科林研發 (LRCX) 2026 Q4 法說會逐字稿

Good day, and welcome to the Lam Research Corporation June '26 earnings conference call. (Operator Instructions) Please note this event is being recorded.

各位好，歡迎參加 Lam Research Corporation 2026 年 6 月季度財報電話會議。(接線員指示) 請注意，本活動將被錄音。

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

現在我想把會議交給投資人關係副總裁 Ram Ganesh。請開始。

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

謝謝，各位下午好。歡迎參加 Lam Research 季度財報電話會議。今天與我一同出席的有總裁暨執行長 Tim Archer，以及執行副總裁暨財務長 Doug Bettinger。

During today's call, we will share our overview on the business environment and we'll review our financial results for the June 2026 quarter and our outlook for the September 2026 quarter. The press release detailing our financial results was distributed a little after 1:00 PM Pacific Time. The release and the accompanying presentation slides for today can be found on the Investors section of the company's website.

在今天的電話會議中，我們將分享對商業環境的觀點，並回顧 2026 年 6 月季度的財務結果，以及對 2026 年 9 月季度的展望。詳述我們財務結果的新聞稿已於太平洋時間下午 1:00 過後不久發布。新聞稿與今日隨附的簡報投影片可於公司網站的投資人專區查閱。

Today's presentation and Q&A include forward-looking statements based on our current beliefs, expectations and assumptions. These statements are subject to risks and uncertainties, and actual results could differ materially from those expressed or implied in such statements. For a discussion of factors that could cause actual results to differ materially, please refer to the risk factors in our most recently filed periodic reports on Form 10-K, and Form 10-Q and subsequent filings with the SEC and the cautionary statement in the accompanying presentation slides.

今日的簡報與問答包含以前瞻性陳述為主的內容，係基於我們目前的信念、預期與假設。這些陳述受風險與不確定性影響，實際結果可能與此類陳述所明示或暗示者有重大差異。關於可能導致實際結果出現重大差異之因素，請參閱我們最近提交的 10-K 與 10-Q 定期報告及其後向美國證券交易委員會（SEC）提交的文件中的風險因素，以及隨附簡報投影片中的警示性聲明。

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 presentation lines.

除非另有說明，今日對財務結果的討論將以非 GAAP 財務基礎呈現。GAAP 與非 GAAP 結果之間的詳細調節表可於隨附簡報投影片中查閱。

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.

本次電話會議預計進行至太平洋時間下午 3:00。本次會議的重播將於今日稍晚在我們的網站上提供。

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

接下來，我把電話交給 Tim。

Thanks, Ram. In the June quarter, Lam delivered record revenue, operating margin and earnings per share. Sequential top-line growth was led by a doubling of NAND revenue from the prior quarter underscoring the growing importance of storage to AI system performance. Our customer support business group also posted strong revenue growth driven by robust demand for upgrades Reliant and Equipment Intelligence-enabled services.

謝謝你，Ram。在 6 月季度，Lam 創下營收、營業利益率與每股盈餘的歷史新高。營收的季對季成長主要由 NAND 營收較前一季倍增所帶動，凸顯儲存對 AI 系統效能日益重要。我們的客戶支援事業群也繳出強勁的營收成長，主要受升級需求強勁所驅動，包括 Reliant 與 Equipment Intelligence 賦能的服務。

As we enter the second half of the year, we expect calendar 2026 wafer fab equipment spending, or WFE, to be in the low $150 billion range up from our prior outlook of $140 billion with upside bias. Against this backdrop of rising demand, Lam's momentum is strong. Our $8.1 billion September-quarter revenue guide represents more than 20% growth quarter on quarter. And we see 2026 shaping up to be our third consecutive year of relative outperformance to WFE.

隨著我們進入下半年，我們預期 2026 年曆年晶圓廠設備支出（WFE）將落在 1,500 億美元出頭的區間，高於先前預估的 1,400 億美元，且偏向上行。在需求上升的背景下，Lam 的動能強勁。我們對 9 月季度的營收指引為 81 億美元，代表季對季成長超過 20%。我們也看到 2026 年將成為我們相對於 WFE 表現優於同業的連續第三年。

Looking into 2027, we see an extraordinary setup for WFE growth. AI is driving record revenue and profitability for our customers who have signaled unprecedented long-term demand visibility. They've also announced multiyear timelines for new fab projects and are working with us to secure equipment orders to fill the incremental clean room space as it comes online.

展望 2027 年，我們看到 WFE 成長的非凡態勢。AI 正為我們的客戶帶來創紀錄的營收與獲利能力，而客戶也已釋出前所未有的長期需求能見度。他們亦公布了新廠專案的多年期時程，並與我們合作，確保設備訂單能在新增無塵室空間逐步啟用時予以填補。

Spending on capacity is occurring alongside investments in technology transitions that are creating structural opportunities for Lam to outgrow WFE. As a driver of industry investment, we are seeing AI progress through distinct waves, from training to inference to agentic and now increasingly physical AI. Each wave is building on what came before, creating new AI use cases, greater demand and new performance requirements.

產能支出與技術轉換投資同步進行，這些轉換正在創造結構性機會，使 Lam 得以超越 WFE 的成長。作為產業投資的驅動力之一，我們看到 AI 正經歷明確的波段演進，從訓練到推論到代理式（agentic），如今也日益走向實體 AI。每一波都建立在前一波的基礎上，帶來新的 AI 使用情境、更高的需求與新的效能要求。

We're seeing the impact of this progression notably in NAND. We're expanding context windows and persistent memory requirements driving significantly higher demand for flash storage. In response, customers are, in the near term, adding bit supply and improving device capability through installed base conversions to 200-plus layer architectures.

我們特別在 NAND 看到這種演進的影響。更長的上下文視窗與持久記憶體需求正在推動快閃儲存需求大幅提升。因應之道是，客戶在短期內透過既有裝機基礎的轉換，增加位元供給並提升元件能力，導入 200 層以上的架構。

As layer counts rise and manufacturing complexity grows, so does our opportunity. We expect Lam's served available market or SAM per wafer in NAND to double from the 128-layer node to 500-plus layer devices.

隨著層數提升與製造複雜度增加，我們的機會也隨之擴大。我們預期 Lam 在 NAND 的每片晶圓可服務可用市場（SAM）將自 128 層節點到 500 層以上元件倍增。

AI is also reshaping the technology requirements in advanced foundry, logic and DRAM. Gate all around CFET, HBM, 4F-squared and panel-level advanced packaging, all featureprominently in the current and future AI device road maps. Through these transitions, increasing deposition and etch intensity remains the common thread.

AI 也正在重塑先進晶圓代工、邏輯與 DRAM 的技術需求。環繞式閘極（Gate-All-Around）CFET、HBM、4F 平方以及面板級先進封裝，皆在當前與未來的 AI 元件路線圖中占有重要地位。在這些轉換過程中，沉積與蝕刻強度的提升仍是共同主軸。

Higher aspect ratio structures, more complex 3D architectures, smaller pitch patterning and new materials integration are all areas where Lam is a leader. We see the benefit of this technology acceleration in our expanding SAM, and we are moving towards our target of high 30s SAM as a percentage of WFE faster than what we had outlined at our 2025 Investor Day.

更高深寬比結構、更複雜的 3D 架構、更小的間距（pitch）圖形化，以及新材料整合，都是 Lam 領先的領域。我們在擴大的 SAM 中看到了這波技術加速的效益，且我們正以快於 2025 年投資人日所概述的速度，朝向 SAM 佔 WFE 比重達到 30% 高段（high 30s）的目標邁進。

Let me highlight a few examples that illustrate why we're excited about what's ahead for Lam. Starting with conductor Etch. Lam is the industry leader with an installed base of more than 40,000 chambers worldwide. With our latest platform, Akara, we are further strengthening our position.

我想強調幾個例子，說明我們為何對 Lam 的未來感到振奮。先從導體蝕刻（conductor etch）談起。Lam 是產業領導者，在全球擁有超過 40,000 個腔體的裝機基礎。透過我們最新的平台 Akara，我們正進一步鞏固自身地位。

Akara combines unique direct drive plasma technology with industry-leading high aspect ratio patterning capabilities. First adopted for 2-nanometer and below gate all-around architectures and foundry-logic, Akara is now gaining momentum in advanced DRAM. We have secured several strategic tool of record positions, including recent wins for the most challenging gate etch applications. Since its launch, Akara's installed base has doubled every year. and we expect that growth trajectory to continue in 2027.

Akara 結合獨特的直驅電漿技術與業界領先的高深寬比圖形化能力。Akara 最初用於 2 奈米及以下的環繞式閘極架構與晶圓代工邏輯，如今也在先進 DRAM 領域加速取得動能。我們已取得多個關鍵的量產基準機台（tool of record）地位，包括近期在最具挑戰性的閘極蝕刻應用上的勝出。自推出以來，Akara 的裝機基礎每年都倍增，我們預期這一成長軌跡將在 2027 年延續。

DRAM pitch scaling is also driving higher interconnect density and wire and complexity. Shrinking dimensions place increasing demands on pattern fidelity, RC performance and reliability, driving adoption of advanced hard masks, etch stops and diffusion barriers. We previously addressed these patterning challenges in foundry-logic and are now extending those capabilities and our production-proven technologies into DRAM.

DRAM 的間距微縮也正推動更高的互連密度與線路複雜度。尺寸縮小對圖形保真度、RC 表現與可靠性提出更高要求，進而帶動先進硬遮罩、蝕刻終止層與擴散阻障層的採用。我們先前已在晶圓代工邏輯領域解決這些圖形化挑戰，現在正把這些能力與經量產驗證的技術延伸至 DRAM。

For example, DRAM customers are adopting our VECTOR hard mask deposition platform for low-k film patterning. By co-optimizing the hard mask film properties with our conductor etch process we have shown we can deliver improved transistor performance and better yield. Lam's co-optimized solution also offers over 20% cost savings to customers compared to traditional approaches.

例如，DRAM 客戶正採用我們的 VECTOR 硬遮罩沉積平台，用於低介電常數（low-k）薄膜圖形化。透過將硬遮罩薄膜特性與我們的導體蝕刻製程共同最佳化，我們已證明可提供更佳的電晶體效能與更高的良率。Lam 的共同最佳化解決方案，相較於傳統方法亦可為客戶帶來超過 20% 的成本節省。

Similarly, DRAM customers are increasingly adopting our VECTOR diffusion barrier systems to meet next-generation requirements. Our modular architecture combines interface cleaning etch stop enhancement and hermetic protection to prevent shorting at tighter pitches and reduce capacitance by approximately 5% versus competing technologies.

同樣地，DRAM 客戶也日益採用我們的 VECTOR 擴散阻障系統，以滿足下一代需求。我們的模組化架構結合介面清潔、蝕刻終止層強化與氣密保護，可在更緊密的間距下防止短路，並相較於競爭技術將電容降低約 5%。

As devices scale, surface engineering becomes increasingly important for reducing defectivity and variability. In the transition from FinFET to gate-all-around, the number of applications requiring surface treatment roughly doubles.

