芯源系統 (MPWR) 2025 Q1 法說會逐字稿

Welcome, everyone, to the MPS first-quarter 2025 earnings webinar. My name is Genevieve Cunningham, and I will be the moderator for this webinar. Joining me today are Michael Hsing, CEO and Founder of MPS; Bernie Blegen, EVP and CFO; and Tony Balow, Vice President of Finance.

歡迎大家參加 MPS 2025 年第一季收益網路研討會。我的名字是 Genevieve Cunningham，我將擔任本次網路研討會的主持人。今天與我一起出席的還有 MPS 執行長兼創辦人 Michael Hsing； Bernie Blegen，執行副總裁兼財務長；以及財務副總裁 Tony Balow。

Earlier today, along with our earnings announcement, MPS released a written commentary on the results of our operations. Both documents can be found on our website.

今天早些時候，MPS 在發布獲利公告的同時，也發布了有關我們營運績效的書面評論。這兩份文件都可以在我們的網站上找到。

Before we begin, I would like to remind everyone that in the course of today's presentation, we may make forward-looking statements and projections within the meaning of the Private Securities Litigation Reform Act of 1995 that involve risk and uncertainty. Risks, uncertainties, and other factors that could cause actual results to differ from these forward-looking statements are identified in the Safe Harbor statements contained in the Q1 2025 earnings release and in our SEC filings, including our Form 10-K, which can be found on our website. Our statements are made as of today, and we assume no obligation to update this information.

在我們開始之前，我想提醒大家，在今天的演講過程中，我們可能會根據 1995 年《私人證券訴訟改革法案》做出涉及風險和不確定性的前瞻性陳述和預測。可能導致實際結果與這些前瞻性聲明不同的風險、不確定性和其他因素在 2025 年第一季財報中包含的安全港聲明和我們的 SEC 文件（包括我們的 10-K 表格）中有說明，這些文件可以在我們的網站上找到。我們的聲明是截至今天做出的，我們不承擔更新此資訊的義務。

Now I'd like to turn the call over to Bernie Blegen.

現在我想把電話轉給 Bernie Blegen。

Thanks, Gen. Good afternoon, and welcome to our Q1 2025 earnings call. In Q1, MPS achieved record quarterly revenue of $637.6 million, slightly higher than the fourth quarter of 2024, and 39.2% higher than Q1 2024. This performance reflected the ongoing strength of our diversified market strategy, consistent execution, continued innovation, and strong customer focus. Let me call out a few highlights from the first quarter.

謝謝，將軍。下午好，歡迎參加我們的 2025 年第一季財報電話會議。第一季度，MPS 實現創紀錄的季度營收 6.376 億美元，略高於 2024 年第四季度，比 2024 年第一季高出 39.2%。這項業績體現了我們多元化市場策略、一致執行、持續創新和強大客戶關注度的持續優勢。讓我來列舉一下第一季的幾個亮點。

In our March 20 Investor Day, we showcased MPS innovation across a range of areas, including new opportunities in robotics, automotive, data center, building automation, medical, and audio. In Q1, Storage and Computing segment revenue increased 38% quarter over quarter on strong demand for both memory and notebook solutions. We continue to win designs across all major Enterprise Data customers, with revenue ramps expected in the second half of this year. Finally, Q1 '25 Automotive revenue increased 13% from Q4 '24, the third consecutive quarter of sequential double-digit growth.

在 3 月 20 日的投資者日上，我們展示了 MPS 在多個領域的創新，包括機器人、汽車、資料中心、樓宇自動化、醫療和音訊領域的新機會。第一季度，由於記憶體和筆記型電腦解決方案需求強勁，儲存和運算部門營收季增 38%。我們持續贏得所有主要企業數據客戶的設計，預計今年下半年營收將大幅成長。最後，2025 年第一季汽車營收較 2024 年第四季成長 13%，這是連續第三季實現兩位數成長。

MPS continues to focus on innovation, solving our customers' most challenging problems and maintaining the highest level of quality. We continue to invest in new technology, expand into new markets and to diversify our end market applications and global supply chain. This will allow us to capture future growth opportunities, maintain supply stability, and swiftly adapt to market changes as they occur.

MPS 繼續專注於創新，解決客戶最具挑戰​​性的問題並保持最高的品質水準。我們不斷投資新技術，拓展新市場，並使我們的終端市場應用和全球供應鏈多樣化。這將使我們能夠抓住未來的成長機會，保持供應穩定，並迅速適應市場變化。

Our proven long-term growth strategy remains intact as we continue our transformation from being a chip-only semiconductor supplier to a full-service silicon-based solutions provider. I will now open the webinar up for questions.

隨著我們繼續從僅提供晶片的半導體供應商向提供全方位服務的矽基解決方案提供商轉型，我們行之有效的長期成長策略依然保持不變。我現在將開始網路研討會並接受提問。

(Operator Instructions) Tore Svanberg, Stifel.

（操作員說明）Tore Svanberg，Stifel。

Yes, thank you, Gen, and congratulations on a strong quarter, especially during this environment and especially the cash flows. First question is on Enterprise Data. So it did come in line with expectations, but you talked about some second half design wins ramping. Should we infer by that, that this is sort of the low point for enterprise data this year?

是的，謝謝你，Gen，恭喜你本季業績強勁，特別是在這種環境下，尤其是現金流。第一個問題是關於企業資料的。所以它確實符合預期，但您談到了下半年的一些設計勝利。我們是否可以由此推斷，這是今年企業數據的低點？

Yeah. At this time, so we feel -- of course, when we're close to the second half of the year, so we feel a lot better. And overall numbers can be better. But at this time, we're not forecasting -- okay, how good is good? Okay. And so we have a lot more confidence than at the beginning of the year.

是的。這個時候，我們感覺——當然，當我們接近下半年時，我們感覺好多了。整體數字還可以更好。但目前，我們還沒有預測——好吧，多好才算好？好的。因此，我們比年初更有信心。

Yeah, go ahead, Bernie.

是的，繼續吧，伯尼。

I think it's important to say that we're engaged with many different programs, either that we have the design wins or the qualification. So it's very broad-based. And as Michael says, while our visibility is improving, clearly, the improvement is second half weighted.

我認為重要的是，我們參與了許多不同的項目，無論是設計勝利還是資格認定。所以它的基礎非常廣泛。正如麥可所說，雖然我們的知名度正在提高，但顯然，這種提高是下半年的加權。

Yeah. That's a good comment. There -- we do win many design -- or we have many design wins and customers design it in, and we're just waiting for the ramp.

是的。這是一條很好的評論。我們確實贏得了許多設計，或者說我們贏得了許多設計並且客戶也參與了設計，我們只是在等待產品的推出。

Great. Can I ask a follow-up?

