戴爾 (DELL) 2025 Q1 法說會逐字稿

Good afternoon, and welcome to the fiscal year 2025 first 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.

下午好，歡迎參加戴爾科技集團 2025 財年第一季財務業績電話會議。本廣播是 Dell Technologies Inc. 的版權財產。

(Operator Instructions) I'd like to turn the call over to Rob Williams, Head of Investor Relations. Mr. Williams, you may begin.

（操作員說明）我想將電話轉給投資人關係主管 Rob Williams。威廉斯先生，您可以開始了。

Thanks, everyone, and thanks 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 these materials and the presentation, which includes additional content to complement our discussion this afternoon. Guidance will be covered on today's call.

謝謝大家，也謝謝您加入我們。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。我們的收益資料可在我們的投資者關係網站上找到，我鼓勵您查看這些資料和演示文稿，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, diluted earnings per share, and adjusted free cash flow.

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、營運費用、營運收入、淨利潤、稀釋每股盈餘和調整後自由現金流。

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. Statements made during this call that relate to future results and events are forward-looking statements based on current expectations.

您可以在我們的網路平台和新聞稿中找到這些衡量標準與其最直接可比較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。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。

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.

由於許多風險和不確定性，實際結果和事件可能與預測有重大差異，這些風險和不確定性在我們的網路平台和 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, and thanks, everyone, for joining us. I'm really proud of the team and our strong performance in Q1. We executed well in an improving demand environment. Revenue was $22.2 billion, up 6% with exceptional growth in servers and a return to growth in our commercial PC business. Operating income was $1.5 billion. Diluted EPS was $1.27, and cash flow from operations was $1 billion.

謝謝羅布，也謝謝大家加入我們。我為我們的團隊和我們在第一季的強勁表現感到非常自豪。我們在不斷改善的需求環境中表現出色。營收為 222 億美元，成長 6%，伺服器的顯著成長以及商用 PC 業務的恢復成長。營業收入為 15 億美元。稀釋後每股收益為 1.27 美元，營運現金流為 10 億美元。

We are uniquely positioned to help customers will artificial intelligence and our strong AI momentum continued in Q1. In ISG, our AI optimized server orders increased to $2.6 billion, with shipments up more than 100% sequentially to $1.7 billion. We have now shipped more than $3 billion of AI servers over the last three quarters.

我們在幫助客戶實現人工智慧方面擁有獨特的優勢，我們在第一季繼續保持強勁的人工智慧勢頭。在 ISG，我們的 AI 優化伺服器訂單增加至 26 億美元，出貨量較上季成長 100% 以上，達到 17 億美元。過去三個季度我們的 AI 伺服器出貨量已超過 30 億美元。

Our AI server backlog was $3.8 billion, growing sequentially by approximately $900 million. Our AI optimized server pipeline grew quarter over quarter again and remains a multiple of our backlog. We've seen an expansion in the number of enterprise customers buying AI solutions which remains a significant opportunity for us given we are in the early stages of AI adoption. Traditional server demand remained strong in Q1. It grew for the second consecutive quarter year over year and the fourth consecutive quarter sequentially. Storage demand has stabilized with revenue flat year over year.

我們的 AI 伺服器積壓金額為 38 億美元，季增約 9 億美元。我們的人工智慧優化伺服器管道再次逐季成長，並且仍然是我們積壓訂單的倍數。我們看到購買人工智慧解決方案的企業客戶數量不斷增加，鑑於我們正處於人工智慧採用的早期階段，這對我們來說仍然是一個重要的機會。第一季傳統伺服器需求依然強勁。它連續第二個季度同比增長，連續第四個季度環比增長。儲存需求穩定，營收較去年同期持平。

Moving to CSG, commercial PC demand has also stabilized, and we saw an improving demand environment as we move through the quarter. CSG revenue was flat year over year with healthy operating profitability. We expect commercial PCs to continue to improve as the year progresses. We remain optimistic about the coming PC refresh cycle, driven by multiple factors.

轉向 CSG，商用 PC 需求也趨於穩定，隨著本季的發展，我們看到需求環境有所改善。 CSG 營收較去年同期持平，營運獲利能力良好。我們預計商用個人電腦將隨著時間的推移繼續改進。在多種因素的推動下，我們對即將到來的 PC 更新週期保持樂觀。

The PC installed base continues to age. Windows 10 will reach end-of-life later next year, and the industry is making significant advances in AI-enabled architectures in applications. We will continue to focus on commercial PCs, high-end of consumer, and gaming, driving a strong attach motion, a strategy that has served us well across various economic cycles.

PC 用戶群持續老化。 Windows 10 將於明年稍晚停產，業界正在應用程式中支援 AI 的架構方面取得重大進展。我們將繼續專注於商用 PC、高階消費和遊戲，推動強勁的附加運動，這項策略在各個經濟週期中都為我們提供了良好的服務。

Last week, we held our annual Dell Technologies World customer event in Las Vegas and artificial intelligence was front and center. There was tremendous excitement around our approach to GenAI and the capabilities we're bringing to customers and partners as they set out on their AI journey. We highlighted our AI strategy to accelerate adoption of AI, which is built on five core beliefs.

上週，我們在拉斯維加斯舉辦了年度戴爾科技世界客戶活動，人工智慧成為焦點。當客戶和合作夥伴開始他們的人工智慧之旅時，我們對 GenAI 的方法以及我們為他們提供的功能感到非常興奮。我們強調了加速人工智慧採用的人工智慧策略，該策略建立在五個核心信念的基礎上。

The first, data is the differentiator. 83% of all data's on-prem and 50% of data is generated at the edge.

首先，數據是差異化因素。 83% 的資料在本地，50% 的資料在邊緣產生。

Second, AI is moving to the data because it's more efficient, effective, and secure. And AI inferencing on-prem can be 75% more cost effective than the cloud.

其次，人工智慧正在轉向數據，因為它更有效率、有效和安全。本地 AI 推理的成本效益比雲端高 75%。

Third, AI will be implemented in a wider range of ways from locally on devices to massive data centers, depending on the use case.

第三，人工智慧將以更廣泛的方式實施，從本地設備到大規模資料中心，具體取決於用例。

Fourth, you need an open, modular architecture to support rapid and sustainable innovation. And finally, AI requires a broad and open ecosystem to take advantage of the latest advancements.

第四，您需要一個開放的模組化架構來支援快速、永續的創新。最後，人工智慧需要一個廣泛而開放的生態系統來利用最新的進步。

We launched the Dell AI factory to help accelerate AI innovation and adoption. It combines our Dell solutions and services optimized for AI workloads with an open ecosystem for partners, including NVIDIA, Meta, Microsoft, and Hugging Face. The Dell AI factory is the industry's broadest AI optimized portfolio of solutions and services that can be designed in size to meet the specific requirements of our customers.

我們推出了戴爾人工智慧工廠，以幫助加速人工智慧創新和採用。它將針對 AI 工作負載優化的戴爾解決方案和服務與面向合作夥伴（包括 NVIDIA、Meta、Microsoft 和 Hugging Face）的開放生態系統相結合。戴爾人工智慧工廠是業界最廣泛的人工智慧最佳化解決方案和服務組合，其規模可根據客戶的特定要求進行設計。

We also extended our engineering leadership of new features and capabilities across our portfolio, including the new PowerEdge XE9680L, an 8-way GPU server with 12 Gen 5 PCIe slots and direct-to-chip liquid cooling that improves overall power efficiency by 2.5 times.

我們也擴大了我們在整個產品組合中新特性和功能的工程領先地位，包括新的PowerEdge XE9680L，這是一款具有12 個第5 代PCIe 插槽和直接晶片液體冷卻功能的8 路GPU 伺服器，可將整體能源效率提高2.5 倍。

With its 4U form factor, customers can buy the densest rackable architecture in the industry with up to 9 XE9680Ls and 72 high wattage GPUs in one rack that can support performance up to 130 kilowatts straight from our factory. In storage, we announced significant software updates to PowerStore which now includes the availability of QLC. Our PowerStore software updates give new and existing customers up to a 66% performance boost and native sync replication for file and block.

憑藉其 4U 外形尺寸，客戶可以購買業界最密集的機架式架構，一個機架中最多可容納 9 個 XE9680L 和 72 個高瓦數 GPU，可直接從我們的工廠支援高達 130 千瓦的性能。在儲存方面，我們宣布了 PowerStore 的重大軟體更新，其中包括 QLC 的可用性。我們的 PowerStore 軟體更新為新客戶和現有客戶提供高達 66% 的效能提升以及檔案和區塊的本機同步複製。

We also added the PowerScale F910 to our AI optimized portfolio, the hardware and software capabilities with two times faster write performance than our competition. We also broadened our networking portfolio with the new PowerSwitch Z9864 with 51 terabits per second of throughput for AI workloads.

我們還將 PowerScale F910 添加到我們的 AI 優化產品組合中，其硬體和軟體功能的寫入效能比我們的競爭對手快兩倍。我們還透過新的 PowerSwitch Z9864 擴大了我們的網路產品組合，該產品可為 AI 工作負載提供每秒 51 太比特的吞吐量。

In client, we announced Dell’s next-generation AI PCs. The Qualcomm Snapdragon X-Elite powers our upcoming XPS and Latitude 7455 available in June. These 45-plus TOPS PCs can support 13 billion-plus parameter models, so which means customers can run popular models like Llama 3 directly on their PCs.

