戴爾 (DELL) 2025 Q2 法說會逐字稿

Good afternoon, and welcome to the fiscal year 2025 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. (Operator Instructions)

下午好，歡迎參加戴爾科技集團 2025 財年第二季財務業績電話會議。本廣播是 Dell Technologies Inc. 的版權財產。 （操作員說明）

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

我想將電話轉給投資者關係主管 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.

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。

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.

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. We executed well in Q2 and I’m really proud of our team and our performance.

感謝羅布，感謝大家加入我們。我們在第二季度表現出色，我對我們的團隊和表現感到非常自豪。

Revenue was $25 billion, up 9%, with another record for our servers and networking business. Diluted EPS was $1.89, up 9%, and cash flow from operations was $1.3 billion. Our AI momentum accelerated in Q2 and our results and outlook demonstrate that we are uniquely positioned to help customers leverage the benefits of artificial intelligence.

營收達到 250 億美元，成長 9%，再創伺服器和網路業務的新紀錄。稀釋後每股收益為 1.89 美元，成長 9%，營運現金流為 13 億美元。我們的人工智慧勢頭在第二季度加速，我們的業績和前景表明我們處於獨特的地位，可以幫助客戶利用人工智慧的優勢。

In ISG, our AI server orders and shipments increased again sequentially. Our unique capability to deliver leading edge air and liquid cooled AI servers, networking and storage, tuned and optimized for maximum performance at the node and rack level, combined with leading ecosystem partners and world class services and support, continues to resonate with customers.

在ISG，我們的AI伺服器訂單和出貨量再次較上季成長。我們提供領先的風冷和液冷人工智慧伺服器、網路和儲存的獨特能力，經過調整和優化，以實現節點和機架級別的最佳性能，並與領先的生態系統合作夥伴和世界一流的服務和支持結合，繼續引起客戶的共鳴。

Orders demand was $3.2 billion, primarily driven by tier 2 cloud service providers. Encouragingly, we continue to see an increase in the number of enterprise customers buying AI solutions each quarter. Enterprise remains a significant opportunity for us as many are still in the early stages of AI adoption. We are also excited about the emerging sovereign AI opportunity, which plays to our strengths given our positioning with governments around the world.

訂單需求為 32 億美元，主要由二級雲端服務供應商推動。令人鼓舞的是，我們每季購買人工智慧解決方案的企業客戶數量持續增加。企業對我們來說仍然是一個重要的機會，因為許多企業仍處於人工智慧採用的早期階段。我們也對新興的主權人工智慧機會感到興奮，鑑於我們在世界各國政府中的定位，這發揮了我們的優勢。

We shipped $3.1 billion of AI servers in Q2. As we exited the quarter, our AI server backlog remains healthy at $3.8 billion. Most exciting, our AI server pipeline expanded across both tier 2 CSPs and Enterprise customers again in Q2 and now has grown to several multiples of our backlog. As we begin the second half of the year, we have optimized our sales coverage to better focus on AI opportunities across CSPs and both large and small customer segments and geographies.

第二季我們的 AI 伺服器出貨量達到 31 億美元。在本季結束時，我們的 AI 伺服器積壓仍保持在 38 億美元的健康水準。最令人興奮的是，我們的 AI 伺服器管道在第二季度再次擴展到二級 CSP 和企業客戶，現在已成長到我們積壓的數倍。今年下半年伊始，我們優化了銷售覆蓋範圍，以便更好地關注 CSP 以及大小客戶群和地區的人工智慧機會。

In addition, we have added substantial engineering capabilities, including data center networking and design, to support these AI pursuits.

此外，我們還增加了大量的工程能力，包括資料中心網路和設計，以支援這些人工智慧的追求。

Traditional server demand continues to improve, and we saw strong demand again in Q2, our third consecutive quarter of growth and our fifth consecutive quarter sequentially as customers invest in both traditional and AI infrastructure.

傳統伺服器需求持續改善，隨著客戶對傳統和人工智慧基礎設施的投資，我們在第二季度再次看到強勁的需求，這是我們連續第三個季度成長，也是連續第五個季度成長。

Dell IP core storage demand, including PowerMax, PowerScale, PowerStore and PowerProtect Data Domain, grew double digits in the quarter, a positive sign as we move into the second half of the year.

包括 PowerMax、PowerScale、PowerStore 和 PowerProtect Data Domain 在內的戴爾 IP 核心儲存需求在本季度實現了兩位數成長，這是進入下半年的積極跡象。

In CSG, we saw modest commercial PC demand growth in the quarter with healthy operating profitability, and we expect growth in the second half of the year. In CSG, we continue to pursue profitable share focusing on commercial PCs, high-end consumer, and gaming with our strong attach motion.

在南玻集團，我們看到本季商用 PC 需求溫和成長，營運獲利能力良好，預計下半年將會成長。在CSG，我們繼續以強烈的附著力追求專注於商用PC、高端消費和遊戲領域的獲利份額。

We are optimistic about the coming PC refresh cycle as the install base continues to age, Windows 10 reaches end-of-life later next year and the significant advancements in AI-enabled architectures and applications continue.

我們對即將到來的 PC 更新週期持樂觀態度，因為安裝基礎不斷老化，Windows 10 將於明年稍後結束生命週期，並且支援 AI 的架構和應用程式將繼續取得重大進展。

In closing, we are leveraging our strengths to extend our leadership positions and lean into new opportunities like AI. We are offering customers choice, flexibility and control of how and where they build, train and run artificial intelligence.

最後，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會。我們為客戶提供選擇、靈活性和控制，幫助他們建構、訓練和運行人工智慧的方式和地點。

We are still in the early innings, and our AI opportunity with tier 2 CSPs, enterprise, and emerging sovereign customers is immense. Our view is supported by an AI hardware and services TAM of $174 billion, up from $152 billion, growing at a 22% CAGR over the next few years. We are competing in all of the big AI deals and are winning significant deployments at scale.

我們仍處於早期階段，我們與二級 CSP、企業和新興主權客戶的人工智慧機會是巨大的。我們的觀點得到了 1,740 億美元人工智慧硬體和服務 TAM 的支持，高於 1,520 億美元，未來幾年複合年增長率為 22%。我們正在參與所有大型人工智慧交易，並贏得了大規模的重大部署。

Progress will not always be linear in the early stages, but we are winning in the market with strong feedback from repeat customers while acquiring new customers every quarter. We have the right AI portfolio with more to come, the right services capabilities, and we are optimizing our sales coverage to capture this once-in-a-generation opportunity. With the coming IT hardware recovery cycle and our positioning in AI, I really like our hand.

在早期階段，進展並不總是線性的，但我們憑藉回頭客的強烈回饋贏得了市場，同時每個季度都會獲得新客戶。我們擁有合適的人工智慧產品組合（未來將有更多產品）、合適的服務能力，我們正在優化我們的銷售覆蓋範圍，以抓住這一千載難逢的機會。隨著即將到來的 IT 硬體恢復週期以及我們在 AI 領域的定位，我真的很喜歡我們的手。

Now over to Yvonne for the financials.

現在請伊馮來了解財務狀況。

Thanks Jeff. Let’s start with an overview of our performance. Then I’ll dive into the specifics of ISG, CSG, DFS and guidance going forward.

謝謝傑夫。讓我們先概述一下我們的表現。然後我將深入探討 ISG、CSG、DFS 的細節以及未來的指導。

In the second quarter, we delivered strong operating results and solid cash flow, both of which position us well for the second half of the year and beyond. I’m encouraged by the great momentum we’re generating in ISG with AI leading the way.

第二季度，我們實現了強勁的經營業績和穩定的現金流，這為我們下半年及以後的發展奠定了良好的基礎。在 AI 的引領下，我們在 ISG 中產生的巨大勢頭讓我深受鼓舞。

Our total revenue was up 9% to $25 billion, including the headwind from the exit of our VMware resell business. And our combined CSG and ISG business grew 12%. Gross margin was $5.5 billion, or 21.8% of revenue. This is down 230 basis points due to an increase in our AI optimized server mix and a more competitive pricing environment.

我們的總營收成長了 9%，達到 250 億美元，其中包括退出 VMware 轉售業務帶來的不利影響。我們的 CSG 和 ISG 合併業務成長了 12%。毛利率為 55 億美元，佔營收的 21.8%。由於我們的 AI 優化伺服器組合的增加和更具競爭力的定價環境，這一數字下降了 230 個基點。

Operating expense was down 4% to $3.4 billion, or 13.7% of revenue. Let me emphasize, we expect solid top-line growth in the second half of the year, even as we continue to optimize our cost structure to enhance our competitiveness over the long-term.

營運費用下降 4%，至 34 億美元，佔收入的 13.7%。讓我強調一下，我們預計下半年營收將穩健成長，同時我們將繼續優化成本結構以增強長期競爭力。

A big part of this optimization effort is leveraging AI to re-imagine our business processes and drive higher productivity. To that end, in Q2, we took a $328 million charge for workforce reductions as we continue to position our business for the long-term.

這種優化工作的一個重要部分是利用人工智慧重新構想我們的業務流程並提高生產力。為此，在第二季度，我們為裁員支付了 3.28 億美元的費用，因為我們繼續對我們的業務進行長期定位。

Now, let’s look at operating income. We delivered a 3% increase to $2 billion, or 8.1% of revenue. This was driven by higher revenue and lower operating expenses, partially offset by a decline in our gross margin rate. Finally, Q2 net income was up 7% to $1.37 billion, primarily driven by stronger operating income. And our diluted EPS was up 9% to $1.89.

現在，我們來看看營業收入。我們實現了 3% 的成長，達到 20 億美元，即營收的 8.1%。這是由於收入增加和營運費用減少推動的，但毛利率下降部分抵消了這種影響。最後，第二季淨利成長 7%，達到 13.7 億美元，這主要是由於營業收入成長所致。我們的攤薄後每股收益成長了 9%，達到 1.89 美元。

So that’s a look at the whole. Now, let’s talk about the specifics, starting with ISG, where we delivered strong performance.

