戴爾 (DELL) 2026 Q3 法說會逐字稿

Please stand by. Good afternoon, and welcome to the fiscal year 2026 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. (Operator Instructions)

請稍候。下午好，歡迎參加戴爾科技公司2026財年第三季財務業績電話會議。我謹告知各位與會人員，本次電話會議應戴爾科技公司的要求進行錄音。本廣播內容為戴爾科技公司版權所有。未經戴爾科技公司事先書面許可，禁止全部或部分轉載本資訊。（操作說明）

I'd now like to turn the call over to Paul Frantz, Head of Investor Relations. Mr. Frantz, you may begin.

現在我將把電話交給投資人關係主管保羅‧弗蘭茨。弗蘭茲先生，你可以開始了。

Thanks, everyone, for joining us. With me today are Jeff Clarke, David Kennedy, and Howard Johnson. Our earnings materials are available on our IR website, and I encourage you to review these materials. Also, please take some time to review the presentation, which includes additional content to complement our discussion this afternoon. Guidance will be covered on today's call.

謝謝大家的參與。今天和我在一起的是傑夫克拉克、大衛肯尼迪和霍華德約翰遜。我們的收益報告資料已發佈在投資者關係網站上，我鼓勵您仔細閱讀這些資料。另外，請花點時間瀏覽演示文稿，其中包含一些補充我們今天下午討論的內容。今天的電話會議將提供相關指導。

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.

除非另有說明，本次電話會議中所有提及的財務指標均指非公認會計準則財務指標，包括非公認會計準則毛利率、營業費用、營業收入、淨收入、稀釋每股收益、自由現金流和調整後自由現金流。這些措施與其最直接可比較的 GAAP 措施的對照表可以在我們的網頁資料和新聞稿中找到。除非另有說明，增長百分比均指同比變化。

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.

本次電話會議中有關未來績效和事件的陳述均為基於目前預期的前瞻性陳述。實際結果和事件可能與預測結果和事件有重大差異，這是由於我們在網頁簡報和提交給美國證券交易委員會的文件中討論的許多風險和不確定因素造成的。我們不承擔更新前瞻性聲明的義務。

Now, I'll turn it over to Jeff.

現在，我把麥克風交給傑夫。

Thanks, Paul, and thanks, everyone, for joining us. Before we get started, I'd like to congratulate David on his appointment to CFO. We've worked together closely for the past couple of decades, and I look forward to what's ahead.

謝謝保羅，也謝謝大家的參與。在正式開始之前，我想祝賀大衛被任命為財務長。過去二十年來我們一直密切合作，我期待未來的發展。

Now, moving to our results. We delivered a strong third quarter with a record for both revenue and earnings per share and an all-time high in AI server orders. Total revenue reached $27 billion, up 11%. CSG and ISG combined were up 13%. Year-to-date total revenue is up 12% with ISG revenue up 28%. EPS was up 17% to $2.59 driven by improved profitability in AI and storage and continued operational scaling. Our strong performance and operational discipline led to continued robust cash flow and significant capital returns for shareholders.

現在，讓我們來看看我們的結果。我們第三季業績強勁，營收和每股盈餘均創歷史新高，人工智慧伺服器訂單也創歷史新高。總營收達 270 億美元，成長 11%。CSG和ISG合計上漲13%。今年迄今的總收入成長了 12%，其中 ISG 收入成長了 28%。受人工智慧和儲存業務獲利能力提升以及持續的營運規模擴大的推動，每股收益成長 17% 至 2.59 美元。我們強勁的業績和嚴謹的營運帶來了持續強勁的現金流，並為股東帶來了可觀的資本回報。

Now let's move to AI, where momentum has accelerated meaningfully in the second half of the year, building on an already strong first half. AI server demand remained exceptionally strong. We booked $12.3 billion in orders in the quarter, bringing year-to-date orders to $30 billion, both record figures. The large-scale customer base continues to broaden with expansion across neocloud or Tier 2 CSPs and sovereigns.

現在讓我們來看看人工智慧領域，該領域在下半年發展勢頭顯著加快，延續了上半年強勁的發展勢頭。AI伺服器需求依然異常強勁。本季我們獲得了 123 億美元的訂單，使今年迄今的訂單總額達到 300 億美元，這兩個數字均創歷史新高。隨著業務擴展到新雲端或二級雲端服務提供者和主權國家，大規模客戶群持續擴大。

Our strong orders and customer base expansion clearly shows customers value our unique ability to design, deploy, and maintain large at-scale AI factories, especially our engineering and rapid deployment capabilities. We have AI racks operational within 24 to 36 hours to delivery with uptime succeeding 99%. We shipped $5.6 billion in AI servers during the quarter for a total of $15.6 billion year to date. We ended the quarter with a record backlog of $18.4 billion.

我們強勁的訂單量和客戶群的擴張清楚地表明，客戶重視我們設計、部署和維護大規模人工智慧工廠的獨特能力，特別是我們的工程和快速部署能力。我們的 AI 機架可在交貨後 24 至 36 小時內投入使用，正常運作時間超過 99%。本季我們交付了價值 56 億美元的 AI 伺服器，今年迄今的總交付量為 156 億美元。本季末，我們的積壓訂單金額創下歷史新高，達到 184 億美元。

Our five-quarter pipeline continued to grow sequentially across neocloud, sovereigns, and enterprises, and remains multiples of our backlog, even when accounting for the robust demand we've seen. As expected, AI server profitability improved sequentially.

我們的前五個季度專案儲備在雲端原生應用、主權應用和企業應用領域持續成長，即使考慮到我們所看到的強勁需求，其規模仍然是我們積壓訂單的數倍。如預期，AI伺服器的獲利能力較上季提高。

Moving to traditional servers, overall demand grew double digits, with growth accelerating sequentially in both EMEA and North America. We saw growth across units, TRUs, our buyer base, and the mix of the 16th and 17th generation platforms, reflecting customers' preference for dense, high-performing compute configurations. Traditional X86 compute demand continues to benefit from workload expansion and AI driving broader IT modernization and consolidation.

隨著向傳統伺服器的轉變，整體需求實現了兩位數的成長，歐洲、中東和非洲地區以及北美地區的成長速度均逐週加快。我們看到銷售量、TRU、客戶群以及第 16 代和第 17 代平台的組合均有所成長，這反映出客戶對高密度、高效能運算配置的偏好。傳統的 X86 運算需求持續受益於工作負載的擴展和人工智慧推動的更廣泛的 IT 現代化和整合。

Moving to storage. While revenue declined 1% year over year, demand for our Dell IP portfolio remained strong. For two consecutive quarters, our all-flash array portfolio has delivered double-digit demand growth, supported by strong double-digit growth from PowerStore, PowerMax, ObjectScale, and PowerFlex.

移至倉庫。儘管營收年減了 1%，但市場對我們戴爾智慧財產權產品組合的需求依然強勁。連續兩個季度，我們的全快閃陣列產品組合實現了兩位數的需求成長，這得益於 PowerStore、PowerMax、ObjectScale 和 PowerFlex 的強勁兩位數成長。

PowerStore demand has now grown for seven consecutive quarters, with six quarters of double-digit growth. Profitability improved as we increased both the mix and margin of Dell IP offerings, underscoring the differentiated value of our platforms.

PowerStore 的需求已經連續七個季度成長，其中六個季度實現了兩位數的成長。隨著戴爾智慧財產權產品組合和利潤率的提高，獲利能力也得到了改善，這凸顯了我們平台的差異化價值。

In CSG, we saw momentum continue. CSG revenue increased 3% with commercial up 5%. International growth accelerated sequentially, up double digits year over year. North America also showed improvement. Demand for small and medium business remained strong, and we now have five consecutive quarters of P&L growth and seven consecutive quarters of commercial demand growth.

在煤層氣領域，我們看到了持續成長的勢頭。CSG 營收成長 3%，商業收入成長 5%。國際業務成長環比加快，年增兩位數。北美地區也出現了改善。中小企業需求依然強勁，我們已連續五個季度實現損益成長，商業需求連續七個季度實現成長。

Consumer revenue declined 7%, although the demand environment turned to growth, as we refocused on expanding what we play in the market. Commercial profitability was stable, while consumer and education were competitive. The PC refresh cycle remains durable, supported by an aging installed base and a significant portion of systems not yet upgraded to Windows 11.

儘管需求環境轉為成長，但由於我們重新專注於擴大在市場上的業務範圍，消費者收入下降了 7%。商業獲利能力穩定，而消費者和教育領域競爭激烈。PC 更新換代週期依然強勁，這得益於老舊的裝置量以及相當一部分尚未升級到 Windows 11 的系統。

And before I wrap up, I'd like to briefly touch on the commodity supply environment. We are well-positioned across our commodity basket. Q3 was deflationary, and our outlook for Q4 is largely unchanged from last quarter. Looking ahead to next year, there will be dynamics that we will have to navigate, but we are confident in our ability to secure supply and adjust pricing as needed. As always, we'll leverage our world-class supply chain to deliver the best outcomes for our customers and shareholders.

最後，我想簡單談談大宗商品供應環境。我們在各類商品中都佔據了有利地位。第三季通貨緊縮，我們對第四季的展望與上季基本相同。展望明年，我們將面臨一些需要應對的挑戰，但我們有信心確保供應，並根據需要調整價格。我們將一如既往地利用我們世界級的供應鏈，為我們的客戶和股東帶來最佳成果。

In closing, we delivered a record third quarter, with strong performance across all segments and continued operational discipline. Revenue and EPS reached Q3 highs, supported by growth in ISG, CSG, and improved profitability in AI and in storage. AI momentum remains exceptional with record orders, backlog, and a growing, diverse customer base.

