戴爾 (DELL) 2025 Q3 法說會逐字稿

Ladies and gentlemen, good afternoon, and welcome to the fiscal year 2025 third-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.

女士們、先生們，下午好，歡迎參加戴爾科技集團 2025 財年第三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 Paul Frantz, Head of Investor Relations. Mr. Frantz, you may begin.

（操作員指示）我想將電話轉給投資人關係主管 Paul Frantz。弗朗茲先生，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. Also, please take some time to view 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。我們的獲利資料可在我們的 IR 網站上找到，我鼓勵您查看這些資料。另外，請花一些時間觀看演示文稿，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, free cash flow, and adjusted free cash flow. A reconciliation of these measures to their most directly comparable GAAP measures can be found in our web deck and our press release. Growth percentages refer to year-over-year change unless otherwise specified.

在本次電話會議中，除非另有說明，所有提及的財務指標均指非GAAP 財務指標，包括非GAAP 毛利率、營運費用、營運收入、淨利潤、稀釋每股盈餘、自由現金流量和調整後自由現金流動。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準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. Now I'll turn it over to Jeff.

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。現在我把它交給傑夫。

Thanks Paul and thanks everyone for joining us. We continued to execute well and delivered strong performance in Q3. Revenue was $24.4 billion, up 10% on strong ISG revenue growth. Diluted EPS was $2.15, up 14%. And cash flow from operations was $1.6 billion.

感謝保羅並感謝大家加入我們。我們在第三季度繼續表現良好並取得了強勁的業績。 ISG 營收強勁成長，營收達 244 億美元，成長 10%。稀釋後每股收益為 2.15 美元，成長 14%。營運現金流為 16 億美元。

Our focus on balance profitability paid off with improved operating income earnings per share and cash flow. We're proud of the fact that year-to-date, our team has delivered 10% revenue growth in ISG and CSG combined and overall EPS of $5.31.

我們對平衡獲利能力的關注得到了回報，每股營業收入和現金流得到改善。我們感到自豪的是，今年迄今為止，我們的團隊在 ISG 和 CSG 方面實現了 10% 的總收入成長，整體每股收益達到 5.31 美元。

In ISG, our AI server momentum continued, and we saw substantial expansion in our five-quarter pipeline. Orders demand was a record $3.6 billion up 11% sequentially primarily driven by Tier 2 cloud service providers with continued growth in enterprise customers. We have seen sequential orders, demand growth every quarter. Since the launch of the XE9680. We shipped $2.9 billion of AI servers in Q3 resulting in AI server backlog of $4.5 billion.

在 ISG，我們的人工智慧伺服器勢頭仍在繼續，我們看到我們的五個季度的管道大幅擴張。訂單需求達到創紀錄的 36 億美元，季增 11%，主要由二級雲端服務供應商以及企業客戶的持續成長所推動。我們看到每季的連續訂單和需求成長。自從XE9680推出以來。第三季我們的 AI 伺服器出貨量為 29 億美元，導致 AI 伺服器積壓金額達到 45 億美元。

Our five-quarter pipeline grew more than 50% sequentially with growth across all customer types. We continue to gain traction with enterprise customers, large and small, with over 2000 unique enterprise customers since launch. Increasingly, enterprises see the disruptive nature and the innovation opportunities with gen AI, resulting in growing gen AI experimentation and proof of concepts.

隨著所有客戶類型的成長，我們的五個季度管道環比增長了 50% 以上。自推出以來，我們不斷吸引大大小小的企業客戶，擁有 2000 多個獨特的企業客戶。越來越多的企業看到了人工智慧的顛覆性和創新機會，導致了人工智慧實驗和概念驗證的不斷增長。

Underpinning our success is broad enterprise coverage, professional services, engineering leadership, and large-scale system design, all done with incredible speed and time to market. These highly specialized workloads and deployments require high value engineering and a solutions mindset where custom designs and fast deployments are the norm.

廣泛的企業覆蓋、專業服務、工程領導和大規模系統設計是我們成功的基礎，所有這些都以令人難以置信的速度和上市時間完成。這些高度專業化的工作負載和部署需要高價值的工程和解決方案思維，其中客製化設計和快速部署是常態。

Beyond the AI servers, we like the profit pools that surround them like power management and distribution, cooling solutions, network switches, network cables, optics, storage, deployment maintenance, professional services, and financial services. We have accelerated the speed of innovation to respond to our customers' gen AI needs over the past year.

除了人工智慧伺服器之外，我們還喜歡它們周圍的利潤池，如電源管理和分配、冷卻解決方案、網路交換器、網路電纜、光纖、儲存、部署維護、專業服務和金融服務。過去一年，我們加快了創新速度，以滿足客戶的新一代人工智慧需求。

A few highlights from the past two months, we launched our 21-inch Orv3 Integrated Rack 7000 in both A44 and 50OU rack design with integrated cooling, power, and networking that is multigenerational and futureproof up to 480 kilowatts per rack. This rack falls in our integrated rack scalable solutions which are focused on at scale deployment, ensuring Dell's AI factories can meet the demands of foundational training at the data center scale.

過去兩個月的一些亮點是，我們推出了21 吋Orv3 整合式機架7000，採用A44 和50OU 機架設計，具有整合式冷卻、電源和網絡，是多代且面向未來的，每個機架功率高達480 千瓦。該機架屬於我們的整合式機架可擴展解決方案，該解決方案專注於大規模部署，確保戴爾的人工智慧工廠能夠滿足資料中心規模的基礎培訓需求。

We are shipping the industry's first enterprise rated GB200 NVL72 server rack with our new XE9712 with direct liquid cooling that holds up to 72 GPUs per rack.

我們正在推出業界首款企業級 GB200 NVL72 伺服器機架，配備全新 XE9712，採用直接液體冷卻，每個機架最多可容納 72 個 GPU。

We also announced that Supercomputing 24, a new AI server supporting NVL4, also with liquid cooling supporting up to 144 GPUs per rack, one of the industry's most dense designs. And we have the M7725, a dense compute design which supports up to 27,000 CPU cores per rack to meet high performance computing demands. Our IR5000 can achieve up to 96 GPUs per rack and with a more traditional 19-inch rack design.

我們也宣布推出 Supercomputing 24，這是一款支援 NVL4 的新型 AI 伺服器，也具有液體冷卻功能，支援每個機架最多 144 個 GPU，這是業界最密集的設計之一。我們還有 M7725，它採用密集運算設計，支援每個機架多達 27,000 個 CPU 內核，以滿足高效能運算需求。我們的 IR5000 可實現每個機架最多 96 個 GPU，並採用更傳統的 19 吋機架設計。

Within the IR5000, which includes the XE9680L, we introduced the XE7740 and 7745 designed for enterprise customers focused on inferencing. We've increased the density and performance of our power scale products, updating the power scale F710 with 61 terabytes of QLCS SSDs and capacity density of 614 terabytes per rack unit.

在包括 XE9680L 的 IR5000 中，我們推出了專為專注於推理的企業客戶設計的 XE7740 和 7745。我們提高了功率秤產品的密度和性能，更新了功率秤 F710，配備 61 TB QLCS SSD，每個機架單元的容量密度為 614 TB。

And with a new software release that when combined with 200 gigabit ethernet support increases our streaming right performance by 163% and streaming re performance by over 2x versus the previous generation.

隨著新軟體版本的推出，與 200 GB 乙太網路支援相結合，我們的串流媒體右側效能比上一代提高了 163%，串流媒體再效能提高了 2 倍以上。

An application of this technology that I'm excited about is a biomedical research center using the power scale F710 and the XE9680 to take their own unstructured data and train AI models that will advance personalized treatment plans, resulting in better prevention, diagnosis and treatment of various types of cancers.

令我興奮的是，該技術的一個應用是一個生物醫學研究中心，使用功率秤F710 和XE9680 獲取自己的非結構化數據並訓練人工智能模型，以推進個性化治療計劃，從而更好地預防、診斷和治療各種類型的癌症。

The opportunity in AI is enormous, and we are pushing the boundaries with our engineering. And all of this innovation is making its way into the enterprise. In traditional servers, demand improved double digits in Q3, making four consecutive quarters of year-over-year growth, driven by growing units and ASPs with denser core counts, memory, and storage per server.

人工智慧的機會是巨大的，我們正在透過我們的工程突破界限。所有這些創新都正在進入企業。在傳統伺服器中，由於每台伺服器的核心數量、記憶體和儲存密度更高，單位數量和平均售價不斷增長，第三季需求成長了兩位數，連續四個季度同比增長。

Customers are focusing on consolidation and power efficiency by modernizing their data centers with more efficient and dense 16G servers, freeing up valuable floor space and power that will support their AI infrastructure. And storage, the demand environment continue to trail traditional servers. PowerStore and PowerFlex demand grew double digits in the quarter, indicating that our focus on the mid-range market with product and software enhancements will drive future growth and margin over time.

客戶正在透過使用更有效率、更密集的 16G 伺服器對資料中心進行現代化改造來專注於整合和能源效率，從而釋放寶貴的佔地面積和電力來支援其 AI 基礎設施。而儲存方面，需求環境持續落後於傳統伺服器。本季 PowerStore 和 PowerFlex 需求成長了兩位數，這表明我們對中端市場的關注以及產品和軟體增強將隨著時間的推移推動未來的成長和利潤率。

The power scale F910 and F710 continue to ramp nicely driving double-digit growth in the unstructured all flash portfolio. In CSG, we saw continued stability with demand growth in commercial PCs for the third quarter in a row. More enterprise customers are beginning to refresh, albeit modest and in a more price competitive environment.

F910 和 F710 的功率規模持續成長，很好地推動了非結構化全快閃產品組合的兩位數成長。在南玻，我們看到商用電腦需求連續第三季維持穩定成長。更多的企業客戶開始更新，儘管規模不大，而且價格競爭更加激烈。

We are seeing an indication that customers are lining up their upgrade cycles with new AI PCs in the first half of next year, a clear signal that enterprises are balancing their need to refresh and their desire to future proof their purchases.