在客戶端，我們發布了戴爾的下一代人工智慧電腦。 Qualcomm Snapdragon X-Elite 為我們即將於 6 月上市的 XPS 和 Latitude 7455 提供支援。這些超過 45 台 TOPS PC 可以支援超過 130 億個參數模型，這意味著客戶可以直接在 PC 上運行 Llama 3 等流行模型。

In closing, our strategy remains simple. We are leveraging our strengths to extend our leadership positions and lean into new opportunities, like AI, driving incremental growth. We are giving customers more choices, flexibility and control of how and where they build, train, run and deploy AI, closer to where the majority of their data exists, on-prem, increasingly at the edge, on-device and across clouds to help them accelerate AI adoption.

最後，我們的策略仍然很簡單。我們正在利用我們的優勢來擴大我們的領導地位，並抓住人工智慧等新機遇，推動增量成長。我們為客戶提供更多選擇、靈活性和控制力，幫助他們建置、訓練、運作和部署人工智慧的方式和地點，更接近其大部分資料存在的地方、本地、越來越多的邊緣、設備上和跨雲，幫助他們加速人工智慧的採用。

We are partnering with customers on every step of their AI journey to make it easy with open, modular solutions, and a broad ecosystem of AI models, tools and partnerships. We are applying AI internally across our own business for better customer and team member experiences.

我們正在與客戶在人工智慧之旅的每一步進行合作，透過開放、模組化的解決方案以及廣泛的人工智慧模型、工具和合作夥伴生態系統，讓他們的工作變得輕鬆。我們正在自己的業務內部應用人工智慧，以獲得更好的客戶和團隊成員體驗。

And now over to Yvonne for the financials.

現在請伊馮來了解財務狀況。

In Q1, we again demonstrated our ability to execute and deliver strong cash flow, and our traditional business has stabilized with AI continuing to drive new growth. Our combined CSG and ISG revenue grew 8% and our total revenue was $22.2 billion, up 6%.

第一季度，我們再次證明了我們執行和交付強勁現金流的能力，我們的傳統業務已經穩定下來，人工智慧繼續推動新的成長。我們的 CSG 和 ISG 合併收入成長了 8%，總收入達到 222 億美元，成長了 6%。

Gross margin was $4.9 billion and 22.2% of revenue, down 250 basis points given a more competitive pricing environment and a higher AI optimized server mix. Operating expense was $3.5 billion or 15.6% of revenue, down 3%, and we will continue to be prudent in our cost management.

鑑於更具競爭力的定價環境和更高的人工智慧優化伺服器組合，毛利率為 49 億美元，佔營收的 22.2%，下降了 250 個基點。營運費用為 35 億美元，佔收入的 15.6%，下降 3%，我們將繼續謹慎地進行成本管理。

Operating income was 6.6% of revenue and $1.5 billion, down 8%, driven by the decrease in our gross margins partially offset by OpEx scaling. Q1 net income was $923 million, down 4% primarily driven by lower operating income. Diluted EPS was $1.27, down 3%.

營業收入佔收入的 6.6%，為 15 億美元，下降 8%，這是由於毛利率的下降被營運支出規模的部分抵銷所抵銷。第一季淨利為 9.23 億美元，下降 4%，主要是由於營業收入下降。稀釋後每股收益為 1.27 美元，下降 3%。

ISG revenue was $9.2 billion, up 22%. Servers and networking revenue was a record $5.5 billion, up 42%. Server demand was even stronger with growth across traditional and AI, and our AI optimized mix of server demand increased again sequentially.

ISG 營收為 92 億美元，成長 22%。伺服器和網路收入達到創紀錄的 55 億美元，成長 42%。隨著傳統和人工智慧的成長，伺服器需求更加強勁，我們的人工智慧優化伺服器需求組合再次持續成長。

We delivered storage revenue of $3.8 billion, flat year over year with demand strength in HCI, PowerMax, PowerStore, and PowerScale. ISG operating income was 8% of revenue and $736 million, down 1%. Q1 is seasonally our lowest profitability quarter in ISG given storage seasonality, and we expect ISG operating margin to improve as the year progresses.

我們實現了 38 億美元的儲存收入，與去年同期持平，HCI、PowerMax、PowerStore 和 PowerScale 的需求強勁。 ISG 營業收入為 7.36 億美元，佔營收的 8%，下降 1%。考慮到儲存季節性，第一季是我們 ISG 獲利能力最低的季度，我們預計 ISG 營運利潤率將隨著時間的推移而改善。

Our CSG revenue was $12 billion, flat year over year. Commercial revenue was $10.2 billion, up 3% while consumer revenue was $1.8 billion, down 15%. CSG operating income was $732 million, or 6.1% of revenue, down primarily due to a more competitive pricing environment.

我們的 CSG 營收為 120 億美元，與去年同期持平。商業收入為 102 億美元，成長 3%，而消費者收入為 18 億美元，下降 15%。 CSG 營業收入為 7.32 億美元，佔營收的 6.1%，下降的主要原因是更具競爭力的定價環境。

The commercial PC demand environment improved as we progressed through the quarter, and we remain bullish on the coming PC refresh cycle and the longer-term impact of AI on the PC market.

隨著本季的進展，商用 PC 需求環境有所改善，我們仍然看好即將到來的 PC 更新週期以及人工智慧對 PC 市場的長期影響。

Our Dell Financial Services originations were $1.9 billion in Q1, up 1% year over year, despite the exit of our VMware resale business and our sale of our consumer revolving portfolio in Q3 of last year. DFS managed assets exited the quarter at $14.2 billion.

儘管去年第三季我們退出了 VMware 轉售業務並出售了消費者循環投資組合，但第一季我們的戴爾金融服務起源為 19 億美元，年成長 1%。本季 DFS 管理資產達 142 億美元。

Turning to our cash flow and balance sheet. Adjusted free cash flow is $5.5 billion on a trailing twelve month basis, well above our average of $4.8 billion over the last five years as we continue to generate strong, consistent and predictable cash flow over time.

轉向我們的現金流和資產負債表。過去 12 個月的調整後自由現金流為 55 億美元，遠高於過去五年 48 億美元的平均水平，因為我們隨著時間的推移繼續產生強勁、一致和可預測的現金流。

Q1 cash flow from operations was $1 billion, primarily driven by profitability, partially offset by our annual bonus payout. Our cash conversion cycle was negative 47 days, flat sequentially with higher inventory related to our AI business offset by strong collections performance.

第一季營運現金流為 10 億美元，主要由獲利能力驅動，部分被我們的年度獎金支付所抵銷。我們的現金週轉週期為負 47 天，與上一季持平，與我們的人工智慧業務相關的庫存增加被強勁的收款表現所抵消。

We ended our quarter with $7.3 billion in cash and investments, down $1.7 billion sequentially, primarily driven by capital returns of $1.1 billion.

本季結束時，我們的現金和投資為 73 億美元，比上一季減少 17 億美元，主要是由於 11 億美元的資本回報。

In Q1, we repurchased 6.7 million shares of stock at an average price of $108.38 and paid a $0.45 per share dividend. Since the inception of our capital return program at the beginning of FY23, we have now returned $8 billion, or 103% of our adjusted free cash flow to shareholders through stock repurchase and dividends.

第一季度，我們以平均價格 108.38 美元回購了 670 萬股股票，並支付了每股 0.45 美元的股息。自 2023 財年年初啟動資本回報計畫以來，我們現已透過股票回購和股利向股東返還 80 億美元，即調整後自由現金流的 103%。

Turning to guidance. Our open and modular AI optimized server solutions coupled with a broad ecosystem of partners and our engineering and services expertise are winning with customers. We expect the AI momentum we’ve seen over the past three quarters to continue, driving incremental revenue for the year.

轉向指導。我們的開放式模組化人工智慧優化伺服器解決方案加上廣泛的合作夥伴生態系統以及我們的工程和服務專業知識正在贏得客戶的青睞。我們預計過去三個季度的人工智慧動能將持續下去，推動今年的營收增量。

In our core businesses, while the macro environment is still dynamic, our indicators point toward a stabilization with improvement as we progress through the year. Against that backdrop, we expect Dell Technologies FY25 revenue to be in the range of $93.5 billion and $97.5 billion with a midpoint of $95.5 billion or 8% growth.

在我們的核心業務中，雖然宏觀環境仍然充滿活力，但隨著全年的進展，我們的指標趨於穩定和改善。在此背景下，我們預期戴爾科技集團 25 財年營收將在 935 億至 975 億美元之間，中位數為 955 億美元，成長 8%。

We expect ISG to grow in excess of 20% fueled by AI and our CSG business to grow in the low single digits for the year. We expect the combined ISG and CSG business to grow 11% at the midpoint, and our other business to decline as previously discussed on the Q4 call.

我們預計，在人工智慧的推動下，ISG 將成長超過 20%，而我們的 CSG 業務今年將以較低的個位數成長。我們預計 ISG 和 CSG 業務合併後將成長 11%，而我們的其他業務將下降，正如先前在第四季度電話會議中討論的那樣。

Given inflationary input costs, the competitive environment and higher mix of AI optimized servers, we do expect our gross margin rate to decline roughly 150 basis points though we expect both ISG and CSG operating margin rates to be within our long-term financial framework for the full year.

考慮到通貨膨脹的投入成本、競爭環境和人工智慧優化伺服器的更高組合，我們預計我們的毛利率將下降約150 個基點，儘管我們預計ISG 和CSG 的營運利潤率將在我們的長期財務框架內。

We’ll continue to be disciplined in our cost structure and expect OpEx to be down low single digits for the year. We expect I&O to be roughly $1.4 billion.

