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會議主持人。 （操作員說明）本次會議正在錄製以供重播之用。現在，我想將簡報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.歡迎參加由 HPE 總裁兼執行長 Antonio Neri 主持的 2024 財年第二季財報電話會議；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廣播，通話結束後不久將提供網路廣播的重播。我們已在投資者關係網頁上發布了新聞稿和幻燈片簡報。本次電話會議中引用的財務資訊要素具有前瞻性，並且基於我們對當今世界和業務的最佳看法。

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.

慧與不承擔任何義務，也不打算更新任何此類前瞻性聲明。我們也注意到，本次電話會議討論的財務資訊反映了基於​​目前可用資訊的估計，可能與慧與截至2024 年4 月30 日的財政季度10-Q 表格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.

欲了解更多詳細信息，請參閱與涉及風險、不確定性和假設的前瞻性陳述相關的收益材料的免責聲明。請參閱 HPE 向 SEC 提交的文件，以了解有關這些風險的討論。對於財務信息，我們以非公認會計準則為基礎表示。我們已在我們的網站上提供了可比較 GAAP 資訊的調整表。

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發布所附的表格和幻燈片演示。在整個電話會議中，除非另有說明，所有收入成長率均按年計算，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引用我們的收益報告。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，感謝您今天加入我們，在人工智慧系統收入較第一季增長一倍以上的推動下，HPE 在第二季度實現了非常穩健的業績，收入和非GAAP 攤薄後每股淨利潤超出了我們的預期範圍。我對我們的發展方向非常樂觀。

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達 46 億美元。儘管大型人工智慧訂單可能會在本季造成波動，但我們在該業務方面擁有強大的管道。我們預計，在 AI 系統需求增加、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）的持續改進的推動下，收入將持續成長。

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 財年下半年的信心，我們提高了全年收入和非 GAAP 每股盈餘指引，重申了自由現金流指引。瑪麗將在她的演講中提供更多細節。

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.

在我們專注於將人工智慧客戶的強勁需求轉化為收入成長的同時，我們將繼續推動成本控制，以更有效地運作並保持進行有針對性的投資的能力，這將維持我們未來的成長。我們一直審慎支出，上半年營運費用較去年同期減少。

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.

我們也推動整個公司的業務流程簡化，包括透過人工智慧實現數位化和自動化。對 HPE 人工智慧系統的需求正在以更快的速度成長，我們紮實的執行力使我們的人工智慧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 可用性來幫助實現供應鏈轉型。

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.

目前，我們交付 NVIDIA H100 解決方案的交貨時間為 6 至 12 週，具體取決於訂單規模和複雜程度。我們預計這將提升我們下半年的收入。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。目前，企業訂單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兩倍。

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.

隨著這些項目從探索和發現階段繼續取得進展，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。我們在人工智慧領域的領導地位以及整個人工智慧生命週期中從培訓到微調到嬰兒期的領先地位繼續吸引新客戶。

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、傳統企業客戶以及大型超大規模企業。例如，我們與 Microsoft 合作，將 Azure AI 平台擴展到 HPE 基礎設施，這為 Microsoft 提供了額外的能力來服務更多客戶，包括 OpenAI。

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。客戶欣賞我們的人工智慧規模、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.

隨著運算的加速、矽創新的進步、更高的功率密度需求、直接液體冷卻技術。建造直接液體冷卻人工智慧系統非常複雜，需要製造專業知識和基礎設施，包括電力、冷卻和水。 HPE 在直接液體冷卻方面擁有 300 多項專利、經過驗證的專業知識和針對此類系統的強大製造能力。

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 能夠很好地幫助客戶滿足當前和未來加速運算晶片設計的電源需求。 5月份，最新的全球最強超級電腦500強名單發布，我們在人工智慧領域的領先地位再次得到驗證。

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，全部採用直接液冷式。其中兩個系統是百億億次超級計算機，其中 Frontier 仍然是世界上最快的，而 Aurora 現在突破了百億億次障礙。我還感到自豪的是，根據最新的 Green500 名單，我們已經建立了世界 10 強節能係統中的 7 個。

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.

這一經驗使我們成為追求人工智慧戰略的主權國家和政府有吸引力的合作夥伴。 HPE 受益於強大的 AI 合作夥伴生態系統，其中包括 NVIDIA。去年，我們在 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，並使企業能夠利用其私人資料微調大型語言模型，以加速起步階段。

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）；兩週後我將在 HPE Discover Las Vegas 與我會面。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人工智慧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，以增強身份驗證，我們的地點例如韓國仁川國際機場。

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.