我們看到有跡象表明，客戶將在明年上半年安排新的人工智慧電腦的升級週期，這是一個明確的訊號，表明企業正在平衡更新的需求和未來證明其購買的願望。

Consumer demand and profitability continues to be challenged. We are optimistic about the coming PC refresh cycle as the install base continues to age and with Windows 10 reaching end of life in 46 weeks. The significant advancements in AI-enabled architectures and application development are welcome tailwinds.

消費者需求和獲利能力持續受到挑戰。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，並且 Windows 10 將在 46 週內結束生命週期。人工智慧架構和應用程式開發的重大進步是值得歡迎的順風車。

In closing AI is a robust opportunity for us in both ISG and CSG and interest in our portfolio as an all-time high with no signs of slowing down. That said this business will not be linear, especially as customers navigate an underlying silicon road map that is changing, regardless we are winning deals at a price premium to our competition, delivering value across a much broader AI ecosystem.

最後，人工智慧對我們的 ISG 和 CSG 來說都是一個巨大的機會，我們的投資組合的興趣空前高漲，而且沒有放緩的跡象。也就是說，這項業務不會是線性的，特別是當客戶瀏覽正在變化的底層矽路線圖時，無論我們是否以高於競爭對手的價格贏得交易，在更廣泛的人工智慧生態系統中提供價值。

We have the balance sheet to grow the business and the credibility to deliver on our commitments to our customers. When you pair this with a recovering traditional server market and pending PC refresh and our updated storage portfolio, we are extremely well positioned. Now, over to Yvonne for the financials.

我們擁有發展業務的資產負債表和履行對客戶承諾的信譽。當你將這一點與正在復甦的傳統伺服器市場和即將進行的 PC 更新以及我們更新的儲存產品組合結合時，我們處於非常有利的位置。現在，讓伊馮來了解財務狀況。

Thanks Jeff. Let me begin with an overview of our performance. Then I'll jump into the specifics of ISG CSG cash and guidance. In the third quarter, we delivered strong results, including double-digit revenue growth, while maintaining our focus on profitability. This resulted in EPS growth that outpaced revenue. Additionally, the business delivered strong cash performance.

謝謝傑夫。讓我先概述一下我們的表現。然後我將詳細介紹 ISG CSG 現金和指導的細節。第三季度，我們取得了強勁的業績，包括兩位數的營收成長，同時保持對獲利能力的關注。這導致每股收益的成長超過了收入的成長。此外，該業務還實現了強勁的現金業績。

Our total revenue was up 10% to $24.4 billion. This was driven by continued strength in AI and traditional servers, and our combined ISG and CSG business grew 13%. Gross margin was $5.4 billion or 22.3% of revenue. This is down 140 basis points due to an increase in our AI optimized server mix and a more competitive pricing environment specifically in CSG.

我們的總收入成長了 10%，達到 244 億美元。這是由人工智慧和傳統伺服器的持續強勁推動的，我們的 ISG 和 CSG 合併業務成長了 13%。毛利率為 54 億美元，佔營收的 22.3%。由於我們的人工智慧優化伺服器組合的增加以及更具競爭力的定價環境（特別是在 CSG），這一數字下降了 140 個基點。

Operating expense was down 2% to $3.2 billion or 13.3% of revenue. We remain focused on unlocking efficiencies within our cost structure and leveraging AI to reimagine our business and drive higher productivity, all of this while continuing to grow the business.

營運費用下降 2%，至 32 億美元，佔營收的 13.3%。我們仍然專注於提高成本結構的效率，並利用人工智慧重新構想我們的業務並提高生產力，同時繼續發展業務。

Now, let's look at operating income. We delivered a 12% increase to $2.2 billion or 9% of revenue. This was driven by higher revenue and lower operating expenses, which were partially offset by a decline in our gross margin rate. Finally, Q3 net income was up 11% to $1.5 billion, primarily driven by stronger operating income. And our diluted EPS was up 14% to $2.15.

現在，我們來看看營業收入。我們的營收成長了 12%，達到 22 億美元，佔營收的 9%。這是由收入增加和營運費用減少所推動的，但毛利率下降部分抵消了這種影響。最後，第三季淨利成長 11%，達到 15 億美元，這主要是由於營業收入成長所致。我們的稀釋後每股收益成長了 14%，達到 2.15 美元。

Now let's move to ISG, where we delivered another quarter of strong performance. ISG revenue was $11.4 billion, up 34%. Servers and networking revenue was $7.4 billion, up 58%. This was a Q3 record for us, and we continue to see strong demand across both traditional and AI servers.

現在讓我們轉向 ISG，我們在該季度又取得了強勁的業績。 ISG 營收為 114 億美元，成長 34%。伺服器和網路收入為 74 億美元，成長 58%。這對我們來說是第三季的記錄，我們繼續看到傳統伺服器和人工智慧伺服器的強勁需求。

Storage revenue was up 4% to $4 billion. The overall demand environment and storage continues to lag that a traditional server. However, as Jeff mentioned, we saw double digit demand growth in PowerStore and PowerFlex, two of them are key mid-range offerings.

儲存收入成長 4%，達到 40 億美元。整體需求環境和儲存繼續落後於傳統伺服器。然而，正如傑夫所提到的，我們看到 PowerStore 和 PowerFlex 的需求成長了兩位數，其中兩個是關鍵的中階產品。

We had strong ISG operating income of $1.5 billion, up 41%. This was driven primarily by higher revenue. Our ISG operating income rate was up again sequentially to 13.3% of revenue. The rate improvement of 230 basis points was the result of improving gross margins, especially in servers and reduced operating expense.

我們的 ISG 營業收入強勁，達到 15 億美元，成長 41%。這主要是由收入增加所推動的。我們的 ISG 營業利潤率再次上升至營收的 13.3%。利率提高 230 個基點是毛利率提高（尤其是伺服器毛利率）和營運費用減少的結果。

Now let's turn to CSG. CSG revenue was down 1% to $12.1 billion. Commercial revenue was up 3% to $10.1 billion, while consumer revenue was down 18% to $2 billion.

現在我們來談談CSG。 CSG 營收下降 1% 至 121 億美元。商業收入成長 3%，達到 101 億美元，而消費者收入下降 18%，達到 20 億美元。

CSG operating income was $694 million or 5.7% of revenue. This is 50 basis points lower sequentially due to a more competitive pricing environment, primarily in the consumer space. Enterprise demand was promising, though less than expected as we saw some demand push into future quarters. Profitability in the commercial space held up well sequentially as customers continue to purchase more richly configured devices.

CSG 營業收入為 6.94 億美元，佔營收的 5.7%。由於定價環境更具競爭力（主要是在消費領域），這一數字比上一季下降了 50 個基點。企業需求前景光明，但低於預期，因為我們看到一些需求將進入未來幾季。隨著客戶繼續購買配置更豐富的設備，商業領域的獲利能力持續保持良好。

Our consumer business was weaker than expected as demand and profitability remained challenged. The PC refresh cycle is pushing into next year but has significant tail ones around an aging install base, AI-driven hardware enhancements like battery life, and Windows 10 end of life.

由於需求和獲利能力仍面臨挑戰，我們的消費業務弱於預期。 PC 更新週期將推遲到明年，但在安裝基礎老化、人工智慧驅動的硬體增強（如電池壽命）和 Windows 10 生命週期結束等方面存在重大尾隨。

Shifting gears, Dell Financial Services originations were down 11% to 1.6 billion in the third quarter. We normalized for the exit of our VMware resale business and the sale of our consumer revolving portfolio. DFS originations were up 4% driven by strength in AI optimized servers.

變化趨勢是，第三季戴爾金融服務的發起額下降了 11%，至 16 億美元。我們對 VMware 轉售業務的退出和消費者循環產品組合的銷售進行了正常化。在 AI 優化伺服器的推動下，DFS 的發起量成長了 4%。

Now let's move to cash flow and the balance sheet. Q3 cash flow from operations is $1.6 billion. This was primarily driven by profitability, partially offset by working capital. Our cash conversion cycle was negative 38 days with $6.7 billion in inventory which is elevated compared to historical levels due to our AI server business and AI order linearity.

現在讓我們轉向現金流和資產負債表。第三季營運現金流為 16 億美元。這主要是由獲利能力推動的，部分被營運資本所抵銷。我們的現金週轉週期為負 38 天，庫存為 67 億美元，由於我們的 AI 伺服器業務和 AI 訂單線性，該庫存高於歷史水準。

We ended the quarter with $6.6 billion in cash and investments up $0.6 billion. Sequentially, this is the result of free cash flow generation partially offset by capital returns of $0.7 billion. We repurchased 3.7 million shares of stock at an average price of $107.53 and paid a dividend of $0.45 per share.

本季結束時，我們的現金為 66 億美元，投資增加了 6 億美元。因此，這是自由現金流產生被 7 億美元資本回報部分抵銷的結果。我們以平均價格 107.53 美元回購了 370 萬股股票，並支付了每股 0.45 美元的股息。

Since our capital return program began at the beginning of FY23, we've returned $9.8 billion to shareholders through stock repurchases and dividends. Finally, our core leverage ratio was flat sequentially at 1.4x.

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 98 億美元。最後，我們的核心槓桿率環比持平，為 1.4 倍。

Now turning to guidance, the IT spending environment continues to be dynamic, with certain areas experiencing faster growth than others. That said, our business model is advantaged. We have a broad portfolio of solutions and a go to market engine that is poised to capture these opportunities.

現在轉向指導，IT 支出環境持續保持動態，某些領域的成長速度快於其他領域。也就是說，我們的商業模式是有優勢的。我們擁有廣泛的解決方案組合和市場引擎，準備好抓住這些機會。

We expect the strength in our server business to continue. However, enterprise and large customers are being more mindful of their PC and Storage IT spend in the short-term. Against that backdrop, we expect Q4 revenue to be between $24 billion and $25 billion, up 10% at the midpoint of $24.5 billion, with ISG and CSG combined growing 13% at the midpoint.