我們將繼續嚴格控製成本結構，預計今年營運支出將下降至低個位數。我們預計 I&O 約為 14 億美元。

Diluted non-GAAP EPS is expected to be $7.65 plus or minus $0.25, up 7% at the midpoint assuming an annual non-GAAP tax rate of 18%. For Q2 of fiscal '25, we expect Dell Technologies revenue to be in the range of $23.5 billion and $24.5 billion with a midpoint of $24 billion, up 5%.

稀釋後的非 GAAP 每股盈餘預計為 7.65 美元上下 0.25 美元，假設非 GAAP 年度稅率為 18%，則中點成長 7%。對於 25 財年第二季度，我們預計戴爾科技集團的營收將在 235 億美元至 245 億美元之間，中位數為 240 億美元，成長 5%。

We expect the combined ISG and CSG to grow 8% at the midpoint, with ISG up in the mid-20s. We expect OpEx will be down roughly 3% year over year. Opinc rate is expected to improve sequentially driven by quarter-over-quarter growth in ISG and sequential growth and margin rate expansion in our storage business.

我們預計 ISG 和 CSG 合併後的成長率將達到 8%，其中 ISG 成長率將達到 20% 左右。我們預計營運支出將年減約 3%。在 ISG 環比成長以及我們儲存業務的環比成長和利潤率擴張的推動下，Opinc 率預計將環比提高。

Q2 diluted share count should be between 723 million and 727 million shares. Diluted non-GAAP EPS is expected to be $1.65, plus or minus $0.10.

第二季攤薄後的股數應在 7.23 億股至 7.27 億股之間。稀釋後非 GAAP 每股盈餘預計為 1.65 美元，上下浮動 0.10 美元。

In closing, we are optimistic about FY25 and beyond with a number of tailwinds including AI and the coming IT hardware refresh cycle, and no one in the industry is better positioned than Dell. Our unique operating model with reinforcing competitive advantages has been honed for over forty years now and is perfectly designed for this moment to help customers accelerate their adoption of AI.

最後，我們對 25 財年及以後的前景持樂觀態度，因為人工智慧和即將到來的 IT 硬體更新周期等一系列有利因素，業內沒有人比戴爾處於更有利的地位。我們獨特的營運模式經過四十多年的磨練，增強了競爭優勢，專為此時此刻而設計，可幫助客戶加速採用人工智慧。

We have the broadest end-to-end portfolio of solutions with industry leading positions across PCs, AI optimized servers, traditional servers and storage. We have the industry’s leading supply chain with size and scale. And we have the industry’s best go-to-market engine and an unmatched direct sales force supported by a strong channel partner network, all underpinned by our world-class services organization that can support customers across the globe.

我們擁有最廣泛的端到端解決方案組合，在 PC、人工智慧優化伺服器、傳統伺服器和儲存領域均處於行業領先地位。我們擁有業界領先的規模和規模的供應鏈。我們擁有業界最好的進入市場引擎和無與倫比的直銷隊伍，並由強大的通路合作夥伴網路提供支持，所有這些都以我們可以為全球客戶提供支援的世界一流的服務組織為基礎。

It’s an exciting time to be in technology and here at Dell, and we are looking forward to a bright future.

對於科技界和戴爾來說，這是一個令人興奮的時刻，我們期待著光明的未來。

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。

(Event Instructions)

（活動須知）

Krish Sankar, TD Cowen.

克里斯·桑卡爾，TD·考恩。

Hi, thanks for taking my question. Jeff, I just wanted to find a little bit about the AI server backlog. What are the lead times there? How does it compare with the total server backlog? And can you talk a little bit about the pipeline you have for AI servers and the breadth of that pipeline? Thank you.

您好，感謝您提出我的問題。 Jeff，我只是想了解一些有關 AI 伺服器積壓的資訊。那裡的交貨時間是多少？與伺服器積壓總量相比如何？您能否談談您的人工智慧伺服器管道以及該管道的廣度？謝謝。

I'll take that question. [A few times] our product variation is complicated. We have product transitions from H100 to H200 outselling GB200 and B200. Those are customer allocated. So to say that there's an average lead time for our product is very dependent on the customer, what technology we're talking about, but an average, if it was just looking at the availability of [parts, the H100 fleet time] is better. Those products are in full production. NVIDIA's leading demand and they'll have availability of the H200 on schedule towards the second or the latter part of Q2.

我來回答這個問題。 [幾次]我們的產品變化很複雜。我們的產品從 H100 過渡到 H200，銷售量超過 GB200 和 B200。這些是客戶分配的。所以說我們產品的平均交貨時間很大程度取決於客戶、我們談論的是什麼技術，但如果只考慮[零件、H100 車隊時間]的可用性，平均交貨時間會更好。這些產品已全面投入生產。 NVIDIA 的需求領先，他們將在第二季的第二季或下半年按計劃提供 H200。

So it's in production as is the B200. So that's where the backlogs slash lead times are. When you look at the composition of our backlog, it's primarily NVIDIA-based. our customers range from many enterprise customers to some large CSPs. So the composition is very much our customer composition and we're excited about it continuing to build. It's continuing to build every quarter. Our five-quarter pipeline continues to grow. There's lots of projects out there. We're out competing for each and every one of them are we'd expect the growth in both going forward.

所以它和 B200 一樣都在生產中。這就是積壓導致交貨時間縮短的地方。當您查看我們待辦事項的組成時，您會發現它主要基於 NVIDIA。我們的客戶範圍從許多企業客戶到一些大型 CSP。因此，該組合很大程度上是我們的客戶組合，我們對它的繼續構建感到興奮。每個季度它都在繼續建設。我們的五個季度的管道繼續增長。那裡有很多項目。我們正在為每一項進行競爭，我們預計兩者都會在未來成長。

Toni Sacconaghi, Bernstein.

東尼薩科納吉、伯恩斯坦。

Yes, thank you for the question. If I just looked year over year at the ISG. business, storage was perfectly flat. AI servers went from $0 to $1.7 billion, which sort of suggests that traditional servers were flat. So really the only thing that changed was you added $1.7 billion in AI servers and operating profit was flat. So does that suggest that operating margins for AI servers were effectively zero? And if that's not the case, how do you square the circle with what I just outlined? Thank you.

是的，謝謝你的提問。如果我一年復一年地關注 ISG。業務、儲存完全持平。人工智慧伺服器從 0 美元漲到 17 億美元，這在某種程度上表明傳統伺服器持平。所以真正發生的唯一變化是你增加了 17 億美元的人工智慧伺服器，而營業利潤卻持平。那麼這是否表明人工智慧伺服器的營運利潤實際上為零？如果情況並非如此，你如何將圓與我剛才概述的相圓呢？謝謝。

Hey, Toni. I'll take that one. So when I look at the overall ISG performance from operating income standpoint, the storage -- I'll start with storage, right? Operating income was low in storage. You know that Q1 is seasonally our lowest revenue quarter from a storage perspective and when the revenue declines, [so does] the scales. And so we saw that evidenced in the Q1 results.

嘿，東尼。我會接受那個。因此，當我從營業收入的角度來看 ISG 的整體表現時，我將從儲存開始，對嗎？儲存業務營業收入較低。您知道，從儲存角度來看，第一季是我們季節性收入最低的季度，當收入下降時，規模也會下降。我們在第一季的業績中看到了這一點。

And while OpEx remained unchanged and to the point you're making in the Opinc rates decline, in traditional servers, we saw strength in large enterprise and large -- a large bid mix. So a shift there a bit, which, as you know, that that drives a lower margin rates. And when I look into Q2 and up by 25%, though, I'd tell you that we expect ISG Opinc rates to improve, as we talked about in the guide over the year and really deliver against our long-term framework that 11% to 14% so.

雖然 OpEx 保持不變，並且在 Opinc 費率下降的情況下，但在傳統伺服器中，我們看到了大型企業和大型投標組合的實力。所以，如你所知，有一點轉變，這會導致利潤率下降。不過，當我研究第二季度並上漲25% 時，我會告訴您，我們預計ISG Opinc 利率將會提高，正如我們在一年中的指南中所討論的那樣，並且真正兌現了我們的長期框架，即11%到14%左右。

And I think what we saw in the first quarter was multifaceted, but we do continue to expect a recovery as the year goes on and those AI optimized servers, we've talked about being margin rate dilutive than margin dollar accretive. And so you'll continue to see that evidenced in the results also.

我認為我們在第一季看到的情況是多方面的，但我們確實繼續預計隨著時間的推移會出現復甦，而那些人工智慧優化的伺服器，我們已經討論過利潤率稀釋而不是利潤美元增值。因此，您將繼續在結果中看到這一點。

Ben Reitzes, Melius Research.

本‧雷茨 (Ben Reitzes)，Melius 研究中心。

Hey, guys. Thanks a lot. Yvonne And Jeff, I wanted to take another stab at Tony's question in a different way. There's the view that you guys have said in the past that for every dollar of AI Server, there's $2 of service to storage and other higher margin things that come. And when you see storage kind of a little below expectations in the quarter, it seems like your yet to get that. And a lot of us are looking at the strength in your AI servers and looking forward to that gross margin tailwind to calm kind of like a razor and blade model.

大家好。多謝。伊馮和傑夫，我想以不同的方式再次回答托尼的問題。你們過去曾說過，每購買一美元的人工智慧伺服器，就會帶來 2 美元的儲存服務和其他利潤更高的服務。當您看到本季的儲存量略低於預期時，您似乎還沒有意識到這一點。我們中的許多人都在關注人工智慧伺服器的實力，並期待毛利率的順風能夠像剃刀和刀片模型一樣平靜下來。

Do you still see that coming to fruition, Jeff and Yvonne? And how will that play out in the model? I know you don't guide beyond this year but it really should help next year, over the three-to-five-year life of those contracts. So I'm just wondering if you still believe that and how you want us to keep that in perspective when we see margins like this. Thanks.

