格芯 (GFS) 2026 Q1 法說會逐字稿

Welcome to GlobalFoundries first-quarter 2026 financial results conference call. (Operator Instructions) As a reminder, today's program is being recorded.

歡迎參加格羅方德（GlobalFoundries）2026 年第一季財務業績電話會議。(接線員指示) 提醒各位，今天的會議將被錄音。

And now, I'd like to introduce your host for today's program, Eric Chow, Head of Investor Relations. Please go ahead, sir.

現在，我想介紹今天會議的主持人：投資人關係主管 Eric Chow。先生，請開始。

Thank you, operator. Good morning, everyone, and welcome to GlobalFoundries' first-quarter 2026 earnings call. On the call with me today are Tim Breen, CEO; and Sam Franklin, CFO. A short while ago, we released GF's first-quarter 2026 financial results, which are available on our website at investors.gf.com, along with today's accompanying slide presentation. This call is being recorded and a replay will be made available on our Investor Relations web page.

謝謝，接線員。各位早安，歡迎參加格羅方德 2026 年第一季財報電話會議。今天與我一同出席的有執行長 Tim Breen，以及財務長 Sam Franklin。稍早我們已發布 GF 2026 年第一季財務結果，可於我們網站 investors.gf.com 查閱，並附有今天的簡報投影片。本次電話會議將被錄音，並會在我們投資人關係網頁提供重播。

During this call, we will present both IFRS and non-IFRS financial measures. The most directly comparable IFRS measures and reconciliations for non-IFRS measures are made available in today's press release and accompanying slides. Please note that these financial results are unaudited and subject to change.

在本次電話會議中，我們將同時呈現 IFRS 與非 IFRS 財務衡量指標。與非 IFRS 指標最直接可比的 IFRS 指標，以及非 IFRS 指標的調節表，已於今日新聞稿與隨附投影片中提供。請注意，這些財務結果尚未經審計，且可能變更。

Certain statements on today's call may be deemed to be forward-looking statements. Such statements can be identified by the terms such as believe, expect, intend, anticipate, and may, or by the use of the future tense. You should not place undue reliance on forward-looking statements.

今天電話會議中的某些陳述可能被視為前瞻性陳述。此類陳述可由 believe、expect、intend、anticipate、may 等用語，或使用未來式來辨識。您不應過度依賴前瞻性陳述。

Actual results may differ materially from these forward-looking statements and we do not undertake any obligation to update any forward-looking statements we make today. For more information about factors that may cause actual results to differ materially from forward-looking statements, please refer to the press release we issued today, as well as risks and uncertainties described in our SEC filings, including in sections under the caption Risk Factors in our annual report on Form 20-F and in any current reports on Form 6-K furnished with the SEC.

實際結果可能與這些前瞻性陳述有重大差異，我們亦不承擔更新今日所作任何前瞻性陳述之義務。關於可能導致實際結果與前瞻性陳述出現重大差異的因素之更多資訊，請參閱我們今日發布的新聞稿，以及我們向美國證券交易委員會（SEC）提交之文件中所述的風險與不確定性，包括年度報告 Form 20-F 中「風險因素」章節，以及任何提交給 SEC 的 Form 6-K 當期報告。

In terms of upcoming events, we look forward to hosting our Investor Day this Thursday, May 7, with live public webcast beginning at 9:00 AM Eastern Time. During the event, our leadership team will provide updates on GF's strategy, growth initiatives, and long-term outlook, followed by a Q&A session. We will also be participating in fireside chats at the JPMorgan Global Technology, Media and Communications Conference in Boston on May 19 and the TD Cowen Technology, Media and Telecom Conference in New York City on May 27.

就近期活動而言，我們期待於本週四 5 月 7 日舉辦投資人日（Investor Day），並於美東時間上午 9:00 開始進行公開直播網路轉播。活動期間，我們的管理團隊將更新 GF 的策略、成長計畫與長期展望，並在之後進行問答。我們也將參與 5 月 19 日在波士頓舉行的摩根大通全球科技、媒體與通訊大會（JPMorgan Global Technology, Media and Communications Conference），以及 5 月 27 日在紐約市舉行的 TD Cowen 科技、媒體與電信大會（TD Cowen Technology, Media and Telecom Conference）的爐邊談話（fireside chat）。

We will begin today's call with Tim providing a summary update on the business environment, technologies, and end markets; followed by Sam, who will provide details on our first-quarter results and second-quarter guidance. We will then open the call for questions with Tim and Sam. We request that you please limit your question to one with one follow-up.

今天的電話會議將先由 Tim 概述商業環境、技術與終端市場的最新情況；接著由 Sam 說明第一季業績與第二季財測指引。之後我們將由 Tim 與 Sam 開放提問。也請各位將問題限制為一題，並可追問一題。

I'll now turn the call over to Tim.

接下來把電話交給 Tim。

Thank you, Eric, and welcome, everyone, to our first-quarter 2026 earnings call. GF delivered a strong first quarter with all of our non-IFRS profitability metrics at or above the high end of their respective guidance ranges. This was the result of excellent execution by the team with a focus on delivering for our customers. These results demonstrate a strong step forward in our multiyear journey to enhance the quality of our revenue composition, improve our structural cost position, and achieve efficient scale across our world-class fabs. We have made meaningful traction in secular growth end markets, where our differentiated technology drives share growth and outsized value creation.

謝謝你，Eric，也歡迎各位參加我們 2026 年第一季財報電話會議。GF 第一季表現強勁，我們所有非 IFRS 獲利能力指標皆達到或高於各自指引區間的上緣。這是團隊卓越執行、專注為客戶交付成果的結果。這些成果顯示，我們在多年期旅程中邁出重要一步：提升營收組合品質、改善結構性成本位置，並在世界級晶圓廠中達成有效率的規模化。我們在長期結構性成長的終端市場取得實質進展，在這些市場中，我們的差異化技術推動市占成長並創造超額價值。

The first quarter continued to demonstrate proof points of this transformation. We delivered strong double-digit percentage growth in both automotive and comms infrastructure and data center.

第一季持續展現這項轉型的具體成果。我們在汽車以及通訊基礎設施與資料中心兩大領域，皆實現強勁的雙位數百分比成長。

I'm proud of our team's accomplishments this quarter. We continue to execute to our proven three-pillar strategy: to innovate and deliver a unique technology roadmap; to deepen our engagement throughout our customers' design cycles; and to scale our diverse and fungible global footprint.

我為團隊本季的成就感到自豪。我們持續執行已驗證的三大支柱策略：創新並交付獨特的技術藍圖；在客戶的設計週期中深化合作參與；以及擴大我們多元且可相互調度的全球製造版圖。

Let me now update you on our progress on each. First, our unique and innovative technology roadmap: there is no better proof of our technology innovation that with our industry leadership in optical networking, which includes both our silicon sonics and silicon germanium capabilities. With the advent of optical for scale across scale out and scale up networks, the market is moving to adopt our solutions for pluggable, near, and co-packaged optics. With process technology leadership, in-house design, assembly, test, and packaging ecosystems, all supported with high-volume manufacturing in our advanced 300-millimeter fab footprint, including here in the US, we believe no other company has our suite photonics offerings at scale.

接下來我將更新我們在各項進展上的成果。首先，我們獨特且創新的技術藍圖：最能證明我們技術創新的，莫過於我們在光網路領域的產業領先地位，其中包含我們的矽光子（silicon photonics）與矽鍺（silicon germanium）能力。隨著光學技術在橫向擴展（scale-out）與縱向擴展（scale-up）網路中用於規模化，市場正轉向採用我們在可插拔（pluggable）、近端（near）與共封裝（co-packaged）光學方面的解決方案。憑藉製程技術領先、內部設計、組裝、測試與封裝生態系，並由我們先進的 300 毫米晶圓廠量產能力支撐（包含在美國的產能），我們相信沒有其他公司能以規模提供我們這套完整的光子（photonics）產品組合。

Beyond silicon photonics, we also believe we have robust growth and opportunity within our silicon germanium solutions in the AI data center. SiGe by CMOS, or just SiGe, is another great example of GF's preparation and foresight meeting a strong positive inflection point in the market. Our SiGe technology is a critical enabler for data center networks where transimpedance amplifiers, TIAs, and drivers using GF's solutions support the conversion between high-speed electrical and optical signals.

除了矽光子之外，我們也相信在 AI 資料中心中，我們的矽鍺解決方案同樣具備強勁的成長與機會。SiGe by CMOS，或簡稱 SiGe，是 GF 以前瞻性布局迎接市場強勁正向拐點的另一個絕佳例證。我們的 SiGe 技術是資料中心網路的關鍵使能者；在這些網路中，採用 GF 解決方案的跨阻放大器（transimpedance amplifiers，TIA）與驅動器（drivers）支援高速電訊號與光訊號之間的轉換。

GF SiGe has industry-leading FT and S-MAX performance. This means faster, cleaner signal amplification, more headroom, and lower data loss across the system. TIAs and drivers are required on virtually every data center connection, and industry forecasts are anticipating significant unit growth in the coming years.

GF 的 SiGe 具備業界領先的 FT 與 S-MAX 效能。這代表更快、更乾淨的訊號放大、更大的裕度，以及在整體系統中更低的資料損耗。幾乎每一條資料中心連線都需要 TIA 與驅動器，而產業預測未來幾年其出貨量將顯著成長。

Correspondingly, we are seeing very strong customer demand for our SiGe solutions with capacity at our Vermont fab oversubscribed through well into 2027. As these city offerings are meaningfully margin accretive to our overall business, we are expanding SiGe capacity to meet accelerating customer demand. We expect GF SiGe opportunity to be a substantial driver of high-quality long-term revenue growth that complements silicon photonics to form a comprehensive optical networking portfolio.

相應地，我們看到客戶對 SiGe 解決方案的需求非常強勁，我們佛蒙特州晶圓廠的產能在 2027 年相當長一段時間內都已超額預訂。由於這些 SiGe 產品對我們整體業務的毛利具有顯著增益效果，我們正擴充 SiGe 產能以滿足加速成長的客戶需求。我們預期 GF 的 SiGe 機會將成為高品質長期營收成長的重要驅動力，並與矽光子相輔相成，形成完整的光網路產品組合。

Another notable proof point of GF leadership was announced at the Optical Fiber Communications conference, OFC, in March. At OFC, founding members of the Optical Compute Interconnect Multi-Source Agreement, or OCI MSA, including AMD, Broadcom, NVIDIA, Meta, Microsoft and OpenAI, established the CPO industry standard for scale-up networks that perfectly aligns with the capabilities GF has spent years developing.

GF 領先地位的另一個重要佐證，於 3 月在光纖通訊大會（Optical Fiber Communications conference，OFC）上宣布。在 OFC 上，光學運算互連多來源協議（Optical Compute Interconnect Multi-Source Agreement，OCI MSA）的創始成員，包括 AMD、Broadcom、NVIDIA、Meta、Microsoft 與 OpenAI，建立了用於 scale-up 網路的 CPO 產業標準，這與 GF 多年來投入打造的能力完全契合。

This was no accident. Thanks to our proven development and leadership in Dense Wavelength Division Multiplexing, or DWDM, GFNR partners provided industry proof points, laying confidence to the OCI founders to define this high standard.