這就是整體的情況。現在，讓我們來談談具體情況，首先從 ISG 開始，我們在該領域表現出色。

ISG revenue was a record $11.6 billion, up 38%. Servers and networking revenue was another record of $7.7 billion, up 80%. Server demand continues to outpace shipments, with strong growth across traditional and AI servers. And the mix of our AI optimized server demand grew sequentially again. Storage revenue was down 5% at $4 billion. We were pleased to see double-digit demand growth across our core storage portfolio, including PowerMax, PowerScale, PowerStore, and PowerProtect Data Domain.

ISG 營收達到創紀錄的 116 億美元，成長 38%。伺服器和網路收入再創新高，達到 77 億美元，成長 80%。伺服器需求持續超過出貨量，傳統伺服器和人工智慧伺服器強勁成長。我們的人工智慧優化伺服器需求組合再次出現環比成長。儲存收入下降 5%，為 40 億美元。我們很高興看到我們的核心儲存產品組合（包括 PowerMax、PowerScale、PowerStore 和 PowerProtect Data Domain）的需求成長兩位數。

This strong storage performance was offset by headwinds in the partner IP portion of our HCI portfolio. ISG operating income was up 22% to $1.3 billion, due in large part to AI optimized server revenue growth and associated gross margin dollars. Our ISG operating income rate was up 300 basis points sequentially to 11.0% of revenue. This rate improvement was the result of operating expense scaling, driven by higher server revenue and storage profitability.

這種強勁的儲存效能被我們 HCI 產品組合中合作夥伴 IP 部分的不利因素所抵消。 ISG 營業收入成長 22%，達到 13 億美元，這在很大程度上歸功於 AI 優化的伺服器收入成長和相關毛利率。我們的 ISG 營業收入比上一季上升了 300 個基點，達到營收的 11.0%。這一比率的提高是由於伺服器收入和儲存盈利能力提高而導致營運費用擴大的結果。

We are pleased with the sequential improvement in storage profitability. We gained scale with 6% sequential revenue growth, we were more disciplined in our pricing. We had a higher mix of Dell IP storage solutions, and a better geographic mix with more North America activity.

我們對儲存獲利能力的連續改善感到高興。我們的規模擴大了，營收季增了 6%，我們的定價也更加嚴格。我們擁有更多的戴爾 IP 儲存解決方案組合，以及更好的地理組合和更多的北美活動。

As we mentioned last quarter, we expect our ISG operating margin rate to continue to improve in the second half of the year.

正如我們上季度提到的，我們預計下半年 ISG 營業利潤率將繼續改善。

In CSG, revenue was down 4% to $12.4 billion. Commercial revenue was flat at $10.6 billion, while consumer revenue was down 22% to $1.9 billion. CSG operating income was $767 million, or 6.2% of revenue, due to a more competitive pricing environment. We expect growth in the second half of the year, particularly in the fourth quarter. The coming PC refresh cycle and the longer-term impacts of AI will create tailwinds for the PC market.

CSG 的營收下降 4% 至 124 億美元。商業收入持平於 106 億美元，而消費者收入下降 22% 至 19 億美元。由於更具競爭力的定價環境，CSG 營業收入為 7.67 億美元，佔營收的 6.2%。我們預計下半年，特別是第四季將出現成長。即將到來的 PC 更新週期和人工智慧的長期影響將為 PC 市場創造順風。

Dell Financial Services originations were up 5% to $2.4 billion in Q2. Strength in both client and ISG financing offset the exit from our VMware resale business and the sale of our consumer revolving portfolio in Q3 of last year. Normalizing for these two impacts, DFS originations were up more than 30%, proof of increasing interest in our customer payment solutions.

第二季戴爾金融服務發起額成長 5%，達到 24 億美元。客戶和 ISG 融資的實力抵消了去年第三季我們退出 VMware 轉售業務和出售消費者循環投資組合的影響。將這兩種影響標準化後，DFS 的發起量增加了 30% 以上，證明了我們的客戶支付解決方案的興趣與日俱增。

Now, let’s move to cash flow and balance sheet. Q2 cash flow from operations was $1.3 billion. This was primarily driven by sequential revenue growth and profitability offset partially by working capital. Our cash conversion cycle was negative 43 days, up 4 days sequentially, driven primarily by the increase in our AI server business and AI order linearity. We ended the quarter with $6 billion in cash and investments, down $1.3 billion sequentially.

現在，讓我們轉向現金流和資產負債表。第二季營運現金流為 13 億美元。這主要是由於收入連續成長和獲利能力部分被營運資本所抵銷。我們的現金週轉週期為負值 43 天，比上一季增加 4 天，這主要是由於我們的 AI 伺服器業務和 AI 訂單線性度的成長所致。本季結束時，我們的現金和投資為 60 億美元，比上一季減少 13 億美元。

This is the result of capital returns of $1 billion and net debt paydown of $1 billion during the quarter. We repurchased 5.5 million shares of stock at an average price of $130.03 and paid a $0.45 per share dividend. Since our capital return program began at the beginning of FY23, we have returned $9 billion to shareholders through stock repurchases and dividends.

這是本季 10 億美元資本回報和 10 億美元淨債務償還的結果。我們以平均價格 130.03 美元回購了 550 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，我們已透過股票回購和股利向股東返還 90 億美元。

With our additional debt reduction and increased profitability this quarter, our core leverage was 1.4x.

隨著本季我們進一步削減債務和提高獲利能力，我們的核心槓桿率為 1.4 倍。

Turning to guidance, indicators continue to point towards growth in the second half of the year. Against that backdrop, we expect Dell Technologies' FY25 revenue to be in the range of $95.5 million and $98.5 billion with a midpoint of $97 billion or 10% growth. We expect ISG revenue to grow roughly 30%, driven primarily by AI and ongoing momentum in our traditional server business. We expect CSG revenue to be flat to low single digits for the year. We expect the combined ISG and CSG business to grow 13% at the midpoint.

談到指導，指標繼續顯示下半年將出現成長。在此背景下，我們預期戴爾科技集團 25 財年營收將在 9,550 萬美元至 985 億美元之間，中位數將達到 970 億美元，成長 10%。我們預計 ISG 收入將成長約 30%，這主要是由人工智慧和我們傳統伺服器業務的持續成長勢頭推動的。我們預計南玻集團今年的營收將持平至低個位數。我們預計 ISG 和 CSG 合併後的業務將成長 13%。

We expect our gross margin rate to decline roughly 180 basis points due to inflationary input costs, the competitive environment, and a higher mix of AI optimized servers. We will continue to drive efficiencies in the business and expect operating expense to be down low single digits for the year.

由於通貨膨脹的投入成本、競爭環境以及更多人工智慧優化伺服器的組合，我們預計我們的毛利率將下降約 180 個基點。我們將繼續提高業務效率，並預計今年的營運費用將下降至低個位數。

We expect both ISG and CSG operating margin rates to be within our long-term financial framework for the full year, 11% to 14% and 5% to 7%, respectively. We expect interest and other to be roughly $1.4 billion and an annual non-GAAP tax rate of 18%. Diluted non-GAAP EPS is expected to be $7.80 plus or minus $0.25 and up 9% at the midpoint.

我們預計 ISG 和 CSG 的營業利潤率將分別在我們全年的長期財務框架內，分別為 11% 至 14% 和 5% 至 7%。我們預計利息及其他費用約為 14 億美元，非公認會計準則年度稅率為 18%。稀釋後非 GAAP 每股盈餘預計為 7.80 美元上下 0.25 美元，中間值成長 9%。

For Q3 of fiscal '25, we expect revenue to be in the range of $24 billion to $25 billion at the midpoint of $24.5 billion, up 10%. We expect the combined ISG and CSG businesses to grow 14% at the midpoint, with ISG up in the low 30s and CSG flat to up low single digits. We anticipate operating expenses to be down low single digits sequentially. Our operating income rate is expected to improve as we continue to drive profitability in ISG.

對於 25 財年第三季度，我們預計營收將在 240 億美元至 250 億美元之間，中間值為 245 億美元，成長 10%。我們預計 ISG 和 CSG 合併後的業務將成長 14%，其中 ISG 將成長 30% 左右，而 CSG 則持平至低個位數成長。我們預計營運費用將環比下降到低個位數。隨著我們繼續提高 ISG 的獲利能力，我們的營業收入預計將會提高。

Q3 diluted share count should be between 714 million and 718 million shares. Diluted non-GAAP EPS is expected to be $2 plus or minus $0.10.

第三季攤薄後的股數應在 7.14 億股至 7.18 億股之間。稀釋後非 GAAP 每股盈餘預計為 2 美元加減 0.10 美元。

To close us out, I’ll echo what Jeff said, we are very optimistic about FY25 and beyond. AI and the coming IT hardware refresh cycle will be tailwinds for our business and no one in the industry is better positioned than Dell. We are applying artificial intelligence and beginning to realize the benefits across our own business.

最後，我要重複傑夫所說的，我們對 25 財年及以後非常樂觀。人工智慧和即將到來的 IT 硬體更新周期將成為我們業務的順風車，業內沒有人比戴爾處於更有利的地位。我們正在應用人工智慧並開始在我們自己的業務中實現效益。

We’re using it to improve customer and team member experiences in sales, software development, services, content management, and our supply chain. And in turn, we’re using our expertise to help our customers realize the benefits of AI for themselves.

我們使用它來改善客戶和團隊成員在銷售、軟體開發、服務、內容管理和供應鏈方面的體驗。反過來，我們正在利用我們的專業知識來幫助我們的客戶實現人工智慧為自己帶來的好處。

Before I turn it back to Rob for Q&A, I'd like to share that after 32 years at Dell, Rob has decided to retire. For those who may not know, Rob began his career at Dell in 1992 in Corporate Treasury while attending graduate school. He's held many roles since then and has seen Dell continue to transform and grow over the last three decades. This will be Rob's final earnings cycle. We wanted to personally share the news with you all today.

