戴爾 (DELL) 2024 Q2 法說會逐字稿

Good afternoon, and welcome to the fiscal year 2024 Second Quarter Financial Results Conference Call for Dell Technologies Inc. I'd like to inform all participants this call is being recorded at the request of Dell Technologies. This broadcast is a copyrighted property of Dell Technologies, Inc. Any rebroadcast of this information in whole or part without the prior written permission of Dell Technologies is prohibited. Following prepared remarks, we will conduct a question-and-answer session. (Operator Instructions) I'd like to turn the call over to Rob Williams, Head of Investor Relations. Mr. Williams, you may begin.

下午好，歡迎參加戴爾科技集團 2024 財年第二季度財務業績電話會議。我想通知所有與會者，本次電話會議是應戴爾科技集團的要求進行錄音的。此廣播是 Dell Technologies, Inc. 的版權財產。未經 Dell Technologies 事先書面許可，禁止全部或部分重新廣播此信息。在準備好的發言之後，我們將進行問答環節。 （操作員說明）我想將電話轉給投資者關係主管 Rob Williams。威廉姆斯先生，您可以開始了。

Thanks, everyone, for joining us. With me today are Jeff Clarke, Yvonne McGill and Tyler Johnson. Our earnings materials are available on our IR website, and I encourage you to review our materials and presentation, which includes additional content to complement our discussion this afternoon. Guidance will be covered on today's call.

謝謝大家加入我們。今天和我在一起的有傑夫·克拉克、伊馮·麥吉爾和泰勒·約翰遜。我們的盈利材料可在我們的投資者關係網站上找到，我鼓勵您查看我們的材料和演示文稿，其中包括補充我們今天下午討論的其他內容。今天的電話會議將討論指導意見。

During this call, unless otherwise indicated, all references to financial measures refer to non-GAAP financial measures, including non-GAAP gross margin, operating expenses, operating income, net income and diluted earnings per share. A reconciliation of these measures to their most directly comparable GAAP measures can be found in our web deck and our press release. Growth percentages refer to year-over-year change unless otherwise specified.

在本次電話會議中，除非另有說明，所有提及的財務指標均指非 GAAP 財務指標，包括非 GAAP 毛利率、運營費用、運營收入、淨利潤和稀釋每股收益。您可以在我們的網絡平台和新聞稿中找到這些衡量標準與其最直接可比的公認會計原則衡量標準的協調表。除非另有說明，增長百分比指的是同比變化。

Given where we are in the macro cycle, we will be referencing sequential growth more frequently this quarter. Statements made during this call that relate to future results and events are forward-looking statements based on current expectations. Actual results and events could differ materially from those projected due to a number of risks and uncertainties, which are discussed in our web deck and our SEC filings. We assume no obligation to update our forward-looking statements.

考慮到我們所處的宏觀週期，我們將在本季度更頻繁地提及環比增長。本次電話會議期間發表的與未來結果和事件相關的聲明是基於當前預期的前瞻性聲明。由於許多風險和不確定性，實際結果和事件可能與預測存在重大差異，這些風險和不確定性在我們的網絡平台和 SEC 文件中進行了討論。我們不承擔更新前瞻性陳述的義務。

Now I'll turn it over to Jeff.

現在我把它交給傑夫。

Thanks, Rob. Coming into the quarter, we were cautious given our Q1 results, but the demand environment improved at a faster rate than we anticipated, particularly as we move into June and July. Operationally, we executed well with expense controls, pricing discipline and lower input costs. We sharpened our focus on pricing this quarter, and we were selective on deals, particularly where share benefits would have been temporary. While revenue was down year-over-year, a better demand environment and strong execution enabled extraordinary Q2 results, revenue was $22.9 billion, with operating income of $2 billion and diluted EPS of $1.74, well ahead of our initial expectations.

謝謝，羅布。進入本季度，鑑於第一季度的業績，我們持謹慎態度，但需求環境的改善速度比我們預期的要快，特別是進入 6 月和 7 月時。在運營方面，我們在費用控制、定價紀律和較低的投入成本方面表現良好。本季度我們加強了對定價的關注，並對交易進行了選擇性，特別是在股票收益是暫時的情況下。儘管收入同比下降，但更好的需求環境和強勁的執行力實現了第二季度的非凡業績，收入為229 億美元，營業收入為20 億美元，攤薄後每股收益為1.74 美元，遠遠超出了我們最初的預期。

We are encouraged with some of the signs we are seeing in the macro environment as we move into the second half. We saw better underlying demand in the U.S. market and EMEA was better than anticipated. We also saw demand growth in government and SMB and our transactional demand improved through the quarter. However, most of our largest global customers remain careful with their spending levels. From a solutions perspective, we saw significant strength in AI-enabled servers. PowerFlex and PowerStore demand grew within our storage portfolio.

進入下半年，我們在宏觀環境中看到的一些跡象令我們感到鼓舞。我們看到美國市場的潛在需求有所改善，歐洲、中東和非洲市場的情況好於預期。我們還看到政府和中小企業的需求增長，整個季度我們的交易需求有所改善。然而，我們大多數最大的全球客戶仍然對其支出水平保持謹慎。從解決方案的角度來看，我們看到了人工智能服務器的巨大優勢。我們的存儲產品組合中的 PowerFlex 和 PowerStore 需求不斷增長。

PowerFlex, our proprietary software-defined storage solution has now grown 8 consecutive quarters with demand in Q2 more than doubling year-over-year. Workstation demand grew and was another bright spot that will continue to benefit from the rise of AI. Developers and data scientists can now fine-tune GenAI models locally before deploying them at scale. Commercial PC demand improved sequentially and as we move through the quarter. And S&P attach rates were strong, particularly in software. Our ASPs continue to expand across AI servers, traditional servers and commercial PCs.

我們專有的軟件定義存儲解決方案 PowerFlex 現已連續 8 個季度增長，第二季度的需求同比增長了一倍以上。工作站需求增長，是另一個亮點，將繼續受益於人工智能的崛起。開發人員和數據科學家現在可以在大規模部署 GenAI 模型之前在本地進行微調。隨著本季度的進展，商用 PC 需求連續改善。標準普爾附加率很高，尤其是在軟件領域。我們的 ASP 繼續擴展到人工智能服務器、傳統服務器和商用 PC。

Overall, we were pleased with the quarter given strong sequential growth of 10% and growing interest in orders in AI solutions. Artificial intelligence is a strong tailwind for all things data and compute as well as CSG when you think about the potential for workstations and eventually all PCs. AI is expanding the TAM for total technology spending and is projected to grow at a 19% CAGR for the next couple of years to approximately $90 billion, including hardware and services.

總體而言，我們對本季度感到滿意，因為環比增長 10%，而且人們對人工智能解決方案訂單的興趣不斷增長。當您考慮工作站乃至所有 PC 的潛力時，人工智能對於所有數據和計算以及 CSG 來說都是強大的推動力。 AI 正在擴大 TAM 的總技術支出，預計未來幾年將以 19% 的複合年增長率增長至約 900 億美元，其中包括硬件和服務。

In Q2 alone, we saw unprecedented strength from our PowerEdge XE9680. It's the fastest ramping new solution in Dell history and builds on the success of other GPU-enabled servers we've been selling for years. The 9680 is a key element to our Dell generative AI solutions engineered to speed the deployment of a modular, secure and scalable platform for generative AI in the enterprise.

僅在第二季度，我們就看到了 PowerEdge XE9680 前所未有的實力。這是戴爾歷史上發展速度最快的新解決方案，建立在我們多年來銷售的其他支持 GPU 的服務器的成功之上。 9680 是戴爾生成式 AI 解決方案的關鍵要素，旨在加速企業中生成式 AI 的模塊化、安全且可擴展的平台的部署。

AI servers increased to 20% of our servers order revenue in the first half of the year and the 9680 was a big factor. Currently, we have approximately $2 billion of XE9680 orders in backlog and our sales pipeline is substantially higher. GenAI represents an inflection point driving fundamental change in the pace of innovation while improving the customer expectation and enabling significant productivity gains and new ways to work.

上半年，AI服務器占我們服務器訂單收入的20%，其中9680是一個重要因素。目前，我們有大約 20 億美元的 XE9680 積壓訂單，而且我們的銷售渠道要高得多。 GenAI 代表著一個拐點，推動創新步伐發生根本性變化，同時提高客戶期望並實現顯著的生產力提升和新的工作方式。

As the #1 infrastructure provider, we are clearly positioned to serve the market in a unique and differentiated way. And we have the world's broadest GenAI infrastructure portfolio that spans from the cloud to the client. Customers big and small are using their own data and business context to train, fine-tune and inference on Dell infrastructure solutions to incorporate advanced AI into their core business processes effectively and efficiently. We can help customers size, characterize and build the GenAI solutions that meet their performance, cost and security requirements. Many of these new workloads will be on-prem or at the edge given the importance of latency, data security and cost.

作為第一大基礎設施提供商，我們的定位很明確，即以獨特且差異化的方式服務市場。我們擁有世界上最廣泛的 GenAI 基礎設施產品組合，涵蓋從雲到客戶端的各個領域。大大小小的客戶都在使用自己的數據和業務環境對戴爾基礎設施解決方案進行訓練、微調和推理，以將先進的人工智能有效且高效地納入其核心業務流程。我們可以幫助客戶調整、描述和構建 GenAI 解決方案，以滿足他們的性能、成本和安全要求。考慮到延遲、數據安全性和成本的重要性，許多新工作負載將位於本地或邊緣。

In the near term, we are seeing organizations concentrate on 4 GenAI use cases, customer operations, content creation and management, software development and sales. And internally, we are doing the same to enhance how we build products, service our customers and improve productivity and efficiency.

