惠普企業 (HPE) 2024 Q2 法說會逐字稿

Good afternoon, and welcome to the second quarter fiscal 2024, Hewlett Packard Enterprise earnings conference call. My name is Gary and I'll be your conference moderator for today's call. (Operator Instructions) This conference is being recorded for replay purposes. I would now like to turn the presentation over to your host for today's call, Jeff Kvaal, Head of Investor Relations. Please proceed.

下午好，歡迎參加惠普企業 2024 財年第二季財報電話會議。我叫加里，我將擔任今天電話會議的主持人。（操作員指示）本次會議將被錄音以供重播。現在，我想將演講交給今天電話會議的主持人、投資者關係主管 Jeff Kvaal。請繼續。

Good afternoon. Welcome to our second quarter of fiscal 2024 earnings conference call with Antonio Neri, HPE's President and CEO; and Marie Myers, HPE's CFO.

午安.歡迎參加我們 2024 財年第二季財報電話會議，與 HPE 總裁兼執行長 Antonio Neri 一起；以及 HPE 財務長 Marie Myers。

Let me remind you that this call is being webcast and a replay of the webcast will be available shortly after the call concludes. We have posted the press release and slide presentation accompanying the release on our investor relations web page. Elements of the financial information referenced on this call are forward-looking and are based on our best view of the world and our businesses as we see them today.

讓我提醒您，本次通話正在進行網路直播，通話結束後不久將提供網路直播的重播。我們已在投資者關係網頁上發布了隨附的新聞稿和幻燈片演示。本次電話會議中引用的財務資訊部分是前瞻性的，基於我們對當今世界和我們業務的最佳看法。

HPE assumes no obligation and does not intend to update any such forward-looking statements. We also note that the financial information discussed on this call reflects estimates based on the information available at this time and could differ materially from the amounts ultimately reported in HPE's quarterly report on Form 10-Q for the fiscal quarter ended April 30, 2024.

HPE 不承擔任何義務，也不打算更新任何此類前瞻性聲明。我們還注意到，本次電話會議上討論的財務資訊反映了基於​​目前可用資訊的估計，可能與 HPE 2024 年 4 月 30 日結束的財政季度的 10-Q 表季度報告中最終報告的金額存在重大差異。

For more detailed information, please see the disclaimers on the earnings materials relating to forward-looking statements that involve risks, uncertainties and assumptions. Please refer to HPE's SEC filings for a discussion of these risks. For financial information we have expressed on a non-GAAP basis. We have provided reconciliations to the comparable GAAP information on our website.

欲了解更詳細信息，請參閱收益資料中有關前瞻性陳述（涉及風險、不確定性和假設）的免責聲明。請參閱 HPE 的 SEC 文件以了解有關這些風險的討論。對於財務訊息，我們是按照非公認會計準則 (GAAP) 來表達的。我們已經在我們的網站上提供了與可比較 GAAP 資訊的對帳。

Please refer to the tables and slide presentation accompanying today's earnings release on our website for details. Throughout the call, all revenue growth rates are presented on a year-over-year basis and adjusted to exclude the impact of currency, unless otherwise noted.

有關詳細信息，請參閱我們網站上今天的收益報告中附帶的表格和幻燈片演示。在整個電話會議中，除非另有說明，所有收入增長率均以同比增長表示，並經過調整以排除貨幣的影響。

Finally, Antonio and Marie will reference our earnings presentation in their prepared remarks. With that, Antonio.

最後，安東尼奧和瑪麗將在他們準備好的演講中參考我們的收益報告。就這樣，安東尼奧。

Good afternoon, and thank you for joining us today, HPE deliver a very solid performance in the second quarter with revenue and non-GAAP diluted net earnings per share exceeding our outlook range, driven by AI systems revenue more than doubling from our first quarter. I am very optimistic about where we're headed.

下午好，感謝您今天的到來，HPE 在第二季度表現非常穩健，收入和非 GAAP 攤薄每股淨收益均超出我們的預期範圍，這得益於 AI 系統收入較第一季增長一倍以上。我對我們的未來發展非常樂觀。

AI demand continues to accelerate with cumulative AI systems orders reaching $4.6 billion this quarter. We have a robust pipeline in this business, though large AI orders can cause fluctuations during the quarter. We anticipate continued revenue growth, driven by increased AI systems demand, continue adoption of HPE GreenLake and ongoing improvement in the traditional infrastructure market, including servers, storage and networking.

人工智慧需求持續加速，本季人工智慧系統累計訂單已達 46 億美元。儘管大量人工智慧訂單可能會在本季造成波動，但我們在這個業務方面擁有強大的管道。我們預計收入將繼續成長，這得益於人工智慧系統需求的增加、HPE GreenLake 的持續採用以及傳統基礎設施市場（包括伺服器、儲存和網路）的持續改善。

Due to our confidence in the second half of fiscal year 2024, we are raising our full year revenue and non-GAAP earnings per share guidance, reiterating free cash flow guidance. Marie will provide more specifics in her remarks.

由於我們對 2024 財年下半年充滿信心，我們上調了全年營收和非 GAAP 每股盈餘指引，重申自由現金流指引。瑪麗將在她的發言中提供更多細節。

While we focus on translating strong AI customer demand to revenue growth, we continue to drive cost discipline to operate more efficiently and to preserve the ability to make targeted investments, which will sustain our growth into the future. We have been prudent with our spending and reduce operating expenses in the first half as compared to the prior year period.

在我們專注於將強勁的人工智慧客戶需求轉化為營收成長的同時，我們將繼續推動成本控制，以提高營運效率，並保持有針對性的投資能力，這將維持我們未來的成長。我們在支出方面非常謹慎，與去年同期相比，上半年的營運費用有所減少。

We're also driving business process simplification across the company, including through digitization and automation with AI. Demand for HPE's AI systems is accelerating at a faster pace, and our solid execution enabled us to more than double our AI systems revenue sequentially to over $900 million. Helped by supply chain conversion through improved GPU availability.

我們也正在推動整個公司的業務流程簡化，包括透過數位化和人工智慧自動化。HPE 的 AI 系統的需求正在以更快的速度成長，我們穩健的執行使我們的 AI 系統收入連續增加一倍以上，達到 9 億美元以上。透過提高 GPU 可用性來幫助供應鏈轉換。

Our lead time to deliver NVIDIA H100 solutions is now between 6 and 12 weeks depending on order size and complexity. We expect this will provide a lift to our revenues in the second half of the year. Enterprise customer interest in AI is rapidly growing and our sellers have seen a higher level of engagement. Enterprise orders now comprise more than 15% of our cumulative AI systems orders with the number of enterprise customers nearly tripling year over year.

根據訂單規模和複雜性，我們交付 NVIDIA H100 解決方案的交付週期現在為 6 至 12 週。我們預計這將提高我們下半年的收入。企業客戶對人工智慧的興趣正在迅速增長，我們的賣家也看到了更高的參與度。企業訂單目前占我們累計人工智慧系統訂單的 15% 以上，企業客戶數量較去年同期成長近三倍。

As these engagements continue to progress from exploration and discovery phase, we anticipate additional acceleration in enterprise AI systems orders through the end of the fiscal year. We are winning in AI for several reasons. Our leadership in AI at scale and across the entire AI life cycle on training to fine-tuning to infancy continues to attract new customers.

隨著這些工作從探索和發現階段不斷進展，我們預計到本財年末企業人工智慧系統訂單將進一步加速。我們在人工智慧領域取得勝利有幾個原因。我們在大規模人工智慧領域以及整個人工智慧生命週期（從訓練到微調到初始階段）中的領導地位繼續吸引新的客戶。

These customers range for new generative AI model builders to broader service providers to sovereign states to traditional enterprise customers to large hyperscalers. For example, in partnership with Microsoft, we are extending the Azure AI platform to HPE infrastructure, which provides Microsoft with additional capacity to serve even more customers, including OpenAI.

這些客戶包括新的生成式人工智慧模型建構者、更廣泛的服務提供者、主權國家、傳統企業客戶和大型超大規模企業。例如，我們與微軟合作，將 Azure AI 平台擴展到 HPE 基礎設施，這為微軟提供了額外的能力來服務包括 OpenAI 在內的更多客戶。

HPE has decades of experience in the design, manufacture, and management of air and liquid cooled systems, including in the data center infrastructure to reliably deliver the highest levels of computing performance. Customers appreciate our AI at scale, expertise and intellectual property as well as unique liquid cooling manufacturing and services capabilities.

HPE 在空氣和液體冷卻系統的設計、製造和管理方面擁有數十年的經驗，包括在資料中心基礎設施方面，能夠可靠地提供最高水準的運算效能。客戶欣賞我們的規模化人工智慧、專業知識和智慧財產權以及獨特的液體冷卻製造和服務能力。

As accelerated computing, silicon innovation advances, higher power density demand, direct liquid cooling technologies. Building direct liquid cooling AI systems is complex and requires manufacturing expertise and infrastructure, including power, cooling, and water. With more than 300 HPE patents in direct liquid cooling, proven expertise and significant manufacturing capacity for these kinds of systems.

隨著運算加速、矽創新的進步、更高功率密度的需求、直接液體冷卻技術。建造直接液體冷卻 AI 系統非常複雜，需要製造專業知識和基礎設施，包括電力、冷卻和水。HPE 在直接液體冷卻領域擁有 300 多項專利，並擁有成熟的專業知識和強大的製造能力。

HPE is well positioned to help customers meet the power demands for current and future accelerated compute silicon designs. Our leadership in AI was once again validated in May when the latest top 500 list of the world's most powerful supercomputers was released.

HPE 完全有能力幫助客戶滿足當前和未來加速計算矽片設計的電力需求。今年 5 月，全球超級電腦 500 強最新榜單發布，再次證明了我國在人工智慧領域的領導地位。

HPE now has 4 of the top 10 world's fastest supercomputers, all of which are direct liquid-cooled. Two of these systems are exascale supercomputers with Frontier, still the world's fastest and Aurora, now breaking the exascale barrier. I'm also proud that we have built 7 of the world's top 10 energy efficient systems according to the latest Green500 List.