偉大的。我可以問後續問題嗎？

Yeah. Go ahead.

是的。前進。

Yeah. So as my follow-up, Michael, I know over the last decade or so, you've been working really hard to diversify globally, whether it's R&D centers, manufacturing partners, and so on and so forth. I was hoping you could talk a little bit about those efforts, especially given the current tariff environment. And how are those efforts really impacting your position right now?

是的。因此，作為我的後續問題，邁克爾，我知道在過去十年左右的時間裡，您一直在努力實現全球多元化，無論是研發中心、製造合作夥伴等等。我希望您能談談這些努力，特別是考慮到當前的關稅環境。這些努力對您目前的職位有何影響？

Yeah. That's a good question. So again, started 10 years ago, we start to emphasize -- you have a local manufacturing for local customers. And the US was out of China, started -- particularly started in the last couple of years. And right after pandemic, I mean, the volumes and we almost double -- more than double our volumes and that we need to expand the fab capacities. And the serendipity is that we all expanded outside of China. And at that time, the inside of China was full.

是的。這是個好問題。所以，從 10 年前開始，我們就開始強調──為本地客戶提供本地製造。美國已經開始撤出中國，特別是過去幾年。疫情剛過，我們的產量幾乎翻了一番，增加了一倍多，我們需要擴大晶圓廠的產能。而巧合的是，我們都將業務拓展到了中國以外。而當時中國內部已經擠滿了人。

And so now they give us a very good position for outside of China for supplying the US side, and as well as the inside China. And that gave me -- and so now we're in a much better position now.

因此，現在它們為我們在中國境外向美國方面和中國境內供應產品提供了非常有利的地位。這給了我——所以現在我們的處境好多了。

Great. Thank you for that. Congrats again.

偉大的。謝謝你。再次恭喜。

Tore, the only thing I'd add, right, from addition to the supply chain, right, the diversification approach has really been on the front end as well around R&D. So as we've been looking both the design and the supply, that's really been a hallmark of the strategy over the long haul here.

托爾，我唯一要補充的是，除了供應鏈之外，多樣化方法實際上也處於研發的前端。因此，當我們專注於設計和供應時，這確實是長期策略的標誌。

Quinn Bolton, Needham.

奎因·博爾頓，尼德姆。

Thank you. And I'll offer my congratulations as well on the strong results and outlook. I guess, Bernie, Michael, maybe a follow-up on Tore's question just on Enterprise Data. I think you came into the year thinking enterprise data could be anywhere from flat plus or minus 20%. Sounds like you feel a little better about the business now. Wondering if you might be able to sort of tighten up that range on Enterprise Data.

謝謝。我也要對強勁的業績和前景表示祝賀。我想，伯尼、邁克爾，也許可以對托爾關於企業數據的問題進行後續跟進。我認為您今年會認為企業數據可能會在平緩的上下 20% 範圍內波動。聽起來你現在對生意感覺好一點了。想知道您是否能夠縮小企業資料的範圍。

And then specifically, one of your large customers sounds like there may have been a platform change. And I think some investors are concerned that that platform change on their next-generation GPU could have an impact on your share. I'm wondering if you might be able to address just your thoughts about how you're positioned in share as you come into the second half of the year?

具體來說，您的一位大客戶聽起來可能已經改變了平台。我認為一些投資者擔心下一代 GPU 的平台變化可能會對你的份額產生影響。我想知道您是否可以談談您對今年下半年的市場份額的看法？

We were told by many customers, we offer a breadth of product that meet our customer needs. We don't comment on specific customers. And we don't -- and also, the matter of fact is we don't know which our customers' projects are going to ramp, or they changing as you said, and changing the schedules, these are out of our concern. And we don't know. And it's their decision. But we have enough product. We can meet the demand.

許多客戶告訴我們，我們提供多種產品來滿足客戶的需求。我們不會對具體客戶發表評論。而且我們不知道——事實上，我們不知道哪些客戶的專案會加速，或者像你說的那樣，它們會發生變化，改變時間表，這些都不是我們關心的。而我們不知道。這是他們的決定。但我們有足夠的產品。我們可以滿足需求。

And we're winning -- we feel better is because our customers recently qualified many of our products from the IC levels or to module levels. They passed many rigorous testings and they feel good about it. And we see -- so we feel good about it. We expect it to have a ramp.

而且我們正在獲勝——我們感覺更好是因為我們的客戶最近從 IC 級別或模組級別認可了我們的許多產品。他們通過了許多嚴格的測試並且對此感到滿意。我們看到了——所以我們對此感到高興。我們預計它會有一個斜坡。

So at this time, we are not going to forecast what's the half year. In the past, we said -- last year, we said that this year could be a flattish in our numbers. We can -- let's see. Let us deliver numbers and hopefully, it's better than we expected.

因此目前我們不會預測下半年的情況。過去，我們說過——去年，我們說過今年我們的數字可能會持平。我們可以——讓我們看看。讓我們提供數字，希望它比我們預期的要好。

Yeah. And I think that Michael is right that we have increased visibility because of design win and the qualification process is down the road in another month. But still, as far as when the actual product ramps occur is outside of our control. So while I think that we feel more confident overall, the timing as far as the plus, minus against the range, let's leave it wide open for right now.

是的。我認為邁克爾是對的，由於設計的勝利，我們的知名度提高了，而且資格認證過程將在一個月後完成。但實際產品產量何時增加仍不在我們的控制範圍內。因此，雖然我認為我們總體上感覺更有信心，但就加減範圍而言，時機目前還是開放的。

Got it. And then maybe a follow-up question just, Bernie, on the second-quarter guidance. It looks like gross margin ticks down by about 20 basis points at the midpoint. Wondering if you could just sort of address that. Is that just sort of mix shift within the product groups? Are you starting to see either tariff costs and/or pricing pressure? What accounts for the slight drop in gross margin in the second quarter? Thank you.

知道了。然後也許還有一個後續問題，伯尼，關於第二季度的指導。看起來毛利率中間值下降了約 20 個基點。想知道您是否可以解決這個問題。這僅僅是產品組內的混合轉變嗎？您是否開始看到關稅成本和/或定價壓力？是什麼原因導致第二季毛利率略為下降？謝謝。

Sure. There's not a specific event that we're pointing to. We're just saying that there's a mix of different things that may or may not be inside of our control. And so we're just being basically 20 basis points more conservative.

當然。我們所指的並不是某個特定事件。我們只是說，有各種各樣的事情可能在我們的控制範圍內，也可能不在我們的控制範圍內。因此，我們基本上只是更保守 20 個基點。

Yeah. Overall, all the new products that we released will have higher margins, the higher volumes, the margins is lowered. And -- but we're not going to intend to operate below -- much below our corporate average. That's our goal.

