科林研發 (LRCX) 2025 Q4 法說會逐字稿

Good day. Welcome to Lam Research's June quarter of 2025 earnings conference call.

再會。歡迎參加 Lam Research 2025 年 6 月季度財報電話會議。

(Operator Instructions) Please also note that this event is being recorded today.

（操作員指示）另請注意，今天正在記錄此事件。

I would now like to turn the conference over to Ram Ganesh, Vice President, Investor Relations. Please go ahead.

現在，我想將會議交給投資者關係副總裁 Ram Ganesh。請繼續。

Thank you. Good afternoon, everyone. Welcome to the Lam Research quarterly earnings conference call.

謝謝。大家下午好。歡迎參加 Lam Research 季度財報電話會議。

With me today are Tim Archer, President and Chief Executive Officer; and Doug Bettinger, Executive Vice President and Chief Financial Officer.

今天與我一起的還有總裁兼執行長 Tim Archer 和執行副總裁兼財務長 Doug Bettinger。

During today's call, we will share our overview on the business environment and we will review our financial results for the June 2025 quarter and an outlook for the September 2025 quarter.

在今天的電話會議中，我們將分享我們對商業環境的概述，並回顧 2025 年 6 月季度的財務業績以及 2025 年 9 月季度的展望。

The press release detailing our financial results was distributed a little after 1:00 PM Pacific Time. The release can also be found on the Investor Relations section of the company's website, along with the presentation slides that accompany today's call.

詳細介紹我們財務表現的新聞稿於太平洋時間下午 1:00 後發布。新聞稿也可在公司網站的投資者關係部分找到，同時還可以找到今天電話會議的簡報幻燈片。

Today's presentation and Q&A include forward-looking statements that are subject to risks and uncertainties reflected in the risk factors disclosed in our SEC public filings. Please see accompanying slides in the presentation for additional information.

今天的演示和問答包括前瞻性陳述，這些陳述受我們向美國證券交易委員會 (SEC) 提交的公開文件中披露的風險因素所反映的風險和不確定性的影響。請參閱簡報中附帶的幻燈片以獲取更多資訊。

Today's discussion of our financial results will be presented on a non-GAAP financial basis, unless otherwise specified. A detailed reconciliation between GAAP and non-GAAP results can be found in the accompanying slides in the presentation.

除非另有說明，今天對我們財務業績的討論將以非 GAAP 財務基礎呈現。簡報中附帶的幻燈片可以詳細展示 GAAP 和非 GAAP 結果之間的對帳情況。

This call is scheduled to last and 3:00 PM Pacific Time. A replay of this call will be made available later this afternoon on our website.

此次電話會議預計將於太平洋時間下午 3:00 持續進行。通話的重播將於今天下午晚些時候在我們的網站上提供。

With that, I'll hand the call over to Tim.

說完這些，我就把電話交給提姆。

Thanks, Ram. Good afternoon, everyone.

謝謝，拉姆。大家下午好。

Lam delivered another great quarter. Revenues and profitability came in at the upper end of our guided ranges. Our gross margins exceeded 50% for the first time since the merger of Lam and Novellus. EPS hit a new high for the company.

Lam 又一個季度表現出色。收入和盈利達到了我們指導範圍的上限。自 Lam 和 Novellus 合併以來，我們的毛利率首次超過 50%。公司每股收益創下新高。

We achieved record Foundry revenues, driven by strong performance in both gate-all-around and mature-node markets. Again, our Upgrades business grew to a new high, up mid-teens percent over the prior quarter as NAND customers migrate to higher layer count, higher performance devices to meet the faster read/write requirements and greater storage demands of AI applications.

由於環繞閘極和成熟節點市場的強勁表現，我們實現了創紀錄的晶圓代工收入。由於 NAND 客戶遷移到更高層數、更高性能的設備以滿足更快的讀/寫要求和 AI 應用更大的存儲需求，我們的升級業務再次增長到新高，比上一季度增長了百分之十幾。

In short, we are executing well on the served market expansion and share growth story we laid out at our Investor Day earlier this year.

簡而言之，我們在今年稍早的投資者日上提出的服務市場擴張和份額成長目標的執行情況良好。

3D scaling of device in Advanced Packaging Architectures is accelerating growth in etch and deposition intensity. Lam's new products targeting key technology inflections are winning with customers.

先進封裝架構中裝置的 3D 縮放正在加速蝕刻和沈積強度的成長。Lam 針對關鍵技術變革推出的新產品贏得了客戶的青睞。

Furthermore, in Advanced Services, Lam is at the forefront of realizing the vision of an autonomous fab. We are gaining momentum with our Equipment Intelligence-enabled Dextro cobots, which provide device makers with an unprecedented level of equipment maintenance precision and repeatability. The result is enhanced tool-to-tool matching improved machine availability, lower operational costs and, in some cases, higher yield.

此外，在先進服務領域，Lam 處於實現自主晶圓廠願景的前沿。我們憑藉支援設備智慧的 Dextro 協作機器人獲得了發展勢頭，它為設備製造商提供了前所未有的設備維護精度和可重複性。其結果是增強了工具與工具的匹配性，提高了機器可用性，降低了營運成本，並在某些情況下提高了產量。

In the June quarter, Lam expanded our Dextro capabilities to cover three additional tool types. We are accelerating the roadmap to support more products and more shipments in coming quarters.

在六月季度，Lam 擴展了我們的 Dextro 功能，以涵蓋另外三種工具類型。我們正在加快制定路線圖，以便在未來幾季支援更多產品和更多出貨量。

Turning to the overall market environment for calendar year 2025, we expect Wafer Fabrication Equipment, or WFE, spending to be in the $105 billion range, up from our prior view of approximately $100 billion, predominantly due to an uptick in domestic, China-related spending. We see non-China investments remaining broadly consistent with our prior view. Currently, we expect WFE in the second half of the calendar year to be roughly flat with the first half.

展望 2025 日曆年的整體市場環境，我們預計晶圓製造設備（WFE）支出將在 1050 億美元左右，高於我們先前預測的約 1000 億美元，這主要是由於國內與中國相關的支出增加。我們認為非中國投資與我們先前的觀點大致一致。目前，我們預計下半年的 WFE 將與上半年大致持平。

Looking forward to 2026, it is still too early to comment on the overall level of WFE spending. However, with our strong position in gate-all-around, advanced packaging, high-bandwidth memory, and NAND layer conversions, we feel confident that Lam is well positioned to outperform.

展望2026年，現在評論WFE支出的整體水準還為時過早。然而，憑藉我們在環柵、先進封裝、高頻寬記憶體和 NAND 層轉換方面的強勢地位，我們相信 Lam 完全有能力脫穎而出。

In 2025, Lam's Served Available Market, or SAM, is set to expand to around mid-30%s of WFE due to these industry drivers. We expect them to work in Lam's favor again in 2026. Longer term, we are on a solid path to grow our SAM to the high 30% range of WFE by continuing to deliver critical solutions for atomic level device scaling, new materials innovation, and advanced packaging integration.

到 2025 年，由於這些行業驅動因素，Lam 的服務可用市場 (SAM) 將擴大到 WFE 的 30% 左右。我們期望它們能在 2026 年再次為林帶來好處。從長遠來看，我們正穩步前進，透過繼續為原子級裝置縮放、新材料創新和先進封裝整合提供關鍵解決方案，將我們的 SAM 提升到 WFE 的 30% 高水準。

The key R&D investments that we've made over the last several years have enabled us to create the broadest, most competitive product portfolio in the company's history, thereby putting us in a strong position to win over 50% share of the incremental SAM over time.

我們在過去幾年中所做的關鍵研發投資使我們能夠創造出公司歷史上最廣泛、最具競爭力的產品組合，從而使我們處於有利地位，能夠隨著時間的推移贏得超過 50% 的增量 SAM 份額。

I'll share a couple of examples that underscore our early progress towards our SAM expansion and share gain goals. First is our HALO ALD moly tool, which is ramping at multiple NAND customers this year. We expect moly adoption to increase broadly as more customers convert NAND capacity to 200 layers and higher in the next few years.

我將分享幾個例子來強調我們在 SAM 擴展和份額成長目標方面取得的早期進展。首先是我們的 HALO ALD 鉬工具，今年該工具正在為多家 NAND 客戶量身定制。我們預計，隨著未來幾年越來越多的客戶將 NAND 容量轉換為 200 層及更高層，鉬的採用率將大幅增加。

Lam is leading the industry transition to ALD moly not only in NAND but also in Foundry/Logic. AI is driving greater transistor performance requirements and, in turn, accelerating the inflection to gate-all-around device architectures. However, below two nanometers, gate-all-around structures begin to encounter significant Resistance Capacitance, or RC, challenges.

Lam 不僅在 NAND 領域，而且在 Foundry/Logic 領域，正引領產業轉型為 ALD 鉬轉型。人工智慧正在推動更高的電晶體效能要求，進而加速向環繞閘極元件架構的轉變。然而，在兩奈米以下，環繞閘極結構開始面臨巨大的電阻電容（RC）挑戰。

Narrower transistor contacts in these devices cause greater electrons gathering, resulting in higher resistance of the deposited tungsten films. Replacing tungsten with molybdenum solves the resistance problem but the process of depositing this higher performance material is inherently slower and more complex. This is driving a roughly 3x increase in Lam metal deposition SAM per wafer when transitioning to advanced gate-all-around nodes.

這些設備中較窄的電晶體接觸會導致更多的電子聚集，從而導致沉積的鎢膜的電阻更高。用鉬代替鎢解決了電阻問題，但沉積這種性能更高的材料的過程本質上更慢、更複雜。在過渡到先進的環柵節點時，這將推動每片晶圓的 Lam 金屬沉積 SAM 增加約 3 倍。

Today, we are the only company with ALD moly tools already in production in Foundry/Logic. In the June quarter, we secured a key win at another leading Foundry customer for their next-generation application.

如今，我們是唯一一家已在 Foundry/Logic 中投入 ALD 鉬工俱生產的公司。在二月季度，我們贏得了另一個領先的代工客戶的下一代應用程式的關鍵訂單。

As moly adoption expands across various metal interconnect layers, the flexibility of Lam's unique multi-station architecture to execute both plasma and thermal processing in the same chamber enables optimization of process conditions and process step-sequencing to meet requirements for different applications and over multiple generations of future Logic devices.

