIC to TOR and switch to switch applications.

憑藉現場數十億小時的運行，AEC 已成為 NIC 到 TOR 和交換器到交換器應用的機架內連接的事實標準。

However, we are now seeing a new expansion of AEC usage.

然而，我們現在看到 AEC 用途的新擴展。

Our ZeroFlap AECs deliver more than 100x better reliability than laser-based optical solutions.

我們的 ZeroFlap AEC 比基於雷射的光學解決方案的可靠性高出 100 倍以上。

And as a result, we're seeing AECs replacing optics for rack to rack solutions for lengths up to seven years.

因此，我們看到 AEC 將在長達七年的時間內取代機架到機架解決方案的光學元件。

We continue to make significant progress with additional hyperscalers for our Ethernet AEC solutions.

我們繼續透過為乙太網路 AEC 解決方案增加超大規模來取得重大進展。

We've achieved volume production with three hyperscalers, and we're in qualification with 2 additional hyperscalers, affecting production in fiscal '26.

我們已經與三家超大規模製造商實現了批量生產，並且正在與另外兩家超大規模製造商進行認證，這將影響 26 財年的生產。

With broad traction, we feel confident we'll continue to see increasing diversification of our revenue base across more customers in the coming quarters and years.

憑藉著廣泛的吸引力，我們相信在未來幾季和幾年內，我們的收入基礎將繼續在更多客戶中日益多樣化。

Additionally, Credo continues to make progress with our PCIe AEC solutions, our Gen6 64 gig PAM-4 AECs will deliver the same compelling benefits for AI scale-up networks as deployments move to rack scale architectures.

此外，Credo 繼續在我們的 PCIe AEC 解決方案上取得進展，隨著部署轉向機架級架構，我們的 Gen6 64 gig PAM-4 AEC 將為 AI 擴展網路提供同樣引人注目的優勢。

Credo will demonstrate our PCIe AECs at NVIDIA's GTC show later this month.

Credo 將於本月稍後在 NVIDIA 的 GTC 展會上展示我們的 PCIe AEC。

We expect customer design engagements and qualifications for our PCIe AECs in the upcoming quarters with a significant revenue opportunity in the upcoming years.

我們預計未來幾季我們的 PCIe AEC 將獲得客戶設計參與和認證，並在未來幾年帶來巨大的獲利機會。

For our AEC business in total, we expect continued revenue growth based on customer forecasts, new qualifications, new design engagements and TAM expansion.

就我們的整個 AEC 業務而言，我們預計基於客戶預測、新資格、新設計合作和 TAM 擴展的收入將繼續成長。

Now I'll turn to our optical business.

現在我來談談我們的光學業務。

Our optical DSP business is on track to achieve the growth objectives we set out at the beginning of fiscal '25.

我們的光學 DSP 業務預計將實現我們在 25 財年年初設定的成長目標。

We have opportunities across the global customer base with revenue currently driven by 50-gig and 100-gig per lane designs for AOC and transceiver applications at port speeds up to 800 gig.

我們在全球客戶群中都擁有機會，目前的收入主要來自 AOC 和收發器應用的每通道 50 千兆和 100 千兆的設計，連接埠速度高達 800 千兆。

Credo is actively engaged in opportunities with more than 10 transceiver vendors for multiple hyperscale end users.

Credo 正積極與 10 多家收發器供應商合作，為多個超大規模終端用戶提供合作機會。

We work with our optical transceiver partners to provide full DSP and LRO options to meet a wide range of networking architectures.

我們與光收發器合作夥伴合作，提供完整的 DSP 和 LRO 選項，以滿足各種網路架構。

We see a large and growing market for these offerings as well as for 1.6T port deployments in the future.

我們看到這些產品以及未來 1.6T 連接埠部署的市場規模龐大且不斷成長。

With our recent 3-nanometer tape-out, Credo is well positioned for these leading-edge opportunities with our 200-gig per lane DSPs, where we expect to again have a compelling combination of performance, power and features.

憑藉我們最近的 3 奈米流片，Credo 憑藉每通道 200G 的 DSP 在這些前沿領域佔據了有利地位，我們期望再次擁有性能、功率和功能的引人注目的組合。

We see the market opportunity for optical connectivity continuing to be very dynamic as reliability and energy efficiency become more important.

我們看到，隨著可靠性和能源效率變得越來越重要，光纖連接的市場機會將繼續保持活力。

As a result, we've seen an increasing opportunity for Credo to deliver system-level advantages to our partners, activating Credo's third tier of innovation I outlined earlier.

因此，我們看到 Credo 有越來越多的機會為我們的合作夥伴提供系統級優勢，從而激活我之前概述的 Credo 第三層創新。

Next month, at the OFC conference in San Francisco, we'll demonstrate a full suite of optical solutions, including 200-gig per lane in conjunction with our optical module partners.

下個月，在舊金山舉行的 OFC 會議上，我們將與光學模組合作夥伴展示全套光學解決方案，包括每通道 200G。

Based on all of our progress, the breadth of customer engagements and the expanding market opportunity, we remain excited about the increasing revenue prospects given our role as an innovator in the optical connectivity market.

基於我們取得的所有進展、廣泛的客戶參與度和不斷擴大的市場機會，鑑於我們作為光纖連接市場創新者的角色，我們對不斷增長的收入前景感到興奮。

Now regarding our retimer business.

現在討論我們的重定時器業務。

Credo continued to gain momentum with our retimer business in the third quarter.

Credo 在第三季度憑藉重定時器業務繼續獲得發展勢頭。

Over the past several years, Credo has established leadership in the Ethernet retailer market, delivering advanced capabilities such as MAX second encryption, gearboxing and other software-enabled functionality.

在過去的幾年中，Credo 在乙太網路零售商市場確立了領導地位，提供了 MAX 秒加密、gearboxing 和其他軟體支援的功能等先進功能。

Existing customer wins and future opportunities here include 100-gig and 200-gig per lane applications for both traditional switching and increasingly for AI servers requiring retailers for scale-out networks.

現有客戶的成功和未來的機會包括每通道 100 千兆和 200 千兆的應用，既適用於傳統交換，也適用於越來越多需要零售商進行橫向擴展網路的 AI 伺服器。

This year, Credo has entered the market for PCIe retimers used in scale up networks.

今年，Credo 已進入用於擴展網路的 PCIe 重定時器市場。

Our strategy is in alignment with our 3-tier innovation approach.

我們的策略與我們的三層創新方法一致。

We believe credos PCIe SerDes IP will establish new benchmarks for the combination of latency, reach performance and power and that our implementation of the 2 CAN PCIe retimer will deliver compelling advantages to our customers.

我們相信 credos PCIe SerDes IP 將為延遲、達到性能和功率的組合設立新的基準，並且我們對 2 CAN PCIe 重定時器的實施將為我們的客戶帶來引人注目的優勢。

In February, Credo participated in the PCI SIG compliance workshop in Taipei, and we are pleased that our 2 CAN retimer achieved full PCIe compliance.

二月份，Credo 參加了在台北舉行的 PCI SIG 合規性研討會，我們很高興我們的 2 CAN 重定時器實現了完全 PCIe 合規性。

It is notable that Credo is only the second vendor to achieve this level of compliance certification for PCIe Gen5.

值得注意的是，Credo 是第二家獲得 PCIe Gen5 此等級合規認證的供應商。

This significant milestone demonstrates our capability to bring best-in-class PCIe products to market.

這一重要的里程碑證明了我們有能力將一流的 PCIe 產品推向市場。

Credo will be added to the PCI SIG integrators list in the coming weeks.

Credo 將在未來幾週內被添加到 PCI SIG 整合商清單中。

During Q3, we engaged with key customers who evaluated our PCIe silicon.

在第三季度，我們與評估了我們的 PCIe 矽片的主要客戶進行了接觸。

I'm pleased to say that the feedback was very encouraging, and we received our first platform commitment from a large AI server ODM.

我很高興地說，反饋非常令人鼓舞，我們從一家大型 AI 伺服器 ODM 獲得了第一個平台承諾。

We are on track for production revenue in calendar year 2026.

我們預計在 2026 日曆年實現生產收入。

Market forecasters believe the TAM for PCIe retimers will exceed $1 billion by 2027, and Credo is very well positioned to compete for material market share.

市場預測人士認為，到 2027 年，PCIe 重定時器的 TAM 將超過 10 億美元，而 Credo 在爭奪材料市場份額方面處於非常有利的地位。

In summary, I'd like to first comment about our team's incredible execution over the past quarter.