綜上所述，我們第三季業績創歷史新高，所有業務部門均表現強勁，並維持了持續的營運紀律。營收和每股盈餘達到第三季新高，這得益於 ISG、CSG 的成長以及 AI 和儲存業務獲利能力的提高。人工智慧發展動能依然強勁，訂單量、積壓訂單量均創歷史新高，客戶群也不斷成長且日益多元化。

Our competitive edge in AI is our ability to engineer bespoke, high-performance solutions, deploy large-scale clusters rapidly, and support them globally, all backed by an unmatched ecosystem and flexible financing offerings. This end-to-end capability is why Dell continues to win in AI. We are well-positioned to capitalize on AI infrastructure build-outs, expanding traditional infrastructure demand, and the ongoing PC refresh cycle.

我們在人工智慧領域的競爭優勢在於我們能夠設計客製化的高性能解決方案，快速部署大規模集群，並在全球範圍內提供支持，所有這一切都得益於無與倫比的生態系統和靈活的融資方案。正是這種端到端的能力，使得戴爾在人工智慧領域持續取得成功。我們已做好充分準備，利用人工智慧基礎設施建設、不斷擴大的傳統基礎設施需求以及持續的個人電腦更新周期來獲利。

Now let me turn it over to David to talk more about Q3 in detail.

現在讓我把麥克風交給大衛，讓他詳細談談第三季的情況。

Thanks, Jeff. I'm pleased with the team's strong execution this quarter, delivering Q3 records for both revenue and EPS, along with strong cash generation and above-trend capital return.

謝謝你，傑夫。我對團隊本季的出色表現感到滿意，第三季營收和每股盈餘均創歷史新高，同時現金流強勁，資本回報率也高於平均水平。

Total revenue was up 11% to $27 billion. ISG and CSG combined grew 13%. Gross margin was up 4% to $5.7 billion, or 21.1% of revenue. Gross margin rate was driven primarily by a mixed shift to AI servers, with shipments doubling year over year, partially offset by improved profitability in storage. Operating expense was down 2% to $3.2 billion, or 11.8% of revenue as we continue to drive scale within the P&L.

總營收成長11%，達到270億美元。 ISG煤層氣和天然氣合計增加了13%。毛利成長 4% 至 57 億美元，佔營收的 21.1%。毛利率主要受人工智慧伺服器業務成長的雙重影響，出貨量年增一倍，但儲存業務獲利能力的提高部分抵消了這一成長。營運支出下降 2% 至 32 億美元，佔營收的 11.8%，因為我們繼續在損益表中擴大規模。

Operating income grew 11% to $2.5 billion or 9.3% of revenue. The increase in operating income was driven by higher revenue and lower operating expenses, partially offset by a decline in our gross margin rate. Q3 net income was up 11% to $1.8 billion primarily driven by stronger operating income. And our diluted EPS increased 17% to $2.59, a Q3 record.

營業收入成長11%至25億美元，佔總收入的9.3%。營業收入的成長主要得益於營收增加和營業費用降低，但部分被毛利率下降所抵銷。第三季淨利成長11%至18億美元，主要得益於營業收入的強勁成長。我們的稀釋後每股收益成長了 17%，達到 2.59 美元，創下第三季紀錄。

Moving to ISG. ISG revenue was at Q3 record $14.1 billion, up 24%, marking seven consecutive quarters of double-digit revenue growth. Servers and networking revenue reached a Q3 record $10.1 billion, up 37% and is up 43% year to date. AI server demand accelerated with a record $12.3 billion in orders, $5.6 billion in AI server shipments, and a record-ending backlog of $18.4 billion.

轉投ISG。ISG 第三季營收達到創紀錄的 141 億美元，成長 24%，連續七季實現兩位數營收成長。伺服器和網路業務收入第三季達到創紀錄的 101 億美元，年增 37%，今年迄今年增 43%。AI 伺服器需求加速成長，訂單金額創下 123 億美元的紀錄，AI 伺服器出貨量達 56 億美元，積壓訂單額也創下 184 億美元的紀錄。

In traditional servers, we saw demand improve throughout the quarter and stability within the P&L. Storage revenue was $4 billion down 1% with strong demand across parts of our TLIP portfolio. PowerStore continued its double-digit growth trajectory with seven consecutive quarters of growth.

在傳統伺服器方面，我們看到整個季度需求都在改善，損益表也保持穩定。儲存收入下降 1% 至 40 億美元，但我們 TLIP 產品組合中部分產品的需求強勁。PowerStore 連續七個季度保持兩位數成長，繼續保持成長勢頭。

ISG operating income was a Q3 record $1.7 billion, up 16%, marking six consecutive quarters of double-digit growth. This was driven primarily by higher revenue. Our ISG operating income rate was up 360 basis points sequentially to 12.4% of revenue. This improvement was driven by mix of AI servers, sequential improvement in AI server margins, and stronger profitability from storage.

ISG 第三季營業收入創歷史新高，達到 17 億美元，成長 16%，連續六個季度實現兩位數成長。這主要是由於收入增加所致。我們的 ISG 營業收入率較上季上升 360 個基點，達到營收的 12.4%。這一改善得益於人工智慧伺服器的組合、人工智慧伺服器利潤率的持續提高以及儲存業務盈利能力的增強。

Turning to CSG, CSG revenue was up 3% to $12.5 billion. Commercial revenue grew for the fifth consecutive quarter up 5% to $10.6 billion, while Consumer revenue declined 7% to $1.9 billion. CSG operating income was $0.7 billion, or 6% of revenue. Commercial profitability was stable, driven by steady pricing sequentially as customers prioritized rich configured AI-ready devices. In Consumer, profitability improved year over year and demand returned to growth.

再來看CSG，CSG營收成長3%，達到125億美元。商業收入連續第五個季度成長，增幅為 5%，達到 106 億美元；而消費者收入下降 7%，至 19 億美元。CSG 的營業收入為 7 億美元，佔總收入的 6%。由於客戶優先考慮配置豐富的 AI 就緒設備，價格也隨之保持穩定，商業獲利能力保持穩定。在消費領域，獲利能力逐年提高，需求恢復成長。

Moving to cash and the balance sheet, we delivered another strong cash quarter, with cash flow from operations of $1.2 billion. This was primarily driven by profitability and working capital improvements. We ended the quarter with $11.3 billion in cash and investments, up $1.6 billion sequentially. Our core leverage ratio is 1.6x. We returned $1.6 billion of capital to shareholders, including 8.9 million shares of stock we purchased at an average price of $140 per share and paid a dividend of approximately $0.53 per share. Through three quarters, we have returned $5.3 billion and repurchased over 39 million shares.

從現金和資產負債表來看，我們又實現了強勁的現金流季度，經營活動產生的現金流量為 12 億美元。這主要得益於獲利能力和營運資本的改善。本季末，我們持有現金和投資113億美元，比上一季增加16億美元。我們的核心槓桿率為 1.6 倍。我們向股東返還了 16 億美元的資本，其中包括以平均每股 140 美元的價格購買的 890 萬股股票，並支付了每股約 0.53 美元的股息。前三個季度，我們已返還 53 億美元，並回購了超過 3,900 萬股股票。

With record Q3 results in hand, I'm now walking you through our outlook for Q4. In ISG, we expect to ship roughly $9.4 billion of AI servers in Q4, a record, bringing full-year shipments to roughly $25 billion or over 150% year over year. Our Q4 outlook for traditional server and storage remains unchanged from last quarter, supported by continued data center modernization and consolidation and above-market growth in Dell IP storage.

鑑於第三季業績創歷史新高，我現在將帶大家展望第四季。ISG預計第四季AI伺服器出貨量將達到約94億美元，創歷史新高，全年出貨量將達到約250億美元，年增超過150%。受資料中心持續現代化和整合以及戴爾 IP 儲存高於市場平均水準的成長支撐，我們對第四季度傳統伺服器和儲存的展望與上一季保持不變。

In CSG, with the ongoing PC refresh cycle, we are improving our execution to drive revenue growth and gain market share. Given that backdrop, we expect Q4 revenue between $31 billion and $32 billion, up 32% at the midpoint of $31.5 billion. ISG and CSG combined are expected to grow 34% at the midpoint, with ISG growing mid-60s and CSG up low- to mid-single digits.

在 CSG，隨著 PC 更新換代週期的不斷變化，我們正在改善執行力，以推動營收成長並獲得市場份額。有鑑於此背景，我們預計第四季營收將在310億美元至320億美元之間，中位數為315億美元，年增32%。 ISG預計 CSG 和 ISG 合計成長 34%（中位數），ISG 成長 60% 左右，CSG 成長個位數低至中位數。

Operating expenses will be flat sequentially. We expect operating income to be up roughly 21% with continued sequential improvement in ISG operating income rate. We anticipate a diluted share count of roughly 672 million shares and an 18% non-GAAP tax rate. Our diluted non-GAAP EPS is expected to be $3.50 plus or minus $0.10, up 31% at the midpoint.

