科磊 (KLAC) 2026 Q4 法說會逐字稿

Good afternoon. My name is Angela, and I will be your conference operator today. At this time, I would like to welcome everyone to the KLA Corporation June quarter 2026 earnings conference call and webcast. (Operator Instructions)

下午好。我叫 Angela，今天將擔任本次電話會議的接線員。此刻，我謹代表主辦方歡迎各位參加 KLA Corporation 2026 年 6 月季度財報電話會議與網路直播。(接線員指示)

I would now like to turn the call over to Kevin Kessel, Vice President of Investor Relations and Market Analytics. Please go ahead.

現在我想把電話交給投資人關係與市場分析副總裁 Kevin Kessel。請開始。

Welcome to the June 2026 quarterly earnings call. I'm joined by our CEO, Rick Wallace; and our CFO, Bren Higgins. We will discuss today's results as well as our outlook, which we released after the market close and is available on our website along with supplemental materials.

歡迎參加 2026 年 6 月季度財報電話會議。今天與我一同出席的有我們的執行長 Rick Wallace，以及財務長 Bren Higgins。我們將討論今日的業績結果以及我們的展望；相關內容已於收盤後發布，並可在我們網站上取得，另附補充資料。

We are presenting today's discussion and metrics on a non-GAAP financial basis unless otherwise specified. All full year references we make refer to calendar years. The earnings materials contain a detailed reconciliation of GAAP to non-GAAP results. It should also be noted that effective June 11, 2026, KLA completed a 10 for 1 stock split, all current and prior EPS and other per share amounts referenced on this call and our materials have been adjusted to reflect the split.

除非另有說明，我們今天的討論與指標皆以非 GAAP 財務基礎呈現。我們所提及的「全年」皆指曆年。財報資料中包含 GAAP 與非 GAAP 結果的詳細調節表。另需注意，自 2026 年 6 月 11 日起，KLA 完成 1 拆 10 的股票分割；本次電話會議及我們資料中所引用之所有當期與前期 EPS 及其他每股金額，均已調整以反映該分割。

Our comments today are subject to risks and uncertainties reflected in the disclosure of risk factors in our SEC filings. Any forward-looking statements, including those we make on the call today, are also subject to those risks, and KLA cannot guarantee those forward-looking statements will come true. Our actual results may differ significantly from those projected in our forward-looking statements. For any subsequent updates, please refer to KLA's IR website, which also contains investor events, presentations, corporate governance information and links to our SEC filings.

我們今天的評論受制於我們向 SEC 申報文件中風險因素揭露所反映之風險與不確定性。任何前瞻性陳述（包括我們今天在電話會議中所作之陳述）亦受上述風險影響，KLA 無法保證該等前瞻性陳述必然實現。我們的實際結果可能與前瞻性陳述中所預測者有重大差異。如需後續更新，請參考 KLA 的投資人關係（IR）網站；該網站亦包含投資人活動、簡報、公司治理資訊以及我們 SEC 申報文件的連結。

We will begin the call with Rick providing commentary on the quarter and our overall business environment followed by Bren with financial highlights and our outlook.

我們將先由 Rick 就本季度表現與整體營運環境發表評論，接著由 Bren 說明財務重點與展望。

Now over to Rick.

現在交給 Rick。

Thanks, Kevin. For the June quarter, daily results were strong with revenue, profitability and earnings per share all above the midpoint if guidance. Specifically, revenue reached a record $3.66 billion, supported by accelerating investment tied to AI infrastructure, continued strength in leading-edge foundry logic and increasing process control intensity across memory and advanced packaging. These results continue to underscore KLA's market leadership and the growing strategic importance of process control as semiconductor innovation becomes more complex.

謝謝你，Kevin。在 6 月季度，我們的整體表現強勁，營收、獲利能力與每股盈餘皆高於財測中點。具體而言，營收達到創紀錄的 36.6 億美元，主要受 AI 基礎設施相關投資加速、先進製程晶圓代工邏輯的持續強勁，以及記憶體與先進封裝領域製程控制強度提升所支撐。這些結果再次凸顯 KLA 的市場領導地位，以及隨著半導體創新日益複雜，製程控制策略重要性持續提升。

The industry is in a period of accelerating investment driven by AI compute, a robust design environment, larger and more sophisticated device architectures, rising HPM adoption and increased advanced packaging requirements. Across these inflection points, customers are relying on KLA's portfolio of systems, services and expertise to accelerate yield learning, improve productivity and scale new technologies into high-volume manufacturing.

產業正處於由 AI 運算帶動的投資加速期，並受惠於強勁的設計環境、更大且更複雜的元件架構、HPM 採用率上升，以及先進封裝需求增加。在這些拐點之下，客戶仰賴 KLA 的系統、服務與專業能力組合，以加速良率學習、提升生產力，並將新技術擴展至高量產製造。

KLA remains uniquely positioned on the critical path of the AI infrastructure expansion where the increasing number and sophistication of leading-edge designs that are consuming a growing percentage of new wafer starts are driving greater demand for process control. The rapid expansion of the AI ecosystem requires more advanced logic and memory, new complex manufacturing and packaging flows and additional KLA systems and services to ramp yield and sustain high-volume production.

在 AI 基礎設施擴張的關鍵路徑上，KLA 仍具獨特定位；越來越多且更精密的先進製程設計正消耗愈來愈高比例的新晶圓開工量，進而推升對製程控制的需求。AI 生態系的快速擴張需要更先進的邏輯與記憶體、更複雜的新製造與封裝流程，以及更多 KLA 系統與服務，以提升良率並維持高量產。

Since our March Investor Day, demand signals across AI infrastructure have strengthened materially supported by accelerated hyperperscale data center investment, rising AI compute requirements and broader adoption of AI-enabled applications. Customer engagements remain robust, visibility continues to improve, and the wafer equipment market outlook continues to expand. We expect momentum across our business to accelerate through the second half of calendar 2026 and for significant growth to continue in calendar 2027.

自我們 3 月投資人日以來，AI 基礎設施相關需求訊號已明顯轉強，主要受超大規模資料中心投資加速、AI 運算需求上升，以及 AI 賦能應用更廣泛採用所支撐。客戶互動仍然熱絡，可視性持續改善，晶圓設備市場展望也持續擴大。我們預期 2026 年曆年下半年公司動能將加速，且 2027 年曆年仍將延續顯著成長。

In highlighting KLA's unique position in the market, AI-driven design activity and HPM adoption are only part of the process control story. Process control intensity has increased due to faster product cycles, higher-value wafer mass more rigorous device performance specifications, growing design, variability and advanced packaging. We now expect our advanced packaging process control systems revenue to grow to approximately $1.1 billion in calendar 2026, up more than 70% year-over-year, above our prior expectations of high 50% growth and almost 2 times faster than the advanced packaging market.

在強調 KLA 獨特市場定位時，AI 驅動的設計活動與 HPM 採用只是製程控制故事的一部分。由於產品週期更快、晶圓價值量更高、更嚴格的元件效能規格、設計複雜度與變異性增加，以及先進封裝成長，製程控制強度已提升。我們目前預期 2026 年曆年先進封裝製程控制系統營收將成長至約 11 億美元，年增逾 70%，高於先前預期的 50% 高段成長，且幾乎是先進封裝市場成長速度的 2 倍。

Outside of our core semiconductor process control business, high-performance compute packages and integration are also driving our specialty process, PCB and component inspection businesses, augmenting the company's growth momentum. KLA entered many of these markets in 2019 as part of the Orbotech acquisition.

除核心半導體製程控制業務外，高效能運算封裝與整合也正帶動我們的特殊製程、PCB 與元件檢測業務，進一步增強公司的成長動能。KLA 於 2019 年透過收購 Orbotech 進入其中多個市場。

Our investment thesis for the transaction was centered around the rising value of the chip package and the ability for the KLA operating model to drive product strategy, business execution to take advantage of this evolving trend. With these combined products expected to grow over 25% in calendar 2026, we are encouraged by the future opportunities in these markets.

我們對該交易的投資論點，聚焦於晶片封裝價值提升，以及 KLA 營運模式能夠推動產品策略與業務執行，以掌握此一演進趨勢。隨著這些合併後的產品預期在 2026 年曆年成長超過 25%，我們對這些市場的未來機會感到鼓舞。

Finally, in the quarter, KLA Services delivered $820 million revenue in -- revenue, up 17% year-over-year as customers rely on KLA to maximize tool performance, productivity and availability across a growing installed base. In summary, our June quarter results demonstrate the strength of KLA's market position and operating model execution.

最後，在本季度，KLA 服務業務實現 8.20 億美元營收——營收年增 17%，因客戶仰賴 KLA 在持續擴大的裝機基礎上，最大化設備效能、生產力與可用率。總結而言，我們 6 月季度的結果展現了 KLA 市場地位與營運模式執行力的強勁表現。

Looking ahead, customer engagement and demand signals continue to strengthen and we are adding capacity to support expected demand. Growth is accelerating in the second half, and we're well positioned to execute in the strong demand environment across all segments over the remainder of calendar 2026 and into calendar 2027.

展望未來，客戶互動與需求訊號持續增強，我們也正在擴充產能以支援預期需求。下半年成長正在加速，我們已做好準備，在 2026 年曆年剩餘期間及進入 2027 年，於各業務區隔的強勁需求環境中有效執行。

And with that, I'll turn the call over to Bren to discuss the quarter's financial highlights.

接下來，我把電話交給 Bren，請他說明本季度的財務重點。

Thanks, Rick. KLA's June quarter results reflect strong sequential and year-over-year growth in an industry-leading profitability profile. This reinforces our market leadership and consistent execution which is made possible by the dedication of our customer-focused global teams. Revenue of $3.66 billion was above the midpoint of guidance of $3.575 billion, and rose 7% sequentially and 15% year-over-year. Non-GAAP diluted EPS was $1.05, and GAAP diluted EPS was $1.04, each at the upper end of the respective guidance ranges.

謝謝你，Rick。KLA 6 月季度的結果反映出在業界領先的獲利結構下，營收呈現強勁的季增與年增。這再次印證我們的市場領導地位與一貫的執行力，而這一切有賴於我們以客戶為中心的全球團隊之投入與奉獻。營收 36.6 億美元高於財測中點 35.75 億美元，季增 7%，年增 15%。非 GAAP 稀釋後 EPS 為 1.05 美元，GAAP 稀釋後 EPS 為 1.04 美元，兩者皆位於各自財測區間的上緣。

Gross margin was 62.4%. This was also at the upper end of our guidance range, driven by a more favorable services mix than model and manufacturing scale that served as positive offsets to the challenging memory pricing environment and tariff headwinds. Operating expenses were $682 million and included $399 million in R&D and $283 million in SG&A.