總而言之，我首先想評論一下我們團隊在過去一個季度的出色表現。

To successfully navigate a ramp of this magnitude requires extremely tight operational control, supply chain coordination and customer communication.

要成功通過如此大規模的坡道，需要極其嚴格的營運控制、供應鏈協調和客戶溝通。

Just as Credo works tirelessly with customers to innovate on solving their pressing connectivity needs, the Credo team is clearly rising to the occasion to deliver on the significant demand ramp we're experiencing.

正如 Credo 孜孜不倦地與客戶合作，透過創新解決他們迫切的連結需求一樣，Credo 團隊顯然也能夠應對我們所經歷的大幅需求成長。

As we more broadly ramp customers across our products, we will continue to closely manage our execution.

隨著我們更廣泛地拓展客戶對我們產品的支持，我們將繼續密切管理我們的執行。

I remain enthusiastic about the expanding market opportunity for high-speed connectivity, driven by the promise of AI and the investment it's spurring.

我仍然對高速連接的不斷擴大的市場機會充滿熱情，這得益於人工智慧的前景及其所刺激的投資。

Credo's tiered approach to innovation has and will continue to be an advantage as we serve our customers.

Credo 的分層創新方法在我們為客戶提供服務時已經並將繼續發揮優勢。

Based on our progress with customers and the increasing demand for leading-edge connectivity solutions, Credo remains on track for continued scaling of revenue and profit.

基於我們與客戶共同取得的進展以及對尖端連接解決方案日益增長的需求，Credo 仍有望繼續擴大收入和利潤。

I'll now turn the call over to our CFO, Dan Fleming, who will provide more detail.

現在我將電話轉給我們的財務長 Dan Fleming，他將提供更多詳細資訊。

Thank you, Bill, and good afternoon.

謝謝你，比爾，下午好。

I'll first review our Q3 results and then discuss our outlook for Q4 of fiscal year '25.

我將首先回顧我們的第三季業績，然後討論我們對 25 財年第四季的展望。

In Q3, we reported revenue of $135 million, up 87% sequentially and up 154% year-over-year and well above the high end of our guidance range.

第三季度，我們報告的營收為 1.35 億美元，比上一季成長 87%，比去年同期成長 154%，遠高於我們預期範圍的高點。

Our product business generated $132 million of revenue in Q3. up 91% sequentially and up 155% year-over-year.

我們的產品業務在第三季創造了 1.32 億美元的收入。季增 91%，年增 155%。

Notably, our AEC product line grew strong triple digits sequentially to achieve new record revenue levels.

值得注意的是，我們的 AEC 產品線連續三位數強勁成長，實現了新的創紀錄收入水準。

Our product business, excluding product engineering services, generated another record at $129.4 million of revenue in Q3. 101% higher than our previous product record in the prior quarter.

我們的產品業務（不包括產品工程服務）在第三季創下了 1.294 億美元的收入記錄。比我們上一季的產品記錄高出 101％。

Our IP business generated $3 million of revenue in Q3.

我們的 IP 業務在第三季創造了 300 萬美元的收入。

As demonstrated by our product revenue ramp, we are seeing substantial opportunities with customer programs on the product side which we are prioritizing.

正如我們產品收入的成長所表明的那樣，我們在產品方面看到了客戶計劃的巨大機遇，我們正在優先考慮這些機會。

This prioritization does not impact our long-term model for company-wide non-GAAP gross margin of 63% to 65%.

這種優先排序不會影響我們全公司非 GAAP 毛利率 63% 至 65% 的長期模型。

Our largest end customer was 86% of revenue in Q3.

我們最大的終端客戶在第三季的營收佔比為 86%。

As a reminder, customer mix will vary from quarter-to-quarter, and we continue to make progress in diversifying our customer base.

提醒一下，客戶結構每季都會有所不同，我們會持續在客戶群多元化方面取得進展。

As we shared last quarter, we had 7 customers that contributed more than 5% of revenue.

正如我們上個季度所分享的，我們有 7 位客戶貢獻了超過 5% 的收入。

And going forward, we expect that 3 to 4 customers will be greater than 10% of revenue in the coming quarters and fiscal year as additional hyperscalers ramp to more significant volumes, as Bill described.

展望未來，我們預計，隨著更多超大規模企業的業務量不斷增加，未來幾個季度和財年，將有 3 到 4 家客戶帶來超過 10% 的收入，正如比爾所描述的那樣。

Our team delivered Q3 non-gap gross margin of 63.8% above the high end of our guidance range and up 17 basis points sequentially.

我們的團隊實現了第三季非差距毛利率 63.8%，高於我們預期範圍的高端，較上季成長 17 個基點。

Our product non-gap gross margin was 63% in the quarter, up 85 basis points sequentially, and up 152 basis points year over year.

本季度，我們產品的非缺口毛利率為 63%，較上一季成長 85 個基點，比去年同期成長 152 個基點。

Our products non-gap gross margin, excluding product engineering services was 62.4% in the quarter, up 229 basis points sequentially, and up 934 basis points year over year, primarily due to increasing scale.

本季度，我們產品的非缺口毛利率（不包括產品工程服務）為 62.4%，比上一季度增長 229 個基點，比去年同期增長 934 個基點，這主要由於規模擴大。

Total non-gap operating expenses in the third quarter were $43.8 million within our guidance range and up 16% sequentially due primarily to higher headcounts.

第三季的非缺口營運費用總額為 4,380 萬美元，在我們的指導範圍內，季增 16%，主要原因是員工人數增加。

Our non-gap operating income was $42.4 million in Q3, compared to non-gap operating income of $8.3 million in Q2, up demonstrably due to the leverage attained by achieving 87% sequential top line growth.

我們第三季的無缺口營業收入為 4,240 萬美元，而第二季的無缺口營業收入為 830 萬美元，這顯然是由於實現了 87% 的連續營收成長而獲得的槓桿作用。

Our non-gap operating margin was 31.4% in the quarter compared to a non-gap operating margin of 11.5% in the prior quarter, a sequential increase of nearly 20% points.

本季我們的無缺口營業利益率為 31.4%，而上一季的無缺口營業利益率為 11.5%，較上季成長近 20 個百分點。

Our non-gap net income was $45.4 million in Q3 compared to non-gap net income of $12.3 million in Q2.

我們第三季的無缺口淨收入為 4,540 萬美元，而第二季的無缺口淨收入為 1,230 萬美元。

And our non-gap net margin was 33.6% in the quarter, above the high end of our long-term net margin model of 28 to 33%.

本季我們的無缺口淨利潤率為 33.6%，高於我們長期淨利潤​​率模型的高端 28% 至 33%。

Cash flow from operations in the third quarter was $4.2 million down sequentially due to working capital increases driven by the significant sequential product ramp.

第三季的營運現金流量比上一季下降 420 萬美元，因為產品產量持續大幅增加導致營運資本增加。

CapEx was $4.6 million in the quarter, driven largely by purchases of production equipment.

本季的資本支出為 460 萬美元，主要來自生產設備的採購。

And free cash flow was negative $0.4 million an improvement of $11.3 million from the second quarter.

自由現金流為負 40 萬美元，較第二季增加 1,130 萬美元。

We ended the quarter with cash and equivalents of $379.2 million a decrease of $3.7 million from the second quarter.

本季結束時，我們的現金和等價物為 3.792 億美元，較第二季減少 370 萬美元。

We remain well capitalized to continue investing in our growth opportunities while maintaining a substantial cash buffer.

我們仍然擁有充足的資本，可以繼續投資於我們的成長機會，同時保持大量現金緩衝。

Our Q3 ending inventory was $53.2 million up $16.9 million sequentially.

我們第三季的期末庫存為 5,320 萬美元，比上一季增加 1,690 萬美元。

Now turning to our guidance, we currently expect revenue in Q4 of fiscal '25 to be between $155 million and $165 million up 19% sequentially at the midpoint.

現在談到我們的指導，我們目前預計 25 財年第四季的營收將在 1.55 億美元至 1.65 億美元之間，季增 19%。

We expect Q4 non-gap gross margin to be within a range of 63% to 65%.

我們預計第四季非缺口毛利率將在 63% 至 65% 之間。

We expect Q4 non-gap operating expenses to be between $50 million and $0.52 million dollars.

我們預計第四季非缺口營運費用將在 5,000 萬美元至 52 萬美元之間。

We expect Q4 diluted weighted average share count to be approximately 188 million shares.