在我把它轉回給 Rob 進行問答之前，我想告訴大家，在戴爾工作了 32 年後，Rob 決定退休。也許有人不知道，Rob 於 1992 年在戴爾公司財務部開始了他的職業生涯，當時他還在攻讀研究所。從那時起，他擔任過許多職務，並見證了戴爾在過去三十年中不斷轉型和發展。這將是羅布的最後一個獲利週期。今天我們想親自與大家分享這個消息。

Paul Frantz will lead IR going forward. Paul is a longtime finance leader at Dell and a familiar name to many of you. Paul and Rob has been working closely over the last few years to ensure a smooth transition. Rob, I'd like to thank you for all of you contributed to Dell's success over so many years. You will be greatly missed. I'll save my extended thank you can go bid for later.

Paul Frantz 將領導 IR 的發展。保羅是戴爾的長期財務主管，對許多人來說都是熟悉的名字。過去幾年，保羅和羅布一直密切合作，以確保平穩過渡。 Rob，我要感謝您多年來為戴爾的成功做出的貢獻。我們會非常想念你。我會保存我的致謝，稍後可以去投標。

For now, I'd like to turn it back over to Rob for a few minutes.

現在，我想把它轉回給羅布幾分鐘。

Thanks, Yvonne, and thanks for those kind words, and congrats to Paul. Let's get to Q&A. (Event Instructions)

謝謝伊馮，謝謝你的好話，並祝賀保羅。讓我們開始問答。 （活動須知）

Amit Daryanani, Evercore.

阿米特·達裡亞納尼（Amit Daryanani），Evercore。

(technical difficulty) retirement. I guess my question is really around ISG margins to really step up from 8% in Q1 to 11% in this quarter despite the [80%] sequential growth in (technical difficulty). So can you just talk about what's enabling this kind of margin expansion because really a lot of peers on the AI server side are struggling with trying to -- are struggling with the margins, I feel right now.

（技術難度）退休。我想我的問題實際上是圍繞 ISG 利潤率從第一季的 8% 上升到本季的 11%，儘管（技術難度）連續成長了 [80%]。那麼，您能否談談是什麼促成了這種利潤率的擴張，因為我現在感覺，人工智慧伺服器端的許多同行都在努力爭取利潤率。

So I'd love to understand kind of what's enabling this margin expansion? And then critically, as we think about this 11% to 14% target for the full year, what are the key inputs or building blocks together in the back half of the year? Thank you.

所以我很想了解是什麼推動了利潤率的擴大？然後關鍵的是，當我們考慮全年 11% 至 14% 的目標時，下半年的關鍵投入或建造模組是什麼？謝謝。

Thanks, Amit. I will get started on that one. So we were very pleased with the operating income rate we saw in the second quarter, the 11%, up 300 basis points quarter over quarter. That was really driven by improvement across the entire portfolio. I mean first, revenue was up quarter over quarter, 26%, which helped drive scale within the P&L. And as expected, the headwinds we saw in Q1 did not persist into Q2.

謝謝，阿米特。我會開始做那件事。因此，我們對第二季的營業利潤率非常滿意，即 11%，比上一季成長了 300 個基點。這實際上是由整個投資組合的改進所推動的。我的意思是，首先，營收環比成長 26%，這有助於推動損益表的規模成長。正如預期的那樣，我們在第一季看到的不利因素並沒有持續到第二季​​。

In storage, we had scale. We're price disciplined. We mixed more towards our own Dell IP storage offerings, which was very helpful and saw strength in North America enterprise.

在儲存方面，我們有規模。我們有價格紀律。我們更多地混合了我們自己的戴爾 IP 儲存產品，這非常有幫助，並且看到了北美企業的優勢。

In the traditional server space, the demand environment continued to improve, although we're still seeing some competitive pressures. And in AI servers, we had strong shipments with improved profitability and growing enterprise customers in that portfolio mix.

在傳統伺服器領域，儘管我們仍然看到一些競爭壓力，但需求環境持續改善。在人工智慧伺服器方面，我們的出貨量強勁，獲利能力提高，且該產品組合中的企業客戶不斷成長。

I'd say, we do expect ISG operating income to finish FY25 within our long-term framework that 11% to 14% and do expect as we move through the second half of the year that we'll continue to see that as we mix more towards our storage portfolio as we do each year.

我想說的是，我們確實預計 ISG 的營業收入將在我們的長期框架內完成 25 財年的 11% 至 14%，並且預計隨著我們進入今年下半年，我們將繼續看到這一點正如我們每年所做的那樣，更專注於我們的儲存產品組合。

Yeah, Amit, maybe two additional data points that I think are worth noting the improvement. One, as Yvonne said, our Dell IP core storage. On a demand basis, it was up double digits. We improved the margins in each of our categories, PowerMax, PowerStore, our PowerScale, and PowerProtect data protection quarter over quarter through the price discipline that Yvonne mentioned.

是的，阿米特，也許還有兩個我認為值得注意的改進數據點。正如 Yvonne 所說，其中之一是我們的戴爾 IP 核心儲存。從需求來看，這一數字成長了兩位數。透過 Yvonne 提到的價格紀律，我們逐季提高了每個類別（PowerMax、PowerStore、PowerScale 和 PowerProtect 資料保護）的利潤。

And the second one, which I think is very important, we improved margins of our AI portfolio. And we did that with the same sort of price discipline, but more importantly, the engineering value add and the technical value add that we're bringing to our customers and the expansion from beyond the specific node to the rack level deployment.

第二個，我認為非常重要，我們提高了人工智慧投資組合的利潤率。我們以相同的價格原則做到了這一點，但更重要的是，我們為客戶帶來了工程附加價值和技術附加價值，以及從特定節點到機架級部署的擴展。

So our ability to add L11, L12 capabilities, expert deployment, system validation and testing, the ability to help engineer the solution at our customer site, the extension into networking, the ability to cable these things up and deploy them at scale, that is allowing us to extract additional value in our AI deployments.

因此，我們有能力添加 L11、L12 功能、專家部署、系統驗證和測試、幫助在客戶現場設計解決方案的能力、擴展到網路、連接這些東西並大規模部署它們的能力，也就是說使我們能夠在人工智慧部署中獲取額外價值。

Hey, thanks for the question, Amit. Let's go to the next question.

嘿，謝謝你的提問，阿米特。讓我們進入下一個問題。

Ben Reitzes, Melius Research.

本‧雷茨 (Ben Reitzes)，Melius 研究中心。

Hey, how you doing? And then congrats, Rob. I can say I knew you back when but I won't. Congrats. And so listen, I'm just trying to reconcile your guidance, Yvonne. And then I have a follow-up. It looks like it's more 4Q loaded than what -- the Street was thinking. And there was the talk of the layoffs into the print here.

嘿，你好嗎？然後恭喜你，羅布。我可以說我早就認識你了，但我不會。恭喜。聽著，我只是想協調你的指導，伊馮。然後我有一個後續行動。看起來第四季的負載比華爾街想像的還要多。這裡有關於裁員的討論。

And I was just wondering if you can reconcile that for us. The $2 and then it looks like maybe the Street has to raise the 4Q vis-a-vis where they were. And I was wondering if that has to do with timing of savings. And I was wondering also if you can quantify the savings, what the $328 million equates to in savings and how we should think about that.

我只是想知道你是否能為我們協調一致。 2 美元，然後看起來華爾街可能必須提高第四季的水平。我想知道這是否與儲蓄的時間有關。我還想知道您是否可以量化節省的金額，3.28 億美元的節省相當於什麼，以及我們應該如何考慮這一點。

And then, Jeff, if you don't mind, if you could just mention how the AI server margins are progressing and what we should think about with the flat backlog Q-to-Q? I know you had great sales. But should the flat backlog be a concern? I know there was a lot in there. But since I congratulated Rob, maybe you'll give me a pass and answer them all.

然後，傑夫，如果您不介意的話，您是否可以提及人工智慧伺服器利潤率的進展情況，以及我們應該考慮環比持平的積壓情況？我知道你們的銷量很好。但積壓的持平是否應該成為一個問題呢？我知道裡面有很多東西。但既然我向羅布表示祝賀，也許你會給我通行證並回答所有問題。

That was the greatest one question that I've seen.

這是我見過的最偉大的一個問題。

That was the classic Ben.

這就是經典的本。

We may have Rob.

我們可能有羅布。

Well, we'll see if we can get through at least the first part of those questions, Ben, we'll let Yvonne start.

好吧，我們會看看是否能至少解決這些問題的第一部分，本，我們讓伊馮開始。

All right. So for -- I could talk to the second half, but let me start with Q3. We're talking about CSG and ISG combined are going to grow at 14%, right? Total revenue at the midpoint of $24.5 billion, so up 10% year over year. So 14% for CSG, ISG, 10% in total. ISG up 30% year over year. So very, very impressive continued performance there driven primarily by AI servers as well as continued momentum in traditional servers. So we're expecting to see that. CSG, we're expecting to be flat to up low single digits in the third quarter, expecting gross margin rates to be up slightly quarter over quarter.

好的。因此，我可以談談下半場，但讓我從第三季開始。我們談論的是 CSG 和 ISG 的總計成長率將達到 14%，對嗎？總收入中位數為 245 億美元，年增 10%。所以CSG、ISG佔14%，總共10%。 ISG年增30%。非常非常令人印象深刻的持續性能主要由人工智慧伺服器以及傳統伺服器的持續成長動力所推動。所以我們期待看到這一點。 CSG，我們預計第三季的毛利率將持平至低個位數成長，毛利率將較上季小幅上升。

And I'd say, remember that we're expecting inflationary environment in the third quarter in the second half actually holistically as well as a continued competitive environment. OpEx which I think you have a somewhat a question on, we've already guided to that OpEx holistically, and that will be down. We did that last quarter. So we expect that to be down about 2% quarter over quarter.