傑夫和伊馮，你們還認為這會實​​現嗎？這將如何在模型中發揮作用？我知道你不會在今年之後提供指導，但在這些合約的三到五年期限內，它確實應該對明年有所幫助。所以我只是想知道您是否仍然相信這一點，以及當我們看到這樣的利潤時，您希望我們如何正確看待這一點。謝謝。

Our view of the broad opportunities hasn't changed around each and every AI server that we sell. I think we talked last time but may be to revisit that. We think there's a large amount of stores that sits around these things. These models that are being trained require lots of data that data got to be stored and fed into the GPU at a high bandwidth, which ties in network. And so the opportunities around unstructured data is immense here.

我們對所銷售的每台人工智慧伺服器所蘊含的廣泛機會的看法並沒有改變。我想我們上次談過，但可能會重新討論這個問題。我們認為這些東西周圍有大量的商店。這些正在訓練的模型需要大量數據，這些數據必須以高頻寬儲存並輸入到與網路連接的 GPU 中。因此，非結構化資料的機會是巨大的。

And we think that opportunity, if continues to exist, we think the opportunity around NICs and switches and building out the fabric to connect individual GPUs to one another to take each node, racks of racks across the data center to connect to that high bandwidth fabric is absolutely [very] needed. We think the opportunity to extend in doing deployment of the rack itself is an opportunity, installing, whether that's cables, heat exchangers, rear door heat exchangers, cooling units, power units, et cetera, the cabling. We think the deployment of this year in the data center is a huge opportunity.

我們認為，如果這種機會繼續存在，我們認為圍繞 NIC 和交換機以及構建將各個 GPU 相互連接的結構的機會，使整個數據中心的每個節點、機架都連接到該高頻寬結構絕對[非常]需要。我們認為，擴展機架本身的部署是一個安裝電纜、熱交換器、後門熱交換器、冷卻裝置、電源裝置等佈線的機會。我們認為今年在資料中心的部署是一個巨大的機會。

And specifically, around services. There's four types of services that we're building out through our own and through our partner network. They basically hit the categories. So it's helping our customers with their AI strategy, how they implement AI, it's all around the data and getting the data prepared to be consumed [and congested], adopting or as putting the AI infrastructure in place and getting AI adopted inside an enterprise. And then last, how do we help them scale it? And we look at the broad range of services that we have, we're pretty excited about the full stack opportunities we have.

具體來說，圍繞服務。我們正在透過自己和合作夥伴網絡建立四種類型的服務。他們基本上都符合類別。因此，它正在幫助我們的客戶制定人工智慧策略，幫助他們如何實施人工智慧，一切都圍繞著數據，讓數據準備好被消耗[和擁擠]，採用或建立人工智慧基礎設施，並在企業內部採用人工智慧.最後，我們如何幫助他們擴大規模？我們著眼於我們擁有的廣泛的服務，我們對我們擁有的全端機會感到非常興奮。

A great example of that would be less fleet, but the Dell, a factory with the in video and video stack, which is a full stack opportunity with partners like as we face to help customers deploy fully on-prem. So nothing's really changed there.

一個很好的例子是減少車隊，但戴爾是一家擁有視訊和視訊堆疊的工廠，這是與像我們這樣的合作夥伴合作的全堆疊機會，可以幫助客戶完全在本地部署。所以那裡什麼都沒有真正改變。

And I think if I was to take question that Tony asked and yours in there as well and I'd let Yvonne add to this, we can do better in both our traditional servers and our storage products in terms of margins. We had a mix shift in storage that was from our Dell IP to partner IP. That impacts us. We had a customer shift and a geographic shift that push margins down. Our most profitable segment is Dell IP, sold in North America to the largest customers. They value the capabilities of our products and we get a return for that.

我想，如果我要回答托尼和你提出的問題，我會讓伊馮補充一下，我們可以在傳統伺服器和儲存產品方面在利潤方面做得更好。我們在儲存方面進行了混合轉變，從我們的戴爾 IP 轉向合作夥伴 IP。這影響了我們。我們的客戶轉移和地理轉移導致利潤率下降。我們最賺錢的部分是戴爾 IP，在北美銷售給最大的客戶。他們重視我們產品的功能，我們也因此獲得回報。

That was a lower mix this past quarter and then a traditional server business, the margins were down as well. That was really driven, I think, Yvonne hit it, but I really wanted to make sure that we've got this point across. We had good growth in our traditional server business, but it's -- it's been an enterprise and that's a competitive market and large bids. And we acquired several new large cut customers during the quarter. We'll take that deal every time because we know over time winning a new customer, we can sell the breadth of our portfolio over time. That's exactly what we did and will continue to look for those opportunities to grow our customer base. Yvonne?

上個季度的組合較低，然後是傳統伺服器業務，利潤率也下降了。我想，這確實是一種驅動力，伊馮做到了，但我真的想確保我們已經明白了這一點。我們的傳統伺服器業務取得了良好的成長，但它是一家企業，這是一個競爭激烈的市場和大量的出價。我們在本季度獲得了幾家新的大客戶。我們每次都會接受這筆交易，因為我們知道隨著時間的推移贏得新客戶，我們可以隨著時間的推移出售我們的投資組合的廣度。這正是我們所做的，並將繼續尋找這些機會來擴大我們的客戶群。伊馮娜？

Yeah. And I think just in addition to Jeff what you said, I'd just remind everyone that we're at the beginning of this AI business, if you will. We're finishing up our fourth quarter and we've been building the balance sheet, right? So it's going to take time for you to start seeing that reflected in the P&L [as with] deferring services and support associated with the transactions that we're doing. And so again, you'll see that build over time and start seeing it more reflected in our financial statement.

是的。我想除了傑夫你所說的話之外，如果你願意的話，我想提醒大家，我們正處於人工智慧業務的開端。我們第四季即將結束，我們一直在建立資產負債表，對吧？因此，您需要一段時間才能開始看到損益表中反映的情況，以及與我們正在進行的交易相關的延遲服務和支援。同樣，您會看到這種情況隨著時間的推移而不斷增加，並開始在我們的財務報表中得到更多反映。

Erik Woodring, Morgan Stanley.

艾瑞克‧伍德林，摩根士丹利。

Hey, guys. Thank you so much for taking the question. I'm going to kind of hit on a similar topic that everyone has. But Yvonne, you're talking about improving ISG operating margins through the year. Obviously, it seems like the strength and momentum you have in AI servers, means that will continue to become an increase in mix of revenue. You also have commodity cost headwind to contend with.

大家好。非常感謝您提出這個問題。我將談到每個人都會遇到的類似話題。但是 Yvonne，您談論的是提高 ISG 全年的營業利潤率。顯然，人工智慧伺服器的實力和勢頭似乎意味著收入組合將繼續增加。您還需要應對商品成本的不利因素。

And so again, I know we've kind of talked about this topic, but maybe on a bit more detailed level, can you help us understand what are the most significant factors that we should be thinking about that would support ISG operating margin expansion as we work through the year. Is that pricing? Is that NICs? Is that storage mix? Just help us understand what's the most important factor there again as we look through the year. Thanks so much.

再說一遍，我知道我們已經討論過這個話題，但也許在更詳細的層面上，您能否幫助我們了解我們應該考慮的最重要因素是什麼，這些因素將支持 ISG 營業利潤率擴張我們全年都在工作。這是定價嗎？那是網卡嗎？這是儲存組合嗎？只是幫助我們在回顧這一年時再次了解最重要的因素是什麼。非常感謝。

I think it's all of the things that you mentioned actually. But we talked about storage already that we did not perform or NICs at the level that we would have expected in the first quarter. Jeff talked about having more of our Dell IP storage solutions.

我認為這實際上是您提到的所有事情。但我們已經討論過儲存的效能或網路卡的效能沒有達到我們第一季預期的水平。 Jeff 談到擁有更多的戴爾 IP 儲存解決方案。

And we are expecting that as we go through the year. ISG and storage in particular, the lowest quarter sequentially or seasonally is our first quarter. And so we're expecting that to continue to improve as the year progresses. We will be in a growth -- year over year growth standpoint, and we're expecting that in the second half. So want to think of ISG growth holistically that we've guided to across the year of 20%-plus. Obviously, there's the AI server component to that but it's also in storage the expected growth in the second half as traditional servers continuing to grow, et cetera.

我們期待著這一年的到來。特別是 ISG 和存儲，連續或季節性最低的季度是我們的第一季。因此，我們預計隨著時間的推移，這種情況將繼續改善。我們將處於成長的狀態——逐年成長，我們預計下半年會出現這種情況。因此，要從整體考慮 ISG 的成長，我們指導全年成長 20% 以上。顯然，其中有人工智慧伺服器元件，但隨著傳統伺服器的持續成長等，下半年儲存預計也會成長。

So it's just -- it's additive as the year progresses and that would be what we do see normally also in our traditional storage -- I'm sorry, in our storage and our traditional server performance. And then on top of that, we've got the AI momentum. So that's a great add to the portfolio. And as I already mentioned is that balance sheet builds will start to see that reflected with the services and support and in our financial results.