是的。整體來說，我們推出的所有新產品都會有更高的利潤率，銷售量越高，利潤率就越低。而且——但我們並不打算低於——遠低於我們公司的平均水平。這就是我們的目標。

We stay within the range.

我們保持在範圍內。

Yeah, we stay with our model.

是的，我們堅持我們的模式。

Ross Seymore, Deutsche Bank.

德意志銀行的羅斯·西摩。

Okay. Congrats on the results. And guys, thanks for letting me ask the question. Bernie, in the first quarter, you had a very wide and divergent performance by segment to get you still to upside overall. Just wondering if there's any large segment moves in your second-quarter guide, any kind of big divergent moves that you'd like to highlight.

好的。恭喜取得成果。各位，感謝你們讓我提出這個問題。伯尼，在第一季度，各部門的表現差異很大，但總體上仍保持上升趨勢。只是想知道您的第二季度指南中是否有任何大的部分變動，或者您想要強調的任何重大分歧變動。

No. Actually, the range of variance for all of the groups is plus/minus 5 percentage points. So actually, we're seeing a very narrow change sequentially. And it's worth commenting there that I believe that if we were heavily influenced by pull-ins, for example, that we might have seen a more dramatic falloff in a particular market segment. But when we look against particularly year over year, our strength is fairly broad-based with Enterprise Data, as we've talked about, still looking for the ramp in the second half of the year.

不。實際上，所有組別的差異範圍都是正負 5 個百分點。因此實際上，我們看到的變化範圍非常窄。值得一提的是，我相信，如果我們受到拉動效應的嚴重影響，那麼我們可能會看到特定細分市場的更劇烈的下滑。但是，當我們回顧去年同期的情況時，我們會發現我們的優勢相當廣泛，正如我們所討論過的，企業數據仍然在尋求下半年的成長。

Got it. And I guess that leads to my second question, which was going to be something you'd kind of just touched on, which is the tariff side of things. I know you talked earlier about diversifying your manufacturing and Tony mentioned about diversifying the R&D side of things. But as far as the pull-in, pushouts, any sort of different behavior from your customers, I've been surprised how little of that has been admitted to or has actually occurred by some of the other analog companies. And so I just wondered what you guys are seeing.

知道了。我想這就引出了我的第二個問題，也就是您剛剛談到的關稅方面的問題。我知道您之前談到了製造業務的多樣化，而 Tony 也提到了研發業務的多樣化。但就吸引、推出或任何來自客戶的不同行為而言，令我驚訝的是，其他一些模擬公司很少承認或實際上發生過此類行為。所以我只是想知道你們看到了什麼。

If it happens, there's some pushing and pull out -- and pulling or pull out -- push out, and those are numbers small enough that we don't clearly understand it. Okay. And the overall numbers is very consistent, as you see it. Well, Bernie mentioned that the Q1 and again, the computing segments grow the revenue growth. So that's also as expected from last -- the previous quarters. We have a lot of design win in those areas, and we turn into our revenues.

如果發生這種情況，就會產生推和拉——以及拉或拉——推，這些數字太小，我們無法清楚地理解。好的。如您所見，總體數字非常一致。嗯，伯尼提到，第一季度，計算部門的收入再次成長。這也符合上一季和前一季的預期。我們在這些領域贏得了許多設計勝利，並將其轉化為收入。

And Ross, like in that area, for sure, right, there's a lot of other business factors beyond just tariff -- potential tariff-related pull because there's AI PC, there's the end of Win 10 support, there's gaming. There's a lot of things that are driving the good business there as well.

羅斯表示，在那個領域，除了關稅之外，還有很多其他商業因素——潛在的關稅相關拉動，因為有人工智慧 PC，有 Win 10 支援的結束，還有遊戲。還有很多因素也推動著那裡的商業繁榮。

Yeah, the key is the diversifications. And the best thing I can't -- I can look at the numbers, and I don't -- I can't have any target number that I want to analyze. Everything looks very smooth.

是的，關鍵是多樣化。最好的情況是，我不能——我只能查看數字，但我不能——我無法獲得任何我想要分析的目標數字。一切看起來都很順利。

Got it. Well, let's hope it stays that way. Thanks, guys.

知道了。好吧，希望它能保持這種狀態。謝謝大家。

Rick Schafer, Oppenheimer.

里克·謝弗，奧本海默。

Thanks, Gen. And congrats, guys, on the solid quarter. I guess my first question, if I could, is really on data center or server power, rack power to be specific. You talked about your 400-volt rack power solution at Analyst Day. I think you highlighted like 600 kilowatts within a couple of years. I mean, we're seeing more in the press about even megawatt racks within the next handful of years.

謝謝，將軍。各位，恭喜本季業績穩健。如果可以的話，我想我的第一個問題是關於資料中心或伺服器電源，具體來說是機架電源。您在分析師日上談到了您的 400 伏特機架電源解決方案。我認為您強調的是幾年內達到 600 千瓦。我的意思是，我們將在未來幾年內在媒體上看到更多關於兆瓦級機架的報導。

So I'm just curious if you could elaborate on the expected market opportunity or TAM there and sort of when rack power sales are expected to become material for MPS.

所以我只是好奇您是否可以詳細說明一下預期的市場機會或 TAM，以及機架電源銷售何時有望成為 MPS 的材料。

Yeah. Our customer asked us to pull in, I believe, with this month. We start -- if not this month, next month, so we deliver samples. I think this month, okay? We deliver modules. Each module level is like 120-kilowatt levels. And for each modules, you add up together, it's somewhere about [600,000 kilowatt to 1 million watt] power. And so we do have a product for that. And well, we do have initial development, so now we have samples.

是的。我相信，我們的客戶要求我們在這個月完成。我們開始——如果不是這個月，那麼下個月，我們會提供樣品。我想這個月可以嗎？我們提供模組。每個模組等級就像120千瓦等級。每個模組的功率加起來大約是 [60 萬千瓦到 100 萬瓦]。所以我們確實有針對此問題的產品。而且，我們確實進行了初步開發，所以現在我們有了樣品。

Michael, not to press you on it too hard, but would we see revenues like material revenues this year? Or is this more of a sample year qualification year and it's more of a 2026 revenue driver?

邁克爾，我不想給你太大壓力，但今年我們會看到類似物質收入的收入嗎？或者這更像是一個樣本年資格年，而它更像是 2026 年的收入驅動因素？

I believe it's 2026, okay, and if you -- we will -- we expected to have a higher revenue come from that type of modules. And so at the same time, we prepare our production ramps, production qualifications. And there's a lot of work in the second half of the year. But we fully expected it and we anticipate that part of the growth.