我們預計我們的伺服器業務將繼續保持強勁勢頭。然而，企業和大型客戶更加關注他們的 PC 和儲存 IT 短期支出。在此背景下，我們預計第四季度營收將在 240 億美元至 250 億美元之間，成長 10%（中位數 245 億美元），其中 ISG 和 CSG 合計成長 13%（中位數）。

We expect the ISG revenue growth rate to be up mid-20s year over year, driven by AI and traditional servers. And we expect the CSG revenue growth rate to be up low-single digits year over year. OpEx is expected to decline mid-single digits, as we continue to drive efficiencies in the business. We expect the operating income rate to be up sequentially with continued improvement in ISG.

我們預計，在人工智慧和傳統伺服器的推動下，ISG 收入成長率將年增 20 多歲。我們預計南玻集團的營收成長率將年比低個位數成長。隨著我們繼續提高業務效率，營運支出預計將下降中個位數。我們預計隨著 ISG 的持續改善，營業利潤率將環比上升。

We expect our Q4 diluted share count to be between 715 million and 719 million shares. And our diluted non-GAAP EPS is expected to be $2.50, plus or minus $0.10, up 14% at the midpoint At the midpoint of our full-year guidance, revenue is expected to grow 9% and diluted non-GAAP EPS is expected to be $7.81, up 10% year over year.

我們預計第四季攤薄後的股票數量將在 7.15 億股至 7.19 億股之間。我們的稀釋後非 GAAP 每股收益預計為 2.50 美元，正負 0.10 美元，中點增長 14% 在我們全年指引的中點，收入預計增長 9%，稀釋後非 GAAP 每股收益預計為7.81美元，年增10%。

Now turning to our fiscal year 2026. We’ll provide formal guidance on our Q4 call, but I know that many of you have questions about our view on next year. So let me walk you through our current thinking. We expect multiple tailwinds going into next year, including more robust AI demand supported by our strong five-quarter pipeline. There’s also an aging install base in both PCs and traditional servers that are prime for a refresh.

現在轉向我們的 2026 財年。讓我向您介紹一下我們目前的想法。我們預計明年將出現多種有利因素，包括我們強大的五個季度管道支援的更強勁的人工智慧需求。 PC 和傳統伺服器的安裝基礎也已經老化，亟待更新。

We expect ISG growth to be driven primarily by AI servers, followed by traditional servers then storage. We expect CSG to grow as enterprise customers refresh a large and aging install base. We’ll continue to balance growth and profitability, managing price within the competitive landscape and input cost environment. And we’ll continue to invest in the business while driving cost efficiencies across the portfolio.

我們預計 ISG 的成長將主要由人工智慧伺服器驅動，其次是傳統伺服器，然後是儲存。我們預計，隨著企業客戶更新龐大且老化的安裝基礎，CSG 將會成長。我們將持續平衡成長和獲利能力，在競爭格局和投入成本環境中管理價格。我們將繼續投資該業務，同時提高整個投資組合的成本效率。

In closing, I’m incredibly proud of the team and how we executed operationally. We remain focused on growth and profitability, always looking to optimize our margin rates and dollars.

最後，我為我們的團隊以及我們的營運方式感到無比自豪。我們仍然專注於成長和獲利能力，始終尋求優化我們的利潤率和美元。

We have a unique operating model and strategy, where we leverage our strengths to extend our leadership positions and capture new growth. We have a strong control environment, differentiated cash conversion cycle, a strong balance sheet, financing capabilities with DFS, and investment grade ratings. All of these elements position us to win incremental business.

我們擁有獨特的營運模式和策略，利用我們的優勢來擴大我們的領導地位並捕捉新的成長。我們擁有強大的控制環境、差異化的現金轉換週期、強大的資產負債表、DFS 的融資能力以及投資等級評級。所有這些因素都使我們能夠贏得增量業務。

Our confidence is underpinned by our 40-year history of success and durable cash flow generation. I’ll echo Jeff, we are extremely well-positioned as we look to Q4, FY26, and beyond. We are winning in AI, traditional servers are recovering, we are positioning storage for the long-term, and commercial PCs are stabilizing and on the cusp of a refresh.

我們 40 年的成功歷史和持久的現金流生成支撐著我們的信心。我同意傑夫的觀點，展望第四季、2026 財年及以後，我們處於非常有利的位置。我們在人工智慧領域取得勝利，傳統伺服器正在復蘇，我們正在長期定位存儲，商用個人電腦正在穩定並處於更新的風口浪尖。

As always, we’ll continue to provide differentiated solutions for our customers and drive shareholder value. Now I'll turn it back to Paul to begin Q&A

一如既往，我們將繼續為客戶提供差異化的解決方案並推動股東價值。現在我會把它轉回給保羅開始問答

Thanks, Yvonne. Let's go to Q&A. In order to ensure we get to as many of you as possible, please ask one concise question. Let's go to the first question.

謝謝，伊馮。讓我們進入問答環節。為了確保我們能夠接觸到盡可能多的人，請提出一個簡潔的問題。我們先來說第一個問題。

Amit Daryanani, Evercore ISI.

阿米特·達裡亞納尼 (Amit Daryanani)，Evercore ISI。

Good afternoon, everyone. Thanks for my question. I guess I just wanted to focus on the ISG margins. You know, they came in at 13.3% much better than I think what most folks were expecting. So, can you just kind of dig into what the puts and takes were that enable this ISG margins performance that seems more impressed than what people were apprehensive about and then perhaps you just talked about the durability of these ISG margins as you go forward as well. Thank you.

大家下午好。謝謝我的問題。我想我只是想專注於 ISG 的利潤。你知道，他們的得分為 13.3%，比我想像的大多數人的預期要好得多。那麼，您能否深入研究看跌期權和持倉是什麼，使ISG 的利潤率表現似乎比人們所擔心的更令人印象深刻，然後也許您剛剛談到了這些ISG 利潤率在您前進的過程中的持久性。謝謝。

So, I'll start on that. So ISG -- let me start with revenue. Revenue grew 34% year over year. So an impressive performance with server and networking up 58% and storage up 4%. ISG operating income, like you said, was up 230 basis points quarter over quarter, which is up 530 basis points since Q1. So a nice recovery there as we had indicated.

那麼，我就從這個開始吧。 ISG——讓我從收入開始。營收年增34%。伺服器和網路效能提升了 58%，儲存效能提升了 4%，效能令人印象深刻。正如您所說，ISG 營業收入較上季成長了 230 個基點，自第一季以來成長了 530 個基點。正如我們所指出的，那裡恢復得很好。

The Q3 quarter-on-quarter change was driven primarily by improving gross margin. So especially in servers and a reduced operating expense percentage. Traditional servers demand improved, and customers are buying more richly configured servers which has -- we've seen over the last few quarters.

第三季的環比變化主要是由毛利率的提高所推動的。尤其是在伺服器和降低的營運費用百分比方面。傳統伺服器的需求有所改善，客戶正在購買配置更豐富的伺服器，這是我們在過去幾季中看到的。

Units and ASPs grew with denser core counts and more memory and storage per server. So again, great to see. Customers focused on consolidation and power efficiency by modernizing their data centers which frees up some volume or space for AI infrastructure.

隨著核心數量的增加以及每台伺服器記憶體和儲存的增加，單位數量和 ASP 也隨之成長。再說一次，很高興看到。客戶透過對資料中心進行現代化改造來專注於整合和能源效率，從而為人工智慧基礎設施釋放一些容量或空間。

From an AI standpoint, AI servers as well as storage margins were flat to slightly up quarter on quarter. So that was again good to see. And we also realized more cost efficiencies quarter on quarter, helping our operating income. Looking into Q4, expect ISG operating income rates to continue to improve.

從人工智慧的角度來看，人工智慧伺服器和儲存利潤率環比持平或略有上升。所以這又是很高興看到的。我們也實現了逐季度更高的成本效率，有助於我們的營業收入。展望第四季度，預計ISG營業利潤率將持續改善。

Okay, Amit. Thanks for the question.

好吧，阿米特。謝謝你的提問。

Toni Sacconaghi, Bernstein.

東尼薩科納吉、伯恩斯坦。

Yes, thank you. I'm just wondering, I think last quarter, you were -- the midpoint of your guidance for the year was $97 billion. Now the midpoint is $96.1 billion. And I'm wondering what has changed in terms of coming up weaker than your expectations, especially in light of the fact that it sounds like the AI pipeline is really strong.

是的，謝謝。我只是想知道，我認為上個季度，今年指導的中位數是 970 億美元。現在中點是 961 億美元。我想知道在比你的預期更弱方面發生了什麼變化，特別是考慮到人工智慧管道聽起來確實很強大。

I think last quarter, you said it was multiples of backlog, which would have put it at $11 billion to $13 billion and you said it grew 50% sequentially. So are we looking at a backlog that's a pipeline that's like $16 billion or $17 billion. And why is that not informing a more optimistic view for Q4 than what you had 90 days ago? Thank you.

我想上個季度，您說這是積壓訂單的倍數，這意味著它將達到 110 億至 130 億美元，而且您說它環比增長了 50%。我們是否正在關注大約 160 億或 170 億美元的積壓訂單。為什麼這並沒有顯示您對第四季的看法比 90 天前更樂觀？謝謝。

Tony, maybe a couple of things to think about what's changed in our thinking over the past 90 days and then Yvonne kind of build on this. First and foremost as we tried to outlay in our remarks is the PC refresh continues to move out. It was the source of our underrun in Q3.

東尼，也許有幾件事需要考慮過去 90 天我們的想法發生了哪些變化，然後伊馮在此基礎上進一步發展。首先，也是最重要的，我們試圖在我們的評論中指出的是 PC 更新繼續進行。這是我們第三季資金不足的根源。

And we're kind of reflecting that through the balance of the year that this refresh that we're all anticipating that we know is there with a large installed base and a Windows 10 end of life is coming, but the triggers have been slower to move. In many cases late in starting and slow and refreshing. And we have a pent-up demand. We believe it's pushing into calendar '25, fiscal '26.