隨著裝置持續微縮，表面工程對於降低缺陷率與變異性變得愈發重要。在從 FinFET 過渡到環繞閘極（GAA）的過程中，需要進行表面處理的應用數量約增加一倍。

Our Argos selective etch system uniquely addresses this need. By leveraging proprietary plasma technology, Argos creates a radical-rich environment that enables highly selective surface treatment with minimal substrate damage. As a result, we are winning leading-edge foundry-logic customers at 2-nanometer and below and expanding Argos into a growing set of DRAM applications.

我們的 Argos 選擇性蝕刻系統以獨特方式滿足此需求。透過運用專有電漿技術，Argos 可建立富含自由基的環境，在將基板損傷降至最低的同時，實現高度選擇性的表面處理。因此，我們正在 2 奈米及以下節點贏得領先的晶圓代工邏輯客戶，並將 Argos 擴展至日益增加的 DRAM 應用。

Turning to advanced packaging. As an industry leader in TSV etch and electroplating, we are on track to deliver greater than 70% year-on-year growth. The long-term opportunity is even more compelling as AI performance will increasingly depend less on transistor density scaling and instead on integrating more chiplets, more HBM stacks and greater memory bandwidth within a single package. We expect each successive generation of advanced packaging to require more redistribution layers, denser copper interconnects, taller mega pillar structures and increasingly complex power delivery networks.

接著談先進封裝。作為 TSV 蝕刻與電鍍的產業領導者，我們正朝著年增率超過 70% 的目標邁進。從長期來看，機會更具吸引力，因為 AI 效能將愈來愈不依賴電晶體密度的微縮，而是取決於在單一封裝內整合更多晶粒（chiplets）、更多 HBM 堆疊以及更高的記憶體頻寬。我們預期每一代先進封裝都將需要更多重分佈層（RDL）、更高密度的銅互連、更高的巨型柱（mega pillar）結構，以及日益複雜的電力傳輸網路。

We also see future AI packages exceeding 9x the reticle size, roughly 3 times larger than today's mainstream designs. This is driving the industry to look beyond traditional wafer-based architectures, toward larger format panel level packaging approaches. Panels enable the creation of larger AI packages but they also introduce new challenges to maintain deposition uniformity material properties, defect control and yield across the larger panel area.

我們也看到未來的 AI 封裝將超過光罩尺寸（reticle size）的 9 倍，約為當今主流設計的 3 倍大。這正推動產業超越傳統的晶圓式架構，轉向更大尺寸的面板級封裝方案。面板可用於製作更大的 AI 封裝，但也在更大面板面積上帶來新的挑戰，包括維持沉積均勻性、材料特性、缺陷控制與良率。

By leveraging technology and learning from our wafer-based SABRE 3D and advanced wet processing platforms, we have shipped 510 by 515-millimeter panel systems into development programs across multiple geographies. And this year, we will also ship our first 310 by 310-millimeter panel tool putting us at the leading edge of this important packaging transition.

透過運用我們在晶圓式 SABRE 3D 與先進濕製程平台上的技術與經驗，我們已將 510×515 毫米的面板系統出貨至多個地區的開發計畫中。此外，今年我們也將出貨首台 310×310 毫米的面板設備，使我們站上這項重要封裝轉型的最前沿。

In CSBG, customers are increasingly leveraging Lam's Equipment Intelligence and fab automation solutions to help increase capacity as they race to meet growing AI demand. Lam's Dextro cobots, the industry's first collaborative maintenance robots, are seeing rapid adoption. The precision and repeatability of automated maintenance is leading to improved first-time right recovery, higher tool availability and increased output, all critical at a time of industry-wide supply shortages.

在 CSBG 方面，客戶正日益運用 Lam 的設備智慧（Equipment Intelligence）與晶圓廠自動化解決方案，以在競相滿足不斷成長的 AI 需求之際提升產能。Lam 的 Dextro 協作機器人（cobots）——業界首款協作式維護機器人——正快速被採用。自動化維護的精準度與重複性帶來更高的一次修復成功率（first-time right recovery）、更高的設備可用率與更高的產出；在全產業供應短缺之際，這些都至關重要。

We are accelerating Dextro application development. And since the start of 2026 have doubled the number of preventative maintenance tasks that can be automated. Importantly, many of the Equipment Intelligence and Dextro solutions initially proven out for NAND are now expanding into DRAM, creating additional service revenue opportunities in the second half of the year. Overall, we are still in the very early stages of a multiyear rollout of these offerings across our installed base.

我們正在加速 Dextro 的應用開發。自 2026 年初以來，可自動化的預防性維護任務數量已增加一倍。重要的是，許多最初在 NAND 上驗證的設備智慧與 Dextro 解決方案，現在正擴展至 DRAM，為下半年帶來額外的服務營收機會。整體而言，我們仍處於在既有裝機基礎上推廣這些產品與服務的多年期部署初期階段。

So to sum up, this is an exciting time for the industry and for Lam. AI is driving unprecedented demand, greater technical requirements and accelerated architectural scaling at both the device and packaging level. These trends all point to more opportunities for Lam. With our etch and deposition technology leadership, our close customer partnerships and our increasing operational velocity, we believe we are well positioned to outperform this year and in the years ahead.

總結來說，這對產業與 Lam 而言都是令人振奮的時刻。AI 正帶動前所未有的需求、更高的技術要求，以及在裝置與封裝層級更快速的架構微縮。這些趨勢都指向 Lam 的更多機會。憑藉我們在蝕刻與沉積技術上的領先地位、與客戶的緊密合作關係，以及不斷提升的營運速度，我們相信我們已做好準備在今年及未來數年持續跑贏市場。

Thank you, and here's Doug.

謝謝，接下來交給 Doug。

Excellent. Thank you, Tim. Good afternoon, everyone, and thank you for joining our call today during what I know is a very busy earnings season. We were pleased with our continued strong execution in the June quarter, resulting in our fourth consecutive quarter of record revenue, our highest quarterly gross margin in 20 years, record operating margin and record earnings per share.

非常好。謝謝你，Tim。各位下午好，也感謝大家在我知道這是一個非常忙碌的財報季期間加入我們今天的電話會議。我們對 6 月季度持續強勁的執行表現感到滿意，這使我們連續第四個季度創下營收新高、達到 20 年來最高的季度毛利率、創下營業利益率新高，並創下每股盈餘新高。

We just finished fiscal year 2026, and we had record revenue of $23.2 billion and gross margin of 50.6%. Our diluted earnings per share in fiscal year 2026 was also a record, coming in at $5.82, which was up 41% from fiscal year 2025. We're ahead of the profitability objectives we discussed at our 2025 Investor Day, delivered through robust top-line growth and strong operational execution.

我們剛結束 2026 會計年度，創下 232 億美元的營收新高，毛利率為 50.6%。2026 會計年度的稀釋後每股盈餘同樣創新高，達到 5.82 美元，較 2025 會計年度成長 41%。我們的獲利能力目標已超前我們在 2025 年投資人日所討論的規劃，這是透過強勁的營收成長與優異的營運執行所達成。

Let's look at the details of our June-quarter financial results. Our revenue was above the midpoint of guidance. With gross margin, operating margin and earnings per share all exceeded the high end of our guided range.

接著來看 6 月季度財務結果的細節。我們的營收高於財測區間的中點。毛利率、營業利益率與每股盈餘也都超過我們指引區間的上緣。

Revenue for the June quarter was $6.72 billion, which was up 15% sequentially and up 30% from the same period in 2025. Our deferred revenue balance at quarter end was $2.43 billion, which was an increase of $213 million from the March quarter. The increase was driven by a variety of factors, the largest of which was customer downpayments. From a market segment perspective, June-quarter systems revenue in memory was 46%, an increase from 39% in the prior quarter. On a dollar basis, this represented a record level for us in total memory.

6 月季度營收為 67.2 億美元，季增 15%，較 2025 年同期成長 30%。季度末遞延營收餘額為 24.3 億美元，較 3 月季度增加 2.13 億美元。此增加由多項因素所驅動，其中最大的一項是客戶預付款。從市場區隔來看，6 月季度記憶體系統營收占比為 46%，高於前一季度的 39%。以金額計，這代表我們在整體記憶體業務上創下歷史新高。

Within memory, non-volatile memory accounted for 23% of our systems revenue, which was up from the March-quarter level of 12%. NAND revenue dollars more than doubled sequentially as the industry focuses on conversions to 256 layer and above class devices, primarily enabling enterprise SSDs.

在記憶體之中，非揮發性記憶體占我們系統營收的 23%，高於 3 月季度的 12%。隨著產業聚焦於轉換至 256 層及以上等級的裝置（主要用於企業級 SSD），NAND 營收金額較前一季增加逾一倍。

DRAM remained strong, representing 23% of systems revenue compared to 27% in the March quarter. On a dollar basis, DRAM revenue was flattish with the record level we set in the March quarter. DRAM spending remained directed towards wafer additions and technology upgrades across 1 alpha, 1 beta and 1 gamma nodes enabling DDR5, LPDDR5 and high-bandwidth memory.

DRAM 仍維持強勁，占系統營收的 23%，相較 3 月季度的 27% 略低。以金額計，DRAM 營收與我們在 3 月季度創下的紀錄水準大致持平。DRAM 支出仍主要用於晶圓產能擴增與 1α、1β 與 1γ 節點的技術升級，以支援 DDR5、LPDDR5 與高頻寬記憶體（HBM）。

Foundry represented 44% of our systems revenue, down from the percentage concentration in the March quarter of 54%. Mature node spending with our customers in China was down sequentially. This was largely offset by strength in leading-edge process node investments in 2- and 3-nanometer capability, as well as advanced packaging.

晶圓代工占我們系統營收的 44%，低於 3 月季度的 54%。我們在中國客戶的成熟製程節點支出較前一季下滑。這在很大程度上被 2 奈米與 3 奈米能力的先進製程節點投資，以及先進封裝的強勁需求所抵銷。

And finally, logic and other were 10% of our systems revenue in the June quarter, which was up from the prior quarter level of 7%.

最後，邏輯與其他在 6 月季度占我們系統營收的 10%，高於前一季度的 7%。

Let me now discuss the regional composition of our total revenue. The Taiwan region contributed 27% of revenue, up from the March quarter at 23%. Taiwan represented a new record level for us in dollar terms. China declined as we expected it would and accounted for 26% of revenue. I'll just remind you that China was 34% of revenue last quarter.