我相信是 2026 年，好的，如果您 - 我們願意 - 我們預計此類模組將帶來更高的收入。因此，同時，我們也在準備生產坡道和生產資格。而且下半年的工作也很多。但我們完全預料到了這一點，我們預期這部分會成長。

Thanks for all that, Michael. And then my second question is really on auto. To me, I think you have several like material content drivers ramping this year. You look at 48-volt transition beginning, 800-volt battery transition. You've talked about power isolation modules. I know you talked about that at Analyst Day also.

謝謝你，麥可。我的第二個問題其實是關於自動的。對我來說，我認為今年有幾個類似的材料內容驅動因素正在興起。你看 48 伏特轉換開始，800 伏特電池轉換。您談到了電源隔離模組。我知道您在分析師日也談到了這一點。

I guess I'm curious, kind of a similar question in terms of like how much do you expect BMS to contribute to that segment, to auto segment revenues this year? And I guess I'm curious if there are any regions favored within that.

我想我很好奇，這是一個類似的問題，例如您預計 BMS 今年對該部門、對汽車部門收入的貢獻有多大？我很好奇其中是否有受青睞的地區。

Yeah. Of course, China's model changes much faster than any other regions. But we do see in the US and Europe, even Korea, okay, we're changing and changing not only from 400 volts to 800 volts and also from 12 volts to 48 volts. And those segments started very -- these are still early at the very early stage. And we do ship those products now to those segments. And I believe all the early changes, we are all in it in every model.

是的。當然，中國模式的變化比其他任何地區都要快得多。但我們確實看到，在美國、歐洲，甚至韓國，我們正在發生變化，不僅從 400 伏變為 800 伏，而且從 12 伏特變為 48 伏特。這些部分剛開始——現在還處於非常早期的階段。我們現在確實將這些產品運送到這些地區。我相信所有早期的變化，我們都在每一個模型中。

Yeah. And I think in Automotive, in particular here, because we've heard some concerns about unit volumes from North American and Chinese EVs, in particular. But when we look at our second half, a lot of the momentum will be design wins that we secured in previous years that are coming to market, particularly in North America and in Europe. So we have really -- it's a content-driven second-half story for Automotive.

是的。我認為在汽車領域，特別是在這裡，因為我們聽到了一些關於北美和中國電動車銷量的擔憂。但當我們展望下半年時，許多動力將來自於我們在前幾年獲得的設計勝利，這些勝利即將進入市場，特別是在北美和歐洲。所以我們真的——這是汽車領域由內容驅動的下半場故事。

Yeah. What you mentioned about 800 volts, 48 volts, and those probably we'll see a lot more in the 2026 and '27.

是的。您提到的 800 伏特、48 伏特等電壓，我們可能在 2026 年和 2027 年會看到更多。

Joe Quatrochi, Wells Fargo.

富國銀行的喬‧夸特羅奇 (Joe Quatrochi)。

Yeah, thanks for taking the questions. I wanted to follow up on your comments on the Storage and Computing segment. I can appreciate you guys are seeing some design wins ramp. I guess as we look forward here, just given like the abnormal seasonality -- strength that you saw in 1Q, how do we think about that business kind of throughout the rest of this year?

是的，感謝您回答這些問題。我想跟進您對儲存和計算部分的評論。我很欣賞你們看到一些設計勝利的步伐。我想，當我們展望未來時，考慮到您在第一季看到的異常季節性強勢，我們如何看待今年剩餘時間的業務？

Are you talking about seasonality? I don't know if it's nowadays -- MPS has been a public company for about 21 years. And in recent years, I don't know what the seasonality is. And -- but we talk about the design wins in the memory side, okay, the memory part of the power management. And we're talking about for the last year or two or so.

您是在談論季節性嗎？我不知道現在是不是這樣——MPS 已經上市大約 21 年了。而且最近幾年，我不知道季節性是什麼。而且——但我們談論的是記憶體方面的設計勝利，好的，電源管理的記憶體部分。我們談論的是過去一兩年左右的情況。

And I think at one time, I would say that -- we will ramp up this year, but we don't know. These are kind of things, the plus/minus quarters. And when you get it close to us and you get orders by the end of the quarter, they don't push up. Now here's the numbers. And we're not very good at forecasting the numbers, but we are good -- we are pretty good at delivering numbers.

我想，我曾經說過──我們今年會加大力度，但我們不知道。這些是一些事情，正/負季度。當你接近我們並在季度末收到訂單時，它們不會上漲。現在來看看數字。我們不太擅長預測數字，但我們很擅長——我們相當擅長提供數字。

But I think a really important point here as well is that how broad-based this is. So we're looking at DDR5, SSD, even HDD on the memory side. And then as Tony pointed out previously that within the notebook that there are a variety of factors that are driving that end market as well. So --

但我認為這裡真正重要的一點是，它的基礎有多廣泛。因此，我們正在研究記憶體方面的 DDR5、SSD 甚至 HDD。正如托尼之前指出的那樣，在筆記型電腦領域，還有多種因素在推動終端市場的發展。所以--

CPU side, notebook side, CPU side, desktops and notebook side. And Bernie mentioned all these segments. These are pretty evenly growth, maybe memory side, the DDR5 was a little bit more than the other ones. And -- but they're pretty much evenly growth in all each segments.

CPU 端、筆記型端、CPU 端、桌上型電腦端和筆電端。伯尼提到了所有這些部分。這些都是相當均勻的成長，也許在記憶體方面，DDR5 比其他的多一點。而且 — — 但各個細分市場的成長速度基本均勻。

Yeah. Joe, just relative to what Bernie said before, going into Q2, everything is plus or minus a couple of points kind of thing. So you would infer from that, that segment would not see a sharp fall off necessarily in Q2.

是的。喬，就伯尼之前所說的而言，進入第二季度，一切都會加減幾個百分點。因此，你可以從中推斷，該部分在第二季度不一定會出現急劇下降。

Yeah. No, that's helpful. I appreciate it. Maybe as a quick follow-up. Looking at the Enterprise Data side, maybe on the non-AI segment of that market, how are you thinking about traditional server CPU demand this year?

是的。不，這很有幫助。我很感激。也許作為快速的後續行動。從企業資料來看，也許在該市場的非人工智慧部分，您如何看待今年傳統伺服器 CPU 的需求？

They're doing good. And as you probably know, listen, okay, all these are -- a lot of servers have the refresh and adopting whatever the Intel's latest models. And we expected -- as we said it at the beginning of the last year or the year before, we will increase our market shares. And now we're pretty much okay. And we see as we said it, and years ago -- last year.