在短期內，我們看到組織專注於 4 個 GenAI 用例、客戶運營、內容創建和管理、軟件開發和銷售。在內部，我們也在做同樣的事情來增強我們構建產品、服務客戶以及提高生產力和效率的方式。

As we think about the back half of the year, we are coming off a Q2 where we grew above normal seasonality and demonstrated the power of our model to generate cash in a sequential growth environment. You should expect us to focus on growing and extending our core business in the areas with the most attractive profit pools, deliver innovation for our customers, remain disciplined on our pricing and focus on costs with multi-cloud edge and GenAI as tailwinds. I like our hand and look forward to talking more about our views on technology trends, strategy and innovation at our Securities Analyst Meeting in October.

當我們考慮今年下半年時，我們即將迎來第二季度，我們的增長超出了正常的季節性，並證明了我們的模型在連續增長環境中產生現金的能力。您應該期望我們專注於在最具吸引力的利潤池領域發展和擴展我們的核心業務，為我們的客戶提供創新，保持定價紀律，並以多雲邊緣和 GenAI 為推動力關注成本。我喜歡我們的手，並期待在十月份的證券分析師會議上更多地談論我們對技術趨勢、戰略和創新的看法。

Now over to Yvonne for a detailed Q2 financials.

現在請 Yvonne 了解第二季度的詳細財務數據。

Thanks Jeff. We're pleased with our Q2 execution in an improving demand environment. We delivered revenue of $22.9 billion, down 13% and up 10% on a sequential basis with strong gross margins and strong operating expense and net working capital management. Currency remained a headwind and impacted revenue growth by approximately 130 basis points.

謝謝杰夫。我們對在不斷改善的需求環境中第二季度的執行情況感到滿意。我們的收入為 229 億美元，環比下降 13%，增長 10%，毛利率強勁，運營費用和淨營運資本管理強勁。貨幣仍然是一個阻力，對收入增長產生了約 130 個基點的影響。

Gross margin was $5.5 billion and 24.1% of revenue. Our gross margin rate was up 270 basis points, driven by lower input costs and pricing discipline. We did see increased pricing pressure in Q2, but we're selective on deals depending on the customer and opportunity. As Jeff mentioned, we are focused on profitable opportunities rather than temporary share gains. And you can expect us to continue to focus on the more profitable segments of the market and maintain pricing discipline.

毛利率為 55 億美元，佔收入的 24.1%。在投入成本降低和定價紀律的推動下，我們的毛利率上升了 270 個基點。我們確實看到第二季度的定價壓力有所增加，但我們會根據客戶和機會來選擇交易。正如傑夫提到的，我們關注的是盈利機會，而不是暫時的股票收益。您可以期望我們繼續專注於利潤更高的市場領域並維持定價紀律。

Operating expense was $3.6 billion, down 4% driven by lower discretionary spend in SG&A and was flat sequentially. Operating expense was 15.5% of revenue and we will continue to actively manage our spend as we move through the second half. Operating income was $2 billion, up 1% and 8.6% of revenue. With the impact of the decline in revenue offset by an increase in gross margin rate and lower operating expense.

運營費用為 36 億美元，下降 4%，原因是 SG&A 可自由支配支出減少，與上一季度持平。運營費用佔收入的 15.5%，下半年我們將繼續積極管理支出。營業收入為 20 億美元，分別增長 1% 和 8.6%。收入下降的影響被毛利率上升和營業費用下降所抵消。

Our quarterly tax rate was 20.4%. Net income was $1.3 billion, up 1%, primarily driven by higher operating income and diluted EPS was $1.74, up 4% due to lower share count and higher net income. Our recurring revenue in the quarter was $5.6 billion, up 8%, and our remaining performance obligations or RPO, was $39 billion, up 1% sequentially driven by deferred revenue. Deferred revenue was up primarily due to increases in software and hardware maintenance agreements.

我們的季度稅率為 20.4%。淨利潤為 13 億美元，增長 1%，主要是由於營業收入增加，攤薄後每股收益為 1.74 美元，增長 4%，原因是股份數量減少和淨利潤增加。本季度我們的經常性收入為 56 億美元，增長 8%，在遞延收入的推動下，我們的剩餘履約義務或 RPO 為 390 億美元，環比增長 1%。遞延收入增加主要是由於軟件和硬件維護協議的增加。

ISG revenue was $8.5 billion, down 11% and but up 11% sequentially on the back of improving server and storage demand. We delivered storage revenue of $4.2 billion with demand growth in PowerStore and PowerFlex.

ISG 收入為 85 億美元，下降 11%，但由於服務器和存儲需求改善，環比增長 11%。隨著 PowerStore 和 PowerFlex 需求的增長，我們實現了 42 億美元的存儲收入。

Servers and networking revenue was $4.3 billion. We saw server ASPs continue to expand and our AI server mix of server revenue demand continued to increase given the recent rise in customer interest in generative AI solutions. Both storage and servers and networking revenue were up 11% sequentially. ISG operating income was $1 billion or 12.4% of revenue, up 140 basis points, driven by an increase and gross margin rate, offset by a decline in revenue.

服務器和網絡收入為 43 億美元。鑑於最近客戶對生成式 AI 解決方案的興趣上升，我們看到服務器 ASP 持續擴大，我們的 AI 服務器組合的服務器收入需求持續增加。存儲、服務器和網絡收入均環比增長 11%。 ISG 營業收入為 10 億美元，佔收入的 12.4%，增長了 140 個基點，這主要得益於毛利率的增長，但被收入下降所抵消。

Turning to CSG. The calendar Q2 PC market was down 14% in units but is now showing signs of improvement, up 7% sequentially. Our fiscal Q2 CSG revenue was $12.9 billion, down 16%, primarily driven by a decline in units, partially offset by higher average selling prices. Revenue grew 8% sequentially and commercial continues to fair better than consumer with commercial revenue growing sequentially to $10.2 billion (sic) [$10.6 billion]. Consumer revenue was $2.4 billion. CSG profitability remained strong in Q2, with operating income of $1 billion or 7.5% of revenue, up 120 basis points, driven by an increase in gross margin rate and lower operating expense as we maintained pricing discipline and benefited from lower input costs.

轉向南玻集團。日曆第二季度個人電腦市場的銷量下降了 14%，但現在顯示出改善的跡象，比上一季度增長了 7%。我們第二季度的 CSG 收入為 129 億美元，下降 16%，主要是由於銷量下降，但部分被平均售價上漲所抵消。收入環比增長 8%，商業收入繼續好於消費者，商業收入環比增長至 102 億美元（原文如此）[106 億美元]。消費者收入為 24 億美元。第二季度，南方電網的盈利能力依然強勁，營業收入為10 億美元，佔收入的7.5%，增長了120 個基點，這主要得益於毛利率的上升以及我們維持定價紀律並受益於較低的投入成本而降低的營業費用。

We remain focused on commercial and the high end of consumer, profitable relative performance and executing our direct attach motion for services, software, peripherals and financing. Customer interest remains high in financing and consumption models that provide both payment flexibility and predictability. Our Q2 Dell Financial Services originations were $2.3 billion, up 1%.

我們仍然專注於商業和高端消費者、有利可圖的相對業績，並執行我們針對服務、軟件、外圍設備和融資的直接附加動議。客戶對提供支付靈活性和可預測性的融資和消費模式仍然很感興趣。我們第二季度戴爾金融服務的原始資金為 23 億美元，增長 1%。

DFS ending managed assets reached $14.7 billion, up 9%, while the overall DFS portfolio quality remains strong and credit losses near historically low levels. During the quarter, we continued to see Apex momentum, including a strong double-digit percentage increase in a number of new Apex customers that have subscribed to our as-a-service solutions with strength in our data center utility and flex on demand offerings.

DFS期末管理資產達到147億美元，增長9%，而DFS投資組合的整體質量依然強勁，信貸損失接近歷史最低水平。在本季度，我們繼續看到Apex 的勢頭，包括許多新Apex 客戶以兩位數的百分比強勁增長，這些客戶訂閱了我們的即服務解決方案，憑藉我們的數據中心實用程序和靈活的按需產品的優勢。

Turning to our cash flow and balance sheet. Our cash flow from operations was $3.2 billion, primarily driven by working capital improvements, sequential growth and profitability. Within working capital, we reduced inventory $0.4 billion sequentially and continued strong collections performance with [pass-through] now at record low levels.

轉向我們的現金流和資產負債表。我們的運營現金流為 32 億美元，主要受到營運資本改善、環比增長和盈利能力的推動。在營運資金範圍內，我們連續減少了 4 億美元的庫存，並繼續保持強勁的收款業績，[傳遞]目前處於創紀錄的低水平。

With the work we've done on net working capital post pandemic, our cash conversion cycle has now improved to negative 50 days in Q2, in line with pre-COVID levels. Cash and investments was up $0.7 billion sequentially driven by free cash flow generation offset by $1.1 billion of debt paydown and $0.5 billion in capital returns. In Q2, we repurchased 5.2 million shares of stock at an average price of $49.53 and paid a $0.37 per share of dividend. Our core leverage improved to 1.6x exiting the quarter, and we ended Q2 with $9.9 billion in cash and investments, which gives us flexibility to increase our return of capital going forward.

通過我們在大流行後淨營運資本方面所做的工作，我們的現金轉換週期現已在第二季度改善至負 50 天，與新冠疫情前的水平一致。現金和投資環比增長 7 億美元，原因是自由現金流生成抵消了 11 億美元的債務償還和 5 億美元的資本回報。第二季度，我們以平均價格 49.53 美元回購了 520 萬股股票，並支付了每股 0.37 美元的股息。本季度結束時，我們的核心槓桿率提高至 1.6 倍，第二季度末我們擁有 99 億美元的現金和投資，這使我們能夠靈活地提高未來的資本回報率。

Since we implemented our current capital allocation framework 6 quarters ago, we have returned over 90% of our adjusted free cash flow in the form of share repurchase and dividends, and we continue to evaluate enhancements to our framework based on investor feedback.