毛利率為 62.4%。這同樣位於我們財測區間的上緣，主要受惠於服務組合較模型假設更有利，以及製造規模效益，抵銷了具挑戰性的記憶體定價環境與關稅逆風。營業費用為 6.82 億美元，其中包含 3.99 億美元研發費用與 2.83 億美元銷售、一般及行政（SG&A）費用。

Operating margin was 43.7%. Incremental operating margin in the quarter was 59%. Non-GAAP net income was $1.39 billion, GAAP net income was $1.36 billion, cash flow from operations was $906 million and free cash flow was $817 million. The company had 1.315 billion diluted weighted average shares outstanding for the quarter. The breakdown of revenue by reportable segments and end markets and major products and regions can be found within the shareholder letter and slides.

營業利益率為 43.7%。本季度的增量營業利益率為 59%。非 GAAP 淨利為 13.9 億美元，GAAP 淨利為 13.6 億美元，營運活動現金流為 9.06 億美元，自由現金流為 8.17 億美元。公司本季度稀釋加權平均流通股數為 13.15 億股。依可報導部門與終端市場、主要產品與地區劃分的營收明細，可於股東信與簡報投影片中查閱。

Switching to the balance sheet. KLA ended the quarter with $4.9 billion in total cash, cash equivalents and marketable securities and $5.9 billion of debt. Company maintains a flexible and attractive bond maturity profile supported by investment-grade ratings from all three major rating agencies.

接著看資產負債表。KLA 於季度末持有現金、約當現金與有價證券合計 49 億美元，負債為 59 億美元。公司維持具彈性且具吸引力的債券到期結構，並獲三大主要信用評等機構一致給予投資等級評等支持。

KLA's strong cash generation continues to support meaningful capital return to shareholders. In the June quarter, free cash flow was $817 million and KLA returned $876 million to shareholders including $571 million in share repurchases and $305 million in dividends. Over the past 12 months, total capital returns were $3.3 billion, and free cash flow margin was 28%. The ALA has made meaningful investments in our working capital and facilities to support the current growth environment.

KLA 強勁的現金創造能力持續支持對股東進行具意義的資本回饋。在 6 月季度，自由現金流為 8.17 億美元，KLA 向股東回饋 8.76 億美元，其中包括 5.71 億美元的股票回購與 3.05 億美元的股利。過去 12 個月，資本回饋總額為 33 億美元，自由現金流利潤率為 28%。ALA 已在營運資金與設施方面進行具意義的投資，以支援目前的成長環境。

Given the expected aggregate investment in wafer equipment over the next several years, our expectation is that these investments will continue to ensure that the company is positioned to take advantage of the strong market opportunity and deliver on our customer commitments. This consistent cash generation, combined with our disciplined approach to capital allocation supports investment in future growth opportunities while delivering attractive returns to shareholders.

鑑於未來數年晶圓設備的預期總體投資，我們預期這些投資將持續確保公司具備把握強勁市場機會並履行客戶承諾的有利定位。這種穩定的現金創造能力，結合我們在資本配置上的紀律性作法，既支持投資於未來成長機會，同時也為股東帶來具吸引力的回報。

The industry outlook for 2026 and 2027 continues to improve with visibility extending. Despite well chronicled fab space limitations, we continue to see the market for wafer equipment strengthening as customers accelerate their delivery expectations across all segments. As a result, we're raising our expectation for the wafer equipment market, including advanced packaging, to approximately the low $150 billion range in calendar 2026, up from our prior expectation of $140 billion plus and mid-20% growth above the approximate $120 billion level in calendar 2025.

隨著能見度延伸，2026 與 2027 年的產業展望持續改善。儘管晶圓廠空間限制早已廣為人知，我們仍持續看到晶圓設備市場走強，因為客戶在所有細分領域加速其交付時程的期待。因此，我們上調對晶圓設備市場（含先進封裝）的預期：在 2026 年曆年約為 1,500 億美元出頭的區間，較先前預期的 1,400 億美元以上上調；並且相較於 2025 年曆年約 1,200 億美元的水準，成長幅度約為 20% 中段。

Given the unprecedented visibility from customers, we continue to plan for significant growth in calendar 2027 as broad-based investment across leading-edge logic, foundry, DRAM, both conventional and HBM, NAND and advanced packaging drives continued capacity expansion. Customer engagement remains intense with numerous new fab projects and greenfield facilities actively underway.

鑑於客戶提供前所未有的能見度，我們仍規劃 2027 年曆年將有顯著成長，因為在先進邏輯、晶圓代工、DRAM（含傳統與 HBM）、NAND 以及先進封裝等領域的廣泛投資，將推動產能持續擴張。客戶互動仍然熱絡，眾多新晶圓廠專案與綠地（greenfield）設施正積極推進中。

Against this backdrop, KLA's business momentum and critical role in leading edge process control positions us deliver accelerating growth in the second half of calendar '26 and continued strong growth in 2027. High Performance Computing, HBM, increasing EUV adoption in DRAM and recently adopted advanced packaging technologies such as hybrid bonding are driving higher process control intensity across the semiconductor ecosystem.

在此背景下，KLA 的業務動能以及在先進製程控制中的關鍵角色，使我們得以在 2026 年曆年下半年實現加速成長，並在 2027 年延續強勁成長。高效能運算（HPC）、HBM、DRAM 中 EUV 採用率提升，以及近期採用的先進封裝技術（如混合鍵合 hybrid bonding），正推動整個半導體生態系的製程控制強度提升。

Our expectations of revenue growth acceleration in the second half of 2026 and are materializing as more capacity comes online in our long lead time supply chain areas. We anticipate this resulting in second half of calendar 2026 growth for KLA over the first half to be approximately 20% and positioning the company for continued sequential growth into calendar 2027.

我們對 2026 年下半年營收成長加速的預期正在實現，因為我們長交期供應鏈領域有更多產能陸續到位。我們預期這將使 KLA 在 2026 年曆年下半年相較上半年成長約 20%，並使公司具備在 2027 年曆年持續逐季成長的有利定位。

KLA September quarter guidance is for revenue of $4 billion, plus or minus $200 million. Foundry logic revenue from semiconductor customers is forecasted to increase to approximately 73%, and memory is expected to be approximately 27% of semiconductor process control systems revenue to semiconductor customers. Within memory, DRAM is expected to account for approximately 90% with NAND representing the remaining 10%. As a reminder, these business mix approximations pertains solely to our semiconductor customers and do not fully reflect our total semiconductor process control systems revenue.

KLA 對 9 月季度的指引為營收 40 億美元，上下浮動 2 億美元。來自半導體客戶的晶圓代工/邏輯營收預估將提升至約 73%，而記憶體預期約占對半導體客戶之半導體製程控制系統營收的 27%。在記憶體之中，DRAM 預期約占 90%，NAND 占其餘 10%。提醒一下，這些業務組合的近似值僅適用於我們的半導體客戶，並未完全反映我們半導體製程控制系統的總營收。

Gross margin for the September quarter is forecasted to be 62.5% plus or minus 1 percentage point. While guidance is roughly flat sequentially with results, it is up 75 basis points from gross margin guidance last quarter, benefiting from operating leverage on revenue growth.

9 月季度的毛利率預估為 62.5%，上下浮動 1 個百分點。雖然指引與實際結果相比大致呈現持平的連續性表現，但相較上一季的毛利率指引提高了 75 個基點，受惠於營收成長帶來的營運槓桿。

Operating expenses are forecasted to be approximately $690 million in the September quarter. We will continue to prioritize next-generation product development and company infrastructure investments to support expected revenue growth over the next several years and we anticipate these expenses to grow by roughly $15 million to $20 million sequentially over the next several quarters. Our business model is designed to deliver 40% to 50% incremental operating margin leverage on revenue growth over the long run.

9 月季度的營業費用預估約為 6.90 億美元。我們將持續優先投入下一代產品開發與公司基礎建設投資，以支援未來數年預期的營收成長；並預期未來幾個季度這些費用將逐季增加約 1,500 萬至 2,000 萬美元。從長期來看，我們的商業模式設計目標是在營收成長上提供 40% 至 50% 的增量營業利益率槓桿。

Other model assumptions include Other income and expense net of approximately $25 million expense for the September quarter, and we expect it to remain at approximately this quarterly level for the calendar year. Our planning tax rate is 14.5% and our tax rate will vary quarter-to-quarter due to discrete items. For the September quarter, non-GAAP diluted EPS is expected to be $1.16 plus or minus $0.10 and GAAP diluted EPS is expected to be $1.14 plus or minus $0.10. EPS guidance is based on a fully diluted share count of approximately 1.312 billion shares.

其他模型假設包括：9 月季度其他收入與費用淨額約為 2,500 萬美元費用，且我們預期在本曆年將大致維持在此季度水準。我們的規劃稅率為 14.5%，實際稅率將因一次性項目而在各季度間波動。9 月季度，非 GAAP 稀釋每股盈餘（EPS）預期為 1.16 美元，上下浮動 0.10 美元；GAAP 稀釋 EPS 預期為 1.14 美元，上下浮動 0.10 美元。EPS 指引係以完全稀釋後股數約 13.12 億股為基礎。

In conclusion, KLA enters the second half of calendar 2026 with strengthening momentum, expanding visibility and a broader set of growth drivers across the semiconductor ecosystem. For investment, the rising complexity of leading-edge logic and memory devices, the rapid adoption of HPM and the increasing importance of advanced packaging are all raising the strategic value of process control.

總結而言，KLA 以更強的動能、擴大的能見度，以及橫跨半導體生態系更廣泛的成長驅動因素，進入 2026 年曆年下半年。在投資面，先進邏輯與記憶體元件複雜度提升、HPM 的快速採用，以及先進封裝重要性日增，皆正在提高製程控制的策略價值。

These trends reinforce KLA's critical role in helping customers accelerate yield learning, improve productivity and ramp increasingly complex technologies into high-volume manufacturing. Our June quarter results demonstrate the strength of KLA's market position, operating model execution and drive continued confidence in our performance moving forward.