他們做得很好。正如您可能知道的，聽著，好吧，所有這些都是 - 許多伺服器都進行了刷新並採用了英特爾的最新型號。我們預計——正如我們在去年年初或前年所說的那樣，我們將增加我們的市場份額。現在我們基本上已經沒事了。正如我們幾年前，也就是去年所說的。

And I think just to stay on that point for a little bit longer is that, again, much like the other areas of our business, we're seeing consistent steady growth. It's not like a spike or a hockey stick.

我想再強調這一點，就像我們業務的其他領域一樣，我們看到了持續穩定的成長。它不像釘鞋或曲棍球棒。

We will gain shares in the next years, I think, as we even gain a higher percentage in the server market.

我認為，未來幾年我們的市場份額將會擴大，因為我們在伺服器市場的份額將進一步增加。

Gary Mobley, Loop Capital.

加里·莫布利（Gary Mobley），Loop Capital。

Hey guys. Thanks for taking my question and congrats on the solid first-half performance. On the topic of China, can you give us a sense of how big your business now is in China relative to local indigenous consumption? And given your China-for-China manufacturing supply chain, how has that and how will that position you versus your larger US competitor?

嘿，大家好。感謝您回答我的問題，並祝賀您在上半年的出色表現。關於中國，您能否告訴我們，相對於中國本土消費而言，貴公司目前在中國的業務規模有多大？鑑於你們的中國製造供應鏈，它表現如何？與規模更大的美國競爭對手相比，你們的定位如何？

If you know our story, this is -- a lot of design, and a lot of design activities and a lot of manufacturing is happening in China 10, 15 years ago. And started 2016, we diversified not only from the -- before, it was the US and China. And started 2016, '17, we established placing in Europe, multiple places since then.

如果你了解我們的故事，你就會知道，10 到 15 年前，中國就出現了許多設計、設計活動和製造業。從 2016 年開始，我們不僅有多元化經營，之前我們主要關注美國和中國。從 2016 年、2017 年開始，我們在歐洲多個地方建立了分支機構。

And as I mentioned before, we -- mostly our manufacturing partners that's in China after the pandemic. So we migrated a lot, by serendipity, as I said earlier. And as a result, it was the capacity within China. So we announced.

正如我之前提到的，疫情過後，我們的製造夥伴大多在中國。因此，正如我之前所說，我們因偶然的機會進行了大量遷移。因此，這是中國國內的產能。所以我們宣布。

And so I don't know how we engage with our competitors, okay, if there's any concentration or -- concentrated in the US for production or it's concentrated in China in the current environment, the need of a good. You need a really balanced. And in China, your manufacturing -- particularly manufacturing for China. So in the US, this is outside China, and the same as Europe.

所以我不知道我們如何與競爭對手競爭，好吧，如果有任何集中或 - 集中在美國進行生產，或者在當前環境下集中在中國，那麼就需要一種好的產品。您需要真正平衡。在中國，你們的製造業──特別是為中國製造的製造業。所以在美國，這是在中國之外，與歐洲是一樣的。

Okay. As my follow-up, I wanted to ask about capacity and customer order lead times. It appears as though you have almost half a year's worth of inventory on your balance sheet. And you probably have infinite manufacturing availability, at least, in the intermediate term.

好的。作為我的後續問題，我想詢問有關產能和客戶訂單交貨時間的問題。看起來你的資產負債表上有差不多半年的庫存。並且至少在中期，你可能擁有無限的製造可用性。

So we have a lot. Yeah. Go ahead, sorry.

所以我們有很多。是的。繼續吧，抱歉。

Okay. So my question is have you seen any sort of uptick in customer order lead times? And related, has that improved your visibility or your backlog or any of those forward-looking metrics?

好的。所以我的問題是，您是否看到客戶訂單交付週期有任何增加？並且相關地，這是否提高了您的知名度或積壓或任何前瞻性指標？

So as far as the inventory, let's take that on first off, is that we're a little bit -- our model is to hold about 180 to 200 days on our books, and we're well below that level right now. When we look at inventory in the channel, we also see that that is very lean against what we typically experience or what our model is.

就庫存而言，我們首先要考慮的是，我們的模型是保留大約 180 到 200 天的庫存，而我們現在遠低於這個水平。當我們查看渠道中的庫存時，我們還發現這與我們通常的經歷或我們的模型非常不同。

As far as the lead times, they're actually holding pretty well as far as what we're seeing in the supply chain. And as I've commented in prior comments that in certain of our end markets, they do demand short lead times, and so we have to build ahead of their demand. I think though, right now, we have a lot of flexibility. We're very well positioned regardless which way the market goes.

就交貨時間而言，根據我們在供應鏈中看到的情況，它們實際上保持得相當好。正如我之前評論的那樣，在我們的某些終端市場中，他們確實需要較短的交貨時間，因此我們必須提前滿足他們的需求。不過我認為，現在我們有很大彈性。無論市場如何變化，我們都處於非常有利的地位。

Yeah. If you know our -- what we -- we targeted 180 days to 200 days for many, many years. And for -- because for the new -- all the new product ramp. And in Q1, I don't know if you remember, as I said, the inventory levels are very low, both from our -- both from a disti levels and as well as within NPS at the very low levels. I may even said it, it was unhealthy levels, too low. And overall, our strategy is we always hold more inventory than in disti and we have a better management.

是的。如果你了解我們的——我們——我們多年來的目標是 180 天到 200 天。因為對於新產品來說，所有新產品都在不斷出現。在第一季度，我不知道您是否記得，正如我所說，庫存水平非常低，無論是從分銷水平還是從 NPS 來看，都處於非常低的水平。我甚至可能說過，這是不健康的水平，太低了。總體而言，我們的策略是始終持有比分銷商更多的庫存，並且擁有更好的管理。

Joshua Buchalter, TD Cowen.

約書亞·布查爾特（Joshua Buchalter），考恩公司 (TD Cowen) 的董事。

I wanted to follow up on Joe's question from --

我想繼續回答喬的問題--

Josh, are you there? We can't hear.

喬希，你在嗎？我們聽不見。

I cannot hear you. Now it's better. Now it's cutting out.

我聽不到您的聲音。現在好多了。現在它正在被切斷。

I'll now -- my last try.

我現在要做最後一次嘗試。

There you go. We can hear you.

就這樣。我們能聽到你的聲音。

Okay. I'm sorry about that, guys. My first time on Zoom. I wanted to follow up on Joe's question from earlier on Storage and Compute. I totally appreciate the share gains that you mentioned, but the 38% sequential growth in what's usually a subseasonal quarter for PCs is certainly eye-popping. Are there any more metrics you can give us as to maybe content or share shifts that are going on and to give us comfort that there's not inventory build happening here? Thank you.