隨著鉬的應用擴展到各種金屬互連層，Lam 獨特的多站架構可在同一腔室內靈活地執行等離子和熱處理，從而優化製程條件和製程步驟排序，以滿足不同應用和未來多代邏輯元件的要求。

Another area where we have made strong progress is Advanced Packaging. Advanced Packaging is critical for scaling system performance to address next-generation AI requirements and, so far, has enabled up to 100% improvement in memory density, 4 times improvement in bandwidth, and an approximate 40% gain in power efficiency.

我們取得重大進展的另一個領域是先進封裝。先進封裝對於擴展系統效能以滿足下一代人工智慧需求至關重要，到目前為止，它已使記憶體密度提高了 100%，頻寬提高了 4 倍，功率效率提高了約 40%。

Lam SAM is growing with greater adoption of next-generation packaging architectures for DRAM, CPUs, GPUs, and ASICs used in data centers. In 2021, leading-edge Foundry/Logic customers spent just 1% of WFE on Advanced Packaging. With AI's rapid adoption of Advanced Packaging, that number has grown more than 6 times. In the future, we expect end consumer devices like mobile application processors and laptop CPUs to also feature more complex packaging schemes as on-device AI becomes mainstream.

隨著資料中心使用的 DRAM、CPU、GPU 和 ASIC 的下一代封裝架構的廣泛採用，Lam SAM 也在不斷發展。2021 年，領先的代工廠/邏輯客戶在先進封裝上僅花費了 1% 的 WFE。隨著AI在先進封裝領域的快速應用，這數字成長了6倍以上。未來，隨著裝置上的 AI 成為主流，我們預期行動應用處理器和筆記型電腦 CPU 等終端消費設備也將採用更複雜的封裝方案。

We are a leader in the Advanced Packaging inflection and are leveraging our experience to win more opportunities. For example, Lam has amassed unmatched experience in copper plating hardware design and process technology over the last 20 years. We have, by far, the largest installed base in the industry and recently achieved a significant milestone of 6,000 installed plating cells.

我們是先進封裝領域的領導者，並正在利用我們的經驗贏得更多機會。例如，Lam 在過去 20 年中累積了鍍銅五金設計和製程技術方面無與倫比的經驗。到目前為止，我們擁有業內最大的安裝基數，並且最近實現了安裝 6,000 個電鍍單元的重要里程碑。

By incorporating our learning from the installed base into improvements in our latest SABRE 3D system, we are delivering best-in-class [co-planarity], uniformity, and defectivity in high-volume Advanced Packaging environments.

透過將我們從安裝基礎中獲得的經驗融入到我們最新的 SABRE 3D 系統的改進中，我們在大批量先進封裝環境中提供了一流的[共面性]、均勻性和缺陷率。

The experience we have gained at the leading edge is now cascading to additional wins with next tier customers seeking to adopt a proven best-in-class solution. SABRE 3D's market share in Advanced Packaging is expected to grow nearly 5 points year on year in calendar 2025.

我們在前沿領域所獲得的經驗如今正為我們帶來更多勝利，因為下一級客戶正在尋求採用經過驗證的最佳解決方案。預計到 2025 年，SABRE 3D 在先進封裝領域的市佔率將年增近 5 個百分點。

Finally, let me pivot to the strong momentum we're seeing with our newest-generation etch tools. In NAND, we continue to solidify our leadership in High Aspect Ratio dielectric etch. Equipped with our cryo process, our Vantex system recently won a key multi-generation etch decision at a major NAND customer. This further confirms our differentiation in both technology innovation and high-volume production worthiness in the NAND segment.

最後，讓我談談我們在最新一代蝕刻工具中看到的強勁勢頭。在 NAND 領域，我們繼續鞏固在高深寬比電介質蝕刻領域的領導地位。憑藉我們的低溫工藝，我們的 Vantex 系統最近贏得了一家大型 NAND 客戶的關鍵多代蝕刻決策。這進一步證實了我們在NAND領域的技術創新和大批量生產價值的差異化。

Across all device types, our state-of-the-art conductor etch tool, Akara is off to a solid start since its launch earlier this year. By combining direct power coupling with Lam's unique plasma pulsing capabilities, Akara delivers industry-leading depth uniformity and profile control that is vital for DRAM scaling. In the June quarter, Akara secured multiple new application wins at a top DRAM maker.

在所有設備類型中，我們最先進的導體蝕刻工具 Akara 自今年稍早推出以來一直表現良好。Akara 將直接功率耦合與 Lam 獨特的等離子脈衝功能相結合，實現了業界領先的深度均勻性和輪廓控制，這對於 DRAM 擴展至關重要。在二月季度，Akara 獲得了一家頂級 DRAM 製造商的多項新應用訂單。

To wrap up, I'm excited by the breadth of opportunities I see ahead for the company and encouraged by the outstanding progress our team has already made for the long-term goals we communicated at our February Investor Day.

總而言之，我對公司未來的廣闊機會感到興奮，並對我們的團隊在二月份投資者日傳達的長期目標方面已經取得的傑出進展感到鼓舞。

Etch and deposition intensity is rising with 3D scaling. Our products are winning in key technology inflections. And as a result, there is tremendous potential for Lam to continue expanding SAM and to grow share at each successive process technology node.

隨著 3D 規模的擴大，蝕刻和沈積強度也在不斷提高。我們的產品在關鍵技術轉變中獲勝。因此，Lam 擁有巨大的潛力來繼續擴大 SAM 並在每個連續的製程技術節點上增加份額。

Now, here's Doug to talk about our quarterly financial performance and the September outlook.

現在，請 Doug 來談談我們的季度財務業績和九月展望。

Excellent. Thank you, Tim. Good afternoon, everyone. Thank you for joining our call today, during what I know is a busy earnings season.

出色的。謝謝你，提姆。大家下午好。感謝您今天參加我們的電話會議，我知道這是一個繁忙的收益季節。

We executed well in the June 2025 quarter, including delivering a record gross margin percentage of 50.3% in the post-Novellus period. These past two quarters represent Lam's highest gross margin percentage since we merged the companies in 2012. Our June-quarter financial results came in above the midpoint of all of our guidance ranges, with earnings per share actually exceeding the guidance range.

我們在 2025 年 6 月季度表現良好，包括在 Novellus 收購後時期實現了創紀錄的 50.3% 的毛利率。過去兩個季度，Lam 的毛利率達到了自 2012 年合併以來的最高水準。我們的六月季度財務表現高於所有指導範圍的中點，每股收益實際上超過了指導範圍。

For our 2025 fiscal year, we had record revenue of $18.4 billion and gross margin of 48.8%. Our free cash flow generation in fiscal '25 was 29% of revenue and approximately $5.4 billion, which was also a record for the company in dollar terms. We're delivering on the profitability objectives discussed at our Investor Day earlier this year through a growing top line, favorable mix, and strong operational execution.

2025 財年，我們的營收達到創紀錄的 184 億美元，毛利率達到 48.8%。我們 25 財年的自由現金流佔營收的 29%，約 54 億美元，以美元計算，也是公司的記錄。我們透過不斷成長的營收、良好的產品組合和強大的營運執行力，實現了今年稍早在投資者日討論的獲利目標。

Let’s turn to the details of our June-quarter results. Revenue came in at $5.17 billion, which was an increase of 10% from the prior quarter. The deferred revenue balance at the end of the quarter was $2.68 billion, which was an increase of approximately $670 million from the March quarter. This was related to customer-advanced down payments from several newer customers.

讓我們來看看六月季度業績的具體細節。營收達到 51.7 億美元，較上一季成長 10%。本季末的遞延收入餘額為 26.8 億美元，較 3 月季度增加約 6.7 億美元。這與幾位新客戶預付的首付款有關。

From a market segment perspective, June-quarter systems revenue in the Foundry segment represented 52% of our systems revenue, an increase from the percentage concentration in the March quarter of 48%. In dollar terms, this level represents a second consecutive record quarter. We also set a new record from a fiscal year perspective. We benefited from continued momentum in leading-edge processes as well as investments in mature nodes by domestic Chinese customers.

從細分市場的角度來看，6 月季度代工部門的系統收入占我們系統收入的 52%，高於 3 月季度的 48%。以美元計算，這一水準代表著連續第二季創下紀錄。從財政年度的角度來看，我們也創下了新的紀錄。我們受惠於尖端製程的持續發展動能以及中國國內客戶對成熟節點的投資。

Memory was 41% of systems revenue, a slight decrease from the prior quarter level of 43%.

記憶體佔系統收入的 41%，較上一季的 43% 略有下降。

Non-volatile Memory came in at 27% of our systems revenue, which was higher than the March quarter's level of 20%. We continue to encourage you to think of NAND investments focused primarily on upgrades, which we anticipate will require an investment of roughly $40 billion over several years.

非揮發性記憶體占我們系統收入的 27%，高於 3 月季度的 20%。我們繼續鼓勵您考慮主要集中於升級的 NAND 投資，我們預計這將需要在幾年內投資約 400 億美元。

DRAM decline from the March quarter, coming in at 14% of systems revenue compared with 23% last quarter. The decline in the June quarter was related to the timing of certain customer projects. For the 2025 fiscal year, DRAM revenue reached a new record in dollar terms, with spending focused on technology upgrades to the 1-beta and 1-gamma nodes, enabling DDR5 and LPDDR5.

DRAM 的市佔率較 3 月季度有所下降，佔系統收入的 14%，而上一季為 23%。六月季度的下滑與某些客戶專案的時間表有關。2025財年，DRAM收入以美元計算創下新高，支出主要集中在1-beta和1-gamma節點的技術升級，進而實現DDR5和LPDDR5。

High-bandwidth Memory was also a key investment area.

高頻寬記憶體也是一個重點投資領域。

The Logic/other segment came in at 7% of systems revenue in the June quarter, slightly lower than the prior quarter level of 9%.

邏輯/其他部門在六月季度佔系統收入的 7%，略低於上一季的 9%。

Now, I'll go through the regional composition of our total revenue. The China region came in at 35%, an increase from the prior quarter level of 31%. We saw increasing investment from global multi-national customers in this region to the highest level since the December quarter of 2022. The majority of our China revenue, nonetheless, continued to come from domestic Chinese customers.

現在，我將介紹我們總收入的地區組成。中國地區的佔比為 35%，高於上一季的 31%。我們看到全球跨國客戶對該地區的投資不斷增加，達到 2022 年 12 月季度以來的最高水準。儘管如此，我們在中國的營收大部分仍來自中國國內客戶。

The next largest geographic concentration were Korea at 22% and Taiwan and 19% of revenue in the June quarter, both of which were a decrease from 24% concentration in the March quarter.