這些趨勢強化了 KLA 的關鍵角色，協助客戶加速良率學習、提升生產力，並將日益複雜的技術快速導入量產。我們 6 月季度的結果展現了 KLA 市場地位的強勁、營運模式執行力，並持續增強我們對未來表現的信心。

Looking ahead, customer engagement and demand signals continue to strengthen as we are adding capacity to support expected demand. Growth has accelerated in the second half of calendar 2026 and we are well positioned to execute against the expected demand environment across all segments over the remainder of calendar 2026 and into calendar 2027.

展望未來，隨著我們擴充產能以支援預期需求，客戶互動與需求訊號持續轉強。2026 年曆年下半年成長已加速，我們也已做好準備，在 2026 年剩餘期間及進入 2027 年之際，於各細分領域執行以因應預期的需求環境。

As AI-driven semiconductor complexity increases, KLA's differentiated portfolio, compounding R&D investments, growing installed base and disciplined execution positions us to capture a larger market opportunity. As we progress towards our 2030 target model, we remain focused on supporting our customers, investing in innovation, scaling our global capabilities and executing our proven capital allocation strategy. We believe KLA is well positioned to enable the next era of growth and to create durable shareholder value through customer collaboration, technology leadership, operational excellence and consistent free cash flow generation.

隨著 AI 驅動的半導體複雜度提升，KLA 具差異化的產品組合、持續累積的研發投資、成長中的裝機基礎，以及紀律性的執行力，使我們得以掌握更大的市場機會。在邁向 2030 年目標模型的過程中，我們仍專注於支援客戶、投資創新、擴大全球能力，並執行我們經驗證的資本配置策略。我們相信，KLA 具備良好定位，能促成下一個成長時代，並透過客戶協作、技術領先、卓越營運與穩定的自由現金流創造，為股東創造持久價值。

That concludes our prepared remarks. Kevin, please begin the Q&A.

以上為我們準備好的發言。Kevin，請開始問答。

Great. Thank you very much, Bren. Angela, can you please provide the instructions and start the Q&A session.

好的。非常感謝你，Bren。Angela，請提供說明並開始問答環節。

(Operator Instructions) C.J. Muse, Cantor Fitzgerald.

(接線員說明) C.J. Muse，Cantor Fitzgerald。

I guess first question on gross margins. Hoping to kind of hear how you're thinking about the additional supply you're bringing on, any impact there? And as you think about a greater mix shift to tools over other, coupled with, I imagine, at some point, you'll be able to pass on the inflation related to memory and other components. How do you see kind of the trajectory for your gross margins into '27 and '28?

我想先問毛利率。希望聽聽你們如何看待正在導入的額外供應量，是否會有任何影響？另外，當你們考量工具（設備）相對於其他項目的組合占比提高，再加上我想在某個時間點你們將能轉嫁與記憶體及其他零組件相關的通膨成本。你們如何看待 2027 與 2028 年毛利率的走勢？

Yes, CJ, this is Bren. So on gross margin, we're certainly starting to see some benefit from leverage in the overall model. We're still dealing with some headwinds as related to memory pricing. We've been able to secure supply, as we've seen demand strengthen we've been having to procure a new memory at higher prices. And so over the last couple of quarters or so, we thought the impact was somewhere around 100 basis points.

是的，CJ，我是 Bren。就毛利率而言，我們確實開始看到整體模型槓桿帶來的一些效益。但我們仍面臨與記憶體定價相關的一些逆風。我們已能確保供應；隨著需求轉強，我們不得不以較高價格採購新的記憶體。因此在過去幾個季度左右，我們認為影響大約在 100 個基點。

It's probably a little bit more than that. I think that likely continues as we move forward through 2027. We talked about 2026 overall gross margins likely being in the 62%, plus or minus. Clearly, if you look at the guidance we provided expectations for next quarter, we're going to be above that. So we feel pretty good from a trajectory point of view.

可能還要再多一點。我認為隨著我們往 2027 年推進，這種情況很可能會持續。我們談到 2026 年整體毛利率大概會在 62% 左右，上下浮動。顯然，如果你看我們對下一季提供的指引預期，我們將高於該水準。因此從走勢的角度來看，我們感覺相當不錯。

From a product point of view, we are -- as we talk about, as we introduce new products, it gives us an opportunity to make some changes to our cost structure as we deliver new capability to customers, both to reflect the new cost structure, but also pricing. So we think that, that will start to bleed through. So I would expect us to move consistent with our 60% to 65% general incremental -- or incremental gross margin models and move through 2027 given the expectation for sequential growth for the year.

從產品的角度來看，我們——正如我們所談到的，當我們推出新產品時，這讓我們有機會在向客戶交付新能力的同時，對我們的成本結構做出一些調整，一方面反映新的成本結構，另一方面也反映在定價上。因此我們認為，這些影響將開始逐步顯現。所以我預期我們將與我們60%到65%的一般增量——或增量毛利率模型保持一致，並在預期今年逐季成長的情況下，一路推進到2027年。

So I think we're pretty well positioned. We're excited about some of the leverage opportunities new products will come out allow us to deal with some of these cost pressures that are structural in terms of the impact and still delivering new capability to customers.

所以我認為我們的布局相當到位。我們對一些槓桿機會感到興奮，新產品推出後將使我們能夠應對部分在影響上屬於結構性的成本壓力，同時仍能向客戶交付新的能力。

Very helpful. And I guess as a follow-up, it looks like spares is on track to grow about 20% for semis. And just curious how to think about 2027. Are there enough products coming off warranty and/or kind of new product and/or kind of upgrades where you can sustain kind of double-digit growth? Would love to hear kind of your thoughts around the drivers there.

非常有幫助。我想再追問一下，看起來半導體的備品（spares）成長約20%正按計畫進行。也好奇該如何看待2027年。是否會有足夠多的產品脫離保固期，和／或新產品，和／或升級，使你們能夠維持雙位數成長？很想聽聽你們對驅動因素的看法。

Well, as we talked about at Investor Day, we have a new long-term target model for service growth of 13% to 15%. This year, we're right now at the bottom of that range, I would expect that to accelerate given the higher shipment levels that we're experiencing this year and into next year. So we'll be -- I would expect we'll operate in the range but towards the higher end of the range as we move into next year. As you know, our service business is -- has some predictability to it in terms of its contract stream, 80% of the revenue is contract based. So it provides a nice anchor for the company in terms of visibility moving forward.

嗯，正如我們在投資人日所談到的，我們對服務成長有一個新的長期目標模型，為13%到15%。今年我們目前在該區間的下緣，但我預期隨著今年以及明年我們所經歷的更高出貨水準，成長會加速。因此我們——我預期我們會維持在該區間內運作，但進入明年時會更靠近區間的高端。如你所知，我們的服務業務——在合約收入流方面具有一定可預測性，80%的營收是以合約為基礎。因此就未來能見度而言，它為公司提供了一個很好的錨點。

And certainly, our customers in this environment are running their tools at very high utilization. The results matter a lot given the value of the die we're inspecting, and so as we can execute our service and drive high rough time, we can usually capture and monetize some of the value of that.

而且可以確定的是，在這樣的環境下，我們的客戶正以非常高的稼動率運行他們的設備。鑑於我們正在檢測的晶粒（die）價值很高，結果非常重要；因此只要我們能把服務執行好並提升高正常運轉時間（high uptime），通常就能捕捉並將其中一部分價值變現。

Harlan Sur, JPMorgan.

Harlan Sur，摩根大通。

The team has raised their WFE outlook, I think, 4 times this year including today to now sort of that low billion, so up kind of mid- to high 20% range. I think that this implies your overall business growing sort of mid-20% range, and I assume that this implies that your process control business grows closer to 30% versus your prior view of greater than 20%.

團隊今年已經把WFE展望上調了4次，我想包括今天在內，現在大概是那個低千億美元的水準，約成長中到高20%區間。我認為這意味著你們整體業務大概成長中20%區間，而我也假設這意味著你們的製程控制業務成長更接近30%，而不是你們先前認為的高於20%。

How should we think about the growth profile? And you just talked about services, how should we think about the growth profile of your EPC business this year. And you called out significant growth for next year, but do you still see WFE spending growth next year greater than the WFE growth this year?

我們應該如何看待成長輪廓？你剛剛也談到服務，那今年你們EPC業務的成長輪廓應該怎麼看？另外你提到明年會有顯著成長，但你們是否仍認為明年的WFE支出成長會高於今年的WFE成長？

Harlan, this is Bren. I'll start. There's a lot there. I would say, first, on 2026, certainly, we've seen some strengthening from our customers as we move through the year. schedules are holding in terms of some of the new factories that are coming online.

Harlan，我是Bren。我先開始。這裡面有很多點。我會先說，關於2026年，確實我們在今年推進過程中看到客戶端有一些走強；一些新廠上線的時程也維持不變。

If you go back to the beginning of the year and you're looking at Q4 opportunities, you are hedging a little bit as it relates to factory timing and so on. So as a result of that, packaging is also inflected and accelerated, and that tends to be a shorter lead time business.

如果你回到年初、在看第四季的機會時，你會在工廠時點等方面稍微做一些避險。因此，封裝也出現拐點並加速，而那通常是交期較短的業務。

So all that contributed to the revised outload for this year. Given how quickly the industry turned and started to ramp, we did, as we talked about in the past, deal with some supply chain shortages as it relates to some of our longer lead time materials and how that's impacted in the first half. Certainly, in the second half, we're seeing that supply come on, and we're seeing the second half acceleration as we talked about 20% over the first half.

所以這些都促成了我們今年修正後的展望。鑑於產業轉向並開始拉升的速度很快，我們確實——如同過去談過的——在一些交期較長的材料上遇到供應鏈短缺，並在上半年受到影響。當然，在下半年我們看到供給到位，也如我們所說，看到下半年相較上半年加速約20%。

And I think we're pretty well positioned to support growth expectations into next year. We talked about a higher growth rate at Investor Day. And of course, as we've gone forward, we've seen the 2026 number move up. There -- I would say our view of 2027 there's a consensus view out there, I would say, that's somewhere in and around the $190 billion range. There is some upside or more bullish views of that.

而我認為我們已經相當到位，能支援明年的成長預期。我們在投資人日談到更高的成長率。當然，隨著我們往前推進，我們也看到2026年的數字上修。——我會說，我們對2027年的看法，市場上有一個共識，大約落在1,900億美元左右。也有一些更偏上行或更樂觀的看法。

There's not too many bearish views of different levels. As we look at it, we think that from a bottoms-up point of view, we think that assuming peer companies can deliver to those levels, we feel pretty good about the company's ability to execute and deliver on our piece of that. Certainly, if you're in our position, given our lead times, you need to think about the more bullish scenarios in terms of the turn we have the capacity to support that. So we are thinking about it that way.