自從我們在6 個季度前實施當前的資本配置框架以來，我們已經以股票回購和股息的形式返還了超過90% 的調整後自由現金流，並且我們將繼續根據投資者的反饋評估對我們框架的改進。

Turning to guidance. We're seeing signs of stability across a number of areas within our business, including small and medium business and government. But our largest corporate and global enterprise customers are still measured in their IT project investments and spending plans. Against that backdrop, we expect Q3 revenue to be in the range of $22.5 billion and $23.5 billion with a midpoint of $23 billion, flat sequentially.

轉向指導。我們看到我們業務的許多領域都出現了穩定的跡象，包括中小型企業和政府。但我們最大的企業和全球企業客戶仍在衡量他們的 IT 項目投資和支出計劃。在此背景下，我們預計第三季度收入將在 225 億美元至 235 億美元之間，中值為 230 億美元，與上一季度持平。

Currency continues to be a headwind, and we are expecting a roughly 40 basis point impact to Q3 revenue. We expect both CSG and ISG revenues to be roughly flat sequentially. Although we remain disciplined and focused on profitable share, we expect a more competitive pricing environment.

匯率仍然是一個阻力，我們預計第三季度收入將受到大約 40 個基點的影響。我們預計 CSG 和 ISG 的收入將大致持平。儘管我們仍然遵守紀律並專注於盈利份額，但我們預計會出現更具競爭力的定價環境。

Combined with more muted component cost deflation, we expect gross margin rate will be down 150 basis points sequentially. Our continued focus on cost controls will drive lower sequential operating expense that partially offset expected gross margin dilution. We expect our Q3 diluted share count to be between 733 million and 737 million shares and our diluted EPS to be $1.45 plus or minus $0.10.

加上零部件成本通縮更加溫和，我們預計毛利率將環比下降 150 個基點。我們對成本控制的持續關注將降低連續運營費用，部分抵消預期的毛利率稀釋。我們預計第三季度稀釋後股票數量將在 7.33 億股至 7.37 億股之間，稀釋後每股收益將為 1.45 美元上下 0.10 美元。

For the full year, we're raising our FY '24 revenue expectations to be in the range of $89.5 billion and $91.5 million, down 12% at the midpoint. Given Q3 guidance, this implies sequential growth in Q4. We expect interest and other to be roughly flat year-over-year. For our tax rate, you should assume 22.5%, plus or minus 100 basis points. We are increasing our expectations for diluted earnings per share to $6.30, plus or minus $0.20.

對於全年，我們將 24 財年的收入預期上調至 895 億美元至 9150 萬美元之間，中值下降 12%。鑑於第三季度的指導，這意味著第四季度的連續增長。我們預計利息和其他費用同比大致持平。對於我們的稅率，您應該假設 22.5%，正負 100 個基點。我們將稀釋後每股收益的預期提高至 6.30 美元，上下浮動 0.20 美元。

In closing, we have strong conviction in the growth of our TAM over the long term with AI, multi-cloud and edges tailwinds. We have generated $8.1 billion of cash flow from operations over the last 12 months demonstrating our ability to drive efficiency in working capital during a more challenging demand environment. And our Q2 performance underscores the power of our model to generate cash when we return to sequential growth. We remain focused on executing our strategy, investing in innovation to expand our TAM and winning the consolidation of our core markets, including multicloud, edge, telco and AI.

最後，我們堅信在人工智能、多雲和邊緣的推動下，我們的 TAM 能夠長期增長。過去 12 個月，我們的運營現金流達到 81 億美元，這證明我們有能力在更具挑戰性的需求環境中提高營運資本效率。我們第二季度的業績強調了當我們恢復連續增長時我們的模型產生現金的能力。我們仍然專注於執行我們的戰略，投資創新以擴大我們的 TAM，並贏得我們核心市場的整合，包括多雲、邊緣、電信和人工智能。

Expect us to continue to be disciplined in how we manage the business, focusing on what we can control and delivering to our customers and our shareholders. And we look forward to seeing you all at our Security Analyst Meeting in October, where we'll provide updates on our strategy, long-term value creation framework and capital allocation policy.

希望我們能夠繼續嚴格管理業務，專注於我們可以控制的內容並為我們的客戶和股東提供服務。我們期待在 10 月份的證券分析師會議上見到大家，屆時我們將提供有關我們的戰略、長期價值創造框架和資本配置政策的最新信息。

Now I'll turn it back to Rob to begin Q&A.

現在我將把它轉回給 Rob 開始問答。

Thanks, Yvonne. Let's get to Q&A. We ask that each participant ask one question to allow us to get to as many of you as possible. Let's go to the first question.

謝謝，伊馮。讓我們開始問答吧。我們要求每位參與者提出一個問題，以便我們能夠接觸到盡可能多的人。我們先來說第一個問題。

We will take our first question from Shannon Cross with Credit Suisse.

我們將回答瑞士信貸香農·克羅斯提出的第一個問題。

Jeff, can you talk a bit more about -- you've talked a lot about it, but can you talk a bit more about the AI opportunity. Discuss 4 core use cases, but can you talk on a segment and a geographic basis? And how should we think about ASP potential for both servers and storage with AI-oriented solutions. I'm just wondering, is AI going to drive sort of a change in hardware spend that you think is more of a secular positive versus maybe temporary in nature?

傑夫，你能多談談嗎——你已經談了很多了，但你能多談談人工智能的機會嗎？討論 4 個核心用例，但您能在細分市場和地理基礎上進行討論嗎？我們應該如何考慮面向 AI 的解決方案的服務器和存儲的 ASP 潛力。我只是想知道，人工智能是否會推動硬件支出的某種變化，您認為這種變化更多的是長期積極的，而不是暫時的？

Shannon, let me take a stab at that. First of all, we think AI, and I think I've said this in our last, Ask the Experts, call but I think it's worth reinforcing is, it's just a new series of workloads and new incremental capability that goes across the PC to the data center to the cloud. And we think it is absolutely because of the uniqueness of the workload, a growth opportunity in all 3 of those areas. Distinct and how it's built out, distinct and how it's going to be used on the PC, opening a whole new opportunity to drive productivity and a great productivity device as is, being able to use these big foundational models at cloud scale.

香農，讓我來嘗試一下。首先，我們認為人工智能，我想我在上一次詢問專家電話會議中已經說過了，但我認為值得強調的是，它只是一系列新的工作負載和新的增量功能，跨越 PC數據中心到雲端。我們認為這絕對是因為工作負載的獨特性，以及所有這三個領域的增長機會。獨特以及它的構建方式，獨特以及它將如何在 PC 上使用，為提高生產力和出色的生產力設備提供了全新的機會，能夠在雲規模上使用這些大型基礎模型。

And then what we think really happens on the enterprise level in business is sort of the notion of domain-specific, process-specific or field of study type of AI, where we actually use customers' data, business will use their data, they will tune the model and then run inference at site on edge, whether that be in a smart factory, smart hospital, in a transportation network.

然後我們認為在企業層面真正發生的事情是特定領域、特定流程或研究領域類型的人工智能的概念，我們實際上使用客戶的數據，企業將使用他們的數據，他們將調整模型，然後在邊緣站點運行推理，無論是在智能工廠、智能醫院還是在交通網絡中。

So when you think about the vertical nature of this and how it will actually work in the real world, we think that technology makes its way all the way out to the edge, AI follows where the data is going to be created, where the sensors are collecting the information and that allows us to put those compute resources where the data is actually being again created. That is not specific to geography. It's not specific to size of business, it going to be really driven by the type of application and the usage environment. And I think that is what's really exciting about this.

因此，當你思考它的垂直性質以及它在現實世界中如何實際工作時，我們認為技術一直延伸到邊緣，人工智能遵循數據將被創建的地方，傳感器將在哪裡正在收集信息，這使我們能夠將這些計算資源放置在實際再次創建數據的地方。這並不特定於地理。它並不特定於業務規模，它實際上是由應用程序類型和使用環境驅動的。我認為這才是真正令人興奮的地方。

We think it's one size does not fit all. We think there's a whole slew of AI solutions, again from the PC to workstations to what happens in the data center and the data center could be a single server running inference at the edge. It could be defined as a small cluster doing a small micro or fine level tuning all the way into these big foundational models where we do cloud scale training.

我們認為單一尺寸並不適合所有人。我們認為存在大量的人工智能解決方案，從個人電腦到工作站再到數據中心發生的事情，數據中心可能是在邊緣運行推理的單個服務器。它可以被定義為一個小集群，對我們進行雲規模訓練的這些大型基礎模型進行小型或精細級別的調整。

So -- in a nutshell, I guess, that's as quickly as I could describe the opportunity. We believe it is incremental. Am I going to say it doesn't come at the expense of some data center servers, of course, not. I don't think we know it's in the early innings. We do know the workloads are distinctly different. The architectures are distinctly different, and we will build different systems for AI and that massive, if you will, data processing that's done in parallel versus how we've historically built applications in the past for the data center.

所以——簡而言之，我想這就是我能描述的最快的機會了。我們相信這是漸進的。我是否想說這不會以犧牲某些數據中心服務器為代價，當然不是。我認為我們不知道這是在前幾局。我們確實知道工作負載明顯不同。這些架構明顯不同，我們將為人工智能構建不同的系統，如果你願意的話，並行完成的大規模數據處理與我們過去為數據中心構建應用程序的方式不同。

We'll take our next question from David Vogt with UBS.