我想說的是，請記住，我們預計下半年第三季實際上會出現通膨環境，並且會出現持續的競爭環境。我認為您對營運支出有一些疑問，我們已經全面引導了營運支出，並且將會下降。我們上個季度就這麼做了。因此，我們預計這一數字將環比下降約 2%。

And then from an OpEx standpoint, expecting continued improvement there driven by ISG and storage and traditional server mix as well as performing within our long-term framework holistically.

然後從營運支出的角度來看，預計在 ISG、儲存和傳統伺服器組合以及在我們的長期框架內整體執行的推動下，持續改進。

I don't know if there's anything to add on the third quarter. So we go into the full year. So I think your question on are we waiting more towards the fourth quarter than the third quarter? We're sequentially higher in the fourth quarter from a historical perspective and expect to continue that tradition.

不知道第三季還有什麼好補充的嗎？所以我們進入全年。所以我想你的問題是我們對第四季的等待是否比第三季更久？從歷史角度來看，我們在第四季連續走高，並預計將延續這項傳統。

We are expecting a CSG recovery to begin in the second half, more weighted towards the fourth quarter. And then you'd also have your natural largest quarter from a storage perspective in that fourth quarter. And so you'll see that, that would be reflected both the momentum in CSG as well as the storage momentum in the profitability and performance in that period.

我們預計南方電網的復甦將於下半年開始，尤其是第四季。然後，從儲存角度來看，第四季自然會出現最大的季度。所以你會發現，這既反映了南玻的勢頭，也反映了該時期儲存的獲利能力和業績動能。

And then on the two AI questions, the AI server margins, I'll start there summarizing what we discussed with Amit is margins were up sequentially. We were able to extract value out of our offer. We were able to extract the value out of our AI offer by expanding our -- again, our value proposition to our customers beyond the box to the rack level.

然後，關於兩個人工智慧問題，即人工智慧伺服器利潤率，我將首先總結我們與阿米特討論的內容，即利潤率連續上升。我們能夠從我們的報價中獲取價值。透過將我們對客戶的價值主張從盒子層面擴展到機架層面，我們能夠從人工智慧產品中提取價值。

So our ability to sell services around the box, the ability to sell networking and network integration, the ability to sell what we call L11 and L12 capabilities, which think of it as factory integration, solution testing, and on-site deployment, the ability to configure these at scale for our largest customers is allowing us to extract differentiated value of our competition, and we're going to continue to focus on that and continue to find more ways to help our customers deploy AI at scale.

因此，我們有能力銷售整套服務，有能力銷售網路和網路集成，有能力銷售我們所說的 L11 和 L12 功能，將其視為工廠集成、解決方案測試和現場部署，為我們最大的客戶大規模配置這些技術使我們能夠從競爭中獲取差異化價值，我們將繼續關注這一點，並繼續尋找更多方法來幫助我們的客戶大規模部署人工智慧。

In terms of the backlog, I mean the first thing I would point to is shipments nearly doubled quarter over quarter. And I think that's an important thing to think through. For us, for over the last 12 months, we shipped $6.5 billion of AI infrastructure to our customers on the demand line of just under $9.5 billion. What you're seeing is improved supply, still working with customers on their delivery dates, still working with customers on their ability to accept the equipment and integrate it into their data centers.

就積壓而言，我首先要指出的是，出貨量較上月增加了近一倍。我認為這是一件需要思考的重要事情。對我們來說，在過去 12 個月裡，我們向客戶交付了 65 億美元的人工智慧基礎設施，而需求線略低於 95 億美元。您看到的是供應的改善，仍然在交貨日期與客戶合作，仍然與客戶合作以了解他們接受設備並將其整合到資料中心的能力。

I'm not worried about the backlog as well. I think we've made reference before of our five-quarter pipeline. Our five-quarter pipeline remains healthy. I think I made reference that at several multiples of our backlog. We have visibility to a pretty significant pipeline, and it's our job to convert that over the coming quarters. .

我也不擔心積壓的問題。我認為我們之前已經參考過我們的五個季度的管道。我們的五個季度的管道仍然健康。我想我在我們積壓訂單的好幾倍中都提到了這一點。我們對相當重要的管道有可見性，我們的工作是在未來幾季對其進行轉換。 。

Thanks, Ben. It's clearly an exciting opportunity for us. All right, next question.

謝謝，本。這對我們來說顯然是一個令人興奮的機會。好吧，下一個問題。

Erik Woodring, Morgan Stanley.

艾瑞克‧伍德林，摩根士丹利。

Great, guys. Thanks so much for taking my question. And Rob, I'd just echo what everyone is saying. You'll be missed. Thanks for all your help over the years. Jeff, I appreciate all the detail that you've provided in your prepared remarks on the makeup of your AI-optimized server customer base, increasing number of enterprises, expanding pipeline in Tier-2 CSPs and enterprise.

太棒了，夥計們。非常感謝您提出我的問題。羅布，我只是附和大家所說的。你會被想念的。感謝您多年來的所有幫助。 Jeff，我很欣賞您在準備好的評論中提供的有關 AI 優化伺服器客戶群的組成、企業數量不斷增加、二級 CSP 和企業管道擴展的所有詳細資訊。

Is there any way you can just maybe expand on those comments a bit? And what I'm really trying to get a better understanding on is just that the concentration of spending within your backlog, within your pipeline for AI optimized servers and how that's changing for you? Thanks so much.

有什麼辦法可以稍微擴充一下這些評論嗎？我真正想要更了解的是，您的待辦事項、人工智慧優化伺服器管道中的支出集中度以及這對您有何變化？非常感謝。

Sure. Let's see. Where do I start with that? Obviously, the pipeline I talked about is growing, growing at the size of multiples of our backlog. The composition of that is continuing to see the number of enterprise customers grow, and the amount of revenue in that pipeline is growing, which to me is encouraging and signals customers -- enterprise customers specifically -- are moving from experimenting to now piloting the technology to do a vast number of things, some of the use cases that Yvonne mentioned earlier.

當然。讓我們來看看。我該從哪裡開始呢？顯然，我談到的管道正在成長，其規模是我們積壓訂單的數倍。其中的組成部分是企業客戶數量持續增長，並且該管道中的收入也在增長，這對我來說是令人鼓舞的，並表明客戶（特別是企業客戶）正在從試驗轉向現在試點該技術做大量的事情，包括伊馮之前提到的一些用例。

So we're encouraged by the number of enterprise customers growing quarter over quarter. We're encouraged by the number of enterprise customers in our pipeline and the revenue that represents. Clearly, some of these large Tier-2 CSP deployments, training foundational models are still a large percentage of the backlog, a large percentage of the pipeline. And I think that's just the scale, but we are seeing the continued growth of enterprise, which again, I think is very, very encouraging whether that be in life sciences, higher education, financial services, some of the national labs, et cetera, we're seeing expansion across the enterprise.

因此，我們對企業客戶數量逐季成長感到鼓舞。我們對管道中的企業客戶數量及其所代表的收入感到鼓舞。顯然，在一些大型二級 CSP 部署中，訓練基礎模型仍然佔積壓的很大比例，佔管道的很大比例。我認為這只是規模，但我們看到企業的持續成長，我認為這再次非常非常令人鼓舞，無論是在生命科學、高等教育、金融服務、一些國家實驗室等領域，我們看到整個企業的擴張。

When I look at the composition of the backlog in technology, that ranges from parts that are available today to parts that are available in the future and everything in between, our backlog represents things that we can ship in Q3, things that we can ship in Q4 into next year, and obviously a five-quarter pipeline represents the same thing, which extends into next year.

當我查看技術積壓的組成時，範圍從今天可用的零件到未來可用的零件以及介於兩者之間的所有零件，我們的積壓代表了我們可以在第三季度交付的東西，我們可以在第三季交付的東西第四季到明年，顯然五個季度的管道代表著同樣的事情，延伸到明年。

Eric, was that enough color? Was that helpful?

艾瑞克，顏色夠了嗎？這樣有幫助嗎？

Yeah, that's perfect. I appreciate that. Thank you. Thanks for the detail.

是的，那太完美了。我很欣賞這一點。謝謝。謝謝你的詳細資料。

Toni Sacconaghi, Bernstein.

東尼薩科納吉、伯恩斯坦。

Yes, thank you. And Rob, congratulations on your retirement. We will miss you. I just wanted to -- I have one confirmation, then a question. In terms of improving profitability in AI servers from Q1 to Q2, did gross profits on AI server gross profit percentage on AI servers improve materially between Q1 and Q2 or just operating profit dollars because there was clearly significant OpEx improvement.

是的，謝謝。羅布，恭喜你退休。我們會想念你的。我只是想——我先確認一下，然後再提出一個問題。就第一季到第二季人工智慧伺服器獲利能力的提高而言，第一季到第二季人工智慧伺服器毛利百分比是否大幅提高，或只是營運利潤美元，因為營運支出明顯顯著改善。

The short answer to that is both improved.

簡短的回答是兩者都得到了改進。

Okay. And then I was hoping maybe you could just provide a little more color on the storage dynamics, because you talked about Dell IP businesses growing double digits and yet the storage business was down 5% year over year. So maybe you can help dimension what else is in that equation that suggests that hyperconverged is either an enormous part of your business or was down by a huge amount or there's some other piece that we need to be able to make those numbers pull together. So perhaps you can provide a little more color on that. Thank you.