幾乎沒有太多悲觀到不同水準的看法。就我們的觀察，從自下而上的角度來看，我們認為只要同業能交付到那些水準，我們對公司執行並交付我們那一部分的能力感到相當有信心。當然，站在我們的位置，考量到我們的交期，你需要去思考更樂觀的情境，確保我們有產能可以支援那樣的轉折。所以我們就是以這種方式在思考。

So I could say that more or less, you're in and around $190 billion or so translates into a mid-20 type growth rate, which is similar to the growth rate in 2026. So I think we're more or less in that ballpark. And we'll see as we get closer maybe things strengthen, and we're driving the company to ensure that we can supply and support the more bullish views that are out there.

所以我可以說，大致上，約1,900億美元左右對應的是中20%這類的成長率，與2026年的成長率相近。因此我認為我們大致就在那個範圍內。而隨著我們更接近時點，也許情勢會更強；我們也在推動公司，確保我們能供應並支援市場上更樂觀的看法。

Bren, I appreciate that. And Jim has previously talked about a bottoming in spending, especially in the pound geologic space. I think just over the past 90 days, we've seen, for example, Intel announced that they're pulling in their 14 production by a year and your process control share at Intel continues to go up. Samsung just announced from the engagements with new customers like Broadcom, for example, for 2-nanometer and 2-nanometer. And then you've got Rapids and new tariff initiatives, right? How much of the improvements that you've seen in your calendar '26 and calendar '27 outlook is reflective of these broadening sort of dynamics within foundry and logic?

Bren，感謝你的說明。而Jim先前談到支出觸底，特別是在我想是「pound geologic」領域。我想在過去90天左右，我們看到例如Intel宣布把他們的14量產時程提前一年，而你們在Intel的製程控制市占仍在上升。Samsung也剛宣布，像是與Broadcom等新客戶在2奈米與2奈米方面的合作接觸。然後你們還有Rapids以及新的關稅倡議，對吧？你們在2026年與2027年展望中看到的改善，有多少是反映了晶圓代工與邏輯領域這些更廣泛、擴散中的動態？

Yes, Harlan, it's Rick. Of course, those are factors that are driving us. And also, as Brent mentioned, are the setup for 2027. There's no question, and we said this a while ago that the world needs more advanced logic. And so there was a desire by many customers to broaden the other players outside of the leader to supply that.

是的，Harlan，我是Rick。當然，這些都是推動我們的因素。而且如Brent提到的，也是在為2027年做鋪墊。毫無疑問，而且我們早就說過，全球需要更多先進邏輯製程。因此，許多客戶希望擴大由領先者以外的其他業者來供應。

And there's been some success in terms of their ability to bring technology online. But there's such a big demand out there that this was kind of inevitable that you would see a broadening. So that's certainly driving it. And I think it sets up well. I think process control intensity now is understood by the leaders and not just in advanced logic, but also we're seeing it more broadly in memory. So the broadening has really been happening as we hoped it would and is part of the reason we feel the setup is so good for next year.

而在他們將技術導入量產方面，已經取得了一些成功。但市場需求如此龐大，因此你看到供應面擴散其實某種程度上是必然的。所以這確實在推動成長。而我認為這樣的態勢也為後續打下很好的基礎。我認為現在領先者已經理解製程控制強度的重要性，而且不只是在先進邏輯，我們也看到在記憶體領域更廣泛地發生。因此，這種擴散確實如我們所希望的那樣在發生，也是我們認為明年布局如此良好的原因之一。

Vivek Arya, Bank of America.

Vivek Arya，美國銀行。

For my first one, I'm curious to hear your views on competition in China. Recently, there have been more noise about more domestic competition, more and more in litho than they're in process control. But what makes the more for process all more difficult to replicate versus other tools. And let's say, if theoretically, the Chinese memory companies right who spend the bulk of their process control WFE with local suppliers imagine if, let's say, their import and is lifted, does it mean that more of the WFE share will go to local suppliers. So I'm just curious to hear your perspective on how competition from China could evolve as a share of the WFE wallet?

我的第一個問題，我想聽聽你們對中國競爭態勢的看法。最近，關於更多本土競爭的聲音變多了，而且在微影（litho）領域的討論似乎比製程控制（process control）更多。但就製程控制而言，究竟是什麼讓它相較於其他工具更難被複製？再假設一個理論情境：中國的記憶體公司目前把大部分製程控制的晶圓製造設備（WFE）支出交給本土供應商；如果說未來進口限制被解除，是否意味著更多WFE份額會流向本土供應商？所以我想請教你們，來自中國的競爭在WFE支出錢包（wallet）中的占比，未來可能會如何演變？

Yes. Thanks, Vivek. I mean, there have been a lot of players across the world, not just in China, who have tried to enter process control for a number of different reasons. I think the unique advantage that KLA has in terms of developing our products is the integration not just of the technologies for process control but also the engagement with customers and especially as it pertains to the leading edge. And a lot of learning that happens at the leading edge that helps define the interactions that we have and also the development that we have across our portfolio.

是的。謝謝你，Vivek。我的意思是，全球各地不只是中國，過去都有很多業者基於各種不同原因嘗試切入製程控制。我認為KLA在產品開發上的獨特優勢，在於不僅整合了製程控制所需的各項技術，也包含與客戶的深度互動，尤其是在先進製程（leading edge）方面。而在先進製程累積的大量學習，會幫助我們界定與客戶的互動方式，也會推動我們在整個產品組合上的開發。

So process control is tricky to get into because it's a very high mix, low volume market. So unlike litho, frankly, is much higher kind of similar tool, higher volume, process control, there's a lot of nuance. There's also a lot of work with algorithms and development in terms of being able to help customers determine what's valuable. Add to that, 1,600, 1,700 applications engineers that KLA has worldwide. And it's a pretty good competitive moat that we've established over time.

因此，製程控制之所以難以切入，是因為它是一個高混合、低出貨量的市場。所以不像微影，坦白說微影的工具相對更同質、出貨量更高；製程控制則有很多細微差異。此外，還需要大量演算法與開發工作，才能協助客戶判斷哪些資訊/量測是有價值的。再加上KLA在全球擁有1,600到1,700名應用工程師。這些因素共同構成了我們長期建立起來相當不錯的競爭護城河。

So we have seen people come out the market, but our job is to continue to innovate to provide capability. And today, we continue to see whenever there is fair competition, and we're allowed to compete, we do quite well.

所以我們確實看到有人進入市場，但我們的工作就是持續創新、提供能力。而且今天我們仍然看到，只要競爭是公平的、我們被允許參與競爭，我們的表現就相當不錯。

All right. And from my follow-up. I think, Bren, you mentioned the possibility of industry expectation of 27 WFE whatever 190-plus range. So that's close to 30% growth. So I know it's very early, but let's say, if I were to ask you to kind of rank order foundry logic versus DRAM versus NAND. How would you kind of tank order would be the areas of growth above or below that range and that mix, what would that suggest to us about KLA's ability to take share next year?

好的。那我的追問是：我想Bren你提到，產業對2027年WFE的預期可能在190多（十億美元）到200多（十億美元）之類的區間。那大概接近30%的成長。我知道現在還很早，但如果我請你大致把晶圓代工/邏輯、DRAM、NAND做個排序，你會怎麼排序？哪些領域的成長會高於或低於那個區間？而這樣的組合又會對我們理解KLA明年市占提升能力帶來什麼啟示？

Well, as Rick talked about earlier, we're pretty excited about the broadening of investment that's happening in the leading edge and logic. And so that will drive -- after a number of years of pretty high level of efficiency and logic investment at the leading edge that you have multiple players. And I think as this year has moved on and gotten more comfort around the sustainability of additional investment beyond '26 as it moves into 2027.

嗯，正如Rick先前提到的，我們對先進製程與邏輯領域投資擴大的趨勢感到相當振奮。因此，在先進製程邏輯投資經歷了多年相當高效率的投入之後，現在你會看到有多個玩家一起推動投資。而我認為，隨著今年進展，市場對於2026年之後、延伸到2027年的額外投資可持續性也更有信心。

So we're really encouraged by that. We talked a lot about high bandwidth memory and how high bandwidth memory from an intensity point of view is a unique animal for KLA, given some of the dynamics around it, both in terms of more customization in the die, the base, the integration of each DRAM and then the ultimate value performance spec is also a factor.

所以我們對此非常受到鼓舞。我們也談了很多高頻寬記憶體（HBM），以及從強度（intensity）的角度來看，HBM對KLA而言是一個很獨特的領域，因為它有一些特殊動態：包括晶粒（die）端更高的客製化、基底（base）、每一層DRAM的整合，最後的價值/效能規格也會成為因素。

So for all those reasons, we're seeing even across some of our products where we're seeing intensity levels that are rivaling what we see in advanced logic. So we're encouraged by what's happening there. Obviously, there's a lot of investments happening in conventional DRAM as well. which we've seen intensity improvement, but conventional DRAM doesn't -- isn't the same as high bandwidth memory DRAM in terms of its process control intensity. And so that's a little bit different as you size things up One of the things that we also see into next year is a number of new fabs.

因此基於上述原因，我們甚至在部分產品上看到的強度水準，已經可與先進邏輯相匹敵。所以我們對那裡正在發生的事情感到鼓舞。當然，傳統DRAM也有大量投資正在進行，我們也看到強度有所改善，但傳統DRAM在製程控制強度上，並不等同於HBM DRAM。所以在評估時會有些不同。另外，我們也看到明年會有一些新晶圓廠。

So you have a lot of greenfield activity. So not just tech upgrades that's adding incremental bids in terms of supply, but also new tools. So we think the construct is pretty good at how it sets up for '27, both in terms of the broadening of investment in logic. High-bandwidth memory continuing to grow, greenfield fabs, advanced packaging and we haven't really modeled it any contribution that we're starting to see that they also are playing a role in high-performance compute. So I think that potentially could be an upside factor, although not a big one for us.

所以你會看到很多綠地（greenfield）建廠活動。不只是技術升級帶來供給面的增量投標/需求，也包含新增設備（new tools）。因此我們認為，對2027年的布局相當不錯：包括邏輯投資擴大、HBM持續成長、綠地晶圓廠、先進封裝；此外，我們還沒有把我們開始看到的一些貢獻納入模型——它們也在高效能運算（HPC）中扮演角色。所以我認為那可能是一個上行因素，雖然對我們而言不會是很大的因素。

So we think the construct is pretty strong. Our supply comes online that should enable us to meet some of these expectations. And as I said, we're building sort of sizing the company to be able to serve the more bullish scenarios that are out there.