JT Group 總部位於日本，經營製藥業務，並計劃使用我們的 HPE AI 系統來支援 AI 模型、培訓和模擬，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 雲端服務產品提供支援。這項新服務將為企業提供強大的運算能力，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.

在我們利用成長機會的同時，我們也看到傳統和雲端基礎設施市場的市場復甦跡象。在企業公共部門和中小企業客戶的推動下，傳統服務的訂單連續逐年成長。在北美和歐洲。我們沒有看到加速運算需求帶來蠶食的跡象。

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.

隨著客戶轉向更高的 HPE ProLiant Gen11 伺服器，收入連續成長，以客戶為中心的差異化創新使我們能夠很好地抓住這個市場復甦的機會。例如我們領先的HPE GreenLake，混合雲就吸引了新客戶。

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.

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 個，我們的即服務生命週期總合約價值在第二季度增長到超過150 億美元，我們的年化收入運行率或ARR 年成長 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.

對我們的 HPE GreenLake 本地私有雲解決方案的需求不斷增加。美國國防部的作戰支援機構國防資訊系統局選擇慧與在 HPE GreenLake 上開發分散式混合多雲平台原型，以簡化該組織對不同公共 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，我們在第二季加快了產品組合的轉型，以滿足混合雲和人工智慧的需求。幾週前，HPE 為我們的 HPE Alletra 儲存產品引入了重要的新功能。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.

使其能力加倍以滿足更多客戶的需求，並增強其自動化能力，即生成式人工智慧。本季度初，我們推出了新的 HPE GreenLake，用於提供帶有選項的檔案儲存功能，專門針對人工智慧的非結構化資料元素。近幾個月來，我們也顯著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.

在銷售週期長的市場中，啟動新賣家並讓他們充分發揮生產力需要時間。我們預計未來訂單對收入的轉換將會增加。 HPE 對我們的成功產品組合進行了增強，輔以更專注的銷售隊伍地位，從而加強了 HPE Alletra 已經強勁的客戶採用。

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.

迄今為止，已部署 1,000 多個新的 HPE Alletra MP 系統，這是我們公司歷史上最快的產品升級。在網路領域，隨著客戶繼續處理當前庫存，本季市場仍處於轉型期。隨著這一領域的需求逐漸恢復，我們相信我們廣泛的投資組合使我們處於有利地位。

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，在美國各州和當地採購季節的推動下，網路需求將出現適度的連續改善。我們在本季宣布了重大的新創新，以配合慧與更廣泛的人工智慧策略。這些解決方案包括用於改進 AIOps 的生成式 AI 功能以及可擷取邊緣資料以進行 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測工具，以協助應對人工智慧網路風險。就在昨天，我們推出了 HPE Aruba 網路和企業專用 5G，擴展了市場上最完整的專用 5G 和 Wi-Fi 產品組合。所有這一切都將透過我們的 HPE GreenLake 雲端平台提供。

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。馬裡蘭大學已選擇慧與來增強訪客、居民和員工的體驗。當我們展望網路領域的未來時，我們仍然對收購瞻博網路的提議充滿熱情。

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.

目前，我們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。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，以提高客戶服務、研發生產力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.

我還想指出的是，我們最近宣布對 H3C 股份的出售進行了重組。由於該交易規模龐大且複雜。我們所需的監管批准時間比之前預期的要長。因此，我們同意重組銷售單位。更新後的協議為慧與提供了在未來幾個月內出售大部分股份的機會。

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.

新的支付結構對懸而未決的瞻博網路交易沒有影響。由於交易融資的結構不依賴H3C的任何收益。最後，您可能會看到，我們在五月宣布，我們已同意剝離我們的通訊技術集團，以加強我們對市場高成長、高利潤部分（包括服務提供者和企業市場）的策略重點。

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，我對第二季非常穩健的表現感到自豪。它顯示了我們的策略和創新與主要市場機會的一致性。我們對下半年更加樂觀，這導致我們提高了全年收入和非公認會計準則每股收益指引。人工智慧在我們的產品組合中創造了不斷增長的需求，我們在客戶和業務領域看到了巨大的機會。

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.

從建立人工智慧系統的深厚專業知識到差異化的 HPE GreenLake 雲，再到我們的網路和儲存產品，我們的競爭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，以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 Las Vegas 展會上與您分享我們在 AI 混合雲和網路領域的最新突破性創新和合作夥伴關係。我們很高興成為 Sphere 的第一個企業主題演講者，我希望在那裡見到你們中的許多人。

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.