我們在今年餘下的時間裡反映出，我們都預期這次更新將會有大量的安裝基礎，而且 Windows 10 的生命週期即將結束，但觸發因素的速度卻較慢。在許多情況下，起步較晚且緩慢且令人耳目一新。我們有一個被壓抑的需求。我們相信它將進入 25 日曆年和 26 財年。

And the second element that we reflect in that annual guidance or specifically in Q4 is the shift in demand in AI to Blackwell. And it's the best reflection we have is that demand is in our backlog now, when we can ship it, and those are the two levers of why you see a change in our fiscal year and Q4 guidance. Yvonne?

我們在年度指導或特別是第四季反映的第二個因素是人工智慧需求向 Blackwell 的轉變。我們得到的最好的反映是，需求現在在我們的積壓中，當我們可以發貨時，這就是為什麼我們的財年和第四季度指導發生變化的兩個槓桿。伊馮娜？

Yeah, I'd say we did, we did bring Q4 revenue guidance down, as you mentioned, Tony, and it's basically, there's two elements. PCs, it's not a matter of -- if the refresh is going to happen, it's when, and we're seeing that move more into next year; and then the unpredictability of the AI shipments. And so putting those two things together, we feel strong about the overall performance in Q4. But there's some more timing differences than what we were anticipating when we gave the guide the last quarter.

是的，我想說我們做到了，我們確實降低了第四季度的收入指引，正如你所提到的，東尼，基本上有兩個要素。對於個人電腦來說，這不是更新是否會發生的問題，而是何時更新的問題，我們看到這種更新會更延續到明年；然後是人工智慧出貨量的不可預測性。因此，將這兩件事放在一起，我們對第四季的整體表現感到非常滿意。但與我們上個季度發布指南時的預期相比，存在更多的時間差異。

Thanks for the question, Toni.

謝謝你的提問，托尼。

Aaron Rakers, Wells Fargo.

亞倫·雷克斯，富國銀行。

Yeah. Thank you for taking the question. Kind of sticking on the theme of the AI server dynamics. Jeff, I'm curious as you think about this several multiples AI pipeline, I think, defined as five quarters in front of you, how do you think about the cadence of shipping Blackwell and volume? And do you have any thoughts around the GB200 NVL? How much of that would be -- how much that would be as a percentage of your mix and the margin profile in those relative to maybe the traditional or the AI serve you ship today. Thank you.

是的。感謝您提出問題。有點堅持人工智慧伺服器動態的主題。傑夫，我很好奇，當你考慮這個幾倍的人工智慧管道時，我認為，定義為你面前的五個季度，你如何看待 Blackwell 的運輸節奏和數量？您對 GB200 NVL 有什麼想法嗎？其中有多少——佔您的組合的百分比以及相對於您今天提供的傳統或人工智慧服務的利潤狀況。謝謝。

Sure. And maybe a couple of things as we think about the five-quarter backlog and bridging from Tony's question to yours, look, it grew. We talked about several multiples without telling you the exact number, that multiple expanded quarter over quarter and grew in excess of 50%. The enterprise customer portion of that grew even faster.

當然。當我們思考五個季度的積壓以及從托尼的問題到你的問題的橋樑時，也許有幾件事，看，它有所增長。我們討論了幾個市盈率，但沒有告訴你確切的數字，市盈率逐季擴大，增長超過 50%。其中企業客戶部分成長得更快。

And remember that's an unweighted pipeline. That's the full opportunity. Obviously, it's for us to convert in the marketplace. But it's a reflection of the growing demand. We saw grow, we believe it continues to grow.

請記住，這是一個未加權的管道。這就是充分的機會。顯然，我們要在市場上進行轉換。但這反映了需求的成長。我們看到了成長，我們相信它會繼續成長。

We saw in Q3, a shift and a pretty rapid shift of the orders moving towards our Blackwell design, specific one that you called out the GB200. That's now in backlog. So the backlog and orders for the quarter without giving you a specific percentage was a significant portion of the demand and now is a significant portion of the backlog.

我們在第三季看到，訂單發生了轉變，並且相當迅速地轉向我們的 Blackwell 設計，特別是您所說的 GB200。現在已經積壓了。因此，在沒有給出具體百分比的情況下，該季度的積壓訂單和訂單曾經是需求的很大一部分，現在也是積壓訂單的很大一部分。

That's what we're trying to reflect in our guidance of when the ability to get that material and then put it in the hands of our customers. You would have seen us 9 or 10 days ago make a post that we were the first to ship a GB200 design in the marketplace. We have designed; we're ready to go. Blackwell is in production. It will continue to ramp, and we'll be ready.

這就是我們試圖在我們的指導中反映的內容，即何時能夠獲得該材料並將其交付給我們的客戶。您可能會在 9 或 10 天前看到我們發布了一篇文章，稱我們是第一個在市場上推出 GB200 設計的公司。我們設計了；我們準備出發了。布萊克威爾正在生產中。它將繼續加速，我們會做好準備。

Thanks, Aaron.

謝謝，亞倫。

David Vogt, UBS.

大衛‧沃格特，瑞銀集團。

Great. Thanks guys. Thanks for taking my question. So not to beat a dead horse in AI, I want to try a different topic. I don't think I heard you guys talk about a federal spending or sovereign spending. Can you guys give us an update on kind of the impact that you're seeing in sort of the federal vertical?

偉大的。謝謝你們。感謝您提出我的問題。因此，為了避免在人工智慧領域陷入死馬，我想嘗試一個不同的主題。我想我沒有聽到你們談論聯邦支出或主權支出。你們能為我們介紹一下你們在聯邦垂直領域看到的影響的最新情況嗎？

Is that having an impact on traditional servers, storage, and maybe on the margin, commercial PC if it's captured in that category. And then how do you think about that getting resolved into '25 as we move through a new administration handoff and what that might mean for the business? Thank you.

這是否會對傳統伺服器、儲存以及邊緣的商用 PC（如果屬於該類別）產生影響？那麼，當我們經歷新的政府交接時，您如何看待這個問題在 25 年得到解決？謝謝。

Well, for the quarter, Yvonne can build on this. Since we saw the government, the federal government business was strong in Q3, the demand was strong across all types of products.

嗯，對於本季度，伊馮可以在此基礎上繼續發展。自從我們看到政府以來，聯邦政府業務在第三季表現強勁，所有類型產品的需求都很強勁。

With respect to the AI pipeline that I referred to, it does not have a sizable sovereign component to it. We're well aware of the opportunities. We're actively engaged across the globe on those opportunities. But that number does not reflect a significant sovereign number in it which speaks to the opportunity that's still in front of us there. Yvonne?

就我提到的人工智慧管道而言，它沒有相當大的主權組成部分。我們很清楚其中的機會。我們在全球範圍內積極參與這些機會。但這個數字並沒有反映出一個重要的主權數字，這顯示我們仍然面臨著機會。伊馮娜？

No, I think, you hit on it. Jeff. The federal business, we do have a strong quarter within the third quarter and are continuing to see the pipeline build specifically there. So excited about that opportunity.

不，我想，你擊中了它。傑夫.聯邦業務在第三季確實表現強勁，並將繼續看到專門在那裡建造的管道。對這個機會感到非常興奮。

That's great. Thanks guys.

那太棒了。謝謝你們。

Eric Woodring, Morgan Stanley.

艾瑞克‧伍德林，摩根士丹利。

Thank you guys. So, Jeff earlier this year, there is a belief that AI server sales would pull forward some storage and services demand. And I'm just curious, as you look at kind of the needs and evolution of your AI server customer base, whether this is still kind of an untapped storage and services opportunity that just hasn't materialized yet. And if it hasn't materialized yet, kind of why that would be the case? Would love for you to double click on that. Thanks so much.

謝謝你們。因此，傑夫今年稍早相信人工智慧伺服器的銷售將拉動一些儲存和服務需求。我只是很好奇，當你觀察人工智慧伺服器客戶群的需求和演進時，這是否仍然是一種尚未開發的儲存和服務機會，尚未實現。如果它還沒有實現，那麼為什麼會發生這種情況呢？希望您雙擊它。非常感謝。

Of course, Eric. Look, we're pretty excited about the opportunity in AI to expand beyond the individual node. I think we've tried to reflect that in our previous comments. But to maybe try to be very specific here, the opportunity is beyond the node until full rack scale integration.

當然，埃里克。看，我們對人工智慧擴展到單一節點之外的機會感到非常興奮。我認為我們已經嘗試在先前的評論中反映這一點。但也許在這裡嘗試非常具體，機會超出了節點，直到全機架規模整合。

And in full rack scale integration is the networking opportunity, the storage opportunity, mundane things like cooling and how you actually build, very efficient cooling subsystems to take the energy density out. How do we do power distribution, power management, putting telemetry in doing power management. All of those are opportunities for us to expand our margins and why we believe we have a differentiated solution and ultimately are at a premium to our competitors.

在全機架規模整合中，包括網路機會、儲存機會、冷卻等日常事務以及如何實際建造非常高效的冷卻子系統以降低能量密度。我們如何進行配電、電源管理，將遙測放在電源管理中。所有這些都是我們擴大利潤的機會，也是我們相信我們擁有差異化解決方案並最終優於競爭對手的原因。

Then you add the service component to it. Our ability to do L11 and L12, our ability to take these racks -- these integrated rack scale solutions and be able to design support and service those in the field, deploy at scale the financial services our DFS team can provide our customers in their early times in growing at incredible rates. That combination of opportunity exists for us in each and every one of these large opportunities. And we're increasingly seeing the opportunity.