所以我們認為整體架構相當強勁。我們的供應能力也會上線，應該能讓我們滿足其中一些預期。而且如我所說，我們正在把公司規模與能力建置到足以服務市場上更偏多頭的情境。

Krish Sankar, TD Cowen.

Krish Sankar，TD Cowen。

Rick or Bren, one of the large foundry customers last week part of it was due to equipment pricing going up. To the extent we can answer in this environment with strong demand and capacity constraints, is clearly raising prices either due to value pricing or increasing supply chain costs especially on existing tools. And it's so when are those price increases going to effect and how do you think about the impact on gross margins? And then I have a follow-up.

Rick或Bren，上週有一家大型晶圓代工客戶提到，其中一部分原因是設備價格上漲。在目前需求強勁、產能受限的環境下，在我們能回答的範圍內，你們是否確實在提高價格——不論是因為價值定價（value pricing），或是供應鏈成本上升，尤其是針對既有機台？另外，這些漲價大概何時會反映生效？你們如何看待對毛利率的影響？我還有一個追問。

I think that the question on pricing, a lot of factors go into pricing. One is the volume, the mix of products and the other services that are available when we deal with customers. But I think in general, the input prices have gone up, customers recognize that. And so we have had conversations about different discussions about how KLA will help to capture some of that value so we can continue to make the R&D investments that the industry needs. So we've had those discussions.

我認為關於定價，影響因素很多。其中之一是出貨量、產品組合，以及我們與客戶合作時所提供的其他服務。但整體而言，投入成本確實上升了，客戶也認知到這一點。因此我們已就不同議題進行討論，包含KLA如何能夠捕捉其中一部分價值，讓我們可以持續進行產業所需的研發投資。所以我們確實有進行這些討論。

As Bren pointed out, the gross margin performance is largely in line with what we anticipated and we continue to see a path forward. And when we bring out new products, that's when new pricing decisions get made. But with the existing products, it's a little bit more around other ways to where we can share in some of the increased value, but recognize some of the increased costs.

如同Bren指出的，我們的毛利率表現大致符合預期，而且我們仍然看到一條可行的前進路徑。當我們推出新產品時，就會做出新的定價決策。但對於既有產品，更多是在其他方式上，讓我們能分享部分增加的價值，同時也反映部分增加的成本。

Krish, I'd also say that the memory headwinds were experienced data likely continued through next year. But I would expect you start to see some normalization on the pricing front that moves from a headwind to a tailwind. So we feel pretty good about the pricing model I talked about, and that's inclusive of some of this pressure. So a combination of minimum path along but also to, I think, of just the incremental value of our offerings and some of the things Rick talked about. I think as we move forward, we should be able to scale the business consistent with the incremental gross margin target that I provided in the earlier question.

Krish，我也想補充，記憶體的逆風在我們的資料中很可能會延續到明年。但我預期你會開始看到定價面出現一些正常化，從逆風轉為順風。所以我們對我提到的定價模型感覺相當不錯，而那也已經把部分壓力納入考量。因此是多種因素的組合：一方面是最低限度的轉嫁（pass-through），另一方面我認為也包括我們產品/方案的增量價值，以及Rick提到的一些事情。我認為隨著我們往前走，我們應該能夠讓業務規模化，並符合我在前一個問題中提供的增量毛利率目標。

Got you. And then a quick follow-up, based on your guidance of second half over 20%, it looks at the run rate, WFE early in the Europe like $130 billion, you might probably exit at $170 billion plus. And I look at your revenue over the quarter, it seems like your revenue as a percentage of WFE is pretty consistent through the year. I'm just wondering why -- if profits come from intensities increasing, shouldn't your revenue be outpacing WFE? Or is this as simple as change in restrictions of customer as customers or capacity comes in at the end that is limiting the upside to revenues?

了解。接著快速追問一下，依照你對下半年超過20%的指引來看，若以年化運行速度推算，歐洲那邊年初的WFE大概是1,300億美元，你們很可能會在1,700億美元以上的水準收尾。我看你們本季的營收，似乎你們營收占WFE的比例全年都相當一致。我只是想知道為什麼——如果獲利來自強度提升（intensity increasing），你們的營收不應該跑贏WFE嗎？還是說其實就只是客戶端限制的變化，或是客戶/產能在年底才進來，因而限制了營收上行空間？

Well, I would say, certainly, the first half of 26 was slower from a sequential point of view given some of the lead time challenges we had and how that translated into the constraints around shipments. I think an important message was that as we start to see that accelerating as we move through here in the second half of this year that we feel like we're in a pretty good position to see to be able to drive sequential growth moving forward and support some of the outlook that we talked about.

嗯，我會說，確實，從環比的角度來看，26年上半年比較慢，因為我們遇到一些交期（lead time）方面的挑戰，以及這如何轉化為出貨上的限制。我認為一個重要訊息是，當我們在今年下半年開始看到這種加速時，我們覺得自己處於相當好的位置，能夠在往後推動環比成長，並支撐我們所談到的一些展望。

So I think the construct as I talk about is pretty good. And if you look at our semi PC business, we expect that to grow at least a few points we will lease a few points, maybe a little more than that faster than the overall company as it's being diluted by service growth. And I think for 2027, it sets up pretty well.

所以我認為我所談的這個架構相當不錯。如果你看我們的半導體PC業務，我們預期它至少會比整體公司快成長幾個百分點，可能還會更快一些，因為整體公司成長被服務業務成長所稀釋。我認為對2027年而言，這個態勢也相當有利。

Our story at Investor Day was our view that because of the dynamics of high performance compute. Now that translates into a greater percentage of semiconductor revenue over time that the next four to five years would be as strong as the last four to five years in terms of KLA's overall market relevance. So as we go over the next five years, we expect that we'll continue to execute and drive some of the strategies we talked about, and we'll see that share of market increase that's consistent with that overall view.

我們在投資人日的論述是：由於高效能運算的動態。這會轉化為半導體營收占比隨時間提高，因此未來四到五年，就KLA整體市場相關性而言，將會和過去四到五年一樣強勁。所以在未來五年，我們預期會持續執行並推動我們談到的一些策略，並看到市占提升，與這個整體觀點一致。

Blayne Curtis, Jefferies.

Blayne Curtis，Jefferies。

I wanted to ask about people are throwing out pretty big numbers for what the WFE TAM could be in a few years. I'm not expecting you to answer that. But I'm just curious from a supply chain perspective, how long would it take to perhaps for a $300 billion WFE market? And can you just talk about what space you have within your facility and time line, if you had to add any space for your supply chain?

我想問的是，大家對幾年後WFE的TAM可能會到多大，拋出了相當大的數字。我不期待你回答那個。但我只是好奇，從供應鏈角度來看，如果要支撐一個3,000億美元的WFE市場，大概需要多久？另外也請談談你們廠房內可用空間與時間表，如果你們必須為供應鏈新增任何空間的話。

Yes. It's an interesting question. And one of the things that we've spent a lot of time on over the last few months is meeting with some of our critical suppliers and planning and doing capacity agreements. For our needs, we believe, in the 2029 and beyond time frame. And that gives you a sense of how we have to think about planning to drive the capacity requirements for optical components.

是。這是個有趣的問題。而我們過去幾個月花了很多時間在做的一件事，就是與一些關鍵供應商會面、規劃，並簽訂產能協議。就我們的需求而言，我們認為是在2029年及之後的時間框架。這也讓你理解，我們必須如何思考規劃，以推動光學元件的產能需求。

So we're actively engaging in those discussions now and working through the economics of that. We can usually do whatever we need to from our own capacity point of view in terms of our own facilities and the head count we need to build our systems. So really where the gaining item is for us or the thing that we have to manage to think about is long bed time because it can take 12 to 24 months to put new capacity in place for those types of components.

所以我們現在正積極參與這些討論，並釐清其中的經濟性。就我們自身產能而言，通常在自有廠房與建置系統所需人力方面，我們可以做任何需要做的事。因此，對我們來說真正的瓶頸項目、或我們必須管理與思考的，是較長的交期，因為要為這類元件新增產能，可能需要12到24個月。

And Blayne, because of the nature of the industry, because of the overlap and the knowledge that suppliers have of each other, if you really did have a number like that, we would see the signals because others -- there are others that have similar kind of lead times. So we would be responsive to that. We wouldn't be the ones not able to support that.

而且Blayne，因為這個產業的特性，供應商彼此之間存在重疊與相互了解，如果真的出現那樣的數字，我們會看到訊號，因為其他——也有其他公司有類似的交期。所以我們會做出回應。我們不會是那個無法支撐需求的一方。

And then just talking about visibility, I know you don't give RPO anymore. I'm just kind of curious if there's a way you could talk about it directionally. Is it improving? Or maybe you can talk about your outlook visibility, how far is that extending? Is it changing?

再談談可見度（visibility），我知道你們不再提供RPO。我只是好奇你是否能用方向性的方式談談。它是在改善嗎？或者你可以談談你們展望的可見度，現在延伸到多遠？有在改變嗎？

Yes, sure. Some of the data I talked about earlier is predicated on what's happened with backlog growth, right? And so the order funnel and how that translates. We're going to issue our 10-Q here we finished the fiscal year at the end of June and another week or so. But I would expect that the RPO would be or backlog would be at about $12.5 billion, and we've seen that grow pretty consistently over the last couple of quarters and would expect that given the order funnel that we'll see that continue to grow.

可以，當然。我先前談到的一些數據，是以積壓訂單（backlog）成長所發生的情況為基礎，對吧？也就是訂單漏斗（order funnel）以及它如何轉化。我們將在六月底結束會計年度後大概一週左右發布10-Q。但我預期RPO或積壓訂單大約會在125億美元左右，而且過去幾個季度我們看到它相當穩定地成長；依照訂單漏斗，我們也預期它會持續成長。

So part of our view of second half in 2027 is certainly informed by our order outlook and how that translates into backlog. And so hopefully, that provides the color you need.

因此，我們對2027年下半年的部分看法，確實是由我們的訂單展望以及它如何轉化為積壓訂單所形塑。希望這能提供你需要的補充說明。

Timothy Arcuri, UBS.

Timothy Arcuri，UBS。

Bren, so gross margin is being guided flat, up 10% revenue. I know you went through why that is. And you're basically giving us Q4 guidance as well. December quarter guidance, it's up another 10%. So what's the implied gross margin for December. So December is up about the same on a quarterly basis as September. So are we talking about another flat gross margin quarter for December?