接下來我來說明我們總營收的區域組成。台灣地區貢獻營收的 27%，高於 3 月季度的 23%。以金額計，台灣對我們而言創下新的歷史新高。中國如我們預期般下滑，占營收的 26%。提醒各位，中國在上一季度占營收的 34%。

I would mention that within China, the global multinational customers grew sequentially, while the domestic customer base declined. Our next largest geographic region was Korea at 20% of revenue in the June quarter, down a little bit from the March-quarter level of 23%.

我也要提到，在中國地區，全球跨國客戶的營收較前一季成長，而本土客戶基礎則下滑。我們下一個最大的地理區域是韓國，6 月季度占營收的 20%，較 3 月季度的 23% 略為下降。

The customer support business group generated a third consecutive quarter of record revenue at nearly $2.5 billion in the June quarter, which was up 17% sequentially from March quarter and 43% higher than the same period in 2025. Sequentially, the increase was primarily due to record upgrade revenue. We also saw smaller increases in Reliant and services. Spare part purchases remained consistent with their strong level from the March quarter.

客戶支援事業群（CSBG）在6月季度創下連續第三季的營收新高，接近25億美元，較3月季度季增17%，並較2025年同期成長43%。就季比而言，成長主要來自創紀錄的升級營收。我們也看到Reliant與服務業務有較小幅度的增加。備品採購維持在與3月季度同樣強勁且一致的水準。

Let's look at the gross margin performance. The June quarter came in at 52%, exceeding the upper end of our guidance range and improving from the March-quarter level of 49.9%. Gross margin was stronger due to a myriad of factors, including pricing actions, operational and scale efficiencies as well as a favorable product mix.

接著看毛利率表現。6月季度毛利率為52%，高於我們指引區間的上緣，並較3月季度的49.9%改善。毛利率走強是多項因素共同作用的結果，包括定價措施、營運與規模效率提升，以及有利的產品組合。

Operating expenses in the June quarter were $916 million, up from the prior-quarter amount of $866 million. The increase was mainly due to employee-related spending associated with higher headcount and variable compensation expense as a result of our improving profitability. R&D accounted for 67% of our total operating expenses. We are funding incremental product spending that should enhance the breadth and competitiveness of our future portfolio.

6月季度營業費用為9.16億美元，高於前一季度的8.66億美元。增加主要來自員工相關支出，包含因人數增加而提高的成本，以及隨著獲利能力改善而增加的變動薪酬費用。研發費用占我們總營業費用的67%。我們正投入額外的產品支出，以提升未來產品組合的廣度與競爭力。

Operating margin for the June quarter was 38.4%, also exceeding the upper end of our guidance range and improvement from the March quarter level of 35%. This improvement was primarily due to the higher revenue and stronger gross margin.

6月季度營業利益率為38.4%，同樣高於我們指引區間的上緣，並較3月季度的35%提升。此改善主要來自更高的營收與更強的毛利率。

Our non-GAAP tax rate third quarter was 11%, in line with our expectations. We do believe the tax rate will be in the mid-teens in the September quarter due to the increase in revenue in higher tax jurisdictions, primarily the United States as we enter the new fiscal year. The US GILTI rate is also higher as we enter the fiscal year. We should expect this uptick in the tax rate to continue for the remainder of 2026 and likely beyond.

我們第三季的非GAAP有效稅率為11%，符合預期。我們確實認為，9月季度的稅率將落在十幾%的中段，原因是隨著進入新的會計年度，較高稅率司法管轄區（主要是美國）的營收占比提高。隨著進入會計年度，美國GILTI稅率也更高。我們預期這個稅率上升趨勢將在2026年剩餘期間持續，且很可能延續更久。

Other income and expense for the June quarter was approximately $19 million compared with $8 million in expense in the March quarter. The change in OI&E was primarily due to foreign exchange. And as we've talked about in the past, you should expect to see variability in OI&E quarter to quarter.

6月季度其他收益與費用（OI&E）約為1,900萬美元，相較之下，3月季度為800萬美元的費用。OI&E的變動主要來自外匯因素。如同我們過去提到的，您應預期OI&E會在各季度之間出現波動。

Let's look at capital return. We allocated approximately $246 million to share repurchases, and we paid $325 million in dividends in the June quarter. We returned 45% of free cash flow in the quarter. Year to date, we have returned 81% of free cash flow, and our plans remain to return at least 85% of free cash flow to our shareholders over time.

接著看資本回饋。6月季度我們約投入2.46億美元進行庫藏股回購，並支付3.25億美元股利。本季度我們回饋了自由現金流的45%。年初至今，我們已回饋自由現金流的81%，而我們的計畫仍是隨時間推進，至少將自由現金流的85%回饋給股東。

For the June quarter, diluted earnings per share were a record $1.82. The diluted share count was roughly 1.26 billion shares, down from the March quarter. We have $4 billion remaining on our Board-authorized share repurchase program.

6月季度稀釋後每股盈餘創新高，為1.82美元。稀釋後股數約為12.6億股，較3月季度下降。在董事會授權的股票回購計畫下，我們仍有40億美元的剩餘額度。

Let me pivot to the balance sheet. Our cash and short-term investments totaled $5.6 billion at the end of the June quarter, up from $4.8 billion at the end of the March quarter. The primary factors behind the cash increase for cash from operating activities somewhat offset by our capital return activities. As the business grows, we'd like to build a little bit more cash on the balance sheet to support potential liquidity needs like capital spending and working capital.

我轉到資產負債表。截至6月季度末，我們的現金與短期投資合計為56億美元，高於3月季度末的48億美元。現金增加的主要因素是營運活動帶來的現金流入，部分被資本回饋活動所抵銷。隨著業務成長，我們希望在資產負債表上建立更多現金，以支應潛在的流動性需求，例如資本支出與營運資金。

Days sales outstanding were 72 days in the June quarter, an increase from 64 days in the March quarter. Inventory at the June-quarter end totaled $4.3 billion which was an increase in the March quarter as we are building inventory to meet growing customer demand. Nonetheless, inventory turns continue to improve coming in at 3 times versus 2.9 times in the prior quarter. This is the highest inventory turns level we've delivered in almost five years.

6月季度應收帳款週轉天數（DSO）為72天，高於3月季度的64天。6月季度末存貨總額為43億美元，較3月季度增加，因為我們正在建立存貨以滿足成長中的客戶需求。儘管如此，存貨週轉率持續改善，達到3次，高於前一季度的2.9次。這是我們近五年來交出的最高存貨週轉率水準。

Our noncash expenses in the June quarter included approximately $104 million for equity compensation, $105 million in depreciation and $15 million in amortization. Capital expenditures in the June quarter were $189 million.

6月季度的非現金費用包括：約1.04億美元的股權薪酬、1.05億美元的折舊，以及1,500萬美元的攤銷。6月季度資本支出為1.89億美元。

Capital spending was centered on lab investments in the United States and global growth in our manufacturing facilities. We ended the June quarter with approximately 22,400 regular full-time employees, which was an increase of approximately 1,800 people from the prior quarter. We had headcount growth primarily in the factory and field organizations to support increased tool installations as well as growing manufacturing activities. We also added headcount in R&D.

資本支出主要集中在美國的實驗室投資，以及我們製造設施的全球擴張。截至6月季度末，我們約有22,400名正式全職員工，較前一季度增加約1,800人。人力增加主要在工廠與現場組織，以支援更多設備安裝以及持續成長的製造活動。我們也在研發部門增加人力。

Now let's turn to our non-GAAP guidance for the September 2026 quarter. We're expecting revenue of $8.1 billion, plus or minus $400 million; gross margin of 52%, plus or minus 1 percentage point; operating margins of 39.5%, plus or minus 1 percentage point. I would just mention, we are growing spending in the September quarter albeit at a much slower rate than the growth in revenue. And finally, we're expecting earnings per share of $2.15, plus or minus $0.15 based on a share count of approximately 1.255 billion shares.

現在我們來看2026年9月季度的非GAAP指引。我們預期營收為81億美元，上下浮動4億美元；毛利率為52%，上下浮動1個百分點；營業利益率為39.5%，上下浮動1個百分點。我補充一下，我們在9月季度會增加支出，但增速將遠低於營收的成長速度。最後，我們預期每股盈餘為2.15美元，上下浮動0.15美元，係以約12.55億股的股數為基礎。

So let me wrap up by sharing a brief update to the long-term profitability framework that we introduced at our Investor Day 1.5 years ago. Since then, demand has strengthened significantly, and we're executing well to the strategy that we outlined. As Tim mentioned, we see 2026 shaping up to be our third consecutive year our outperformance to the WFE. We've been growing the CSBG business faster than the installed base, and our close to customer strategy has helped expand our margins.

最後我以簡短更新作結，說明我們在1.5年前投資人日提出的長期獲利能力架構。自那時以來，需求顯著增強，而我們也正有效執行先前所概述的策略。如Tim所提到的，我們看到2026年將成為我們連續第三年表現優於WFE。我們的CSBG業務成長速度快於裝機基礎，而我們貼近客戶的策略也有助於擴大我們的利潤率。

The technology inflections increasing deposition etch intensity reinforce our confidence that we can continue to expand our SAM creating additional opportunities for gaining share. Our SAM expansion is trending toward that high 30% range that we communicated. Now within this framework, we intend to drive gross margins to the mid-50% level and operating margins to the mid-40% level over the next several years as the AI transformation drives continued greater investment in global semiconductor capacity.

技術拐點帶動沉積與蝕刻強度提升，進一步強化我們對持續擴大SAM的信心，並創造更多取得市占的機會。我們的SAM擴張趨勢正朝向我們所溝通的接近30%高段區間。在此架構下，隨著AI轉型推動全球半導體產能持續加大投資，我們計畫在未來數年將毛利率提升至50%中段水準，並將營業利益率提升至40%中段水準。

Operator, that concludes our scripted remarks. We would now like to open up the call for questions.

接線員，我們的預先準備發言到此結束。接下來我們希望開放提問。

(Operator Instructions) Timothy Arcuri, UBS.

(接線員指示) Timothy Arcuri，瑞銀（UBS）。

Doug, I know you usually don't guide by segment, but service was up so much in June. And based upon the gross margin guidance, which you're guiding basically flattish on a revenue. I would imagine that it's up big again in September. So can you give us some sense of sort of what to expect in service within the guidance for September?

Doug，我知道你們通常不按部門提供指引，但6月季度服務業務成長非常多。而且根據你們的毛利率指引，你們基本上是在營收持平的情境下給出指引。我想像9月季度服務應該也會再大幅成長。所以你能否讓我們大致了解一下，在9月季度的指引範圍內，服務業務大概可以期待什麼？

Listen, Tim, I think you're going to see similar profile of what we saw this quarter, and I won't get into specific numbers necessarily.

聽著，Tim，我認為你會看到與我們本季所見相似的樣貌，我不一定會深入到具體數字。

But upgrades are going to continue to be strong, I think, right, driven by what you got going on in NAND investment. I expect spares to continue to be pretty strong given the high utilization in the industry. And then we're excited about what's going on in Advanced Services with all the cobot and Equipment Intelligence. So I think it's going to be pretty consistent across the board, Tim, similar to what we saw this quarter.