我們預計第四季稀釋加權平均股數約為 1.88 億股。

As we approach the start of fiscal year 206, we expect revenue growth from fiscal year '25 to fiscal year '26 to be greater than 50%, and we expect non-gap operating expenses to grow at half the rate of revenue from fiscal year '25 to fiscal year '26.

隨著206財年即將開始，我們預計2025財年到2026財年的營收成長率將超過50%，我們預期非缺口營運費用成長率將是2025財年到2026財年營收成長率的一半。

As a result, we look forward to continue driving operating leverage while expanding our net margin throughout the year.

因此，我們期待繼續提高經營槓桿，同時全年擴大淨利潤率。

And with that, I will open it up for questions.

現在，我將開始回答大家的提問。

(Operator Instructions)

（操作員指令）

Vivek Arya, Bank of America Securities.

Vivek Arya 的美國銀行證券。

Thanks for taking my, question.

感謝您回答我的問題。

For the first one, if you could give us a sense of how large was the largest customer.

對於第一個問題，您能告訴我們最大的客戶規模有多大嗎？

I think Dan mentioned the number I didn't catch it.

我認為丹提到了這個號碼，但我沒聽清楚。

But I guess I have two parts to the question.

但我想我的這個問題可以分成兩個部分。

One is, where are you in the adoption of AEC at that customer?

一是，您在該客戶中採用 AEC 的情況如何？

And if you exclude that customer, how are you looking at the growth of your business among other customers?

如果您排除該客戶，您如何看待其他客戶中您的業務成長？

Because depending on that customer concentration, rightly, we get a slightly different trend outside of that large customer.

因為根據客戶集中度的不同，我們會得到大客戶之外略有不同的趨勢。

Yes.

是的。

So Vivek, so what I mentioned in the prepared remarks is our largest customer was 86% of revenue.

Vivek，我在準備好的發言中提到，我們最大的客戶佔了我們收入的 86%。

So let me just give you some historical context there.

所以讓我來幫你介紹一些歷史背景。

As we entered our fiscal '25, we described a second half inflection point, really to be driven by our largest hyperscaler, which is exactly what we saw play out with that 87% sequential growth into Q3.

當我們進入25財年時，我們描述了下半年的轉折點，這實際上是由我們最大的超大規模商推動的，這正是我們在第三季度看到 87% 的連續增長所體現的。

So as far as customer concentration goes, Q3 was a bit of an outlier for us.

因此，就客戶集中度而言，第三季對我們來說有點異常。

especially considering the customer diversity that we had in Q2, and what we expect in the coming quarters.

尤其是考慮到我們在第二季的客戶多樣性，以及我們對未來幾季的預期。

And again, as I mentioned in the prepared remarks, we expect 3% to 4%, 10% plus end customers in the coming quarters and fiscal year, which is simply based on the forecast that we received from our customers.

而且，正如我在準備好的發言中提到的那樣，我們預計未來幾季和財年終端客戶的銷售額將成長 3% 到 4%，甚至 10% 以上，這只是基於我們從客戶收到的預測。

So just broadly speaking, there's clearly a broad-based need for our innovative solutions as lane speeds are increasing at these hyperscale deployments.

因此，從廣義上講，隨著這些超大規模部署中車道速度的不斷提高，顯然對我們的創新解決方案有廣泛的需求。

And our AEC opportunities, in particular, are expanding in the back-end network from originally, the scale-out network to now the scale-up network as well, which represents a significant expansion of our TAM.

尤其是我們的 AEC 機會，正在後端網絡中從最初的橫向擴展網絡擴展到現在的縱向擴展網絡，這代表著我們 TAM 的顯著擴展。

So I'll let Bill add some additional color to those comments on customer diversification.

因此，我會讓比爾對客戶多樣化的評論添加一些額外的內容。

Yes.

是的。

First thing I would say is that my takeaways are that this is really a great confirmation of the AEC product category and market and the overall TAM.

首先我想說的是，我的結論是，這確實是對 AEC 產品類別和市場以及整體 TAM 的極大確認。

I think that it's also a great confirmation of Credo's leadership in the space.

我認為這也是對 Credo 在該領域領導地位的極大肯定。

And so as we've talked about on past calls, we see each one of hyperscalers capable of driving a very sizable TAM as we take our engagements from first deployment to a more populated accretive AMC deployment longer term.

正如我們在過去的電話會議中所討論的那樣，隨著我們的合作從首次部署轉向更長期、更密集的增值 AMC 部署，我們看到每一個超大規模企業都能夠推動非常可觀的 TAM。

So I think if we look at our customer base, it's broadening.

因此我認為，如果我們看看我們的客戶群，它正在擴大。

I mentioned that we've taken now three customers, three hyperscalers to volume production.

我提到過，我們現在已經讓三家客戶、三家超大規模企業實現了大量生產。

And we've got 2 additional hyperscalers in qualification and expecting ramp in our fiscal '26.

另外，我們還有 2 家超大規模企業正在獲得資質，預計在 26 財年實現量產。

So we expect to see really solid customer diversity long term within our AEC business.

因此，我們期望在 AEC 業務中長期看到真正穩固的客戶多樣性。

But also I think that that I'll add to that, that the expanding opportunity that we see for optical as well as PCIe drive really further diversity across products and end customers as we look towards the future.

但我也認為我要補充一點，展望未來，我們看到光學和 PCIe 不斷擴大的機會確實會進一步推動產品和最終客戶的多樣化。

Got it.

知道了。

So my follow-up, Bill, if let's say, more of the market turns towards inference rather than training, right, whether more (technical difficulty), but (technical difficulty) of the compute build-out.

因此，我的後續問題是，比爾，如果說更多的市場轉向推理而不是訓練，對吧，無論是更多的（技術難度），還是計算構建的（技術難度）。

What does that do to these air clusters?

這對這些空氣團有什麼影響？

And what does that do to connectivity requirements and the AEC potential?

這對連線需求和 AEC 潛力有何影響？

Is that good, bad, neutral for AEC?

這對 AEC 來說是好事、壞事還是中性事？

Thank you.

謝謝。

Yes.

是的。

I think as the inference market really takes off, I think if anything, we would see a larger opportunity from an AEC standpoint.

我認為，隨著推理市場真正起飛，我們將從 AEC 的角度看到更大的機會。

And that's just based on sheer number of deployments related to inference.

這僅僅是基於與推理相關的部署數量。

So I think that as we look at the customer activity going forward.

因此我認為，當我們展望未來客戶活動時。

There's a lot more focus now on inference, and we're seeing really an uptick in the amount of activity.

現在人們更加關注推理，而且我們確實看到活動數量增加。

Tom O'Malley, Barclays.

巴克萊銀行的湯姆·奧馬利。

Hey guys, thanks for taking my question.

嘿夥計們，謝謝你們回答我的問題。

I appreciate it.

我很感激。

So I think a lot of the tone of the call here has been about like a broadening of the portfolio.

因此，我認為這裡很多通話的基調都是關於擴大投資組合。

You're talking about PCIe retimers.

您正在談論 PCIe 重定時器。

You're talking about PCIe cables.

您談論的是 PCIe 電纜。

To push you maybe 1 step further, if you're looking in the PCIe realm, an area of a lot of value is in the switching ecosystem as well.

再進一步，如果您關注 PCIe 領域，那麼交換生態系統也是一個很有價值的領域。

Do you guys have plans to move into the switching ecosystem?

你們有計劃進入轉換生態系統嗎？

Is that like a natural progression from kind of the road traveling down already?

這是否是已經走上的道路的自然發展？

And maybe talk about the challenges of doing retailers versus moving to switching and the time line that it would take to transition from product in the market today to maybe some new products on the switching side.

也許可以談談作為零售商與轉向轉換所面臨的挑戰，以及從當前市場上的產品過渡到轉換方面的一些新產品所需的時間表。

Thank you.

謝謝。

Sure.

當然。

I appreciate the question.

我很感謝你提出這個問題。

So we've made a lot of progress with PCIe over the past quarters.

過去幾季我們在 PCIe 方面取得了很大進展。

I think the comment that I made earlier was regarding credo passing special interest group, the PCI SIG most recently in February.

我想我之前發表的評論是關於信條傳遞特別興趣小組，即最近在二月的 PCI SIG。

That's a great confirmation of the technology at confirmation of interoperability for Gen5.

這對 Gen5 互通性技術進行了很好的確認。

So as we move towards Gen6, I think we're increasingly bullish on our ability to compete market.

因此，隨著我們邁向 Gen6，我認為我們對我們的市場競爭力越來越有信心。

We see that for us, first step is really going after the retimer market as well as the PCIe AEC market a scale-up architecture has been to rack scale.