我現在想把它交給瑪麗，她將談論我們部門的細節和我們的前景。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.

謝謝安東尼奧，大家下午好。在擔任 HPE 財務長的第一個完整季度後，我很高興能與大家在一起。在過去的三個月裡，我對人工智慧、混合雲和網路領域的機會變得更加興奮。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、服務和融資等產品組合中推動了強勁的管道訂單和收入。

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的變化。我們現在正在人工智慧市場贏得交易，並為未來企業和主權國家的額外需求做好了準備。我們的差異化優勢包括數十年的液體冷卻專業知識（技術難度），這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.

我們很高興第二季的關鍵指標超出了我們的預期。我們超出了收入指導中位數 4 億美元。非 GAAP 稀釋後淨每股收益高於我們範圍的高端，自由現金流超過 6 億美元。企業對傳統伺服器的需求不斷提高，加上人工智慧伺服器的預期急劇成長，推動了績效的優異表現。

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.

人工智慧訂單健康的智慧邊緣將如預期在第二季之後繼續成長，並且人工智慧成為 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，我對我們在第二季度的表現非常滿意，並且對我們在 24 財年的持續進展感到興奮。

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。這超出了我們之前指導的中位數約 4 億美元。我們在 HPE GreenLake 擁有強勁的發展勢頭。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 ARR 年成長 39%，超過 15 億美元。儲存和網路通常是 ARR 成長最快的要素，並且都保持了強勁的成長率。本季人工智慧是 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 是我們轉型為即服務產品模式的最佳指標。這一成長證實了客戶的說法：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主要客戶的價值主張將得到加強。

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%，季減 310 個基點，年減了 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%，但我們第二季的非 GAAP 營運費用比去年同期下降了 1.6%。我們的營運支出紀律部分抵銷了非 GAAP 毛利率的下降，並將非 GAAP 營業利潤率環比下降至 200 個基點，年減至 9.5%。營運支出紀律加上更高的收入使 GAAP 攤薄後淨每股收益達到 0.24 美元，非 GAAP 攤薄後淨每股收益達到 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.

後者超出了嚴格的收入和成本紀律指導範圍的上限。非 GAAP 攤薄每股淨利不包括 2.47 億美元的淨成本，主要來自股票補償費用、無形資產和收購攤銷以及其他相關費用。我們以專注和紀律的方式管理業務，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.

我們也進行投資，以利用人工智慧、混合雲和網路領域相互關聯的拐點所帶來的成長，並隨著時間的推移推動結構性更高的獲利能力。讓我們看看我們的部門結果。該季度伺服器營收為 39 億美元。季增 16%，年增 18%。人工智慧系統和傳統服務的弦樂推動了收入的健康成長。

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.

我們在 23 年第一季的累積人工智慧系統產品和服務訂單連續增加約 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 億美元以上感到非常滿意。這種強勁的營收成長使我們能夠在積壓訂單方面取得進展，目前積壓訂單已達到 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.

鑑於我們的服務業務日益重要，我們本季更新了人工智慧揭露，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 和越來越多的服務方面的差異化在市場上引起了共鳴。

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.

去年，我們的企業人工智慧客戶群成長了三倍。傳統伺服器業務營收季增。我們預計這一趨勢將持續下去。隨著企業消化先前的採購並對宏觀前景更加滿意，需求正在改善。向更高 AUP Gen11 服務的結構組合轉變超出了預期，我們能夠承受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.

我們感到鼓舞的是，我們的 Gen11 管道開始包括人工智慧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企業採用的證據。我們第二季的營業利益率為 11%。這一數字比上一季下降了 40 個基點，符合我們上季度對營業利潤率（接近長期 11% 至 13% 範圍下限）的預期。

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.

儘管伺服器市場的定價仍然激進，特別是在人工智慧系統中。在追求獲利成長的同時，我們仍然嚴格控製成本和價格。混合雲收入為 13 億美元，季增 1%，年減 9%。我們已經看到了將大部分 HPE GreenLake 產品整合到單一業務部門中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%。我們的傳統儲存業務逐年下降。該企業正在同時管理兩個長期轉型。我們討論了向軟體更加密集的電動平台的遷移。這會減少一段時間內的收入成長，而不是鎖定未來的經常性收入。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，但這也是在正確的軌道上。我們的秋季新產品，加上安東尼奧提到的銷售人員投資，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%，季減 300 個基點，較去年同期下降 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.