但我認為升級（upgrades）將會持續強勁，對吧，主要受你們在 NAND 投資所帶動。鑑於產業的高稼動率，我預期備品（spares）將會持續相當強勁。另外，我們也對先進服務（Advanced Services）在協作機器人（cobot）與設備智慧（Equipment Intelligence）方面的進展感到振奮。所以我認為整體而言會相當一致，Tim，與我們本季看到的情況類似。

Great, Doug. And then -- so the new gross margin of mid-50s, that makes perfect sense. That's great.

很好，Doug。然後——所以新的毛利率在 50% 中段，這完全合理。這很棒。

And I guess the question is, how long will it take to get gross margin to that level? I know -- I mean, obviously, if you look at your margins versus, say, the large foundry margins, I mean it used to be within 5 points and now it's between 5 and 7 points as early as the first half of '24. And now you're like the gap is like 2x that. So there's obviously a lot of room for you to move it up.

我想問題是，要花多久才能把毛利率拉到那個水準？我知道——我的意思是，顯然如果你看你們的毛利率相較於例如大型晶圓代工的毛利率，以前差距在 5 個百分點以內，而到 24 年上半年就變成 5 到 7 個百分點。而現在你們的差距大概是那個的 2 倍。所以顯然你們有很大的空間可以把它往上拉。

How long will it take you for you to move that up? Is it like a revenue thing or is it a time thing?

你們要花多久才能把它往上拉？這比較像是營收的問題，還是時間的問題？

A little bit of both, Tim, honestly, right? Part of it is scale and scope and revenue growth, part of it is new product introduction and getting fairly paid for the value we're delivering. I expect, Tim, this is over the next several years that we'll continue to drive it on an annual basis for sure, but it's going to take several years, I think, to get to those levels, Tim.

老實說，Tim，兩者都有一點，對吧？其中一部分是規模、範疇與營收成長；另一部分是新產品導入，以及讓我們交付的價值獲得合理報酬。Tim，我預期在未來幾年我們會持續以年度為節奏推進，但我認為要達到那些水準，確實需要好幾年，Tim。

CJ Muse, Cantor.

CJ Muse，Cantor。

I guess a follow-up on the CSBG side of the house. It looks like you're going to grow in the mid-30s, plus or minus. I'm just curious, how do you think about the growth rate beyond '26 into '27, how much strength should we continue to see from NAND inside here? How are you thinking about Reliant? Does that start to recover more meaningfully? And do we see sustained kind of spares as well? I would love to hear your thoughts there.

我想針對 CSBG 這一塊追問一下。看起來你們將以 30% 中段左右成長，上下浮動一些。我很好奇，你們怎麼看 26 年之後到 27 年的成長率？在這裡面 NAND 的動能還能持續多強？你們怎麼看 Reliant？它是否會開始更有意義地復甦？另外備品（spares）是否也會呈現持續性的表現？很希望聽聽你們的想法。

Yes, CJ, I'll start, and then I'll let Tim add on. Yeah, the framework we put out at the Investor Day 1.5 years ago, still, I would encourage you to think about it in a similar way. Now clearly, we've grown faster than that suggested back 1.5 years ago, and that's come a little bit from advanced services. We're super excited about that driving incremental growth. It's come, Tim, also from just really high utilization in the industry, which drives consumption of spares and service. To the extent that, that continues, spares and service will continue to be really strong from that.

好的，CJ，我先說，然後再讓 Tim 補充。是的，我們在 1.5 年前投資人日提出的框架仍然適用，我會建議你用類似方式來思考。當然，我們的成長速度明顯比 1.5 年前所暗示的更快，其中一部分來自先進服務。我們對它帶來的增量成長非常興奮。Tim，另外也來自產業非常高的稼動率，這會帶動備品與服務的消耗。只要這樣的情況持續，備品與服務就會因此持續非常強勁。

And then I think the way to think about Reliant is think about what's going on in the mature node investment, a little bit of what's happening in China. And then more broadly, what's happening in the analog, industrial, automotive space. So that will be a little bit more situational, I guess. But that's the framework to think about. We're probably going to do a little bit better than the growth that we talked about 1.5 years ago.

至於 Reliant，我認為可以從成熟製程（mature node）投資的進展來看，再加上一點中國那邊的情況。更廣泛地說，還要看類比、工業、車用領域的動態。所以我想這會比較視情況而定。但這就是思考的框架。我們的表現可能會比 1.5 年前談到的成長更好一些。

Perfect. And then I guess, could you speak to perhaps new entrants or more meaningful spending from historically larger spenders on the logic front? What kind of visibility do you have today? And what kind of growth should we expect into 2027 and beyond?

完美。然後我想問，你們能否談談在邏輯（logic）端，可能出現的新進入者，或是歷史上較大的支出者是否會有更有意義的支出？你們目前的能見度如何？而到 2027 年及之後，我們應該期待怎樣的成長？

Yeah. CJ, you're funny. Asking that tricky question about new logic customers. Yeah, there's some of the stuff going on. There's clearly dialogue, and I'll let comment a little bit. We are talking to that new logic customer in the US, that is happening.

是的。CJ，你很有趣。問了這個關於新邏輯客戶的刁鑽問題。是的，確實有一些事情在進行中。顯然有在對話，我稍微評論一下。我們正在和美國那家新的邏輯客戶洽談，這件事正在發生。

Yeah, I don't have much to add other than to say we're engaged. And I think what's exciting for us is that in many cases where we have new entrants come into foundry-logic or memory or any of the spaces, they're always looking at some of the more innovative approaches. They're not encumbered by kind of the road maps and installed base that's existed.

是的，我沒有太多補充，只能說我們正在參與其中。而我認為令我們興奮的是，很多時候當有新進入者進入晶圓代工邏輯、記憶體或任何領域時，他們總是在尋找更具創新性的做法。他們不會被既有的路線圖與已安裝基礎（installed base）所束縛。

And so I think that we're hoping that when we think about all of the new systems that we've talked about, I mentioned a few in the prepared remarks, that we've talked about a lot of others in other calls, that's an opportunity for us to showcase the significant technical improvement Lam is in on the foundry-logic side. And I think that's what new entrants mean for us is more opportunities to grow our share within that space.

因此我認為，當我們回顧我們談到的所有新系統——我在事先準備的發言中提到幾個，也在其他電話會議中談過很多——這是我們展現 Lam 在晶圓代工邏輯端所取得重大技術提升的機會。我認為新進入者對我們的意義，就是在該領域有更多機會提升市占並成長。

Harlan Sur, JPMorgan.

Harlan Sur，JPMorgan。

If I look back historically, your gross margin seems to have taken a structural step-up in 2023, but I believe this corresponded to the team moving a bigger part the volume manufacturing going through your more efficient low-cost Malaysia facility. And as the team has continued to scale volumes higher to Malaysia, since then, right, the increment that you've been able to drive incrementally higher margins on these products, and that continues to be a gross margin benefit.

如果我回頭看歷史，你們的毛利率似乎在 2023 年出現結構性上移，但我相信這對應到團隊把更大一部分量產製造轉移到你們更高效率、低成本的馬來西亞廠。而隨著團隊此後持續把更高的產量規模化到馬來西亞，對吧，你們在這些產品上能夠逐步推升的增量毛利率，並且這也持續帶來毛利率上的助益。

Looking at your strong gross margin results for June and for the September outlook, like how much of the incremental gross margin improvement is coming from the volume mix to Malaysia and the increases there? Or could it be product mix, new product introduction upgrades? I know just incremental pricing increases on your systems? And maybe which of these dynamics is going to be most influential in driving you to your mid-50s sort of new long-term targets?

看你們 6 月的強勁毛利率表現以及對 9 月的展望，增量毛利率改善有多少是來自產量組合轉向馬來西亞以及那邊的提升？或者可能是產品組合、新產品導入與升級？我知道也可能是你們系統的逐步漲價？另外，這些動態中哪一項會是推動你們達到 50% 中段這個新的長期目標最關鍵的因素？

Yeah, Harlan, let me start just because and I know you want to get to the quantification, I'll let Doug do some of that to the extent that he can. But I just wanted to point out, when we look at the tremendous operational execution -- and I refer to it as operational velocity inside the company, I wanted to just make sure it's clear we have been able to execute to what have been really accelerated customer demand because of what I see as a strategic asset in our global manufacturing footprint and then a global supply chain footprint.

是的，Harlan，我先開頭，因為我知道你想要量化，我會讓 Doug 在他能的範圍內做一些說明。但我想先指出，當我們看公司內部卓越的營運執行——我稱之為公司內部的營運速度（operational velocity）——我想確保大家清楚：我們之所以能夠因應我所看到的、因客戶需求加速而帶來的挑戰，是因為我們的全球製造佈局是一項策略性資產，並且我們也擁有全球供應鏈佈局。

We have factories in Oregon, in California and Ohio, in Malaysia and Taiwan and Korea and Austria. And really, as we've looked at this tremendous growth period we've gone through and expect to continue to go through, we've leveraged that full scope of sites and supply chains. And what's really helped us is that they're not all interrelated, and so they're not all being driven by the same demand. And so in that way, we can both get what we need when we need it and also at the prices that we needed. And so there's an element of really being able to leverage this global capability. I think that's somewhat unique in how Lam has driven our operational structure.

我們在奧勒岡、加州與俄亥俄有工廠，也在馬來西亞、台灣、韓國與奧地利設有據點。而且坦白說，回顧我們所經歷、並預期將持續的這段龐大成長期，我們充分運用這整體據點與供應鏈的廣度。真正幫助我們的是，這些據點彼此並非完全相互連動，因此也不會全部被同一種需求所驅動。因此在這樣的架構下，我們既能在需要的時候取得所需，也能以我們所需要的價格取得。所以這裡面確實有一個能夠善用全球能力的要素。我認為這在 Lam 推動我們營運架構的方式上，是相當獨特的。

And I'll let Doug talk to the second part of your question.

我會讓 Doug 來談你問題的第二部分。

Yeah, Harlan, a lot of the uptick that you're seeing gross margin has come from exactly what Tim just outlined. On top of that, we've got new products coming out every single year. theoretically adding more value to the customers and driving improving profitability. Clearly, that's going to be our ongoing objective.

是的，Harlan，你看到毛利率上升的很大一部分，正是來自 Tim 剛才所概述的內容。除此之外，我們每一年都會推出新產品，理論上為客戶帶來更多價值，並推動獲利能力提升。很明顯，這將會是我們持續的目標。

Clearly, we're always working to get fairly paid for the value we're delivering to the customers. We're absolutely working on that. And then, yes, a lot of it has come from operational efficiencies, close to customer strategy, all of that were conscious strategies that we've outlined over the last several years and have been talking about.