我們看到，對我們來說，第一步是真正追逐重定時器市場以及 PCIe AEC 市場，而擴展架構已經達到了機架規模。

I think it's a really natural progression to think about moving to PCIe switching.

我認為考慮轉向 PCIe 交換是一個非常自然的過程。

There's different challenges associated with that, but it is really not such a huge step to transition from retimers to the type of switches that are being built and talked about being deployed in the future.

這其中存在著不同的挑戰，但從重定時器過渡到正在建置並討論在未來部署的交換器類型，其實並不是一個巨大的進步。

So I look at that as a possible spot for us to grow into over time.

因此我認為隨著時間的推移，這可能是我們成長的一個可能點。

Right now, we're very much focused on getting things right related to the retimer as well as the ADCs that we're building.

現在，我們非常專注於正確處理與重定時器以及我們正在建置的 ADC 相關的事情。

I appreciate you answering despite you just announcing the prior product before, so I appreciate it.

儘管您剛剛發布了之前的產品，但我還是很感謝您回答，所以我很感激。

But just in terms of the market outlook, so you're talking about the scale up networks and also the scale-out network you have PCIe cables, potentially more aligned with the scale up network.

但僅就市場前景而言，您談論的是擴大規模網絡以及擁有 PCIe 電纜的擴展網絡，可能與擴大規模網絡更加一致。

You've got some of the AEC product, particularly looking more at the scale-out network.

您已經獲得了一些 AEC 產品，特別是更多地關注橫向擴展網路。

Can you talk about the opportunity size?

能談談機會大小嗎？

Because I think we're going to see in a couple of weeks here, like maybe a redefinition of what scale up and scale out is?

因為我認為我們將在幾週內看到擴大和擴展的重新定義？

Is it one rack, is it multiple racks, maybe your thoughts on scale up versus scale out, where does the opportunity set life for you?

它是一個機架還是多個機架，也許您對擴大規模與擴大外延的想法，機會在哪裡為您設定了生活？

Are you indifferent?

你無動於衷嗎？

Just want to kind of to get your temperature on that transition.

只是想了解你對這種轉變的態度。

Sure.

當然。

So we've talked about the opportunity in the past to scale out, we really see being an Ethernet protocol.

因此，我們過去曾討論過擴展的機會，我們確實將其視為一種乙太網路協定。

And so we see that continuing on the path that we're -- that we've been on as the market moves to 100-gig per lane and this market will subsequently move to 200-gig per lane solutions.

因此，我們看到，隨著市場轉向每通道 100 千兆，我們將繼續沿著目前的道路前進，隨後該市場將轉向每通道 200 千兆的解決方案。

So scale up is really probably more interesting in the sense of talking about where we are today and where we're going.

因此，從談論我們目前所處的位置以及我們要去的地方的角度來看，擴大規模實際上可能更有趣。

And we do see by the innovations previously shown by NVIDIA and what we expect coming up that there's a lot of activity.

從 NVIDIA 之前展示的創新以及我們預期即將推出的創新來看，我們確實看到有很多活動。

It's really a dynamic space from their perspective.

從他們的角度來看，這確實是一個充滿活力的空間。

Now they're a little bit different from the market broadly.

現在它們與市場整體上有了些許不同。

But what we see within the customer base that we're talking to is that this scale-up network that has really been a network that exists within an AI appliance really going rack scale.

但我們在與之交談的客戶群中看到，這種擴展網絡實際上是存在於 AI 設備中的網絡，真正實現了機架擴展。

And then, of course, there's an opportunity for it to go rose-scale long term.

當然，從長遠來看，它有機會實現玫瑰規模化發展。

We've talked about the volumes being larger than larger than the scale-out network opportunities.

我們已經討論過容量大於橫向擴展網路機會的問題。

So we really see this as a big new TAM.

因此我們確實將其視為一個巨大的新 TAM。

As the market moves from Gen5 to Gen6, we're talking about moving from 32 gig NRZ, which is really very old technology, and it is really not competitive if you compare it to the market leader from a bandwidth standpoint per lane.

隨著市場從 Gen5 轉向 Gen6，我們談論的是從 32GigNRZ 轉向，這確實是一項非常古老的技術，如果從每個通道的頻寬角度將其與市場領導者進行比較，它確實沒有競爭力。

Gen6 represents the move to 64-gig PAM-4 modulation.

Gen6 代表向 64 千兆 PAM-4 調製的轉變。

So that's a step-up in complexity and difficulty from the existing suppliers in the market moving towards that direction for Credo.

因此，對於 Credo 來說，市場上現有供應商朝著這個方向發展，其複雜性和難度都會有所提升。

We've been there for many years.

我們已經在那裡很多年了。

So we feel like we're going to bring the same compelling advantages that we've brought to Ethernet.

因此，我們覺得我們將帶來與乙太網路相同的引人注目的優勢。

The interesting part of the future is that, when you look at that scale of network and the opportunity for improving performance with an increase in bandwidth, we've talked about the ultra accelerator linked to UAL conversation in the market, taking the scale-up network from 64 gig all the way to 224 gig.

未來有趣的部分是，當你看到網路規模以及透過增加頻寬來提高效能的機會時，我們已經討論了與市場上的 UAL 對話相關的超級加速器，將擴展網路從 64G 一直擴展到 224G。

And so we're going to be in a unique position to take advantage of that transition when that happens with the other market leaders that are outside of the NVIDIA ecosystem.

因此，當 NVIDIA 生態系統之外的其他市場領導者也出現這種轉變時，我們將處於獨特的地位來利用這種轉變。

So we're pretty excited, absolutely about both opportunities, but I would say the scale-up opportunity is probably larger if we look out a 2- to 3-year time frame.

因此，我們對這兩個機會都感到非常興奮，但我想說，如果我們將眼光放在 2 到 3 年的時間範圍，擴大規模的機會可能會更大。

Karl Ackerma, BNP Paribas.

法國巴黎銀行的卡爾‧阿克瑪 (Karl Ackerma)。

Yes, thank you, gentlemen.

是的，謝謝各位先生。

Two questions, if I may.

請問我有兩個問題。

The first one, I guess, what's driving the uptick in gross margins in the April quarter?

第一個問題，我想，是什麼推動了四月季度毛利率的上升？

Is it IP licensing revenue related?

這與IP授權收入有關嗎？

Or is there some other thing that we should be thinking about?

或者我們還應該考慮其他的事情？

Yes.

是的。

So to sum it up, we're really seeing a huge benefit from scale, which we've talked about or we've foreseen it for quite some time.

總而言之，我們確實看到了規模帶來的巨大利益，這一點我們已經討論過或預見了很長一段時間了。

And as you know, our overall gross margin in Q3 was almost 64%, up a little bit from last quarter.

如您所知，我們第三季的整體毛利率接近 64%，比上一季略有上升。

But if you dig into the numbers, the thing that's more indicative of what's happening underneath is if you look at our product gross margin, excluding product engineering services, our gross margin was 62.4%.

但如果你深入研究這些數字，更能說明潛在情況的是，如果你看看我們的產品毛利率，不包括產品工程服務，我們的毛利率是 62.4%。

So that was up over 200 basis points sequentially, up over 900 basis points year-over-year, principally driven by scale.

因此，該數字比上一季上漲了 200 多個基點，比去年同期上漲了 900 多個基點，主要得益於規模經濟。

It's really as simple as that.

確實就是這麼簡單。

The other lesser factor that I'll mention we have a warrant with Amazon, the contra revenue associated with that kind of rolled off during the quarter. as we attain that as we fulfill the $200 million of total gross revenue shipments to them in the quarter.

我要提到的另一個次要因素是我們與亞馬遜有合作關係，與此相關的對銷收入在本季有所減少。當我們實現這一目標時，我們在本季度向他們完成了 2 億美元的總收入出貨量。

So that was also accretive to margin, which will continue to be accretive next quarter as well.

因此，這也增加了利潤，下個季度利潤也將繼續增加。

Got it.

知道了。

Just a follow-up on your prepared comments, you spoke about how you may have three or four customers that would be 10% plus in the coming quarters or in calendar '26.

我只是想跟進一下您準備好的評論，您談到了您可能會有三到四個客戶，他們的銷售額在未來幾個季度或 26 年會增長 10% 以上。

Obviously, the first three today are AEC related.

顯然，今天的前三個都與 AEC 有關。

Is the fourth one also AEC-related, or would that just perhaps broadening into other aspects in product portfolios of your business?

第四個也與 AEC 相關嗎？

Yes.