這並非偶然。憑藉我們在密集波分多工（Dense Wavelength Division Multiplexing，DWDM）方面經驗證的研發與領導力，GFNR 合作夥伴提供了產業驗證成果，讓 OCI 創始成員更有信心制定這項高標準。

As a result, just a month after the OCI standard was announced, year to date, GF announced its complete optical module solution for NPO and CPO, known as scale or silicon photonics co-packaged advanced light engine. This is not just the industry's first OCI MSA capable platform, the technical specs exceed the MSA requirements, supporting our customers' roadmaps for multiple generations. For example, scale fiber coupling is natively broadband, which enables it to excel at minimizing insertion loss, a key differentiator for CPO.

因此，在 OCI 標準宣布後僅一個月內，截至目前，GF 便宣布推出其完整的 NPO 與 CPO 光模組解決方案，稱為 scale（或矽光子共封裝先進光引擎）。這不僅是業界第一個具備 OCI MSA 能力的平台，其技術規格更超越 MSA 要求，可支援客戶多個世代的產品藍圖。例如，scale 的光纖耦合（fiber coupling）原生支援寬頻，能在降低插入損耗方面表現出色，而插入損耗正是 CPO 的關鍵差異化因素。

After years of development, including partnering with our customers to design scale from the ground up, feedback so far has been excellent. In the first quarter, we saw new tape-outs in Malta, New York for a pair of CPO design wins that support the new optical compute interconnect OCI standard for scaled networks. We are excited to share more details on scale and other developments at our Investor Day on May 7.

經過多年開發，包括與客戶合作從零開始設計 scale，目前回饋非常正面。在第一季，我們在紐約州馬爾他（Malta, New York）看到新的 tape-out，對應兩項 CPO 設計案（design wins），以支援新的光學運算互連（OCI）標準，用於可擴展網路。我們很期待在 5 月 7 日的投資人日分享更多關於 scale 與其他進展的細節。

Also, at OFC in March, GF made several announcements in conjunction with partners that showcased our robust silicon photonics offerings. Notable highlights included the following: SENKO and GF demonstrated a wafer-level detachable fiber interface solution for CPO, a critical breakthrough that enables fiber connectivity to be attached and detached through the entire PIC development process for precise and repeatable testing. Together with Corning and EXFO, GF showcased a complete ecosystem of CPO technology, which combined attachable fiber connectivity and automated die-level testing with high-volume silicon photonics manufacturing.

此外，在3月的OFC上，GF也與合作夥伴共同發布了多項公告，展現我們強大的矽光子產品組合。值得關注的亮點包括：SENKO與GF展示了一項用於CPO的晶圓級可拆卸光纖介面解決方案，這是一項關鍵突破，使光纖連接能在整個PIC開發流程中進行連接與拆卸，以實現精準且可重複的測試。GF並與Corning及EXFO共同展示了完整的CPO技術生態系，結合可連接的光纖互連與自動化晶粒級測試，以及高產量的矽光子製造能力。

Finally, we announced a strategic partnership with Siluxtek to mass produce 200 gig per lane receiver photonic ICs for pluggable optical transceivers using our process technology. All of these recent developments represent a growing body of proof points for the value our innovative technology roadmap provides.

最後，我們宣布與Siluxtek建立策略合作夥伴關係，將運用我們的製程技術量產用於可插拔式光收發器的每通道200G接收端光子IC。上述近期進展，持續累積並強化了我們創新技術藍圖所帶來價值的各項實證。

Let me now discuss our second key strategic pillar and provide an update on our customer partnerships and commercial engagements. Thanks to our robust product portfolio and deep partnerships with customers, we continue to accelerate our design win momentum. In the first quarter, we saw a 50% increase in design wins compared to the same period a year ago, with excellent representation across all four major end markets. Not only does this build on the record design win year in 2025, it is another leading indicator of our tape-out for revenue momentum in the years to come.

接下來我將討論我們第二個關鍵策略支柱，並更新我們在客戶合作夥伴關係與商務合作方面的進展。憑藉強健的產品組合與與客戶的深度合作，我們持續加速設計導入（design win）的動能。第一季我們的設計導入數量較去年同期成長50%，且在四大主要終端市場皆有優異表現。這不僅延續了2025年創紀錄的設計導入表現，也再次成為未來數年tape-out帶動營收動能的重要領先指標。

Notable commercial engagements in the quarter included the following highlights: GF and Renesas announced a multibillion-dollar strategic partnership that expands Renesas's access to GF technologies, including FDX, BCD, and feature is CMOS with integrated non-volatile memory. These platforms will support SoCs, power devices, and MCUs for applications such as data center power, advanced driver assistance systems, and secure industrial IoT connectivity. Tape-outs under the broadened collaboration are already underway, and we believe this partnership will contribute meaningfully to continued outperformance and ramp of our data center business over time.

本季值得一提的商務合作包括以下重點：GF與Renesas宣布一項數十億美元規模的策略合作夥伴關係，擴大Renesas對GF技術的使用範圍，包括FDX、BCD，以及具整合式非揮發性記憶體的特色CMOS。這些平台將支援SoC、功率元件與MCU，應用於資料中心供電、先進駕駛輔助系統，以及安全的工業物聯網連線等。在擴大合作下的tape-out已經展開，我們相信此合作將隨時間推進，對我們資料中心業務的持續優於同業表現與放量成長做出實質貢獻。

In automotive, we are particularly encouraged by the strong customer momentum around our new Auto Grade 1 embedded MRAM capability on FDX. This technology offers industry-leading 100 megahertz class access times for code execution directly from MRAM, combined with ultra-low power operation and proven insurance and reliability up to 150 degrees C. Our lead customers have taped-out with this feature. And as highlighted in our recent announcement, we are seeing growing engagement and traction with Tier 1, such as Bosch, as this technology moves towards production. This underscores the differentiated value of our SDX platform as automotive customers transition to a next generation of software-defined real-time systems.

在車用領域，我們對客戶在FDX上採用我們全新車規Grade 1嵌入式MRAM能力所展現的強勁動能尤其感到振奮。此技術提供業界領先的100MHz等級存取時間，可直接從MRAM執行程式碼，並結合超低功耗運作，以及經驗證可達150°C的耐久性與可靠性。我們的領先客戶已採用此功能完成tape-out。此外，如同我們近期公告所強調，隨著此技術邁向量產，我們看到與Bosch等一級供應商（Tier 1）的合作互動與進展持續增加。這凸顯了當車用客戶轉向下一代軟體定義的即時系統時，我們SDX平台所具備的差異化價值。

In our smart mobile devices end market, we continue to secure additional design wins in the quarter that expand our reach into new applications and emerging form factors that benefit from the features we offer such as low power, rate of reliability and superior RF performance. For example, in the first quarter, we secured 2 new design wins on our SDX platform for micro LED back planes used in smart glasses, a fast-growing market is starting to gain adoption.

在智慧行動裝置終端市場方面，我們本季持續取得更多設計導入，擴大我們在新應用與新興外形規格上的觸及範圍，這些領域可受益於我們所提供的特性，例如低功耗、高可靠度與優異的RF效能。例如在第一季，我們在SDX平台上取得2項新的設計導入，用於智慧眼鏡的micro LED背板；這是一個快速成長、正開始被市場採用的領域。

In the realm of robotics and typical AI, in March, GF announced a partnership with Inova Semiconductors to deliver our robotics control reference platform that combines MIPS open risk 5 compute and mixed-signal technologies with Inova's high-speed communication links. This physical AI reference platform will simplify robot design, reduce bond costs and accelerate time to market, enabling next-gen humanoid and advanced robotics.

在機器人與實體AI領域，GF於3月宣布與Inova Semiconductors合作，推出我們的機器人控制參考平台，結合MIPS開放式RISC-V運算與混合訊號技術，以及Inova的高速通訊連結。此實體AI參考平台將簡化機器人設計、降低物料成本（BOM cost）並加速上市時程，進而支援下一代人形機器人與先進機器人應用。

Finally, for optical networking reported within our comms infrastructure and data center end market, we have substantial forward momentum in both customer wins and pipeline. In the first quarter, we executed additional tape-outs for silicon photonics that reinforce our confidence that we are on track to roughly double our silicon photonics revenue in '26 and to achieve greater than $1 billion silicon photonics revenue run rate exiting 2028. GF is now designed in at 3 of the top 4 pluggable optical transceiver companies.

最後，在我們通訊基礎設施與資料中心終端市場中所涵蓋的光網路領域，我們在客戶導入與商機管線兩方面都具備顯著的前進動能。第一季我們完成了更多矽光子tape-out，進一步強化我們的信心：我們正按計畫在2026年將矽光子營收約翻倍，並在2028年末達成超過10億美元的矽光子營收年化運行率（run rate）。GF目前已被導入至前四大可插拔式光收發器公司中的三家。

Customers continue to provide excellent feedback on our suite of pluggable offerings that enable 1.60 solutions as well as a roadmap to 3.2T and beyond. With our proven record of high body manufacturing at scale, we believe we can sustain a strong growth trajectory in this area for years to come.

客戶持續對我們一系列可插拔式產品方案給予高度正面回饋，這些方案可支援1.6T解決方案，並提供通往3.2T及更高規格的技術藍圖。憑藉我們在大規模量產方面的成熟實績，我們相信未來多年能在此領域維持強勁的成長軌跡。

Now let me address our third strategic pillar, the value and importance of GF's unique diversified manufacturing footprint. Recent world events have only reinforced the reality that faces business and government leaders around the globe. Concentrated supply chains are now subject to previously unimagined risks. The (inaudible) lies in diversification flexibility and security. All three areas that GF is uniquely positioned to provide our customers.

接下來我將談到我們第三個策略支柱：GF獨特且多元化製造版圖的價值與重要性。近期全球事件更凸顯了全球企業與政府領袖所面臨的現實。高度集中的供應鏈如今正暴露於過去難以想像的風險之下。（聽不清）關鍵在於多元化所帶來的彈性與安全性。而這三個面向正是GF具備獨特優勢、能為客戶提供的。

In a fragmented geopolitical environment, our 3 continent manufacturing footprint across the US, Germany and Singapore is a tremendously valuable asset for our customers. In particular, we have invested for years to cross-qualify fungible capacity across our fab network, meaning a customer who only design with GF once and gain the flexibility to manufacture out of three continents. Our one-of-a-kind footprint provides supply chain resilience, closer proximity to end demand and greater nimbleness to shift supply quickly as market demand changes.

在地緣政治環境碎片化的情況下，我們橫跨美國、德國與新加坡三大洲的製造版圖，對客戶而言是極具價值的資產。特別是，我們多年來持續投資於在晶圓廠網路中進行可替代產能的交叉認證（cross-qualify fungible capacity），也就是說，客戶只要與GF完成一次設計導入，就能獲得在三大洲進行製造的彈性。我們獨一無二的版圖提供供應鏈韌性、更貼近終端需求的地理位置，以及在市場需求變化時快速轉移供給的更高敏捷性。

For many of our customers, geographic flexibility is no longer a nice to have, it is a requirement. As a result, we continue to see a meaningful increase in customer engagements and design win activity specifically linked to onshoring. For example, last month, Apple announced a joint collaboration with (inaudible) Logic and GF to bring new process technologies to our Multi New York fab. This marks the first US availability of the silicon platform that supports clinical functions in upcoming Apple devices, including next-generation components used in face ID systems. GF is proud to be a founding partner in Apple's American manufacturing program. We see this as another step in a growing partnership and just one notable example of our onshoring value proposition.