很明顯，我們一直在努力，確保我們所交付給客戶的價值能獲得合理回報。我們確實在做這件事。另外，是的，其中很大一部分也來自營運效率、貼近客戶策略等，這些都是我們過去幾年所闡述並持續談論的有意識策略。

I appreciate that. And then on advanced packaging, you came into this year with a view of greater than 40% growth. You upped back to greater than 50% growth last earnings. Now you're looking at 70% growth today, right? Is the increase in the outlook due to HBM or 2.5, the 3.5 SoIC advanced packaging transitions happening faster or is it customer just pulling in production capability from next year into this year, curious?

了解，謝謝。接著談先進封裝，你們今年一開始的看法是成長超過 40%。上次財報又上調回到成長超過 50%。現在你們今天看的是 70% 成長，對吧？展望上調是因為 HBM 或 2.5、3.5 SoIC 這些先進封裝轉換進展更快，還是客戶只是把原本明年的產能拉到今年來做？我很好奇。

Yeah. I mean, Harlan, it's just everything. I mean advanced packaging, I mentioned in my prepared remarks, it's becoming quite a technical tool for our customers and for the industry to drive greater performance. So it's everything you just mentioned. It's 2.5D.

是的。我的意思是，Harlan，就是全部因素。先進封裝——我在事先準備的發言裡提到——它正成為客戶與產業用來推動更高效能的一個相當重要的技術工具。所以就是你剛提到的所有項目。包括 2.5D。

It's in the foundry-logic space, it's in HBM and I think that what we're excited about is, obviously, as it moves also into panel packaging, that's a place where Lam we feel like we've gotten out to an early start there, and we think that transition is very -- at very early stages but it's an important inflection point there as well. So I think just next few years, advanced packaging growth will be a little hard to predict because adoption is just occurring all over the place.

也包括晶圓代工-邏輯領域、HBM；而我們感到興奮的是，顯然當它也走向面板封裝時，我們認為 Lam 在那裡已經取得早期起跑優勢；我們也認為那個轉換仍處於非常——非常早期的階段，但同樣是一個重要的拐點。所以我想未來幾年，先進封裝的成長會比較難以預測，因為採用正在各個面向同時發生。

But our clear leadership, Harlan, and I'll just remind you, in the TSV etch and the copper electric plating, I call it the drill and fill we just have really strong product offerings there. So as that goes, we just benefit extensively from our technical leadership.

但我們明確的領導地位，Harlan，我也提醒你一下，在 TSV 蝕刻與銅電鍍——我稱之為「鑽孔與填充」——我們在那裡確實有非常強的產品組合。因此隨著這些需求發展，我們能夠大幅受益於我們的技術領先。

Atif Malik, Citi.

Atif Malik，花旗。

I know you guys talked about doubling of NAND revenues and the context window or KB cash. There is a third-party trend forecasting a divergence in memory fundamentals next year, they're calling for an oversupply in NAND because of the NAND demand getting pulled down by weaker consumer and shortages to continue on the DRAM side, which is more driven by data center.

我知道你們談到 NAND 營收倍增，以及情境視窗或 KB 現金。有第三方趨勢預測指出，明年記憶體基本面將出現分歧；他們認為 NAND 會供過於求，因為消費端疲弱導致 NAND 需求被拉低；而 DRAM 端（更多由資料中心驅動）則會持續短缺。

Are you seeing anything in your conversation with the memory makers that are pointing to some sort of oversupply or a reversal in the NAND fundamentals for next year?

你們在與記憶體製造商的對話中，有看到任何跡象顯示明年 NAND 可能出現某種供過於求或基本面反轉嗎？

I think that it's -- as we've said on NAND, I mean, clearly, customers are right now progressing through upgrades to 200-plus layer devices. There's some greenfield this year. it's a ways out before there's a lot of greenfield coming in demand.

我認為——就像我們談 NAND 時說的——很明顯，客戶目前正在推進升級到 200 層以上的元件。今年有一些綠地（greenfield）投資，但距離大量綠地需求出現還有一段時間。

So I think that, again, next year, we haven't -- we're still having conversations about how to continue to upgrade the existing installed base and get the fleet up to kind of current state of the art in terms of NAND. And so I think it's a little early on 2028. But our view right now is the fundamentals are still about the same for us.

所以我認為，再次強調，對於明年，我們仍在討論如何持續升級既有裝機基礎，讓整體機台群提升到 NAND 目前最先進的水準。因此我覺得現在談 2028 還有點早。但就我們目前的看法，對我們而言基本面仍大致相同。

I think what I tried to highlight in my prepared remarks is the Lam story is a lot bigger than just NAM. And there's often this focus. But what we've done is we've successfully looked at these vertical scaling trends that are occurring in both DRAM and foundry-logic.

我在事先準備的發言中想強調的是，Lam 的故事遠不只是 NAND。市場常常把焦點放在這裡。但我們所做的是，成功地看到了 DRAM 與晶圓代工-邏輯兩邊正在發生的垂直擴展（vertical scaling）趨勢。

And we've applied all of that learning and expert that we have from 3D NAND into those. And those are the basis for a lot of the wins that I was talking about in my remarks. And I think that's a trend that continues into 2028 on as well. So you've got NAND and then you've got DRAM and foundry-logic as well.

我們把在 3D NAND 累積的所有學習與專業能力應用到那些領域。而這些正是我在發言中提到許多贏單的基礎。我認為這個趨勢也會延續到 2028 以及之後。所以你有 NAND，同時也有 DRAM 與晶圓代工-邏輯。

And I would point out, we said that we believe 2027 looks like a great setup, not only for the industry, but for Lam. And that's an environment where next year, we still see DRAM being the fastest grower. foundry-logic being the second fastest grower and NAND being third. And that's exactly the setup that we came into this year on. And clearly, our results so far in 2026 are quite good. So we think even in that environment, Lam can do extremely well.

另外我也想指出，我們說過我們認為 2027 對產業、也對 Lam 來說都是很好的布局。在那樣的環境下，明年我們仍然看到 DRAM 是成長最快的，晶圓代工-邏輯是第二快，NAND 排第三。而這正是我們今年一開始所面對的格局。而且很明顯，我們在 2026 年迄今的成果相當不錯。所以我們認為即便在那樣的環境下，Lam 也能表現得非常好。

And then Taiwan was a record revenue year. Can you just talk about your foundry share gains at 3 and 2 nanometer.

另外，台灣今年營收創下新高。你能談談你們在 3 奈米與 2 奈米的晶圓代工市占提升嗎？

Sure. I mean I can't tell you specifically. Obviously, in some of that gets quite close to a single customer. But look, it's back to the things that we've talked about. As customers are shrinking and they're moving to gate all around. It's the verticalization of the transistor structure. It's the focus on things like RC performance.

當然。我的意思是，我無法告訴你具體數字。顯然，其中有些內容會非常接近單一客戶的情況。但你看，這又回到我們一直在談的那些事情。當客戶持續微縮並轉向環繞閘極（gate-all-around）時，電晶體結構會更趨向垂直化。同時也更聚焦在像 RC 效能這類議題。

And if you go back and look at our transcripts from the last number of calls, we've been talking about things like low-K spaces, and we talked about the importance of patterning etch as features become ever smaller and taller because of EUV patterning and device shrink.

如果你回去看我們過去幾次電話會議的逐字稿，我們一直在談像低 k 間隙（low-K spaces）這些議題；也談到當特徵因 EUV 圖案化與元件微縮而變得更小、更高時，圖案化蝕刻的重要性。

And so I would just say anything that's related again to something becoming higher aspect ratio, it requires etch, if it has to do with RC meaning metallization resistance or dialectric capacities. Those are areas where Lam's new ALD tools where our new etch tools like Akara are doing extremely well, not just in Taiwan, but really at every leading-edge foundry-logic customer around the world because these are unique capabilities built into our newest tools and they're doing great at the customer.

所以我會說，任何與更高的高寬比（higher aspect ratio）相關的需求，都需要蝕刻；如果與 RC 有關——也就是金屬化電阻或介電電容——這些都是 Lam 的新 ALD 設備、以及像 Akara 這類新蝕刻設備表現非常出色的領域，不只是在台灣，而是在全球所有先進製程的晶圓代工-邏輯客戶，因為這些都是我們最新設備內建的獨特能力，而且在客戶端的表現非常好。

Jim Schneider, Goldman Sachs.

Jim Schneider，高盛。

I was wondering, as you look at the growth rates, the industry has gone up post in 2026. How would you had to cap looking at mid-'27 where you could see a similar, better or worse growth rate relative to this year?

我想請教，當你們看成長率時，產業在 2026 年之後已經上升。你們會如何看待到 2027 年年中時，可能看到與今年相比類似、更好或更差的成長率？

Yeah, Jim, we're not going to get into talking specifically about next year, at least not numerically. I would tell you, though, that as we look at kind of what's being invested in, the industry is still meaningfully undersupplied, right? You've got clean room coming online over the next, I don't know, 12 months and beyond, frankly, and all that will lead to incremental opportunities as we get into '27.

是的，Jim，我們不會具體談明年，至少不會用數字來談。不過我可以告訴你，從投資的方向來看，這個產業仍然明顯供給不足，對吧？未來大概接下來 12 個月以及更往後，會有無塵室產能上線，坦白說，這些都會在我們進入 2027 年時帶來增量機會。

It's too soon for us to put quantification around what '27 is going to be. But it looks like it's going to set up to be a pretty darn good year, Jim. I guess I'd just leave it at that.

現在要我們對 2027 年做量化還太早。但看起來它會是一個相當不錯的一年，Jim。我想我就先說到這裡。

That's fair enough. I understand. And then maybe just as a follow-up. You mentioned pricing being one of the factors to promote performance in the quarter. Can you speak to some of the factors that drove that? And do you see opportunities for further pricing actions in the short term, for example, like-for-like pricing pieces even which on the same program, the same project?

這樣說也合理。我理解。那再追問一下。你提到定價是推動本季表現的因素之一。你能談談有哪些因素驅動了這點嗎？以及你是否看到短期內還有進一步採取定價行動的機會，例如同品項（like-for-like）的定價調整，即使是在同一個方案、同一個專案上？

Jim, I mean, we're always working on getting fairly paid for the value we're delivering last quarter was no different than it ever has been. Pricing is always a component of what's been going on in addition to operational efficiency, that close to customer strategy I talked about -- all these new products that we're bringing out, delivering better gross margin because it's solving more difficult technical challenges.

Jim，我的意思是，我們一直都在努力讓我們交付的價值得到合理報酬，上季也不例外。除了營運效率之外，定價一直都是其中一個組成部分；還有我提到的貼近客戶策略——以及我們推出的所有新產品，因為能解決更困難的技術挑戰，所以帶來更好的毛利率。

All that contributes to what you're seeing us deliver in gross margin. And frankly, we will strive to continue to expand gross margin to that mid-50% level. We're going to work on all of those stuff.