營運費用將環比持平。我們預計營業收入將成長約 21%，ISG 營業收入率將持續較上季改善。我們預計稀釋後的股份數量約為 6.72 億股，非 GAAP 稅率為 18%。我們預計稀釋後的非GAAP每股收益為3.50美元，上下浮動0.10美元，中點值上漲31%。

Our Q4 guidance implies a strong FY26 with revenue of $111.7 billion, up 17%, and non-GAAP EPS of $9.92, up 22% at the midpoint, both well above our long-term framework. And briefly on FY27. It's still very early in our planning process. We wanted to give you some context on how we are thinking about next year. We have strong conviction in our AI business, support about what we see in our backlog, the pipeline, and ongoing customer discussions. We've proven we can execute and deliver for our customers in this space.

我們第四季的業績指引表明，2026 財年將表現強勁，營收將達到 1,117 億美元，成長 17%；非 GAAP 每股收益為 9.92 美元，成長 22%（取中間值），這兩項指標均遠高於我們的長期預期。簡單介紹一下2027財年。我們的規劃過程還處於非常早期的階段。我們想向您介紹我們對明年的一些想法。我們對我們的人工智慧業務充滿信心，並對我們的積壓訂單、專案儲備以及正在進行的客戶討論所取得的成果表示支持。我們已經證明，我們能夠在這個領域為客戶執行並交付成果。

For the rest of the business, the long-term framework we outlined at our securities analyst meeting remains a solid starting point as you think about next year. We are highly confident in our ability to drive EPS growth, supported by multiple levers, including leveraging our go-to-market engine, improving gross profit, scaling operating expenses, and ongoing share repurchases.

對於公司其他方面，我們在證券分析師會議上概述的長期框架仍然是您思考明年時的一個堅實起點。我們對推動每股收益成長的能力充滿信心，這得益於多項舉措，包括利用我們的市場推廣引擎、提高毛利、擴大營運支出規模以及持續的股票回購。

In closing, we delivered a record Q3 with revenue of $27 billion and EPS of $2.59, both quarterly highs, driven by strong execution across ISG, CSG, and discipline cost management. ISG continues to see sustained double-digit growth and accelerating AI demand, evidenced by $30 billion in AI server orders over the past three quarters. We are focused on capitalizing on the ongoing PC refresh and expect continued growth from CSG. We remain focused on driving shareholder value through strong cash generation and capital returns.

最後，我們實現了創紀錄的第三季度業績，營收達到 270 億美元，每股收益達到 2.59 美元，均為季度新高，這主要得益於 ISG、CSG 的強勁執行力以及嚴格的成本管理。ISG 持續保持兩位數的持續成長，人工智慧需求也正在加速成長，過去三個季度人工智慧伺服器訂單達到 300 億美元，便是最好的證明。我們專注於利用目前個人電腦更新換代的趨勢，並期待CSG繼續成長。我們將繼續專注於透過強勁的現金流和資本回報來提升股東價值。

Thank you all for your time. Now I'll turn it back to Paul to begin our Q&A.

感謝各位抽出時間。現在我把時間交還給保羅，讓他開始我們的問答環節。

Thanks, David. Let's get to Q&A.

謝謝你，大衛。接下來進入問答環節。

(Operator Instructions)

（操作說明）

Samik Chatterjee, JPMorgan.

Samik Chatterjee，摩根大通。

Maybe since this is sort of the topic of investor conversation mostly at this point, if you can flesh out your thoughts on the kind of reaction you expect from customers in relation to the pricing discussions by sort of the product categories. Where do you think it's more sort of easier to take some of those pricing actions versus not creative to your overall portfolio?

鑑於這似乎是目前投資者討論最多的話題，如果您能按產品類別，詳細闡述一下您預期客戶對定價討論的反應，那就太好了。你認為在哪些方面，採取一些定價策略比在整體投資組合中不採取創新策略更容易一些？

David, if I heard you correct, you're saying to sort of use your Investor Day targets for about mid-teens EPS growth as still a starting point for next year, despite those sort of dynamic sort of headwinds on the memory side. Can I just clarify that as well?

David，如果我沒理解錯的話，你的意思是儘管記憶功能方面存在一些動態的不利因素，但明年仍然可以以投資者日上設定的每股收益增長目標（大約 15% 左右）作為起點。我可以再澄清一下嗎？

Samik, let me wade my way through that. I suspect it will be the first question this afternoon, or the only question I should say.

薩米克，讓我慢慢來。我估計這將是今天下午的第一個問題，或者說，我應該提出的唯一問題。

Look, we're in a very unique time. It's unprecedented. We have not seen costs move at the rate that we've seen. And by the way, it's not unique to DRAM. It's NAND, it is hard drives, leading edge nodes across the semiconductor network. There is a -- if you will, I'd categorize it as demand is way ahead of supply. And as we wade our way through that, we're going to lean on the things that we've always done.

你看，我們正處於一個非常特殊的時期。這是史無前例的。我們從未見過成本以如此快的速度變化。順便說一句，這並非DRAM獨有的問題。它是NAND閃存，它是硬碟驅動器，是半導體網路中的尖端節點。如果要我說的話，我認為目前的情況是需求遠遠超過供應。當我們努力克服這些困難時，我們將依靠我們一直以來都在做的事情。

We have a lot of experience with this. This isn't our first DRAM cycle. There have been seven, I think, in the last 40 years. Michael and I have been here navigating the organization in various ways through that time. Our senior leadership team and our supply chain has been through every one this decade.

我們在這方面有很多經驗。這並非我們第一次採用DRAM技術。我想，過去40年應該有七次。在那段時間裡，我和麥可一直以各種方式參與組織的運作。在過去十年裡，我們的高階領導團隊和供應鏈經歷了每一次變革。

First rule of our supply chain is to get the parts. Supply matters. Mix matters. And as we get to supply and mix, our job is to minimize the impact of that to our customers. But clearly we're in a situation that is not typical. We've learned a great deal since COVID, since previous cycle of this last super cycle of this magnitude was 2016 through 2017. And we're going to do everything we can to minimize the impact.

我們供應鏈的第一條規則就是拿到零件。供應至關重要。混合很重要。而當我們進行供應和混合時，我們的工作就是盡可能減少這對客戶的影響。但顯然，我們正處於一種非同尋常的境地。自從新冠疫情爆發以來，我們學到了很多東西，因為上一次出現如此規模的超級週期是在 2016 年至 2017 年。我們將盡一切努力將影響降到最低。

But the fact is the cost basis is going up across all products. No one more unique than others. Everything who uses a CPU has DRAM, has storage in it. So with that said, we're going to do things we've always done. We're going to work on configurations. We're going to work on availability, adjust mix. Our direct model allows us to move demand where supply is. Our direct model allows us to act to the market signals it gives us quicker than anybody else, allows us to price accordingly, reprice when needed. And we will make our way through that across consumer PCs, commercial PCs, in the server storage and through our AI servers.

但事實是，所有產品的成本都在上漲。每個人都獨一無二。所有使用CPU的裝置都內建了DRAM，也就是儲存空間。所以，綜上所述，我們將繼續做我們一直以來都在做的事情。我們將著手進行配置工作。我們將著手解決供貨問題，調整產品組合。我們的直接銷售模式使我們能夠將需求轉移到供應所在的地方。我們的直接定價模式使我們能夠比任何人都更快地對市場訊號做出反應，並據此定價，在需要時重新定價。我們將逐步把這項技術應用到消費級個人電腦、商用個人電腦、伺服器儲存以及我們的人工智慧伺服器。

No product category is not going to be impacted in terms of the aggregate cost basis moving. Again, our number one rule is get parts. Secure supply, secure the mix we need to meet the customer demand. The world needs more computational intensity, needs more compute. If you're in the world of AI, token growth is going. We see a consolidation in servers. Consolidation in servers is driving denser servers with more DRAM, more storage.

整體成本基礎的變化不會對任何產品類別造成影響。再次強調，我們的第一原則是取得零件。確保供應，確保產品組合能滿足客戶需求。世界需要更強的運算能力，需要更多的運算資源。如果你身處人工智慧領域，代幣成長勢頭強勁。我們看到伺服器領域正在整合。伺服器整合正在推動伺服器變得更密集，配備更多 DRAM 和更多儲存空間。

And we're in the middle of a PC refresh that's not complete. So I don't see how we will not -- what's the best way to describe it? I don't see how this will certainly not make its way into the customer base. We'll do everything we can to mitigate that. As we mentioned earlier, our cost outlook for Q4 is largely unchanged. And David just gave you what our guidance is that we believe that you'll see sequential profitability improvement in our company across the broad portfolio while managing an increase in our cost basis.

我們正在進行電腦系統更新，但尚未完成。所以，我不明白我們怎麼可能不──該怎麼形容呢？我實在想不出有什麼理由它不會贏得客戶群的青睞。我們會盡一切努力減輕這種影響。正如我們之前提到的，我們對第四季的成本預期基本上保持不變。David 剛才已經向你傳達了我們的指導意見，我們相信，在控製成本基礎增長的同時，你會看到我們公司在廣泛的產品組合中實現盈利能力的持續提升。

That's what we're going to do. That's what we know how to do. And we have all of the tools in our company to be able to do that effectively and fast.

這就是我們要做的事。這是我們擅長的。我們公司擁有所有必要的工具，可以有效率且快速地完成這項工作。

And David (multiple speakers)

還有大衛（多位發言者）

Like we said, it's very, very early in our planning process, obviously, but the framework from our security analyst meeting is it's a good reference point to start with. So I think EPS included in that is the zip code we'll be in. We'll be looking obviously to leverage our go-to-market engine, which is differentiated. All the things Jeff has just outlined there in relation to our supply chain.