我們將回答瑞銀集團 (UBS) 的戴維·沃格特 (David Vogt) 提出的下一個問題。

Can we just stick on AI for a second and maybe dig into how you're thinking about your allocation or your ability to allocate -- or get allocation to GPU capabilities, right? So obviously, it's a bit of a rush right now with some limited supply and some gating factors, and you talked about $2 billion of servers in your order book. Can you kind of just share with us sort of how you see yourself competitively sitting into that queue? And are you seeing any sort of challenges in getting ample supply to sort of meet that order book? And how should we expect that order book to sort of filter through revenue as supply becomes available?

我們能否繼續關注人工智能，也許深入了解一下您如何考慮分配或分配能力，或者如何分配給 GPU 功能，對嗎？顯然，由於供應有限和一些限制因素，現在有點倉促，您談到訂單中的服務器價值 20 億美元。您能否與我們分享一下您如何看待自己在隊列中的競爭性？您是否看到了獲得充足供應以滿足訂單的任何挑戰？當供應可用時，我們應該如何預期訂單簿會通過收入進行過濾？

Sure, David. Maybe the easiest measure to determine where we are with supply is demand is way ahead of supply. If you order a product today, it's a 39-week lead time, which would be delivered the last week of May of next year. So we are certainly asking for more parts, working to get more parts. It's what we do. I'm not the allocator, I'm the allocatee. So we're advocating our position on our demand. Again, we are winning business signaled by the $2 billion in backlog today with a pipeline that's significantly bigger.

當然，大衛。也許確定供應狀況的最簡單的衡量標準是需求遠遠領先於供應。如果您今天訂購產品，則交貨時間為 39 週，將於明年 5 月的最後一周交付。因此，我們當然需要更多零件，並努力獲得更多零件。這就是我們所做的。我不是分配者，我是分配者。因此，我們根據我們的要求主張我們的立場。今天，我們再次贏得了 20 億美元的積壓訂單，並且管道規模明顯擴大。

I was in the discussion yesterday with 2 different customers about AI, the day before about AI. It is constantly something that's coming into our business that we're fielding the opportunities. From different cloud providers to folks building AI as a service to enterprises now beginning to do proof of concept and trying to figure out how they do exactly what I just said earlier, use their data on-premise to actually drive AI to improve their business.

昨天我與兩位不同的客戶討論了人工智能，前一天討論了人工智能。我們不斷地抓住機會，不斷地進入我們的業務。從不同的雲提供商到將人工智能構建為服務的人們，現在開始進行概念驗證，並試圖弄清楚他們如何完全按照我剛才所說的那樣做，使用他們的本地數據來實際驅動人工智能來改善他們的業務。

We'll continue to work and advocate for more supply, and then I'll also tell you, we're tracking at least 30 different accelerator chips that are in the pipeline in development that are coming. So there are many people that see the opportunity. Some of these new technologies are fairly exciting from neomorphic type of processors and 8 types of accelerators, there's a series of new technologies and quite frankly new algorithms that we think open up the marketplace and we'll obviously be watching that and driving that across our businesses and helping customers.

我們將繼續努力並倡導更多供應，然後我還會告訴您，我們正在跟踪至少 30 種不同的加速器芯片，這些芯片正在開發中。所以有很多人看到了這個機會。其中一些新技術相當令人興奮，包括新型處理器和8 種類型的加速器，我們認為有一系列新技術和坦率地說新算法打開了市場，我們顯然會關注這些技術並在我們的整個市場中推動它們的發展。企業並幫助客戶。

We'll take our next question from Samik Chatterjee with JPMorgan.

我們將回答摩根大通 Samik Chatterjee 提出的下一個問題。

Samik your line is open. If you could please check your mute button.

Samik 你的線路已開通。如果可以的話，請檢查您的靜音按鈕。

Congrats on the results. Just trying to square the guidance for ISG to be flat when you talked about seeing order improvement? And maybe if you can talk about what are the -- sort of what did you see in terms of linearity of orders during the quarter, both in servers and storage. I mean I understand large enterprises might be still measured, but you did mention there are sort of other segments of the market or verticals that are spending, and it does look like you're seeing more sort of macro -- green shoots of a macro improvement. So just trying to square like how much of that flat guidance sort of embeds pricing being the major driver of that sort of flattish guide versus demand? Just help me square that, please.

祝賀結果。當您談到看到訂單改善時，只是想將 ISG 的指引調整為持平嗎？也許您可以談談您在本季度的服務器和存儲方面的訂單線性方面看到了什麼。我的意思是，我理解大型企業可能仍在衡量中，但您確實提到了市場或垂直領域的其他部分正在支出，而且看起來您確實看到了更多宏觀——宏觀的萌芽改進。那麼，只是想計算出這種扁平化指導中有多少是嵌入定價作為這種扁平化指導與需求的主要驅動力的？請幫我解決這個問題。

Let me go ahead and start on that, Samik. So as we're looking into the third quarter and we're talking about the external environment. We have a lot of near-term dynamics that we're navigating through. We're confident about the go forward, but we're guiding to flat sequentially at $23 billion. We're expecting stability we've seen in the transactional business. So I talked about small business, medium business and government. .

讓我開始吧，Samik。因此，當我們展望第三季度時，我們正在談論外部環境。我們正在應對許多近期動態。我們對未來充滿信心，但我們預計環比持平於 230 億美元。我們期望交易業務能夠保持穩定。所以我談到了小型企業、中型企業和政府。 。

But in the ISG space, which you're particularly asking about, we're expecting that to be overall flat sequentially with servers a bit better, really on the -- leaning in on the GCI -- GPU mix, excuse me, but not expecting that rate of decline to improve much on the rest of the server portfolio. And then from a storage perspective, we've got a seasonality, we're normally seasonally down in the third quarter.

但在 ISG 領域，您特別關心的問題，我們預計總體上會與服務器持平，並且服務器會更好一點，實際上是在 - 傾向於 GCI - GPU 組合上，請原諒，但不是預計其他服務器產品組合的下降率將大幅改善。然後從存儲的角度來看，我們有季節性，通常在第三季度會季節性下降。

And so that storage -- we're expecting a lower storage performance in that quarter. Now at CSG, we also have it flat. We have some mixed dynamics in there with mixing more towards the holiday period. So we'll have that coming in. And we'll have that also with some [TRU] pressure that we're expecting from the external environment.

因此，我們預計該季度的存儲性能會下降。現在在CSG，我們也持平。我們在那裡有一些複雜的動態，在假期期間混合得更多。所以我們會遇到這種情況。而且我們也會遇到來自外部環境的一些[TRU]壓力。

Yes. I might add it's a complement, Yvonne, just said on the ISG, specifically storage as you mentioned, it's seasonally down Q2 to Q3. And with the weakness in our enterprise customers, they happen to be the greatest concentration of the high-end or high-price band storage arrays that we sell and that puts pressure on the P&L in Q3.

是的。我可能會補充說，這是一個補充，Yvonne，剛才在 ISG 上說過，特別是正如您提到的存儲，它在第二季度到第三季度季節性下降。由於我們的企業客戶表現疲軟，他們恰好是我們銷售的高端或高價帶存儲陣列的最大集中地，這給第三季度的損益帶來了壓力。

That's right. We haven't seen those larger corporate and global enterprise customers really come back into the spending zone yet.

這是正確的。我們還沒有看到那些較大的企業和全球企業客戶真正回到消費區。

We'll take our next question from Toni Sacconaghi with Bernstein.

我們將回答托尼·薩科納吉和伯恩斯坦提出的下一個問題。

I just have a quick clarification in the question. I think you said your server backlog in revenue terms was 20% GPU or accelerator based. I just wanted to confirm that. And as context, could you add what was the percentage of server revenues this quarter that was GPU-based and a year ago? .

我只是快速澄清一下這個問題。我想您說過您的服務器積壓收入中 20% 是基於 GPU 或加速器的。我只是想確認這一點。作為背景，您能否補充一下本季度基於 GPU 的服務器收入與一年前相比是多少？ 。

And then my question is just on operating margins, you're kind of above your historical levels in [CSG] of 5% to 7% you're above ISG historically, maybe 11% to 12%. Is there anything structurally that's changing or was this kind of a unique quarter in terms of strong sequential growth in cost control and maybe even next quarter given the gross margin guidance, we should be back down to normal levels or is there something either about AI or about how you're picking where you want to participate, that the kinds of margins we saw this quarter in both businesses might be something we might continue to see.

然後我的問題只是關於營業利潤率，[CSG] 的運營利潤率高於歷史水平 5% 到 7%，而 ISG 的歷史水平可能高於 11% 到 12%。是否有任何結構性變化，或者就成本控制的強勁連續增長而言，這是一個獨特的季度，考慮到毛利率指導，甚至下個季度，我們應該回到正常水平，或者是否有關於人工智能或關於你如何選擇你想參與的領域，我們本季度在這兩項業務中看到的利潤可能是我們可能會繼續看到的。

I'll take the first half of the question, Tony. I believe my remarks were 20% of the first half orders in servers or AI-based servers, the XE family, et cetera. And if you were to compare it against a year ago since the XE family of products did not exist, and that's the vast majority of the backlog. It's a very large percentage on a year-over-year basis. I actually did calculate it, but it'd be a very big number. given most of the $2 billion backlog I noted is XE9680 base. .

我來回答問題的前半部分，托尼。我相信我的言論佔了上半年服務器或基於人工智能的服務器、XE系列等訂單的20%。如果你將其與一年前進行比較，因為 XE 系列產品還不存在，這就是積壓的絕大多數。與去年同期相比，這是一個非常大的百分比。我確實計算過，但那是一個很大的數字。鑑於我注意到的 20 億美元積壓訂單中的大部分都是 XE9680 基礎。 。

And then I'll jump in on the profitability question. I think what we saw or what we did see in Q1 and Q2 was really, I think, a great example of our differentiated model, right, with the ability to capture that deflationary environment and translate it through the P&L quite quickly. We saw component deflation that was better than anticipated and stable [TRUs] and that let us really deliver that higher margin rate. In Q3, though, we're expecting a few things, right, a more competitive environment now that we're seeing inventory levels more normalized.