其次最大的地理集中度是韓國（佔 22%）和台灣（佔 6 月季度營收的 19%），這兩個地區的集中度均較 3 月季度的 24% 有所下降。

Japan revenue at 14% was a record for Lam in dollar terms.

日本收入佔 Lam 收入的 14%，以美元計算創下了歷史新高。

The Customer Support Business Group revenue in the June quarter totaled approximately $1.7 billion, consistent with the March quarter as well as the June quarter of a year ago.

客戶支援業務集團 6 月季度的營收總計約為 17 億美元，與去年 3 月季度和 6 月季度持平。

We had a third consecutive record quarter for Upgrades revenue driven by NAND technology conversions. We also saw strength in our Spares business, offset by a decline in reliant systems.

在 NAND 技術轉換的推動下，我們的升級收入連續第三個季度創下紀錄。我們的備件業務也表現出色，但依賴系統的下滑則抵消了這一成長。

Sitting here today, we do think we will see modest growth in CSBG for the calendar year.

今天坐在這裡，我們確實認為我們將看到 CSBG 在日曆年內實現適度增長。

Let's look at profitability. The June-quarter gross margin came in at 50.3%, close to the top end of our guided range and improving from the March quarter level of 49%. The increase is tied to a stronger mix and continued progress in our operational efficiencies from our close-to-customer manufacturing strategy.

讓我們來看看獲利能力。6 月季度的毛利率為 50.3%，接近我們指引範圍的最高值，且較 3 月季度的 49% 有所提高。這一成長與我們更強大的產品組合以及貼近客戶的製造策略帶來的營運效率的持續提高息息相關。

Operating expenses for the June quarter were $822 million, up from the prior quarter level of $763 million. This was a bit higher than our original estimate coming into the quarter, primarily due to increased incentive compensation tied to the company's improved profitability.

六月當季的營運費用為 8.22 億美元，高於上一季的 7.63 億美元。這比我們本季的最初估計略高，主要是由於與公司獲利能力提高相關的激勵薪酬增加。

R&D accounted for 69% of total operating expenses. The June-quarter operating margin was 34.4% and near the high end of our guidance. This operating profit represents a record level for Lam in both dollars as well as percentage terms.

研發費用佔總營業費用的69%。六月季度的營業利潤率為 34.4%，接近我們預期的高端。無論從金額或百分比來看，這筆營業利潤都創下了歷史新高。

Our non-GAAP tax rate for the quarter came in at 4.8%. As I indicated on the last earnings call, the rate in the June quarter reflects a tax reserve release tied to a statute of limitations expiration. Our estimate for the September '25 quarter is for the tax rate to be back in the low to mid-teens range.

本季我們的非公認會計準則稅率為 4.8%。正如我在上次收益電話會議上所指出的，六月季度的稅率反映了與訴訟時效到期相關的稅收儲備釋放。我們預計 2025 年 9 月當季的稅率將回到 15% 至 19% 左右的低點。

Other income and expense for the June quarter was approximately $4 million in income compared with $7 million in expense in the March quarter. The improvement in OI&E was primarily the result of increased interest income tied to a higher cash balance as well as gains on our venture investment portfolio. As we've talked about in the past, you should expect to see variability in OI&E quarter to quarter.

六月季度的其他收入和支出約為 400 萬美元，而三月季度的支出為 700 萬美元。OI&E 的改善主要是由於與更高現金餘額相關的利息收入增加以及我們的風險投資組合的收益。正如我們過去所討論過的，您應該會看到 OI&E 在每個季度之間都會發生變化。

For capital return in the June quarter, we allocated approximately $1.3 billion to share buybacks through a combination of open market share repurchases and an accelerated share repurchase program that ASR will continue to execute into the September quarter. We also paid $295 million in dividends.

對於 6 月季度的資本回報，我們透過公開市場股票回購和加速股票回購計畫相結合的方式分配了約 13 億美元用於股票回購，ASR 將在 9 月季度繼續執行該計畫。我們還支付了 2.95 億美元的股息。

The June-quarter diluted earnings per share were $1.33, exceeding the high end of our guidance range, driven by that higher revenue, stronger gross margin performance, and the lower tax rate. The diluted share count was 1.28 billion shares, which was a reduction from the March quarter, and was consistent with our guidance. We have $7.5 billion remaining on our Board-authorized share repurchase program.

六月當季每股攤薄收益為 1.33 美元，超過了我們預期範圍的高端，這得益於更高的收入、更強的毛利率表現以及更低的稅率。稀釋後股份總數為 12.8 億股，較三月季度有所減少，但與我們的預期一致。我們董事會授權的股票回購計畫還剩餘 75 億美元。

Let me pivot to the balance sheet. Cash and cash equivalents totaled $6.4 billion at the end of the June quarter, an increase from $5.5 billion at the end of the March quarter. The main reason for the cash increase was cash from operating activities, including those customer-advanced down payments, which was partially offset by cash allocated to the share buyback and dividends and capital expenditures.

讓我轉到資產負債表。截至 6 月底，現金及現金等價物總額為 64 億美元，較 3 月底的 55 億美元增加。現金增加的主要原因是來自經營活動的現金，包括客戶預付的首付款，但部分被分配給股票回購、股利和資本支出的現金所抵銷。

Day sales outstanding were 59 days in the June quarter, which was down from 62 days in the March quarter. June-quarter inventory turns improved to 2.4 times compared with 2.2 times in the prior quarter.

6 月季度的未償銷售額天數為 59 天，低於 3 月季度的 62 天。六月當季庫存週轉率從上一季的 2.2 次提高至 2.4 次。

We're making progress in managing inventory levels. We'll continue to work on this as we go forward.

我們在管理庫存水準方面正在取得進展。我們將繼續致力於此。

Our non-cash expenses for the June quarter included approximately $94 million in equity compensation, $86 million in depreciation, and $12 million in amortization. Capital expenditures were $172 million, which was down from the March quarter level of $288 million.

我們六月季度的非現金支出包括約 9,400 萬美元的股權補償、8,600 萬美元的折舊和 1,200 萬美元的攤提。資本支出為 1.72 億美元，低於三月季度的 2.88 億美元。

Spending in the June quarter was mainly centered on lab investments in the United States, in Asia; as well as manufacturing facilities in Asia, supporting our global strategy to be close to our customers' development and manufacturing locations.

六月季度的支出主要集中在美國、亞洲的實驗室投資以及亞洲的製造設施，以支持我們靠近客戶開發和製造地點的全球策略。

I would point out that offsetting this capital spending, we received more than $50 million in benefits through the advanced manufacturing investment credit, as well as other CHIPS Act-related programs.

我想指出的是，透過抵消這筆資本支出，我們透過先進製造業投資信貸以及其他與 CHIPS 法案相關的計劃獲得了超過 5000 萬美元的收益。

We ended the June quarter with approximately 19,000 regular full-time employees, which was an increase of approximately 400 people from the prior quarter. (inaudible) headcount increases primarily within R&D to support the long-term product roadmap. In addition, we had increases within the factory and field organizations for increasing manufacturing activities and a higher volume of tool installations.

截至六月季度，我們擁有約 19,000 名正式全職員工，比上一季增加了約 400 人。 （聽不清楚）員工人數的增加主要集中在研發領域，以支持長期產品路線圖。此外，我們還增加了工廠和現場組織，以增加製造活動和增加工具安裝量。

Let's look at our non-GAAP guidance for the September 2025 quarter. We're expecting revenue of $5.2 billion, plus or minus $300 million. We expect stronger China revenue, driven by Foundry spending in the September quarter. We're expecting gross margin of 50%, plus or minus 1 percentage point. This guidance includes our current assessment of the direct impact of tariffs on our business.

讓我們來看看 2025 年 9 月季度的非 GAAP 指引。我們預計營收為 52 億美元，上下浮動 3 億美元。我們預計，受 9 月季度代工支出的推動，中國地區的收入將會成長。我們預期毛利率為 50%，上下浮動 1 個百分點。該指南包括我們對關稅對我們業務的直接影響的當前評估。

Operating margins of 34%, plus or minus 1 percentage point. And finally, earnings per share of $1.20, plus or minus $0.10 based on a share count of approximately 1.27 billion shares.

營業利益率為34%，上下浮動1個百分點。最後，每股收益為 1.20 美元，基於約 12.7 億股的股票數量，上下浮動 0.10 美元。

Let me wrap up. In completing the first half of the calendar year 2025, I was pleased that we made solid progress on the objectives we shared at the beginning of the year. Sitting here today, as Tim mentioned, we now see WFE relatively balanced half-on-half. We continue to prioritize strategic investments that extend our technology leadership, operational efficiencies, and profitability, which reinforces our long-term value creation agenda.

讓我總結一下。在2025年上半年即將結束之際，我很高興我們在年初共同確定的目標上取得了堅實的進展。今天坐在這裡，正如蒂姆所提到的，我們現在看到 WFE 相對平衡。我們繼續優先考慮策略投資，以擴大我們的技術領先地位、營運效率和獲利能力，從而強化我們的長期價值創造議程。

Operator, that concludes our prepared remarks. Tim and I would now like to open up the call for questions.

接線員，我們的準備好的發言到此結束。提姆和我現在想開始提問。

(Operator Instructions)

（操作員指示）

C.J. Muse, Cantor Fitzgerald.

C.J. Muse，領唱費茲傑拉。

First question, your Tool business is likely growing 3 times the growth rate of WFE here in calendar '25 and you indicated expectations for relative outperformance to continue in calendar '26. Is there a framework for thinking about rank order of the key drivers of this outperformance that you could share?

第一個問題，在 2025 年，您的工具業務的成長率可能是 WFE 成長率的 3 倍，並且您表示預計在 2026 年將繼續保持相對優異的表現。是否有一個框架可以用來思考這種優異表現的關鍵驅動因素的排序，您可以分享一下嗎？

Sure. I think it's all the things that we've talked about in the past. Clearly, if we look at Foundry/Logic, I mentioned extensively the discussion of moly today but we're also looking at other tools around the gate-all-around structure. It's things like selective etch, ALD.

當然。我認為這些都是我們過去談論過的事情。顯然，如果我們看一下 Foundry/Logic，我今天廣泛提到了對 moly 的討論，但我們也在研究圍繞環柵結構的其他工具。它類似於選擇性蝕刻、ALD。

We still have backside power to come. That will be an area we believe of outperformance for Lam, given our strength in etch and deposition in the role that it plays there.