好的。對此我感到很抱歉，各位。我第一次使用 Zoom。我想跟進喬之前關於存儲和計算的問題。我非常欣賞您提到的份額增長，但在通常屬於個人電腦淡季的季度中實現 38% 的連續增長確實令人瞠目結舌。您能否提供更多指標來表明內容或份額的變化，並確保這裡沒有庫存累積？謝謝。

Well, in the past, we have a few eye-popping numbers, right? So we didn't surprise it -- as we said, it's a pretty evenly growth in the segment, particularly a little bit more than the DDR5 as we said a few quarters ago. Bernie, do you want --?

嗯，過去我們有一些令人瞠目結舌的數字，對吧？因此我們並不感到驚訝——正如我們所說，該領域的成長相當均勻，特別是比 DDR5 略高一點，正如我們幾個季度前所說的那樣。伯尼，你想要嗎--？

Yeah. Josh, you might recall from my comments from year-end when we were looking at the Q1 outlook, and I said that there was a typical seasonal uplift anticipated in Storage and Compute. And against our internal expectations, we came in within low single-digit performance to the upside. So while it may be counter to whatever seasonality we've experienced in the past, everything rolled out pretty much as anticipated.

是的。喬希，你可能還記得我在年底回顧第一季前景時發表的評論，當時我說過，預計儲存和運算領域將出現典型的季節性成長。與我們的內部預期相反，我們的業績表現實現了低個位數的成長。因此，儘管這可能與我們過去經歷的季節性相反，但一切都基本上按照預期進行。

Yeah. We have --

是的。我們有--

Okay, go ahead. And Josh, just remember that storage compute. You heard Michael say it before, it's growth from both the memory side as well as the notebook side. So it's not all notebook-driven that might apply to your seasonality question.

好的，請繼續。喬希，只要記得儲存運算即可。您之前聽過麥可說過，這是記憶體方面和筆記本方面的成長。因此，並非所有筆記本驅動的因素都可能適用於您的季節性問題。

And a desktop. And here is we have always -- particularly in the last couple of years, and the market is very dynamic. And you see one segment popping up. The other one segment is not so much. And in the last couple of years, you see more. This quarter is Storage and the Compute. Last quarter, I don't know, it's Auto. Before was Enterprise. And we keep like running like a circle.

還有一台桌面。我們一直都是這樣——特別是在過去幾年，市場非常活躍。然後您會看到一個片段彈出。另一部分則沒有那麼多。在過去的幾年裡，你會看到更多。本季的主題是儲存和計算。上個季度，我不知道，它是自動的。之前是企業號。我們繼續像圓圈一樣奔跑。

Thank you for the color. And then I wanted to follow-up on Enterprise Data also. You mentioned the increased confidence versus three months ago. Is that coming from your biggest customer in that segment? Or is that more confidence in some of the newer platform wins that you expected to ramp in the second half?

謝謝你的顏色。然後我也想跟進企業數據。您提到與三個月前相比信心有所增強。這是來自您在該領域的最大客戶嗎？或者說，您對於下半年有望取得的一些新平台勝利更有信心？

And within that, like are lead times still measured in weeks? And when would you expect to, I guess, have more visibility onto the share in Enterprise Data?

其中，交貨時間是否仍以週為單位來衡量？我想，您什麼時候能夠更清楚地了解企業資料的份額？

Do you imply we circle back? We feel -- as the time goes -- as closer to the second half, we feel better, as always, and we have a more clear visibility. Bernie?

你的意思是我們要繞回來嗎？我們感覺——隨著時間的推移——隨著下半年的臨近，我們感覺會像往常一樣更好，而且我們有更清晰的視野。伯尼？

No, that's exactly right. We've talked about this in the past. It's not just the main customer, but some of our other customers are operating with shorter lead times. And as a result, we feel very good about the design wins, the qualifications. And as I mentioned earlier, it's really the timing of when they expect to ramp. But even within that, we're getting increasingly more confident.

不，完全正確。我們過去曾討論過這個問題。不僅僅是主要客戶，我們的一些其他客戶的交貨時間也更短。因此，我們對設計的勝利和資格感到非常滿意。正如我之前提到的，這實際上是他們預計增加產量的時機。但即使如此，我們也變得越來越有信心。

Are you talking about large customers, small customers? When we're looking at all these, they all can be very big.

您說的是大客戶，小客戶嗎？當我們審視所有這些時，它們都可能非常大。

They can all be big. Yes.

它們都可以很大。是的。

They can all be very big. Yeah.

它們都可能非常大。是的。

Congratulations on the results and apologize for my technical difficulties again.

恭喜您所取得的成果，並再次為我的技術困難道歉。

William Stein, Truist.

威廉·斯坦，Truist。

Great. Thanks for taking my questions, guys. Two topics. I wanted to hit on tariffs and then I wanted to hit on some growth opportunities. On the tariff side, people have asked a bunch of different questions, but I wonder if you'd help us understand if there are any direct as in unit costs and unit pricing impact that's influencing your Q2 guidance? And is there any indirect or unit demand impact influencing your Q2 guidance?

偉大的。謝謝你們回答我的問題。兩個主題。我想談關稅，然後我想談一些成長機會。在關稅方面，人們問了很多不同的問題，但我想知道您是否可以幫助我們了解是否有任何直接的因素（如單位成本和單位定價影響）影響您的第二季度指引？是否有任何間接或單位需求影響您的第二季指引？

No to both questions.

兩個問題的答案都是“否”

Yeah.

是的。

And then at the Analyst Day, you showed some pretty unique products for a semiconductor company, these sort of finished full up products. As I recall, there was a sonogram. I think you threatened to list that on Amazon, if I recall. But also building automation, you had audio amplifiers. I can't imagine that these are contributing meaningfully to revenue.

然後在分析師日，您展示了一些對於半導體公司來說非常獨特的產品，這些是成品。我記得有一張超音波圖。如果我沒記錯的話，你威脅要將其列在亞馬遜上。而且還有樓宇自動化，有音響擴大機。我無法想像這些會對收入產生有意義的貢獻。

But I wonder what your customer -- either established customer or emerging customer reaction was to this. Did you see anything worth noting that could drive future demand that we'd want to think about?

但我想知道您的客戶（老客戶或新興客戶）對此有何反應。您是否看到任何值得注意的、可能推動未來需求的、值得我們考慮的因素？

All I try to do is, as Bernie said earlier, we want to have a silicon-based solution company. I want to monetize our know-how. And for example, building automation box, we did it. And you add a lot of chicken stuff in the box. So we sell out of sub $0.50 for all of our products. We added together and we put some software or most of our products, it's programmables. And now we're making MCUs, we put all together. It can be a very good viable solution for a lot higher dollars and same as [ultrasoft] areas.