正如我們所說，這顯然還處於規劃過程的非常非常早期階段，但我們安全分析師會議的框架是一個很好的起點。所以我認為 EPS 包含的就是我們所在的郵遞區號。我們顯然會尋求利用我們獨特的市場推廣機制。傑夫剛才提到的所有與我們的供應鏈相關的事項。

We'll continue to drive significant scale in our OpEx. And then obviously stay committed to our capital return KPIs, right? Whether it's share repurchase or stay committed to our dividends. So look, we feel we have many tools in that toolbox that allow us to stay agile and deliver on our EPS numbers. But like I said, it's still very, very early in the planning process here.

我們將持續大幅提升營運支出規模。然後，我們當然要繼續致力於實現我們的資本回報關鍵績效指標，對吧？無論是股票回購還是繼續履行我們對股利的承諾。所以你看，我們覺得我們有很多工具可以讓我們保持敏捷並實現每股盈餘目標。但就像我說的，現在還處於規劃過程的非常非常早期階段。

Mark Newman, Bernstein.

馬克紐曼，伯恩斯坦。

Congrats on a great quarter, particularly impressive on the AI server orders. I wondered, on AI servers, if you could talk about some of the recent comments that have been coming from NVIDIA around the potential for vertical integration that they're doing, getting a little bit more involved in the supply chain and how that may impact -- or how Dell is navigating around that?

恭喜你們本季業績出色，尤其是在人工智慧伺服器訂單方面，表現令人印象深刻。我想知道，關於人工智慧伺服器，您能否談談英偉達最近發表的一些關於垂直整合潛力的評論，他們正在更多地參與供應鏈，以及這可能會產生什麼影響——或者戴爾是如何應對這種情況的？

And also on AI servers, any color on the mix of AI servers? Any change on the mix? For example, enterprise as a portion of AI server orders would be useful.

還有，人工智慧伺服器方面，人工智慧伺服器的組合有什麼差別嗎？配方有變化嗎？例如，將企業作為人工智慧伺服器訂單的一部分會很有用。

Mark, let me make my way through that. First of all, as we look forward to the new technologies that are in front of us, we remain excited. We think there's ample opportunity for us to continue to differentiate. These large-scale deployments are very complex. Our value-add is at the rack level, is at the solution level, L11 and beyond.

馬克，讓我來處理一下。首先，展望擺在眼前的新技術，我們感到無比興奮。我們認為我們有充足的機會繼續保持差異化優勢。這些大規模部署非常複雜。我們的增值體現在機架等級、解決方案等級、L11 及更高等級。

That differentiation, we believe, remains for the next several cycles easily. In fact, our ability to engage with customers early, which we can on the next-generation technology to work through their needs to bring these very complex offers to the marketplace fast and at scale with a significantly better uptime and outcome, we believe is differentiation. We focus on optimizing performance per watt, performance per dollar at the data center level. We focus on our services, our value-add and deployment, our financing side, the ecosystem that we bring to our customer base.

我們認為，這種差異化至少會在接下來的幾個週期內維持下去。事實上，我們認為，我們能夠及早與客戶互動，利用下一代技術來了解他們的需求，從而快速、大規模地將這些非常複雜的產品推向市場，並顯著提高正常運行時間和效果，這就是我們的差異化優勢。我們專注於在資料中心層級優化每瓦效能和每美元效能。我們專注於我們的服務、增值和部署、融資方面以及我們為客戶群帶來的生態系統。

None of that changes in the next generation of technology. And to be honest, I think the opportunity for us gets greater in the future as we head towards 500 kilowatts of rack of power density moving to a megawatt and beyond. The engineering skill required to do that at rack scale is significant. We've invested in that ahead of the curve, and we believe that gives us the opportunity to differentiate, remain the leader in time to market, drive broad installation and deployment capabilities ahead of our competition at a higher level, uptime of 99% or better.

下一代科技也不會改變這些特點。說實話，我認為隨著我們邁向 500 千瓦機架功率密度，進而邁向兆瓦及更高功率，未來我們的機會將會更大。在機架規模上實現這一點所需的工程技術非常高。我們在這方面進行了提前投資，我們相信這將使我們有機會脫穎而出，保持上市速度的領先地位，在更廣泛的安裝和部署能力方面領先於競爭對手，實現 99% 或更高的正常運行時間。

That's why we win, and I don't see that changing. When I look at the mix, two forms of the mix that I'll address is we saw a change in the quarter towards GB300. So in our backlog of $18.4 billion, there's been a significant shift towards GB300 as expected. And then lastly, we continue to see great build on our five-quarter pipeline around sovereigns and around enterprise and remain very encouraged about the opportunities in both.

這就是我們獲勝的原因，我認為這種情況不會改變。當我審視這種組合時，我要談的兩種組合形式是，我們看到本季向 GB300 轉變。因此，在我們184億美元的積壓訂單中，正如預期的那樣，已經出現了向GB300的顯著轉變。最後，我們看到圍繞主權國家和企業客戶的五個季度專案儲備持續大幅成長，並且對這兩個領域的機會仍然感到非常鼓舞。

Ben Reitzes, Melius Research.

本‧雷茨，梅利烏斯研究公司。

Good execution with the commodity environment, guys. And I'll try to be concise for Paul. The question is around your AI server margins. You mentioned it was up sequentially. I was wondering if you guys can talk about, you know, order of magnitude there? And is that going to continue into the 4Q? And are you starting to see more product attached, more high margin attached to that end?

各位，在商品市場環境下執行得很好。我會盡量言簡意賅地告訴保羅。問題在於你們的AI伺服器利潤率。你提到它是按順序上傳的。我想問你們能不能談談數量級的問題？這種情況會延續到第四季嗎？你是否開始看到越來越多的產品，以及更多高利潤的產品與這個目標掛鉤？

I'll take a run at it, Ben, and then David can certainly add to this. Clearly, we made reference in Q2 that we had some one-time cost elements that hit us. If you recall, we talked about expedites and supply chain reconfiguration. Those went away in Q3 as expected.

本，我先試試，然後大衛肯定可以補充完善。顯然，我們在第二季度提到過，我們遇到了一些一次性成本支出。如果你還記得的話，我們討論過加急訂單和供應鏈重組。正如預期的那樣，這些問題在第三季就解決了。

We also talked about shipping a lot of the early aggressive GB200 deals in the quarter. Those went through the system. And we continue to now see the ability to add differentiation, as I just mentioned, in the previous question that we see in the GB200 and 300 designs and our margins move to, say, right in that range that we've talked about, mid-single digits.

我們也討論了本季早期大量激進的 GB200 訂單的出貨情況。這些都經過了系統審核。我們現在繼續看到，正如我剛才在上一個問題中提到的那樣，我們有能力增加差異化，就像我們在 GB200 和 300 設計中看到的那樣，我們的利潤率也達到了我們之前討論過的那個範圍，也就是個位數的中段。

We see that continuing as part of our long-term value creation framework that we laid out eight weeks ago. It's what we'll continue to talk about here. And we believe that we can operate, going forward, in that range. In fact, we're very confident of that.

我們認為這將繼續作為我們八週前製定的長期價值創造框架的一部分。這就是我們接下來要繼續討論的話題。我們相信，未來我們能夠在這個範圍內運作。事實上，我們對此非常有信心。

And then we also had a mix change, or if you will, a change in customer mix to the good. When you look at the broad portfolio and diverse customer set that we have within the AI portfolio, shipping to a broader set of customers across a greater range of solutions helps margin.

然後，我們的客戶組成也發生了變化，或者說，客戶群發生了積極的轉變。從我們人工智慧產品組合的廣泛性和多元化的客戶群來看，向更廣泛的客戶群提供更廣泛的解決方案有助於提高利潤率。

Hope that answered your question about AI margins.

希望這解答了您關於人工智慧利潤率的問題。

Erik Woodring, Morgan Stanley.

艾瑞克‧伍德林，摩根士丹利。

I wanted to touch on PCs. Jeff, you sound very bullish on the PC opportunity into next year. Some of the channel partners earlier in earnings were talking about maybe the seventh inning of a PC refresh, and I'd love to just get your comments because you sound more bullish.

我想談談個人電腦。傑夫，聽起來你對明年個人電腦市場的機會非常看好。一些通路夥伴在財報發布初期談到PC更新可能已經到了第七局，我很想聽聽你的看法，因為你聽起來更樂觀。

So where do you think we are on the PC refresh? And is that still Windows end-of-life upgrades that still need to get done or are there new factors that you think could elongate the PC cycle well into 2026?

你認為PC技術更新換代目前進展如何？那麼，目前仍有哪些 Windows 生命週期結束的升級需要完成呢？或者是否存在一些新的因素，您認為這些因素可能會將 PC 的生命週期延長至 2026 年？

A couple of things. One, we have not completed the Windows 11 transition. In fact, if you were to look at it relative to the previous OS end-of-service, We are 10, 12 points behind at that point with Windows 11 than we were the previous generation. So we still have ample opportunity to convert.