是的。

Of the ones we've referred to in those comments, they are AEC related.

我們在這些評論中提到的內容都與 AEC 有關。

We've had, by far, is the largest driver in absolute dollars of our revenue growth.

到目前為止，這是我們收入成長的最大絕對驅動力。

Now having said that, if I just look simply year-over-year from fiscal '24 to '25, for instance, we've had our main three product categories between AEC our retimer business or Ethernet retimer business and Optical, they're all experiencing sequential growth, but AEC just has -- it's growing from a bigger base into an even bigger base as we go into the future.

話雖如此，如果我只是簡單看一下 24 財年到 25 財年的同比情況，我們的主要三大產品類別是 AEC、重定時器業務或以太網重定時器業務和光學，它們都在經歷連續增長，但隨著我們步入未來，AEC 會從更大的基數增長到更大的基數。

Thank you.

謝謝。

Quinn Bolton, Needham & Company.

奎因博爾頓，Needham & Company。

If I've got my numbers right, revenue outside of your largest customer went from about $48 million in October to about $19 million in January.

如果我沒記錯的話，除了最大客戶之外的收入從 10 月的約 4800 萬美元下降到了 1 月的約 1900 萬美元。

You talked about kind of revenue diversifying again over the next few quarters and into fiscal '26 with 3 to 4 customers that could be over 10%.

您談到了未來幾個季度以及 26 財年收入將再次多樣化，屆時 3 到 4 個客戶的收入可能會超過 10%。

Can you just give us some sense.

你能給我們講講嗎？

What do you expect your largest customer to do?

您希望您的最大客戶做些什麼？

Does it stay 80-plus percent of revenue?

它的收入是否維持在80%以上？

Are you anticipating that, that pulls back and that you see ramps at some of the other customers in the April quarter.

您是否預計到這種情況會出現，並且您會看到 4 月份季度其他一些客戶的銷售額會出現成長？

Just any sense of revenue rediversifying would be helpful.

任何有關收入再多樣化的意識都會有所幫助。

Yes.

是的。

We've talked in the past about Actually, Amazon is a great example.

我們過去曾討論過，事實上，亞馬遜就是一個很好的例子。

So our largest hyperscaler.

這是我們最大的超大規模企業。

If you look at their Q1 revenue, was $30 million, then it went down a bit in Q2.

如果你看看他們的第一季的收入，是 3000 萬美元，那麼第二季的收入略有下降。

Now it obviously surged in our Q3.

現在它在我們的第三季度明顯飆升。

Our internal expectation is they'll probably be in the same ZIP code as to where they were in absolute dollar terms this -- in Q3, or where they were in Q3.

我們的內部預期是，他們可能與今年第三季的絕對美元金額處於同一郵遞區號區域，或與去年第三季處於同一郵遞區號區域。

So if you look at that being what it is and knowing that we guided 19% sequentially up quarter-over-quarter into Q4 at the midpoint.

因此，如果您看一下實際情況，並知道我們預計第四季度的環比增長為 19%。

That would imply that maybe they're two-third of our revenue in Q4 would be what that math would imply to apply.

這就意味著，也許他們佔了我們第四季收入的三分之二，這就是該數學計算所暗示的。

Got it.

知道了。

And then I guess just looking at that customer, obviously, it's a significant percentage of revenue in the January and April quarters.

然後我想，只要看一下那個客戶，顯然，它佔了一月和四月季度收入的很大一部分。

I think in the past, you've talked about having kind of 12-month rolling forecast from some of your larger hyperscale customers.

我想，過去您曾談到從一些大型超大規模客戶那裡獲得 12 個月的滾動預測。

Just generally speaking, can you give us any sense -- what gives you the confidence that the surge you've seen here in January and April may not just be somewhat related to an inventory build ahead of server deployments that at some point in fiscal '26, you go into kind of a depletion mode or just a deployment mode where you could see I guess, for a lack of a better term, an air pocket at that customer at some point next year?

總體來說，您能否給我們一些啟發——是什麼讓您有信心，您在 1 月和 4 月看到的激增可能不僅僅與服務器部署之前的庫存建立有關，在 26 財年的某個時候，您會進入一種耗盡模式或只是一種部署模式，我猜，由於缺乏更好的術語，您可能會在明年某個時候看到該客戶出現空穴？

Just any help to hold hands would be appreciated.

只要有任何幫助，我們都會很感激。

Yes, sure.

是的，當然。

So I guess -- when we talk about visibility, I think it's very normal at this point to get 12-month forecast from customers.

所以我想——當我們談論可見性時，我認為此時從客戶那裡獲得 12 個月的預測是很正常的。

I think this is one of the positives that came out of COVID is that really a top priority for our customers is to secure their supply across all materials, including the things that Credo supplies.

我認為這是 COVID 帶來的正面影響之一，即我們的客戶的首要任務是確保所有材料的供應，包括 Credo 供應的材料。

And so when there is a sizable ramp, it's really imperative to work together with our customers as well as our supply team to ensure that we can deliver flawlessly.

因此，當出現大規模需求成長時，我們必須與客戶以及供應團隊共同努力，確保完美交付。

And so I would say across the board from a customer perspective, we're getting good visibility.

因此我想說，從客戶的角度來看，我們獲得了良好的可見度。

In the case where there is a new ramp, this is where things become more high definition as you get closer to the actual ramp.

如果有新的坡道，當您靠近實際坡道時，事物的清晰度會變得更加高。

There are some things that can happen we've seen pushouts to schedule.

有些事情可能會發生，我們已經看到了推遲計劃的情況。

We've seen pull-ins.

我們已經看到了拉入現象。

We've seen increases as we saw this quarter in the level of deployments as customers around.

如本季度所見，我們看到各地客戶的部署水準有所提高。

But generally, as we look towards the future, we see several customers that are at different stages of deployments.

但整體而言，展望未來，我們將看到多個客戶處於不同的部署階段。

And so if we look at the numbers and compare, say, Q2 to Q3, you saw a pretty big shift, pretty good move.

因此，如果我們查看數字並進行比較，例如，將第二季度與第三季度進行比較，你會看到相當大的轉變，非常好的舉措。

And we indicated that, say, for the first customer that we ramped with over the last several years, we talked about a period of time where supply and consumption and those curves will meet.

我們指出，對於過去幾年來我們合作的第一位客戶，我們討論了供應和消費以及這些曲線將會相遇的一段時間。

Well, that happened in Q3.

嗯，那是在第三季發生的。

We also talked about that customer returning to historic levels, which we expect to be over $100 million run rate, say, as we look at fiscal '26.

我們也談到了客戶恢復到歷史水平，我們預計到 26 財年，客戶營運率將超過 1 億美元。

We've got a new customer that we're ramping the size of allocations that they're getting from a GPU standpoint suggests that they're going to be a very large customer in our fiscal '26 as well.

我們有了一個新客戶，我們正在從 GPU 的角度增加他們的分配規模，這表明他們也將成為我們 26 財年的一個大客戶。

I mentioned the two new customers, these would be customers that are a little less a little less definition on the exact timing and size of the ramp, but both are promising in the sense that we're seeing the level of deployments they're talking about being sizable.

我提到了兩個新客戶，他們對產能提升的具體時間和規模還不太清楚，但從我們看到他們所談論的部署水平相當可觀這一點來看，這兩個客戶都是有希望的。

So as you look at the next couple of quarters, I'm sure.

因此，當您展望接下來的幾個季度時，我確信如此。

We're going to have a decreasing level of concentration, but it's still going to be something that you would say that's a large amount of concentration, but it's going to be balanced out over the second half of fiscal '26.

我們的集中度將會降低，但你仍會說這是一個很大的集中度，但它將在26財年下半年得到平衡。

Understood.

明白了。

I'd rather see you guys have the Amazon revenue than not.

我寧願看到你們擁有亞馬遜的收入。

So congratulations on the nice results.

恭喜您取得如此好的成績。

These are good issues.

這些都是很好的議題。

Tore Svanberg, Stifel.

托爾·思文伯格（Tore Svanberg），Stifel 公司。

Yes, thank you and congrats on the record results.

是的，謝謝你，並祝賀你取得創紀錄的成績。

Bill, in your prepared remarks, you talked about several layers or multitiered innovation.

比爾，在你準備好的演講中，你談到了多層次或多層次的創新。

And the one thing that obviously is that you talk about is the system-level approach.

顯然，您談論的一件事就是系統級方法。

That's obviously very obvious on the AEC part of your business.

這在您業務的 AEC 部分顯然非常明顯。

But as you venture into some of these new segments and especially on PCIe.