我們仍有後盾力量可以發揮。鑑於我們在蝕刻和沈積領域所發揮的優勢，我們相信這將是 Lam 表現優異的領域。

We continue to see ourselves gaining against WFE the more that Advanced Packaging is incorporated across every type of device, whether it's Foundry/Logic, HBM. And even in NAND, you're starting to see on every NAND makers' roadmap, things like cell-bonded to array or cell under array.

隨著先進封裝技術逐漸融入各類設備（無論是 Foundry/Logic 還是 HBM），我們不斷看到自己在與 WFE 的競爭中佔據優勢。即使在 NAND 中，你也會開始在每個 NAND 製造商的路線圖上看到諸如單元鍵合到陣列或單元在陣列下之類的東西。

And so really, as I look to the future, it basically is one in which dep and etch intensity just continues to rise faster than WFE. Lam has an incredibly strong position already and a portfolio of products that are just doing great in the marketplace.

因此，當我展望未來時，我發現，沉積和蝕刻強度的成長速度基本上會比 WFE 更快。Lam 已經擁有了非常強大的市場地位，而且其產品組合在市場上表現非常出色。

And so I think if we continue to stay focused and execute, it will be those technology drivers that will carry us forward.

因此我認為，如果我們繼續保持專注並執行，這些技術驅動力將推動我們前進。

Very helpful. And then ,a question for you, Doug. In terms of gross margins, you've got -- it sounds like some tailwind from China. Curious, does that continue into the December quarter? And is there a new normalized gross margin, ex -China, that we should be thinking about?

非常有幫助。然後，問你一個問題，道格。就毛利率而言，聽起來像是來自中國的一些順風。好奇的是，這種情況會持續到 12 月季度嗎？我們是否應該考慮中國以外的新的標準化毛利率？

Yeah. Tim, we are benefiting from a favorable mix, both customer as well as a little bit of product. We do have some level of headwinds as I look forward.

是的。提姆，我們受益於有利的組合，既包括客戶，也包括少量產品。展望未來，我們確實面臨一些阻力。

Tariffs are ticking up a little bit. I don't expect, as we get into the December quarter, we're going to continue to have quite as favorable of a level of mix. And so I'll be pretty direct about how I want everybody thinking about the December gross margin:

關稅正在小幅上漲。我不認為，當我們進入 12 月季度時，我們的組合水平會繼續保持如此良好的勢頭。因此，我會非常直接地告訴大家我希望大家如何考慮 12 月份的毛利率：

You should be thinking about where consensus is today, which is about 48%. I think that's what you're going to see in December. I'm not going to get over the SKis yet in terms of what you should be thinking about as we head into next year because I'm not exactly sure what the mix is going to be, C.J., but I'll give you a very direct guidance on December, which I just did.

您應該考慮一下今天的共識在哪裡，大約是 48%。我認為這就是你們將在十二月看到的。至於我們在進入明年時您應該考慮什麼，我暫時不會談論 SKis，因為我不確定組合會是什麼樣的，C.J.，但我會給您關於 12 月的非常直接的指導，我剛才就是這樣做的。

Timothy Arcuri, UBS.

瑞銀的提摩西·阿庫裡。

Doug, taking your comment about gross margin being down a smidge -- and I know it doesn't have a lot to do with volume; and also looking at the commentary about WFE being pretty flat half-on-half -- I know you're going to gain share on the systems side during the back half of the year, for sure, but can you give us a little bit of a sense -- like, do you think that December revenue is down as well, just like gross margin? Or do you think it's pretty flat?

道格，考慮到您對毛利率略有下降的評論——我知道這與銷量沒有太大關係；同時考慮到關於 WFE 上半年持平的評論——我知道您在下半年肯定會在系統方面獲得份額，但您能否給我們一點了解——比如，您是否認為 12 月份的收入也像毛利率一樣下降了？或者你認為它很平坦嗎？

Yeah. Tim, you should think about our revenue likely mirroring what we described WFE, right? We told you we now think WC is roughly flat, half-on-half -- flattish. If you think through that, you know what March was; you know that both June and September are roughly the same revenue level so that you should conclude the December quarter look largely, top-line wise, like March did -- roughly.

是的。提姆，你應該認為我們的收入可能與我們所描述的 WFE 相似，對嗎？我們告訴過你，我們現在認為 WC 大致是平的，一半對一半——略平。如果你仔細想想，你就會知道三月的情況；你知道六月和九月的收入水平大致相同，因此你應該得出結論，從收入角度來看，十二月季度的業績與三月份大致相同。

Got it. Okay. So it is down? Okay. Okay. And then --

知道了。好的。那麼它下降了嗎？好的。好的。進而--

It will be down. That's part of the gross margin, Tim.

它會下降。這是毛利率的一部分，提姆。

Yeah. Okay, cool. And then, can you just talk about just, there was -- there's like a lot of puts-and-takes for next year. I know there was a pretty big CapEx cut from a big Logic maker. But it sounds like you still feel, like, the bias to next year?

是的。好的，很酷。然後，您能否簡單談談，明年有很多事情要做。我知道一家大型邏輯製造商大幅削減了資本支出。但聽起來你仍然對明年抱持偏見？

You're not giving us the number. But if you had to, you would say that the bias to next year is up, is that fair?

你沒有給我們號碼。但如果必須的話，你會說對明年的偏見已經上升，這公平嗎？

Well, we're not going to give a 2026 number. But I think that what we're trying to do is frame out that regardless of what WFE is, we think that the drivers of WFE spending are significantly in Lam's favor.

嗯，我們不會給出 2026 年的數字。但我認為，我們試圖做的是，無論 WFE 是什麼，我們都認為 WFE 支出的驅動因素對 Lam 非常有利。

I think that it's just too early. There are tremendous number of projects in play, right now. It's hard to know exact timing.

我認為現在還太早。目前有大量項目正在進行中。很難知道確切的時間。

But if you look, what are the drivers for '26, '27, '28? It's what I just talked about in the last question: HBM, Advanced Packaging, gate-all-around, NAND layer scaling, moly. We didn't talk about or even mentioned dry resist, EUV patterning -- these are all areas where Lam has new products that have been in our customers' R&D facilities for the last several years. They're ready to go.

但如果你觀察一下，26、27、28 年的驅動因素是什麼？這就是我剛才在上一個問題中談到的：HBM、先進封裝、環柵、NAND 層縮放、鉬。我們沒有談論甚至沒有提到乾光阻、EUV 圖案——這些都是 Lam 推出新產品的領域，這些產品在過去幾年中一直在我們客戶的研發設施中。他們已經準備好出發了。

We don't control the customer's project timing. But we feel incredibly confident that when those projects go, Lam expands our SAM and gain share. That might be '26. It might be '27. Our strategy doesn't change, at this point, based on the customers' timing. We're in the right position.

我們不控制客戶的專案時間。但我們非常有信心，當這些項目啟動時，Lam 將擴大我們的 SAM 並獲得市場份額。那可能是 26 年。可能是 '27。目前，我們的策略不會根據客戶的時間安排而改變。我們處於正確的位置。

Harlan Sur, J.P. Morgan.

哈蘭‧蘇爾 (Harlan Sur)，J.P. 摩根大通。

Great job on the quarterly execution. Your China business was strong in the June quarter. It was up about 20% sequentially. Is the team still embedding about a $700 million negative impact from China in the second half of this year due to the restrictions that were put in place back in December. But irrespective of that, on top of all of this, you're anticipating a better overall China business this year, right?

季度執行情況非常好。你們在中國的業務在六月季度表現強勁。環比上漲約 20%。由於去年 12 月實施的限制措施，該團隊是否仍將在今年下半年承受來自中國的約 7 億美元的負面影響？但不管怎樣，最重要的是，您預計今年中國市場的整體業務會更好，對嗎？

So relative to 90 days ago, what has changed within your China customer base? Do you think that this is a potential pull-forward of equipment ahead of any potential tariffs or just more focused on bringing manufacturing capabilities domestically, just given the choppy geopolitical environment?

那麼相對於 90 天前，您的中國客戶群又發生了哪些變化？您是否認為，這是在徵收任何潛在關稅之前對設備進行的潛在提前部署，還是僅僅考慮到動蕩的地緣政治環境，更注重將製造能力轉移到國內？

Well, Harlan, you stuck like three or four questions in there. Let me try.

好吧，哈蘭，你在這裡提出了三四個問題。讓我試試。

Yeah. That $700 million number, that was revenue we had identified to specific customers. Regulations haven't changed, so that's no different.

是的。7 億美元這個數字是我們向特定客戶確定的收入。法規沒有改變，所以沒有什麼不同。

I think when we think about the fact that WFE is a little bit stronger and it's driven by a little bit more spending in China, it's just a little bit more spending from a handful of customers is how I would be thinking about it.

我認為，當我們考慮到 WFE 稍微強大一點，而且是受到中國支出增加一點的推動時，我會認為這只是少數客戶的支出增加一點。

It's nearly impossible for us to say it's a pull-in because of any specific reason. They're just spending a little bit more when we unpack it.

我們幾乎不可能說這是由於某種特定原因而產生的吸引力。當我們打開包裝時，他們只是多花了一點錢。

Okay. Perfect. And then, maybe for Tim, as we track a lot of these next-generation AI, XPU, and GPU programs, many of them are moving from 2.5D to 3D packaging. And then, on the flip side, you have Memory customers as you pointed out, gearing up for a strong migration to HBM-4 next year. Some of them are actually signaling increases in spending in the second half of this year, right, versus their expectations coming into the year.

好的。完美的。然後，也許對於 Tim 來說，當我們追蹤許多下一代 AI、XPU 和 GPU 程式時，其中許多程式正在從 2.5D 轉向 3D 封裝。另一方面，正如您所指出的，您的記憶體客戶正在為明年向 HBM-4 的大力遷移做準備。他們中的一些人實際上表示，今年下半年的支出將會增加，這與他們對今年的預期相反。

I think you guys did greater than $1 billion in Advanced Packaging and HBM last year. You came into this year, targeting greater than $3 billion in Advanced Packaging and gate-all-around. But if you just single out Advanced Packaging, is that business coming in better versus your expectations of entering this year? And is that what is also helping to drive maybe a slightly better second-half shipment and revenue profile?