有幾件事。第一，我們尚未完成 Windows 11 的過渡。事實上，如果以上一代作業系統停止服務為基準來看，Windows 11 當時比上一代落後了 10 到 12 分。所以我們仍然有充足的機會進行轉換。

If memory serves me right, the installed base is roughly $1.5 billion -- 1.5 billion units. We have about 500 million of them capable of running Windows 11 that haven't been upgraded. And we have another 500 million that are four years old that can't run Windows 11. Those are all rich opportunities to upgrade towards Windows 11 and modern technology.

如果我沒記錯的話，裝機量大約是 15 億美元——15 億台。我們大約有 5 億台能夠運行 Windows 11 的電腦尚未升級。還有 5 億台四年前的電腦無法運作 Windows 11。這些都是升級到 Windows 11 和現代技術的絕佳機會。

Equally important, AI PCs, small language models, more capable applications, improvements in operating systems and their capabilities in the embedded AI there, the use of an MPU, The capability of the NPU and future PCs gives me the view that the PC market will continue to flourish going forward.

同樣重要的是，人工智慧個人電腦、小型語言模型、功能更強大的應用程式、作業系統及其在嵌入式人工智慧方面的改進、MPU 的使用、NPU 的功能以及未來個人電腦的發展，都讓我覺得個人電腦市場將繼續蓬勃發展。

Now let's define flourish. We have the PC market in our outlook roughly flat year over year. That's after a year that we grew mid- to high-single digits. I think it's flat as we look into next year's planning horizon and we're building plans accordingly that would take share against that outlook.

現在我們來定義一下「蓬勃發展」。我們預期個人電腦市場將與去年同期基本持平。此前一年，我們的成長率維持在個位數中高段位。我認為，展望明年的規劃前景，市場將保持平穩，我們正在據此制定相應的計劃，以期在當前情況下佔據市場份額。

Wamsi Mohan, Bank of America.

Wamsi Mohan，美國銀行。

I was wondering if you could just maybe give some color around this AI business. You noted very strong conviction going into fiscal '27. Obviously, you just raised your guide here from $20 billion to $25 billion. Can you just put that in context of some of the financing issues at neocloud and how much of sort of your conviction and growth is predicated on some of these neoclouds being able to procure financing versus maybe other customers that you might have visibility into?

我想問您是否可以就人工智慧這個行業做一些介紹。您指出，您對2027財年充滿信心。顯然，你剛剛把這裡的指導目標從 200 億美元提高到了 250 億美元。您能否結合 neocloud 的一些融資問題來解釋一下，您的信心和成長在多大程度上取決於 neocloud 能否獲得融資，而不是取決於您可能了解的其他客戶？

And Jeff, if you could just clarify, you mentioned the cost base moving up across the product portfolio, and I was wondering if you could maybe just share the highest level. How much of that conceptually could you recover from pricing versus how much of OpEx reductions are possible to offset some of these pressures?

傑夫，如果你能澄清一下的話，你提到整個產品組合的成本基礎都在上升，我想知道你是否可以分享一下最高層面的情況。從概念上講，你能透過價格調整來彌補多少損失？又有多少營運支出削減可以抵銷這些壓力？

Maybe I'll start once and Jeff can add some color. I think if you start answer first, you look at our Q4, guidance, $9.4 billion. That represents $25 billion, obviously, for a full FY25. So you look at that appetite for AI demand, and it's across the neoclouds, sovereign opportunities, and obviously, within the enterprise. Shipments of $5.6 billion in Q3, orders at $12.3 billion. That's year-to-date at $30 billion. Backlog at $80.4 billion. And as Jeff referenced in his opening remarks, the next five-quarter pipeline is multiples of that.

也許我可以先開始，然後傑夫可以添加一些色彩。我認為，如果要從回答這個問題開始，請看我們第四季的業績指引，94億美元。顯然，這相當於 250 億美元，涵蓋整個 2025 財年。所以，你看，人們對人工智慧的需求非常旺盛，這種需求遍及新雲端、主權機會，當然也包括企業內部。第三季出貨量達 56 億美元，訂單額達 123 億美元。今年迄今為止，累計金額已達 300 億美元。積壓訂單達 804 億美元。正如傑夫在開場白中提到的那樣，接下來五個季度的產能將是這個數字的數倍。

So every conversation we're in, which is also has been very aware of all the opportunities that are out there, is about demand. It's about opportunity and eagerness to work and see the opportunities in front of us. So we actually see new scale to come. Every opportunity, realities, we're not going to win them all, but we love our momentum that's there. And we think we're well positioned to meet the expected needs of the customer base.

因此，我們參與的每一次對話，以及我們對所有存在的機會的深刻認識，都圍繞著需求。關鍵在於把握機遇，渴望工作，並看到擺在我們面前的機會。所以我們實際上看到了新的規模即將到來。每一次機會，每一次現實，我們不可能全部獲勝，但我們喜歡我們目前擁有的勢頭。我們認為我們已做好充分準備，能夠滿足客戶群的預期需求。

Yeah, I would add to that maybe some color. $25 billion this year, 150% increase over last year. The guidance that David called out, we will ship nearly as much in Q4 as we did all of last year. I think that gives a reflection on the need for compute, the need for what we see as token generation increasing at an incredible rate, and the corresponding compute that has to be behind that to generate those tokens.

是的，我還要補充一些細節。今年是250億美元，比去年成長了150%。正如大衛所指出的，我們第四季的出貨量將幾乎與去年全年的出貨量持平。我認為這反映了計算的需求，我們看到代幣生成的需求正在以驚人的速度增長，以及產生這些代幣背後所需的相應計算能力。

It's reflected in that five-quarter pipeline that David said that is up across all three customer types, neoclouds, sovereigns, as well as enterprises. And we're seeing progress in all three. So I think that's very important for us to make sure that we communicate that the momentum as we head into Q4 continues. You saw that in the orders in Q3, the backlog building and significant shipments in Q4.

David 表示，這反映在五個季度的銷售管道中，所有三種客戶類型（新雲端、主權企業和企業）的銷售管道都在成長。我們看到這三個方面都取得了進展。所以我認為，確保我們傳達出進入第四季的良好勢頭能夠持續下去的訊息，對我們來說非常重要。您在第三季的訂單量、第四季的積壓訂單量和大量出貨量中都看到了這一點。

But I flip to the other question about the cost basis and our ability to recover. That's an interesting question. We've said over the years, in normal times, when our input costs go up, we can recover roughly two-thirds of that cost in a 90-day period. I would tell you this is not normal times. This is extraordinary times, and we've put extraordinary actions in place weeks ago as we saw this to be able to mitigate the impact upon our company, our customers, and our shareholders.

但我轉而討論另一個問題，即成本基礎和我們的回收能力。這是一個有趣的問題。多年來我們一直強調，在正常情況下，當我們的投入成本上升時，我們可以在 90 天內收回大約三分之二的成本。我要告訴你，現在不是正常時期。這是非常時期，幾週前我們就預見到這種情況，並採取了非常措施，以減輕對公司、客戶和股東的影響。

And again, it goes back to our business model, direct signals. We understand the demand, our long-term partnerships and agreements with our partners that make DRAM and make BAND, the agreements we have in place around capacity, those relationships are meaningful and impactful as we navigate these types of situations that again, that are unprecedented. And then our model gives us tremendous flexibility, whether that is to reprice, whether how we set up quotes, whether that's to reconfigure, redirect to different products, the ability to determine how long price will be in effect, the ability to understand where we're going to drive demand to and change our demand generation vehicles to drive that.

再說，這都源自於我們的商業模式——直接訊號傳輸。我們了解市場需求，我們與生產 DRAM 和 BAND 的合作夥伴建立了長期合作關係和協議，我們圍繞產能達成了協議，這些關係在我們應對這些前所未有的局面時具有重要意義和影響力。我們的模型賦予我們極大的靈活性，無論是重新定價、如何設定報價、重新配置、重定向到不同的產品、確定價格有效期限的能力，還是了解我們將把需求引導到哪裡並改變我們的需求產生方式來推動需求的能力。

It's important that our engine and the way we run, I think, is very different than others in our ability to respond. And those of you that took note, you saw that in COVID in a very similar situation. The experience that we had there where there was material shortages and increased costs, our ability to navigate that, I think, was unmatched in the marketplace.

我認為，我們的引擎和運作方式與其他引擎截然不同，這在反應能力方面非常重要。而那些留意觀察的人，你們會發現新冠疫情也出現了非常類似的情況。我們在那裡遇到的材料短缺和成本上漲的情況，以及我們應對這些情況的能力，我認為在市場上是無與倫比的。

Our supply chain is very good at this, and we're going to lean on them. Those lessons learned from the COVID time and most recently what happened with tariffs, I think show that we can operate with the right sense of urgency. We're managing this real-time, actively managing it. I was on three pricing calls today alone, and we're driving to get a better outcome.

我們的供應鏈在這方面非常出色，我們將依靠他們。我認為，從新冠疫情時期以及最近關稅事件中學到的教訓表明，我們可以以正確的緊迫感開展工作。我們正在即時、積極地管理此事。光今天我就參加了三次定價電話會議，我們正在努力爭取更好的結果。

So our belief is we will do better than our normal two-thirds in a 90-day period, given the actions that we've put in place and our understanding of demand and our understanding of supply.

因此，鑑於我們已經採取的措施以及我們對需求和供應的了解，我們相信在 90 天內，我們的表現將超過正常的 2/3。

Amit Daryanani, Evercore.