HPE目前擁有全球最快的10台超級電腦中的4台，全部採用直接液冷。其中兩個系統是百億億次級超級計算機，其中 Frontier 仍然是世界上最快的，而 Aurora 現已突破百億億次級障礙。根據最新的 Green500 名單，我們已建成全球十大節能係統中的 7 個，這讓我感到非常自豪。

This experience makes us an attractive partner to sovereign states and government pursuing AI strategies. HPE benefits from a strong ecosystem of AI partners, including NVIDIA. We introduced core engineered enterprise solutions within NVIDIA last year to streamline the mobile development process as well as to enable enterprises to fine-tune large language models with their private data to accelerate infancy.

這些經驗使我們成為追求人工智慧戰略的主權國家和政府的有吸引力的合作夥伴。HPE 受益於包括 NVIDIA 在內的強大的 AI 合作夥伴生態系統。我們去年在 NVIDIA 內部推出了核心工程企業解決方案，以簡化行動開發流程，並幫助企業利用其私人資料對大型語言模型進行微調，以加速其發展階段。

I'm excited that NVIDIA CEO, Jensen Huang; will join me at HPE Discover Las Vegas in just two weeks. Together, we will unveil new exciting and differentiated innovations that will simplify and accelerate enterprise AI adoption and deployments.

我很高興 NVIDIA 執行長黃仁勳 (Jensen Huang)；兩週後我將與我一起參加HPE Discover拉斯維加斯活動。我們將共同推出令人興奮的差異化創新，以簡化和加速企業人工智慧的採用和部署。

Enterprise customers are already responding to our unique AI portfolio. For example, CUBOX, facial and image recognition company in Korea is developing new generation of AI models using HPE AI systems to enhance identity verifications, our locations such as the Incheon International Airport in South Korea.

企業客戶已經對我們獨特的 AI 產品組合做出了回應。例如，韓國的臉部和影像辨識公司 CUBOX 正在使用 HPE AI 系統開發新一代 AI 模型來增強身分驗證，我們的地點包括韓國仁川國際機場。

JT Group based in Japan, operates a pharmaceutical business and is planning to use our HPE AI systems to support AI model, training and simulation to accelerate drug discovery. And we just announced that we will power Scaleway AI cloud service offering using our HPE AI systems. The new service will make powerful computing accessible to companies to support their various AI workloads and use cases.

總部位於日本的 JT 集團經營製藥業務，並計劃使用我們的 HPE AI 系統來支援 AI 模型、訓練和模擬，以加速藥物發現。我們剛剛宣布，我們將使用我們的 HPE AI 系統為 Scaleway AI 雲端服務提供支援。新服務將使企業能夠獲得強大的運算能力，以支援其各種人工智慧工作負載和用例。

As we capitalize on the growth opportunity, we also see indications of the market recovery in traditional and cloud infrastructure markets. Orders for traditional service grew sequentially and year-over-year driven by enterprise public sector and SMB customers. In North America and Europe. We have seen no indication of cannibalization from accelerated computing demand.

當我們利用成長機會時，我們也看到傳統和雲端基礎設施市場復甦的跡象。在企業公共部門和中小企業客戶的推動下，傳統服務訂單較上季和年成長。在北美和歐洲。我們沒有看到加速運算需求受到蠶食的跡象。

Revenue grew sequentially as customers transition to higher HPE ProLiant Gen11 servers, differentiated customer-centric innovation positions us well to capture this market recovery. For example, our lead in HPE GreenLake, hybrid cloud is attracted new customers.

隨著客戶轉向更高端的 HPE ProLiant Gen11 伺服器，收入連續成長，差異化的以客戶為中心的創新使我們能夠抓住這個市場復甦的機會。例如，我們在 HPE GreenLake、混合雲方面的領先地位吸引了新客戶。

In the second quarter of fiscal 2024 the number of customer organizations using HPE GreenLake increased sequentially by almost 9% to 34,000 and our As-a-service lifetime total contract value grew to more than $15 billion in Q2, with our annualized revenue run rate or ARR growing 39% year over year.

在 2024 財年第二季度，使用 HPE GreenLake 的客戶組織數量環比增長近 9%，達到 34,000 家，我們的即服務終身總合約價值在第二季度增長至 150 億美元以上，我們的年化收入運行率或 ARR 同比增長 39%。

Demand is increasing for our HPE GreenLake on-premise private cloud solutions. The Defense Information Systems Agency a combat support agency of the United States Department of Defense, selected HPE to develop a distributed hybrid multi-cloud platform prototype on HPE GreenLake as part of an effort to simplify the organization's management of disparate IT infrastructure and resources across public and private clouds.

我們對 HPE GreenLake 內部部署私有雲解決方案的需求正在增加。美國國防部的作戰支援機構國防資訊系統局 (DISA) 選擇 HPE 在 HPE GreenLake 上開發分散式混合多雲平台原型，旨在簡化該組織對跨公有雲和私有雲的不同 IT 基礎設施和資源的管理。

In storage, we accelerated the transition of our portfolio in Q2 to meet the needs of hybrid cloud and AI. Several weeks ago, HPE introduced significant new functionality to our HPE Alletra storage offerings. We've handed out our block offering by extending the hybrid capabilities of HPE Alletra block storage to AWS.

在儲存方面，我們在第二季加速了產品組合的轉型，以滿足混合雲和人工智慧的需求。幾週前，HPE 為我們的 HPE Alletra 儲存產品推出了重要的新功能。我們透過將 HPE Alletra 區塊儲存的混合功能擴展到 AWS 來提供我們的區塊產品。

Doubling its capacity to address more customers and enhancing its automation capabilities, generative AI. Early this quarter, we introduced new HPE GreenLake for file storage capabilities with options, specifically targeting the unstructured data elements of AI. We have also added significant specialist cells capacity in recent months.

加倍提高其滿足更多客戶需求的能力並增強其自動化能力和生成性人工智慧。本季度初，我們推出了新的 HPE GreenLake，用於檔案儲存功能及其選項，專門針對 AI 的非結構化資料元素。近幾個月來，我們也大幅增加了專業細胞的產能。

Well, it takes time to activate new sellers and bring them to full productivity in a market with a long sales cycles. We expect increased orders to revenue conversion in the future. The enhancement to our winning portfolio, complemented by a more focused sales force position, HPE to strengthen the already robust customer adoption of HPE Alletra.

因為，在銷售週期較長的市場中，啟動新賣家並使他們充分發揮生產力需要時間。我們預計未來訂單轉化為收入的轉換率將會增加。透過增強我們的成功產品組合，加上更專注的銷售團隊地位，HPE 將進一步加強客戶對 HPE Alletra 的強勁採用。

More than 1,000 new HPE Alletra MP systems have been deployed to date, which is the fastest product ramp in the history of our company. In networking the market remain in transition during the quarter as customers continue to work through their current inventory. As demand in this segment gradually returns, we believe our broad portfolio positions us well.

截至目前，我們已經部署了超過 1,000 套新的 HPE Alletra MP 系統，這是我們公司歷史上最快的產品成長。在網路方面，由於客戶繼續處理其現有庫存，本季市場仍處於轉型階段。隨著該領域的需求逐漸回升，我們相信，我們廣泛的產品組合將為我們帶來良好的發展前景。

We expect modest sequential networking demand improvement driven by the state and local purchasing season in the United States. We announced significant new innovations during the quarter to align with HPE's broader AI strategy. These solutions include generative AI capabilities to improve AIOps and Wi-Fi 7 access points that capture edge data for AI inferencing.

我們預計，受美國州和地方採購季節的推動，網路需求將出現溫和的連續改善。我們在本季宣布了重大新創新，以符合 HPE 更廣泛的 AI 策略。這些解決方案包括產生式 AI 功能，以改善 AIOps 和擷取邊緣資料進行 AI 推理的 Wi-Fi 7 存取點。

In addition, last month, we launched new security and AI observability tools to help fight AI cyber risks. And just yesterday, we expanded the most complete Private 5G and Wi-Fi portfolio in the market with the launch of HPE Aruba network and enterprise Private 5G. All of this will be delivered through our HPE GreenLake Cloud platform.

此外，上個月，我們推出了新的安全和人工智慧可觀察性工具，以幫助對抗人工智慧網路風險。就在昨天，我們推出了 HPE Aruba 網路和企業私有 5G，擴展了市場上最完整的私人 5G 和 Wi-Fi 產品組合。所有這些都將透過我們的 HPE GreenLake 雲端平台實現。

Customers are responding to our network and innovation. In the last few months, customer ranging from Houston Airport to Bethesda Health Group to Mercedes-Benz Stadium. The University of Maryland has turned to HPE to enhance the experience for the visitors, residents, and employees. As we look to our future In networking, we continue to be very enthusiastic about the proposed acquisition of Juniper Networks.

客戶對我們的網路和創新做出了回應。在過去的幾個月裡，客戶範圍從休士頓機場到貝塞斯達健康集團再到梅賽德斯-奔馳體育場。馬裡蘭大學已向 HPE 尋求幫助，以增強遊客、居民和員工的體驗。展望網路領域的未來，我們對於擬議中的瞻博網路收購案依然充滿熱情。

We are currently in the regulatory process for this transaction and expect to close by the end of 2024 or early 2025. As I mentioned earlier, we continue to invest in innovation while we drive operational and cost discipline to continue to improve our cost structure. We are focused on reducing complexity in our business processes as well as implementing automation and AI across the company to enhance customer service, R&D productivity and team member overall experience.

我們目前正處於此交易的監管流程中，預計將於 2024 年底或 2025 年初完成。正如我之前提到的，我們將繼續投資於創新，同時推動營運和成本紀律，以繼續改善我們的成本結構。我們專注於降低業務流程的複雜性，並在整個公司實施自動化和人工智慧，以增強客戶服務、研發效率和團隊成員的整體體驗。

I also want to note that we recently announced we have restructured the sale of our stake in H3C. Since that transaction is large and complex. The required regulatory approvals we have taken longer than previously anticipated. So we agreed to restructure the sale with units. The updated agreement provides HPE with the opportunity to sell a significant portion of the shares in the coming months.

我還想指出，我們最近宣布已經調整了我們在 H3C 的股份出售。因為該交易規模龐大，而且複雜。我們獲得所需監管部門批准的時間比之前預期的要長。因此我們同意與單位一起重組銷售。更新後的協議為HPE提供了在未來幾個月出售大量股份的機會。

The new payment structure has no impact on the pending Juniper Networks transaction. As the structure of the deal financing does not rely on any of the H3C proceeds. Finally, you likely saw that we announced in May that we have agreed to divest our communications technology group to enhance our strategic focus in high-growth, high-margin parts of the market, including the service provider and enterprise market.