收入規模的縮小以及第三方產品和傳統儲存的不利組合是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。我們的積壓現在處於正常水平。

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，大型企業尚未回歸市場。然而，我們確實看到了一些萌芽，這讓我們有信心網絡將在第二季度之後過渡到溫和的連續增長，正如我們所預期的那樣。我們的通路庫存維持在正常範圍內，Wi-Fi 已連續兩季較上季成長。

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.

軟體和服務的成長依然強勁。 Aruba Central SSE 的附加費率和續約以及我們的 AIOps 軟體仍然強勁。智慧邊緣組合的訂閱收入較去年同期成長約 50%。該部門營業利益率為 21.8%，季減 760 個基點，較去年同期下降 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.

正如預期的那樣，收入下降減少了轉換業務的組合，積壓的收入減少是主要驅動因素。正如我們上季度所表示的那樣，我們已經重置了今年的營運支出計劃，以應對收入下降的情況，並預計智慧邊緣營運利潤率將在第四季度恢復到 20% 左右的範圍內。

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%，融資額為 17 億美元。我們的營業利益率為 9.3%，較上季上升 80 個基點，較去年同期上升 40 個基點。我們第二季的虧損率穩定在 0.5% 以下。這些結果正是我們對這高品質可預測業務的期望。

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，在這穩定結果的背後，效應已經開始適應，推動整個業務的人工智慧成長。今年迄今為止，人工智慧在雲端和企業客戶中贏得了近 5 億美元（約 30 億美元）的融資額。這說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.

現在轉向現金流和資本配置。本季我們產生了 11 億美元的營運現金流和 6.1 億美元的自由現金流。 HPE 通常會在上半年消耗大量現金，然後在下半年產生現金。鑑於第二季的淨利潤高於預期、人工智慧系統的預付款以及營運資金支付的時間，我們在 24 財年迄今領先於傳統的自由現金流專利。

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 現金轉換週期為負四天，比 2023 年第二季減少了 28 天。庫存天數和應付天數均較高，支持我們下半年人工智慧系統收入的預期成長。第二季度，我們向股東返還了 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.

現在讓我們轉向我們的前瞻性觀點。我們預計下半年將在人工智慧系統、傳統伺服器、儲存網路和 HPE GreenLake 的引領下大幅走強。讓我回顧一下影響我們對第三季和全年預期的主要驅動因素。此外，我們預計人工智慧系統的 GPU 供應量的增加以及傳統伺服器的需求的增加將推動 24 財年收入的連續成長。

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.

而不斷成長的人工智慧系統組合是毛利率的阻力。我們正在平衡這一點與更高利潤的服務收入、改善規模和成本控制。我們預計本財年該部門的營業利潤率約為 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 成熟的新產品上市以及我們的銷售隊伍優化勢頭增強，我們預計全年營業利潤率將小幅提高至中個位數範圍。對於智慧邊緣，我們預計第三季和第四季將出現小幅環比成長，這主要是由季節性教育支出而非市場改善所推動的。我們繼續預計我們的成本削減努力將在下半年實現，全年營業利潤率將在 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，現在讓我談談我們的前景。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 攤薄後淨每股收益將在 0.29 美元至 0.34 美元之間，非 GAAP 攤薄後淨每股收益將在 0.43 美元至 0.48 美元之間。對於 24 財年，我們現在預計貨幣收入將持續成長 1% 至 3%，高於我們先前 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 GAAP 營業利潤成長指引為 0% 至 2%。考慮到 H3C 收益的最新更新，我們將 GAAP 稀釋後淨每股收益指引下調 0.2 美元至 1.61 美元至 1.71 美元。我們將非 GAAP 稀釋後淨每股收益指引上調 0.03 美元至 1.85 美元至 1.95 美元。年化增量 0.03 美元或 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.

我們也越來越適應非公認會計準則攤薄每股收益範圍的高端。鑑於我們的 OI&E 和營運改善，我們將 H3C 和 CTG 撤資帶來的出售收益排除在非 GAAP 業績之外。從網路到人工智慧系統的混合轉變應該會給我們的毛利率帶來壓力。

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，我們正在推動整個業務的進一步簡化和效率。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.

正如我上季度提到的，審慎的成本管理、簡化的流程和跨週期的嚴格執行，是我們實現更高利潤的長期旅程的關鍵因素。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 財年的營運支出將比 23 財年的營運支出小幅下降。我們之前的觀點是持平或下跌。

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.

