科林研發 (LRCX) 2026 Q1 法說會逐字稿

Good day, and welcome to the Lam Research Corporation September quarter 2025 earnings conference call. (Operator Instructions) Please note, this event is being recorded.

大家好，歡迎參加 Lam Research Corporation 2025 年 9 月季度收益電話會議。（操作員指示）請注意，此事件正在被記錄。

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

現在我想將會議交給投資者關係部門的 Ram Ganesh。請繼續。

Thank you, and good afternoon, everyone. Welcome to the Lam Research quarterly earnings conference call. With me today are Tim Archer, President and CEO; and Doug Bettinger, Executive Vice President and Chief Financial Officer.

謝謝大家，下午好。歡迎參加 Lam Research 季度財報電話會議。今天與我一起出席的是總裁兼執行長 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'll review our financial results for the September 2025 quarter and our outlook for the December 2025 quarter. 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.

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 9 月季度的財務業績以及對 2025 年 12 月季度的展望。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。新聞稿以及今天電話會議的簡報幻燈片也可在公司網站的投資者關係部分找到。

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，今天對我們財務結果的討論將以非 GAAP 財務基礎呈現。簡報中附帶的幻燈片中可以找到 GAAP 和非 GAAP 結果之間的詳細對帳。

This call is scheduled to last until 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持續至太平洋時間下午 3:00。通話的重播將於今天下午晚些時候在我們的網站上提供。

And 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, and good afternoon to everyone on the call.

謝謝，拉姆，祝電話中的各位下午好。

Lam delivered a solid September quarter, highlighted by record revenues of $5.3 billion, gross margin of 50.6%, and record operating margin of 35%. We also achieved record combined spares and services revenue, and growth in total CSBG revenue outpaced the increase in installed base units.

Lam 9 月當季業績表現穩健，營收達到創紀錄的 53 億美元，毛利率達到創紀錄的 50.6%，營業利潤率達到創紀錄的 35%。我們也實現了創紀錄的綜合備件和服務收入，並且 CSBG 總收入的成長超過了安裝基數單位的成長。

Inclusive of our guidance for the December quarter, we expect to close calendar 2025 with three consecutive quarters of greater than $5 billion in revenue. Our performance reflects strong company-wide execution and the critical role that our products and services portfolio plays in enabling the industry's technology roadmap and in addressing the rapid increase in semiconductor manufacturing complexity.

算上 12 月季度的預期，我們預計 2025 年將連續三個季度實現超過 50 億美元的營收。我們的業績反映了全公司強大的執行力，以及我們的產品和服務組合在實現行業技術路線圖和應對半導體製造複雜性快速增長方面發揮的關鍵作用。

Our December quarter guidance does contemplate roughly a $200 million revenue impact from the recently announced 50% affiliate rule restricting shipments to certain domestic China customers. Currently, we expect this rule to impact our calendar year 2026 revenues by approximately $600 million. This impact, together with the strong growth anticipated in worldwide fabrication equipment, or WFE spending, leads us to expect the China region to represent less than 30% of our overall revenues in calendar year 2026.

我們 12 月季度的指導確實考慮到了最近宣布的 50% 附屬規則（限制向某些中國國內客戶發貨）對收入造成約 2 億美元的衝擊。目前，我們預計該規則將對我們 2026 日曆年的收入產生約 6 億美元的影響。這種影響，加上全球製造設備或 WFE 支出預期的強勁成長，使我們預期中國地區在 2026 日曆年的總收入將佔不到 30%。

Turning to WFE. Spending in calendar year 2025 is shaping up to be slightly better than our prior view of $105 billion, predominantly due to better-than-expected high-bandwidth memory, or HBM-related investments. As we look ahead, we see a robust setup for equipment spending in calendar year 2026.

轉向 WFE。2025 年的支出將略好於我們先前預測的 1,050 億美元，這主要歸因於高頻寬記憶體或 HBM 相關投資優於預期。展望未來，我們預期 2026 年的設備支出將十分強勁。

AI-related demand should support sustained strength in leading-edge foundry logic and DRAM as well as continued NAND upgrade spending. The strong leading-edge growth we see across all three device segments is forecasted to be partially offset by a decline in domestic China related investments.

與人工智慧相關的需求應該會支援尖端代工邏輯和 DRAM 的持續強勁以及 NAND 升級支出。我們看到，所有三個設備領域的強勁前沿成長預計將被中國國內相關投資的下降部分抵消。

We plan to provide our detailed 2026 WFE spending outlook and subsegment color on our January call per our usual practice. AI and its impact on the semiconductor industry continues to be a major topic of interest. And the data center CapEx investments already announced are expected to drive significant expansion of manufacturing capacity over a multiyear period.

我們計劃按照慣例在 1 月的電話會議上提供詳細的 2026 年 WFE 支出前景和細分顏色。人工智慧及其對半導體產業的影響仍然是人們關注的主要議題。已經宣布的數據中心資本支出預計將在未來幾年內推動製造能力的大幅擴張。

In recent months, we have seen an acceleration of activity. AI data centers require the most advanced CPU and accelerator capabilities; low latency, high-bandwidth memory and high-speed eSSD storage, all integrated through 2.5D and 3D advanced packaging. We estimate these needs translate to roughly $8 billion of WFE spending for every $100 billion in incremental data center investment.

近幾個月來，我們看到活動有所加速。AI資料中心需要最先進的CPU和加速器功能；低延遲、高頻寬記憶體和高速eSSD存儲，所有這些都透過2.5D和3D先進封裝整合在一起。我們估計，這些需求相當於每增加 1,000 億美元的資料中心投資，就需要約 80 億美元的 WFE 支出。

Most importantly, deposition and etch, the area of Lam's core product differentiation, play an increasingly critical role enabling the higher performance, more scalable semiconductor devices required for AI. We see the surge in AI data center demand creating billions of dollars of served available market expansion and share gain opportunity for Lam in the coming years.

最重要的是，沉積和蝕刻（Lam 的核心產品差異化領域）在實現人工智慧所需的更高性能、更具可擴展性的半導體裝置方面發揮著越來越重要的作用。我們看到人工智慧資料中心需求的激增將為 Lam 在未來幾年創造數十億美元的可用市場擴張和份額成長機會。

I will share a few areas of strength we are seeing. In NAND, customers are continuing to upgrade existing fabs to meet the need for higher layer count, higher performance devices. We have estimated that these conversions will require $40 billion of WFE spending over the next several years. And as we have previously said, Lam should capture a high percentage of this conversion spend due to our large installed base position.

我將分享我們看到的幾個優勢領域。在 NAND 領域，客戶正在不斷升級現有晶圓廠，以滿足更高層數、更高性能設備的需求。我們估計，這些轉換將需要在未來幾年內花費 400 億美元的 WFE。正如我們之前所說，由於我們擁有龐大的安裝基礎，Lam 應該會佔據這一轉換支出的很大一部分。

Our upgrades business is projected to remain strong into 2026, as NAND bit demand looks to be trending higher than prior expectations. Device makers have already announced enterprise-grade SSDs with 256 terabytes of storage capacity to satisfy growing data center demand for high-capacity storage.

由於 NAND 位需求看起來趨勢高於先前的預期，我們的升級業務預計將在 2026 年保持強勁。設備製造商已經宣布推出具有 256 TB 儲存容量的企業級 SSD，以滿足資料中心對大容量儲存日益增長的需求。

Availability of clean room space will likely act as a limiter to the pace of NAND supply growth, but we believe the capacity additions to meet rising bit demand may be needed sooner than previously thought. Lam is in a great position for both upgrade activity in the near term and new capacity builds in the future.

潔淨室空間的可用性可能會限制 NAND 供應成長的速度，但我們認為，滿足不斷增長的位元需求所需的產能增加可能比之前預想的要快。Lam 在近期的升級活動和未來的新產能建設方面都處於有利地位。

We have the industry's largest installed base of NAND systems and our comprehensive NAND product portfolio features several industry-first advances. Notably, Lam recently earned the 2025 SEMI award for our pioneering Lam Cryo 3.0 dielectric etch technology, a process that has quickly become the industry standard for advanced NAND devices.

我們擁有業界最大的 NAND 系統安裝基礎，並且我們全面的 NAND 產品組合具有多項業界首創的進步。值得注意的是，Lam 最近憑藉其開創性的 Lam Cryo 3.0 電介質蝕刻技術獲得了 2025 年 SEMI 獎，該工藝已迅速成為先進 NAND 設備的行業標準。

We are also seeing solid demand for our atomic layer deposition, or ALD, products, including a recent key win at a major NAND manufacturer for a critical high aspect ratio dielectric deposition application. Lam's differentiated conformal fill capability using a higher temperature process was fundamental in securing this win.

我們也看到市場對我們的原子層沉積（ALD）產品的強勁需求，包括最近在關鍵的高深寬比電介質沉積應用方面贏得一家大型 NAND 製造商的關鍵訂單。Lam 採用更高溫度製程的差異化保形填充能力是確保這次勝利的關鍵。

On the metal side, Lam's Halo Moly ALD tool has been selected as the tool of record for three consecutive nodes at a leading customer, including for devices with more than 500 layers. This further reinforces our leadership in the 3D NAND word line application, a step that is fundamental to building the higher performance devices required for eSSDs.

在金屬方面，Lam 的 Halo Moly ALD 工具已被一家領先客戶選為連續三個節點的記錄工具，包括用於超過 500 層的設備。這進一步鞏固了我們在 3D NAND 字線應用方面的領導地位，這一步驟對於建立 eSSD 所需的更高效能設備至關重要。

The performance demands of AI devices are also spurring investment in foundry logic and DRAM manufacturing inflections. Over the last several years, we have focused on expanding our product portfolio to target these opportunities and believe we will benefit as the technology transitions unfold. For example, Lam's Aether dry resist EUV patterning solution has demonstrated the ability to resolve features of less than 15 nanometers at the highest density and pattern fidelity.