新的支付結構對正在進行的瞻博網路交易沒有影響。由於交易融資結構不依賴 H3C 的任何收益。最後，您可能已經看到，我們在五月宣布，我們已同意剝離我們的通訊技術集團，以加強我們在高成長、高利潤市場的策略重點，包括服務提供者和企業市場。

In closing, I want to reiterate that I'm proud of the very solid performance in Q2. It shows the alignment of our strategy and innovation to major market opportunities. We have greater optimism about the second half of the year, leading us to raise our full year revenue and non-GAAP earnings per share guidance. AI's creating growing demand across our portfolio, and we see significant opportunities across customer and business segments.

最後，我想重申，我對第二季的穩健表現感到自豪。它表明我們的策略和創新與主要市場機會一致。我們對下半年抱持更大的樂觀態度，這促使我們上調了全年收入和非公認會計準則每股收益預期。人工智慧正在我們的產品組合中創造不斷增長的需求，我們在客戶和業務領域中看到了巨大的機會。

Our competitive advantages from deep expertise in standing up AI systems to our differentiated HPE GreenLake Cloud to our networking and storage offerings position us well. We have an excellent team and I'm confident in our ability to continue executing with discipline to take advantage of incredible opportunities presented by this era of innovation.

我們的競爭優勢包括建立 AI 系統的深厚專業知識、差異化的 HPE GreenLake Cloud 以及網路和儲存產品，這些優勢使我們處於有利地位。我們擁有一支優秀的團隊，我相信我們有能力繼續嚴格執行，充分利用這個創新時代帶來的難以置信的機會。

I am looking forward to sharing with you our latest breakthrough innovation and partnerships across AI hybrid cloud and networking later this month at HPE Discover Las Vegas. We are very excited to be the first corporate keynote at Sphere, and I hope to see many of you there.

我期待本月稍後在 HPE Discover 拉斯維加斯與大家分享我們在 AI 混合雲和網路領域的最新突破性創新和合作夥伴關係。我們非常高興成為 Sphere 的第一位企業主題演講者，我希望在那裡見到你們。

I would like now to hand it over to Marie, who will talk about the details of our segments and our outlook. Marie, over to you.

現在我想把話題交給瑪麗，她將談論我們各部門的細節和我們的展望。瑪麗，交給你了。

Thank you, Antonio, and good afternoon, everyone. It's a pleasure to be here with all of you after my first full quarter of HPE's CFO. Over the past three months, I have become even more excited about our opportunities across AI, hybrid cloud and networking. We remain in the very early days of AI, yet it is already driving strong interest pipeline orders and revenue across our portfolio from servers, storage to services to financing.

謝謝你，安東尼奧，大家午安。我很高興在擔任 HPE 財務長的第一個完整季度後與大家聚在一起。在過去三個月裡，我對我們在人工智慧、混合雲和網路領域的機會更加興奮。我們仍處於人工智慧的早期階段，但它已經在我們的伺服器、儲存、服務、融資等產品組合中帶動了強勁的興趣管道訂單和收入。

Our AI system revenue inflected positively in Q2. We are winning deals in AI market now and are well positioned for additional demand from enterprises and sovereigns in the future. Our differentiation includes decades of liquid cooling expertise (technical difficulty) as a result and as a pillar of our strategy to pursue higher growth, higher-margin revenues.

我們的人工智慧系統收入在第二季度出現了積極變化。我們目前正在人工智慧市場贏得交易，並且已經為滿足未來企業和主權國家的額外需求做好了準備。我們的差異化包括數十年的液體冷卻專業知識（技術難度），也是我們追求更高成長、更高利潤收入的策略支柱。

We are very pleased that we have exceeded our expectations in Q2 across key metrics. We exceeded the midpoint of our revenue guidance by $400 million. Non-GAAP diluted net EPS was above the high end of our range and free cash flow exceeded $600 million. Improving enterprise demand for traditional servers on top of the expected sharp ramp in AI servers drove the outperformance.

我們非常高興第二季的各項關鍵指標都超出了我們的預期。我們的營收超出預期中位數 4 億美元。非公認會計準則稀釋淨每股收益高於我們預期的高端，自由現金流超過 6 億美元。預計人工智慧伺服器將大幅成長，而企業對傳統伺服器的需求不斷增加，推動了其優異的表現。

AI orders a healthy Intelligent Edge is set to grow sequentially beyond Q2 as expected, and AI emerged as a driver of a healthy HPE GreenLake momentum. We are seeing rapid growth in AI system revenue. Overall, I'm very pleased with our performance in Q2, and I'm excited about our continued progress through fiscal '24.

AI 訂單健康，智慧邊緣將按照預期在第二季度之後連續增長，並且 AI 成為 HPE GreenLake 健康發展勢頭的驅動力。我們看到人工智慧系統收入快速成長。總體而言，我對我們第二季的表現非常滿意，我對我們在 24 財年的持續進步感到興奮。

Let's take a closer look at the details of the quarter. Revenue grew 4% year-over-year and 7% quarter-over-quarter in constant currency to $7.2 billion. This exceeded the midpoint of our prior guidance by approximately $400 million. We have strong momentum in HPE GreenLake. The number of customers that have adopted HPE GreenLake rose 9% sequentially.

讓我們仔細看看本季的細節。以固定匯率計算，營收年增 4%，季增 7%，達到 72 億美元。這比我們之前預期的中位數高出約 4 億美元。HPE GreenLake 發展勢頭強勁。採用 HPE GreenLake 的客戶數量較上季成長 9%。

ARR grew 39% year-over-year to above $1.5 billion in Q2. Storage and networking are typically the fastest growth elements of ARR and both retained robust growth rates. This quarter AI was the fastest growth component of ARR. Our software and services mix rose approximately 200 basis points year-over-year to 67%.

第二季度，ARR 年增 39%，達到 15 億美元以上。儲存和網路通常是 ARR 成長最快的元素，並且都保持了強勁的成長率。本季度，AI 是 ARR 中成長最快的部分。我們的軟體和服務組合年增約 200 個基點，達到 67%。

ARR is the best indicator of our model transformation to our As-a service offering. This growth validates what our customers are telling us that HPE GreenLake is a key differentiator. We expect HPE GreenLake value proposition to key customers including enterprises and sovereign to sharpen with the advent of AI.

ARR 是我們模型轉變為即服務產品的最佳指標。這一成長驗證了客戶的說法，即 HPE GreenLake 是關鍵的差異化因素。我們預計，隨著人工智慧的出現，HPE GreenLake 對包括企業和主權國家在內的關鍵客戶的價值主張將更加清晰。

Our Q2 non-GAAP gross margin was 33.1%, which was down 310 basis points sequentially and year over year driven by a mix shift from our higher margin Intelligent Edge revenue to server revenue, plus an unfavorable mix within hybrid cloud.

我們第二季的非 GAAP 毛利率為 33.1%，比上一季和去年同期下降 310 個基點，原因是利潤率較高的智慧邊緣收入轉向伺服器收入，加上混合雲內部的不利組合。

Our Q2 non-GAAP operating expenses fell 1.6% year-over-year despite our revenue growth of 4%. Our OpEx discipline partially offset lower non-GAAP gross margins and held the non-GAAP operating margin decline to 200 basis points sequentially and year over year to 9.5%. The OpEx discipline plus higher revenue drove GAAP diluted net EPS of $0.24 and non-GAAP diluted net EPS of $0.42.

儘管我們的收入成長了 4%，但我們的第二季非 GAAP 營業費用比去年同期下降了 1.6%。我們的營運支出約束部分抵銷了非公認會計準則毛利率的下降，並將非公認會計準則營業利潤率的下降控制在 200 個基點以內，年減 9.5%。營運支出約束加上更高的收入推動 GAAP 稀釋淨每股收益達到 0.24 美元，非 GAAP 稀釋淨每股收益達到 0.42 美元。

The latter exceeded the high end of the guidance range on strong revenue and cost discipline. And non-GAAP diluted net earnings per share excludes $247 million in net costs, primarily from stock-based compensation expense, amortization of intangibles and acquisitions, and other related charges. We are managing the business with focus and discipline and evolving into a simpler, more agile company.

後者憑藉強大的收入和成本控制超出了指導範圍的高端。非公認會計準則稀釋每股淨收益不包括 2.47 億美元的淨成本，主要來自股票薪資費用、無形資產攤提和收購以及其他相關費用。我們正在專注且自律地管理業務，並發展成為一家更簡單、更敏捷的公司。

We are also investing to capitalize on growth from the interrelated inflection points in AI, hybrid cloud, and networking and to drive structurally higher profitability over time. Let's turn to our segment results. Server revenues was$3.9 billion in the quarter. This was up 16% sequentially and up 18% year-over-year. Strings in both AI systems and traditional service drove the healthy revenue growth.

我們也正在進行投資，以利用人工智慧、混合雲和網路等相互關聯的拐點所帶來的成長，並隨著時間的推移結構性地提高獲利能力。讓我們來看看我們的分部業績。本季伺服器營收為 39 億美元。這比上一季成長了 16%，比去年同期成長了 18%。人工智慧系統和傳統服務中的字串推動了健康的收入成長。

Our cumulative AI system product and service orders in Q1 '23 rose approximately $600 million sequentially to $4.6 billion. I'm very pleased with our AI system product revenue more than doubled sequentially to over $900 million. This strong revenue growth allowed us to make progress against our backlog, which is now $3.1 billion.

我們 23 年第一季的累計 AI 系統產品和服務訂單較上季成長約 6 億美元，達到 46 億美元。我對我們的人工智慧系統產品收入連續成長一倍以上達到 9 億美元感到非常高興。強勁的收入成長使我們能夠在訂單積壓方面取得進展，目前訂單積壓金額為 31 億美元。

Given the growing importance of our services business, we have updated our AI disclosures this quarter to include services. Services is a small portion of our AI systems metrics at present, though, we expect it to become more meaningful over time. Our differentiation with liquid cooling, software, HPE GreenLake, and increasingly services is resonating in the market.