這包括在第四季度連續下降之前第三季的營銷量連續增加，這將為我們進入 25 財年提供良好的幫助。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 OI&E 今年的阻力將減少。考慮到第二季的一次性收益和 H3C 股份的保留部分，我們預計將出現 1.5 億美元的逆風，而我們先前的預期為 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重大。我們上半年強勁的自由現金流增強了我們在 24 財年實現至少 19 億美元業績的信心。我們預計下半年自由現金流將顯著增強，因為我們在人工智慧系統方面的進步，帶來了更高的收益。這還不包括我們預計本財年從紫光集團獲得的 21 億美元，因為我們最近達成了出售 H3C 股份的重組協議。

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.

我們預計營運資金對自由現金流呈中性，因為我們預期庫存下降將平衡下降和應付帳款。從長遠來看，我們仍然致力於平衡資本配置框架，包括將 65% 至 75% 的自由現金流返還給股東的目標。短期內，我們預計將繼續以與第二季一致的速度進行股票回購，因為我們在預期收到 H3C 收益和瞻博網路交易完成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 仍有望按計劃於 2024 年底或 25 年初關閉。我們仍然致力於我們的股息和投資評級。總而言之，我們第二季穩健的表現說明了人工智慧對我們投資組合的影響有多全面。我們正在抓住人工智慧市場的獲利成長機會。

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。我現在就打開它來回答你的問題。

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

我們現在開始問答環節。 （操作員說明）

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.

非常感謝並祝賀您度過了一個愉快的春天。是的，我的問題是在人工智慧系統方面，你可能有一些非常好的收入表現，你認為業務幾乎連續翻倍。希望您能花一些時間討論我們應該如何考慮人工智慧方面的利潤率與細分市場的平均水平，因為您的利潤率似乎比我們在戴爾、超微等公司所做的要好得多。

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.

那麼想了解我們如何看待人工智慧系統的利潤與企業平均值的比較嗎？如果您只是談論您認為您的人工智慧解決方案與 Super Micro 這樣的公司有何不同，下載就會非常有幫助。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，她很高興回答這個問題。老實說，我們本季的人工智慧收入達到了 9 億美元。我認為正如您所看到的，從營業利潤的角度來看，我們服務部門的利潤率為 11%。因此，老實說，財務官，對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.

就看跌期權和看跌期權以及逆風和順風而言。讓我給你一些顏色。因此，從逆風的角度來看，顯然，我們正在應對更嚴峻的通膨商品市場，尤其是在下半年。正如您在本季度所看到的那樣，我們還看到，我們的整體伺服器組合中實際上有更多的人工智慧伺服器組合。

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.

如你所知，您聽說這是一個競爭相當激烈的市場，可能會加劇這種情況。但顯然我們管理得很好。我想說的是，有幾個非常重要的有利因素對我們有利。一是我們在 Gen11 過渡方面看到的情況，這部分業務帶來了更高的 AUP，然後坦白說，阿米特，這是我們圍繞成本所做的工作。

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，我認為這確實說明我們在價格和成本方面都非常嚴格。坦白說，這是我們推動獲利成長策略的一部分。對結果非常滿意，這是我們今年下半年的指導方式。

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.

所以阿米特，關於差異化，我將其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，這是獨特的專業知識，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，我們擁有以三種不同方式為其他系統冷卻所需的所有 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。我們擁有世界上最大的水冷製造基地之一，在美國和歐洲設有兩個非常重要的地點，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.

最後一個是列出服務，我認為人們已經意識到運行該系統以及 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所帶來的影響，隨著時間的推移，這也是提高該業務毛利率的槓桿。我們涵蓋從零天（諮詢）到第一天（諮詢和專業服務設計然後建造）的各個方面。

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.

然後第二天，這是我們營運服務的運作部分，當涉及規模系統時，包括直接液體冷卻，我們擁有深厚的專業知識。所有這四個關鍵要素對我們來說都是一個很大的差異化。

Thank you Amit. Gary moves the next question.

謝謝阿米特。加里提出下一個問題。

Aaron Rakers, Wells Fargo.

亞倫·雷克斯，富國銀行。

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，感謝您提出問題。如果可以的話，我想還是繼續討論人工智慧主題。首先問，當你提到人工智慧企業客戶開始出現時，我認為電話會議上的評論，它現在已經超過了你的人工智慧訂單的 15%。您能否提供更多背景資訊？過去幾季發生了什麼事？我只是想思考它的軌跡？

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.