這些都促成了你看到我們毛利率的表現。坦白說，我們會努力持續把毛利率擴張到 50% 中段的水準。我們會在所有這些方面持續努力。

Srini Pajjuri, RBC Capital Markets.

Srini Pajjuri，RBC 資本市場。

Tim, on your WFE comment about $150 billion, I think you said -- you alluded to maybe further upward bias for the year. I'm just trying to get a sense of what your lead times are? And in case if there is more upside, I guess, in the second half of the year, how well positioned you are to be able to supply to any potential upside?

Tim，關於你提到 WFE 約 1,500 億美元的評論，我記得你說——你暗示今年可能還有進一步上修的偏向。我想了解一下你們的交期（lead times）目前如何？如果今年下半年確實還有更多上行空間，你們在供應上對於潛在的上行需求，準備得有多充分？

Yeah. Sorry, that might have been poorly worded in the remarks. It was -- our previous quarter's guidance was $140 billion with upside bias and that upside bias played out to get us to $150 billion now. So this outlook was in the $150 billion range. We didn't say upside bias for this current outlook.

是的。抱歉，我在說明時可能措辭不夠精準。我們上一季的指引是 1,400 億美元，並帶有上行偏向，而那個上行偏向已經實現，讓我們現在來到 1,500 億美元。所以這次展望是在 1,500 億美元左右。我們並沒有說這個當前展望還帶有上行偏向。

But to that extent, I mean, your second part of your question about what capability do we have? I mean, I know we were thinking one of the questions might be, how did you go to from $140 billion to $150 billion when you said it was clean room constrained.

不過就你問題的第二部分，也就是我們有什麼供應能力而言——我的意思是，我知道大家可能會問的一個問題是：你們之前說受無塵室限制，那怎麼能從 1,400 億美元提高到 1,500 億美元？

People find ways and the demand is very strong. And so people have squeezed out a little bit of extra space. They've resolved bottleneck tools. We work with customers on if we happen to be the bottleneck tool from a throughput perspective in places, we work with customers to resolve those and that sometimes frees them up to spend a little bit more to resolve other bottleneck tools. So that's kind of the $140 billion to $150 billion.

人們會想辦法，而需求非常強勁。因此大家擠出了一點額外空間。他們解決了瓶頸設備。如果我們剛好在某些地方從產出（throughput）角度成為瓶頸設備，我們會與客戶合作解決，這有時也會讓他們騰出空間，多花一些資本去解決其他瓶頸設備。這大概就是從 1,400 億到 1,500 億的原因。

From this point forward, as you said, lead times are challenging. But maybe referring back to the answer I gave about our strategic global manufacturing supply chain, our team is doing a phenomenal job, a heroic job, I think, responding to urgent customer requests and so when those do come up, we've been able to meet those needs.

從現在往後，如你所說，交期確實具有挑戰。但回到我先前提到的我們策略性的全球製造供應鏈，我們的團隊做得非常出色，我認為甚至是非常英勇地回應客戶的緊急需求；因此當這些需求出現時，我們一直能夠滿足。

I think as we move through the second half of the year, that becomes more and more built to see anything further in this year as true surprise upside. And that's why the discussions are now out in the '27 and beyond to make sure that as new fabs come into play -- this is my comment about visibility. As those new fabs are opening up, customers want to make sure they have secured the tools they need from Lam to -- and so those discussions are taking place at lead time or beyond.

我認為當我們進入下半年，要在今年再看到更多上行會越來越難，任何進一步的上行都會是真正的意外驚喜。這也是為什麼現在的討論已經延伸到 2027 年及以後，以確保當新晶圓廠投入運作——這就是我提到能見度的評論——當那些新廠開出來時，客戶希望確保他們已經鎖定從 Lam 取得所需的設備——因此這些討論正在以交期甚至更長的時間尺度進行。

And then my follow-up, maybe on gross margins. Doug, pretty impressive gross margin performance despite the fact that China declined pretty meaningfully sequentially. So I'm just trying to get a sense of what you're seeing in terms of China overall demand. Are you expecting, I guess, China to recover in the next few quarters?

那我再追問一下，可能是關於毛利率。Doug，毛利率表現相當亮眼，儘管中國的占比/出貨（或需求）環比下滑得相當明顯。所以我想了解你們對中國整體需求的觀察。你們是否預期中國在接下來幾季會回升？

I see you were deferred revenue balance went up a little bit. So I'm just trying to get a sense of how to think about China going forward.

我看到你們的遞延收入餘額也小幅上升。所以我想了解未來該如何看待中國。

Srini, I still think China overall WFE is flat to slightly up, similar to what we said before. I think quarter by quarter, you'll see some lumpiness to it. right? But our view is still largely the same.

Srini，我仍然認為中國整體 WFE 會持平到小幅成長，和我們之前說的一樣。我想逐季來看會有一些起伏（lumpiness），對吧？但我們的看法大致仍然相同。

I would just also point out a comment that I made in my script and maybe that we're going to continue to see is understand in that China region, you also have the global multinational customers with fabs in China showing up in that number at 26%. And in the June quarter, those global multinationals in China actually grew somewhat while the indigenous Chinese customers declined. It won't surprise me if that's a similar trend that we see as we go through the latter part of the year as well.

我也想補充我在講稿裡提到的一點，而且我們可能會持續看到：要理解在中國區域的數字中，也包含在中國設廠的全球跨國客戶，這部分占比是 26%。而在 6 月季度，這些在中國的全球跨國客戶其實有些成長，而中國本土客戶則下滑。如果我們在今年後半段也看到類似趨勢，我不會感到意外。

Vivek Arya, Bank of America Securities.

Vivek Arya，美國銀行證券。

This is Michael Mani on for Vivek Arya. My first question is on NAND. So it seems like the company is pretty close to realizing the $40 billion upgrade opportunity faster than expected. But as you've described in the past, that's not so much of a static opportunity. Like whatever has been upgraded to layers eventually has to migrate to 300 layers and above, which could trigger another wave of spending for NAND.

我是代替 Vivek Arya 提問的 Michael Mani。我的第一個問題是關於 NAND。看起來公司距離實現 400 億美元的升級機會已經相當接近，而且速度比預期更快。但如你們過去所描述，這並不是一個靜態的機會。例如，已經升級到某個層數的產能，最終仍需要遷移到 300 層及以上，這可能會觸發 NAND 的另一波資本支出。

Where are we in that kind of second phase of upgrades? And is there a way to kind of contextualize how big that opportunity could be relative to the initial $40 billion upgrade opportunity you saw in the last couple of years?

我們目前處於這種第二階段升級的哪個位置？是否有方法可以把這個機會的規模，與你們過去幾年看到的最初 400 億美元升級機會做相對比較、加以脈絡化？

Yeah, it's a good question. We've said that it is not a static thing. And in fact, as the industry -- if we look at this year, we made a comment. It's a combination of both upgrades plus some greenfield shipments, and that's kind of going to characterize the next couple of years. I mean, most of that $40 billion we had previously said would likely occur -- and upgrades would likely occur before the end of 2027. But then as you pointed out, it kind of all starts again.

是的，這是個好問題。我們一直說這不是一個靜態的事情。事實上，隨著產業——如果我們看今年，我們曾做過一個評論。它是升級與部分綠地（greenfield）出貨的組合，而這大概會成為未來幾年的特徵。我的意思是，我們先前提到的那400億美元中，大部分很可能會發生——而升級很可能會在2027年底之前發生。但正如你指出的，之後一切又會重新開始。

The key is since greenfield additions have been made in that period of time. The next time it rolls through, you go from 200 to 300 plus or 400 plus, it's an even bigger installed base. And so while we have not -- we haven't quantified that, but it's a good action item for us to get to you into the future.

關鍵在於，因為在那段期間已經新增了綠地產能。下一次循環再走一遍時，你會從200到300以上或400以上，裝機基數會更大。因此，雖然我們尚未——我們還沒有量化它，但這是我們未來需要回覆你的一個很好的待辦事項。

But you can imagine that as you go -- we've described from 200 to 300 to 400 to 500 layers, I mean -- I said that our SAM will double from the 200-plus layer to the 500-plus layer on a per wafer basis. And that's a combination of longer process times to process the taller stacks plus additional tools that get added in to deal with all the complexity of all that stacking. And that's where Lam's opportunity lies helping address the complexity of stacking the 500 layers and beyond for customers.

但你可以想像，隨著你往前走——我們描述過從200到300到400到500層，我的意思是——我說過，以每片晶圓為基礎，我們的SAM會從200+層到500+層翻倍。這是更高堆疊帶來更長製程時間，再加上為了處理所有堆疊複雜性而新增的額外設備的組合。而Lam的機會就在於，協助客戶解決500層及以上堆疊的複雜性。

And my follow-up, I wanted to ask about DRAM. So I think a lot of the strong outgrowth and have seen over the last couple of years in share gains has been mainly driven by HBM, which are TSV drilling and electric plating tools. But could you talk about your share opportunity in traditional conventional DRAM, especially as you move to new nodes like 1c and 1 gamma, given that right now, that seems like where most of the industry capacity constraints are over the next couple of years?

我接著想問關於DRAM。所以我認為，過去幾年你們在市占提升上看到的許多強勁成長，主要是由HBM所驅動，也就是TSV鑽孔與電鍍設備。但你能否談談你們在傳統、常規DRAM上的市占機會，特別是當你們邁向像1c與1 gamma這樣的新節點時，因為目前看起來，未來幾年產業的大多數產能瓶頸似乎就在那裡？

Sure, sure. I mean it's -- obviously, as you mentioned, HBM has been tremendous for Lam from the standpoint of the position we have in the TSV formation and other elements of the HBM process itself. But I mentioned a couple of improvements. As DRAM performance at the device level continues to push forward into future nodes, they're incorporating more processes that are associated with higher performance. It's low pay. It's also introduction of more EUV layers, which pulls in and makes Lam's patterning etch tools that much more critical. And so we're seeing wins across very conventional for types of devices.

當然，當然。我的意思是——顯然如你所提，從我們在TSV成形以及HBM製程其他環節的布局來看，HBM對Lam來說非常可觀。但我也提到幾項改善。隨著DRAM在元件層級的效能持續推進到未來節點，他們會導入更多與高效能相關的製程。是低pay。同時也會導入更多EUV層，這會帶動並使Lam的圖形化蝕刻（patterning etch）設備變得更加關鍵。因此，我們在非常傳統的各類裝置上也看到勝出。

In my prepared remarks, I talked about if you're trying to build very high-performance DRAM, you start to worry about things, as I mentioned, like the diffusion barrier performance and the ex-op layer performance. And that's an area where today, we hold a very strong leadership position in advanced leading-edge foundry-logic.