但是當您進入一些新的領域，特別是 PCIe 時。

Will you take more of a system business model approach there as well, or should we assume that's going to be primarily selling chips?

您是否也會採用更多的系統業務模型方法，或者我們是否應該假設這將主要銷售晶片？

Well, I think the fact that at GTC in a few weeks, we're going to be demonstrating a full rack multiple AECs that are active, that are live.

嗯，我認為在幾週後的 GTC 上，我們將展示全機架的多個活躍、即時的 AEC。

We're going to be demonstrating our AEC capability.

我們將展示我們的 AEC 能力。

And it may actually be it might even be the first demo of its kind in the AEC space.

事實上，這甚至可能是 AEC 領域中此類演示的首次。

So yes, absolutely.

是的，絕對是。

From day one, we've been planning on pursuing the same path with PCIe AECs as we have with Ethernet, and no change there.

從第一天起，我們就計劃在 PCIe AEC 上走與乙太網路相同的道路，並且不會發生任何改變。

We're even planning as the scale of architecture could potentially grow scale.

我們甚至正在規劃，因為建築規模可能會擴大。

We're also investing in the optical space as well.

我們也在光學領域進行投資。

That's very interesting.

這很有趣。

And then my follow-up, LRO, I haven't heard a whole lot about it since you obviously introduced it.

然後是我的後續問題，LRO，自從你介紹它以來，我還沒有聽到太多關於它的資訊。

So any update you can give us there?

您能提供我們任何最新消息嗎？

If you do have some stuff that you're going to talk about at OFC, I get it.

如果您確實有一些事情想在 OFC 上談論，我明白。

But any update we can get on the row would be really helpful.

但任何有關此事的最新消息都將非常有幫助。

Right.

正確的。

We continue to offer customers both full DSP solutions and LRO solutions.

我們將繼續為客戶提供完整的 DSP 解決方案和 LRO 解決方案。

We're agnostic to their choice.

我們不知道他們的選擇。

We see customers continuing to purchase traditional full DSP solutions where they can fit within the power ceiling.

我們看到客戶繼續購買能夠滿足功率上限要求的傳統全 DSP 解決方案。

In the case, we do have cases where power is a deciding factor.

在這種情況下，我們確實遇到權力是決定性因素的情況。

And I think with all of the customers we're talking to, LRO really becomes that de facto solution compared to, say, LPO.

我認為，對於我們交談過的所有客戶來說，與 LPO 相比，LRO 確實成為了事實上的解決方案。

I think we've all seen that the discussion around LPO has decreased pretty substantially.

我想我們都已經看到，圍繞 LPO 的討論已經大幅減少。

The conversation with LRO, I think is -- it's a real opportunity to get the kind of signal integrity, [rates] and interoperability and being able to save that kind of power, those sub 10 watts for an 800 gig port [but it's ultimately] to the side.

我認為，與 LRO 的對話是——這是一個真正的機會，可以獲得訊號完整性、[速率]和互通性，並能夠節省這種功率，800 千兆埠的功耗低於 10 瓦，[但最終] 是放在一邊。

Understood.

明白了。

Vijay Rakesh, Mizuho.

瑞穗的 Vijay Rakesh。

Yes, hey, Bill and Dan, great quarter, congratulations.

是的，嘿，比爾和丹，這是一個很棒的季度，恭喜。

Just on the AEC side, I know you mentioned 2 new customers to new hyperscalers that you'll be working with.

就在 AEC 方面，我知道您提到了 2 個新客戶和將與之合作的新超大規模企業。

On the visibility, do you see them happening to -- as you look out 12 to 18 months, you see that ramping pretty nicely to significant volumes.

從可見性來看，您是否看到它們會發生 - 當您展望 12 到 18 個月時，您會看到它相當順利地上升到相當大的數量。

How do you see that ramp.

您如何看待那個斜坡？

And I have a follow-up.

我還有一個後續問題。

Yes, sure.

是的，當然。

The customer-facing team at Credo is hard at work, and that that includes our applications engineering group.

Credo 的客戶團隊正在努力工作，其中包括我們的應用工程團隊。

And I think it's a function of exactly when we intercept on the ramp versus if we do.

我認為這完全取決於我們在坡道上攔截的時間和是否攔截。

Both of these customers, there are there are design engagements that are absolutely identified and committed to.

這兩個客戶都絕對認同並致力於設計工作。

So I think it's a function of exactly when the ramp starts.

所以我認為它與坡道的開始時間有關。

And that's when I make the comment that fiscal '26 is what we expect I think if we wanted to be somewhat, I guess, on the conservative side, we'd say second half of fiscal '26.

正是在那時，我評論說，26 財年是我們所預期的，我想，如果我們想要保守一點，我們會說 26 財年下半年。

But we're getting to the point where our confidence is quite high with the additional two customers that are in qualification.

但隨著另外兩家客戶獲得資格，我們的信心已經相當高了。

Got it.

知道了。

And then on the PCIe scale up side, really great to see you guys ramp so fast since you so quickly after

在 PCIe 擴展方面，很高興看到你們發展得如此之快，因為你們很快就

(inaudible).

（聽不清楚）。

You mentioned 1 server ODM.

您提到了 1 個伺服器 ODM。

How does that pipeline look?

那個管道看起來怎麼樣？

And do you have to qualify the server ODM or the or the GPU [guide], just [just trying to understand].

您是否必須確認伺服器 ODM 或 GPU [指南] 的資格，只是 [只是想了解]。

Thanks.

謝謝。

Yes.

是的。

So I understand the timing of our ramp for PCIe, it will still take some time.

所以我了解我們加速 PCIe 的時機，但這仍需要一些時間。

We're really targeting the Gen6 market, which is that's really a calendar year '25 design cycle and a calendar '26 production ramp cycle.

我們真正瞄準的是 Gen6 市場，也就是 2025 年的設計週期和 2026 年的生產爬坡週期。

And so it's really somewhat out in time.

所以這確實有點過時了。

Even though we're demonstrating we're passing interoperability test, we're absolutely ready to compete.

儘管我們證明我們通過了互通性測試，但我們已經做好了參與競爭的充分準備。

It's going to be some time.

這還需要一些時間。

So another question would be, are there going to be Gen5 opportunities that we're able to pursue.

所以另一個問題是，我們是否能夠追求第五代機會。

And of course, as our solution is brought to market, we're open for business, and we'll bring advantages to Gen5, an easy upgrade to Gen6.

當然，隨著我們的解決方案進入市場，我們就會開始營業，並為 Gen5 帶來優勢，輕鬆升級到 Gen6。

And so -- what we're seeing from a customer perspective is that there is independence of making decisions.

所以，從客戶的角度來看，我們看到的是，決策具有獨立性。

And there is a need for a more broad supply chain than exists for Gen5.

並且需要比 Gen5 更廣泛的供應鏈。

Got it thank you.

明白了，謝謝。

Sean O'Loughlin, TD Cowen.

肖恩·奧洛林（Sean O'Loughlin），TD Cowen。

Hey guys, thanks a lot for taking the question and congrats on a nice set of results and guide.

嘿夥計們，非常感謝您提出這個問題，並祝賀您取得了一系列不錯的成果和指南。

I'd like to trend a little bit and ask about front-end networking.

我想要稍微了解趨勢並詢問有關前端網路的問題。

The original -- obviously, the original AEC deployment was on a front-end solution.

最初的——顯然，最初的 AEC 部署是在前端解決方案上。

And I wonder whether or how you and your customers are thinking about that front-end opportunity that still potentially exists?

我想知道您和您的客戶是否或如何看待仍然存在的潛在前端機會？

Is it just that in end networking is not where the innovation is happening in the space, and so customers are focused on the back end?

是因為終端網路並不是該領域的創新所在，所以客戶只專注在後端？

Or is it a matter of time or some hybrid of the both?

或者這只是時間問題，還是兩者的結合？

And then to squeeze an extra question on top of that, is there really a difference in the product that you ship to front end or go-to-market for the front end versus back end?

然後在此基礎上再問一個問題，您運送到前端或推向市場的前端產品與後端產品真的有差別嗎？

So from a front-end network perspective, it applies to general compute and it applies to AI clusters.

因此，從前端網路的角度來看，它適用於通用運算，也適用於 AI 叢集。

So the front-end connections are pretty similar between the two.

因此兩者的前端連接非常相似。

Now with general compute, that's the only connection to the network, the front-end network.

現在，對於通用運算來說，這是與網路、即前端網路的唯一連接。

And if we think about the traditional general compute space.