然後我將討論盈利能力問題。我認為我們在第一季度和第二季度所看到的或確實看到的確實是我們差異化模型的一個很好的例子，對吧，我們有能力捕捉通貨緊縮環境並很快將其轉化為損益表。我們看到成分通貨緊縮比預期要好且穩定 [TRU]，這讓我們真正實現了更高的利潤率。不過，在第三季度，我們預計會發生一些事情，對吧，現在我們看到庫存水平更加正常化，競爭環境將更加激烈。

And we think that we'll see more of our competitors have that broader access to lower component costs. And then I'd wrap on that with saying that we're expecting a deflationary environment to continue, but less so or more muted in the third quarter than what we saw in Q2. So there -- we're very pleased with how we performed in the second quarter. And both CSG and ISG that are expecting that competitive pressure to -- and mixed dynamics, especially in the third quarter coming through in ISG as we mix less towards storage seasonally, and we'll mix back into the storage element in the fourth quarter.

我們認為，我們將看到更多的競爭對手能夠更廣泛地獲得更低的組件成本。最後，我想說的是，我們預計通貨緊縮環境將持續下去，但第三季度的情況將比第二季度的情況有所減輕或更加溫和。所以，我們對第二季度的表現非常滿意。 CSG 和 ISG 都預計競爭壓力和混合動態，特別是在 ISG 的第三季度，因為我們減少了季節性存儲的混合，我們將在第四季度重新混合存儲元素。

We'll take our next question from Aaron Rakers with Wells Fargo.

我們將接受富國銀行 Aaron Rakers 提出的下一個問題。

Yes. Thanks for the question and also congrats on the results. I'm going to shift away from the AI narrative and maybe talk a little bit about the balance sheet side of the equation for Dell. I think in your prepared comments, you highlighted that you've now got, I think it was close to $9.9 billion of cash on the balance sheet. And one of the things you also mentioned was improving flexibility or increased flexibility on capital return side. So I'm curious of how you're thinking about capital return relative to M&A? And any context of how much capacity or maybe put in other way, how much operational cash do you necessarily need as we think about the excess cash that you're carrying on the balance sheet on top of the free cash flow generation for the company.

是的。感謝您的提問，也對結果表示祝賀。我將不再談論人工智能，也許會談談戴爾的資產負債表方面。我認為在您準備好的評論中，您強調了您現在的資產負債表上有接近 99 億美元的現金。您還提到的一件事是提高靈活性或增加資本回報方面的靈活性。所以我很好奇您如何看待相對於併購的資本回報？以及任何關於有多少產能或可能以其他方式表達的情況，當我們考慮除了公司自由現金流生成之外，您在資產負債表上攜帶的多餘現金時，您必然需要多少運營現金。

Yes, this is Tyler. Maybe I'll start and Yvonne might step in. But I think we've always talked about our minimum cash balances being somewhere around, call it, $4 billion to $5 billion. Now it doesn't necessarily mean I'm going to run at those levels. But clearly, we have excess cash. As you saw, it was a really strong cash quarter. And actually, if you look at the first half of the year at $5 billion of CFOps that's a record, right? So great job by the teams on working capital and something we've been extremely focused on.

是的，這是泰勒。也許我會開始，伊馮可能會介入。但我想我們一直在談論我們的最低現金餘額約為 40 億至 50 億美元。現在這並不一定意味著我會以這些水平運行。但顯然，我們有多餘的現金。正如您所看到的，這是一個非常強勁的現金季度。事實上，如果你看看今年上半年 50 億美元的 CFOP，這已經是創紀錄的了，對嗎？團隊在營運資金和我們一直非常關注的方面做得非常出色。

So it's great to see the progress that we made. So just like Yvonne mentioned during the opening remarks that does give us more flexibility. As I think about our capital return framework, nothing has changed there. So -- as we look at share repurchase, for example, we look at dilution first and then we think about opportunistic buys. And I think this just gives us more flexibility as we're working through that. We don't provide guidance on that, but obviously something that we're looking at.

所以很高興看到我們取得的進展。正如伊馮在開場白中提到的那樣，這確實給了我們更多的靈活性。當我思考我們的資本回報框架時，發現一切都沒有改變。因此，例如，當我們考慮股票回購時，我們首先考慮稀釋，然後考慮機會主義購買。我認為這給我們在解決這個問題時提供了更大的靈活性。我們不提供這方面的指導，但顯然我們正在研究一些東西。

We'll take our next question from Erik Woodring with Morgan Stanley.

我們將回答摩根士丹利的埃里克·伍德林 (Erik Woodring) 提出的下一個問題。

Jeff, I want to maybe spend some time on storage in the quarter, revenue down just 3% year-over-year. I imagine that was better than expected. Can you maybe just walk us through what you're seeing in the storage market? Where do you think we are in this cycle? Maybe said differently, how much of the performance in 2Q was Dell specific versus the market? And if you could weave in if there is any storage pull-through from AI servers, that would be helpful as well.

Jeff，我想也許在本季度花一些時間在存儲上，收入同比僅下降 3%。我想這比預期的要好。您能否向我們介紹一下您在存儲市場上看到的情況？您認為我們在這個週期中處於什麼位置？也許換句話來說，戴爾第二季度的表現有多少是針對市場的？如果你可以加入人工智能服務器的任何存儲傳輸，那也會很有幫助。

Sure. If you -- I mean, our performance was primarily driven by our strength in HCI, most notably, our PowerFlex, which is our proprietary software-defined storage solution and its growth. We're seeing great momentum there. Its ability to independently scale compute and storage for high-performance applications. We're seeing that technology being embraced in the marketplace. And it clearly has grown. I think I made a remark that it's grown now I think it's 8 consecutive quarters, and it grew triple digits, more than doubled in the quarter. So that certainly was a highlight of the portfolio in storage.

當然。如果你——我的意思是，我們的業績主要是由我們在 HCI 方面的實力推動的，最引人注目的是我們的 PowerFlex，這是我們專有的軟件定義存儲解決方案及其增長。我們在那裡看到了巨大的勢頭。它能夠獨立擴展高性能應用程序的計算和存儲。我們看到該技術正在被市場接受。而且它顯然已經增長了。我想我說過它現在已經連續8個季度增長了，並且增長了三位數，在本季度增長了一倍多。因此，這無疑是存儲產品組合的一個亮點。

PowerStore, our mid-range offering now has grown 12 consecutive quarters in a row. It is the mainstay of our mid-range offer, so that continues to be a strength in the business, particularly given the largest multinational customers in the world are very guarded in their buying, being able to sell to large corporates, large midsized -- medium-sized businesses, certainly is the home of where our midrange product is.

我們的中端產品 PowerStore 目前已連續 12 個季度實現增長。它是我們中端產品的支柱，因此這仍然是我們業務的優勢，特別是考慮到世界上最大的跨國客戶在購買方面非常謹慎，能夠向大型企業、大中型企業銷售——中型企業當然是我們中端產品的所在地。

I mentioned earlier in one of the questions that our high-end storage is going through that down cycle where we saw the mainframe refresh we saw buildup through the COVID time are now in the digestion of that capacity that was brought online. That's the backdrop of our storage business. I'm very optimistic. We're working to get tighter correlation that the AI compute side should be driving the unstructured storage side and the object storage side, our ECS business. When you think about the large amounts of data this is going through.

我之前在一個問題中提到，我們的高端存儲正在經歷下行週期，我們看到了大型機的更新，我們看到了在新冠疫情期間積累的容量，現在正在消化上線的容量。這就是我們存儲業務的背景。我很樂觀。我們正在努力獲得更緊密的關聯，即人工智能計算端應該驅動非結構化存儲端和對象存儲端（我們的 ECS 業務）。當您考慮正在經歷的大量數據時。

And I think we'll really see this as enterprises deploy AI more broadly that the unstructured data in its various forms all-in structured will be looking for highly scalable solutions, and we have the most highly scalable, high-performance unstructured systems in the market with our PowerScale and ECS object storage. So I'm optimistic. I would tell you there's not a tight correlation to the moment. Most of it is compute with software-defined storage inside that compute. I hope that helped.

我認為，隨著企業更廣泛地部署人工智能，我們將真正看到這一點，各種形式的全結構化非結構化數據將尋求高度可擴展的解決方案，而我們擁有業界最高度可擴展、高性能的非結構化系統。我們的 PowerScale 和 ECS 對象存儲市場。所以我很樂觀。我會告訴你，這與當下並沒有緊密的相關性。其中大部分是使用該計算內部的軟件定義存儲進行的計算。我希望這有幫助。

We'll take our next question from Amit Daryanani with Evercore.

我們將回答 Evercore 的 Amit Daryanani 提出的下一個問題。

Congrats on a nice set of numbers here. Maybe just go back to the AI server opportunity. I was hoping you folks could talk about who are the customers that are buying this from Dell? Are they traditional enterprises? Are they hyperscale customers? And I guess Jeff, maybe just help us understand what is Dell's value proposition when it comes to GPU-enabled service? Because I think the concern might just be that what's the durability of these revenues, if they're coming from customers that typically use ODMs and they can't get GPU allocations. Can you maybe just talk about the value prop that is providing who the base is? And is this accretive or dilutive do you think then to your ISG margins?