對許多客戶而言，地理彈性不再是「有更好」，而是「必須具備」。因此，我們持續看到與在地化（onshoring）直接相關的客戶合作洽談與設計導入活動明顯增加。例如上個月，Apple宣布與（聽不清）Logic及GF展開共同合作，將新製程技術導入我們位於紐約州馬爾他（Malta）的晶圓廠。這標誌著該矽平台首次在美國供應，可支援即將推出的Apple裝置中的關鍵功能，包括用於Face ID系統的下一代元件。GF很榮幸成為Apple美國製造計畫的創始合作夥伴。我們將此視為雙方合作關係持續深化的又一步，也是我們在地化價值主張的一個重要例證。

We are not just partnering with customers to onshore semiconductor supply. We are also working closely with the governments of the US, Germany and Singapore. In the US in particular, support frameworks such as chips grants and investment tax credits are an important element to our long-term strategic roadmap, and we continue to deepen our partnership with the US government both for capacity growth as well as innovation and technology onshoring.

我們不僅與客戶合作推動半導體供應在地化。我們也正與美國、德國與新加坡政府密切合作。尤其在美國，晶片補助（CHIPS grants）與投資稅額抵減等支持架構，是我們長期策略藍圖的重要一環；我們也持續深化與美國政府的合作，涵蓋產能成長以及創新與技術在地化。

In summary, I'm deeply proud of our team's execution in this quarter, which advanced GF across all three strategic pillars. With our deep and differentiated technology portfolio, we are reaping the benefits of years of innovation. With our customer-first approach and design enablement capabilities, we remain the partner of choice. With our unique and diversified scaled manufacturing footprint, we are empowering the global onshoring megatrend. All of these place GF at the heart of the industry transformations to come.

總結來說，我對團隊本季的執行成果深感自豪，這些成果推動GF在三大策略支柱上全面前進。憑藉深厚且具差異化的技術組合，我們正收穫多年創新所帶來的成果。憑藉以客戶為先的方法與設計支援能力，我們仍是客戶首選的合作夥伴。憑藉獨特且多元化、具規模的製造版圖，我們正賦能全球在地化（onshoring）的大趨勢。這一切使GF站在即將到來的產業變革核心位置。

I'll now pass the call over to Sam for a deeper dive on first-quarter 2026 financials.

接下來我把電話交給Sam，請他更深入說明2026年第一季的財務表現。

Thank you, Tim. For the remainder of the call, including guidance other than revenue cash flow and net interest income, I will reference non-IFRS metrics. GF delivered strong results in the first quarter, with revenue in the high end of the guidance range and gross margin and operating margin well above the high end of the ranges. In particular, our gross margin achieved the first quarter record and grew over 500 basis points year over year, representing the biggest expansion in 3 years. This is testament to our team's execution and relentless focus on the structural levers driving GF sustained improvement in profitability, and we believe we're only in the early stages of this margin expansion opportunity.

謝謝你，Tim。在接下來的電話會議中，除營收、現金流與淨利息收入以外的指引項目，我將引用非IFRS衡量指標。GF在第一季交出強勁成果，營收落在指引區間的高端，而毛利率與營業利益率均明顯高於指引區間的高端。尤其是，我們的毛利率創下第一季新高紀錄，且年增超過500個基點，為三年來最大幅度的擴張。這證明了團隊的執行力，以及我們對推動GF獲利能力結構性改善之關鍵槓桿的持續專注；我們相信這項毛利率擴張的機會仍處於早期階段。

Before I go deeper into the financials, I'd like to take a moment to update you on some terminology changes to our revenue categorization. The acquisition of MIPS, closed in August 2025, as well as the announced acquisition of the Synopsys ARC, our key business, which we expect to close towards the end of the first half of 2026, are both helping to transform GF into a holistic technology solutions provider. As a result, we believe that non-wafer revenue no longer captures the broader reach of our customer offerings, which we expect to include an increasing proportion of revenue from IP, licensing and software over time.

在我更深入說明財務數據之前，我想先花點時間向各位更新我們營收分類中部分術語的變更。於 2025 年 8 月完成交割的 MIPS 收購案，以及已宣布、屬於我們核心業務、預計於 2026 年上半年末前後完成交割的 Synopsys ARC 收購案，兩者都在協助將 GF 轉型為全方位的技術解決方案供應商。因此，我們認為「非晶圓營收」已無法涵蓋我們客戶產品供應的更廣泛範疇；隨著時間推移，我們預期營收中來自 IP、授權與軟體的比重將持續提高。

Similarly, wafer revenue is evolving to capture our expanding manufacturing capabilities in custom silicon and advanced packaging, which we look forward to covering in more detail at our Investor Day on May 7. As a result, revenue previously referred to as wafer revenue will now be categorized as revenue from manufacturing services, and non-wafer revenue will now be categorized as revenue from technology services. We believe these categories better reflect the depth and breadth of our business model today and going forward.

同樣地，「晶圓營收」也正在演進，以反映我們在客製化矽晶與先進封裝方面不斷擴張的製造能力；我們也期待在 5 月 7 日的投資人日更詳細說明。因此，先前稱為「晶圓營收」的收入，將改歸類為「製造服務營收」；而「非晶圓營收」則將改歸類為「技術服務營收」。我們相信，這些分類能更貼切地反映我們當前以及未來的商業模式之深度與廣度。

Now, on to the results, we delivered first-quarter revenue of $1.634 billion, down 11% sequentially and up 3.1% year-over-year. We shipped approximately 579 300-millimeter equivalent wafers in the quarter, down 6% sequentially and up 7% from the prior year period. Revenue from manufacturing services accounted for approximately 87% of total revenue.

接著看本期業績，我們第一季營收為 16.34 億美元，較前一季下降 11%，較去年同期成長 3.1%。本季出貨約 57.9 萬片 300 毫米等效晶圓，較前一季下降 6%，較去年同期增加 7%。製造服務營收約占總營收的 87%。

Revenue from Technology Services, which includes revenue from IP, licensing, software, reticles, nonrecurring engineering, expedite fees and other items, accounted for approximately 13% of total revenue for the first quarter. Revenue upside in the quarter for Technology Services was driven by increased mask and reticles as we ramp customer tape-outs as well as consistent momentum from within IP licensing and software as we integrate the acquisition of MIPS. As the momentum and engagements with customers grow, we expect MIPS to contribute a greater proportion of our technology services revenue going forward at an accretive gross margin to our corporate objectives. All of these factors considered, we expect revenue from Technology Services to comprise a greater proportion of our total 2026 revenue, closer to the high end of our original 10% to 12% range. Our early traction here adds to our belief that the Technology Services portion of our business will be an important long-term driver of durable, high-quality, high-margin growth.

技術服務營收（包含 IP、授權、軟體、光罩、掩模版、一次性工程費用、加急費及其他項目）在第一季約占總營收的 13%。本季技術服務營收的上行主要來自掩模與光罩增加，因我們正推進客戶 tape-out 的放量；同時，隨著我們整合 MIPS 收購案，IP 授權與軟體亦持續展現穩健動能。隨著客戶動能與合作案增加，我們預期 MIPS 未來將在技術服務營收中占更高比重，且其毛利率將對公司整體目標具增益效果。綜合以上因素，我們預期 2026 年技術服務營收將占我們總營收更高比重，接近原先 10% 至 12% 區間的高端。我們在此領域的早期進展，進一步強化我們的看法：技術服務將成為公司長期、可持續的高品質高毛利成長的重要驅動力。

Let me now provide an update on our revenue and outlook by end markets. Communications infrastructure and data center represented approximately 14% of first quarter total revenue and increased 2% sequentially and 32% year over year. This marked the sixth consecutive quarter of double-digit percentage year over year growth for communications infrastructure and data center. Within this end market, silicon photonics drove robust growth in the first quarter and remains on track to roughly double in 2026 compared to 2025.

接下來我將就終端市場別，更新我們的營收表現與展望。通訊基礎設施與資料中心約占第一季總營收的 14%，較前一季成長 2%，較去年同期成長 32%。這也標誌著通訊基礎設施與資料中心已連續第六季達成兩位數的年增率。在此終端市場中，矽光子於第一季帶動強勁成長，且仍按計畫在 2026 年相較 2025 年約翻倍。

In line with our expectations, we saw a healthy revenue contribution from Advanced Micro Foundry, which GF acquired in November of last year. The integration is progressing well as we expand our photonics capabilities at the Jeff Science Park. Combining GF's significant scale in Singapore with AMF's complementary customer base and pluggable photonics solutions for scale across networks has expanded our customer momentum in this rapidly growing market. This acquisition is already gross margin accretive to GF, and we expect to realize even greater growth and profitability tailwinds in the coming years. For these reasons, we now expect to achieve high 30s percent year-over-year revenue growth in our communications infrastructure and data center end market in 2026, up from our expectations a quarter ago of approximately 30% year-over-year growth.

符合我們的預期，我們看到 Advanced Micro Foundry（GF 於去年 11 月收購）帶來健康的營收貢獻。隨著我們在 Jeff Science Park 擴充光子能力，整合進展順利。結合 GF 在新加坡的顯著規模、AMF 互補的客戶基礎，以及可插拔式光子解決方案在網路規模化部署上的優勢，已在這個快速成長的市場中擴大我們的客戶動能。此收購案已對 GF 的毛利率具增益效果，我們預期未來幾年將實現更強的成長與獲利順風。基於上述原因，我們目前預期 2026 年通訊基礎設施與資料中心終端市場的營收年增率可達 30% 後段（high 30s），高於我們一季前約 30% 年增的預期。

Automotive represented approximately 23% of first quarter total revenue. Automotive revenue decreased 11% sequentially off a strong fourth quarter and increased 24% year over year. In addition to our strong customer share in automotive microcontrollers, we are in the early stage of revenue ramps as a result of our accumulated design wins in smart sensors and networking as well as vehicle infrastructure. We are continuing to diversify our offerings to the automotive end market by ramping newly secured sockets in applications such as camera, ethernet, radar and power. It is our differentiated technology and disciplined execution that we believe is enabling GF to capture the growing automotive semiconductor content opportunity and outperform peers in this end market.

車用約占第一季總營收的 23%。車用營收在第四季強勁基期下，較前一季下降 11%，但較去年同期成長 24%。除我們在車用微控制器具備強勁市占外，受惠於我們在智慧感測器、網路連結以及車輛基礎設施等領域累積的設計導入（design wins），目前正處於營收放量的早期階段。我們也持續透過放量新取得的設計案（sockets），在相機、乙太網路、雷達與電源等應用中，進一步多元化車用終端市場的產品供應。我們認為，正是我們差異化的技術與嚴謹的執行力，使 GF 能掌握車用半導體含量提升的成長機會，並在此終端市場優於同業。

As a result, we expect Automotive revenue to deliver low double-digit growth in 2026. Its sixth consecutive year of double-digit percentage growth. Smart mobile devices represented approximately 34% of first quarter total revenue and declined 15% sequentially and 5% from the prior year period. Current industry forecasts for overall smartphone units in 2026 indicate a low double-digit percentage year-over-year decline. With approximately 2/3 of our revenue in this end market driven by premium handsets, we expect to see a more contained impact from memory pricing dynamics compared to the broader industry.