如果我們考慮傳統的通用運算空間。

It's really a question about really the x86 road map.

這實際上是一個關於 x86 路線圖的問題。

And that has typically moved at a slower pace than what's happening within AI clusters.

而且這一進程通常比人工智慧叢集內部的進程還要慢。

And so it's very common still today to see 25-gig per lane front-end network connections.

因此，如今每通道 25Gb 的前端網路連線仍然十分常見。

In fact, the one that we've shipped in high volume is of four lanes of 25 gig.

事實上，我們大批量出貨的是四條 25G 通道。

So it's a 100-gig port connecting to that front-end network.

因此，它是一個連接到前端網路的 100 千兆連接埠。

The unique feature that we brought was that our lead customer implemented a dual tour design to achieve levels of availability, the SLAs of Five9.

我們帶來的獨特功能是，我們的主要客戶實施了雙重巡遊設計以實現可用性級別，即 Five9 的 SLA。

So it was a way for them to to really achieve a pool that had been in place for five to 10 years even.

因此，這是他們真正實現已運行 5 年甚至 10 年的游泳池的一種方式。

So that unique functionality is what turned on that business for the front-end network connection at 100-gig ports.

所以這種獨特的功能就是為 100 千兆埠的前端網路連線開展業務的關鍵。

As we look at that general compute, there's a natural move to 50-gig per lane and 100-gig per lane.

當我們查看一般計算時，自然會轉向每通道 50 GB 和每通道 100 GB。

But in contrast, if we look at AI, just the nature of the application is causing customers to move to the fastest connection so 100-gig per lane today and really putting pressure on delivering 200-gig per lane solutions in the future.

但相較之下，如果我們看看人工智慧，應用程式的性質正在促使客戶轉向最快的連接，即今天的每通道 100 千兆，並真正給未來提供每通道 200 千兆的解決方案帶來壓力。

And within AI clusters, those front-end connections exist, and at the best case, albeit the same line rates as we see in the back end, but probably most likely, there'll be a lower line rates.

在人工智慧叢集中，這些前端連接是存在的，在最好的情況下，儘管線路速率與我們在後端看到的相同，但很可能線路速率會更低。

And so our largest customer is using our Credo AEC solutions for both back-end and front-end connections.

因此，我們最大的客戶正在使用我們的 Credo AEC 解決方案進行後端和前端連接。

Great.

偉大的。

Super helpful.

超有幫助。

And then just as a quick follow-up, you mentioned the three hyperscalers that are achieving volume shipments today.

然後，作為快速的跟進，您提到了今天實現批量出貨的三家超大規模企業。

I think last quarter, you talked about the two hyperscale, obviously, that we all know about.

我想上個季度您談到了兩個超大規模，顯然我們都知道。

And then in the third emerging hyperscale, I just want to clarify that, that is not the third hyperscaler that you talked about today, but is, in fact, a different customer.

然後，在第三個新興超大規模中，我只想澄清一下，這不是您今天談到的第三個超大規模者，而實際上是一個不同的客戶。

Yes.

是的。

So as it relates to this concept of emerging hyperscalers, it really boils down to the amount of spend.

因此，當它與新興超大規模的概念相關時，它實際上歸結為支出的數量。

And if you look at the allocation that is being given to this kind of the lead emerging hyperscaler.

如果你看一下給予這種領先的新興超大規模企業的分配。

We really are classifying them now as a hyperscaler.

我們現在確實將它們歸類為超大規模企業。

So we're not drawing the line between the two.

所以我們並沒有在兩者之間劃清界線。

Christopher Rolland, Susquehanna.

克里斯多福羅蘭，薩斯奎哈納。

I guess -- yes, as it concerns your largest customer here and maybe any of these large ramps going forward, I think a lot of these things are project-based.

我想 - 是的，因為它關係到您在這裡最大的客戶，也許還有未來的任何大型坡道，我認為這些事情很多都是基於專案的。

We have very large deployments, sometimes 200,000 GPUs in just a couple of months.

我們的部署規模非常大，有時短短幾個月內就部署了 20 萬個 GPU。

So as we think about these kind of large, lumpy deployments, should we be expecting these customers, for example, in this case, a pretty strong hand off in the next few quarters to other customers?

因此，當我們考慮這種大規模、不均衡的部署時，我們是否應該預期這些客戶，例如在這種情況下，在未來幾季內向其他客戶進行相當強勁的移交？

Like Bill, maybe if you could talk to how project-based these revenue ramps are, that would be great.

就像比爾一樣，如果你能談談這些收入成長是如何基於專案的，那就太好了。

Yes.

是的。

I think that when I -- I guess when I think about your question, we talked about project based, of course, all of these programs that we're involved with are projects that have been planned for quite some time.

我想當我——我想當我思考你的問題時，我們談論的是基於專案的，當然，我們參與的所有這些專案都是已經計劃了相當長一段時間的專案。

And going through the development internally within hyperscaler customers, it's a long process to architect and ultimately bring all of the gear up to a point where they're ready for qualification.

在超大規模客戶內部進行開發是一個漫長的過程，需要架構並最終將所有設備提升到可以進行認證的程度。

Qualification takes a significant amount of time and then planning the ramp takes time as well.

資格審查需要花費大量時間，規劃坡道也需要時間。

And so we're at the point where we've kind of gotten through that process with or nearly through that process with many of the customers.

現在我們已經和許多客戶一起完成或接近完成了這個過程。

I don't really see a handoff so much as I see a diversification in the shipments that we'll be seeing throughout fiscal '26.

我實際上並沒有看到太多的交接，因為我看到我們將在整個26財年看到的出貨量多樣化。

This is just a function of where we are with each customer.

這只是我們與每位客戶關係的功能。

But I don't think we'll see a customer get to a point where they are done with a project.

但我不認為我們會見到客戶完成整個專案的階段。

There will be a transition from say, 50-gig per lane technology to 100-gig per lane technology.

將會從每通道 50 GB 的技術過渡到每通道 100 GB 的技術。

And that, as we've talked about in the past is we are absolutely queued up and ready to ramp.

正如我們過去談到的那樣，我們已經準備好並準備好加速發展。

We're the shortfall in the tent, so to speak.

可以這麼說，我們就是帳篷裡的缺口。

That all of that technology that need to be developed internally accretively is done, and we're ready to ramp as soon as our customers are.

所有需要內部開發的技術都已完成，我們已準備好隨著客戶的需求而不斷改進。

And so I don't see us getting to the point where we say that, Hey, that project is over and now there's some sort of an air pocket.

因此，我不認為我們會陷入這樣的境地：嘿，那個專案已經結束了，現在出現了一些空白。

The key is making sure that we're first, making sure that we're first to deliver next-generation samples, we're first to get qualified, and we're first around production, which really is our strength at this point given the fact that we're taking accountability for the entire system solution.

關鍵是要確保我們是第一，確保我們率先交付下一代樣品，我們率先獲得資格，並且我們率先進行生產，鑑於我們對整個系統解決方案負責，這確實是我們目前的優勢。

Great.

偉大的。

And maybe as a second question, analog, copper cable solutions seem to have missed perhaps the B-300 cycle.

也許第二個問題是，模擬銅纜解決方案似乎錯過了 B-300 循環。

Is that an opportunity for you guys?

這對你們來說是一個機會嗎？

Do you think you're gaining share and design wins just as that technology did not ramp, does that increase your TAM and your ramp expectation?

您是否認為，儘管該技術尚未成熟，但您還是獲得了市場份額和設計勝利，這是否會增加您的 TAM 和成長預期？

Yes, I think that TAM really existed within the NVIDIA ecosystem.

是的，我認為 TAM 確實存在於 NVIDIA 生態系中。

The TAM that we're looking at, we've not seen really any customer think seriously about about using amplified solutions.

我們正在關注的 TAM，我們還沒有看到任何客戶真正認真考慮使用放大解決方案。

So this referring to the analog amplified solution.

這指的是模擬放大解決方案。

We haven't really been competing head-to-head with any of those solutions really at any other customer.

我們實際上尚未與任何其他客戶的任何這些解決方案進行正面競爭。

We really see it within the NVIDIA ecosystem.

我們確實在 NVIDIA 生態系統中看到了這一點。

And what role do we play within that ecosystem, that is one that we're pretty conservative in talking about.

我們在該生態系統中扮演什麼角色，這是我們相當保守談論的話題。

When there is an opportunity for us to add value, we're absolutely ready, but it's not something that's built into any kind of forecast that we've got.