人工智慧設備的效能需求也刺激了對代工邏輯和 DRAM 製造轉型的投資。在過去的幾年裡，我們致力於擴大我們的產品組合以抓住這些機會，並相信隨著技術轉型的展開，我們將受益。例如，Lam 的 Aether 乾光阻 EUV 圖案化解決方案已證明能夠以最高的密度和圖案保真度分辨小於 15 奈米的特徵。

Aether also enables a more than 10% reduction in EUV exposure dose boosting scanner productivity and reducing the cost of patterning per wafer. Lam's Aether technology is already ramping in the HBM high-volume production line of a major memory manufacturer, and we see more opportunities ahead as we look further out on the roadmap.

Aether 還可以將 EUV 曝光劑量減少 10% 以上，從而提高掃描儀的生產率並降低每個晶圓的圖案化成本。Lam 的 Aether 技術已經在一家大型記憶體製造商的 HBM 大批量生產線上得到廣泛應用，隨著我們進一步展望發展路線圖，我們看到了更多的機會。

For instance, we believe high NA EUV in combination with Aether for single patterning of sub-10-nanometer features will be critical to addressing the complexity and cost challenges associated with the transition from gate-all-around transistors to CFET in foundry/logic, as well as the anticipated migration from 6F squared to 4F squared in DRAM.

例如，我們相信高 NA EUV 與 Aether 相結合，對 10 奈米以下特徵進行單一圖案化，對於解決代工/邏輯中從環繞柵極電晶體到 CFET 的過渡所帶來的複雜性和成本挑戰，以及 DRAM 中從 6F 平方到 4F 平方的預期遷移至關重要。

In September, we announced a key partnership with JSR Corporation, an innovative semiconductor materials company to collaborate on the integration of our Aether technology with novel EUV patterning materials and metal oxide resists. In addition, Lam and JSR are partnering to explore new precursor materials for advanced ALD applications, which we believe can further enhance our capabilities and differentiation for future technology inflections.

9 月，我們宣布與創新半導體材料公司 JSR Corporation 建立重要合作夥伴關係，共同將我們的 Aether 技術與新型 EUV 圖案材料和金屬氧化物光刻膠相結合。此外，Lam 和 JSR 正在合作探索用於先進 ALD 應用的新型前驅材料，我們相信這可以進一步增強我們的能力和差異化，以應對未來的技術變革。

In the case of low K ALD films, Lam's high-productivity single-wafer solutions are enabling our customers to move past traditional furnace-based approaches. As logic transistor sizes scale down to achieve greater compute power, higher capacitive coupling in the gate module to grades overall performance.

對於低 K ALD 薄膜，Lam 的高生產率單晶圓解決方案使我們的客戶能夠擺脫傳統的基於熔爐的方法。隨著邏輯電晶體尺寸縮小以實現更強的運算能力，閘模組中更高的電容耦合可提高整體效能。

Similarly, as DRAM devices shrink, there is a detrimental increase in capacitance between the bit line and capacitor contact. To resolve these issues, deposited low-k films must be very thin, 5 nanometers or less, and conformal in high aspect ratio structures. Furnace-based films at these thicknesses are often fragile and unable to withstand the harsh chemistries used in subsequent process steps.

類似地，隨著 DRAM 裝置尺寸的縮小，位元線和電容器接點之間的電容也會有害地增加。為了解決這些問題，沉積的低 k 薄膜必須非常薄，5 奈米或更薄，並且在高縱橫比結構中保持共形。這種厚度的爐基薄膜通常很脆弱，無法承受後續製程步驟中使用的嚴酷化學條件。

Lam's low-K ALD solution employs a unique single wafer remote plasma reactor and a novel precursor to deposit thin defect-free films with the desired silicon carbon bonding structure. As a result, Lam's ALD films have demonstrated superior durability on the remainder of the chip making process, and we recently secured critical wins at foundry logic and DRAM customers for low-k applications using this process.

Lam 的低 K ALD 解決方案採用獨特的單晶圓遠程等離子體反應器和新型前驅物來沉積具有所需矽碳鍵結結構的無缺陷薄膜。因此，Lam 的 ALD 薄膜在晶片製造製程的剩餘部分展現出了卓越的耐用性，並且我們最近在使用該製程的低 k 應用的代工廠邏輯和 DRAM 客戶中贏得了關鍵勝利。

Beyond traditional device inflections, Lam is also benefiting from healthy growth in advanced packaging. Our SABRE 3D plating and Syndion etch systems are industry leaders and should continue to see strong demand in 2026 as AI-related spending grows.

除了傳統裝置業務之外，Lam 還受益於先進封裝業務的健康成長。我們的 SABRE 3D 電鍍和 Syndion 蝕刻系統是業界領導者，隨著人工智慧相關支出的成長，2026 年的需求應該會繼續強勁。

Looking further ahead, we are investing in new advanced packaging opportunities. Today's packaging production lines primarily use 300-millimeter diameter wafers. But as AI and high-performance computing demand larger chips to integrate more accelerators, memory and interconnects panel-level packaging is emerging as a scalable solution.

展望未來，我們正在投資新的先進封裝機會。現今的封裝生產線主要使用直徑300毫米的晶圓。但隨著人工智慧和高效能運算需要更大的晶片來整合更多的加速器、記憶體和互連，面板級封裝正在成為一種可擴展的解決方案。

By processing multiple units on larger format panels, it significantly improves manufacturing efficiency and supports the integration of increasingly complex and larger semiconductor devices. Lam's SABRE 3D, Kallisto, and Phoenix tools are being engineered to meet future panel packaging needs.

透過在更大尺寸的面板上處理多個單元，它顯著提高了製造效率，並支援日益複雜和更大的半導體裝置的整合。Lam 的 SABRE 3D、Kallisto 和 Phoenix 工具正在設計中，以滿足未來的面板封裝需求。

We are collaborating across the ecosystem to drive industry-wide standardization and co-development, both of which are essential for scaling high-volume manufacturing and next-generation integration solutions. We expect to end this year with tools shipped to or installed at 20 customers worldwide. Our growing installed base of panel packaging tools is rapidly building experience and maturity that should prove valuable as this technology becomes mainstream in the future.

我們正在整個生態系統中進行合作，推動全產業的標準化和共同開發，這兩者對於擴大大批量製造和下一代整合解決方案至關重要。我們預計今年底將向全球 20 個客戶運送或安裝工具。我們不斷增長的面板封裝工具安裝基礎正在迅速累積經驗和成熟度，隨著這項技術在未來成為主流，這些經驗和成熟度將被證明是有價值的。

So to wrap up, Lam is poised to close out a record calendar year 2025, and our setup is strong heading into 2026 where we expect solid WFE growth. The technology requirements of AI play extremely well to Lam's product strengths, and we are excited by the breadth of opportunities we see ahead for the company.

總而言之，Lam 準備在 2025 年結束創紀錄的一年，我們為 2026 年做好了強勁的準備，我們預計 WFE 將實現穩健的成長。人工智慧的技術要求與 Lam 的產品優勢完美契合，我們對公司未來的廣闊機會感到興奮。

Now, here's Doug.

現在，這是道格。

Thank you, Tim. Good afternoon, everyone, and thank you for joining our call today during what I know is a busy earnings season. We executed well in the September '25 quarter, delivering gross margin performance of 50.6%, which is a record in the post Novellus period.

謝謝你，提姆。大家下午好，感謝大家在繁忙的財報季參加我們的電話會議。我們在 2025 年 9 月這個季度表現良好，毛利率達到 50.6%，創下了 Novellus 時期以來的最高紀錄。

Financial results for the quarter came in above the midpoint of all of our guidance ranges. We also delivered many financial records throughout the P&L. The company truly performed well in the quarter.

本季的財務表現高於我們所有指引範圍的中點。我們也在整個損益表中提供了許多財務記錄。該公司本季的表現確實很好。

Let's turn to the details of our September quarter results. Revenue for the September quarter came in at an all-time record of $5.3 billion, which is up 3% from the June quarter. Deferred revenue balance at quarter end was $2.77 billion, up slightly from the June quarter due to increases in services and system-related transactions where revenue recognition was not yet complete.

讓我們來看看九月季度業績的具體細節。9 月當季營收達到史上最高 53 億美元，較 6 月當季成長 3%。本季末遞延收入餘額為 27.7 億美元，較六月季度略有上升，原因是尚未完成收入確認的服務和系統相關交易增加。

This was partially offset by approximately $100 million of reduction in customer advanced down payments. We do expect to see these down payments continue to decline in the December quarter.

這被客戶預付首付款減少約 1 億美元所部分抵消。我們確實預計這些首付款將在 12 月季度繼續下降。

From a market segment perspective, foundry accounted for 60% of our systems revenue in the September quarter, up from 52% in the June quarter. This marks our third consecutive record quarter underscoring the strength of our strategic focus and execution in foundry. Foundry strength came from investments at the leading edge in addition to mature node spending in China.

從細分市場的角度來看，代工業務占我們 9 月季度系統收入的 60%，高於 6 月季度的 52%。這是我們連續第三個季度創下紀錄，凸顯了我們在代工領域的策略重點和執行力。晶圓代工的實力來自於前沿領域的投資以及中國在成熟節點上的支出。

Memory was 34% of systems revenue, which was down from 41% in the prior quarter due to the timing of customer investment plans. Within Memory, nonvolatile memory contributed 18% of our systems revenue, which was down from 27% in the June quarter. The trajectory of the NAND spending this year is broadly consistent with our expectations coming into the year.

記憶體佔系統收入的 34%，由於客戶投資計畫的時間安排，低於上一季的 41%。在記憶體領域，非揮發性記憶體貢獻了我們系統收入的 18%，低於 6 月季度的 27%。今年 NAND 支出的走勢與我們今年的預期大致一致。

And as the industry transitions to devices of up 200 layers, we continue to estimate over $40 billion in upgrade spending will be required over the next several years. DRAM increased from the June quarter accounted for 16% of systems revenue compared to 14%. Investments in high-bandwidth memory continue to remain strong, driven by AI-related customer demand.

隨著產業向高達 200 層的設備過渡，我們繼續估計未來幾年將需要超過 400 億美元的升級支出。DRAM 佔系統收入的比例較 6 月季度增加，從 14% 上升至 16%。在人工智慧相關客戶需求的推動下，高頻寬記憶體的投資持續保持強勁。

We're also seeing traditional node migrations to the 1B and 1C nodes, enabling the transition to DDR5. The Logic and Other segment came in at 6% of systems revenue in the September quarter, roughly in line with the 7% we reported in the June quarter.