恭喜您獲得了一組不錯的數字。也許只是回到人工智能服務器機會。我希望你們能談談誰是從戴爾購買此產品的客戶？他們是傳統企業嗎？他們是超大規模客戶嗎？我想 Jeff，也許只是幫助我們了解戴爾在支持 GPU 的服務方面的價值主張是什麼？因為我認為人們擔心的可能只是這些收入的持久性如何，如果它們來自通常使用 ODM 的客戶並且無法獲得 GPU 分配。您能否談談提供基礎的價值支撐？您認為這會增加還是稀釋 ISG 的利潤？

Must be 4 or 5 questions in that question. So let me work my way through that. I mean, clearly, we believe today. And my words, hopefully, at the opening resonated that this is a big incremental opportunity and that these new workloads demand a new type of architecture and new type of technology. We believe we've hit the sweet spot with that with our XE9680, for example. But there are 3 other AI servers in our portfolio as well. If you think about the 9680, why is it an interesting product. I mean, clearly, we worked closely with NVIDIA over 3 years.

該問題必須有 4 或 5 個問題。那麼讓我來解決這個問題吧。我的意思是，很明顯，我們今天相信。希望我在開幕式上所說的話引起共鳴，這是一個巨大的增量機會，這些新的工作負載需要新型架構和新型技術。例如，我們相信我們已經通過 XE9680 達到了最佳點。但我們的產品組合中還有其他 3 款人工智能服務器。如果您考慮一下 9680，為什麼它是一款有趣的產品。我的意思是，顯然，我們與 NVIDIA 密切合作了 3 年多。

Tuning its performance. We believe it's the highest performance, most dense AI server you can buy today. You can give it as a [6U] product. We think about it as power efficiency, what we've been able to do around air cooling at ambient temperature of 35 degrees Celsius, what we've done with iDRAC, what we've done around the connectivity side with 10 PCIe ports for it to work on high-performance clusters.

調整其性能。我們相信它是當今您可以購買的性能最高、密度最高的人工智能服務器。您可以將其作為 [6U] 產品提供。我們將其視為電源效率，我們在 35 攝氏度的環境溫度下圍繞空氣冷卻所做的工作，我們對 iDRAC 所做的工作，我們在使用 10 個 PCIe 端口的連接方面所做的工作致力於高性能集群。

So we've built something purposely for AI. If you think about the types of services that we announced that Dell Technology World and subsequently, a broader range of services with Helix, the ability to help enterprises deploy this, help them understand where their data is, how to get their data prepared, how to implement the infrastructure with ease and how to begin to train models, tune models and then ultimately be able to run inference at the edge or in their data center. That package of services and capabilities we're just in the beginning of.

所以我們專門為人工智能構建了一些東西。如果您考慮一下我們宣布的 Dell Technology World 以及隨後推出的更廣泛的 Helix 服務類型，能夠幫助企業部署此服務，幫助他們了解數據在哪裡、如何準備數據、如何輕鬆實施基礎設施，以及如何開始訓練模型、調整模型，然後最終能夠在邊緣或數據中心運行推理。我們的服務和功能包才剛剛開始。

The types of customers we're selling today is a wide range. There is a density of that today with some of the new AI as a service companies. We're seeing enterprises, as I mentioned, early buy in small volumes so they can do proof of concept, so they can begin to understand, test, do that sort of work.

我們今天銷售的客戶類型非常廣泛。如今，一些新的人工智能即服務公司就存在這樣的情況。正如我提到的，我們看到企業早期進行小批量購買，以便他們可以進行概念驗證，這樣他們就可以開始理解、測試、做此類工作。

But if you look at the long-term attributes of this opportunity, we think it's AI in a lot of places at the edge. at the data center and cloud. It's going to track the data. In my mind and architecturally when we look at this in every way that we've looked at it, AI is going to follow the data. It's highly unlikely you're going to have a smart factory or a smart hospital or a set of robots that are going to continuously look to be trained or run inference a long way away. Latency will matter. We think security will matter. We think performance will matter, and we ultimately think cost will matter.

但如果你看看這個機會的長期屬性，我們認為人工智能在很多邊緣領域都是如此。在數據中心和雲中。它將跟踪數據。在我看來，從架構上來說，當我們以各種方式看待這個問題時，人工智能將遵循數據。你不太可能擁有一家智能工廠、一家智能醫院或一組機器人，它們會不斷地接受訓練或在很遠的地方進行推理。延遲很重要。我們認為安全很重要。我們認為性能很重要，最終我們認為成本也很重要。

And when you put that equation together, we think it's going to be a hybrid world. There will be some AI done in the cloud -- will be done, some AI done on-prem. We think it's going to be very, very heterogeneous in the way that this will be done with classic compute as well as accelerated compute. In a nutshell, that's what we think of the opportunity. I certainly could go into more detail, but I think I hit a series of questions, at least on the surface.

當你把這個等式放在一起時，我們認為這將是一個混合世界。一些人工智能將在雲端完成——將會完成，一些人工智能將在本地完成。我們認為這將是非常非常異構的，這將通過經典計算和加速計算來完成。簡而言之，這就是我們對機會的看法。我當然可以講得更詳細，但我認為我提出了一系列問題，至少在表面上是這樣。

We'll take our next question from Wamsi Mohan with Bank of America.

我們將回答美國銀行 Wamsi Mohan 提出的下一個問題。

Your primary USB-C competitor noted a lower PC TAM in 2023, also a backdrop of a more challenging component cost environment. I was wondering maybe, Jeff, you could talk about the trends in commercial and consumer through the rest of this year and set up into next year from a PC TAM perspective and also from a margin perspective.

您的主要 USB-C 競爭對手指出 2023 年 PC TAM 較低，這也是組件成本環境更具挑戰性的背景。 Jeff，我想知道您是否可以從 PC TAM 的角度以及利潤率的角度談談今年剩餘時間以及明年的商業和消費者趨勢。

Sure. Our view of the market hasn't materially changed from our last call. I hear -- maybe that's on our end, a scratch. I'll try to talk over that.

當然。與上次通話相比，我們對市場的看法沒有發生重大變化。我聽說——也許是我們這邊的傷痕。我會嘗試談談這個問題。

We see the market at roughly 250 million units, which would roughly have it down 15% over last year, 2 consecutive years down, we see it slowing in the second half against easier compares. That's reflected in what Yvonne just gave us guidance for both Q3 and tied into the year. So we see PC rates have declined slowing and to the point where we head into next year, and we're optimistic that there is growth in the PC next year.

我們預計市場規模約為 2.5 億台，這將比去年下降 15%，連續兩年下降，我們預計下半年增速將放緩。這反映在伊馮剛剛為我們提供的第三季度和今年的指導中。因此，我們看到個人電腦的價格下降速度正在放緩，直到明年，我們對明年個人電腦的增長持樂觀態度。

Low single digits. We can debate that number. If you told us, we'd give you, say, probably in the 3% to 4% range is what we think today the opportunity to grow next year. What's really interesting through this phase is the types of PCs we're selling tend to be at a higher ASP. If you look at our ASP against the balance of the industry, we're roughly 2x. Why is that? One, driven by commercial mix; two, the attach -- the attach of our peripherals, our software and services, it generally drives a 2x ASP to the industry. Also driven by the types of products we've build are focused to the profit pools that we build to commercial PCs.

低個位數。我們可以討論這個數字。如果您告訴我們，我們會給您，比如說，我們今天認為明年增長的機會可能在 3% 到 4% 的範圍內。這一階段真正有趣的是我們銷售的 PC 類型往往具有較高的平均售價。如果你將我們的 ASP 與行業平衡對比來看，我們大約是 2 倍。這是為什麼？一、商業組合驅動；第二，附加——我們的外圍設備、我們的軟件和服務的附加，它通常為行業帶來 2 倍的 ASP。此外，我們所構建的產品類型還注重我們為商用 PC 構建的利潤池。

Again, premium consumer and gaming that recipe has served as well. That's not where all the units have been in the first half of the year. There have been a lot of units, which is why, quite frankly, we've struggled with a bit of share challenge this year as many of the units have been in emerging markets, have been in a low price band consumer and Chrome, which we're not particularly strong in. We focused into the profit pools where we are very strong and a market leader. We think about next year and as we end this year with a new version of Windows with CoPilot, all of us building AI-enabled PCs. We think AI at the edge on the PC is a great, I call it the killer app. I think that killer app is going to drive a productivity increase. And any time we've seen new applications that drive productivity at the edge on the PC, we've seen the market rebound.

同樣，優質消費者和遊戲的配方也發揮了作用。這並不是所有單位今年上半年的情況。有很多單位，這就是為什麼，坦率地說，我們今年一直在努力應對一些份額挑戰，因為許多單位都在新興市場，處於低價位消費者和 Chrome 中，我們並不是特別擅長。我們專注於我們非常強大並且是市場領導者的利潤池。我們考慮明年，當我們在今年年底推出帶有 CoPilot 的新版 Windows 時，我們所有人都會構建支持 AI 的 PC。我們認為 PC 邊緣的人工智能是一個很棒的應用程序，我稱之為殺手級應用程序。我認為殺手級應用程序將推動生產力的提高。每當我們看到新的應用程序能夠提高 PC 邊緣的生產力時，我們就會看到市場的反彈。

And if you're going to ask your PC to do more, it generally means it needs a bigger CPU, a little more memory, a little bit more storage, a better display, et cetera, et cetera, which is another proxy for driving ASPs. That was a mouthful. I think I covered it all. We're going to weather the storm this year. The market is down. That's not going to change. It's rate of decline slows in the second half. ASPs are holding the opportunities in the profit pools, which we continue to focus on, and we're optimistic about a modest growth in calendar '24.

如果你要要求你的電腦做更多的事情，這通常意味著它需要更大的CPU、更多的內存、更多的存儲空間、更好的顯示屏等等，這是駕駛的另一個代理應用服務提供商。那是一口。我想我已經涵蓋了這一切。今年我們將渡過難關。市場下跌。這不會改變。下半年下降速度放緩。 ASP 抓住了利潤池中的機會，我們將繼續關注這一點，並且我們對 24 年的適度增長持樂觀態度。

Thanks for the question, Wamsi.