然後將服務組件新增到其中。我們有能力進行 L11 和 L12，我們有能力採用這些機架——這些整合的機架規模解決方案，並能夠設計現場支援和服務，大規模部署我們的 DFS 團隊可以在客戶早期提供的金融服務。倍以令人難以置信的速度成長。對我們來說，每一個重大機會都存在著這種機會組合。我們越來越多地看到了這個機會。

Again, whether it's storage, whether it's networking cabling, all of those matter, the design matters and then being able to deploy its speed is another characteristic of the Dell scale.

再說一次，無論是存儲，無論是網絡佈線，所有這些都很重要，設計很重要，然後能夠部署其速度是戴爾規模的另一個特徵。

Wamsi Mohan, Bank of America.

萬西·莫漢，美國銀行。

Yes, thank you. Last quarter -- just as a quick clarification. Last quarter, you noted AI revenues would be down quarter on quarter in 3Q. Can you talk about how we should think about Q4 as well? And my main question is, Yvonne you mentioned an early look into fiscal '26 on CSG where you're expecting revenues to be up. Can you talk about how you're thinking about margins also in that context and potentially any impact that you're contemplating from tariffs? Thank you.

是的，謝謝。上個季度——只是簡單的澄清一下。上個季度，您指出第三季人工智慧收入將季減。您能談談我們應該如何看待第四季嗎？我的主要問題是，Yvonne，您提到了對 CSG 26 財年的早期調查，您預計收入將會成長。您能否談談在這種情況下您如何考慮利潤率以及您考慮的關稅可能產生的任何影響？謝謝。

So, I can talk a bit about the Q4 guide. And you know, we have taken into account, in that guide, the mix within AI and expecting -- but expecting those margins which I know we don't talk about holistically but expect them to stay relatively consistent. So the mix would be what's driving there.

所以，我可以談談第四季指南。你知道，我們在該指南中考慮了人工智慧和期望的混合，但期望這些利潤，我知道我們不會全面討論，但期望它們保持相對一致。因此，混合動力將是推動這一趨勢的因素。

And we've talked about AI revenue in our offerings being margin dollar accretive and margin rate dilutive. So, we'll continue to see that play out as we grow. But you've seen our results, and we're continuing. We had record very high operating income in ISG while again growing AI and growing across the portfolio.

我們已經討論過我們產品中的人工智慧收入會增加利潤並稀釋利潤率。因此，隨著我們的成長，我們將繼續看到這種情況的發生。但您已經看到了我們的成果，我們仍在繼續。我們在 ISG 中取得了創紀錄的高營業收入，同時再次發展人工智慧並在整個投資組合中實現成長。

If I move into FY26 which I think you're heading to, I think it's a -- we're a bit early in the process to talk fully about FY26. We kick off that that process in full over the next few weeks. But very optimistic about where next year will head.

如果我進入 2026 財年（我認為你們即將進入），我認為我們在全面討論 2026 財年的過程中還為時過早。我們將在接下來的幾週內全面啟動此流程。但對明年的發展方向非常樂觀。

You know, we don't -- we do expect multiple tailwinds that support growth next year. So we feel positive about that. So more robust AI demand portfolio or opportunity with strong five-quarter pipeline, that Jeff already talked about, going into the year. An aging installed base for both PCs and traditional servers, again, opportunity there.

你知道，我們確實預期明年會有多種有利因素支持成長。所以我們對此感到積極。傑夫已經談到了今年更強勁的人工智慧需求組合或機會，以及強大的五個季度的管道。個人電腦和傳統伺服器的安裝基礎日益老化，這也是機會。

We expect ISG growth driven primarily by AI servers, followed then by traditional servers and storage. And we expect CSG to grow. And enterprise expansion, refresh cycle, that is coming soon will help drive those the profitability in that revenue. So, looking forward to next year, a little too soon for us to give a guide. But we will follow that up at the next earnings call for everyone and announce what we intend for next year.

我們預計 ISG 的成長主要由人工智慧伺服器驅動，其次是傳統伺服器和儲存。我們預計 CSG 將會成長。即將到來的企業擴張、更新周期將有助於推動這些收入的獲利能力。因此，期待明年，我們現在給予指導還為時過早。但我們將在下一次財報電話會議上跟進這一情況，並宣布我們明年的計劃。

And then on to your specific question about AI shipments in Q4, look, we've -- in our guidance, we've given the best reflection of what that backlog that's on the GB200 clears in the quarter as it's now Blackwells in production and ramping on our ability to translate that into shipments as well as the existing backlog on hopper. It's our best indication of what we believe will ship in the quarter and that's what's reflected.

然後，關於您關於第四季度人工智慧出貨量的具體問題，看，我們在我們的指導中，最好地反映了 GB200 在本季度清除的積壓訂單，因為現在 Blackwells 正在生產和不斷提高我們將其轉化為發貨量以及料斗現有積壓訂單的能力。這是我們認為本季將發貨的產品的最佳指示，這就是所反映的內容。

Somewhat down sequentially.

依序下降一些。

Pardon. Somewhat?

赦免。有些？

Somewhat down sequentially.

依序下降一些。

Yes. Thanks, Wamsi.

是的。謝謝，瓦姆西。

Ben Reitzes, Melius Research.

本‧雷茨 (Ben Reitzes)，Melius 研究中心。

Thanks. Question -- I just wanted you to clarify, with regard to your pipeline in AI, one of your competitors has had some well chronicled issues in the press and with their financials. And have you seen -- is that the reason that the pipeline surged and/or was that pipeline already baked? And are you seeing in November an uptick in interest in your solutions in AI?

謝謝。問題——我只是想讓你澄清一下，關於你在人工智慧領域的管道，你的競爭對手之一在媒體和財務方面存在一些詳細記錄的問題。您是否看到了——這就是管道激增的原因和/或管道已經烘烤了嗎？您是否發現 11 月人們對您的人工智慧解決方案的興趣有所上升？

And then I was hoping Yvonne, I don't think you clarified for next year what storage would grow or if it grows and you have a bunch of new products there. So some clarity on your highest margin product there would be appreciated among the other things you discussed about '26. Thanks so much.

然後我希望伊馮（Yvonne），我認為您沒有澄清明年的存儲量會增長多少，或者存儲量是否增長並且您在那裡有一堆新產品。因此，在您討論的有關「26」的其他事情中，如果您能澄清一下您的最高利潤產品，我們將不勝感激。非常感謝。

Sure, Ben, let me give a start and then Yvonne can pick up where appropriate. The opportunity in AI is immense. We see a formidable stack of competitors each and every opportunity. Again, each one of these opportunities are enormous in size, and everybody's working to be competitive in those opportunities.

當然，本，讓我開始，然後伊馮可以在適當的時候接聽。人工智慧的機會是巨大的。我們在每一個機會中都看到了許多強大的競爭對手。同樣，每一個機會的規模都是巨大的，每個人都在努力在這些機會中保持競爭力。

Clearly, we are -- we're showing up. We're showing up, we believe with a very, very differentiated offer. That's why our pipeline is growing. That's why we believe we're having the success we have.

顯然，我們正在出現。我們相信我們會提供非常非常差異化的報價。這就是我們的管道不斷增長的原因。這就是為什麼我們相信我們正在取得成功。

That differentiation starts with co architecting innovation, the engineering, the technical stuff. These are highly complex solutions and being able to engineer in record speed. In the case of some of this, we're turning a design to full scale deployment in less than five months, putting 50,000 GPUs in our customer's hands in five weeks.

這種差異化始於共同建構創新、工程和技術。這些都是高度複雜的解決方案，並且能夠以創紀錄的速度進行設計。在某些情況下，我們將在不到五個月的時間內將設計轉變為全面部署，並在五週內將 50,000 個 GPU 交付給客戶。

This is about rack scale solutions, driving networking, compute, and storage all together; doing the deployment and installation services that I described at scale. Our people, they'll badge people on site 24/7, deploying the professional service that go along with that, the financial service that goes along with that, which is also ultimately driving. We were the first to market with the new solution.

這是關於機架規模解決方案，共同驅動網路、運算和儲存；大規模執行我所描述的部署和安裝服務。我們的員工將全天候（24/7）在現場為員工佩戴徽章，部署與之相伴的專業服務，以及與之相伴的金融服務，這也是最終的推動力。我們是第一個將新解決方案推向市場的人。

Speed does matter. It is a differentiator. If the pace of innovation is accelerating, we continue to see that. We're continuing to drive that, and we're responding with more platforms. Recently, we brought in the portfolio. We continue to invest in capability that includes our supply chain service capabilities, what we're doing on the go to market side with two different pursuit teams for the largest digital native opportunities as well as the enterprise, and then obviously the R&D side of that.

速度確實很重要。這是一個差異化因素。如果創新的步伐正在加快，我們將繼續看到這一點。我們將繼續推動這一趨勢，並透過更多平台做出回應。最近，我們引入了投資組合。我們繼續投資能力，包括我們的供應鏈服務能力，我們在進入市場方面所做的事情，與兩個不同的追求團隊一起尋找最大的數位原生機會以及企業，然後顯然是研發方面。

Your second question FY26. While we're not giving guidance, we expect the storage marketplace to grow next year and we expect to take share with our Dell IP storage portfolio as we've invested into new solutions, new capabilities making it more competitive.

你的第二個問題 2026 財政年度。雖然我們沒有提供指導，但我們預計儲存市場明年將成長，我們預計將與我們的戴爾 IP 儲存產品組合分享份額，因為我們投資了新的解決方案和新功能，使其更具競爭力。

We expect growth across ISG, AI servers, traditional servers storage.

我們預計 ISG、人工智慧伺服器、傳統伺服器儲存都會出現成長。

Asiya Merchant, Citigroup.

花旗集團 Asiya Merchant。

Great. Thanks for taking the question. You know, we get a lot of questions from investors about the customer concentration in the AI backlog, orders, revenues. Jeff I know you talked about the enterprise and you commented on that. So if you could just double click on, what constitutes or what's the customer concentration in this backlog and the orders that you're seeing right now, that would be great.