好的。然後我希望您能就存儲動態提供更多信息，因為您談到戴爾 IP 業務實現了兩位數增長，但存儲業務卻同比下降了 5%。因此，也許您可以幫助確定該等式中的其他內容，這些內容表明超融合要么是您業務的重要組成部分，要么大幅下降，或者我們需要其他一些部分才能將這些數字整合在一起。所以也許你可以對此提供更多的色彩。謝謝。

Sure. Yvonne and I will try to tag team this. What I'll start with is as I mentioned previously, if you look at our Dell IP portfolio and the success we had in Q2, it was good to see. We had double-digit growth as we referenced on a demand basis across the high-end products, the mid-range products, the unstructured products, and the data protection products. Those products from a margin contribution point of view are significantly greater than the partner IP references that Yvonne mentioned earlier.

當然。伊馮和我會嘗試將此標記為團隊。首先，正如我之前提到的，如果您看看我們的戴爾 IP 產品組合以及我們在第二季度的成功，您會發現很高興看到這一點。根據高階產品、中階產品、非結構化產品和資料保護產品的需求，我們實現了兩位數的成長。從利潤貢獻的角度來看，這些產品明顯高於伊馮先前提到的合作夥伴智慧財產權參考。

So when those businesses are growing, and I think I've just mentioned in the previous questions and their margin rates improved with better price discipline in the quarter, we got, if you will, leverage from both growth as well as improvement in the gross margins, which will ultimately make its way to the operating margin for storage, and that was significant. That has driven by some mix of geography, North America that Yvonne mentioned earlier, but primarily driven by the core products themselves.

因此，當這些業務不斷增長時，我想我剛剛在前面的問題中提到過，他們的利潤率隨著本季度更好的價格紀律而提高，如果你願意的話，我們從增長和毛利率的改善中獲得了槓桿作用。這是由一些地理因素推動的，伊馮之前提到的北美，但主要是由核心產品本身所推動的。

And then obviously, your conclusion is correct. Their partner IP business was down quarter over quarter. That's less profitable for us, and the mix shifted increasingly more towards our Dell IP products.

顯然，你的結論是正確的。他們的合作夥伴 IP 業務環比下降。這對我們來說利潤較低，而且產品組合越來越多地轉向我們的戴爾 IP 產品。

So the double-digit growth was sequential growth that you were what you are seeing in those businesses?

那麼兩位數的成長是你在這些業務中看到的連續成長嗎？

ISG revenue growth was up 26% quarter over quarter.

ISG 營收季增 26%。

(multiple speakers)

（多個發言者）

Yeah. So you've got a decline in converged and hyperconverged and infrastructure and it is -- we haven't broken it out specifically, but it is obviously a large part of the business. And data protection will be the other area where there was a decline year over year. So those two offset the increases in the other four businesses we mentioned.

是的。因此，融合、超融合和基礎設施有所下降，我們沒有具體細分，但它顯然是業務的很大一部分。資料保護將是另一個同比下降的領域。因此，這兩項抵消了我們提到的其他四項業務的成長。

Asiya Merchant, Citi.

阿西亞商人，花旗銀行。

Great. If I could just talk a little bit about CSG -- and Rob, again, thank you for all the help and support over the last few years. We'll miss you as well.

偉大的。如果我能簡單談談 CSG——還有 Rob，再次感謝你們過去幾年來的所有幫助和支持。我們也會想念你的。

On CSG, if I may, you sound very optimistic about growth here in the fourth quarter. Maybe you could just double-click on that a little bit and give us some -- a guidance on what you're seeing in the pipeline or the demand indicators that gives you confidence in that growth on as we entered calendar '25.

關於南玻，請容許我說，您聽起來對第四季的成長非常樂觀。也許你可以雙擊它，給我們一些指導——關於你在管道中看到的內容或需求指標，讓你對我們進入日曆「25」時的成長充滿信心。

Thank you. Sure. I'll take a run at it and then Yvonne can help come over the top. I mean, we remain optimistic about the refresh. I think this reflected in our guidance that we think the refresh is shifting more towards the end of the year than we thought maybe at the middle of the year. I know all of you have done your supply-based checks that would indicate the same thing that refresh is heading towards end of '24 into '25.

謝謝。當然。我會嘗試一下，然後伊馮可以幫我克服困難。我的意思是，我們對刷新保持樂觀。我認為這反映在我們的指導中，我們認為更新在年底的轉變比我們在年中的預期要多。我知道你們所有人都已經完成了基於供應的檢查，這表明刷新即將在 24 年底進入 25 年。

And what's important about that is as the refresh takes longer to start, history suggests it snaps back faster because the Windows 10 end-of-life date is not moving. So we have a Windows 10 end-of-life date. We have an aging installed base of machines bought during the COVID era, all mounting to be refreshed with exciting new products built around AI, and more AI applications are coming. And we remain optimistic about that recovery.

重要的是，由於刷新需要更長的時間才能開始，因此歷史表明刷新速度會更快，因為 Windows 10 的生命週期結束日期沒有變化。因此，我們確定了 Windows 10 的生命週期結束日期。我們擁有在新冠疫情期間購買的老化機器安裝基礎，所有這些機器都將透過圍繞人工智慧構建的令人興奮的新產品進行更新，並且更多的人工智慧應用即將到來。我們對復甦保持樂觀。

Calling the timing has been difficult, but the end of life is around the corner or a quarter closer. The installed base is bigger and older. Exciting new products are coming. Applications to help productivity with end users is around the corner. And if you think about the extension of AI out to the edge inferencing and what inferencing will be done on the edge on PCs, that opportunity is immense as well.

確定這個時機很困難，但生命的終點即將到來，或者已經接近四分之一了。安裝基數更大、更舊。令人興奮的新產品即將到來。幫助最終用戶提高生產力的應用程式即將推出。如果您考慮人工智慧擴展到邊緣推理以及將在 PC 邊緣進行哪些推理，那麼這個機會也是巨大的。

When you think about running these small language models with larger memory footprints on the edge on your PC to do amazing things and have a personal agent on your, if you will, screen helping you along the way, that's all in front of us. So we remain very optimistic about that. But clearly from our performance, you can see that we had called a recovery a little earlier and recalling today, it's a little further out. Yvonne, anything you'd add?

當您考慮在PC 邊緣運行這些具有更大內存佔用的小型語言模型來完成令人驚奇的事情，並在您的屏幕上有一個個人代理（如果您願意）一路幫助您時，這一切都在我們面前。所以我們對此仍然非常樂觀。但從我們的表現中可以清楚地看到，我們早些時候就宣布了復甦，但今天回想起來，卻有點遙遠了。伊馮，你還有什麼要補充的嗎？

No, I think you hit it, Jeff.

不，我認為你成功了，傑夫。

Samik Chatterjee, JPMorgan.

薩米克‧查特吉，摩根大通。

Hi. Thanks for taking my question. And Rob, congrats and thank you for the help. Jeff, if I just go back to your comments about what you're seeing from enterprise customers in terms of AI server demand, just curious to understand clearly, you're excited about that building pipeline that you are seeing from the enterprise side, but what you're seeing with enterprise customers come in, what is that giving you in terms of opportunity to either do attach of more services or storage for that matter? And how should we think about how much of a differential on the gross margins does that lead to when you compare to sort of what you're doing -- the work you're doing with the new Tier 2s.

你好。感謝您提出我的問題。羅布，恭喜你並感謝你的幫助。傑夫，如果我回到你對企業客戶在人工智慧伺服器需求方面看到的情況的評論，只是想清楚地理解，你對從企業方面看到的構建管道感到興奮，但是您在企業客戶中看到了什麼，這為您帶來了哪些機會來附加更多服務或儲存？當你與你正在做的事情（即你在新的 Tier 2 上所做的工作）進行比較時，我們應該如何考慮這會導致多少毛利率差異。

Maybe in an order that, at least, I think about this. First of all, we still believe we're in the very, very early innings in deployment enterprise. So we know that as we've surveyed thousands of our enterprise customers. And we have a pretty good understanding of where they are in their AI journey. And if you think of this as in stages, they are truly what we call stage zero and one trying to determine what they're going to do, what their strategy is, and a large percentage of our customers are in that state.

也許至少我會考慮這個問題。首先，我們仍然相信我們正處於部署企業的非常早期階段。因此，當我們對數千名企業客戶進行調查時，我們就知道了這一點。我們非常了解他們在人工智慧之旅中的位置。如果你把這看作是分階段的，那麼他們確實是我們所說的第零階段和第一階段，試圖確定他們要做什麼，他們的策略是什麼，我們的很大一部分客戶都處於這種狀態。

And I think we have a pretty good understanding of that given our broad market coverage with the largest sales force and technology reaching down into small businesses and everything up to large multinationals. We have a pretty good pulse of where enterprises business or commercial customers are in that journey. And that gets us really excited that they all see the opportunity. Many are experimenting, moving to piloting the technology so they can actually take advantage of the opportunities to drive productivity or an advantage with customers or customer service or what have you.

我認為，鑑於我們廣泛的市場覆蓋範圍、最大的銷售團隊和技術深入小型企業和大型跨國公司，我們對此有很好的理解。我們對企業業務或商業客戶在過程中的位置有很好的把握。這讓我們非常興奮，因為他們都看到了這個機會。許多人正在嘗試，轉向試點該技術，以便他們能夠真正利用機會來提高生產力或在客戶或客戶服務或其他方面獲得優勢。

And in doing so, it really brings us tremendous opportunity. We've built professional services to help customers do exactly the four things they need to make progress here: build a strategy, help them implement it, ultimately think about how they deploy the model and then adopt it and scale it to get the advantages of it. We've built services around that; we continue to scale that capability.

這樣做確實為我們帶來了巨大的機會。我們建立了專業服務來幫助客戶準確完成他們取得進展所需的四件事：制定策略，幫助他們實施它，最終考慮如何部署模型，然後採用它並擴展它以獲得優勢它。我們圍繞此建構了服務；我們將繼續擴大這種能力。

And then because these are very complex systems, the ability to engineer and help our customers integrate these. You just can't put this into a data center there has to be space. It requires power. In many cases, it requires new forms of cooling. The network interconnect is very complex. The storage subsystems have to be high speed systems, three-tier architecture systems with the flexibility and efficiency and scale to really run at high performance. That's kind of what we do.