我們也看到傳統節點遷移到 1B 和 1C 節點，從而實現向 DDR5 的過渡。邏輯和其他部門在 9 月季度佔系統收入的 6%，與我們在 6 月季度報告的 7% 大致持平。

Let's turn to the regional breakdown of our total revenue. China came in at 43%, an increase from the prior quarter level of 35%. While the multinationals in China remain steady, the domestic Chinese customers grew and the majority of our China revenue continued to come from them. The next largest geographic concentrations were Taiwan at 19%, which was flat sequentially and Korea at 15%, down sequentially from 22%, again due to the timing of customer investment plans.

讓我們來看看我們總收入的地區分佈。中國佔比為 43%，高於上一季的 35%。雖然在中國的跨國公司保持穩定，但中國國內客戶正在成長，我們的中國大部分收入仍來自他們。其次最大的地理集中地區是台灣，佔 19%，與上一季持平；韓國佔 15%，比上一季的 22% 有所下降，這也是由於客戶投資計畫的時間安排所致。

The customer support business group generated approximately $1.8 billion in revenue for the September quarter, slightly higher sequentially and year over year. This is being driven by continued strength in spares and upgrades. CSBG remains a key part of our growth strategy given the expanding installed base and our innovation in advanced services. We expect CSBG to deliver year-over-year growth in 2025. And I just mentioned that in the 13 years since we brought Lam and Novellus together, CSBG has grown every year except for one.

客戶支援業務集團 9 月當季營收約 18 億美元，較上季及年比均略有成長。這是由備件和升級的持續強勁推動的。鑑於不斷擴大的安裝基礎和我們在先進服務方面的創新，CSBG 仍然是我們成長策略的重要組成部分。我們預計 CSBG 將在 2025 年實現同比增長。我剛才提到，自從我們將 Lam 和 Novellus 合併以來的 13 年裡，CSBG 除了一年之外每年都在成長。

Let's look at profitability. Gross margin in the September quarter was 50.6% at the higher end of our guided range and improving from the June quarter level of 50.3%. The increase is primarily driven by favorable customer mix, partially offset by the impact of tariffs. I expect the impact from tariffs to continue to increase somewhat in the December quarter.

讓我們來看看獲利能力。9 月季度的毛利率為 50.6%，處於我們預期範圍的高端，並且較 6 月季度的 50.3% 有所提高。成長主要得益於有利的客戶結構，但部分被關稅的影響所抵消。我預計關稅的影響在 12 月季度將繼續增加。

Operating expenses for September were $832 million, which was up from the prior quarter level of $822 million. The increase is primarily due to increased headcount and incentive compensation, which is tied to the company's improved profitability. R&D accounted for 68% of the total operating expenses.

9 月營運費用為 8.32 億美元，高於上一季的 8.22 億美元。成長的主要原因是員工人數增加和激勵薪酬增加，這與公司獲利能力的提高有關。研發費用佔總營業費用的68%。

We're investing in innovations like Vantex, Akara, Halo, and Dextro, to continue our leadership in providing a differentiated product portfolio for our customers. The September quarter operating margin was 35% at the high end of our guidance. This operating profit represents a record level for Lam in both dollars as well as percentage terms.

我們正在投資 Vantex、Akara、Halo 和 Dextro 等創新技術，以繼續保持領先地位，為客戶提供差異化的產品組合。9 月季度的營業利潤率為 35%，處於我們預期的高點。無論從金額或百分比來看，這筆營業利潤都創下了新高。

The non-GAAP tax rate for the quarter came in at 14.2%, generally in line with our expectations. We continue to see the tax rate in the low- to mid-teens for the near term. We do expect, however, with the increase in the GILTI rate in the United States as well as the advent of the global minimum tax regime outside of the United States, you will see a slight increase in our effective tax rate as we get into calendar year 2026.

本季非公認會計準則稅率為 14.2%，基本上符合我們的預期。我們預計短期內稅率將繼續維持在十幾%左右。然而，我們確實預計，隨著美國 GILTI 稅率的提高以及美國以外全球最低稅制的出現，到 2026 年，我們的有效稅率將略有上升。

Other income expense for the September quarter was approximately $8 million in income compared with $4 million in income in the June quarter. The slight increase in OI&E was primarily the result of increased interest income tied to a higher cash balance. As we've talked about in the past, you should expect to see variability in OI&E quarter to quarter.

9 月當季的其他收入支出約為 800 萬美元，而 6 月當季的收入為 400 萬美元。OI&E 的輕微增加主要是由於現金餘額增加導致利息收入增加。正如我們過去所討論的，您應該會看到 OI&E 在每個季度都會發生變化。

Let's look at capital return. In the September quarter, we allocated approximately $990 million through share buybacks through open market share repurchases. Our average buyback price in the quarter was approximately $106 per share. Year to date, we've repurchased nearly 30 million shares at an average price of a little more than $88 per share. We also paid $292 million in dividends in the quarter.

我們來看看資本回報。在 9 月季度，我們透過公開市場股票回購分配了約 9.9 億美元。本季我們的平均回購價格約為每股 106 美元。今年迄今為止，我們已經以每股略高於 88 美元的平均價格回購了近 3,000 萬股。本季我們還支付了 2.92 億美元的股息。

I'll remind you that we increased the dividend from $0.23 to $0.26 per share earlier this month.

我提醒您，本月初我們將股息從每股 0.23 美元提高到了 0.26 美元。

Moving forward, we remain committed to returning at least 85% of free cash flow to our shareholders over time. The September quarter diluted earnings per share were $1.26 above the midpoint of our range. The diluted share count was 1.27 billion shares, which was a reduction from the June quarter and consistent with our guidance. We have $6.5 billion remaining on our Board authorized share repurchase plan.

展望未來，我們仍致力於逐步向股東返還至少 85% 的自由現金流。9 月當季每股攤薄收益比我們的預期中點高出 1.26 美元。稀釋後股份總數為 12.7 億股，較 6 月季度有所減少，符合我們的預期。我們的董事會授權股票回購計畫還剩餘 65 億美元。

Let me pivot to the balance sheet. Cash and cash equivalents totaled $6.7 billion at the end of the September quarter, an increase from $6.4 billion at the end of the June quarter. The main reason for the cash increase was cash generated from operating activities, which was partially offset by cash allocated to capital return as well as capital expenditures.

讓我轉到資產負債表。截至九月末，現金及現金等價物總額為 67 億美元，較六月末的 64 億美元增加。現金增加的主要原因是經營活動產生的現金，但被分配給資本回報和資本支出的現金部分抵銷。

Days sales outstanding was 62 days in the September quarter, which was up slightly from 59 days in the June quarter. September quarter inventory turns improved to 2.6 times compared with 2.4 times in the prior quarter and up from the levels two years ago of 1.5 times.

9 月當季的應收帳款週轉天數為 62 天，較 6 月當季的 59 天略有增加。9 月當季庫存週轉率從上一季的 2.4 次提高至 2.6 次，高於兩年前的 1.5 次。

We've remained focused on driving asset utilization during this time frame, and I was pleased to see us deliver this outcome. Our noncash expenses for the September quarter included approximately $97 million for equity compensation, $89 million for depreciation, and $13 million for amortization.

在此期間，我們一直致力於推動資產利用率，我很高興看到我們取得了這項成果。我們 9 月季度的非現金支出包括約 9,700 萬美元的股權補償、8,900 萬美元的折舊和 1,300 萬美元的攤銷。

Capital expenditures in the September quarter were $185 million, which was up $13 million from the June quarter. Spending was primarily focused on lab investments in the United States along with expansion of manufacturing sites in Asia. This remains consistent with our global strategy to be close to our customers' development and manufacturing locations.

9 月季度的資本支出為 1.85 億美元，比 6 月季度增加了 1,300 萬美元。支出主要集中在美國實驗室的投資以及亞洲製造基地的擴張。這與我們貼近客戶開發和製造地點的全球策略一致。

We ended the September quarter with approximately 19,400 regular full-time employees, which was an increase of approximately 400 people from the prior quarter. Headcount increases were in R&D to support our long-term product roadmap. Additionally, we had increases within the field organization to support customer growth and a higher volume of tool installations.

截至九月季度，我們擁有約 19,400 名正式全職員工，比上一季增加了約 400 人。增加研發人員是為了支持我們的長期產品路線圖。此外，我們還增加了現場組織人員以支援客戶成長和更大數量的工具安裝。

Let's turn to our non-GAAP guidance for the December 2025 quarter. We're expecting revenue of $5.2 billion, plus or minus $300 million. We expect a decline in China revenue offset by stronger spending from the global multinationals. We're expecting gross margin of 48.5%, plus or minus 1 percentage point.

讓我們來看看 2025 年 12 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，中國收入的下降將被全球跨國公司支出的增加所抵消。我們預期毛利率為 48.5%，上下浮動 1 個百分點。

I expect customer mix and tariffs will be contributing to the sequential decline in gross margin. We're expecting operating margins of 33%, plus or minus 1 percentage point. And finally, earnings per share of $1.15, plus or minus $0.10 based on a share count of approximately 1.26 billion shares.

我預期客戶結構和關稅將導致毛利率持續下降。我們預期營業利益率為 33%，上下浮動 1 個百分點。最後，每股收益為 1.15 美元，基於約 12.6 億股的股票數量，上下浮動 0.10 美元。

I want to give you a few things to think about as you build your 2026 models. While we are not yet quantifying the level of growth in WFE, I will tell you that calendar '26 looks somewhat second half weighted as we sit here today. The newly restricted China entities would have been weighted to the first half of next year.

在您建立 2026 模型時，我想給您一些思考的事情。雖然我們還沒有量化 WFE 的成長水平，但我要告訴你，今天我們坐在這裡，26 年曆看起來有點下半年加權。新受限制的中國實體的影響將加重至明年上半年。

Customer mix will be a headwind to gross margin a bit next year, as the China mix normalizes. And the tax rate will likely tick up very slightly, as I previously mentioned. We'll give you better color on all this during the December quarter call.