Antonio，在液體冷卻方面，我們和投資者正在考慮 NVIDIA 的 Blackwell 產品週期。我很好奇，從技術角度來看，您能否更具體地說明您在液體冷卻方面的獨特之處，或者您希望向我們強調HPE 在300 項專利中是否有一些獨特之處，作為可持續的差異化優勢？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，亞倫。我認為可以公平地說，企業需求在第一季開始回升，並在第二季真正加速。早些時候，如果你回到 2023 年第一季度，一直稱之為 2023 年日曆。您會看到對我們的合作夥伴 Microsoft 的提及。但當你思考這個問題時，我認為市場分成三個部分。

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.

我認為這個細分市場總體上推動了對大量 GPU 和加速運算的大量需求，第二個細分市場是主權雲，現在開始回升。也就是說，我想到了全球的數十個客戶，因為顯然我們的國家，然後還有企業客戶，隨著時間的推移，這將是數千個客戶。

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.

因此，今天，我們對企業人工智慧的發展勢頭感到非常滿意。很多對話正在發生。過去兩週我在歐洲，在倫敦、巴黎、馬德里。他們所有人都想採用人工智慧。我認為他們之所以被 HPE 所吸引，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 提供三種不同的系統冷卻方式。一種是傳統的方式，它被稱為我們的冷卻液體，想想看，基本上是在寒冷的地方供應自來水，基本上冷卻系統周圍的空氣，每個人很長時間以來都知道這一點。

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.

第二個是當今大多數行業正在做的事情，這就是我所說的 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方面。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。他們只進行混合直接液體冷卻。

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 擁有獨特的優勢，順便說一句，在這種環境下，我們目前已經在市場上推出了 10 個系統，我們正在為客戶發貨和配置它們。然後我們就有了我所說的 100% 液體冷卻。這是一個獨特的差異化。 HPE 之所以這樣做，是因為我們長期以來一直採用 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，有六個系統正在部署，其中三個系統用於產生人工智慧。當我們談到下一代矽時，你會談論 Blackwell，當你談到 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。

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表示 HPE 擁有最大的水冷製造能力之一。這將使我們真正與眾不同。即使在混合系統（一種冷卻系統的方法）上，慧與也沒有使用現成的解決方案。我們使用 ARC（自適應機架冷卻系統），這是一種獨特的設計。

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，我們實際上可以將直接液體冷卻和空氣冷卻系統放在同一個資料中心和同一個通道中，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.

非常感謝你，加里。

Meta Marshall, Morgan Stanley.

梅塔‧馬歇爾，摩根士丹利。

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。這是瑪麗在 Meta 上的發言。我剛剛有一個關於智慧邊緣的問題要問你，你在智慧邊緣庫存消化方面處於什麼位置？你預計什麼時候能擺脫困境？

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。就我們在智慧邊緣的情況而言，我認為正如我在準備好的發言中所評論的那樣。我們認為第二季是低潮期，整個季度我們一直在經歷這個過渡期。如果你看看市場和現在的情況，我會說我們的通路庫存現在狀況非常好。我們在指南中確實提到，我們確實預計下半年網路方面會出現適度的連續改善？

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，我還要說的是，我真正興奮的是我們現在看到有趣的成長領域正在發生。如果您回到行動大會，您甚至會看到我們昨天發布的公告。企業專用5G正在強勁發展。我在巴塞隆納舉行的近 40 場會議中，一半以上是關於企業專用 5G 的。因此，昨天我們在收購 Athonet 後宣布推出最完整的企業專用 5G。

Thanks very much, Mary. Gary?

非常感謝，瑪麗。加里？

Toni Sacconaghi, Bernstein.

東尼薩科納吉、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，感謝您提出我的問題。我只是想跟進指導。您談到了下半場的熱情。但本季的收入比您的預期高出 4 億美元，並且透過額外的百分比指導，實際上您只為全年指導增加了 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，考慮到下半年有關熱情和工作力量的評論，您是否只是保守，或者我們如何調和這種差異？下半年也只在人工智慧伺服器上。我想你談到了6 到12 週的交付時間，所以如果你有30 億美元的積壓，並且交付時間是6 到12 週，為什麼你不能像下個季度（當然是下半年）那樣交付30 億美元的人工智慧系統？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，嗨，托尼。午安.這就是瑪麗。我將回答指南中的第一個問題。因此，讓我澄清一下指導意見以及我們如何將其組合在一起。因此，我們將指導價從 1.85 美元提高到 1.95 美元，這實際上是 H3C 19% 股權的轉手。所以我們實際上投入了 0.03 美元與 19% 的股權相關。

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.