偉大的。感謝您提出問題。你知道，我們從投資者那裡收到了很多關於人工智慧積壓、訂單、收入方面的客戶集中度的問題。傑夫，我知道你談到了企業，並且對此發表了評論。因此，如果您可以雙擊此積壓訂單的組成或客戶集中度以及您現在看到的訂單，那就太好了。

And then related to that, you guys have identified a TAM, a pretty substantial TAM of AI into calendar '25. And just given your competitive notes here and the fact that you're pricing to a premium, how do you guys feel about your market share in that $120 billion plus TAM for calendar '25? Thank you.

與此相關的是，你們已經在日曆 '25 中確定了一個 TAM，一個相當重要的 AI TAM。鑑於你們在這裡的競爭說明以及你們定價溢價的事實，你們對你們在 25 日曆年 1200 億美元加上 TAM 的市場份額有何看法？謝謝。

Sure. Let me try to pull that apart. First of all, I think what's important to note, I think we said that to be really clear, we have now sold over 2000 enterprise customers since we began this journey.

當然。讓我試著把它分開。首先，我認為值得注意的是，我認為我們說得很清楚，自從我們開始這趟旅程以來，我們現在已經銷售了 2000 多個企業客戶。

Our enterprise customers grew -- continue to grow. The portion of the five-quarter pipeline, enterprise customers grew at a greater rate than the other side. Is our business still weighted towards Tier 2 CSPs and building out those digital native platforms? Without question.

我們的企業客戶不斷成長—持續成長。在第五季的管道中，企業客戶的成長速度高於另一側。我們的業務是否仍以二級 CSP 為主並建構這些數位原生平台？毫無疑問。

But as we, I think said, the last three quarters enterprise continues to grow. It continues to be a larger portion of the opportunity for us. It's a larger portion of the pipeline. And we're only only in the very, very early innings of enterprises figuring out how to deploy AI.

但正如我們所說，過去三個季度企業持續成長。它仍然是我們機會的很大一部分。它是管道的較大部分。我們還只是處於企業弄清楚如何部署人工智慧的非常非常早期的階段。

They understand that it's highly disruptive. It drives higher levels of innovation, higher levels of productivity. They're in their experimentation, some of advanced proof of concept. And as they migrate through that, the opportunity is immense.

他們明白這是極具破壞性的。它推動更高水準的創新、更高水準的生產力。他們正在進行實驗，進行一些先進的概念驗證。當他們經歷這個過程時，機會是巨大的。

In fact, I think larger enterprise over the course of the decade when we think about inference and putting AI in production, given our scale, given our go to market footprint. I like our chances there. It's what we do. It's where we sell most of our other gear. And we think that's the alignment opportunity as well as forcing us to learn and drive new levels of innovation with our largest customers today. And that innovation actually makes its way to our enterprise solutions which will make them more efficient and more capable. I hope that helped.

事實上，考慮到我們的規模、考慮到我們的市場足跡，我認為在這十年裡，當我們考慮推理並將人工智慧投入生產時，我們的企業規模會更大。我喜歡我們在那裡的機會。這就是我們所做的。這是我們出售大部分其他裝備的地方。我們認為這是一個契機，也迫使我們與當今最大的客戶一起學習並推動創新水準的提升。這種創新實際上已經融入我們的企業解決方案中，這將使它們更有效率、更有能力。我希望這有幫助。

Mehdi Hosseini, SIG.

邁赫迪·侯賽尼，SIG。

Yes, sir. Thanks for taking my question. I want to get your thought. As your key customer migrates AI platform from Hopper to Blackwell. What is your underlying assumption for the mix between HGX, DGX and MGX? Any thought there would be appreciated.

是的，先生。感謝您提出我的問題。我想聽聽你的想法。當您的主要客戶將 AI 平台從 Hopper 遷移到 Blackwell 時。您對 HGX、DGX 和 MGX 混合的基本假設是什麼？任何想法將不勝感激。

That question was choppy on our end. Could you repeat that for us, please? I apologize.

這個問題對我們來說很不穩定。請您為我們重複一次好嗎？我道歉。

Sure, I'll try again.

當然，我會再試一次。

That's much -- it's much clearer.

就這麼多——更清楚了。

As your key partner migrates from Hopper platform to Blackwell, how do you envision the change of architecture, change in like HGX, DGX and MGX?

當您的主要合作夥伴從 Hopper 平台遷移到 Blackwell 時，您如何設想架構的變化，例如 HGX、DGX 和 MGX 等變化？

Well, I think and the simplest way to look at that is Hopper in production will continue to be in production. Next year, Blackwell's ramping in production will be in production. Next year, we have demand on both architectures. We continue to see that in the five-quarter pipeline. Nothing's changing in that regard. I don't know how's better way to describe it without giving you the specifics of the backlog, which I won't.

嗯，我認為最簡單的看待方式是生產中的霍珀將繼續生產。明年，Blackwell 的增產計畫將正式投入生產。明年，我們對這兩種架構都有需求。我們在第五季的管道中繼續看到這一點。在這方面沒有任何改變。我不知道在不向您提供待辦事項的具體情況的情況下如何更好地描述它，我不會。

I'm trying to better understand your assumption, how customization of a new platform is changing like from HGX to DGX and MGX.

我試圖更好地理解您的假設，即新平台的客製化是如何變化的，例如從 HGX 到 DGX 和 MGX。

Well, the way I look at it is we've designed a very open based architecture. So if you look at our new IR7000 rack and take the 9712 as an example, that architecture and the headroom that we've designed to 480 kilowatts, being able to put the thermal solution and thermal headroom in place, the power distribution system in place, we believe we can take any combination of new designs based on the unique needs of our customers and design in short order and provide that scale and speed to meet their needs.

嗯，我的看法是我們設計了一個非常開放的架構。因此，如果您看看我們新的 IR7000 機架並以 9712 為例，我們設計的架構和淨空為 480 千瓦，能夠將熱解決方案和熱淨空就位，配電系統就位，我們相信我們可以根據客戶的獨特需求採取任意新設計組合，並在短時間內進行設計，並提供相應的規模和速度來滿足他們的需求。

Much of this is driven by the model type, the technologies available, optimization, and being able to help our customers way through that, and then provide an open solution that allows us to move very quickly is exactly what we've built with our new Orv3 chassis, its ability to take things like we talked NVL72 and NVL4 design and subsequent new technologies that will come down the pipeline I'm sure in the future.

這在很大程度上是由模型類型、可用​​技術、優化以及能夠幫助我們的客戶解決這些問題所驅動的，然後提供一個開放的解決方案，使我們能夠非常快速地採取行動，這正是我們用新的建造的Orv3 底盤，它能夠採用我們談到的 NVL72 和 NVL4 設計以及後續的新技術，我相信這些技術將來將會出現。

Okay. Thanks.

好的。謝謝。

Krish Sankar, TD Cowen.

克里斯·桑卡爾，TD·考恩。

Yeah, hi. Thanks for taking my question. Just -- you mentioned in the past about the advantage of having a full stack of server and storage as a unique value proposition to your customers. You know, the question always comes up on attach rate. But look at the last five quarters, you shipped about $9 billion in AI server revenues. Is there a way to look at it and say, how much was the attach rate you saw for your storage, your services business based on the trailing five quarters? Thank you.

是的，嗨。感謝您提出我的問題。只是 - 您過去提到擁有完整的伺服器和儲存堆疊作為對客戶的獨特價值主張的優勢。您知道，問題總是出現在附加率上。但看看過去五個季度，人工智慧伺服器的營收約為 90 億美元。有沒有一種方法可以查看並說，根據過去五個季度，您看到的儲存、服務業務的附加率是多少？謝謝。

I'm not sure I understand the context of the question. Is that AI specific? Is it general to ISG and infrastructure?

我不確定我是否理解問題的上下文。這是AI特定的嗎？它對於 ISG 和基礎設施來說是通用的嗎？

No. AI specific, I think you've spoken about how having the server and storage solution is an advantage. Is that a (multiple speakers)?

不。那是（多位發言者）嗎？

Absolutely. So let me try to take a run at it because I think this is a very important for us. I mean, I think I've said publicly multiple times that the AI opportunity for storage is immense, simply because GPU is devoured data. I mean you have to feed the beast.

絕對地。所以讓我嘗試一下，因為我認為這對我們來說非常重要。我的意思是，我想我已經多次公開說過，人工智慧在儲存方面的機會是巨大的，只是因為 GPU 正在吞噬資料。我的意思是你必須餵養野獸。

And they're not very effective without a lot of information storage. It typically tends to be unstructured information. So we think scale out file and object capabilities for training, tuning, and inference are essential.

如果沒有大量資訊存儲，它們就不會很有效。它通常是非結構化資訊。因此，我們認為擴展文件和物件功能以進行訓練、調整和推理至關重要。

We think parallel file systems for this kind of in use transmit data on these large training environments is essential. And remember 80% of the data is on prem. So we think AI is driving new needs in the storage architecture, which really drive to a 3 Tier architecture.

我們認為平行檔案系統對於在這些大型訓練環境中使用的傳輸資料至關重要。請記住，80% 的數據都在本地。因此，我們認為人工智慧正在推動儲存架構的新需求，這真正推動了三層架構的發展。

So the ability to scale, the ability to drive efficient deployment of storage, the ability to be flexible and above all high performance are all things required to meet these high-performance modern AI workloads. And that's what our portfolio is. The DELL IP portfolio is a 3 Tier architecture moving towards this aggregated that allows us to scale CPU and storage and networking independently to optimize for performance.

因此，擴展能力、推動儲存高效部署的能力、靈活性以及最重要的高效能都是滿足這些高效能現代人工智慧工作負載所需的一切。這就是我們的產品組合。戴爾 IP 產品組合是一個 3 層架構，正在朝著這種聚合方向發展，使我們能夠獨立擴展 CPU、儲存和網路以優化效能。

All that said, our power scale platform, we believe, is absolutely the right platform where we deliver high performance file soon, high performance object, the ability to take our project lightning that we announced at Dell Technology World, a parallel file system built exactly and purposeful for AI and then take our Dell Data Lakehouse which then allows us to do some data management and have a data platform around this, and specifically metadata management. That combination of capability, we believe is absolutely the future state of storage for AI and we're very well positioned.