鑑於服務業務的重要性日益增加，我們本季更新了人工智慧揭露內容，將服務納入其中。目前，服務只是我們人工智慧系統指標的一小部分，但我們預計隨著時間的推移它會變得更有意義。我們在液體冷卻、軟體、HPE GreenLake 以及日益增多的服務方面的差異化正在引起市場的共鳴。

We have seen a three fold increase in our enterprise AI customer base in the past year. Revenue from our traditional server business increased sequentially. We expect this trend to continue. Demand is improving as enterprises digest prior purchases and gain more comfort with the macro outlook. Structural mix shift to higher AUP Gen11 service is ahead of expectations and we are able to pass through rising input costs.

在過去的一年裡，我們的企業 AI 客戶群增加了三倍。我們傳統伺服器業務的收入連續增加。我們預計這一趨勢將會持續下去。隨著企業消化先前的購買並對宏觀前景更加放心，需求正在改善。結構組合轉向更高的 AUP Gen11 服務超出了預期，我們能夠轉嫁不斷上升的投入成本。

We are encouraged that our Gen11 pipeline is starting to include AI inferencing activity and enterprise applications, and we see more evidence of adoption in the enterprise in Q2. Our Q2 operating margin was 11%. This was down 40 basis points sequentially and was in line with the expectations we laid out last quarter for our operating margins near the lower end of our long-term 11% to 13% range.

我們很高興看到我們的 Gen11 管道開始包含 AI 推理活動和企業應用程序，並且我們在第二季度看到了更多在企業中採用的證據。我們第二季的營業利益率為 11%。這比上一季下降了 40 個基點，符合我們上個季度設定的營業利潤率預期，接近長期 11% 至 13% 範圍的低端。

While pricing remains aggressive in the server market, particularly in AI systems. We remain disciplined in cost and price as we pursue profitable growth. Hybrid cloud revenues of $1.3 billion were up 1% sequentially and down 9% year-over-year. We are already seeing some cross-selling benefits of integrating the majority of our HPE GreenLake offering into a single business unit.

而伺服器市場的定價依然很有競爭力，特別是在人工智慧系統方面。在追求獲利成長的同時，我們嚴守成本和價格紀律。混合雲收入為 13 億美元，季增 1%，年減 9%。我們已經看到將大部分 HPE GreenLake 產品整合到單一業務部門所帶來的一些交叉銷售優勢。

I mentioned the 39% growth in ARR this quarter. Our traditional storage business was down year over year. The business is managing two long-term transitions at once. We talked about our migration to the more software-intensive electric platform. This is reducing time period revenue growth than locking in future recurring revenue. Storage ARR growth of over 50% year-over-year offers early confidence into the migration.

我提到本季 ARR 成長了 39%。我們傳統的儲存業務較去年同期下滑。該企業正在同時管理兩項長期轉型。我們討論了向軟體密集度更高的電動平台的遷移。這減少了時期收入成長而不是鎖定未來經常性收入。儲存 ARR 年成長超過 50%，為遷移提供了早期信心。

The second transition is from block storage to file storage driven by AI. While early, this is also on the right trajectory. Our new fall offerings, plus the sales force investment Antonio mentioned, tripled our pipeline of files storage deals sequentially in Q2. Our operating margin was 0.8%, which was down 300 basis points sequentially and 110 basis points year-over-year.

第二個轉變是從區塊儲存到AI驅動的檔案儲存。雖然還為時過早，但這也是正確的軌跡。我們新推出的秋季產品，加上安東尼奧提到的銷售團隊投資，使我們的文件儲存交易管道在第二季度連續增加了兩倍。我們的營業利益率為 0.8%，比上一季下降 300 個基點，比去年同期下降 110 個基點。

Reduced revenue scale and an unfavorable mix of third party product and traditional storage was the largest driver of the sequential change. Intelligent Edge revenues were $1.1 billion, revenues down 9% sequentially and 19% year-over-year. Backlog consumption created difficult compares with both prior periods. Our backlog is now at normal levels.

收入規模下降以及第三方產品與傳統儲存的不利組合是造成這種連續變化的最大驅動因素。智慧邊緣營收為 11 億美元，季減 9%，年減 19%。與前兩個時期相比，積壓消耗造成了困難。我們的積壓訂單現已處於正常水準。

The demand environment remains soft and large enterprises have yet to return to the market enforce. However, we do see some green shoots that give us confidence networking will transition to modest sequential growth beyond Q2, as we had expected. Our channel inventory remains within the normal range Wi-Fi has grown sequentially for two consecutive quarters.

需求環境依然疲軟，大型企業尚未強勢回歸市場。然而，我們確實看到了一些復甦跡象，讓我們有信心，正如我們預期的那樣，網路將在第二季之後實現適度的連續成長。我們的通路庫存維持在正常範圍內，Wi-Fi 連續兩季實現季比成長。

Growth remains strong in software and services. Attach rates and renewals for Aruba Central SSE and our AIOps software remains strong. The Intelligent Edge portfolio of subscription revenue grew about 50% year-over-year. The segment operating margin of 21.8% was down 760 basis points sequentially and 290 basis points year-over-year.

軟體和服務業成長依然強勁。Aruba Central SSE 和我們的 AIOps 軟體的附加率和續訂率仍然強勁。Intelligent Edge 訂閱營收組合年增約 50%。該部門營業利益率為 21.8%，比上一季下降 760 個基點，比去年同期下降 290 個基點。

As expected, the lower revenues reduced mix of switching business and the less revenue from backlog were the primary drivers. As we indicated last quarter, we have reset our OpEx plan for the year to account for lower revenue and expect the Intelligent Edge operating margin to be back in the mid 20% range by Q4.

如預期，收入下降、轉換業務結構減少以及積壓訂單收入減少是主要原因。正如我們上個季度所指出的，我們已經重新設定了今年的營運支出計劃，以應對較低的收入，並預計智慧邊緣營運利潤率將到第四季度回到 20% 左右的區間。

Our HPE Financial Services revenue was up 1% year over year and financing volume was $1.7 billion. Our operating margin of 9.3% was up 80 basis points sequentially and 40 basis points year-over-year. Our Q2 loss ratio remained steady below 0.5%. These results are what we have come to expect from this high-quality predictable business.

我們的HPE金融服務收入年增1％，融資額達17億美元。我們的營業利益率為 9.3%，比上一季上升了 80 個基點，比去年同期上升了 40 個基點。我們第二季的損失率保持穩定在 0.5% 以下。這些結果正是我們對這家高品質、可預測的業務所期望的。

However, underneath this steady result, effect is already adapting to drive a AI growth across the business. Year to date, nearly $0.5 billion, about $3 billion in financing volume went AI wins with both cloud and enterprise customers. This illustrates our prior point that AI is driving demand every one of our businesses.

然而，在這穩定的結果之下，效應已經在適應，推動整個業務的人工智慧成長。今年迄今，已有近 5 億美元，約 30 億美元的融資額用於雲端運算和企業客戶的 AI 勝利。這證明了我們先前的觀點，即人工智慧正在推動我們每項業務的需求。

Turning now to cash flow and capital allocation. We generated $1.1 billion in cash flow from operations and $610 million in free cash flow this quarter. HPE typically consumes significant amounts of cash in the first half of the year and then generate cash in the second half. We are ahead of traditional free cash flow patent thus far in fiscal '24, given higher than expected net income in Q2, prepayments for AI systems and timing of working capital payments.

現在來談談現金流和資本配置。本季度，我們產生了 11 億美元的營運現金流和 6.1 億美元的自由現金流。HPE通常在上半年消耗大量現金，然後在下半年產生現金。鑑於第二季的淨收入高於預期、人工智慧系統的預付款以及營運資本支付的時間安排，到目前為止，我們在 24 財年的傳統自由現金流專利方面處於領先地位。

AI cash conversion cycle was negative four days, which is a reduction of 28 days from Q2 '23. Days of inventory and days payable were both higher to support our expected growth in AI system revenue in the second half. We returned $240 million in capital to shareholders in Q2, including $169 million in dividends and $45 million in share repurchases. Our year-to-date capital return is $386 million.

AI 現金轉換週期為負 4 天，比 23 年第二季減少了 28 天。庫存天數和應付天數均有所增加，支持了我們預期下半年人工智慧系統收入的成長。我們在第二季向股東返還了 2.4 億美元的資本，其中包括 1.69 億美元的股利和 4,500 萬美元的股票回購。我們今年迄今的資本報酬率為 3.86 億美元。

Let's turn now to our forward view. We expect a materially stronger second half led by AI systems, traditional servers, and storage networking and HPE GreenLake. Let me recap the key drivers that factor into our expectations for Q3 and the full year. Further, we expect improving GPU supply for AI systems and improving demand for traditional servers to drive sequential revenue increases through fiscal year '24.

現在讓我們展望未來。我們預計，在人工智慧系統、傳統伺服器、儲存網路和 HPE GreenLake 的推動下，下半年將會大幅增強。讓我回顧一下影響我們對第三季和全年預期的關鍵驅動因素。此外，我們預計人工智慧系統的 GPU 供應增加以及傳統伺服器需求增加將推動 24 財年收入持續成長。

While the rising AI system mix is a gross margin headwind. We are balancing this with higher margin service revenue, improving scale and cost discipline. We expect the segment operating margin to be approximately 11% for the fiscal year. For hybrid cloud, we expect slight sequential revenue increase throughout the year. HPE GreenLake growth should continue and traditional storage should improve slightly.

而不斷上升的人工智慧系統組合則對毛利率構成阻力。我們透過提高利潤率的服務收入、擴大規模和控製成本來平衡這一點。我們預期本財年分部營業利潤率約為11%。對於混合雲，我們預計全年營收將略有成長。HPE GreenLake 應該會繼續成長，傳統儲存應該會略有改善。

We expect operating margin to improve modestly to the mid-single digit range through the year as HPE GreenLake deals mature new product ramp and our sales force optimization gathers momentum. For Intelligent Edge, we anticipate slight sequential growth in Q3 and Q4, driven primarily by seasonal education spending rather than improving markets. We continue to expect our cost reduction efforts to materialize in the second half and our full year operating margin to be in the mid 20% range.

隨著 HPE GreenLake 新產品的成熟和銷售團隊優化的不斷加強，我們預計全年營業利潤率將小幅提高至中等個位數範圍。對於 Intelligent Edge，我們預計第三季和第四季將出現小幅環比成長，這主要受季節性教育支出而非市場改善的推動。我們繼續預計我們的成本削減努力將在下半年實現，並且全年營業利潤率將達到 20% 左右。

With that context, let me now turn to our outlook. For Q3, we expect revenues in the range of $7.4 billion to $7.8 billion . We expect GAAP diluted net EPS to be between $0.29 and $0.34, and non-GAAP diluted net EPS between $0.43 and $0.48. For fiscal year '24, we now expect constant currency revenue growth of 1% to 3%, which is up from our prior 0% to 2% range.