我認為你們去年在先進封裝和 HBM 方面的投資超過了 10 億美元。今年，你們在先進封裝和環柵技術方面的目標銷售額將超過 30 億美元。但是，如果您只單獨考慮先進封裝，那麼該業務的表現是否比您今年的預期更好？這是否也有助於推動下半年出貨量和收入狀況略有改善？

Yeah. It's a little bit, Harlan. I think Advanced Packaging, in total, is probably a little bit stronger than we expected. It's not wildly stronger. But HBM is strong. And there's probably a little bit of upside related to that, as well as the China stuff we were talking about.

是的。有一點，哈蘭。我認為先進封裝總體上可能比我們預期的要強一些。它並沒有強大到那個程度。但 HBM 很強。這可能與此有關，以及與我們所談論的中國問題有關。

Harlan, I would just say, from a technology perspective, you hit it. The packaging schemes are getting more complex. You mentioned 2.5D to 3D. I've always said for years now, you hear 3D, you should think of Lam. And that means vertical scaling, it means more etch and deposition.

哈蘭，我只想說，從技術角度來看，你成功了。包裝方案變得越來越複雜。您提到了 2.5D 到 3D。多年來我一直說，當你聽到 3D 時，你應該想到 Lam。這意味著垂直縮放，意味著更多的蝕刻和沈積。

HBM-3E to 4E, obviously, those are things that are beneficial for us, both from an advanced packaging perspective but also from a front-end equipment perspective. The die size, cell size gets a little bit bigger, the die gets bigger because of increased number of TSVs to feed the higher I/O count.

顯然，HBM-3E 到 4E 對我們有利，無論是從先進封裝的角度還是從前端設備的角度。晶片尺寸、單元尺寸變得更大一些，由於 TSV 數量的增加以滿足更高的 I/O 數量，晶片變得更大。

By our estimate -- and I think some of our customers' commentary -- you need approximately 30% more wafers to produce an equivalent number of bits when you move from 3E to 4E.

根據我們的估計——我想也是我們一些客戶的評論——當你從 3E 轉移到 4E 時，你需要大約多 30% 的晶圓來生產相同數量的比特。

So look, as AI performance requirements continue to demand these greater capabilities, we're just seeing increased WFE in the etch and deposition spaces. Similarly, SSD speeds when you talk -- I mentioned CBA, which is another packaging-enabled capability, that's being directly put in for performance gives -- is part of the ability to create higher performance for SSDs, higher read/run speeds.

因此，隨著 AI 性能要求不斷要求這些更強大的功能，我們只會看到蝕刻和沈積空間中的 WFE 增加。同樣，當您談論 SSD 速度時 - 我提到了 CBA，這是另一種支援封裝的功能，它直接用於提高效能 - 是提高 SSD 效能、提高讀取/運行速度的能力的一部分。

So I think that everywhere, these packaging capabilities are being leveraged for performance and next-gen capabilities.

所以我認為，在任何地方，這些封裝功能都將被利用來提高效能和下一代功能。

Krish Sankar, Cowen & Company.

Krish Sankar，Cowen & Company。

I had two of them. Doug, I just wanted to clarify one thing on China sales. If I heard you right, you said the multi-nationals grew relatively more in June versus March. If true, do you think was it because of potential for restrictions on tools for MNCs in China? Or do you think something else is going on?

我有兩個。道格，我只是想澄清有關中國銷售的一件事。如果我沒聽錯的話，您說的是跨國公司 6 月的成長速度比 3 月更快。如果是真的，您認為這是因為中國可能會對跨國公司的工具進行限制嗎？或者您認為還有其他事情發生？

No. Krish, again, it's hard to isolate, hey, spending was a little stronger, what was the reason? I don't know that I would specifically identify it to that.

不。Krish，再次，這很難孤立，嘿，支出有點強勁，原因是什麼？我不知道我是否能具體地將其識別為那樣。

But yes, you picked up on the commentary exactly right. The global multi-nationals in China grew by more than 90% quarter over quarter. So there was a big increase in spending from that. That contributed to part of the uptick you saw in the China regional spending.

但是是的，你完全正確地理解了這一評論。全球跨國公司在華業務較上季成長超過90%。因此支出大幅增加。這在一定程度上促進了中國地區支出的成長。

Got it. Got it. Very helpful. And then, a follow-up for Tim. Tim, on the two-nanometer gate-all-around, especially the leading Taiwan Foundries, are all the tool decisions already made or do you think there are still some PT ORs that are still in flux?

知道了。知道了。非常有幫助。然後，對蒂姆進行跟進。提姆，關於兩奈米環柵技術，特別是領先的台灣代工廠，所有工具決策是否都已經做出，還是您認為仍有一些 PT OR 仍在不斷變化中？

Well, Krish, any one specific customer, where they are in-timing. But I would say that look, when we're not the guy in position, we're fighting right to the end until production fabs are built. But I would say that from the big drivers of SAM expansion and share gains, we've been looking forward past two nanometers for quite some time. And a number of things I talked about in terms of inflections are beyond two-nanometer.

好吧，Krish，任何一個特定的客戶，他們都是準時到達的。但我想說的是，當我們不在那個位置時，我們會戰鬥到底，直到生產工廠建成。但我想說，從 SAM 擴展和份額增長的主要驅動力來看，我們已經期待超過 2 奈米很長一段時間了。我談到的許多關於拐點的事情都超出了兩奈米的範疇。

I just highlighted moly adoption in Foundry/Logic, dry resist. There's a lot coming beyond and we're already well engaged with those more advanced applications -- probably, the best I can say without talking too much about one customer.

我剛剛強調了 Foundry/Logic 中對鉬和乾光阻的採用。我們還有很多事情要做，並且已經很好地參與那些更先進的應用程式之中——這可能是我在不談論太多客戶的情況下能說的最好的話了。

Stacy Rasgon, Bernstein Research.

拉斯貢（Stacy Rasgon），伯恩斯坦研究公司。

First, I wanted to zero in again on China. The multi-national is clearly the source of the upside in the quarter. Is it the local spend that's the upside in the September quarter in the multi-national you see sustaining? Given all of that, given the decline you're guiding for for December quarter, is that pretty much just normalizing into December? Is there something else going on there?

首先，我想再次把焦點放在中國。這家跨國公司顯然是本季業績上漲的來源。您認為跨國公司 9 月季度的本地支出成長是否會持續下去？考慮到所有這些，考慮到您預測的 12 月季度的下降趨勢，這是否基本上會在 12 月恢復正常？那裡還有什麼事發生嗎？

Stacy, I'm not going to break down the specificity of the regional composition for the guide. But China is up in the quarter. And yeah, you've got December -- you're thinking about December in the right way.

史黛西，我不會為指南分解區域構成的具體性。但本季中國經濟有所成長。是的，你已經到了十二月——你對十二月的看法是正確的。

Got it. So there's nothing else, nothing else going on unusual in December? It's mostly just the trend of normalization. The gross margin guidance seems to indicate that as well.

知道了。那麼 12 月就沒有什麼不尋常的事情發生嗎？這主要只是正常化的趨勢。毛利率指引似乎也顯示了這一點。

Yeah. Revenue is going to be a little bit softer in December, just normal profile. Mix is a little bit softer in December. We're back to a little bit of a run rate. And frankly, Stacy, you should also be thinking about tariffs, right?

是的。12 月份的收入將會稍微下降，只是正常情況。12 月份的混合物稍微軟一些。我們的運作率又恢復了一些。坦白說，史黛西，你也應該考慮關稅問題，對吧？

Tariffs are a little bit higher in the December quarter than they are in September. So there's a lot of moving pieces is why I'm rambling on here a little bit.

12 月季度的關稅比 9 月略高。因此，有很多活動的部分，這就是我在這裡稍微閒聊一下的原因。

Yeah. I hear you. For my follow-up, I just wanted to ask about Taiwan. I thought you said Foundry was at a record level but Taiwan was actually down sequentially. I'm just having a little bit of trouble squaring that. What am I missing?

是的。我聽見了。作為我的後續問題，我只想問一下有關台灣的問題。我以為您說的是代工業務達到了創紀錄的水平，但台灣實際上環比下降。我只是在解決這個問題上遇到了一點困難。我錯過了什麼？

Taiwan, last quarter, was 24% of revenue. This quarter, it was 19%. Revenue was up. So on a like-for-like basis, Taiwan was down a little bit. But understand Taiwan is not the only geographic location where there's Foundries in the world, right? There's Foundries all over the globe.

上個季度，台灣市場佔總營收的 24%。本季這一比例為19%。收入增加了。因此，以同類計算，台灣的銷量略有下降。但要知道台灣並不是世界上唯一有代工廠的地理位置，對吧？世界各地都有鑄造廠。

Where are you seeing the Foundry spending picking up then?

那麼，您認為代工支出在哪些方面會回升呢？

I'm not going to break down the geographic distribution. But there's a leading-edge Foundry investing in Japan. There's trailing-edge Foundry spending in China, as well as globally. So it's a little bit all over, Stacy.

我不會細分地理分佈。但有一家領先的晶圓代工廠正在日本投資。中國和全球的晶圓代工支出都處於落後狀態。所以一切都結束了，史黛西。

Japan, I would point out to you -- I mentioned this: record revenue in the Japan region. So I think you probably know there's a large new Foundry in Japan.

日本，我想向你指出——我提到過這一點：日本地區的收入創下了紀錄。所以我想你可能知道日本有一家大型新鑄造廠。

Yeah. That's what I'm trying to tie up.

是的。這就是我想要解決的問題。

Jim Schneider, Goldman Sachs.

高盛的吉姆·施耐德。

Relative to your outlook on 2026, I realize it's very early and you don't want to give a view there. But do you have confidence that Lam business can actually grow in 2026, even if CapEx is not up for the broader industry?

相對於您對 2026 年的展望，我知道現在還為時過早，而且您還不想就此發表看法。但是，即使整個行業的資本支出沒有增加，您是否有信心到 2026 年 Lam 的業務能夠真正成長？

We're not going to give a good number for next year. The important thing -- and I think Tim described this well -- listen, etch and depth, as a percent of total WFE, we see growing.

我們不會給出明年的準確數字。重要的是 — — 我認為蒂姆很好地描述了這一點 — — 傾聽、蝕刻和深度，作為 WFE 總量的百分比，我們看到了增長。

We feel extraordinarily good about the strength of the product portfolio, right now, such that we reiterated -- Tim reiterated today -- that of this expanding SAM, we're going to gain 50% of it -- is our view of things.