我所做的一切就是，正如伯尼之前所說的，我們想要擁有一家基於矽的解決方案公司。我想將我們的專業知識貨幣化。例如，樓宇自動化箱，我們做到了。然後在盒子裡添加很多雞肉。因此，我們所有產品的售價均低於 0.50 美元。我們加在一起，並將一些軟體或我們的大多數產品放在一起，它是可編程的。現在我們正在製造 MCU，將所有東西組裝在一起。這可能是一個非常好的可行解決方案，需要花費更多資金，並且與 [超軟] 區域相同。

And these are, to me, very interesting. We can leverage our know-how sell instead of sell $1, $2 parts, now you start to sell thousands, [$10,000] stuff. And our customers -- and sometimes -- and they are related to our customers. Our customers, they buy -- we're talking to a different level of people. We're not talking to engineer anymore. We want to have cooperating with the large companies, and we have those solutions.

對我來說，這些非常有趣。我們可以利用我們的專業知識來銷售而不是銷售 1 美元或 2 美元的零件，現在您可以開始銷售數千美元甚至 10,000 美元的東西。還有我們的客戶——有時——他們與我們的客戶有關。我們的客戶，他們購買—我們正在與不同層次的人交談。我們不再與工程師交談了。我們希望與大公司合作，我們有這些解決方案。

And you can sell -- you can buy the entire solution, you can have like a white box, you label it. And -- or another way is you buy our modules and rather than the chip. It just take much of an effort from their hand. And we do things because we do silicon. We do silicons and then we know that -- we can know the module levels and we structure out a little bit with adding more software, it's the entire blown systems.

您可以出售——您可以購買整個解決方案，您可以擁有一個白色的盒子，然後給它貼上標籤。或者另一種方式是您購買我們的模組而不是晶片。這只是需要他們付出很大努力而已。我們做這些事是因為我們做矽。我們製造矽片，然後我們知道——我們可以了解模組級別，我們透過添加更多軟體來建立一點結構，這就是整個吹製系統。

And depending on the level of our customers' interest, we can engage with them in the chip levels and the module levels on the system levels. And we just want to provide more. And that's our know-how. We leverage our know-how, leverage on the silicon.

根據客戶的興趣程度，我們可以在晶片級、模組級和系統級與他們合作。我們只是想提供更多。這就是我們的訣竅。我們利用我們的專業知識和矽片。

And I contacted several very, very large companies. They are the leader in the area. There's much, much welcome to these kind of solutions. They want to work with us. And this is at the very beginning. That's kind of things we are transforming a company from a silicon only to a solution company. These are the ones -- I think that we -- that's how we -- from a silicon to module, we grow out of the silicon company. Then from our modules, we probably stay in the module level. We are never going to sell blinds and shades or blinds and air conditioning. We are -- these are still in the module levels.

我聯繫了幾家非常非常大的公司。他們是該地區的領導者。人們對此類解決方案非常歡迎。他們想和我們合作。這只是開始而已。這就是我們正在將一家公司從只生產矽片的公司轉變為一家提供解決方案的公司。這些就是──我認為我們──這就是我們從矽片到模組的方式，我們從矽片公司成長。那麼從我們的模組來說，我們大概停留在模組層面。我們永遠不會出售百葉窗和遮陽簾或百葉窗和空調。我們——這些仍處於模組層級。

Chris Caso, Wolfe.

克里斯卡索，沃爾夫。

Yes. Thank you. First question is with regard to the power for some of the custom AI projects this year. Could you detail how significant that is for the enterprise data segment this year? And maybe some idea of what the content is on that as compared to the largest customer in that segment?

是的。謝謝。第一個問題是關於今年一些客製化人工智慧專案的力量。您能否詳細說明這對今年的企業數據領域有多重要？與該領域最大的客戶相比，您或許可以對其內容有一些了解嗎？

So when I look at the opportunities, particularly with AI, the products are only getting higher power and they're getting smaller footprints. And it's that area of innovation where we can help lead our customers to their end solutions in a way that our customer -- our competitors aren't. So right now, the market has been dominated with really one main customer. And now as we see the second half of the year, in particular, there's going to be a number of new market entrants, and they're all with the same formula.

因此，當我看到機會時，特別是人工智慧的機會，產品的效能只會越來越高，而佔地面積卻越來越小。在這個創新領域，我們可以以我們的客戶——我們的競爭對手——無法做到的方式幫助我們的客戶找到最終解決方案。因此，目前市場實際上被一個主要客戶所主導。現在我們看到，特別是今年下半年，將會有許多新的市場進入者，而且他們都採用相同的模式。

Including a big and small. And the small looks like it's going to be a big. And the dollar content is -- it's in half years or years, a few hundred million dollars -- I mean, it's $500 million, $600 million. These are -- it's not unthinkable for half years.

包括大的和小的。而且小的看起來會變成大的。而美元含量是──在半年或幾年內，幾億美元──我的意思是，5億美元、6億美元。這些——半年內都不是不可想像的。

Got it. As a follow-up question, maybe I'll dig into some what you talked about on the confidence on the Enterprise Data as you go through the year. And I guess maybe a little more detail of why you feel a little more comfortable now as compared to where you were at the beginning of the year. Is it simply a matter of qualifications where you're now qualified on platforms that you may not have been qualified on at the beginning of the year? Is it more confidence with regard to market share on those? Just a little bit of what is driving the confidence for the year as compared to where it was 90 days ago.

知道了。作為後續問題，也許我會深入探討您談到的關於今年對企業數據的信心的問題。我想也許可以更詳細地解釋為什麼與年初相比，您現在感覺更舒服一些。這是否只是資格問題？您現在已經具備了一些平台的資格，而您在年初可能還不具備這些資格？對於這些市佔率是否更有信心？與 90 天前相比，這只是今年推動信心的一點因素。

Well, the year is half year. And now the half year, almost half year later, and you feel bad or feel good and it's all going to happen as we're getting closer. And so we see the results as we expected it.

嗯，一年就是半年。現在半年過去了，差不多半年過去了，你會感覺不好或感覺好，隨著我們越來越接近，這一切都會發生。因此我們看到的結果正如我們所預期的那樣。

Yeah, and say that we've got more positive data points that we can look at. But still how that converts in the year, that's why I mentioned earlier that we're operating within a range of outcomes.

是的，我們有更多積極的數據點可以參考。但這在一年內會如何轉變，這就是我之前提到的我們在一系列結果內運作的原因。

Yeah. And just we always -- one thing we're good at looking in the past, we're pretty good at it do as we said.

是的。而且我們總是——有一件事我們擅長回顧過去，我們非常擅長按照我們所說的去做。

Jack Egan, Charter.