在此背景下，現在讓我來談談我們的展望。對於第三季度，我們預計營收在 74 億美元至 78 億美元之間。我們預計 GAAP 稀釋淨每股收益在 0.29 美元至 0.34 美元之間，非 GAAP 稀釋淨每股收益在 0.43 美元至 0.48 美元之間。對於 24 財年，我們預計固定貨幣收入成長率將達到 1% 至 3%，高於我們先前的 0% 至 2% 的範圍。

We reiterate our non-GAAP operating profit growth guidance of 0% to 2%. We are reducing our GAAP diluted net EPS guidance by $0.2 to $1.61 to $1.71 from incorporate the recent updates to our H3C proceeds. We are raising our non-GAAP diluted net EPS guidance of $0.03 to $1.85 to $1.95. This incremental $0.03 or $0.06 annualized reflects the contribution from the retained portion of our H3C stake.

我們重申非公認會計準則營業利潤成長 0% 至 2% 的預期。我們將 GAAP 稀釋淨每股收益預期下調 0.2 美元至 1.61 美元至 1.71 美元，以納入我們 H3C 收益的最新更新。我們將非 GAAP 稀釋淨每股收益預期從 0.03 美元上調至 1.85 美元至 1.95 美元。這一增量 0.03 美元或年化 0.06 美元反映了我們保留的 H3C 股份部分的貢獻。

We are also increasingly comfortable with the high end of the non-GAAP diluted EPS range. Given our OI&E and operational improvement, we are excluding from our non-GAAP results, the gain on sale from H3C and CTG divestments. This is mix shift from networking to AI systems should weigh on our gross margins.

我們對非公認會計準則稀釋每股收益範圍的高端也越來越感到滿意。鑑於我們的 OI&E 和營運改進，我們從非 GAAP 績效中排除了 H3C 和 CTG 資產剝離帶來的銷售收益。從網路到人工智慧系統的混合轉變應該會對我們的毛利率產生影響。

We expect the fiscal '24 non-GAAP gross margin to be below our full year expectation of 35% from our Analyst Day. To balance mix shift, we are driving further simplicity and efficiency across the business. We are accelerating our generative AI capabilities such as implementing HPE specific large language models and chatbots for our sales and service representatives.

我們預計 24 財年非 GAAP 毛利率將低於分析師日預測的 35% 的全年預期。為了平衡組合轉變，我們正在進一步推動整個業務的簡化和效率。我們正在加速我們的生成式 AI 能力，例如為我們的銷售和服務代表實施 HPE 特定的大型語言模型和聊天機器人。

As I mentioned last quarter, prudent cost management, simplified processes, and disciplined execution across cycles, a key tenant of our long-term journey towards higher margins. These cost actions will be evident in financial results in the second half of fiscal '24. We now expect fiscal year '24 OpEx to be down modestly from fiscal '23 OpEx. Our prior view was flat to down.

正如我在上個季度提到的，審慎的成本管理、簡化的流程和跨週期的嚴格執行是我們長期實現更高利潤率的關鍵。這些成本行動將在24財年下半年的財務表現中反映出來。我們現在預計24財年的營運支出將較23財年的營運支出略有下降。我們之前的看法是持平或下降。

This includes a sequential increase in Q3 for marketing before a sequentially lower Q4, which will serve us well heading into fiscal '25. We expect our fiscal '24 operating margin to be flattish year over year. We now expect OI&E to be less of a headwind this year. We anticipate a $150 million headwind versus our prior expectation of a $200 million to $250 million headwind given a one-time benefit in Q2 and the retained portion of a H3C stake.

其中包括第三季行銷業務的環比成長，然後第四季的環比下降，這將對我們進入 25 財年大有裨益。我們預計 24 財年的營業利潤率將與去年同期持平。我們現在預計，今年的 OI&E 阻力將減少一些。考慮到第二季的一次性收益和保留的 H3C 股份部分，我們預計逆風金額為 1.5 億美元，而先前預計逆風金額為 2 億至 2.5 億美元。

We expect the effect of currency to be immaterial. Our strong first half free cash flow increases our confidence we will deliver at least $1.9 billion in fiscal year '24. We expect significantly stronger free cash flow in the second half of the year, led by higher earnings given our ramp in AI systems. This does not include the $2.1 billion that we expect to receive from Unisplendour this fiscal year as a result of our recently restructured agreements to sell our stake in H3C.

我們預期貨幣的影響並不顯著。我們上半年強勁的自由現金流增強了我們的信心，我們將在24財年實現至少19億美元的收入。我們預計，由於我們在人工智慧系統方面的發展，獲利將會增加，因此下半年的自由現金流將顯著增強。這還不包括我們最近重組的出售所持 H3C 股份的協議所導致的本財年從紫光集團預計獲得的 21 億美元。

We expect working capital to be neutral to free cash flow as we expect declines in inventory to balance declines and accounts payable. We remain committed in the long term to our balanced capital allocation framework, including our target of returning 65% to 75% of free cash flow to shareholders. In the near term, we expect to continue share repurchases at a pace in line with Q2 as we prudently manage our balance sheet ahead of the anticipated receipt of the H3C proceeds and the Juniper transaction closing.

我們預期營運資本對自由現金流的影響是中性的，因為我們預期庫存下降將平衡下降和應付帳款。我們將繼續長期致力於平衡的資本配置框架，包括向股東返還 65% 至 75% 的自由現金流的目標。短期內，我們預計將繼續以與第二季一致的速度回購股票，因為我們將在預計收到 H3C 收益和瞻博網路交易結束之前審慎管理我們的資產負債表。

The proposed Juniper remains on track to close in late 2024 or early '25 as planned. We remain committed to our dividend and to our investment grade rating. To conclude, our solid Q2 results illustrate how comprehensively AI is affecting our portfolio. We are capturing profitable growth opportunities in the AI market.

擬議的 Juniper 交易將按計劃於 2024 年底或 2025 年初完成。我們仍然致力於我們的股息和投資級評級。總而言之，我們穩健的第二季業績證明了人工智慧對我們投資組合的全面影響。我們正在抓住人工智慧市場的有利成長機會。

We are excited for Discover and look forward to seeing many of you at our IR Summit. I'll open it up now for your questions.

我們對 Discover 感到非常興奮，並期待在我們的 IR 高峰會上見到你們。我現在就來回答你們的問題。

We will now begin the question-and-answer session. (Operator Instructions)

我們現在開始問答環節。（操作員指令）

Amit Daryanani, Evercore.

阿米特·達裡亞納尼 (Amit Daryanani)，Evercore。

Thanks a lot and congrats on a nice spring. Yes, my question is on the AI system side that you possibly had some really good revenue performance, you think business pretty much double sequentially up. Hoping you could spend some time talking about how should we think about margins on the AI side versus maybe segment averages because your margins appear to be holding up a lot better versus what we have done at Dell, Super Micro, for example.

非常感謝並祝賀春天的美好。是的，我的問題是，在人工智慧系統方面，你們的收入表現可能確實不錯，你們認為業務幾乎連續翻了一番。希望您能花一些時間討論我們應該如何看待人工智慧方面的利潤率與細分市場平均利潤率，因為與戴爾、超微等公司相比，您的利潤率似乎保持得好得多。

So love to just understand how do we think about AI systems margins versus corporate averages? And if you just touch on what do you think differentiates your AI solutions versus companies like Super Micro download is super helpful. Thank you.

所以很想了解我們如何看待人工智慧系統利潤率與企業平均利潤率？如果您只是談論您認為您的 AI 解決方案與 Super Micro 等公司相比有何不同，下載將非常有幫助。謝謝。

Hey, Amit, good afternoon. It's Marie and happy to take the question. And look honestly, we shipped $900 million of AI revenue in the quarter. And I think as you saw, our margin rate on a service segment from an operating profit perspective was 11%. So look, honestly, CFO, very pleased with what we guided and that's what we achieved and that's what we've guided for the second half of the year.

嘿，阿米特，下午好。我是瑪麗，很高興回答這個問題。說實話，我們本季的人工智慧收入為 9 億美元。正如您所看到的，從營業利潤的角度來看，我們的服務部門的利潤率為 11%。所以，說實話，財務官，對於我們的指導非常滿意，這就是我們所取得的成就，這就是我們對今年下半年的指導。

In terms of what the puts and takes and the headwinds and tailwinds. Let me give you some color around it. So from a headwind perspective, obviously, we're dealing with a tougher inflationary commodity market, particularly even in the second half. And we also see, as you saw in the quarter, a greater mix of AI servers actually in our overall server mix.

就付出和承受以及逆風和順風而言。讓我來跟你講講它周圍的色彩。因此，從不利因素來看，顯然我們正在應對更嚴峻的通膨大宗商品市場，尤其是在下半年。而且，正如您在本季度看到的那樣，我們還看到，在我們的整體伺服器組合中，AI 伺服器的比例實際上有所增加。

And as you know, you've heard it's a pretty competitive market out there might add to. But clearly we're managing it very well. I'd say what's benefiting us is a couple of really important tailwinds. One is what we're seeing in terms of the Gen11 transition, that part of the business brings a higher AUP and then also frankly, Amit, it's the work we're doing around cost.

而且正如您所知，您已經聽說這是一個相當有競爭力的市場，這可能會增加。但顯然我們管理得很好。我想說對我們有利的是一些非常重要的順風。一是我們在 Gen11 轉型方面看到的，這部分業務帶來了更高的 AUP，然後坦率地說，Amit，這是我們在成本方面所做的工作。

So as a result, I think this really illustrates that we are very disciplined around both price and cost. And frankly, it's part of our strategy to drive profitable growth. So pleased with the result, and that's how we're guiding the back half of the year on it.

因此，我認為這確實表明我們對價格和成本都非常嚴格。坦白說，這是我們推動獲利成長策略的一部分。我對結果很滿意，這就是我們對下半年工作的指導方針。

So Amit, on the differentiation, I will summarize it on four key elements. One is, our ability to deliver and run systems upscale -- our system scale, that's unique expertise and we have decades of experience. Number two, is our infrastructure cooling intellectual property. We actually have all the IP necessary to cool systems in three different ways for them other.