Bren，所以你們指引毛利率持平、營收成長10%。我知道你已經解釋過原因。而且你們基本上也給了我們第四季指引。12月季度指引又再成長10%。那12月的隱含毛利率是多少？12月在季度基礎上的增幅大約和9月一樣。所以我們是在談12月又是一個毛利率持平的季度嗎？

So we'll see how mix plays out. I mean mix is the biggest factor in our gross margin quarter-to-quarter. As we talked about at Investor Day, right, we see that the gross margin is generally going to track 60% to 65% towards that $6.5 million plus or minus 500 basis point view that we articulated. So we'll see how it plays out. We expect gross margins to be in this range, but it could be a little bit higher, too.

所以要看產品組合（mix）最後怎麼走。我的意思是，組合是我們毛利率季度間變動的最大因素。如同我們在投資人日談到的，我們認為毛利率一般會落在60%到65%，朝著我們所闡述的6,500萬美元、上下500個基點的觀點去走。所以我們會看實際結果如何。我們預期毛利率會在這個區間，但也可能會稍微更高一些。

So we'll just have to see. Like I said, it depends on the products that actually revenue. We have some big integers in some of our product sites and that tends to influence our gross margin. But in terms of long-term trajectory, I think it will be consistent with the way I articulated in an earlier question.

所以只能再觀察。如我所說，取決於實際認列營收的產品。我們在某些產品線有一些大宗項目（big integers），這往往會影響我們的毛利率。但就長期走勢而言，我認為會與我在先前問題中所闡述的方式一致。

Yes. I guess as my follow-up. So I mean, I guess I'm a little confused as to why you can't raise prices to at least offset memory prices. I know that you're coming from a different place than others are. But I mean, even ASML is talking about raising prices on EUV.

是。我想追問一下。我的意思是，我有點困惑，為什麼你們不能至少提高價格來抵消記憶體價格的影響。我知道你們的起點和其他人不同。但我的意思是，連ASML都在談要調高EUV的價格。

So I would think you'd be able to at least offset the compute headwind, and it seems like you're struggling to do that. So is there something unique? Is there something like you don't want to anchor customers? Or is there some reason why you're not able to at least offset that and maybe even get proactive and move margins higher than what was in your model?

所以我原本以為你們至少能抵消運算（compute）的逆風，但看起來你們在這方面有些吃力。所以是有什麼獨特因素嗎？例如你們不想把客戶價格錨定（anchor customers）？或者有什麼原因讓你們無法至少抵消這些影響，甚至更主動一些，把毛利率推升到高於你們模型中的水準？

Well, as I said earlier, we get to -- we get price increases as it relates to increases in our cost structure. We deliver new capability to customers that meet their cost of ownership targets and in that time, we get a chance to assess our costs relative to the pricing and make the adjustments we need to make. And so we'll continue to do that. it's pretty hard to go back to your customers after you've taken orders and start to change prices on those orders. So I think we're pretty comfortable with our view. Rick talked about how we're talking to customers about some of the value opportunities that exist here.

嗯，如我先前所說，我們會在成本結構上升時，進行相應的價格調漲。我們為客戶提供新的能力，協助他們達成總持有成本（TCO）目標；同時，我們也有機會評估自身成本相對於定價的狀況，並做出必要的調整。因此我們會持續這麼做。在你已經接單之後，再回頭跟客戶說要更改那些訂單的價格，是相當困難的。所以我認為我們對自己的看法相當有信心。Rick 也談到，我們正與客戶討論這裡存在的一些價值機會。

So I think as we move forward, you'll continue to see pricing and then ultimately how that translates to gross margin is consistent with the way that I've talked about.

所以我認為，隨著我們往前走，你會持續看到定價的動作，而最終它如何反映到毛利率上，會與我先前所談的方式一致。

Joe Quatrochi, Wells Fargo.

Joe Quatrochi，富國銀行。

Yes. I think last quarter, you talked about foundry logic being in the low 60% of MEPC systems for 26. Just curious like how -- what's the updated thought process there given the increase in WFE outlook?

是的。我記得上季你提到，晶圓代工邏輯在 2026 年的 MEPC 系統中占比大約在 60% 出頭。想請教一下，考量到 WFE 展望上修，你們對此的想法有沒有更新？

I'm sorry, I missed the first part of that, Joe.

抱歉，Joe，我剛剛沒聽清楚你前面那一段。

Yes. Just last quarter, I think you talked about foundry lose being like low 60% of semi PC systems for 2026 and maybe memory accelerating in the second half? Just kind of curious, just given the guidance that you've provided for the mix in the 3Q, how that looks. Has that changed?

好的。就是上季我記得你提到，2026 年晶圓代工邏輯大概會是半導體 PC 系統的 60% 出頭，然後記憶體可能在下半年加速？我想問的是，考量你們對第三季（3Q）組合所提供的指引，現在看起來如何？這個看法有改變嗎？

Yes. I think as we look at this year, I would say we're still more or less in the same ballpark for sending PC systems to the semiconductor customers to reflect all of our systems business. We provided guidance here today about the expectations for the September quarter, but I do expect memory to be a bigger percentage in the December quarter and likely to remain there through the first half of the year. So we'll have to -- we'll see how that plays out. As I said earlier, a lot of it depends on the timing of just revenue recognition and what we're shipping in.

有。我想如果看今年，我會說我們把 PC 系統出貨給半導體客戶的占比（用來反映我們整體系統業務）大致仍在同一個區間。我們今天提供了對 9 月季度的展望指引，但我確實預期在 12 月季度，記憶體的占比會更高，而且很可能在上半年都維持在那個水準。所以我們得——我們會看看實際如何發展。如我先前所說，其中很大一部分取決於營收認列的時點，以及我們實際出貨的內容。

But I would say that's the way to think about it. But more or less, it's playing out in the way that we thought. And I would say you're probably somewhere closer to 65-ish percent, so call it kind of low to mid-60s as I look at 2026.

但我會說，這就是思考的方式。整體而言，它的發展大致符合我們原先的預期。而且我會說，你們可能會更接近約 65% 左右，所以以 2026 年來看，大概就是 60% 出頭到中段 60% 的區間。

And then just wondering if you could talk about your lead times and how do we think about just the cadence of capacity that's coming online as you way through next year?

另外想請教，你們的交期目前如何？以及我們該如何看待一路到明年，產能逐步開出的節奏？

Well, we've done today across the whole company are in about the 12-month range, but on certain products, it can be closer to 18 to 24 months. All our conversations today with customers are about deliveries really in the second half of '27, and we're starting to move in that direction around some of the larger products in the company.

嗯，我們今天整個公司整體的交期大約在 12 個月左右，但某些產品可能更接近 18 到 24 個月。我們目前與客戶的所有對話，交付時間基本上都落在 27 年下半年，而我們也開始在公司某些較大型產品上朝那個方向推進。

So I would say that if you look across the whole company, mathematically, you're about a year but certain products, which our strong products can be longer than that. And certainly, some of that determined generally by the capacity that comes online and that is we have capacity and the volume that, that ultimately supports and that just translates into what we could ship in certain quarters. And given the demand from certain customers, how that all maps out.

所以我會說，如果你看全公司整體，從數學上來看大約是一年，但某些產品——也就是我們的強勢產品——可能會更久。而且其中一部分當然通常取決於產能何時開出：我們具備的產能與最終支撐的產量，會轉化成我們在特定季度能出貨的數量。再加上某些客戶的需求，整體如何對應與配置。

We do a lot of moving things around and juggling to meet changing customer expectations and also to ensure that we don't lose business because we can't deliver. And so there's some hard to how we manage it. But generally, that's how I think about.

我們會做很多調整與協調、重新排程，以因應客戶期望的變動，同時也確保不會因為交付不了而流失業務。所以在管理上確實有一些難度。但大致上，我就是這樣看待的。

Stacy Rasgon, Bernstein Research.

Stacy Rasgon，Bernstein Research。

For my first one, you talked about sizing your supply for the most bullish scenarios. Can you give us a little more color on what that means? I mean like if I look at some of your competitors, like AMAS suggested that they were doubling their capacity, for example, like is that how you guys are thinking about it? And I realize that for you, it's not just capacity, it's also like component supply and that sort of thing. But any more color you can give us on what bullish scenarios actually means in this context relative to what your competitors are doing?

第一個問題，你提到你們會以最樂觀的情境來規劃供應規模。能否多提供一些細節，這具體是什麼意思？例如我看你們一些競爭對手，像 AMAS 就表示他們在把產能加倍；你們也是這樣思考嗎？我也理解對你們而言不只是產能，還包括零組件供應等等。但能否再多說一些，在這個脈絡下「樂觀情境」相對於競爭對手的作法，實際代表什麼？

No, Stacy, what I think -- and maybe it was a little unclear, sorry about that. What I was saying is we would be in a position to support any scenario that the industry could support simply because we would see it coming and be able to respond. What we're doing now in terms of supporting capacity is supporting the outlook and we're having a lot of conversations with customers about their needs, and there's a huge premium right now on being able to deliver to support the ramps that are going on around the industry. And then Brent can talk size of that.

不，Stacy，我想——也許我剛剛講得不夠清楚，抱歉。我的意思是，我們會處於能支援任何產業所能支援的情境的位置，因為我們會提前看到趨勢並能做出回應。我們現在在支援產能方面所做的，是依據目前的展望來支援；我們也正與客戶就其需求進行大量對話，而目前能夠交付、以支援產業各處正在進行的擴產爬坡（ramps），有非常高的溢價。至於規模，Brent 可以補充。

Yes. And what I meant by that was, look, there's a general view of spending into next year and what that would imply. There's certainly some bullish cases. And so as we think about scenarios, we go, okay. So based on that view what demand was 10% higher, what is 20% was higher?

是的。我的意思是，你看，市場對明年的支出有一個普遍的看法，以及那會意味著什麼。當然也存在一些更樂觀的情境。所以當我們思考情境時，我們會說，好。基於那個看法，如果需求高 10% 會怎樣？如果高 20% 又會怎樣？

And then how does that then translate back into where supply would line up to that demand and where do we need to go work or think about adding and so on. So that's what I meant is that, that look as we look at -- and again, it assumes all peer companies can deliver to it because customers it would be great if I can deliver, but if others can't and that's problematic.