隨著中國客戶結構的正常化，明年客戶結構將對毛利率產生一定阻力。正如我之前提到的，稅率可能會略有上升。我們將在 12 月季度電話會議期間為您提供有關這一切的更詳細的資訊。

So let me wrap up. Lam delivered another strong quarter, highlighted by record levels of revenue, record gross and operating profit. Inclusive of our December quarter guidance, we're on track to deliver calendar year 2025 at an all-time high watermark in financial performance closing with three consecutive quarters of revenue above $5 billion.

讓我來總結一下。Lam 又一個季度表現強勁，營收、毛利和營業利潤均創歷史新高。包括我們 12 月季度的指引在內，我們預計在 2025 日曆年實現財務業績的歷史最高水平，連續三個季度的收入超過 50 億美元。

We remain focused on strategic investments that extend our technology leadership, operational efficiencies, and long-term value creation.

我們仍然專注於擴大我們的技術領先地位、營運效率和長期價值創造的策略投資。

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) CJ Muse, Cantor Fitzgerald.

（操作員指示）CJ Muse，Cantor Fitzgerald。

I guess, first question, very helpful guidepost for thinking through incremental WFE tied to AI infrastructure spending. But I guess over the last six, eight weeks, would love to hear how your conversations with customers have progressed? Are you seeing expedited meetings? Are you seeing actual orders?

我想，第一個問題是，對於思考與 AI 基礎設施支出相關的增量 WFE，這是一個非常有用的指導方針。但我想在過去的六到八周里，我很想聽聽您與客戶的對話進度如何？您是否看到了加速會議？您看到實際訂單了嗎？

Would love to see how the announcements around infrastructure spending is translating into visibility on your business.

很想看看有關基礎設施支出的公告如何轉化為貴公司業務的知名度。

Sure, CJ. Let me take that. I mean, obviously, when we talk about announcements that are made recently, there's not physical space, there's not near-term demand for those. Those are things that give you a guidepost as to where demand is going further in the future.

當然，CJ。讓我來接手。我的意思是，顯然，當我們談論最近發布的公告時，並沒有實體空間，也沒有短期需求。這些可以為你指引未來需求的發展方向。

I think to look at the conversations that we're having today about near-term needs for equipment, it's a lot of the things I talked about, which is enterprise SSDs and the impact on NAND. You've heard some of our customers, I believe, speak to bit demand that might be a little bit higher than expectations. I just said that our view of NAND upgrades is well on track for '25 and a strong '26.

我認為，看看我們今天關於設備近期需求的討論，我談到了很多內容，即企業級 SSD 及其對 NAND 的影響。我相信您已經聽到我們的一些客戶談到鑽頭需求可能比預期高一點。我剛才說過，我們對 25 年 NAND 升級的看法是完全正確的，並且 26 年將表現強勁。

So it's really down when we talk about our equipment demand, it's near-term needs with those longer-term announcements as opportunity in the future. But they're along the same technology transitions. Those data center investments are going to require faster GPUs made at smaller nodes for foundry/logic. They're going to be made with higher capability HBM.

因此，當我們談論設備需求時，它確實下降了，這是近期需求，而那些長期公告則是未來的機會。但它們正處於相同的技術轉型過程中。這些資料中心投資將需要在較小的節點上為代工廠/邏輯製造更快的 GPU。它們將採用性能更高的 HBM 來製造。

And that's where all of our products come into play, how we participate and gate all around, our ALD tools, high aspect ratio conductor etch. On the DRAM side, the work we're doing in HBM to enable higher stacking of HBM devices. And so again, we're seeing very robust demand, as we mentioned, going into 2026, but it's for things that are real and here today.

這就是我們所有產品發揮作用的地方，我們如何參與和全面控制，我們的 ALD 工具，高縱橫比導體蝕刻。在 DRAM 方面，我們在 HBM 方面所做的工作是為了實現 HBM 設備的更高堆疊。因此，正如我們所提到的，我們再次看到了非常強勁的需求，進入 2026 年，但這是針對真實存在的事物。

Very helpful. And then maybe thinking through your relative outperformance to WFE. Based on your guide, it looks like you're tracking on a tool shipment basis, up 40%. And I think many investors think we're growing 10% overall. So tremendous outperformance.

非常有幫助。然後也許再思考一下你相對於 WFE 的優異表現。根據您的指南，看起來您正在追蹤工具裝運量，成長了 40%。我認為許多投資者認為我們的整體成長率為 10%。如此出色的表現。

I guess, how are you thinking about 2026? And as part of that, what would be the critical drivers to drive relative outperformance?

我猜，你對 2026 年有什麼看法？作為其中的一部分，推動相對優異表現的關鍵驅動因素是什麼？

Yes, sure. I'll let Doug add in here as well. But I guess I would just say that you have to remember that as fabs get built and equipment is brought in, there often are timing issues. And so it's a little bit hard to speak to any near-term like outperformance, underperformance for certainly because it depends on what other suppliers are going to be doing and when they're shipping and what their lead times are.

是的，當然。我也會讓 Doug 也在這裡添加。但我想我只想說，你必須記住，隨著晶圓廠的建造和設備的引進，經常會出現時間問題。因此，很難談論任何短期表現，例如優異表現或不佳表現，因為這取決於其他供應商將要做什麼、何時發貨以及他們的交貨時間是多少。

But what we can say with quite a bit of confidence and I think we laid it out at our Investor Day earlier this year, is that over the longer term, Lam's markets, etch and deposition, will outgrow WFE because of nearly every trend is taking place technology-wise in semiconductor manufacturing, whether that's 3D devices, in foundry/logic, in NAND, whether it's a smaller, higher aspect ratio devices and stacking, using advanced packaging in DRAM, whether it's advanced packaging itself.

但我們可以相當有信心地說，我想我們在今年早些時候的投資者日上已經闡述過了，從長遠來看，Lam 的市場（蝕刻和沈積）將超過 WFE，因為幾乎所有趨勢都是在半導體製造技術方面發生的，無論是 3D 設備、代工/邏輯、NAND，無論是更小、更高縱橫比本身的設備和疊疊，還是在 DRAM 中使用先進，更是堆疊本身。

They're all deposition and etch-intensive products. And therefore, I think over the longer term, confidence to outperform WFE is very high.

它們都是沉積和蝕刻密集型產品。因此，我認為從長遠來看，我們對超越 WFE 的信心非常高。

Nothing to add, Tim, you nailed it. Thanks, CJ.

沒什麼好補充的，提姆，你說對了。謝謝，CJ。

Tim Arcuri, UBS.

瑞銀的提姆·阿庫裡。

Doug, when we talked three months ago, you were thinking that December would be like [4.7]. You were saying it'd be sort of back to where March was, and now it's coming in at [5.2]. So the incremental $400 million to $500 million, where did that come from? It sounds like maybe a little bit of it pulled in from the first half of next year.

道格，三個月前我們聊天的時候，你以為十二月會是這樣的[4.7]你之前說它會回到三月的水平，現在它已經[5.2]那麼增加的 4 億到 5 億美元是從哪裡來的呢？聽起來好像其中一部分可能從明年上半年就開始吸收了。

Can you just sort of give us a sense like what's actually better than what you thought three-or-some months ago?

您能否簡單告訴我們一下，現在的情況其實比您三個月前想像的要好嗎？

Yes. Listen, I think Tim pointed to the fact that WFE is a little bit stronger. We think high bandwith memory in DRAM is a little bit stronger. And maybe everything else was just a little bit stronger, Tim, it's not any one thing that I would point to. I would tell you, though, honestly, it would have been even higher if not for the restricted entities in China.

是的。聽著，我認為蒂姆指出了 WFE 更強大的事實。我們認為 DRAM 中的高頻寬記憶體更強大一些。也許其他一切都只是稍微強大一點，提姆，這不是我要指出的任何一件事。不過，老實說，我可以告訴你，如果不是因為中國限制實體，這個數字還會更高。

So things did strengthen for sure. As we look into next year, clearly, next year is a growth year. And whether we pulled anything in from the first half, I honestly don't think so, Tim, because as we sit here today, I think the first half of next year is flat to maybe slightly up from the second half of this year. So it's going to continue to be pretty good.

所以事情確實變得更好了。展望明年，顯然明年是成長的一年。無論我們是否從上半年獲得了什麼收益，蒂姆，老實說，我不這麼認為，因為當我們今天坐在這裡時，我認為明年上半年的收益將與今年下半年持平，甚至略有上升。所以情況會繼續保持良好。

Got it. Great. Thanks, Doug. And then on the 2026 WFE in China, I know you and everyone else has the same message that it's going to be down. But to be honest, that's what everybody said at this time last year, too, and you're growing like 20% this year. I know that there are some others that are more close to flat. But I mean, you’re up a tonand virtually everyone else is up a ton too.

知道了。偉大的。謝謝，道格。關於 2026 年在中國舉辦的 WFE，我知道您和其他人都抱持著同樣的期望，那就是它將會失敗。但說實話，去年這個時候大家也是這麼說的，今年的成長率是 20%。我知道還有一些更接近平坦的。但我的意思是，你已經漲了很多，而且實際上其他人也都漲了很多。

So it seems like we keep thinking that China will digest and it will be down, but they keep finding ways around these bands. So like why would China be down next year? I guess I'm just trying to figure out, is there something different next year that you're seeing that maybe gives you the confidence that finally, China is going to be down because it hasn't happened yet?

因此，我們似乎一直認為中國會消化掉這些頻段，並且會下降，但他們一直在尋找繞過這些頻段的方法。那為什麼明年中國經濟會下滑呢？我想我只是想弄清楚，明年您是否看到了一些不同的事情，也許會讓您有信心，最終中國經濟將會下滑，因為這種情況還沒有發生？

I guess what I'd say, Tim, it's twofold. First, the global multinationals outside of China are going to be pretty strong next year. So that's part of it, right? Everything else is going to be stronger in '26, I think, than it was in '25. And honestly, as we sit here right now and look at the stack up of everybody's plans in China, it's going to be less.