因此，阿米特，關於區分，我將把它總結為四個關鍵要素。一是我們交付和運行高端系統的能力——我們的系統規模，這是我們獨特的專業知識，而且我們擁有數十年的經驗。第二，是我們的基礎設施冷卻智慧財產權。實際上，我們擁有透過三種不同方式冷卻系統所需的所有 IP。

Our manufacturing footprint, which is very unique. We have one of the largest water-cooled manufacturing footprints in the world with two very important locations in the US and in Europe, which are close to customers.

我們的製造足跡非常獨特。我們的水冷製造足跡遍佈全球，在美國和歐洲有兩個非常重要的基地，靠近客戶。

And then last one on listing services, what I think people have come to realize that are running the system as well as Scaleway requires unique services capabilities. And that's why with Marie starts showing you what the services pull through is, which is also over time, a lever to improve the gross margin in this business. And we cover all aspects from day zero, which consulting to day one, which is advisory and professional services design and then builds.

最後關於列出服務，我認為人們已經意識到運行系統以及 Scaleway 需要獨特的服務功能。這就是為什麼瑪麗開始向您展示服務的延伸，這也是隨著時間的推移，提高該業務毛利率的槓桿。我們涵蓋了從零開始的所有方面，從諮詢到第一天，即諮詢和專業服務設計以及建造。

And then day two, which is the running part with our in our operational services side and deep expertise when it comes down to the system of scale, including direct liquid cooling. All those four key elements are a big differentiation for us.

第二天，這是我們營運服務的運作部分，在規模系統方面擁有深厚的專業知識，包括直接液體冷卻。所有這四個關鍵要素對我們來說都是巨大的差異化。

Thank you Amit. Gary moves the next question.

謝謝你，阿米特。加里提出下一個問題。

Aaron Rakers, Wells Fargo.

富國銀行的 Aaron Rakers。

Yes, thanks for taking the question. I guess sticking on the AI topic, if I could. First ask, when you referenced the AI enterprise customers starting to show up and I think the comment on the conference call, it's now north of 15% of your AI orders. Can you give a little bit more context of that? What has that been over the last couple of quarters? I'm just trying to think about the trajectory of that?

是的，感謝您回答這個問題。如果可以的話，我想繼續討論人工智慧主題。首先問一下，當您提到 AI 企業客戶開始出現時，我認為電話會議上的評論是，現在它已經佔到您 AI 訂單的 15% 以上。您能否提供更多相關背景資訊？過去幾季的情況如何？我只是試著思考那件事的軌跡？

And Antonio, on the liquid cooling side, as we and investors think about Blackwell product cycle from in NVIDIA. I'm curious, can you be a little bit more specific of exactly where from a technology perspective you differentiate at liquid cooling or is there something unique that HPE does within the 300 patents that you would want to highlight for us as a sustainably differentiated? Thank you.

安東尼奧，在液體冷卻方面，我們和投資者都從 NVIDIA 的角度思考了 Blackwell 的產品週期。我很好奇，您能否更具體地說明從技術角度來看，您在液體冷卻方面有何不同，或者 HPE 在 300 項專利中有何獨特之處，您可以向我們強調一下其可持續的差異化嗎？謝謝。

Yes, thanks, Aaron. I think it's fair to say that the enterprise demand has started to pick in Q1 and really accelerated in Q2. Early on if you go back to the Q1 2023, all the way to call it calendar 2023. A lot of demand came from the mobile builders, the service providers and hyperscalers. And you see the reference to our partner, Microsoft. But as you think about that, I think three segments of the market.

是的，謝謝，Aaron。我認為可以公平地說，企業需求在第一季開始回暖，並在第二季真正加速。如果您追溯到 2023 年第一季度，一開始可以稱之為 2023 年曆。大量需求來自行動製造商、服務供應商和超大規模企業。您也可以看到對我們的合作夥伴微軟的提及。但當你考慮到這一點時，我認為市場分為三個部分。

I think about that segment, which is driving a lot of demand for a lot of GPUs and accelerated compute in general, the second segment is sovereign clouds and that start to pick up now. And that's, I think about tens of customers around the globe because obviously our countries and then there is enterprise customer, which will be thousands of customers over time.

我認為這個部分正在推動對大量 GPU 和加速運算的大量需求，第二個部分是主權雲，現在開始回升。我認為那是全球數十個客戶，因為顯然我們的國家有企業客戶，隨著時間的推移將會有數千個客戶。

So of today, we are very pleased with the momentum in Enterprise AI. A lot of the conversations are happening. I was in Europe the last two weeks and I was in London, I was in Paris, I was in Madrid. All of them want to adopt AI. And I think they are attracted to HPE because of the trust, the quality and the ability to deliver a simplified experience to our HPE GreenLake platform.

所以今天，我們對企業人工智慧的發展勢頭感到非常滿意。很多對話正在進行中。過去兩週我都在歐洲，去過倫敦、巴黎和馬德里。他們都想採用人工智慧。我認為他們之所以被 HPE 吸引，是因為 HPE 的信任、品質以及為我們的 HPE GreenLake 平台提供簡化體驗的能力。

As for the differentiation HPE has three different ways to cool systems. So one is the traditional way, which is called a liquid to our cooling and think about that, basically running water supply in chill locations where basically cools the air around systems, everybody has known that for a long time.

至於差異化，HPE 有三種不同的方式來冷卻系統。一種是傳統方式，即使用液體進行冷卻，想想看，基本上是在寒冷的地方供水，基本上是冷卻系統周圍的空氣，每個人都很早就知道這一點。

The second is what most of the industry is doing today, which is what I call 70% direct liquid cooling or hybrids liquid cooling. Those companies still use fans to cool aspects of the systems. Some of our competitors are talking about the early liquid cooling, but that's exactly what they do. And they are doing only a hybrid direct liquid cooling.

第二種是當今大多數行業正在做的事情，也就是我所說的 70% 直接液體冷卻或混合液體冷卻。這些公司仍然使用風扇來冷卻系統的各個部分。我們的一些競爭對手正在談論早期的液體冷卻，但這正是他們所做的。他們只採用混合直接液體冷卻。

And HPE has unique, and by the way in that environment, we have 10 systems already in market today that we are shipping and configure them for customers. And then we have what I call 100% a liquid cooling. And this is a unique differentiation. HPE has because we have been doing 100% direct liquid cooling for a long time.

HPE 是獨一無二的，順便說一下，在那個環境中，我們目前已經在市場上推出了 10 個系統，正在為客戶發貨和配置這些系統。然後我們就有了所謂的 100％ 液體冷卻。這是一個獨特的差異化。HPE 之所以這麼做，是因為我們長期以來一直在採用 100% 直接液體冷卻。

And today they are six systems in deployment at three and three of them are for generative AI. And as we go to the next generation of the silicon and you talk about Blackwell, when you go to the B200 that will require 100% direct liquid cooling. And that's a unique opportunity for us because you need not only the IP and the capabilities to cool the infrastructure, but also the manufacturing side.

如今，他們已經在三個部署了六個系統，其中三個用於生成人工智慧。當我們討論下一代矽片時，您會談到 Blackwell，當您討論 B200 時，它將需要 100% 直接液體冷卻。這對我們來說是一個獨特的機會，因為您不僅需要 IP 和冷卻基礎設施的能力，還需要製造方面的能力。

And that's why I said earlier on to the previous call that HPE has one of the largest water cool manufacturing capabilities. So that will really differentiate us. And even on the hybrids, a way to cool the system, HPE is not using off the shelf solution. We use what we call an ARC, which stands for adaptive rack cooling system is a unique design.

這就是為什麼我在之前的電話會議中說過，HPE 擁有最大的水冷製造能力之一。因此這將真正使我們與眾不同。即使在混合動力車上，HPE 也沒有使用現成的解決方案來冷卻系統。我們使用所謂的 ARC，它代表自適應機架冷卻系統，是一種獨特的設計。

And the good news is that we can actually co-locate in the same data center and in the same aisle, our direct liquid cooling and air cool systems, which is unique because customers don't want to retrofit data center. So that's the opportunity.

好消息是，我們實際上可以在同一個資料中心和同一個走道中共置我們的直接液體冷卻和空氣冷卻系統，這是獨一無二的，因為客戶不想改造資料中心。這就是機會。

Thank you very much, Gary.

非常感謝，加里。

Meta Marshall, Morgan Stanley.

摩根士丹利的 Meta Marshall。

Hi. This is Mary on for Meta. I just had a question for you on Intelligent Edge, where are you in the Intelligent Edge inventory digestion? And when do you expect to emerge from it?

你好。我是 Meta 的瑪麗。我只是想問您一個關於智慧邊緣的問題，您在智慧邊緣庫存消化方面處於什麼位置？您預計什麼時候能夠擺脫困境？

Yes, good afternoon. And in terms of where we're at Intelligent Edge, I think as I commented in my prepared remarks. We saw Q2 as being the trough period, and we've been transitioning through that throughout the quarter. And if you look at the market and where it's at right now, I'd say that our channel inventory right now is in really good shape. And we did mention in the guide that we do expect a modest sequential improvement in networking in the back half of the year?

是的，下午好。關於我們在智慧邊緣方面所處的位置，我想正如我在準備好的演講中所評論的那樣。我們認為第二季是低谷期，我們整個季度都在經歷這一轉變。如果你看一下市場及其當前狀況，我會說我們目前的通路庫存狀況非常好。我們確實在指南中提到，我們預計今年下半年網路狀況會有一個適度的連續改善？

Yes. I will say in addition to what Marie said, what I'm real excited is that we see interesting areas of growth happening now. And if you go back to Mobile Congress and you see even announcements like we made yesterday. The enterprise Private 5G is picking up significant momentum. Of my almost 40 meetings I had in Barcelona, more than half were about enterprise Private 5G. And so yesterday we announced the most complete enterprise Private 5G on the back of the Athonet acquisition.

是的。除了瑪麗所說的之外，我想說的是，我真正興奮的是，我們看到現在正在發生的有趣的成長領域。如果你回顧行動通訊大會，你甚至會看到我們昨天發布的公告。企業私有5G發展勢頭強勁。我在巴塞隆納參加的近 40 場會議中，超過一半是關於企業私有 5G 的。所以昨天我們在收購 Athonet 的基礎上宣布了最完整的企業私有 5G。

Thanks very much, Mary. Gary?