Amit Daryanani，Evercore。

I guess maybe you could just spend a little bit of time on ISG margins improved rather well by about 350 basis points sequentially. Can you just touch on what drove the trends in ISG margins in Q3 versus Q2? And then your guide, I think, reflects the largest AI server revenue number you guys are going to put up in Q4 at $9.4 billion-plus.

我想你或許可以花點時間了解ISG的利潤率，它較上季提高了約350個基點。能否簡單介紹一下ISG第三季利潤率與第二季相比的變化趨勢？我認為，你們的指南反映了你們在第四季度將實現的最高 AI 伺服器收入數字，超過 94 億美元。

How should we think about that impacting your P&L? And do you think gross margins should remain in the Q2 levels, or is there kind of further movement from there as you think about the P&L impact from the AI numbers in Q4?

我們該如何看待這會對您的損益表產生什麼影響？您認為毛利率應該保持在第二季的水平，還是考慮到第四季度人工智慧數據對損益表的影響，會有進一步的波動？

Yeah. Thanks, Amit. Yeah, I'm really pleased with the team's execution in Q3 around ISG uplink. At 12.4%, like you said, up 350 basis points quarter on quarter, so a lot to like here.

是的。謝謝你，阿米特。是的，我對團隊在第三季ISG上行鏈路的執行情況非常滿意。正如你所說，漲幅為 12.4%，環比增長 350 個基點，所以有很多值得稱道的地方。

I guess a couple of things to call out. First, on the storage side. Look, Q3 was no different than what we've seen year to date, where we've seen demand growth at a premium-to-market for our Dell IP storage portfolio. You know, probably a strong call-out there will be PowerStore also, six consecutive quarters with double-digit growth. So obviously that Dell IP portfolio gives us better operating margins, as you'd expect. So there's a natural mix effect that creates a tailwind there.

我想提幾點。首先，從儲存方面來看。你看，第三季的情況與今年迄今的情況並無不同，我們的戴爾 IP 儲存產品組合的需求成長高於市場平均。你知道，PowerStore 也可能是值得重點提及的公司，它連續六個季度實現了兩位數的成長。顯然，戴爾的智慧財產權組合為我們帶來了更高的營業利潤率，這也是如此。所以這裡存在著一種天然的混合效應，可以產生順風。

Secondly, in storage, our pricing discipline was something I was very pleased with also. And then thirdly, look at the focus of the teams looking to find improvements at a by-product level within the portfolio also. So again, like I said, a lot to like on the storage side.

其次，在倉儲方面，我們的定價紀律也讓我非常滿意。第三，也要關注那些致力於在產品組合的副產品層面尋找改進方案的團隊的關注點。所以，就像我剛才說的，這款產品在儲存方面有很多值得稱道的地方。

Also within that, on the AI margins, like Jeff said earlier, Q3 on track to what we've consistently committed to, mid-single digit hopping here in relation to that, and we obviously didn't have those Q2 one-timers that were there, and we'll keep that consistency as we go into Q4.

此外，就人工智慧利潤率而言，正如傑夫之前所說，第三季度正朝著我們一直承諾的目標穩步前進，與目標相比，利潤率實現了個位數中段的波動，而且我們顯然沒有像第二季度那樣出現一次性增長，我們將在進入第四季度時保持這種穩定性。

And then your reference, I think your question was Q3 into Q4, then from a guidance perspective. We expect to continue to make progress. Our Q4 profit guidance is anchored again through the storage P&L. With the Dell IP storage growth, we expect to make it four for four in terms of quality growth in that portfolio. That should allow us to grow at our likely slightly ahead of normal sequentials, which will allow us to see an uptick in our operating rates sequentially also in Q4.

然後，我認為你的問題是關於第三季到第四季的業績指引。我們期望繼續取得進展。我們的第四季獲利預期再次以倉儲損益表為依據。隨著戴爾 IP 儲存業務的成長，我們預計該產品組合中的四個產品都將實現品質成長。這應該能讓我們以略高於正常水準的速度環比成長，這將使我們在第四季的營運率季比也上升。

Yeah. Amit, I'd just begin to emphasize that AI shipments 5.6 to 9.4 quarter over quarter, our strategy of focusing on Dell IP storage. The mix is up. The rate is up. And increased velocity of our traditional server business is the recipe for the performance that we expect to have in Q4, while increasing AI shipments significantly, as we mentioned.

是的。Amit，我只想強調一點，AI 出貨量較上季成長 5.6 至 9.4，我們的策略重點是戴爾 IP 儲存。混音開始了。利率上升了。正如我們之前提到的，提高傳統伺服器業務的速度是我們預計在第四季度取得良好業績的關鍵，同時大幅增加人工智慧產品的出貨量。

Aaron Rakers, Wells Fargo.

Aaron Rakers，富國銀行。

I want to shift gears a little bit away from the AI to the more traditional server business. Jeff, I think in your prepared comments you've mentioned double-digit demand growth. I think if my math's correct, I don't think revenue grew necessarily at that clip.

我想稍微調整一下方向，從人工智慧轉向更傳統的伺服器業務。傑夫，我想你在事先準備好的演講稿中提到了兩位數的需求成長。我認為，如果我的計算沒錯的話，收入成長速度未必能達到那個水準。

So I'm curious if you could talk a little bit about what you're seeing as far as the age install base, where we're at in the upgrade cycle for traditional servers? And do you think double-digit growth is a good baseline that we could think about going into fiscal '27 as that demand follows through to revenue?

所以我很好奇，您能否談談您觀察到的伺服器安裝基數（即伺服器的年齡）以及傳統伺服器的升級週期現狀？您認為兩位數的成長是否是一個合理的基準，我們可以考慮將其作為 2027 財年的目標，因為這種需求最終會轉化為收入？

A couple of comments, yes. So the double digit was demand. The P&L certainly didn't track that, but we obviously would have built backlog as a result. We talked about North America recovered or improved quarter over quarter, and that the international market demands were double digits, and that's two in a row now off last quarter's double-digit performance.

是的，有幾點要補充。所以兩位數的成長是需求成長。損益表當然沒有反映這一點，但很顯然，這會導致我們積壓訂單的增加。我們談到北美市場環比復甦或有所改善，國際市場需求實現了兩位數成長，這是連續第二季維持了上個季度兩位數的成長。

We continue to see modernization in the data center, consolidation in the data center, which is reflected in the fact that our TRUs continue to go up, our content continues to go up, the number of cores, how much DRAM, how much NAND per server is corresponding with that. And we still see a pretty significant opportunity with roughly 70% of our install base is still the older generation servers that we have shipped many years ago.

我們持續看到資料中心的現代化和整合，這體現在我們的 TRU 數量持續成長、內容持續成長、核心數量、DRAM 容量、每台伺服器的 NAND 容量等事實中。我們仍然看到相當大的商機，因為我們大約 70% 的裝機量仍然是我們多年前出貨的老一代伺服器。

So the ability to continue to upgrade them, modernize them, is the opportunity that we have in front of us. And we see that cycle continuing into next year. This has been a longer consumption cycle. We're encouraged by what we see. That's reflected in the Q4 guidance that we just talked about. And that momentum, as we update you on '27, will give you the best look we have.

因此，我們面前的機會就是不斷升級改造它們，使它們現代化。我們看到這種週期會延續到明年。這是一個較長的消費週期。我們所看到的令人鼓舞。這點在我們剛才提到的第四季業績指引中有所體現。而隨著我們向大家介紹 2027 年的最新情況，這種勢頭將為大家帶來我們所能提供的最佳視角。

But right now, that momentum of consolidating, modernizing, refreshing old servers to new one continues. And we're working on making sure our pipeline grows and we can convert it into orders as quickly as we can.

但目前，整合、現代化、將舊伺服器更新換代到新伺服器的勢頭仍在繼續。我們正在努力確保我們的銷售管道不斷成長，並儘快將其轉化為訂單。

Michael Ng, Goldman Sachs.

Michael Ng，高盛。

I just wanted to follow up on the commodity cost recovery point, which was, you know, encouraging to hear. When you talk about the actions that you've taken to help mitigate the impacts, you know, I guess, do you expect to see a benefit from below market costs, strategically purchased commodities? And if so, you know, how long can that be a benefit for?

我只是想就商品成本回收這一點做個後續說明，聽到這個消息真是令人鼓舞。當您談到為減輕影響而採取的行動時，我想，您是否期望從低於市場價格的策略性採購商品中獲益？如果真是這樣，你知道，這種好處能持續多久？

And I think you may have alluded to, you know, opportunities to maybe like reprice longer-term commercial contracts in response to the rising commodity costs. Just wanted to see if that was the case? Or are there any kind of longer-term contracts that might inhibit your ability to price at all?

我認為您可能已經暗示過，隨著大宗商品成本的上漲，或許可以考慮重新調整長期商業合約的價格。只是想確認一下是不是這樣？或者是否存在任何可能完全限制您定價能力的長期合約？

Well, I mean, maybe working backwards towards the first parts of your questions. Being clearly, we have to do what's right by customers. And where we have contracts, we have contracts and we will honor those contracts and work through the situation.

嗯，我的意思是，或許可以反過來，從你問題的第一部分開始。說穿了，我們必須做對顧客有利的事。對於我們有合約在身的地方，我們會履行合同，並努力解決問題。

I think what maybe I didn't convey correctly or to the right balance that's needed is we tend to talk about the commodity cost here. There's a commodity scarcity too. In other words, there's not going to be enough parts. So there's a combination of the demand that's in the marketplace, one's ability to procure the part, which is why job one of our supply chain is to get the material never run out of parts, and then price it to the commensurate value of having that material.