我想說的是，提姆，這有雙重意義。首先，明年中國以外的全球跨國公司將會表現得相當強勁。這就是其中的一部分，對吧？我認為，26 年的其他一切都會比 25 年更加強勁。老實說，我們現在坐在這裡，看看中國每個人的計劃，這個數字將會越來越少。

That's the best I can tell you. And yes, you're absolutely right, a year ago, when we were sitting here, we would have seen the same thing and then to strengthen through the year. I guess, right now, don't see where that's going to come from next year, Tim.

這是我能告訴你的最好的訊息。是的，您說得完全正確，一年前，當我們坐在這裡時，我們就會看到同樣的事情，然後這種情況會在整個一年中不斷加強。我想，現在還不知道明年會發生什麼，提姆。

Vivek Arya, Bank of America Securities.

Vivek Arya 的美國銀行證券。

For the first one, Tim, you gave this interesting statistic $8 billion of WFE for, I think, every $100 billion in data center. How much of that $100 billion of data center spend is in semiconductors? Basically, what is the WFE intensity in an AI data center versus kind of the mid-teens WFE intensity for all semiconductors? And then of that $8 billion, what is Lam's opportunity?

首先，提姆，你給了一個有趣的統計數據，我認為每 1000 億美元的資料中心就會有 80 億美元的 WFE。資料中心的 1000 億美元支出中有多少是用於半導體？基本上，AI 資料中心的 WFE 強度與所有半導體的十幾歲的 WFE 強度相比如何？那麼在這 80 億美元中，林鄭月娥的機率是什麼？

Okay. Go ahead on here. But I guess just to clarify, the $8 billion was WFE for $100 billion of data center investments. So that would be -- that would represent the equipment portion that we could target. And again, given that data centers and especially those focused on AI applications require leading edge across all three device segments, again, that's an area where Lam's SAM as a percent of WFE continues to increase with every technology node.

好的。繼續吧。但我想澄清一下，這 80 億美元是用於 1000 億美元資料中心投資的 WFE。所以那將是——那將代表我們可以瞄準的設備部分。再次，考慮到資料中心，特別是那些專注於人工智慧應用的資料中心，需要在所有三個設備領域都處於領先地位，因此，在這個領域中，Lam 的 SAM 佔 WFE 的百分比會隨著每個技術節點而持續增加。

And so all the things I'm talking about, whether it's high aspect ratio etches, it's Aether, dry EUV resist, it's ALD, all of those are growing our opportunity in that $8 billion. And so that's where a lot of our focus is these days is the products that are required to do well through that spend.

因此，我所談論的所有內容，無論是高縱橫比蝕刻、Aether、乾式 EUV 抗蝕劑還是 ALD，所有這些都為我們在 80 億美元中創造機會。因此，我們目前的重點是開發那些需要透過這些支出才能取得良好績效的產品。

Vivek, was that your question? Did we answer the question? I'm not sure we got it.

Vivek，這是你的問題嗎？我們回答了這個問題嗎？我不確定我們是否明白。

No. My question is different. Because if you look at WFE overall as a percentage of semiconductors, it's about mid-teens percent. And when we talk about $100 billion in data center spend, there's a lot of non-semiconductor spend as part of that. So my question is, of that $100 billion, how much is semiconductor spend and what does that imply for WFE intensity in an AI environment?

不。我的問題不同。因為如果你把 WFE 整體視為半導體的百分比，它大約是百分之十幾。當我們談論 1000 億美元的資料中心支出時，其中有許多非半導體支出。所以我的問題是，在這 1000 億美元中，有多少是用於半導體的，這對 AI 環境中的 WFE 強度意味著什麼？

And of that $8 billion, how much is Lam's opportunity?

那麼在這 80 億美元中，林鄭月娥的機會有多少呢？

Yes. Listen, Vivek, if I'm honest, I don't know the precise answer to your first question, how much is semiconductor content as part of that $100 billion? It's a decent amount, right? These GPUs, it's HPM, it's enterprise SSDs. I don't know the precise number, but I know it's a decent amount.

是的。聽著，維韋克，說實話，我不知道你第一個問題的確切答案，這 1000 億美元中有多少是半導體內容？這是一個相當可觀的數目，對吧？這些 GPU、HPM、企業級 SSD。我不知道確切的數字，但我知道這是一個相當大的數字。

And then relative to our intensity in all these things, it's very similar to what you've seen from us across the rest of semis, which is you've got the move to gate-all-around, you've got high bandwidth memory, you've got a growing stack in NAND. It's part of the contribution of our share of WFE going from the low 30s to the high 30s, this would be representative of it to the best of my ability to answer your question.

然後，相對於我們在所有這些事情上的強度，它與您在其他半導體領域看到的非常相似，即您已經轉向環柵技術，您擁有高頻寬內存，您在 NAND 中擁有不斷增長的堆疊。這是我們對 WFE 份額貢獻的一部分，從 30% 出頭到 30% 出頭，這可以代表我所能回答您的問題。

Yes. I think that would be the best way to think about it is at the Investor Day, we said that as you move to these leading-edge nodes, Lam SAM as a percent of WFE, our opportunity would grow from the low 30s to the high 30s through those transitions. So assuming these are at the leading edge, then you're starting to create an opportunity that's at that high 30s level.

是的。我認為最好的思考方式是在投資者日，我們說當你轉向這些前沿節點時，Lam SAM 作為 WFE 的百分比，我們的機會將透過這些轉變從 30 多歲出頭增長到 30 多歲出頭。因此，假設這些處於領先地位，那麼您就開始創造 30 多歲高水準的機會。

Okay. For my follow-up, I think in the past, you have mentioned the $40 billion TAM for NAND upgrade. How much of that will be completed by the end of the year? Like will the third be completed, will half be completed? Just any rough sense of where we are in the journey of that conversion?

好的。就我的後續問題而言，我想您過去曾提到過 400 億美元的 NAND 升級 TAM。到今年底能完成多少？例如第三個會完成嗎，一半會完成嗎？您能大致了解我們在這轉變過程中處於什麼階段嗎？

And as you look at next year, I know you're not giving a specific WFE view, but what would cause NAND growth to be different, higher or lower than what you saw in -- what we have seen so far in '25?

當您展望明年時，我知道您沒有給出具體的 WFE 觀點，但是什麼原因導致 NAND 增長與您在 25 年迄今為止所看到的有所不同、更高還是更低？

Well, here's what we said. So when we were at the Investor Day back in February, we said that $40 billion would be spent. And obviously, we didn't exactly put a date on it, but we said over several years to satisfy the upgrade of the installed base to the 200-plus layer level.

好吧，這就是我們所說的。因此，當我們在二月的投資者日上時，我們表示將花費 400 億美元。顯然，我們並沒有確切地設定日期，但我們表示需要幾年的時間才能滿足安裝基礎升級到 200 多層的要求。

What I said in my remarks today is that bit demand being a little bit higher than prior expectations, we've likely seen a little bit of an acceleration of that upgrade. I also said that in our 2026, our upgrade business in NAND would remain strong. So we're not going to tell you exactly how far we are through that several year period, but compared to February, it's accelerated.

我今天的演講中提到，由於鑽頭需求比之前的預期略高，我們可能已經看到這種升級加速。我還說過，到 2026 年，我們的 NAND 升級業務將保持強勁。因此，我們不會告訴您我們在這幾年中究竟走了多遠，但與二月相比，它已經加速了。

And as I also mentioned, I think that if this demand for high-capacity storage continues and the $40 billion when we gave that in February, targeted kind of a mid-high teens bit demand. And I think that what you're hearing publicly right now is maybe demand that's a little bit higher than that. So that would suggest it's being accelerated. And all we can speak to is our demand would suggest the same thing.

正如我所提到的，我認為如果對大容量儲存的需求持續下去，並且我們在二月提供的 400 億美元的目標是滿足中高容量儲存的需求。我認為您現在公開聽到的需求可能比這要高一點。這表明這一進程正在加速。我們只能說我們的要求也顯示了同樣的事情。

Harlan Sur, JPMorgan.

摩根大通的 Harlan Sur。

Maybe as a follow-up to CJ's question, given all of these data center infrastructure announcements, I think, for example, Sam Altman's recent trip to Asia; DRAM and advanced foundry supply requirements over the next several years would the X amount, right, which positively surprised all of us.

也許作為 CJ 問題的後續，考慮到所有這些資料中心基礎設施公告，我認為，例如，Sam Altman 最近的亞洲之行；未來幾年 DRAM 和先進代工供應需求將達到 X 數量，對吧，這讓我們所有人都感到驚訝。

And it actually does imply significantly more capacity requirements across advanced foundry, memory and advanced packaging. You would think that your customers would want to start to put this in place as quickly as possible, maybe starting next year. But Tim, I think you did bring up a good point, right, which is on NAND, for example, that growth might be limited by tight clean room space.

事實上，這意味著先進代工、記憶體和先進封裝的產能需求將顯著增加。您可能會認為您的客戶希望盡快開始實施這項計劃，也許從明年開始。但是蒂姆，我認為你確實提出了一個很好的觀點，例如在 NAND 方面，其增長可能會受到潔淨室空間狹窄的限制。

So do you think that overall growth in calendar '26 WFE might be limited by availability of clean room space, not only in NAND, but across DRAM, advanced foundry and advanced packaging?

那麼，您是否認為 26 年 WFE 的整體成長可能會受到無塵室空間可用性的限制，不僅在 NAND 領域，而且在 DRAM、先進代工和先進封裝領域？

Well, I would say that -- look, I can't speak for the customers, this would be a much better thing to ask them. They can do amazing things. But I would say that generally, there's a time that it takes to put in physical infrastructure. We suffer from the same thing, whether we're expanding labs or expanding manufacturing.

好吧，我想說的是──看，我不能代表顧客說話，最好還是問他們這個問題。他們可以做出令人驚奇的事。但我想說，一般來說，建立實體基礎設施需要一段時間。無論我們是在擴大實驗室還是擴大製造業，我們都面臨著同樣的問題。

And so depending on what the demand is, it could be limited. I think what we're trying to respond to is the point of how much could you accelerate and that's a function of probably more physical space than it is ability for like the equipment supply chain to respond, and that's simply because our lead times are generally within the lead time of building a facility. That was kind of my general comment.