謝謝你的提問，瓦姆西。

We'll take our next question from Asiya Merchant with Citigroup.

我們將回答花旗集團 Asiya Merchant 的下一個問題。

Great. Thank you for the opportunity and great results. Jeff, in terms of PowerPoint, you guys talk about the long-term market growth opportunity. And clearly, you're very excited about how AI and some of Dell's core offerings are helping shape the market as well. So if you could just talk about when you think about your growth, your market opportunity, how we should think about that in the face of AI? Is that something that we should expect to maybe edge higher just given the growing amount of workload, the higher ASPs on the computer side as well -- and is that something that we should expect for calendar '24 to see an acceleration in growth relative to your long-term market growth forecast, especially coming off a down year in calendar '23.

偉大的。感謝您提供的機會和出色的成果。 Jeff，就 PowerPoint 而言，你們談論的是長期市場增長機會。顯然，您對人工智能和戴爾的一些核心產品如何幫助塑造市場感到非常興奮。那麼，如果你能談談當你考慮你的增長、你的市場機會時，面對人工智能我們應該如何思考？考慮到工作量的不斷增加以及計算機方面的 ASP 的提高，我們是否應該預期這一數字可能會上升，並且我們應該預期 24 日曆年的增長相對於您的長期市場增長預測，尤其是在23 日曆年的下滑之後。

Well, we tend to think about these growth opportunities in areas where our model really extends or expands. So if you think about our leadership position across PC storage, compute side, you think about our large go-to-market presence, you think about our, I think, scale and advantage in the supply chain are very scaled service organization. How do you take those 4 attributes and apply it to new growth opportunities? We've clearly picked and talked about them in the past as telco, which is off to a good start.

好吧，我們傾向於在我們的模型真正延伸或擴展的領域考慮這些增長機會。因此，如果您考慮我們在 PC 存儲、計算方面的領導地位，您會考慮我們龐大的市場影響力，您會考慮我們在供應鏈中的規模和優勢，這是非常規模化的服務組織。您如何利用這 4 個屬性並將其應用於新的增長機會？我們過去曾明確選擇並談論它們作為電信公司，這是一個良好的開端。

Edge, we just -- we've been engaged through partners in the marketplace, but the native Edge product that I announced on stage at DTW ships here very shortly next week. We think about the opportunity in multicloud as we build out the multicloud platforms that I talked about on stage. They get delivered later this year. They're on schedule. And then there's the fourth tailwind that we've talked about a bit already today, which is AI.

Edge，我們只是 - 我們已經通過市場上的合作夥伴進行了合作，但我在 DTW 舞台上宣布的原生 Edge 產品將於下週很快發貨。當我們構建我在台上談到的多雲平台時，我們會思考多雲中的機會。它們將在今年晚些時候交付。他們正按計劃進行。然後是我們今天已經討論過的第四個推動因素，那就是人工智能。

And again, to be clear, we think it is an incremental opportunity. Is it wholly 100% a new category, not cannibalizing some of the data center, I don't know. I don't think that's worth debating. I know the workloads are different. I know the architecture and the types of products that we have to build to serve that demand and need are different. I think that is pretty exciting. Our model plays quite well there.

再次強調，我們認為這是一個增量機會。我不知道它是否完全是 100% 的新類別，不會蠶食一些數據中心。我認為這不值得爭論。我知道工作量是不同的。我知道我們為滿足這種需求而必須構建的架構和產品類型是不同的。我認為這非常令人興奮。我們的模型在那裡表現得很好。

Given the backlog and allocation of parts, we will be carrying AI backlog into next year, it's just -- we won't get enough parts to clear the backlog even the 39 lead time of today. And I think it continues to build momentum because the early adopters tend to be concentrated in this AI as a service and the hyperscalers. And we've now talked about and firmly believe it's going to be deployed on-prem and at the edge.

考慮到零件的積壓和分配，我們將把人工智能積壓帶到明年，只是——即使是今天的 39 個交貨時間，我們也不會獲得足夠的零件來清除積壓。我認為它繼續保持勢頭，因為早期採用者往往集中在人工智能即服務和超大規模領域。我們現在已經討論並堅信它將在本地和邊緣部署。

We've said this before. We think there's going to be AI factories everywhere, little ones and big ones and little ones on the edge and medium-sized ones in data centers and large ones at cloud scale. That paints a picture of a pretty significant opportunity for us, and we have to continue to build our portfolio of services, which I think is key with the hardware. So our hardware aligned with certification of the application, the open source community that's out there today, making sure they run great on our portfolio of XE servers and then ultimately build servers both embedded services and professional services around the platforms themselves.

我們之前已經說過了。我們認為人工智能工廠將無處不在，無論是小型的還是大型的，小型的位於邊緣，中型的位於數據中心，大型的位於雲規模。這為我們描繪了一個相當重要的機會，我們必須繼續建立我們的服務組合，我認為這對於硬件來說是關鍵。因此，我們的硬件與應用程序認證、當今的開源社區保持一致，確保它們在我們的 XE 服務器產品組合上運行良好，然後最終圍繞平臺本身構建嵌入式服務和專業服務服務器。

We'll take our next question from Michael Ng with Goldman Sachs.

我們將回答高盛邁克爾·吳 (Michael Ng) 提出的下一個問題。

Thank you very much for the question I just had on AI servers and ISG. It's encouraging to hear that server ASPs increased, AI server mix increased, and we saw improving gross margins in ISG. Was that primarily storage mix? Or are AI servers accretive to margins. And I'm just wondering if you could talk about whether or not there are any things to discuss as it relates to how GPUs are accounted for in AI servers? Is it done on a consignment basis? Or does it just flow through normally? And then lastly, I was just wondering if the success of XE9680 improves your revenue visibility into next year, just given the backlog and whether we should think about seasonality very differently for next year.

非常感謝您剛才提出的關於 AI 服務器和 ISG 的問題。令人鼓舞的是，服務器平均售價有所增加，人工智能服務器組合有所增加，而且我們看到 ISG 的毛利率有所提高。這主要是存儲組合嗎？或者人工智能服務器會增加利潤嗎？我只是想知道您是否可以談談是否有任何事情需要討論，因為這與 GPU 在人工智能服務器中的計算方式有關？是按寄售方式進行的嗎？還是只是正常流過？最後，我只是想知道 XE9680 的成功是否會提高您明年的收入可見性，考慮到積壓情況，以及我們是否應該以不同的方式考慮明年的季節性。

A few questions on pack there, Yvonne and I will try to make our way through that. And maybe in a logical order. When we think about this, our improvement in the P&L in Q2 was driven by the sequential growth in both storage and in servers. And because we had a favorable cost environment, we saw margin expansion in both servers and storage, which was good. You saw that in our performance. When I think about the role of AI servers, AI servers from an ASP point of view are significantly greater than a data center or a general-purpose computer, if you will. They're dilutive on a margin percentage. They are accretive on a margin dollar basis. That's how Yvonne and I look at the business.

關於包裡的一些問題，伊馮和我會盡力解決。也許按照邏輯順序。當我們思考這一點時，我們第二季度損益表的改善是由存儲和服務器的連續增長推動的。由於我們擁有有利的成本環境，我們看到服務器和存儲的利潤率都在增長，這是好事。你在我們的表演中看到了這一點。當我思考人工智能服務器的作用時，如果你願意的話，從 ASP 的角度來看，人工智能服務器比數據中心或通用計算機要大得多。它們的利潤率會被稀釋。它們以保證金美元為基礎增值。這就是伊馮和我對這個行業的看法。

That's the backdrop of how we look at AI servers in our portfolio, continuing to drive gross margin dollars, making sure that it's accretive from that point of view. Given that this is the early innings, we have our selling services around these. Much of the service is deferred on our balance sheet when we sell service around these. That's an opportunity to collect that when we can build more services around the deployment of these things like Project Helix that we've talked about being able to help our customers across the entire ecosystem that provides more opportunity for us to grow our part of the AI hardware and service market, which I believe I quoted in our remarks that we think it's going to grow 19% over the next handful of years to $90 billion.

這就是我們如何看待我們投資組合中的人工智能服務器的背景，繼續推動毛利率的增長，確保從這個角度來看它是增值的。鑑於這是早期階段，我們圍繞這些提供銷售服務。當我們圍繞這些服務出售服務時，大部分服務都會在我們的資產負債表上遞延。這是一個收集的機會，當我們可以圍繞諸如Project Helix 之類的部署構建更多服務時，我們已經討論過能夠幫助我們整個生態系統的客戶，這為我們發展我們的人工智能部分提供了更多機會硬件和服務市場，我相信我在我們的講話中引用了這一點，我們認為未來幾年該市場將增長 19%，達到 900 億美元。

And we'll strengthen our balance sheet as that grows. So looking forward to that opportunity.

隨著資產負債表的增長，我們將加強我們的資產負債表。所以期待這個機會。

We'll take our next question from Simon Leopold with James -- Raymond James.

我們將回答西蒙·利奧波德和詹姆斯·雷蒙德·詹姆斯提出的下一個問題。

I wanted to see if maybe you could talk about some of the dynamics related to the supply chain for your enterprise storage in that I think you've had some margin benefits from lower prices for NAND, solid-state memory. And there are, I guess, some expectations that supply and demand shift, pricing will go up for the memory next year. And I'm just wondering how to think about the effects on both your revenue and margin in storage?