因此，我們預期 2026 年車用營收將實現低兩位數成長。這將是其連續第六年達成兩位數年增。智慧行動裝置約占第一季總營收的 34%，較前一季下降 15%，較去年同期下降 5%。目前產業對 2026 年整體智慧型手機出貨量的預測顯示，年減幅度為低兩位數百分比。由於我們在此終端市場約 2/3 的營收來自高階機種，相較於整體產業，我們預期記憶體價格動態帶來的影響將更為可控。

As such, we expect revenue from smart mobile devices in 2026 to slightly outperform the overall smartphone market, with an expected decline in the high single-digits percentage. Beyond the near-term dynamics, we expect smart mobile devices to gradually benefit from the growth of new AI-powered form factors, such as smart glasses, hearables and wearables where we have nascent growing traction and design wins with our customers.

因此，我們預期 2026 年智慧行動裝置營收將略優於整體智慧型手機市場，預估降幅為高個位數百分比。除短期動態外，我們預期智慧行動裝置將逐步受惠於新型 AI 驅動的產品形態成長，例如智慧眼鏡、耳戴式裝置（hearables）與穿戴式裝置；在這些領域，我們已與客戶取得初步且持續增長的進展與設計導入。

Finally, home and industrial IoT represented approximately 16% of first quarter total revenue and decreased 16% sequentially and 22% year-over-year. The decline in revenue from this end market in the first quarter was principally driven by the timing of certain customer shipments, a temporary impact, which we expect to reverse in the second quarter. Importantly, we continue to expect 2026 to be a growth year for IoT, driven by the normalization of core industrial customer inventory as well as the production ramp of new applications in the second half of 2026, which we believe should contribute to a healthy growth of mid-single-digit percentage year over year.

最後，家用與工業 IoT 約占第一季總營收的 16%，較前一季下降 16%，較去年同期下降 22%。第一季該終端市場營收下滑主要由部分客戶出貨時點所致，屬於暫時性影響，我們預期將在第二季反轉。更重要的是，我們仍預期 2026 年將是 IoT 的成長年度，動能來自核心工業客戶庫存正常化，以及 2026 年下半年新應用的量產放量；我們認為這將帶動健康的年增率，約為中個位數百分比。

Beyond 2026, we expect this end market to be one of the primary beneficiaries of the burgeoning physical AI revolution and serviceable addressable market expansion, where our technology platforms and solutions are well suited to enable devices to sense, think, act and communicate.

展望 2026 年之後，我們預期此終端市場將成為蓬勃發展的實體 AI 革命與可服務市場（serviceable addressable market）擴張的主要受益者之一；我們的技術平台與解決方案非常適合用來賦能裝置進行感知、思考、行動與通訊。

In summary, we believe GF's strong secular growth drivers, including meaningful upside from our recent acquisitions will help offset smart mobile devices in 2026. As continued growth across the other end markets we serve, expand as a percentage of revenue. These strategic actions are also intended to accelerate our targeted mix shift towards margin accretive high-value growth markets and applications. We believe the result over time will be a more durable, more resilient, more profitable business.

總結而言，我們相信 GF 強勁的長期結構性成長驅動因素（包括近期收購案帶來的顯著上行空間）將有助於在 2026 年抵銷智慧行動裝置的影響。同時，我們所服務的其他終端市場持續成長，其營收占比也將進一步提升。這些策略性行動亦旨在加速我們朝向具毛利率增益的高價值成長市場與應用的目標產品組合轉移。我們相信，長期而言，其結果將是更持久、更具韌性、且更高獲利能力的企業。

In the first quarter, we delivered gross profit of $474 million, which translates into approximately 29% gross margin, above the high end of the guidance range and up 510 basis points year over year. First quarter saw the largest year-over-year expansion of gross margin in over three years. R&D for the quarter was $114 million, and SG&A was $89 million. Total operating expenses of $203 million, were up 4% quarter-over-quarter and represented approximately 12% of total revenue.

第一季我們的毛利為 4.74 億美元，約當 29% 毛利率，高於指引區間上緣，且較去年同期提升 510 個基點。第一季也創下三年多來最大的毛利率年增擴張幅度。本季研發費用為 1.14 億美元，銷售、一般及行政費用（SG&A）為 8,900 萬美元。營業費用合計 2.03 億美元，較前一季增加 4%，約占總營收的 12%。

We delivered operating profit of $271 million for the quarter and an operating margin of 16.6%, above the high end of our guided range and up 320 basis points from the prior year period. First quarter net interest income, net of other expenses, was $5 million, and we incurred tax expense of $49 million in the quarter. We delivered first quarter net income of approximately $227 million, an increase of approximately $38 million from the prior year period. Diluted earnings of $0.40 per share was at the high end of the guidance range based on a free diluted share count of approximately 561 million shares.

本季我們達成營業利益2.71億美元，營業利益率為16.6%，高於我們指引區間的上緣，且較去年同期提升320個基點。第一季淨利息收入（扣除其他費用後）為500萬美元，本季我們認列所得稅費用4,900萬美元。第一季淨利約為2.27億美元，較去年同期增加約3,800萬美元。以約5.61億股的自由稀釋後股數計算，稀釋後每股盈餘0.40美元落在指引區間的上緣。

Let me now provide some key cash flow and balance sheet metrics. Cash flow from operations for the first quarter was $542 million. First quarter CapEx net of proceeds from government grants was $309 million, or roughly 19% of revenue. Adjusted free cash flow for the quarter was $233 million, which represented an adjusted free cash flow margin of approximately 14% in the quarter. This outcome was principally driven by favorable working capital movements in the first quarter, which we expect to reverse in the second quarter. At the end of the first quarter, our combined total of cash, cash equivalents and marketable securities, stood at approximately $3.8 billion.

接下來我提供一些關鍵的現金流與資產負債表指標。第一季營運活動現金流為5.42億美元。第一季資本支出（CapEx）扣除政府補助款入帳後為3.09億美元，約占營收19%。本季調整後自由現金流為2.33億美元，代表本季調整後自由現金流利潤率約14%。此結果主要受第一季有利的營運資金變動所驅動，我們預期將於第二季反轉。第一季末，我們的現金、約當現金及有價證券合計約為38億美元。

Our total debt was $1.1 billion, and we also have a $1 billion revolving credit facility, which remains undrawn. In the first quarter of 2026, we repurchased $400 million of shares of the $500 million share repurchase authorization approved by our Board of Directors, approximately $100 million remains, and we remain flexible with the deployment of the remaining authorized amount.

我們的總負債為11億美元，另有一筆10億美元的循環信用額度，目前仍未動用。在2026年第一季，我們回購了董事會核准之5億美元庫藏股回購授權中的4億美元，尚餘約1億美元，我們在運用剩餘核准額度方面仍保持彈性。

Capital allocation, planning and decisions remain tightly linked to visibility, returns and balance sheet resilience. As we move through 2026, our focus remains consistent, disciplined capacity investments structurally improving margins and cash generation aligned with returns. We will continue to drive momentum in areas that we can control and deliberate in how we allocate capital.

資本配置、規劃與決策仍與能見度、報酬以及資產負債表韌性緊密連結。隨著我們邁入2026年，我們的重點仍一致：以紀律性的產能投資，結構性改善利潤率與現金創造能力，並與報酬相一致。我們將持續推動我們可控領域的動能，並審慎地進行資本配置。

Next, let me provide you with our outlook for the second quarter of 2026. We expect total GF revenue to be $1.76 billion, plus or minus $25 million. We expect gross margin to be approximately 28.5%, plus or minus 100 basis points, which at the midpoint reflects over 300 basis points of year-over-year gross margin expansion. Excluding share-based compensation, we expect total operating expenses to be $225 million, plus or minus $10 million. We are ramping R&D programs in the second half of 2026 to strengthen our technology differentiation and accelerate our roadmap in secular growth areas, such as custom silicon, silicon photonics and advanced packaging.

接下來，我提供2026年第二季展望。我們預期GF總營收為17.6億美元，上下浮動2,500萬美元。我們預期毛利率約為28.5%，上下浮動100個基點；以中位數計算，代表年增毛利率擴張超過300個基點。排除股份基礎給付後，我們預期總營業費用為2.25億美元，上下浮動1,000萬美元。我們將在2026年下半年加速研發（R&D）計畫，以強化技術差異化，並在客製化矽晶片、矽光子與先進封裝等長期成長領域加快產品藍圖推進。

Taking into account these investments into R&D and the expected close of the Synopsys ARC IP business acquisition towards the end of the first half of 2026, we expect to maintain a similar quarterly operating expense run rate in the second half of 2026, as indicated in our second quarter guidance. We expect operating margin to be in the range of 15.7%, plus or minus 180 basis points. At the midpoint of our guidance, we expect share-based compensation to be approximately $71 million, of which roughly $19 million is related to cost of goods sold. We expect net interest and other for the quarter to be between negative $6 million and $2 million and income tax expense to be between $28 million and $48 million.

考量這些研發投資，以及預期於2026年上半年末完成對Synopsys ARC IP業務的收購，我們預期在2026年下半年維持與第二季指引所示相近的季度營業費用水準。我們預期營業利益率介於15.7%，上下浮動180個基點。以指引中位數計算，我們預期股份基礎給付約為7,100萬美元，其中約1,900萬美元與銷貨成本相關。我們預期本季淨利息及其他項目介於負600萬美元至正200萬美元之間，所得稅費用介於2,800萬美元至4,800萬美元之間。

Based on the tax environments across the jurisdictions we operate in, we continue to expect an effective tax rate in the high teens percentage range for the full year of 2026. Based on a fully diluted share count of approximately 555 million shares, we expect diluted earnings per share for the first quarter to be $0.43, plus or minus $0.05.

基於我們營運所在各司法管轄區的稅務環境，我們仍預期2026年全年有效稅率落在十幾個百分點的高端區間。以約5.55億股的完全稀釋後股數計算，我們預期第一季稀釋後每股盈餘為0.43美元，上下浮動0.05美元。

Given the timing of tool delivery windows in order to meet forecast customer demand in critical growth corridors as well as the timing of government grants, we expect net CapEx to increase in the second quarter. For the full year 2026, we continue to expect non-IFRS net CapEx to be in the range of 15% to 20% of revenue. Our CapEx strategy continues to align the sizing and timing of our investments with customer demand while scaling our footprint efficiently. Over the last few years, we have seen notable increases in customer demand for incremental capacity in high-growth technology corridors such as silicon photonics, FDX and high-performance SiGe.

鑑於為滿足關鍵成長走廊的預測客戶需求而安排的設備交付時程窗口，以及政府補助款時點，我們預期第二季淨資本支出將增加。對於2026年全年，我們仍預期非IFRS口徑的淨資本支出約占營收15%至20%。我們的資本支出策略持續使投資規模與時點與客戶需求一致，同時有效率地擴大我們的據點規模。過去幾年，我們看到客戶對於在矽光子、FDX與高效能SiGe等高成長技術走廊的增量產能需求顯著增加。

In order to unlock sustainable accretive revenue growth, we are expanding capacity in these areas to support the strong demand signals from our customers. Critically, these targeted CapEx investments are supported by robust partnerships with both customers and governments. As a result, we expect that the next wave of capacity investments will be accompanied by customer prepayments in addition to meaningful government grant and tax incentive frameworks in all of the geographies we serve. Even with greater investment in enabling capacity in these key growth technology corridors, we continue to expect adjusted free cash flow margin of approximately 10% for the full-year 2026 with a skew towards the second half.