因此，根據需求，它可能會受到限制。我認為我們試圖回應的是您能夠加速多少的問題，這可能是物理空間的功能，而不是設備供應鏈的響應能力，這僅僅是因為我們的交貨時間通常在建造設施的交貨時間內。這就是我的一般性評論。

Maybe we're not going to be the bottleneck. But yes, clearly, we've seen some accelerated demand as a result of the current demand, but also in anticipation of those future opportunities, I would imagine this year, you'll see some of those plans come to fruition. But I would suggest you talk to the customers and find out what their physical plan -- investment plans are.

也許我們不會成為瓶頸。但是的，顯然，由於當前的需求，我們已經看到了一些加速的需求，但同時也預期到未來的機會，我想今年，你會看到其中一些計劃取得成果。但我建議您與客戶交談並了解他們的實際計劃——投資計劃是什麼。

Right. That's a fair point. And then maybe for Doug. Good to see the CSBG dynamic still on track to drive growth this year. I think first nine months of this year, CSBG was up 7% year over year, but this includes Reliant. I assume that core spare services and upgrades are growing at a faster rate.

正確的。這是一個合理的觀點。也許對道格來說也是如此。很高興看到 CSBG 的活力仍然有望推動今年的成長。我認為今年前九個月，CSBG 年增 7%，但其中包括 Reliant。我認為核心備用服務和升級正在以更快的速度成長。

Anyway, can you maybe quantify how much faster it's growing?

無論如何，您能否量化它的成長速度有多快？

And then maybe if you could just true us up. I believe CSBG has been neutral to accretive to your overall operating margins, but you've had similar cost benefits as you move CSBG support closer to your customers, especially with the Malaysia buildout. Given all of this on a relative basis, where do CSBG up margins currently sit relative to corporate average?

然後也許你可以讓我們真相大白。我相信 CSBG 對您的整體營業利潤率的影響是中性的，但隨著您將 CSBG 支援轉移到更靠近客戶的地方，尤其是在馬來西亞的擴張，您也獲得了類似的成本效益。從相對角度考慮所有這些因素，CSBG 的利潤率目前相對於企業平均值處於什麼位置？

Yes, Harlan, let me unpack that a little bit. Just to remind everybody on the call and Harlan, I know you know this, but for others, there's four components to CSBG, spare service upgrades and then Reliant. Three of these components of CSBG are clearly growing, one is not, which is Reliant, largely because of a mature node spending across the whole world.

是的，哈蘭，讓我稍微解釋一下。只是為了提醒電話中的每個人和 Harlan，我知道你知道這一點，但對於其他人來說，CSBG 有四個組成部分，備用服務升級，然後是 Reliant。CSBG 的三個組成部分顯然正在成長，而 Reliant 則沒有，這主要是因為其在全球範圍內擁有成熟的節點支出。

Tim mentioned in his scripted remarks, record spares and service combination. I said in my script remarks, hey, upgrades are pretty strong given what you got going on in NAND. So look, that's the way to think through all of the kind of ups and downs and CSBG is going to grow this year.

提姆在他的講稿中提到，記錄備件和服務組合。我在腳本評論中說過，嘿，考慮到 NAND 的發展情況，升級非常強勁。所以看，這就是思考所有起伏的方式，CSBG 今年將會成長。

You're right, CSBG is accretive to operating margin. I've never quantified that for anybody, but that continues to be the case.

您說得對，CSBG 確實增加了營業利潤率。我從來沒有為任何人量化過這一點，但情況仍然如此。

Jim Schneider, Goldman Sachs.

高盛的吉姆·施耐德。

I was wondering if you could maybe just give us a little bit of color on the NAND market and what you're seeing. I think, clearly, given all the announcements that are out there in the market, there's the expectation that NAND orders could accelerate at some point. And I'm sort of wondering your view on whether you're seeing that yet? Whether you're seeing any kind of initial signals from customers in terms of longer-term forecasts? And when we might start to see that show up in the numbers?

我想知道您是否可以向我們介紹 NAND 市場以及您所看到的情況。我認為，顯然，鑑於市場上的所有公告，人們預計 NAND 訂單可能會在某個時候加速成長。我很想知道您是否已經看到了這一點？就長期預測而言，您是否看到來自客戶的任何初步訊號？那麼我們什麼時候才能開始在數字上看到這一點呢？

And maybe as a follow-on to that, maybe comment on whether you expect '26 growth in NAND to be led by upgrades or whether you see any potential for new tools starting to lead that?

作為後續問題，您是否預計 26 年 NAND 的成長將由升級引領，或者您是否看到新工具有可能開始引領這一成長？

Yes. Thanks for the question. I think that I addressed some of that in my comments about NAND, but just to kind of go back and say that of the $40 billion of conversion spend that we had anticipated, I think the demand signal right now is a little bit accelerated to what we originally saw and that's based on the fact that bit demand is -- people are speaking about bit demand that's a little bit higher than probably prior expectations.

是的。謝謝你的提問。我認為我在關於 NAND 的評論中已經解決了其中的一些問題，但只是回過頭來說，在我們預期的 400 億美元轉換支出中，我認為現在的需求信號比我們最初看到的要快一些，這是基於這樣一個事實：比特需求——人們談論的比特需求可能比之前的預期要高一些。

I think our business is going to continue to be predominantly upgrade focused not only in 2025 but through 2026. And that's primarily because there was a very large installed base that had not been upgraded for a number of years. So there are quite a few tools that can still be upgraded to provide those higher layer count devices.

我認為我們的業務不僅在 2025 年而且在整個 2026 年都將繼續以升級為重點。這主要是因為有大量的安裝基礎多年來都沒有升級過。因此，仍有相當多的工具可以升級以提供更高層數的設備。

Now as you do those upgrades, you tend to lose wafer out capacity. And so at some point, if demand remains as high as maybe people anticipate with these data center announcements, then I would think you transition to capacity additions. But my comment about floor space, physical infrastructure, again, a better question for our customers, but I would anticipate that everyone will remain focused on upgrades since it's the lowest cost and likely easiest way to achieve higher performance growth in bits through 2026 and then beyond that, it's again, a better question for all the NAND providers to speak to their plans.

現在，當你進行這些升級時，你往往會失去晶圓產能。因此，在某個時候，如果需求仍然像人們對這些資料中心公告的預期那樣高，那麼我認為你會轉向增加容量。但是，我對佔地面積、物理基礎設施的評論，對於我們的客戶來說，這是一個更好的問題，但我預計每個人都會繼續關注升級，因為它是到 2026 年實現更高性能增長的最低成本和最簡單的方法，在此之後，對於所有 NAND 提供商來說，這又是一個更好的問題，讓他們談談他們的計劃。

Krish Sankar, TD Cowen.

Krish Sankar，TD Cowen。

Tim, I just want to follow up on the NAND thing. I understand clean room space is limited, maybe (inaudible) a new fab. But it also seems like the NAND utilization rate for most of our customers is heading towards 100%.

提姆，我只是想跟進一下 NAND 的事情。我知道無塵室空間有限，也許（聽不清楚）可以蓋一個新的晶圓工廠。但似乎我們大多數客戶的 NAND 利用率也朝著 100% 邁進。

So I'm kind of curious in that scenario, should we assume that there might be a quarter or two where your NAND orders or shipments drop off or do you think it's going to be not like lock it's going to be a pretty small transition?

因此，在這種情況下我有點好奇，我們是否應該假設可能會有一兩個季度您的 NAND 訂單或出貨量下降，或者您是否認為這不會像鎖定那樣，而是一個非常小的轉變？

Maybe I'll jump in and then, Tim, you can add. Krish, nothing goes up into the right every single period. In fact, if you looked at the most recently reported quarter, NAND was actually down a little bit. It's going to continue to kind of trend towards that $40 billion, maybe a little bit more. But every quarter, we'll have some level of variability depending on who's investing in what, all these guys or most of these guys also have DRAM investments.

也許我會加入，然後，提姆，你可以補充。Krish，每個時期都沒有任何東西可以升到右邊。事實上，如果你看一下最近一個季度的報告，NAND 實際上略有下降。它將繼續朝著 400 億美元的方向發展，甚至可能更多。但每個季度，我們都會有一定程度的變化，這取決於誰在投資什麼，所有這些人或大多數人也都有 DRAM 投資。

So they're going to modulate what happens in what quarter. But things have strengthened somewhat relative to what we were describing a quarter ago.

所以他們會調整每季發生的事情。但與我們一個季度前描述的情況相比，情況有所改善。

And Tim, I don't know if you want to add anything?

提姆，我不知道您是否想補充一些什麼？

Yes. No, I think that's fair. I mean I think the important thing to remember is that as we move above 200 layers, the drivers for our business aren't just the increased bit demand. It basically is to produce each of those bits. The intensity of Lam's equipment actually rises.

是的。不，我認為這很公平。我的意思是，我認為需要記住的重要一點是，當我們超過 200 層時，我們業務的驅動力不僅僅是增加的比特需求。它基本上就是生產每一個位。林的裝備強度竟然上升了。

And so again, above 200 layers, we've talked about the fact that we start introducing several new types of products to deal with wafer stress, to deal with the higher gap fill requirements from the higher layer count devices.

因此，再次強調，在 200 層以上，我們談到我們開始推出幾種新型產品來應對晶圓應力，以應對更高層數設備對更高間隙填充的要求。

I talked a little bit about [moly] in my prepared remarks. And so for us, as we see more interest and perhaps a bit of acceleration in those upgrades, we think that it's a combination for us of upgrades to existing installed base and the addition of some new tools. So you'll see it within our business, both in systems and in upgrades.

我在準備好的發言中談了一點有關[moly]的事情。因此，對我們來說，隨著我們看到這些升級越來越感興趣，甚至可能加速，我們認為這是我們對現有安裝基礎的升級和添加一些新工具的結合。因此，您會在我們的業務中看到它，無論是在系統還是在升級中。

Got it. Got it. And then a follow-up for Doug. Maybe it's a hypothetical question for you. You said next year, WFE is going to grow, kind of makes sense. It seems like most folks assume mid- to high single digits growth in calendar '26. I'm assuming in that set-up, I understand Lam's revenues are going to grow year over year.