目前，我們對產品組合的實力感到非常滿意，因此我們重申——蒂姆今天重申——在這個不斷擴大的 SAM 中，我們將獲得 50% 的收益——這是我們對事物的看法。

At the end of the day, we're only halfway through '25 so we're not going to quite stick our neck out about '26 yet. It will be what it will be. But we feel great about our relative outperformance into the next several years. That was the important message that we try to deliver.

歸根結底，我們只度過了 25 年的一半時間，因此我們暫時還不打算冒險迎接 26 年。事情將會是這樣的。但我們對未來幾年的相對優異表現感到非常滿意。這是我們試圖傳達的重要訊息。

Understand. Well, I had to give the rookie try. Just a second question as a follow-up, just wondering, obviously, NAND was a pretty good step-up in the quarter. Do you see that strength sustaining through the end of the year or the next couple of quarters from where you stand today? Or is it like a pop-up and pop-down potentially?

理解。好吧，我不得不嘗試一下新手。作為後續的第二個問題，我只是想知道，顯然 NAND 在本季取得了相當不錯的成長。從目前的情況來看，您認為這種強勁勢頭會持續到今年年底或未來幾季嗎？或者它可能像彈出式和下拉式？

This is Jim. I'm also not going to get into the quarterly breakdown of NAND spending. The important thing, though -- we reiterated this and we said it back at the Investor Day --is you should think about NAND, over the next several years, needing to spend roughly $40 billion to work through technology conversions, upgrades, if you will.

這是吉姆。我也不會深入討論 NAND 支出的季度細目。然而，重要的是——我們重申了這一點，並在投資者日說過——你應該考慮 NAND，在未來幾年內，需要花費大約 400 億美元來完成技術轉換和升級，如果你願意的話。

Our view of that hasn't changed. That's the most to think about. But the spending profile over the next several years, we see continuing. I don't know.

我們對此的看法並沒有改變。這是最值得思考的。但我們認為未來幾年的支出狀況將會持續下去。我不知道。

The one thing I would add as well is while there's this focus on Upgrades, we're also significantly advancing the technologies. And so I mentioned a couple of the items. The demands of AI for both storage and speed and density is driving things like the moly adoption that I talked about, driving the CBA that I talked about -- it's also driving QLC to get density.

我還想補充一點，在註重升級的同時，我們也大力推動技術進步。我提到了其中的幾項。人工智慧對儲存、速度和密度的需求正在推動我談到的鉬的採用，推動我談到的CBA——它也推動QLC獲得密度。

QLC, I talked about a win we had for cryo etching. Cryo produces a much more vertical High Aspect Ratio dielectric memory hole. That's a critical capability that enables -- helps enable QLC. And so you're looking at multiple technology drivers. And then, if you just look at layer count itself, over the last couple of years, we've been talking about all the other drivers, whether it's backside deposition for stress management or it's our carbon gap fill for tier stacking. Eventually, back to Advanced Packaging, the question we had there, you start stacking cells on top of cells to go to very high layer counts.

QLC，我談到了我們在低溫蝕刻方面取得的勝利。Cryo 產生了更垂直的高縱橫比電介質儲存孔。這是實現 QLC 的關鍵功能。因此您正在考慮多種技術驅動因素。然後，如果你只看層數本身，在過去的幾年裡，我們一直在討論所有其他驅動因素，無論是用於壓力管理的背面沉積，還是用於層堆疊的碳間隙填充。最後，回到先進封裝，我們在那裡遇到的問題是，您開始將單元堆疊在單元之上，以實現非常高的層數。

And so from an etch-and-deposition perspective, we're going to get a lot of upgrades to the installed base. But you're also going to see a lot of new tools get pulled in in the future to help enable these technology advancements that are needed both for performance and cost scaling.

因此，從蝕刻和沈積的角度來看，我們將對已安裝的基礎進行大量升級。但未來您還會看到許多新工具的出現，以幫助實現效能和成本擴展所需的技術進步。

Atif Malik, Citi.

花旗銀行的阿蒂夫馬利克 (Atif Malik)。

Doug, you talked about modest growth in CSBG this year. I understand you don't all talk about WFE next year. But is it safe to assume that the CSBG business snaps back next year in a more meaningful way, given the restrictions and all that that has happened in China over the years, it normalizes?

道格，您談到了今年 CSBG 的適度增長。我知道你們並不都談論明年的 WFE。但是，考慮到多年來中國的限制和發生的一切，是否可以安全地假設 CSBG 業務明年會以更有意義的方式恢復正常？

You guys all led us to give you next year. And I'm just not going to do it, Atif.

你們都帶領我們給你們明年。而我不會這麼做，阿蒂夫。

Listen, the way to think about CSBG though is consistent with how you should be thinking about it over the last several years, right? Chamber count grows every year. So that creates incremental opportunity for us to grow spares, upgrades, service and so forth. We're really excited about the advanced servicing.

聽著，思考 CSBG 的方式與您過去幾年思考的方式是一致的，對嗎？商會數量逐年增加。這為我們增加備件、升級、服務等創造了增量機會。我們對先進的服務感到非常興奮。

Tim talked about Equipment Intelligence and cobot, that's cool stuff. We're super jazzed about that.

提姆談到了設備智慧和協作機器人，這很酷。我們對此感到非常興奮。

I'm not sure exactly how Reliant is going to play out next year. It is down a good amount this year. I'm hopeful that it does better next year. But I'm just not ready to give you specificity.

我不確定 Reliant 明年的表現究竟如何。今年下降幅度很大。我希望明年它會表現得更好。但我還沒準備好給你具體細節。

But the tailwinds you've always seen in CSPG continue to be there.

但您在 CSPG 中看到的順風仍然存在。

Yeah. And I want to -- basically, just to add on: the strong performance in CSBG can show up in ways that aren't just CSBG revenue. I think that's -- we talk about Advanced Services and I mentioned all the benefits that we see coming with Equipment Intelligence and our Dextro cobots, things like better machine availability, more repeatability of the maintenance cycle.

是的。我想——基本上只是補充一點：CSBG 的強勁表現不僅僅體現在 CSBG 收入上。我認為——我們談論的是高級服務，我提到了我們看到的設備智慧和 Dextro 協作機器人帶來的所有好處，例如更好的機器可用性、維護週期的可重複性更高。

These things ultimately have an impact on how the customer feels about our tool as the most production-worthy system for not only this current generation of manufacturing but all future. And so I think that we look at these two businesses -- the CSBG business and our systems business -- as very synergistic.

這些因素最終會影響客戶對我們的工具的感受，認為我們的工具不僅是當前這一代製造業最俱生產價值的系統，也是未來所有製造業最俱生產價值的系統。因此我認為我們將這兩項業務——CSBG 業務和我們的系統業務——視為具有強大的協同作用。

The better we do in Advanced Services, the better we're going to do in terms of gaining share on the systems side. And so I think we're investing in Advanced Services with that in mind, not just for its own revenue-generating purposes.

我們在高級服務方面做得越好，我們在系統方面獲得的份額就越大。因此，我認為我們在投資高級服務時就是考慮到這一點，而不僅僅是為了自己的創收目的。

Blayne Curtis, Jefferies.

布萊恩‧柯蒂斯，傑富瑞集團。

I wanted to ask on DRAM. Obviously, AI is super strong. I think there's a lot of concerns about maybe some inventory in the HBM side. Obviously, it's a smaller business for you and lumpy. But just curious what you're seeing in DRAM and any perspective for the rest of the year?

我想問一下 DRAM 的問題。顯然，人工智慧非常強大。我認為人們對 HBM 方面的一些庫存有很多擔憂。顯然，這對你和lumpy來說都是小生意。但我只是好奇您對 DRAM 的看法以及對今年剩餘時間的展望？

Yeah. I think that we look on to the second half of the year -- maybe the only comment -- and I'll let Doug add -- is we have seen some HBM-related strength. HBM is definitely the hot thing in DRAM, right now.

是的。我認為我們展望下半年——也許唯一的評論——我讓 Doug 補充一下——我們已經看到了一些與 HBM 相關的實力。目前，HBM 絕對是 DRAM 中的熱門產品。

But when we look at it, while it's been hot, we view there being a long road ahead. Some of the data we looked at is always something like 7% of total DRAM bits will actually be HBM in 2025. We don't know where that goes. But it looks like a long tailwind of build-out in HBM.

但當我們審視它時，雖然它很熱，但我們看到前面的路還很長。我們查看的一些數據總是顯示，到 2025 年，DRAM 總比特數的 7% 實際上將是 HBM。我們不知道它會去哪裡。但看起來 HBM 的建設將持續很長一段時間。

I talked about the impact of the changes from HBM-3 to HBM-4E and whatever comes beyond that; and how it's impacting number of wafers required to produce the same number of bits. And those are things that expand WFE, overall.

我討論了從 HBM-3 到 HBM-4E 的變化以及之後的變化的影響；以及它如何影響生產相同位數所需的晶圓數量。總體而言，這些都是擴大 WFE 的因素。

But within that, etch is becoming more critical as well, as you have to execute more precision to build these more advanced DRAMs. And so I think we shouldn't overlook the importance of the new Akara wins that I talked about within DRAM.

但在其中，蝕刻也變得更加關鍵，因為你必須執行更高的精度來建造這些更先進的 DRAM。因此我認為我們不應該忽視我在 DRAM 中談到的 Akara 新勝利的重要性。

As you mentioned, we have -- it hasn't been a big business for us. But we're gaining share in DRAM. And I think that as we gained share in an expanding market -- that's a great tool for. So we're really pretty positive about DRAM momentum, right now.

正如您所說，這對我們來說並不是一門大生意。但我們在 DRAM 領域的份額正在增加。我認為，隨著我們在不斷擴大的市場中份額不斷增加，這是一個很好的工具。因此，我們現在對 DRAM 的發展勢頭非常樂觀。

And then, just wanted to ask, Doug, on gross margin. For December, is there anything more than the geographic mix? I think you said product mix but then, it would seem like falling off a headwind as well. But maybe you can just clarify what you moment product?

然後，我只想問道格關於毛利率的問題。對於 12 月來說，除了地理分佈之外，還有其他內容嗎？我想您說的是產品組合，但隨後，它似乎也像是遭遇逆風。但也許您可以澄清一下您此刻的產品是什麼？

Yeah. There's customer mix. There's a little bit of product mix. And frankly, there's a little bit of tariff showing up incrementally in December. Those are the things to be thinking about Blayne.