話雖如此，我們相信，我們的功率規模平台絕對是正確的平台，我們可以快速交付高性能文件，高性能對象，能夠採用我們在戴爾技術世界上宣布的項目閃電，這是一個完全構建的並行檔案系統並針對人工智慧，然後採用我們的 Dell Data Lakehouse，它允許我們進行一些資料管理並擁有一個圍繞此的資料平台，特別是元資料管理。我們相信，這種能力的結合絕對是人工智慧儲存的未來狀態，而且我們處於非常有利的位置。

It's why we made a couple of references in our remarks about power scale. The F710 and the F910, one has 614 terabytes of capacity. If I remember correctly, the 910 is 1.46 petabytes of capacity. Both of those double as we go to higher density drives in the first half of next year. That will be first to market. It's why I made reference to the performance attributes of both of those products are dramatically improved with the latest revision of software.

這就是為什麼我們在有關功率範圍的評論中提到了一些內容。 F710 和 F910 一款容量為 614 TB。如果我沒記錯的話，910 的容量是 1.46 PB。隨著我們在明年上半年採用更高密度的驅動器，這兩個數字都會翻倍。這將是第一個上市的。這就是為什麼我提到這兩種產品的性能屬性都透過最新版本的軟體得到了顯著改善。

We're not done more to come. That's the opportunity. And we believe we have the platform IP to be able to ultimately optimize our footprint in AI going forward. I know that was a mouthful, but that's how I think of it.

我們還沒有做更多的事情。這就是機會。我們相信，我們擁有的平台 IP 能夠最終優化我們在人工智慧領域的足跡。我知道這有點拗口，但我就是這麼想的。

Thank you.

謝謝。

Michael Ng, Goldman Sachs.

邁克爾吳，高盛。

Hi, good afternoon. Thank you for the question. I wanted to ask about the comments around AI server revenue being down sequentially next quarter despite the backlog growth this quarter. First, is that just because of the growing mix of Blackwell and the component availability?

嗨，下午好。謝謝你的提問。我想詢問有關人工智慧伺服器收入在下個季度環比下降的評論，儘管本季積壓訂單有所增長。首先，這僅僅是因為 Blackwell 和組件可用性的不斷增長嗎？

And then second, in your view, is the backlog unusually high? And will we see a AI server backlog flush at some point or is $4.5 billion in the backlog normal with the potential to grow larger? Thank you.

其次，在您看來，積壓的情況是否異常高？我們是否會在某個時候看到人工智慧伺服器積壓的情況出現，還是 45 億美元的積壓是正常的，並且有可能變得更大？謝謝。

Again, to be clear, is the order shift in Q3 shifted dramatically towards Blackwell? That product is in its ramp and production. And obviously, our backlog reflects when we believe we're going to get the parts and be able to ship them. And we've translated that into our Q4 guidance which so I can be clear, I wasn't clear last time as I probably should have been, it's down slightly quarter over quarter in shipments from Q3 to Q4.

再次需要明確的是，第三季的訂單轉移是否急劇轉向布萊克韋爾？該產品已進入量產階段。顯然，我們的積壓反映了我們何時相信我們將獲得零件並能夠運送它們。我們已經將其轉化為我們的第四季度指導，所以我可以明確地說，我上次並不清楚，因為我可能應該是這樣，從第三季度到第四季度，出貨量逐季度略有下降。

The five-quarter pipeline grew in excess of 50%. We're going to continue to work to convert that pipeline, and I would expect us to continue to grow. I can't reflect it any better than that or say any clear.

五季管道成長超過 50%。我們將繼續努力改造該管道，我希望我們能夠繼續成長。我無法比這更好地反映或說得更清楚了。

The opportunity for us is bigger this quarter than it was last quarter in excess of 50% bigger, more in enterprise, new technology, new platforms, scalable platforms that are open that can meet the needs of today with well as what we think happens all next year. The headroom in that design, the investments that we've made internal -- in internal capabilities to service and provide financial products for these offers, the ability to engineer and innovate at speed are all things that are differentiating us in the market and we'll continue to focus on those.

本季我們的機會比上個季度大了 50% 以上，更多來自企業、新技術、新平台、開放的可擴展平台，可以滿足當今的需求以及我們認為發生的一切明年。該設計的空間、我們在內部進行的投資——為這些產品提供服務和提供金融產品的內部能力、快速設計和創新的能力，這些都是我們在市場上脫穎而出的因素，我們將繼續關注這些。

Great. Thanks, Mike.

偉大的。謝謝，麥克。

Samik Chatterjee, JP Morgan.

薩米克‧查特吉，摩根大通。

Hi. Thanks for taking my question. And Jeff, if I can just change gears here a bit and talk about enterprise servers or sort of the non-AI servers, you've had double digit growth here for a couple of quarters, strong demand. But I think there's a general investor perception that this is -- enterprise servers are a bit more of a cyclical business. And as you go into next year after the replacement demand this year, you might see a growth moderation that front.

你好。感謝您提出我的問題。傑夫，如果我能在這裡稍微改變話題，談談企業伺服器或某種非人工智慧伺服器，你會發現這裡已經有幾季實現了兩位數的成長，需求強勁。但我認為投資人普遍認為企業伺服器更像是一種週期性業務。當你在今年的更換需求之後進入明年時，你可能會看到前面的成長放緩。

If you can just sort of highlight what you're seeing with your customers, how do you feel comfortable sustainability of these growth levels and what's driving that into next year, that would be great. Thank you.

如果你能強調一下你在客戶身上看到的情況，你會對這些成長水平的可持續性感到如何，以及推動明年成長的因素是什麼，那就太好了。謝謝。

Sure. You might recall, I think it was five or so quarters ago, we thought that the recovery in this IT cycle would be server led. And the reason we thought that is we had -- we were in the middle of the longest digestion period in the history of the server marketplace.

當然。您可能還記得，我認為大約五個季度前，我們認為這個 IT 週期中的復甦將由伺服器主導。我們之所以這麼認為，是因為我們正處於伺服器市場史上最長的消化期。

And we believe that coming out of this would be a faster recovery on servers. And that's exactly what we've seen. We're now on our sixth consecutive quarter of quarter-over-quarter growth. And as Yvonne said in her remarks, we're now at four quarters in a row of year-over-year growth, which tells me that we're seeing recovery. And that digestion period is now in a period of consuming technology.

我們相信，擺脫這種情況將使伺服器恢復更快。這正是我們所看到的。我們現在已經連續第六個季度實現環比成長。正如伊馮在演講中所說，我們現在已經連續四個季度實現同比增長，這告訴我我們正在看到復甦。而那個消化期現在正處於消耗技術的時期。

I think what's very important about that is maybe the catalyst. The catalyst is a modernization. We think there's a modernization happening in both the traditional data center as well as that we could talk a lot about in modern workloads and AI.

我認為最重要的可能是催化劑。催化劑是現代化。我們認為傳統資料中心正在現代化，我們可以在現代工作負載和人工智慧中談論很多。

But in terms of the traditional data center, what we're seeing is a consolidation, the consolidation as Yvonne said so well to free up floor space and cooling space for AI. And what you get with a 16G server is you can consolidate anywhere from three to five, sometimes seven of our 14G servers into a single server. It's why we're seeing TRU expansion in our 16G which is reflected in why our business was better in Q3.

但就傳統資料中心而言，我們看到的是整合，正如 Yvonne 所說的那樣，整合可以為人工智慧騰出佔地面積和冷卻空間。使用 16G 伺服器，您可以將三到五台、有時甚至七台 14G 伺服器整合到一台伺服器中。這就是我們在 16G 中看到 TRU 擴張的原因，這也反映了我們的業務在第三季表現更好的原因。

On average, a 16G server has twice as much memory and twice as much storage as a 15G server. And we're seeing more workloads run on them. So that consolidation is well in play, and you've probably seen some of the research in the marketplace. More CIOs are considering repatriation of applications today than they were a year ago, about twice as much.

平均而言，16G 伺服器的記憶體和儲存量是 15G 伺服器的兩倍。我們看到更多的工作負載在它們上運行。因此，這種整合正在發揮作用，您可能已經看到了市場上的一些研究。如今，考慮退回申請的資訊長數量比一年前增加了大約兩倍。

Whether that's driven from TCO the fundamental economics, security or the fundamental performance and flexibility that you get, we're seeing that as the undertones of what's driving this demand cycle. And we are seeing unit growth. So unit growth, TRU expansion consolidation for all these reasons, we believe this consumption cycle, we're in the very early part of it, and it is fuel to actually provide resources and capability towards the other side of modernization, which is the modern workloads.

無論這是由 TCO 驅動的基本經濟性、安全性還是基本性能和靈活性，我們都將其視為推動此需求週期的根本原因。我們看到了單位的成長。因此，基於所有這些原因，單位成長、TRU 擴張整合，我們相信這個消費週期，我們正處於其早期階段，它是向現代化的另一面（即現代化）實際提供資源和能力的燃料。

Simon Leopold, Raymond James.

西蒙·利奧波德，雷蒙德·詹姆斯。

Thank you very much. One quick clarification and then a question. You talked about expectations for OpEx to decline mid-single digits. I just wanted to see whether you were referencing year-over-year sequentials on that guidance.

非常感謝。一個快速的澄清，然後一個問題。您談到了對營運支出下降中個位數的預期。我只是想看看您是否在該指導中引用了逐年序列。

And then in terms, the bigger picture question, I know it's too early to understand exactly what the tariff implications might be. But could you remind us of where your global manufacturing is and sort of what proportions are coming from what countries or regions? Thank you.