所以它只是 - 隨著時間的推移，它會增加，這也是我們通常在傳統存儲中看到的情況 - 對不起，在我們的存儲和傳統伺服器性能中。除此之外，我們還擁有人工智慧的動力。所以這是對產品組合的一個很好的補充。正如我已經提到的，資產負債表的建構將開始在服務和支援以及我們的財務表現中反映出來。

May be a couple of things to add to that. We've talked, I think, much through this downcycles, as the storage recovery lags servers, we expect the market to -- storage market to return to growth in the second half of the year and for us outperform the marketplace. Yvonne mentioned Dell IP specifically, I would call out PowerStore Prime. The addition of QLC allows us to become more competitive in our performance and have a native synchronous replication (inaudible) correct here allow us to be more competitive in the largest portion of the storage marketplace and our storage margins need to improve and will improve over the course of the year.

可能還需要補充一些內容。我認為，我們已經在這次下行週期中進行了很多討論，由於儲存恢復落後於伺服器，我們預計儲存市場將在今年下半年恢復成長，並且我們的表現將優於市場。 Yvonne 特別提到了 Dell IP，我會提到 PowerStore Prime。 QLC 的加入使我們能夠在性能方面變得更具競爭力，並擁有正確的本機同步複製（聽不清楚），使我們能夠在儲存市場的最大部分中更具競爭力，並且我們的儲存利潤需要提高，並將在未來幾年內提​​高。

And then as we look at that or traditional server marketplace, we mentioned that much of our growth was driven by enterprise and as the rebound continues to play out with some commercial medium business and small business, which are better margin profiles across that customer set.

然後，當我們審視傳統伺服器市場時，我們提到我們的成長很大程度上是由企業推動的，隨著一些商業中型企業和小型企業的持續反彈，這些企業在該客戶群中的利潤率更高。

And one thing I don't think I called out physically and the storage margins will continue to prove also because we will scale, right? We talked about the OpEx. We talked about that level of spend that we have and as we scale that business, we'll get that and I'll reiterate that we do expect, I think, to finish up by 25 within our long-term framework. So 11% to 14%.

我認為我沒有在物理上指出一件事，並且存儲裕度也將繼續證明，因為我們將進行擴展，對吧？我們討論了營運支出。我們討論了我們的支出水平，當我們擴大業務規模時，我們會得到這個水平，我會重申，我認為，我們確實期望在我們的長期框架內完成 25 倍的支出。所以11%到14%。

(multiple speakers)

（多個發言者）

Wamsi Mohan, Bank of America.

萬西·莫漢，美國銀行。

Yes, thank you so much. You mentioned the competitive pricing a few times in your in your prepared remarks. Should we think that Dell is driving that more competitive pricing for share gains to get that incremental full-stack opportunity that Jeff alluded to? Or are you doing this more in response to the competitor -- what the competitors are doing? And when we think about the 50 bibs of incremental gross margin pressure? Is that just coming from incremental AI server mix or are there other moving pieces of over there? Thank you.

是的，非常感謝。您在準備好的發言中多次提到了有競爭力的價格。我們是否應該認為戴爾正在推動更具競爭力的定價以獲得份額收益，以獲得傑夫提到的增量全端機會？或者你這樣做更多是為了回應競爭對手——競爭對手正在做什麼？當我們考慮 50 項增量毛利率壓力時呢？這只是來自增量人工智慧伺服器組合還是還有其他移動部分？謝謝。

Wamsi, the first part of your question got clipped off. If you wouldn't mind repeating it, so Yvonne and I can make sure we answer the question that you really want to us to answer.

Wamsi，你問題的第一部分被刪掉了。如果您不介意重複一遍，那麼伊馮和我可以確保我們回答您真正希望我們回答的問題。

Yeah. Sure, Jeff. I was just wondering if like, the competitive pricing that you called out. Is that coming really from Dell in order to take share in the marketplace because you have this full stack opportunity that you spoke about? Or is this more in response to what other competitors are doing in the market?

是的。當然，傑夫。我只是想知道您所說的有競爭力的價格是否如此。這真的是戴爾為了搶佔市場份額而做出的嗎？或者這更多是為了回應市場上其他競爭對手的做法？

Let me take a stab at that and then Yvonne can certainly layering on top of that. So I think there's various forms of competitiveness that we talked about. One, clearly, as the PC business has been in a down cycle for two years as it's beginning to stabilize and look for growth. It's a competitive market out there. The consumer portion of the PC market is competitive pricing. The strong promotions that we saw through the holiday season continued into Q1.

讓我嘗試一下，然後伊馮當然可以在此基礎上進行分層。所以我認為我們討論了多種形式的競爭力。一是，顯然，個人電腦業務已經處於下滑週期兩年了，但現在開始穩定並尋求成長。這是一個競爭激烈的市場。個人電腦市場的消費者部分的價格具有競爭力。我們在假期期間看到的強勁促銷活動一直持續到第一季。

The large deals in commercial PCs are quite competitive and as I mentioned, has [SB and MB] iaren lagging in their rebound compared to large enterprise. And that's a source of margin in both our PC business and our server business.

商用個人電腦的大型交易競爭非常激烈，正如我所提到的，與大型企業相比，[SB 和 MB] 的反彈速度落後。這是我們的個人電腦業務和伺服器業務的利潤來源。

In servers, I think we made comments that the performance has been largely driven by enterprise, large accounts, large bids, acquisition, and those were competitive environments. Again, we look at the long-term view of them and winning new customers in the data center serves us well over the course of a customer's life cycle with us. And then specifically in AI, we are not the price leader in AI. The engineering and the delta we have and the capabilities of our product time and time again, we are not the low-cost provider, the low price or in the AI deals that I'm involved in, which are most of them.

在伺服器方面，我認為我們評論說，效能很大程度上是由企業、大帳戶、大出價、收購以及競爭環境所驅動的。再次，我們著眼於他們的長期觀點，並在資料中心贏​​得新客戶在客戶的生命週期中為我們提供良好服務。特別是在人工智慧領域，我們並不是人工智慧領域的價格領導者。我們一次又一次地擁有工程和增量以及我們產品的功能，我們不是低成本提供者、低價提供者或我參與的人工智慧交易（其中大部分）。

We are getting a premium for our engineering in the marketplace. We're getting an advantage, but these large deals when you're talking clusters of tens of thousands, hundreds of thousands of GPUs are competitive environment. But we're not the one running the price down. We are again getting a premium for the value that we've generated or accreted into our products.

我們的工程在市場上獲得了溢價。我們正在獲得優勢，但當你談論數萬、數十萬 GPU 的叢集時，這些大交易是競爭環境。但我們並不是壓低價格的人。我們再次因我們在產品中產生或累積的價值而獲得溢價。

And then conversely, I would tell you in the smaller deals, our margins are substantially better issue we would expect. So in enterprise deployments that are smaller deals our margin rates are significantly better than they are in the very, very large opportunities. And as enterprise continues to deploy, I think that bodes well for us over the long term. I hope that helped.

相反，我會告訴你，在較小的交易中，我們的利潤率比我們預期的要好得多。因此，在規模較小的企業部署中，我們的利潤率明顯優於非常非常大的機會。隨著企業繼續部署，我認為從長遠來看這對我們來說是個好兆頭。我希望這有幫助。

And let me add a little bit just specifically on that 50 basis points question. So that incremental gross margin headwind that we talked about, it of 50 basis points is really two factors. One of it is, you know, half of that it is a margin impact, rate impact, and then half of it's mix related. So we talked about that we're seeing more AI mix, et cetera.

讓我針對 50 個基點的問題補充一點具體內容。因此，我們談到的增量毛利率逆風，50 個基點其實是兩個因素。其中之一是，你知道，一半是利潤影響、利率影響，一半是混合相關的。所以我們談到我們正在看到更多的人工智慧混合等等。

So we're saying that competitive dynamic that we've already talked about and on top of inflationary cost environment is certainly having an impact on our gross margin rates. And given our AI server strength that we've seen, right, we're shipping more than we expected. So that's great news and we're but it's leading to some margin rate solution. So I hope that was helpful.

因此，我們說，除了通膨成本環境之外，我們已經討論過的競爭動態肯定會對我們的毛利率產生影響。考慮到我們所看到的人工智慧伺服器的實力，我們的出貨量超出了我們的預期。所以這是個好消息，但它正在導致一些保證金率解決方案。所以我希望這有幫助。

Michael Ng, Goldman Sachs.

邁克爾吳，高盛。

Hey, good afternoon. Thank you for the question. I wanted to ask about the value added services and working capital financing and longer term DFS financing that Dell provides to its AI server customers. Is this a point of differentiation when you think about your competitive positioning relative to ODMs or less well capitalized competitors? And with that answer be different when you're thinking about AI CSP customer versus an enterprise customer? Thank you.

嘿，下午好。感謝你的提問。我想詢問戴爾為其人工智慧伺服器客戶提供的增值服務和營運資金融資以及長期 DFS 融資。當您考慮相對於 ODM 或資本較差的競爭對手的競爭定位時，這是一個差異點嗎？當您考慮 AI CSP 客戶與企業客戶時，這個答案會有所不同嗎？謝謝。

So let me take a run at that. And we do have Dell Financial Services and we are seeing that being a differentiator right now in our working capital solutions that we're providing to our customers. We're able to put together what we're calling payments solution for them, which is giving them different ways to manage their capital also. And so I think it's a differentiated advantage that we have. That's enabling us, especially with somebody new Tier 2 and hyperscalers, if you will to leverage our capabilities and our on our solutions offset. So both financing and from a product solutions standpoint.