非常感謝，瑪麗。加里？

Toni Sacconaghi, Bernstein.

東尼薩康納吉、伯恩斯坦。

Yes, good afternoon and thank you for taking my question. I just wanted to follow up on the guidance. You talked about enthusiasm for the second half. But you beat revenues this quarter relative to your expectations by $400 million and by guiding up an additional percent and you're actually only guiding up the full year by $300 million.

是的，下午好，感謝您回答我的問題。我只是想遵循指導。您談到了對下半場的熱情。但是，本季的營收超出預期 4 億美元，透過額外上調百分之一，實際上您只預計全年營收將成長 3 億美元。

So I'm wondering, are you just being conservative given the commentary around enthusiasm and forces at work in the second half or how do we reconcile that discrepancy? And then also just on the AI servers for the second half. I think you talked about 6 to 12 week lead time so if you have $3 billion of backlog and lead times are 6 to 12 weeks, why can't you deliver $3 billion in AI systems like next quarter, certainly in the second half? Thank you.

所以我想知道，考慮到有關下半年熱情和工作力量的評論，您是否只是持保守態度，或者我們如何調和這種差異？然後也只討論下半部的 AI 伺服器。我認為您談論的是 6 到 12 週的交貨時間，因此，如果您有 30 億美元的積壓訂單，而交貨時間為 6 到 12 週，那麼為什麼您不能在下個季度，尤其是下半年交付價值 30 億美元的人工智慧系統呢？謝謝。

Yes, hi, Toni. Good afternoon. So this is Marie. I'm going to take the first question just on the guide. So let me just clarify the guidance and in terms of how we put it together. So we raised the guide from $1.85 to $1.95 and that actually was the pass through on that 19% stake in H3C. So we actually put $0.03 related to the 19% stake.

是的，你好，托尼。午安.這就是瑪麗。我將回答有關指南的第一個問題。因此，讓我澄清一下指導意見以及我們如何將其整合在一起。因此，我們將指導價從 1.85 美元上調至 1.95 美元，這實際上是對 H3C 19% 股份的轉讓。因此我們實際上投入了與 19% 的股份相關的 0.03 美元。

What I did point to though, Toni, that pointed to the higher end of the range. So that's really what's giving us confidence based on the increase that we made on revenue. So you've seen that higher top line and then also the covenants I got around just the cost discipline. So you've seen that just in the last couple of quarters where we've had a really strong scrutiny and focus around OpEx and plus we did have some favorability in OI&E this quarter, but albeit that was actually just a one-timer.

然而，托尼，我確實指出了該範圍的較高端。所以，這確實讓我們基於收入的成長而充滿信心。所以，您已經看到了更高的營收以及我在成本約束方面達成的協議。因此，您已經看到，就在過去的幾個季度中，我們對 OpEx 進行了非常嚴格的審查和關注，而且本季我們對 OI&E 確實有一些好感，但儘管這實際上只是一次性的。

So just wanted to make that point of clarification for overall, Toni keeping the guide, it was $1.85 to $1.95, but really pointing to the higher end of the guide in terms of just the confidence that you articulated. I'll turn it over to Antonio to cover the figure.

因此，我只是想澄清一下，總體而言，托尼保持的指導價格是 1.85 美元到 1.95 美元，但就您所表達的信心而言，這實際上指向了指導價格的高端。我將把它交給安東尼奧來負責這個數字。

Toni, I think there is an opportunity to potentially exceed that. I think the limiting factor is not the supply, to be honest with you, is the availability of data center space. I made this comment in Q1, if you recall. Data center space and power and cooling and so some we are working with the customers to time everything correctly, now six to 12 weeks.

東尼，我認為有機會超越這一點。我認為限制因素不是供應，老實說，是資料中心空間的可用性。如果你還記得的話，我在第一季發表了這個評論。資料中心空間、電力、冷卻等，我們正在與客戶合作，以確保一切時間安排準確，目前為 6 到 12 週。

Think about it, you know, maybe less than a quarter, but then you have to go and install it and you know, there is a nice percentage of our deals in generative AI, we are actually GreenLake. And so while we can recognize the revenue upfront, we are deferring all the services piece of it. So it really is going to come down to the timing of the data center and the power and cooling. And if that also aligns correctly, then we may have an opportunity to do better. But we felt prudent at this point in time to keep it the way it is and raising by 1%.

想想看，你知道，可能不到四分之一，但你必須去安裝它，你知道，我們的生成式人工智慧交易中有很大一部分是 GreenLake。因此，雖然我們可以預先確認收入，但我們正在推遲所有服務部分。因此，這實際上取決於資料中心的時間安排以及電力和冷卻系統。如果這也正確的話，那麼我們可能有機會做得更好。但我們目前認為，明智的做法是維持現狀，並提高 1%。

Toni, thanks very much. Gary?

托尼，非常感謝。加里？

Samik Chatterjee, JPMorgan.

摩根大通的 Samik Chatterjee。

Hey, thanks for the question. And this is Joe Cardoso on for Samik. So maybe just following up on the AI questions. And you're seeing a sequential decline in a AI backlog this quarter, admittedly off of a very robust revenue quarter. And maybe you can just discuss the pipeline you're seeing and if sitting here like what are some of the puts and takes that investors should be considering when seeing the sequential decline in backlog despite what appears to be a strong underlying demand environment overall? Thanks.

嘿，謝謝你的提問。這是喬·卡多佐 (Joe Cardoso) 代替薩米克 (Samik)。所以也許只是跟進人工智慧問題。你會看到本季人工智慧積壓訂單季減，誠然，這季度的營收非常強勁。也許您可以討論一下您所看到的管道，以及儘管總體而言潛在的需求環境似乎很強勁，但當投資者看到積壓訂單連續下降時，應該考慮哪些利弊？謝謝。

Sure. Thank you. Yes, our backlog was slightly down quarter over quarter also was based on the demand we took in. And also the fact that we converted more. I think you have to realize some of these deals, particularly large deals take time and a little bit lumpy. Some of them have to go through the financing side. And so we feel good about where we are today.

當然。謝謝。是的，我們的積壓訂單量比上一季略有下降，這也是基於我們所面臨的需求。而且事實上我們的轉換率更高。我認為你必須意識到其中一些交易，特別是大型交易需要時間而且會有些坎坷。有些還得透過融資方面。因此我們對目前的狀況感到很滿意。

But in term of the pipeline, think about multiples of the current backlog, multiples of the current backlog. So as we go through the next weeks and quarters here, we feel very confident in our ability to capture that AI for all the reasons I described before and also the ability to close these deals as some of them may include by the way the need to provide data center space as well because we are not just building the system. And these are all generative AI system by the way. All of them that we also need to run it for customers.

但就管道而言，請考慮目前積壓的倍數、目前積壓的倍數。因此，隨著接下來幾週和幾個季度的到來，我們對我們能夠捕捉人工智慧的能力非常有信心，原因如我之前所述，我們也有能力完成這些交易，因為其中一些交易可能包括需要提供資料中心空間，因為我們不僅僅是在建立系統。順便說一下，這些都是生成式人工智慧系統。我們還需要為客戶運行所有這些。

Thanks very much, Joe. Gary?

非常感謝，喬。加里？

Simon Leopold, Raymond James.

西蒙李奧波德、雷蒙詹姆斯。

Yes, hi. This is Victor Chiu, for Simon. Regarding the AI systems revenues pretty sharp inflection this quarter. Can you just tell us how much of the increase was driven by allocation improvement versus your ability to ship orders and kind of just help us understand the dynamic there a little bit?

是的，你好。我是 Victor Chiu，代表 Simon 發言。就人工智慧系統收入而言，本季出現了相當劇烈的變化。您能否告訴我們，成長有多少是由分配改善而不是您發貨訂單的能力所推動的，並幫助我們了解那裡的動態？

No, I don't think so to do anything with the location. I read all this thing about location. We have fantastic partnership with NVIDIA is about lead times in general H100, which obviously NVIDIA makes significant improvements on their own and then obviously, as we start ramping our manufacturing processes, we actually become better and better about the revenue conversion.

不，我不認為這與地點有關。我讀了所有有關位置的文章。我們與 NVIDIA 建立了良好的合作關係，在 H100 的交付週期方面，NVIDIA 顯然自己做出了重大改進，然後顯然，隨著我們開始加快製造流程，我們的收入轉換率實際上變得越來越好。

I want to say I want to thank my team because my team did a fantastic job and we feel good about as we go forward. So it's a combination of multiple things, better lead times of supply. We feel pretty good about the ability to deliver system 6 to 12 weeks to Toni's question and some of them are straightforward is just shipments in summer with our HPE GreenLake offering wrapped around.

我想說，我要感謝我的團隊，因為我的團隊做得非常出色，我們對未來的發展感到十分滿意。因此，它是多種因素的結合，可以縮短供應週期。對於 Toni 提出的這個問題，我們對在 6 到 12 週內交付系統的能力感到非常滿意，其中一些問題很簡單，就是在夏季透過我們的 HPE GreenLake 產品進行出貨。

Thanks very much, Victor. Gary.

非常感謝，維克多。加里。

Ruplu Bhattacharya, Bank of America.

美國銀行的 Ruplu Bhattacharya。

Hi, thanks for taking my questions. It's Ruplu Bhattacharya, for Wamsi today. Can you talk about how much of the GreenLake revenue and ARR growth came from AI? And then Antonio do think that having GreenLake is helping you sell AI systems and how they wanted to clarify Antonio, you talked about sovereign AI can you talk about what inning you're in and are there specific requirements or sovereign AI, where you think HPE is very well positioned to satisfy?

你好，謝謝你回答我的問題。今天，我是 Ruplu Bhattacharya，為 Wamsi 做報道。您能談談 GreenLake 的收入和 ARR 成長有多少來自 AI 嗎？然後安東尼奧確實認為擁有 GreenLake 可以幫助您銷售 AI 系統，以及他們如何澄清安東尼奧，您談到了主權 AI，您能談談您所處的階段嗎？

Ruplu. Marie. I look forward to seeing you tomorrow. So in terms of your question around just ARR and AI. Actually, it was the fastest growth element of ARR in Q2 followed by storage and networking. So I think as I said in my prepared remarks, we're starting to AI just sort of move through our entire portfolio. So pleased with the progress that we had this quarter. I'll turn it over Antonio to add some more context.