在我事先準備的談話中，我提到如果你想打造非常高效能的DRAM，你就會開始擔心一些事情，例如我提到的擴散阻障層（diffusion barrier）的效能，以及ex-op層的效能。而這正是我們目前在先進、最前沿的晶圓代工邏輯（foundry-logic）領域擁有非常強勢領導地位的地方。

And the reality is, as you try to push DRAM performance ahead, it starts to look a lot like leading-edge foundry-logic. And I think that's where the real strength of Lam's portfolio is that, in many ways, the performance requirements across all three devices as we see more vertical scaling, more performance, they're all converging.

而現實是，當你試圖把DRAM效能再往前推，它開始看起來很像最前沿的晶圓代工邏輯。我認為Lam產品組合真正的強項在於：在很多方面，隨著我們看到更多垂直擴展、更高效能，三種裝置的效能需求正在趨於一致、彼此收斂。

And I think that a couple of years from now, we're going to look back and say, hey, everything kind of became 3D NAND like, much taller, much more complex acquiring higher performance tools. And right now, I think DRAM is seeing that. So it's -- we are winning in conventional DRAM, but it's related to the strength of the device, the patterning of the device, the materials that are being introduced and I think that continues. And then you layer on top of that, if you do HBM, it's even better for us.

我想再過幾年，我們回頭看會說，嘿，一切都某種程度變得像3D NAND一樣：更高、更複雜，並需要更高效能的設備。而我認為DRAM現在正出現這種情況。所以——我們在常規DRAM上正在贏，但這與元件本身的強度、元件的圖形化、正在導入的材料有關，而且我認為這會持續。然後你再疊加HBM的話，對我們就更有利。

Melissa Weathers, Deutsche Bank.

Melissa Weathers，德意志銀行。

I wanted to bring it back to a framework that you guys brought up on one of your calls last year about the relationship between WFE spending and total data center spending, especially with the market looking at potential slowing of AI spending or more efficient models.

我想把話題帶回你們去年某次電話會議中提出的一個框架：WFE支出與資料中心總支出之間的關係，特別是在市場關注AI支出可能放緩或模型更有效率的情況下。

Is there any way you can help us think about your view of WFE in the context of potential slowing AI spending? And how do we think about the resilience of your business there?

你們是否能協助我們思考，在AI支出可能放緩的背景下，你們對WFE的看法？以及我們該如何看待你們業務在這方面的韌性？

Yeah. Listen, Melissa, I think as we look into next year, the fact that the industry is undersupplied this year is going to roll into next year. So we feel great about what's going to happen with WFE.

是的。聽著，Melissa，我認為當我們看向明年，今年產業供給不足的情況會延續到明年。所以我們對WFE接下來的表現感到非常樂觀。

Yeah, that metric, we about the $100 billion data center CapEx equating, if I remember the number to roughly $8 billion in WFE. That was probably a little bit of a low estimate as we see here today, probably trending, I don't know, $1 billion or $2 higher. But that clearly, at the end of the day, is what's driving demand at the end of the day, the hyperscale investment is trickling all the way back to WFE, and that is absolutely a driver. The numbers are probably a little higher than we had talked about with middle part of last year.

是的，那個指標——我們提到大約1,000億美元的資料中心資本支出（CapEx）相當於，如果我沒記錯，大約80億美元的WFE。以我們今天看到的情況來看，那可能稍微偏低，可能正朝著高出10億或20億美元的方向走。但很清楚的是，歸根結底，這就是需求的驅動因素：超大規模（hyperscale）的投資一路回傳到WFE，而這絕對是一個驅動力。這些數字可能比我們去年年中談到的還要高一些。

Perfect. And then on the supply side, I'm sure you guys are getting more visibility from your own customers. But I was wondering, Doug, you talked about higher inventory turn. What kind of like partnership and visibility are you giving your suppliers to make sure you can bring on capacity for this strong ramp?

很好。然後在供應端，我相信你們從自家客戶那邊也獲得更多能見度。但我想問的是，Doug，你提到更高的庫存周轉。你們會給供應商什麼樣的合作與能見度，來確保你們能為這波強勁拉升導入產能？

All the same visibility we get, Melissa, is propagating its way all the way back to our supply chain and even a couple of layers deep in the supply chain. So we're doing everything we can to make sure we're not going to be the bottleneck.

Melissa，我們獲得的所有能見度，都在一路向後傳遞到我們的供應鏈，甚至深入到供應鏈的更下游幾層。所以我們正在盡一切努力，確保我們不會成為瓶頸。

I would tell you, it's a lot of work. We've got a lot of things we're expediting and working our way through. We'll continue to do that. But that part of the company is doing an extraordinary job managing this for us.

我會告訴你，這需要做很多工作。我們有很多事情正在加急處理並逐一推進。我們會持續這麼做。但公司裡負責這一塊的團隊，正在為我們做出非常卓越的管理工作。

Stacy Rasgon, Bernstein Research.

Stacy Rasgon，Bernstein Research。

For the first one, Doug, I know you said '27 is going to be kind of a remarkable year. I want to ask you to give us a number. But I mean, are clean rooms really the limiter to how big '27 can be like. I mean if clean rooms were unlimited, I think you guys are growing, you guys think is growing from like [110 to 150] this year sets mid-30s. If clean rooms were unlimited, like is there no question that we could grow that much next year even more. Is that where the demand is the demand note thing like that?

第一個問題，Doug，我知道你說過「27年會是相當非凡的一年」。我想請你給我們一個數字。但我的意思是，無塵室（clean rooms）真的會限制27年能有多大嗎？我的意思是，如果無塵室是無限的，我想你們的成長——你們認為今年從大概[110到150]的成長對應到30%多的中段增幅。如果無塵室是無限的，是否毫無疑問我們明年可以成長那麼多甚至更多？需求就在那裡嗎——需求端就是這樣嗎？

Yeah, Stacy, again, I'm not going to put numbers on it right now. It's too soon for us to do that. But when I look into what's going on in the industry, I don't know, when you just look at the bigger customers, there's probably 8, 9, 10 new fabs coming online between now and the end of next year that's going to enable the reception of more equipment.

是的，Stacy，再次，我現在不會把它量化成具體數字。現在談這個還太早。但當我觀察產業正在發生的事情時，我不確定——如果你只看大型客戶，從現在到明年年底之間，可能會有 8、9、10 座新的晶圓廠（fab）陸續投產，這將使得更多設備得以被接收與導入。

So we're excited about where this is going. I'm not going to put a number on it quite yet. We'll do that as we get further down the road here.

所以我們對這個走向感到興奮。我還不會這麼快就給出一個數字。等我們再往前推進一些，我們會再做這件事。

Got it. For my follow-up, let me try one more way. Again, I'll try to answer without having to put numbers on it. But if '27 is going to be that good, do you think the setup is good enough where, at a minimum, we could see sequential growth from here until the end of '27? Is the setup and I guess, the availability of space enough that at least you could be willing to sign up for something like that?

了解。針對我的追問，我再換一種方式試試。同樣地，我會試著在不必給出數字的情況下回答。但如果 '27 會那麼好，你覺得目前的態勢是否足夠好，至少我們可以從現在一路看到到 '27 年底的逐季成長（sequential growth）？也就是說，這樣的態勢以及我想、空間的可用性是否足夠，讓你至少願意對這樣的情境做出承諾？

Yeah, maybe, Stacy, when you look at it, this doesn't all come on in any one quarter. So it comes on kind of bit by bit. Again, not going to guide you quarter by quarter through next year. But I feel incrementally do at about each successive quarter as I sit here right now. And as we get a little bit closer, maybe I'll give you a little more color.

是的，也許吧，Stacy。當你看這件事時，這不會在某一個季度一次性全部到位。它會是一點一點地上來。同樣地，我不會逐季地一路指引到明年。但就我現在坐在這裡的感受而言，我覺得每一個接續的季度都會有漸進式的提升。等我們再靠近一些，也許我會給你更多細節與脈絡。

Krish Sankar, TD Cowen.

Krish Sankar，TD Cowen。

To Doug, you mentioned about growing inventory but the inventory management is still lean. When I look at prior cycles, this is the time where you should be building a lot more inventory given the huge WFE potential ahead.

問 Doug，你提到庫存正在增加，但庫存管理仍然偏精實。當我回顧過去的循環，這通常是你應該建立更多庫存的時點，因為前方有很大的 WFE 潛力。

I'm just wondering, is this a new norm for inventory management? Or is this more supply chain being constrained on capacity? And if you can just try and that to what your lead timewill be helpful, too.

我想確認一下，這是否代表庫存管理的新常態？還是說供應鏈在產能上仍受限？另外，如果你能順帶談一下你們的交期（lead time）會如何，也會很有幫助。

It's just efficiently managing the building inventory. We are absolutely growing inventory. I think it grew $300 million or something last quarter. But at the same time, turns improved. I think you're going to continue to see us think about it in the same way. We clearly are going to need to build inventory as we get into revenue growth like we're seeing, but we'll also be focused on efficiency and making sure we're managing the cash for the company well.

這只是更有效率地管理庫存建置。我們的庫存確實在增加。我想上季大概增加了 3 億美元左右。但同時，周轉也改善了。我認為你會持續看到我們以同樣的方式來思考這件事。很明顯，隨著我們進入像現在看到的營收成長，我們需要建立庫存，但我們也會專注在效率，並確保把公司的現金管理好。

Got you. And then a quick follow-up on gross margins. I thought you mentioned that some of the strength in June came from pricing, too. I understand product mix might have an impact. But if you assume current level of volumes is 50%-plus the right baseline for gross margins to assume?

了解。接著快速追問毛利率。我記得你提到 6 月的一些強勁表現也來自定價。我理解產品組合可能會有影響。但如果假設目前的出貨量水準，是否可以把 50% 以上視為毛利率的合理基準？

You mean as we go forward, Krish, is that your question?

你的意思是往後看，Krish，是這個問題嗎？

Yeah. Yeah, at these volume levels, yeah.

對。對，在這樣的出貨量水準下，是的。

Yeah. No, I think so. Listen, we're in that 51%, 52% range right now. I think we can continue to deliver that in the near term.

是的。不，我認為是的。聽著，我們現在大概在 51%、52% 的區間。我認為短期內我們可以持續交付這樣的水準。

Blayne Curtis, Jefferies.

Blayne Curtis，Jefferies。

I actually wanted to ask on pricing. It's been kind of an investor theme, and I'm kind of just curious what you're seeing like-for-like pricing in the industry and you?

我其實想問定價。這一直是投資人的一個主題，我也有點好奇，你看到產業內以及你們自身的同品項（like-for-like）定價走勢如何？

Yeah, Blayne, I'm not going to talk about like-for-like pricing. When I described the solid gross margin that we saw last quarter, I talked a little bit about pricing, about operational and scale efficiencies and about product mix, all of that contributed. We're always doing everything we can to get fairly paid for the value we're delivering. That's true today. It's been true for, I don't know, a decade, longer, but we're working on all of those things, Blayne.