傑克·伊根，憲章。

Great. Thanks so much for taking the questions. So I was hoping you could talk a bit about the margin outlook for some of the new accelerator ramps in the second half and into '26 and '27. Is there really like a structural difference in the margin profile for those products going into custom ASICs and TPUs versus GPUs, whether better or for worse? I mean, really just any similarities or differences as to how that kind of long-term trajectory plays out would be helpful.

偉大的。非常感謝您回答這些問題。所以我希望您能談談下半年以及 26 年和 27 年一些新加速器坡道的利潤前景。客製化 ASIC 和 TPU 與 GPU 產品的利潤率是否有結構性差異，無論是好是壞？我的意思是，對於這種長期軌跡如何發展，任何相似之處或不同之處都會有所幫助。

I wouldn't say that there's a structural change. Now you have individual opportunities that could be plus or minus. So this market -- but there isn't a fundamental change in our margin model because of it.

我不會說存在結構性變化。現在，您擁有的個人機會可能有利，也可能不利。所以這個市場——但我們的利潤模式並沒有因此而發生根本性的變化。

Yeah, MPS, we want to operate well within our model. We are at the lower end, and we are very much aware of that. And we want to do is we're not going to high volumes, low-margin business. It doesn't matter what area. And all these new products, I said earlier, we released, we all have higher margins. And we want to stay on the best performance. We're not competing on the price.

是的，MPS，我們希望在我們的模型內良好運作。我們處於較低端，我們非常清楚這一點。我們不想從事高產量、低利潤的業務。什麼地區都沒關係。我之前說過，我們發布的所有這些新產品都有更高的利潤率。我們希望保持最佳表現。我們並不在價格上競爭。

Okay. Got it. Thanks. That's helpful. And then I guess for my follow-up, as it kind of relates to just the broader analog cycle across end markets, if you kind of strip out Monolithic's new design wins that are ramping and share gains, are you seeing any signals that end demand broadly in maybe some of the more downtrend markets is starting to increase? I mean, I'm not sure if you can really separate those factors out. But if you're looking at markets like Automotive and Industrial, is there anything that gives you confidence that maybe those markets are actually turning around?

好的。知道了。謝謝。這很有幫助。然後我想就我的後續問題而言，因為它與終端市場的更廣泛的模擬週期有關，如果你剔除正在增加和份額增加的 Monolithic 新設計勝利，你是否看到任何信號表明，在一些更下行的市場中，終端需求可能正在開始增加？我的意思是，我不確定你是否真的可以將這些因素分開。但如果你關注汽車和工業等市場，有什麼能讓你相信這些市場可能真的正在好轉嗎？

I think for MPS, it's impossible to strip out the revenue ramps from new products. I know that we've had a competitor or two that have announced that they've seen a bottoming out or potential improvement. Again, our story has to do with the new product revenue ramps. And in particular, we've talked a lot about the second half as far as Enterprise Data, but I don't want to ignore all of the other opportunities in all of our other end markets.

我認為對於 MPS 來說，不可能從新產品中剝離收入成長。我知道我們有一兩個競爭對手宣布他們已經看到了觸底或潛在的改善。再次強調，我們的故事與新產品收入的成長有關。特別是，我們已經談論了很多關於企業數據的下半年，但我不想忽視我們所有其他終端市場的所有其他機會。

So we feel very well positioned regardless of the macro for both the second half of this year as well as the momentum we're carrying into 2026.

因此，無論今年下半年的宏觀情況如何，以及我們進入 2026 年的勢頭如何，我們都處於非常有利的位置。

Yeah. For -- if you know the history, for 21 years as a public company, we only have one year -- 2010, we -- the year we didn't grow. We missed $3 million. Every year, we grow.

是的。如果你了解歷史，就會知道，作為一家上市公司，我們在 21 年的時間裡，只有 2010 年一年沒有成長。我們損失了300萬美元。每年我們都在成長。

Kelsey Chia, Citi Research.

花旗研究部的 Kelsey Chia。

Hi, Michael and Bernie. Thanks for taking my question. So I'd like to dive deeper on the gross margin side. So it seems that legacy wafer pricing is trending down and also you are talking about new ramps in Enterprise Data and Auto. So is there room for gross margin expansion going forward in the second half?

嗨，邁克爾和伯尼。感謝您回答我的問題。所以我想更深入了解毛利率方面。因此，看起來傳統晶圓的價格呈下降趨勢，而且您還在談論企業數據和汽車領域的新增長。那麼下半年毛利率還有上升空間嗎？

Of course, there is room for gross margin expansion.

當然，毛利率還有提升的空間。

For second half, no. We're not going to increase the price to our customer. For next year, that's very possible.

下半場，沒有。我們不會提高客戶的價格。對於明年來說，這是很有可能的。

Yeah.

是的。

Okay. Right. And I would also like to tap into -- on the communications end market. So I believe that segment is also benefiting from the AI infrastructure build-outs, I believe on the optical module side. Could you provide more color on those applications? And also, when can we expect -- can we expect sort of like a similar ramp to the Enterprise Data, the second half uptick for this year?

好的。正確的。我還想進軍通訊終端市場。因此，我相信該領域也受益於人工智慧基礎設施的建設，我相信在光學模組方面。您能否為這些應用程式提供更多詳細資訊？而且，我們什麼時候可以預期──我們是否可以預期今年下半年會出現類似企業數據的成長？

Sure. It was interesting because the way we look at our communications market is we have, obviously, the network telecom exposure. We have the router wireless modems. And more recently, we have optical fiber optics. And I would say that when I look at the last two quarters and the outlook for Q2, it's been very balanced. It hasn't been weighted by any one component. And that's what we're seeing. We already talked about that as far as Storage and Computing and in Automotive in particular.

當然。這很有趣，因為我們看待通訊市場的方式顯然是，我們擁有網路電信曝光率。我們有路由器無線數據機。最近，我們有了光纖。我想說，當我回顧過去兩個季度和第二季度的前景時，它是非常平衡的。它沒有受到任何一個組成部分的影響。這就是我們所看到的。我們已經討論過儲存和運算方面的問題，特別是汽車方面的問題。

This completes our Q&A session. I'd now like to turn the webinar back over to Bernie.

我們的問答環節到此結束。現在我想將網路研討會的發言權交還給伯尼。

So I'd like to thank you all for joining us on this conference call. I look forward to talking to you again during our second-quarter 2025 conference call, which will likely be held in early August. So thank you. Have a nice day.

因此，我要感謝大家參加這次電話會議。我期待在我們 2025 年第二季電話會議期間再次與您交談，該會議可能會在 8 月初舉行。所以謝謝你。祝你今天過得愉快。