魯普魯。瑪麗。我期待明天見到你。所以就你關於 ARR 和 AI 的問題而言。實際上，它是第二季度 ARR 成長最快的要素，其次是儲存和網路。因此我認為，正如我在準備好的演講中所說的那樣，我們正在開始將人工智慧運用到我們的整個投資組合中。我們對本季取得的進展感到非常高興。我會將其交給安東尼奧以添加更多背景資訊。

Yeah. On the second part of the question. I think we are early at this point in time. I think there is more to be seen and I wanted to make sure I captured exactly what you said. Can you repeat the last part because we were a little bit breaking?

是的。關於問題的第二部分。我認為我們目前處於早期階段。我認為還有更多內容需要關注，並且我想確保我準確地理解了您所說的內容。你能重複最後一部分嗎？

Yes, I just wanted to ask about the sovereign AI? And so are there specific requirements that you can satisfy?

是的，我只是想問主權 AI 的情況？那麼您能滿足哪些具體要求呢？

Yes. So sovereign AI, as I said is early on. I think there is a lot of engagements right now happening at the country level. The good news, we have very good reach across the Board and it's a combination of both. There is a combination of providing what I call generative AI locations where enterprise customers can get access to a sovereign cloud that the government may be helping funding at the same time.

是的。所以正如我所說，主權人工智慧還處於早期階段。我認為目前國家層級正在發生很多事情。好消息是，我們在董事會中擁有很好的影響力，這是兩者的結合。我把這種方案稱為生成性人工智慧位置，企業客戶可以在其中存取主權雲，同時政府也可能提供資金支援。

And the other one is what I call our super computing power right itself. And so the two are very well aligned to the sovereign AI opportunities. And that's why I'm excited because HPE already provide to allow the sovereign governments supercomputers. So now we can extend into regenerative AI. If you think about the example of the UK, Bristol is a generative AI system that the UK is funded as a part of the Bristol University that eventually is going to be open to start-ups and enterprises in the UK to either train models or do other type of research, and that's what we see.

另一個就是我所說的超級運算能力本身。因此，兩者與主權 AI 機會非常契合。這就是我感到興奮的原因，因為 HPE 已經為主權政府提供了超級電腦。所以現在我們可以擴展到再生人工智慧。如果你考慮英國的例子，布里斯托爾是一個生成式人工智慧系統，英國作為布里斯託大學的一部分提供資金，最終將向英國的新創公司和企業開放，以訓練模型或進行其他類型的研究，這就是我們所看到的。

Okay. Thanks very much for Ruplu. Gary, we have two more questions, please.

好的。非常感謝 Ruplu。加里，我們還有兩個問題。

Ananda Baruah, Loop Capital.

Ananda Baruah，Loop Capital。

Good afternoon, guys. Really appreciate you taking the question. Just a quick clarification and a quick question. Antonio, did you say that last 12 months AI growth was driven by service providers and was at mobile, you said. And then the question is that what's a good way to think about clouds, your GenAI cloud scale opportunity, hyperscalers and Tier 2 going forward? Thanks a lot.

大家下午好。非常感謝您回答這個問題。只是想快速澄清一下並問一個簡單的問題。安東尼奧，您是否說過，過去 12 個月 AI 的成長是由服務提供者推動的，並且是在行動領域。那麼問題是，未來該如何更好地思考雲端、GenAI 雲端規模機會、超大規模和 Tier 2？多謝。

Yes, no, thank you. I said the you know, the segment where we have seen, obviously the vast majority of action and demand is the model builders. Those are the big companies that build large and small language models. Obviously, you saw comments about partnering with Microsoft and the extension of their capacity to OpenAI. That's an example of a mobile builder, but also there are other service providers.

是，不，謝謝。我說，你知道，我們所看到的部分，顯然絕大多數的行動和需求都是模型建構者的。這些是建立大型和小型語言模型的大公司。顯然，您看到了與微軟合作並將其能力擴展到 OpenAI 的評論。這是行動建構器的一個例子，但也有其他服務提供者。

And in fact, in my remarks, I mentioned Scaleway, which is a French service provider that provides the capacity for the local French model builders. In fact, there is a lot of it's a very vibrant ecosystem in France about building the AI models that will use that capacity to train the models. That's what I refer to at this point in time.

事實上，我在演講中提到了Scaleway，這是一家法國服務提供商，為法國當地的模型建造者提供產能。事實上，法國有許多非常活躍的生態系統，致力於建立人工智慧模型，並利用這種能力來訓練模型。這就是我此時所指的。

And that's what we see. And that's what we see now. So we are very interested in not just the model builders, but Tier 2 or Tier 3 , which also is going to be a big driver. But understanding that enterprise ultimately where the action is going to happen in terms of fine tuning and deploying these AI models over time.

這就是我們所看到的。這就是我們現在所看到的。因此，我們不僅對模型建構者感興趣，而且對 Tier 2 或 Tier 3 也非常感興趣，這也將成為一個巨大的驅動力。但要了解企業最終將在何處採取行動，以便隨著時間的推移對這些人工智慧模型進行微調和部署。

Okay. Thank you very much, Ananda. And last question, Gary.

好的。非常感謝，阿南達。最後一個問題，加里。

Lou Miscioscia, Daiwa.

Lou Miscioscia，大和。

Hey, thanks for getting me in. So my question is really about a GPU or accelerated diversification. Obviously, AMD and Intel and others are starting to come out. So as you think about calendar 2024, what do you think that your system will be for this? And what do you think demand will be? And then maybe continue that into 2025?

嘿，謝謝你讓我加入。所以我的問題實際上是關於 GPU 或加速多樣化。顯然，AMD、英特爾等公司開始嶄露頭角。那麼，當您考慮 2024 年曆時，您認為您的系統將是什麼？您認為需求會是多少？然後也許會繼續這種趨勢到 2025 年？

Yes. I mean, listen, I'm very pragmatic about these things today in generative AI to be the market leader in NVIDIA. And that's where we have aligned our strategy. That's where we have aligned our offerings. And as I made my remarks earlier, we have 10 systems already in the mix cooling environment and six systems, six offers also in the direct liquid cooling environment.

是的。我的意思是，聽著，我今天對生成式人工智慧領域的這些事情非常務實，以成為 NVIDIA 的市場領導者。這就是我們調整策略的地方。這就是我們調整產品的地方。正如我之前所說，我們在混合冷卻環境中已經有 10 個系統，在直接液體冷卻環境中也有 6 個系統、6 個報價。

So we are aligning with NVIDIA today, and that's why you're going to see a Discover Jensen comment on stage with me to talk about what we're doing together. Now when you go into the sovereign space, where there may be some components of supercomputing down the road. Obviously, they design their own systems with our help, and that will be a mix environment.

因此，我們今天與 NVIDIA 結盟，這就是為什麼你們會看到 Discover Jensen 與我一起在舞台上發表評論，討論我們共同所做的事情。現在，當你進入主權空間時，未來可能會有一些超級運算的元件。顯然，他們在我們的幫助下設計自己的系統，這將是一個混合環境。

But just in the last month or so, we open a new system and the Los Alamos laboratory, which was actually an immediate system with HPE is direct liquid cooled. So we are clear about that. But then the others, those systems that will come in 2025, that may have different type of accelerators. Over time, we're going to be time to market.

但就在上個月左右，我們啟用了一個新系統，洛斯阿拉莫斯實驗室實際上是一個與 HPE 直接採用液體冷卻的系統。所以我們很清楚這一點。但其他系統，即將於 2025 年問世的系統，可能會有不同類型的加速器。隨著時間的推移，我們將會把產品推向市場。

But right now, we are aligned to NVIDIA and that's what we're doing. And that's why I think it will be a great opportunity for you. To join us, HPE Discover because you can see everything we talk today on the floor. Every system, I just refer to my slides, every comment I made in my answers to the questions you can come and see it.

但現在，我們與 NVIDIA 保持一致，這就是我們正在做的事情。因此我認為這對你來說是一個絕佳的機會。加入我們，HPE Discover，因為您可以在現場看到我們今天討論的所有內容。每個系統，我只是參考我的幻燈片，我在回答問題時所做的每個評論，你都可以來看。

These are systems and IP that we are shipping today and you're going to see our time to market with this silicon in addition to all the services and HPE GreenLake. So it's going to be an amazing opportunity. And also because we are doing the keynote at Sphere. We're going to have probably inside the Sphere of more than 17,000 customers and partners joining us.

這些是我們今天正在交付的系統和 IP，除了所有服務和 HPE GreenLake 之外，您還將看到我們推出這款矽片的時間。所以這將是一個絕佳的機會。而且因為我們在 Sphere 上做主題演講。我們的Sphere內可能會有超過17,000個客戶和合作夥伴加入我們。

So I know we don't have a lot of the normal time for questions, but I will say thank you for joining today. As a recap, the quarter was very solid, our AI system revenue more than doubled to $900 million. Allowing us to obviously exceed our revenue and non-GAAP earnings per share guidance because the demand AI strong. We have a multiple of the backlog in our pipeline and some aspect of their traditional infrastructure market is recovery, plus our disciplined execution on pricing and costs.

我知道我們沒有太多的時間來回答問題，但我還是要感謝你們今天的參與。總結一下，本季表現非常穩健，我們的 AI 系統營收成長了一倍多，達到 9 億美元。由於需求強勁，我們顯然能夠超越我們的收入和非公認會計準則每股收益預期。我們的管道積壓了多批訂單，其傳統基礎設施市場的某些方面正在復蘇，再加上我們在定價和成本方面的嚴格執行。

We are raising both the revenue and EPS guidance in other revenue that could be something more obviously, but is dependent on some of the timing. And then obviously on the EPS, we are comfortable with the higher end of the range, as Marie said. So again, we're very pleased we feel the second half is going to set up really well. And then obviously we are looking forward to see many of you at HPE Discover in just less than two weeks. Thank you for your time today.

我們正在提高其他收入的收入和每股盈餘預期，這可能是更明顯的，但取決於一些時間表。然後顯然就每股收益而言，正如瑪麗所說的，我們對該範圍的較高端感到滿意。因此，我們非常高興，我們覺得下半場將會進展得非常好。顯然，我們期待在不到兩週的時間內在 HPE Discover 上見到你們。感謝您今天抽出時間。

Ladies and gentlemen, this concludes our call for today. Thank you.

女士們、先生們，今天的通話到此結束。謝謝。