我認為我可能沒有正確表達或沒有達到所需的平衡，那就是我們在這裡往往談論的是商品成本。此外，也存在商品短缺的問題。換句話說，零件數量不夠。因此，市場需求、採購零件的能力，這些都是綜合因素，這也是為什麼我們供應鏈的首要任務是確保材料供應充足，零件永不短缺，然後根據擁有這些材料的相應價值來定價。

That's what we're going to work our way through. We're, I think, very skilled at this. The last two cycles have certainly honed our skills, and we'll use all of the tools available from configurations. It's not uncommon in the PC industry to see configurations come down. That's happened before. Likely to happen again. That tends to happen in the lower price bands.

這就是我們要逐步解決的問題。我認為我們在這方面非常擅長。過去兩個週期無疑磨練了我們的技能，我們將利用配置中提供的所有工具。在個人電腦產業，配置下降並不罕見。這種情況以前也發生過。很可能會再次發生。這種情況往往發生在價格較低的產品區間。

You tend to see mix where what comes out of the factory isn't necessarily what was forecasted. We think we have a unique ability to adjust our demand faster than anybody. We think the ability to navigate how you price with a very large transactional business Selling to small and medium businesses, selling to the day-to-day needs of many corporations, we can adjust that to what's available. Those are all skills and techniques that, being a direct manufacturer and a direct seller, we believe gives us an advantage and will help our partners and customers through that as well.

你常常會看到這樣的情況：工廠生產出來的產品不一定是預期的產品。我們認為我們擁有比任何人都更快調整需求的獨特能力。我們認為，對於交易量龐大的企業，以及面向中小企業和眾多公司日常需求的銷售，我們能夠根據實際情況調整定價策略。作為一家直接生產商和直接銷售商，我們相信這些技能和技巧能夠為我們帶來優勢，並能幫助我們的合作夥伴和客戶。

And all of these tools that I mentioned in one of the previous answers are in effect now. Our special pricers know the cost for all of our best guests for next year, what's available, our sales force, our product business leaders all know, and we're working as one team to collectively work this real time, as I mentioned before, to get the best outcome for the company, our shareholders, and customers. That's what we'll work through.

我在先前的回答中提到的所有這些工具現在都已生效。我們的特約定價人員知道明年所有頂級客戶的價格和可用資源，我們的銷售團隊和產品業務負責人也都知道，正如我之前提到的，我們正在作為一個團隊實時共同努力，為公司、股東和客戶爭取最佳結果。這就是我們要努力解決的問題。

So our ability to recover, I think, is better than normal times. And I think that's probably amplified or improved by the fact that there'll be a scarcity of parts.

所以我認為，我們的恢復能力比平常好。我認為零件短缺可能會加劇或改善這種情況。

Asiya Merchant, Citigroup.

阿西婭·默錢特，花旗集團。

Just looking ahead into storage, it seems like that business is doing perhaps a little bit better than what was previously expected. As you look into the server demand that is driving up the revenues for the core server, and as you look into next year, just given all the, obviously, the backdrop of commodity headwinds here, how are you thinking about storage from here on?

展望倉儲業務，似乎該業務的發展比之前預期的要好一些。當您審視推動核心伺服器收入成長的伺服器需求，並展望明年，考慮到所有顯而易見的商品逆風因素，您如何看待未來的儲存發展？

And if we can get that inflection towards more Dell IP storage, which is obviously positive for your margins, quicker relative to some of the unwinding of the HCI storage, if that can happen faster than what was previously communicated at the Analyst Day?

如果我們能夠更快地推動戴爾 IP 儲存的轉型（這顯然對你們的利潤率有利），相對於 HCI 儲存的逐步淘汰而言，如果這一轉型能夠比先前在分析師日上公佈的計劃更快實現的話？

Yeah. I think, again, just to clarify, I guess, and to inform what we're looking at in terms of guidance, continuing to show that LIP storage growth and seeing that sequential hopefully above or expected to be above normal sequentials. That'll allow us, along with the pricing discipline, to keep that margin improvement coming along for P&L.

是的。我想，再次澄清一下，並說明我們正在關注的指導意見，繼續顯示 LIP 儲存成長，並希望看到環比增長高於或預計高於正常環比增長。這樣一來，再加上定價紀律，就能讓我們繼續提高損益表的利潤率。

On the server comment. Again, strong demand in Q3, particularly in month three. So to Jeff's point earlier, building a bit of that backlog. So I think you can expect high-single-digit growth in that business for Q4, which would end us on a high point as we exit the quarter. That said, look, as we head into FY27, still very early. Obviously, it's a lot happening in the market and changing.

在伺服器上發表評論。第三季需求依然強勁，尤其是在第三個月。所以正如 Jeff 之前所說，我們需要處理一些積壓的工作。所以我認為，該業務在第四季有望實現高個位數成長，這將使我們在本季末達到一個高點。也就是說，你看，現在我們即將進入 2027 財年，一切都還處於非常早期的階段。顯然，市場瞬息萬變，發生了很多事情。

I would still reference you back to the long-term framework that we've got. I think it's a good reference starting point. We'll work from there and then obviously be agile as we assess and see how it evolves.

我仍然想提醒大家注意我們現有的長期框架。我認為這是一個很好的參考起點。我們將以此為基礎，然後根據評估和發展情況靈活調整。

But, yeah, for now, I think it's still a little early for FY27.

但是，是的，就目前而言，我認為現在談論 2027 財年還為時過早。

But strategy-wise, we made the pivot to Dell IP, not looking back. It is serving us well. The mix continues to increase across our storage revenue dollars. The margins within the portfolio continue to improve.

但從戰略角度來看，我們轉向了戴爾智慧財產權，並且沒有回頭。它對我們很有幫助。我們的倉儲收入構成持續成長。投資組合的利潤率持續提升。

We talked in our comments about the all-flash portion of the portfolio growing double digits for the second quarter. So think PowerMax, PowerScale, PowerStore, ObjectScale, and PowerFlex all growing. We've talked about PowerStore and seven quarters of growth, six of those double digits. The buyer base is growing. The net new customers buying Dell Storage with PowerStore is up.

我們在評論中提到，投資組合中所有快閃記憶體部分在第二季實現了兩位數的成長。所以，PowerMax、PowerScale、PowerStore、ObjectScale 和 PowerFlex 都在不斷成長。我們已經討論過 PowerStore 及其連續七個季度的成長，其中六個季度實現了兩位數的成長。買家群體正在不斷擴大。購買戴爾PowerStore儲存產品的新增客戶數量增加。

The strategy that we've flipped to, which really drives this notion of three core areas were the Dell Private Cloud, which is really open, disaggregated, and automated storage. It's our three-tier storage with our Dell automation platform. Our AI and unstructured storage assets, so think of those as the construct of the AI data platform, and cyber resilience, which is really data domain and power protect. Those are all Dell IP assets.

我們已經轉向的策略，真正推動了這三大核心領域的概念，那就是戴爾私有雲，它真正實現了開放、解耦和自動化儲存。這是我們採用戴爾自動化平台的三層儲存方案。我們的 AI 和非結構化儲存資產，可以將其視為 AI 資料平台和網路彈性的構建，而網路彈性實際上是資料域和電源保護。這些都是戴爾的智慧財產權。

That's what we're driving. That's what the Salesforce is incentive to do, and we're seeing nice results from it.

這就是我們正在努力的方向。這就是 Salesforce 鼓勵用戶這樣做的原因，而且我們已經看到了不錯的成效。

Simon Leopold, Raymond James.

西蒙·利奧波德，雷蒙德·詹姆斯。

I want to see if you could maybe unpack the elements that contribute to the roughly $5 billion of incremental AI revenue for the full year. I guess what I'm trying to get at is how much is this about your ability to get key components, new orders, or existing orders occurring earlier? Just help us unpack what factors led to the raised forecast for AI.

我想請您分析一下，究竟是哪些因素促成了全年約 50 億美元的 AI 增量收入。我想問的是，這在多大程度上取決於你能否提前獲得關鍵零件、新訂單或現有訂單？請幫我們分析一下導致人工智慧預測值上升的因素。

Well, at the highest level, $12.3 billion of new orders and a growing backlog and then a supply chain that I think is unmatched that finds materials and gets materials lined up with customer availability. This is equal parts customer readiness. Buildings, power, direct liquid cooling, So we've used the word lumpy before, which we purposely didn't use here, but it's really driven by a customer's readiness and our ability to deliver, matched up with the supply chain's ability to get the material, and matched up with our sales force out winning new opportunities across the neocloud customer base, the sovereign customer base, and enterprise customer base.

從最高層面來看，新訂單金額高達 123 億美元，積壓訂單也在不斷增加，而且供應鏈我認為是無與倫比的，它能夠找到原材料，並使原材料與客戶的供貨情況相匹配。這其中既包括客戶準備狀況，也包括其他方面。建築物、電力、直接液冷，所以我們以前用過「不穩定」這個詞，這次我們特意沒用，但這實際上是由客戶的準備情況和我們的交付能力，以及供應鏈獲取材料的能力，還有我們的銷售團隊在NeoCloud客戶群、主權客戶群和企業客戶群中贏得新機會的能力所驅動的。

So it's that combination and why you see one quarter $5 billion, one quarter $9 billion in shipments, It really is equal parts customer readiness, customer delivery acceptance that drives that. And the stars align in Q4 with the amount of orders with the GB200 and GB300 business that we have booked that we'll be able to deliver at that rate in Q4.