那麼讓我來嘗試一下。我們確實擁有戴爾金融服務，我們看到它現在成為我們向客戶提供的營運資金解決方案的差異化因素。我們能夠為他們整合所謂的支付解決方案，這也為他們提供了不同的方式來管理他們的資本。所以我認為這是我們擁有的差異化優勢。如果您願意利用我們的能力和我們的解決方案抵消，這將使我們能夠，特別是對於新的第 2 層和超大規模企業。因此，無論是融資還是從產品解決方案的角度來看。

Amit Daryanani, Evercore.

阿米特·達裡亞納尼（Amit Daryanani），Evercore。

Thanks for taking my question. I guess when we think about the ISC growth of over 20% for the year, can you just talk about how much of that is AI servers versus the core ISC? If you could parse it out in a different bucket, that'd be really helpful.

感謝您提出我的問題。我想當我們考慮今年 ISC 成長超過 20% 時，您能談談 AI 伺服器與核心 ISC 的比例是多少嗎？如果您可以在不同的儲存桶中解析它，那將非常有幫助。

And then, Yvonne, could you also just clarify, the inventory was up dramatically in the quarter and it's somewhat unusual for it to be up in this quarter. So just talk about what's driving that and is it AI pre-builds or strategic inventory? Any help on that would be great as well. Thank you.

然後，Yvonne，您能否澄清一下，本季度庫存大幅增加，本季庫存增加有點不尋常。那麼，只談談是什麼推動了這一點，是人工智慧預建還是戰略庫存？對此的任何幫助也將非常有用。謝謝。

Sure. So let me start with inventory, because I think that's pretty straightforward. So inventory was up and I would say slightly, for 25 days, really representing about a $1.2 billion increase quarter over quarter. We mentioned inventory was up slightly as we ramp our AI server business. So I think it's nothing substantial.

當然。讓我從庫存開始，因為我認為這非常簡單。因此，庫存增加，我想說的是，持續 25 天，庫存略有增加，實際上相當於季度環比增加了約 12 億美元。我們提到，隨著我們擴大人工智慧伺服器業務，庫存略有增加。所以我認為這沒什麼實質的。

I don't know, Jeff, if you have anything to add on --

我不知道，傑夫，你是否還有什麼要補充的——

No, but we didn't go out and make any strategic purchases. Some of the terms of the AI gear we need to deploy means we take ownership of it, we did. And we have it in backlog. We'll ship it as those customer orders are fulfilled. That was the driver. We weren't out buying strategic or making strategic investments of inventory across the large component [basin].

不，但我們沒有出去進行任何策略性採購。我們需要部署的人工智慧設備的一些條款意味著我們擁有它，我們確實做到了。我們有積壓的訂單。我們將在滿足客戶訂單後出貨。那是司機。我們並沒有在大型組件[盆地]中進行策略性採購或庫存策略投資。

And then, Amit in relation to your ISG question, you were asking about GPU and non-GPU servers. Is that basically --

然後，Amit 關於您的 ISG 問題，您問的是 GPU 和非 GPU 伺服器。基本上是這樣嗎——

Yeah. Just the clarification, (technical difficulty) thinking about storage, x86 servers and then AI servers on top of it. If you just kind of give us a sense of how you feel of those three buckets in the context of that over 20% growth that would be helpful.

是的。只是澄清一下，（技術難度）考慮儲存、x86 伺服器以及其上的 AI 伺服器。如果您能讓我們了解在超過 20% 的成長背景下您對這三個部分的感受，那將會很有幫助。

So obviously, we're having -- it's really significant growth. And the GPU servers we obviously didn't sell does all of us here. So we're really -- it's even hard to have a full year compare on that and since since they weren't available all last year. But that is hyper growth, as we've been talking about.

顯然，我們正在實現非常顯著的成長。我們顯然沒有出售 GPU 伺服器，我們所有人都在出售。所以我們真的 - 甚至很難對此進行全年比較，因為去年它們並不可用。但這就是我們一直在談論的高速成長。

From a overall server standpoint, xGPU servers, if you will, we're expecting somewhere in the mid-single digits for the year for server growth, revenue growth. And from a storage perspective again, we talked about returning to growth in the second half. And so, you'd see that sequential improvement as the quarters progress. So growth -- sequential growth in the second quarter and then both sequential and year over year growth in the second half.

從整體伺服器的角度來看，xGPU 伺服器（如果你願意的話）我們預計今年的伺服器成長和營收成長將達到中個位數。再次從儲存的角度來看，我們談到了下半年恢復成長。因此，隨著季度的進展，您會看到連續的改善。因此，成長——第二季度的環比增長，然後是下半年的環比和同比增長。

Simon Leopold, Raymond James.

西蒙·利奧波德，雷蒙德·詹姆斯。

Thank you very much for taking the question. I know, Jeff, I think you sort of alluded earlier to some of the customer aspects of the AI platforms. And I guess what I'm want to make sure I understand here is the nature of concentration of who are the customers for your AI platforms? Because we know a number of years ago, Dell had moved away from selling servers to the hyperscalers due to the limited profitability. I'd like to get an update on what the customer mix looks like today and if there's any kind of new concentration for what the exposure is thought to hyperscale versus Tier 2. And in that context, I'm referring to companies like CoreWeave as well as sort of large enterprise, if you could help us with the buckets. Thank you.

非常感謝您提出問題。我知道，傑夫，我認為你之前提到了人工智慧平台的一些客戶方面。我想我想確保我理解的是誰是你的人工智慧平台的客戶的集中本質？因為我們知道，多年前，由於獲利能力有限，戴爾已經不再向超大規模企業銷售伺服器。我想了解目前客戶組合的最新情況，以及超大規模與二級市場的暴露是否有任何新的關注點。能幫我們提桶子的話。謝謝。

I think we talked about this last time as well, but we've talked about our mix of businesses between Tier 2 CSPs and enterprise. I can tell you quarter over quarter the number of enterprise customers grew, the percent of revenue increased, and the amount of dollars we sold to enterprise customers of AI servers and AI gear increased.

我想我們上次也討論過這個問題，但我們討論了二級 CSP 和企業之間的業務組合。我可以告訴你，企業客戶數量逐季增長，收入百分比增加，我們向企業客戶銷售的人工智慧伺服器和人工智慧設備的金額也有所增加。

Is it still in the balance towards the Tier 2 CSPs? Yes, those are the largest opportunities. They tend to be very project based or nonlinear, if you will. Those people come in as they come in. Build out occurs, next opportunity, and then we pursue that. And we are involved in I think, every one of those opportunities that are out there. We believe the opportunity for us long term given our footprint and obviously our customer base is the deployment of AI at scale in the enterprise.

與二級 CSP 的關係是否仍處於平衡狀態？是的，這些都是最大的機會。如果你願意的話，它們往往是非常基於專案的或非線性的。這些人進來時就進來了。我認為我們參與了其中的每一個機會。我們相信，鑑於我們的足跡以及我們的客戶群，從長遠來看，我們的機會是在企業中大規模部署人工智慧。

We continue to be encouraged by the growing customers. The number of customers that are repeat buyers increased quarter over quarter, indicating they are moving from more proof of concept into deploying. And then the long-term opportunity in the enterprise for us is inference, where you might recall from the remarks I made last week at DPW long term inference will be the largest use case or what I like to call AI in production and use over the course of the decade.

我們繼續受到不斷增長的客戶的鼓舞。重複購買的客戶數量逐季增加，顯示他們正在從更多的概念驗證轉向部署。然後，對我們來說，企業中的長期機會是推理，您可能還記得我上週在DPW 上發表的講話，長期推理將是最大的用例，或者我喜歡將其稱為生產和使用中的人工智能。

So the opportunity for us remains immense. We're excited about it. Clearly, the near-term opportunity in training is with the Tier 2 CSPs and the opportunity to take and build expert systems the ability to use open source models, the ability to use your own data on prem is clearly what we believe is happening. The opportunity, and we're there.

因此，我們的機會仍然是巨大的。我們對此感到興奮。顯然，近期的培訓機會在於二級 CSP，以及採用和建立專家系統的機會、使用開源模型的能力、在本地使用您自己的資料的能力顯然是我們相信正在發生的事情。機會來了，我們就在那裡。

And just one item you didn't mention is this concept of sovereign networks. Do you consider those Tier 2 or is it something different in your mind?

您沒有提到的只有一項是主權網路的概念。您是否考慮過這些第 2 層，或者您認為有什麼不同？

It's something different. And normally the big question so anticipated that was the opportunity as this going to gap out and we haven't even scratched the surface of that. So if you think about the Tier 2 CSP. opportunities, our line of sight through the end of next year remains robust. A growing enterprise customer base deploying across increasingly more use cases heading towards inference and then as you just described, Simon -- the sovereign opportunities that are in their early stages of development are tremendous opportunity.

這是不同的東西。通常，如此預期的大問題是機會，因為這將出現缺口，而我們甚至還沒有觸及這個問題的表面。因此，如果您考慮 2 級 CSP。機會，我們對明年年底的展望仍然強勁。不斷成長的企業客戶群部署在越來越多的用例中，走向推理，然後正如你剛才所描述的，西蒙——處於早期發展階段的主權機會是巨大的機會。

Ananda Baruah, Loop Capital.

阿南達·巴魯阿（Ananda Baruah），Loop Capital。

Hey, thanks, guys. Good afternoon. Thanks for taking the question. Really appreciate it. Jeff, I actually wanted to ask a question on inference, so I'll just pick up where you just left off. How would you describe kind of where enterprise -- your enterprise customers generally speaking are on their inference journey right now and when do you think it's good for us to begin to expect your typical enterprise customer to begin to really lean into inference? And that's it for me. Appreciate it. Thanks.