知道了。知道了。然後是 Doug 的後續行動。也許這對您來說是一個假設性問題。您說明年 WFE 將會成長，這很有道理。似乎大多數人都認為 2026 年的成長率將達到中高個位數。我假設在這樣的背景下，Lam 的收入將逐年成長。

But with less China being a gross margin headwind and higher tax rate, can Lam's EPS also grow year over year in that situation or outgrow revenue?

但是，由於中國業務減少對毛利率構成不利影響，且稅率提高，在這種情況下，Lam 的每股收益是否也能實現逐年增長或超過收入增長？

You're funny, Krish. You know I'm not going to answer that question. Listen, but you have it right. And I don't want to over position tax rate. Tax rate is going to go up just a little bit, okay? Don't go too far with it. Instead of low mid-teens, maybe it's approaching mid-teens or maybe a little bit towards the higher end of low mid-teens don't go too far with that. The reduction of customer mix, though will be a headwind for gross margin, right?

你真有趣，克里什。你知道我不會回答這個問題。聽著，但你說得對。我不想過高地定位稅率。稅率會稍微提高一點，好嗎？不要做得太過分。不是十幾度中低，而是接近十幾度中，或稍微接近十幾度中低的高一點，不要太過分。然而，客戶群的減少會對毛利率產生不利影響，對嗎？

We just took it down to 48.5%. Depending on how each quarter progresses, we're probably in that range for a while. As things grow, that's going to be beneficial from a fixed cost standpoint. We don't have huge fixed cost. There's going to be a customer mix headwind.

我們剛剛將其降至 48.5%。根據每個季度的進展情況，我們可能會在該範圍內停留一段時間。隨著事態的發展，從固定成本的角度來看這將是有益的。我們沒有龐大的固定成本。將會面臨客戶組合方面的阻力。

And then probably the next year, tariffs are a little bit of a headwind, too. So I don't know, anchor yourself plus or minus where we just guided you in December, I think, and that will be a good spot for you to start your models.

那麼可能明年，關稅也會變成一點阻力。所以我不知道，你可以將自己固定在我們 12 月剛剛指導你的地方，我認為這將是你開始建立模型的好地方。

Stacy Rasgon, Bernstein Research.

拉斯貢（Stacy Rasgon），伯恩斯坦研究公司。

Doug, my first one, I wanted to zero into something you said about next year. So you said a second half loaded year, but then you said the first half will be sort of flat to maybe up a bit versus the second half of '25. But then if it's a second half of the year, it feels to me like the second half ought to be up more materially than that? Am I sort of characterizing that trajectory correctly?

道格，我的第一個問題，我想集中討論你對明年所說的一些事情。所以您說下半年將會是負荷期，但隨後您又說上半年將會與 25 年下半年持平甚至略有上升。但如果是下半年的話，我覺得下半年應該會有更大的成長，對嗎？我是否正確地描述了該軌跡？

No, I haven't given you any numbers for the second half, Stacy. I just said it's a second half weighted year, and I said the first -- said second half weighted, Stacy, and that the first half was flat to slightly up from the second half of this year.

不，我還沒有給你下半場的任何數字，史黛西。我剛才說這是下半年加權的一年，我說了上半年——下半年加權，史黛西，上半年與今年下半年持平或略有上升。

The second half weighted meaning at least the second half of next year should be higher than the first half of next year, correct?

下半年加權意味著至少明年下半年應該高於明年上半年，對嗎？

That's what that means. Yes.

這就是它的意思。是的。

Okay. Got it. So then I want to dig into the implications of that with regard to China. You said China drops below 30% next year. It's probably going to be what, I don't know, 36%-or-something like this year. So that drop would have dropped to like 29%, it would be something like $1.5 billion headwind, maybe more. It's probably a high single-digit headwind to revenue growth.

好的。知道了。因此我想深入探討這對中國的影響。你說中國明年會降到30%以下。今年的比率可能為 36% 左右，我不知道。因此，降幅將達到 29% 左右，相當於 15 億美元的逆風，甚至更多。這可能是收入成長面臨的一個高個位數阻力。

But from what we just heard, like revenue overall should be growing, I mean, it should be -- it feels like it should be growing okay given the trajectory you just laid out, at least qualitatively. Again, I just want to -- do I have that dynamic, correct?

但從我們剛才聽到的來看，整體收入應該會增長，我的意思是，它應該——根據您剛才列出的軌跡，感覺它應該會增長，至少從質量上來說是這樣。再說一次，我只是想──我有這種動態嗎，對嗎？

And like can you give us maybe a little more color on the non-China offsets that are enabling you to overcome like a headwind from China like you said, it has to be at least $1.5 billion, probably something in that range?

您能否向我們詳細介紹非中國補償措施，這些措施使您能夠克服來自中國的不利因素，就像您說的，至少需要 15 億美元，可能在這個範圍內？

Yes, Stacy, what you just described is largely consistent with what I believe is going to happen next year. So yes, China is going to be down. Your numbers probably aren't too far off. Global multinationals, though, are going to offset that, right?

是的，史黛西，你剛才所描述的與我認為明年將要發生的事情基本一致。所以是的，中國經濟將會衰退。您的數字可能不太差。然而，全球跨國公司將會抵銷這項影響，對嗎？

More than offset that is our as we sit here today, right? And just think about what's going on, right? We've been talking about NAND a ton on the call. We've been talking about high bandwidth memory. We've been talking about accelerators, and all that kind of stuff go into more advanced nodes.

比我們今天坐在這裡時抵消的還多，對嗎？想想到底發生了什麼，對吧？我們在電話中大量討論了 NAND。我們一直在談論高頻寬記憶體。我們一直在談論加速器，所有這類東西都會進入更先進的節點。

So that's what's going to be offsetting it, Stacy.

這就是要抵銷它的東西，史黛西。

I was actually just hoping to get a little more color on the granularity there, but maybe you're saving that for next quarter.

我實際上只是希望在那裡獲得更詳細的信息，但也許你會把它留到下個季度。

Yes. Let us leave a little bit in our pocket for next quarter.

是的。讓我們為下個季度留出一點錢。

All right. Sounds good. Thank you, Doug. I appreciate it.

好的。聽起來不錯。謝謝你，道格。我很感激。

You bet, Stacy. Thanks for trying.

當然，史黛西。感謝您的嘗試。

Blayne Curtis, Jefferies.

布萊恩·柯蒂斯，傑富瑞。

I just wanted to ask on China. Maybe I had it wrong. I was -- you didn't really answer it last quarter, but I thought the strength that you've highlighted for September was going to be multinational spending in China. That's clearly not the case. So maybe you could just walk through why such a big bump to China revenue in September now that it's done?

我只是想問一下有關中國的問題。也許我錯了。我——您上個季度並沒有真正回答這個問題，但我認為您強調的九月的優勢將是跨國公司在中國的支出。顯然事實並非如此。那麼，現在事情已經結束了，您能否解釋一下為什麼 9 月中國區收入會出現如此大的成長？

Yes. No, Blayne, if it came across that we were suggesting it was the multi-assets in China, that wasn't what we intended to communicate. If we did, apologies from misrepresenting it. Listen, the multinationals in China stayed relatively steady, so call it, flattish. The growth in China was largely driven by the domestic Chinese customer base.

是的。不，布萊恩，如果人們認為我們是在暗示中國的多種資產，那並不是我們想要傳達的。如果我們確實如此，我們為歪曲事實而道歉。聽著，跨國公司在中國的業務保持相對穩定，可以稱之為平穩。中國市場的成長主要由中國國內客戶群推動。

Got you. And then just the driver of the second half weighted, is that across all your segments or is that more of a foundry/logic comment?

明白了。那麼，下半年的驅動力是針對所有細分市場而言的嗎？還是說這更多的是針對代工/邏輯的評論？

It's -- listen, we'll give you more granularity. I know everybody wants it now, but we'll give you more granularity on the December call. It's just a description of what we see across the totality of the spending in the industry. WFE in total.

聽著，我們會提供你更多細節。我知道現在每個人都想要它，但我們會在 12 月的電話會議上為您提供更多詳細資訊。這只是我們所看到的整個產業支出狀況的描述。總計 WFE。

Melissa Weathers, Deutsche Bank.

德意志銀行的梅莉莎‧韋瑟斯。

I wanted to check in on some of the new products that you introduced at the start of the year at your Analyst Day. Now that it seems like we're getting a little bit more momentum on the WFE side, have you seen any like acceleration and engagements on those new products, the Akara and the ALTUS Halo products?

我想了解一下你們在年初分析師日上推出的一些新產品。現在看來，我們在 WFE 方面獲得了更多的動力，您是否看到這些新產品（Akara 和 ALTUS Halo 產品）有任何類似的加速和參與？

Yes, it's a great question. And we have. I mean Akara and Halo, these are both products that are very focused on inflections that are taking place in foundry/logic DRAM and NAND. Akara for conductor etch, high aspect ratio, very well suited as we scale it all around and also heavily used in DRAM. We've talked about a couple of wins since February in some key DRAM conductor etch applications.

是的，這是一個很好的問題。我們確實這麼做了。我的意思是 Akara 和 Halo 都是非常注重代工/邏輯 DRAM 和 NAND 中發生的變化的產品。Akara 用於導體蝕刻，具有高縱橫比，非常適合我們對其進行全面擴展，並且也廣泛用於 DRAM。我們討論了自二月份以來在一些關鍵 DRAM 導體蝕刻應用方面取得的幾項勝利。

Again, remember, we introduced some of these products specifically to improve our performance and revenue growth in foundry logic and DRAM because of the drivers there. Halo, I talked about on this call, again, continuing to make progress in securing 3D NAND wordline applications, which is an important step for the ESS DRAM performance.

再次提醒，我們推出其中一些產品是為了專門提高我們在代工邏輯和 DRAM 方面的效能和收入成長，因為那裡有驅動因素。哈羅，我在這次電話會議上再次談到，繼續在確保 3D NAND 字線應用方面取得進展，這對於 ESS DRAM 性能來說是重要的一步。

And so I would say, where I sit right now, there's a long way to go to deliver on the Investor Day full model, but I think from a product perspective and how we see the transition is playing out, we're feeling pretty good about the progress we've made since February.