然後，因為這些都是非常複雜的系統，所以我們有能力設計並幫助我們的客戶整合這些系統。你不能把它放進資料中心，那裡必須有空間。它需要力量。在許多情況下，需要新的冷卻方式。網路互連非常複雜。儲存子系統必須是高速系統、三層架構系統，具有靈活性、效率和規模，才能真正以高效能運作。這就是我們所做的。

We get excited about that opportunity and to help customers really extend from a strategy to implementation to be able to run these at scale and to take advantage of this enormous capability is exciting. And then if you think about the use cases, the use cases are generally around large language models. Small language models are coming. We're already talking about technologies like agents and (technical difficulty) buzzword of our industry today, and we've just scratched the surface of how agents are going to help each individual's productivity, help with specific skills, which provide an opportunity to take the millions of processes that are in businesses today and help automate them.

我們對這個機會感到興奮，並幫助客戶真正從策略擴展到實施，以便能夠大規模運行這些並利用這一巨大的功能，這令人興奮。然後，如果您考慮用例，您會發現用例通常圍繞著大型語言模型。小語言模型即將到來。我們已經討論了諸如代理之類的技術和當今行業的（技術難度）流行語，我們剛剛觸及了代理將如何幫助每個人提高生產力、幫助掌握特定技能的表面，這提供了採取行動的機會當今企業中存在數以百萬計的流程，並幫助它們實現自動化。

That's what's in front of us. And I think we've said each of the last several calls and we'll say it this call again, the margins selling to enterprises are better than the margins selling to our largest customers. And that's the value we continue to provide and we'll continue to build upon.

這就是我們面前的情況。我想我們已經在過去的幾次電話會議中說過了，我們會在這次電話會議中再次強調，向企業銷售的利潤比向我們最大客戶銷售的利潤要好。這就是我們繼續提供並將繼續發展的價值。

I think I made reference to this as well. I think this is a very important thing. We've tuned our go-to-market model where we have a dedicated pursuit team for the largest CSPs, and we have a overlay specialty organization that covers our largest enterprise customers down to many thousands of them with a specialized skills and then the engineering capability behind the sales force win each and every engagement.

我想我也提到過這一點。我認為這是一件非常重要的事情。我們調整了我們的進入市場模式，我們擁有專門針對最大的 CSP 的追蹤團隊，並且我們擁有覆蓋專業組織，覆蓋我們最大的企業客戶，其擁有專業技能，然後是工程銷售團隊背後的能力贏得了每一次參與。

I know that was a lot. I think I covered the questions.

我知道那是很多。我想我已經涵蓋了這些問題。

Michael Ng, Goldman Sachs.

邁克爾吳，高盛。

Hi, good afternoon. Thanks for the question. And I also wanted to extend my congratulations to Rob. I just have two questions, if I could. First for Yvonne. I wanted to ask about the low 30% ISG revenue guidance for the upcoming quarter, which implies ISG revenue is down sequentially. Can you just talk a little bit more on the drivers of that? What are you assuming for AI servers to happen quarter on quarter in terms of revenue?

嗨，下午好。謝謝你的提問。我也想向羅布表示祝賀。如果可以的話，我只有兩個問題。首先是伊馮。我想詢問下一季 30% 的 ISG 營收指引，這意味著 ISG 營收季減。您能多談談其驅動因素嗎？您認為人工智慧伺服器每季的收入狀況如何？

And then second, for Jeff, I was just wondering if you could talk a little bit about some of the partnerships announced in the last couple of months, the new Nutanix hyperconverged partnership, the NVIDIA SuperPOD certification -- certification for the Dell power scale. Should that help drive an inflection in storage revenues as we head into the latter part of the year and into next? How material are these partnerships, and how much does that change your strategy in storage, if at all? Thank you.

其次，對於 Jeff，我只是想知道您是否可以談談過去幾個月宣布的一些合作夥伴關係，新的 Nutanix 超融合合作夥伴關係，NVIDIA SuperPOD 認證（戴爾功率等級認證）。當我們進入今年下半年和明年時，這是否有助於推動儲存收入的變化？這些合作夥伴關係有多重要？謝謝。

Yeah. I'll start off, Mike, with your question. And for Q3, we do expect ISG revenue to grow in the low-30s year over year and for the full year in 30s also. Traditional servers and storage are roughly in line with historical sequential business that we see. Servers will grow in the low single digits, and storage will be down in the low single digits. So that's relatively normal sequentially. So that would imply that AI servers are down quarter over quarter.

是的。麥克，我將從你的問題開始。對於第三季度，我們預計 ISG 營收將年增 30 左右，全年也將成長 30 左右。傳統伺服器和儲存與我們看到的歷史順序業務大致一致。伺服器將以低個位數成長，而儲存將以低個位數下降。所以按順序來說這是相對正常的。因此，這意味著人工智慧伺服器逐季下降。

Now that said, shipments were up in the second quarter to $3.1 billion. The backlog is sitting at $3.8 billion. The pipeline, as Jeff has already talked about, is a multiple of that backlog. And enterprise orders, customers, and pipeline are all growing. So with all that said, I would say, if we have the GPUs and the customers are ready, we're fully motivated and ready to ship more AI servers in the third quarter. But that is embedded in our guide.

儘管如此，第二季的出貨量已增至 31 億美元。積壓訂單達 38 億美元。正如傑夫已經談到的，管道是積壓訂單的數倍。而企業訂單、客戶、管道都在成長。綜上所述，我想說的是，如果我們擁有 GPU 並且客戶已經準備好，我們就有充分的動力並準備在第三季度交付更多的人工智慧伺服器。但這已包含在我們的指南中。

Well said. Let me see if I can work my way to the partners question and what's happening. I think there are two distinct things. One is you think of HCI as a category, at least from our view, it really is a category of products with a single hypervisor. It's really meant to drive simplicity and ease-of-use for that use case.

說得好。讓我看看是否可以解決合作夥伴的問題以及發生了什麼。我認為有兩個不同的事情。一個是你將 HCI 視為一個類別，至少從我們的角度來看，它確實是一個具有單一虛擬機器管理程式的產品類別。它的真正目的是推動該用例的簡單性和易用性。

And if you think about what customers, particularly enterprise customers -- in fact, almost solely enterprise customers large and small -- are as they think about AI, they don't have space. They need to make space. They need to create room for bringing AI high gear in. So there's a consolidation afoot in business.

如果你考慮一下客戶，特別是企業客戶——事實上，幾乎只有大大小小的企業客戶——他們對人工智慧的看法，就會發現他們沒有空間。他們需要騰出空間。他們需要為人工智慧的高速發展創造空間。

And HCI is a wonderful tool to be able to consolidate traditional applications. We have a good product with VxRail, and we clearly added to that to give customers choice with our Red Hat product, with our Azure product and the Nutanix product that you described, and we will continue to do that.

HCI 是能夠整合傳統應用程式的絕佳工具。我們的 VxRail 是一款很好的產品，我們明確地添加了這一點，讓客戶可以選擇我們的 Red Hat 產品、Azure 產品和您所描述的 Nutanix 產品，我們將繼續這樣做。

Probably, what I think is really interesting is these new modern workloads and certainly all those around accelerated computing are demanding more performance, more scale, more flexibility, more efficiency. I think I've said this before; you have to feed the beast. These new architectures are demanding from data that gobble data up, and you need to feed it in a high-performance way.

也許，我認為真正有趣的是這些新的現代工作負載，當然所有圍繞加速運算的工作負載都需要更高的效能、更大的規模、更大的靈活性和更高的效率。我想我以前已經說過了；你必須餵養野獸。這些新架構對吞噬資料的要求很高，您需要以高效能的方式提供資料。

We think the best way to do that is through a three-tier architecture. We think it meets the demand -- the high demands of these new workloads. We can drive high performance. We can scale up. We can scale out. We can drive the flexibility and efficiency needed and getting SuperPOD certification with our power-scaled products, the F910 and F710 is essential to be able to work in that environment, bringing the very best of our company going forward. And it's why we made the announcements.

我們認為實現這一目標的最佳方法是透過三層架構。我們認為它滿足了需求——這些新工作負載的高要求。我們可以推動高性能。我們可以擴大規模。我們可以橫向擴展。我們可以提高所需的靈活性和效率，並通過我們的功率級產品獲得 SuperPOD 認證，F910 和 F710 對於能夠在這種環境中工作至關重要，從而使我們公司的最佳表現不斷向前發展。這就是我們發布這些公告的原因。

Since we're talking about announcement, in May, earlier this past quarter about Project Lightning bringing a high-speed parallel file system to the forefront as well because that's another opportunity to expand our position in storage and quite frankly, expand our margin opportunity around storage, around GPUs, and around what's happening in AI.

由於我們正在談論5 月的公告，即上個季度早些時候，有關閃電項目的消息也將高速並行文件系統帶到了最前沿，因為這是擴大我們在存儲領域的地位的另一個機會，坦率地說，擴大我們的利潤機會儲存、GPU 以及人工智慧中正在發生的事情。

Wamsi Mohan, Bank of America

萬西莫漢，美國銀行

Thank you, and Rob, congrats as well. One, you just had quarter-on-quarter decline in AI server revenue. Your backlog is flat quarter on quarter in AI servers. Is that really reflective of just Blackwell delays? And does your backlog include the liquid-cooled offerings like XE9680L, and should we expect an acceleration in that backlog then over the next several quarters?

謝謝你，羅布，也恭喜你。第一，人工智慧伺服器收入季減。人工智慧伺服器的積壓量較去年同期持平。這真的只是布萊克威爾的延誤造成的嗎？你們的積壓訂單是否包括像 XE9680L 這樣的液冷產品？

And Jeff, you noted higher margins in enterprise consistently. Can you also comment on where sovereign might fit in that? And can you also help us with which models do you think will drive enterprise and sovereign versus maybe 9680, primarily at Tier-2 CSPs? Thank you so much.