嘿，謝謝，夥計們。午安.感謝您提出問題。真的很感激。傑夫，我實際上想問一個關於推理的問題，所以我會繼續你剛才停下來的地方。您如何描述企業—一般來說，您的企業客戶現在正處於推理之旅？對我來說就是這樣。欣賞它。謝謝。

I mean, I start back with enterprises large and small and everything in between continue to work through what their strategy is for AI. And we continue to work with them with our professional services to help them understand their strategy, what use cases are they trying to solve for. Consistently across enterprise there are six used cases that make their way to the top of almost every discussion. It's around content creation, support assistance, natural language search, design, and data creation, code generation, and document automation.

我的意思是，我從大大小小的企業開始，所有企業都在繼續研究他們的人工智慧策略。我們繼續透過專業服務與他們合作，幫助他們了解他們的策略以及他們試圖解決的用例。在整個企業中，有六個用例始終成為幾乎所有討論的焦點。它圍繞著內容創建、支援幫助、自然語言搜尋、設計和資料創建、程式碼生成和文件自動化。

And helping customers understand their data, how to prepare their data for those use cases are what we're doing today. And then once you do that, you begin to go build a set of capabilities that implement. And how do they implement? Well, typically they're using information retrieval systems, whether that's RAG or vector databases or other techniques. That are used to building these expert systems along with large language models to protect their data and to keep their data on-prem and to utilize their unique information to get the outcomes they're looking for.

幫助客戶了解他們的數據，如何為這些用例準備數據就是我們今天正在做的事情。一旦你這樣做了，你就開始建立一組可實施的功能。以及他們如何實施？嗯，通常他們使用資訊檢索系統，無論是 RAG 還是向量資料庫或其他技術。它們用於建立這些專家系統以及大型語言模型，以保護其資料並將其資料保留在本地，並利用其獨特的資訊來獲得他們正在尋找的結果。

And customers are aquatic. I mean, it's a large customer base, as you would imagine. They're in various stages of that. And why don't we just scratched the surface. The number of customers we have versus the number of customers that are buying AI gear from us, we have a lot of opportunities.

而顧客都是水生的。我的意思是，正如你想像的那樣，這是一個龐大的客戶群。他們正處於不同的階段。我們為什麼不只觸及表面呢？我們擁有的客戶數量與從我們這裡購買人工智慧設備的客戶數量相比，我們有很多機會。

And that's what we believe the promise is long term, is that to be competitive in your respective industries, you have to deploy this technology. I think I've said it publicly, it's changing, it's disruptive, it changes the base of competition, it drives tremendous productivity gains. There's not a single customer engagement I'm involved in where those words don't get mentioned. It's how to help them get there.

這就是我們相信的長期承諾，為了在各自的行業中保持競爭力，您必須部署這項技術。我想我已經公開說過，它正在改變，它具有顛覆性，它改變了競爭的基礎，它推動了生產力的巨大提高。在我參與的所有客戶互動活動中，無一不提到這些字眼。這是如何幫助他們到達那裡。

And we're in various stages of the journey. And I guess that's my long-winded way of saying we're really early on in inference and have a big opportunity in front of us.

我們正處於旅程的不同階段。我想這就是我囉嗦的說法，我們確實處於推理的早期階段，眼前有一個巨大的機會。

And I'll reemphasize again, since it's been a subject of the call, we see in smaller deals, we're adding greater value across our deployment services, our vast up capabilities around networking and around storage, margins improved across AI deployed in those environments.

我會再次強調，因為這是電話會議的主題，我們在較小的交易中看到，我們在部署服務中增加了更大的價值，我們在網路和儲存方面的巨大能力，在這些領域部署的人工智慧的利潤率有所提高環境。

Asiya Merchant, Citigroup.

花旗集團 Asiya Merchant。

Great. Thank you for taking my question. Because it's the backlog has to think about, you know, conversion of this backlog of $3.8 billion into revenues at the quarter progresses. At some point as seen on more chipset come on board there. Are we expecting this for you guys still have the supply or are you expecting there is going to be again supply that's going to be falling short here, in fact, while continuing to grow as a result of that in terms of lead time. Thank you.

偉大的。感謝您回答我的問題。因為必須考慮積壓訂單，您知道，本季將 38 億美元的積壓訂單轉化為收入的過程正在取得進展。在某些時候，更多的晶片組會出現在那裡。我們是否期望你們仍然有供應，或者你們是否期望這裡會再次出現供應不足的情況，事實上，同時由於交貨時間而繼續增長。謝謝。

Let's see if I could try to parse that. The backlog, is similar to the lead time for questions. Somewhat difficult to parse because the backlog is across multiple technologies, H100, H200, B200, et cetera, even other alternatives. They have different customer commits and delivery dates depending on the priority. And the backlog clears as we go through that priority list.

讓我們看看我是否可以嘗試解析它。積壓的時間類似問題的準備時間。解析起來有些困難，因為積壓的工作涉及多種技術，H100、H200、B200 等等，甚至還有其他替代方案。根據優先級，他們有不同的客戶承諾和交付日期。當我們瀏覽優先清單時，積壓的工作就清除了。

We've tried to reflect the best of our knowledge of the availability of supply versus the priority, our time through the factories and the guidance and outlook that Yvonne provided. That's about the best I can do with -- where the state of the backlog is. Our job is to continue to sell more. Our five-quarter pipeline continues to look strong. It's built again. We're going to take POs. That means backlog builds as we wait for parts. That's what we'll do.

我們盡力反映我們對供應可用性與優先順序的了解、我們在工廠的時間以及伊馮提供的指導和展望。這就是我能做的最好的事——積壓的狀態。我們的工作是繼續銷售更多產品。我們的五個季度的管道看起來仍然強勁。又建起來了我們要拿 PO。這意味著當我們等待零件時就會積壓積壓。這就是我們要做的。

Steven Fox, Fox Advisors.

史蒂文‧福克斯，福克斯顧問公司。

Hi, good afternoon. I guess I was just curious on the inflation question on the component side and the pass through of some new GPUs within the servers. Is it -- are you seeing it develop as you thought 90 days ago? Or is there anything you would call out as maybe incremental pressure on that -- on a gross margins, et cetera? And any other thoughts on just the supply chain for the rest of the year? Thanks.

嗨，下午好。我想我只是對組件方面的通貨膨脹問題以及伺服器內一些新 GPU 的傳遞感到好奇。您看到事情的發展是否如您 90 天前所想的？或者您認為有什麼可能會帶來增量壓力——毛利率等方面的壓力嗎？對於今年剩餘時間的供應鏈還有其他想法嗎？謝謝。

Sure. Q1 was the deflationary period, we can all of our input costs. And I think that's the lesson for the year. We expect our cost to go up in Q2. Of all forms of cost or freight costs are component costs. And then we see a step function in cost in the second half of the year, driven primarily by DRAM and SSD.

當然。 Q1是通貨緊縮時期，我們可以把所有的投入成本。我認為這就是今年的教訓。我們預計第二季的成本將會上升。所有形式的成本或運費成本都是組成成本。然後我們看到下半年成本呈現階躍函數，主要由 DRAM 和 SSD 推動。

I'm sure you've done your checks, but if you look at what's happening there, you're seeing SSD and DRAM and the second half of the year, up mid 10s to 20% fell quarter on quarter. That's what we think happens. Every indication, the lack of capital expenditure, low factory utilization, and not a lot of wafer starts are going to lead to less supply than the market demand that will be out there.

我相信您已經檢查過，但如果您看看那裡發生的情況，您會看到 SSD 和 DRAM 以及今年下半年的季度環比下降了 10% 至 20%。這就是我們認為會發生的事情。各種跡象表明，資本支出不足、工廠利用率低以及晶圓開工量不足都將導致供應量低於市場需求。

And the demand for AI servers and putting high-bandwidth memory in these, high-performing DRAM in these and lots of storage is consumed and lots of parts. And as the backlog we just talked about gets built. We're going to be consuming lots of material in the second half of the year.

對人工智慧伺服器的需求以及在這些伺服器中放置高頻寬記憶體、高效能 DRAM 以及大量儲存的需求會消耗大量零件。隨著我們剛才談到的積壓工作的建立。今年下半年我們將消耗大量材料。

So that's what I think happens in terms of going from the last quarter of deflation to now three quarters of inflation, a step function in the second half, it does that place margin pressure on us. Again, we've tried to reflect that to the best of our ability and our outlook.

因此，我認為從上個季度的通貨緊縮到現在的四分之三的通膨（下半年的階躍函數）會發生什麼，這確實給我們帶來了利潤率壓力。我們再次嘗試盡我們最大的能力和我們的前景來反映這一點。

We've talked about this before. We generally recover about two thirds of the cost over a 90 day period. We have begun to reprice things part of our server recovery as we increase price not too long ago, and we'll be looking at the cost structures of SSDs and DRAM's, [RDRAM] across our entire product portfolio and adjust accordingly.

我們之前已經討論過這個問題。我們通常會在 90 天內收回大約三分之二的成本。隨著我們不久前提高價格，我們已經開始重新定價，這是伺服器恢復的一部分，我們將研究整個產品組合中 SSD 和 DRAM、[RDRAM] 的成本結構，並進行相應調整。

Samik Chatterjee, JPMorgan.

薩米克‧查特吉，摩根大通。

Thanks for taking the question. Maybe if I change gears and go to the CSG segment, you sounded more optimistic about commercial client improving through the rest of the year. Maybe just share. What are you seeing or hearing from your customers in that regard? How much of this is privatization of the replacement of the installed base or even sort of exploration of execution of that replacement PC install the windows end-of-life? How do you -- what are you hearing in terms of enterprises evaluating AI PCs in that decision making cycle as well this year. Thank you.