接著這會如何回推到供給要如何對齊那個需求，以及我們需要在哪些地方去努力、或考慮增加什麼等等。所以我的意思是：當我們在看——而且再次強調，這也假設同業公司都能交付，因為客戶會說，如果我能交付當然很好，但如果其他人交付不了，那就會變成問題。

But in general, and we will take the cost of that flexibility in terms of ensuring our capacity exists I think as it relates to components that the risk of long lead time material is very low because of the value of these products, how much value they add and the ability to sustain it, particularly with demand that broad across different technology nodes.

但整體而言，我們願意承擔這種彈性的成本，確保我們的產能存在。至於零組件，我認為長交期物料的風險非常低，因為這些產品的價值、它們能帶來多少價值，以及維持供應的能力都很高，特別是在需求橫跨不同技術節點的情況下。

So in the long term, certainly around certain product is unwilling to make that from an inventory point of view to ensure I'm in a position to support what customers might meat. And so how we think about it.

所以從長期來看，確實在某些產品上，我們願意從庫存角度做出投入，以確保我能處於支援客戶可能需求的位置。這就是我們的思考方式。

Got it. That's helpful. For my follow-up, so you're effectively suggesting WE next year somewhere in the range of like I think some of you at mentioned like around 190, give or take. And your 2030 model had 215, which isn't that much higher than that. I think it also had a semi market of $1.4 trillion that we seem likely to hit this year.

了解。這很有幫助。追問一下，所以你們基本上是在暗示明年的 WFE 大概會落在某個區間，我想你們有人提到大約 190（上下浮動）。而你們的 2030 模型是 215，其實也沒有高出太多。我記得那個模型也假設半導體市場規模達到 1.4 兆美元，而我們今年似乎就很可能達到。

Just any thoughts either qualitative or quantitative on that 2030 model like in the wake of what we've seen over the last -- and certainly over the last couple of quarters of this year. How do we think about that in the context of what we're seeing now in terms -- ?

想請教對那個 2030 模型有沒有任何定性或定量的看法，特別是在我們過去——尤其是今年過去幾個季度——所看到的情況之後。在我們現在所看到的背景下，我們該如何看待它，從……的角度來看-- ？

Yes, Stacy, it's a very good point. We also couldn't have imagined some of the pricing increases that have driven up the revenue for semi this year, for example. So some of it has been price-driven. What we really were trying to do with 2030 was give -- what would the industry look like if it's growing at a high single digit for the semi industry and capital intensity continues to go along at its level and process control strengthens and we gained share. But we said the caveat to that is we really don't know what it's going to build out.

是的，Stacy，這點非常好。例如，我們也無法想像今年推升半導體營收的一些漲價幅度。所以其中一部分確實是由價格所驅動。我們在做 2030 年展望時真正想做的是——如果半導體產業以高個位數成長、資本強度持續維持在目前水準、製程控制強度提升且我們市占率提高，那麼產業會是什麼樣子。但我們也說過，前提是我們其實不知道最終會建置到什麼程度。

And I think even at Investor Day, we were -- since then, it's -- things have strengthened inside the industry, but we're trying to give a ballpark range of that. I think more importantly is if you envision that the market is going to be much higher than that, once we normalize for some of this pricing a little bit, then the process control intensity, we feel pretty confident about.

而且我認為即使在投資人日，我們當時——從那之後，產業內部確實更強勁了，但我們只是試著給出一個大致的區間。我認為更重要的是，如果你設想市場會遠高於那個水準，在我們把部分價格因素稍微正常化之後，那麼對於製程控制強度，我們是相當有信心的。

So if you have a more capital required, then we would exceed the model that we laid out for 2030. I mean that's how that would work. But we're still a long way. I mean, we only had our Investor Day in March and here we are in July. So we're in no position to reset anything as it pertains to 2030.

所以如果需要更多資本支出，那我們就會超出我們為 2030 年所提出的模型。我的意思是，運作方式就是如此。但我們距離那個時間點仍然很遠。畢竟我們的投資人日是在 3 月，現在才 7 月。因此，就 2030 年相關事項而言，我們目前沒有任何立場去重設任何內容。

I think Steve, what's important to take into consideration, and first of all, it's turned out as bigger than we've proven over time, we know how to scale our business. And so to Rick's point is that if you think about long-term assumptions of semiconductor revenue, capital intensity rising modestly and then a model we added some exact revenue of 11% and wafer equipment at 12%, certainly different views of higher capital intensity, but pricing could be a factor in that. And that KLA share of that overall market would grow 150 basis points, plus or minus 25 basis points from where we are in 2025. And that the financial model underneath that growth would deliver the way we laid it out in terms of incremental margins and so on.

我想 Steve，需要納入考量的重要一點是——首先，結果證明它比我們隨時間所驗證的還要大，而我們知道如何擴大我們的業務規模。因此呼應 Rick 的觀點，如果你思考半導體營收的長期假設、資本強度小幅上升，然後我們在模型中加入了部分明確的假設：半導體營收 11%、晶圓設備 12%；當然也有人認為資本強度會更高，而價格也可能是其中一個因素。此外，KLA 在整體市場中的市占率，將自 2025 年我們所在的水準起增加 150 個基點，上下浮動 25 個基點。而在這樣的成長之下，其底層的財務模型將能如我們所說，在增量毛利率等方面交付成果。

So I think when you look at these target models, a lot of it is really about the credibility of okay, how do the assumptions really look and against those assumptions we know we can scale our business to meet it. And that the financial model has been had in prior Investor Day public targets and public models, we can execute the financial model consistent with what we presented. So I think that's how to think about it.

所以我認為，當你看這些目標模型時，很多其實是在看可信度——也就是這些假設到底看起來如何；而在這些假設之下，我們知道我們能把業務規模擴大以滿足需求。而且這個財務模型在過去的投資人日公開目標與公開模型中已經呈現過，我們能以與所展示內容一致的方式去執行該財務模型。所以我認為應該這樣理解。

One more thing, Stacy, I think we're really good at creating systems that are valuable to our customers from process control and engaging with them. We are not very good at forecast.

再補充一點，Stacy，我認為我們非常擅長建立對客戶有價值的系統——從製程控制到與客戶的互動。但我們不太擅長做預測。

Got it. I think it's an unsolved problem in the industry anyway.

了解。我想這在整個產業裡本來就是個尚未解決的問題。

Melissa Weathers, Deutsche Bank.

Melissa Weathers，德意志銀行。

I wanted to ask, maybe go back to that EPC side. and Orbotech thesis that you guys have laid out years ago. It seems like that's playing out nicely and you saw some upside in that business this quarter. So any update to how you're thinking about the longer-term growth rate of that business? I think at the Analyst Day, you said up mid- to high single digits, if I have that right. So any updated thoughts on how you're thinking about that business?

我想問一下，或許回到 EPC 這一塊，以及你們多年前提出的 Orbotech 論點。看起來這個策略正在很不錯地落地，而且你們這一季在那項業務上也看到一些上行空間。所以，關於你們如何看待該業務的長期成長率，有沒有更新？我記得在分析師日你們說是中到高個位數成長，如果我沒記錯的話。所以對於你們如何看待這項業務，有沒有任何更新的想法？

Yes. It's pretty exciting what's happening with high-performance compute and how that's translating into opportunities both for specialty semi, which is in our process tools, but also in the orbit specialty semi and PCB. And so in multiple PCB businesses, with the transition to substrates and high-density PCBs. It's creating a lot of opportunities for us. And certainly, the value of those boards is much higher in these new devices.

是的。高效能運算正在發生的事情相當令人振奮，而這也轉化為我們在特殊半導體（在我們的製程工具中）以及 Orbotech 的特殊半導體與 PCB 方面的機會。因此在多個 PCB 業務中，隨著轉向載板與高密度 PCB，為我們創造了很多機會。而且在這些新裝置中，這些板子的價值確實高得多。

So we're encouraged by what we're seeing there. I wish I could ship more. It certainly turned on much faster than we thought. I would expect the long-term growth rate, we'll have to see how it plays out over time. But I would say the long term did.

所以我們對目前看到的情況感到鼓舞。我希望我能出貨更多。它的啟動速度確實比我們想像的快很多。至於長期成長率，我們還得看它隨時間如何發展。但我會說，長期來看確實如此。

The mid part of that CAGR is out, I would say, it's likely somewhere in the high single-digit range and we'll see over several years, whether there's a structural growth element that materialize in this part of the business where this business has been more. Historically, more capacity-centric and tied to mobility that high-performance compute is change in this market and we'll have to see how it plays out, but it is a new change and something that we're going to have to monitor. But we're pretty excited about our positioning and our ability to differentiate and the Board and the substrate integrates into this very valuable package.

我會說，那個 CAGR 的中段區間已經不適用了；我認為它很可能落在高個位數的範圍。我們也會在未來幾年觀察，這一塊業務是否會出現結構性成長因素並逐步成形——過去這項業務更偏向產能導向，且與行動裝置需求連動；而高效能運算正在改變這個市場。我們得看它如何發展，但這確實是一個新的變化，也是我們必須持續監測的。但我們對自身的市場定位、差異化能力，以及電路板與載板整合進這個高價值封裝的能力，感到相當振奮。

And maybe along those lines, the advanced packaging business specifically that I think you took up to $1.1 billion this year. The drivers behind that revision, is that just the TAM is growing faster? Or is that market share gains? Is there any color on that? And then is there any incremental like what's incremental OpEx for those kinds of tools. Is that less R&D-intensive? Or how do we think about the investments that you guys are doing there?

也許沿著這個脈絡，關於先進封裝業務本身——我想你們今年把它上調到 11 億美元。這次上修背後的驅動因素，是因為 TAM 成長更快嗎？還是因為市占率提升？這方面能否多分享一些細節？另外，這類工具的增量營業費用（OpEx）大概是什麼樣子？它是否比較不那麼依賴研發投入？或者我們應該如何看待你們在這方面的投資？

I think the main drivers for that is the accelerated share and adoption of some of our systems that were designed for front end. And so that's -- it's been great to see, but it was kind of a continuation of the trend that we saw. But even our folks who are right in the middle of it were surprised by the magnitude of that. And it hasn't taken a ton of R&D because we're -- it has taken some. I mean, I'm not saying it's not any, but A lot of it was leveraging the portfolio that we already had.