傑夫，您注意到企業的利潤率一直較高。您能否評論一下主權在其中的位置？您能否幫助我們了解哪些模式將推動企業和主權企業與 9680（主要是二級 CSP）的發展？太感謝了。

You all are killing me on these multiple questions. (multiple speakers) Let me see if I can work my way through that. So when I think of the backlog, Wamsi, I think it -- in opportunity of deliveries for customers next quarter and then in Q4 and then clearly into next year. And that implies Blackwell.

你們在這些多個問題上都快要殺了我。 （多位發言者）讓我看看我能否解決這個問題。因此，當我想到積壓訂單時，Wamsi，我認為這是下個季度向客戶交付的機會，然後是第四季度，然後顯然是明年。這意味著布萊克威爾。

We have sold our most advanced architecture aligned to Blackwell as to a number of customers. We have sold H100s and H200s and availability -- more importantly, customer availability to take the product, which is what Yvonne is reflecting in our guidance. She didn't make a demand statement; she made a shipment statement.

我們已經向許多客戶出售了與 Blackwell 一致的最先進的架構。我們已經銷售了 H100 和 H200 以及可用性 - 更重要的是，客戶可以使用該產品，這就是 Yvonne 在我們的指導中反映的內容。她沒有提出要求聲明；她做了一份出貨聲明。

So demand with that five-quarter pipeline that I described, that is now multiples of our backlog is converting the backlog or current converting that into orders as quickly as we can. That opportunity is in all sorts of architectures. The vast majority within NVIDIA, H100s, H200s, and Blackwell as well as a couple of other opportunities around AMD and Intel. But the vast majority is in NVIDIA.

因此，我所描述的五個季度的管道的需求（現在是我們積壓訂單的倍數）正在盡快將積壓訂單或當前的訂單轉換為訂單。這種機會存在於各種架構中。絕大多數來自 NVIDIA、H100、H200 和 Blackwell，還有一些圍繞 AMD 和 Intel 的其他機會。但絕大多數都在 NVIDIA。

So our work as a pursuits team selling to enterprise is to get the order, obviously convert that pipeline into the opportunity, into the order, and get into backlog. And then our supply chain teams needs to get the parts which -- availability has improved, continues to improve. I think Jensen made reference to that yesterday that availability will continue to improve. That will help customers deploy, and then customers have to be ready to deploy.

因此，作為向企業銷售的追求團隊，我們的工作就是獲得訂單，顯然將管道轉化為機會、訂單，並進入積壓訂單。然後我們的供應鏈團隊需要獲得可用性已經提高、持續提高的零件。我認為 Jensen 昨天提到可用性將繼續改善。這將幫助客戶進行部署，然後客戶必須做好部署準備。

That's what we're working through. That's the best reflection of that -- of interpreting those signals into the guidance that Yvonne talked about is what we know today. And obviously, we're trying to improve that.

這就是我們正在努力解決的問題。這就是最好的體現——將這些訊號解釋為伊馮所談到的指導，這就是我們今天所知道的。顯然，我們正在努力改進這一點。

And you asked about sovereign. Our opportunities in sovereign, I think, are large and immense, as I described in our prepared remarks. As it stands now, none of the five-quarter pipeline reflects the sovereign opportunity at any great size.

你問了關於主權的問題。我認為，正如我在準備好的演講中所描述的那樣，我們在主權方面的機會是巨大的。就目前情況而言，五個季度的管道都沒有反映出任何規模的主權機會。

Aaron Rakers, Wells Fargo.

亞倫·雷克斯，富國銀行。

Yeah. Thanks for taking the question. Rob, on your last call, I'll stick to the one question, and congrats to you and Paul. I guess my question is not AI; it's actually on the traditional server side. Looking at the numbers, it looks like you've seen a pretty good uptick in this last quarter. I'm just curious of how you would characterize, I'll call it, the pipeline of opportunity that you're seeing in the traditional server market, the duration of demand just kind of thinking about that potential kind of recovery cycle that you're seeing in outside of these AI servers for traditional servers?

是的。感謝您提出問題。羅布，在你最後一次通話時，我會堅持一個問題，並祝賀你和保羅。我想我的問題不是人工智慧；而是人工智慧。它實際上是在傳統的伺服器端。從這些數字來看，上個季度的成長似乎相當不錯。我只是好奇你會如何描述，我稱之為，你在傳統伺服器市場中看到的機會管道，需求的持續時間，只是考慮一下你所看到的潛在的恢復週期。之外看到了傳統伺服器？

Sure. Great question, Aaron. Thanks. So maybe a couple of things to reinforce, the momentum we're seeing is now five quarters in a row of sequential growth, three quarters in a row of year-over-year growth. We are seeing unit growth. We are seeing TRU expansion, i.e., more cores, more memory, more storage.

當然。好問題，亞倫。謝謝。因此，也許有幾件事需要加強，我們現在看到的勢頭是連續五個季度連續增長，連續三個季度同比增長。我們看到了單位的成長。我們看到 TRU 擴展，即更多核心、更多記憶體、更多儲存。

And I think three things are driving the demands in core's servers today. The first is we're coming out of the longest digestion period ever. It was eight quarters, two years. The installed base is old. And as it's aged -- what I'll link to a conversation I just made moments ago, customers are looking for room to put AI into their infrastructure. And to do that, we think there's a consolidation that is beginning to occur to make room.

我認為有三件事正在推動當今核心伺服器的需求。首先，我們即將走出有史以來最長的消化期。那是八個季度，兩年。安裝基礎很舊。隨著它的老化——我將連結到我剛才進行的對話，客戶正在尋找空間將人工智慧放入他們的基礎設施中。為此，我們認為整合正在開始，以騰出空間。

And that consolidation is important because the new technologies today are incredibly more efficient than what you might be replacing that's four or five years old. For example, if I was to look at a 14G, a product we shipped four-plus years ago to a 16G that we ship today, our product today has 2.5 times to 3 times more cores in it. It's 25% to 35% more power-efficient and a single 16G server can replace three to five 14G servers in a rack. Consolidation is going to occur because that space and power is needed.

這種整合很重要，因為今天的新技術比您可能要取代的四、五年前的技術要高效得多。例如，如果我看一下我們四年多前推出的 14G 產品和今天推出的 16G 產品，我們今天的產品中的核心數量增加了 2.5 倍到 3 倍。它的能源效率提高了 25% 到 35%，單一 16G 伺服器可以取代機架中的三到五個 14G 伺服器。由於需要空間和電力，整合將會發生。

And then lastly, as I think about it, we've made some references to this in the past, workloads are coming back from the cloud. They're repatriating and as they repatriate, they got to go somewhere. And they're coming back on-prem on servers and storage. Those would be the three things I'd point to.

最後，正如我所想，我們過去已經對此進行了一些參考，工作負載正在從雲端返回。他們正在遣返，當他們遣返時，他們必須去某個地方。他們將回到本地伺服器和儲存。這就是我要指出的三件事。

David Vogt, UBS.

大衛‧沃格特，瑞銀集團。

Great, guys. Thanks for taking my question. And Rob, congrats again and Paul, congrats. And I'm going to stick to one question as well. Obviously, you were clear about the GPU and the delivery constraints on the AI server side, how are you thinking about how that gets reconciled as we move through your fiscal year into next year? Is it GPU availability? What are the gating factors that you're thinking about?

太棒了，夥計們。感謝您提出我的問題。羅布，再次恭喜，保羅，恭喜。我還要堅持一個問題。顯然，您很清楚 GPU 和人工智慧伺服器端的交付限制，當我們從您的財年進入明年時，您如何考慮如何協調這些限制？是 GPU 可用性嗎？您正在考慮哪些限制因素？

And does that mean as we exit this year, you're still going to see some constraints in terms of the ability to convert backlog and orders into revenue, and we should expect backlog to continue to grow at a faster clip until that's resolved at some point -- I would imagine at some point next year. So any thought or help there would be great.

這是否意味著，當我們今年退出時，在將積壓訂單和訂單轉化為收入的能力方面，您仍然會看到一些限制，我們應該預計積壓訂單將繼續以更快的速度增長，直到這個問題在某個時候得到解決。所以任何想法或幫助都會很棒。

What I hope we conveyed is supply is improving; supply is improving. Deployments and scheduled deliveries to customers is what we have to manage through again -- much of this is very complex deployments: readiness of a data center, readiness of power, readiness of a cooling; if its direct liquid cooling, the ability to have water in data center. And all of that infrastructure has to be put in place and coordinated with the delivery of a GPU in a server.

我希望我們傳達的訊息是供應正在改善；供應正在改善。部署和按計劃向客戶交付是我們必須再次管理的事情——其中大部分都是非常複雜的部署：資料中心的準備情況、電力的準備情況、冷卻的準備；如果是直接液體冷卻，資料中心就可以有水。所有這些基礎設施都必須到位並與伺服器中 GPU 的交付相協調。

And that's what we're working through. There's clearly opportunities that we're working across our customer set of what technologies they want to deploy. Urgent need -- if it's a need that can go into next year, they're clearly picking technology that will be available next year. So it's that composition of demand that we're trying to translate into shipments that we're -- again, we're reflecting in our guidance, and this is our best understanding of it today.

這就是我們正在努力解決的問題。顯然，我們正在為客戶提供他們想要部署的技術集。緊急需求—如果這是可以持續到明年的需求，那麼他們顯然會選擇明年可用的技術。因此，我們試圖將需求的組成轉化為我們的出貨量，我們再次在我們的指導中反映出來，這是我們今天對此的最佳理解。

Again, I try to reinforce, five-quarter pipeline is multiples of the backlog. There's demand out there. Our pursuit teams are out working to convert that into orders and as it converts into orders and improving supply situation, that's what we have to work on.