所以我想說，就我目前的情況來看，要實現投資者日的完整模式還有很長的路要走，但我認為從產品角度以及我們如何看待轉型進展來看，我們對自二月份以來取得的進展感到非常滿意。

And then maybe one more on the backside power side of things. It looks like backside power nodes are going to start to ramp in volume next year, maybe the year after. So has anything changed on either the timing or the magnitude of what you're expecting for backside power contributions in the next couple of quarters or years?

然後也許在事物的背面力量方面再多一個。看起來，背面電源節點的產量明年甚至後年將會開始增加。那麼，您預計未來幾季或幾年內底面電力貢獻的時間或幅度會有什麼變化嗎？

No, no, not really. I think in terms of change, I think, again, as you move forward, and you hear all about the requirements for -- and challenges of power in these very compute-intensive devices, it just gives us further confidence that you need solutions like backside power.

不，不，不是真的。我認為就變化而言，我認為，隨著你不斷前進，你會聽到有關這些計算密集型設備對電源的要求和挑戰，這讓我們更加有信心，你需要像背面電源這樣的解決方案。

I mean, it directly addresses some of the issues that customers have in scaling performance of high compute devices. So it's an etch dep intensive inflection and therefore, it's important for us and we're focused on it and I think we'll do well as those nodes ramp.

我的意思是，它直接解決了客戶在擴展高運算設備效能時遇到的一些問題。因此，這是一個蝕刻深度密集的變化，因此，它對我們來說很重要，我們專注於它，我認為隨著這些節點的增加，我們會做得很好。

Mehdi Hosseini, SFG.

梅赫迪·胡賽尼，SFG。

All the good questions have been asked. So I have a quick follow-up. Going back to your slide number 6, interesting observation. I understand the facility construction lead times are in a one to two year. And that's almost in the ballpark as fab. But I would also argue that there is increased concentration within that $8 billion of WFE for every $100 billion of incremental AI.

所有好的問題都已經被問過了。因此我有一個快速的跟進。回到您的第 6 張投影片，有趣的觀察。我知道設施建設的準備時間是一到兩年。這幾乎是完美的。但我還認為，每增加 1,000 億美元的 AI，80 億美元的 WFE 的集中度就會增加。

And that increased concentration would, in my opinion, give your customers some leeway, you don't have to rush to secure capacity or to release all their POs. And I'm just wondering if you have any additional thoughts to it. Is that a factor?

在我看來，集中度的提高會給你的客戶一些迴旋餘地，你不必急於確保產能或發布所有採購訂單。我只是想知道您是否對此還有其他想法。這是一個因素嗎？

Well, Mehdi, that's a good question. I'm not exactly sure how to answer it. I think Tim's been meeting with a lot of customers over the last couple of weeks and having conversations about, okay, what do you think next year looks like, where are you going and so forth.

嗯，Mehdi，這是個好問題。我不太清楚該如何回答。我認為蒂姆在過去幾週會見了很多客戶，並討論了諸如“你認為明年會是什麼樣子，你要去哪裡”之類的話題。

I don't know that lead times have been all that different, so to speak, at least not yet. I'm not sure I'm answering your question. I'm just kind of rambling here a little bit.

我不知道交貨時間是否有差異，至少目前還沒有。我不確定我是否回答了你的問題。我只是在這裡稍微閒聊一下。

You don't have to worry about running out of capacity among their suppliers.

您不必擔心其供應商的產能不足。

Well, I think that, look, whether it's us and how we work with our customers or I'm sure our customers how they work with theirs, everybody wants to make sure they have what they need. So we spend a lot of time with our supply chain, making sure they have the capacity, they’re ramp, they understand their plans.

嗯，我認為，看，無論是我們如何與客戶合作，還是我們的客戶如何與他們的客戶合作，每個人都希望確保他們得到他們需要的東西。因此，我們花費大量時間在供應鏈上，確保他們擁有足夠的產能、能夠快速生產並且了解他們的計劃。

You can anticipate that our customers do the same thing with us to ensure that when they take an order, they can deliver it. I think we're in a period right now, as we talked about, some acceleration. I think I don't believe most people anticipated the number of announcements that have come in recent months for AI infrastructure. It will take time for those.

您可以預見我們的客戶也會對我們做同樣的事情，以確保他們接到訂單後能夠交付。我認為我們現在正處於一個加速時期，正如我們所說的。我認為大多數人都沒有預料到最近幾個月有關人工智慧基礎設施的公告數量如此之多。這些都需要時間。

But I can guarantee when people hear those announcements, it ripples through the supply chain to make sure that capacity is going to exist. And I think everybody goes to work. And if there's one thing that Lam has been good at is executing to the needs of our customers, and that continues to be our focus.

但我可以保證，當人們聽到這些公告時，它會對整個供應鏈產生連鎖反應，以確保產能能夠持續存在。我認為每個人都去上班。如果說 Lam 最擅長的一件事就是滿足客戶的需求，而這仍然是我們的重點。

Vijay Rakesh, Mizuho.

瑞穗的 Vijay Rakesh。

Just a quick question on 2026. As you look at the strength that you mentioned into next year, is that being driven by memory or foundry as well? Because DRAM NAND pricing have been especially strong. So just wondering what you're seeing on the memory side as well.

關於 2026 年，我只想問一個簡單的問題。當您回顧提到的明年的優勢時，這也是由記憶體還是代工推動的？因為 DRAM NAND 定價一直特別強。所以只是想知道您在內存方面看到了什麼。

I think it's probably going to come from both. And again, we'll give you more color on the December call.

我認為這可能源自於兩者。再次，我們將在 12 月的電話會議上為您提供更多詳細資訊。

Got it. And then as you look at '26, obviously, there's a US -- it looks like a US ITC that kicks in December 31 for higher investment tax credits, like 35% and looks like some Chips Act money is starting to flow again. Are you seeing that as a tailwind for WFE into next year or --

知道了。然後，當你看到 26 年時，顯然，美國——美國投資稅收抵免似乎將於 12 月 31 日開始實施，以獲得更高的投資稅收抵免，例如 35%，而且看起來一些《晶片法案》資金又開始流入。您是否認為這會是明年 WFE 的順風，或者--

Maybe only on the margin, Vijay. No, what's driving WFE next year is end demand at the end of the day. Yes, I'm sure the investment tax credit is going to maybe influence a little bit of the geographic distribution of that, maybe a little bit, but end demand is what matters right now.

也許只是邊緣而已，維傑。不，明年推動 WFE 發展的最終因素是最終需求。是的，我確信投資稅收抵免可能會對其地理分佈產生一點影響，也許有一點，但現在最重要的是最終需求。

Brian Chin, Stifel.

Brian Chin，Stifel。

Maybe first one, going back to that popular slide in the slide deck, of the $8 billion in WFE spending, on a kind of rough cut, could you partition that across on a percentage basis, advanced logic, DRAM and NAND?

也許首先，回到幻燈片中那個流行的幻燈片，關於 80 億美元的 WFE 支出，粗略地說，您能否按百分比將其劃分為高級邏輯、DRAM 和 NAND？

Brian, more than half of it is coming from memory. Enterprise SSDs is a high bandwidth memory. And clearly, the great bit GPU accelerators, the [ASC 6] and whatnot are part of it, but more than half is memory.

布萊恩，其中一半以上都是來自記憶。企業級 SSD 是一種高頻寬記憶體。顯然，偉大的 GPU 加速器、[ASC 6] 等等都是其中的一部分，但超過一半是記憶體。

Okay. That's helpful. And going back to the $40 billion mass in terms of upgrades over several years, do you view that as having -- the industry having to sort of exhaust that and then capacity spending occurs? Or can they be somewhat concurrent maybe towards the back end of that, maybe kind of more customer-by-customer basis, I suppose?

好的。這很有幫助。回到幾年內 400 億美元的升級成本，您是否認為該行業必須耗盡這些成本，然後才會產生產能支出？或者它們是否可以在後端以某種方式並發，也許更傾向於針對每個客戶，我想？

Yes, I'll take that. Yes. I think just as you said there, it's going to be a customer-by-customer situation. And already today, we're seeing some capacity additions. And that has nothing to do with end demand.

是的，我接受。是的。我認為正如你所說的那樣，這將是針對每個客戶的具體情況。今天我們已經看到了一些產能的增加。這與最終需求無關。

That was the customer's plan all along. And so I think you find different customers at different points of where they are with their installed base, where they are with the needs of their customers and end markets.

這始終是客戶的計劃。因此，我認為你會發現不同的客戶處於不同的位置，他們的安裝基礎不同，他們的客戶和終端市場的需求也不同。

And the great thing for Lam is that we can work with customers in a very agnostic way as to whether they're gaining the bits and performance they need through upgrades or through capacity adds. We participate in both and in a meaningful way. And so I think you'll see both. However, what I said was upgrades to installed base tend to be the fastest and lowest cost means of achieving bits of the higher performance.

對於 Lam 來說，最棒的事情是，我們可以以非常不可知的方式與客戶合作，無論他們是透過升級還是透過增加容量來獲得所需的位數和效能。我們以有意義的方式參與這兩項工作。所以我認為你會看到兩者。然而，我所說的是，升級已安裝的基礎往往是實現更高效能的最快和成本最低的手段。

And so I think that most customers will prioritize that first before they get to capacity, but there will be some concurrence and, as I said, maybe towards the back end of that upgrade rollout.

因此，我認為大多數客戶在達到容量上限之前都會優先考慮這一點，但也會有一些共識，正如我所說的，也許在升級推出的後期。

Yes. Thank you, Brian. Operator, with that, we're going to conclude the call. Thank you, everyone, for joining today. I know Tim and I will be talking to a lot of you during the remainder of the quarter before we get into the quiet period.

是的。謝謝你，布萊恩。接線員，就這樣，我們的通話就結束了。謝謝大家今天的參與。我知道，在進入靜默期之前，提姆和我會在本季剩餘的時間裡與你們中的許多人進行交談。

But thanks for your interest in Lam Research.

但感謝您對 Lam Research 的關注。

Thank you. This concludes today's conference. You may disconnect your lines at this time. Thank you for your participation.

謝謝。今天的會議到此結束。現在您可以斷開線路。感謝您的參與。