我認為主要驅動因素是，我們一些原本為前段製程設計的系統，其市占率與採用速度加快。所以——看到這點非常好，但某種程度上也是我們所觀察到趨勢的延續。不過即便是我們身處其中的同仁，也對其幅度之大感到驚訝。而且它並沒有需要大量研發，因為我們——確實有投入一些。我的意思不是說完全沒有，但很大一部分是運用我們既有的產品組合。

And it was our customers pulling us into that. And if you can see the types of systems or substrates that are being leveraged now that we were waiting, and we've been waiting for a long time for things like SIC or hybrid bonding to drive those needs. And now we're seeing -- and there's even more coming. So we look at things like the wafer binding, then you've got more opportunity. So I think we're really well positioned. We have had to make investments, but we're extremely excited about what we've seen and the growth that it's providing for us.

而且是客戶把我們拉進這個領域。如果你看看現在正在被採用的系統或載板類型——我們過去等了很久，希望像 SiC 或混合鍵合這類技術能帶動需求。而現在我們正在看到——而且後面還會有更多。所以我們看像晶圓鍵合（wafer bonding）這類領域，就會有更多機會。因此我認為我們的布局非常到位。我們確實必須進行投資，但我們對所看到的情況以及它為我們帶來的成長感到非常興奮。

On the market side, I'd say the market is accelerating. We started the year thinking the market was somewhere in and around 20%. I think now we think the market is kind of a mid- to high 30s growth rate. And then, of course, our business within that growing. As we said in the prepared remarks, close to 2 times that.

就市場面而言，我會說市場正在加速。我們年初認為市場大約在 20% 左右。我想現在我們認為市場成長率大概在中到高 30% 的區間。當然，我們在其中的業務也在成長。如同我們在事先準備的講稿中所說，接近市場成長率的 2 倍。

So we'll see. It tends to be shorter lead time, so you have to respond quickly. But certainly, what's happening on the logic front, both in traditional or in the colo type packaging, but also in the hybrid bonding opportunities, which is driving the need for more capability, so higher-value systems in the portfolio that we're pretty well positioned to address these opportunities. And I think that you can see -- continue to see growth in those areas as you move into next year.

所以我們再看看。通常前置時間較短，因此你必須快速回應。但當然，無論是在傳統封裝或共置（colo）類型封裝的邏輯端所發生的事情，以及混合鍵合（hybrid bonding）的機會，都在推動對更多能力的需求，因此我們產品組合中更高價值的系統也需要更強的能力，而我們在把握這些機會方面具備相當好的定位。我認為，隨著你進入明年，你會看到這些領域持續成長。

Atif Malik, Citi.

Atif Malik，花旗。

Rick, you called out the visibility of investments into 2027. What signs, if any, whether it's advanced payments or deposits that you're seeing that are different from prior cycles that is giving you the confidence in sustainability of the cycle?

Rick，你提到投資能見度一路延伸到2027年。你看到哪些跡象（如果有的話），不論是預付款或訂金等，與以往週期不同，讓你對本輪週期的可持續性更有信心？

Well, I think it's much more -- our customer is sharing with us the demand that they're seeing, and we have the ability to do some verification with other parties because we're involved in conversations with them. Just to give you an example of what we see for advanced compute in terms of the demand and talking to some of the players who are trying to get that capacity, we know that there's a shortage of of those capabilities. It's not hard to see what's happened with memory in terms of demands and what the statements are in terms of when we think supply will resume back to equilibrium to ways out.

我認為主要是——我們的客戶正在與我們分享他們所看到的需求，而我們也能與其他相關方做一些交叉驗證，因為我們也參與與他們的對話。舉例來說，就先進運算的需求而言，與一些正在爭取產能的業者交流後，我們知道這些能力是短缺的。至於記憶體方面的需求變化也不難看出，以及大家對於何時供給會回到均衡的說法——那還要一段時間。

So there are a lot of signs out there that these investments are going to continue at a very high rate and a lot of the conversation we're having with customers is to be able to support those ramps. So I have very few concerns about what's going to happen in '27. It's pretty clear that the build-out continues.

因此外部有很多跡象顯示，這些投資將以非常高的速度持續，而我們與客戶的許多對話也都是為了能夠支援這些爬坡（ramp）。所以我對2027年會發生什麼幾乎沒有什麼擔憂。很明顯，建置擴張仍在持續。

Great. And one of your customers, SpaceX, publicly Terrafab has talked about improving fab manufacturing efficiencies, cutting down steps and the cycle time and all that. And I was curious if you guys are engaged on that project.

了解。你們的一位客戶SpaceX，Terrafab曾公開談到要提升晶圓廠製造效率、減少步驟、縮短週期時間等等。我想知道你們是否有參與那個專案。

So we don't talk about any specific customer engagements, but you can imagine that if anybody wants to have any kind of innovation or driving new capabilities in the semiconductor industry we're going to be along the list of the stops that they make. But we don't talk about specific engagements.

我們不會談任何特定客戶的合作細節，但你可以想像，若有人想在半導體產業做任何形式的創新或推動新能力，我們通常會是他們拜訪名單上的其中一站。但我們不談具體合作案。

Shane Brett, Morgan Stanley.

Shane Brett，摩根士丹利。

My first question is, I think there's a general understanding that process control intensity has been a bit unfavorable in 2026 as we're adding quite a bit of n plus 1 and n plus 2 nodes like 3-nanometer for logic. As you think about the DRAM and leading logic node mix in 2027, do you think the process control intensity is favorable, ie, do you see node mix tailwind for KLA to outgrow WFE in 2027?

我的第一個問題是，我想大家普遍理解，2026年在我們新增不少n+1與n+2節點（例如邏輯的3奈米）時，製程控制強度（process control intensity）有點不利。當你看2027年的DRAM與先進邏輯節點組合時，你認為製程控制強度是有利的嗎？也就是說，你是否看到節點組合帶來的順風，讓KLA在2027年能夠跑贏WFE（晶圓廠設備支出）的成長？

I said earlier, I think the construct is for again. I mean part of the first half of the year was just if we could build more, we could ship more and we talk a lot about the reasons for that. The other thing is I'm pretty encouraged by the leading at the leading edge broad-based investment, but also you have a lot of new node investment. And so that's always good to be less of that in 2026.

我先前說過，我認為這個架構是——再一次。我的意思是，今年上半年有一部分只是：如果我們能造得更多，我們就能出貨更多，我們也談了很多原因。另外一點是，我對先進製程（leading edge）廣泛的投資感到相當鼓舞，同時你也有很多新節點投資。因此這總是好事——而2026年這方面相對少一些。

Finally, I think in DRAM, you'll see greenfield fabs. And so I think that the greenfield opportunity and the retool those fabs creates a new Optimi as well. One of the things in DRAM, given whether it's HBM or even conventional DRAM. You can imagine that where the prices are and how that translates into margins that the value of yield is pretty high. And so I think the economics line up pretty well with growing intensity or opportunities for us in 2027. Finally, packaging will continue to inflect and I expect that to be pretty strong as well.

最後，我認為在DRAM方面，你會看到綠地（greenfield）晶圓廠。因此我認為綠地機會以及對這些晶圓廠的改造（retool）也會帶來新的Optimi機會。在DRAM方面，不論是HBM或甚至傳統DRAM，你可以想像在目前價格水準以及其對毛利的轉換下，良率的價值非常高。因此我認為在2027年，經濟性相當吻合我們強度提升或機會成長的方向。最後，封裝將持續出現拐點（inflect），我也預期會相當強勁。

You will also see some green investment in flash. And what flat has been our strongest market, I would think that, that would create some opportunities for us, too. So couple all that with supply availability that is better than where we are today, I feel pretty good about our ability to continue to execute against the vision we laid out at Investor Day.

你也會在快閃記憶體（flash）看到一些綠地投資。而flash一直是我們最強的市場，我認為那也會為我們創造一些機會。再加上供應可得性會比我們今天的狀況更好，我對我們持續依照投資人日所提出的願景執行的能力感到相當有信心。

Got it. And for my follow-up, so I totally understand KLA has been a consistent share gain over the last decade, but some of your larger competitors have talked a bit more about process control traction. Just has there been any change to the competitive environment in process control? No.

了解。我的追問是，我完全理解KLA在過去十年持續提升市占，但你們一些較大的競爭對手也談到製程控制方面的進展。製程控制的競爭環境是否有任何變化？沒有。

No. No change. I mean, we -- if anything, we continue to feel really good about our share position in the critical markets we've been in. We're definitely seeing positive momentum in markets where we've held last year like e-beam. We talked about the process control intensity going up in packaging. So no, we don't see anything to support the idea that we're anything but net share gainers and process control over the foreseeable future.

沒有。沒有變化。我的意思是，我們——如果有什麼的話，我們對自己在所處關鍵市場的市占地位持續感到非常良好。我們確實在一些我們去年已經站穩的市場（例如e-beam）看到正向動能。我們也談到封裝的製程控制強度正在上升。所以沒有，我們看不到任何跡象支持「我們不是在可預見的未來持續成為製程控制的淨市占提升者」這種說法。

We gain share at a time where a number of our competitors have been able to ship into fabs in China that we haven't been able to ship into. So to Rick's earlier point, where we can compete, we generally win. And so even in that case, where we -- there's been some share movement, even though overall, we've been able to grow our share. If we could have competed in those opportunities, I think it'd be even higher.

我們是在這樣的情況下提升市占：我們的一些競爭對手能夠出貨到中國的晶圓廠，而我們無法出貨到那些晶圓廠。因此呼應Rick先前的觀點，在我們能競爭的地方，我們通常會贏。所以即便在那種情況下——雖然有一些市占移動——但整體而言我們仍能提升市占。如果我們能在那些機會中參與競爭，我認為市占會更高。

When we're 6 times our nearest rival, I think oftentimes, in terms of overall share that they don't necessarily get a view of the whole landscape. So when they win some orders, they think they're gaining share.

當我們的規模是最接近競爭對手的6倍時，我認為他們往往在整體市占上不一定能看見全貌。所以當他們贏得一些訂單時，就會以為自己正在提升市占。

Great. Thank you very much, Shane, and thank you, everybody, for your interest in KLA and for participation. We look forward to seeing many of you throughout the quarter as we participate in different conferences and meetings.

很好。非常感謝你，Shane，也感謝各位對KLA的關注與參與。我們期待在本季期間，於各種會議與活動中與許多各位再見面。

With that, I'll turn the call back over to Angela, the operator, to close it out.

接下來，我把電話會議交回給接線員Angela來做結束。

Thank you. This concludes the KLA Corporation June quarter 2026 earnings call and webcast. Please disconnect your line at this time, and have a wonderful day. Goodbye.

謝謝。KLA Corporation 2026年6月季度財報電話會議與網路直播到此結束。請現在掛斷您的線路，祝您有美好的一天。再見。