感謝您提出問題。也許如果我換個方向，轉到 CSG 部門，你聽起來對商業客戶在今年剩餘時間的改善更加樂觀。也許只是分享。在這方面您從客戶那裡看到或聽到了什麼？其中有多少是對已安裝基礎的更換的私有化，或者是對 Windows 生命週期結束時安裝更換 PC 的執行的某種探索？今年，在企業評估人工智慧 PC 的決策週期中，您聽到了什麼？謝謝。

Look, I am glad you detected a bit of excitement after two years of decline to have the business grow again was good. Yvonne and I often joke about this, one data point does not make a trend. We need a few more dots on the old chart to see a trend that we can call a recovery, but we're encouraged. And that's a good sign.

看，我很高興您在經歷了兩年的下滑之後發現了一點興奮，業務再次增長是件好事。伊馮和我常開玩笑說，一個數據點並不能說明趨勢。我們需要在舊圖表上添加更多的點才能看到我們可以稱之為復甦的趨勢，但我們受到了鼓舞。這是一個好兆頭。

Some other things that we, I think, talked about that I think are worth noting is that demand improved over the course of the quarter. The pipeline grew over the course of the quarter. We haven't had that in two years. We saw more activity in large businesses. That was encouraging. We saw we have an opportunity to see SB and MB pull along with that. So you can't call a recovery until you see MB and SBs pull along with it.

我認為我們談論的其他一些值得注意的事情是需求在本季度有所改善。該管道在本季度不斷增長。我們已經兩年沒有這樣過了。我們看到大型企業有更多的活動。這是令人鼓舞的。我們看到我們有機會看到 SB 和 MB 一起努力。因此，在看到 MB 和 SB 一起行動之前，你不能稱之為復甦。

But we remain encouraged. In the three indicators that I called out in our remarks are what we see. The install base has never been older. Four years ago today, we were all home. Working remote, trying to mobilize our employee base to be remote. Those products are all four years old now. And that is typically when things get replaced and that's built up. We'll be the same through calendar '25 or fiscal '26.

但我們仍然受到鼓舞。我在演講中提到的三個指標就是我們所看到的。安裝基礎從未如此古老。四年前的今天，我們都在家。遠距工作，試圖動員我們的員工進行遠距辦公。這些產品現在已經有四年了。這通常是當事物被替換並建立起來時。到 25 日曆年或 26 財年我們都將保持不變。

And that is a reason for belief that there is a refresh coming because the installed base has it been older and it needs to be updated. You have the additional component of there's a bit the life of a version of Windows. History said when there is the end of life our history is indicated for there's an end-of-life of operating system. There is a buying pattern to get update -- refreshed and updated.

這就是我們相信即將進行更新的原因，因為安裝的基礎已經較舊並且需要更新。您擁有 Windows 版本的附加元件。歷史表明，當作業系統的生命週期結束時，我們的歷史就表明作業系統的生命週期也結束了。有一種購買模式是為了獲得更新——刷新和更新。

And then we have the promise of what you said of AI PC's. We launched our first AI PC's much earlier this year with Meteor Lake across our entire corporate portfolio. We just announced a handful of new ones last week at Dell Technologies World. There's more coming. The application basis building against that. Whether that be lead, Adobe's doing, CrowdStrike is doing, what Zoom is doing.

然後我們就得到了你所說的人工智慧電腦的承諾。今年早些時候，我們在整個公司產品組合中推出了第一台人工智慧 PC，其中包括 Meteor Lake。我們上週剛在戴爾科技世界博覽會上宣布了一些新產品。還有更多即將到來。以此為基礎建立應用程式基礎。無論是領先，Adobe 正在做的，CrowdStrike 正在做的，Zoom 正在做的。

We are getting more performance and more capability or the announcement from Microsoft last week with copilot plus we can do things like search, recall, live caption, and other exciting new capabilities that we think will drive ultimate demand for PCs. So that's the backdrop. I'd be remiss if I didn't tell you that IDC, if you had seen ticked down the forecast for the year, our internal model put down a little bit as well. But we believe we continue to grow, as we said, low single digits work to do. We plan to take share and outperform the marketplace.

我們正在獲得更多的性能和更多的功能，或者微軟上周宣布的副駕駛加上我們可以做搜索、召回、實時字幕和其他令人興奮的新功能，我們認為這些功能將推動對PC 的最終需求。這就是背景。如果我沒有告訴你，IDC，如果你已經看到了今年的預測，我們的內部模型也降低了一點，那就是我的失職。但我們相信我們會繼續成長，正如我們所說，低個位數的工作還有待完成。我們計劃搶佔市場份額並跑贏大盤。

We've got time for one more question and then we'll turn it over to Jeff for some final thoughts.

我們還有時間再問一個問題，然後我們會把它交給傑夫，讓他給一些最後的想法。

David Vogt, UBS.

大衛‧沃格特，瑞銀集團。

Great. Thanks for squeezing me in a while. Yvonne, this is a question for you. If I take your comments and Jeff's comments around AI servers, it appears that there's a modest linear ramp in sort of the the AI server revenue recognition as we go through 2Q in the second half of this year. If that's right, what is the gating factor? I know you talked about it earlier and Jeff talked about different sort of customer priorities and time lines. But I would imagine that you would have seen a stronger ramp in 2Q, 3Q, and 4Q. And if that's the case, are you seeing a stronger demand in 2Q that's impacting gross margins that affect sort of the at the guide for this particular quarter? Thank you.

偉大的。謝謝你讓我擠了一會兒。伊馮，這個問題要問你。如果我考慮你和傑夫關於人工智慧伺服器的評論，那麼當我們進入今年下半年的第二季時，人工智慧伺服器的收入確認似乎出現了適度的線性增長。如果這是正確的，那麼門控因素是什麼？我知道您之前談過，傑夫談到了不同類型的客戶優先事項和時間表。但我想你會在第二季、第三季和第四季看到更強勁的成長。如果是這樣的話，您是否認為第二季的需求更加強勁，這會影響毛利率，從而影響該特定季度的指南？謝謝。

So I'll start on that from a P&L perspective. But I really do think it's about the demand and just hit on the dynamic environment and supply environment that we are experiencing there and the backlogs that continues to build right now. So even when I was talking about AI and how we recognize server margin, talking about them being rate dilutive, margin accretive, talking about building the balance sheet up. So we're deferring and we're selling these solutions with services and that services gets recognized over time. And so we'll continue to build that up.

所以我將從損益的角度開始討論。但我確實認為這與需求有關，並且與我們正在經歷的動態環境和供應環境以及目前持續增加的積壓有關。因此，即使當我談論人工智慧以及我們如何識別伺服器利潤時，談論它們會稀釋利率、增加利潤，並談論建立資產負債表。因此，我們推遲了，我們將這些解決方案與服務一起銷售，並且隨著時間的推移，服務會得到認可。因此，我們將繼續加強這一點。

So we when we look at the deal holistically on how we're negotiating with customers, but what that benefit will receive over time. These are favorable deals for us. But again in the P&L, you have to build up balance sheet. We have significant balance sheet strength across our entire portfolio and where we're building this element of it as this is a new, I'll call it a new start-up business for us.

因此，當我們從整體上看待這筆交易時，我們會考慮如何與客戶談判，以及隨著時間的推移會帶來什麼好處。這些對我們來說都是有利的交易。但同樣在損益表中，你必須建立資產負債表。我們的整個投資組合擁有顯著的資產負債表實力，我們正在建立這一元素，因為這是一項新業務，我將其稱為我們的新新創業務。

Jeff, is there anything you'd add to that?

傑夫，你還有什麼要補充的嗎？

No. I mean, we think the demand is there. I mean, you can look at many of the external sources and you can see demand for AI broadly deployed. The industry is optimistic, whether that's token growth, whether that's data growth, whether that's stuff flops required to process it. What's happening as we build out these mega clusters to train next-generation AI models and applications. This is a demand driver for the course of the decade.

不，我的意思是，我們認為需求是存在的。我的意思是，你可以查看許多外部資源，你可以看到對人工智慧廣泛部署的需求。整個產業都很樂觀，無論是代幣成長、數據成長，或是處理數據所需的失敗。當我們建立這些巨型叢集來訓練下一代人工智慧模型和應用程式時，正在發生什麼。這是這十年來的需求驅動因素。

And we'll build up the balance sheet as the demand and expansion in enterprise, and it will manifest into the P&L. I'll turn it over to you.

我們將根據企業的需求和擴張來建立資產負債表，並將其體現在損益表中。我會把它交給你。

Awesome. Thanks, everyone. We're leveraging our engineering expertise to deliver open, modular, and comprehensive AI solutions for our customers from the largest hyperscaler data centers to enterprise customers across the globe. That's something no other company the industry can do as well as us. We gained tremendous traction with our AI solutions over the past three quarters. And as you can see from our announcements that Dell Technology world, our innovation engine is humming and we're just getting started. Thanks for your time today.

驚人的。感謝大家。我們利用我們的工程專業知識，為從最大的超大規模資料中心到全球企業客戶的客戶提供開放、模組化和全面的人工智慧解決方案。在這一點上，業內沒有其他公司能比我們做得更好。在過去的三個季度中，我們的人工智慧解決方案獲得了巨大的吸引力。正如您從我們的公告中看到的那樣，在戴爾科技世界，我們的創新引擎正在嗡嗡作響，而我們才剛剛開始。感謝您今天抽出時間。

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。此時您可以斷開連線。