然後就更大的問題而言，我知道現在要準確地理解關稅影響可能是什麼還為時過早。但您能否提醒我們，您的全球製造業在哪裡，以及來自哪些國家或地區的比例是多少？謝謝。

So to your first question, it was year over year would be the answer there.

所以對於你的第一個問題，答案是年復一年。

And on tariffs, look, we've been at this a long time. We have a global supply chain that's built on resiliency in meeting customer demands. As a multinational company, we encounter tariff requirements in almost every country we operate and consistently navigate the geopolitical and macroeconomic cycles as they arise.

在關稅方面，我們已經研究了很長時間了。我們擁有一個能夠靈活滿足客戶需求的全球供應鏈。作為一家跨國公司，我們在幾乎每個開展業務的國家/地區都會遇到關稅要求，並在地緣政治和宏觀經濟週期出現時始終如一地應對這些要求。

We'll see what happens here. I think we're well-schooled and well capable of working through and navigating the changes that may be in front of us. We're not overreacting. We have a resilient and global supply chain and respond in the best interest of our customers and shareholders.

我們會看看這裡會發生什麼。我認為我們受過良好的教育，並且有能力解決和駕馭我們可能面臨的變化。我們並沒有反應過度。我們擁有富有彈性的全球供應鏈，並以客戶和股東的最佳利益為己任。

Steven Fox, Fox Advisors.

史蒂文‧福克斯，福克斯顧問公司。

Hi, good afternoon. I was just wondering if you could flesh out the storage business a little bit more. The underlying dynamics of the 4% growth, you mentioned some of the mid range was growing double digits. But if you could just give us a better sense of the rest of the sales growth and sort of what you're seeing margin-wise and cost-wise in that business. Thanks.

嗨，下午好。我只是想知道你是否可以進一步充實儲存業務。您提到了 4% 成長的基本動力，其中一些中間範圍的成長是兩位數。但是，如果您能讓我們更了解其餘的銷售成長以及您在該業務中看到的利潤和成本方面的情況。謝謝。

Maybe a couple of comments and then Yvonne can certainly jump on in. So we talked about from a demand point of view, the demand that we saw around our power store and power flex products. We talked specifically about the new power scale of 710 and F910 growing.

也許發表幾條評論，然後伊馮當然可以加入。我們專門談到了710和F910不斷成長的新動力規模。

The focus of our organization, and I think we conveyed this last time which led to the improvement from Q1 to Q2 with our margin expansion and storage, is around the Dell IP products. So PowerMax at the high end, PowerStore in the mid-range, our new PowerStore prime product is ramping quite well, adding QLC to it.

我們組織的重點，我認為我們上次傳達了這一點，這導致了我們的利潤率擴張和儲存從第一季到第二季的改善，是圍繞戴爾IP產品。因此，高階的 PowerMax、中階的 PowerStore，我們新的 PowerStore prime 產品發展得相當好，並增加了 QLC。

PowerScale, as I just talked about, is an essential asset and capability that we want to drive and we'll continue to drive around the unstructured data side and AI. PowerProtect data domain, the new products that we launched the 9410 and 9910, the ability to get those out as the preferred target for protecting these valuable workloads continues to be the source of growth. And PowerFlex, our software defined storage asset.

正如我剛才談到的，PowerScale 是我們想要推動的一項重要資產和功能，我們將繼續推動非結構化資料面向和人工智慧。 PowerProtect 資料域，我們推出的新產品 9410 和 9910，能夠將這些產品作為保護這些寶貴工作負載的首選目標，繼續成為成長的來源。還有 PowerFlex，我們的軟體定義儲存資產。

We've continued to see success with our partner first channel program. We're driving differentiation in the marketplace with our market leading data reduction rate capabilities, and our broad coverage and specialty model serves as well that we have the largest sales force selling storage to more customers. And we're continuing to focus on that. Those are the sources and levers we're leaning on to grow storage.

我們的合作夥伴優先管道計劃繼續取得成功。我們憑藉市場領先的數據縮減率能力推動市場差異化，我們廣泛的覆蓋範圍和專業模型也有助於我們擁有最大的銷售團隊向更多客戶銷售儲存。我們將繼續關注這一點。這些是我們用來增加儲存的來源和槓桿。

In the fourth quarter, embedded within our guide, right? It's normally our strongest quarter from a storage perspective. So expecting growth there. And, as Jeff said, we're leaning in to that strong performance and leaning into our Dell IP. So helping to drive even more profitability.

在第四季度，嵌入我們的指南中，對吧？從儲存角度來看，這通常是我們最強勁的季度。所以期待那裡的成長。而且，正如 Jeff 所說，我們正在依靠強勁的性能並依靠我們的戴爾 IP。因此有助於提高獲利能力。

Okay. Thank you. Let's take one more and then we'll turn it over to Jeff to close it out.

好的。謝謝。我們再做一個，然後將其交給傑夫來結束。

Tim Long, Barclays.

提姆朗，巴克萊銀行。

Thank you. Thanks for squeezing in. Just wanted to get back to the AI servers and profitability. Obviously, when we went from CPU servers to multi-GPU servers, it was a big jump in profit dollars, gross profit dollars, but down in percentage. Just curious, now, that you're getting more involved in these NVL systems with 72 GPUs instead of 8, how should we think about the gross profit dollar move per server or gross the gross profit percentage?

謝謝。感謝您的參與。顯然，當我們從 CPU 伺服器轉向多 GPU 伺服器時，利潤、毛利出現了大幅躍升，但百分比有所下降。只是好奇，現在，您越來越多地參與這些具有 72 個 GPU（而不是 8 個）GPU 的 NVL 系統，我們應該如何考慮每台伺服器的毛利美元變動或總毛利百分比？

Obviously, the ASPs on the overall servers are going to be a lot higher with a lot higher GPU component within the bill of material, which is harder to mark up. So any comments you can give us on kind of how we should think about dollars and percentage of (multiple speakers)

顯然，隨著物料清單中 GPU 元件的增加，整個伺服器的 ASP 將會更高，而這更難標記。因此，您可以就我們應該如何考慮美元和（多個發言者）的百分比向我們提供任何評論

Maybe a couple of macro comments and then Yvonne can build upon that. One, certainly the ASPs of these high-performance nodes with 8 GPUs in them and then shoved in a rack and driving densities, 96 and beyond, are very large. On a relative rate, Yvonne and I have been consistent, the rate is dilutive.

也許一些宏觀評論，然後伊馮可以在此基礎上繼續發展。第一，這些高效能節點的 ASP 肯定非常大，其中有 8 個 GPU，然後被推入機架，驅動密度（96 個或更多）非常大。就相對比率而言，伊馮和我一直保持一致，比率是稀釋的。

I think what we've communicated now for three consecutive quarters is the rate has improved. What's fueling that rate improvement are many of the things that I tried to describe along the call today around services, the installation, the L11 and L12, what we're doing around DFS and the financing side of this, the opportunity around networking and storage and beyond.

我認為我們現在連續三個季度傳達的訊息是比率有所改善。推動費率提高的因素有很多，我在今天的電話會議上試圖描述這些內容，包括服務、安裝、L11 和 L12、我們圍繞 DFS 所做的事情以及融資方面、圍繞網絡和存儲的機會以及更遠的地方。

That's the opportunity for us to continue to improve the rates. It is a very competitive marketplace given the size of the opportunities, which is why we're leaning on our differentiation and our engineering capabilities to allow us to, we believe, perform to a market premium and we'll continue to focus on that. Yvonne?

這是我們繼續提高費率的機會。考慮到機會的大小，這是一個競爭非常激烈的市場，這就是為什麼我們依靠我們的差異化和工程能力，使我們能夠，我們相信，表現出市場溢價，我們將繼續關注這一點。伊馮娜？

Yes, I think you hit all those key points. Certainly, we're driving -- working to drive incremental operating margin dollars holistically, and we are doing that within the holistic portfolio. So I think with that we will move to close.

是的，我認為你抓住了所有這些關鍵點。當然，我們正在努力從整體上推動營業利潤率的增量，並且我們正在整體投資組合中做到這一點。所以我認為我們將就此結束。

I'll give a quick couple of parting comments. We are well positioned to win with a unique operating model, defined by our leading end to end solutions portfolio, large go-to-market engine, industry leading supply chain, and unmatched global services footprint. And within AI, between our extensive portfolio and engineering expertise, we are providing comprehensive AI solutions for our customers from the largest at scale data centers to AIPCs for enterprise customers to medium and small businesses. That's something no other company in the industry can do as well as us.

我將快速給出一些臨別評論。我們有能力憑藉獨特的營運模式取勝，此模式由我們領先的端到端解決方案組合、大型上市引擎、業界領先的供應鏈以及無與倫比的全球服務足跡所定義。在人工智慧領域，憑藉我們廣泛的產品組合和工程專業知識，我們為客戶提供全面的人工智慧解決方案，從最大規模的資料中心到企業客戶和中小企業的 AIPC。這是業內沒有其他公司能比我們做得更好的事。

And as you can see from our recent product launches, our innovation engine is strong and we're only getting started. We've gained tremendous traction in AI solutions over the past year or so and there are no signs of it slowing down. The business model we've executed over the past 40 years was built for this moment. We have a solid track record of driving growth, profitability and cash flow which all shareholders value. Thanks for your time today.

正如您從我們最近發布的產品中看到的那樣，我們的創新引擎非常強大，而且我們才剛剛開始。在過去一年左右的時間裡，我們在人工智慧解決方案方面獲得了巨大的吸引力，並且沒有任何放緩的跡象。我們過去 40 年來所執行的商業模式就是為了這一刻而建立的。我們在推動成長、獲利能力和現金流方面擁有良好的記錄，所有股東都看重這一點。感謝您今天抽出時間。

And ladies and gentlemen, this concludes today's conference call. We appreciate your participation. You may now disconnect at this time.

女士們、先生們，今天的電話會議到此結束。我們感謝您的參與。您現在可以斷開連線。