為了釋放可持續且具增益的營收成長，我們正擴充這些領域的產能，以支撐客戶釋出的強勁需求訊號。關鍵在於，這些具針對性的資本支出投資，獲得客戶與政府雙方強健的合作夥伴關係支持。因此，我們預期下一波產能投資將伴隨客戶預付款，並在我們服務的所有地區同時獲得具實質意義的政府補助與租稅優惠架構。即使在這些關鍵成長技術走廊加大使能產能的投資，我們仍預期2026年全年調整後自由現金流利潤率約為10%，且偏向下半年較高。

In summary, I'm grateful for our team's excellent execution this quarter and the strong progress we are making towards our long-term strategic objectives, which are reflected in our financial performance. We believe GF is at a definitive inflection point where years of preparation have positioned us well to capitalize on the secular megatrends defining our industry, and we very much look forward to sharing more details with you all at our Investor Day on May 7.

總結來說，我感謝團隊本季出色的執行力，以及我們朝長期策略目標所取得的強勁進展，這些都反映在我們的財務表現上。我們相信GF正處於明確的轉折點，多年的準備使我們具備良好條件，得以把握定義本產業的長期結構性巨趨勢；我們也非常期待在5月7日的投資人日與各位分享更多細節。

With that, let's open the call to Q&A. Operator?

接下來，我們開放問答。接線員？

(Operator Instructions) Harlan Sur, JPMorgan.

(接線員指示) JPMorgan的Harlan Sur。

Congrats on the solid quarterly execution. Industry demand trends, even over the past 90 days, have accelerated, especially in areas like AI and data center where cloud and hyperscale spending continues strong. In non-AI segments, we're seeing this broad cyclical recovery profile. And then on the supply side, advanced all manufacturers are actually cutting their specialty mature capacity. And your competitors in specialty and differentiated are signaling wafer pricing increases starting in the second half of this year.

恭喜本季穩健的執行表現。產業需求趨勢即使在過去90天也加速，特別是在AI與資料中心等領域，雲端與超大規模業者的支出仍然強勁。在非AI的區塊，我們看到更廣泛的循環復甦態勢。而在供給端，先進製造商其實都在削減其特殊製程的成熟產能。你們在特殊製程與差異化領域的競爭對手也在釋出訊號，表示從今年下半年開始晶圓價格將上調。

I know the team had previously talked about a stable pricing environment this year. But just given the tight supply outlook, continued focus on supply chain resiliency, as you guys had outlined, how should we think about your pricing profile as you move to the second half and for the full year?

我知道團隊先前談到今年的定價環境將保持穩定。但考量供給前景吃緊，以及你們所提到持續聚焦供應鏈韌性，當你們進入下半年以及看全年時，我們應該如何看待你們的定價走勢？

Yes. Thank you for the question, Harlan. I think the way you can think about it is differently for different parts of the portfolio. Obviously, there's a part of our portfolio that prices on a very long-term basis. That's been stable for several years now and continues to be stable going forward.

是的。謝謝你的提問，Harlan。我認為可以用「投資組合不同部分、看法不同」來理解。很明顯，我們投資組合中有一部分是以非常長期的基礎來定價。那部分過去幾年一直很穩定，未來也將持續穩定。

There is a component, a smaller component of the portfolio, the prices over a more short-term dynamic. And exactly, as you said, both the supply and demand dynamics there are more favorable from a pricing perspective. And consistent with peers, consistent with even many of our customers, we will implement price adjustments on that part of the portfolio. You can imagine those kicking in towards the back end of 2026 and obviously flowing into 2027.

另外有一個部分，是投資組合中較小的一部分，其定價更偏向短期動態。正如你所說，那部分的供需動態在定價面更為有利。並且與同業一致、甚至與我們許多客戶一致，我們將對那部分投資組合實施價格調整。你可以想像，這些調整將在2026年後段開始生效，並且延續到2027年。

I'll also add that for part of our portfolio where we are, capacity constrained, where demand is stronger, we're also having conversations with customers, not just about pricing but also about advanced payments to secure capacity as we accelerate our CapEx investments in those tight corridors such as FDX, silicon photonics, high-performance silicon germanium. Those customer discussions are very constructive.

我也補充一下，就我們投資組合中目前產能受限、需求更強的那一部分而言，我們也正在與客戶進行討論，不僅是關於定價，也包括為了在我們加速於那些緊俏走廊（例如 FDX、矽光子、高效能矽鍺）進行資本支出（CapEx）投資時確保產能，而採取預付款安排。這些與客戶的討論非常具建設性。

Appreciate that. And gross margins came in 200 basis points better than guidance. MIPS was such a factor, right, your higher gross margin segments like CID, auto, technology services did better on a sequential basis. And for the last question, on industry supply tightness, it looks like the team potentially also benefited from sustained or increasing utilization. But maybe you could just help us understand puts and takes around gross margins Q1, during Q2? And then given the better demand mix, pricing outlook, how should we think about gross margin trajectory as you move through the second half of the year? Could we see the team, as we end the year, closer to the 33%, 35% range?

了解，謝謝。而且毛利率比指引高出 200 個基點。MIPS 是一個重要因素，對吧，你們毛利率較高的部門，例如 CID、汽車、技術服務，按季表現更好。最後一個問題，關於產業供應緊張，看起來團隊可能也受惠於持續或提高的產能利用率。但也許你們可以幫我們理解一下第一季毛利率在第二季期間的各項拉動與抵銷因素？另外，考量較佳的需求組合與定價展望，當你們進入下半年時，我們應該如何看待毛利率走勢？到年底時，團隊是否可能更接近 33%～35% 的區間？

Harlan, it's Sam here. I'll provide you a little bit of color there. Obviously, we're very encouraged by where we're seeing the structural improvements within our gross margin profile, and this has been a trend which has been continuing for last couple of quarters now. Obviously, if you look at things from a year-over-year basis, roughly 3% of revenue growth but 510 basis points of gross margin. And so this is something we've been positioning for several years.

Harlan，我是 Sam。我來補充一些背景說明。顯然，我們對毛利率結構性改善的進展感到非常振奮，而這個趨勢在過去幾個季度持續延續。很明顯地，若以年對年來看，營收大約成長 3%，但毛利率提升了 510 個基點。因此，這是我們多年來一直在布局的方向。

These types of structural levers don't happen overnight, and they really focus across several areas in the business, namely productivity cost continuing, as Tim said, to optimize our footprint from a technology point of view. And mix obviously really matters as well.

這類結構性槓桿不會一夕之間發生，而是聚焦在業務的多個面向，主要包括生產力與成本的持續改善，以及如 Tim 所說，從技術角度持續優化我們的產能/據點布局（footprint）。此外，產品/業務組合（mix）當然也非常重要。

If I touch specifically on the first quarter and bridge you a little bit from last year. The single biggest driver there was mix and mix falls into two categories. It's the mix as it relates to our manufacturing services, and it's the mix as it relates to our technology services. And you called it out in part of your question, which is the relative strength of the growth that we've seen within those rich mix environments from, say, for example, a communications infrastructure and data center point of view, which generally falls through at a very high margin relative to our corporate objectives. And the same is true for the likes of automotive.

如果我具體談第一季，並把你從去年做一點銜接。其中最大的驅動因素是組合，而組合可分為兩類。一是與我們製造服務（manufacturing services）相關的組合，二是與我們技術服務（technology services）相關的組合。你在問題中也提到了部分重點，也就是我們在高價值組合環境中的相對強勁成長，例如從通訊基礎設施與資料中心的角度來看，這些通常相較於公司目標能帶來非常高的毛利率貢獻。汽車領域也是同樣的情況。

So that's a contribution from manufacturing services, high rich mix has been important. And I'd say as well, from a revenue from technology services perspective, that's continued to trend actually in the first quarter, above the high end of the range, that we indicated. We expect it to be at around 12%. We ended up coming in at 13% of revenue. And part of that is related to the increased contribution we're seeing from the likes of mix and our capabilities in that arena.

因此，來自製造服務的貢獻中，高價值組合一直很重要。另外，從技術服務的營收角度來看，第一季其實也持續走強，甚至高於我們先前所指引區間的上緣。我們原本預期約為 12%。實際結果是占營收 13%。其中一部分與我們在該領域所看到的組合提升以及能力貢獻增加有關。

But I'd say that was factored into our guidance. We did see some stronger mask and (inaudible) related revenue within technology services in the first quarter as well. And particularly in the aerospace and defense sector as well, and that falls through at a relatively attractive margin as well.

不過我想說，這些其實已經反映在我們的指引之中。第一季我們也看到技術服務中，與光罩（mask）及（聽不清）相關的營收更強。尤其是在航太與國防領域也是如此，而這部分的毛利率貢獻也相對具有吸引力。

So we're quite encouraged from that perspective. I'd say the other dynamic outside of mix is really from a cost perspective. And the teams have been focusing maniacally on driving cost and productivity improvements. actually, as it relates to the 200 basis points that you referenced in the quarter, about 1 point of that came through cost synergies that we've been driving from our acquisition of Advanced Micro Foundry in Singapore. So that came in certainly more favorable from the perspective of where we were at about 90 days ago. So you take that combination of richer mix, technology services, favorability from the acquisition when we made (inaudible), that kind of bridges you to that 200 basis points of outperformance we had relative to the midpoint of our guidance.

因此從這個角度來看，我們相當受到鼓舞。我想除了組合之外，另一個動態主要來自成本面。團隊一直非常專注地推動成本與生產力改善。實際上，就你提到本季高出指引的 200 個基點而言，其中約 1 個百分點來自我們在新加坡收購 Advanced Micro Foundry 所推動的成本綜效。因此，相較於大約 90 天前我們的預期，這確實更為有利。綜合較佳的高價值組合、技術服務，以及收購帶來的有利因素（我們做了（聽不清）），就能把你連結到相較於指引中點我們多出來的那 200 個基點表現。

I think if I fast forward a little bit to take you into where we're looking at the guidance from the second quarter perspective and how we think about things for the remainder of the year, look, I'd like to focus a little bit on the year-over-year story here because I think it really matters in terms of that structural evolution that we're seeing. At the midpoint of our guidance range, that implies about 330 basis points of year-over-year margin growth.

如果我稍微往前看，帶你看第二季指引以及我們如何看待今年剩餘時間，我想把焦點放在年對年的故事上，因為就我們所看到的結構性演進而言，這點非常重要。以我們指引區間的中點來看，意味著毛利率年對年大約提升 330 個基點。

But if you take the revenue we delivered in the second quarter of last year, $1.688 billion, we delivered gross profit of about $425 million in the second quarter of last year. And then you compare that through to midpoint of our revenue guide for the second quarter at $1.76 billion and you take that 28.5% midpoint of the range, that implies about $500 million of gross profit delta, which actually corresponds almost fully to the revenue delta. So what you're seeing is a very meaningful pull-through from that increase in revenue relative to the year-over-year margin story there as well.