是的。有客戶組合。有一點點產品組合。坦白說，12 月關稅會逐漸增加。這些都是關於布萊恩需要考慮的事情。

Frankly, overall revenue levels too. I think I told you December is going to be down a little bit. So I there's a lot of moving pieces in gross margin. All of that contributes some portion to it.

坦白說，整體收入水準也是如此。我想我告訴過你 12 月的銷量會稍微下降一些。因此，毛利率中有很多變動因素。所有這些都對其有所貢獻。

Got you. So we see customers, it's related to the geographic mix?

明白了。那我們看到客戶，這與地理組合有關嗎？

There's some smaller customers in China. That tends to be what I'm describing when I say customer mix. It's not specific to any one region. It's just they're smaller customers.

中國有一些較小的客戶。這往往就是我所說的客戶組合。它並不特定於任何一個地區。他們只是較小的客戶而已。

Vijay Rakesh, Mizuho.

瑞穗的 Vijay Rakesh。

Just wondering on the WFE side. I think you have ITC, the investment tax rate going to 35%. Do you see that driving a tailwind to WFE as you look at next year?

我只是對 WFE 方面感到好奇。我認為你們有 ITC，投資稅率將達到 35%。展望明年，您是否認為這會為 WFE 帶來順風？

And then, a follow-up.

然後，進行後續行動。

Vijay, not that I can specifically correlate -- might there be, there might be -- but I've not deeply sat down and thought about this or tried to correlate -- it's probably something I need to do.

維傑，並不是說我可以具體地聯繫起來——可能有，可能有——但我還沒有深入坐下來思考這個問題或試圖聯繫起來——這可能是我需要做的事情。

Got it. And then, on the China side, obviously, good to see the pickup there. As you look out, do you expect that mix to normalize, mean -revert to where you guys were might be early in the year or last year?

知道了。然後，就中國方面而言，顯然很高興看到那裡的復甦。從您的角度來看，您是否預計這種組合會恢復正常，即恢復到今年年初或去年的水平？

Vijay, it's a good question. I told you I think September is up in China. I think December is probably going to lighten up a little bit.

維傑，這是個好問題。我告訴過你我認為中國九月已經過去了。我認為十二月可能會稍微輕鬆一點。

Previously, we described the view that last year to this year, China as a percent of total mix was going to be down. I think it's probably going to be flat to maybe slightly down. It got a little bit stronger. That was part of why Tim described an uptick in WFE.

此前，我們曾表示，從去年到今年，中國在總產量中所佔的百分比將會下降。我認為它可能會持平或略微下降。它變得更強大了一點。這就是提姆描述 WFE 上漲的原因之一。

Edward Yang, Oppenheimer.

楊德昌，奧本海默。

Hi, Tim, Doug. Congrats on the strong quarter. This is the third consecutive quarter where you've not only beat numbers but the guidance has also exceeded consensus by double digits.

你好，提姆，道格。恭喜本季業績強勁。這是連續第三個季度，你們不僅業績超出預期，而且預期也超出預期兩位數。

So taking that into context, if you look at that record, is it just more conservatism in your planning? Or what has surprised you by this magnitude?

因此，考慮到這一點，如果你看一下記錄，你的計劃是否更加保守？或者是什麼讓你對這種規模感到驚訝？

Ed, if you unpack it, revenue came in a little bit better. Gross margin came in a little bit better. And frankly, that tax rate came in a little bit lower.

艾德，如果你仔細分析一下，你會發現收入會好一些。毛利率略有改善。坦白說，這個稅率稍微低一點。

I don't know that I would describe a conservative bias but that's just how the quarter unfolded. Now, you might point out that, hey, that happens at Lam more often than not.

我不知道我是否會描述保守的偏見，但這就是本季發生的事情。現在，你可能會指出，嘿，這種事情在 Lam 經常發生。

Yeah, maybe. But that tax rate was lower than we expected, for sure. It's just -- it's a little bit of all of it.

是的，也許吧。但這個稅率肯定低於我們的預期。這只是——所有這些的一小部分。

Yeah, I think that also not to say much about the conservatism piece -- but I think that, in general, we're also in an environment where a lot of the markets that we're selling to -- look at the number, I hate to say it a number of times, I had to mention AI.

是的，我認為這也不是在談論保守主義——但我認為，總的來說，我們也處於這樣一種環境中，我們銷售的很多市場——看看這個數字，我不想再說很多次了，我不得不提到人工智慧。

But the reality is you've seen AI and demand generally exceeding expectations here and it's driving demand for chips. And because so much of the more advanced requirements are for etching deposition, we're outperforming that.

但現實是，你已經看到人工智慧和需求普遍超出預期，並且它正在推動對晶片的需求。由於許多更先進的要求都與蝕刻沉積有關，因此我們的表現優於這些要求。

And so I think maybe it's just us like one thing to see it before we really commit to it. But I think we're getting a better and better view of how these technology transitions are occurring. And I think that's what's giving us confidence that we, I think, well telegraphed our Investor Day earlier this year, where we talked about a pretty aggressive 2028 and $1 trillion semiconductor industry goals for the company.

所以我認為也許這只是我們在真正致力於某件事之前先觀察一下的事情。但我認為我們對這些技術轉變如何發生有了越來越清晰的認識。我認為這給了我們信心，我認為，我們在今年早些時候的投資者日上很好地傳達了這一信息，當時我們討論了公司相當積極的 2028 年和 1 萬億美元的半導體行業目標。

Thanks for that perspective, Tim. My next question is just on mobile and your thoughts on that end market. The carriers have been reporting really strong handset sales lately. Verizon, AT&T, their upgrades were up 20%.

謝謝你的觀點，提姆。我的下一個問題是關於行動領域以及您對該終端市場的看法。最近，營運商報告手機銷售十分強勁。Verizon、AT&T 的升級幅度都達到了 20%。

This is after a long stretch of flat. So hard to know what's behind it. I think one of the carriers called it [tariff] pull-ins, the other denied it. But it feels like maybe we're starting a meaningful shift there. And if we are in the early stages of a broader handset refresh cycle, how would that affect Lam across logic, DRAM, and NAND? Can you size your exposure? And are your ASPs in that segment above or below your corporate average?

這是經過長時間的平坦行走之後。很難知道這背後是什麼。我認為其中一個承運商稱之為（關稅）拉動，而另一個承運商則否認了這一點。但感覺我們可能正在開始一個有意義的轉變。如果我們正處於更廣泛的手機更新周期的早期階段，這將如何影響 Lam 在邏輯、DRAM 和 NAND 方面的工作？您能衡量一下您的曝光程度嗎？您在該領域的平均銷售價格是高於還是低於公司平均？

Yeah. It's a great question. We're one step removed from smartphones and PC sales. But the way it shows up for us, though, at the end of the day, yeah, I do see a little bit of growth in mobile. I see a little bit of growth in PC client.

是的。這是一個很好的問題。我們距離智慧型手機和個人電腦銷售只有一步之遙。但最終，從我們得到的結果來看，是的，我確實看到了行動領域的一點成長。我看到 PC 客戶端有一點點成長。

But frankly, content is growing, right? When you look at the new phones coming out this year, there's more DRAM; there's more NAND; there's bigger base band chips as AI becomes a thing. That happens in PCs as well, right? There's not a huge unit story in PCs, although they're up, I don't know, low single digits this year. There's a content story there with terabyte. In fact, I'm starting to see two-terabyte PCs.

但坦白說，內容正在成長，對嗎？看看今年推出的新手機，你會發現，隨著人工智慧的發展，DRAM 會更多，NAND 會更多，基頻晶片會更大。這也發生在個人電腦上，對嗎？個人電腦方面沒有出現什麼大的銷售成長，儘管今年個人電腦的銷量有所成長，但我不知道，只是個位數的低成長。那裡有一個關於 TB 的內容故事。事實上，我開始看到兩兆位元組的個人電腦。

That's what shows up for us. It will show up with our large Foundry customers at the leading-edge and the DRAM customers that are selling HBM and frankly, the NAND customers that are selling SSDs. That's how it shows up in our business.

這就是我們所看到的。它將出現在我們處於領先地位的大型代工客戶和銷售 HBM 的 DRAM 客戶以及銷售 SSD 的 NAND 客戶中。這就是它在我們的業務中表現出來的。

Brian Chin,. Stifel.

布萊恩陳，。斯蒂費爾。

Let me ask a few questions. Maybe first, is the Vantex oxide -- that's what you referenced -- is that for a 400-layer application?

讓我問幾個問題。也許首先，Vantex 氧化物——這就是您所提到的——它適用於 400 層應用嗎？

I'm not going to comment on exactly which technology node it is but it's -- when I said multi-generational, you can interpret that as being everything from current generation or the next couple of generations. It's an important win because, again, customers tend to pick a new type of tool with the idea that, though, we use that tool, they'll upgrade that tool for multiple technology nodes.

我不會評論它到底是哪個技術節點，但是——當我說多代時，你可以將其解釋為當前一代或未來幾代的一切。這是一個重要的勝利，因為客戶傾向於選擇一種新型工具，儘管我們使用該工具，但他們會將該工具升級為多個技術節點。

So yeah, it's a significant win for us.

是的，這對我們來說是一次重大的勝利。

And maybe just a quick follow-up on that. Tim, do you think that the selection of it's to be implemented at more recent node -- suggest maybe like a faster ramp upward in terms of vertical scaling?

也許只是對此進行快速跟進。蒂姆，您是否認為選擇在更新的節點上實施 - 也許建議在垂直擴展方面更快地向上提升？

Well, Vantex has been in the marketplace for quite a while. I think as you know, there's been a lot of talk over the last couple of years about leadership within the dielectric High Aspect Ratio etch space, particularly in NAND.

嗯，Vantex 已經在市場上銷售一段時間了。我想，如你所知，過去幾年來，人們一直在討論電介質高縱橫比蝕刻領域（特別是在 NAND 領域）的領導地位。

And so I think that you've seen a tremendous amount of innovation from Lam. And what I would just say is that we can't -- our performance doesn't necessarily drive whether the customer scales faster or doesn't scale faster. That's driven by their own end market needs.

所以我認為你已經看到了林的大量創新。我想說的是，我們不能——我們的表現不一定決定客戶是否能更快擴展。這是由他們自己的終端市場需求所驅動的。

But what I would point out is what the key markets within NAND, right now -- one of them, of course, is QLC. And if you have a very good cryo process that produces a very vertical High Aspect Ratio of memory [hole], you're more likely to be successful creating a GLC device.