是的，Blayne，我不會談同品項（like-for-like）的定價。當我描述我們上季看到的穩健毛利率時，我稍微提到定價、營運與規模效率，以及產品組合——這些都共同貢獻了結果。我們一直都在盡一切努力，確保我們交付的價值能獲得合理的報酬。今天如此。我不知道，過去十年甚至更久也一直如此；但我們正在推進所有這些事情，Blayne。

Got you. And then I want to ask you in terms of just your CapEx plans and in terms of adding this back in capacity, there's a lot of talk of WFE $300 billion . Just kind of curious, what are you starting today and like what could that spending be over the next year or two years?

了解。接著我想問你們的資本支出（CapEx）計畫，以及擴充產能這件事。市場上有很多關於 WFE 3,000 億美元的討論。我想了解，你們現在開始做哪些投入？以及未來一到兩年這方面的支出可能會是多少？

Yeah. Blayne, I still think we can manage the company for 4% to 5% of revenue going towards CapEx as we build out lab infrastructure. We're making big investments in labs, by the way. This isn't just manufacturing capacity. We're also very focused, Blayne, on, I don't know, I think about it as footprint in densification, getting more output for the same square footage that we have in manufacturing.

是的。Blayne，我仍然認為，隨著我們擴建實驗室基礎設施，我們可以把公司的 CapEx 控制在營收的 4% 到 5%。順帶一提，我們正在對實驗室做很大的投資。這不只是製造產能。我們也非常專注於——Blayne，我會把它想成是廠區足跡的「密度提升」（densification），也就是在相同的製造面積下取得更高的產出。

The company is doing a really nice job at that. We probably haven't talked enough about it. But we're making the investments we need to support where we believe the customers are going to be. We'll be ahead of that.

公司在這方面做得非常好。我們可能談得還不夠多。但我們正在進行必要的投資，以支援我們認為客戶將會前往的方向。我們會走在前面。

Yeah. I think if you don't mind, I'd just add Doug's comment about labs. I mean if we think about CapEx and investments and long term for the company, we sit in a position where as etch and dep intensity is growing and playing a much more important role to kind of our future road maps of our customers, we see a lot of opportunity for new product development to accelerate SAM expansion even further.

是的。如果你不介意，我想補充 Doug 關於實驗室的評論。我的意思是，如果我們從 CapEx、投資以及公司長期來看，隨著蝕刻（etch）與沉積（dep）的強度提升，並在客戶未來路線圖中扮演更重要的角色，我們看到很多新產品開發的機會，可以進一步加速 SAM 的擴張。

And so labs play a big role in that. Tooling for those labs plays a big role in that. And so where we see opportunity, we will invest in the company to accelerate growth.

因此，實驗室在其中扮演很重要的角色。為這些實驗室配置設備（tooling）也扮演很重要的角色。所以在我們看到機會的地方，我們會投資公司，以加速成長。

Vijay Rakesh, Mizuho.

Vijay Rakesh，Mizuho。

Tim and Doug, just a question on the -- when you look at the DRAM side, obviously growing very nicely. But when you look at HBM 440 and HBF, obviously, it looks like your capital intensity starts to pick up significantly for Lam. Any way of kind of sizing the opportunity there for every 100 wafers, whether it's HBF with PSVs or HBM 440. And I have a follow-up.

Tim 和 Doug，我有個問題——當你看 DRAM 這一端，顯然成長非常不錯。但當你看 HBM 440 和 HBF，顯然看起來你們對 Lam 的資本強度開始顯著上升。有沒有辦法大致量化那邊的機會：例如每 100 片晶圓，不論是帶有 PSV 的 HBF 或 HBM 440？我還有一個追問。

Yeah. Vijay, we haven't put numbers around that. But clearly, I mean, relative to your HBM question, as the stack gets taller, process times take longer, you need more equipment. And clearly, we're enabling a lot of that with the things we do around the TSV. But we haven't put specific numbers on it, and I'm not prepared to do it right now.

是的。Vijay，我們還沒有對此給出數字。但很明顯，就你關於 HBM 的問題而言，隨著堆疊變得更高，製程時間會更長，你就需要更多設備。而且很明顯，我們透過在 TSV 相關的作為，正在促成其中很大一部分。但我們尚未提供具體數字，我現在也還沒準備好這麼做。

Got it. And when you look at the Lam revenues this year 2026, looks like you're somewhere in that $30 billion neighborhood on $150 billion WFE. So about 20% share back of the envelop you talked about a 30% SAM. When you start to kind of scale and bridge into that, I guess, what would be the timeframe?

了解。而且當你看今年 2026 年 Lam 的營收，看起來在 $1,500 億 WFE 的情境下，你大概落在 $300 億左右的區間。所以大概是你提到的 30% SAM 的粗略估算下，約 20% 的市占。當你開始把規模拉上來並銜接到那個水準時，我想問一下，時間框架會是多久？

Yeah, Vijay, what we talked about, I got to take you back to the Investor Day and the beginning of 2025. We at that point, we're talking about our SAM extending from the low 30% of WFE range into the high 30% range. As we sit here today, we're probably trending already to that high level.

是的，Vijay，我們談到的內容，我得帶你回到投資人日以及 2025 年初。當時我們談的是，我們的 SAM 會從 WFE 區間的 30% 出頭延伸到 30% 後段、接近 40% 的區間。以我們今天的狀況來看，我們可能已經在往那個高位水準趨近了。

We're, I don't know, I guess, 36%, 36.5% this year, something like that. So we're progressing quite nicely. I'm not exactly sure the math that you were doing, it might be confusing a little bit of the CSBG business in there as well, which isn't purely WFE. So maybe we can take that off-line.

我們今年大概是 36%、36.5% 之類的，我猜。所以我們進展得相當不錯。我不太確定你剛剛算的數學是怎麼算的，可能也把 CSBG 的業務混在裡面了，而那並不完全是 WFE。所以也許我們可以線下再討論。

Operator, we will take one more question, please.

接線員，我們再接一個問題，謝謝。

Shane Brett, Morgan Stanley.

Shane Brett，摩根士丹利。

So my first question is, you talk a lot about etch and dep, but you've gained quite a bit of share in cleaning over the last few years. Could you talk about the roll cleaning plays in your SAM expansion? Is there a world where you actually become the leading market shareholder for clean?

我的第一個問題是，你們談了很多蝕刻和沉積，但過去幾年你們在清洗領域也拿到了相當多的市占。能否談談清洗在你們 SAM 擴張中的角色？是否有可能你們實際上成為清洗市場的市占第一？

Yeah. I guess we're still focused on the 3D scaling that's occurring in all these devices. We sometimes forget about clean, but you're right. It's a very important business for us and one that has grown nicely. And I think, again, as customers focus, we talked a little bit about it purely cleaning, but we talked about the selective etch process in surface treatment. And clean kind of plays into that as well, although I'll be in different tools.

是的。我想我們仍然聚焦在所有這些元件中正在發生的 3D 微縮。我們有時會忘了清洗，但你說得對。這對我們來說是非常重要的業務，而且成長得不錯。我認為同樣地，隨著客戶的聚焦——我們稍微提到過純清洗——但我們也談到在表面處理中的選擇性蝕刻製程。清洗也會在其中扮演角色，雖然會是在不同的設備上。

But it's the focus as you are getting to more and more difficult technologies, the need to control surfaces, the need to perform cleans, eliminate defectivity, all just are becoming much more important to the customers. And so we've seen our performance in clean where we are really focused on the high-performing critical cleans we've done extremely well.

但重點是，當你走向越來越困難的技術時，控制表面的需求、執行清洗的需求、消除缺陷的需求，對客戶而言都變得更加重要。因此我們看到我們在清洗方面的表現——我們真正聚焦在高效能的關鍵清洗——做得非常好。

And so I don't know about the number one player because there's a lot of it to go look at that market. But in terms of critical cleans, that, of course, would be our objective is to help our customers with all of the processes.

至於是不是第一名，我不確定，因為那個市場還有很多面向需要去看。但就關鍵清洗而言，當然，我們的目標就是協助客戶完成所有製程。

Got it. And for my follow-up, apologies if this is a little repetitive to prior questions. But I want to dig into DRAM, as your DRAM revenue may double this year, but you mentioned earlier to a question that DRAM will be the fastest driver next year. Just how big could DRAM be for you in 2027 as a percentage of your system revenue? And kind of how much of that growth could be based on share gain?

了解。我的追問，如果和前面問題有點重複先說抱歉。但我想深入談 DRAM：你們的 DRAM 營收今年可能會翻倍，但你們先前回答問題時提到，明年 DRAM 會是成長最快的驅動因素。那麼到 2027 年，DRAM 對你們而言，作為系統營收的占比可能會有多大？以及其中有多少成長可能來自市占提升？

Yeah, Shane. We're not going to put numbers around next year yet too soon. But what Tim said is as we look into next year, we expect the growth drivers next year to be largely the same as they are this year led by growth in DRAM WFE followed by leading-edge founder and logic followed by NAND. We see everything growing into next year.

是的，Shane。我們現在還不會對明年給出具體數字，還太早。但 Tim 的意思是，當我們看向明年時，我們預期明年的成長驅動因素大致會和今年相同：由 DRAM WFE 的成長領先，其次是先進晶圓代工與邏輯，再來是 NAND。我們看到各項都會延續成長到明年。

And frankly, Shane, when we think about the guide for next quarter at $8.1 billion, I think you're going to see everything growing next quarter as well.

坦白說，Shane，當我們看下一季 $81 億的指引時，我想你也會看到下一季各項業務同樣都在成長。

This concludes our question-and-answer session. I would like to turn the conference back over to Doug Bettinger for any closing remarks.

問答環節到此結束。我想把電話會議交回給 Doug Bettinger，請他做結語。

Yeah, I would just say thank you all for joining our call. We're very excited about what's going on in the industry right now and our unique position in it. As we talked about, both Tim and I, we're looking into what we believe to be our third consecutive year of outperforming growth in WFE because of the intensity of etch and deposition. And I wouldn't change our position for anybody in the industry.

好的，我只想說謝謝各位參加我們的電話會議。我們對目前產業正在發生的事情，以及我們在其中的獨特定位感到非常振奮。如同 Tim 和我所談到的，我們展望未來，認為在蝕刻與沉積強度提升的帶動下，我們將迎來連續第三年在 WFE 成長上跑贏大盤。而在這個產業裡，我不會拿我們的位置去換任何人的。

Our execution has been great, and we intend to continue delivering that. And we look forward to seeing all of you guys on upcoming NDRs and conferences.

我們的執行表現一直很出色，我們也打算持續交出這樣的成果。並期待在接下來的 NDR 與各項會議上與各位見面。

And with that, operator, we're all concluded.

接線員，以上我們就全部結束了。

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

本次電話會議到此結束。感謝各位參加今天的簡報。您現在可以掛線。