但如果你看去年第二季我們交付的營收是 16.88 億美元，去年第二季的毛利約為 4.25 億美元。再對比我們今年第二季營收指引中點 17.6 億美元，並採用區間中點 28.5% 的毛利率，這意味著毛利增量約 5,000 萬美元，而這幾乎完全對應到營收增量。因此你看到的是，相對於年對年毛利率的敘事，營收增加帶來非常顯著的毛利穿透（pull-through）。

Now just on a couple of the -- if you like, the pace as it relates to second quarter and how we're thinking about some of the rest of the year. Look, it would be remiss of us not to be thinking around how the conflict in the Middle East impact supply chain and how we proactively drive our supply chain planning decisions around that. And we've taken some very proactive steps in the first quarter to make sure that we're shoring up our supplies of key gas and cans like helium, hydrogen, sulfur.

接著談幾點——如果你願意的話——關於第二季的節奏，以及我們如何思考今年其餘時間。坦白說，我們不能不去思考中東衝突對供應鏈的影響，以及我們如何據此主動推動供應鏈規劃決策。我們在第一季已採取一些非常主動的措施，以確保關鍵氣體與罐裝供應（cans），例如氦氣、氫氣、硫等的供應穩固。

So making sure we have that supply chain security is key. Obviously, that comes with some incremental costs that we forecasted at the beginning of the year prior to this conflict. So expectation is that, that probably has about a 0.5 point of margin impact for each quarter as we go through the rest of 2026. But all said and done, we're quite pleased with the continued year-over-year margin trajectory that we're seeing.

因此，確保供應鏈安全至關重要。顯然，這會帶來一些增量成本，而這些成本其實在衝突發生前、我們年初做預測時就已納入。因此預期在 2026 年剩餘各季度中，這大概會對每一季毛利率造成約 0.5 個百分點的影響。但總體而言，我們對目前所看到的毛利率年對年持續改善軌跡感到相當滿意。

Vivek Arya, Bank of America.

Vivek Arya，美國銀行（Bank of America）。

For the first one, I'm curious, how are you benchmarking your growth in comms infrastructure and data center? Because when I look at a lot of your analog peers or some of the optical customers or AI in general, they're all growing anywhere between 50% to 100%. So high 30% growth is impressive, but how do you know whether you are gaining or losing share relative to the growth rate? Like, are those growth rates representative of what the industry is growing, or am I comparing Apples store in this year?

第一個問題，我很好奇，你們如何衡量自己在通訊基礎設施與資料中心的成長表現？因為當我看你們許多類比同業、一些光學客戶或整體 AI 相關領域時，他們的成長大多在 50% 到 100% 之間。所以 30% 後段的成長很亮眼，但你們如何判斷相對於該成長率，你們是在取得市占還是在流失市占？例如，這些成長率是否代表產業整體的成長，還是我把今年的蘋果（Apples）拿去跟（聽不清）相比？

Yes. Thanks for the question, Vivek. I'd say the following. Remember, our CID market considered 3 kind of big drivers. Silicon photonics, we've talked about already approximately doubling year-on-year.

是的。謝謝你的問題，Vivek。我想說的是：請記得，我們的 CID 市場主要有三個大的驅動因素。矽光子我們已經談過了，年對年大約翻倍。

We think that is definitely growing in line with the industry. Trends and the rollouts, and we even see further acceleration to follow as we launch new products like Gale that we announced earlier this week. Our high-performance silicon germanium equally exhibiting very, very strong year-on-year growth (inaudible) networking we're seeing a very good story. Also in the CID mix, and that continues to grow very sort of solidly as we see rollout of more (inaudible) capacity and the scale of terminals. So we look at it on a kind of end market, submarket basis. And in those cases, we don't see share loss. In fact, we see a share gain in many of those cases.

我們認為這確實是隨著產業同步成長。趨勢與推進部署方面，而且隨著我們推出本週稍早宣布的 Gale 等新產品，我們甚至看到後續還會進一步加速。我們的高效能矽鍺（SiGe）同樣展現非常、非常強勁的年對年成長，（聽不清）在網路領域我們看到非常好的發展態勢。另外在 CID 組合中也一樣，隨著更多（聽不清）產能的部署以及終端規模擴大，這部分持續相當穩健地成長。因此我們會以終端市場、次市場的角度來看。在那些情況下，我們沒有看到市占流失。事實上，在許多情況下我們看到市占提升。

Do you have a follow-up, Vivek?

Vivek，你有追問嗎？

Yes. Second question is kind of another follow-up on pricing and revenue per wafer. So when the year started, what did you assume for the pricing environment? And what is it now? And then I know I'm focusing on just one metric, but revenue per wafer that continues to decline.

有。第二個問題算是另一個關於定價與每片晶圓營收的追問。所以在今年年初，你們對定價環境的假設是什麼？現在又是什麼情況？另外我知道我只聚焦在單一指標，但每片晶圓營收仍在持續下滑。

And I imagine that's probably because of mix or other factors. But I would just appreciate your perspective on how are you thinking about industry pricing now versus before? And is your revenue per wafer, what does it -- what should it indicate to us because it has continued to decline.

我想那可能是因為產品組合或其他因素。但我想請你們分享一下，你們現在對產業定價的看法，相較於之前有何不同？以及你們的每片晶圓營收——它應該向我們傳達什麼訊息，因為它一直在下降。

Sure, Vivek, I'll take that. And obviously, Tim gave a little bit of color as part of the last question in terms of how we see the broader pricing environment, particularly in the context of some of those supply/demand constraints that we've seen. Look, I'd say one important point to remember around how we think about pricing is that within wafer pricing, we also have what used to be the underutilization payments that flowed through associated with some of those long-term agreements. That is largely in the rearview mirror. And in fact, we were still getting some of those in the first quarter of 2025. And so when you think about it from a year-over-year comparison basis, there is a little bit of fallout from that ASP perspective.

當然，Vivek，我來回答。而且很明顯，Tim 在上一題中已就我們如何看待更廣泛的定價環境提供了一些補充，特別是在我們看到的一些供需限制背景下。我想，有一個關鍵點要記得：在晶圓定價之中，也包含過去在某些長期合約下所收取、會流入損益的產能未充分利用（underutilization）補償款。那部分基本上已經成為過去式。事實上，我們在 2025 年第一季仍然還有收到其中一部分。因此，若以年對年比較來看，從 ASP（平均售價）的角度會有一些因為該項目消退所造成的影響。

The important point, and you touched on mix, which is the right way to think about it, but the way we think about pricing is really the contribution from a margin perspective. And at the start of the year, we viewed the broader pricing environment is certainly more constructive than it was in 2025.

重點在於——你也提到了產品組合，這是正確的思考方式——但我們看待定價的方式，其實是從毛利貢獻的角度來看。而在年初時，我們認為整體定價環境確實比 2025 年更具建設性。

And actually, as we've gone through first quarter, particularly where we see space constraints on some of our core technology corridors, we remain (inaudible) view that it is not only constructive in some of those, but favorable tailwinds in some of those technology corridors. So from a year-over-year comparison basis and going forward, I would say that the key focus is really around the margin structure that we're seeing pull through rather than just the stand-alone pricing. I hope that helps.

而且實際上，隨著我們走過第一季，特別是在我們某些核心技術走廊看到產能空間受限的地方，我們仍然（聽不清）認為不僅是具建設性，在其中一些技術走廊甚至有利的順風。因此，從年對年比較以及往前看的角度，我會說關鍵焦點其實是我們看到的毛利結構如何反映出來，而不只是單獨看價格本身。希望這有幫助。

CJ Muse, Cantor Fitzgerald.

CJ Muse，Cantor Fitzgerald。

I guess first question was to focus on technology services. Obviously, you're rebranding changes in mix. Would love to hear how we should think about the growth trajectory here beyond calendar '26. Is there a framework that we should be thinking about, particularly as Synopsys ARC closes at the end of Q in the first half of 2026 and your expectations around MIPS and other contributors?

我想第一個問題想聚焦在技術服務（technology services）。顯然你們正在做品牌重塑、組合也在改變。很想聽聽我們應該如何看待 2026 年曆年之後的成長軌跡。是否有一個我們應該採用的分析框架，特別是考量到 Synopsys ARC 預計在 2026 年上半年、該季末完成交割，以及你們對 MIPS 與其他貢獻來源的預期？

Yes. Thank you, CJ. Maybe I'll start with just kind of winding back on why we've made this (inaudible) change, and it really reflects the evolution of our strategy. So we renamed wafer revenue to manufacturing services, and that's because more and more of our end products we delivered in different form factors. And if you take our announcement earlier this week on the optical engine, that's much more than wafer. That's an integrated module. And we'll see more and more of that across our portfolio. So it felt more appropriate to describe that as manufacturing services.

是的。謝謝你，CJ。我先從我們為什麼做這個（聽不清）調整稍微回顧一下，這其實反映了我們策略的演進。我們把 wafer revenue（晶圓營收）更名為 manufacturing services（製造服務），因為我們交付的終端產品越來越多是以不同的外形規格（form factors）呈現。如果你看我們本週稍早對光學引擎的公告，那就不只是晶圓。那是一個整合式模組。而且我們會在整個產品組合中看到越來越多這樣的情況。因此，用「製造服務」來描述會更貼切。

In the technology services bucket, which you asked about, that's also growing. What that used to represent is really just a complement to the wafer revenue, the mass, the reticles, the NRE that went along with it. But with some of the acquisitions we've made, we increasingly see areas like IP, software in some of that customization and value-add services that really enable us to work more deeply with our customers.

至於你問到的技術服務項目，那也在成長。過去它主要是對晶圓營收的補充，包含光罩（masks）、掩模版（reticles）、以及隨之而來的 NRE（一次性工程費用）。但隨著我們做的一些併購，我們越來越看到像是 IP、軟體，以及部分客製化與加值服務等領域，這些能讓我們與客戶進行更深度的合作。

I'll let Sam talk about how that range will trend over time. Obviously, we see increased growth based on the acquisitions that we've made.

我讓 Sam 來談談這個區間隨時間的趨勢。很明顯，基於我們所做的併購，我們看到成長會增加。

Sure. Thanks, Tim. And, CJ, we're definitely going to dive more into this as part of the day when we get together on Thursday. So I won't review too much. But to Tim's point, putting all of that together in terms of the composition of revenue from technology services, you'll recall that we used to guide that to the neighborhood of sort of 8% to 10%, we were typically around that 10% midpoint.

好的。謝謝，Tim。CJ，我們一定會在週四大家聚在一起的那天更深入談這部分。所以我不會講太多。但呼應 Tim 的觀點，把技術服務營收的構成整體放在一起看，你會記得我們過去的指引大約是 8% 到 10% 的區間，通常落在約 10% 的中位數附近。

And as we've seen this evolution and the increase in complementary services within our technology service, our expectation is that our trends will go to the high end of the 10% to 12% range that we indicated at the start of this year. And obviously, we're in the early innings of integrating MIPS, and we haven't yet reach close on the Synopsys ARC IP business. But again, as we ramp those over time and as we create more offerings for our customers, in the IP, the software, the custom silicon solutions, we'd expect that to drive incremental growth over time.