但我想指出的是，目前 NAND 的關鍵市場之一當然是 QLC。如果您擁有非常好的低溫工藝，可以產生非常垂直的高縱橫比內存 [孔]，那麼您更有可能成功創建 GLC 設備。

And so I think what Lam does with our customers -- and we're engaged so closely with them -- is we try to create the technologies that allow them to create the devices to make them successful. And when they're successful, then they move quickly.

所以我認為 Lam 為我們的客戶所做的——我們與他們密切合作——就是嘗試創造技術，讓他們能夠製造出讓他們成功的設備。當他們成功時，他們就會迅速採取行動。

And I think that that's what we're seeing not just in Vantex but in many of the other items. Like I talked about, faster read/write speed and the relatively quick adoption we're seeing now of moly in NAND.

我認為這不僅在 Vantex 上看到，在許多其他產品中也看到。正如我所說的，我們現在看到的是更快的讀/寫速度和鉬在 NAND 中的相對較快的採用。

So a very similar thing: enabling technology.

所以這是一個非常相似的事情：使能技術。

Great. So maybe like SSD, very worthy. Maybe a follow-up -- a quick follow-up question. On CSBG, just to slightly decompose it, upgrades likely up Q-on-Q -- this is overall up a little Q-on-Q.

偉大的。所以也許像 SSD 一樣，非常值得。也許是一個後續問題——一個快速的後續問題。對於 CSBG，稍微分解一下，升級可能會比上季上升——整體上季比略有上升。

Do you think that off the June quarter that Reliant has maybe largely bounded out or stabilized here? Even if you're not necessarily wanting to signal for some recovery in that part of the business?

您是否認為 Reliant 的業績在 6 月季度後可能已經基本回升或趨於穩定？即使您不一定想發出該部分業務復甦的信號？

Yeah. Brian, I'm not going to get in the habit of decomposing a forward-looking statement on CSBG. It is stronger than we previously thought about in total, right?

是的。布萊恩，我不會養成分解 CSBG 前瞻性聲明的習慣。整體來說比我們之前想像的要強，對吧？

Previously, we've been describing -- we thought it was going to be flattish. I know we said it -- we think it would be modestly up. So that's good.

之前，我們一直在描述——我們認為它會比較平穩。我知道我們說過——我們認為它會適度上升。這很好。

Upgrades are extremely strong. Servicing spares are doing well. And Reliant is down, right now. That's how to think about it.

升級非常強勁。維修備件狀況良好。現在 Reliant 已經倒閉了。就是這樣思考的。

Tom O'Malley, Barclays.

巴克萊銀行的湯姆·奧馬利。

Doug, you mentioned the tariff environment is very different in the December quarter versus the September quarter. I was curious if you could unpack that a little. Are you referring specifically to 232, any of the country-specific tariffs? What are you seeing as the most impactful quarter over quarter, September, December?

道格，您提到 12 月季度與 9 月季度的關稅環境非常不同。我很好奇你是否可以稍微解釋一下這一點。您具體指的是 232 還是任何針對特定國家的關稅？您認為哪個季度與上一季、9 月和 12 月相比影響最大？

I didn't really say it was -- I forget what word to use. There are more tariff headwinds in December than are in September. That's all we communicated. That's all I was trying to communicate.

我並沒有真正說過它是——我忘了用什麼字了。12月份的關稅阻力比9月更大。這就是我們交流的全部內容。這就是我想要傳達的全部訊息。

Got you. And then, on the customers in China -- I think Stacy went through it with you guys but more specifically, like, going into September, you obviously felt like there would be a fall off. And in a very short window, those customers came back.

明白了。然後，關於中國的客戶——我想 Stacy 和你們一起經歷過這一切，但更具體地說，進入 9 月份，你顯然感覺到會出現下滑。很快，這些顧客就回來了。

Is December really a view of conservatism as you expect this as a one-time comeback from the China customers. In Q4, is this more of a conservative outlook? Or do you think that you could see customers stepping back in? Because obviously, the lead time here seems like it's relatively short to service these guys.

您預計 12 月將是中國客戶的一次性回歸，這真的是保守的觀點嗎？在第四季度，這是否是一種更保守的觀點？或者您認為您會看到顧客再次光顧嗎？因為顯然，為這些人提供服務的準備時間似乎相對較短。

When we describe the business, we don't try to be conservative or aggressive, we call it like we see it. And that's exactly what we're doing, right now.

當我們描述業務時，我們不會試圖採取保守或激進的態度，而是實事求是地描述我們所看到的業務。這正是我們現在正在做的事情。

Charles Shi, Needham.

查爾斯·施，尼德漢姆。

Wanted to double click on some of your China guidance numbers there. Maybe this is for Doug. I think based on your guidance for the next two quarters, it looks like you were China -- I know we have to back out some of the multi-national numbers from your China revenue. It looks that domestic China revenue looks like it's tracking flattish year over year.

想要雙擊那裡的一些中國指導數字。也許這是給道格的。我認為根據您對未來兩個季度的指導，看起來您是中國——我知道我們必須從您的中國收入中剔除一些跨國公司的數字。看起來中國國內的營收與去年同期持平。

Is that right? And I think the prevailing view for China WFE, this is still a down year. So is it really about outperformance (inaudible)? Or is that because you did add $5 billion to WFE number forecast for this year, maybe your view on China WFE is shifting towards -- maybe this is not really a down year for China WFE?

是嗎？我認為對於中國WFE來說，普遍的看法是今年仍然是低迷的一年。那麼這真的是關乎超額收益嗎？（聽不清楚）？或者是因為您確實將今年的 WFE 數位預測增加了 50 億美元，也許您對中國 WFE 的看法正在轉變——也許這對中國 WFE 來說並不是真正的低迷之年？

Yeah. Boy, you put a lot in there, Charles. Listen, I'm not going to get into multi-nationals year over year, blah, blah, blah. It was up decently in the current quarter.

是的。小伙子，查爾斯，你付出了很多。聽著，我不會年復一年地進入跨國公司，等等等等。本季度，這一數字大幅上升。

We upsided China WFE in total a little bit and then, described the view that it's flat to maybe slightly down in the composition of what we're seeing. That's the color that we provided.

我們對中國 WFE 的整體預測略有上調，然後描述其在我們所看到的組成中持平或略有下降的觀點。這就是我們提供的顏色。

Operator, we'll do one more question.

接線員，我們再回答一個問題。

Timm Schulze-Melander, [Redburn].

提姆舒茲-梅蘭德，[雷德伯恩]。

I think maybe these are questions for Tim. So the first one was on moly. Impressive that you already have positions in production. Just wanted to ask for some color. Maybe, how should we think about your share? Or how do you think about your share in moly? What is that going to look like on, maybe, a one- to three-year view?

我想也許這些都是針對提姆的問題。第一個是關於鉬的。令人印象深刻的是，您已經在生產領域擁有職位。只是想問一些顏色。也許，我們該如何看待你的份額？或者您如何看待自己在鉬業的份額？從一到三年的角度來看，這會是什麼樣子？

And then, the second one was on Advanced Packaging. It was really just to ask about how do you think about the size and the profitability of that opportunity for Lam when you compare hybrid bonding with other 3D packaging technologies.

然後，第二個是關於先進封裝。我只是想問一下，當您將混合鍵合與其他 3D 封裝技術進行比較時，您如何看待 Lam 這一機會的規模和盈利能力。

Okay. Great. Well, I'll take the moly one first. We haven't put out a share projection for moly. But if you look at where we are right now and where we've been -- we've been the leader in ALD metallization, like in the tungsten space for many, many, many years.

好的。偉大的。好吧，我先拿鉬的。我們尚未發布鉬的份額預測。但如果你看看我們現在的狀況和我們曾經的狀況——我們已經成為 ALD 金屬化領域的領導者，就像在鎢領域一樣，很多很多年了。

In many cases, it's tungsten that is transitioning to moly so we would expect to lead in that as well. We're the only company with ALD moly in production and Foundry/Logic. I mentioned a number of places where we're already running in NAND. Those are the two markets that are adopting moly at this point.

在許多情況下，鎢正在向鉬轉變，因此我們預期鉬也將在其中發揮主導作用。我們是唯一一家在生產和鑄造/邏輯領域採用 ALD 鉬的公司。我提到了一些我們已經在 NAND 中運行的地方。目前這兩個市場正在採用鉬。

So I think that from a share perspective, at this point, we're doing quite well and we would expect to continue to do so as we gain more experience. There's a first-mover benefit in any of these markets. You get experience, you build that in, next applications and tools are better. And you just keep building on that. So it's been our recipe for many, many years.

因此我認為，從共享的角度來看，目前我們做得相當不錯，並且隨著我們獲得更多經驗，我們希望繼續這樣做。任何市場都具有先發優勢。您獲得了經驗，您將其融入其中，下一個應用程式和工具會更好。你只需繼續在此基礎上繼續努力。所以這是我們多年來的秘訣。

On Advanced Packaging, what I would say is the only thing we've sized up in the past -- we said $1 billion last year. We said bigger this year. We didn't put out a specific Advanced Packaging number, other than to lump it with gate-all-around at $3 billion -- more than $3 billion total. But we're doing well.

關於先進封裝，我想說的是我們過去唯一做過規模擴張的事——去年我們說是 10 億美元。今年我們說得更大。我們沒有公佈具體的先進封裝數字，只是將其與環繞柵極封裝合併，總額為 30 億美元——超過 30 億美元。但我們做得很好。

You think about our position, we have a very strong position in key applications like copper plating on many of the dielectric deposition processes -- and so almost regardless of the Advanced Packaging scheme, the more complex it is the bigger our SAM gets (inaudible).

想想我們的地位，我們在許多電介質沉積製程的鍍銅等關鍵應用方面佔據非常強勢的地位——因此幾乎無論先進封裝方案如何，它越複雜，我們的 SAM 就越大（聽不清楚）。

I think you asked about gross margin. We aim for it to be similar gross margins to all of our technology-enabling applications.

我想您問的是毛利率。我們的目標是使所有技術支援應用的毛利率都相似。

Great. That's very helpful.

偉大的。這非常有幫助。

Thanks for the question. Operator, that concludes our Q&A.

謝謝你的提問。接線員，我們的問答到此結束。

Thank you, everyone, for joining the call today. We'll see you later in the quarter, I'm sure.

感謝大家今天參加電話會議。我相信我們會在本季度晚些時候見到您。

The conference has now concluded. Thank you for attending today's presentation. You may now disconnect your lines.

會議現已結束。感謝您參加今天的演講。現在您可以斷開線路了。