當我們有機會增加價值時，我們已經做好了充分的準備，但這並不是我們所做的任何預測中所包含的內容。

Thanks so much, Bill.

非常感謝，比爾。

Richard Shannon, Craig-Hallum.

理查德·香農、克雷格·哈勒姆。

Well, hi, thanks, Bill and Dan, maybe I'll just ask a simple question here that I think you get most quarters here, Bill, but I just want to get your latest thoughts on competition in the AEC space.

好吧，嗨，謝謝比爾和丹，也許我只想在這裡問一個簡單的問題，我認為你們在這裡得到了最多的回答，比爾，但我只是想了解你對 AEC 領域競爭的最新想法。

Obviously, you've got a very high share, you're doing exceptionally well here.

顯然，你們的份額非常高，你們在這裡做得非常好。

It certainly makes sense for some of your large customers to attempt to do dual sourcing.

對於您的一些大客戶來說，嘗試進行雙重採購當然是有道理的。

Have you seen any evidence of that, either attempts or see that coming here anytime soon just kind of your latest thoughts on that, please?

您是否看到了這方面的證據，無論是嘗試，還是看到這種情況很快會發生，請問您對此的最新想法是什麼？

Yes, I think the fact that the AEC product category is now really de facto for in-rack connectivity.

是的，我認為 AEC 產品類別現在確實已成為機架內連接的事實。

Naturally, there is a desire for multiple sources in the market.

自然，市場有對多種來源的需求。

But the way that we think about competition, it's really -- our objective is always to be the best possible partner to our customers.

但我們看待競爭的方式其實是——我們的目標始終是成為客戶最好的合作夥伴。

That means delivering on the innovations first, delivering on the most reliable solutions, first passing qualification first and getting our customers into production predictably.

這意味著首先實現創新，提供最可靠的解決方案，首先通過資格認證，並讓我們的客戶可預測地投入生產。

And so that's -- our focus with our customers is really on creating relationship with them where they're counting on us to help them ramp.

所以，我們與客戶的重點其實是建立與客戶的關係，他們依賴我們來幫助他們提升業務。

And having the second source thing, something that's kind of a trailing edge effort.

並且擁有第二個來源的東西，這是一種後緣努力。

So that's really the way that we think about competition.

這就是我們看待競爭的真正方式。

Now I will mention again that being accountable for the system solution allows us to deliver faster, more predictable way.

現在我要再次提到，對系統解決方案負責使我們能夠以更快、更可預測的方式交付。

Owning every level from the SerDes to the ICs and ultimately, to the cable system.

擁有從 SerDes 到 IC 以及最終到電纜系統的各個層面。

It gives us a big advantage from our perspective.

從我們的角度來看，這給了我們很大的優勢。

That's what we're seeing across the board with customers.

這就是我們在客戶身上看到的一切。

With that said, with a lot of respect for competition, but we don't see any significant changes on the competitive front.

話雖如此，我們非常尊重競爭，但我們沒有看到競爭方面有任何重大變化。

Okay, great, thanks for that update, Bill.

好的，太好了，謝謝你的更新，比爾。

My second question, really just looking at the large AEC opportunities here and clearly the largest customer is really drive a lot of content here, both as you said, both in the back end and the front end.

我的第二個問題是，實際上只是看一下這裡的大型 AEC 機會，顯然最大的客戶確實在這裡推動了很多內容，正如您所說，無論是在後端還是前端。

I think maybe just thinking about from a back-end perspective, are you seeing any other hyperscalers getting close to adopting and even qualifying your AECs in the back end and kind of thought process on timing here?

我認為也許只是從後端的角度來思考，您是否看到任何其他超大規模企業即將在後端採用甚至認證您的 AEC，以及這裡的時間安排方面的思考過程？

I'm assuming it's somewhere in fiscal '26 with that after, but maybe just kind of your latest thoughts there as well.

我假設它是在 26 財年的某個時候，但也許只是你最近的想法。

Thank you.

謝謝。

With our new customers, we see it playing out the same way that it's played out with our existing customers.

對於我們新客戶而言，我們發現其運作方式與現有客戶相同。

And it's always starting with the first -- starting with first project or a first SKU that we're working on, starting in a given rack and then really expanding from there.

它總是從第一個開始 - 從我們正在研究的第一個項目或第一個 SKU 開始，從給定的機架開始，然後從那裡真正擴展。

And so one of the customers that's new.

其中一位是新顧客。

We started with a switch rack, so a disaggregated chassis, a relatively low hurdle 50-gig per lane type of project.

我們從一個交換器機架開始，因此這是一個分解的底盤，一個門檻相對較低的每通道 50Gb 類型的專案。

But it quickly turned into two additional SKUs that are targeted for AI clusters that they'll be building in the future.

但它很快就變成了兩個額外的 SKU，針對的是他們未來將要建立的 AI 叢集。

And those are going to 100-gig per line speeds.

這些都將達到每線100千兆的速度。

And so we see there's always got to be a first program, but the execution that we have on that first program will always lead to a deeper relationship.

所以我們看到總是需要有一個第一個計劃，但是我們對第一個計劃的執行總是會帶來更深層的關係。

And we see that playing out the same way with our fourth and fifth customers as we did with the first three.

我們發現第四和第五個客戶的情況與前三個客戶的情況相同。

Suji Desilva, ROTH Capital.

羅仕資本（ROTH Capital）的蘇吉·德席爾瓦（Suji Desilva）。

Hi Bill.

嗨，比爾。

Hi Dan.

嗨，丹。

Congrats on the progress here.

祝賀這裡的進展。

I just want to understand from the lead customer and the future 10% customers.

我只是想從主要客戶和未來的10％客戶那裡了解。

Just to clarify whether the ramp is today a single program and expected to be a single program across those 10% customers or whether you get into the point where you have multiple projects across these customers in the pipeline that might diversify you for each customer?

只是想澄清一下，今天的成長是否是一個單一的項目，並且預計會成為針對這 10％ 客戶的單一項目，或者您是否已經進入了針對這些客戶的多個項目的階段，這些項目可能會針對每個客戶進行多樣化？

Yes.

是的。

I would say that if you look at any of our customers, there's multiple projects for the first 3 that we're ramping.

我想說的是，如果你看看我們的任何一位客戶，你會發現我們正在推進前三個客戶的多個專案。

There's multiple projects.

有多個項目。

There's multiple SKUs.

有多個 SKU。

And I expect that to be the same with the additional customers that we add, although we always are going to start with the first project.

我希望隨著我們不斷增加客戶，情況也會一樣，儘管我們總是從第一個專案開始。

Okay, that's helpful, Bill.

好的，這很有幫助，比爾。

And then the opportunity and specifically in back end scale up, I just want to be clear here, is that an opportunity only on in-house ASICs, or is that opportunity as well on merchant GPUs in the marketplace?

然後是機會，特別是在後端擴大方面，我只想在這裡澄清一下，這是否只是內部 ASIC 的機會，還是也存在於市場上的商用 GPU 上的機會？

It's an opportunity across the board.

這對所有人來說都是一個機會。

And so I mean, we can talk about the NVIDIA ecosystem and that's probably part of the TAM that we're not really thinking about too aggressively as we start.

所以我的意思是，我們可以談論 NVIDIA 生態系統，這可能是 TAM 的一部分，我們在開始時並沒有真正考慮得太積極。

But even for the deployments that use NVIDIA GPUs and use using the kind of the open protocols in the market, PCIe will be an opportunity there as well.

但即使對於使用 NVIDIA GPU 並使用市場上的開放協定的部署，PCIe 也將是一個機會。

So hopefully, that gives you an answer to your question.

希望這能解答你的問題。

That is very helpful, Bill.

這非常有幫助，比爾。

Thanks.

謝謝。

There are no further questions at this time.

目前沒有其他問題。

And Mr. Brennan, I will turn the call back over to you.

布倫南先生，我會把電話轉回給您。

Well, thanks for joining us today.

好吧，感謝您今天加入我們。

Really appreciate the interest and support.

非常感謝您的關注與支持。

As we look ahead, we're absolutely laser-focused on executing on our strategy, delivering value to our customers and driving long-term growth and profitability.

展望未來，我們絕對專注於執行我們的策略，為我們的客戶提供價值並推動長期成長和獲利。

We look forward to the call backs.

我們期待您的回電。

Thanks.

謝謝。

And ladies and gentlemen, this concludes today's call, and we thank you for your participation.

女士們、先生們，今天的電話會議到此結束，感謝你們的參與。

You may now disconnect.

您現在可以斷開連線。