而隨著這樣的演進，以及我們技術服務中互補性服務的增加，我們預期趨勢會走向我們在今年年初所指出的 10% 到 12% 區間的高端。當然，我們仍在整合 MIPS 的早期階段，而且 Synopsys ARC 的 IP 業務也尚未完成交割。但同樣地，隨著我們逐步放量，以及為客戶打造更多在 IP、軟體、客製化矽解決方案方面的產品供給，我們預期這會在時間推移下帶來額外的增量成長。

Very helpful. And I guess as a follow-up, I wanted to focus on silicon photonics. You announced a new platform. You gave a pretty robust outlook exiting calendar, expected, I think revenues to double to $400 million here in calendar '26. Would love to get a sense of how you see kind of the product mix evolving over time. My sense is the lion's share of the revenues today are pluggables, but we'd love to get an understanding of how you see that pattern of changing as we go into '27 and '28.

非常有幫助。那我追問一下，我想聚焦在矽光子（silicon photonics）。你們宣布了一個新平台。你們也給了相當強勁的展望，指出在年曆年末時，預期營收在 2026 年曆年將倍增至 4 億美元。很想了解你們如何看待產品組合隨時間演進。我的理解是目前營收的大宗來自可插拔（pluggables），但也希望了解當我們進入 2027、2028 年時，你們認為這個模式會如何改變。

Yes. Thank you, CJ. No. I mean, I think the broader picture is you're seeing extremely strong adoption of optical across the industry. We hear stats like by 2030, 70% of networking ports in the data center will be optical, and that reflects the complexity of compute and the sheer amount of data that AI workloads require, so I think the optical momentum is clearly building.

是的。謝謝你，CJ。沒錯。我的意思是，更大的圖像是你正在看到整個產業對光學的採用非常強勁。我們聽到一些數據，例如到 2030 年，資料中心中 70% 的網路連接埠將會是光學的；這反映了運算的複雜度，以及 AI 工作負載所需的龐大資料量，所以我認為光學的動能顯然正在累積。

I think there will continue to be a good discussion about the form factors. Pluggables are in high demand today, growing fast and also evolving with new features and new data rates with 1.6T going into the market today and 3.2 and others on the roadmap, including for us. I think the evolution to near and co-packaged optics is still very much, if anything, accelerating, and we've heard at OFC this year, many companies come out with their plans, and also this adoption of industry standards indicates ways that the industry can coalesce around a number of kind of more typical approaches to make those products consistent and accelerate the adoption.

我認為外形規格仍會持續有很多討論。可插拔產品目前需求很高、成長很快，也在隨著新功能與新資料速率而演進；1.6T 現在已進入市場，3.2T 以及其他也在路線圖上，包括我們自己也是。我認為向近端（near）與共封裝光學（co-packaged optics）的演進仍然非常明確，甚至可以說正在加速；我們在今年的 OFC 也聽到許多公司公布他們的計畫，而產業標準的採用也顯示出產業能夠在一些較典型的方法上形成共識，使這些產品更一致並加速採用。

We've always been of a view that sort of co-package (inaudible) story. I think that remains the case. What we have said is that we are already seeing tape-outs of products that are intended for co-package and near package optic use, and that's already happening today. So I think that confidence level on that rollout is definitely increasing.

我們一直以來的看法是，那種共同封裝（聽不清）故事。我認為情況仍然如此。我們所說的是，我們已經看到一些原本就打算用於共同封裝與近封裝光學用途的產品完成流片（tape-out），而且這些今天就已經在發生。所以我認為，對於那個推廣時程的信心程度確實正在提高。

Krish Sankar, TD Cowen.

Krish Sankar，TD Cowen。

Congrats on the strong results. Tim, just to stay on the topic of silicon photonics, is there a way you can compare and contrast your scale optical solution with TSMC scoop or (inaudible) semis offerings? Any color on the nanometer nodes of the logic or optical photonics advanced packaging, et cetera, it would be helpful.

恭喜你們交出強勁的成果。Tim，延續矽光子這個主題，你能否比較並對照一下你們的 Scale Optical 解決方案，與台積電的 scoop 或（聽不清）semis 產品方案？另外，若能分享一些關於邏輯或光子先進封裝所使用的奈米節點等資訊（等等），會很有幫助。

Thanks for the question, Krish. And we're going to go into a lot more detail on this week on Thursday at our Investor Day. I think it merits not just a longer discussion, but also some slides to make it a bit more visual as well. I mean we've been working on co-packaged optics for more than 10 years.

謝謝你的提問，Krish。我們會在本週四的投資人日更深入地說明。我認為這不僅值得更長的討論，也需要一些投影片，讓內容更具視覺化。我們在共同封裝光學（co-packaged optics）上已經投入超過 10 年。

And a lot of what we announced this week is based on technologies that we've developed at the wafer level, but also around advanced packaging, things like hybrid bonding, TSVs, also some of the announcements we made about the ability to have fiber attached that is able to deliver low insertion loss light into the chip, while still maintaining maintainability of those devices so you can service them. All of these are some of the innovations we've worked on, and you'll find a lot of them written about in that OCI MSA.

而我們本週宣布的許多內容，是建立在我們於晶圓層級所開發的技術之上，同時也涵蓋先進封裝，例如混合鍵合（hybrid bonding）、TSV（穿矽通孔），以及我們所宣布的光纖可附著（fiber attached）能力：能以低插入損耗把光導入晶片，同時仍維持這些裝置的可維護性，讓你可以對其進行維修服務。這些都是我們投入的創新，你會在那份 OCI MSA 中看到許多相關內容的書面說明。

So we think we have an industry-leading solution. It benchmarks very well to competition. But more broadly, this is a fast-growing market and destined to be very large. And so of course, there will be multiple solutions in the market. I think we're very confident in our ability to be amongst those leaders for the foreseeable future.

因此我們認為我們擁有業界領先的解決方案。與競品相比，它的基準表現非常好。但更廣泛地說，這是一個快速成長、且注定會非常龐大的市場。因此，市場上當然會有多種解決方案並存。我認為我們對於在可預見的未來能夠名列領導者之列非常有信心。

Very helpful, Tim. And then just a quick follow-up. Maybe you'll talk about this more on Thursday as well. On the MIPS IP strategy, how to think about it, given the risk (inaudible) processor IP, custom silicon software angles. And I remember in the past, you mentioned that MIPS's technology service revenue could be a $100 million plus business this year. Is that still the (inaudible) to think about?

非常有幫助，Tim。接著快速追問一下。也許你們週四也會更深入談到。關於 MIPS 的 IP 策略，考量到 RISC（聽不清）處理器 IP、客製化矽晶與軟體等面向的風險，應該如何看待？我記得你們過去提過，MIPS 的技術服務營收今年可能會成為一個超過 1 億美元的業務。這仍然是（聽不清）應該如何思考的方式嗎？

Yes. So look, we've mentioned this before a little bit, but just to comment on it. We're seeing very, very good customer feedback to MIPS and even more positive feedback when we announced Synopsys ARC transaction, which, as Sam mentioned, is set to close within the first half. I think the reason is that customers love the idea of a company with GF scale, with GF, kind of, reliability through the cycle, providing that IP. And I think with the increased adoption of risk 5, especially in those real-world workloads, right, think automotive, think AI at the edge, think about things like radar that require different kind of process technologies. There's a real market need for risk file.

是的。所以你看，我們之前也稍微提過，但我再補充說明一下。我們看到客戶對 MIPS 的回饋非常、非常好；而當我們宣布收購 Synopsys ARC 的交易時，回饋更為正面。正如 Sam 提到的，該交易預計在上半年內完成。我認為原因在於，客戶很喜歡由具備 GF 規模、且 GF 能在景氣循環中提供某種可靠性的公司來提供這些 IP。而且隨著 RISC-V 的採用增加，特別是在那些真實世界的工作負載中——例如車用、邊緣 AI、以及像雷達這類需要不同製程技術的應用——市場對 RISC 檔案（risk file）的需求確實存在。這裡確實有一個真實的市場需求。

I think what also customers are appreciating is the ability for us to engage earlier in that design cycle. And so we can talk about their optimization of their products. We can give them software tools to simulate those early on well before we're talking about manufacturing decisions. But obviously, it's also enabling us to have a deeper conversation and increase our chances of being that partner of choice when we get to the manufacturing. So that's highly synergetic, and it's changing the nature of the conversations with customers.

我認為客戶也很欣賞的一點是，我們能在設計週期更早期就介入。因此我們可以討論他們產品的最佳化。我們也能提供軟體工具，讓他們在很早期就進行模擬，遠在我們開始談製造決策之前。但很明顯地，這也讓我們能進行更深入的對話，並在進入製造階段時，提高成為首選合作夥伴的機會。所以這具有高度協同效益，也正在改變我們與客戶對話的性質。

And I think the last piece that's worth calling out is having internally these capabilities also gives us a chance to, if you like, taste our own cooking, and push our process technologies further, not just today but also a longer-term roadmap because we're able to -- with short learning loops, basically push the limits of what we can do in our process technologies for those key applications. So I'm very, very bullish, not just about the financial trajectory of these acquisitions but also on the strategic back.

我認為最後一點值得強調的是：在內部具備這些能力，也讓我們有機會——如果你願意這麼說——「吃自己的狗糧」，並把我們的製程技術推得更遠，不僅是現在，也包括更長期的路線圖；因為我們能夠——透過短的學習迴圈——基本上把我們在製程技術上、針對那些關鍵應用所能做到的極限往前推。所以我非常、非常看多，不僅是這些收購案的財務軌跡，也看多其策略回報。

I'll let Sam comment about where we are for the year.

我讓 Sam 來評論一下我們今年的狀況。

Sure. Thanks, Tim. And Krish, to the second part of your question in terms of how we think about the revenue contribution from MIPS in 2026, but we provided some guidance actually at the start of this year and also at the end of last year when we did our Physical AI webinar, that we expected about $50 million to $100 million revenue contribution associated with MIPS in 2026. That range still holds. But what I would say is that we feel like the momentum with customers, as Tim said, is progressing very well. The bookings are progressing very well. We're sort of trending towards above the midpoint of that range that we indicated at the start of this year.

好的。謝謝，Tim。Krish，針對你問題的第二部分，也就是我們如何看待 MIPS 在 2026 年的營收貢獻：我們其實在今年年初，以及去年年底進行 Physical AI 網路研討會時，都提供過一些指引，當時我們預期 2026 年與 MIPS 相關的營收貢獻約為 5,000 萬到 1 億美元。這個區間仍然成立。但我想說的是，正如 Tim 所說，我們感覺客戶動能推進得非常好。訂單（bookings）的進展也非常好。我們的走勢大致上正朝著我們年初所提區間的中位數以上前進。

And obviously, that's before we factor in the timing of the close associated with the Synopsys ARC IP business. That will come later, and we'll probably be able to give a bit more color on the contribution from that perspective when we get to our next earnings call.

而且很明顯地，這還沒有把與 Synopsys ARC IP 業務結案時間點相關的因素納入。那會在之後發生；等到我們下一次財報電話會議時，我們可能就能就那部分的貢獻提供更多說明。

Matthew Bryson, Wedbush Securities.