所以，正是這種組合，以及為什麼你會看到一個季度出貨量達到 50 億美元，另一個季度出貨量達到 90 億美元，這實際上是客戶準備度和客戶對交付的接受度共同推動的。第四季度，GB200 和 GB300 業務的訂單數量正好符合預期，我們能夠在第四季度以該速度交付這些訂單。

Thanks, Simon.

謝謝你，西蒙。

David Vogt, UBS.

David Vogt，瑞銀集團。

Maybe just one for David. So you know, you talked about margins and commodity pressures quite extensively, but can we look at your purchase commitments as a barometer for how you're thinking about margins going into next year? I know a big chunk of that is probably tied to the AI server business, but is there anything in sort of those purchase commitment numbers that we could look at as sort of evidence of how you're thinking about where DRAM and NAND prices could be?

或許就給大衛一杯吧。您之前詳細討論了利潤率和商品壓力，但我們能否將您的採購承諾作為衡量您對明年利潤率看法的指標呢？我知道其中很大一部分可能與人工智慧伺服器業務有關，但是從這些採購承諾數字中，我們能否找到一些證據，來了解您對DRAM和NAND價格的看法？

And I think last quarter you exited the Q north of $5 billion, but most of that is for this fiscal year. So if you can give us any update on kind of how to think about purchase commitments going into fiscal '27, and as an indicator, that would be great.

我認為上個季度你們的營收超過了 50 億美元，但其中大部分是本財年的營收。所以，如果您能就如何看待 2027 財年的採購承諾提供一些最新信息，並作為參考指標，那就太好了。

Yeah, sure. Look, we've no discernible change in the pattern of our purchase commitments or in relation to positioning on things like inventory, et cetera. So if you think of AI -- and this is a good kind of litmus test for us within the finance side as well as we observe it. Take that $12.3 billion that Jeff just referenced. But if you look sequentially, we actually took down our inventory values about $300 million.

當然可以。你看，我們的採購承諾模式或庫存等方面的定位都沒有任何明顯變化。所以，如果你思考人工智慧——這對我們金融界來說也是一個很好的試金石，因為我們一直在觀察它。就拿傑夫剛才提到的那123億美元來說吧。但從時間順序來看，我們實際上減少了​​約 3 億美元的庫存價值。

If you look at it in a year in year, the year-in-year inventory is roughly flat, give or take. Yet our year-to-date demand is up over $19 billion in that period, too. Obviously, we have our normal supply chain procurement processes kicked in as part of it. So no real discernible change from last quarter or anything to read in as we look into FY27 just yet.

如果按年來看，庫存量大致持平，上下略有波動。然而，同期我們的年初至今需求也增加了超過 190 億美元。顯然，我們正常的供應鏈採購流程也隨之啟動。因此，與上個季度相比，目前還沒有出現任何明顯的變化，或者說，在展望2027財年時，還沒有任何值得我們解讀的資訊。

Thanks a lot, David. Operator will take one more question and then we'll get handed over to Jeff for close.

非常感謝，大衛。接線員會再回答一個問題，然後我們會轉接給傑夫結束通話。

Tim Long with Barclays.

提姆朗，巴克萊銀行。

Two-parter, if I could, on gross margins. First part, talking, about the mix in AI servers, as you start to convert more of the neocloud and sovereign and enterprise to revenues, would you expect a change to that mid-single-digit operating margin? Could that move higher? How meaningful would that be?

如果可以的話，我想分兩部分來談談毛利率。第一部分，談到 AI 伺服器的組合，隨著您將更多的 neocloud、主權伺服器和企業伺服器轉化為收入，您是否預期這種個位數的中段營業利潤率會改變？價格還會繼續漲嗎？那會有多大意義？

And the second part, on the PC side, I think there was a comment at the Analyst Day about really doing well in the high-end commercial, but trying to recapture share in other parts of the PC market. Is that something that we could expect might impact operating margin on the PC business?

第二部分，關於PC方面，我認為在分析師日上有人評論說，高端商用領域確實做得很好，但正在努力重新奪回PC市場其他部分的份額。這是否會對個人電腦業務的營業利益率產生影響？

Yes, maybe let's start with the AI side. We're going to stay consistent on our mid-single-digit delivery in terms of operating profit. We'll stay within that range. All we'd like to in every deal, the reality is we won't, right? And a lot of those can be competitive, particularly the larger ones. So look, we'll remain judicious as we manage the profitability and the ongoing activities there.

是的，或許我們可以先從人工智慧方面著手。我們將繼續維持營業利潤中個位數的成長目標。我們會保持在那個範圍內。雖然我們想在每筆交易中都做到最好，但現實是我們做不到，對吧？其中很多競爭都很激烈，尤其是規模較大的那些。所以，我們會謹慎行事，妥善管理那裡的獲利能力和日常營運活動。

Some will flow slightly lower, other deals will be slightly higher, but we'll stay pretty consistent as an objective within that mid-single-digit momentum as we kind of go forward and that's if you like, the bedrock of which we'll build it on.

有些交易的成交量會略微下降，有些交易的成交量會略微上升，但我們仍將保持中等個位數的成長勢頭，以此為目標繼續前進，這可以說是我們賴以發展的基石。

The other element for me, which is part of it, is making sure every deal is accretive from a dollar perspective, too. So again, cash flow is something that's at the forefront of all our operations. We think that's a good thing. In fact, we think it's a great thing. We want to make sure we keep it front and center as we look at the activities.

對我來說，另一個要素（也是其中的一部分）是確保每筆交易從金錢角度來看都能帶來增值。所以，現金流始終是我們所有營運的重中之重。我們認為這是件好事。事實上，我們認為這是一件好事。我們希望在審視各項活動時，始終將其放在首要位置。

And Tim, your second question on PCs. When we were last together, you're exactly right. I talked about the PC business being a scale business, and our share had slipped in the non-premium segments. And we leaned in this past quarter. We leaned in with our Dell Pro Essential and Education boxes in commercial, and we were more aggressive into holiday in the consumer business. And the results are encouraging.

提姆，關於個人電腦的第二個問題。我們上次見面的時候，你說得完全正確。我曾說過，個人電腦業務是一個規模型業務，我們在非高階市場的市佔率已經下滑。上個季度我們加大了投入。我們在商業領域大力推廣戴爾專業基礎版和教育版產品，並在假日季節消費市場採取了更積極的策略。結果令人鼓舞。

International growth accelerated sequentially up double digits in demand year over year. That's exactly where Dell Pro Essential is targeted. And while it is a very competitive marketplace, we made a slight reference to it, but I'm going to call it out specifically. We returned to demand growth in Consumer for the first time in three years. We returned to growth in the Consumer business for the first time in three years.

國際市場需求年增兩位數，成長速度加快。這正是戴爾專業基礎版的目標使用者群體。雖然這是一個競爭非常激烈的市場，我們之前也略有提及，但我還是要特別指出。三年來，我們首次恢復了消費品需求成長。三年來，我們的消費品業務首次恢復成長。

We're going to continue to work on our cost position, tuning the products so they're the right products at the right cost for the right price span. We went into the market with what we had. We'll continue to refine that. Lots of changes in the roadmaps going forward, and you have our commitment that we can grow while balancing the profitability within the operating ranges that we've given.

我們將持續努力優化成本結構，調整產品，使其成為價格區間內價格合適的優質產品。我們帶著僅有的資源進入了市場。我們會繼續完善它。未來的發展路線圖將有很多變化，我們承諾，我們將在既定的營運範圍內實現成長，同時保持獲利能力。

Thanks, Tim. And to you, Jeff, to close us out.

謝謝你，提姆。最後，傑夫，請你來為我們畫下句點。

Thanks, Tim. Sure. Thank you all for joining us today. A few points as we wrap up. First, we achieved record Q3 results across both revenue and EPS, underscoring disciplined execution and the strength of our business model. Second, our AI momentum remains exceptional. We saw record orders in Q3 and have booked $30 billion through the first three quarters of this year.

謝謝你，提姆。當然。感謝各位今天蒞臨。最後還有幾點要補充。首先，我們在第三季實現了創紀錄的收入和每股盈餘，這凸顯了我們嚴謹的執行力和我們商業模式的實力。其次，我們在人工智慧領域的發展動能依然強勁。我們在第三季獲得了創紀錄的訂單，今年前三個季度累計訂單額已達 300 億美元。

Our pipeline and customer base continues to expand. and we remain well-positioned to capitalize on accelerating demand for AI solutions. And lastly, we saw improved profitability and strong cash generation enabling above-trend capital return to shareholders. We are set up well to close the year strong and to drive long-term value.

我們的業務管道和客戶群持續擴大，我們已做好充分準備，掌握人工智慧解決方案日益增長的需求。最後，我們看到獲利能力提高，現金流強勁，為股東帶來了高於趨勢水平的資本回報。我們已做好充分準備，力爭以強勁的勢頭結束今年，並創造長期價值。

Thanks for joining us today and Happy Thanksgiving, everybody.

感謝各位今天的收看，祝大家感恩節快樂！

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

謝謝。今天的電話會議到此結束。感謝您的參與。您現在可以斷開連線了。