不過，托尼，我所指出的，是該範圍的高端。因此，這確實給了我們基於收入成長的信心。所以你已經看到了更高的收入，還有我圍繞著成本紀律達成的契約。所以你已經看到，就在過去幾個季度，我們對營運支出進行了非常嚴格的審查和關注，而且本季度我們在 OI&E 方面確實有一些優惠，但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，我只是想澄清一下整體情況，Toni 保留了指南，價格為 1.85 美元到 1.95 美元，但實際上就您所表達的信心而言，它指向了指南的高端。我會把它交給安東尼奧來覆蓋這個數字。

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個目標。老實說，我認為限制因素不是供應，而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。在資料中心空間、電力和冷卻等方面，我們正在與客戶合作，正確安排一切時間，現在是六到 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，也許不到四分之一，但你必須去安裝它，你知道，我們的交易中有很大一部分是在生成人工智慧方面，我們實際上是 GreenLake。因此，雖然我們可以提前確認收入，但我們推遲了其中的所有服務部分。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。如果這也正確對齊，那麼我們可能有機會做得更好。但此時我們感到謹慎，維持現狀並升息 1%。

Toni, thanks very much. Gary?

托尼，非常感謝。加里？

Samik Chatterjee, JPMorgan.

薩米克‧查特吉，摩根大通。

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) 替補薩米克 (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量連續下降，誠然，這是一個非常強勁的營收季度的結果。也許你可以討論一下你所看到的管道，如果坐在這裡，當看到積壓訂單連續下降時，儘管整體潛在需求環境似乎強勁，投資者應該考慮哪些看跌期權和看跌期權？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，我們的積壓訂單比上一季略有下降也是基於我們吸收的需求。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並且有點不穩定。其中一些必須經過融資方。因此，我們對今天的處境感覺良好。

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，當我們在這裡度過接下來的幾週和幾個季度時，我們對我們捕獲人工智慧的能力非常有信心，原因是我之前描述的所有原因，以及完成這些交易的能力，因為其中一些交易可能包括需要還提供資料中心空間，因為我們不僅僅是建置系統。順便說一下，這些都是生成式人工智慧系統。所有這些我們也需要為客戶運作。

Thanks very much, Joe. Gary?

非常感謝，喬。加里？

Simon Leopold, Raymond James.

西蒙·利奧波德，雷蒙德·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，嗨。我是 Victor Chiu，代表西蒙。本季人工智慧系統收入出現相當大的變化。您能否告訴我們，有多少成長是由分配改善與您的訂單出貨能力推動的，並幫助我們稍微了解一下那裡的動態？

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，我不認為對這個位置做任何事情。我讀了所有關於位置的事情。我們與 NVIDIA 就 H100 的交貨時間建立了良好的合作關係，顯然 NVIDIA 自己做出了重大改進，然後顯然，隨著我們開始提高製造流程，我們實際上在收入轉換方面變得越來越好。

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，我們對前進的感覺很好。所以這是多種因素的結合，更好的供應週期。針對 Toni 的問題，我們對在 6 到 12 週內交付系統的能力感到非常滿意，其中一些很簡單，就是在夏季發貨，並附帶我們的 HPE GreenLake 產品。

Thanks very much, Victor. Gary.

非常感謝，維克多。加里.

Ruplu Bhattacharya, Bank of America.

魯普盧‧巴塔查亞 (Ruplu Bhattacharya)，美國銀行。

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?

您好，感謝您回答我的問題。我是魯普魯·巴塔查亞 (Ruplu Bhattacharya)，今天為瓦姆西 (Wamsi) 發言。您能談談 GreenLake 的收入和 ARR 成長有多少來自人工智慧嗎？然後Antonio 確實認為擁有GreenLake 可以幫助你銷售人工智慧系統，以及他們想如何澄清Antonio，你談到了主權人工智慧，你能談談你所處的階段嗎？ HPE是不是很能滿足？

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.