Matthew Bryson，Wedbush Securities。

For the comms and data center side of things, you've highlighted solid opportunities in silicon photonic, but can you talk a bit more specifically around whether there were any specific factors that drove the upside versus your prior guide?

在通訊與資料中心這一端，你們強調了矽光子方面的穩健機會；但你能否更具體談談，相較於你們先前的指引，這次上修背後是否有任何特定因素在推動？

Yes. Thanks, Matt. Look, I think it's incremental across the board. We're seeing, for sure, the demand for optical networking picking up. I think there's a lot of momentum behind that adoption.

是的。謝謝，Matt。你看，我認為這是全面性的增量提升。我們確實看到光網路的需求正在回升。我認為那股採用動能非常強。

As we mentioned earlier, pulling through to pluggable optical transceivers. If I could show you an X-ray of pluggable optical transceiver, you'd find in it. High-performance silicon tonics, you'd also find some of that high-performance SiGe content that we talked about. So those two, I think, are the contributors to the increased confidence in the revenue trajectory within that end market. The other parts remain solid and growing well like SATCOM, but I think the optical piece is the one that we'd call out.

如同我們先前提到的，這也帶動到可插拔式光收發器（pluggable optical transceivers）。如果我能給你看一張可插拔式光收發器的 X 光圖，你會在裡面看到：高效能矽光子，你也會看到我們提到的那部分高效能 SiGe 內容。所以我認為這兩者，是讓我們對該終端市場營收軌跡更有信心的貢獻因素。其他部分也依然穩健且成長良好，例如衛星通訊（SATCOM），但我認為光學這一塊是我們會特別點出的。

Awesome. And just a follow-up on that. Higher growth in the segment, I mean, it seems to be favorable for margins, but beyond the higher costs you've outlined tied to the geopolitical events, are there any potential offsets we should maybe think about, like additional CapEx to support the quarters that are tight, or is the shift to mix largely just an unmitigated positive for gross margins?

太好了。再追問一下。該部門更高的成長——我的意思是，這看起來對毛利率是有利的；但除了你們提到、與地緣政治事件相關的較高成本之外，是否還有任何我們應該考慮的抵銷因素，例如為了支援那些產能吃緊的季度而增加資本支出（CapEx）？或者，產品組合的轉移在很大程度上就是對毛利率的純正面影響、沒有被抵銷？

Yes. Look, I'd probably break that down, Matt, into sort of the near-term horizon and longer term, and we'll obviously get to some of the longer term when we get together on Thursday. But the expectation from a CapEx point of view at the beginning of this year was that we'd be in the ZIP code of 15% to 20% net CapEx to revenue. That already contemplated some of the increasing demand that we've been seeing come through on the likes of high performant SiGe, photonis, FDX. And so we'd already sized our overall CapEx envelope at the start of this year to really factor some of that in.

是的。你看，Matt，我大概會把這拆成短期展望與較長期展望兩部分；我們週四聚在一起時，當然也會談到一些較長期的內容。不過，從資本支出（CapEx）的角度來看，今年年初的預期是淨資本支出占營收比重約在15%到20%的區間。這當中其實已經納入了我們近期看到的需求增加，例如高效能SiGe、Photonics、FDX等。因此，我們在今年年初就已經把整體資本支出規模設定好，確實把其中一部分因素納入考量。

Now, I would say one other point, which I mentioned earlier from a margin point of view, we have seen strong cost synergies come through with the acquisition and continued integration of AMS, that is proving to be a good business, not just accretive from a margin point of view, but growing our offering to customers within the photonics space. And so you're right to call out some of that cost headwind, but we've generally felt that we can see some offsets from that associated with the mix dynamics. And look, our target for the full year is still to exit 2026 at or above a 30% gross margin.

另外我想再補充一點，我先前在毛利率的角度也提過：我們在收購並持續整合AMS的過程中，已經看到強勁的成本協同效益，這證明是一門好生意，不僅在毛利率上具增益效果，也擴大了我們在光子（Photonics）領域對客戶的產品與服務供給。所以你指出部分成本逆風是對的，但我們整體上認為，與產品組合動態相關的因素可帶來一些抵消效果。而且，我們對全年目標仍然是：在2026年結束時，毛利率達到或高於30%。

Congrats on the strong results.

恭喜你們交出強勁的業績。

Thank you, Matt. Give me a second. I'll can add on the CapEx side. I think as you're seeing, our principles of where we think our CapEx are very much linked to where we see strong conviction in customer demand in those corridors that are oversubscribed today. But you should think about that CapEx, the ROI is very strong because we're adding tools to existing footprints and able to bring capacity on very quickly.

謝謝你，Matt。給我一秒鐘。我也補充一下資本支出（CapEx）方面。我想如你所見，我們對資本支出的原則，與我們在目前供不應求的領域中、對客戶需求所抱持的高度確信密切相關。但你應該這樣看待這些資本支出：由於我們是在既有廠區內新增設備工具，能非常快速地導入產能，因此投資報酬率（ROI）非常強。

And by the way, we do that in sites where we have in place strong government support frameworks and especially for these technologies, there's a lot of government support to build out capacity in the US and around the world. And so even though that CapEx comes through at a significantly lower kind of net fall through once you consider those government partnerships as well.

順帶一提，我們是在已建立強力政府支持架構的據點進行這些投資；尤其針對這些技術，美國以及全球各地都有大量政府支持來擴建產能。因此，即便資本支出看起來很高，但一旦把這些政府合作夥伴關係也納入考量，淨投入的落地成本其實會顯著更低。

Ross Seymore, Deutsche Bank.

Ross Seymore，德意志銀行。

One near-term one then one longer term. On the near-term side of things, you guys were helpful for the full year on the revenues by segment. And I think you mentioned that the home IoT is likely to rebound in the second quarter. Any other kind of even directional guidance for the subsegments between the manufacturing and the technology services by end market for 2Q?

一個短期問題，然後一個較長期問題。短期方面，你們對全年各事業部門的營收提供了很有幫助的說明。我想你們也提到家用IoT可能在第二季回升。針對第二季（2Q），在製造與技術服務之間、按終端市場拆分的子項目，你們還有沒有任何方向性的指引？

Yes. Look, I'd probably, Ross, draw your attention to start with in terms of how we're seeing this evolution from revenue composition and a diversification point of view because that kind of becomes a little bit of the layup as to how we see the opportunities, not just in the second quarter, but as we go through the year, from an end market point of view.

有的。你看，Ross，我可能會先請你注意我們在營收組成演變與多元化方面的觀察，因為這會成為我們如何看待機會的基礎，不僅是第二季，而是今年接下來的走勢，從終端市場的角度來看也是如此。

And look, it's an important point to note that in the first quarter, the contribution of revenue from all of the end markets and technology services outside of smart mobile devices that came in at the highest level that we've had as a company, roughly two-thirds of our total revenue. So that gradual mix shift just from a technology point of view, but from an end market point of view has been several years in the making, and we're really seeing that come through in the first quarter, and our expectation is that continues through the rest of this year.

而且有一點很重要：在第一季，來自智慧行動裝置以外的所有終端市場與技術服務的營收貢獻，達到我們公司歷來最高水準，約占總營收的三分之二。因此，這種逐步的組合轉移，不只是技術面，終端市場面也已經醞釀了好幾年；我們在第一季真的看到成果顯現，而我們的預期是這個趨勢會延續到今年剩餘時間。

So as it relates to the specific quarter-on-quarter dynamics, I'd say that we do continue to expect good year-over-year momentum as it relates to comms infra data center, automotive. As I said, IoT should reverse some of those dynamics we saw in Q1. And then the general offset that, which we touched on in the prepared remarks in the Q&A is really around smart mobile devices, where -- from 90 days ago, we're seeing more kind of high single-digit decline year-over-year. But putting it all together, we think that those declines are offset by the momentum we're seeing in the other end markets.

至於具體的季對季動態，我會說：在通訊基礎設施、資料中心、車用等方面，我們仍預期會維持良好的年對年動能。如我所說，IoT應該會扭轉我們在第一季看到的部分走勢。而我們在準備稿與Q&A中也提到的主要抵消因素，確實是在智慧行動裝置方面——相較於90天前的看法，我們現在看到年對年下滑大約是高個位數。但綜合來看，我們認為其他終端市場的動能足以抵消智慧行動裝置的下滑。

Perfect. And I guess my one longer-term question is a perfect segue from what you just said on smart mobile devices. I realize what that end market is doing, and it's nice to see you guys outperforming it relatively speaking. How do you see the performance of GlobalFoundries in that business relative to the market over time? Can you increase that delta so you outperformed by more? Or is it just is what it is, and that might be a kind of year-over-year headwind more structurally going forward as an overall segment?

很好。那我一個較長期的問題，正好承接你剛才談到的智慧行動裝置。我理解那個終端市場的狀況，也很高興看到你們相對而言表現優於市場。你們如何看待GlobalFoundries在該業務中相對於市場的表現，隨時間推移會如何？你們能否擴大這個差距，讓你們超越市場更多？還是說就是如此，未來作為整體事業部門，可能會更結構性地成為年對年的逆風？

Yes. And, Ross, we'll share significantly more on that this firstly because obviously, the objective is that is to go a bit further out in time. I think you're seeing some tailwinds when it comes to content growth within the handset. You're also seeing new form factors that bring content.

是的。Ross，我們會在週四分享更多內容，首先是因為我們的目標顯然是把時間軸拉得更長一些來看。我認為你正在看到一些順風，來自手機內部的內容（content）成長。你也看到一些新的外形規格（form factor）會帶來更多內容。

Let me give an example, like smart glasses. I'm a personal strong believer that, that form factor we'll see the light of day and will grow and will become a common place. And that requires new technologies, things like back lane for display micro LEDs things that we've been working on with partners for some time. So I think there are some tailwinds. We'll say more about the overall end market on Thursday. But I think it's too early to count out that category as a drive for the future.

我舉個例子，例如智慧眼鏡。我個人非常相信那種外形規格會真正問世、會成長，並且會變得普及。而這需要新的技術，例如用於顯示的背板（backplane）、micro LED等，這些都是我們與合作夥伴合作了一段時間的方向。所以我認為確實存在一些順風。我們週四會再多談整體終端市場。但我認為現在就把那個類別排除在未來成長動能之外，還太早。

Thank you. This does conclude the question-and-answer session of today's program. I'd like to hand the program back to Eric Chow for any further remarks.

謝謝。今天的問答環節到此結束。我想把會議交回給Eric Chow，請他做進一步的結語。

Great. Thank you, Jonathan. Thanks, everyone, for joining today. We're very excited to see you at our Investor Day on May 7. We will also be at JPMorgan Conference on May 19 and the Cowen conference on May 27. Thanks, everyone, for joining. I appreciate your interest in the company.

很好。謝謝你，Jonathan。也謝謝各位今天的參與。我們非常期待在5月7日的投資人日與各位見面。我們也將出席5月19日的摩根大通（JPMorgan）會議，以及5月27日的Cowen會議。謝謝各位的參與。感謝大家對本公司的關注。

Thank you, ladies and gentlemen, for your participation in today's conference. This does conclude the program. You may now disconnect. Good day.

感謝各位女士、先生參與今天的電話會議。本次會議到此結束。您現在可以掛線。祝您有美好的一天。