我再次強調，四分之五的管道是積壓訂單的倍數。那裡有需求。我們的追擊團隊正在努力將其轉化為訂單，當它轉化為訂單並改善供應狀況時，這就是我們必須努力的。

Yeah. I mean, we do expect to grow again next year, right? And we expect a momentum to continue. And we expect, as we talked about a little bit previously, the CSG business to grow also. And so we're really excited about next year, and as we get closer to it, we'll update you on our expectations

是的。我的意思是，我們確實預計明年會再次成長，對吧？我們預計這種勢頭將持續下去。正如我們之前談到的，我們預期 CSG 業務也會成長。因此，我們對明年感到非常興奮，隨著臨近的到來，我們將向您通報我們的最新期望

Simon Leopold, Raymond James.

西蒙·利奧波德，雷蒙德·詹姆斯。

Thank you. And Rob, congratulations. Congratulations to Paul as well. I'm going to stick to the one question as well. I wanted to see if you could unpack a little bit your thoughts on the storage trend as it relates to AI. I think in the past you've talked about a lag effect behind the compute side of the business. I'm wondering if you could talk about how you expect storage to benefit in terms of degree and timing? Thanks.

謝謝。羅布，恭喜你。也祝賀保羅。我也將堅持一個問題。我想看看您是否可以談談您對與人工智慧相關的儲存趨勢的看法。我想您過去曾討論過業務計算方面的滯後效應。我想知道您是否可以談談您期望儲存在程度和時間方面如何受益？謝謝。

Well, I think consistent with our previous discussions and what I've tried to highlight today is the opportunity for storage is vast, it's large. Again, these large language models consume lots of data, and they need it fast. So the opportunity for us is re-architecting, improving performance, more AIOps in the data categories that are most interesting to our customers here. The fastest growing category is unstructured.

嗯，我認為與我們之前的討論以及我今天試圖強調的一致的是，儲存的機會是巨大的。同樣，這些大型語言模型消耗大量數據，而且它們需要快速獲取數據。因此，我們的機會是重新架構、提高效能、在我們的客戶最感興趣的資料類別中提供更多 AIOps。成長最快的類別是非結構化類別。

When you look at what Dell is doing in the structured storage space, we are investing more in unstructured storage, our own proprietary IP. Our scale, as an example, building on the F710 and F910, Project Lightning, our parallel file system, the opportunity to help customers provide that data to these GPU engines in the form of moving from text to rich media types like video, audio, other forms of 3D images and complex data sets like that different modalities, that is what we're building, high performance storage subsystems for. And that's a huge opportunity for us, both from our largest customers that buy today and enterprise customers that buy into the future. I hope that helps.

當你看到戴爾在結構化儲存領域所做的事情時，你會發現我們正在非結構化儲存（我們自己的專有智慧財產權）上投入更多資金。舉例來說，我們的規模基於 F710 和 F910、Project Lightning、我們的平行檔案系統，有機會幫助客戶以從文字移動到視訊、音訊等富媒體類型的形式向這些 GPU 引擎提供數據，其他形式的3D影像和複雜的資料集，例如不同的模式，這就是我們正在建構的高效能儲存子系統。這對我們來說是一個巨大的機會，無論是來自今天購買的最大客戶還是未來購買的企業客戶。我希望這有幫助。

Steven Fox, Fox Advisors.

史蒂文‧福克斯，福克斯顧問公司。

Yeah. thanks for squeezing me in. And I assume the only reason Rob is retiring is because he has a big book deal coming or something, but congrats on that.

是的。謝謝你讓我加入。

So I guess just for my one question, there's been -- there was a lot of talk in different metrics on pricing and also a lot of talk in terms of mix, et cetera. I guess from a big picture standpoint, Jeff, like how do you feel about just available pricing power versus your ability to offset new market entrants or just more competitive entrants on any of your areas of expertise going forward into next year? It seems like that's going to come up a couple of times. Just wondering if you could summarize it. Thanks.

所以我想就我的一個問題來說，已經有很多關於定價的不同指標的討論，也有很多關於組合等方面的討論。我想從大局的角度來看，傑夫，你對現有的定價能力與你在明年的任何專業領域抵消新市場進入者或更具競爭力的進入者的能力有何看法？看來這個問題會出現幾次。只是想知道您是否可以總結一下。謝謝。

I am making an assumption. So I'm going to clarify. In AI? In GPU? (multiple speakers) Infrastructure broadly across the portfolio?

我正在做一個假設。所以我要澄清一下。在人工智慧領域？在 GPU 中？ （多名發言者）整個產品組合中廣泛的基礎設施？

Actually, I mean -- yeah, broadly across the portfolio. Yeah, just strategically. Thank you.

事實上，我的意思是——是的，廣泛地涵蓋整個投資組合。是的，只是戰略上的。謝謝。

Well, our industry has always been competitive. I do not expect that to change whether that's with new entrants or traditional competitors that exist in each of our categories. So if I was to look at commercial PCs, clearly as the refresh is slower in starting than all of us would like, it's a competitive environment today. It is, I think, different than it's been over the past 40 years.

嗯，我們的產業一直都是競爭激烈的。我不認為這種情況會改變，無論是新進入者還是我們每個類別中存在的傳統競爭對手。因此，如果我看看商用個人電腦，很明顯，由於更新啟動速度比我們所有人希望的要慢，所以今天是一個競爭環境。我認為，這與過去 40 年有所不同。

The same would be true in consumer, a larger number of competitors there. The consumer market is lagging relative to the commercial market in terms of its performance or its growth. And it's a competitive environment there.

消費者也是如此，那裡有更多的競爭對手。消費市場在表現或成長方面相對於商業市場落後。那裡有一個競爭環境。

If I work my way down through servers, when a large percentage of traditional servers are consumed by a smaller number of customers, the large bids are very competitive. That hasn't changed. I don't expect that to change. And we're seeing the same thing in GPUs. There's a lot more participants.

如果我逐一查看伺服器，當大部分傳統伺服器被較少數量的客戶使用時，大的出價非常有競爭力。這一點沒有改變。我不希望這種情況改變。我們在 GPU 中也看到了同樣的情況。參與者還有很多。

And I'd go back to what makes Dell special, and why I think we win and continue to win. One is our coverage model. We have the broadest coverage model in technology, a combination of our direct sales force and our partner programs. We're going to continue to invest in coverage. We're going to continue to broaden our channel programs to cover all customers who want to buy Dell gear. And those that don't know they want to buy Dell gear, it's our job to train them to want to buy Dell gear.

我想回顧一下戴爾的獨特之處，以及為什麼我認為我們會獲勝並繼續獲勝。一是我們的覆蓋模型。我們擁有最廣泛的技術覆蓋模式、直銷隊伍和合作夥伴計畫的組合。我們將繼續投資於覆蓋範圍。我們將繼續擴大我們的通路計劃，以涵蓋所有想要購買戴爾設備的客戶。對於那些不知道自己想要購買戴爾設備的人，我們的工作就是訓練他們想要購買戴爾設備。

I look at the advantages of our supply chain. I think it's unmatched in this industry. It provides us a source of competitive advantage, and we'll continue to invest in that. It's one of the areas where internally we're applying AI.

我看看我們供應鏈的優勢。我認為這在這個行業是無與倫比的。它為我們提供了競爭優勢的來源，我們將繼續對此進行投資。這是我們在內部應用人工智慧的領域之一。

I think about what we're doing in R&D, the particular product categories that I described. The investments that we are making in all of these categories keep us competitive. And in many cases, we're a leader. I think we're the market leader in commercial PC revenue. We're the market leader in displays. We're the market leader in workstations. We're the market leader in traditional servers. We're the market leader in storage. We're the market leader in data protection. I could go on. We have a number of number ones, and we're going to continue to invest to differentiate and win in those categories.

我思考我們在研發方面所做的事情，以及我所描述的特定產品類別。我們在所有這些類別中進行的投資使我們保持了競爭力。在很多情況下，我們都是領導者。我認為我們是商用個人電腦收入的市場領導者。我們是顯示器市場的領導者。我們是工作站的市場領導者。我們是傳統伺服器的市場領導者。我們是儲存領域的市場領導者。我們是資料保護領域的市場領導者。我還可以繼續說下去。我們擁有許多領先的產品，我們將繼續投資，以在這些類別中脫穎而出並獲勝。

And then lastly, the fourth thing that we think makes us special and different is we service our own products. We take care of our customers, and we're expanding those services in AI as I mentioned before to help with strategy, to help define the infrastructure, to help them deploy and implement it, and ultimately adopt and scale, we do that broadly across the smallest companies in the world to the largest companies in the world. That's who we are. That's what we're going to invest in as we think about the efficiencies that we're driving in our organization, it is to allow us to do those better.

最後，我們認為讓我們與眾不同的第四件事是我們為自己的產品提供服務。我們照顧我們的客戶，正如我之前提到的，我們正在擴展人工智慧領域的這些服務，以幫助制定策略，幫助定義基礎設施，幫助他們部署和實施它，並最終採用和擴展，我們廣泛地這樣做從世界上最小的公司到世界上最大的公司。這就是我們。當我們思考我們在組織中推動的效率時，這就是我們要投資的，它是為了讓我們做得更好。

Well, that was about as good a close, I could ask for, Jeff. Appreciate that. We look forward to seeing everyone out on the road over the next couple of weeks. Michael and Yvonne will be at Citi next week, and Jeff will be at Goldman the week after that. Have a restful Labor Day weekend. Thank you.

嗯，傑夫，這就是我能要求的最好的結局了。很欣賞這一點。我們期待在接下來的幾週內見到大家上路。麥可和伊馮下週將在花旗，傑夫下週將在高盛。度過一個輕鬆的勞動節週末。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。此時您可以斷開連線。