我想看看您是否可以談談與企業存儲供應鏈相關的一些動態，因為我認為您已經從 NAND 固態內存價格較低中獲得了一些利潤收益。我猜想，人們預計明年內存的供需會發生變化，價格將會上漲。我只是想知道如何考慮存儲對您的收入和利潤的影響？

Sure. As Yvonne mentioned in a couple of her remarks as well as to the questions thus far, we had a deflationary cost environment in Q2. Our view is that we'll be deflationary in the second half, although the rate of deflation is slowing. And that clearly benefited our businesses from PCs to servers, to storage. The actual material content in storage as a percentage of the sales price is actually smallest of all of our businesses. The spread is the value we believe we bring by our differentiated assets, our capabilities and features, mostly in the software. Typically, when cost increase, we are able to pass that through in time. It isn't 1 for 1 or on the nanosecond, the cost increase that we can change the price, given quotes and what's in the system, but we are generally efficient at passing through cost increases over time, and we'll do that here.

當然。正如伊馮娜在她的幾次講話以及迄今為止的問題中提到的那樣，我們在第二季度面臨通貨緊縮的成本環境。我們的觀點是，下半年將出現通貨緊縮，儘管通貨緊縮的速度正在放緩。這顯然使我們的業務從 PC 到服務器再到存儲受益。存儲中的實際材料含量佔銷售價格的百分比實際上是我們所有業務中最小的。價差是我們認為我們的差異化資產、我們的能力和特性（主要是軟件）帶來的價值。通常，當成本增加時，我們能夠及時解決。這不是 1 對 1 或納秒，我們可以改變價格、給定報價和系統中的內容，但我們通常能夠有效地隨著時間的推移轉移成本增加，我們將在這裡這樣做。

The signal is -- or given our purchasing capability and the scale of it. We tend to see that first. We tend to try to move first, and we have to be sensitive of how we price not getting ahead of the competitive environment of raising price, we become uncompetitive but able to do that in a prudent way where we're passing along our incremental cost as we see them in our business. That's how we've always done this. There won't be any difference in this cycle. You are correct. I anticipate a cost increase cycle in the future. I'm not good enough to tell you what day that's going to occur. I can tell you our reach and understanding into the supply base is really good, and those signals will be measured -- or pushed all the way through into our prices, and we will understand that. Yvonne, I don't know if I missed anything.

這個信號是——或者考慮到我們的購買能力及其規模。我們往往首先看到這一點。我們傾向於嘗試先採取行動，並且我們必須對如何定價保持敏感，如果不領先於提高價格的競爭環境，我們就會變得沒有競爭力，但能夠以謹慎的方式做到這一點，從而轉嫁增量成本正如我們在我們的業務中看到的那樣。我們一直都是這樣做的。這個週期不會有任何區別。你是對的。我預計未來會出現成本增加週期。我還沒有能力告訴你那一天會發生。我可以告訴你，我們對供應基地的影響力和了解非常好，這些信號將被衡量——或者一直滲透到我們的價格中，我們會理解這一點。伊馮，我不知道我是否錯過了什麼。

No, no. I think you covered it.

不，不。我認為你涵蓋了它。

We'll take our next question from Steven Fox with Fox Advisors.

我們將接受福克斯顧問公司的史蒂文·福克斯提出的下一個問題。

Just on the pricing discipline that you're exhibiting here. For the quarter, you had better-than-expected sales and sort of as expected gross margins. Can you sort of explain how that flowed through? It seemed a little different than I would have expected. And then when you think about pricing discipline for the rest of the fiscal year, where would we see it the most sort of come through the income statement?

只是關於您在這裡展示的定價規則。本季度的銷售額好於預期，毛利率也與預期相符。您能解釋一下這是如何發生的嗎？這似乎與我的預期有點不同。然後，當您考慮本財年剩餘時間的定價紀律時，我們會在損益表中看到最多的定價紀律？

Well, from a macro point of view and then Yvonne will certainly weigh in here. When we think about pricing in Q2 in the second half, in many ways, it's business as usual. When you see a slowing market and you see excess inventory, you tend to see pockets of aggressiveness to move inventory to try to generate demand. We don't think the market is very elastic. As a result, we're very disciplined. And we are very disciplined in the profit pools. There were -- as I mentioned, and I think the previous question several back, there were units in the marketplace to go get, which tend to be in less profitable pools near 0.

好吧，從宏觀角度來看，伊馮肯定會在這裡發揮作用。當我們考慮下半年第二季度的定價時，從很多方面來看，一切照舊。當你看到市場放緩並且庫存過剩時，你往往會看到一些積極的舉措來轉移庫存以試圖產生需求。我們認為市場彈性不大。因此，我們非常有紀律。我們在利潤池方面非常嚴格。正如我所提到的，我認為前面的問題已經問過，市場上有一些單位可供購買，這些單位往往位於利潤較低的池中，接近 0。

And that's just not attractive for us. We're very disciplined in that regard. When you look at big deals, as Yvonne and I have said several times now, given the conservative nature or cautious nature, probably more accurately stated of enterprise-class customers and not as many large deals, they tend to be pockets of aggressiveness. But the market is generally stable outside of the areas that I just described. We see that in Q2.

這對我們來說沒有吸引力。我們在這方面非常有紀律。當你審視大筆交易時，正如伊馮和我多次說過的那樣，考慮到保守性或謹慎性，可能更準確地表述為企業級客戶，而不是那麼多大筆交易，它們往往是激進的。但在我剛才描述的區域之外，市場總體穩定。我們在第二季度看到了這一點。

As we go into the second half of the year, we'll see consumer -- it's consumer promotion time. We think consumer promos will be aggressive in the second half of the year, getting inventories back to historical levels, moving some of the old product that we know that's in inventory out there today, which isn't our issue. We're not exposed with any inventory because we run a very lean inventory model. We think those big deals will continue to be aggressive when they come about. They always have been.

當我們進入下半年時，我們將看到消費者——這是消費者促銷的時間。我們認為下半年消費者促銷活動將會很積極，使庫存恢復到歷史水平，並將一些我們知道今天庫存中的舊產品轉移出去，這不是我們的問題。我們沒有任何庫存，因為我們運行的是非常精益的庫存模型。我們認為這些大交易發生時將繼續具有侵略性。他們一直都是。

So there's really nothing new there, just it's business as usual. Or if you prefer a similar pattern that we've seen before, we'll just be disciplined. There are places where it makes sense for us to acquire new customers. There's places where in a customer that we want to expand our portfolio. We call it cross-selling. We'll be very judicious and very disciplined in acquiring new customers and making sure that we can address as much of a customer's state with our portfolio as we possibly can. Yvonne?

所以實際上並沒有什麼新鮮事，只是一切如常。或者，如果您更喜歡我們以前見過的類似模式，我們就會遵守紀律。在某些地方，我們有必要獲得新客戶。我們希望在客戶的某些方面擴展我們的產品組合。我們稱之為交叉銷售。我們將非常明智和嚴格地獲取新客戶，並確保我們能夠通過我們的產品組合盡可能多地解決客戶的問題。伊馮娜？

Yes. No, no, I'd echo that and say we continue to be focused on very price disciplined and focused on those core profit pools across the market. So feel good about that. And we always make investments where we feel like there's the proper return, future return, but very balanced, very disciplined.

是的。不，不，我對此表示贊同，並表示我們將繼續專注於非常嚴格的價格紀律，並專注於整個市場的核心利潤池。所以對此感覺良好。我們總是在我們認為有適當回報、未來回報的地方進行投資，但非常平衡、非常有紀律。

Thanks for the questions Steve. Cindy, if we can take one more question and then we'll turn it back over to -- if you can turn it back over to Jeff for closing remarks.

感謝史蒂夫提出的問題。辛迪，如果我們能再問一個問題，然後我們會將其轉回給——如果您能將其轉回給傑夫進行結束語的話。

We will now take our final question from Krish Sankar with TD Cowen.

現在我們將回答 Krish Sankar 和 TD Cowen 提出的最後一個問題。

A quick one for Yvonne. Based on your full year revenue guide, it looks like your fiscal 4Q revenue should be up low single digits Q-o-Q, Kind of curious what's driving the strength in 4Q relative to 3Q? Is it ISG, CSG, seasonality? Any kind of color there would be helpful.

對伊馮來說，這是一個快速的。根據您的全年收入指南，看起來您的第四季度財政收入應該環比增長低個位數，有點好奇是什麼推動了第四季度相對於第三季度的強勁增長？是ISG、CSG、季節性嗎？任何一種顏色都會有幫助。

So thanks for your question, Krish. In the fourth quarter, we do have a seasonally strong storage performance. And so we're expecting that again this year. So that's really what would be driving the differential in the fourth quarter.

謝謝你的提問，克里什。在第四季度，我們的存儲表現確實具有季節性強勁的表現。因此，我們預計今年會再次出現這種情況。所以這才是第四季度業績差異的真正原因。

Perfect. Well, thank you, everyone. We executed well in Q2 and delivered extraordinary results. Our model is driven by a unique set of competitive advantages starting from our position of strength with a broad portfolio of #1 positions, technology's largest go-to-market engine, the industry's leading supply chain and our world-class service organization. We remain focused on extending our leadership positions across PCs, compute, storage and applying our model to new opportunities. Michael, Yvonne and I will go into more detail of our strategy and other topics at our Securities Analyst Meeting on October 5. We hope to see you all there. Thank you.

完美的。嗯，謝謝大家。我們在第二季度表現出色，取得了非凡的業績。我們的模式是由一系列獨特的競爭優勢驅動的，這些優勢始於我們的實力地位，包括廣泛的排名第一的職位組合、技術最大的進入市場引擎、行業領先的供應鍊和我們世界一流的服務組織。我們仍然專注於擴大我們在個人電腦、計算、存儲領域的領導地位，並將我們的模型應用於新的機遇。 Michael、Yvonne 和我將在 10 月 5 日的證券分析師會議上詳細討論我們的戰略和其他主題。我們希望在那裡見到你們。謝謝。

This concludes today's conference call. We appreciate your participation. You may disconnect at this time.

今天的電話會議到此結束。我們感謝您的參與。此時您可以斷開連接。