魯普盧。瑪麗。我期待明天見到你。因此，就您關於 ARR 和 AI 的問題而言。事實上，它是第二季 ARR 成長最快的元素，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，我們開始將人工智慧滲透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滿意。我將把它交給安東尼奧來添加更多背景資訊。

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。我認為我們現在還處於早期階段。我認為還有更多東西有待觀察，我想確保我準確地捕捉了你所說的內容。你能重複最後一部分嗎，因為我們有點崩潰了？

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

是的，我只是想問主權人工智慧？那麼您可以滿足哪些具體要求嗎？

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。正如我早期所說，主權人工智慧。我認為目前國家層級正在進行許多活動。好消息是，我們在整個董事會都有很好的影響力，這是兩者的結合。有一種組合是提供我所謂的生成式人工智慧位置，企業客戶可以在其中存取政府可能同時提供資助的主權雲端。

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我們的超級運算能力本身。因此，兩者與主權人工智慧機會非常契合。這就是為什麼我很興奮，因為 HPE 已經允許主權政府使用超級電腦。所以現在我們可以擴展到再生人工智慧。如果你想想英國的例子，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得到資助，最終將向英國的初創企業和企業開放，以訓練模型或做其他類型的研究，這就是我們所看到的。

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

好的。非常感謝魯普魯。加里，我們還有兩個問題。

Ananda Baruah, Loop Capital.

阿南達·巴魯阿（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.

下午好，夥計們。真的很感謝你提出這個問題。只是一個快速的澄清和一個簡單的問題。 Antonio，您是否說過過去 12 個月人工智慧的成長是由服務提供者推動的，並且是在行動領域？接下來的問題是，思考雲端、GenAI 雲端規模機會、超大規模和未來第 2 層的好方法是什麼？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.

是的，不，謝謝。我說的是，你知道，我們所看到的細分市場，顯然絕大多數行動和需求都是模型建構者。這些是建構大大小小的語言模型的大公司。顯然，您看到了有關與 Microsoft 合作以及將其能力擴展到 OpenAI 的評論。這是行動建構器的一個範例，但還有其他服務提供者。

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，在我的發言中，我提到了Scaleway，這是一家法國服務提供者，為法國當地的模型建造者提供能力。事實上，法國有一個非常活躍的生態系統，用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非常感興趣，而且對第 2 層或第 3 層也非常感興趣，這也將成為一個重要的驅動因素。但隨著時間的推移，要了解企業最終將在微調和部署這些人工智慧模型方面採取行動。

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

好的。非常感謝你，阿難。最後一個問題，加里。

Lou Miscioscia, Daiwa.

盧·米西奧斯夏，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和Intel等都開始站出來了。那麼，當您考慮 2024 年曆時，您認為您的系統將用於做什麼？您認為需求會是多少？然後也許會繼續到 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，我對當今生成式 AI 領域的這些事情非常務實，希望成為 NVIDIA 的市場領導者。這就是我們調整策略的地方。這就是我們調整我們的產品的地方。正如我之前所說，我們已經有 10 個系統處於混合冷卻環境中，還有 6 個系統，其中 6 個系統也處於直接液體冷卻環境中。

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 保持一致，這就是為什麼您會在台上看到 Discover Jensen 的評論，與我一起談論我們正在一起做的事情。現在，當你進入主權領域時，那裡可能會出現一些超級運算的元件。顯然，他們在我們的幫助下設計了自己的系統，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，我們在洛斯阿拉莫斯實驗室啟用了一個新系統，這實際上是 HPE 的直接液體冷卻系統。所以我們對此很清楚。但其他的系統，即 2025 年推出的系統，可能有不同類型的加速器。隨著時間的推移，我們將迎來上市時間。

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。這就是為什麼我認為這對你來說將是一個很好的機會。要加入我們，請訪問 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一條評論，你都可以過來看看。

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.

這些是我們今天發貨的系統和 IP，除了所有服務和 HPE GreenLake 之外，您還將看到我們將這款晶片推向市場的時間。所以這將是一個絕佳的機會。也因為我們在 Sphere 上做主題演講。我們的領域內可能會有超過 17,000 名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.

所以我知道我們沒有太多正常的時間來提問，但我要感謝你們今天的加入。回顧一下，這個季度非常穩健，我們的人工智慧系統收入增加了一倍多，達到 9 億美元。由於人工智慧的需求強勁，這使我們能夠明顯超過我們的收入和非公認會計原則每股收益指引。我們的管道中有大量的積壓訂單，他們的傳統基礎設施市場的某些方面正在復蘇，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中的收入和每股盈餘指導，這可能是更明顯的事情，但取決於某些時機。顯然，在每股收益方面，我們對範圍的高端感到滿意，正如瑪麗所說。再說一次，我們非常高興我們覺得下半場將會非常順利。顯然，我們期待在不到兩週的時間內在 HPE Discover 上見到你們中的許多人。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，我們今天的呼籲到此結束。謝謝。